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The
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VOL. 120.
SATURDAY, MARCH 211925.
The Thronult.
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The Financial Situation.
The further prodigious decline on the Stock Exchange the present week invests with renewed interest the general level of prices. We are or have been
41 a "bull" market. Some date this from the election of Mr. Coolidge in November, others from the
summer of 1923, and others from the autumn of 1921.
The general query is, have we reached the end? In
discussing this subject certain distinctions should
be kept in mind, as follows:
1. High grade bonds, of recognized investment
quality, move up and down in price in a way opposite
to money, but with some lag. Cheap money makes
for high bond prices and dear money for low prices.
Other securities are influenced by money rates, but
less and less so as speculative elements increase and
investment elements become less prominent.
2. Common stocks, representing ownership of business enterprises, are influenced primarily by variations in earnings and dividends, and prospects of
such variations. The influence of money is less
marked than with investment bonds.
3. Preferred stocks and second rate bonds are technically in a class with high grade bonds, but because of uncertainties in their individual positions
they may be more influenced by earnings and dividends than by the cost of money.
4. "Bull" markets are characterized by aggressive
buying with bidding up of prices, and by accumulations of stocks paid for in part with borrowed money.
They are, therefore, accompanied by increases in
brokers' loans and bank loans secured by pledge of
securities. "Bear" markets are characterized by
aggressive selling unchecked by lowering of prices,
and they produce a decrease in brokers' and other
collateral loans.
Bank and Quotation Section
Bankers' Convention Section
NO.3117
It is recognized that there is a sequence between
these "bull" and "bear" markets; they tend to follow one another and they tend to cause one another.
This leads to an intense study of all conditions and
data bearing on market cycles, with a hunt for indices that will show when changes are likely to occur.
Such studies are good in so far as they are done
thoroughly and with careful interpretation, but by
no means should it be concluded that a given correlation of causes and effects will be repeated, nor
even that an event which has repeatedly signalled a
definite change or turning point will again do so.
It must be recognized that price and market movements are ultimate effects of all operating causes
which may never exist twice in the same combination or with the same relative forces, or having existed several times in much the same way, may never
again do so.
The Harvard Economic Service has recently given
expression to this in bringing out, that, whereas in
/
past markets an advance of 114% in rates for 60 to
90-day prime business paper, extending over a period
of 60 days, usually has been a signal for a major
decline in stock prices, nevertheless, now that this
phenomenon has occurred or been approximated, it
cannot be taken as a definite signal that the advance
since the election is the last of a series which began
in 1923. Plans for the future should rightly be
based upon analysis of the present and past, but
conclusions should be arrived at only after an analysis of all known presently active fortes.
We point this out not in order to take a definite
position on the market, but to commend alert interpretation of present conditions, rather than prediction, based on formulae, worked out from history
of the past. At best such things denote tendencies.
There are several more or less new conditions that
must be taken into consideration in interpreting the
present. Some of these are as follows:
1. We have never approached the present stage of
a business cycle with a banking position comparable
with the present. The Federal Reserve System, created only in 1914, is thoroughly capable of preventing such currency panics as occurred before the war.
Then there is our tremendous gold supply, far more
than necessary, which can be drawn upon to supply
the needs of Europe.
2. Since 1920 price inflation and distortion has
partly disappeared. The descent from the post-war
price plateau experienced in 1919 and 1920 to a new
normal has been accomplished in large part. Many
blights to prosperity, which have existed since the
Armistice, have largely disappeared. Many indus-
1374
THE CHRONICLE
1VoL. 120.
tries stricken by the adjustment in 1921 have recov- the last two weeks. Corporation baiting and disrupered. Among these the great farm industry has tion of business are discredited. The Bolshevik
attained a materially higher purchasing power than fiasco in Russia and widespread ownership in this
for several years. This is true notwithstanding the country of property, including not only farms and
recent smash in grain prices, as prices for wheat, homes, but bonds, stocks, insurance equities and
corn and rye are materially higher than at the time automobiles, greatly lessen danger from this source.
of the election, when they were thought to be so high Mr. Coolidge has said that public ownership of the
that anti-Administration politicians were claiming utilities is a dead issue. His tax and economy prothat Wall Street had boosted prices in order to elect gram is sound to the core, and there is reasonable
Coolidge. Furthermore, the principal recent de- prospect of a sound business administration.
clines have been in May deliveries and not in the
9. Europe is slowly recovering from the war. The
main body of the crop, which will mature later.
Dawes program has pointed the way to financial
3. The United States has become the world's great- reconstruction along lines politically possible. Howest creditor nation, which tends to produce a flow of ever, all danger has not passed. The death of Presifunds in this direction. Temporarily this flow is off- dent Ebert introduces grave dangers, and France's
set by a counter-flow of capital funds, but these can problems are not wholly solved. But a balanced
be checked when the need arises.
French budget appears about to be achieved. Great
4. The great increase in power development in the Britain seems about to restore the gold standard and
United States, multiplying the per capita output by come out of a protracted depression. Continued
mechanical power, the unmatched supply of raw progress in Europe will increase purchasing
materials, and the superior development of trans- power and promote international trade and shipportation, both by railroad and automobile, tend to ping.
make this the lowest cost producing market in the
10. The stock averages of to-day are based on indiworld, rendering it increasingly easy to maintain a vidual corporation stocks, many of which have infavorable trade balance.
creased greatly in asset value, earning power or
5. Many industries have increased greatly in value dividend payments, and some in all three. A more
in the last four years. Since passage of the railroad liberal dividend policy than has prevailed in the past
law in 1920 the railroads have gradually, year by may be expected, not only because the income tax
year, built up earning power to the pre-war level, law imposes a tax on accumulation of unneeded surand give every evidence of going on to adequate earn- plus funds, but because many of our corporations
ings on actual investment. This has re-created bil- have reached matured positions in respect to ballions of wealth, the ownership of which is very widely anced plants and ample working capital so that surscattered, and which in the aggregate far exceeds the plus earnings are no longer largely needed for capidestruction of values involved in the collapse of a tal purposes. In many cases seemingly high stock
'
railroad system such as the Chicago Milwaukee & prices of to-day are lower in relation to real values
St. Paul, large though this be. The collateral value than in former years. But, of course, there are exof railroad shares in this market is a very vital fac- ceptions. The radio development, although of great
tor which no other market has so fully had, certainly importance and potentiality, has undoubtedly pronot for 20 years. Much the same thing has happened duced many bubbles. There are stocks that have not
with most other public utilities. And many of the yet reflected the decadence of the corporations they
great industrial corporations which came through represent. There are some industries in really poor
the war with high cash reserves have kept them and circumstances,the textilefor example. The deplorable
increased them. The fear of losses such as happened condition of the American Woolen Co. is evidence of
to some in 1921 has passed. The automobile indus- this. But take it all in all, there is serious question
try has not only grown, but steadied, and the meth- as to stock prices being as high in relation to real
ods of Ford and other leaders are now widely prac- values as many charts make them appear. It would
ticed. The great expansion in hard roads is a tre- be difficult to prove such railroad stocks as Atchison,
mendous gain in real wealth. These and other in- New York Central and Atlantic Coast Line, too high;
crements in permanent wealth have given business a or such stocks as General Electric and American
support and power never before obtaining.
Telephone. There are stocks of many other proper6. The sale of 24 billion dollars in Liberty bonds, ties, in an earlier stage of development, which if purin little more than a year, created and trained mil- chased now and held for a period of years will likely
lions of investors. Sales of securities to customers prove very profitable. This is the real test. But
and employees have further developed these inves- some stocks, of course, could not meet such a test and
tors. Simultaneously there has been a tremendous there would be doubt in many other cases.
Notwithstanding all these favorable factors,
growth in life insurance. This is one of the most
marked developments since the Armistice, and one brokers' loans are said to be as large as at previous
that places availab:e resources in the hands of many times of strain, and stock averages are higher than
men. To-day the markets for securities are based in the past;furthermore,money is no longer in superupon a volume of wealth and a width of ownership abundance. There is, therefore, certainly need of
greater than in previous years. Even speculative caution. It is more foolhardy now than a little while
trading in stocks is far more widespread.
ago to rely on the upward surge of stock prices and
7. Knowledge of investments is wider, due not to disregard values. But disregard of values is never
only to a great growth in well-organized investment wise.
Perhaps more than ordinary attention should be
houses, but also to a wide availability of sound investment information in the daily newspapers and taken at present to make sure that one is not holding
an unsound value or any value at an absurdly high
magazines.
8. The political situation is probably better for price; perhaps, also, one should take into considerabusiness than at any time in 30 years, notwithstand- tion that a downward movement in prices may be
ing the performances in the United States Senate in started, which by feeding itself through the dosing
lien. 211925.]
THE CHRONICLE
1375
01111.
out of weak accounts, short selling, liquidation of
indebtedness and selling in order to buy back at
lower prices, may lower prices of good stocks well
below real values.
But while both investors and speculators should be
alert as to the possibilities, they should not forget
the new constructive factors pointed out above, nor
fail to observe that the market for the highest grade
bonds, which almost always begins to decline well
before stocks reach a high point, has not begun to
decline, and that money is apparently in sufficient
supply to finance the present volume of business
accompanied by present security values. There is
ample ability to finance material business expansion.
If volume of business is kept in proper check as at
present, if commodity prices do not become inflated
through impatient forward buying, and if prices of
securities do not rise to unwarranted levels through
bidding up above real values, we may avoid for some
time a general decline in securities, and may see a
very considerable further rise in some of the better
securities that are still below real values.
Such a process will be promoted by decline in security prices wherever individual prices are above
values. If reactioks are thorough enough, local and
temporary declines may be effective in preventing a
general decline.
about $115,000,000 is attributable to the increase in
the value of cotton exports alone, for the current
fiscal year to date. Merchandise imports for the
eight months of the current fiscal year ending with
February exceed those of the corresponding period
of the preceding fiscal year by $106,871,456.
Gold exports continued heavy during February,
as they were in the two preceding months, although
they were somewhat smaller last month than they
were in January, the total for February being $50,578,058. .In January gold exports were $73,488,505
and for December $39,674,653, a total for the current
movement of $163,741,116, not including the small
amount of perhaps $4,000,000 shipped abroad in the
latter part of November, the movement having begun
during the closing days of that month. For the eight
months of the current fiscal year ending with February gold exports were $181,859,802. Imports of
gold during February were $3,231,0.67 and for the
eight months of the fiscal year $100,932,846, the excess of gold exports for the eight months being $80,926,956, which contrasts with an excess of imports of
gold for the eight mouths ending with February
1924 of the preceding fiscal year of $263,892,656.
Exports of silver last month were $6,825,742, while
imports amounted to $4,627,034, both the smallest
for nearly two years.
Considering the short month and the reduced volume of cotton exports last month, the foreign commerce of the United States for February, according
to the return issued this week, makes quite as satisfactory a showing as the recent preceding months,
when quite some improvement has appeared. Merchandise exports in February were valued at $373,000,000 and imports at $334,000,000, an excess of
exports of $39,000,000; for February 1924, when
there was one more business day than there was in
February this year, merchandise exports were valued at $365,774,772, and imports $332,323,121, an
excess of exports of $33,451,651. Compared with
January of this year, both exports and imports for
February are considerably reduced, notably exports,
but it is clear as to the latter that the curtailment in
exports during February is due wholly to smaller exports of cotton in that month, while the decrease in
imports reflects the reduced number of business
days in February-22 as to the latter month and 26
business days in January. Cotton exports in February continued very heavy, especially for that
month, being 811,838 bales. In value they were fully
30% larger than for February 1924, whereas, in comparison with January of this year there was a decrease in the value of cotton exports of 25%. Allowing for the last mentioned difference in cotton exports for the two months of 1925, the average value
of merchandise exports for each business day in February is slightly larger than it was in January, while
the average for each day's imports in February exceeds that for January by nearly 15%. For the eight
months of the fiscal year ending with February, exports of merchandise are valued at $3,320,832,013
and imports at $2,440,490,649, an excess of exports
of $880,341,364; for the corresponding period of the
preceding year, merchandise exports were valued at
$2,983,239, 7 and imports $2,333,619,193, an ex43
cess of exports of $649,620,244. The increase in the
value of exports for the latest period mentioned, ending with February 1925, over the corresponding time
of the preceding year is $337,592,576, of which sum
The final Census ginning report on the cotton crop
of last year, issued yesterday, indicates a yield, making an average allowance for linters, of at least 14,380,000 bales of cotton. Up to the close of the season the final ginning report shows 13,630,608 bales
of cotton ginned from the crop of 1924—exclusive of
linters. This is 322,600 bales additional to the quantity reported ginned at the date of the preceding report, Jan. 16 1924; the corresponding figures a year
ago were 226,000 bales, but the yield of 1924, according to the latest estimate, is fully one-third larger
than for the preceding year. The final ginning report for the 1923 crop, issued a year ago was for 10,170,094 bales of lint cotton. Ever since the early
fall of 1924 a constant, and very large, increase in the
estimated yield of cotton from the crop of 1924 has
characterized the official reports. The final estimate in December, prepared by the Department of
Agriculture, was for 13,153,000 bales of lint. The
yield of 14,380,000 bales set forth above, from the
growth of 1924, including linters, is based on an
/
1
2
average of 5 % for the latter, although it has been
as high as 8% in some seasons. If the estimate of the
1924 crop is correct it will compare with a production of 10,139,671 bales of lint in 1923, and will have
been exceeded only three times—by the crops of 1914,
1913 and 1911. The acreage last year was the largest
ever planted to cotton and exceeded that of 1914, also
1911, by nearly 10%. The final ginning report for
the 1924 crop, exceeds the final estimate issued by
the Department of Agriculture by 477,000 bales and
in the latter no estimate for linters is made. The
quantity ginned from Texas is 4,851,878 bales, which
is 82,000 bales more than was allowed for that State
in the December estimate. Nine of the larger cotton
States show increases in the cotton ginned up to the
close of the season this year over the final estimate
issued in December, notably Georgia, Mississippi,
North and South Carolina and Oklahoma, in addition to Texas, while only two report decreases, Arkansas and Alabama.
1376
THE CHRONICLE
120.
The British opposition to the protocol of the what can be done to cut down the expenses of armaLeague of Nations at the 23d meeting of the Coun- ments. If it is found that some nations oppose such
cil of that body at Geneva last week, having resulted a conference in the immediate future, the President
in formal discussion of the instrument being put believes that it might be possible to leave those opover until next September, the probability of a dis- posing out of the conference and go ahead with the
armament conference being called by President Cool- others, provided they are the big world Powers. Engidge before long has been quite actively discussed in land, it is known, favors the proposal."
the dispatches from European capitals and Washington. Rather hastily, perhaps, the Paris correThe British Labor Party naturally was disapspondent of the New York "Times" cabled on the pointed over the failure of the protocol, as it was
evening of March 10, before leaving Geneva for the adopted during the administration of Ramsay MacFrench capital, that "all prospects of a League of Donald as Prime Minister. Word came from LonNations disarmament conference this year have van- don on the evening of March 13 that "the Labor
ished. The Geneva protocol, which was to have been Party will ask to have the matter debated in Parliaa prior condition for general disarmament negotia- ment as soon as possible." The New York "Times"
tions, was sent back to-day to the Assembly by the correspondent cabled that "Lord Parmoor, who was
British attack on it yesterday, and the Assembly will the Labor Government's principal delegate at Geneva
try to work out a new security plan in the field be- last year when the protocol was born, severely crititween the protocol and the system of special pacts cized in a speech to the League of Nations Society
of mutual guarantees recommended yesterday by at Bradford to-night Austen Chamberlain's reversal
Austen Chamberlain." Continuing, he asserted that of Ramsay MacDonald's policy with regard to the
"the position of the Continental nations being that protocol." Lord Parmoor was quoted as saying also
they will not reduce their armaments radically until that "one would have to search in history
they have security, means it will be at least a year for such a total reversal of foreign policy
before the League armament meeting can be held. by an incoming Government, not only as reAlso it means that it will probably be quite useless gards the proposal made, but as to the fundamental,
for Washington or any other Government to call an basic idea on which the whole proposal was made.
outside conference so far as land disarmament is con- It would have been contrary to the whole principle
cerned." Discussing the situation still further, the of the late Government to sign or ratify such a docu"Times" correspondent said: "This week's meeting ment as the protocol without reference to Parliaof the Council presages a stiff fight in the next As- ment. There never was any doubt on the point in
sembly on the security issue, or rather, the arbitra- the British delegation at Geneva. Nor did any other
tion issue. Back of the whole situation there is one course of action ever enter into our consideration. It
basic fact—England's real reason for rejection of was stated definitely in the King's speech at the disthe protocol is her unwillingness to accept universal solution of Parliament that if the Government were
arbitration on all international issues, while most of returned to power the protocol would be presented to
the other members of the League favor complete arbi- Parliament for acceptance and ratification. Had
tration, or at least, say they do. This breach among this been possible, the protocol would not be ratified
League members has a peculiar interest for the and progress made in the summoning of the world
United States, for it is extremely doubtful that conference on disarmament." Ramsay MacDonald
America would wish to accept general arbitration was reported to have expressed himself in part as
or complete jurisdiction of the World Court. As Mr. follows in an interview: "I stand by the protocol.
Hughes pointed out, America accepts the Court's The pact will not and cannot lead to any substantial
authority on justiciable issues, but reserves the right amount of disarmament. A few regiments might disto say what issues are not justiciable."
band or cruiser building be limited here and there,
but the idea depends in itself so much on the keeping
From Washington came a special message to the up of strong forces that it is entirely alien to the
"Times" the same evening in which it was claimed spirit of disarmament. On all these grounds the
that "President Coolidge intends to take up at once protocol, which is general in its character and rethe question of the advisability of calling another jects special military arrangements is by far the betarms conference in Washington if it appears that ter instrument and one which gives Europe a chance
plans for a League of Nations conference have been to turn from armed security to one which depends
abandoned." It was added that "the action of the upon mutual respect and regard."
League of Nations Council at Geneva, the President
believes, has brought a new phase in the problem of
Judging from what the London representative of
limitation of armaments." According to the dis- the New York "Herald Tribune" said in a dispatch to
patch also, "the belief exists here that the countries his paper, also on the evening of March 13, political
which rejected the Geneva protocol are willing to groups, other than the Labor Party, did not agree
come together in the United States and take up the altogether with Mr. Chamberlain and his attitude
questions that were thrashed out, but not settled, toward the protocol at the Geneva Conference. In
four yqars ago." The further assertion was made part that correspondent said: "Having pigeonholed
that "the Administration intends to take steps with- the Geneva protocol, as everyone here expected he
out delay to find out whether the countries which would do, Austen Chamberlain, the British Foreign
attended the Washington conference consider this Secretary, must still produce a constructive plan
time favorable to consider further limitation of for the establishment of peace in Europe if he is to
armaments. The method which will be followed will satisfy English opinion, especially the so-called
be to sound the world Powers on the subject and if 'Free Church conscience.' The reading of to-day's
they consider the time opportune President Coolidge press comment cannot be entirely satisfactory to the
will carry out his long-desired intentions of inviting Baldwin Government. In no section of the press
the nations to send representatives here to consider does Mr. Chamberlain receive warm applause for
MAR. 21 1925.]
THE CHRONICLE
his attack on the protocol. The Foreign Secretary
is criticized chiefly because of the methods he
adopted. He is accused of being clumsy and undiplomatic, and of having sacrificed Britain's moral
leadership. The Liberals and Laborites will have
much to say about the new turn in British foreign
policy, but their comments will be reserved largely
for Parliamentary debate between .now and Easter.
Ramsay MacDonald, the Labor leader, however, began his criticism in an interview in the 'Daily Herald' to-day."
,Commenting upon some of the possible effects of
the shelving of the protocol, the "Herald Tribune"
correspondent said: "The abandonment of the Geneva protocol came as no surprise, because it was
realized that it could not be amended in such a way
as to satisfy French demands for security. Some
critics foresee much trouble for Mr. Chamberlain if
he reverts to the principles of a draft treaty for
mutual assistance, which the late Labor Government,
supported by the Dominions, rejected. The initiative
now rests with Mr. Chamberlain, and it is assumed
that his next step will be to develop the pact offer
made by Germany. The pact idea will hold the centre of attention for the present and great pressure
will be brought against the British Government from
all quarters." With respect to the possibility of the
putting aside of the protocol resulting in a disarmament conference being called, the correspondent said:
"Incidentally, the possibility of calling a new disarmament conference with some hope of reaching
successful results has improved greatly. Obviously
France has not the same interest in developments
along these lines which Britain has. She asks for
material security and Britain is morally bound to
tender her assistance, but a large proportion of the
British people hold, as the 'Daily News' puts it, that
'until our friends across the Channel are prepared to
give up their traditional policy of intricate military
barbed-wire defenses for a policy of •constructive
good-will there can never be assured peace, either for
France or Europe.'"
In commenting upon proceedings at the Geneva
Conference, the Paris representative of the New
York "Herald Tribune" cabled before leaving for
Paris that "the impression is unmistakable, after
the sessions of the League of Nations Council during
the last 48 hours here, that world peace, especially
European peace, lies largely outside the competence
of the League. The Council to-day, with Austen
Chamberlan, British Foreign Secretary, in the
chair, passed a resolution referring the arbitration,
security and disarmament protocol to the September
meeting of the Assembly, which occasion will be, figuratively, the funeral service over this malformed
peace instrument which Mr. Chamberlain himself so
unfeelingly slaughtered yesterday." He added that
• "the resolution emphasized how thoroughly the
protocol is dead when it buried in the same grave the
proposed armament reduction conference, which was
to have been held by the League next June. The
Council also decided to send to the Assembly with
the defunct protocol the text of the British declaration regarding its defects, and with it the statement
received to-day from Canada explaining why the
Ottawa Government is unable to accept it." The
correspondent further observed that "as the Council
has decided to postpone all consideration of the
1377
protocol and the League's arms limitation, the only
hope for world disarmament is now seen to depend
on Washington. When asked about this probability
to-day, Mr. Chamberlain said that although his Government has not received an invitation from Washington, Great Britain is always ready to assist in a
movement favoring disarmament, and especially in
view of the favorable results accomplished by the
first Washington conference." According to the
same correspondent, "in view of Great Britain's
rejection of the protocol and the League armament
conference, France's opposition to any arms reduction scheme is well known here. It is regarded as
unlikely that France would accept a Washington
invitation to discuss disarmament, and without
France such a conference would be a farce."
The assertion was made the very next day in a
special Geneva dispatch to the New York "Times"
that "the news that President Coolidge is again considering calling a general disarmament conference
is not favorably received by the delegations here, exception being made for the English, who, as Austen
Chamberlain said yesterday, are willing to co-operate in any conference Washington calls." It was
explained that "as the Continental nations see it, the
great difficulty about considering land disarmament
in Washington—and that is the only disarmament
which interests the nations most likely to start wars
—is that they want security before disarming and
do not observe much chance of getting security from
America. They prefer to await development of the
League plans for security before approaching the disarmament issue." The correspondent maintained
that "this attitude is important because it represents
the position of the nations who have large armies;
that is the nations without whose co-operation land
disarmament discussions must fail. The discussions
which have gone on in the last week's League Council's meeting evidence a certain amount of sincerity
in this viewpoint, which leads most nations involved
to hope they will not have to face the embarassment
of answering an invitation from Secretary Kellogg."
The Washington correspondent of the New York
"Times" stated in a dispatch a week ago this evening
that "early consideration will be given by President
Coolidge and Secretary Kellogg to the form of invitation to be addressed to the Powers that may be invited to join with the United States in deciding upon
plans for further limitation of naval armament.
The subject will be discussed with the Secretary of
State by the President at an early date, probably on
the conclusion of the special session of the Senate."
It was suggested that "Secretary Kellogg will bring
to this conference a close insight into the European
phases of the armament problem, although it was
emphatically stated to-day that Mr. Kellogg, while
Ambassador in London, did not make formal approaches to any of the Powers on this question. His
conversations in London, word of which first came
from British sources, it was said, were entirely informal and did not touch in detail upon the scope of
the proposed conference." In a special Washington
message to the New York "Times" the next day
(March 15), it was admitted that, "although President Coolidge intends to take up at once with Secretary Kellogg the question of calling another arms
limitation conference, if it appears that the League
of Nations conference has been abandoned, it is not
1378
THE CHRONICLE
[VoL. 1St
the purpose of the Administration to prepare invitations for such a conference before thoroughly sounding out other Powers on the subject." On the other
hand, the assertion was made that "the position of
the Administration was ascertained to-night in an
authoritative quarter, where it was stated without
qualification that foreign Powers have not yet been
so sounded out. While it is true that Secretary Kellogg, when Ambassador to Great Britain, had some
informal conversations on the subject with Mr.
Chamberlain, and our diplomatic representatives in
certain other capitals have had equally informal conversations, no instructions for sounding out any
Power with a view to ascertaining whether an invitation for a conference would be acceptable have yet
been forwarded to American Embassies abroad."
tion to her admission in any pact of security?" Mr.
Chamberlain answered: "Oh,it doesn't do to impose
too many exact conditions, but you can say that any
pact including Germany will be based on the supposition that Germany joins the League."
According to the same correspondent,"when asked
to-night [March 16] for his attitude toward a Washington conference, Premier Herriot replied: 'We
have not yet received any invitation from President
Coolidge. We don't know what terms the invitation
might have, and, therefore, cannot discuss it. Generally speaking, however, you may know that my
position remains exactly as that pronounced at Geneva last September, namely my Government cannot
admit that any discussion of the question of disarmament is disassociated from the question of security."
Purporting to give the British attitude toward disarmament, the London representative of the New
York "Herald Tribune" cabled on March 15 that
"President Coolidge's initiative looking toward the
calling of a new conference aimed at limiting land
as well as naval armaments, as reported from Washington, is warmly welcomed in official circles here.
British acceptance of such an invitation was registered in advance by Austen Chamberlain, the Foreign Secretary, in Geneva, Friday, when he told the
foreign correspondents that this country always is
ready to encourage any movement in the direction of
a general reduction of armaments." The correspondent suggested also that "Mr. Chamberlain himself
paved the way for the United States to call such a
conference in his discussions with Ambassador Kellogg just before he left London to take up his new
post as Secretary of State, but the time for Mr. Coolidge to make the move is seen as especially propitious, in view of the indefinite sidetracking of the
disarmament conference planned in connection with
the now discarded Geneva protocol."
Referring to the discussion between the two Premiers, a Paris correspondence of the New York
"Times" said that "Mr. Chamberlain again proposed
a mutual guarantee compact starting with France,
England and Germany and possibly including any
or all of the following: Italy, Belgium, Poland and
Czechoslovakia. M. Herriot repeated the French
wish for a direct military compact with England,
saying the only manner in which France would wish
participation by Germany would be to have Germany
sign the agreement after it had been reached between
England and France." The correspondent added
that "while only the usual platonic uninformative
communique was issued, it may be stated that the
conversations tended toward a compromise, although
it cannot be said a compromise was reached, since
both Ministers left the meeting without accepting
each other's point of view."
The Paris representative of the New York "Evening Post" declared that "the nub of the situation
hinges, after all, on whether the British people will
consent to have the Baldwin Government join Belgium in a separate guarantee with France against
Germany, or ,whether, in the event Mr. Chamberlain
fails to swing the majority of the Baldwin Cabinet
to such a compact, the French people will permit the
Herriot Government to accept the German proposal
of a five-Power peace pact to include Germany. In
other words, who, as Foreign Minister, Herriot or
Chamberlain, has the greater power to overcome obstacles at home? Both have Parliaments to face, and
Parliaments represent people. M. Herriot would
prefer to have Mr. Chamberlain work magic upon the
British mind and transform his kind words about
love of France into deeds—the long-awaited British
guarantee of the French northern frontier. Mr.
Chamberlain would prefer to have M. Herriot, who
operates with French Socialists of international
leanings, transform his flowery phrases about friendship for Germany into a willingness to accept the
five-Power pact, even if it be tainted with the Wilhelmstrasse."
In an interview in Paris, after he had conferred
with Premier Herriot, Austen Chamberlain, British
Foreign Secretary, was reported to have told the
New York "Times" representative, in reply to a question as to Great Britain's willingness to participate
in a disarmament conference, that, "generally speaking, my attitude remains that expressed in the House
of Commons, where I said I had discussed with Mr.
Kellogg the possibility of a Washington conference.
Of course you know the attitude of the British Government. It is willing to attend any conference anywhere which offers any prospect of an advance toward world peace. We are willing in principle to
accept an invitation gladly." With respect to his
meeting with Premier Herriot, the British Foreign
Minister was quoted in part as follows: "I am willing to say that with Premier Herriot to-day I continued to discuss the problems we discussed at our
last meeting, notably the problem of security. Our
meeting was most cordial, and we will continue negotiations through diplomatic channels. What we
seek is to do good for both our countries and world
peace at the same time. I am optimistic for results."
In reply to a query from the correspondent as to
whether the "German proposal" was discussed with
the French Premier, Mr. Chamberlain was said to
have replied: "If you mean the proposal of a peace
pact to include Germany, the answer is in the affirmative." The correspondent then asked, "will
Germany's admission to the League be a prior condi-
A new phase of the disarmament question, at least
as discussed in European cable dispatches within the
last week or ten days, was brought out in a special
Washington message to the New York "Times" on
March 17. It stated that "the impression evidently
prevalent in Europe that the supplementary arms
conference which President Coolidge is thinking of
calling will deal with land armaments is wholly
erroneous. At no time since the end of the Washington arms conference in 1921 has the American Gov.
MAR. 21 1925.)
THE CHRONICLE
ernment even thought of having limitation of land
armaments included in the agenda of any conference
to be held at Washington." It was added that "if a
conference dealing with the subject of armaments is
called by President Coolidge it will be a naval conference. If other Governments are willing to emmark on the discussion of a limitation of aircraft
construction this, it is understood, would be satisfactory to the latter, but it is not the intention to ask
the Powers to take up the subject of land forces."
The further statement was made that "President
Coolidge's plans for another arms conference have
not been formulated, and it was stated at both the
White House and the State Department to-day that
the President had not had opportunity to take the
matter up with Secretary Kellogg other than in most
casual fashion, having been too busily engaged in
his contest with the Senate over the Warren nomination and in considering certain important appointments to be submitted to the Senate." The
Paris correspondent of the New York "Times" sent
word that "Paris breathed a sigh of relief to-day
when dispatches from Washington published here
said that after all President Coolidge did not intend
to include land disarmament in the agenda of the
conference he intends to call, but will deal only with
naval armament." The correspondent suggested that
"naturally, this makes a great difference, for it relieves France of having to make a choice between
offending the United States Administration and attending a conference for which the French have no
taste whatsoever. It will undoubtedly be welcome
news to other nations of Europe not now ready to disarm. For about naval armaments the vast majority
of members of the League of Nations do not care a
hoot. They always looked upon the first Washington conference as a private affair between England
and America, with Japan and France indirectly involved."
The Council of the League of Nations adjourned
on March 14. The special representative of the New
York "Times" at the meeting cabled that "the League
Council ended its 23d meeting to-day by sending a
cordial but firm note to Germany in response to Foreign Minister Stresemann's letter asking for Germany's exemption from certain duties as the price of
Germany's application for League membership. The
League leaders promised Germany a place in the
Council once she was a member, but refused her request for special treatment." He added that "the
Council's note says it observes with pleasure the German statement of the general wish to join the League,
together with the statement that the Reich is disposed to seek early admission. The note then states
that all the Governments represented in the Council
unanimously reject the German demand for special
treatment. They 'regard the principle of equality involving both equal rights and equal obligations as
being the essence of the League's constitution.' While
noting that only with regard to Article 16 Germany
seeks special treatment, this article is 'of capital importance for the whole structure of the League.'"
Special mention was made of the fact that "the Council decided to authorize the Free City of Danzig to
issue, under the auspices of the League, a loan of
£1,500,000."
1379
German Cabinet has not yet discussed the note from
the League of Nations Council to the German Foreign Minister regarding German entry into the
League. This note is still at the Foreign Office,
where it is being subjected to minute study. - The
German Government will probably announce its attitude toward the note in the next few days." The
correspondent declared, however, that, "meanwhile
information from a source of the highest reliability
close to Foreign Minister Stresemann makes it possible already to give a pretty accurate outline of
what the German answer will be. First, satisfaction
is felt at what is considered the obvious desire made
apparent in the note that Germany shall become a
League member as soon as possible; secondly, it is
assumed here that the note meant that the League
acquiesces in the German contention that Germany,
if she joins the League, must be a member enjoying
equal rights with other members."
In a special Berlin cablegram to "The Sun" on
March 17 it was asserted that "Germany does not believe there will be much of a League of Nations left
by the time she gets around to joining it. The immediate reaction of the invitation from Geneva is,
'Why hurry?' The Germans know they will join at
the next session, but they want to indulge in negotiations beforehand for both internal and external reasons of policy. Meanwhile, they are waiting to see
what happens to the French-British conflict. When
Germany negotiates she will once more insist that a
disarmed country cannot assume obligations of a
military character."
Concerning the Allied security pact which has
been suggested to take the place of the League of
Nations protocol, apparently nothing definite will
be arrived at in the near future. The New York
"Herald Tribune" correspondent in Paris said in a
cable message on March 17 that"the first move in the
Allied procedure for the negotiation of European
security treaties will be to submit a questionnaire
to Germany an dask the Berlin Government to pre
sent the draft text of a treaty which would be acceptable to Germany." He also pointed out that,
"up to this time Germany merely has offered suggestions through diplomatic channels, first at London and then at Paris, Rome and Brussels. She will
now be asked to be more precise and to put her offers
in treaty form on paper. She will be asked to notify
the Allied capitals in advance, however: first, what
proposals she will suggest for the security of her
western frontier; second, what character of arbitration treaty she would propose to Poland and Czechoslovakia on the east, and third, when she intends to
reply to the League Council's letter inviting her to
enter the League on a non-preferential basis."
The difficulty of reaching a security agreement
was illustrated by reports of an attack by Polish
patrols on Lithuanian frontier guards, near Sirvintal, Monday night, March 16. Lithuania promptly
notified the League of Nations of the incident and
that body promised to investigate it thoroughly.
According to the Geneva correspondent of the Associated Press, "League officials think that the latest
incident is an outgrowth of the dispute on the question of Vilna, which the Council of Ambassadors allotted to Poland. They believe also that it is an imWord came from Berlin on March 16, through a mediate consequence of the conclusion recently of
a.
wireless dispatch to the New York "Times," that "the concordat between Poland and the Vatican which!
1380
UTE CHRONICLE
mentions Vilna as part of Polish territory. According to League advices, this feature of the concordat
occasioned a popular demonstration in the Lithuanian city of Kovno."
Discussing the security problem from the German
point of view the Berlin correspondent of the New
York "Herald Tribune" said in a cablegram under
date of March 18 that "at the outset it may be said
that, in general, Germany regards the developments
in these negotiations with great satisfaction and
hope." He added that "one doubtful and dangerous
feature of the whole situation is considered here to
be the reaction of the German security proposals in
Poland. Germany is prepared to refuse formally to
renounce her claims to the Danzig corridor and that
portion of Upper Silesia which she lost as a result
of the plebiscite." Continuing, the correspondent
said that "it is said here that the Polish Government
is making every effort in Paris to induce France to
obtain from Germany guaranties for the eastern
frontiers of the Reich. Should a demand to this
effect be made, Germany will be compelled to decline. At the same time it is stated categorically
that Germany does not for a moment contest Poland's moral right to those areas which are inhabited by Polish-speaking people, nor has Berlin the
slightest intention of raising the question of her
eastern frontier at the present juncture. It is, however, evidently feared that this question might be
opened from another quarter and Germany's hand
forced."
From Paris came a special dispatch to the New
York "Herald Tribune" the same evening in which
it was claimed that "diplomatic telegrams from Berlin to-night detailed entirely new tactics on the part
of Foreign Minister Stresemann regarding the guaranty pacts in which the Allied nations are now interested. Russia enters the picture as a danger to
European peace, according to the Reich statesman,
and is preparing to attack Poland in a comparatively
brief time. Stresemann suggests the exchange of
views between Berlin and the Allies, regarding this
situation, by which Germany not only would contribute to Poland's defense, but gain assurances from
the Powers for some protection for herself. Stresemann's views were made known in conversations
with the Allied Ambassadors. Germany, he insists,
is willing to enter the League of Nations, but is convinced that it is wiser to negotiate a European security pact previous to this formality because the
present instability of Continental affairs makes the
earliest action imperative."
As to the British attitude toward a security pact,
the London representative of the New York "Evening Post" said in a dispatch Thursday evening that
"the British press is not making much pretense that
his [Austen Chamberlain's] journey was sucessful
and, in reading British reports from European capitals, one suddenly is confronted with the realization
that the European situation is almost hopelessly
muddled. The five-Power pact idea seems, in fact, to
have failed so utterly that it makes it easier to revive
the League of Nations protocol than to get a plan of
regional guarantees adopted and, if the security
problem cannot be settled this summer,the necessary
basis for a successful disarmament conference will
be lacking." The correspondent added that, "but
[VOL. 120.
s
this pessimism is not shared by the Foreign Office."
He also asserted that "Mr. Chamberlain has by no
means abandoned the pact idea. In a report to the
Cabinet to-day, while admitting the inconclusiveness
of his Continental conversations, he was not dejected about the commencement that had been made.
He apparently has a plan with which he hopes to
solve the difficulties raised by both France and
Germany." Continuing he said: "It is in his attitude toward Germany that Mr. Chamberlain appears
to have modified his opinions since he left London.
In discussing the probability of Germany entering
into a five-Power pact without insisting on revision
of the eastern frontier immediately, it now is remembered that 'Germany must not forget that she lost
the war.'" He observed, likewise, "how soon Premier Herriot of France will come to London to continue the discussion of the proposed pact remains
to be seen. But one thing is certain—it will not be
soon, and if a conference on the question is held before May it would be surprising."
In a cablegram yesterday morning the Berlin correspondent of the New York "Herald Tribune" stated
that "Foreign Office spokesmen declared Germany
conceives development of these questions as follows:
Setting of a definite date by the Allies for evacuation
of the Ruhr and Cologne areas; conclusion of security pacts between German and the western Powers
of Europe, in which Germany would recognize the
status quo in the west, and conclusion of arbitration
treaties with States to the east; transfer of military
control of Germany from the Allies to the League of
Nations."
It became known here on March 16, through an
Associated Press cable dispatch from Rome that the
illness of Premier Mussolini had been much more
severe and critical than reported until that time.
The dispatch stated that "the real complaint from
which Premier Mussolini has been suffering is ulceration of that part of the small intestine next to the
stomach, accompanied by rather severe hemorrhages." Evidently, however, he has been transacting business, for in a wireless Rome message to the
New York "Times" on March 16 it was set forth
that "the strike of engineering and tram workers,
which was declared in Lombardy by the Fascist
trade unions, was settled largely through the personal influence of Premier Mussolini, who, after
following every phase of the negotiations over the
telephone at his private residence, intervened at the
last moment, obliging the industrialists to assume a
less intransigeant attitude toward the workers' demands!' As to the terms of the settlement, it was
explained that "by the agreement accepted by both
sides, the workers obtain an increase in wages of
2.20 lire daily, instead of th 3 lire they asked for.
This is practically the sum total of the industrialists'
concessions. The workers based their claims on the
rapid increase in living costs, especially the price of
bread. The increase in wages, howver, is subject to
revision every three months, according to whether
living costs continue rising, or decrease." The correspondent added that "the strike is considered to be
the first big victory for the Fascist trade union move
ment, which has managed to keep all Italian workers hard at work for two and a half years without a
single strike of any importance. Fascist labor organizers predict that the strike, by showing the
workers that Fascism does not hesitate to act ener-
MAR. 21 1925.]
THE CHRONICLE
getically to wrest concessions from the industrialists when the occasion warrants, will greatly
strengthen the Fascist union movement, winning it
many recruits."
In a message the next day the correspondent made
it known that the strike had not been as fully settled
as at first appeared. He stated that, "despite the
agreement reached between the Fascist trade unions
and the representativs of the industrialists for a
settlement of the strike of the engineering trades and
other workers in Lombardy, the resumption of work
was only partial to-day, the Socialist union having
decided to continue the strike on its own account.
Indeed, the walkout has spread to Piedmont, where
the Socialists called their men out this morning."
He added that "the strike, nevertheless, is not complete, even among the members of the Socialist
unions, a majority of them in the smaller centres having entered the factories as usual this morning. In
Milan and Turin, however, only the Fascisti are at
work."
The health of King George of England, following
a rather protracted attack of influenza and bronchitis, has continued to improve. On March 15 he "attended services at the palace chapel for the first time
since his illness." Two days later he "held a privy
council in Buckingham Palace at which a special
commission was appointed to undertake business of
State during the King's absence abroad. The commission includes Prime Minister Stanley Baldwin
and Viscount Cave, the Lord High Chancellor, the
latter acting for Marquis Curzon as Lord President
of the Council during Lord Curzon's illness. On
March 19 at 9.40 a. m. the King and Queen left London by rail for Genoa, where yesterday they embarked on the royal yatch, "Victoria and Albert,"
for an indefinite cruise in Mediterranean waters.
The following is the "quaint official announcement
issued from the palace yesterday [March 17] in
antiquated, mediaeval phraseology," relative to the
appointment of the commission that will look after
State affairs in the absence of the royal pair: "For
divers causes and considerations, the King has instructed his right trusty and well-beloved counselors, Prince Henry, the Archbishop of Canterbury,
Viscount Cave and Premier Baldwin, to look after
the safety and good government of the realm during
his absence, empowering them to do anything that
appears necessary and expedient to them, except
dissolve Parliament or confer ranks and titles."
The London correspondent of the New York "Herald Tribune" observed in a dispatch on Wednesday
evening that "with the King's departure to be followed by that of the Prince of Wales on March 20
and the Duke of York still hunting in Africa, the unprecedented situation will arise of the sovereign and
the two next in succession out of the country at the
same time. This fact has brought Prince Henry, the
King's third son, into the spotlight, and great public
interest is shown in the formation of a royal commission of four, including the Prince, to carry on the
administration in the King's absence. This is the
first time Prince Henry has had any State duties,
although he has represented the King on several public occasions. The Prince, whose military mustache
gives him a markedly different appearance from his
brothers, is expected to figure in the next honors list
as a duke, with the title of Edinburg being revived
for him."
1381
The death of Marquis Curzon of Kedleston, while
a shock to Great Britain, is not likely to have an
important bearing on the political situation. The
end came at 5.35 a. m., March 20, following a severe
operation a few days ago. He was 66 years of age
and had held many prominent political positions,
chief of which were those of Viceroy of India and
Foreign Secretary. His greatest ambition was said
to have been to serve as Prime Minister. He came
near receiving this honor in 1923, following the retirement of Bonar Law. The Marquis was also eager
to become a Duke, but was disappointed in this regard also.
No change has been made in official discount rates
at leading European centres from 9% in Berlin;
in Paris and Denmark; 6 % in Norway; 6% in
/
1
2
Italy; 5 % in Belgium and Sweden;5% in London
/
1
2
and Madrid and 4% in Holland and Switzerland.
The open market discount rates in London have
ruled steady at practically the same levels as a week
ago, namely 4%@4 % for both short bills and three
/
1
2
months' bills, as against 4 7-16(4)42
/
1
%. Money on
call at the British centre continues strong, and finished at 31 8%,unchanged from last week. At Paris
/
open market discounts were advanced to 61 4%,
/
against 6 % last week,and in Switzerland to 2%%,
/
1
2
against 23 8%.
/
An increase in gold holdings of £9,452 was shown
by the Bank of England in its statement for the
week ending March 18, thus bringing gold now held
up to £128,618,554, as against £128,105,046 a year
ago and £127,511,520 in 1923. Moreover, reserve expanded £136,000, there having been another reduction in note circulation of £126,000, while the proportion of reserve to liabilities moved up to 19.87%,
in comparison with 19.40% last week and 18.25% for
the week of March 4. In the corresponding week of
1924 the reserve ratio stood at 17%% and a year earlier at 19%. A small increase occurred in public
deposits (£65,000), but "other" deposits were reduced no less than £1,952,000. Loans on Govrnment
securities declined £205,000, and loans on other securities £1,811,000. The reserve now stands at £24,292,000, which compares with £22,949,676 last year
and £24,062,950 a year earlier. Loans amount to
£76,347,000, against £76,748,003 and £72,435,936 one
and two years ago, respectively, while note circulation is £124,074,000, in comparison with £124,905,370
in 1924 and £123,198,570 the year preceding. The
official discount rate of the institution remains at
5%,unchanged. Clearings through the London banks
for the week were £741,008,000, as against £826,050,000 a week ago and £802,904,000 last year. We append herewith comparisons of the several items of
the Bank of England return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1924.
1923.
1922.
1921.
March 18. March 19. March 21. March 22. March 23.
Circulation
124,074,000 124,905,370 123,198,570
Public deposits
13,751,000 23,997.491 24,128.920
108.509,000 105,795,098 102,643,570
Other deposits
39,891,000 48,357,455 48,529,200
Govt. securities
76,347,000 76,748,003 72,435,936
Other securities
Reserve notes & coin 24,292,000 22,949,676 24,062,950
Coin and builion_128,618,554 128,105,046 127,511,520
Proportion of reserve
19.87%
to liabilities
174%
19%
5%
4%
Bank rate
3%
121,704,000
21,859,788
120.330,265
48,465,365
86,396,923
25,525,318
128,779,763
129,535,455
22,981.849
101.169,409
24,000,237
101,022.091
17,241,073
128,326,518
17.95%
4I4%
13.88%
7%
The Bank of France continues to report small
gains in its gold item, the increase this week being
29,375 francs. The Bank's gold holdings therefore
1382
THE CHRONICLE
now aggregate 5,545,901,825 francs, comparing with
5,541,640,171 francs at this time last year and with
5,536,101,226 francs the year before; of the foregoing
amounts 1,864,320,907 francs were held abroad in
both 1925 and 1924, and 1,864,344,927 francs in
1923. Note circulation registered an expansion of
9,347,000 francs during the week. This brings the
total outstanding up to 40,880,024,000 francs, which
contrasts with 39,905,080,835 francs at the corresponding date last year and with 37,221,438,535
francs in 1923. Just prior to the outbreak of war in
1914 the amount was only 6,683,184,785 francs.
Silver showed a gain of 771,000 francs for the week,
Treasury deposits rose 694,000 francs, and general
deposits were augmented by 174,454,000 francs.
On the other hand, bills discounted underwent a
reduction of 303,095,000 francs, while advances were
reduced 49,490,000 francs. Comparisons of the
various items in this week's return with the statements of last week and corresponding dates in both
1924 and 1923 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
Mar. 19 1925. Mar. 20 1924. Mar. 22 1923.
for Week.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Ins,
20,375 3,681,583,918 3,677,319,263 3.671,756,299
1.864,320,907 1,864,320,907 1,864,344,927
Abroad
No change
Total
29.375 5,515,904,825 5,541.640.171 5,536,101,226
Inc.
Silver
307,243,000
Inc.
771,000
291.276.744
297,821,975
Bills discounted _Dec. 303,095,000 5.756,010.000 5.071.167,526 2.469,593,153
Advances
Dec. 49,490,000 3,053.305.000 2,474,833,607 2,072,652,891
Note circulatIon Inc.
9,347.000 40,888,024.000 39,905,980,835 37,221,438.535
Treasury deposits_Inc.
694,000
13.136.000
56,957,200
19,000,409
Genera ;deposits Inc. 174,454,000 2,040,737.000 2,896.493,502 2,979,623,883
The Imperial Bank of Germany in its statement,
as of March 14, reported a further heavy cut in note
circulation, amounting to 87,814,000 marks. As
against this, other maturing obligations increased
66,792,000 marks, and other liabilities 3,405,000
marks, but loans from the Eentenbank were smaller,
declining 25,364,000 marks. In the matter of assets,
the bank's holdings of bills of exchange and checks
decreased 50,196,000 marks, and advances a minor
increase of 211,06irtharks. There was an increase in
deposits abroad of 4,752,000 marks and of 18,000
marks in reserve in foreign currencies. Silver and
other coins gained 1,177,000 marks, notes on other
banks 4,125,000 marks and other assets 1,865,000
marks. Gold and bullion showed a gain of 54,000
marks, to 985,223,000 marks, which compares with
467,807,000 marks in 1924 and 1,004,832,000 marks a
year earlier. Outstanding note circulation aggregates 1,947,732,000 marks. The figures here given
are in gold marks, each gold mark being the equivalent of a trillion paper marks.
The Federal Reserve banks' weekly statements,
issued late Thursday afternoon, show that while
there has been a further addition to gold holdings at
New York, the System as a whole lost gold, albeit
only a small amount. Rediscounting operations,
however, were sharply curtailed, both nationally and
locally. At New York gold reserves increased $15,500,000, but this was at the expense of the other
Reserve banks. Rediscounting of Government secured paper fell off $70,300,000 and "other" bills $15,700,000, so that total bills discounted declined $86,000,000. Holdings of bills purchased in the open
market fell off $22,300,000. Earning assets were
reduced $56,200,000 and deposits $42,900,000. The
combined report revealed a loss in gold of $900,000,
while rediscounts of all classes of paper declined approximately $71,000,000. Bills bought in the open
[Vol. 120.
market fell off $24,600,000. Here also large reductions were shown in earning assets and deposits,
$58,800,000 and $44,500,000, respectively. 'For the
banks as a group the amount of Federal Reserve
notes in actual circulation was reduced $10,300,000,
but there was an increase of $3,200,000 at New York.
Both statements indicated a shrinkage in member
bank reserve accounts—at New York $39,000,000
and for the twelve banks combined $25,700,000. Heavy
contraction in deposits was sufficient to bring about
an advance in reserve ratios, that at New York gaining 3.5%, to 74.5%, while for the System the ratio
of reserve moved up to 76.6%,from 75.5%.
Heavy calling in of loans, supplemented by the
return of funds into normal channels, aided in
bringing about restoration of surplus reserves for
the Nev York Clearing House banks and trust companies last week. Saturday's statement indicated
that the loan item had been reduced $30,109,000. Demand deposits were curtailed $14,382,000, to $4,495,862,000, which is exclusive of $14,449,000 in Government deposits. In time deposits there was a loss of
$12,092,000, to $565,057,000. Other changes included.
a decline in cash in own vaults of members of the
Federal Reserve Bank of 2,329,000, to $47,388,000,
which item, however, is not counted as reserve. Reserves of State banks and trust companies in own
vaults increased $68,000, while reserves kept in
other depositories were reduced $912,000. Member
banks added to their reserves at the Reserve Bank
$49,655,000, and this, coupled with lessened deposits,
resulted in rolling up reserves by $51,055,770, which,
after wiping out last week's deficit in reserve of
$35,624,770, left excess reserve of $15,431,000. The
above figures for surplus are based on legal reserves
of 13% for member banks of the Federal Reserve
System, but not including cash in vault to the
amount of $47,388,000 held by these member banks on
Saturday last.
Following the large dividend and interest disbursements and Government operations last Monday,
money in the local market has been extremely easy.
Call money has renewed and loaned as low as 31 2% in
/
the regular market, while so-called outside funds
were said to have been placed on Thursday at 3%.
Yesterday the official quotation reached that level.
It is safe to assume that brokers' loans, which were
estimated last week at $2,100,000,000, were reduced
somewhat, temporarily at least, by the sharp breaks
in stocks for several successive days. While complaints are received from some centres that business
is not as brisk as had been expected, the fact that the
ingot production of the United States Steel Corporation is reported as being at 94% of capacity, and that
the car loadings of the railroads for the first week of
March were 930,000, shows that the business of the
country actually is of large dimensions. In view
of this situation and the continued offerings of new
securities, both foreign and domestic, on a large
scale, the present rates for money are the more surprising. There may be another flurry in the call
money market as the end of the month comes close to
hand, but, broadly speaking, the money position in
this country is essentially unchanged. Both Secretaries Mellon and Hoover have been quoted as predicting "healthy" business conditions. This would
mean a normal volume at reasonableprices and would
not materially increase the demand for money.
MAR. 21 1925.1
nth CHRONICLE
1383
Dealing with specific rates for money, call loans
Developments in the sterling exchange market
this week ranged between 3% and 4%, as against this week failed to justify the expectations of those
3 @5% last week. On Monday a flat quotation of who had been looking forward to a continuation of
/
1
2
4% ruled and all loans on call were negotiated at the sharp upward movement that took place at the
this figure. Tuesday renewals were again made at close of last week. Instead there was a relapse into
4%, which was the high, but before the close there dulness and the market practically throughout was
/
1
2
was a decline to 3 %. Further recession was noted all but lifeless, with the volume of business very
on Wednesday, when call funds were lowered to 3%; small. The explanation for this sudden change of
/
1
2
/
1
2
the high was 3 % with 3 % also the renewal basis. front may be found in the sharp drop in stock market
Thursday there was no range, 3 % being the only values on this side, the break in wheat prices, fresh
/
1
2
..,
but the low v 3%, with 3 % still the maximu
/
1
2
outbreaks of labor disturbances in various parts of
ate named. Call funds renewed at 3 % on Friday Europe and last but not least, a material decline in
/
1
2
level. In ti e money also the tendency was ea
the rates of bankers' bills in London. It is worthy
and toward the latter part of the week the longer of note that for quite some time past, sterling price
maturities were lowered to 4@414% for four and levels have followed a course somewhat similar to
/
/
five months and to 414% for six months, as com- that of stocks, and with the reaction in stocks expared with 414@4 % a week ago. Sixty days con- change operators have quietly withdrawn from the
/ /
1
2
tinue to be quoted at 4% and 90 days at 4@414%, sterling market. Since the advance in the Bank of
/
unchanged. Time funds were in ample supply, but England rate to 5% there has been a decline in rates
the market was quiet and generally featureless.
of bankers' bills of about % of 1%, as a result of the
Commercial paper has not been changed from 4% heavy inflow of funds for short term investment
for four to six months' names of choice character, that followed the increase in the bank rate. As
/
with 414% asked for names not so well known, the to the drop in the price for wheat, while this is in
same as last week. There was a good demand for reality a favorable factor for those nations who must
the best names, especially from country banks; ag- import large quantities of grain, it has had the imgregate transactions, however, were not particularly mediate effect of depressing foreign exchange values,
large. New England mill paper and the shorter since grain brokers everywhere have been purchasing
choice names continue to be dealt in at 4%.
large quantities of wheat for export and buyers at
Banks' and bankers' acceptances ruled at the lev- foreign centres are selling sterling, francs or lire, as
els previously current. The market was moderately the case may be, against dollars to pay for their
active. Both city and country institutions figured purchases. Notwithstanding the lack of activity,
in the dealings, but offerings of prime paper were prices of sterling were firmly held and demand bills
somewhat restricted. Some inquiry was noted on ruled at a fraction above or below 4 78. • A certain
the part of individual buyers at times. The under- amount of irregularity prevailed and quotations,
tone was firm. For call loans against bankers' ac- despite the generally firm tone, moved alternatively
ceptances the posted rate of the American Accept- up and down, swayed by movements in London, the
a.nce Council is down to 3%, as against 3 % last supply of commercial bills offering and changes in
/
1
2
week. The Acceptance Council makes the discount the money market. Slight easing in local money
rate on prime bankers' acceptances eligible for pur- rates was responsible for firmness in sterling rates
/
chase by the Federal Reserve Bank 314% bid and for a while, but at the close rates sagged off again.
318% asked for bills running 30, days, 338% bid Rumors of threatened abor troubles in England in
/
/
/
and 314% asked for bills running 60 and 90 days, the near future acted as a deterrent upon exchange
3 % bid and 3%7 asked for bills running 120 days operations and had a depressing influence on market
/
1
2
0
and 34% bid and 3%7 asked for Win riirminw 1O RAntirnent. An item of news that attracted some
3
0
and 180 days. Open market quotations follow:
attention this week was that a number of important
SPOT DELIVERY.
Continental concerns that formerly used the dollar
90 Days.
60 Days.
30 Days
Prime eligible bills
3%634
354€134
34 e+ 34
in their exchange operations are now turning to
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
34 bid sterling. In Anglo-French trade circles a growing
Eligible non-member banks
34 bid preference
for sterling as against dollars is reported
There have been no changes this week in Federal on both sides of the Channel.
As to quotations in greater detail, sterling exchange
Reserve Bank rates. The following is the schedule
on Saturday last was a trifle easier and demand
of rates now in effect for the various classes of paper
receded to 4 78 7-16Q4 78/, cable transfers to
at the different Reserve banks:
4 78 11-16@4 78% and sixty days to 4 75 15-16@
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFE07
MARCH 20 1925
4 763/8. On Monday early firmness was succeeded
by a decline, so that the range was 4 78@4 783 for
4
Paper Maturing—
demand,4 783@4 79 for cable transfers and 4 75Mig
After 90 After
Days, but
titt
Within 90 Days.
Within 6 witain 9 4 763. for sixty days. Increased offerings of comFEDERAL RESERVE
Months Month,
BANK.
mercial bills brought a further lowering of rates on
Com•rciat Secured
Ariel ct by U. S. Bankers' Trade Agrtcul.• Aeries,
Tuesday and demand sold off to 4 77 11-16@
Livestock Govern', Accep- Accepand
and
Paper
Obliga- tances. tances. Livestock Linestoa 4 78 5-16, cable transfers to 4 77 11-16@4 78 5-16
lions.
Payer. Paper
and sixty days to 4 75 3-16@4 75 13-16; trading was
Boston
3%
334
34
3%
334
New York
3%
83.4
34
only intermittently active. Wednesday's market was
3%
Philadelphia
34
8%
814
34
Cleveland
34
1334
314
dull and irregular, with the trend of prices again
4
4
Richmond
4
4
4
4
4
4
4
Atlanta
4
4
downward; the day's range for demand was 4 77%@,
4
4
4
4
4
Chicago
4
4
4
4
4
4
St. Louis
4
4 78 1-16, for cable transfers 4 77/@4 78 5-16 and
4
4
Minneapolis
4
4
4
4
4
4
Kansas City
4
4
for sixty days 4 74%@4 75 9-16. Quotations were
4
4
4
4
Dense
4
4
34
3%
354
San Franclseo
unsettled and trading lifeless on Thursday; demand
•Including bankers' acceptances drawn for an agricultural purpose and secured
ruled at 4 7732©4 783/8, cable transfers at 4 773
/
%
by warehouse receipts, dro.
@,4 78% and sixty days at 4 75@4 75%. On
1384
THE CHRONTCLE
Friday irregularity prevailed, though fluctuations
continued narrow and the extremes for demand were
4 77%@)4 777 while the range for cable transfers
,,
was 4 77. @4 783/i and for sixty days 4 753'@4 75/•
%
Closing quotations Were 4 75 5-16 for sixty days,
4 77 13-16 for demand and 4 78 1-16 for cable transfers. Commercial sight bills finished at 4 77 11-16,
sixty days at 4 73 9-16, ninety days at 4 73 1-16,
documents for payment (sixty days) at 4 73 13-16
and seven-day grain bills at 4 77 3-16. Cotton and
grain for payment closed at 4 77 11-16.
So far as could be learned, no gold was either
exported or imported this week, although it is
reported that the International Acceptance Bank is
arranging to ship $500,000 gold to Australia, and a
smaller consignment, $15,000, to Singapore. On
Thursday the Federal Reserve Bank of New York
announced that it was about to ship $2,500,000 gold
to Germany; this makes $7,500,000 of $41,000,000
belonging to the German Government now on deposit
in New York. The Equitable Eastern Banking
Corporation will ship $50,000 to Buenos Aires and
$280,000 silver to India.
[Vol,. 120.
as a unit! This would mean a reduction from prewar parity of $.2026.
The London check rate on Paris closed at 92.05,
as compared with 93.00 a week ago. In New York
sight bills on the French centre finished at 5.19,
against 5.143/; cable transfers at 5.20, against
2
5.153; commercial sight bills at 5.18, against 5.133/2,
and commercial sixty days at 5.123 , against 5.08%
%
last week. Closing rates on Antwerp francs, were
5.06 for checks and 5.07 for cable, transfers. Last
week the close was 5.05 and 5.06. Reichsmarks
remain motionless at 23.81 for both checks and
cable transfers. Austrian kronen have not been
changed from 00.143/ Lire finished at 4.059 for
8
.
bankers' sight bills and at 4.063 for cable transfers,
%
in comparison with 4.06 and 4.07 a week earlier.
Exchange on Czechoslovakia closed at 2.963/2,
against 2.97%;on Bucharest at0.48%, against 0.49%;
on Poland at 19% (unchanged), and on Finland at
2.53 (unchanged). Greek exchange finished at
1.55% for checks and at 1.56 for cable remittances,
as compared with 1.49%@1.49% the week preceding.
Dulness was likewise the chief characteristic of
Although trading in the neutral exchanges, forthe Continental exchanges and attention for the merly so-called, was inactive, considerable attention
nonce appeared to centre on the movements of some was attracted by the firmness of Danish and Norof the less important currencies, such as Danish wegian currencies. The former advanced from 18.00
kronen and Norwegian krone and in the Far Eastern at the close of last week to 18.15, a new high level for
group, Japanese yen, which all reported higher the year, on brisk buying said to emanate from
quotations. Of the major European exchanges Copenhagen. While some of it was ostensibly of
French francs were apparently accorded good sup- speculative origin, it was also partly due to recurrent
port and the quotation for checs hovered around rumors that Denmark is on the point of negotiating
5.15@5.17 with an advance on Wednesday to a substantial dollar loan. The advance in Norwegian
5.20% on what appeared to be buying for Paris exchange was regarded as largely a sympathetic one
account. Announcement by Finance Minister Cle- and carried krone to 15.46, or 27 points up for the
mentel that the idea of placing an embargo on capital week. Guilders, on the other hand, were neglected
exports had been abandoned as unworkable and and ruled at slightly lower levels on dull trading.
that the Bank of France was seriously contemplating and easier money rates in Holland. Swiss francs
a campaign to bring about stable currency reform, were firm and the same is true of Spanish pesetas.
was regarded as largely responsible for the improveBankers' sight on Amsterdam finished at 39.90,
ment. Later on, realizing sales caused a partial against 39.98; cable transfers at 39.92, against 40.02;
recession which carried rates down to 5.17, commercial sight at -39.82, against 39.92, and comthough rallying before the close. Locally, how- mercial sixty days 39.46, against 39.56 a week ago.
ever, traders evinced very little interest in francs. Final quotations on Swiss francs were 19.27 for bankItalian lire were heavy throughout. The trading ers' sight bills and 19.28 for cable transfers. This
rate during the early part of the week ranged be- compares with 19.283/ and 19.293/i last week.
tween 4.079@4.06; and this was subsequently Copenhagen checks finished at 18.10 for checks and
lowered to 4.043/, partly as a result of uneasiness at 18.14 for cable transfers, against 18.003/i and
2
over the strike situation prevailing in Italy, and 18.043/ the preceding week. Checks on Sweden
partly in consequence of the severe economic meas- closed at 26.92 for checks and at 26.96 for cable
ures adopted by the Italian Government for the transfers (unchanged), while checks on Norway finpurpose of checking the constantly expanding wave ished at 15.46 and cable transfers at 15.50, against
of speculation. These include reduction in note 15.29 and 15.33 a week earlier. Spanish pesetas
circulation and the establishment of a 25% margin closed at 14.23 for checks and at 14.25 for cable
on forward transactions in securities. It is expected transfers, against 14.193/2 and 14.213/ last week.
2
that these measures will exercise a depressing influence on business for the time being, but eventually
As to South American exchange there is very little
should improve the position of exchange. Tbe new to report. The general trend was higher and
recent advance in the discount rate of the Bank of Argentine checks advanced to 39.71 and cable transItaly, it is also believed, will react favorably on lire fers to 39.76, then reacted and finished at 39.64
values. Austrian krone were unaffected by reports and 39.69, against 39.63 and 39.68, while Brazilian
that the restrictions on foreign exchange dealings milreis closed at 11.15 for checks and at 11.20 for
were soon to be removed by the Austrian Govern- cable transfers, against 11.14 and 11.19 last week.
ment. Greek exchange, after a weak opening, Chilian exchange was higher and the close was 11.51,
rallied and advanced 73/i points to 1.553/ No against 11.07, while Peru finished at 4.17, against
.
2
specific reason was assigned for the improvement 4.19 a week earlier.
other than speculative activity. It is rumored that
In the Far Eastern group, inactivity predominated
Czechoslovakian currency is to be stabilized at its except in Japanese yen, which made a further net
present level of about $.03 and the crown retained gain of about 2 cents, to 42M@)423,1„ as against a
MAR. 21 1925.]
1385
THE CHRONICLE
OF NEW YORK FEDERAL RESERVE BANE
current quotation some time ago of about 38@40. DAILY CREDIT BALANCESCLEARING HOUSE.
AT
with Japan and
Nearly all of the buying originated
Aggregate
Thursday, Friday.
Saturday. Monday,' Tuesday,
there are many who believed that it was partly March 14. March 16. March 17. Wednescry. March 19. March 20. for Week.
March 18.
speculative (a number of Chinese operators are said
$
8
8
$
8
$
8
to be active). Other branches of the market re- 101,000,000 103,000,000 107,000,000 104,000,000 87,000,000 84.000.000 Cr. 591.000.000
-The foregoing heavy credits reflect the huge mass of checks which come
Note.
mained quiet and practically unchanged.
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
Closing rates on Hong Kong were
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
of
on institutions located
against 54M@54%; Shanghai, 73m@743,/, against the daily balances. The large volume of checksthese balances, as such outside do
checks
New York are not accounted for in arriving at
A
,
73%@741 ; Yokohama at 42 8 against 41%@41%; 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.
73%@743/2; Yokohama at 42%@42%, against
413/s(4)41%; Manila, 4932@49%(unchanged); SingaThe following table indicates the amount of bul/
1
pore, 56@563' (unchanged); Bombay, 363/s@3638,
lion in the principal European banks:
against 363'@,36, and Calcutta, 36%@36%,
against 363/@36%.
2
March 21 1924.
March 20 1925.
Banks of
Gold.
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 14 1925 TO MARCH 20 1925, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Trqnsfers in New York.
Value in United States Money.
128,618,554
England
France a _ 147,263,357
Germany
35,568,500
Aus.-Hun _ 132,000,000
Spain
-- 101,440,000
Italy
35,585,000
Netherrds. 42,040,000
Nat. Belg_ 10,891,000
Switzerl'd_ 19,189,000
13,000,000
Sweden
Denmark. 11,637,000
Norway -- 8,180.000
Si.eer.
I
£ 1
Total.
I
I
Gold.
Silver.
Total.
£
£
£
£
128,105.046
1•8,618,554 128.105.046
12,280,000 159,543.357 147,091,733 11,880,000158.971.733
d994,600 36,563.100 23,240,150 3.475,4001 26,715,550
is
62.000.000
62,000,000 62,000,000
b
26,133,000 127.573,000101.125.000 26,129,000 127.254,000
3,362,000, 38,947,000 35,169,000 3,412,0001 38,581,000
826,000 49,302,000
1,700,000 43.740,000 48.476,000
3,002,0001 13,893,000 10,819,000 2,832,000 13,651,000
3,599,000 22,788,000 21,447,000 3,700,000 25,147,000
15,078.000
13,000,000 15,078,000
609,000 12,252,000
919,000 12.556,000 11.643,000
8,182,000
8.180,000 8,182,000
I
Total week 555,412,411 51,989,600607,402.0l1 552,375,92 52.863.400605,239.329
Prey. week 555,669,684 52,183,600607,853,284 552,334,220 53,134,040605,468,260
a Gold holdings of the Bank of France this year are exclusive of L'74,572,836
held abroad. b No recent figures. c Gold ho dings of the Bank of Germany this
year are exclusive of £13,692,650 held abroad. d As of Oct. 7 1924.
arch 14.March 16
.March 17 March 18.March 19.March 20.
The Housing Situation in New York City
Remedies That Do Not Remedy.
A gloomy, not to say alarming, picture of the
housing situation in New York City is drawn by the
4.7800
4.7823
4.7804
4.7758
.025215 .025218 .025200 .025202
.0518
State Housing Commission in a report which Gov.0517
.0517
.0519
.2380
.2380
.2380
.2380
ernor Smith transmitted to the Legislature on Mon.014987 .015142 .015296 .015546
.3992
.3994
.3991
.3996
day. In spite of the addition of some 85,000 new
.000014 .000014 .000014 .000014
.0406
.0406
.0406
.0408
.1548
.1542
.1540
.1543
apartments during the past twelve months, the prac.1918
.1919
.1918
.1919
.0495
.0494
.0494
.0491
tical situation, the Commission avers, is worse rather
.004869 .004837 .004813 .004818
.1424
.1423
.1420
.1420
than better. The larger portion of the new apart.2695
.2694
.2695
.1927
.1927
.1927
.2694_
.1929
ment space is devoted to apartments which rent for
.016036 .015930 .015844
.016063
$15 or more a room per month, a price nearly double
.7513
.7529
.7546
.7542
that within the reach of families with an income of
.7446
.7481
.7494
.7488
.7305
.7316
.7345
.7323
$2,500 or less, constituting more than two-thirds of
.7613
.7629
.7642
.7642
.5407
.5403
.5424
.5424
the city's population. The maximum rental which
.5346
.5352
.5360
.5363
.5363
families of this class can afford is estimated by the
.5371
.5383
.5396
.5471
.5483
.5492
.5500
.3569
.3568
.3564
Commission at from $7 to $9 as room per month. As
.3573
.4173
.4178
.4145
.4144
.5504
.5496
.5496
.5575
a result of the scarcity of low or moderate-priced
.998691 .998741 .998730 .998824
new appartments, tenement house dwellers have been
.999500 .999297 .998906 .999000
497250 .497500 .497500 .497500
driven in increasing numbers to the so-called old
.998188 .996354 .996224 .996250
law tenements, where landlords make,few or no re.9003
.9004
.9000
.8993
.1105
.1106
.1110
.1112
pairs and overcrowding prevails. No less than 29,.1133
.1142
.1137
.1139
OSR1
0013
111190
act cll
000 apartments in these old law buildings, the Com•One schIlling is equivalent to 10,000 Paper crowns.
mission reports, have been destroyed or converted to
other uses since 1916, yet, whereas in 1916 an averThe New York Clearing House banks, in their age of 6.52% of such flats were regularly vacant, the
operations with interior banking institutions, have present percentage of vacancies has declined to.
gained $4,080,534 net in cash as a result of the cur- 1 81%. The scale of rents, moreover, is sharply up;
rency movements for the week ended March 19. ward except in the case of old tenants, who are proTheir receipts from the interior have aggregated tected by the rent laws against increases not repre$5,242,034, while the shipments have reached $1,161,- sented by improved accommodations. For new ten500, as per the following table:
ants, on the other hand, cases are cited in which
RECEIPTS AND SHIPMENTS BY NEW YORK BANKING rents have been raised more than 50%.
CURRENCY
INSTITUTIONS.
The chief reason for this untoward situation, according to the Commission, is the excessive cost of
1 Gain or Loss
OW of
I
Into
Banks.
to Banks.
Banks.
Week Ending March 19.
building due to the high rates of interest on mort81.161,500 Gain 84 080,534
85.242.0341
Banta'Interior movement
gages. "A 20% reduction in interest charges," the
As the Sub-Treasury was taken over by the Fed- report declares, "would effect a 10% reduction in
"commercial
eral Reserve Bank on De . 6 1920, it is no longer rents." At the present time, however,
is paying an average of about 9% for
possible to show the effect of Government opera- enterprise
of high interest
tions on the Clearing House institutions. The Fed- money invested in housing because
rates on second and third mortgages." Approxieral Reserve Bank of New York was creditor at the
mately 54% of the monthly rentals, it is estimated,
Clearing House each day as follows:
EUROPE$
$
.14063
.14063
Austria. krone*
Belgium, franc
.0506
.0506
007344 .007331
Bulgaria, lev
Czechoslovakia. krone .029690 029681
Denmark, krone
.1804
.1813
England. Pound sterling
4.7851
.7872
Finland, markka
020220 .025225
.0515
0515
France, franc
Germany,reichsmark_ 2380
.2380
014900 .014833
Greece, drachma
.3999
3999
Holland, guilder
000014 .000014
Hungary, krone
.0408
.0107
Italy, lira
.1540
.1534
Norway, krone
.1918
.1919
Poland,zloty
.0494
.0492
Portugal, escudo
004905 .004900
Rumania,leu
.1421
1421
Spain, peseta
.2695
.2695
Sweden, krona
.1929
.1928
Switzerland, franc
Yugoslavia, dinar___. .016071 .016051
ASIAChina7529
Cheefoo. tadl
.7525
.7472
7475
Hankow.tael
Shanghai, tool
.7304
.7306
Tientsin, tadl
.7625
7625
Hong Kong, dollar_ .5425
.5415
Mexican, dollar_
.5353
.5350
Tientsin or Pelyang,
dollar
.5375
.5371
.5471
Yuan, dollar
.5471
.3570
India, rupee
.3570
.4126
Japan, yen
.4180
Singapore(13.61.),dolla .5508
.5508
NORTH AMER.
.998839 .998711
Canada, dollar
.999688 .999500
Cuba, peso
.496917 .496917
Mexico, peso
Newfoundland, dollar .996510 .996198
SOUTH AMER.
Argentina, peso (gold) .0010
.9004
1114
.1109
Brazil. mIlrels
.1118
Chile, Peso (Paper).- .1107
00112
AMR
'
Elrummv. nese
$
.14063
.0506
.007344
.029678
.1817
8
.14058
.0506
.007328
.029668
.1813
$
.14051
.0506
.007338
.029652
.1811
$
.14051
.0506
.007338
.029653
.1813
1386
THE CHRONICLE
goes for interest, 16% for amortization of mortgages,
10% for taxes, and 19% for maintenance. Limited
dividend corporations and certain co-operative associations, the only ones which appear to be insuring
reduced rentals to tenants, are regarded by the Commission as "a negligible factor" as far as the betterment of conditions is concerned, since while they
operate on a 6% basis, sufficient capital at that figure is not to be had.
The remedy for the situation, as the Commission
sees it, is State aid. Private interests, it is averred,
will not put money into low-priced dwellings because
the return is too small, and they cannot be forced to
do so by legislation. The only remedy is for the State
to come forward and make possible the financing,
by State or local credit in some form, of large-scale
building operations in which the interest rate shall
be 6% or less. It will be remembered that a proposal to amend the Constitution so as to empower the
State to lend its credit in this manner is now pending, and while Governor Smith, in transmitting the
report of the Housing Commission, did not refer to
it as an argument in behalf of the amendment, the
recommendations of the report are an endorsement
of the proposal. If, with State aid, building construction can be financed on a 6% basis, the Commission foresees a provision of houses at about $9 a
room per month. It is believed that the cost can be
brought down to $750 a room per month if exemption from taxation is also granted.
We are heartily in agreement with those who find
the housing situation in New York City at the present time both deplorable and disquieting, and the
careful study which the State Housing Commission
is giving the matter is worthy of serious attention.
The procedure which the Commission advocates,
however, seems to us to be open to weighty objections. The Commission tells us plainly that there
is an alarming lack of low or moderate-priced dwellings in New York City because the construction of
such buildings does not pay. Why does it not pay?
According to the Commission, the principal reason
is the high cost of capital, in proportion to possible
rentals, due to high interest charges on second and
third mortgages. This is not at all the whole story,
however, even if it be true as far as it goes. Back of
the high interest rates, if they are actually high as
income from investments goes, for mortgage loans is
the excessive cost of building due to the extremely
high cost of labor. It is surprising to find that, to
the Commission, this factor does not appear to be
of great importance. A 10% reduction in building
costs, the report declares, "under present conditions
would reduce room rentals in new tenements approximately five cents a month," and the larger part
of even this microscopic reduction is to be looked for
through the elimination of waste, in labor and materials, by substituting year-round construction for
seasonal construction.
The argument does not bear examination. Assuming, as the Commission apparently does, that
labor in the building trades might accept lower
wages if it were sure of employment the year round,
the wage reduction thus effected would be of no
avail unless the aggregate annual wages were also
reduced. Everybody knows that the relatively high
daily or weekly wages of seasonallaborers are based
upon the cost of living throughout the year, and as
,long as the annual wage in the building trades, how' ever it may be.computea, remains it the present in-
[voL. 120.
flated figure, there will be no saving in construction
costs at this point, whether the average laborer
works twelve months in the year or nine. Moreover,
the same high wages that make building excessively
dear on the side of construction are largely responsible also for the high cost of building materials Of
all kinds, and of transportation. Unless, therefore,
a deflation of wages in a considerable range of industries takes place, the costs of building will remain abnormally high and rents will stay up. The
City of New York cannot have in time of peace the
kind of'housing which two-thirds of its population
require as long as the wages of labor remain at wartime rates.
The proposal to involve the State in this situation
by lending the credit of the State in aid of largescale building operations is even more ill-advised.
The constitutional right of the Legislature of New
York to regulate rents has been affirmed by the
State Court of Appeals, and the decision has been
upheld by the United States Supreme Court, although in each case with strong dissent. It is by no
means clear, however, that the great extension of the
police power of the State which the present rent laws
embody constitutes an argument in favor of State
financial aid to housing, and the constitutional
change which the Commission's report apparently
favors is itself open to grave objection on the broad
ground of public policy. From whence is to come
the money which, it is proposed, the State shall advance to builders, in the form of credit or exemption from taxation, or in any other way, to enable
builders to do what they cannot be induced to do
without it? From the pockets of the people, through
increased taxation and augmented State or municipal indebtedness. How is an exemption from taxation to be made good? Only by increased taxation
of other persons and their property. There is no
magical fund of wealth which can be conjured up by
the device of "lending the credit of the State." The
only wealth that the State possesses is the wealth
of its people, and every "lending of credit" in aid of
private enterprise is only adding to the debts which
the people of the State must sometime pay.
The proposal to solve the housing problem by invoking State aid is not only robbing Peter to pay
Paul, which is bad economics, but it is also an unwarranted and dangerous interference by the State
with private rights which ought to be preserved. It
can at least be urged, with a show of plausibility
which appears to have impressed the courts, that the
rent laws were the product of an emergency, due to
the housing shortage created by the war and the
wholesale demand for better quarters by those who
had been forced to put up with inferior ones. No
similar emergency, however, now exists in the matter of housing, grievous as are the actual conditions
which have come to prevail. The housing shortage
in New York City is due primarily to the failure of
the community and the country to readjust their
economic life, particularly in the matter of wages
and general high cost of living, to a peace basis. The
war is more than six years over, but wages and
prices continue very much as if the war were still
going on. The only remedy is in a reduction of
building costs through reduction of wages and prices
of materials, and of these the most important is
wages. For the State to intervene in the way in
which the Housing Commission proposes, and grant
financial aid to building construction when con-
MAR. 211925.]
THE CHRONICLE
struction costs continue nearly at the peak, would
be to give an appearance of profit to what was fundamentally unprofitable, thereby perpetuating the very
conditions of.excessive costs in general from which
American business has only just begun to recover.
Entirely apart from all this, this new proposition
of State aid is as certain to prove abortive as the
previous attempt at relief. In 1920, to expedite the
construction of new buildings and to furnish an inducement for so doing, the •State allowed counties,
municipalities, etc., to grant exemption from taxation to new buildings for a period of nearly twelve
years, or until Jan. 1 1932. The law originally provided that work on the new structures had to be begun by April 1 1922, but its provisions have been renewed year by year since then and the date now
stands at April 1 1925. The law did stimulate the
erection of new buildings, but the Commission tells
us it did not operate to reduce rents. The explanation is found in the fact that the advantage derived
from tax exemption was offset by the increased cost
of construction, mainly the higher wage scales and
the premiums paid above these augmented wage
scales. It is common knowledge that in the building season of 1923 and also to some extent in that of
1924 many mechanics in the building trades were
getting $20 to
a day. Now the State proposes
again to step in, this time on the theory that the problem can be solved by the use of municipal credits at
reduced rates of interest. Supposing the municipalities went into the business on an extensive scale, as
they would have to do, in order to furnish the substantial relief contemplated, who will guarantee that
municipal borrowing rates will long continue low?
And what assurance is there that labor would not
repeat its previous action, and demand still higher
compensation? What is to prevent? Or are we to
suppose that the State, having embarked upon the
work of providing low rents, would go a step further
and undertake also to prescribe wage scales and fix
material costs as well. Would we not then have
State Socialism with a vengeance? And who would
be in favor of it? Fortunately, there is not the least
chance that the experiment will be tried.
n5
Natural vs. Artificial Law.
At the last session of Congress all farm legislation
failed of passage. If we "raise a crop" this year it
will be through the power of natural law. There
will be no extra session of Congress before the harvest. This ought to strike consternation among agriculturists—but doubtless will not. A real dyed-inthe wool dirt farmer does not wait on Washington.
He knows that the seasons do not correspond in time
with the sessions, and he pins his faith to the seasons.
He is not nearly as excited over the failure to pass
a co-operative marketing association law as he is
over getting his seed sown in time. Statute laws may
be made at any period of the year, but if the summer
solstice comes on with nothing in the ground there
is no crop. There are theoretical farmers who organize societies and associations and through these and
other agencies hammer on the doors of legislatures
for relief who will doubtless grieve over the debacle
of a session of "the greatest deliberative body on
earth" without a single measure to help the farmer.
But the real mourners are the politicians who have
seen an opportunity vanish into thin air, and nothing
done. Farmers are the original fundamentalists,
and to leave them to the mercy and good-will of God
1387
sorely must harry the souls of the modernist-progressives. But there is no help for it now unless the
President experiences a change of heart and calls an
extra session just when the people at large are jubilant over the prospect.
Will there be a sudden hush come over the business world? Will common trade suddenly sink into
"innocuous desuetude"? Will the merchant and
manufacturer put up the shutters and go away on a
vacation? We do not fear any such catastrophe.
Naturally (and it is a time-tested word), business
will not be as "lively" as it will be when the crops
begin to move in the fall. Much of the value produced by the last harvest has been spent. When the
farmer rests, others work; and when the farmer
works, others may rest. But only in a comparative
sense. All seasons are ripe for work; and all men
are ready all the time to work, acquire, invest, save,
plan for new production and exchange. It is the law
of life. And there are many occupations necessary
to our social economy. The manufacturer, housed
inside brick walls, may defy the seasons—save that
if these are not propitious there is less real value
with which to pay. The merchant gathering his
stores from all the earth finds there are seasonable
goods that comefrom far countries where the seasons
are not coincident with our own, and he must be up
and doing all the year. And so varied are our productions as a people, so intense our aspirations, desires, tastes and customs of living that business has
grown to be a vast complex in which there is a constantly increasing activity.
Furthermore, the American people live in a temperate zone. Summer and fall are the out-of-doors
time of the year. There are automobiles to be bought,
millions of them, and used while the roads are good
and the air caressing. Heat there must be to mature
the growing things, and we sometimes complain severely over it—but it really makes the "wheels go
round" in trade. If the sky is brass and no rain falls,
when it should fall, everybody complains; and thinks
of the "poor farmer." Otherwise, and for an increasing number,summer is "vacation time." Socially we
have grown chary of working too much. "All work
and no play makes Jack a dull boy," and we have a
horror of dulness. And so our "much-needed" vacations are not all devoted to rest, and we go gallivanting over the country in search of something, we know
not what, only that it must be different and lively.
Business may slow down a little while the farmer is
in the fields, but unless our vocation is one which requires us to be ready to catch the dollars as they fly
in the fall, we may make a business of taking a
"Much-needed rest"—and in doing so work harder
than ever and spend more than we ought, but—it all
makes "business" in the end.
But a whole summer without a single adumbration
from Congress—what a boon that is to the American
people! Even a Congressman on his new "ten thousand a year" can take a vacation, along with the
clerk on twenty dollars a week. Mention is made of
this "institution" of our social life merely for the
suggestion that there may be other causes for the
slowing down of trade than those we dig out of the
depths of economics. The fact is apparent that
sooner or later hard times will come a knockin' at
the door if we grow too conservative about plain
everyday work, and spend more than we make in the
inevitable "vacation." We intended, however, before
our thought was side-tracked on summer jaunts and
1388
THE CHRONICLE
[VoL. 120.
vacations, to try to draw a contrast between natural ing for what lies over the mountains blinds us to the
and legislative law—the one operating full time now glory and good that dwell nearby. If all business
in the fields and the other gone into retirement for a men would now take courage, buckle on the armor
season with .an expiring Congress. Past experience of self-dependence, produce exchange and use that
tells us we can live and prosper without the latter which we ourselves have and can increase, the very
but not without the former. With our present polit- force of this unified individualistic endeavor would
ical egotism and legislative industry it is not diffi- soon overflow all our boundaries and barriers and
cult to see the divine and compassionate wisdom that foreign trade would burgeon as it never has before.
established natural laws not subject to amendment It is an economic as well as a social truism that the
or repeal by man. Were it not so what would become task at hand is the main task. Not artificial aid
of "business" during this welcome interim? For to this class or vocation, but literally making two of
after many long and almost continuous years of Con- the comforts and necessaries of life where the was
gressional effort the people wake to find one load only one before. We need not strain our eyes to
catch the glowing visions of organization, standardilifted from their shoulders.
And if business is not "good" during the next six zation and co-operation, just work, think, save and
months it will not be because of what Congress may plan. The future will take care of itself if we take
do during these six months, but what it has already care of the present. And now that Congress has
done in the way of intermeddling and fuddling. And really adjourned sine die for a six months is a good
if we do not raise a crop it will not be because the time to begin.
natural laws are not at work in our wonderful reCzechoslovakia—A Resurrection.
sources. And if we do not find the variety of our
production increasing, it will be beenterprise and
Whether the birth or the resurrection of a nation
cause we do not ourselves work. And if we do not is the more important event may be debatable, the
work it will be because we theorize! Now it is a long new Republic of Czechoslovakia is an instance of
journey from Minneapolis to Liverpool. If the either or both.
farmer fix his eye on a foreign market which he proThe year 1620 that saw the landing of the Pilgrims
poses to storm by co-operative associations he may at Plymouth, the initial event in the history of New
neglect the market near at home. And since, now England,is the date of the Battle of White Mountain
that Congress has left him in the lurch, he cannot in which Bohemia was crushed by the Hapsburg Emassemble his cotton and grain into huge masses to peror. A thousand years ago the Czechoslovaks ocbombard the ports of the world, perhaps the stern cupied a territory much larger than to-day. It exfact will have a quieting effect upon his efforts. Per- tended far down the Danube to the south, deep into
haps he will turn to the intensive consideration of his Bavaria at the west, and into Prussian Silesia at
own farm as a manufacturing plant turning out the the north. Magyars, Germans, Poles and Jews from
necessaries of life for his neighbors and citizens time to time filtered into it, forming distinctive setthroughout the country. And since we all "go up or tlements. The Reformation nowhere had more imdown together" it may occur to business men gen- mediate and powerful effect than it did there, calling
erally that now is the time for all good men to come the people to a new life, political as well as religious.
to the relief of trade and "start something" based on This is what was ruthlessly crushed with the expulthe "nature of things."
sion of the Protestant population and the transferIf Congress has failed us, there is nothing left but ring of their lands to a new nobility of foreigners,
our hands and heads. We have grown so avid for the and the reduction of the agricultural population to
things"we want when we want them" that our hearts a state of serfdom which was not ended until the
are not as active as they once were. Wanting to get democratic movement which swept over Europe in
rich quick we have little time to bestow on "the other 1848. Bohemians have for many years been migratfellow." Somewhat sated on the panaceas that un- ing to the United States. Approximately 1,200,000
dertake to revolutionize, that promise bravely though are living here now. Their country, made a dependthey never perform, we seem to have forgotten that ency of Austria, was encroached upon from all sides.
for the first hundred years of our commercial history
When the World War arose the Czechs early took
we were content to be hewers of wood and drawers of the part of the Allies and made a costly contribution
water. It is true we were trying to lighten the load of their young men to the common cause. At its
by invention of machinery, but we were willing to do close the Treaty of Versailles sought to re-establish
the task nearest at hand and do it well. And some- their borders and gave large recognition to the new
how, without any miracles to aid us, we made the Czechoslovak Republic as it exists to-day. If it is
desert to blossom as the rose, gridironed a vast val- true, as is said, that the great statesmen of the past,
ley with railroads, built great cities by the river's the men of vision and ideals, have given place to the
brim, opened our ports to foreign trade, established "practical public men" of to-day, the new Republic
great banks to distribute credit everywhere to all the is fortunate in having one of each class to direct her
wheels of enterprise—and without conscious co-op- policy, Professor Masaryk, a scholar and a patriot,
eration all worked together for the common good. and Prime Minister Benes, a younger man of affairs
What might be the result now that Congress has who has won wide recognition for his ability. The
failed to enact some of its so-called relief measures steadiness of the Republic's advance goes far to show
if this very year and summer we started a new cen- the confidence of the country in these statesmen and
tury of commerce fundamentally like this forgotten the wisdom of their leadership.
first century?
A small book, composed of twenty articles by exIn commerce he who helps himself helps all men. perts and heads of departments, giving a survey of
Production, distribution, the use of things, these can- economic and social conditions, has recently been
not go on without irradiating benefits to everybody published by Macmillan.* We gather from it some
everywhere. Of course, we have many contacts with
*"Cmchoslovakia," edited by Dr. Joseph Gruber, Professor of Economies,
the world not known a hundred years ago. But long- University of Prague.
MAR. 21 1925.]
THE CHRONICLE
important details. In an area of 54,000 square miles
is a population of 13,600,000, which makes the nation tenth of the European States in both size and
density, having 251 to the square mile. Owing to
the usurpation on the part of the Hapsburg dynasty
in the 17th century, the land is very inequitably divided; this has produced steady emigration of the
farming class, amounting to 1-6th of the nation, and
of late a strong tide of working people into the cities,
with great loss in production. The problems before
the new State were many and difficult. They involved the creation of an army and an administration, the reconstruction of the railroads, the building
of schools, provision for the unemployed, an increase
of food supply, and the re-establishment of the finances of the State.
All this was bravely undertaken, and with a success which the surveys show in detail. To create as
many small farms as possible of a self-sustaining size
the Government offered sufficient credit to secure
their purchase by future owners. This with an extensive system of land allotments to extend over a
course of years has greatly stimulated production.
Co-operation among the farmers in every direction
was encouraged, until now there are some 10,000
co-operative societies with about 1,000,000 members.
These embrace the purchase of machinery, fertilizers
and seeds, and the sale of products, with warehouses,
grist mills, canneries and building associations, besides others for special purposes, as agricultural and
technical schools and the publication of many periodicals. In this way the Republic has already become nearly self-supporting in the supply of agricultural produce. Almost half of the total area consists
of arable land, and only 4% is non-productive, 33%
is forest, and 18% is meadows and pasture. None,
indeed,is unused, as the "non-productive" represents
land taken up by buildings, roads, rivers, etc. The
current agricultural production is estimated at 2,600
million gold kronen (025,000,000). The State felt
it necessary to control prices for a time, but after
seven years abandoned it.
The forest area is four times that of the United
States and is comparable with that of Finland, Sweden, Austria and Jugoslavia. Three-fourths of it is
now under systematic management, with a regulated
cut to secure preservation. There are many wellattended schools of forestry. Only 10% of the country's water power is as yet in use; the remainder has
to await funds for its development. The great advance making in this direction in other small States,
as Norway and Switzerland, will soon be undertaken
here.
The industries of the country cover a large
variety of articles and rest upon the abundance and diversity of the resources of the
land and the mechanical skill •of the people.
These include furniture, wood pulp and paper,
pottery, leather, paints, 'chemicals, soaps, toilet
articles, sporting goods, confections, toys and
wooden ware of all kinds. Glass was a widely known
product as early as the 11th century, and with sugar
is one of the most important products to-day. Distinct advance has been made in introducing a democratic social system in all the important industries
with an accepted regulation of wages which avoids
violent disturbances. Since the armistic social insurance, care for war sufferers and Government aid
to the unemployed have been provided. The last has
fallen from an outlay of 250,000,000 kronen in 1919
1389
to only 80,000,000 in 1921. Social insurance and
child welfare are formally adopted and are under
careful development. The latter, indeed, was begun
more than a century ago and is only now made more
complete. The new State has also felt it important,
even with its financial weakness, to take up the business of housing the people, or at least making it a
constant care, and is now doing this extensively.
When it comes to finance, the situation shares in
large part that of Central Europe. The country was
flooded with the paper of the Austrian Empire. The
Republic resisted the temptation to start the printing presses for a paper currency of her own. The
panic of 1873 had practically paralyzed the economic
life of the country for 25 years. With the opening of
the new century the Czechs made a vigorous effort to
establish banks of their own to offset the supremacy
of German banking. There was practically no native
banking in Slovakia. The war, however, in this
proved favorable. The Czech banks profited by the
prosperity of the farmers, and bank deposits steadily
increased. Of the 37 joint stock banks now existing
in Czech territory 27 are in Czech hands, and the
ratio of deposits in comparison with German banks,
which was 25 to 75, is now reversed to 60-40. These
native banks are reported as having developed into
strong financial institutions, fully satisfying the
needs of the State and promising well for the future.
The first step of the new Government in March
1919 was to stamp the Austrian currency there in
use, thus shutting out the introduction of any later
issues. Checking accounts and credits were used to
meet the advance in prices which prevailed everywhere, but Czechoslovakia escaped monetary inflation of her own. To meet immediate needs, the Government obtained first one and then two more large
internal loans. By extensive savings the national
budget was balanced for the first time in 1921, only
to fall back again in 1922 and 1923, with a nearer approach to a balance in 1924. The public debt contracted in current kronen is estimated at approximately 22 billions; besides which, there are large
obligations to other countries, to meet which German reparations are expected to suffice. There is
also a guaranty of 20% of the international loan recently made to Austria, to which the Republic is a
party.
The conclusion in which the different authors of
the various reports on banking and finance seem to
agree is that the Republic's financial policy has been
on the whole wise. The soundness of its finances is
such that they think it is no exaggeration to say that
"if a like policy had been pursued by other European
States the financial reconstruction of Europe woula
have made better progress."
Whether this will be the opinion of the outside
public or not the facts contained in these "surveys"
may be accepted as giving an accurate, unprejudiced
and hopeful view of the progress this new and courageous Republic is making toward a permanent and
stable position. As a nation heavily handicapped by
its surroundings, by its past connections and by its
long history of cruel trials and oppressive burdens
which with exceptional intelligence and steady courage it is now surmounting in its effort to create a
new nation, it is deserving of recognition and hearty
praise. As a new republic in circumstances in which
democracy in Europe is facing bitter trial it certainly should have the sympathy and assured approval and economic support of America. From the
1390
THE CHRONICLE
narrowest point of view it is a very determined and
wholly efficient bulwark against the Bolsheviki terror which lies so threateningly on its border, and
whose intensive propaganda is in all lands.
An III-Assorted Alliance—Rejection by
Great Britain ofProtocol ofLeague
of Nations.
[From the "Wall Street Journal" of March 16 1925.]
Great Britain, or more truly the British Empire, has rejected the "protocol of the League of Nations." This is the
next thing to withdrawing from the League itself. It settles
the attempt of the bureaucracy at Geneva to set up a super
power, to compel nations to adjust domestic and even labor
questions through the agency of the League, and to surrender
powers which are nothing if not national.
It was difficult to imagine a League of Nations with the
United States left out. But to imagine a League with the
entire English-speaking race left out is beyond the scope of
human fancy. It is not a dream but a nightmare. It would
not be impossible to imagine an effective and operative
League of Nations consisting of the English-speaking races
alone, because of their enormous wealth and superior intelligence. Such a combination could make it a privilege to join
the League, reconstituted from the other end.
But the English-speaking races have no intention of effecting any such dangerous alliance. The bonds which unite the
[Vou 120.
British Commonwealths to Great Britain are supposedly
tenuous, but they held like bands of steel during the Great
War. They have disposed of the protocol with a promptness calculated to make its authors gasp. There is no international league which compels the adhesion of Great Britain
to the Monroe Doctrine. Nevertheless, there is no question
in the minds of European statesmen as to where Great
Britain stands on that point.
It must be obvious even to those not greatly conversant
with foreign affairs that a league with the English-speaking
nations left out, and one which does not yet include Germany, Russia or Turkey, is merely a badly constructed affiance, the members of which lack common interests of a kind
calculated to assure cohesion. About the only interest in
common they have is an earnest desire to borrow money in
New York or London, and in that connection they are competitors rather than confederates.
Sentimentalists will deplore the collapse of the bubble
which Woodrow Wilson left behind to fool humanity with its
iridescent gleam. There is no lost "Ideal" here. There
never was a higher ideal than freedom, and the world is not
bartering it for a partnership which demands equal national
return for unequal earnings. The League was never anything but a paper combination. It has incidentally published papers of considerable interest. This is merely the
work of a bureaucracy no more fitted to govern the world
than our Federal Trade Commission is fitted to govern the
United States.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME,.
Friday Night, Mar. 20 1925.
General business is on a fair scale, although there need
beno attempt to disguise the fact that there is some disappointment in not a few quarters. A more rapid expansion
of business had been expected. Perhaps the expectations
are rather unreasonable. The truth is, however, that there
has been a good retail trade in most lines whenever the
weather permitted. On the whole it has been of satisfactory
volume since the disappearance of the "buyers' strike" of
five years ago. There is no doubt that in the aggregate that
business is large, whatever dissatisfaction may be expressed, and its failure to come up to rather enthusiastic
anticipations expressed in the latter part of 1924. It is clear
that buyers continue to purchase on a conservative scale.
There is no big buying far ahead. "Fair and softly goes
far." This is not forgotten, any more than the other old
saying: "Look before you leap." That was disregarded
five years ago. The lesson has not been forgotten. Meanwhile, taxation is being gradually reduced; the aim, of
course, is towards lower costs, larger production and a conservative expansion in trade. One reason why buyers are
disinclined to purchase on a large scale, especially for forward shipment, is that deliveries now-a-days are made by
the railroads in such quick time. It is one of the striking
factors at this particular time, showing, indeed, the remarkable efficiency of our railroad system. It keeps fully abreast
of the times and a little ahead. During the week there has
been a small increase in jobbing trade. Retail business still
lags somewhat, though stimulated to a certain extent by
special sales in various parts of the country and well advertised in the newspapers. There is a better demand for
building materials in some parts of the country, especially
for lumber and hardware. It is not yet on a very large
scale. The point is that there is improvement. The big
tornado which struck half a dozen States in the Middle West
on Wednesday cannot but militate to a certain extent for a
time against general business, especially in the retail line.
Ultimately it will mean a certain stimulus to building, as
well as to other lines of business to make good the losses.
It is said to have been the worst tornado in twelve years.
Another thing which has given the country something of
a jolt was the great drop in the grain markets. Wheat in
two days fell 22 cents and was down some 55 cents from the
high point of the season, while rye fell to a point 72 cents
below the peak. Since then there has been a sharp upward
turn, not only in this country but in Europe, especially in
England, and also in Argentina. There is still some 90,000,000 bushels of wheat on the seas bound for European markets, but the demand persists in this country. Besides, the
domestic trade begins to be more of a feature. The winter
wheat crop, though it has been benefited to some extent by
rains, still needs moisture in the Southwest. Another blow
to the country was the placing of the Milwaukee & St. Paul
Railroad in the hands of a receiver. Meanwhile cotton has
advanced, as the drought in Texas continues. Exports of
cotton are large, the consumption is on a big scale and
world's stocks are rapidly decreasing. At the same time
the present prospects for raising a big crop during the season of 1925-26 are none too promising, although it is entirely
too early to dogmatize upon the matter. Timely rains may
yet be of great benefit in the Southwest and there seems no
reason why the eastern belt should not raise a good crop if
it can escape the boll weevil. Coffee has advanced, with
Brazilian markets higher of late and a loan granted to
Brazil of $15,000,000. Sugar has shown very little change,
but the consumption is evidently large and at times refiners
have purchased raw sugar on a considerable scale. Meanwhile, Cuba suffers more or less from strikes and fires.
New business in steel as a rule is light, and some items are
said to be somewhat lower. The salient features are buying
by railroads and automobile companies. Pig iron has been
quiet and in some cases lower, although there is less pressure
of foreign iron on the market. Gasoline prices have declined. In the coal trade business is light and prices weak,
with burdensome supplies in spite of the fact that many
mines have been closed. Wool has been dull and in some
cases has been reported lower. At some of the recent foreign
auctions prices have declined. And it is noteworthy that
London sales end to-day, not to be resumed until July. The
program was possibly changed because of the unsatisfactory
results, the March series terminating to-day and the May
series being omitted. Stocks of foreign wool here are rather
large, and the market is poor. It is said that woolens have
been selling rather freely, but worsteds are dull. Chicago
reports firmer money rates, with an expanding business.
Of course, the great event in the stock market has been
the St. Paul receivership, together with the big storm In the
West. The St. Paul incident is exceptional, as is well understood. It was due to over-extension in building, agricultural depression for several years and high costs of
operation, including high wages, together with low transportation rates. Reorganization will place this great property on its feet again. Some St. Paul bonds rallied sharply
to-day, that is some 1 to 3%. The country as a whole is in
sound condition. Trade is on a conservative basis. Speculation has received a salutary check in both stocks and grain.
And of late the tone in the stock market has been better,
especially to-day, when upward reactions of 1 to 3 points
occurred Money has been easy and to-day was 3% on call.
:
MAR. 21 1925.]
THE CHRONICLE
1391
There is an undertone of confidence in the United States delphia and the $16,000,000 Palmer House in Chicago. If
not incompatible with certain conservatism for the time efforts to settle the quarrel between the unions fail, it is
being. London is more or less disturbed by a reported in- feared every general contracting firm operating on a navasion of British markets by German manufacturers. tional scale will be affected.
A great tornado on March 18 swept up the Ohio Valley and
Roughly speaking, German wages,in some industries at least,
are about half as large as those in England, though on the destroyed many towns and damaged greatly 35 towns in the
other hand, British wages are nothing like as high as those Middle West in six States. Some of the towns were pracin the United States. In fact, it is stated that wages in tically destroyed. Some 800 people were killed and nearly
America are double those of Great Britain. As to Germany 3,000 injured. It is the greatest disaster since the flood in
its manufactures got a big lift from cheap marks. At the the Ohio Valley in 1913, when some $500,000,000 worth of
same time, however, capital is not plentiful in Germany, as property was destroyed. The present storm has attracted
may be inferred from the fact that money rates there have attention all over the world. Germany and Italy have sent
been 12% and upward. Germany is not following a prim- sympathetic messages. President Coolidge has requested
rose path by any means. It will take her some time to the Red Cross Society to come to the assistance of the
gather capital, and at the same time, with mortgages on her devastated area. The losses will run into millions. Fires
railroads, industries and revenues for the purpose of repara- in some cases followed the storm. Disease is threatened and
tions payments it will have to practice rigid economy for anti-tetanus serum is being rushed by airplanes into the
years. But taking the world over, the trend is towards im- Illinois area. Illinois, Indiana, Missouri, Tennessee, Kenprovement and nowhere on the globe is this more obvious tucky and northern Alabama were struck by the storm.
The stricken area is without light or water facilities. Autothan in the United States.
At New Bedford, Mass., a strike was called for Tuesday mobiles and furniture were swept up and carried long disby approximately 150 weavers, constituting virtually the tances by the terrific force of the wind. A passenger train
entire weaver room force of the NeiId mill. In Rhode Island in Missouri was overturned. Tax receipts of one town
most plants are on full time schedules, with silk and braid- were blown 50 miles. The military is guarding the Indiana
ing mills working overtime. In Connecticut practically all zone. The property loss in Illinois is estimated at $6,000,000.
industries are operating. There is a slight slackening in Some of the ports on the Great Lakes suffered. Damage
the silk and velvet industries. In New Hampshire there was done to shipping and property near Buffalo. The torwas slight improvement in the textile industry, causing a nado moved northeastward into the St. Lawrence Valley, to
surplus of workers. In Massachusetts employment condi- the Atlantic Coast, dissolving as it went.
tions in the textile industry improved during February and
Here the weather in the main has been pleasant, with
further improvement is looked for in the near future. At rain on Wednesday night and part of Thursday, with a high
Manchester, N. H., representatives of the employees of the wind. It was mild on Thursday, with the thermometer up
Amoskeag Manufacturing Co. met Friday to decide whether to 68 degrees. This afternoon it was 53.
the 10% wage cut agreement, which expires in April, will
In the middle of the week it was 46 at Chicago, 54 at
be continued. In Maine the employment situation is satis- Cleveland, 58 at Indianapolis, 38 at Milwaukee and 56 at
factory, according to the Department of Labor. Woolen New York. It was 68 here on the 19th inst., 60 at Boston,
mills are working overtime in certain sections.
40 at St. Paul and 44 at Cincinnati.
In West Virginia the textile situation is satisfactory. One
silk mill that had been closed a year resumed operations
during February. In South Carolina all plants are operat- Secretaries Mellon and Hoover Report Business Outlook
Good.
ing. Some textile mills are running night shifts. In Georgia
Both Secretary of the Treasury and Secretary of Comall plants are operating, with a few cotton mills on curtailed
schedule. In Kentucky gradual improvement in the textile merce Hoover took occasion on March 19 to state that,
industry is indicated. In Tennessee a slow but steady im- despite the break in the price of wheat and the drop in stock
provement is indicated in textiles. In Alabama a majority exchange values they view the business outlook as good. As
of textile mills are on full-time schedules. In Louisiana to their views of the situation we quote the following Washsteady improvement is noted in textiles, all plants reporting ington advices to the New York "Journal of Commerce":
According to the Treasury-Secretary the general business structure of the
full time operations. In Arkansas there is a slight improvecountry is in good shape and such developments as the financial difficulties
ment in textile mills. Most plants are operating full time. of the Chicago Milwaukee & St. Paul RR. will only bring a pause in inIn Texas the textile industry shows very little change, with dustrial progress until the effect of that situation upon the nation generally
prices should
the exception of some part-time operation. Garment manu- is understood. It is his view also that the decline in wheat year's wheat
not have any bearing upon present conditions, as most of last
facturing plants made employment gains. In New York crop is out of the hands of the farmers and the fall in the market will not
City factory employment is satisfactory with the exception be reflected in the purchasing power of the agricultural districts.
prices continue until the new crop comes fn
Should the low
of the textile industry where several thousand female work- Mr. Mellon feelslevel of wheat
that the situation would be altered, but he regards the
ers are unemployed. Silk factories are busy. In New Jer- uncertainties of weather conditions and other factors which affect the crop
sey silk and woolen factories are running on full time, and as too great to permit of any forecasts of the 1925 wheat crop as yet.spot
The coal industry in the Treasury-Secretary's opinion Is a sore
in some instances overtime. In Pennsylvania employment economically speaking, the industry suffering from too much competition
in the textile industry continues satisfactory with the excep- and many of the union mines operating at a loss. Nevertheless he does not
signs of
tion of knit goods and underwear factories. Hosiery mills believe that there is any cause for pessimism and sees encouraging
business development during the coming year.
are very busy. Greenville, S. C., wired: "Many mills of the
Mr. Hoover regardsthe drop in the stock market and the wheat market
-cent cotton next fall, as producing losses to the speculative element rather than to the industrial
Piedmont section are anticipating 30
country. He points to the fact that producinterests
and
and are now placing orders for future delivery of the staple." tion commercial at a highof the and that employment, which is the criterion
rate,
is going on
Greenville also wired that cotton mills were buying cotton of conditions, is increasing. Mr. Hoover estimates that 85% of the wheat
to supply next year's requirements, owing to a firm belief crop is out of the hands of the farmers so that the slump in wheat prices at
this time is not a serious problem for the country at large. He feels that
that cotton will sell at much higher prices this fall. At New fundamentally conditions throughout the country are on a sound basis and
York on March 16 worth was resumed by 2,000 local dress regards the situation abroad as encouraging.
wokers, who had struck last week for increased wages. Tire
companies are working at pretty close to 100%. Three of the
Review of Industrial Conditions in Illinois During
leaders are said to be producing nearly 100,000 tires a day.
February—Continued Increase in Industrial
The Department of Labor stated that its reports in February
Operations.
indicate industrial employment conditions of the country
Stating that "Industry continues on the up-grade," R. D.
were on an upward trend and on a par with expectations for
this period of the year. A slowing down of the recent up- Cahn, Chief Statistician of the General Advisory Board of
ward movement if wholesale prices for February is re- the Illinois Department of Labor, in his monthly review of
ported by the Department of Labor. The weighted index the industrial situation in Illinois during February, made
number covering 404 commodities or price series'registered public March 11, says:
For the third consecutive month, February brought an Increase in the
160.6 for February, as compared with 160 for January. The
extent of industrial operations. The new gain carried the index of factory
December 1924 index was 157.
employment in Illinois to a point 4.5% above the level of November 1924.
Independent coke concerns have cut coke workers' wages which was the minimum of the past two and a half years.
1.188 manufacturers representing all of the principal products of the State
33%. Here warring bricklayers' and plasterers' unions,
and 40% of the factory workers, had on the weekly payroll of the middle of
whose quarrel has tied up $22,000,000 in construction work February 285,398 people. The expansion among the reporting employers
of the Thompson-Starrett Co. A plasterers' strike has alone gave Jobs to an additional 4,301 persons. Assuming the same rate of
elsewhere in manufacturing establishments of the State, it appears
stopped work on the new $3,000,000 Steinway Building here, growth
that more than 10,000 persons have been put back to work in the past
$3,000,000 Independent Indemnity Building in Phila- thirty days, or, total of 31.000 in three months.
"
the
1392
THE CHRONICLE
FOL. 120.
The level of factory employment in February was the same as that
of the in February 1925, as compared with January 1925. The inaverage for the entire year, 1922 but still 7.6% below the stage of Feb.
1924. dex number
and 8.7% below that of Feb. 1923.
(1913-110.0) was 154.3 in January and 151.4
An examination of the log for the month discloses other items of
a decid- in February, says the Bureau, in its advices Mar. 19, which
edly favorable nature. Small factories are springing up in the small cities
further states:
and villages all over the State. Scarcely a day goes by, but that at least
one
During the month from January 15 1925, to February 15 1925. 25 articles
local chamber of commerce reports the launching of some new enterprise.
The number and diversity of new factories was the greatest in Febuary of on which monthly prices are secured increased as follows: cabbage, 9%;
flour and onions, 7%; potatoes, 4%; bread and tea, 3%; oleomargarine,
any month In the experience of the Department. Newspapers during
the
month carried announcements of manufacturing establishments to produce vegetable lard substitute, cornmeal, rolled oats, macaroni and navy beans,
beverages, brick, chemicals, clothing, cotton goods, dresses, gloves, over- 2%; bacon, ham, hens, evaporated milk, cheese, corn flakes, rice, baked
beans, canned corn, coffee and bannas, 1%;and lard and wheat cereal, less
alls, paper, plate glass, railway supplies, raincoats and trunks.
Operations of the free employment offices while still giving evidence of than five-tenths of 1%. Fifteen articles decreased in price as follows:
the prevalence of unemployment, showed an improved condition over strictly fresh eggs, 24%; storage eggs. 6%; granulated sugar, 5%; butter,
January. There were 174 persons registered for each 100 Jobs in February, 3%; prunes, 2%; sirloin steak, plate beef, pork chops, leg of lamb, canned
as compared with 188 in January. The index of 174. however, was 19 points salmon and fresh milk, 1%; and round steak, rib roast, chuck roast and
above February of last year, and 70 points higher than two years ago. oranges, less than five-tenths of 1%. There was no change in the month
In Chicago, the unemployment index fell from 201 applicants per 100 to in the price of nut margarine, canned peas, canned tomatoes and rant's.
For the year period Feb. 15 1924, to Feb. 15 1925, the increase in all
176 per 100 jobs, and there was improvement in the ratio in most of the 12
downstate cities in which free employment offices are operated. With more articles of food combined was approximately 2%.
For the twelve-year period, Feb. 15 1913. to Feb. 15 1925, the increase
than two applicants per 100 jobs at 4 of the downstate cities, and with
opportunities in the aggregate outnumbered by more than 7000 by the job- in all articles of food combined was about 56%.
seekers the prevalence of unemployment is apparent. Also charitable and
Changes in Retail Prices of Food, by Cities.
public relief agencies report that demands made upon them are at or near
During the month from January 15 1925, to Feb. 15 1925, the average
the peak.
family expenditure for food decreased in 47 cities as follows: Houston,
7%;
The anomaly of expanding industry and extensive unemployment re- Denver
and Memphis, 5%; Buffalo, Dallas, Indianapolis, Little Rock,
quires some explanation. When business after a period of decline changes Omaha,
Portland, Ore., and SanFrancisco, 4%; Butte, Columbus, Kanfor the better all the workers are not at once taken back, but the process
sas City, Louisville, Milwaukee, New Orleans, and Springfield, Ill.,
3%;
Is slow and gradual. The maximum change that has ever occurred in Atlanta,
Baltimore, Birmingham, Boston, Chicago, Cleveland, Detroit,
Illinois since 1921 is 2.5%, and with employment last November more Fall River,
Los Angeles, Newark, Norfolk, Peoria, Pittsburgh, Richmond,
than 15% below the stage of June 1923. It is clear that even at the maximum St. Louts,
and Washington, D.C.,2%;Bridgeport, Charleston, 5.0., Cinrate six months would be required to absorb those thrown off since
June 1923. cinnati, Jacksonville, Mobile. New Haven, New
York, Philadelphia,
But industry has not reached the maximum rate of expansion,
and rarely Providence, Rochester, St. Paul, Savannah,and Seattle,
1%;and Minneapwould the growth continue more than two or three months at that rate.
olis, less than five-tenths of 1%. Four cities increased: Manchester
and
In the cycle of business which began in January 1922, and ended in NovemScranton, 1%; Portland, Me., and Salt Lake City, less
than five-tenths of
ber 1924, there were about 18 months of expansion, with seasonal reces1%.
sions, and about IS months of decline. Consequently. if our past experience
For the year period. February 1924, to Feb. 1925. 49 of the 51 cities
continues In the present cycle, though business may continue to expand
showed increases: Salt Lake City, 11%; Birmingham, Houston, and Louisgradually, unemployment will continue to exist for many months.
ville, 7%; Dallas, Mobile, Norfolk, and Savannah,
5%; Kansas City, New
The reports from employers showed that the upward trend is a general Orleans,
Portland, Me.,San Francisco, Scranton, and Seattle,4%;Atlanta,
phenomenon of Industry. 44 separate industries out of 55, practically all
Baltimore, Butte, Little Rock, Los Angeles, Memphis, Peoria,
Portland,
except those seasonally inactive at this time, recorded a gain for the month.
Ore., Richmond, St. Louis, and Washington,
D. C.. 3%; Boston, Buffalo,
The metal industry again led In the advance. Ten of the twelve classes
Charleston, S. C., Chicago, Cincinnati, Cleveland, Detroit, Jacksonville.
of this group have snore employees in February than in January. The
Manchester, New Haven, New York, Philadelphia,
Rochester, St. Paul,
largest gain was in autos and accessories which added 11.6% to the Janand Springfield, III., 2%; Bridgeport, Denver.
Minneapolis, Omaha, Pittsuary employment rolls. Gains were from 2 to 3% in iron and steel, =chinburgh, and Providence, 1%; and Columbus, Fall
River, and Indianapolis,
agricultural implements, and instruments and appliances. In the less than
erY,
five-tenths of 1%. In Milwaukee and Newark,
there was a deagricultural implement industry the enlargement in the payrolls of recent
crease of 1% in the year.
months has been steady and substantial, and operations
are now 47%
As compared with the average cost in the year 1913, food
in Feb. 1925.
above the low point reached in August, 1924. Operations in the
car manu- was 61% higher In Birmingham; 60% in Richmond,
facturing plants are mounting slowly, the increase in February
59% in Chicago;
being 1.4%.
Building material products accounted for considerable increases during 58% in Baltimore. Scranton, and Washington, D. C.; 55% in Buffalo.
Charleston, S. C.. Detroit. and New York: 53% in Boston, Dallas, New
the month. Glass firms took on 3.6% more persons, and brick
firms 4.2% Orleans, Philadelphia. Pittsburgh, Providence, and St.
Louis; 51% In
more. At the same time the gain in paint factories was 4.1%. Steady
work Milwaukee and New Haven; 50% in Atlanta and Manchester;
49% In
in these industries is forecast by the reports on building permits
that have Cincinnati, Fall River, Kansas City, San Francisco; 48% in
Cleveland and
been issued during recent months. Now building projects filed
with the Minneapolis; 47% in Louisville and Omaha;46% in Jacksonville
and Newbuilding commissioners during February ran ahead of last year throughout
ark; 45% in Memphis and Seattle: 44% in Little Rock and Los Angeles,
the State. In Chicago, 1.418 permits authorized $27,220,450 worth
of 42% in Indianapolis; 39% in Salt Lake City; and 36% in Denver and Portwork which was about $9,000,000 over the February
1924, figures. In the
residential suburbs of Chicago. principally Oak Park, Evanston, and Bor- land, Ore. Prices were not obtained from Bridgeport, Butte, Columbus,
Houston, Mobile, Norfolk, Peoria, Portland, Me., Rochester, St. Paul.
wyn, the new projects were exceptionally extensive. Permits
took a sharp Savannah, and Springfield, Ill., in 1913. hence no comparison
for the112spurt at Decatur. Authorizations In that city were
treble the February
1924 total and more than double the January 1925, aggregate. The num- year period can be given for those cities.
ber of individual projects in Decatur also
rose sharply. Permits were
above $200,000 in Cicero, East Si, Louis, Rockford, Springfield,
and Win- Slowing Up of Upward Movement in Wholesale Prices
netka, aside from the other cities mentioned.
157 Building Contractors
in February.
reported an increase of3% in the number of their workers.
The furniture industry was busy during February.
A slowing down of the recent upward movement of wholeForty-eight factories
had 6% more workers in February than in January.
sale prices is shown for February by information collected
The recovery of the leather industry from the
severe depression which in representative markets
by the United States Department
prevailed in this industry began earlier than in most
of the other industries but has continued steadily down to date.
of Labor through the Bureau of Labor Statistics. The
Tanneries took on 3.8% more workers during the month of February and
Bureau's weighted index number, which includes 404 comboot and shoe factories 1%. Each of the four industries of the
chemical modities
or price series, registered 160.6 for February comgroup expended to a considerable extent and for the 62 firms making
up
the group which represent 12,450 workers, there was a gain
of 3.3%. pared with 160.0 for January. The December 1924 index
011 refineries had 3.1% more workers than a month ago. For the first time
was 157.0. The Bureau's statement, made public March 18,
in many months all the industries of the apparel group reported
an increase in employment. In the men's clothing industry of Chicago, In continues:
Which there has been steadily severe unemployment, there was a gain of
Increases in February over January prices are shown for
the groups of
2.8% in the number of workers during the month of February. Women's fuel and building materials. In the fuel group very strong advances were
clothing factories added 5.6%, and lesser gains are,shown in the tables for recorded for gasoline and crude Petroleum. These influences
lifted the
the other industries. With a decline in receipt of live-stock at the Stock index number for the group 5I% above the January level.
Building
Yards, a seasonal phenomena, there was a drop in the number of working materials, due to Increases in Southern yellow pine lumber, averaged
2%
people employed that amounted to 5.4%. About 1,300 workers were laid higher than in January.
Practically no change in the general price level is
off by the reporting employers. Elsewhere in the food group, the changes
shown for the groups
of clothing and housefurnishing goods. In all
were of a seasonal character.
other groups prices in
With January clearing sales over, the department stores laid off some February averaged lower than in the preceding month, ranging front
of 1% in the case of metals and chemicals and drugs
of their help. 5.6% of the employees were discharged, it is disclosed from
to 2% in the case
analysis of reports from 27 stores. This was not true, however, of mail- of miscellaneous commodities. For the first time
since September of last
order houses who has5% more people in February than they had in January. year farm products showed a net decrease in average monthly
prices, while
Reports to the Department of Labor indicate that a large number of the foods showed the first decrease since June of last year.
mines in Illinois have been closed down. Employment at the mines declined
Of the 404 commodities or price series for which comparable
data for
by only 5%, but wage payments fell nearly 1-3 as disclosed to the De- January and February were collected, increases were
shown in 108 instances
and decreases in 127 Instances. In 169
partment by 51 mines.
instances no change in price was
For the week nearest the 15th of February. 1,187 manufacturers paid reported.
out $7,282,616 to their employees, which was 4.3% more than these same
INDEX NUMBERS OF WHOLESALE PRICES,
BY GROUPS OF
employers paid out in one week in January. Eight of the nine big indusCOMMODITIES (1913-100.0).
trial groups showed increases in payrolls in February. In the food, bevGroupsFeb. 1924.
Jan. 1928.
Feb. 1925.
erages, and tobacco group, there was a decline of nearly 4% in the amount Farm products
143.0
183.4
181.8
of wages paid, due chiefly to a decline In the packing industry. With re- Foods
143.1
158.9
159.8
Cloths and clothing
198.0
newed employment for many people, there was also steadier work for those Fuel and lighting
191.1
191.0
179.8
187.9
177.5
already employed. Average weekly earnings rose from $27.64, the January Metals and metal products
142.9
138.3
135.6
figure. to $28.13. This is 22 cents below the December figure. It is also Building materials
182.0
172.3
182.8
slightly below the February 1924, but is much higher than the February 1923. Chemicals and drugs
130.9
134.5
135.2
Houseturnishin
175,9
172.5
1726
figure. Men earned, on an average, in February 1925. $30.70, while for Miscellaneous g goods
113.5
124.5
127.1
women the weekly average was $18.07, the increase from last month being All commodities
180.8
151.7
180.0
divided evenly between them.
Comparing prices in February with those of a year ago. as measured by
changes in the Index numbers, it is seen that farm products have increased
approximately 13% and foods 9;6%. A smaller increase is shown for
Decrease in Retail Food Prices in February.
chemicals and drugs and a slight increase for building materials. In the
The retail food index issued by the U. S. Department of group of miscellaneous commodities, including such important articles as
Labor through the Bureau of Labor Statistics shows that bran and other cattle feed, leather. Manila hemp, jute, rope, sisal, lubricating oil
hand,
there was a decrease of almost 2% in the retail cost of food cloths and and rubber, prices have increased 93(%. On the other houseclothing,fuel and lighting, metals and metal products and
1
MAR. 21 1925.]
THE CHRONICLE
furnishing goods were cheaper than in February 1924. All commodities,
considered in the aggregate, were 5.%% higher.
INDEX NUMBERS OF RETAIL PRICES OF THE PRTNCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
PRODUCTION, SHIPMENTS AND INVENTORIES OF HIGH PRESSURE
PNEUMATIC CASINGS
-CORD-AND PNEUMATIC CASINGSFABRIC-INIMONTHS FROM JANUARY 1924 TO JANUARY LAST.
High Pressure Pneumatic
Casings-Cord.
ButSiffn Round Rib aunt Plate Pork
Year
and Month. Ste Steak Roast Roast Beef ChapsBacon Ham Lard Hens Eggs ter
1924
January
February
March.
April
May
June
July
August
September October
November
December
Pneumatic Casings
Fabric.
Total
Total
Produa'n.137ripments. Inventory. Product'n. Shipments Inventory.
154 149 144 129 110 130 138 166 118 162 158 160
152 148 143 128 110 127 136 165 114 165 144 157
153 148 144 129 110 128 134 164 111 189 101 151
156 151 146 131 110 137 134 165 109 169 93 131
160 155 148 133 112 142 134 166 108 172 95 120
160.2156.1 148.5 132.5 09.1 143.8 134.1 165.8107.0 168.5104.6 128.9
160.2 155.2 147.0 131.3 108.3 144.3 134.8 166.2 108.2165.7114.2 129.2
160.2156.1 147.0 131.3 08.3 185.7 141.9 173.2 122.2 163.4 129.3 120.1
168.3 153.8 146.5 130.6 109.1 170.5 145.6 174.3126.6 165.7 150.4 126.6
155.9181.1 144.4 129.4 108.3 178.6 143.5 175.1 135.4 164.8 173.0 125.1
152.4 147.5 142.4 127.5 109.1 150.5 148.5 174.7141.8 162.0 197.4 127 7
150.4 145.3 141.4 126.3 108.3 139.5147.8 173.2 139.9 161.5 202.3 137.1
Average for yr.155.9 151.6 145.5 130.0 109.1 146.7139.6 168.4 120.3 165.7138.6 135.0
1925.
January
152.4 147.1 143.9128.1 109.9146.2 149.3 177.0 144.3 168.1 204.9 136.6
February
151.6 146.6 143.4 127.5 09.1 144.3150.7178.8144.9169.5 154.8 132.1
Year
Pota
COAll Articles
and Month. Chese Milk Bread Flour meal Rice toes Sugar lee Tea Combined
1924
January
169 160 155 136 147 113 165 185 128 131
February
168 157 155 139 147 113 165 187 130 130
March_
166 156 155 139 147'111 165 189 137 130
April
161 155 155 139 147 113 165 181 140 131
May
157 153 155 139 147 114 171 167 142 131
June
155.7 151.7155.4 139.4 46.7 113.8 194.1 150.9 141.9 130.3
July
155.7 t.51.7 155.9 145.5 50.0 114.9 194.1 152.7 142.3 130.1
August
155.7 153.0 157.1 154.6 156.7117.2 152.9 149.1 145.6 130.8
September
156.6 56.2 157.1 154.5 60.0 118.4 152.9 156.4 148.7 130.5
October
157.5 56.2 157.1 160.6 66.7 119.5141.2 160.0 154.7 132.0
November_...._ 157.0 55.1 158.9 163.6 70.0 129.7 129.4 160.0 164.4 135.1
December
157.9 l5S.ljS 169.7173.3 121.8135.3 160.0 169.5 135.7
Avers loryr.159.7 55.1,157.1 148.5156.7 116.1 158.8 167.3 145.3 131.4
1925.
January
162.4 56.2 164.3 181.8 180.0 123.0147.1 147.3 173.2 136.4
February
164.7155.1 169.6 193.9 183.3124.1 152.9140.0 174.9140.6
1
149
147
144
141
141
142.4
143.3
144.2
148.8
148.7
150.1
151.5
145.9
154.3
1A14
Big Decline in Automobile Production.
The Department of Commerce announces February production of motor vehicles as 252,785 passenger cars and
34,234 trucks, of which 242,006 passenger cars and 32,566
trucks were made in the United States and 10,779 passenger
cars and 1,665 trucks were produced in Canada. For
January and February combined the output of passenger
cars the present year has been 465,694 against 637,266 in
the first two months of last year. The output of trucks
has been 62,275 against 63,467.
Monthly Statistics of Automobile Rubber Accessories
Increasing Popularity of Balloon Tires.
Production of automobile accessories, manufactured from
rubber, such as pneumatic casings, high pressure inner
tubes and solid and cushion tires, went ahead of shipments
at the end of 1924 and in Jan. 1925, with the result that
January inventories were generally well in advance of those
of Jan. 1924. At the end of the year there was also noticeable a seasonal falling off in production and shipments, the
decrease in the latter item being the more marked. A
feature in the monthly figures issued by the Rubber Association of America is the expansion of shipments of balloon
casings .and inner tubes, reflecting the steadily increasing
popularity of the balloon tire. In connection with the
statistics given below, it is stated that the figures represent
75% of the industry:•
PRODUCTION, SHIPMENTS AND INVENTORIES OF HIGH PRESSURE
INNER TUBES & SOLID & CUSHION TIRES IN MONTHS FROM
JANUARY 1924 TO JANUARY 1925.
High Pressure Inner Tubes.
Solid and Cushion Tires.
Total
Total
Produen, Shipments. Inventory. Product'n. Shipments. Inventory.
-January. 3.887,959 3,542,500 6,720,247
1924
53,604
47,295
182,782
February --- 4,067,631 3,397.668 7.339.307
60.646
52,985
188.519
March
4.062.046 3.412,372 8.054,331
68,662
81,482
203,608
April
3.745,870 3.429.394 8.373,523
89,534
58,486
212.419
May
3,276,660 3,435,021 8,296,177
83.901
60,267
219,538
June
3,057.152 3.705.059 7.476,962
50,887
58,716
212,704
3.545,956 5,084,015 5.925,924
July
42,498
51,449
202,850
August
4.588,385 5,257,509 5,006,578
52,516
60,684
183,159
September __ 5,039.594 4.823,039 5,153.778
54,106
59,581
179,927
October
5,466,553 3,872,813 6,464,783
58,938
58,078
182,400
November _ 4,226,841 4,339,207 6,781,922
49,349
49,748
185,776
December.... 4,259,609 3,727,998 7,418,729
57,352
53,305
191,620
-January. 4,171,812 3,643,841 7,756,467
1925
52,464
44,814
196,774
PRODUCTION, SHIPMENTS AND INVENTORY OF BALLOON CASINGS
AND BALLOON INNER TUBES, OVER MONTHS FROM MARCH
1924 TO JANUARY 1925 (INCLUSIVE).
Balloon Casings.
Balloon Inner Tubes.
Produclion.
1924.
March
April
May
June
July
August
September
October
November
1925.
January
February
1393
Shipments.
Inverttory
.
Production.
ShipMIUS.
Inventory.
216,808
406,807
564,030
500,130
365,213
501,166
479,755
485.371
440,184
141,272
235.217
282,596
317,215
393,132
435,572
398,324
454,117
440,584
116,433
293,406
569,624
734,649
715,844
765,002
850,430
899,824
905,821
156,904
289,372
467,448
438,279
311,333
427,302
466,848
429.244
375,300
87,733
156,885
213,469
259,550
308,238
369,335
357,765
402,103
409,939
103,373
253,820
465,635
689.196
708,098
751,732
885.090
887,417
886.066
468,610
546,146
453,296
563.315
922,956
901,031
444,794
585,243
427,111
538,533
870,383
920.728
1924
-January.
February - _ _
March_
April
May
June
July
August
September.._
October __
November _ _
December_ _ _
1925
-January.
1,941,314
2,075,459
2,027,844
1,878.529
1,850,368
1,530,872
1,632,380
1.983,530
2,077,359
2,278,134
1,771,805
1,953,218
1,999,410
1,735,035
1,849,069
1,822,292
1,838,147
1,649,812
1,883,898
2,148,581
2,663,087
1,959,308
1,779,232
1,990,537
1,824,205
1,618,169
3,196,362
3,465,830
3,727,331
3,782,881
3,727,795
3,567,635
3.028.785
2,679,205
2,731,378
3,279,383
3,076,308
3,233,559
3,562,701
1,278,978
1,203,215
1,183,040
1,022,142
824,190
598,740
554,736
750,045
973,764
1,115,571
977,843
1,016,045
1,009,201
1,103,535
1,017,557
1,027,338
942,077
837,562
752,030
1,019,397
1,094,455
1,046,609
913,412
928.662
829,932
908.260
1,611,722
1,799,303
1,919,320
2,087,939
2,033,774
1,853.253
1,393,845
1,032.809
942,599
1,159,173
1,225,211
1,413,874
1.498,309
Automobile Price Changes and New Models.
The Packard Motor Car Co. on March 17 announced
-cylinder models ranging from
advances in the prices of 8
$100 to $150, the new prices including extra tire and additional accessories. Low pressure 33 by 6.75 tire has been
made standard equipment. Following are the new and
old prices:
136
-Inch Wheel BaseTouring
Sport touring
Roadster
Four-passenger coupe
Five-passenger coupe
Five-passenger sedan
Five-passenger sedan limousine
143
-Inch Wheel Base
Seven-passenger sedan limousine
Seven-passenger touring
Seven-passenger sedan
New.
83.750
3.900
3.950
4,650
4.825
4.750
4.850
Old.
$3.650
3,800
3,850
4,550
4,725
4,650
4,700
5.100
3.950
5.000
4.950
3.850
4.900
A new model of the Jewett line will be offered in April
by the Paige-Detroit Motor Car Co., a roadster, listing at
$1,630. This is in addition to the models and prices listed
in our issue of Jan. 10, page 134.
Petroleum Prices Variable, with Reduction in Gasoline
a Feature.
Price advances and reductions in the petroleum markets
of the country were more numerous this week, with more or
less widespread reductions in the price bf gasoline the chief
characteristic of the trend. Late on Friday a week ago the
Sun Pipe Line Co. at Houston, Tex., advanced Gulf Coast
grade B crude oil 25c. a barrel to $2, the same price as grade
A, while on the same day the Texas Co. announced a reduction of 15 cents a barrel in Smackover crude oil, making the
price for the low gravity grade $1 15 a barrel and $1 45 a
barrel for the higher gravity. This reduction follows a
similar cut by Standard Oil of Louisiana on March 12,
noted in our issue of last week, page 1271. The reduction,
according to opinion in trade circles, was due to the necessity
of bringing the price in line with the lower prices for fuel
oil in the Mid-Continent district. The chief demand for
crude oil at the present time is for high grade crude with a
large gasoline content. The Ohio Oil Co. on March 16
advanced the price of Mule Creek, Wyo., crude 25c. a barrel
to $1 50, and on March 19 advanced Kevin-Sunbutst crude
oil 20 cents a barrel. This oil did not participate in the last
general advance. It is now posted at $1 40 a barrel in the
fields.
A general reduction in the price of gasoline took place on
Mar 19 in most of the Eastern States and in some parts of the
South and West. A reduction by the Northwestern Pennsylvania refiners in the price of motor gasoline preceded this on
Mar. 16, when a cut of )i cent a gallon was made. The
Standard Oil Co. of New Jersey announced a cut of 1 cent
a gallon throughout its territory, including New Jersey,
Maryland, Virginia, the Carolinas and the District of Columbia on Mar. 19, bringing the tank wagon price down to 18c. a
gallon in New Jersey. The Standard Oil Co. of New Jersey
also reduced the price of gasoline and naphtha for export
1 c. per gallon. Reports from Pittsburgh on the same date
declared that the Gulf Oil followed the Standard Oil Co. of
New Jersey cut in gasoline at once.
Dispatches from Boston on March 19 announced that the
Standard Oil Co. of New York would reduce the price of
gasoline lc. in its territory, which includes New York and
the New England States, to become effective Marcn 20.
The new prices will be 24c. retail and 20c. tank wagon.
In addition the Standard of New York reduced naphtha lc.
a gallon to 193/20. wholesale. The Colonial Filling Stations
and the Jenney Mfg. Co. also announced they would reduce
wholesale and retail prices of gasoline lc. a gallon March 20,
meeting similar action by Standard Oil Co. of New York. '
1394
THE CHRONICLE
[VoL. 120.
Concerning the reduction throughout New England the
Of the comparably reporting mills, 343 (having a normal
"Boston News Bureau" on March 20 made the following production for the week of 218,102,398 feet) reported proremarks:
duction 103% of normal, shipments 98%, and orders 97%
For the first time since the drastic 4c. cut of last October, gasoline prices thereof.
In New England have been ordered reduced. New prices to become effecThe following table compares the national lumber movetive this morning are 20c. a gallon wholesale and 24c. retail. As yet but
three of the large companies have inaugurated the new schedule, but on ment as reflected by the reporting mills of seven regional
the strength of past experience, all distributers in this field will shortly associations for
the three weeks indicated:
meet the reduction, which amounts to lc. a gallon.
CorrespondPreceding
The lowering tendency takes on a national aspect by virtue of similar
Past Week.
Week 1925
ing Week
lc. cuts in several Atlantic Coast, Gulf and Pacific Coast States.
(Revised).
1924.
In New England the reduction comes as the first price change in a month
365
382
377
and a half, after prices of 21 and 25c. had been established on Feb. 4. Mills
238,509,228
229,647,145
236,736,956
Including the advance of that date there had been.
five increases from last Production
Shipments
225,044,143
232,542,361
232,721,187
October's lows of 13c. wholesale and 16c. retail, which were the lowest
223,281,772
222,261,742
235,356.526
prices for gasoline in this territory for ten years. Of the total advance Orders(New Bus.)
The following revised figures compare the lumber moveof approximately 60% from October. 40% had come in less than three
weeks, a rise so rapid that the Massachusetts Commission on the necessaries ment for the first eleven weeks of 1925
with the same period
of life instituted an investigation, results of which have not been yet disof 1924:
closed.
Current reductions are made necessary by virtue of the fact that under
Production.
Shipments.
Orders.
the stimulus of higher prices, producers refined too much gasoline.
1925
2.421.502,839 2,424,717,941 2,313,979,490
2,450,821,864 2,545,631,695 2,541,687,373
reduced 1924
The Standard Oil Co. of Louisiana on March 19
gasoline lc. a gallon to 213c. at filling stations and 19%c.
tank wagon throughout Louisiana, Arkansas and Tennessee.
News dispatches from San Francisco stated that'all the
major oil companies in the area except Standard Oil and
Associated Oil had cut gasoline lc. a gallon to 17c. at filling
stations, exclusive of State 2c. tax. The Standard Oil of
California is maintaining gasoline at 18c. before the 2c.
State tax. A Los Angeles dispatch says that gasoline
coupon books, by which buyers have been securing lc. per
gallon discount, are being gradually thrown in the discard.
The Richfield Oil Co. started the movement by advertising
gasoline at 170., tax paid, to all comers with or without a
coupon book.
Crude Oil Production Rises Slightly.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended March 14 was 1,949,200 barrels, as compared with 1,944,450 barrels for the preceding week, an
increase of 4,750 barrels. There is also an increase of
37,450 barrels per day Over the output in the corresponding
week of 1924. The daily average production east of California was 1,346,200 barrels for the latest week, as compared with 1,341,450 barrels the previous week. California
production was 603,000 barrels, the same as the preceding
week. Santa Fe Springs is reported at 48,500 barrels, no
change; Long Beach, 116,500 barrels, no change; Huntington
Beach, 43,000 barrels, against 42,000 barrels; Torrapce,
39,000 barrels, no change; Dominguez, 52,000 barrels,
against 53,000 barrels, and Rosecrans, 14,000 barrels, no
change. The following are estimates of daily average gross
production for the weeks indicated:
1925 decrease
29,319,025
120,913,754
227.707,883
The mills of the California White & 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. Nine of these mills reported a cut
of 4,896,000 feet, shipments 7,544,000 feet, and orders
6,541,000 feet. The reported cut represents 27% of the
total of the California Pine region. As compared with the
preceding week, there was a decrease in cut of 2,315,000 feet,
shipments 2,234,000, and new business 3,110,000 feet.
West Coast Lumbermen's Association Weekly Summary.
One hundred and nineteen mills reporting to West Coast
Lumbermen's Association for the week ending Mar. 7, manufactured 99,837,520 feet of lumber; sold 109,006,140 feet;
and shipped 102,086,224 feet. New business was 9% above
production. Shipments were 6% below new business.
Forty-six per cent of all new business taken during the week was for future
water delivery. This amounted to 50,196,326 feet, of which 38,968,383 feet
was for domestic cargo delivery; and 11,227,943 feet export. New business
by rail amounted to 1,772 cars.
Forty-four per cent of the lumber shipments moved by water. This
amounted to 45,076,410 feet of which 26,893,933 feet moved coastwise and
intercoastal; and 18,182,477 feet export. Rail shipments totaled 1,712 cars.
Local auto and team deliveries totaled 5,649,814 feet.
Unfilled domestic cargo orders totaled 145.890,515 feet. Unfilled export
orders 100,695,963 feet. Unfilled rail trade orders 5,142 cars.
In the first ten weeks of the year, production reported to West Coast
Lumbermen's Association has been 955,315,290 feet; new business 905.100,104 feet; and shipments 958.647,955 feet.
Steel Market Maintains Production and Shipments at
Recent Levels
-Pig Iron Price Unchanged.
DAILY AVERAGE PRODUCTION.
(In Barrels)Mar.14'25. Mar. 7 '25. Feb. 28 '25. Mar.15'24
So far in March, says the "Iron Age," there has been no
Oklahoma_
458,400
467,650
475,600
400,150
84,550
Kansas
85,300
69,300 material let-down in steel ingot production from the January85,250
88,700
North Texas
86,550
70,700
86,700
East central Texas
163.550
169,900
171.700
176.550 February rate. Shipments likewise are maintained at reWest central Texas
54.600
53,100
53,450
49,050
49,500
50,550 cent high levels and accumulations at mills, so far as it is
North Louisiana
58.550
49.900
111,000
109,300
107,250
122,100 possible to ascertain, are not large,
Arkansas
continues this authority
95,450
75.000
Gulf Coast
78.9001
124 550f
50.100
19.650 in its review of the 19th inst., from which we also quote:
98,5001
Southwest Texas
49,3001
97.000
99,000
98.500
Eastern
99.000
Estimates are that production has been as much as one-fourth to one127.700
90.300
92,550
89,250
Wyo.. Mont.& Colorado
654,000 third greater than current consumption, so that no great volume of fresh
603,000
603.000
602,000
California
buying Is looked for in April. Specifications against contracts are freely
1,949,200
1,944,450
1,943,750 1.911,750
Total
obtainable and expectation is general that full quotas will be taken, giving
mills good bookings well into April. This is not counting dormant contracts
yet awaiting the starting of construction enterprises.
Industry Holds Up Well.
Lumber
Much is made of the point that it is not that supplies are large, but that
ease
Examination of telegraphic reports to the National Lumber low of getting deliveries is making it possible for consumers to operate at
inventories of material.
Manufacturers Association from 365 of the leading softwood
The automobile industry provided the feature in new demand. Low
lumber mills of the country indicate that the lumber indus- prices for automobile body sheets stimulated full second quarter covering
change to an
try is maintaining an approximately normal degree of activ- simultaneously with aabandonment increased production schedule for motor
cars, resulting in an
of the industry's 30
-day buying
ity. Though the number of reporting mills was 12 less for and developing a fairly good purchasing movement in sheets andpolicy
strip
the week ending Mar. 14 than for the preceding week, there steel. The finding of bottom prices appears as a net, result, with the
effort now to stabilize at 3.50c.. Pittsburgh, for black sheets, 4.60c. for galwas a slight increase in new business and production, not- vanized and 2.70c. for blue annealed. On black
sheets 3.40c. was done and
withstanding some recession in shipments. A year ago on body sheets 4.40c. to 4.50c.
Many sheet mills will receive in the second quarter $37 sheet bars covered
ship382 mills reported somewhat larger new business and
on the last buying movement, and to this fact is in part duo the deadlock
ments and smaller production.
in attempts to establish as high as $39 on new sales.
The unfilled orders of 256 Southern Pine and West Coast
In production,indications are,if anything,for some curtailment. For the
mills at the end of last week amounted to 654,355,927 feet as first time in months Chicago mills show signs of gaining on commitments.
In plates, fairly early deliveries are there possible. Order books in general
against 651,832,717 feet for 252 mills the previous week. are well filled and competition from Eastern mills is notably active.
The 133 identical Southern Pine mills in this group showed
Some independent steel makers in the Pittsburgh district are dropping
unfilled orders of 249,060,459 feet last week as against out a few open-hearth furnaces and the Carnegie Steel Co. In the present
week appears scheduled for an 86% gait against 93% last week.
250,986,237 for the week before. For 123 West Coast mills
Adoption by virtually all of the independent coke producers in the Conthe unfilled orders were 405,295,468 feet, as against 400,846,- nellsville region of the lower wage rate of 1917 resulted in little opposition
from the workers and a'reduction in the price of furnace coke.
478 feet for 119 mills a week earlier.
The prospect of no higher rates on Lake Superior ores and of lower coke
Altogether the 365 comparably reporting mills had ship- has aroused buyers' hopes of lower second quarter pig iron. That tonnages
ments 94% and orders 94% of actual production. For the Purchased for first quarter are in many cases sufficient to cover needs well
Southern Pine mills these percentages were respectively into the second also has had a weakening influence. On the other hand,
Competition from foreign irons is less serious and the end of the importing
94 and 92Zandifor:the)West Coast mills 101 and 103.
movement seems near. Some merchant furnaces which it was expected
MAR. 21 1925.]
THE CHRONICLE
would soon be on the active list will not be blown in and some now active
will be put on the idle list. With production decreasing, furnace operators
will strongly resist further reductions in prices.
Prospective railroad buying is still encouraging. Some 650 cars were
ordered and 3,500 put out for estimates, Including 1,800 for the Missouri
Kansas & Texas.
Outstanding inquiries reported in structural steel include 27,000 tons
for public utility projects in New York and Brooklyn. Bookings covered
23.000 tons.
Three more Lake boats, requiring 15,000 tons of steel, are under negotiation. A Kansas City pipe line bid on this week takes 5,000 tons of plates.
Lately any premium on open hearth billets over the Bessemer product at
$37 has disappeared.
Announcement of fall terms on woven wire, not ordinarily made until
May or June. is taken as an effort to keep wire mills active. Shipments in
the last eight to ten weeks have been so heavy that general wire business is
naturally quiet for the time being.
In bidding on a large tonnage of cast iron pipe for New York, domestic
shops, made low prices and succeeded in shutting out French competition.
No change has occurred this week in the "Iron Age" pig
Iron composite price, which remains at $22 13 per gross ton.
Finished steel has dropped to 2.531c. per lb., from 2.546e.
last week. Both figures are the lowest since December.
The usual composite price table is as follows:
1395
Monthly Zinc Statistics
-Stocks Falls to Low Figure
of 16,703 Tons at End of February.
Declines in the amounts of zinc produced and shipped
in this country in February as compared with the previous
month were accounted for by the smaller number of working
days last month. Stocks of zinc again declined, reaching
the small total of 16,703 tons. The fall in stocks has proceeded steadily since last July, when they amounted to
52,705 tons. Production in February declined 3,575 tons
to 46,811. In January 1925 production amounted to 50,386
tons, in December last to 47,7141 tons, in November 42,633
tons, in October 42,488 tons, in September 40,852 tons,
in August 41,775 tons and in July 42,913 tons. 43,933 tons
were produced in February a year ago. Shipments last
month were also lower, as stated, the tonnage totaling 49,104
tons, as against 52,598 tons in January. The figure in tons
for December was 53,415, comparing with 54,173 in November, 49,756 in October, 46,054 in September, 43,558 in
August and 39,892 in July. In February 1924 47,438 tons
were produced.
The number of retorts operating last month again increased, the figure 87,377 being larger than in any month
last year. 86,081 retorts were operating in January, and
the low figure in 1924 was 70,875 in September. The tables
following are compiled from statistics supplied by the American Zinc Institute:
March 17 1925, Finished Steel. 2.531c. Per Lb.
Based on prices of steel bars, beams, tank'Mar. 10 1925
2.546c.
plates, plain wire, open-hearth rails, Feb. 17 1925
2.546c.
black pipe and black sheets, constitut- Mar. 18 1924
2.746c.
ing 88% of the United States output_ _ 10
-year pre-war average, 1.689c.
March 17 1925, Pig Iron, $22 13 Per Gross Ton.
Based on average of basic and foundry Mar. 10 1925
$22.13
irons, the basic being Valley quotation, Feb. 17 1925
22.50
the foundry an average of Chicago, Mar. 18 1924
22.77
Philadelphia and Birmingham
10
-year pre-war average. 15.72
Finished Steel.
-High: 1925, 2.560c., Jan. 6; 1924, 2.789c.,
ZINC PRODUCTION,SHIPMENTS,STOCKS,STORED FOR CUSTOMERS
1923, 2.824c., April 24. Low: 1925, 2.531c., Mar. 17; 1924,Jan. 15:
SHIPPED FROM PLANTS FOR EXPORT,AND RETORTS OPERATING
2.460c..
Oct. 14: 1923,_2.446c., Jan. 2.
IN MONTHS FROM FEBRUARY 1924 TO FEBRUARY 1925,INCLUPig Iron.
-High: 1925, $22 50, Ian. 13: 1924, $22 88, Feb. 26: 1923,
$30 86. Mar. 20. Low: 1925, $22 13, Mar. 10; 1924, $19 21, Nov.
SIVE, IN TONS (2,000 LBS.).
3:
1923, $20 77, Nov. 20.
Shipped
While the iron and steel market is showing more activity
Stocks(End Stored for from
Retorts
lfon/A.
in various quarters, the conservatism of buyers remains
Production. Shipments, of Mont),). Customers Plants for °Pealing
Export.
strongly in evidence, declares the "Iron Trade Review" this
1924.
week. Contracting for material for second quarter is being February
43,933
47,438
87,192
1,749
5,218
79,232
biarah
47,775
52.893
32,074
5,968
290
held off with unusual persistence, considering the near ap- April
78,092
44,949
44,245
32,778
552
3,037
82.650
proach of that period. Whether this is due to overbuying May
47.666
38.080
42.364
1,339
1,732
81,143
43,442
June
86,122
49.684
1,745
4,317
75,155
in many cases for the first quarter or caution in anticipating July
42,913
39.892
52,705
3,040
7,483
71,827
August
41,775
43,558
50.922
4,785
6,743
72.193
business development, may not be readily determined. In- September_ . 40,852
_ _
46,054
45,720
1,640
5.640
70,875
42,488
49.756
38,452
1.651
dications are that both factors are influencing individual October ____ 42,633
8,299
72,139
November
54.173
26,912
876
15,730
77.631
action. The surprising thing about the situation is that the December
47,711
53,415
21.208
663
10,907
81,008
1925.
volume of specifications added to current new business is January
50.388
52,598
18,996
288
8,251
88,081
40 811
49.104
VI 703
On
II 407
57 177
sufficient from week to week to maintain the industry on an Fphnmro
operating basis of 85 to 90%. Production this week as a
Reports from J. H. Wadleigh, Joplin "Globe," issued by
whole shows a few slight but no material changes, according the American Zinc Institute, enable us to compile the folto the "Review's" summary of market conditions, which we lowing table:
append:
ZINO ORE STOCKS AND ORE SOLD IN BINS IN TRI-STATE
DISTRICT
Finished steel prices in the main are holding, sheets continuing a weak
factor. In the East structural shapes have sold $1 lower, or 1.95c. Pittsburgh equivalent. Now discounts on seamless tubes carrying reductions
.of $12 to $20 per ton represent a formal recognition of previous concessions.
Leading makers of wire fencing have offered fall terms 30 to 60 days
earlier
than usual.
New inquiries for freight cars from the railroads this week total
principal among which is 1,800 cars for the Missouri Kansas & Texas.3,200,
The
week's awards were about 1,300 cars, scattering, in addition to 750 car
ends
placed by the Baltimore dr Ohio. Railroad bridge inquiries and awards
are more numerous, calling for about 10,000 tons.
The automobile industry continues to gather momentum. A general
Increase of operations at Detroit is under way and it is expected production
in April will be at or near capacity. While a spirit of reluctance to
buy
material ahead still rules, some builders are showing signs of
breaking
away from this policy, having worked down prices of sheets to their
satisfaction. Some round tonnages of fine finished sheets were closed the
past
week and several companies now have covered their requirements for
the
second quarter. One seller booked 20.000 tons. It is reported most
of the
tonnage placed was done at 4.50c. Pittsburgh.
Restoration of the 1917 wage scale in the Connellsville region by
various
independent operators, effective this week, has helped to clarify the
disturbed coke situation. This reduction in effect is the nullification of an
advance of 50% posted Dec. 16 last, which proved to have outreached the
market. The Steel Corp. subsidiary, the H. C. Frick Coke Co., has
made
no change in its schedule and continues on the higher basis. Coke prices
have settled with $3 50 ovens now quoted generally on furnace fuel for second
quarter contracts.
Further buying of 12.000 tons of Northern and Southern iron by a leading sanitary ware manufacturer, making the total taken over 30.000 tons,
has not signalized a renewal of general buying as many sellers had hoped.
The market remaIns sluggish and apparently buyers want a test of prices.
At Buffalo and Cleveland prices are down 50c. further this week.
Increased penetration of European iron and steel into the American market may bring about an early appeal to the Government from producers
and jobbers for increased protective duties under the flexible provisions of
the Tariff Act. Competition from abroad has been especially active along
the coasts, in the Central West and in the Southwest, and is increasing.
Structural steel from the Continent has been barged as far north as Omaha,
and reinforcing bars were offered this week at Milwaukee $2 20 per ton
under domestic rail steel bars and 516 20 under domestic billet bars. On
16,000 tons of cast iron pipe for Oneida, N. Y., on which French pipe was
lovr, new bids are to be taken.
Buyers still have been unable to break the sheet bar price of $39. Pittsburgh or Youngstown, for second quarter. Some sheetmakers who scoured
the country the past week report themselves unable to obtain a lower quotation than $39. At the same time they are holding off from paying this
price and are deadlocked.
For the third consecutive week "Iron Trade Review" composite of 14
leading iron and steel products shows a decline. This week it rests at
$40 63, against a high of $41 22:one:month ago.
AT END OF MONTHS JUNE 1924 TO FEBRUARY 1925, INCLUSIVE;
IN TONS (2,000 POUNDS).
June. July. Aug. Sept. I Oct. I Nov. Dec. Jan.
I
Feb.
Zino ore in bins_ 48,000 41.000 37.000 42.000 34,000 31.000 20.000
30.000 26.000
Ore sold in bins_
2,200 13,000 16.000 10,000112,060 16.000 4.000 16,000 18,000
Railroad Revenue Freight Loadings First Week of
March Heaviest on Record for That Week.
Loading of revenue freight for the week ended on March 7
exceeded the corresponding weeks in all previous years on
record, according to reports for the week filed by the carriers
with the Car Service Division of the American Railway
Association. The total for the week was 930,009 cars.
This exceeded by 628 cars the corresponding week last year
and by 24,665 cars the corresponding week in 1923. It also
exceeded by a wide margin the corresponding weeks in 1920,
1921 and 1922. The statement goes on as follows:
The total for the week also was an increase of 67,099 cars over the preceding week this year, when loadings were reduced owing to the observance
of Washington's Birthday on Monday. Feb. 23.
Except for live stock, coke and ore, increases over the preceding week
were reported in the loading of all commodities,the largest gains being in the
loading of merchandise and less than carload lot freight, miscellaneous
freight and coal.
Leading of merchandise and less than carload lot freight for the
week of
March 7 amounted to 257,337 cars, an increase of 27,232 cars over the
week
before and an increase of 6.714 cars over the corresponding week last
year.
It also was an increase of 28,185 cars over the correspinding week in
1923.
Miscellaneous freight loading totaled 332,311 cars. This was
not only
an increase of 20.920 cars over the week before, but increases of
9,767 cars
over the same week last year and 17,078 cars over the same week
two years
ago.
Grain and grain products loading amounted to 43,045 cars, an
increase
of 5,780 cars above the week before but 2,343 cars under the
same week
last year. It was, however, an increase of 2,447 cars above two
years ago.
In the Western districts alone grain and grain products loading
29,378 cars, a decrease of 680 cars under the corresponding week totaled
last year.
Live stock loading for the week totaled
28,202 cars, a decrease of
671
cars under the week before and also was 2.957 cars under the
week last year and 2,595 cars under the same week in 1923. corresponding
In the Western
districts alone 21,434 cars were loaded with live stock
during the week.
2,055 cars below the same week last year.
Forest products totaled 81,534 cars, 2,106 cars above
the week before but 2,054 cars under last year. Compared with the
corresponding week.
two years ago, it was an increase of 6,175 cars.
T FTE CHRONICLE
1396
Coal loading totaled 163,531 cars, an increase of 12,902 cars over the
preceding week but 6.261 cars under the same week last year. Compared
with the same week two years ago, it also was a decrease of 22,733 cars.
Coke loading totaled 12,825 cars, nine cars under the preceding week
and 1,499 cars under the corresponding period in 1924. Compared with
the same period in 1923, it was also a decrease of 2,415 cars.
Ore loading totaled 10,324 cars, a decrease of 1,161 cars under the preceding week and 739 cars below last year as well as 1.477 cars below the
same week two years ago.
Compared by districts, all showed increases over the preceding week in
the total loading of all commodities. The Southern. Central Western and
Southwestern districts were the only ones to show increases over the corresponding week In 1924. Increases over the corresponding week in 1923
were reported in all except the Eastern and Allegheny districts.
Loading ofrevenue freight this year compared with the two previous years
follows:
1923.
1924.
1925.
4,239,379
4,294.270
4.450,993
Five week of January
3,414,809
3,631.819
3,619.326
Four weeks of February
905,344
929.381
930.009
Week of March 7
Total
9.000.328
8.855.470
8.559.532
[Vol,. 120.
Break in Wheat Prices—Investigation by Department of
Agriculture.
The violent drop in the price of May wheat on the Chicago
Board of Trade, a break of 51 cents a bushel occurred during
the last two weeks—has caused Secretary of Agriculture
Jardine to order an investigation into the price fluctuations.
On May 17, when the price dropped 13 cents below that of
the previous day (March 16, when a break of 8X cents
had been witnessed), J. W. T. Duvel, Grain Exchange
Supervisor at Chiago, was quoted as saying that there was
no justifiable reason for a break of 20 cents a bushel in
wheat one day and 50 cents in two weeks. He was at the
same time reported as saying:
We are investigating to find out what is the real reason for this break.
We would prefer to have the exchanges take the initiative.
On March 18 a Chicago dispatch to the New York "Times"
in making known that an investigation had been undertaken
by Mr. Duvel into the violent break, stated:
Reports are being asked for from the commission houses in all markets.
especially in Chicago. Should the daily reports fail to show the evidence
desired the Government officials will go to the records of commission
houses here and in New York.
Dr. Duvel sent a letter to the officials of the Chicago Board of Trade.
calling their attention to complaints of wide fluctuations in market prices.
Directors of the Chicago Board of Trade, at a special meeting this
afternoon, discussed Mr. Duvel's letter, and later Fred S. Lewis. Acting
President of the Board of Trade, issued a statement in which he called
attention of members of the exchange to the fact that it required members
to report to the directors and to the Grain Exchange Supervisor all inAll parts of the country participated in this increase with the exception of formation in possession of such members of any attempted manipulations,
the Pacific Coast. These divisions are as follows:
transactions with efforts to
Increase. but they are not confuse ordinary business
Increase.
9% manipulate prices.
29% East North Central
West South Central
Mr. Lewis added that, while market fluctuations have been rapid, in
8%
19% West North Central
East South Central
8% his opinion there has been nothing to indicate any undue efforts to influence
Mountain
15
Middle Atlantic
*2% prices, but that price swings were
Pacific Coast
13
South Atlantic
the result of unprecedented world
* Decrease.
11%
New England
conditions.
Philadelphia leads the large cities with an increase of 30% for February
It was on the same date (March 18) that it was announced
1925 as compared with February 1924.
The Bureau's files show that for the first two months in 1925 sales for that Secretary Jardine had ordered an investigation. A
the United States as a whole are 8% in advance of those for the same period statement issued by his Department said:
of last year. In this comparison there are no sections of the country showDue to the concern of the United States Department of Agriculture in the
ing decreases for this period, the increases by divisions of the country being: recent violent price fluctuations on futures grain markets, particularly in the
Increase. price of wheat, and in response to numerous inquiries which have been made
Increase.
11% East North Central
Middle Atlantic
Jardine
5
279 by various branches of the grain industry, Secretary of Agriculture
9 South Atlantic
West South Central
1% announced to-day that directions had been issued to the Grain Futures AdEast South Central
8
New England
investigation and careful study
1% ministration to make a full and immediate
West North Central
6
Mountain
6
Pacific
of the situation which has existed on grain futures exchanges during the
20% for the first two past few days.
Boston leads all other cities with an increase of
months of 1925.
Officials stated that the investigation would 'be in accordFor the twelve months ended Feb. 28 1925 sales for the United States
ance with provisions of the Grain Futures Act. Under this
as a whole are 7% over the similar period of last year.
February Shows Big Increase Over Last Year in Purchase of Life Insurance in United States.
Sales of ordinary life insurance in the United States for
February are $611,480,000. This is $64,959,000 more than
in February of last year, according to figures just issued by
the Life Insurance Sales Research Bureau of Hartford, Conn.
The Bureau's statement continues:
February Sales of Life Insurance in Canada.
Over a million dollars of insurance was sold in Canada each
day during February, according to figures just published by
the Life Insurance Sales Research Bureau of Hartford, Conn.
According to the Bureau the actual volume of sales, based
on the reports of companies doing 83% of the Canadian business, is $28,698,000, a decrease of 7% under February of
last year. Newfoundland shows the greatest gain, 78%,
and Manitoba comes next with a 29% gain. The Bureau
adds:
Act, a commission composed of the Secretaries of Agriculture
and Commerce and the Attorney-General is authorized to
suspend the designation of any Board of Trade as a "contract market," should it violate trading regulations. A
defense of the Chicago Board appeared in advices from
Chicago published in the New York "Evening Post" of last
night, from which we take the following extract:
A director of the Chicago Board of Trade,irritated by what he considered
to be a criticism of the board, printed two days ago, undertakes a defense
of the board and of the speculation on which it survives in this fashion.
He says:
"May wheat advanced to $2 05% on the theory that there was to be a
world scarcity. Speculators of the entire world bought wheat on that
theory. Then the theory of scarcity was exploded; it developed that there
For the first two months of 1925 the decrease for Canada as a whole is would be ample supplies, therefore speculators disposed of the wheat
3%. Newfoundland and Manitoba show the greatest gains, with 62% and which they had bought, causing the decline. Is there anything very mysterious in that?
13%. respectively.
Public Wildly Excited.
For the 12 months ended Feb. 28 1925 as compared with the preceding
leads
"During the war, when the wheat pit was closed and there was no or12 months, the gain for Canada as a whole is 4%. New Brunswick
the provinces with a gain of 14%. Prince Edward Island, Saskatchewan ganized speculation, the fluctuations in wheat prices were much more
violent than has been the case during the last few months, yet the newsand Nova Scotia show decreases for this period as compared with last year.
Of the cities, Ottawa shows the greatest gain over last year, both for the papers paid little attention to the fluctuations at that time and the public
February and for the two months ended Feb. 28. Montreal, scarcely knew that the price was fluctuating, because the quotations were
month of
not spread broadcast.
Hamilton and Vancouver show decreases.
1
"To-day an open market exists; quotations are available to a11, the newspapers and the public are aware of the fluctuation; therefore they are wildly
and many are demanding, forsooth, that the fluctuations cease.
excited
Revised Figures Showing Transactions in Grain Fu"The great service which organized speculation renders to both consumer and producer was never more dramatically and convincingly illustures in December on Chicago Board of Trade
trated than during the last year. Had there been no organized speculation,
and Other Contract Markets.
a wheat famine might have indeed occurred."
Revised figures showing the daily volume of trading in
grain futures on the Chicago Board of Trade during December
1924, together with monthly totals for all "contract markets"
as reported by the Grain Futures Administration of the
United States Department of Agriculture, were made
public under date of Feb. 19, and differ in some respects
from figures, published in our issue dated Jan. 17 (page 272)
supplied from the same source. The revised figures for December show that corn, oats and rye transactions on the
Chicago Open Board during that month totaled 12,420,000
bushels,3,017,000 bushels, and 348,000 bushels respectively,
instead of 348,000 bushels, 12,420,000 bushels,and 3,017,000
bushels respectively, as given in the figures made public
under date of Jan. 12. The total transactions for all markets, with regard to corn, oats and rye, were 706,556,000
bushels, 401,240,000 bushels and 99,042,000 bushels respectively, instead of 694,484,000 bushels, 410,643,000 bushels
and 101,711,000 bushels as represented in the earlier table.
Transactions in Grain Futures During February on
Chicago Board of Trade and Other Contract
Markets.
trading on the Chicago Board of Trade for
The details of
the month of February, made public on March 9 by J. W. T.
Duvel, Grain Exchange Supervisor at Chicago indicate that
the volume of trading for the month was the second largest
for the period for which records are available. During the
present month (March) record figures for a single day were
established, and these are referred to in another item. The
following is Mr. Duvel's report for February:
Revised figures showing the daily volume of trading in grain futures
on the Board of Trade of the City of Chicago during the month of February
1925, together with monthly totals for all "contract markets" as reported
to the Grain Futures Administration of the United States Department of
Agriculture. The figures listed represent sales only, there being an equal
volume of purchases.
MAR. 21 1925.]
THE CHRONICLE
Expressed in Thousand Bushels, i. e., 000 Omitted.
February 1925.
1-Sunday
2
3
4
5
6
7
8
-Sunday
9
10
11
-Holiday
12
13
14
15
-Sunday
16
17
18
19
20
21
-Sunday
22
-Holiday
23
24
25
26
27
28
Wheat.
Corn.
Oats.
Rye.
70,413
113,197
69.511
86,639
125,758
57,021
17,394
34.073
29,622
28,576
38,965
18,113
11,736
13.723
7,068
16,213
19,333
6,643
3,701
6.881
4,609
5,251
7,343
3,568
103,244
167,874
110,810
136,679
191,399
85,345
81,704 23,994 10,297
87,378 46,523 28,008
106,152 42,632 36,550
4,401
5,232
7,366
120,396
167,141
192,700
90,667 47,559 38,225
48,211 18,100 13,617
6,260
1,755
182,711
81,683
65,857
68,011
49,039
53,515
49,351
37,811
22,434 14,478
24,077 15,125
29,351 8.288
27,494 8,820
24,764 13,462
15,841 9,937
3,537
4,246
1,645
2,433
1,371
882
106,306
111.459
88,323
92,262
88.948
64,471
51,453
48,575
81,409
81,289
58,623
23,265
24,590
33.894
26,827
25.719
1,743
1,819
2,837
2,742
1,879
84,218
82,542
127,319
118,991
92,425
7,757
7.648
9,179
8,135
6,204
Total Chicago Board
of Trade
1,581,584623.717 310.444 81,501
Chicago Open Board..
38.654 12,154 2,419
85
Minneapolis C. of C. 75,441
32,574 4,986
Kansas City Iid. of T
60,880 31,297
659
DuluthBoardotTrad
*8,297
4,283
St. Louis Mer. Exch.
14,284 8,449
Milwaukee C. of C__
1,927 1,654 1,428
138
San Francisco C.of C
Los Angeles Or. Ex.
Baltimore C. of C
Total all markets..- _ 1,781,067 677,271 347,524 90,993
.
Total all markets year
ago
417,114937,850 49,940 13,041
Chicago Bd. of Trade
i- year WO
348.099 am (1211 44 442 8 120
Barley. Flax.
Total.
171
4
2,597,246
53,312
117,220
92.836
2,087
14,667
22,733
5,147
171
4
2,870
3,611 2,903,336
2,695
279
1,524
1,454
819.678
707 204
•Durum wheat with exception of 28 spring wheat.
'OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR FEBRUARY 1925.
("Short" side of eon:reels only, there being an equal volume open on the
"long" side.)
Pebruary 1925.
Wheat.
Corn.
Oats.
Rye.
Total.
Bushels,
Bushels,
1397
Record Trading on Chicago Board of Trade-J. W.
T. Duvel Sees Need of Action to Prevent Destructive Fluctuations.
Since the reference in our issue of Feb. 7 (page 656) to the
new high records in grain trading established on the Chicago
Board of Trade, further new records have been announced.
In our previous item it was made known that the total sales
on Feb. 3 1925 were the record figures since the war, the
trading for all grains that day reaching 167,825,000 bushels;
on Feb. 13 1925 still larger figures were announced, the
trading for all grains totaling 192,474,000. On Mar. 13
1925, the volume of trading on the Chicago Board of Trade
exceeded all records with a total of 149,398,000 bushels in
all wheat futures and 256,161,000 bushels in all grain futures.
In announcing these figures, J. W. T. Duvel, Grain Exchange Supervisor at Chicago, said:
The heavy break in price, along with large volume Indicates clearly the desirability of some action being taken to prevent destructive fluctuations.
The figures for Mar. 13, subject to correction of minor importance are
as follows:
Wheat
149,398,000 bushels
Corn
63,285,000 "
Oats
33,876,000 "
Rye
9.602,000 "
All grains
256,161.000
Agricultural and Financial Conditions in Minneapolis
Federal Reserve District in February.
"The money value of business transacted in this Federal
Reserve District during February, as shown by the individual debits at banks in seventeen selected cities, was fully
one-fifth greater than a year ago," says the preliminary summary of agricultural and financial conditions prepared by
the Federal Reserve Bank of Minneapolis, made public
March 14, Continuing, the bank says:
This was due to the improvement in grain and live stock prices, as well as
Bushels.
to greater speculative activity.
Increases were greatest in the cities of
Minneapolis, South St. Paul, Duluth-Superior and Sioux Falls. Declines
The physical volume of
117,326,000 79,101.000 112.648.000 23,791,000 332,866.000
117,270,000 79,903,000 113.412,000 23,652,000 334,237.000 business, as shown by carloadings, was only slightly better than a year ago.
The carloadings of merchandise, forest products and coke were larger in
119,204,000 79,275,000 113,694,000 24,645.000 336,818,000
*122,009,000 79,110,000 *114,327,000 *25,274,000 *340,720.000 February than a year ago and carloadings of grain, grain
products and hogs
115,281.000 79,962,000 113,754,000 24,466,000 333,463,000 were much
smaller. However, terminal receipts of barley, flax, cattle, calves
111,788,000 79,669,000 112.182,000 24,301,000 327.940.000
and sheep were greater than a year ago.
Prices for agricultural products exhibited mixed tendencies during the
115,816,000 81,828,000 113,752,000 24,189,000 335,585,000
112,709.000 82,866,000 112,728,000 23,573,000 331,876,000 month of February. Live stock prices moved upward rapidly,
but grain
115,066.000 81,823.000 110,169,000 23.330,000 330,388,000 prices declined,
as compared with the previous month. The moat noteworthy
111,976,000 80.777.000 108,076.000 22,266,000 323,095.000 event of the past twelve months is the great advance of agricultural prodx109,781,000 x78,403,000 108,148,000 22,248,000 318,580,000 ucts prices. The median price of hogs in February of this year was $10 50
per hundredweight, as compared with $6 75 per hundredweight a year ago.
111,177,000 79,202,000 108,353,000 22,094,000 320,826,000
110,025,000 78,601,000 x107,631,000 21,901,000 x318,158,000 The median price of lambs was $16 75, as compared with $13 25, and
111,899,000 80,432.000 107,774,000 x21,719,000 321,864,000 butcher steers sold at a median price of $7 50, as compared with $7 25 a
113.759.000 82,720.000 108,534,000 21,862,000 326,875,000 year ago. Among the grains, the median price of
No. 1 dark northern
113,984,000 83,942,000 110,431.000 21,938,000 330,295,000
112,554,000 82,700,000 110,034,000 21,983,000 327,271,000 wheat in February of this year was $1 91%, as compared with $1 271A a
year ago. No. 3 yellow corn was selling at $1 18, as compared with $0 72%.
The other grains are all selling at higher prices this year, the increases
113,527,000 84,347,000 109,699,000 21,948,000 329,521,000 ranging from
4 cents in the case of oats to 86 cents in the case of rye.
114,763,000 85,345,000 109,245,000 21,886,000 331,239.000
Sales by retail stores were slightly better in February than a year ago,
114.870,000 86,335,000 109,445,000 22.099.000 332,749,000
113.745,000 86,249.000 108,636,000 22,317,000 330,944,000 according to early returns. However, the number of stores showing gains
113,457,000 *86,622.000 108,980.000 21,966.000 331.025,000 was only equal to the number showing
losses. Sales in board feet by retail
lumber yards scattered throughout this district were 50% greater in FebAverage
February 1925_ 114,181,000 81,782,000 110,530.000 22,886,000 329,379,000 ruary than a year ago.
January 1925._ 117,119,000 73,860,000 103,716,000 22,363,000 317,058,000
Manufacturing of flour and linseed products improved in February as
December 1924
124,209,000 74,800,000 91,413,000 23,889.000 314,311,000
November 1924
119,173,000 67,044,000 76,459,000 29,116,000 291.794.000 compared with January. Forest products shipped were on a par with
October 1924.-- 110.719,000 63,703.000 74,227,000 24,196,000 272,846,000 January, but above a year ago.
September 1924
107,051,000 53,906.000 53,697,000 22,665,000 237.320,000
Banks in the larger cities had declines in demand deposits in February,
August 1924
113,674.000 54.419.000 41027000 23.549.000 233.279.000 which were fully offset by increases
in time deposits.
1-Sunday
2
3
4
5
6
7
8
-Sunday
9
10
11
12
-Holiday
13
14
15
-Sunday
16
17
18
19
20
21
-Sunday
22
-Holiday
23
24
25
26
27
28
Wheat
Corn
Oats
Rye
All grains
Bushels.
Bushels.
were shown in Billings, Helena and La Crosse.
Variations During February (Bushels).
Maximum
Minimum.
122,009,000
-Feb.5
-Feb.14
109.781,000
86,622,000
-Feb.28
-Feb. 14
78,403,000
114,327,000
-Feb.5
107,631,000
-Feb.17
25,274,000
-Feb.5
-Feb. 18
21,759,000
340,720.000
-Feb.5
318,158,000
-Feb.17
Variaiion.
12.228.000
8,219,000
6,696,000
3,515,000
22,562,000
Largest Open Interestfor Season.
Wheat
Corn
Oats
Rye
All grains
134,164
-Nov.28 1924
86,622
-Feb.28 1925
114,327
-Feb. 5 1925
30,471-Noy.22 1924
340,720 Feb. 5 1925
Plasterers' Strike in New York, Chicago and Philadelphia Holds Up $22,000,000 of Building
Contracts.
A strike of plasterers in New York City, Chicago and
Philadelphia was called on Thursday (March 19) by the
Operative Plasterers and Cement Finishers' International
Association, as a result of which work on $22,000,000 worth
of building contracts is held up. Work has been held up
on the $3,000,000 build ng of the Steinway Piano Co., on
West 57th Street in this city, on the $16,000,000 Palmer
House in Chicago and on the $3,000,000 building of the
Independent Indemnity Co. of Philadelphia. The cause
of the strike was given as follows:
The volume of trading on the Chicago Board of Trade for the month of
February was the second largest for the period for which records are available. Trading in all grain futures for the month amounts to 2,597,246,000
bushels, against 2,791.330.000 bushels in January, which was the largest.
However, since there were but twenty-two trading days in February the
average daily trade during the month was 118.056,000 bushels, against a
The reason assigned by the plasterers for calling the 'walkout on the
daily average during January of 107,359,000 bushels. In wheat futures the Thompson-Starrett Jobs was the assertion that this concern had let its
total for the month was 1,581.584,000 bushels, or an average daily trade plastering contract in Miami to a man who employed bricklayers to do the
work.
of 71.890.000 bushels.
The largest trade in all futures during a single day occurred Fob. 11, when
192,700,000 bushels were sold. The largest single day's trade in wheat Factory Employment in
New York State Resumes
was 125,758,000 bushels on Feb. 5.
Upward Course in February.
Combining the trading for all "contract" markets the total sales of wheat
futures for February amounted to 1,781,067,000 bushels, or a daily average
Factory employment in New York State went up between
of 80,958,000 bushels. For all grain futures combined the total was
1 and 2% from January to February. This increase is larger
2,903,336,000 bushels, or a daily average of 131,969.000 bushels.
*The foregoing figures represent contracts open for customers as reported than the corresponding one in 1923 or 1924. In 1922, howby the clearing members of the Board of Trade. These figures, however, ever, when industry was beginning its upward climb followdo!not include individual customers of correspondents.
Variations between extreme maximum and extreme minimum of open ing the depression of 1920-1921, the gain amounted to more
than 3%. This statement was issued March 10 by Industrial
contracts during Febraary 1925 ara sbxa balow,witti;datas,lailcItal.
1398
[Vol.. 120.
THE CHRONTCLE
Commissioner James A. Hamilton of the State Department Census Report on Cotton Consumed and on Hand in
of Labor. It is based on reports from the payroll records of
February, Also Active Spindles, and Exports and
manufacturers of the State who employ almost half a milImports-Consumption for February Above a
lion workers, and who are representative both of the sepYear Ago.
arate manufacturing industries and the various industrial
Under date of March 14 1925 the Census Bureau issued
districts of the State. Continuing, Commissioner Hamilton its report showing cotton consumed, cotton on hand, active
says:
cotton spindles and imports and exports of cotton for the
One element in the February situation was the more than seasonal imconsumed
provement in textiles. Another was the end of large increases in the steel month of February 1925 and 1924. Cotton
mills which up to this time have been expanding operations more rapidly amounted to 550,132 bales of lint and 50,598 bales of linters,
than any other industry. Steel is about where it was a year ago. The
compared with 508,677 bales of lint and 41,683 bales of
gain this month was quite small.
Copper mills again reported a good increase in employment after a slight linters in February 1924 and 589,725 bales of lint and 51,800
advance in January. Automobiles were more active though several plants bales of linters in January 1925. It will be seen that there
continued to reduce forces.
is an increase over February 1924 in the total of lint and
One important change came in sheet metal work, which has been low.
Last month lines related to the automobile industry started upward, and linters combined of 50,370 bales, or 9.1%. The statistics
in February metal containers and enameled ware followed. Railroad equip- of cotton in this report are given in running bales, counting
ment and some of the repiar shops reduced forces further, and there was no
round as half bales, except foreign bales, which are in
net change in instruments and appliances. The gain in heating apparatus
equivalent 500-1b. bales.
was partly seasonal.
Textile Mills Increase Operations.
Textiles advanced decidedly in February after hesitating at the first of
the year. Mills making underwear, silk gloves and hosiery generally took
on more operatives and a few plants reopened after shut-downs. There
were increases in woolen goods also. The 10% wage cut, which has been
gradually extended to a large number of the textile plants reached some of
the cotton mills and a strike against the reduction caused a sharp drop in
employment for the division. Rug factories continued to operate at the
high rate of previous months and a few more workers were put on their
payrolls.
Wide Seasonal Gain in Apparel Trades.
There were several thousand more workers in February in the clothing factories reporting to the State. Manufacturers of men's clothing in the upState districts made small additions to their forces as the season reached its
height. Scattered gains were in evidence in the collar factories and earnings rose as production increased. Women's garment shops were also busier.
There were several good increases in shoe factories, but decreases were also
reported and payrolls did not always follow employment.
Wood products were about the same as in January. Losses in some of the
printing plants after the January increase were offset by gains in others
which had orders for trade catalogues. Petroleum products fell off somewhat and dye manufacturers reported a decrease after recent active months.
Sugar Only Food Product to Increase Operations.
Sugar refineries had over a thousand more workers on their payrolls as
the season got under way. Meat packing houses released some employees
and bread and biscuit factories reduced their forces still further.
Building materials showed a net loss. Though reductions continued in
some of the brick yards, earnings went up in others. The largest decrease
came in some of the cement plants.
Sewing Trades Responsible for New York City Increase.
Greater activity in the clothing trades and in some of the metal industries
carried employment in New York City up almost 3%. Over 1,000 more
workers were employed in the men's clothing factories reporting to the
State and more operatives found work in men's and women's furnishing
shops after the temporary lull in January. Manufacturers of women's clothing, particularly cloaks and suits, were busier and makers of laces, embroideries, ribbons and artificial flowers were affected by increases in other
lines, in preparation for the Easter trade.
Certain industries which had reduced operations after the holidays started
up again. This applies to jewelry and leather goods.
More men were employed in copper refineries and almost all branches of
hardware and stamped ware gained. Electrical equipment continued to fall
but
off. A few of the plants making instruments of precision were busier,
one or two extended the Thursday holiday over the balance of the week.
Sporadic Improvement in Capitol District.
Syracuse beAnother large gain in automobiles brought employment in
in this
tween 4 and 5% higher than in January. This is the largest increase
allied plants were
section since the depression. Not all the automobile and
500 workers were taken on in
included in the movement upward, but over
which have been running low
the reporting factories. Several shoes plants
factories were busier.
took on more workers and a few of the clothing
Sporadic Movement in Capitol District.
District. Knit goods
There was an increase of about 1% in the Capitol
last month, but some
factories employed more operatives after a reduction
or employment. The gain
other textile mills reduced either working hours
two of the plants. Practically all
in shirts and collars was limited to one or
were busier. In the latter sev.
the metals except those related to railroads
reporting to the State.
eral hundred workers were released from the shops
Utica.
Wage Dispute Holds Back Improvement in
cotton mills in the Utica
The partial suspension of operations in the
gains made in other indusDistrict, because of a wage dispute, obscured the
were taken on in the knittries in this section. However, over 500 workers
several good gains in the
ting mills reporting to the State and there were
manufacturers of smaller metal
metals, notably in the copper mills. A few
goods slowed up production.
No Change in Buffalo.
District stayed practically
Again the volume of employment in the Buffalo
was due to the absence of any
the same as in the preceding month. This
repair shops and to a halt
general improvement in railroad equipment and
Electrical equipment and
in the extension of operations in steel mills.
employees, and automobiles in
some machinery plants reduced the number of
Food products, other than
this district continued to contract somewhatmeat, employed more workers.
manufacture a wide range
In the chemical and related industries, which
were reported affecting
of products in the district, increases and decreases
for these indusseveral hundred workers, but there was only a small net loss
tries as a whole.
Binghamton.
Improvement in Shoes Felt in Rochester and
employment in Rochester
Several large gains in the shoe factories brought
throughout the metals
1% above January. Small increases were common
Clothing factories
except in electrical apparatus and some instruments.
altogether employed more workers.
1% higher
Employment in February for the Binghamton District was
shoe factories,
than the preceding month. More workers were taken on in the
but earnings averaged less. Chemicals also showed an increase.
Cotton consumed, cotton on hand, active cotton spindles, and imports
and exports of cotton for the month of February, 1925 and 1921, with
statistics of cotton consumed, imported and exported for the seven months
ending Feb. 28.
(The statistics of cotton in this report are given in running b es, counting
round as half bales, except foreign cotton, which is in eq valent 500
lb. bales.)
COTTON CONSUMED AND ON HAND IN SPINNING MILL AND IN
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters not included.)
Cotton Consumed
During (Bales)-
Locality.
United States
Year
Cotton on Hand
Feb. 28 (Bales).
Cotton
Spindles
Active
In
Di Public
7 Months Consuming St&ageand During
February ending Establish- at Corn- February.
meals,
Feb. 28.
presses. (Number)
1925 .550,132 *3,489,437 .1,546,210 *3,075,140 33,277,189
1924 508,677 3,605,044 1,583,439 2,497,075 32,710,622
Cotton-growing States_ 1925
1924
1925
New England States
1924
1925
All other States
1924
372,52 2,403,930
349,902 2,422,244
149,660
912.564
133,836
999,150
172,943
27,948
24.939
183.650
914,801 2,751,915 16,995,783
946,245 2,205,587 16,298,424
94,397 14,696,748
531,149
560.362
116,919 14,714,192
100,260
228,828 1,584,658
1
174 5R, 1 nos nal
78 832
•Includes 17,698 Egyptian. 6,841 other foreign, 2.252 American-Egyptian and
334 Sea Island consumed, 83,736 Egyptian. 18.204 other foreign, 7,152 AmericanEgyptian and 3,242 Sea Island in consuming establishments, and 11,192 Egyptian.
0,393 other foreign, 4,576 American-Egyptian and 1,247 Sea Island In public storage.
7 months consumption, 102,204 Egyptian, 51.479 other foreign, 14,489 AmericanEgyptian and 2,523 Sea Island.
Linters not Included above were 50,598 bales consumed during February in 1925
and 41,683 bales in 1924; 149,292 bales on hand in consuming establishments on
Feb. 28 1025, and 123,186 bales In 1924; and 69,661 bales in public storage and at
compresses in 1925, and 86,993 bales in 1924. Linters consumed during 7 months
ending Feb. 28 amounted to 348,907 bales in 1925 and 329,052 bales in 1924.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign Cotton (500-1b. Bales).
Country of Production.
February.
7 Months Ending Feb. 28,
1925.
Egypt
I'eru
China
Mexico
British India
All other
Total
1924.
1925.
1924.
41.431
1,324
8,315
6,283
1,643
988
12,749
1,731
8,010
17.762
8.144
206
141,540
9,591
10,966
40,021
7,821
2,104
102,057
18,062
13,638
19,144
12,425
349
59,984
48.602
212,943
165,675
Exports of Domestic Cotton and Lingers
-Running Bales
(See Note for Unto's).
Country to which Exported.
February.
7 Months Ending Feb. 28.
1925.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
1924.
1925.
1924.
252,032
82,786
74,437
199,159
99,295
82,633
21,496
84,806
47,729
46.247
184,699
68,637
35,189
14,839
2,110,886
733,425
505,260
1,381,395
670,518
676,692
173,848
1,437,116
557,370
408,812
887,518
490,477
439,384
129,512
811,838
482,146
6,232,024
4,350,189
-Figures Include 19,800 bales of linters exported during February In 1925
Note.
and 12,275 bales In 1924 and 97,742 bales for the 7 months ending Feb. 28 in 1925
and 47,950 bales in 1924. The distribution for Feb. 1925 follows: United Kingdom,
1,257; Netherlands, 1,171; France, 1,577; Germany, 12,831; Belgium, 1,576; Italy,
478; Canada, 852; Mexico, 8; Spain, 50.
World Statistics.
The estimated world's production of commercial cotton, exclusive of
linters, grown in 1923, as compiled from information secured through the
domestic and foreign staff of the Department of Commerce is 18,969,000
bales of 478 lbs. lint, while the consumption of cotton (exclusive of linters
In the United States) for the year ending July 31 1924 was approximately
19,982,000 bales of 478 lbs. lint. The total number of spinning cotton
spindles, both active and idle, is about 159,000,000.
Increase in Cotton Manufacturing in Federal Reserve
Bank of Atlanta in January.
In the "Monthly Business Review" of the Federal Reserve
Bank of Atlanta, issued under date of Feb. 3, it is stated that
reports for the month, made to the Bank by cotton mills in
the Federal Reserve District of Atlanta which manufactured
during the month approximately 24,000,000 yards of cloth
and about 8,650,000 pounds of yarn, shows the production
and shipment at these mills increased over the preceding
month. The review adds:
THE CHRONICLE
MAR. 21 1925.)
.
Production of cloth was slightly less than that reported for January 1924,
although shipments of cloth exceeded January 1924 by 12.6%, and both
production and shipments of yarn exceeded January last year by approximately 19%. Orders booked during January, however, showed only a
fractional increase over December in the case of cloth, while orders for yarn
were smaller by 13.7% than in December. Unfilled orders for cloth and
supplies of cloth on hand at the end of January declined 12.8% and 10.8%
respectively, compared with December. Unfilled orders for yarn were
6.8% smaller than a month earlier, but stocks increased 5.8%. Cloth
mills had orders which would require their operation for nearly ten weeks
while.yarn mills had orders for nine weeks' operation.
Cloth.
Yarn.
Jan.'25 compared wtth Jan.'25 compared with
Dec. 1924. Jan. 1924. Dec. 1924. Jan. 1924.
Production
Shipments
Orders booked
UnMled orders
Stocks on hand
Number on payroll
+10.0
+12.0
+0.5
-12.8
-10.8
-2.7
-1.2
+12.6
+14.5
+9.6
-12.4
+5.7
+13.9
+13.7
-13.7
-6.8
+5.8
+10.0
+19.3
+19.4
-1.0
+40.2
+8.8
+7.2
Wool Consumption Slowly Increasing-Report for
January 1925.
The Department of Commerce, on Feb. 27, made public
the following statistics with regard to the consumption of
wool, by manufacturers in the United States during the
month of January, based on reports received from 561 manufacturers. This is exclusive of 23 who failed to report the
consumption of wool for this month. The total quantity of
wool entering into manufacture during January 1925, as
reported, was 44,541,159 pounds as compared with 44,266,297
pounds in December 1924, but 46,197,969 pounds for January 1924. The consumption shown for January 1925 included 36,379,394 pounds of wool reported as in the grease;
6,259,655 pounds of scoured wool; and 1,902,110 pounds of
pulled wool. Reduced to a grease equivalent these quantities would amount to 51,434,850 pounds. The grease equivalent for Jan. 1924, was 53,845,024 pounds and for Dec.
1924, 51,097,945 pounds.
The monthly consumption of wool (pounds) in grease
equivalent for manufacturers reporting for 1924 was as
follows: January, 53,845,024; February, 50,632,884; March,
47,630,291; April, 44,361,464; May, 36,507,484; June 30,
972,041; July, 33,777,635; August, 40,063,717; September,
45,637,549; October, 54,854,103; November, 48,380,315,
and for December, 51,097,945. For Jan. 1925, the grease
equivalent was 51,434,850 pounds. The report also gives the
following:
WOOL CONSUMPTION FOR JANUARY, FOR DECEMBER AND FOR
CALENDAR YEARS 1924 AND 1923.
(All quantities in pounds.)
Total for January
Class &Grade
1925.
Geographic Distribution of Consumption.
Of the total consumption of wool in Jan. 1925 (amounting to 44,541.159
pounds), 21,647,673 pounds, or 48.6%, were reported from the New
England States; 44.1% from the Middle Atlantic States; 1.1% from the
Pacific Coast States; and 6.2% from the other sections of the United States.
Imports of Tops and Noils.
The consumption of foreign tops and foils constitutes one element which
it has not been possible to include in the consumption reports since the manufacturers would be unable to distinguish between foreign and domestic tops
and noils. In the long run, though not necessarily month by month, this
element must be equal to the imports. The imports of wool and hair, advanced, including tops, for the current month were 81,937 pounds and for
the year, 1924, 453,075; foils for the current month were 673,068 and for
the year 1924, 11,707,730. The exports of tops and noils were negligible.
Detailed Statement.
The following tables show the quantities of wool consumed, classified
according to condition, grade, and class, with separate figures for foreign
and domestic wools. Comparative figures are also given for Jan. 1924;
Dec. 1924 and 1923, and totals for the months January to December,
inclusive.
CONSUMPTION OF WOOL BY GEOGRAPHIC SECTIONS.
Total
New England
Middle Atlantic
Pacific Coast
il•firar Fanminna
Total.
Grease.
Scoured.
Total for December 'Total Jan. to Dec., Ina.
I
1924.
1923. 1
1924
1923.
Combing a
Clothing a
24,212,77825,719,886 24,860.97921,366,374250,351,29: 301,830,537
7,555,857 8,500,112 7,387,924 6.922,523 86,546,586 99,383.953
Fine, total....10,619,409 9,690,73810,861,377 7,677.6421109,004,27 108,834,633
Combing:
Domestic 5,287,516 4,529.773 6,581.012 3,612,4371 56,949,376 35,564,859
.
Foreign
3,217,906 3,123,770 2.310.436 2,462,182 30,346,873 51.885,584
Clothing:
Domestic. 1,759,705 1,620,616 1,669,426 1,203.420 17,288,24 14,759,290
300,503 399,603 4,419,778 6,624.900
416,579
Foreign
354,282
34-blood, total_ 5,550,868 5,837.592 5,624,415 4,617,564 57.440.128 62,395,227
Combing:
Domestic 4,204,404 3,711,912 3,819,764 2,891,096 37,619,463 25,579.482
.
776,022
848,510 8,016.681 21,636.363
Foreign...
545,898 1,134.655
Clothing:
745,22' 10,207,461 12.321,407
822,998 918.558
Domestic. 713,326
87,240
168,027
110,071
132,729 1,596,523 2,857,975
Foreign_ _ _
34-blood,total. 6,164.624 7,235,680 6,249,933 5,743,123 68,437,568 88,496,348
Combing:
Domestic. 2,987,995 2,636,061 3.231,332 1,789,337 29.780.946 26,549,803
715,259 2,272,191
669,089 1,983.202 12,953,076 32,418,910
Foreign_
Clothing:
Domestic. 2,145,015 1,792,961 2,059,107 1,488.870 21,270,82' 21.798,077
534,467
290,405
481,714 4,432.717 7.729.758
336,355
Foreign_
34-blood,total. 7,011,592 9,296,026 7,187,240 8376,69. 77,955,14' 118,442,204
Combing:
Domestic. 2,723,290 3,093,420 3,224,706 3,114.810 34,190.148 33.701.587
Foreign_ 2.534,202 3,549,459 2.468,627 3,648,608 22,976.368 56,054,028
Clothing:
Domestic. 1.126,457 1,507.995 1,034,292 1,184.417 12,778,248 15,824,522
459.615 828.863 8,010,385 12,862.067
_
627,643 1,145,152
505.08 15,582.523 7.438.782
34-blood
723.115 1,598,023
Low Foreign_- b 1,651,210
Combing:
202,991
527,275
275,075 4,903,860 4.463.151
Domestic
. 334,437
6,109,12
671,801
Foreign_ .. _ 1,022,955
Clothing:
520,124
184,406
230,009 2,605,2
Domestic.
157.078
2.975.631
1,964,248
214.541
Foreign__
. 136,740
159,888 1,990.904
144,537
239.626
905,532
Common ,total. 198,807
50,951
797.175
414.588
Combing __ _
99,378
50.861
100.820
490,944
99,429
93,676
138,806
108.935 1.193,72
Clothing......
463,583
71,495
50,717
53,401
738.435
Braid, total c__
20,859
25,226
369.988
319.365
Combing ___
16,699
47,698
45.494
28.175
368.447
144,218
Clothing_
. . 4,160
23.797
5,223
Lincoln, total d
551,266 1,220,815
437,572
755.49
5,748,883 14.238,181
434,601
664,940 5,338.219 13.243.017
Combing ___
542.839 1.049,962
90,559
410.664
995,164
Clothing... _ _
8.427
170,853
2,971
Carpet,total cl. 12.772,52411.977,971 12.017.394 10.685,018 123,503.901149,663,548
Combing ___ 6,589,327 5,374,775 5,958.724 5,340,100 55,625.187 76,123,393
6,183,197 6,603,196 6.058.670 5,344,918 67,878.71 73,540,155
Filling
Total, reduced
to grease
51,434,85053.845,02451,097.94545,451,660 537,760,452841.607,252
equiv e
Domestic _ 26,205,57725.324.100 28.301.00420,820.665281,964.298249.919.652
25.229.373 28.520.924 22,796,941 24,630,995255.798.154391.687.600
Foreign
a Exclusive of carpel wools. b Figures previous to July 1923 include "Common"
and "Braid." c All domestic. d All foreign. e n computing the grease equivalent,
1 pound of scoured wool is considered equivalent to 2 pounds in the grease. and
1 pound of pulled, to 1 1-3 pounds in the grease.
CONSUMPTION OF GREASE, SCOURED AND PULLED WOOL FOR
JANUARY 1925 AND 1924.
(All quantities in pounds.)
Grease.
Domestic and Foreign Wool.
Of the total quantity of wool used by manufacturers during this month of
Jan. 1925,21,638,889 pounds, or 48.6%, was domestic wool; and 22,902.270
pounds, or 51.4%. was foreign wool. The carpet wool was all of foreign
origin. The United States produced 66.4% of the fine wool; 88.6% of the
blood; 82.9% of the 3i blood; 54.9% of the y blood and 29.8% of the
i
blood.
low
_
1924.
44,541,159 46,197,96944.266,29738,973,915 460.401,76. 550.878,038
Total
Domestic --- 21,638,88 i 20,654,883 23,540,221 16,747.987230,323,207 194,906,724
Foreign
2,902,27O 25.543,086 20,726.076 22,225,928 230,078,558355,971,314
Consumption by Grades.
Classified according to grade, the total for this month includes 10,619.409
pounds of fine wool, which may be compared with 10,861,377 pounds consumed in Dec. 1924. and 9.690,738 pounds consumed in Jan. 1924; 5.550.868 pounds of Yi blood as against 5,624,415 pounds in Dec. 1924, and
5.837,592 pounds in Jan. 1924; 6,164,624 pounds of 5i blood as against
6.249.033 pounds in the month preceding and 7,235,680 pounds in Jan.
1924; 7,011,592 pounds of si blood, as against 7,187.240 pounds in Dec.
1921, and 9.296.026 pounds in January, 1924; 2,422.142 pounds of low
blood, common, braid, and Lincoln as against 2,325,938 pounds in Dec.
1924, and 2.059,962 pounds in Jan. 1924; and 12.772,524 pounds of carpet
wool as against 12,011,391 pounds in the preceding month and 11,977,971
pounds in Jan. 1924.
Section.
1399
Grease
Pulled. equivalent.
44,541,159 36,379,394 6.259,635 1,902,110 51,434,850
21.647,673 17,290,962 3,428,380 928,331 25,385,497
19,632,040 17.381.886 1,487,462 762,692 21,373,733
208.973 274,992
505,002
21,037
787.006
2.756.444 1.497.573 1,068.821 190.050 3.888 615
Scoured.
Naas & Grade.
1925.
I
1924.
1925.
1
1924.
Pulled.
1925.
1924.
38,379,394 36,749,944 6,259.6551 6,746.570 1,902.110 2,701,455
rotal
Domestic _ ... 16.220.236 14,909,466 4,140,556, 4.131.117 1,278,097 1,614,300
20,159,158 21,840,478 2,119,099 2,615,453 624.013 1,087,155
Foreign
Dombing a . _ 22,687,617 23,996,521
_ _
999.983 849.384
Diothinga
1,813.8361 1,980,446 4,892,7181 5,521,391
525,178
840,303
873,981
998,275
Fine, total _ _ _ 9,136,550 8.323,464 1,235,330 1,119,674
.
Combing:
Domestic... 5,022,126 4,316,811
212,071
83,639
18.030
3,217,906 3,105,740
Foreign
Clothing:
800,401
825,922
768,965 678,260
Domestic _
74,991
254,294
339,745
Foreign
96,117
34-blood,total_ 4,783,264 4,744,794 561,856 688,543
Combing:
36.198
Domestic... 4,152,181 3,446,188
30.703
29,565
49,642
Foreign
496.256 1,100,615
Clothing:
515,354
418,837
150,384
Domestic...
124,637
107.426
62,674
Foreign
10,190
47,607
4-blood,total. 3,612,982 4,684,044 2,007,604 1,926,228
Combing:
110,207
120,033
Domestic... 2,581,978 2,299,941
45,907
20,416
694,843 2,224,493
Foreign
Clothing:
79.651 1,554,583 1,359,125
Domestic
334,201
401.163
322,398
79,959
1,960
Foreign
Si-blood,total_ 5,195,128 6,641,462 1,544,507 2.103,838
Combing:
171,846
175,209
2,458,423 2,743,754
Domestic 163.164
213,606
Foreign
2,338,752 3,249,229
Clothing:
629,250
358,611
458,988
850,805
.
Domestic -.
580,247
864,218
41,342
189,491
Foreign
483,259
440,950
222,230
Low Ya -blood_b 1,149.419
Combing:
250,11£
432.127
56.445
.58,590
Domestic...
854,424
151,866
Foreign
Clothing:
32,155
31,132
116,039
163,640
Domestic...
12,725
116,600
Foreign
73,852
65,801
69,485
90,355
Common,totalc
45.221
7,922
5,640
90,355
Combing ___
28.631
57,879
63,845
Clothing__
50,716
20,779
15,050
5,809
Braid, total...c
13,550
46,195
3,149
1,503
Combing ___
4,521
2,660
Clothing....
1,500
19,276
518,705
995,376
30,844
219,998
Lincoln,totaLd
986,207
22.552
61,464
518,705
Combing ___
9,169
8,292
158,534
Clothing....
366,954
375,795
Carpet, totaLd 11,877,941 10.772,977
76,773
28,800
__ 6,298,128 5,227,558
CdmiAng.
290,181
5.579,813 5.545.419
346,995
Filling
247,529
247,600
53,319
129.323
190,339
3,871
205,748
116,434
1,843
404,255
21.520
229,526
4,475
189,852
14,376
544,038
157,260
12,994
625.408
275.810
216,037
1.791
256,231
11.997
271,957
354,185
53.345
550.726
93,021
624,286
174,457
86,624
138,596
6.054
60,841
198,202
91,443
37,626
27.874
16,665
29,407
8,884
7.418
42,651
1.101
41,550
8,219
1.717
1,582
135
527,629
214,426
313,203
4,441
2,291
3.150
829,199
118,417
710,782
December total
36,399,682
6,314,068
Total, Jan. to
Dec.. Id...
367,676,304
69,675,298
1,200
1,200
1,552,451
23,050,063
a Exclusive of carpet wools. b Figures previous to July 1923 Include "Common"
and "Braid." c All domestic. d All foreign.
Census Bureau's Final Report on Cotton Ginning.
The Bureau of the Census of the Department of Commerce
at Washington issued on March 20 its final report on cotton
ginning (excluding linters). This report shows that for the
present season there were 13,618,751 500
-pound bales of lint
cotton ginned, as against 10,139,671 bales in 1923 and
9,762,069 bales in 1922. This compares with the final estimate made by the Department on Dec. 8 of 13,153,000 500pound bales. Taking linters into consideration, the aggregate production the present season will be 14,367,782 500pound bales. The computation as to linters is based on the
Department's estimate that linters are approximately 5.5%
of the lint crop. The total of 14,367,782 bales as the production of cotton lint the present season compares with
10,809,018 bales in 1923, 10,372,230 bales in 1922, and
8,354,012 bales in 1921. The report in full, showing the
production of lint cotton in both running bales and its equivalent of 500
-pound bales, is as follows:
DEPARTMENT OF COMMERCE,
Bureau of the Census.
Washington, March 20 1925.
Report on Cotton Ginning-Crops of 1924,1923 and 1922.
Activity of Machinery in Wool Manufactures During
the Month of January, 1925.
The Department of Commerce on March 3 issued its report on active and idle wool machinery for January, 1925,
based on reports received from 906 manufacturers operating
1,066 mills. This is exclusive of 12 which failed to report
for the month. Of the total number of looms wider than
50-inch reed space, 44,604, or 74.6%, were in operation for
some part of the month of January, 1925, and 15,186 were
idle throughout the month. The active machine-hours reported for wide looms for the month of January formed 76.3%
of the single-shift capacity; as compared with 77.8% for the
month of December 1924 and 72.8% for January 1924. Of
the total number of looms of 50-inch reed space or less covered by the reports for January 1925, 12,907, or 74.9%, were
in operation at some time during the month, and 4,332 were
idle throughout the month. The active machine-hours for
these looms represented 71.5% of the single-shift capacity,
as against 70% in the preceding month and 67.3% in January 1924. The number of carpet And rug looms reported for
January 1925 was 9,662, of which 7,743, or 80.1%, were in
operation for some part of the month, and 1,919 were idle
throughout the month. The active machine-hours reported
for these looms represented 78.3% of the single-shift capacity
of the looms, as compared with 76.2% in December 1924
4 824
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451.714.642
38,804.074
449,251,360
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1.657.233
458,970
1,592.452
496.463
1,526,719
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2.540,265
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4,916
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522,831
65,347
516.629
42,781
508.965
58,990
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442,079,632
141,560.095
426.538.977
123.614.942
402,469.971
150.671.479
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The statistics in this report for 1924 are subject to slight correction.
Included in the figures for 1924 are 18,838 bales which ginners estimated
would be turned out after the March canvass. Round bales included are
314,309 for 1924; 242,307 for 1923; and 172,182 for 1922. Included in the
above are 4,139 bales of American Egyptian for 1924; 22,426 for 1923; and
32,824 for 1922.
The average gross weight of bale for the crop, counting round as half
bales and excluding linters, is 499.6 pounds for 1924; 498.5 for 1923; and
501.7 for 1922. The number of ginneries operated for the crop of 1924 is
15,473, compared with 15.299 for 1923.
Consumption, Stocks, Imports and Exports-United States.
Cotton consumed during the month of February, 1925, amounted to
550,132 bales. Cotton on hand in consuming establishments on Feb. 28
was 1,546,210 bales, and in public storage and at compresses, 3.075,140
bales. The number of active consuming cotton spindles for the month
was 33,277,189. The total imports for the month of February, 1925, were
59,984 bales, and the exports of domestic cotton, including linters, were
811,838 bales.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of
linters, grown in 1923, as compiled from information secured through the
domestic and foreign staff of the Department of Commerce, is 18,969,000
bales of 478 pounds lint, while the consumption of cotton (exclusive of linters in the United States) for the year ending July 31 1924 was approximately 19,982.000 bales of 478 pounds lint. The total number of spinning
cotton spindles, both acthe and idle, is about 759,000,000.
i '1'1
'1
' ggr2
ZS
3,213
3.253
3,030
985.221
586,724
823,498
107,575
46,749
77,520
1,097,459
627.535 1,018,021
77,798
54.373
28,243
18,961
12.345
25,021
1,003,664
588,236
714,998
490,505
367,882
343,274
1,098,276
603,808
989.273
187,051
120,894
142,529
55,200
27,657
12,195
823,278 1.020,139
851,937
1,509,175
655,558
627,419
806,065
770,165
492,400
356,161
227,941
390.994
4,951,990 4,342,298 3,221,888
38,301
50,581
26,515
12,062
6,015
7.115
.NN
41,3911
43.060
42,546
599,140
819,870
985,276
44,132
77,704
109,918
643,643 1,010,520
1.086,288
28,473
55,313
79,913
27,428
13,628
19,752
612,812
735,874
1,030,092
345.407
373,812
496,239
985,787
1,116,611
622,617
139,881
190,827
124.676
28,333
12,383
55,815
879,294
858,017 1,053,402
665.904
637,003
1,504,651
793,817
517,464
837,268
235,344
355,929
385,860
4.851,878 4,212,248 3,125,758
39,717
51,982
27,011
12,417
6,319
7.161
Worsted.
Alabama..
Arizona
Arkansas
California
Florida
Georgia
Louisiana
MississipP1
Missouri
New Mexico
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other
2,611.601
1,945.314
666.287
2,624.223
1,975.330
648,893
2,562,856
1.878,751
684,105
.United States_ 13,630,608 10,170,694 9,729,306 13,618,751 10.139,671 9,762,069
"-M.°
op cq O
I
1922.
Woolen.
1923.
2,262.481
1,838.976
423,505
2,267,935
1,904,600
363.335
2,345,412
1.896,671
448,741
1924.
. '0r1, z
-: a
M .0 •••• c
I
1922.
SPINNING SPINDLES.
1923.
Carpet and
Rug.
1924.
0,0C:.
LOOMS.
Cotton Ginned (Exclusive of Linters).
Running Bales.
(Counting Round as Half Bales.) Equivalent 500-Pound Bales.
and 75% in January 1924. Further details are furnished as
follows:
Spinning Spindles.
Of the total number of woolen spindles reported in January 1925, 1,838,976, or 81.3%, were in operation for some part of thejmonth and 423,505
were idle throughout the month. The active woolen-spindle hours reported
for this month represented 87.8% of the single-shift capacity; as compared
with 92.1% in December 1924 and with 86.4% in January 1924.
The number of worsted spindles in operation during January 1925 was
1,945,314, or 74.5% of the total, and the number idle was 666,287. The
active worsted spindle hours were equal to 75.8% of the single-shift capacity.
In December 1924 the active worsted-spindle hours represented 75.5%tof
the capacity, and in January 1924 72.8%.
Cards and Combs.
Of the total number of sets of cards reported for January 1925, 5,786,
or 82.9%, were in operation at some time during the month, while 1,197
were idle throughout the month. The active machine-hours for cards were
equal to 92.1% of the single-shift capacity in January 1925, 92.3% In December 1924, and 87.1% in January 1924.
Of the combs reported for January 1925, 2,065, or 78.4%, were in operation fcr some part of the month and 568 were Idle during the month. The
active machine-hours for this month were equal to 88.9% of the single-shift
capacity, as compared with 92.4% in December 1924 and 89.6% in January
1924.
Detailed Report.
The accompanying table gives the total number of machines in operation
some time during the month of January 1925, the number idle for the whole
month, the number reported on single shift and on double shift, the active
and Idle machine or spindle hours, the percentages active and idle, and
comparative figures for December 1924 and January 1924.
WItter than 50-1 50
-Inch Reed
Inch Reed Space. Space or Less.
State.
[Vor.. 120.
TUE CHRONICLE
10,192,771
3,158.763
10,000,970
2,855,705
9,695,946
3.613,538
1400
ks
4i
It
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ele,..r4"g
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The Country's Foreign Trade in February-Imports
and Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on March 16 issued the statement of the
foreign trade of the United States for February and the eight
months ending with February. The value of merchandise
exported in February 1925 was $373,000,000, as compared
with $365,774,772 in February 1924. The imports of merchandise were $334,000,000 in February 1925, as against
$332,323,121 in February the previous year. This left a
trade balance in favor of the United States on the merchan-
MAR. 211925.]
disc movement of $39,000,000 for the month in 1925, as
compared with a favorable balance for the corresponding
month in 1924 of $33,451,651. Imports for the eight months
of 1924-25 have been $2,440,551,933, as against $2,332,275,396 for the corresponding eight months of 1923-24. The
merchandise exports for the eight months of 1924-25 have
been $3,320,832,974, against $2,982,880,852, giving a favorable trade balance of $880,281,041 in 1925, against $650,605,456 in 1924. Gold imports totaled $3,231,067 in February 1925, against $35,111,269 in the corresponding month
the previous year, and for the eight months they are $101,747,499, as against $271,030,381. Gold exports in February
1925 were very large, reaching no less than $50,578,058,
against only $505,135 in February 1924. For the eight
months of 1924-25 the exports of the metal foot up $181,897,240, against but $7,137,725 in the eight months of
1923-24. Silver imports for the eight months of 1924-25
have been $51,391,678, as against $59,301,335 in 1923-24,
and silver exports $76,524,234, against $64,293,603. Some
comments on the figures will be found in an earlier part of
this issue in our article on "The Financial Situation."
Following is the complete official report:
TOTAL VALUE OF IMPORTS AND EXPORTS OF THE UNITED STATES*
(Preliminary figures for 1925, corrected to March 13 1925.)
MERCHANDISE.
February.
8 Months Ending February
1924.
1925.
Imports
Exports
1924.
1925.
Increase(+).
Decrease (—).
$
334,000,000 332,323,121 2,440,551,933 2,332,275,396 +108,276,537
373,000,000 365,774,772 3,320,832,974 2.982,880,8.52 +337,952,122
Excess imports
Excess exports 39,000,000 33,451,651
880,281,041
650,605.456
IMPORTS AND EXPORTS OF MERCHANDISE, BY MONTHS.
1924-25.
Imports.
July
August....
September.
October -._
November.
December _
January....
February_
March.
April
May
June
$
278,593,546
254,542,143
287,144,334
810,751,608
296,147,998
333.192,059
346,180,245
334,000,000
1923-24.
1922-23.
$
287,433.769
275,437,993
253,645,380
308,290,809
291,333,346
288,304,766
295,506,212
332,323,121
320.482.113
324,290,966
302,987,791
274,000,688
$
251,771,881
281,376,403
298,493,403
276,103,979
291,804,826
293,788.573
329,253,664
303,406,933
397,928,382
364,252,544
372,544,578
320,233.799
1913-14.
1921-22.
$
178,159,154
194,768,751
179,292,165
188,007,629
210,948.036
237,495,505
217,185,396
215,743,282
256.177,796
217,023,142
252,817,254
260,460,898
$
139,061,770
137,651,553
171,084,843
132,949,302
148,236,536
184,025,571
154,742,923
148,044,776
182,555,304
173,762,114
164,281,515
157,529,450
8 mos. end.
February 2,440,551,933 2,332,275,396 2,325,999,662 1,621,599,918 1,215.707,274
12 mos.end.
3.554,036,954 3,780,958,965 2,608.079,008 1,893,92.5,657
June_
Exports.
July
August...-.
September.
October ___
November.
December.
January ___
February._
March
April
May
June
276,649,055
330,659,566
427,459,531
527,171,781
493,572,921
445,743,538
446,576,582
373,000,000
302,186.027
310.965,891
381,433,570
399,199,014
401,483,872
426,665,519
395,172,187
365,774,772
339,755.230
346,935.702
335,098,701
306,989,006
301,157,335
301.774,517
313,196.557
370,718.595
379,999,622
344,327,560
335,416,506
306.957,419
341,376,664
325,492,175
316,359,470
319,956,953
325.181,138 160,990,778
366,887,538 187,909,020
324,863,123 218,240,001
343,330,815 271,861,464
294.092,219 245,539,042
296,198,373 233,195,628
278,848,409 204,066,603
250,619.841 173,920,145
329,979,817 187.499,234
318,469,578 162.552,570
307,568.828 161,732,619
335,116,750 157,072,044
8 mos. end.
February 3,320,832,974 2,982,880,852 2,652,548,111 2,480,021,516 1,695,722,681
12 mos.end.
Inns
4 211 AS0401 2055 751 272 2 771 lAR 4209 gRA 270 1412
IMPORTS AND EXPORTS OF GOLD AND SILVER,BY MONTHS.
Gold.
1924-25.
Imports.
$
18,834,423
July
18,149,981
August
September. 6,656,155
October ___ 19.701,640
November
. 19,882,384
December _ 10,274,049
January ___ 5,037,800
February __ 3,231,067
March_
April
May
June
1923-24.
$
27,929,447
32,856,097
27,803.961
29,795,185
39.757,436
32,641,226
45,135,760
35,111,269
34,322,375
45,418,115
41,073,650
25,181.117
Silver.
1922-23.
$
42,988,727
19,092,208
24,464,235
20,866,156
18,308,087
26,439,677
32,820,163
8,382,736
15,951,357
9,188,470
46.156.195
19,433,539
1924-25.
1923-24.
$
$
7,127,613 10,066,463
7,041,630 6,465,949
7,082,962 8,517,971
5,828,572 6,929,211
6,481,416 5,269,173
5,863,892 8,172,301
7,338,559 5,979,758
4,627,034 7,900,409
6,220,934
3,907,745
5,639,582
4,870,389
1922-23.
$
6,957,298
4,943,762
6,370,279
3,940,349
5,855,405
7,847,570
5,824,637
3,792,387
4,626,376
4,261,869
4,461,146
6,065,947
8 mos. end.
February 101,747,499 271,030,381 193,359,989 51,391.678 59,301,335 45,531,687
12 mos.end.
417,025.638 284,089,550
79,939.985 64,947,025
June Exports.
827,178
July
August..-. 2,397,457
September. 4.579,501
October — 4,125,268
November. 6,889,182
December. 89,674,653
73,525,943
January
February __ 50,578,058
March ____
April
May
June
8 race. end. 181,897,240
February
12 mos.end.
1401
THE CHRONICLE
643,714 9,190,362 6,233,163 6,268,953
522,826
955,853 8,632,067 7,032,221 3,861,180
2,200,961
862,897 1,398,607 10,345,205 8,123,460 3,735,178
1,307,080 17,591,595 9,465,023 7,522,845 3,268,731
746,794 3,431,065 9,401,406 8,775,474 6,599,171
711,529 2,709,591 11,279.630 9,521,083 6,913,200
280,723 8,472,198 11,384,799 8,208,644 6,921,002
505,135 1,399,089 6,825,742 8,876,713 2,191,055
817,374 10,392,100
8,355,278 4,731,705
1,390,587
655,235
7,801.689 4,836,338
824,444
593,290
9,688,517 3,499,358
268,015
548,484
8,648,499 3,581,081
7.137,725 36,601,712 76,524,234 64,293.603 39,758,479
lA
9na 941 49 n21.975
98.785 521S 55006 ORM
GOLD AND SILVER.
February.
1925.
Gold.
Imports
Exports
1924.
8 Months End. February
1925.
1924.
Increase (-1-1.
Decrease (—).
3,231.067 35,111,269 101,747,499 271,030,381 —169.282,882
505,135 181,897,240 7,137,725 +174,759,515
50,578,058
34,606,134
263,892,6E4
Excess of imports.
80,149,741
Excess of exports _ 47,346,991
Slicer.
Imports
Exports
4,627,034 7,900,409 51,391,678 59,301,335 --7,909,857
6,825,742 8,876.713 76.524,234 64,293,603 +12,230,631
Excess of imports.
Excess of exports _ 2,198,708
976,304 25,132,556
4.992.268
Current Business in Coal Markets Continues Slow—
Prices Practically Unchanged.
is more of a feeling of optimism in most of the coal
There
consuming markets as the beginning of the new coal year
approaches and factors in general consider that, though
business at the present moment is very slow, trade for the
coming year will be good, and the lake season, which will
open up very shortly, will be the best for some years past
declares the "Coal Trade Journal" this week. Of course,
wholesalers and dealers are marking time just now, waiting
for announcements of price changes and indications of
which way the mind will blow, but conditions may be said
to be on the bright side, says this authority in its weekly
market review from which we a'so quote as follows:
Head of Lakes dock operators at Superior-Duluth are marking time just
now but are optimistic on account of the recent ruling of the Interstate
Commerce Commission regarding freight rates from the eastern bituminous
fields to the Twin Cities and other points in southern Minnesota. Prices
are unchanged along the line except screenings, which are off 25 cents.
At Toronto, Canada, buying is on a hand-to-mouth basis. There is less
demurrage coal on account of the recent short cold snap. Coke prices are a
little easier, but those of coal are unchanged. Montreal reports that the
trade is quiet and that supplies are equal to demand, with prices stationary.
In New England, and Boston in particular, smokeless is in a better position than for some time past. The market is fairly free of distress tonnage
and general business conditions are brighter. Slack has firmed noticeably
and all-rail bituminous shows more inquiry. Business in anthracite is
practically over for the current year. In Providence conditions and prices
are unchanged. The New York trade is at a standstill in anthracite and
activity in bituminous is lacking. However,in spite of the present dulness.
wholesalers report that their retailers are promising them good orders after
April 1, or, at least, after the expected drop in price. Demand for all
domestic sizes of anthracite in Philadelphia has fallen off but steam sizes
are holding up nicely. There is very little snap to the bituminous trade
and stocks are ample for all requirements. The Baltimore soft coal market
has failed to respond to the reported upward trend of general business. The
hard coal trade is very inactive and full ofrumors of price changes and strikes
to come. Movement over the piers at Hampton Roads showed a further
decline with no change in price.
The soft coal trade in Buffalo is still down, most of the buying being in
the open market which can supply all present needs at below circular.
Steam coal prices are unchanged except slack, which is lower. The coke
market is easy with prices unchanged. Anthracite is engaged in watchful
waiting. In Detroit the general market conditions have improved slightly
on account of their being no distress tonnage on hand, but buyers' interest
has diminished. Slack Is the only firm item.
In most of the producing fields, the output has been curtailed but is still
In excess of the daily requirements. The Ohio coal trade is dull and buying
at Cleveland is limited to persent needs, as dealers are engaged in cleaning up
their stocks. Prices at retail are irregular and weak and contracting is slow.
In Kentucky the market is slow and supply more than can be absorbed
despite great reduction in production. There is much unbilled coal on track
at the mines. There are reports of moderately improved buying in the
Pittsburgh district and increased inquiry, particularly from industrials.
Demand for domestic and gas coals is quiet.. Comtellsville coke prices are
lower in anticipation of a reduction in wages. Around Altoona production is
decreasing and operators are unwilling to enter into contracts until some
wage settlement has been made. Market Conditions are poor in the Fairmont section and prices and demand are weak. Production is unchanged.
There are no changes reported in the market situation in southern West Virginia. There is a general dulness and depressed prices still prevail. Production. though still reduced, is ahead of consumption. There has been
a slight increase in production in the Upper Potomac region in spite of the
lack of spot demand in the East. Prices are unchanged. In Virginia the
production has been curtailed on account of the reduction in demand.
which keeps the prices at a low level.
The "Coal Age" presents a different view of the situation.
The recent tendency toward weakness in the bituminous coal
market seems to be increasing, declares the "Age" on Mar.
19. "As mine after mine closes down in Illinois, Orient No. 1
having joined the idle ones, the miners wonder which will
be the next to quit. Domestic grades are weaker than ever,
with prices falling further, the slight stiffness in steam coals
being insufficient to make up for the general softness in other
sizes," asserts the the "Age," adding:
Lack of market and low prices are causing a steady curtailment of production by Kentucky mines and general gloom prevails,Some reports having
that business is slower than at any other time in the history of the field.
it
Many of the operations in West Virginia are marking time, as prices are
low and demand for both high—and low-volatile coal at a lower ebb than at
any time during the last year.
Milder weather has caused a falling off in activity at the head of the
lakes, but the dock interests expect to clean up the 637,000 tons remaining
before navigation opens, late in April or early in May. Incidentally the
docklmen are cheered by the advance in railratesfrom West Virginia,eastern
Kentucky and Illinois, which goes into effect Mar. 23. Domestic demand
Is light at Milwaukee, but a steady call from industrial consumers is cleaning up the docks. Mild weather in Colorado, Utah and the Southwest hag
1402
THE CHRONICLE
curtailed demand to such an extent that running time has been reduced
and prices have weakened except on screenings, which have tightened as the
output of domestic sizes has been reduced.
Warm weather and unstable market conditions have put the coal trade
In Cincinnati up in the air to an extent unparalleled in the last decade.
Buyers have developed the bargaining habit so keenly that producers
complain that prices are below production cost. All lines are dull in the
Columbus, Cleveland and Buffalo markets. In the absence of any real
open-market demand at Pittsburgh prices have taken another tumble and
running time has receded to around 35%•
Trade in New England continues at a disappointing level, demand being
anything but stable and prices far from firm. In some respects the outlook
is as discouraging as at any time since September. Interest is almost
totally lacking in the trade at New York, Philadelphia and Baltimore.
Commercial and industrial demand for steam coal is still fairly good at
Birmingham, but the domestic trade is stagnant.
With the opening of the lake trade still more than a month off one of the
.chief points of interest is the placement of railway fuel orders. While some
'have placed contracts a number show a disposition to await the result of the
operators' conference at Cleveland.
Continued mild weather has shot to pieces what little business there was
In hard coal. Interest now centers chiefly in the probable action of the
companies on prices beginning Apr. 1. A decision is momentarily expected
also on the proposal to change certain sizes and to eliminate some. All
sizes are moving slowly and independent prices are weak.
The "Coal Age" index of spot prices of bituminous coal on Mar. 16 stood
at 165. the corresponding price of which is $1.99, compared with 167 and
$2.02 the week before.
Dumpings of coal for all accounts at Hampton Roads in the week ended
Mar. 12 totaled 387.348 net tons, compared with 403,712 tons in the previous week.
[Vol.. 120.
Estimated United Slates Production of Bituminous Coal (Net Tons)
(Including Coal Coked).
1923-1924a—
1924-1925-----Coal Year
Coal Year
to Date.b
Week.
Week.
to Date.
Feb. 21
9.464,000 424,448,000 10,697,000 508,168,000
Daily average
1,8.56,000
1.832,000
1.546,000
11,577,000
Feb.28-c
8,855,000 433,302,000 11,061.000 519,229,000
Daily average
1.856,000
1.844.000
1.545.000
1.501.000
March 7_d
9,394.000 442.696,000 9.944,000 529,173,000
tlally average
1,801,050
1,545.000
1,658M00
1,566,000
a Original estimates corrected for usual error, which in pa.st has averaged
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.
ANTHRACITE.
The production of anthracite remained practically unchanged in the first
week of March. Reports to the American Railway Association show that
31.644 cars were loaded, from which it is estimated that the total output
was approximately 1,655,000 net tons, an increase of 50,000 tons. The
present weekly rate of output_is about 12% lower than that prevailing
a.year ago.
Estimated United States Production of Anthracite (Net Tons).
1924-1925—
1923 1924
Coal Year
Coal Year
to Date.
Week.
to Date.a
Week Ended—
Week.
Feb. 21
79.545.001) 1.655,000 81,863,000
1,838,000
Feb. 28
1,605,000 81,150,000
1.866,000 83,729,000
Mar. 7_b
1.882.000 85,611,000
1,655,000 82,805.000
a Minus one day's production in first week of April to equalize number
of days covered in the two years. b Subject to revision.
Production of Bituminous Coal and Anthracite Gains
a Trifle—Coke Declines.
The weekly report on the production of bituminous coal,
anthracite and coke issued through the United States Geological Survey shows a slight upturn in the output of bituminous coal and anthracite, but a continued decline in that
of coke. The Survey's summary follows:
BEEHIVET,COICE.
For four successive weeks the production of beehivecoke has declined.
The total output in the week ended March 7 is now estimated at 244,000
net tons, a decrease of 10,000 tons. The principal loss occurred in Pennsylvania and Ohio. This period of steady curtailment has brought the
weekly rate of output to a level 12% below that of the first week of February and 25% below that of the corresponding week last year. According
to the Cozinellsvllle "Courier," 673 additional ovens were blown out in
the Connellsville region and production dropped to 18.8.620 tons.
The decline in production of soft coal that has been in progress for the last
seven weeks was halted, at least temporarily, in the first week of March.
Preliminary estimates place the total output at 9.394,000 net tons, an
increase over the preceding holiday week of 539.000 tons, or 6%. As only
epart of the loss in that week was due to the observance of the holiday,
the increase in the present week indicates some improvement of the market.
Compared with the week ended Feb. 21 there was a decrease of 70,000 tons.
Preliminary telegraphic reports on loadings on Monday and Tuesday of
the present week (March 9-14) were slightly less than the total for the
corresponding days last week. Continuation of the upward trend in production is therefore dependent upon developments during the remainder
of the week.
Feb. 2-7. Feb. 9-14. Feb.16-21. Feb.23-28. Mar. 2-7. Mar.9-14
29,496
28.112
25,500
30,031
33.412
Monday _ _ —35,196
28,152
29.774
28.338
30.508
31,369
Tuesday ----33,738
28.150
26.790
29,857
29.522
Wednesday_ _34,473
29.090
26,502
28,198
27,283
Thursday ___33,478
28,817
26,920
28.360
28,850
32,084
Friday
19.451
19,207
18,555
20,033
Paturday---44,454
Estimated Production:of Beehive Coke (Net,Tons).
Week Ended
1925
1924
Mar. 7 Feb. 28 Mar. 8
to
Date.a
1925.b 1925.c 1924. "Date.
188,000 199,000 269.000 1,944,000 2,143,000
Pennsylvania and Ohio
14,000 15,000 18.000 127.000 149,000
West Virginia
Ala., Ky., Tenn. & Georgia- 23.000 21.000 20.000 219,000 194,000
10,000 11,000 10,000
95,000
88.000
Virginia
5,000
4.000
41,000
51,000
Colorado and New Mexico-- 5,000
4.000 4,000 4.000
43.000
40,000
Washington and Utah
1
L
Cumulative production of beehive coke during 1925 to March 7 stood at
2.469,000 net tons. Figures for similar periods in earlier years are as follows:
3.639,000 net tons
2,225,000 net tons 1923
1921
2,665,000 net tons
1,323,000 net tons 1924
1922
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on March 18, made public by the Federal
Reserve Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows decreases of $70,900,000 in holdings of discounted bills and of $26,600,000 in
acceptances purchased in open market and and increase of
$39,900,000 in holdings of Government securities. Total
earning assets went down $57,200,000, total deposits $44,500,000, and Federal Reserve note circulation $10,300,000,
while cash reserves show a nominal reduction of $100,000 for
the week. After noting these facts, the Federal Reserve
Board proceeds as follows:
$86.100,000 in holdings
The New York Reserve Bank reports a decline of
of 17.200.000. Richof discounted bills, while St. Louis shows an increase
$2,200,000.
mond an increase of $4.900,000, and Atlanta an increase of
of $3,100,000 and
Of the remaining hanks, five report a total increase
three a redyction of $2.300.000.
York Reserve
In addition to the decline in discount holdings, the New
purchased
Bank shows a reduction of $22,400,000 in holdings of acceptances
relatively small changes in
in open market. The remaining banks show
of United States
acceptance holdings for the week. The system's holdings
holdings at the end of the
certificates of indebtedness went up 599,800,000,
certificates issued by the
week including $100,500.000 of special one-day
Chicago Reserve banks
Treasurt to the New York. Philadelphia and
15. Holdings of
pending the collection of income taxes due on March
while those of
United States Treasury notes went down $61,200,000,
United States bonds went up $1,300,000.
during the week
The principal changes in Federal Reserve note circulation
$2,700.000
comprise declines of $5,700,000 reported by the Cleveland bank,
increase of
by Philadelphia and $2.300,000 by Chicago. together with an
$3.200,000 shown for the New York bank.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages—namely, pages 1428 and 1429.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
March 18 1925 follows:
244,000 254,000 326,000 2,469,000 2,665.000
United States total
47,000
43.000
41,000 42,000 54.000
Daily average
a Adjusted to make comparable the number of days covered in both years.
last report.
b Subject to revision. c Revised from
Increase (+) or Decrease (—
During
Year.
Week.
•
—$100,000 —$222,600,000
Total reserves
—900.000 —258,000,000
Gold reserves
—57,200.000 +134,700.000
Total earning assets
—91,800.000
—70.900.000
Bills discounted, total
by U.S. Government obligations —65,000,000 1 +14.800,000
Secured
—5.900.000 —106.600,000
Other bills discounted
—24,600.000
+82.500,000
Bills bought in open market
+39.900.000 +131,600.000
U. S. Government securities.total
• +1,300.000
+61,000,000
Bonds
—61,200.000
+47.600.000
Treasury notes
+99.800,000
+23.000,000
Certificates of indebtedness
—10,300,000 —269.500.000
Reserve notes in circulation
Federal
—44.500,000 +198.900,000
Total deposits
—25,800.000 +194.500.000
Members' reserve deposits
—20.200.000
—2,700,000
Government deposits
+7,100.000
+1,500,000
Other deposits
The Week with the Member Banks of thelFederal
Reserve System.
Increases of $40,000,000 in loans and investments, of
$40,000,000 in reserve balances and of $134,000,000 in net
demand deposits are shown in the Federal Reserve Board's
weekly consolidated.statement of condition on March 11 of
738 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. Total loans
and discounts show an increase of $2,000,000, reductions of
$12,000,000 in loans on United States Government securities
and of $8,000,000 in loans on corporate securities, being more
than offset by an increase of $22,000,000 in "All other,"
largely commercial, loans and discounts. Holdings of
Treasury certificates and of corporate securities went up
$28,000,000 and $12,000,000, respectively, while holdings of
Treasury notes were reduced by $2,000,000. Further comment regarding the changes shown by these member banks is
as follows:
MAR. 21 1925.]
THE CHRONICLE
Member banks in New York City report'decreases of 86,000,000ln loans
on United States Government securities and of $50,000,000 in loans on
corporate securities. Their holdings of United States securities were increased by $20,000,000, and their holdings of corporate.securities bv
$16,000,000.
Of the increase of $134,000.000 in net demand deposits $31,000.000 was in
the Chicago district, *29.000.000 in the New York district, *22,000.000 in
the San Francisco district, and $10.000,000 and $9.000,000. respectively, in
the Boston and Philadelphia districts. Time deposits went up $9.000.000,
an increase of $22,000,000 in the New York district and of $5.000.000 in
the Chicago district being partly offset by a decline of $13,000,000 in the
San Francisco district.
Reserve balances of all reporting banks were increased by $40,000,000 and
cash in vault by $8.000.000. The New York City members report increases
of $34.000,000 in reserve balances and of $2,000,000 in cash.
Borrowings of all reporting institutions from the Federal Reserve banks
were increased by $14,000,000 and like borrowings of the New York City
banks by $15,000,000.
On a subsequent page—that is, on page 1429—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 priricipal items
as compared with a week ago and with last year:
Increase (+) or Decrease (—
During
Week.
Year.
Loans and discounts, total
+$2.000.000 +$1.248,000,000
Secured by U.S. Government obligations —12.000.000
—13,000.000
Secured by stocks and bonds
—83)00.000
+934.000,000
All other
+22.000,000
+327.000.000
Investments, total
+38,000,000
+902.000.000
U. S. bonds
+555.000.000
U. S. Treasury notes
—2,000.000
—265,000,000
U. S. Treasury certificates
+28,000.000
+11.000.000
Other bonds, stocks and securities
+12,000,000
+601.000.000
Reserve balances with Federal Res've banks +40.000,000
+221,000,000
Cash in vault
+8.000,000
+11.000,000
Net demand deposits
+134,000,000 +1,710.000.000
Time deposits
+9.000,000
+763.000.000
Government deposits
—12.000,000
Total accommodation at Fed'I Res've banks +14.000.000
+10,000,000
1403
Bankers say the new order will restrict the gold export movemenefor/
a
while as consignments will now have to be sent entirely as freight, which!ls
more expensive and has the eftoct of requiring exchange to go higher in
order to make shipments profitable.
There are some countries, however,to which gold continued to be shipped
as freight, Australia being one of them, and it is possible the movement in
that direction will be resumed.
Sao Paulo Loan of $15,000,000 Arranged Here—Brazilian
State, for First Time, Contracts for Dollar
Borrowing Exclusively with New York
Bankers.
The following is from the New York "Herald-Tribune"
of March 19:
For the first time in the history of its foreign financial relations, the
State of Sao Paulo has conducted and completed negotiations exclusively
with New York bankers for a dollar loan. It was learned yesterday that
the Brazilian State officials have signed a contract to sell to Speyer & Co.
*15.000.000 8% bonds. This information first came in a dispatch from
Brazil and was confirmed here. The bankers said that a public offering
of the issue is not imminent for the reason that there are several details
to be ironed out before subscriptions can be invited.
It has been known for some time that the State of Sao Paulo was in
the market for a loan. Three weeks ago the name of J. Henry Shroder
& Co.. a London banking house, was linked with that of Speyer & Co. in
a report to the effect that Sao Paulo was negotiating for a loan ef $30,000.000. The British bankers admitted that these negotaitions were on,
but it was later rumored that conversations had ended without tangible
results. Just four years ago the Shroder firm played a prominent role
in a three-part international loan for Sao Paulo, selling C62,000.000 lef
-year 8% bonds, while American bankers were selling $10.000.000?of
15
the same issue here and Dutch bankers were selling 18,000,000 florins
In their home markets. In the present instance, the firm of Speyer?*
Co. succeeded in controlling a piece of financing aggregating *15.000,000
In which foreign bankers will not participate except probably under the
same terms as any other banking house subscribing for bonds for redistribution.
Like the loan of four years ago,the present one will be specifically secured
by revenues. The new issue will be a first charge on taxes deriveefrom
the transfer of realty and from inheritances, which constitute two of the
oldest sources of revenue in the State of Brazil. The bankers estimate
that these taxes will yield annually revenue several times the amount
required to meet the debt service of the loan.
League of Nations Settles Terms for $7,500,000 Loan
to Danzig.
Geneva Associated Press advices March 15 state:
Offering of $10,000,000 Republic of Finland Bonds.
The League of Nations will engage in another work of financial reconstruction by fosteringa loan of *7.500,000 for the Free City of Danzig,
An issue of $10,000,000 Republic of Finland 7% external
the money to be used in furthering the city's general economic development. loan sinking fund gold bonds was offered on Mar. 19 by a
The loan will be known as the Municipality of Danzig 7% mortgage
loan. It is being negotiated under the auspices of the League of Nations group of bankers at 94 and interest to yield over 7.50%. The
with London banks.
subscription books were closed at 12 o'clock on the day of the
The flotation of the loan is in line with the League's determination to offering, the bonds, it is announced, having been overhelp practically in the financial rehabilitation of Europe whenever possible.
It follows the recent report of the financial committee that general financial subscribed. The bonds will be dated Mar. 2, 1925, and will
conditions in Europe are steadily improving.
become due Mar. 1 1950. They will be redeemable in whole
or in part, at the option of the Government, on any interest
Gold Shipments Through Mail Restricted to Amounts date after September 1 1929, at 100, and also redeemable at a
• like price through the operation of the Sinking Fund on any
Not in Excess of $50.
An embargo on shipments of gold coin, gold bullion and interest date after Mar. 11930. The proceeds of the present
gold dust by letter or parcel post, except in quantities not loan it is announced,"will be utilized for productive capital exexceeding $50 in value, was ordered byPostmaster-General penditures—the completion of the Imatra hydroelectric
New on March 16. The order, it is stated, grows out of power project, under construction since 1922, the carrying
the fact that the handling by mail of the increasing outgo forward of the scheme of small farm proprietorship under the
of American gold to foreign countries had become burden- Leasehold Redemption Act of October 15, 1918,and,finally,
some to the postal department. The press dispatches from a broadening of the present facilities for the extension of
credit to agriculture in general, primarily to farmers with
Washington on March 16 regarding the order stated:
It was explained that the order was necessary because of difficulties small holdings. The bonds will be in coupon form in deencountered in handling large quantities of gold on steamships in distant nominations of $1,000 and $500, registerable as to principal
seas and in transshipment at seaports outside the jurisdiction of the United
States Government. A recent shipment to India was returned from a only. Principal and interest Mar. 1 and Sept. 1 will be
French port because a British steamship line there refused to handle it payable in New York City in United States gold coin of the
as mail.
present standard of weight and fineness at The National
The steamship companies have special methods for handling gold shipments and receive much larger fees for such service than in handling the City Bank of New York, Fiscal Agent, without deduction
for any present or future Finnish taxes, in tim3 of war as
gold as mail.
While the effect of the order, according to the New York well as in time of peace, irrespective of the nationality of
"Times" of March 18, is not considered important from the the holders. Advices regarding the bonds state:
The bonds of this loan, authorized by a resolution of the Parliament of
standpoint of holding up or diverting shipments that have
Finland, dated Mar.
been made by parcel post, the "Wall Street Journal" of Finland, which agrees10 1925, are the direct obligations of the Republic of
that if, in the furure, it shall sell, offer for public sub-'
March 17 in its comments in the matter said:
scription or in any manner dispose of any bonds, or contract or create
A considerable advantage certain New York banks enjoyed during the
recent gold export movement has been removed. The Post Office has now
prohibited the shipment of gold by registered mall or parcel post. This
method,being considerably cheaper than sending gold as freight,contributed
In large measure to the heavy outward flow during December, January
and February with exchange rates that would otherwise be too low to
warrant the transactions. Much of the gold shipments to India were sent
in this way; also to certain European countries where international postal
regulations provided. The saving in a shipment of *1.000.000 through the
medium of the Post Office was said to be from $2,000 to *4.000. The only
physical drawback to this method was that only small 50
-ounce bars could
be used and each bar had to be wrapped separately.
The same paper (March 17) stated:
Order issued by the Post Office Department prohibiting further shipments of gold coin or bullion by letter or parcel post raised the question
among bankers recently engaged in the export movement as to the legality
of restricting parcel post shipments,since gold was regarded as merchandise
and as such came within the parcel post provisions, subject to weight
limitation.
However, the Post Office declares its gold prohibition order to be entirely
legal and in conformity with rules and regulations of the universal postal
convention of Madrid in 1920, which remains in effect until Oct.I and also
with all parcel post conventions and agreements of the United States in
the varleus countries.
any loan (internal or external), secured by lien or charge on any revenue
or asset of the Republic, other than purchase-money mortgages, the Bonds
of this loan shall be secured equally and ratably therewith.
We also quote from the official circular the following:
The completion of the Imatra plant will effect substantial economies in
fuel expense, promote trade and assist in the more rapid development of
manufactures of all kinds,and will constitute the first great step looking
toward the eventual complete reliance of the country upon hydroelectric
energy for all its power and light and for the use of transportation, industry
and the home.
Finland's outstanding achievement in recent years. not only as regards
agriculture, but from the standpoint of increased national solidarity, political, social and economic, has been the successful movement for widespread
proprietorship in small farms inaugurated by the Leasehold Redemption
Act of October 15 1918. Under the terms of this law every tenant has the
opportunity of becoming the owner of his leasehold, the purchase price
being paid to the owner in bonds. Tenants pay the Government by means
of annual instalments of interest and amortization, and have taken advantage of the opportunity for ownersIip in large numbers.
This scheme in no way savors of confiscation, the price paid the owner
being arrived at upon an equitable basis. In fact the program has encountered practically no opposition from large landowners who in many
cases have made voluntary agreements with tenants. By the end of 1923
therelwere 230.000 small farms thus owned and it is expected that by the
[VoL. 120.
THE CHRONICLE
end of1925 the number will have reached 300.000. The favorable effects are
noticeable in the cultivation of additional acreage, new farm buildings and a
general ambition to anticipate redemption, and there is everywhere manifest
a strensthening of co-operative activity and an increased conservatism
toward social and political questions.
In aeldition, the Government has for years a ivted in enlarging the supply
of agricultural credit in general by loaning funds at low rates of interest,
largely through a well-developed system of co-operative credit banks which
make loans in their various localities upon approved security.
Credit. Debt and Assets
Finland's prewar debt, entirely external and incurred almost exclusively
for railroad construction, was one of the lowest per capita debts in the
world (about $11 in 1913). The total debt as of Jan. 31 1925, taken at respective mint parities,* was $106,256,357 (a per capita of $30.93) or
$97,105,106, taken at present rates. In addition certain loans guaranteed
by the Government amount to $24,132,690. Finland was the second nation
in Europe to complete the funding of its indebtedness to the United States
Government, and received substantially the same terms as Great Britian.
• A unique feature of Finland's financial situation is the absence of any
floating debt. This is in accordance with a policy of the Finish Government
pursued for many years before the war and resumed as soon as a return to
normal conditions permitted. Thus the floating debt of Finmarks 725,454,362, outstanding Dec. 31 1920 (except for the indebtedness to the United
States Government, subsequently funded) had been entirely liquidated
from current revenues by Dec. 1923, since which time the Government has
had at its disposal very substantial cash balances.
As an offset to its funded debt, the Government owns property, largely
revenue-producing, valued, according to a very conservative estimate, at
$450,000,000. Of the land owned by the Government, amounting to approximately 63,000.000 acres, 24,500,000 acres are timber land and constitutes 39% of the forested area of the country. The Government also owns
2,629 miles of railroad out of a total mileage of 2.813. or 93.5%. Up to 1916
the construction of these railroads had been financed through borrowed
capital to the extent of only 40%. the balance being drawn almost wholly
from current revenues. It has been the policy of the Government to impose
only the rates necessary to cover charges on borrowed capital so that the industries of the country may have the advantage oflow transportation costs.
The present national wealth of Finland, including both public and private
property,is conservatively estimated at $3,000,000,000 or 28 times the present national debt.
Revenues and Expenditures
Actual revenues for 1924, according to latest available estimates, wil
exceed budget estimates by more than $6.000.000 (an excess of 83.i %),
and will be ample to cover all expenditures, including those for capital purposes. The Government has issued no loans during the past year. On Jan.
1 1924, the Treasury held a balance of $27,483,691, which, we understand,
it has not been necessary to draw upon during the year. While the carrying of such a relatively large balance is unusual, it is characteristic of the
conservative policy of the Treasury, which regards this surplus as a reserve.
It is deposited for the most part with leading banks, and serves a useful
purpose in enlarging the general supply of credit throughout the country.
Actual returns for 1923show ordinary revenues of$76,564,521,an increase
over the budget estimates of $15,365,038 (25%). These revenues compare
with actual ordinary expenditures for the year of $56,413,614,thus showing
a surplus of $20,150,907. or 35.7%. In addition there were other expenditures totalling $31,022,556, most of which were for productive capital
purposes, such as railroad extensions, water-power developments, harbor
Improvements, telephone extensions, etc.
*Except Finmarks.
For the year 1922 ordinary revenues, amounting to $66,727,621, exceeded
ordinary expenditures by $14,822,504(28M %). In fact, total expenditures,
Including over $3,000.000 for capital purposes, were exceeded by actual
ordinary revenues to the extent of $2,947,755.
Total debt-service, including interest and amortization, for the five-year
period 1919-1923 averaged 10.75%, annually, of ordinary revenues, and
7.15% for the year 1923. On the basis of the latest estimates available for
the year 1924, this ratio will probably not be in excess of 7.47%. A substantial part of the total ordinary revenues are derived from direct taxation, 15.77% in 1923.
Application will be made to list the bonds on the New York
Stock Exchange. They were offered if, as and when issued
and received, subject to approval of counsel. Delivery in
temporary form is expected about Apr. 1. The banking
houses offering the bonds were The National City Company,
Lee, Higginson & Co., Guaranty Company of New York,
Brown Brothers & Co., The New York Trust Company and
the Continental and Commercial Trust and Savings Bank.
Offering of Bonds of Pacific Coast Joint Stock
Land Bank.
An issue of $1,000,000 5% bonds of the Pacific Coast
Joint Stock Land Bank was offered on Mar. 9 by Halsey,
Stuart & Co., Inc., at 103 and interest, to yield about 4%%
to the optional date and 5% thereafter. A portion of the
bonds remaining undisposed of ($400,000) was offered by
the same banking house on March 12. The bonds are issued
under the Federal Farm Loan Act and are exempt from Federal, State, municipal and local taxation. They are dated
Jan. 1 1925, due Jan. 1 1955, and will be redeemable at par
and accrued interest on any interest date after ten years
from date of issue. They are coupon bonds, fully registerable and interchangeable, and are in denomination of $1,000.
Principal and semi-annual interest (Jan. 1 and July 1) will
be payable in San Francisco, Los Angeles, Salt Lake City,
New York or Chicago. The bonds are acceptable as security
for postal savings and other deposits of Government funds.
The Pacific Coast Joint Stock Land Bank of San Francisco
was organized in 1922 and is restricted by its charter to loans
in California and Nevada. Its officers and directors are
for the most part officers of the following Pacific Coast banks
and trust companies, and the bank is controlled by the stock-
holders of these banks and trust companies, which have combined resources of more than $500,000:
_ Mercantile Trust Company of California, San Francisco.
Security Trust & Savings Bank, Los Angeles.
The First National Bank, Los Angeles
Pacific
-Southwest Trust & Savings Bank, Los Angeles
The First National Bank, Portland
Walker Brothers, Bankers, Salt Lake City
The National Copper Bank, Salt Lake City
The Utah State National Bank, Salt Lake City
Deseret National Bank, Salt Lake City.
The following is the statement of the Pacific Coast Joint
Stock Land Bank of San Francisco as officially reported
Feb. 28 1925:
Acres of real estate security loaned upon
Total amount loaned
Appraised value ofreal estate security
Average appraised value per acre
Average amount loaned per acre
Percentage of loans to appraised value of security
132,277.00
$5,154,600 00
10,678,728 00
93 02
38 89
41.08%
Offering of Capital Stock of Virginian Joint Stock Land
Bank—Proposed Merger of Virginian and Dayton-Agricultural Joint Stock Land Banks.
Harris, Ayres & Co. and C. G. Taylor & Co. of this city
on March 17 offered 56,570 shares of capital stock of the Virginian Joint Stock Land Bank at $7 50 per share, and accrued dividends, to yield 6.67%. The stock has a par value
of $5 00. Dividends are payable Jan. 1 and July f. It is
announced that the purpose of the issuance of the new stock
is to provide for the merger of the Dayton-Agricultural with
the Virginian Joint Stock Land Bank (both of Charleston,
W. Va.), which is expected to result in a broader scope of
operations, a reduction in overhead expenses, and an increase
in capital earnings. The two organizations are under the
same management and are doing business in the same territory. J. B. Madison,President of the Virginian Joint Stock
Land Bank,in a letter under date of March 2 to the banking
houses offering the new capital issue, says:
The Virginian Joint Stock Land Bank, organized in May 1917, holds
Charter No. 2 in the Federal Farm Loan System, and has the distinction
of having completed the first loan made under the provisions of the Federal
Farm Loan Act. The Dayton-Agricultural Joint Stock Land Bank represents a consolidation of the First Joint Stock Land Bank of Dayton, Ohio,
chartered September 1922, and the Agricultural Joint Stock Land Bank of
Charleston, chartered October 1922.
Both the Virginian and the Dayton-Agricultural have enjoyed successful
careers, paying substantial dividends and accumulating large reserves since
their inceptions. The Virginian has returned to its stockholders in dividends since organization $142,500, or almost 60% of its entire paid-in capWith the consolidated volume of business of these two banks amounting
to $10,448,825, and the many economic advantages following such consolidation. I am firmly of the opinion that a dividend on the basis of 10%
will be maintained, in addition to substantial distribution from earnings to
the surplus and reserve accounts. Intact,this volume of business now upon
our books could permit the regular paymentlof such a dividend and accumulations to the surplus and reserve accounts, even though no increase were
made in such business.
Consolidated Balance Sheet.
[From statement submitted to Federal Farm Loan Bureau, United States
Treasury Department, Feb. 28 1925, showing condition of the Virginian
Joint Stock Land Bank after giving effect to the consolidation and present
financing.]
Resources—
Cash on hand and In banks 2439,399 06 Amortization payments re2,550 00 ceived upon loans
U. S. Govt. securities__ _
8756,315 41
13,394 22 Farm Loan bonds Issued &
Furniture and fixtures__ _
Banking house
125,000 00 outstanding
9,657,100 00
135,071 38 Interest accrued Farm
Other real estate owned *_
Loan bonds Issued
First mortgage farm loans_ 10.448,82500
129,937 23
187,018 64 Farm Loan bond Interest.
Accrued Int., farm loans__
33 29
coupons not presented
Accrued int., Govt.seeurs.
32,315 00
42,784 98 Bills payable
Amort. pay. In collection.
None
16,919 74 Capital stock
Bills & acets receivable__
700,000 00
28,500 00 Other liabilities
Farm Loan bonds on hand
13,361 01
Surplus,reserves($140,000)
and undivided profits
(210,467 66)
150,487 66
$11,439,496 31
Total resources
•Appraised value, 8301,570.
Total liabilities
211,439,496 31
The following loan statistics as of March 1 1925 are also
supplied:
Number of loans made
Number of acres
Appraised value
Total amount loaned
Average loan per acre
Average appraised value per acre
Average loan per farm
Percentage of loans to appraised value
2,371
326,862
$27,944,776 00
$10,449,825 00
$31 93
$85 00
$4,407 00
36%
Ruling on Admission of Visitors to Galleries of New
York Stock Excluinge.
Secretary E. V. D. Cox of the New York Stock Exchange
has issued the following notice to members regarding the
regulations for the admission of visitors to the galleries
of the Exchange:
March 16 1925.
To the Members of the Exchange:
Your attention is called by the Committee on Library to the following
notice which appeared on Weekly Bulletin No. 1757 of Jan. 31:
"Visitors to the East Gallery (entrance 18 Broad St.) may be introduced
by a member of the Exchange or a partner of a Stock Exchange firm,
MAR. 21 1925.1
THE CHRONICLE
1405
either in person or by letter addressed to the Committee on Library. To them it appeared to be not only bloodless but cheap, effective and easy
When so introduced, visitors will be accompanied to the gallery by a to use in the most improbable event of its use being necessary.
But all this is changed by the mere existence of powerful economic commember of the Library staff."
into unVisitors will be admitted to the West Gallery (entrance 11 Wall St.) munities outside the limits of the League. It might force trade
though the offending
only when accompanied by a member of the Exchange. It is not necessary accustomed channels, but it could hardly stop it, and
State would no doubt suffer there is no presumption that it would be crushed.
tor members to remain with their guests after regitering them.
E. V. D. COX, Secretary. or even that it would suffer most.
There is one general reflection which his Majesty's Government venture
to add to the specific criticisms they have made. The protocol purports to
be little more than the completion of the work begun, but not perfected.
Great Britain Turns Down Geneva Peace Protocol— by the authors of the Covenant. But, surely, this is a very inadequate
Text of Austen Chamberlain's Speech Before
description of its effects.
League of Nations Council—Protocol
The additions which it makes to the original document do something quite
different from merely cahifying obscurities and filling in omissions: they deReferred to Next Assembly.
stroy its balance and alter its spirit. The fresh emphasis laid upon sanctions,
The Geneva protocol for arbitration, security and dis- new occasions discovered for their employment and the elaboration of milsuggest the idea that the vital business of the
armament was almost completely destroyed as a result of an itary procedure insensiblypromote friendly co-operation and reasoned harLeague is not so much to
address by Austen Chamberlain, British Foreign Secretary, mony in the management of international affairs as to preserve peace by
before the Council of the League of Nations at Geneva on organizing war on the largest scale.
War as Pathology.
Mar. 12. In announcing, in a carefully prepared speech,
Now it is unhappily true that circumstances may be easily imagined in
Great Britain's reasons for her inability to ratify the protowhich war conducted by members of the League, and with its collective
col, Mr. Chamberlain at the same time dispersed all hope that assistance and approval, will become a tragic necessity, but such catastroas the accepted basis of phies belong to the pathology of international life, not to its normal conit would ever come to be recognized
world peace and disarmament. He said that His Majesty's dition. not wholesome for the ordinary man to be always brooding over the
It is
Government failed to see how the security position in Europe possibility of some severe surgical operation, nor is it wise for societies to
as it existed prior to the framing of the protocol, would be pursue a similar course. It is more likely to hasten the dreaded consumhis Majesty's Government
mation than hinder it, and it certainly seems
improved by adoption of the procotol. Provided the cove- that anything which fosters the idea that theto
main business of the League
nant was respected, it would give sufficient security to is with war rather than with peace, is likely to weaken it in its fundamental
uneasy nations against aggression on the part of those who task of diminishing the causes of war without making it in every i.pat
great military operations should
signed it. What was feared, he said, was whether the cove- a satisfactory instrument for organizing world.
the necessity for them be forced upon the
nant would be kept. Mr. Chamberlain cited many objecProblem of Disarmament.
tions to the protocol. Through the change in the covenant
Why should disarmament immediately follow its acceptance? Why should
no
effected by the protocol, "fresh causes of disputes are to a new scheme succeed when old schemes have so lamentably failed? It by
of protection erected
closed some
doubt claims
be decided by the League. Fresh possibilities of defying its the covenantto havethe peace offissures in the wallis not the possibility of
but it
the world,
round
decisions are thereby created. . . ." The number of attack through these alleged weak places in the covenant which haunts the
imagination of those who hesitate to disarm.
large States outside the circle of League membership was a
if kept, would be sufficient
doubt
factor, he continued, which rendered ineffective the meas- toThey do not at least that the covenant, who signed it. What they
protect tham,
from attack by those
ures, such as economic sanctions, provided by the terms doubt is whether, when it comes to the point, the covenant will be kept.
or some
of the protocol. The framers of the covenant "never sup- Either some faithless members of the League will break its pledges protocol
predatory
outside the League will brush the covenant and
posed that among these States would be found so many of ruthlessly nation defying all the sanctions by which they are protected.
aside,
the most powerful nations in the world, least of all did they Brute force is what they fear and only brute force enlisted in their defense
can, as they believe, give them the security of which they feel they need.
foresee that one of them would be the United States of AmerHis Majesty's Government fail altogether to see how this situation is bet
ica." One of Mr. Chamberlain's strongest objections to the tared by the protocol. It is to be supposed that the security promised by the
that no armaments capable of being used or
protocol was that "the elaboration of military procedure in- new system will be so complete
If not,is the balance
will remain
sensibly suggests the idea that the vital business of the League improvised for offensive purposesdesire peace in being? who are plotting war
and those
of power between the States who
co-operation and reasoned to be adjusted in favor of the former? If so, on what principle? If not, then
is not so much to promote friendly
unscrupulous aggressors be relatively
harmony in the management of international affairs as to how are we advanced? How will victims be rendered more capable of deweakened? How will their potential
preserve peace by organizing war, and it may be war on the fense?
largest scale." Continuing, he said, "it is not wholesome
Mr. Chamberlain dealt with the question of how to treat
for the ordinary man to be always brooding over the possi- aggressors outside the League. He said:
bility of some severe surgical operation, nor is it wise for
How does the ptotocol deal with them? It requires them to treat the
societies to pursue a similar course." The British Foreign situation as if they were members of the League, to accept its methods and
conform to its decision. If they refuse they are counted as aggressors. They
Office gave out the Secretary's speech on Mar. 13, and we became the common enemy and every signatory State is bound to go to war
publish it herewith in part:
with them.
It is declared that the object of the protocol is to facilitate disarmament
and it proposes to attain this most desirable end (1) By closing certain gaps
In the scheme originally laid down in the Covenant forcibly settling international disputes and (2) By sharpening sanctions, especially economic sanctions, by which, under the existing system, aggression is to be discouraged
and aggressors coerced.
His Majesty's Government are now mote immediately concerned to inquire how far the change in the Covenant effected by the protocol is likely to
increase the responsibilities already undertaken by States that are members
of the League. The framers of the protocol regard themselves as the authors
of a now system through which alone can be realized the great ideal to which
humanity aspires. The last thing they contemplate is the possibility that
their proposals will leave things very much as they stand under the Covenant, and in this his Majesty's Government is entirely of their opinion.
How,indeed, can it be otherwise? Fresh causes of disputes are to be decided by the League. Fresh possibilities of defying its decisions are thereby
created:fresh occasions for application of coercive measures follow as a matter of course and it is therefore not surprising that, quite apart from the
problem of disarmament, the question of sanctions should be treated at
length In the clauses of the protocol.
League as It Was Designed to Be.
As all the world is aware, the League of Nations in its present shape is not
the League designed by the framers of the Covenant. They no doubt contemplated, and as far as they could provided against, difficulties that might
arise from the non-inclusion of a certain number of States within the circle
of the League membership. But they never supposed that among these
States would be found so many of the most powerful nations in the world.
least of all did they foresee that one of them would be the United States of
America.
It is no doubt true that there are many points of view from which these
unfortunate facts have not proved to be of vital importance. The work of
the League goes on beneficent and full of promise. Through the United
States remains in friendly aloofness, individual Americans have freely helped
both by sympathy and service, while the generosity of the American public
has greatly aided some causes in which the League is deeply interested.
Could, therefore, attention be confined to present and past, it might be
said with truth that the problems which even the weakened League has had
to face have never overstrained its machinery.
The hope may be justified that this food fortune will continue, but surely
it is most unwise to add to the liabilities already incurred without taking
stock of the degree to which the machinery of the Covenant has been already weakened by non-membership of certain great States.
In truth the change, especially as regards economic sanctions, amounts
to a transformation. Economic sanctions if simultaneously directed by all
the world against a State which is not itself economically self-sufficing, would
be a weapon of incalculable power. This, or something not very different
from this, was the weapon originally devised by the authors of the Covenant.
They may be in the right and have nothing to fear from impartial judges.
yet national pride in some cases, perhaps a sense of power, dislike of compulsory arbitration, distrust of the League to which, presumably, they already refused to belong—all these motives or any of them may harden their
objections to outside interference. If so, the protocol designed to insure
universal peace may only extend the area of war, the possibility of which, if
realized, will not improve the chances of general disarmament.
As interesting as the British reasons for turning down the
protocol were the views, expressed by Mr. Chamberlain, re.
garding the best method of obtaining security for European •
nations. Britain, he said, would look with favor upon the
formation of regional pacts, drawn up between nations
and amongst groups of nations "whose differences might lead
to a renewal of strife, . ... with the sole object of
maintaining as between themselves unbroken peace." His
address concluded:
The British Government is unwilling to conclude their argument on a
purely critical note, and,though they cannot believe security can be reached
by the route so carefully explored by the first and third committees of the
League in 1924, they are willing to consider whether some approach to it
may not be made from the side unsuccessfully atetmpted in 1923.
They do not agree, indeed, that without sanctions the League is powerless
and treaties no better than waste paper. Doctrines like these seem to them
not only mischievous but self-contradictory. Every sanction referred to
either in the Covenant or the Protocol depends on treaties, and if no treaties
are of value all sanctions must be worthless.
Do what we will, we have no choice but in the last resort to depend upon
the plighted word, but this, it murk be admitted,does not settle the question
whether the sanctions contemplated by the Covenant cannot, in certain
cases and for certain purposes, be supplemented with advantage to the general scheme of the Covenant itself.
Thatscheme may,no doubt,be trusted in ordinary cases to work smoothly
and effectively. The mere threat to employ sanctions will commonly
suffice, and if, unfortunately, it does not, their effect when put into operation will doubtless be speedy and conclusive. But it is easy to imagine
extreme cases about which we dare not speak with the same assurance,and it
is precisely the possibility of thes extreme cases, remote though that possibility may be, which fosters international suspicion, makes Governments
hesitate to disarm and keeps the world on edge.
His Majesty's Government do not share these alarms, but they recognize
their serious effect and believe them to be the main obstacles to the complete
recovery of our shaken civilization from the disasters of the war.
How are they to be allayed? The first expedient that naturally suggests
itself is to strengthen the provisions of the Covenant. If the Covenant, as it
1406
i-VoL. 120.
THE CHRONICLE
stands, does not supply adequate machinery for preserving peace in all conceivable cases, why not keep after it till it does? The futility of this plan Is,
in the opinion of his Majesty's Government, abundantly proved by the
Protocol, for whatever else its proposals give us they do not give us security.
They multiply offenses but do nothing to strengthen remedies. They increase
the responsibilities undertaken by individual members of the League but do
nothing to readjust their burden.
What expedient remains? How is security, and above all, the feeling of
security, to be attained? In answering this question it is necessary to keep
in mind the characteristics of the extreme cases to which reference has
already been made.
The brooding fears that keep huge armaments in being have little relation
to the ordinary misunderstandings inseparable from international asfrom social life. It is misunderstandings with which the League is so admirably
fitted to deal. They spring from deep lying causes of hostility which for
historic or other reasons divide great and powerful States.
These fears may be groundless, but if they exist they cannot be effectually
laid by even the most perfect method of dealing with particular disputes by
the machinery of inquiry and arbitration. or what is feared in such cases
is not injustice but war,war deliberately undertaken for purposes of conquest or revenge, and if so can there be a better way of allaying fears like
these than by adopting some scheme which should prove to all the world that
such war would fail?
Since the general provisions of the Covenant cannot be stiffened with advantage and since the extreme cases with which the League may have to
deal will probably affect certain nations or groups of nations more nearly
than others, his Majesty's Government conclude that the best way of dealing
with the situation Is with the co-operation of the League to supplement the
Covenant by making special arrangements in order to meet special needs.
That these arrangements should be purely defensive in character;that they
should be framed In the spirit of the Covenant, working in close harmony
with the League and under its guidance,is manifest and in the opinion of his
Majesty's Government these objects can best be attained by knitting together the nations most immediately concerned and whose differences
might lead to a renewal of strife, by means of treaties framed with the sole
object of maintaining as between themselves unbroken peace.
Within its limits no quicker remedy for our present ills can easily be found
nor any surer safeguard against future calamities.
Germany defeating the territorial provisions of the treaty.
In conversing with Austen Chamberlain last Saturday, Premier Herriot is understood to have set forth the French point
of view in detail, regarding which Edwin L. James sent the
following cable (copyright) to the New York "Times":
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
wi.h 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.
He especially emphasized the German statement that while the Reich was
ready to accept the western frontiers, including definite renunciation of Alsace-Lorraine, she wished to establish the principle of arbitration of differences with Poland or Czechoslovakia. As M.Herriot explained, France and
her allies took this to mean that Germany did not accept the Eastern
frontier as fixed by the Treaty of Versailles.
In reply, it is stated, Mr. Chamberlain said the conditions of Germany
may have suggested that the first proposals were not necessarily final and
that there was a wide field for negotiation.
The French Premier stood on the position that it would be very difficult to
get the Chamber to accept any German conditions looking to a revision of the
territorial sections of the Treaty of Versailles.
German Admission to League.
The two Foreign Ministers discussed the admission of Germany to the
Former Premier Airstide Briand of France, made a
League of
speech in defence of the protocol also on Mar. 12, replying to SeptemberNations, and the current understanding is agreed that if by next
Germany had given a fair appearance of intending to fulfill the
most of the objections raised by Great Britain. Thereafter disarmament clauses of the treaty, she would be admitted at the next
Assembly.
further consideration of the protocol was referred to the
Further outlining the French position next day, the same
next meeting of the League Assembly in Sept3mber, but it is
generally accepted that as a prospective international instru- writer said:
This
ment the protocol is dead. France, however, continues to that no position reposes on many bases. There Is the technical argument
other paper Germany could sign would add anything to the pledges
assert she will still fight for its adoption.
given in the Treaty of Versailles.
Taere is the further argument that if the signature of the Treaty Is not
binding the signature of anything else will not be
worth having.
Proposed European Security Pact in Place of Geneva
There is the technical diplomatic argument that in the proposed threecornered arrangement France could too often find herself in a minority bePeace Protocol—Chamberlain and Herriot in Confore the combination of her former ally and former foe.
ference—French Protest Against German Plan
There Is the plea that France has duties toward her small allies which
Supported by Britain.
will prevent her making a security pact not including them.
There is a sentimental disinclination in France to have a security-dependThe decision of the British Government against acceptance ing document
signed by Germany.
of the Geneva peace protocol has raised afresh the question
There are these and other reasons for this aversion.
of forming an international agreement guaranteeing peace and
Fear Germany Will Win in Peace.
security in Europe. Diplomatic conversations on the subBut over and above them all there is on the part of France a dread feelject have been in progress for several weeks, principally be- ing that Germany having lost the war will win in peace. This would mean
tween Great Britain, France and Germany. On Friday and a Germany immensely more powerful than the traditional foe and it is
because the French believe that the
place
Saturday (March 6 and 7) the matter was thoroughly dis- Germany in a much better position to suggested arrangement would of deaccomplish her sworn purpose
cussed in a meeting in Paris between Premier Herriot and stroying what is left of the Treaty of Versailles that the French do not look
British Foreign Secretary Austen Chamberlain, who was with favor upon the Berlin-born and London-nurtured plan of protecting
France.
bound for Geneva to preside at the meeting of the League of
Me. Chamberlain continued the discussion with former
Nations, which opened Monday (March 9). Press cables Premier Briand of France at
Geneva this week. Developstated that no conclusion of a concrete nature was arrived at. ments were reported in a special
cable to the New York
The views of individual Allied nations on the security "World" on Mar. 10, from which we quote
this:
problem differ sharply from one another. Last month ChanBefore further consideration of the five-power alliance France insists that
cellor Luther's Government let it be known in London that Germany become a full-fledged member of the League. Secondly, Premier
Germany favors the formation of a five-power security pact Herriot has assured Poland. Czechoslovakia and Roumania that it is the
intention of France to stand by the principles
embracing Great Britain, France, Germany, Belgium and negotiated under the supervision of the League.by which the protocol was
France, it is understood Briand informed Chamberlain, does not reject
Italy, which would guarantee France's eastern boundaries
and agree that disputes between the signatory Powers would the proposed agreement with Germany, Belgium, Italy and England, but it
must not be outside of the League nor supersede the principle behind the
be submitted to an international court for arbitration. Ger- protocol drafted by Foreign Minister Bones of Czechoslovakia.
many's conditions for entering an agreement, according to
With the special intention of protesting against the sugpress reports from European capitals, would be immediate gested fact, Foreign Minister Skrzynsky of Poland had an
evacuation of Cologne by Allied troops and freedom to interview with M. Herriot in Paris Mar. 6. Associated
negotiate with the Governments of Poland and Czechoslo- Press reported it as follows:
vakia to obtain revision of her eastern and southeastern
Foreign Minister Skrzynsky of Poland, in a long talk with the Premier
frontiers, which were fixed by the Treaty of Versailles. The this afternoon, declared Poland would not consent to a revision of the
German Government has stated its willingness to submit this Treaty of Versailles.
Secretary Chamberlain, in the opinion of the Paris press, Is going to
question to arbitration.
Geneva to give the finishing blow to the League protocol, which was M.
In general the German proposals meet with British ap- Herriot's greatest hope. Minister Skrzynsky, it Is understood, told the
proval. In a eeport upon the conclusions of the committee Premier in their interview that Poland relied on the League plan for her
security, and that a security guaranteed by all the nations is the only one
which examined the Geneva protocol for security and dis- on which that country can rely.
The Polish statesman is said to have added that the arbitration, such as
armament, Lord Balfour strongly advised inclusion of GerGermany is
cannot be
many in a security pact. Associated Press's London cor- question the declared to have in view,by treaty, permitted to bring into
points which were settled
that is, the status quo of
respondent on Feb. 16 said that the report "stresses the dan- Europe as based on the Treaty of Versailles.
The issue is thus sharply defined, it is considered in diplomatic circles, beger of leaving Germany isolated to join forces with Russia.
tween Germany and Great Britain on one hand
. .. The report considers it desirable to treat Europe as an and their allies of Central Europe on the other. and France and Belgium
M. Skrzynsky is underentity." Press dispatches from Rome, Italy, indicate that stood to have the backing of Foreign MinIsier Bones of Czechoslovakia
the Italian Government supports the British point of view. in the attitude he outlined to the Premier today.
It is from France and Poland that strong objections come.
Following the adjournment of the meeting of the League
France asserts that Germany has already broken her finan- Council on Mar. 14, Austen Chamberlain, Premier Herriot
cial and military pledges under the Treaty of Versailles. In and Foreign Minister Benes of Czechoslovakia conferred
the proposed security pact, leaving the eastern frontiers of in Paris on the question of a European security pact. Paris
Germany without guarantee, France sees an opportunity for despatches:stated that the conference, which took place in
MAR. 21 1925.]
THE CHRONICLE
the French capital on Mar. 16, followed the line of a pact
including Poland and Czechoslovakia. Discussing the meeting of the statesmen, Wilbur Forrest cabled (copyright)
to the New York "Herald-Tribune" as follows:
European negotiations along the line of a seven-power mutual guaranty
pact, fixing not only the inviolability of Germany's western frontiers, but
also the status quo of the eastern borders, were foreseen here to-night,
following conversations between Austen Chamberlain, the British Foreign
Secretary, and Premier Herriot.
This means that Poland and Czechoslovakia would join in a common
treaty, in which England, France, Belgium,Italy and Germany would agree
to preserve peace and permit the spirit of discontent, which came as a result
of the post-war juggling of frontiers, to die down. It was agreed by Mr.
Chamberlain and M. Herriot that any character of a joint guaranty treaty
must first be negotiated between the Allies, and be effective so far as Germany Is concerned, only after the Reich has joined the League of Nations
upon the conditions laid down by the league Council in its reply to Germany
adopted last Saturday at Geneva.
Mr. Chamberlain received the press to-night at the British Embassy.
"We are giving consideration to everything likely to be useful in finding
the basis for a solution," he said, after disclosing that the death of the
Geneva protocol had been scantily mentioned, with few tears. On the fact
that the Franco-British agreement on future guaranties must include the
smaller as well as the larger nations Mr. Chamberlain was emphatic.
"Great Britain and her dominions have an interest in maintaining certain
frontiers stronger than others," he said, "but these others are members
of the League of Nations and entitled to mutual assurances of protection that
such membership involved. Future negotiations will neglect no frontiers,
but we have only barely touched on the whole problem, and that is a future
Issue."
Mr. Chamberlain was frankly optimistic. "A statesman hasn't the right
to be pfssimistic," he declared,"and I am convinced we shall be able to do
good work for our two countries as well as for the restf of the world."
The same optimism was reflected by Premier Herriot and Foreign Minister Benes of Czecho-Slovakia. The latter conferred with M. Herriot
after the British Foreign Minister had departed.
Benes Confers IVith Herriot.
"The security of the Little Entente nations must be adequately considdered," said M. Bones. "The fact that Mr. Chamberlain saw fit to stress
this point, on which hangs our future and our prosperity, gives us new hope.
In the months to come the question of our security will be found to lie as
closely as ever with that of the Allies in western Europe."
For these smaller nations, however, M. Benes made it plain that the
membership of Germany in the league would be essential before any agreement is signed. Count Skrzyski, the Polish Foreign Minister, who will confer with M. Herriot to-morrow, will insist that the F4ench military alliance
with l'oland be maintained until an adequate form of security for Poland
is devised.
Germany May Enter League of Nations but on Same
Conditions as Others—Council Replies to Foreign
Minister Stresemann's Note.
The conditions on which Germany may become a member
of the League of Nations were laid down in a note sent to
the German Government by the League Council on March 14,
the day the 33d meeting of the Council adjourned at Geneva.
The note was in answer to Foreign Minister Stresemann's
letter addressed to the Council of the League in December
last, setting forth certain articles of the covenant from the
provisions of which, he suggested, Germany might be exempted owing to her weakened military status. The terms
of this letter were given in our issue dated Jan. 3, page 36.
Foreign Minister Stresemann asked that Germany might be
permitted to retain her neutrality in the event of an international dispute. He thought that her peculiar position rendered it impossible for her to undertake the economic and
military sanctions for which the covenant provides. The
Council's reply states that if Germany enters the League of
Nations it must be on an equal footing with other nations.
The question of her alleged inability to partake in military
measures undertaken by the League, the note says, cannot be
•discussed as a condition of her entry into the League, as the
degree of a member nation's participation in military measures is determined by that nation's particular military standing. The note mentions no objection to the German request
that she be admitted to the League Council. It concludes
with the wish that Germany before long will become associated with other nations in their labors, "and thus play in
the organization of peace a part corresponding to her position in the world."
According to a Berlin dispatch (copyright) from Samuel
Spewack to the New York "World," under date of March 16,
the League Council's note meets with the approval of the
German people. He adds that Germany probably will join
the League at the next session. The Council's letter to the
German Government follows, in full:
1407
one exception, which is dealt with later, the replies are satisfactory to the
German Government.
Equality Called Essential.
The Council would observe that the German Government states with reference to the circumstances under which Germany desires to enter the league
that it has no intention "of claiming special privileges for Germany," but
expects that she shall enter on a footing of equality. The Council notes
that all ten Governments are in complete agreement with this condition.
The Council, indeed, regards this principle of equality, involving asi t
does both equal rights and equal obligations, as being of the essence of the
league's constitution. At the same time the Council feels It should point out
that this principle has an important bearing on the special question which
the German Government raises, with regard to Article 16 of the covenant.
Although it is only in relation to this one article that Germany asks for an
exceptional position, this article is of capital importance for the whole structure of the league, comprising as it does an important part of the safeguards enjoyed and the responsibilities accepted by all members.
The German Government, in stating its position on this subject, calls
attention to the military position of Germany resulting from the Treaty of
Versailles, and expresses fear that, should the measures provided in the
article lead to hostilities, she would be incapable of protecting her territory
against military invasion. The Government adds that in its view there is
only one way out of the difficulties: "Should international conflicts arise,
Germany ought to be at liberty to determine how far she will take an ac
titre part in them."
the Government expresses Germany's obLater in the communication
jection to being comyelled by virtue of her entry into the league "to waive
the right to neutrality. The Council considers that the following observations on this point may serve a useful purpose:
The character and extent of a member's active co-operation in the
military measures undertaken by the league in pursuance of the covenant
must vary with the military situation of the member in question.
Reich's Safeguard Shown
Under the existing provisions of the covenant it is the duty of the Council
to recommend what effective military, naval and air forces members of the
league shall contribute to the armed forces to be used to protect the covenant of the league, and it would be for Germany herself to say to what
extent she was in position to comply with the recommendations of the
Council.
The Council would further remind the German Government that a member of the league and of the Council would always have a voice in deciding
the application of the principles of the covenant.
As regards economic measures, the states which are members of the
league themselves decide, either separately or by prior agreement. the
practical steps to be taken for the execution of the general obligations
which they have undertaken. But the provisions of the covenant do not permit that when action is undertaken in pursuance of Article 16 each member
of the league should decide separately whether it shall take any part in that
action. The Council feels bound to express its clear opinion that any
reservation of this kind would undermine the basis of the League of Nations and would be incompatible with membership in the league.
It seems to the Council impossible that a member of the league Council,
In the event of operations undertaken against a covenant-breaking state,
should retain a status which would exempt its nationals from the general
obligations imposed by the covenant. The Council need hardly point out
that other countries whose military forces also have been limited by the
provisions of existing treaties have, on entering the league, accepted obligations under the covenant without reservations.
The Council trusts that these observations may be of use in elucidating
the attitude of its members with regard to the questions raised by the
German Government. The general conditions of entry for new members are
contained in Article I of the covenant, which leaves the decision to the Assembly, which has on repeated occasions declared itself in favor of the universality of the league. Only by active co-operation as a member can a
country have its due influence in the decisions of the league—decisions which
cannot fall to be of far-reaching importance.
In conclusion, the Council w:shes to express to Germany the sincere wish
to see her associated in their labors, and thus play in the organization of
1111
peace a part corresponding to her position in the world.
Baron Von Maltzan, New German Ambassador to the
United States, Says Germany Will Fulfil Obligations under Dawes Plan—Received by
President Coolidge.
Baron Ago von Maltzan, who succeeds Otto Weldfelt, resigned, as German Ambassador to the United States, arrived
in New York on the 9th inst. on the Hamburg-American line
steamer "Albert Bailin." The new Ambassador in a statement with his arrival, referred to the Dawes plan as having
"already made tremendous strides on the road to European
reconstruction." He declared that Germany has been fulfilling "both the letter and spirit of it, in good faith" and that
"we shall continue to do so." He added that it would be his
foremost duty while representing Germany in Washington
"to do my share to assure the continuance of the smooth
execution of the Dawes plan." That, he said, "is the guiding
principle of my instructions and will be the keynote of my
work." His statement follows:
I see a good omen in the fact that I am•privileged to address these first
remarks upon American soil to representatives of the press. There is no
greater, no more constructive, no more powerful factor in the great work of
promoting peace and friendship among the nations of the world than the
Fourth Estate. You and that vast airily of your colleagues in all counThe Council of the League of Nations has given careful consideration to tries are the real diplomats in the world.
That strange and admirable combination of human energies, the Amerithe communication of the German Government, dated Dec. 12 1924. reyears as a diplomat in
garding Germany's entry into the league. The Council notes with satis- can reporter, is not unknown to me. In my many
wherever there was
faction its opening statement that the German Government is of the opinion various corners of the globe I have run across him
there was a pause in exciting events,
that "political developments during the past year have rendered it possible "something doing." Sometimes, when
domestic or local, and everything seemed dull and quiet, this
for Germany to join the league," together with the statement that the Ger- International,
breezed in and, presently there was "something
man Government has "decided to seek the early admission of Germany to species of human dynamo
doing."
the league."
During the last few years, while I was on home duty, I have often come
The German Government already has consulted the ten Governments repthe American correspondents in Berlin,
°muted on the Council, and has received authoritative replies from all of together with your colleagues,
association with them with the most pleasant rechem. Any observations which can now be made by the Council, composed and I look back upon my
I have also had the great pleasure, in the course of the postas It is of representatives of these same Governments, will obviously not ollection.
meeting some of your eminent statesmen!and. of course. many
be at variance with those replies. The:Council is7gladIto learn that, with war years. of
1408
THE CHRONICLE
of your diplomatic representatives, and I look forward with keen anticipation to renewing my acquaintance with them.
As experienced journalists you will appreciate the fact that it does not
behoove me, in my capacity and at this time, to make utterances of a
political nature. If there be some among you who, in the admirable thirst
for "hot news," so characteristic of the enterprising American newspaper
man, expected to have me "talk politics"—and especially international
politics—I am afraid they will go away a little disappointed. But let me
just say that I come to America as a messenger of good-will and of good
faith.
Through the initiative and the practical genius of the United States, a
plan was worked out and has now been in smooth operation for some time
by which the terrible economic wounds which the World War has inflicted
upon Europe are to be healed—by which the sadly shattered economic
structure of the European Continent, and that means indirectly the world,is
to be set in order again so that true peace and good-will may bind all nations in new, constructive friendship and harmony.
This vast and ingenious scheme,the Dawes plan, which was placed before
us and our former opponents at a time when we all were close to despairing of ever finding a solution of the reparations problem—and that is the
problem that is the root and heart of the Dawes plan—has already made
tremendous strides on the road to European reconstruction. It has laid
heavy burdens upon my country, but we accepted it, because we appreciated the constructive spirit permeating its authors and because we believed it to be—and now know it to be—the only concrete scheme that has
been offered for the re-establishment of peace and order in Europe. We
accepted it in good faith.
We have been fulfilling—both the letter and the spirit of it—in good
faith, and I am here to tell you today that we shall continue to do so. It
will be my foremost duty while representing Germany in Washington to
do my share to assure the continuance of the smooth execution of the
Dawes Plan. That is the guiding principle of my instructions and will be
the keynote of my work.
I gladly take advantage of this opportunity to say a few words of greeting to you and through you to your great and wonderful country.
It is not the first time that I set foot upon American soil. During the
first phase of the World War I passed through the United States on my way
home from the Far East. I had occasion in those days to get acquainted
with the spirit of the American people and with the beauties of your country. I shall never forget the kind and courteous treatment accorded me
in those days. That was in war-time. Today I come to your shores under a
happier augury. I am deeply conscious of the high honor and the great
responsibility bestowed upon me as German Ambassador,to the United
States.
The new German Ambassador presented his credentials
to President Coolidge on March 12, at which time he expressed his gratitude for "the generous activites of American
citizens in social and cultural help and the far-seeing work
of financial and economic reconstruction," reiterating that
this latter (the Dawes plan) would be "the foundation of
my honorable and difficult post." President Coolidge, in
answer, assured him of "the support and confidence of this
Government in its association with you." Baron von
Maltzan's address was as follows:
Mr. President.—Having been appointed German Ambassador to the
United States through the confidence of the first President of the German
Reich, wo died so suddenly, I have the honor to hand you, Mr. President,
the letter which confirms my capacity in that position.
Your great and powerful republic has recently repeatedly given evidence
to my country of its understanding and confidence. At the same time I
gratefully recall the generous activities of American citizens in social and
cultural help, and the far-seeing work of financial and economic construction, bearing an American name, which has become historical. This work
will be the foundation of my honorable and difficult post. Int my work
I shall be guided by sincerity, frankness and confidence.
The last order of the deceased President of the Reich was to express to
you, Mr. President, his feelings of high personal esteem and his sincere
wish for the welfare of the United States of America. The warm and sincere
sympathy of the United States for Germany's mourning was a consolation
and help for us in a difficult time.
I may add to my deeply felt thanks for this sympathy the hope that you,
Mr. President, will grant me your support and friendly consideration in
the fulfilment of my task.
Fel,. 120.
Kellogg, the last named having taken the place of Charles
E. Hughes as Secretary of State. The Senate confirmed the
nomination of Dr. Schurman the same day it was submitted
by the President. Dr. Schurman, with his new appointment, retires as Minister to China. At the time he was
named to the last named post by President Harding he was
President of Cornell University. He has also served as
United States Minister to Greece and Montenegro.
A. B. Houghton, Retiring Ambassador to Germany, on
Improvement in Germany Incident to Dawes Plan—
Mr. Houghton New Ambassador to Great
Britain.
According to Alanson B. Houghton, retiring American
Ambassador to Germany, "there has been a wonderful
change in Germany since the adoption of the Dawes plan."
The Ambassador was thus quoted in a Washington dispatch
to the New York "Herald Tribune" Mar. 12 which also reported him as saying:
Industry has been revived and the republic is functioning in a most satisfactory way.
There was widespread unemployment before the adoption of the Dawes
plan. More than 1,000,000 persons were out of work in Berlin alone. Now
it is authoritatively estimated that there are less than 50,000 unemployed
in Berlin and I doubt if the army of unemployed throughout the whole republic would exceed 300,000. Of course, Germany is far from her old self
but at the rate she is going it will not be long before she will be thoroughly
restored economically.
Improvement politically is also noteworthy. The Government is gradually growing away from Socialistic control. It is rapidly developing into
a citizens' Government and there are now no monarchial problems or embarrassments. While two-thirds of the German prople are republicans it is
not unlikely that they may go back at some futul e time to some form of
a monarchy. If they do It will be a greatly diluted monarchy."
Mr. Houghton, who will succeed Secretary of State icllogg as Ambassador to Great Britain, returned from abroad
on the Cunard Line Steamer Aquitania on Mar. 10, and went
mmediately to Washington. On Mar. 17 President Coolidge
named as the new Ambassador to Germany Mr. Jacob
iGould Schurman, and reference to this appointment is
made in the preceding item. With his arrival in New York
on Mar. 10 Mr. Houghton declared that Germany will
never again be a great military power. The "HeraldTribune" of Mar. 11 in reporting his declarations quoted
him as saying:
Substantially, Germany is disarmed. I don't think Germany will ever
again be a great military power, because she doesn't wish it. She will
however,return to the economic power she once possessed.
At that time he likewise referred to the effect of the
Dawes plan, saying according to the New York "Times:"
Germany is making a rapid economic recovery. A year ago last Christmas
there were between 1,000,000 and 1,250,000 unemployed in Berlin alone.
Last Christmas there were only 50,000. A year ago last Christmas there
were in tho Reich approximately 12,000,000 unemployed. Last Christmas
there were only 400,000. That result, of course, has been accomplished
largely by the Dawes plan. I don't think you can find anywhere in Germany any sane body of men not in favor of the Dawes plan. Germany is
going through with that program in earnest.
Wages are going up quickly. In one month they showed an increase of 10
per cent. The cost of living hasn't come down as it will when the currency
is re-established and the people get back to work. The whole thing is to get
them back to work.
The same paper said:
Mr. Houghton said the money situation in Germany had greatly improved within the last year, as was shown by interest rates of approximately
The reply of President Coolidge follows:
9% now as against from 40 to 50% a year ago. He said he had no doubt
Mr. Ambassador.—I take great satisfaction in receiving your letter of
that Germany and France sooner or later would negotiate a commercial
credence and in welcoming you as Ambassador of Germany near the
treaty. Germans apparently were not putting much money into Russia,
Government of the United States.
he said, and he further expressed the firm conviction that Germany never
You come to America at a time when your nation mourns the death of would
become sovietized.
Its first President, a man of splendid integrity, of tact and of broad human
Mr. Houghton will remain here several weeks before his
sympathy. President Ebert had the supremely difficult task of guiding
the German republic during its first troubled years, of reconciling opposing departure for Europe to take up his duties as Ambassador to
factions, of inspiring courage at home and rebuilding confidence abroad.
He succeeded because his vision was clearly fixed on right and duty,because the Court of St. James.
he was a man naturally of great ability and had within him the power of
growth which made him, year by year, a greater force. He succeeded also
John G. Sargent, of Vermont, Appointed Attorneybecause he had the support of men of good will.
General—Nomination of C. B. Warren Rejected by
You come also, Mr. Ambassador, at a time when Germany is once more
• set in the path of prosperity and peace. It is for you to interpret to America
Senate a Second Time—He Declines Recess
the just aspirations of your nation, to promote the understanding which is
Appointment Offered by President.
the only sound basis of lasting peace. That the United States has had the
privilege to help in the rebuilding of Germany is a cause of satisfaction to
John Garibaldi Sargent, of Ludlow, Vt., has been apus all, and I thank you for your generous reference to our assistance.
We have had a long history as a republic and we hope that You may pointed Attorney-General of the United States in succession
profit by a study of our experience of a century and a half of democratic to Harlan F. Stone. The nomination was sent to the Senate
government. You have yourself spoken of the social and cultural relations on Tuesday (March 17) by President
Coolidge and approved
between our two countries. I hope that they may ever broaden and
deepen because it is these spiritual relations more than the material which unanimously by that body without record vote. The Presilead to permanent improvement of world conditions.
dent decided upon Mr. Sargent only after his original selecI thank you for the message of friendship from your late President, for
tion, Charles Beecher Warren of Michigan, had declined to
the cordial sentiments you have expressed, and I assure you of the support
accept his offer of a recess appointment. Mr. Warren's nomand confidence of this Government in its association with you.
Dr. Jacob Gould Schurman Named by President Coolidge as Ambassador to Germany.
On Mar. 17 President Coolidge sent to the Senate the nomination of Dr. Jacob Gould Schurman to be Ambassador to
Germany, succeeding Manson B. Houghton, who has become Ambassador to Great Britain in place of Frank B.
ination for the Cabinet position had been twice rejected by
the Senate.
Attorney-General Sargent is 65 years old and is a personal
friend of President Coolidge and his father, Colonel Coolidge.
He has served at the bar for 35 years, was Attorney-General
of Vermont from 1908 to 1912, and is noted as a determined
prosecuting officer. A sketch of his career appeared in a
MAR. 21 1925.]
THE CHRONICLE
special dispatch from Burlington, Vt., under date of March
18 to the "Herald Tribune." It read:
John G. Sargent was born at Ludlow, Vt., Oct. 13 160, the son of John
II. and Ann Hanley Sargent. He attended the public schools of Ludlow and
later in Plymouth, whither his parents moved when he was a boy. Then
he attended Black River Academy, and in 1883 entered Tufts College, where
he kept himself in excellent physical condition by athletics, and finished in
1887. He entered the law offices of William W. Stickney at Ludlow, and
was admitted to the bar three years later. He married Mary Goodwin, of
Ludlow. They have one daughter, Mrs. Gladys Pearson, wife of Ralph
Pearson, a war veteran who is now studying law in his father-in-law's
office.
He has had four years' experience as a public prosecutor in the office of
the Attorney-General of Vermont. He was elected first in 1908 and again in
1910, serving two-year terms. He was State's Attorney of Windsor County
from 1898 to 1900 and Governor's Secretary of Civil and Military Affairs
from 1900 to 1902.
1409
me and I have been apprised that those who know me fully share in jot*
Had I not known that I could serve you and the Government with all my
powers, whatever they may be, I naturally would not have accepted your
offer of the position.
But I am not willing to have prolonged a political controversy that might
lessen your opportunities for full usefulness to the nation and possibly
interfere with your making wholly effective your policies.
I cannot, therefore, in fairness to you and the Republican Party, refrain
from declining your offer of a recess appointment, and I hope that you will
make another nomination for confirmation.
I am, my dear Mr. President,
Faithfully yours,
CHARLES B. WARREN.
Attorney-General Sargent took the oath of office at
Washington on Wednesday (March 18), and immediately
thereafter took up his official duties in the Department of
Correspondence between President Coolidge and Mr. War- Justice.
ren, published on Wednesday (March 18) shows that but for
the latter's unwillingness to accept, he would undoubtedly W. S. Metcalf Named as Commissioner of Pensions to
have received a recess appointment at the hands of the
Succeed Washington Gardner, Resigned.
President. After submitting Mr. Warren's nomination to
The nomination of Wilder S. Metcalf of Lawrence, Kan., to
the Senate for the second time on March 12, President Cool- be Commissioner of Pensions was sent to the Senate on
idge issued a statement from the White House on March 14, March 14 by the President for confirmation. Mr. Metcalf
re-affirming his determination to fight.to the last for con- has been named to succeed Washington Gardner, resigned.
firmation of his choice. He intimated then his intention of The new appointee served as United States Pension Agent at
offering Mr. Warren the recess appointment if the second Topeka, Kan., for over eight years and has been engaged in
nomination failed of ratification in the Senate. The state- the farm loan business in Kansas and Oklahoma. He is a
ment read as follows:
Spanish-American and World War veteran, serving as BrigaThe White House.
dier-General commanding the 77th Infantry Brigade at
Notwithstanding various reports and rumors, the President is making
Camp Beauregard, Louisiana, during the World War. He
every possible effort to secure confirmation of Mr. Warren.
As the time is very short and to accommodate the Senate he has consulted was honorably discharged from the military service on May
certain men and certain Senators as to what course should be pursued in case
and Colonel of the 20th Kansas
Mr. Warren is not confirmed. He has decided on no other appointment. He 25 1918. He was a Major
Infantry during the Spanish-American War and the Philwill offer him a recess appointment.
Ile hopes, however, that the unbroken practice of three generations of ippine insurrection. During his Philippine service he was
permitting the President to choose his own Cabinet will not now be changed
and that the opposition to Mr. Warren, upon further consideration, will be awarded the Congressional medal.
Announcement was made March 3 that President Coolidge
withdrawn in order that the country may have benefit of his excellent qualities and the President may be unhampered in choosing his own methods of had accepted the resignation of Washington Gardner as
executing the laws.
Commissioner of Pensions, effective March 4. Mr. Gardner
March 14 1925.
served as Commissioner of the Bureau of Pensions for the
The first nomination of Mr. Warren was rejected (as we
War veteran, having enlisted
reported last week) on March 10 by a tied vote, 40 to 40, on past four years. He is a Civil
as a private in the 65th Ohio Infantry at the outbreak of the
account of the nominee's alleged connection with the soappointed Secretary of State of Michicalled "sugar trust." The Senate Judiciary Committee voted war. In 1892 he was
gan and was twice re-elected to the same office. Later he
unfavorably on the second nomination on March 13, and an
Congress from Michigan and served for twelve
agreement was come to next day that the Senate should vote was elected to
years. Mr. Gardner has held several posts in the Grand
again on Monday (March 16) after a debate limited to four
Army of the Republic. •At one time he was Commander of
hours, with speeches limited to half-an-hour each. Adof Michigan and became Commander-inSenators But- the Department
dresses in favor of confirmation were given by
Chief of the Grand Army of the Republic during the year
ler and Gillet, of Massachusetts; Bingham, of Connecticut;
is 80 years of age.
Fess, of Ohio; Goff, of West Virginia, and Shortridge of 1913. He
California. The opposition was led by Senators Borah, RePeter A. Ray of Rhode Island Appointed Ambassador
publican, and Reed, of Missouri. Only one Senator—Underto Argentina—Attorney-General's Assistants
wood—was absent, as both parties had issued urgent calls to
Confirmed.
absent members over the week-end to be present for the vote.
Peter Augustus Ray of Rhode Island was transferred from
The vote resulted 46 to 39 against confirmation, Senator
that of Ambassador
Overman, who voted for Mr. Warren in the first roll-call, the position of Minister to Rumania to
to Argentina on March 18. Mr. Ray succeeds John W.
voting in the second with the opposition, whose ranks were
time President
swelled by the presence of Senator La Follette and Senator Riddle who recently resigned. At the same
-Smith of Pennsylvania Minister
Coolidge named U. Grant
Howell. Ten Republicans, including Senators Borah, Couzand George L.
ens, Norbeck and Norris, voted to defeat the President's to Albania, to be Minister to Uruguay,
Kreeck of Lawrence, Kan., to be Minister to Paraguay.
nomination. In the second vote, included as an issue along
nominations that day.
with Mr. Warren's fitness to serve as Attorney-General, was The Senate confirmed the three
Also on March 18 three assistants to the Attorneythe question of whether the President was,acting within his
William J. Donovan of
constitutional rights in resubmitting a nomination already General were appointed. They are
Ira Lloyd Letts.
rejected by the Senate. President Coolidge's supporters New York, Herman J. Galloway and
averred that the Senate must treat the second submission as
Award in Tacna-Arica
an entirely new nomination. We follow with the President's President Coolidge Announces
Dispute—Upholds Chile's Claim for a Plebiscite.
letter to Mr. Warren, offering the recess appointment as
President Coolidge delivered his award in the TacnaAttorney-General:
My dear Mr. Warren: As already indicated by me, in case there is a Arica dispute between Chile and Peru to the Ambassador of
vacancy in the office of Attorney-General after the adjournment of the Sen- these countries at the White House on Monday (March 9).
ate, I shall offer you a recess appointment to that office. This offer is
comprises some 22,000 words. On '
made in the first place as a testimony to the unshaken confidence which I The document, it is stated,
have in you and in the second place because I believe you are qualified to June 20 1922 the Chilean and Peruvian Governments, at the
conduct that office for the public welfare.
suggestion of Secretary of State Hughes, consented to subI wish to express my great regret that any action of mine should have
States as arbrought you into a political controversy. My regret is all the more keen mit the case to the President of the United
because you made patriotic response at a great deal of personal sacrifice biter. The dispute, which has caused friction between the
when I sought you out, without any action on your part, and asked you two countries for the last thirty years, concerns the sovagain to enter the public service of your country in which on several previous
Arica. Chile asoccasions you had already attained to great eminence. This disappointment ereignty of the two provinces, Tacna and
is only modified by the fact that from those who have refused confirma- serted that under the terms of the Treaty of Ancon, a plebtion come the strongest assertions that they would gladly approve you for iscite should be held to decide ownership of the provinces,
any other position of trust and responsibility.
fiut Peru held that the treaty was effected so long ago that
With kindest regards and deepest appreciation, I am very truly yours,
CALVIN COOLIDGE.
the holding of a plebiscite would be unfair. President CoolMr. Warren declined the offer in the following words:
idge in his award upholds Chile's claim for a plebiscite, and
Dear Mr. President: Your confidence in me was deeply appreciated when sets forth the conditions under which it will be held, while
you evidenced it by tendering me so important a place in your Cabinet. I
town and Province of Tarata are
am again indebted to you for your renewed expression of confidence in your Peru's contention that the
note of March 16 proposing to tender me a recess appointment as Attorney- not included in the disputed territory is held good. We give
General.
the main features of the award, quoting from special WashI shall always like to remember that the political controversy which has
to the "Times," dated March 10:
arisen concerning this position has not in the least affected your faith in ington advices
1410
THE CHRONICLE
In regard to the first question submitted, that of a plebiscite, the President's award stated:
"The arbitrator holds that the provisions of the second and third paragraphs of Article 3 of the Treaty of Ancon are still in effect; that the plebiscite should be held, and that the interests of both parties can be properly
safeguarded by establishing suitable conditions therefor."
The second question related to the conditions of the plebiscite, including
the terms and time of the payment of 10,000,000 silver dollars by the nation
which remained the owner of Tacna and Mica. President Coolidge decided
that it be held under the supervision of a plebiscitary commission of three
members, one to be named by Chile, one by Peru and one by the United
States, to be appointed by the President and act as president of the commission. This commission is to be appointed within four months from
today and is to meet in the City of Arica not later than six months from the
rendition of President Coolldge's award,to formulate rules for the plebiscite,
fix its date and the time and places ofregistration and voting.
The commission will frame regJlations governing the procedure of registration and election boards, secrecy of the ballot, reception and counting
of ballots, tabulation and scrutiny of returns, and is to have in general complete control over the plebiscite and "determine all questions as to the registration of voters, the casting and counting of the vote and whether the persons claiming the right to register and vote are qualified to do so, subject
only to the provisions of the opinion of award."
Women are not to vote, as woman suffrage does not exist In Chile or Peru.
The arbitrator holds that the following persons, 21 years old, able to read
and write, may vote:
1. Persons born in Tacna and Arica as defined by the award.
2. Chileans and Peruvians who resided two years continuously in that
territory and continue to so reside until the date of registration, and reside
for three months immediately preceding registration in the subdelegation in
which they are residents at the time of registration and make affidavit of
residence as required by the commission.
3. Foreigners, neither Chileans nor Peruvians, who are eligible for naturalization and who fulfill certain qualifications.
The arbitrator holds, however, that no person shall be denied the right
to vote solely because of inability to read and write who, on July 20, 1922,
and continuously from that date until registration, was an owner of real
property in Tacna or Arica.
No person shall acquire a vote through residence under the two-year clause
if he has served in the army, navy. carbineers, Government police, secret
service or gendarmerie of Chile or Peru or been a Government official or civil
employe in the political, judicial or fiscal service of either country. But
military persons of all ranks and civil employes of every degree who were
born in Tacna-Arica shall have the opportunity to return to their native
place to vote.
11.: The third question, which concerns the northern and southern boundaries
of the provinces of Tacna and Arica, was decided outright in favor of Peru
as far DR It concerns the northern boundary,including the province of Tarata.
So far as it concerns the southern boundary the question is remitted to a
special commission for a report upon the location of thel old Peruvian interl
provincial boundary lines.
IS
[vol.. 120.
Missouri, Tennessee and Kentucky. The State most heavily
hit was Illinois, where 649 people were reported killed and
1,955 injured. Next came Indiana, with 88 dead and 515
injured. In Missouri the dead and injured number 10 and
210, respectively. In Tennessee 34 people were killed and
50 injured, while in Kentucky 18 died and 131 suffered injuries. The storm is the first 'that has visited this tornadotorn region of the Mississippi Valley this year. Said to have
arisen in the Missouri Ozark Hills, the tornado cut a wide-mile
path through seventy miles of the State, tore across southern
Illinois and then divided, the branch of greatest intensity
continuing through Indiana, while a fork of less ferocity
branched into Kentucky. In three Illinois towns the deathroll exceeded a hundred. Murphysboro was most severely
struck. Here the dead numbered 210 and injured 500; of
the 12,000 population, 8,000 were rendered homeless. In
West Frankfort, Ill., 110 were killed and the same number
in De Soto. Ninety died in Gorham, Ill., 37 in McLeansboro and 20 in Parish, while from ten other towns in this
State came reports of deaths due to the storm. Associated
Press reported that nearly half of Princeton, Ind., was
smitten, and a sister city, Griffin, was virtually carried
away. Deaths in these cities were 21 and 41, respectively.
It is known that the damage caused by the tornado and the
fires which followed it runs into millions of dollars, but it is
as yet too early to give anything approaching an accurate
estimate of the property loss.
Advices from various cities in the country stress the spontaneous way in which appeals from the stricken area have
been answered. The entire facilities of the American National Red Cross have been placed at the disposal of the
States affected. President Coolidge, who is head of that
institution, sent the:following letter to Chairman J. B.Payne
on March 19:
WHITE HOU
SE.
Washington, March 19 1926.
Mu Dear Judge Payne:
Information has reached me of a disaster that has overtaken a portion of
Missouri, Illinois and Indiana. It is said that many people are homeless
and many are injured. I suggest that you put in operation all the facilities
of the Red Cross to assist in the required relief. I am sending a telegraph
to the Governor of Illinois that you will do so.
Very cordially yours,
CALVIN COOLIDGE.
Associated Press's Santiago correspondent on March 9
stated that the award had been received with great satisfaction in Chile, and that the Government had decided to send
a cable dispatch to President Coolidge thanking him for the
The sum of 8500,000 was asked by Chicago for relief in
efforts he had taken to serve the cause of American peace.
A Washington dispatch, published March 10 in the New York the devastated districts. Innumerable messages of sym"World," outlined the origin of the Tacna-Arica dispute as pathy and offers of aid have been forwarded from cities and
relief bodies to thelGovernors of the stricken States.
follows:
The quarrel arose out of certain unfulfilled stipulations of the treaty o
peace, known as the treaty of Ancon, concluded in 1883 between Chile on
one side and Peru and Bolivia on the other. War was declared by Chile in
1879.
After four years of hostilities,Chile was in possession nf Lima,the southern
provinces of Peru,including Tacna and Aries, and about 100 miles of Pacific
littoral formerly belonging to Bolivia.
The main provisions of the treaty of peace were that Peru should cede
unconditionally to Chile the Province of Tarapaca and that the Provinces of
Tacna and Arica should "continue in the possession of Chile, subject to
Chilian legislation and authority for a period of ten years from the date
of the ratification of the treaty of peace." At the expiration of that term,
the treaty specified, "a plebiscite will decide by popular vote whether the
territories of the above mentioned provinces will remain definitely under
the dominion and sovereignty of Chile or continue to form a part of Peru."
Negotiations were started In 1892 between the two Governments to
reach some agreement as to the conditions under which the plebiscite should
be held. They were fruitless.
News has filtered through to Washington this week of
anti-American demonstrations in Lima In consequence of
Peruvian dissatisfaction over the award of President Coolidge. It was stated on March 16 that the parading crowds
had destroyed the coat of arms over the American Embassy
in Lima. Notwithstanding these reports, President Leguia
of Peru sent the following message to President Coolidge
on March 16:
Notwithstanding my judgment that your Excellency's award has undeservedly approved the moral position of the Republic of Chile, undoubtedly guilty for over forty years of untold persecutions and crimes against
Peruvian citizens from Tacna and Mica, I unreservedly express to your
Excellency my sincere thanks for the high responsibility so disinterestedly
assumed.
Tornado Strikes Mississippi Valley—Wide Area Laid
Waste-800 Reported Killed and About 3,000
Injured.
A tornado, described as the worst experienced by the country in nearly half a century, descended upon Missouri,
southern Illinois and adjacent territory on Wednesday evening (March 18), leaving in its path an estimated total of 799
killed and 2,861 injured, with an enormous property loss.
These were the figures estimated yesterday (March 20),
but it is believed that the list will grow as a more thorough
examination of the devastated area becomes possible. The
States which were struck by the storm were Illinois, Indiana,
Chicago, Milwaukee & St. Paul Ry. Placed in Receivers' Hands—Unable to Meet 848,000,000 of
Bonds Due June 1 Next—Readjustment of
Financial Structure Recommended by
Engineers.
The Chicago, Milwaukee & St. Paul Ry., one of the
largest systems in the United States and operating over
11,000 miles of railroad was placed in the hands of receivers
on Mar. 18. Oh the petition of the Binkley Coal Co., which
is acting for the company's creditors, Judge James H.
Wilkinson of the U. S. District Court at Chicago, appointed
as receivers President H. E. Byram of the railroad, Mark
W. Potter, recently resigned from the I. S. C. Commission
and Edward J. 'Brundage, former Attorney General of
Illinois. Two of the receivers appointed in Chicago for the
company were also appointed ancilliary receivers in New
York by Federal Judge John C. Knox. They are H. E.
Byratn and Mark W. Potter. The receivership suit in New
York was also instituted by the Binkley Coal Co.
The receivership for the company was decided upon at a
meeting of the directors held in New York Mar. 17. After
the meeting the directors issued a communication in which
they stated that believing that a prompt readjustment of
the company's affairs will be to the best interest of the
security holders they placed the facts before the company's
bankers and representatives of large amounts of the company's securities with a view to the organization of committees to co-operate in formulating a plan of readjustment, to
be submitted at the earliest possible date. Simultaneously
with this announcement committees representing the bondholders and stockholders were announced. The names of the
committees are given in our "Investment News" columns
on a subsequent page. The Binkley Coal Co. appealing for
receivership was represented by Ralph M. Shaw of Winston,
Strawn & Shaw. He made the following statement:
Judge James H. Wilkerson of the United States District Court this morning appointed II. E. Byram, Mark W. Potter and E. J. Brundage as receivers for the Chicago, Milwaukee & St. Paul Railway in a creditors'
suit. It is evident that the peculiar qualifications of each appointee accounted for his selection.
MAR. 21 1925.]
THE CHRONICLE
1411
Mr. Byram is the President of the company, and as such has acquired
The engineers find that the present management has striven aggressively
high repute as an operative official.
against these difficulties, and to the extent of the resources available has
Mr. Brundage is a lawyer of the highest standing at the Chicago bar, and effected marked improvements in the company's operations and in the physihas rendered conspicuously able service as Attorney General of the State. cal condition of its property.
His familiarity with conditions in the West will be of great advantages to the
The engineers' forecast of future earnings indicates that at best it will
receivership.
be several years before the company will be able to meet its present fixed
Mr. Potter has recently resigned from the Interstate Commerce Com- charges and additional requirements, such as the rentals imposed by the
mission after four and one-half years' service thereon. Prior to his appoint- use of the new Union Station in Chicago. amounting to approximately
ment to the Interstate Commerce Commission he was for many years $800,000 a year, larger reserves for depreciation of equipment, further inPresident of the Clinchfield Railroad. His familiarity with railroad financ- terest requirements on borrowings necessary for various capital purposes,
ing and with those in the East who are interested in that connection with such as a system of 11.000 miles continually needs in order to serve the
this railroad indicates his usefulness in the situation.
public, and such items as the repayment of equipment trust certificates,
present $2,662,000
The plaintiff's bill filed in Federal Court sets up the atOn the other hand,per annum. also indicates that, under conditions
their forecast
following charges:
of reasonable prosperity in the territory which the company serves, the
1. There is $125,000 owing the coal company for supplies, for which road can again be put upon a sound basis, provided the new money repayment has been demanded and refused.
quired for improvements to road and equipment, and for additional equip2. The railroad had an outstanding indebtedness of $465,045,000 on ment, is found, and the necessary relief from the present excessive fixed
Jan. 1 1925.
charges is given, by a readjustment of the existing financial structure.
3. The income of the railway company from all sources has not in any
In the conclusion of the engineers, the management and board of directors
year except in 1923, since the properties were returned by the Federal reluctantly concur. They also feel that the interests of the company and
Government, equaled the interest charges. Prior to 1917 income was its security holders would not be conserved by using the small amount of resufficient to pay all expenses and to build up a surplus as well.
maining available marketable securities to meet further current deficits.
In recent years there have been material and repeated advances in the
In addition to the maturity of approximately $48,000,000 due June
cost of labor and fuel and other materials; the taxes levied by the various next, there are the loans from the United States Government of $25,000.000
taxing authorities have been greatly increased, but no commensurate due in 1927, and $30,000,000 due in 1930. as well as the convertible gold
advance in rates for the carriage of freight and passengers has occurred. notes of approximately $50,000,000 due in 1932. and the 25
-year gold
Moreover, in recent years. with the development of the Panama Canal bonds of aprroximately $33.000.000 due in 1934. The several maturities of
and because of the low rates prevailing for the carriage of freight via the 1925, 1932 and 1934. as well as a very large proportion of the bonds held as
canal between the Pacific Coast and the Atlantic seaboard, an increasing security by the United States Government, are secured, directly or inditonnage originating on or destined to the Pacific Coast is being diverted rectly, by the same lien, namely that of the general and refunding mortfrom carriers by railroad and is being transported by water via the canal. gage due in 2014.
The railroad's business has suffered accordingly.
To provide for some of these maturities or to offer special inducements
Although the property and assets of the railway company are greatly in for refunding to some, unless this would permanently meet the company's
excess of all the company's liabilities, yet at the present time and in view difficulties, would be unfair in the present outlook to the bonds maturing
of imminent maturity of large amounts of its funded and floating debt, the at later dates which it might be impossible similarly to provide for.
company is unable to pay its obligations as they mature in the regular
Any readjustment of the financial structure of the company will necescourse of business, or otherwise to provide for them.
sarily affect the preferred and common stock, the various issues of bonds
which are directly or indirectly secured by the general and refunding mortThe bill asserts that in June tho company will be unable gage, and the bonds secured by the Puget Sound mortgage, of which
$154.to meet 311,831,515 4% 15-year European loan bonds of 489.500 of the outstanding $181,664.500 bonds, or over 85%. are pledged
mortgage.
1910 and $35,100,000 4% gold bonds. On April 1 a semi- under the general and refunding
The
a prompt readjustment of
annual installment of interest will be payable—this aggre- will bedirectors believe thatof the security holders andthe company's affairs
to the best interest
will enable the comgating $969,503 on the outstanding $43,089,000 of Gen. & pany to resume its former place among the financially strong roads of the
Ref. Mtge. bonds, Series A, of the company, and the com- country and serve its territory even more effectively than in the past.
The board of directors has therefore placed the facts before the company is without means to pay principal and interest for the pany's bankers and representatives of large amounts of the above-mentioned
bonds maturing in April and June. The bill also recites classes of the company's securities with a view to the organization of comthat the company has an outstanding floating indebtedness mittees to co-operate in formulating a plan of readjustment, to be submitted at the earliest possible date.
1
for materials and supplies that is overdue, and "although
creditors are pressing for payment" the company is unable
to make provisions for this indebtedness and for other
obligations. Because the company will be unable to comply
with rules of the Inter-State Commerce Commission, it will
be subject to further heavy fines, which could be enforced
as a prior claim. Further, failure to pay its regular obligations in the matter of traffic balances, hire of equipment,
rentals, &c., will reduce revenue.
The board of directors on March 17 held a meeting at
which the financial situation of the company was gone over.
The firm of Coverdale & Colpitts, engineers, who were appointed by bankers for the road to investigate the physical
and financial situation of the company, made a partial report
in which they stated that even if the maturing bonds could
be refunded by the voluntary action of the holders, or otherwise, it would not solve the company's difficulties and that a
readjustment of the financial structure of the company is
required. The board of directors announced that "in the
conclusion of the engineers the management and the board
of directors reluctantly concur. They also feel that the interests of the company and its security holders would not be
conserved by using the small amount of remaining available
marketable securities to meet further current deficits."
The following statement was authorized by the board of
directors:
Various plans have been considered to meet the maturity on June 1 next
of the "European Loan of 1910" and of the "4% Gold Bonds of 1925."
amounting approximately to $48,000,000. Before determining upon any
action in regard to this maturity, the directors retained Messrs. Coverdale
& Colpitts, engineers, to study and report upon the present status, the immediate and future capital requirements and the earning possibilities of the
property.
While their full report is not completed, they have discussed the matter
with the directors and have advised them of their conclusion, that even if
the maturing bonds could be refunded by the voluntary action of the holders, or otherwise, it would not solve the company's difficulties and that a
readjustment of the financial structure of the company is required.
The causes contributing to the company's present difficulties are:
(1) The competition of the Panama Canal, which by reason of the low
freight rates between the Atlantic seaboard and the Pacific Coast and also
to the Far East, via the canal, has been heavily felt by all transcontinental
lines, and particularly by the Chicago Milwaukee & St. Paul because of the
large percentage of its investment in the Puget Sound extension.
(2) The depressed agricultural and business conditions of the past few
years in the Northwest, where a large part of the company's traffic originates. Passenger earnings, which were $31,034,000 in 1920, were only
$21,768,000 in 1924. due largely to motor vehicle competition.
(3) The large increases in the cost of labor and materials, and in taxes,
which have not been offset by corresponding Increases in rates or in volume
of traffic.
(4) The lack for a number of years of surplus earnings to apply toward
necessary improvements, betterments, &c., the consequences of which are
that the current position of the company is unfavorable, and that its
equipment has suffered deterioration and is insufficient in amount.
We also add the following statement prepared just before
the decision to seek a receivership by F. J. Lisman, of F. J.
Lisman & Co., and a well known authority on railroad
finances, because it so clearly outlines the difficulties and
problems confronting the company. Mr. Lisman announces
that in view of the very able personnel of the bondholders'
committee that has been selected to represent the Chicago
Milwaukee & St. Paul general and refunding bonds, he will
recommend to his friends that they co-operate with this
committee.
The man who fellows the ordinary course of his life uptown hardly CaD
realize that there is a part of the City of New York known as "Wall Street"
which occupies an area of barely a quarter of a mile square, and where
people now a days, instead of saying, "Good morning," and "How do
you do?" ask the question. "What do you think of St. Paul?" or "Is
there anything new in St. Paul?" or "Do you think St. Paul will go into
receivers' hands?"
These questions have to do with the financial problem of the Chicago
Milwaukee & St. Paul, a system operating over 10,000 miles of railroad
from Chicago to the Pacific Coast, with a bonded debt of approximately
$435.000,000 and with some $230,000,000 of capital stock.
This capital stock brought 15 years ago a price of upwards of $350.000,000. It is selling to-day for less than one-tenth of that. There are
many reasons for this, the principal one being that the company has
maturing on June 1 next an issue of approximately $48.000,000 of bonds
and does not seem to have adequate credit to enable it to provide this sum.
The history of this particular debt is interesting. Fifteen years ago—
that is, four years before the world's war c,ommenced—inoney in Paris
was cheaper than anywhere else in the world, and a number of American
companies availied themselves of this opportunity to borrow money in
the French market. One of these companies was the Chicago Milwaukee
& St. Paul, which sold an issue of4% bonds of the face value of 250.000,000
francs to bankers in Paris. who redistributed them to the publie.
French Fortunate to Get Out.
The credit of the St. Paul company at that time was sufficiently good
to enable it to sell its ordinary debentures—that is, its unsecured note—
which merely contained a provision that if the company thereafter should
execute a new mortgage, these notes would be co-equally secured. By
good luck for the French people, but not for the company, these particular bonds were created of the par value of 500 francs, but were also
payable in an equivalent amount in British money.
Early in 1915 the Chicago Milwaukee & St. Paul created a large mortgage
for the purpose of taking care of its future requirements and these French
bonds became co-equally secured by this new "general and refunding
mortgage," as it is called. Then came the war with Its many unexpected
sequences. The French people, in order to raise money to "carry on,"
started to sell their securities.
America, even before we entered the war, endeavored to help, and
one of the ways in which the directors of the St. Paul did their bit was
to offer to exchange the foregoing described French bonds for dollaebonds.
An issue of what is known in financial jargon as "collateral trust bonds"
was authorized—that is, bonds secured by collateral or by the deposit
of other securities. These bonds were a direct obligation of the Chicago
Milwaukee & St. Paul, bore 4% interest and became due June 1
1925
and $1,000 of the dollar bonds were issued for exchange and against the
deposit of 5,189 francs, $1,000 being the par value of 5.189,236
francs
on the pre-war gold basis.
Approximately three-quarters of all the franc bonds were thus PAO
exchanged
and came back from France to the United States. A large
part of the
1412
THE CHRONICLE
[VOL. 120.
balance of the franc bonds were also repurchased in the United States under which the company can raise at a reasonable rate of interest such addibut were never converted. Probably less than 25,000.000 fancs, or less tional capital as may be needed from time to time. They point to the fact
than 10% of the original issue are now held in France.
that the company has coming due Within ten years many bond issues: that
These collateral trust dollar bonds have sold in a basis to yield from is, $50.000,000 in 1932, $33,000,000 in 1934, and the $55,000,000 due to
12% to 40% en the money ever since they came back to the United States. the Government, secured by the same mortgage. A receivership might as
This means that a 4% bonds, selling at 80, and due in a year, would yield well come now, they argue, and the company permanently be put on a
30% if paid at maturity at par. Wall Street figures as follows: 4% sound basis.
on 80% is 5% on the money and 20% profit on 80 is 25%, making a total
The Debt to the United States Government.
of approximately 30%. Of course, if the bonds are not paid this calThere is much loose talk about what the Government should do to help
culation is all wrong.
the situation. The Government, as security for its advance, has $18,000,A large proportion of the $48,000,000 bonds due on June 1 are held 000 of General
Mortgage bonds as well as $68,829,000 Refunding Mortgage
fairly close to Wall Street; hence,the great interest in this situation. These bonds. The
General Mortgage bonds are secured by a first mortgage on
4% bonds have been up and down between 53-82 almost like a handball, the bulk of the company's
mileage and are a perfectly good security. The
according to the moods of the speculative profession. At present the gossips think that the
Government ought to give up its good security and
quotation is 10% below any previous level.
accept refunding bonds in exchange therefor.
The question arises whether the physical condition of the system has
Earned Charges in Only One Recent Year.
In 1917 the Government took over the railroads for operation and the been properly maintained. There is a difference of opinion on this, though
Chicago Milwaukee & St. Paul under Government management did no an examination of the company's expense account would indicate that in
worse than most other roads. Since the relinquishment of Government certain respects it has been spending less money than its competitors. For
control in 1920 the company has shown substantial improvement, but in example, the St. Paul spent for renewal ofrails as follows:
only one year earned a trifle more than its interest charges. Its showing
REPLACEMENT OF RAILS.
during this period has been as follows:
Average
Average Aver. Expend.
Miles of
Miles of For Renewal of
Railway
Gross
Net Before
Line.
Track.
Rails per Mile.
Operating Revenues.
Income.
Dividends. Atchison
11,444.71 16,038.79
$663 21
1914
$91,783,000
$30,082,000
$15,476,000 Chicago & North Western
8,259.55 12,956.33
*264 51
11,134.51 16,104.37
559 12
1915
91,435,000
28,367,000
11,968,000 Southern Pacific
Chicago Milwaukee St St. Paul
9,941.85 . 15,301.86
257 03
1916
110,610,000
34,165,000
16,068,000
* Two Government
-control years missing.
1917
113,739,000
4,469,000
23,845,000
No doubt if the company has been stinting in the renewal of rails, it has
1918
132,894.000
10,054.000
8,023,000 been
stinting in other directions. Coverdale & Colpitts, a well-known firm
1919
150,370,090
10,627.000
6.851.000 of
engineers who specialize in the examination of railroads, and who have
1920
168,159,000
22,067,000
def. 5,898,000 examined
a large part of the railroad mileage of the United States, now are
1921
146,766,000
10,650,000
def.11,071,000 making a
report on the system for the bankers. In fact, they are reported
1922
156,951,000
14,859,000
def. 6,143,000 to
have rendered their preliminary report. The writer has no information
21,870.000
1923
169,628,000
208,000 as to the
nature of' this report, but there is no question that the St. Paul
158,366,000
1924
20,748,000
def. 1,869,000
system could use at once to good advantage upwards of $25,000,000, which
This poor showing has been due to a number of reasons:
it cannot raise on any fair terms by the sale of its securities, even if the
(a) The company's transcontinental traffic, consisting to a considerable Government were to relinquish, as
already indicated, its good security for a
extent of lumber eastbound and a variety of heavy commodities west- poorer one.
bound, has been seriously impaired by competition through the Panama
Wall Street Prepared for Worst.
Canal.
In view of all these conditions, it would appear that a surgical operation
(b) Much of the agricultural territory along this road, especially in Monwill become necessary sooner or later, unless conditions in the Northwest
tana, has had a succession of poor crops.
(c) Freight rates in the Northwestern States are lower than anywhere improve much more rapidly than reasonably can be expected at this time.
else in the country, and as a result all the roads in that section have earned Wall Street, while anxiously waiting for news, is quite prepared for the
worst. This is indicated by the price level of the various securities of the
a lower rate on the capital invested in them than elsewhere.
(d) The rapid construction of good highways, with increased automobile system. For example, the 4% and 5% bonds due 2014, and even the 44s
traffic, has greatly impaired the previous profitable passenger business of due 1932, all have been selling in the 50's. The only issue secured by the
General and Refunding bonds selling much above that are the bonds
the company in Iowa. Wisconsin and Minnesota.
(e) The'company undoubtedly has not been able to raise capital to as about to come due,and they are selling in the 50's. At this price they would
advantage as most of its competitors; therefore, may not have kept yield a return of considerably more than 200% per annum on the money
good
if they were paid off in cash within 90 days. Thus the market gradup with its competitors in giving good service.
Before the war the expenses of operating the railroads, taxes, &c., ually has been adjusting Itself to the fact that if the principal of these bonds
is not paid these issues will rank co-equally in accordance with the terms of
throughout the country were approximately 70% of the gross earnings.
Now these expenses for the country as a whole are 85%, and they have the mortgage under which all these bonds are alike in case of foreclosure.
Considering the magnitude of the system, its capital structure is not
been somewhat higher than that on the Chicago Milwaukee & St. Paul
system. The interest on the company's debt, rentals and the like requires very complex, but two interesting questions would have to be dealt with
in a reorganization. One problem would concern the preferred stock,
close to 14 cents out of every dollar the company takes in, so there has been
no margin out of which the company could make betterments, nor even a which is preferred as to dividends only and not as to assets.
The big problem and the one which may delay reorganization is connected
margin of safety, which would enable it to borrow additional money for
the purpose of increasing its business or reducing its cost of operation. with the debt due to the Government. The St. Paul road, which theoretically under the Transportation Act of 1920 is entitled to earn 5%% return
The company, therefore, appears to be in a vicious circle. If it cannot
earn more money,it cannot borrow any new money; and if it cannot borrow on its fair physical value, which probably is greater than its capitalization,
money,it cannot decrease its operating expenses and increase its net income. barely has earned 24%.
The Northwestern railways as a whole, owing to low freight rates in
Surgical Operation Necessary.
their territery in 1924. only earned 3.12% on their capitalization,as against
To Wall Street a so-called reorganization is a surgical operation of the 4.35% for the country 88 a whole. The difference between 3.12% and
company's finances. It temporarily hurts, but is expected to be bene- 4.35% on the St. Paul system would have amounted to more than $7,000.ficial in the long run. The persons hurt are those who own junior securities 000. If the company had been enabled to raise its freight rates to earn
—stocks and such bonds as may have to be "cut into." Such bonds may this additional amount, it now would have sufficient credit to provide for
have to be converted into stock or income bonds; which means that for a its maturing bonds and for the additional capital required.
year or two, or for a longer time, the holders will be deprived of interest
Notwithstanding these low earnings, Congress insists that the company
and the stockholder may be asked to furnish more money or be wiped out pay interest to the Government at the rate of 6% per annum on money
foreclosure of the mortgages.
by the
costing the Government less than 4% .
Questions about St. Paul all mean whether such a surgical operation is
At the last session of Congress a bill was introduced which had the supImminent. If the St. Paul were showing a substantial surplus over its port of the Inter-State Commerce Commission to reduce this interest rate
interest charges, bankers would be willing to take a new bond issue to to 434%, but Congress flatly refused to "temper the wird to the shorn
replace the maturing one, probably on a 6% interest basis. They would lamb."
Any reorganization of the St. Paul system will have to deal with the
then distribute such an issue to their clients and make their customary
small margin of profit, but where there Is no certainty of a surplus or no $55,000,000 debt due to Uncle Sam and some special action by Congress
margin of safety with which to overcome poor years, it is very difficult to will be necessary.
Whatever may happen in the St. Paul situation, it should not affect
find a banking house to underwrite such a large issue.
security prices in Wall Street as a whole, because probably the worst
All Bonds Under Mortgage Rank Equal.
already has been largely discounted.
It already has been stated that these bonds about to mature are secured
by the general and refunding mortgage. There are other bonds issues
outstanding secured by the same mortgage; in fact there are altogether
Recess Appointment by President Coolidge of T. F.
some p200,000,000 of these bonds, of no less than five different issues, held
Woodlock as Member of Inter-State Commerce
by the public and secured by this mortgage. The Government has lent to
the Chicago, Milwaukee & St. Paul some $55,000,000 and has approxiCommission After Senate Again Failed to
mately f67,000,000 of bonds secured by this mortgage as security for these
Confirm Nomination.
its treasury.
advances, and the company has over $50,000,000 additional in
Under the terms of the Trust deed all these bonds become due and
Thomas F. Woodlock has been tendered a recess appointpayable if there is a default on the $48,000,000 of bonds maturing on June 1. ment as a member of the Inter-State Commerce CommisThis would mean a foreclosure of the mortgage, assessment on the stocks
and a change of capitalization. Nearly all mortgages contain a clause which sion, according to press advices from Washington last night
provides that no bondholder may bring suit except through the trust com- (March 20). President Coolidge in December named Mr.
pany which is trustee for the mortgage. Such a clause means that the Woodlock as a member of the Commission to succeed Mark
trustee is agent for all the bondholders.
The courts have held many times notwithstanding such a clause that a W.Potter, resigned, but, as we stated last week (page 1288),
bondholder may bring suit as an ordinary creditor, and get judgment. In with the failure of the Senate to confirm the nomination
the case of the bonds due June 1 next, there is the unusual provision in the announcement of its withdrawal by President Coolidge was
bond itself to the effect that no bondholder can bring suit except through
the trustee, and that the trustee can only act if 20% of the bondholders so made on March 5. The Senate had bitterly contested the
require. . . •
appointment on the ground that Mr. Woodlock was closely
There are a large number of bondholders of the system, however, who beopposition was
nerve that in the end the Chicago Milwaukee & St. Paul audits security associated with Wall Street, although the
holders will be very much better off if it is not "saved" at this time. They largely due to the fact that it was felt that the South was not
point out the fact that there is no way by which it can obtain additional sufficiently represented on the Commission. For the second
capital for the purpose of increasing its facilities. Additional capital is
Senate
necessary for all railroads in the United States, but especially so in a coun- time President Coolidge sent the nomination to the
try largely undeveloped, like the territory of the St. Paul.
this week (March 18), but before the adjournment of the
Many security holders think it is best to reorganize the road now, raise Senate that day neither it nor its Committee on Inter-State
from $30,000.000 to $50,000,000 by asking the stockholders to pay an assessment,and creating a new mortgage ahead of the General & Refunding bonds. Commerce took any action on the nomination.
MAR. 211925.]
THE CHRONICLE .
Annual Meeting of Investment Bankers' Association of
America to Be Held in Florida—Tentative
Dates Dec. 2-5.
of Governors of the Investment Bankers' AsThe Board
sociation of America announced this week that the fourteenth
annual convention of the association will be held in St. Petersburg, Fla. The dates, tentatively agreed upon, are Dec. 2,
3,4 and 5 next. The first day of the convention will be given
over entirely to committee meetings. Arrangements are being
made to provide ample hotel accommodations for the several
hundred members of the association who will attend the
convention. It is expected that special trains will b a run from
New York and Chicago.
1413
J. Ogden Armour Pays Off Indebtedness to Banks.
• The following is from the Chicago "Post" of March 14:
J. Ogden Armour has paid the remainder of the $20.000.000 bank loan.
which closes this indebtedness to the banks made two years ago.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The New York Cotton Exchange membership of A. B.
Gwathmey,2nd, was sold this week to H. Nicholas Edwards
for another, for $33,000. The last previous sale was at
$32,500.
Willard V. King, Chairman of the Columbia Office
Advisory Board of the Irving Bank-Columbia Trust Company, arrived in New York this week from a vacation of
several weeks in Cuba. His trip also included an inspection
,
Two New Committees Created in Investment Bankers of the properties of the Manati Sugar Company, of which
Association of America—Bond Titles, Farm Loan
he is a director.
Securities.
Announcement was made yesterday by the Irving BankThe Feb. 28 Bulletin of the Investment Bankers' Association of America in announcing the crcation of two new com- Columbia Trust Co. of this city that Northrop Holbrook,
Assistant Secretary, had been appointed an Assistant Vicemittees says:
There are at the present time twenty committees of the national organiza- President. Mr. Holbrook entered the employment of the
tion carrying forward different lines of work and looking after the interests
former Irving National Bank in 1917. On Nov. 25 1919
of different types of securities. It is apparent to all who are familiar with
Cashier and at the consolidathe early history of the Association that its field of work has broadened he was appointed an Assistant
materially.
tion of the Irving with the Columbia Trust Co.in Feb. 1923,
Bond Titles.
an Assistant Secretary.
of bond became
All distributers of securities recognize there is a great complexity
titles. Of late years the process has beenmore toward simplification. The
necessity for still further simplification has been considered by the Board
of Governors at times in the past year. At the January meeting of the Board
the President was instructed to appoint a Committee on Circular Phraseology and Bond Titles. The personnel of the committee is:
Arthur H. Gulbert, Spencer Trask Co., Chicago, Chairman; Henry 0.
Olcott, Continental & Commercial Trust & Savings Bank. Chicago; C. H.
Moore, Livingstone. Higbie & Co.. Detroit; Roy C. Osgood, First Trust &
Savings Bank. Chicago; Henry R. Hayes,Stone & Webster. Inc., New York;
George Whitney. J. P. Morgan & Co.. New York; Pliny Jewell. Coffin &
Burr, Inc.. Boston.
The Committee will undoubtedly make a report at White Sulphur Springs
on April 30, May 1 or 2.
Farm Loan Securities.
The investment bankers in recent years have handled an increased number
of issues of farm loan securities. It has seemed for some time that the Increase in business would create the necessity for a special committee to
handle questions arising in connection with this class of securities. Accordingly a special committee has been created:
Howard F.Beebe, Harris, Forbes & Co., New York,Chairman;B.H.Griswold, Jr., Alex. Brown & Sons. Baltimore; H. C. Sylvester, Jr., National
City Co., New York. B. J. Larkin, Halsey Stuart & Co., New York;
Clarkson Potter, William R. Compton Co.. New York; Samuel L. Fuller,
Kissel. Kinnicutt & Co., New York.
Col. Thomas H. Birch, President of the Trust Co. of North
America, and formerly American Minister to Portugal, and
Mrs. Birch, have as their guests at their home in this city
the French Ambassador, Madame Daeschner and their
daughters. Thursday evening the Ambassador was a guest
of honor at a dinner given by the France-American Society.
The creation of an institution with aggregate resources of
nearly $300,000,000 is brought about through the consolidation, carried into effect on Mar. 16, of the Metropolitan
National Bank & Trust Company (formerly the Metropolitan Trust Company) of this city and the Chatham and
Phenix National Bank, under the name of the Chatham
Phenix National Bank and Trust Company. The .latter
starts with a capital of $13,500,000 and surplus and undivided
profits in excess of $13,000,000. Based on the condition
reports of the uniting institutions as of Jan. 1, the two banks
bring into combination total resources of $288,809,578, deposits of $247,808,803, and loans and discounts of $175,441,438. The merger also brings together two outstanding
Equitable Building Reported Sold to New York Empire executives of the banking world, Louis G. Kaufman and
Company.
Samuel McRoberts. Mr. Kaufman was president of the
While no official confirmation has been made in the matter, Chatham and Phenix and is president of the merged instituit was reported in the daily papers on March 14 that the tion, and Mr. McRoberts, who was president of The Metromajority stockholdings in the Equitable Building, at 120 politan Trust Company, has become chairman of the board
Broadway, had been purchased from T. Coleman du Pont in the newly created organization, actively engaged in the
and Louis J. Horowitz by a group including Leroy W. Bald- direction of the affairs of the Bank. Mr. Kaufman who was
win, August Heckscher and other directors of the Empire born in Michigan fifty-two years ago came from the West in
Trust Co., who have formed the New York Empire Company, 1910 to be president of the Chatham National Bank, a posia holding subsidiary headed by Darragh A. Park, in which tion which he has held through successive stages of consolidacompany the Brotherhood of Locomotive Engineers is a tion. Mr. Kaufman began his banking work at the age of
large stockholder. The building (the largest of the city's 19 when he became a messenger in the Marquette County
office buildings) takes- in the entire block bounded by Savings Bank. Seven years later he became cashier-manager
Broadway and Nassau Street, Pine and Cedar Streets, and of that bank and in 1901 he became vice-president of the
occupies alost an acre of ground. The present building, First National Bank of Marquette; five years thereafter he
erected in 1915, replaced the one destroyed by fire in 1912. was made its president. He has been president of the MichiThe purchase price paid by the new owners is reported as gan Bankers Association, and a member of the executive
$38,500,000. Control will pass May 1, it is said. Negotia- council of the American Bankers Association.
tions for the sale have been under way for some months.
Mr. McRoberts began his business career as private attorAnother banking group, headed by Hayden, Stone & Co., ney with the legal department of Armour & Co. He rose
was recently reported as having an option on the property. by various stages to the position of financial manager of all
This option expired about a week ago. The land was origi- the Armour interests and in 1908 was made vice-president of
nally purchased for $13,500,000; the building is assessed at The National City Bank, later becoming its executive man$28,000,000 and has an appraised value of $40,000,000. ager. The World War occasioned a break in his business recThe building is 38 stories in height.
ord, for he was commissioned a major in the Reserve Corps
in Nov. 1917, and almost immediately was promoted to
Spring Meeting of Executive Council of American Colonel in the National Army. In Dec. of the same year he
Bankers Association to Be Held at Augusta, Ga;,
became Chief of the Procurement Division of the Ordnance
April 20-23.
Department and in the following August was promoted to
The spring meeting of the Executive Council of the Amer- the rank of Brigadier-General with the American Expediican Bankers Association will be held at Augusta, Ga., on tionary Forces. He resumed active business after the war as
He was
April 20 to 23. We learn that the gathering promises devel- president of The Metropolitan Trust Company.
particularly active in the negotiation of loans here for foropments of special interest to the banking public. It is
expected that among the discussions will be that of branch eign governments during the period of the war when the
banking, which featured the deliberations of last year's an- United States was only a spectator.
Preliminary to the completion of the merger securities
nual meeting at Chicago, and on which the divergent views
reconciled through the amended McFadden bill, the valued at $250,000,000 were transferred on Sunday last, Mar.
were
issue, however, still being open to debate through the failure 15, from the offices of the Metropolitan Trust Company at
120 Broadway to the quarters of the Chatham Phenix at 14.9
of Congress to enact the bill.
1414
THE CHRONICLE
Broadway, which will be the main office of the consolidated
institution. The securities were conveyed in four armored
express cars under the protection of armed guards and a detachment of policemen. Provision for the entire staff of
175 officers and employees of the Metropolitan Trust Company has been made in the quarters at 149 Broadway, the
Chatham Phenix having taken over two additional floors
in its building at that location. Besides its main office the
Chatham Phenix National Bank and Trust Company has 13
branches located throughout Manhattan. References to
the merger have appeared in our issues of Jan. 10, page 157;
Jan. 17, page 292; Jan. 31, page 541; Feb. 21, page 902 and
Mar. 14, page 1290.
[VOL. 120.
At a meeting of the directors of the National Shawmut
Bank of Boston on March 13, Harry L. Bailey of Wellington,
Sears & Co.; J. Gardiner Bradley, President of the Gauley
Coal Land Co. and other coal companies, and Carl T. Keller
of Lybrand, Ross Bros. & Montgomery, were elected
directors to fill a vacancy caused by the resignation of Harold
S. Edwards and two previously existing vacancies on the
board, according to the Boston "Transcript" of March 13.
It is further, stated that the resignation of Mr. Edwards,
who for business reasons has long desired to relinquish his
duties on the board, was accepted with reluctance.
J. Milton Payne, a director of the Rhode Island Hospital
Trust Co. of Providence, and Chairman of the board of
The stockholders of the Manufacturers Trust Company of managers of the Pawtucket, R.I., branch of that institution,
New York,ratified on Mar. 12 the plans incident to the mer- died on March 12 in Pawtucket after a short
illness, in his
ger of the Yorkville Bank with the Manufacturers Trust. sixty-sixth years.
The merger will become effective on April 1. Details of the
Edward L. Tomlin, Vice-President and a director of the
plans which provide for an increase of $3,000,000 in the
capital of the Manufacturers Trust Co., making it ,000,000 Tuckahoe National Bank, Tuckahoe, N. J., died in the
instead of $5,000,000 as at present, were given in these Atlantic City Hospital on March 17 from wounds received
columns Feb. 21, page 902 and Mar. 7, page 1164. Nathan on March 13, when he was shot down in resisting a hold-up
S. Jones, President of Manufacturers Trust, will be president of the bank by three youthful bandits. The robbers beat
of the enlarged institutions, and August Zinsser, President the Cashier, Edward Ride, and his wife, and after robbing
of the Yorkville Bank, will become a Vice President and the institution of about $6,000, escaped in an automobile.
Director of Manufacturers Trust in charge of the Yorkville Subsequently they were captured after being cornered by
a large posse in a wooded cranberry bog near Tuckahoe.
Bank office of the Manufacturers Trust Company.
The stockholdereof the La-wyers Title & Guaranty Company of this city, ratified on Mar. 17 the plans to increase
the Capital stock from $5,500,000 to $8,000,000. The
company will issue 25,000 shares, of which 20,000 will be
offered to the stockholders of record Mar.21,at $200 a share,
and the remaining 5,000 will be issued to holders of record
Mar. 21 to replace an equal amount of capital temporarily
withdrawn to form the Lawyers Trust Company. Subscriptions will be received up to April 15. Reference to the division of the Lawyers Title &Trust Co. into two corporations,
one to be known as the Lawyers Trust Company and the
other as the Lawyers Title & Guaranty Company, and the
proposed increase in capital, will be found in our issue of
Mar. 7, page 1163.
On March 2 the Allegheny Title & Trust Co., a newly-organized Philadelphia concern with a combined capital and
surplus of $150,000, opened for business in temporary quarters at the corner of Allegheny Avenue and Front Street.
For the convenience of its central city customers, arrangements have been made with the Fourth Street National
Bank at 131 South Fourth Street and Penn Square to accept
deposits for the institution. The new bank will be open
evenings and will conduct the usual Christmas and vacation
savings departments and other popular banking features. It
will specialize in commercial accounts.
The directors of the Frank-lin Trust Co. of Philadelphia
on March 17 declared a semi-annual dividend of 6%,payable
on April 1 to stockholders of record March 18 1925. This
John Matthews, Jr., has be- en elected an Assistant Vice- is an increase of 1%, placing the stock on a 12% annual
President of the National Park Bank of New York.
basis. The board also directed that $250,000 be transferred
to surplus account. This will then show the company to
Walter H. Kottman has been appointed an Assistant
have: Capital, $1,500,000; surplus, $2,000,000; total, $3,Secretary of Central Union Trust„Co. of New York.
500,000.
The opening of 7a branch office at 510 Park Avenue is
Plans to increase the capit-al stock of the First National
planned by the Chase National Bank of New York. For
Bank of Scranton, Pa., from $1,500,000 to $2,000,000 and
this purpose the„Chase Securities Company has purchased
the capital and surplus of the Lackawanna Trust Co. from
the entire first floor and „basement of the new co-operative
$250,000 to $500,000 each have been recommended by the
apartment building at that location. The bank will have a
directors, and the stockholders will meet to act on the proground floor space of about 5,000 square feet and its safe
posal on April 14. It is proposed, according to the letter
deposit vaults will be located in the basement.
addressed to the stockholders of the First National Bank on
The election is announced of George E. Warren as a Vice- March
10 by President Charles S. Weston, that subscripPresident of the Chase National Bank of New York.
tions shall be received from the shareholders of record at
The Emigrant Industrial Savings Bank at 51 Chambers the close of business on April 7 1925 on substantially the folSt., this city, will open an uptown branch at Lexington lowing basis:
1. That each shareholder of record at
Ave. and 43d St. about May 15. The bank, which is the 1925 shall have the right to acquire one the close of business on April 7
additional share for every three
largest savings bank in the United States, is this year shares held by him, upon payment of $200 in respect of each additional
celebrating its 75th anniversary. Robert L. Hoguet, its share so acquired, and that all subscriptions shall be payable in full on or
before June 1 1925.
Vice-President, in a statement regarding its development.
2. That $100 of the amount paid in respect of each such share shall be
applied to increase the capital stock of this association to $2,000,000.
says:
In spite of the phenomenal growth of the last 15 years, during which
our deposits more than doubled till they now exceed a quarter of a billion
dollars. our trustees feel that the opening of this office in one of the most
convenient locations in New York will vastly increase our usefulness.
The growing importance of First Avenue, New York City,
as a business thoroughfare, coupled with the expectation
of the new East side subway being built on that avenue,
together with the marked improvement shown in middle
East side real estate, has prompted the Standard Bank to
select the northwest corner of First Ave. and 79th St. for the
location of a Yorkville office. East and west bus lines
operating through 72d, 79th, 86th, and 96th Sts., have
given a marked stimulus to this district. Richard M.
Lederer, President of the Bank, has secured this property,
a four-story building on a lot 27 ft. on First Ave. by 100 ft.
on 79th St.,from George Ehret, through the M.Morgenthau
Jr.
-Everett M. Seixas Co., Inc., and the bank will occupy
the building as soon as modern banking quarters are completed. The bank's headquarters are at Ave. B, corner of
4th St.
3. That the remaining $100 of the amount paid in respect of each such
share shall be credited to the account of the Lackawanna Trust Co., trustee
for the shareholders of the First National Bank of Scranton, under agreement dated March 15 1915, and shall be applied by the said trustee to the
acquisition of 2.500 additional shares of the capital stock of the Lackawanna
Trust Co., which stock shall be held by said trustee for the pro rata benefit
of the shareholders of the First National Bank of Scranton, in accordance
with the terms of said agreement of March 15 1915.
4. It is proposed, if such terms of subscription are approved, that transferrable warrants of subscription, representing whole shares, shall be mailed
as soon as possible after the meeting of the shareholders on April 14 1925 to
the shareholders of the bank of record at the close of business on April 7
1925, when the stock transfer books will be closed, and that subscriptions
shall be payable in full at the bank on surrender of the respective warrants,
on or before June 11925. after which date all warrants will be void, and all
such shares of the capital stock of this association which are not subscribed
for and paid for on or before June 1 1925 may be disposed of by the board of
directors to such other persons in such manner and upon such terms as said
board may deem proper. Upon payment of the subscriptions,and surrender
of the warrants, transferrable interim receipts will be issued which will be
exchangeable when the formal approval of the Comptroller of the Currency
of the increase of capital stock has been received, for definitive stock certificates. Such certificates will bear the endorsement prescribed in said
agreement of March 15 1915, evidencing the pro rata beneficiary interest
of the registered holders thereof in the capital stock of the Lackawanna
Trust Co. held by the trustee under said agreement.
5. Subscriptions will be received only upon full share warrants and no
subscriptions for a fraction of a share will be received, and no warrants for
41
MAR. 21 1925.]
THE CHRONICLE
offractions
a fraction of a share will be issued. In lieu of warrants in respect one-third
for each
of a share, the shareholders will receive a payment in cash
subscribe if warof a share for which such shareholder would be entitled to
issued, the amount
rants for rights to subscribe for fractional shares were
thereof, such cash
value
to be fixed by your board of directors at the fair
as the formal
Payment to be made on June 1 1925 or as soon thereafter capital stock
r of the Currency of the increase of
approval of the Comptrolle
of shares will be sold
has been received. All rights to subscribe for fractions
prices of ixed by the
to and purchased by the Lackawanna Trust Co. at the
board of directors.
or all of their rights
6. To such shareholders as may wish to sell a portion
recommends that they
to subscribe for full shares, your board of directors
received by them.
defer selling such rights until the warrants therefor are
proposition to purat which time the Lackawanna Trust Co. will submit a
bank are the
chase rights at a fair value. Inasmuch as shareholders of the
by the
beneficial owners of the Lackawanna Trust Co., the acquisition
will result in a
trust company, of the rights which it will offer to purchase
benefit to each stockholder of the bank.
In explanation of the proposal, President Weston says:
the
The plan as outlined in my letter of March 10 to the shareholders of
bank,is to increase the capital stock of the bank from 81.500.000 to 32.000.000,and increase the capital stock of the Lackawanna Trust Co.from $250.a Trust
000 to $500,000, and also increase the surplus of the Lackawann
Co. from S250.000 to 8500.000. It is probable that in the near future the
surplus of the bank will be increased to $2,000,000 by transferring $500,000
from undivided profits.
made,
to If the stockholders approve the plan and the transfer to surplus is
the capitalization of the two institutions, after the changes have been made,
will be as follows:
Lackawanna
First National
Trust Co.
Bank.
5500,000
32.000,000
Capital
500.000
2,000.000
Surplus
250.000
1,000,000
Undivided profits, approximately
The principal reason for making the proposed increase in the capital and
ion
surplus of the bank is to preserve a high ratio between the capitalizat
and the deposits, thereby furnishing the highest possible protection to our
depositors.
The Lackawanna Trust Co. is owned by the stockholders of the First
inasNational Bank and is managed by the same board of directors, and
much as the capital and surplus of the trust company is the security afforded
estates administered
by law to the heirs and beneficiaries of the many trust
by the trust company, it is deemed proper, in view of the rapidly growing
business of the trust company, to double such capital and surplus.
The Chicago Title & Trust Company,of Chicago, announces the appointment of Herbert E. Devereaux as assisttant secretary in the Trust Department.
Announcement was made in St. Louis on March 12 of
the proposed consolidation of the Grand Avenue Bank and
the Missouri National Bank (both St. Louis institutions) to
form the Grand Avenue National Bank of St. Louis, according
to the St. Louis "Globe-Democrat" of March 13. As preliminary steps to this end, it is understood, the directors
of the Grand Avenue Bank on March 12 made application
to the Comptroller of the Currency for a national charter
for the institution and elected Edward Mays, the present
head of the Missouri-National Bank, a Vice-President and
director. The quarters of the Grand Avenue Bank at
705 N. Grand Boulevard, it is stated, are to be enlarged to
twice their present size to meet the requirements of the
consolidated bank, and upon the completion of this work the
merger will be consummated. The new bank will be capitalized at $500,000 and have deposits of approximately
$5,000,000. George W. Clarkson, who has been President
of the Grand Avenue Bank for the past 14 years, will be
President, with Mr. Mays as Vice-President, while the
directorate will consist of the combined boards of the two
institutions.
Following the issuance of a charter by the Comptroller
of the Currency for the Cherokee National Bank of St.
Louis, Mo., the institution began business on Feb. 28 with
a capital of $200,000. Its stock (par $100) was sold at
$125 per share, thus creating a surplus of $50,000. Henry
P. Mueller is President, J. Lewis Hutton is Vice-President,
H. G.Freiert is Cashier, and R. L.Provaznek Asst. Cashier.
According to the Pittsburgh "Gazette" of March 6, the
First National Bank of Volant, Pa. (a small institution
with capital of $25,000) was closed on Mar.4 when Federal
bank examiners discovered a shortage in its funds and the
following day William K. Robinson, the cashier, was arrested for alleged embezzlement. Robinson, it was stated,
was taken to Pittsburgh, where he waived a preliminary
examination before the United States Commissioner and
was committed to jail in default of $2,500 bail to await
trial in the Federal District Court. The amount involved
was said to be more than $10,000.
R. H. Bond and Donald Reitz, both previously Assistant
Vice-Presidents of the Baltimore Trust Co., Baltimore, were
elected Vice-Presidents of the institution on March 6 at
a meeting of the directors on that day, according to the
Baltimore "Sun" of March 7. At the same meeting the
directors declared an initial dividend at the rate of 14% per
annum, or $7 a share, on the capital stock of the bank, payable March 31 1925 to holders of record March 30. This
is the first dividend, it is stated, to be declared since the
Atlantic Exchange Bank & Trust Co. was consolidated with
the institution on Jan. 27 last.
J. L. Johnston,President of the Liberty Central Trust Co.
of St. Louis, was made Chairman of the Board of Directors
at a meeting held on March 16, and W.N. Bemis was elected
President. Mr. Johnston was born in Kentucky and began
his banking career as Cashier of the Bank of Ashland, Mo.,
in 1905; has since served as Vice-President and director of
the First National Bank of Muskogee, Okla., and as Cashier
and director of the National Reserve Bank of Kansas City.
He became Vice-President of the German Savings Institution
(later changed to the Liberty Bank of St. Louis) in 1915, and
was made President of that institution in 1916. He has
since continued as President of it and the consolidated
banks. Mr. Bemis was born in New York in 1866. He
has been actively engaged in the lumber business all his
business life. He is President of the Ozan-Graysonia
Lumber Co., the Home Appliance Corp., Prescott &
Northwestern RR. Co., and Vice-President of the Louisiana
Pulp & Paper Co. He has been a director of the German
Savings Insitution (later the Liberty Bank and the Liberty
Central Trust Co.) and has taken a very active interest in
the operations of the bank.
D. Luke Hopkins has been promoted to the position of
Vice President of the Drovers and Mechanics National Bank
of Baltimore, and Harry C.Schnepfe has been elected cashier
of the bank, succeeding W. Murray Waters, resigned. G.
Howard Bathon and Thomas B.McConnell have been elected
assistant cashiers.
An increase of $75,000 in the Capital stock of the Hagerstown Bank of Hagerstown, Maryland, raising it from $225,000 to $300,000, was authorized by the stockholders of the
bank on Mar. 9. The par of the new stock will be $15 and
is proposed to offer the new issue to the stockholders at $60
per share. In addition to applying $75,000 of the proceeds
to Capital stock, $225,000 will be added to the surplus, increasing the latter to $850,000. The increase will become
effective August 1 1925.
The vacancies in the Pocomoke City National Bank of
Pocomoke City, Md.,caused by the deaths of Francis M.
Wilson, President and E. W. Veasey, Vice President, have
been filled by the election of E. W. McMaster as President
—
and M. L. Veasey as Vice President. Mr. McMaster has
a director of the bank for over twenty years; he
been
has also served as county school superintendent for twentytwo years, a member_of_the State Board of Education, a
thelFirst National Bank of Snow HillsTetc.
iiirector of -
1415
According to a press dispatch from Brooksville, Ky., on
March 12, appearing in the Louisville "Courier-Journal" of
the following day, ten indictments were returned by the
Bracken County grand jury on that day against W. H.
Stevenson, former Cashier of the Farmers' Equity Bank of
Brooksville, for alleged embezzlement of the bank's funds.
The dispatch went on to say:
insurance
A warrant for the arrest of Stevenson, now said to be in the
y, and
business in Cincinnati or Covington, Ky., was issued immediatel
authorities of these cities notified.
said to-day
The bank loss will total $100,000. State banking officials
(March 12).
last
The Farmers' Equity Bank was closed voluntarily by driectors
September. Shortly afterward Stevenson was arrested at Louisville.
Subsequently a statement that there was no criminal intent in whatever
d
Stevenson had done and that the matter was one that could be straightene
out between him and the bank, was issued.
sold Government bonds
One allegation against Stevenson is that he
of the
placed in the bank for safekeeping. Stevenson had been Cashier
Brooksville institution since 1906.
Barclays Bank, Ltd., one of the "Big Five" British banks,
Is planning a direct extension of its service into Italy; according to advices made known by its New York office on
March 5, a new company to be known as Barclays Bank,
Societa Anonima Italiana, is being formed and will shortly
start operations in Rome, where the head office is to be located. The service of Barclays Bank, S. A. I., will be modeled on the lines of that rendered by Barclays Bank (Overseas), Ltd., the French affiliate of Barclays Bank. The new
company will offer facilities for handling commercial business and tourists' requirements in Italy strictly comparable
1416
THE CHRONICLE
[VoL. 120.
to the facilities which Barclays Bank (Overseas), Ltd.,
speculative favorites. Oil shares and motor issues were in
offers in France, and will cater especially to the needs of
active demand at improving prices and railroad stocks
disforeign visitors to Rome.
played substantial gains. American Can closed more than
two points up and United States Steel common registered
a
We have received the 148th half-yearly report of the Bank net gain of more than a point.
United States Cast Iron
of New South Wales (head office Sydney). Thb statement, Pipe & Foundry was
up nearly 9 points from its previous
which covers the six months ending Sept. 30 1924, shows net close, and General Electric
improved fractionally. The final
profits for the period, after deducting rebate on current tone was good.
bills, interest on deposits, paying income, land and other
TRANSACTIONS AT THE NEW YORK STOCK
EXCHANGE.
taxes, reducing valuation of bank premises, providing for
DAILY. WEEKLY AND YEARLY.
bad and doubtful debts, etc., etc., of £388,213, which when
added to the balance of £163,159 brought forward from the
Stocks.
Railroad.
State,
United
Week Ended March 20.
Number of
rte.
Municipal db
States
preceding half-year, made the sum of £551,373 available for
Shares.
Bonds.
Foreign Bonds.
Bonds.
distribution. Out of this amount an interim dividend at the Saturday
739,540
55,044,000
$1,363,000
$822,300
Monday
1,817,000
rate of 10% per annum, calling for £150,000, was paid on Tuesday
8,327,000
2,010,000
3,017,000
2,049,375
10,191,000
2,375,500
1,808,000
Aug. 27 (for the quarter ended June 30 1924), leaving a bal- Wednesday
2,174,210
10,766,000
2,160,500
1,342,500
Thursday
1,697,945
8,900,500
2,190,500
1,557,100
ance of £401,373, which the directors proposed to be distrib- Friday
1,346,500
9,357,000
2,367,000
967,000
uted as follows: £150,000 to pay the dividend for the quarTotal
9,824,570 $52,585.500 512.466.500
59.513.900
ter to Sept. 30 1924 at the rate of 10% per annum and £100,Sales at
Week Ended March 20.
Jan. 1 to March 20.
000 added to reserve fund, leaving a balance of £151,373 to
New York Stock
Ezchange.
1925.
1924.
be carried forward to the current six months' profit and loss
1925.
1924.
account. Total assets on Sept. 30, the report shows, were Stocks-No. shares_ _ _ 9,824.570 5,287,581
100,978,749
60.210,677
Bonds.
£74,048,578 (of which £13,916,035 consisted of coin, bullion, Government bonds_ _ - $9,513,900 $17,788,000
$99,684,050
$222,583,000
State & foreign bonds. 12,466,500
6,793,000
144,215,200
86,391,000
Government legal tender notes and cash at bankers). On the Railroad& misc. bonds 52.585.500 48,043,000
677,214,500
383,039,000
debit side of the statement deposits, accrued interest and
Total bonds
$74,565,900 $72,624,000
$921,113.750
$692,013,000
rebate amounted to £52,396,570. The bank's paid-up capital is
DAILY TRANSACTIONS AT THE
£6,000,000 and its reserve fund £4,150,000. During the half
BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
year under review branches of the bank were opened at
Orbost (in Victoria) and Frankton Junction and Opunake
Boston.
Philadelphia.
Baltimore.
Week Ending
(in New Zealand), making the total number of branches and March 20
1925.
Shares. Bond Sales. Shares. Bond Sales.
Shares. Bond Sales
agencies 403. Thomas Buckland is President and Oscar
Saturday
10,665
519,550
21,218 5546,800
Lines, General Manager.
1,061
518,500
Monday
20,458
328,550
41,023
Tuesday
Wednesday
Thursday
Friday
20,264
22,071
14,495
20.217
29,500
19,100
41.000
78,000
30.430
22,930
25,597
16,578
563.800
35,700
32,100
25,300
30,000
3,746
3,380
4,593
3,718
2.792
35,200
33,500
38,200
15,200
18,000
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
A further great slump in prices occurred on the Stock
Total
108.170 $515,700 157.776 51,233.700
19.290 5158.600
Exchange the present week, the decline at times reaching Prey, week revised 110,041
5197,200 141.296 5310.600
10 557 URI 9011
panicky proportions. On Monday and Tuesday the market
broke badly, many prominent issues receding from 2 to 12
COURSE OF BANK CLEARINGS.
points. Industrial specialties suffered the sharpest setback
experienced in several months, the great majority of issues
Bank clearings for the country as a whole the
present
selling down to new low levels for the year. The two chief week will again show a substantial increase
as compared
disturbing features of the week were the Milwaukee & St. with a year ago. Preliminary figures compiled
by us, based
Paul receivership and the further collapse in American upon telegraphic advices from the chief cities of the
country,
Woolen shares. Prices were weak in the short session on indicate that for the week ending to-day (Saturday,
March
Saturday, particularly in the first hour. Milwaukee & 21) bank exchanges for all the cities of the United
States from
St. Paul shares were the centre of interest, many large blocks which it is possible to obtain weekly returns will run
19.2%
of stock, both common and preferred, being thrown over. larger than in the corresponding week last year.
The total
Stocks again resumed their downward course on Monday, stands at $10,215,982,262, against
$8,572,604,068 for the
and the market experienced the sharpest break of any day same week in 1924. At this centre there is
a gain of 27.0%.
in many weeks. Losses of from one to ten points were Our comparative summary for the week is as
follows:
numerous. One of the sharpest declines of the day was the
Clearings-Returns by Telegraph.
drop of United States Cast Iron Pipe & Foundry, which fell
Per
Week Ending March 21.
1925.
1024.
Cent.
off more than 12 points from its previous close. Baldwin
New York ..
$4,894,000,000 53.852,413,130 +27.0
Locomotive also declined 5 points. Norfolk & Western Chicago '
588,267,730
507,810,941
+15.8
489,000,000
moved against the trend and American Woolen reached a Philadelphia
438,000,000 +11.6
Boston
398,000,000
364,000.000
+9.3
Kansas City
new low price at 40. Prices again broke badly on Tuesday, St. Louis
123,136,696
106,305,065 +15.8
135,500,000
130,200,000
+4.1
the collapse affecting practically the entire general list, San Francisco
151,482,000
139,700.000
+8.4
Los Angeles
*147,100,000
though industrial and the more highly speculative issues were Pittsburgh
133,830,000
+0.9
150,762,230
136,870,219 +10.1
Detroit
145,062.502
the setback. United States Cast Iron Cleveland
the hardest hit by
150,413,324
-3.6
100,482,835
96,809,110
+3.8
Pipe & Foundry yielded more than 8 points and railroad issues Baltimore
88,865,650
74,000.000 +20.1
New Orleans
64,427,989
53,354,069 +20.8
in many instances sold down to new low levels. American
Thirteen cities, five
57,476,087,632 $66,183,705,858 +20.9
Can was particularly weak, going down with a rush 7 points. Other cities, five days days
1,037,230,920
960,130,865
+8.0
General Electric also receded 8 points from its high of the
Total all cities, five days
58,513,318,552 57,143.836,723
+19.2
morning. Railroad shares went down with the rest, New All cities, one day
1,702,663.710
1,428,787,345 +19.2
York Central declining more than 7 points from its early
Total all cities for week
510,215,982.262 58,572.604.068
+19.2
high. Stock movements were confused on Wednesday, the
• Estimated.
early hours showing moderate improvement followed later in
Complete and exact details for the week covered by
the
the day by further declines in which practically all groups foregoing will appear in our issue of next
week. We cannot
participated. Following the official announcement of the furnish them to-day, inasmuch as the
week ends to-day
appointment of a receiver for St.Paul, both stocks and bonds (Saturday) and the Saturday figures
will not be available
were heavily sold down to new low levels. American Woolen until noon to-day. Accordingly, in the
above the last day
was again one of the weak spots, the decline of three points of the week has in all cases had to be
estimated.
carrying it down to the lowest level since 1917. Baldwin
In the elaborate detailed statement, however, which we
Locomotive sold below 126 and United States Steel common present further below, we are able to give
final and complete
receded to 119/, making a new low for the year. The resultsfor the previous week-the week ended
March 14. For
market improved on Thursday, rallies following declines, that week there is an increase of 15.9%, the
1925 aggregate
though the fluctuations were more circumscribed than at of the clearings being $9,369,809,125, and
the 1924 aggregate
any time during the week. St. Paul continued to work $8,086,072,537. Outside of New York
City, however, the
downward in both preferred and common, though the increase is only 7.9%, the bank exchanges
at this centre havformer showed a fractional gain at the close. United States ing recorded a gain of 22.8%. We group
the cities now acCast Iron Pipe & Foundry after dropping below 180, rallied cording to the Federal Reserve districts
in which they are
10 points, and American Can improved 3 points. The located, and from
this it appears that in the Boston Reserve
market improved materially, as trading opened on Friday, District there is loss
a
of 3.2%, but on the other hand the
recoveries and further gains being recorded by numerous New York Reserve District
(including this city) has an in-
•P
MAR. 21 1925.]
T H 14
crease of 22.2% and the Philadelphia Reserve District of
13.1%. In the Cleveland Reserve District there is an improvement of 3.1%, in the Richmond Reserve District of
9.8%, and in the Atlanta Reserve District of 8.6%. In the
Chicago Reserve District the totals are larger by 13.5%, in
the St. Louis Reserve District by 8.8% and in the Minneapolis Reserve District by 10.4%. The Kansas City Reserve District has a gain of 18.5%, the Dallas Reserve District of 25.0%, and the San Francisco Reserve District of
0.2%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ending March 14 1925.
1925.
1924.
Inc.or
Dec.
Federal Reserve Districts.
11 cities 449,245,206 463,946,335
(1st) Boston
11 " 5,412,352,597 4.429,639,161
(2nd) New York
556,997,575 501,311,183
(3rd) Philadelphia.. _ _10 .•
371,024,897 359,981,697
8
(4th) Cleveland
6 ••
199,200,22 181,389,899
(6b) Richmond
12
209,251,77 192,664,589
(6th) Atlanta
968,769,633 853,899,653
20
(7th) Chicago
227,848,760 209,508,769
8
(8th) St. Louis
131,325,688 118,931,179
7
(9th) Minneapolis_ _
267,924,93 226,143,070
.
(10th) Kansas City_ _ _12
5
81,493,956 65,174,261
(11th) Dallas
••
484,375,87 483,582,741
(12th) San Francisco_ 17
1923.
1922.
05
-3.2 481,120,821 348,738,376
+22.2 4,443,651,294 3,785,872,414
+13.1 500,396,582 451,681,062
+3.1 386,995,736 318,087,794
+9.8 181,093,85 144,443,428
+8.6 202,156,214 151,121,043
+13.5 882,354,36 741,101,409
+8.8 78,152,109 60,763,815
+10.4 123,961,21 112,126,563
+18.5 250,500,256 241,734,748
+25.0 62,693,65
48,320,459
+0.2 459,819,50 370,513,920
Week Ended March 14.
Clearings at
1925.
29 cities 262,060,421 259,095,055 +1.1 251,069,140 291,643,658
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended March 14.
Clearings at
1925.
1924.
Inc. or
Dec.
$
First Federal Reserve Dist net-Boston 619,454
650,981 -4.8
-Bangor___ _
Me.
2,491,239 +12.1
2.792,832
Portland
-Boston _ _ 397,000,000 419,000,000 -5.2
Mass.
2,655,134
1,701.148 +56.1
Fall River__ _ _
a
Holyoke
a
a
982,178
Lowell
1,089,397 -9.8
a
a
Lynn
a
1,222,180 +40.8
1,720,794
New Bedford_
5,048,164 +15.1
5,812,485
Springfield__ _ _
3,152,000 +20.1
3,787,000
Worcester
+7.6
12,297,726
13,228,96
Conn.
-Hartford
6,297,600 +14.4
7,201,560
New Haven_ _ _
10,995,900 +22.4
13,444,600
06.0.
-Providence
Total(11 cities)
449,245,206
463,946,335
-3.2
1923.
1922.
635,474
717,237
2,736,971
2,822,843
436,000,000 310,000,000
2,192,681 . 1,579,533
a
a
1,165,819
1,216,047
a
a
1,416,108
1,510,050
3,837,803
4,756.773
3,314,233
3,824,000
9,006,295
10,457,985
4,964,377
5,932,568
11,772,400 *10,000.000
481,120,821
348.738,376
Second Feder al Reserve D istrict-New York
5,228,304
5,250,633
5,181,439 +7.8
5,587,220
N. Y.
-Albany._
1,011,300
943,000
946,600 +3.8
982,700
Binghamton_ _
43,252,482
37,108,510
40,973,439 +12.8
646,204,831
Buffalo
668,130
668,478 +36.5
912,319
Elmira
918,671
1,138.435
971,209 +32.1
c 1,283,306
Jamestown_ _ _ _
New York_ _ _ 5,306,542,494 4,320,679,819 +22.8 4,333,978,595 3,689.594,813
8,171.381
10,882,981
11.678,569 +3.1
12,037,418
Rochester
4,552,744
3,769,251
4,462,092 +8.2
4,826,973
Syracuse
2,521,245
2,327,391
2,379,209 +10.7
c2,634,217
Conn.-Stamford
348,395
445,528
3.2
508,887 492,616
-Montclair
N. J.
39,971.550
25.1
37,440,369
41,189,420 30,848,503
Northern N. J.
Total(11 cities) 5,412,352,597 4,429,639,161
+22.2 4,443,651.294 3.785,872,414
Third Federal Reserve Dist net- Phila delphl a1,261,942
1,335,570 +5.2
1,405,336
Pa.
-Altoona.._ _
3,626,795
5,455,347 3,641,855
Bethlehem __ _
33.2
Chester
1,273,537
1,291,089
1,230,997 +4.9
3,215,148
3,495.358
2,622,289 +22.6
Lancaster
Philadelphia-- - 538,000,000 472,000,000 +14.0 474,000,000
3,286,091
Reading
3,344,415
+3.4
3.179,206
Scranton
5,171,963
5,246,744 +20.3
6,315,120
Wilkes-Barre_
2,901,858
63,614,013
3,419,253 +5.7
1,844,951
1.435,328
1,642,131 +12.3
York
4.383,972
-Trenton..
N.2,
3,885,386
15.4
5,179.646 a
Del.-Wilming'n_
a
a
a
Total(10 cities)
566,997,575
945,085
2,896,181
925,085
2,942,134
430,000.000
2,530,768
4,549,087
2,242,000
1,220,886
3,429,836
a
501,311,183 +13.1
500,396,582
451,681.062
Fourth Feder al Reserve D istrict-Clev elandOhio-Akron_ _
5,289,000
7,151,000 -26.0
Canton
4,491,385
5.474,151 18.0
Cincinnati_ _ _ _
69,440.527
65,610,255 +5.8
Cleveland
107,219,291 108,075,419 0.8
Columbus
14,816,000
14,418,000 +2.8
a
Dayton
a
a
a
Lima
a
a
61,954,907
Mansfield
1,605,908 +21.7
a
Springfield_ _
a
a
. a
Toledo
a
a
4,849,976
Youngstown._ _
4,489,993
+8.0
a
.a
-Erie
a
Pa.
162,963,811 153,156,971
Pittsburgh
+6.4
5,042,000
5,912,937
79,358,811
114,289,287
15,650,100
a
a
1,795,654
a
a
3,784,30
a
161,162,63
4,876,000
3,353,288
62.947,428
88,608,365
13,116,900
a
a
1.819,218
a
a
4.366,695
a
139,000,000
+3.1
386,995,736
318,087,894
Fifth Federal Reserve Dist rict-Ric hm ond1,796,581
1,936.871 -7.2
W.Va.-Hunt'g'n
7,183,482 +13.7
68,170,645
Va.-Norfolk__ _
49,077,000 +11.2
54,578,000
Richmond ____
2,300,111 +37.7
S.C.-Charleston
63,167,718
99,535,435 +4.1
Md.-Baltimore_ 103,688,363
27,798,922
21,357,000 +30.2
D.C.-Washing'n
2,123,120
7,675,145
51,639,000
2,890,480
95.828,054
20,938,053
1,480,372
6,059,301
40,222,232
2,138,255
75,000.926
19,542,342
+9.8
181,093,852
144,443,428
Sixth Federal Reserve Dist rict-Atlant a6,315,889 +8.8
Tenn.-Chatt'ga. 66.870,096
3,351,000 . +3.5
3,469,661
Knoxville
21,964,692 +5.1
23,099,122
Nashville
55.384,512 +22.0
67.550,650
Ga.-Atlanta....
1,725,254 +63.7
2,824.649
Augusta
1,364,210 +22.4
1,670,273
Macon
a
a
a
Savannah
15,948,144 +44.3
23,006,306
Fla-Jacksonville
27,565,356 -2.2
26,966,930
Ala._Iiirming m
'
+6.5
1,781,326
1,897,772
Mobile
1,219,071 +41.1
1,719,335
W89.-Jackson
367,917 +19.8
440,687
Vicksburg
55,677,218 10.7
49,736,297
ja.-New Orleans
6,070,960
3,259,238
20,731,000
61,418.566
2,885,907
1,600,317
a
15.354,796
29,643,769
1,969,808
1,028,865
370,945
57,822;043
5,096,040
2.764,591
18,322,513
45,262,716
1,669,876
1,098,457
a
11,320,116
18,325,643
1,882,841
824,869
282,390
44,270,990
Total(8 cities).
Total(6 cities).
Total(12 cities)
371,024,897
199,200,229
209,251,778
359,981,697
181,389,899
192.664,589
+8.1
)2.156,214
1924.
Inc. or
Dec.
1923.
Seventh Feder al Reserve D strict-Chi cago301,104
291.834 +1.1
295,076
-Adrian _ _
Mich.
738,730
8.4
810,626 742,871
Ann Arbor__
+1.1 133,793,470
144,163,544 142,547,698
Detroit
6,704,900
6,781.559 +8.3
7,344,317
Grand Rapids_
2,204,413
2,143,747 +13.4
2,430,934
Lansing
2,030,072
2,287,271 +13.2
2,588,118
Ind.
-Ft. Wayne
19,595,000
19,016,000 -11.5
16,836,000
Indianapolis_ _ _
2,282,327
2,302,779 +4.0
2,394,512
South Bend_ _ _
5,277,992 +1.3
5,348,41'
Terre Haute_ _ _
36,568,420
40,996,022 +4.7
42,933,528
Wis.-Milwaukee
2,609,614
2.834,770 +1.3
2.872,952
Iowa-Ced. Rap.
11,081.615
11,121,927 +6.5
11,844,281
DesMoines._ _
6,928,448
7,057,362 +22.8
8,666,494
Sioux City_ _ _ _
1,539,250
1,367,440 +10.3
1,508,794
Waterloo
1,772,583
1,710,148 +12.3
1,921,93
Ill.-Bloomingt'n
703,944,950 595,091,150 +18.3 643,338,101
Chicago
a
a
a
a
Danville
1,153,715
1,399,290 +4.0
1,454,58
Decatur
4,424,238
4,692,854 +12.3
5,268,31
Peoria
2,396,784
9.7
3,268,060 2,952,02
Rockford
2,891,577
2,901,124 +12.3
3,257,99
Springfield
127 cities 9,369,809,125 8,086,072,537 +15.9 8,052,895,595 6,774,505,131
Grand total
4,063,266,631 3,765,392,718 +7.9 3,718,917,000 ,084,910,318
Outside New York City
Canada
1417
CHRONICLE
151,121.043
1922.
257,6130
854.828
115.926,544
6.058,114
1,816,236
1,762.319
16,567,000
1,843,417
37,183,045
1,858,835
9,935,868
6,104,434
1,426,780
1,632.913
528,335,070
a
1,098,838
3.957.977
2.050,959
2,430,537
Total(20 cities) 968,769,633 853,899,653 +13.5 882.354,361
Eighth Federa I Reserve Dis trict-St.Lo uls5,110,454
5,011,436 +24.2
6,223,956
-Evansville
Ind.
Mo.-St. Louis__ 145,000,000 136,400,000 +6.3
35,238,124
34,223,612 +11.6
38,180,819
Ky.-Loutsville _
528,310
469,625 +10.9
520,960
Owensboro_ _ _ _
25,017,887
19,496,779 +15.9
22,587,206
-Memphis
Tenn.
10,363.732
+7.0
11,814,906
12,637,118
Ark.-Little Rock
345,618
367,870 +37.0
504,093
Ill.-Jacksonville
1,547,993
1,624,541 +35.0
2,192,608
Quincy
741,101,409
78,152,109
60,763.815
5,568531
73.704,979
37,625,753
2,692.041
1,124,759
468,059
2,777,089
5,596,941
66.829,978
32,966,268
2,058,721
1,010,308
587,614
3.076,733
Total(8 cities). 227,846,760 209,408,769 +8.8
Ninth Federal Reserve Ohs trict-M inn eapolls
6,900,324 +14.3
Minn.
-Duluth.. 67,895,682
69,017,130 +20.6
83,227,957
Minneapolis_ _ _
11.1
36,929,406 32,837,484
St. Paul
2,231,595 +10.9
2,475,277
No, Dak.-Fargo
1,180,000 +47.7
1,742,854
-Aberdeen
S. D.
423,270 +43.1
605.990
Mont.
-Billings _
2,240,454 +13.4
2,540,444
Helena
Total(7 cities).
Tenth Federal
Neb.-Fremont__
Hastings
Lincoln
Omaha
Kan.
-Topeka _ _
Wichita
Mo.-Kan. City_
St. Joseph_ _ _ _
-Muskogee
Okla.
Okla. City....
Tulsa
Col.
-Colo. SPI34.
Denver
Pueblo
3,837,555
28,983,971
489,437
16,729.984
9,030,967
288,515
1,403,386
131,325,688 118,931,179 +10.4 123,961,211 112,126,563
Reserve DIs trict-Kans as City
341.864
520,890
487,734 +27.4
6621,310
583.399
569.403
591,112 +52.4
900,995
3,784.784
4,470,738
4,675,182 +20.0
5,610,191
40,932,517
46,870,794
41,031,934 +25.7
651,566,000
2,329,985
3,127,350
+4.0
3,388.381
63,523,843
11,032,432
9,766,747
6,934,923 +9.5
.17,593,000
140,310,450 119,292.789 +17.6 140,206,386 142.225,367
7,955,256 +17.2
69,322,247
a
a
a
a
20,811,399
22,813,527
20,988,771 +22.0
'
625,619,107
a
a
a
a
a
993,914
1,475,380
1.162,835
1,152,574
18,074,106
19,852,941
18,717,445 +9.9
20.577,808
684,981
826,100
916,708 +22.9
c1,127,406
250,500,256
241,734,748
2,062,730
36,2.56,401
10.264,405
9,295,567
a
4,814,548
1,643,281
25,492,884
10,747,060
6,140.889
a
4.296,345
62.693,651
65,174,261 +25.0
81,493,956
Total(5 cities)Twelfth Feder al Reserve D istrict-San Francl sco45,469,605
48,994,635 -30.9
33.854,805
Wash.
-Seattle..
12,634,000
12.451,000 -0.8
12,346,000
Spokane
a
a
a
a
Tacoma
1,556,843
1,356,462 +8.6
1,472,744
Yakima
33,741,844
37.017,431
+0.8
37,317,560
-Portland_ _
Ore.
14,231,301
14,289,831 -6.0
13,433,104
Utah-S.L.City.
a
a
a
a
Nev.-Reno
a
a
a
a
-Phoenix _
Ariz.
3,875,431
3,277,078 -9.8
2,954,829
Calif.-Fresno...
8,185,936
14.3
8.166,557 6,998,783
Long Beach...
Loa Angeles... 158,033,000 153,354,000 +3.1 138,275,000
14,845,658
17,200.251 +16.7
20,073,130
Oakland
5.400,851
6,886,818 +5.5
7,263,093
Pasadena
6,289,703
8,356,396 -10.5
67.482,401
Sacramento...
3,806,180
4,543,000 +21.9
5,533,937
San Diego
168,529,822 159,100,000 +5.9 165.700,000
San Francisco
2,206,920
1,986,894 +23.7
2,457,554
San Jose
1,208,236
+5.4
1,312,876
1,383,382
Santa Barbara.
11.9
2,474,01 2,180,930
Santa Monica_
2.392,000
2,810,500 +8.7
c3,054,800
Stockton
48,320.459
Total(12 cities) 267.924,931 226,143,070
-Da
Eleventh Fade ral Reserve District
2.085,781
4,447,606
-Austin _ _
Texas
40,781,167
49,845,241
Dallas
10,001,387
Fort Worth_ _ _ 612,401,108
9,592,400
7,257,887
Galveston
a
a
Houston
5,048,039
5,207.601
La.-Shreveport _
+18.5
las-+113.3
+22.2
+24.0
+32.2
a
+3.2
42,064,074
1,547,189
32,338,119
11,646,969
a
a
3,589,207
4,377,917
100,875,000
12,009,378
4,104.646
5,309,553
3,027,224
144,700,000
1,750,129
932.215
2,242,300
+0.2 459,819,508 370,513,920
Total(17 cities) 484,375,875 483,582.741
Grand total (127
9,369,809,125 8,086,072,637 +15.9 8,052.895,595 6,774,505,131
cities)
4.063,266,631 3.765,392,718 +7.9 3,718.917,000 3.084.910,318
Outside N.Y
1Veek Ended March 12.
1925.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westmlnst•
Medicine Hat
Peterborough_ _ _
.
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
m...•I 1907
a
1924.
Inc.or
Dec.
1923.
1922.
$
75,971,128
75,516,808
49,101.227
12,888,426
5,380,302
4,310,083
2,700.412
3,947,086
7,382,391
2,474,983
1.700,793
2,096,070
4,204,287
2,740.670
443,555
468,498
1,284,481
864,104
807,905
528,156
554,274
295,706
730,628
671,464
868,811
2.516,901
292,375
675,554
553,343
i
81,769,665
80,425,114
33,375,888
13,785,598
5,077,487
6,116,539
2,504,615
4,428,541
6,360,173
2,387,317
1,705,346
2,229,267
3,922,641
2,780,515
414,750
481,746
1,414,984
872,175
817,316
680,002
554,406
265,761
671,786
854,053
751,484
2.916,735
391,677
625,904
512.570
%
-7.1
-6.1
+47.1
-6.5
+6.0
-29.5
+7.8
-10.9
+16.1
+3.7
-0.3
-6.0
+9.5
-1.4
+6.9
-2.8
-9.2
-0.9
-1.2
-22.3
-0.1
+11.3
+8.8
-21.4
+15.6
-13.7
-25.4
+7.9
+8.0
8
79,066,759
81,624,216
30,562.884
12,700,456
5,791,631
4,295,319
2,482,211
5,109,346
4,411,820
2,547,505
0,731,248
2,496.172
3,545,408
2,824,380
455,316
432,936
1,230.709
909,300
851.704
632,787
506.803
243,585
635,845
718,017
928,266
2,773,771
286,940
810,401
465,605
$
96,703,010
90,734.026
41,313,975
11,595,569
6,327.055
4,480,776
2,908,319
4,837,176
4,770,666
2,564,162
1,836,142
3,129,018
3,984,453
2,924,411
559,392
580,136*
1,406,968
1,063,409
944,799
678,410
625,071
333.330
699.144
760,882
966,744
2,736,642
299,706
1,348.119
552,148
282.060.421
259.094.055
+1.1
251.069.140
201 asa R59
a No longer report clearings. 13 Do not respond to requests for figures. c Week
ended March 11. d Week ended March 12,, e Week ended March 13. •Estimated.
1418
T H N CHRONICLE
[Vox- 120.
THE CURB MARKET.
PubliclDebtTofjUnited States-Completed Returns
A renewal of the selling pressure noted last week in Curb
Showing Net Debt as of Dec. 31 1924.
securities caused a drop in values, and while there was a
The statement of the public debt and Treasury cash holdpartial rally,the general tone of the market remained weak. ings of the United States
as officially issued Dec. 31 1924,
Trading was in reduced volume. Centrifugal Cast Iron Pipe delayed in publicatio
n, has now been received, and as interdropped from 17 to 10 and recovered finally to 143 . Con- est attaches to the details
4
of available cash and the gross and
tinental Baking common A moved down from 120 to 1143/i net debt on that
date, we append a summary thereof, makand sold to-day at 116, ex-dividend. Common B sold down ing compariso
ns with the same date in 1923.
from 26% to 233 and at 25 finally. Glen Alden Coal
%
CASH AVAILABLE TO PAY MATURING OBLIGATIONS,
dropped from 1323% to 128, with transactions to-day back
to 131. Mengel Co. sold down from 463g to 403/2, then up Bailtnee
Dec. 311924. Dec. 311923.
end month by daily statement.&c
to 45, with the close to-day at 44%. Radio shares developed Add or Deduct-Excess or deficiency of receipts over $329,078,867 6324,907.061
or under disbursements on belated items
+4,568,947
-2,777,362
weakness. Dubilier Condenser & Radio eased off from 17%
to 15 and finished to-day at 15%. Freed-Eisemann Radio Deduct outstanding
1324,509,920 8322.129,699
obligations:
Treasury warrants
sold down from 11 to 834 and ends the week at 93. Hazel$1,595,522
$1,052,496
Matured interest obligations
53,061,138
57,930.900
tine Corporation declined from 213% to 1534, recovered to
Disbursing officers' checks
82,144,458
74,188,384
Discount accrued on War Savings Certificates
21,289,218
193/i and closed to-day at 193 . American Gas & Electric
38,498,130
4
common fell from 73% to 703' and sold to-day at 71%. Total
$138,090,335 $169,867,910
5
Balance.deficit(-1 or surplus(+)
American Power & Light common lost about 33 points to
+8186,419,585 +8152,481,789
recovered to 553% and closed to-day at 543/8. ComINTEREST-BEARING DEBT OUTSTANDING
monwealth Power common was off from 112% to 109%,
Interest Dec. 311924, Dec. 311923.
Title of Loan.Payable.
$
with a final recovery to 1103%. Lehigh Power Securities 20, Consols
$
01 1930
Q.
-J. 599,724,050
599,724,050
slumped from 98 to 90, but recovered to-day to 96. In oil 4s. Loan of 1925
Q.
-F. 118,238,000
118,489.900
2s of 1916-1938
Q.
-F.
48,954,180
48,954,180
shares Prairie Pipe Line was a feature, dropping from 1213 25 of 1918-1938
4 Is
25,947,400
Q.
-F.
25,947.400
to 109. It recovered finally to 118. Buckeye Pipe Line 3s,of 1961
49.800,000
Q.
-M.
49.800.000
Conversion bonds of 1948-1947
Q.
-J.
28,894,500
28,894,500
CertifIcatee of Indebtedness
dropped from 65 to 623. Continental Oil sold down from 8Si 5,
J -J. 543,349,000
920,224,000
First Liberty Loan, 1932-1947
J -J. 1,409,997,950 1,409,999,000
27 to 243%, the close to-day being at 2634. Ohio Oil sold 45, First Liberty Loan, converted
3.-0.
6,733,350
7,932.250
First Liberty Loan, converted
J -D. 531,299,200
down from 697 to 653% and at 663 finally. Prairie Oil & 411s, First Liberty Loan,second converted-J.
530,182,300
6)1s,
-D.
3,492,150
3,492,150
45.Second Liberty Loan, 1927-1942
Gas was off from 569g to 533
M.
-N.
26.422,350
%, the close to-day being at 411s, Second Liberty Loan, converted
32,195,150
3,078,146,080 3,073.401,400
553. South Penn Oil lost twelve points to 165, but re- 41(s, Third Liberty Loan of 1928
M. 2,886.382,350 3,286.758,300
-S.
641s, Fourth Liberty Loan of 1933-1938
A.-0. 6,324,489,850 8,325.742.400
covered to 171. Standard Oil (Indiana) sold down from 63 430 Treasury bonds of 1947-1952
763.948,300
763,952.300
48 Treasury bonds of 1944-1954
755,827,300
to 613i but recovered finally to 639'. Standard Oil (Kan- 4s, War Savings and Thrift Stamps
Matured 415,084,298
379,356.760
sas) fell from 38 to 33% and closed to-day at 343 . Stand- 230, Postal Savings bonds
J -J.
11,903,080
11,877.900
4
534e to 53as. Treasury notes
J.
-D. 3,083,076,900 4.046.412,000
ard Oil (Nebraska) lost seventeen points to 248 and sold
Aggregate of Interest
-bearing debt
20,711,710,256 21,843,333,940
finally at 250.
Bearing no Interest
249,121,977
240,754,486
A complete record of Curb Market transactions for the Matured,laterest matted
17,824,650
32,237,000
Total debt
week will be found on page 1444.
620,978,658,883 21,916,325,428
Deduct Treasury surplus or
add Treasury deficit
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
Week Ended March 20.
Ind.dtMis.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
77.381
132,830
144,080
156,920
122,175
103,935
BONDS (Par Value).
OR.
113,090
172,171
181,561
143,490
159,540
305.185
Netdebt
Domestic. For'n Govt.
100,500 $355,000
115.430
749,000
182.740
700,000
130.660
727.000
123,780
820,000
202.820 1,132,000
$10,000
31,000
42,000
25,000
30.000
14,000
+186,419,585 +152,461.789
820,792,237,298 21,783.863,637
a The total gross debt Dec. 31 1924 on the basis of daily Treasury
statements was
$20,978,632,700 46. and the net amount of public debt redemption
and receipts
In transit, &c., was $24,183 02.
b No reduction is made on account of obligations of foreign Governments or
other Investments.
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Total
737,321 1,055.037
835,93014.483.000 $152,000
Feb. 28 1925 are set out in the following. The figures are
Error Last Week in New York Stock Exchange Record. taken entirely from the daily statement of the United States
-In printing our record of bond transactions a part of Treasury of Feb. 28 1925.
the list, through typographical error, was incorrectly reCURRENT ASSETS AND LIABILITIES.
ported. Below we reprint that portion of the list as it
GOLD.
Assets
should have been:
$
Gold coin
520.426,27006 Gold certifs. outstand'g_1,511,023,679 00
Gold bullion
3,189,111,442 76 Gold fund, F. R. Board
.z.
BONDS
N.Y.STOCK EXCHANGE
Week Ending Mar. 13.
t
A
.,s.
Price
Friday
Mar. 13.
Week's
Range or
Last Sale
1R,
a:10
Bid
Ask Low
High No. Low High
Ann Arbor let g 4s___July 1995 Q J 8418 8512 85
6712
84
8512 54
Atch Top & S Fe--Gen g 45_1995 A 0 8934 Sale 8911
90 236
8814 90
Registered
A 0 8734 Sale 8734
8734
1
887 8814
Adjustment gold 4fi_July 1995 Nov 8234 Sale 8212
8112 8312
8314 22
Stamped
July 1995 M N 8314 Sale 83%
83 4 26
3
82% 83 4
3
Cony gold Ms 1909
1955 .1 D 82 4 84 8318 Mar 25 _--3
.
8134 8414
Cony 4s 1905
1955.1 D 8234 Sale 8234
8318 19
8112 8318
Cony g 4s issue of 1910_ _ _1960 J D 8418 ___ 83% Feb'25 ____
8118 8312
East Okla Div let g 4s.....1928 M S 99 Sale 99
99
20
98 9914
Rocky Mtn Div let 45...1985 J J 8412 ____ 8414 Feb'25 ____
84 8414
Trans
-Con Short L let 48_1958 J .1 883 Sale 8712
4
88
8834 30
8834
Cal-Ariz 1st Are!410"A"1982 M 8 93
94 94 Mar'25 ____
9214 94
Registered
m s 8834 __ 9134 Jan'25 ____
9138 9118
Atl Knoxv & CM Div 48_ _ _.1955 M N 89% Sale 8912
89% 13
8834 8934
Atl Knoxv & Nor let g 5s___1946 J D 1017
10212 Nov'24 ____
_ __
*
At!& Chart A L 1st A 4%5..1944 J .1 9534 97 98 Mar'25 ____ ____95
9612
let 30
-year 53 Series B.__1944 J .1 10212 Sale 10212 1021
16 102 1021
4
AU Coast Line let con 4s_h1952 M S 92 Sale 9134
92
31
9212
89
-year secured 7s
10
1930 M N 106 Sale 106
10834 28 106 108
General unified 434e
1964.1 D 9114 9134 9112
917
19
9078 92
L & N colt gold 4s__Oct 1952 MN 87 Sale 8618
874 37
8818 8812
Atl & Danv 1st g 4a
1948 J .1 7712 78 7734 Mar'25 ___ 7634 783
4
2d 4s
1948 J .1 89 Sale 65
6234 69
89
20
Adl & Yad let g guar 43
1949 A 0 7514 Sale 7514
7814 20
75
773
A & N W let gu g ret
1941 J .1
__
___ 100% Aug'24 ____
Bait & Ohio prior nis
1925 J J 99% 100 997
9812997
I ____-9934 10018
Registered
July 1925 Q J 9934 ____ 9934 Jan'25 ____
4
993 998
let 50
-year gold 45...July 1948 A () 8812 Sale 88
8534 88%
8812 95
Registered
July1948 / J 881
8518 8634
___
8634 Mar'25.
-year cony 4145
10
1933 M S 92 Sale 92
8918 93
9212 332
Refund & gen 58 Series A-1995 J 0 8918 Sale 89
8534 90
8934 127
1st g 58 lot erts
1948 A 0 10114 Sale 101
10112 239 100 102
10
-year 68
1929 J .1 10318 Sale 103
10338 141 1023 10312
4
Ref & gen 85 ser C temp_ _1995 J D 10212 Sale 102
103 151 10034 10314
P Jet & M Div let g 330_1925 MN ____
9934 Jan'25 __99 4 993
3
4
Sys ref 413_ _1941 MN 8678 Sale 86
P L E St W Va
867
s 52
8334 87
Soutilw Div let gold 3349_1925 J J 9978 100 997
997
9934 100%
3
Tol & Cin Div 1st ref 4s A_1959 .1 .1 89 Sale 6834
6912 24
8812 893
4
Battle Cr & Stur 1st gu 35_1989 J D 6014 63 61 Feb'25 ____
61
(II
Beech Creek let gu g 4s___ _1936 J J 931e 95 9312 Feb'25 ____
921 9312
Beech Cr Ext let g 334s_ _ _1951 A 0 81___ _ 81
8112
7814 8112
7
Big Sandy let 4s
1944.1 D 86
87 8578
86
85
13
88
B & NY Air Line let 4,, 1955 F A 70
72
7112
7112
2 87
7215
Bruns & W 1st gu gold 4s_ _ _1938 J J 9234 93 92 Nov, -----------24
Buffalo R & P gen gold 55_1937 M S 10118 103 0118 10118
102%
105
Canso! 4148
1957 M N 8638 Sale 8638
8634 59
8614 8812
Registered
M
, - - 8514
854 50
8514 8514
Burl0 It. & rtnr let Se
1934 A 0 99%1001, 100% Mar'25 -__
N-99% 10012
(Act of Dec. 23 '13. as
amended June 21 '17).1,881,321,435 12
Gold reserve
153.620,985 51
Gold In general fund.- 183,571,513 17
Range
Since
Jan. 1.
Total
3,709.537,812 80
Total
3 709,537,612 80
Note.
-Reserved against 5348,881.016 of U. S. notes and $1.397,977
notes of 1890 outatandIng. Treasury notes of 1890 are also secured by of Treasury
sliver dollars
in the Treasury.
SILVER DOLLARS.
Assets
Liabilities
-Silver dollars
448,593.024 00 Silver certifs. outstandlt 431,586,1920
0
Treas. notes of 1890 out.
1.397.977 00
Silver dollars in gen.fund 15.808,855 00
Total
448,593,024 00
Total
448,593,024 00
GENERAL FUND.
Assets
8
Gold (see above)
163,571.513 17 Treasurer's checks outSilver dollars (see above) 15.608.855 00
standing
3,041,145 99
United States notes
4.493,708 00 Deem. of Govt. officers:
Federal Reserve notes..
881.483 50
Post Office Dept
10,852,034 07
Fed. Res. bank nodes...
87,158 00
Bd. of Trustees Postal
National bank notes
17.229.478 50
Savings System 5%
Subsidiary silver coin...
8.308.608 57
res've,lawful money
8,824,877 50
Minor coin
1.380,98221
Other deposits
274,742 99
Silver bullion
18,284,477 85
Comptroller of CurUnclassif
rency, agent for
Lions, &c
3,372,770 19
creditors of insolvDeposits in Federal Reent banks
1.091,07806
serve banks
40,998,000 82 Postmasters, clerks of
Deposits in special decourts, disbursing
positaries account of
officers, &c
33,412,328 85
sales of Treas. bonds
Deposits for:
& certifs. of indebtness 156,224,000 00
Redemption of Fed.
Deposits in foreign deReserve notes (5%
positaries:
fund,gold)
147,402,681 81
To credit Treas. U.S.
134,715 68
Redemption of nat'l
Tocredit of other
bank notes (5%
Government officers
236,770 17
fund,lawful money) 29,740,855 61
Deposits In nat'l banks:
Retirement of add'i
To credit Treas. U.S.
7.828,554 59
circulating notes.
To credit of other
Act May 30 1908
4.84000
Government officers 21,391,158 92 Uncollected items, exDeposits in Philippine
5,125,987 24
changes. &c
Treasury:
To creditof Treas.U.S.
1,085,848 82
237,580,532 12
Net balance
Total
460,914.079 79
Total
223,333.547 87
480,914,079 79
1419
THE CHRONICLE
MAR. 21 1925.]
-The amount to the credit of disbursing officers and agencies to-day was
Note.
$393,394,910 58. Book credits for which obligations of foreign governments are
held by the United States amount to $33,236,629 05.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are mads
under the Acts mentioned a part of the public debt. The amount of such obligatione
to-day was $108,375,764 50.
$443.552 in Federal Reserve notes and $17,124,009 in national bank notes are
In* the Treasury in process of redemption and are charges against the deposits for
the respective 5% redemption funds.
U. S. Bonds Held Feb. 28 to Secure
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Bonds on Deposit
Feb. 28 1925.
Total
Held.
590,923,400
1,834,150
48,442,460
25,743,320
Totals
$
590.923,400
1,834,150
48,442,460
25.743,320
666,943,330
2s, U. S. Consols of 1930
45, U. S. Loan of 1925
2s, U. S. Panama of 1936
20, U. S. Panama of 1938
666,943,330
Preliminary Debt Statement of U. S. Feb. 28 1925.
The following shows the amount of national bank notes
The preliminary statement of the public debt of the afloat and the amount of legal tender deposits Feb. 1 1925
decrease during
United States Feb. 28 1925 as made pd on the basis of and March 1 1925 and their increase or
the month of February:
the daily Treosury statements, is as follows:
Bond.Consols of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
$599,724,050 00
48,954,180 00
25,047,400 00
49,800,000 00
28.894,50000
11,995.880 00
$765,316,010 00
$1,951,522,650 00
3,104,567.600 00
2,885,380,850 00
6,324,489,850 00
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
14.265,960,95000
Treasury bonds of 1947-1052
Treasury Bonds of 1944-1954
$763.948,300 00
756,933,800 00
1,520,882,100 00
National Bank Notes-Total Afloat
$769,840,402
Amount afloat Feb. 28 1925
5,983.125
Net decrease during February
$763,857,277
Amount of bank notes afloat March 1 1925
Legal-Tender Notes
547.748,139
Amount on deposit to redeem national bank notes Feb. 1 1925
52.784.227
Net amount of bank notes issued in February
_ _ .5100.532,366
Amount on deposit to redeem national bank notes March 1 1925_
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for February 1925
and 1924 and the eight months of the fiscal years 1924-1925
and 1923-1924.
1924. 8 Mos.'24.c 8 Mos.'23.c
$16,552,159,060 00
Total bonds
Notes
Treasury notes
Feb. 1925. Feb.
Receipts.
5
Series A-1925, maturing Mar.15 1925
$322,305,800 00
OrdinarySeries B-1925, maturing Dec. 15 1925
46,190,221 50,207,270 362,512,422 359,986,283
299.659,900 00
Customs.Series C-1925, maturing June 15 1925
406,031,000 00
Internal revenue:
902,174,755
Series A-1926, maturing Mar. 15 1926
615.677.90000
Income and profits tax....._ 4,1343,489 48,955,019 854,679,976 665,462,463
576,660,910
Series B-1926. maturing Sept. 15 1926
414,922.30000
Miscellaneous internal rev_ 52.902,787 61,288,408
Series A-1927. maturing Dec. 15 1927
355,779.90000
Miscellaneous receipts:
Series B-1927, maturing Mar 15 1927_ .
668,201.40000
-owned secur.Proceeds Govt.
Adjusted Service Series, maturing Jan. 1 1930
50,000,000 00
Foreign obligations
60,993.206
23,206,081
514
3,132,578,20000
Principal
91,091,066
90,014,918
Treasury Certificates:
10,217.682 10,213,365
Interest
36,585,403
Series TM-1925, maturing Mar. 15 1925 -- $234,921,000 00
3,916.764 12,602,399 118,319,450
Railroad securities
5,654,671
5,846,178
series T8-1925, maturing Sept. 15 1925._
155,507
297,419,500 00
1,795,615
All others
Adjusted Service series, maturing Jan. 1 1926
49,500,000 00
Trust fund rects.(reappropri20,126.783
22.033,961
1,783,103
581,840,50000
for Investment). _ _ _ 3,362,110
ated
32,676,895
12,951,828
3,485,777
876,735
Treasury(War) Savings Securities
Proceeds sale of surp. prop18,176.759
15,920,148
2,183,975
1,683,922
War Savings Certificates:
Panama Canal tolls. ete
sources
Series 1921_a
Receipts from misc.
$11,404,436 79
20,270.302
19.138,179
980,096
credited direct to approp. 1,010,910
Treasury Savings Certificates:
9,431.469 14,751.718 113.658.761 146,162,810
&flee 1921. Issue of Dec. 15 1921 b
Other miscellaneous
1.809,11805
Series 1922, lame of Dec. 15 1921 0
97.904.88275
173,632,218 206,606,637 2,214,942,812 2,359,361,396
Series 1922, Issue of Sept.30 1922 b
Total ordinary
15.323,28500
Series 1923. Issue of Sept. 30 1922 5
136,458.68480
Series 1923. Issue of Dec. 1 1923 6
Excess of ordinary receipts
24.875,833 30
over total expend, chargeSeries 1924, Issue of Dec. 1 1923 0
100.145.28660
14.851,622
47,572,129
able ant, ordinary receipts 12,346,496
Thrift and Treasury Savings Stamps, unciaasiExcess of total expend,chargefled sales, tto
3,913,25856
391.834.783 85
agst, ordinary receipts
able
1,825,290
over ordinary receipts
520,658.412.543 85
Total interest,bearing debt
Expenditures.
Matured Debt on Which Interest Has CeasedOrdinary
Old debt matured at various dates prior to
(Checks vt Warrants Paid, etc.)
$1,281,410 26
April 1 1917
139,811,190 143,360,699 1,247,123,154 1,249,937,956
General expenditures
251,520 00
Spanish War Loan of 1908-1918
7,902,205 9,944,992 475,321,237 504,714,864
Interest on public debt.
Treasury (War) Savings Certificates Series
Refunds of receipts:
5,893,600 00
14,806,099
15,529,260
1920a
1,159,873
1,277,621
Customs
1,391,500 00
67,590,833
80,127,736
Certificates of indebtedness
513,484
6,694,205
Internal revenue
1.582,80000
12,476,314
Treasury notes
5,206,051
182,068
Postal deficiency
61,50000
5,186,564
331% Victory Notes 01 11122-1923
6,219,833
704,104
586,504
Panama Canal
431% victory Notes of 1922-1923-Operations in special accts.:
2.812,05000
Called for redemption Dec. 15 1922
18,300,288
2,833,748
841,222
508,609
Railroads
5,433.55000
Matured May 20 1923
War Finance Corporation. 61,731,705 61,166,969 935,497,689 648,873,522
18,707,93028
70,818.686
23,613,182
996,886
2,817.184
Shipping
Debt Bearing No Intents:653.147
3,501,132
334,384
6378,246
Alien property funds
$346.681,016 00
United Statesnotes
9,571,000
Loans to railroads
153,620,985 51
Less gold reserve
a99,842,184
634,065
Adjusted service certif. fund_
Investment of trust funds:
Deposits for retirement of national bank notes 5193.060,030 49
19,986,797
21,313,658
1,764,145
Government life insurance. 3,333.589
108,375,764 50
and Federal Renerve bank notes
8,527.461
10,867,448
6353,920
Civil Service retirement_ __
2,048.443 56
Old demand notes and fractional currency
District of Columbia teach303,484,23855
8139.9.$6
149,474
18,958
19,980
ers' retirement
91,232
Foreign service retirement.
$20.980,604,712 66
Total gross debt __ S
98,500
570,830
8,561
General railroad contingent
a Net cash receipts. Net redemption value of certificates outstanding.
160.643.762 158.471,778 1,956,812,469 1,934,134,973
Total ordinary
BANK NOTES
-CHANGES IN TOTALS OF, AND
-We give below tables
IN DEPOSITED BONDS, &e.
which show all the monthly changes in national bank notes
and in bonds and legal tenders on deposit therefor:
Amt Bds. on Deposit to
Secure Circulation for
Fed. Res.
National
Bank Notes. Bank Notes.
Feb. 28 1925Jan. 31 1925.Dec. 30 1924-Nev.30 1924._
Oct. 311924,.
Sept.30 1924-Aug.30 1924._
July 31 1924._
June 30 1924_
May 31 11124_
April 30 1924._
Mar.31 1924._
Feb. 20 1924_
Jan. 31 1924._
Dec. 31 1923._
Nov.30 1923_
Oct. 311923..
Sept.29 1923Aug. 31 1923._
July 31 1923._
June 30 1923.,
May 31 1923
National Bank Circulation
Afloat on
Legal
Tenders.
8
666,043,330
725,171,780
731,613.630
737.635,790
739.842.890
741,239,890
742,462,390
746,611.640
750.858.930
750,113.430
750,676,680
749,974,180
748.875,180
747,256,230
746,577.780
746,778,030
746,562,330
746.780.830
745,585,080
744,848.940
744.654,990
744,034.190
$
545,900
545,900
545.900
545,900
545,900
545,900
545.900
545,900
545.900
4,543.700
4,793,700
4,093,700
5,593,700
Bonds.
s
663,324,911 100,532,366
722,092,263 47,748,139
727,175.641 44,871.176
733.995,581 40,152,976
735,602,435 38,679,189
736,557.660 39.269,184
737,141,058 40,052,136
740.549,740 36,537.84
744.953.710 33.058,069
745,029,518 32,460.609
745,795.1153 31(111,339
745,171,676 31,162,366
743,454,758 30,964.444
742,670,537 30,126,232
740,521,752 31,045,227
743.984.275 29,450,769
743.806,385 28,799,884
742.184.915 28,137,092
740,323,568 28,621.244
740,986,663 28,823.714
719,103,625 28.336,094
742.178.351 27.829.641
Total.
$
763,857,277
769.840,402
772,046.817
774,148.557
774,281,624
775.826.844
777,193,194
777.037.589
778,011,779
777,490.127
777,4011,992
776,334,042
774,419.202
772,796,769
771.566.979
773,435,044
772,606.269
770.322.007
768,944,812
769.810,377
747,439,719
770.007,992
28,002,193 Federal Reserve bank notes outstanding Feb. 28 secured by lawful
money, against 512,649,170 Feb. 28 1924.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Feb. 28:
Public debt retirementschargeable agst.ordinary recta.
Sinking fund
Purchases from foreign repayments
Reed from foreign Govts.
under debt settlements_
Received for estate taxes_
Purchases and retirements
from franchise tax recta.
(Fed. Reserve and Fed.
Intermediate Credit bks.)
Forfeitures, gifts, &c
268,739,900
208.600
38,509,150
482,150
90,950,000
47,550
91,858.200
7.570.750
9,850
794,160
183,904
3,634,550
62,350
641,960 49,960,150
Total
118,374,000
210,558,214
410.374,900
49,468,150
641,960
Total expend, chargeable
2,344,509,873
against ordinary receipts 161,285,721 208.431,927 2.167,370,682
to
•The ileums for the month include $745,715 58 and for the fiscal year 1925
date $6,209,869 70 accrued discount on War Savings certificates of the series of 1918.
the corresponding periods last year the figures include.$1,1919 and 1920: and for
--11•41
066,891 16 and 515,917,197 51. respectively, for the series of 1918. to necessity for
a The variation in above amount from amount appropriated is due
with certificate payments by Veterans.
a small working balance in connection
Bureau.
14
0 Excess of credits (deduct).
are included.'1
c Receipts and expenditures for June reaching the Trasury in July
FOREIGN
-MONTHLY
TRADE OF NEW YORK
STATEMENT.
Merehandise Movement at New York.
Month.
Imports.
1924-25.
1923-24.
Customs ReceiPts
at New York.
Exports.
1924-25.
1923-24.
$
$
$
$
134,244.024 130,629.533 113,857,690 122,714,293
July
139.802.244 125,059,775
, .
_ _ 111,756,587
August
September.131,786,636 119,639,728 141.844,404127.967,562
October - 154,424,252 149,561,943168,984,882 133,087,943
November.140,605,417138,763.965138,892,978 133,197,081
December- 152,382,564 137.719.255127,785,237125.679,538
.
January _ ,156,923,263130.402,242 156,313,003 148,793,889
1924-25.
$
25,426.495
24,565.320
28.765.865
28,358.873
23,732,263
23,551,575
26,121,25
1923-24.
24,680,863
25.936,476
26.350.449
30.468,926
27,253,543
23,605,874
24,779.787
Total...- 982,122.743934,423.011 987,480,438914,500,081,180,521,64 183,075.918
1420
THE CHRONICLE
Movement of gold and silver for
the seven months:
Month.
Gold Movement at New York.
Imports,
Exports.
1924-25.
1923-24.
1924-25.
1923-24.
Silver-New York.
Imports.
Exports.
1924-25.
1924-25.
$
$
15.222,422 24,412,425
80,512
47,865 3,710,326
14,279,486 28,481,917 1,703,671
737,477 3,110.243
1.028,98624.352,110 2.167,626
458,016 3,439.551
18,070,991 24.119,994 1,710,347
599,935 2,517,514
15.798,143 35,348,491 4,452.453
253,912 1,976.325
6,827.266 29.055,994 39.070,707
66,000 2.819.280
1,029,134 35,558,071 66,002,262
750 4,070,277
Total_ _ _ 70,256,428 199.329,002
115,137,578 2,163,955. 21.643,518
July
August
September.
October _ _
November.
December_
January
$
7,757,259
7,210,420
8,844.139
2,103,698
5,584.176
7.238.567
7,604,975
44,341.234
THE ENGLISH GOLD
AND SILVER MARKETS.
We reprint the follow
ing from the weekly circular of
Samuel Montagu dz Co. of
London, written under date of
Feb. 25 1925:
(VOL. 120.
We have also received this week the circula
r written under
date of March 4 1925:
GOLD.
The Bank of England gold reserve against
its note issue on the 25th ult.
amounted to £126,761,020, as compared with £126,75
4,430 on the previous
Wednesday. £300,000 gold arrived in London
from South Africa this
week and was readily taken by the
Continent, trade and India. The
price of gold was fixed at parity yesterd
ay, there being a lessened demand
for London gold on the part of India.
During the week gold to the value
of $1,200,000 has been engaged for
In addition $199.000 gold has been shipment from New York to India.
engaged for shipment from Philadelphia to an unknown destination.
Gold to
reported to have been shipped from Durban the value of £1.250,000 was
to India on the 24 inst. Indian
trade figures (private account) for January
1925, in lacs of rupees, as given
below, show a decrease of 885,A lacs net
exports as compared with those of
December 1924, owing to larger imports of gold
and silver to a considerable
extent.
Merchandise
Gold
Silver
Net Imports Net Exports Net Imports Net Exports
Jan. 1925. Jan. 1925. Dec'. 1924.
Dec. 1924.
1577
1886
74934
46834
2563
3934
100534
1577
46834
192534
GOLD.
The Bank of England gold reserve
against its note issue on the 18th
inst. amounted to £126,754.430
Total net exports_ _ _
as compared with £126,748,190 on the
57134
1457
previous Wednesday. South African
gold to the value of £400,000 was.
SILVER.
available this week and was taken by
India and the Continent.
During the week there has been a moderat
The "Times" of India of Jan. 31 states
e inquiry from the Indian
of gold are proving detrimental to other that "the exceptionally low prices Bazaars, and supplies have been forthcoming from the Continent and also
Imports into the country, and the from China, though the latter
has been a sluggish and intermittent contrionly way to check imports is to lower the exchange. It
is considered that bution. A considerable amount of sales
the advance in the American cross rate
made two months ago fell due,
and
to the gold standard are incompatible with the expected return of England and carried the premium on cash delivery to Ad. On the whole,the market
the stability of the rupee-sterling has not been active, and prices
still seem disposed to move within narrow
exchange at 1-6d." On Jan. 23 Sir Basil Blacket
t stated that since the limits. Below we give the silver product
armistice England's export of gold had annuall
ion of the world, by Continents,
y exceeded her import. On compared for 1912. 1923 and 1924,
the other hand, India had importe gold
in
d
, the value of Rs. 100 crores, by H.N.Lawrie, Managing Directorfine ounces,as compiled and computed
to
or Over one rupee per head per annum
American Gold and Silver Institute:
of the total population, as against
the United States import of about nine annas
P.C. of Inc.(+)
per head.
Below we give the gold production of the world,
or Dec. (-).
by Continents,compared
Continent1912.
for 1915, 1923 and 1924. as compiled and compute
1923.
1924.
1924.fr. 1912.
d
63,766,800 73.295,810 64.792.000
Managing Director, American Gold and Silver Institut by H. N. Lawrie, United States
+1.6
e.
Canada
31,625,451
17,754,706 20,364,000
% of
-35.6
Mexico
81.233,887 90.859,083 92,000,000
Inc.(+).
+13.3
Dec.(-) North America_ __ _176,626,138 181.909,599 177,156,000
+0.3
from Central America- _ _ 2,845.954
1924
2,500.0
2,500,000
Continent-12.2
1915.
South America _ _ 13,980,888 27,355. 00
1923.
1924.
1915.
073 26,500.000
United States
+89.5
$101.035.700 851,734,000 $51.912,000 -48.6 Europe
15,992,082
8.214,385
9,000.000
Canada
-43.7
18.977,901
25,294,078
31,522,000
14,737.944
+66.1 Australasia
10.867,837 10,800.000
Mexico
-26.7
6,55k).275
16,158,408
16.744.000 +155.3 Asia
5.504.705
10.027,283
9.500,000
+72.6
Africa
North America.. -$126.572,876 $93,186,486
1.216,530
1,544,233
1.600.000
3100,178.000 -20.9
+31.5
Central America
2,970,271
Total for world_ _230,904,241 242.418,410
2,000.000
2.000.000 -32.7
237.056.000
South America
+2.7
15.087.570
15,155,397
15,500,000
+2.7
Europe
INDIAN CURRENCY RETURNS.
29,163.231
6,953.035
9,000,000 69.1
Australia
(In Lacs of Rupees.)
48.988.177
18.127.834
18,000,000 Feb. 7.
63.3
Feb. 15.
Feb. 22.
Asia
28,090,895
21,595,135
20.300,000 -27.7 Notes in circulation
18201
18106
18302
Africa
Silver coin and bullion in India
217.851.898 209,922,997 219,300,000
7657
+0.7 Silver
7562
7558
coin and bullion out of India
Total for world_ _ _ _$468.724,918 $366,940,884
$384,278,000 -18.0 Gold coin and bullion in India
2232
---2232
2232
Gold coin and bullion out of India
SILVER.
Securities (Indian Government)
During the earlier part of the week the market was rather
5713
--- 5713
5713
inactive. Securities (British Government)
Continental sales balancing the moderate Indian demand
1999
1999
1999
. Yesterday the Bills of exchange
market broke into life and spurred by bear covering
600
600
800
and a keener Indian
inquiry the price rose a further 1-16d., althoug supplies
The silver coinage during the week ending 22d
h
were quite on
ult. was 5 lace. The
a large scale, the Continental selling being supplemented
stocks in Shanghai on the 28th ult. consisted
of about 70,800.000 ounces
by sales from
China and later on in the day from America also.
To-day the Indian in sycee, 340.000.000 and 4,620 silver bars, as compared with about 70,demand was again in evidence. On the whole this
market has been more 800,000 ounces in sycee. 838.000.000 and 5.770 silver bars on the 21st ult.
favored this year by orders from the Indian Bazaars
. Up to Feb. 18 Statistics for the month of February 1925 are appended:
United Kingdom exports of silver to India were
about a quarter of the
-Bar Silver per oz. std.- Bar Gold
total exports to that country during the whole of last
year.
Cash Delivery. 2 Mos. Del. per oz.line.
Each week the stock of sycee, dollars and silver bars
in Shanghai is Highest price
32%d.
creating a fresh record, but only a limited amount of reliance
3234d.
87s. 44.
Lowest price
can
32hd.
324.
on the published figures, there being no clearing house in that be placed Average
86s. 84.
country.
price
32.244d.
32.1694.
The bulletin of tho American Mining Congress with regard to
868.110.9d.
Quotations
the report
of the U. 8. Congress Banking Committee states as follows:
Feb. 26
3234d.
32 3-164.
"The Committee says that it is necessary to repeal the Pittman
87a. ld.
Act be- Feb. 27
323d.
32 5-164.
cause under it there could still be allocated to the mint and broken
87s. 3d.
up for Feb. 28
32Ad.
32 3-164
subsidiary coinage 130 million ounces of silver which would
involve the Mar. 2
32Ad.
32d.
purehase of that quantity at one dollar per ounce. It is unwise
868.10d.
to leave Mar. 3
323464.
321464.
the Act open for an opportunity for abuse hereafter in manipul
86s.10d
ating the Mar. 4
323-164.
321-164.
86s. 94.
silver market."
Average
32.2294.
32.135-1.
86s.118.4d.
Reuter cables: "The Afghan Government will introduce on March
21
The silver quotations to-day for cash and two months'
a new silver coin called the 'amania,' after Amanuliah Khan, the
delivery are
Ameer, respectively lid. and 3 16d. below those
fixed a week ago.
of the value approximately of tho present Kabuli rupee. A half-am
ania
with nickel coins of smaller denominations, will also be minted.
"
INDIAN CURRENCY RETURNS.
ENGLISH FINANCIAL MARKETS
-PER CABLE.
(In Lacs of Rupees)Jan. 31.
Feb. 7.
Fob. 15.
Notes in circulation
18111
18201
The daily closing quotations for securities, &c.,
18106
at London,
Silver coin and bullion in India
7767
7657
7562 as reported by cable, have been as
Silver coin and bullion out of India
follows the past week:
---London,
Gold coin and bullion in India
Mar.14. Mar.16,Mar.17. Mar.18. Mar.10.
2232
2232
2232
Mar.20.
Week Ending Mar. 20Gold coin and bullion out of India
Sat.
Mon.
Tues. Wed. Thurs.
- -_ _
Silver, per oz
d 31 15-16 31 15 1-32 1-16 32 1-16 32 1-16 Fri.
Securities (Indian Government)
5713
5713
32
5713 Gold, per fine ounce
--Securities (British Government)
868. 4d. 865. 7d. 865. 8d. Mo. 8d.
1999
1999
1999 Consols, 234 per cents...... _ _
86s. 8d•
Bills of exchange
_
57%
573.1
5734
400
579-16 5734
600
600 British,5 per cents
10134 10134 10134 10134 10134
The sliver coinage during the week ending 15th inst. was 5 lacs.
British, 434 per cents
____
97%
9734
9734
9734
The stocks in Shanghai on the 21st inst. consisted of about 70,800,000 French Bentes (In Paris), Ii'- ----47.10 9734
47.10 47.10 47.10 47.10
ounces in sycee. 38.000,000 dollars, and 5.770 silver bars as compared French War Loan(InFarls)Jr_ ____
58.80 56.70 58.70 56.70
56.70
with about 70,800,000 ounces in sycee, 37,000,000 dollars and 7,600 silver
The price of silver in New York on the
bars on the 14th inst.
same day has been:
Sliver In N. Y., per oz.(cts.):
-Bar Silver per Oz. Std.Bar Gold
Foreign
8734
68
Quotations6834
88
Cash.
88
per Oz. Fine.
2 Mos.
6734
Feb. 19
32Ad.
32Ad.
87s. ld•
Feb. 20
323-158.
32 3-16d.
86s. 11d.
Feb. 21
32344.
323id.
Feb. 23
32 5-164.
878. Id.
32 5-16d.
Feb. 24
,32%d.
3234d.
868. 11d•
Feb. 25
325-164.
3234d.
875.
Breadstuffs figures brought from page
Average
1503.
-The
32.281d.
32.2704.
873.
statements below are prepared by us from
The silver quotations to-day for cash and two months' delivery
figures collected by
are the New York Produce Exchan
respectively Ad and 1-164. above those fixed a week ago.
ge. 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:
(Commercial andMisceilanconsRem
THE CHRONICLE
MAR. 21 1925.]
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
58Ibs.
Bbls.198lb bush.60 lbs.bush.56 lbs bush. 32 lbs.bush.481bs.bush.
22,000
178,000
992,00'
326,0002.912,000
274.011
Chicago
68,000
445,000
835,001
776,000
1,679,000
Minneapolis_
65,000
8,000
9,000
34,000
277.000
Duluth
19,000
249,000 246.000
467.000
108.000
17,'''
Milwaukee_ _ _
3,000
91,000
214,000
43,000
Toledo
19,000
19,000
23,000
Detroit
264,000
643,000
53,000
Indianapolis600,000
563,000
583,001
100,1 i s
St. Louis_ _
1,000
9,000
183,000
537,000
7,000
48,oll
Peoria
89,000
811,000
782.000
Kansas City_
158,000
592,000
310,000
Omaha
28,000
303,000
177,000
St. Joseph_
8,000
84,000
103,000
Wichita
1,000
46,011
149,000
50,000
Sioux City179,000
Total wk. '25 439,000 4.521,000 8,104,000 3,571,000 886,000 389,000
Same wk. '24 391,001 4,665,000 7,294,000 4,163,000 699,000 747,000
725,000
Same wk. '23 416,011 4,887,000 5,190,000 3,942,001
Since Aug.1
1924
1923
1922
'0149,768,000
15,438.''s 424.750,000183,522.000205,979,000 52,337,
13.856.00 i 164.884,000212,116,000 170,335,000 31,432,00021.737,000
364.''' 39.346.000
16,380,111 329.170,000230,894,000160,310.00029.
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Mar. 14, 1925, follow:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Bushels.
Bushels.
Bushels.
Bushels.
Barrels.
354,000 185,000
8,000
994,000
New York... 329,000
10,000
332,000
1,000
Portland, Me_
20,000
25,000
809,000
51,000
Philadelphia__
83,000
28,000
13,000
248,000
120,000
Baltimore_ _ _ _
5,000
N'port News_
10,000
1.000
Ncrfolk
12,000
36,000
267,000
75,000
New Orleans•
422,000
Galveston
10.000
42,000
20,000
308,000
..
Montreal_ _
11.000
153,000
72,000
97,000
ilt.John,N.B.
38,000
19,000
28,000
Boston
Total wk. '25 702,000 3.496.000
Since Jan.1'25 6,290,000 35,184,000
92,000
1,625,000
1421
-The First National Bank of Almont. Mich
Mar, 14
Correspondent: D. W. Borland, Alment, Mich.
-The First National Bank of Prospect Park, N. J
Mar. 14
Correspondent: Peter Hofstra, 182 Haledon Ave., Prospect Park, Paterson, N. J.
APPLICATIONS TO ORGANIZE APPROVED.
-The Hershey National Bank, Hershey,Pa
Mar. 13
Correspondent: John E. Snyder, Hershey, Pa.
-The Milton National Bank, Milton, W. Va
Mar. 13
Correspondent: Q. L. Stewart, Milton, W. Va.
APPLICATIONS TO CONVERT RECEIVED.
Tex_
-Farmers & Merchants National Bank of Thornton, Tex.
Mar. 10
Conversion of the Guaranty State Bank,Thornton,
-The State National Bank of Wills Point, Texas Texas.
Mar. 11
Conversion of the First State Bank, Wills Point,
-State National Bank of Bonham, Texas
Mar. 13
Texas.
Conversion of the First State Bank of Bonham,
-The Grand Avenue National Bank of St. Louis, Mo Mo.
Mar. 14
Bank of St. Louis,
Conversion of the Grand Avenue
D.
APPLICATIONS TO CONVERT APPROVE
___
-The State National Bank of Karnes City, Tex
Mar. 11
City,
Conversion of the Guaranty State Bank of Karnes
Texas.
Texas
-The Como National Bank, Como, Como,Texas.
Mar. 14
Conversion of the Como State Bank,
25,000
50.000
125.000
50,000
25.000
100.000
200.000
200,000
25,000
25,000
CHARTERS ISSUED.
50,000
-The Prineville National Bank,Prineville, Ore
-12,655
Mar. 10
L. Karnopp: Cashier, Roy W. Holtberg.
President, J.
Prineville, Ore.
Conversion of the Bank of Prineville,
Rye,
40.000
-The Hedrick National Bank, Hedrick, Iowa _
Mar. 11-12,656
President, C. A. Dickey: Cashier, R. L. Jamison.
Bushels.
100,000
-The First National Bank of Royal Oak, Mich
-12.657
Mar. 14
36,000
H.
President, William B. Schad; Cashier, Edward
Jewell.
18,000
25,000
__
-The First National Bank of Plymouth, Ill_
-12.658
14
49.000 Mar.
President, John McKelvie; Cashier, C. D. Reynolds.
CONSOLIDATION.
0
70:23
1000
-The Marion National Bank, Marion, Va
Mar. 1I-6,839
-The Peoples National Bank of Marion, Va
and 11,718
1918. unConsolidated Mar. 11 under the Act of Nov.7
Marion Na153,000
der the charter and corporate title of "The of 8135,000.
tional Bank"(No.6839), with capital stock
256.000
657,000 289,000
5,673,000 5,218,000 5,407,000
179,000
502,000 239.000
Same wk. '24 490,000 2,521,000 1,230,000
Since Jan.1'24 5.889.000 33.104 000 7.825 Mil 7.802 1100 2 1125 11110 1 023 non
"Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
-Among other securities, the following,
Auction Sales.
at auction
not actually dealt in at the Stock Exchange, were sold
y of
in New York, Boston and Philadelphia on Wednesda
York:
this week: By Messrs. Adrian H. Muller & Sons, New
$
sh. Shares.
$.erStocks.
Shares. Stocks.
°.
p
$24,400 Empire Cotton Oil Co. let sk.
250 Kan. City, Clay Co. & St.
May 1 1929, with all coupons
6s,
$1.26
Joseph Co., common
The exports from the several seaboard ports for the week
coupon due
attached. (The first
Towne Sec. Corp., com., no
Nov. 1 1924 on the $1,000 bonds
ending Saturday, Mar. 14 1925, are shown in the annexed 75par
$205
is for $993 and on the $100
lot
statement:
3734 Towne Sec. Corp., pref
$2,500 lot
bonds $0.98)
Inc., par $10260 L. B. E. Co.,
200 Miami Copper, corn., par $.5„ 1114
20 Mine Mount Land Co
Barley. Peas.
Rye.
10 Bowman-Blitmore Hotels Corp..)
Oats.
Corn. Flour.
Wheat.
Exports front20 St. Paul Mining Co.,stamped
common_
11 ClaPperton Matching Mach.Co.
. .4
1 Certificate for 10 shs. Bowman $'277
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels. 1900-1000 Motor Starter Corp_ _
1311tmore Hotels Corp. 1st pref.
207,621 198,510 342,266 416,383
New York
1,403,684
Central RR. 1st
$13,000 Durango
stock, after a regular div. upon I lot
10,000
1,000
Portland, Me_ _ _ _ 332,000
5a, 1952. July 1904 Sr subsea. $255
121,000
the pfd.stock of the Westchester.!
lot
Boston
coup. attached, ctfs. of dep_
Biltmore Corp. shall have been
14,000
& Smelt.Co.
935,000
Philadelphia
$12,000 Mexican Min.
17,000
declared and paid
248,000
5,000
159,000
Baltimore
1st & coll. tr. 7s, Oct. 1911, Apr.
8,250 Radio Tone Chemical Co..Ine$5 lot
10,000 1,000
Norfolk
& subseq. coup. attached,
1904
238 Trout Concrete Tile Corp.,corn) $26
5,000
Newport News_
ctfs. of dep
138 Trout Concrete Tile Corp., pfclf lot
31,000
18,000 31,000
New Orleans.... 1,102,000
440 Nat. Motor Car & Vehicle
44.000
Galveston
Corp., no par
Per cent.
Bands.
153,000 11,000
72,000 153,000
97,000
St. John, N.B......
50 Soho Park & Land Co
Sundry notes & coll, aggregating
$7,918 note Soho Park & Land Co., $100
$310 lot
$12,748 34
in 3 yrs., lot
380,621 392,510 743,266 565,38?
28,000
Total week 1925_ 4,028,684
dated July 101918, due
17 599 102920
Rams monk 1091 9 921 190 Ron 259 927 502 908 520
with Interest at 8%
-II
The destination of these exports for the week and since
July 1 1924 is as below:
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sis.
$ per oh. Shares. Stocks.
Shares. Stocks.
7534
21 units First Peoples Trust
100
10 Flint Mills
1 Atlantic Coast Fisheries Co.. pref. 5534
1 Great Falls Manufacturing Co.__ 15
Tap & Die Corp.. Pref.
Corn.
Wheat.
Flour.
B. B.Ss R. Knight Corp.. pref.. 13( 5 Greenfield
10
9234, ex-div.
35
50 Dwight Manufacturing Co
..Crports for Week
Central Light & Pow. Co.. pref- 1034
Since
Week
Since
Week
Since
Week
100 Nat.Fabric & Finishing, pref._ 9734 20 Nashua Gummed & Coated Pap.
and Since
10
Mar. 14
Julit 1
July 1
Mar. 14
& Kennebec Ry.,
July 1
Mar.14
July 1 to23 Androscoggin
9334
Co.. pref
1924.
1925.
1924.
634
1925.
1924.
1925.
III 2d pref
75
4 units First Peoples Trust
10 Quincy Market Cold Storage &
125
_89-89% 10 Plymouth Cordage Co
Bushels. Bushels. Bushels.
Bushels.
Barrels. Barrels.
W'house Co., pref., par $10..
98
Rubber Co., pref
17,000
10,000
United Kingdom- 88,358 3,435,059 1,447,927 81,093,743
American Mfg.Co., pref _78q ,ex-div. 4 Hood
right.
$
77,961 10 American Glue Co., common... 5134 No. Rights.
234.496 6,845.152 2,270,757 149,454,644
3ontlnent
914,830 10 Blackstone Val. Gas& Elec., pf_100% 50 First Nat. Bank of Boston per
596,300
22,000
704,138
30.& Cent. Amer_ 4.000
16
234
England Co
18,000 1.177.810 15
131,950
.
24,750 1,044,942
West Indies
North Boston Ltg.Prop.,corn_ _ 6434 8 New
21,000
6.135
Brit.No.Am.Cols.
Messrs. R. L. Day & Co., Boston:
3,900
By
288,000 1,456,052
493,424
Dthor Countries-- 29.017
$ per oh.
.
k
Shares. Stocks. PWP NINIallit $ per alt. shares siod,
28,000 2,212,501 5 Old Colony Trust Co
,
254
380,621 12,528,850 4,028,684 232,732,689
1 Boston Athenaeum, par $300_...625
Total 1925
. 72c
287,698 11,337.750 2,281.139 175,149.204 893,853 7,227,710 5 Clinton (Mass.) Trust Co
Total 1924
'
1,534 32400 State Theatre Co., pref.__ 18434
'
70
10 Brockton Gas Light Co
Saco Lowell Shops, 1st prof
$10045lout
The world's shipments of wheat and corn, as furnished by 1 Connecticut 4c Passumpsic River
5 Atlantic Theatres Corp
10
75
10 State Street Exchange
RR., pref
Broomhall to the New York Produce Exchange, for the week
25 Albany Trust
Valley RR
.,5l.i.5
8
57. 15
_di
ending Friday, Mar. 13, and since July 1 1924 and 1923, 5 Massawippl Trust
10 IJ. S.Envelope Co., pref 1 ex07v.
25 Haymarket
,..."
10 Draper Corporation
10 Puget Bound Power & Light CO.,
are shown in the following:
righ
106 & div. No. Rights.
prior pre
Co
5 Lamson & Hubbard Corp.,com_$13 lot Hartford Fire Insurance
t
a
$ Pperer ,t.,4).
Corn.
Wheat.
10 Lamson & Hubbard Corp., pref- 3234 Bonds.
& Co. 75,
114 The Thomas Laughlin Co., pref. 5334 $100 Lockwood, Greene
8234
1923-24.
1924-25.
1923-24.
1924-25.
Cold Storage SsMarch 1933
4 Quincy Market
13434
W'house Co., COM
Since
Since
Week
Since
Since
Week
July 1.
By Messrs. Barnes & Lofland, Philadelphia:
July 1. Mar. 13. July 1.
July 1.
Mar. 13.
8 per sh.
s per Or. Shares. Stocks.
Shares. Stocks. 11111
2434
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
8634 48 Phila. Bourse, pref., par $25___ 60
25 United Gas Impt. Co
Text Book Co..856.000 9,329,000 45 2d & 3d Streets Passenger Ry-..175
20,000
10 International
North Am r.. 7.644,000332,955,000322,085,00()
21154
3,088,000 38.922,000 1,148,I I i 23,059,000 20,622,000 5 Central National Bank
555 4 Philadelphia & Trenton RR
Black Sea.
20834 10 American Academy of Music- _875
Argentina_ __ 4,522.000 98,098 I 1 1 90,411.000 292,000139,286.000 73,630,000 5 Quaker City National Bank
..iO4
Co., par $50..
5,792,000 65,900,''' 46,282,000
Australia_
10 National Bank of Commerce__ _17734 40 Reliance 1nsur. & Cold Stor.Co.11034
1,080,000 34.456,011 12,416,000
Bank of Commerce__ _177% 3 Phila. Warehouse
India
National
1,438,000 14,755,000 22 Tradesmen's National Bank __ _ 313
Coates Passenger Ry 7934
1,584,'''
10 Green &
Oth.Coun '
20
Est. Assn., par $50. 51
4 Corn Exchange National Bank_ _ _491% 33 Tacony Real
19 018 nnn 534.497 onosii 7110 nno 1 480 0110184 f120 (win 112 21ft MA 2 Corn Exchange National Bank_ _ _490
100 Horn & Hardart Co. of N. Y.,
Total
5834
new stock
10 Tenth Nat. Bank, Philadelphia_261
Peoples Gas Co.of
-The following information regarding 25 Northwestern National Bank.._613 534Fire Assn. of Phila..N.J., pref._ 3934
National Banks.
par $50.-282
10
Consumers Bank,
93
national banks is from the office of the Comptroller of the 2 Producers .1;
1034 54 Hare & Chase, Inc., pref
par 510
48 Hare & Chase,Inc..com.,no par. 25
Currency, Treasury Department:
5 Producers & Consumers Bank,
Fire Ins. Co..par$25 28
1034 3 Peoples Natl.
par $10
APPLICATIONS TO ORGANIZE RECEIVED.
3 Independence Fire Insur. Sec. Co. 37
Bank,
Capital, 45 Producers & Consumers
10
12 Tacony-Palmyra Ferry Co.. par
par $10
$50,000
35
Bank of Harrisburg, Texas
-The First National
$50
8334
Mar. 10
2 Belmont Trust Co., par $50
so
Correspondent: Floyd Beard. 1619 Walker Ave., Hous25 Atlantic Elevator Co., pref
th Title Insurance &
5 Commonweal
206
Tex.
20 Minna Passenger Ry
411
ton,
Trust Co
25,000
Per Cent.
Bonds.
-The First National Bank of Kirkland. Texas
Mar. 10
Frankford Trust Co., par 550...20554
20
Correspondent: .7. D. Brumbelow, Kirkland, Texas.
202
26,000 Phila. Suburban Gas & Elec.
Co.for Guar. Mtgee
National Bank of Jersey City, N.J_ _ _ _ 250,000 25 Phila.of North Amer. at Tr. Co_299
9834
Co. 1st & ref. 58, due 1960
Mar. 11-The Downtown Meyer Eichmann, 576 Newark Ave.,
10 Bank
Correspondent:
$3.000 Union Ry.. Gas & Elec, coll.
of North Amer.& Tr. Co_299
19 Bank
trust 5s, Series A, 1939
10054
640
Jersey City, N. J.
Co
50,000 5 Provident Trust Co
Bank of Arlington, Texas
National
1,000 Shawsheen Mills 7% notes,
638
Mar. 11-The'City the First State Bank of Arlington, Texas,
5 Provident Trust
102%
1931
Succeeds
25 Guarantee Trust & S.D.Co- _166
Correspondent: Frank McKnight, Arlington, Texas.
$1.000 Cleve. Elyria Ss Western Ry.
45 Metropolitan Trust Co.,par $50. 68
N. J
25,000
1st 55, Girard Tr. Co. ctf. of dep. 30
9034
-The Highlands National Bank, Highlands,
11
Mutual Trust Co.. par $50
Mar.
5
$400 New Jersey Northern Gas 1st
Correspondent: Grandin V. Johnson, Highlands, N. J.
90
25,000 27 Mutual Trust Co., par $50
Atascadera, Calif
5s, 1952(coupons March 1920 and
300
-The First National
Mar. 13 Correspondent: W.Bank of
12 West End Trust Co
E. Hanson. Ataseadera, Calif.
all subsequent coupons attached). 25
.184
Bank, old stock.
100,000 5 Ardmore Natl.
-City National Bank in Childress, Texas
Mar. 13 Correspondent; Will P. Jones. Childress, Texas.
$4 Phila. Bourse, com., par 550...24
1422
THE CHRONICLE
DIVIDENDS.
[VOL. 120.
Per
When
Books Closed.
Name of Company.
Cent. Payable
Days Inclusive.
Miscellaneous (Continued).
Appleton Co.(guar.)
*$7.50 Mar. 14 *Holders of rec. Mar. 1
Arlington Mills (guar.)
*2
Apr. 1 'Holders of rec. Mar. 11
Associated Industries, 1st pref.(guar.)._ 2
Austin, Nichols & Co.. Inc., pf.(guar.). 131 Apr. 15 Holders of rec. Apr. 14a
May 1 Holders of rec. Apr. If a
Balaban & Katz,COM.(monthly)
'25e. May 1 *Holders of rec. Apr. 20
Common (monthly)
"25e. June 1 *Holders of rec. May 20
Common (monthly)
"25e. July 1 *Holders of rec. June 20
Preferred (guar.)
Baltimore Acceptance Corp., pref.(qu.)_ *I.H July 1 "Holders of rec. June 20
Per
When
Books Closed.
151 Apr. 1 Holders of rec. Mar. 16a
Name of Company.
Barnet Leather, Pref.(guar.)
Cent. Payable.
Days Inclusive.
I 31 Apr. 1 Holders of ree. Mar.30
Bayuk Cigars, Inc. 1st pref. (guar.).
- 131 Apr. 15 Holders of rec. Mar.31a
Railroads (Steam).
Convertiblesecond pref.(guar.)
141 Apr. 15 Holders of rec. Mar.31a
Gulf Mobile & Northern, pref. (guar.)._ "134
Eight per cent second pref.(guar.)... 2
May 15 *Holders of rec. May 1
Kansas City Southern, pref. (quar.)____
Atm. 15 Holders of reo. Mar.31a
1
Apr. 15 Holders of rec. Mar.31a Big Store Realty Corp
25e. Apr. 15 Holders of rec. Apr. 1
-,
Conneaut Lake & Linesville__ 2
Bliss (-. W .) Co. COM.(quar.)
Apr. 1 Holders of rec. Mar. 14
c.
,...
"25e. Apr. 1 *Holders of rec. Mar.21
Midland Valley, common (No. I)
.eadvil
81.25 Apr. 15 Holders of rec. Mar.31
First preferred (guar.)
.81
Reading Company,common (guar.). _
Apr. 1 'Holders of rec. Mar.21
4
11
Preferred, class B (guar.)
May 14 *Holders of rec. Apr. 16a
*15e.
Blumenthal(Sidney)& Co.,Inc., pf.(gu) "1H Apr. 1 'Holders of rec. Mar.21
Apr. 1 *Holders of rec. Mar.28
Public Utilities.
Bowman-Biltmore Hotels 1st pref.(qu.)- •131
Apr. 1 *Holders of rec. Mar.16
Canada Bread, pref.(guar.)
All-America Cables(guar.)
"1.31 Apr. 1 *Holders of rec. Mar.17
•1H Apr. 14 *Holders of rec. Mar.31
Canada Cement(guar.)
134 Apr. 16 Holders of rec. Mar.16
American Gas,common (guar.)
1 H Apr. 15 Apr. 1 to Apr. 14
Canada Dry Ginger Ale,Inc..Cl. A.
(qu.) *75e. Apr. 1 *Holders of rec. Mar.15
Stock dividend
f2234 Apr. 15 Apr. 1 to Apr. 14
Class B (No. 1)
*75e. Apr. 1 *Holders of rec. Mar.16
Amherst Gas,common (guar.)
Canadian Cottons, Ltd., corn. (qu.)
$1.50 Mar.31 Holders of rec. Mar.16
2
Apr. 4 Holders of rec. Mar.24
Appalachian Power, 1st pref. (guar.)... 154
Preferred (guar.)
May 1 Holders of rec. Apr. 15
134 Apr. 4 Holders of rec. Mar.24
Preferred (guar.)
Can
131
Oil,common (guar.)
I31 Mar.31 Mar.21 to Apr. 4
Arkansas Central Power, pref. (guar.)._ $1.75 Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
Apr. 1 Holders of rec. Mar.23
1( Mar.31 Mar.21 to Apr. 4
Bklyn.-Manhat. Tran., pref. A (quar.)Carey (Philip) Mfg., pref.(guar.)
*1Si Apr. 1 *Holders of rec. Mar.20
California Electric Generating, pref.(qu.) $1.50 Apr. 15 Holders of rec. Apr. 1
Central Steel, common (guar.)
134
81 Apr. 10 Apr. 1 to Apr. 9
Central Illinois Light,6% pref. (guar.). 134 Apr. 1 Holders of rce. Mar.14a
Preferred (guar.)
Apr. 1 Holders of rec. Mar.16
2
Apr. I Mar.21 to Mar.31
Seven per cent preferred (guar.)
Cities Service Co.
151 Apr. 1 Holders of rec. Mar. 16
Chicago City Railway (guar.)
Common (monthly)
•
Si May
Cincinnati Suburban Bell Telep. (guar.) *134 Mar.31 *Holders of rec. Mar.22
Common (payable in common stock). 'I% May 1 "Holders of rec. Apr. 15
2
Apr. 1 Mar.22 to Mar.31
1 *Holders of rec. Apr. 15
City Gas Co.of Norfolk, pref.(guar.)
Preferred and pref. B (monthly)
2
Apr. 1 Holders of rec. Mar. 140
-'31 May 1 *Holders of rec. Apr. 15
Cleveland Elec. Ilium., corn. (guar.)..City Investing, pref.(guar.)
. '234 June 1 'Holders of rec. May 15
131 Apr. 1 Holders of rec. Mar. 27,
6% preferred (guar.)
Cleveland Union Stock Yards (quar.)
'134 June 1 *Holders of rec. May 15
2
Coast Valleys Gas& Elec., pref A (qu.). '134
o Mar.31
Continental Baking Corp., com. "A"..... 82 Mar.31 Mar.22
.
Apr. 1 *Holders of rec. Mar. 14
Apr. 1 Mar.22 to Mar.31
Preferred, Series D (guar.)
Preferred (guar.)
'131 Apr.
$2 Apr. 1 Mar. 22 to Mar.31
Commonwealth Power Corp.,com.(qu.) 81.50 May 1 *Holders of rec. Mar.14
Craddock-Terry Co., common (guar.)._
1 Holders of rec. Apr. 100
3
Mar.31 Holders of rec. Mar.16
Six per cent preferred (guar.)
Common (guar.)
135 May 1 Holders of rec. Apr. 100
Common (guar.)
3
June 30 Holders of rec. June 15
Consumers El. L.& P.,New OH., pt.
(qu) • 131 Mar.31 Mar. 11 to Mar.31
3
Sept.30 Holders of rec. Sept.15
Dayton Power & Light, common (guar.) El
Common (guar.)
Apr. 1 Holders of rec. Mar.200
3
Dec. 31 Holders of rec. Doe. 15
Preferred (guar.)
First and second preferred
81.50 Apr.
3
June 30 Holders of roe. June 15
Dominion Power & Tranam., pref. (qu.) 131 Apr. 1 Holders of rec. Mar.20a
First and second preferred
15 Mar.23 to Mar.31
3
Dec. 31 Holders of rec. Dec. 15
East Bay Water, pref. A (guar.)
Class C preferred
.134 Apr. 15 'Holders of rec. Mar.31
334 June 30 Holders of rec. June 15
Preferred B (guar.)
Class C preferred
"131 Apr. 15 'Holders of rec. Mar.31
334
Easthampton Gas Co.,corn.(quar.)
Creamery Package Mfg.,common (qtr.). *50e. Dee. 31 Holders of roe. Dec. 15
$2 Mar.31 Holders of rec. Mar. 16
Apr. 10 *Holders of rec. Apr. 1
Eastern New Jersey Power. pref.(guar.) 2
Preferred (guar.)
Apr. 1 Holders of rec. Mar.200
*$1.50
Electric Light & Power of Abington &
Crown Finance Corp., prof. (guar.) _ _ _ *81.75 Apr. 10 *Holders of rec. Apr. 1
.
Apr. 1 *Holders of rec. Mar.20
Rockland (guar.)
Crucible Steel, common (guar.)
50c: Apr.
1
Apr. 30 Holders of reel Apr. 15
Elmira Water,Light & RR.. 1st pf.(qu.) 131 Mar. 1 Holders of rec. Mar. 170 Detroit Creamery (guar.)
.
31 Holders of rec. Mar. 18
"3
Apr. 1 *Holders of rec. Mar.21
Second preferred (guar.)
Dixon (Joseph) Crucible Co.,(guar.)... 2
131 Mar.31 Holders of rec. Mar. 18
Mar.31 Holders of rec. Mar.25
Fall River Electric Co.(guar.)
Dome Mines, Ltd.(guar.)
50e. Apr. 1
50e. Apr. 20 Holders of rec. Mar.31
Georgia Light,Power & Rye_ pref.(qu.) 134 Apr. 1 Holders of rec. Mar.200 Elliott
-Fisher Co., common (guar.)._
Holders of rec. Mar.12a
$1
Apr. 1 Holders of rec. Mar. 16
Gold & Stock Telegraph (guar.)
Common, Series B (guar.)
134 Apr.
81 Apr. 1 Holders of rec. Mar. 16
Greenfield Elec. Lt.& Pow.,corn.(qu.). $2.50 Mar. 1 Holders of rec. Mar.310
Preferred (guar.)
31 Mar. 15 to Mar.31
131 Apr. 1 Holders of rec. Mar. 16
Preferred (guar.)
Finance Co.of Amer.(Balto.),corn.(qu) 6234e.
38c. Mar.31 Mar. 15 to Mar.31
Apr. 15 Holders of rec. Apr. 3
Employees' stock (guar.)
25e. Mar.
7% Preferred (guar.)
4314e. Apr. 15 Holders of rec. Apr. 3
Hartford City Gas.ight,cora.& pf.(qu.) 50c. Mar.31 Holders of rec. Mar. 14
8% preferred (quar.)
31 Mar. 18 to Mar.31
50e. Apr. 15 Holders of rec. Apr. 3
Houston Gas& Fuel. pref.(guar.)
Flint Mills (guar.)
194 Mar.31 Holders of rec. Mar. 14
*1
Mar.17
Kings County Lighting, pref. B (gu.)
Frontenae Breweries, pref. (guar.)
•151 Apr. I *Holders of rec. Mar.24
134 Apr. 1 Holders of rec.
Manufacturers Light & Heat(quar.)_
2
Apr. 14 Holders of rec. Mar.310 General Tire & Rubber, Prof.(guar.)... 131 Apr. 1 Holders of rec. Mar.16
Michigan Gas& Elec., prior lien stk.(qu.) •
Mar.20e
Goodwins, Ltd.(guar.)
11i Apr. 15 *Holders of rec. Mar.31
134 Apr. 1 Holders of rec. Mar.20
Middle West Utilities, pref. (guar.)._
Gulf 011 Corp. of Pa.(guar.)
131 Arp. 15 'Holders of rec. Apr. 3
3734o. Apr. 1 Mar.21 to Mar.25
Midland Utilities, prior lien stock (guar.) •
Hamilton-Brown Shoe(monthly)
131
1
Apr. 1 Mar.25 to Mar.31
National Power & Light, pref. (guar.)._ 81.75 Apr. 6 Holders of rec. Mar.21
Harris Automatic Press
Apr. 1 Holders of rec. Mar. 19
75e. Apr. I Holders of rec. Mar.20(
Nevada-California Elec Corp., pt.(qu )_ *131
Heath (D. C.) az Co., pref.(guar.)
May 1 *Holders of rec. Mar.30
131 Apr. 1 Holders
New England Power, pref.(guar.)
Hibbard,Spencer,Bartiett & Co.(mthly.) 35c. Apr. 24 Holders of rec. Mar.28
115 Apr.
of rec. Apr. 17
New Orleans Public Service, pref. (qu.). $1.75 Apr. 1 Holders to rec. Mar. 180
Monthly
1 Holders of rec. Mar.20
35e. May 29 Holders of rec. May 22
Northern Indiana Gas& Elec., pf A
Monthly
. (gu.) 141 Apr. 14 Holders of rec. Mar.31
35c. June 26 Holders of rec. June 19
Northern N. Y. UM., corn. (guar.)_ _
Extra
'75c. Mar.
20e. June 26 Holders of rec. June 19
Ohio River Edison Co., 7% pref.(quar.) 134 Apr. 30 *Holders of rec. Mar.20
Holt, Renfrew az Co., pref.(guar.)
1 Holders of rec. Mar.23
131 Apr. 1 Holders of rec. Mar.28
Pacific Gas az Electric, common (guar.). '2
Hood Rubber, corn. (guar.)
Apr. 15 *Holders of rec. Mar.31
81
Mar.31 Mar.21 to Mar.31
Philadelihia Rapid Transit(guar.)
Huttig Sash & Door,common
$1
37340. Apr. 1 Holders of rec. Mar.20
Apr. 30 Holders of rec. Apr. 15
Phila. az Western Ry., pref. (quar.)...
Preferred (guar.)
134 APr. I Holders of rec. Mar.20
134 Apr.
Power Corp of N.Y.,corn.(qu.)(No. . '25e. Apr. 15 Holders of rec. Mar.31a Ide (Geo. P.) & Co., Inc..ref.(guar.).
1 *Holders of rec. Mar.20
2
ii
Apr. I Holders of rec. Mar.161
Providence Gas (quar.)
Indiana Pipe Line (guar.)
.
la
Apr. I Holders of rec. Mar. 16
$1
May 15 Holders of rec. Apr. 17e
Puget Sound Power & Light, corn.(ply). 1
Apr. 15 Holders of rec. Mar.20a Industrial Acceptance, 1st pref.(guar.). 134 Apr. 1 Holders of rec. Mar.23
Prior preference(guar.)
Second preferred (guar.)
151 Apr. 15 Holders of rec. Mar.200
2
Apr. 1 Holders of rec. Mar.23
Preferred (guar.)
134 Aor. 15 Holders of rec. Mar.200 Island Creek Coal,corn.(guar.)
'
$2
Apr. I Holders of rec. Mar.26
Shawinigan Water & Power (quar.)._
Common (extra)
131 Apr. 10 Holders of rec. Mar.26
$1
Apr. I Holders of roe. Mar.28
Southern New Eng. Telep.
Preferred (guar.)
2
Apr. 15
(guar.)
$1.50 Apr. 1 Holders of rec. Mar.26
Southern Wisconsin Elec., pref.(guar.). 134 Apr. 15 Holders of rec. Mar. 31
Kaynee Co., pref. (guar.)
Holders of rec. Mar.31
134 Apr. I Holders of rec. Mar.20s
Texas Electric Ry.,common (guar.)..._
Keystone United Corp., pref.(guar.)... 2
June 1 Holders of rec. May 15
1
First preferred (guar.)
Kirshbaum (A. B.) Co., pref.(guar.)... 131 Apr. 1 Holders of rec. Mar.20
134 Apr. 1 Holders of rec. Mar. 19
Apr. I Holders of rec. Mar.20a
Lawyers Mortgage Co. (guar.)
Second preferred (guar.)
151 May 1 Holders of rec. Apr. 15
234 Apr. 1 Holders of roe. Mar.20
Tr -City Ry.& Light, pref.(guar.)
134 Apr. 1 Holders of rec. Mar.20a Liberty Steel, pref.(guar.)
•154 Apr. 1 *Holders of rec. Mar.20
Trinidad Electric Co., Ltd.(guar.)
Library Bureau,corn.(guar.)
134 Apr. 10 Apr. I to Apr. 10
50e. Apr. I Holders of rec. Mar.21
Turners Falls Power & Elec.(quar.)___
Preferred (guar.)
2
134 Mar.31 Holders of rec. Mar. lasi
Apr. I Holders of rec. Mar.
Liggett's International, pref
Employees' stock (guar.)
- 1734e. Mar.31 Holders
$1 May I Holders of rec. Apr. 21
rec.
150
Lord & Taylor, 2d pref.(guar.)
United Gas& Elec. Corp_ pref.(guar.). 134 Apr. I Holders of rec. Mar. 18
2
May 1 Holders Of rec. Apr. Ma
of
Mar.16
Lorrain Trout Lake Mines, Ltd.(lnteem) 5
United Utilities, pref.(guar.)
131 Apr, 1 Holders of rec. Mar.210
Apr. 15 Apr. '2 to Apr. 13
Utilities Securities, pref. (guar.)
134 Mar.27 Holders of rec. Mar. 170 MacAndrews & Forbes, corn.(guar.)... 234 Apr. 15 Holders of rec. Mar. 310
preferred (guar.)
Virginia Ry.& Power, pref. (quar.)._ _
134 Apr. 15 Holders of rec. Mar.31:
. 135 Apr. 20 Holders of rec. Mar.31a
Macy (R. II.) &
Washington Water Power. Spokane(qu.) 2
pref. (guar.)
'131 May I "Holders of rec. Apr. 18
Apr. 15 Holders
Mar.
Manning, Maxwell az Moore, Inc.(qu.). 131
West Kootenay Pr. az Light, pref.(qu.). 134 Apr. I Holders of rec. Mar.25
Apr. 3 Holders of roe. Mar.
of rec.
260 Marlin-Rockwell Co.,
Western Power Corp., pref.(guar.).- 134 Apr. 15 Holders of rec. Mar.310
Corp., corn.(guar.)... *25e. May I *Holders of rec. Apr. 31
preferred mar.)
*144 Apr. I *Holders of rec. Mar.20
27
Medart (Fred.) Mfg. pref. (quar.)
Banks.
2
Apr. I Holders of rec. Mar.20
Mortgage-Bond Co. ?guar.)
2
Mar.31 Holders of rec. Mar.23
kmerican Exchange National(guar.).- 4
Apr. 1 Holders of rec. Mar.26a Murray Ohio Mfg., pref.(guar.)
2
Apr. 1 Holders of rec. Mar.200
National Cloak dt Suit,common
Dapitol National (guar.) (No.
I
Apr. 15 Holders of rec. Apr. 10a
Ili Apr. 1 Holders of rec. Mar.26
2)
Nat. Fabric az Finishing, pref.(guar.)._ •
"jhatham & Phenix National(quar.)
4
131 Apr. 1 *Holders of roe. Mar.20
Apr. 1 Mar.28 to Apr. 1
National Fuel Gas (quar.)
Dolonial (guar.)
3
"$1.50 Apr. 15 *Holders of rec. Mar. 15
Apr. 1
5334 Mar.31 Holders of rec. Mar.200 National Mortgage Co. of Bait., pref.__ 7
East River National (guar.)
Apr. I Holders of rec. Mar.25a
*Holders of rec. Mar.26
National Paper & Type, pref.(guar.)... 2
fifth National (guar.)
231 Apr. 1 Mar.24 to Mar.31
Apr. 15 Holders of rec. Mar.31a
Naumkeag Steam Cotton (guar.)
3reenwich (guar.)
3
3
Apr. 1 Holders of rec. Mar.20a
Apr. 1 Holders of rec. Mar.18
New England Bakery, 1st pref.(guar.)._
lanover National (guar.)
6
Apr. I Mar.22 to Mar. 31
131 May 1 Holders of roe. Apr. I
Second preferred (guar.)
Weehanies (Brooklyn)(guar.)
IH May 1 Holders of rec. Apr. 1
3
Apr. 1 Holders of rec. Mar.210
New
klechanies & Metals National(quar.)
Apr. 1 Holders of rec. Mar.15
5
Apr. 1 Holders of rec. Mar.2I0 New England Equity Corp.(guar.)... _ 2
York Air Brake, common (guar.)._ 81
1,1utual (guar.)
May 1 Holders of rec. Apr. 8
3
Apr. 1 Holders of rec. Mar.23a
Class A (guar.)
gew Netherland (guar.)
$1 July 1 Holders of rec. June 10
2
Apr, 1 Holders of rec. Mar.20
New York Title & Mortgage (guar.)... _ 3
'ark, National (guar.)
Apr. 1
6
Apr. I Holders of rec. Mar.23
Ogilvie Flour Mills,$100 par stk.(gu.).... 331 Apr. 1 Holders of rec. Mar.24a
hate (guar.)
4
Apr. 1 Holders of rec. Mar.200
Holders of rec. Mar.20
No par value stock (guar.)
Washington Heights, Bank of(quar.).__
$1.25 Apr. 1 Holder, of rec. Mar.20
154 Apr. 1 Holders of rec. Mar.300
Open
rorkville (guar.)
734 Mar.31 Holders of rec. Mar.20a Otis Stair Dwellings (quar.)
134 Mar.31
Elevator, common (quar.)
$1.50 Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
Trust Companies.
134 Apr. 15 Holders of rec. Mar.
Paige-Detroit Motor Car, pref.(qu.).._
134 Apr, 1 Holders of rec. Mar.31
14a
Lmerican (guar.)
135 Mar.31 Holders of rec. Mar.200 Philadelphia Finance Co., corn.(q)... 500. Apr. 1 Holders of rec. Mar.21
Preferred A (guar.)
Irooklyn (guar.)
6
Apr. 1 Holders of roe. Mar.26a
2
Apr. I Holders of rec. Mar.21
Preferred B (quan)
;antral Union (guar.)
6
Apr. 1 Holders of rec. Mar.23a
131 Apr. 1 Holders of rec. Mar.21
ranpire (guar.)
3
Mar.30 Holders of roe. Mar.21a Pick (Albert) & Co., pref. (guar.)
134
Prairie Oil & Gas(no par stock) (quar.), *500. Apr. 1 Mar.24 to Mar.31
adelity-International (quar.)
234 Mar.31 Mar.21 to Mar.31
Apr. 30 *Holden! Of roe. Mar.31
Prairie Pipe Line (quar.)
rving Bank-Columbia Trust(guar.).- 3
'2
Apr. 1 Holders of rec. Mar.20
Apr. 30 *Holders of rec. Mar.31
Procter dv Gamble, 8% Pf. (guar.)
Zew York (guar.)
5
mar.31 Holders of rec. Mar.21a Regal slide.
2
Apr. 15 Holders of rec. Mar.25a
(guar.)
,
eoples(Brooklyn)(guar.)
Prof.
5
Mar.31 Holders of rec. Mar.30
*131 Apr. 1 Holders of rec. Mar.21
Richman Bros. (guar.)
'Hie Guarantee & Trust(guar.)
3
Mar.31 Holders of rec. Mar.21
$1.50 Apr. 1 Holders of rec. Mar.2Ia
St. Regis Paper, common (guar.)
Extra
4
Mar.31 Holders of rec. Mar.21
500. Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar.20
Sandusky Cement, common (guar.)_ _
Miscellaneous.
"2
Common (payable in Common stock). */100 Apr. 1 Holders of rec. Mar.25
Apr. 9 Holders of rec. Mar.28
Sefton Mfg., pref.(guar.)
,eme Road Machinery, Prof.(quar.).
_"2
•151 Apr. 1 Holders of rec. Mar.21
*Holders of rec. Apr. 1
Southern Baking, pref.
,merican Bond & Mtge.. Pref.(guar.)._
' Apr. I 'Holders of rec. Mar.20
131
Man)
Apr. 1 Mar. 21 to Mar.31
Spanish River Pulp & P.,com.drpf.(qu.). 2
,merican Felt, common
1
11
"Holders of rec. Mar.16
'154 Apr. 15 Holders of rec. Mar.31
Sparks Withington Co.,common
334 Apr. 15 Holders of
mer. Fork & Hoe, 1st prof
(guar.) The. Apr. 1 Holders of rec. Mar.200
rec. Apr.
Common (extra)
134 Apr. 1 Holders of rec. Mar. 54
merican Screw (guar.)
50o. Apr. 1 Holders of roe. Mar.200
21a
Preferred (guar.)
merican Surety (quar.)
$1.50 Mar.31 Holders of ma. mar.21a
Standard Plate Glass, cum. pref. (qu.)._ "131 Apr. 1 Holders of rec. Mar.20:
pco Mfg. .class A Mar.)
50c. Apr. 10 Holders of rec. Mar. NZ
•131 Apr. 1 Holders of rec. Mar.280
.
Prior preferred (guar.)
911 Apr. 1 *Holders of rec. Mar.25.
Dividends are grouped in two separate tables. In
first we bring together all the dividends announced the 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.
1423
THE CHRONICLE
MAE. 21 1925.]
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
' Public Utilities (Continued).
rLight, corn. (guar.).- $1.50 May 1 Holders of rec. Apr. 15
d dda.)
linaPowtr&
Caroef
$1.75 Apr, 1 Holders of rec. Mar. 14
Preferred
Central Illinois Pub. Serv.. pref. (guar.) $1.50 Apr. 15 Holders of rec. Mar. 3Ia
134 Apr. 1 Holders of rec. Mar.10
States Elec. Corp., pref.(qu.)
Central
Chicago Nor.Shore & MU., pref.(guar.) 134 Apr. 1 Holders of rec. Mar.166
134 Apr. 1 Holders of rec. Mar.166
Prior lien pref.(quar.)
17a
Chic. Rap. Tran., prior pref.(monthly). 65e. Apr. 1 Holders of rec. Mar.21a
65c. May 1 Holders of rec. Apr.
Prior preferred (monthly)
65c. June 1 Holders of rec. May 19a
Prior preferred (monthly)
Citizens Passenger Ry., Phila.(guar.).- t43.50 Apr. 1 Mar.21 to Mar.31
134 Apr. 1 Holders of rec. Mar.126
Cleveland Ry.(guar.)
Mar.14
Columbus Elec.& Power,corn.(guar.)_ _ 2% Apr. 1 Holders of rec. Mar.14
134 Apr. 1 Holders of rec.
First and second preferred (guar.)_
rec. Mar.21
Colum. Ry.. P.& Lt.. lot pf.,6% (qu.). 134 Apr. 1 Holders of rec. Mar.146
Cons. Gas, E.L.& P., Bait., torn.(qu.) 50c. Apr. 1 Holders of rec. Mar.14a
Apr. 1 Holders of
2
Preferred A (guar.)
1% Apr. 1 Holders of rec. Mar.140
Preferred B (guar.)
13.4 Apr. 1 Holders of rec. Mar.140
Preferred C (guar.)
Consumers Power Co.6% pref.(guar.).- $1.65 Apr. 1 Holders of rec. Mar.16
134 Apr. 1 Holders of rec. Mar.16
Six per cent preferred (guar.)
134 Apr. 1 Holders of rec. Mar.16
Seven per cent preferred (guar.)
Continental Gas & Electric, tom.(qu.). $1.10 Apr. 1 Holders of rec. Mar.14
1% Apr. 1 Holders of rec. Mar.14
Prior preference (guar.)
134 Apr. 1 Holders of rec. Mar.14
Participating preferred (guar.)
34 Apr. 1 Holders of rec. Mar.14
Participating.preferred (extra)
134 Apr. I Holders of rec. Mar.14
Preferred (guar.)
Apr. 15 Holders of rec. Mar.206
2
Detroit Edison (guar.)
Mar.160
Duluth-Superior Trac., pref. (guar.). $1 Apr. 1 Holders of rec. Mar.160
Preferred (acct. accum. dividends)... /41 Apr 1 Holders of rec. Mar.15a
Mass. Street Ry., adj. stock... 234 Apr. 1 Holders of rec. Mar.20
Eastern
Elec. Bond & Share Secur. Corp.(No.1) 250. Apr. 15 Holders of rec. Apr. 10
of rec.
El Paso Elea. Co., Prof., Ser. A (guar.) 1,4 Apr. 15 Holders of rec. Apr. 16
134 Apr. 15 Holders
Preferred, Series B (guar.)
Apr. 1 Holders of rec. Mar. 140
Federal Light & Trac.. cons.(guar.)_ _ $1
m75c. Apr. 1 Holders of rec. Mar. 14a
Common(extra pay in pref. stock)
Apr. 16 Holders of rec. Mar. 40
Galveston-Houston Electric Co., pref.._ 3
Apr. 1 Holders of rec. Mar.14
General Gas & Elec. Corp., pr. A (guar.) $2
$1.75 Apr. 1 Holders of rec. Mar. 14
(guar.)
Preferred B
Apr. 1 Holders of rec. Mar. 10
Georgia Ry. dr Pow 8% 1st prof. (guar.) 2
1% Apr. 1 Holders of rec. Mar. 10
Seven per cent 1st pref.(guar.)
June 1 Holders of rec. May 20
1
Second preferred (guar.)
Sept. 1 Holders of rec. Aug. 20
1
Second preferred (guar.)
Dec. 1 Holders of rec. Nov.20
1
Second preferred (guar.)
6
Below we give the dividends announced in previous weeks Germantown Passenger Ry.,Phila.(qu.) t41.31 Apr. 7 Mar.18 to Apr. 200
56c. Apr. 1 Holders of rec. Mar.
and not yet paid. This list does not include dividends an- Haverhill Gas Light (guar.)
Mar.31 Holders of rec. Mar.300
2
(guar.)
Illinois Bell Telephone
nounced this week, these being given in the preceding table. Illinois Northern Utilities, pref.(guar.) *134 May 1 *Holders of rec. Apr. 15
1% Apr. 1 Holders of rec. Mar.10
Illinois Power & Light,7% pref.(guar.)
of rec. Mar.10
Six per cent participating pref.(guar) 114 Apr. 1 Holders
Per
!nen
Books Closed,
Apr. 1
Indianapolis Water Works Secur., pref._ 3% Apr. 1 Mar.21 to Mar.270
Cent. Payable
Company.
Name of
Days Inclusive.
1% Apr. 15 Holders of rec.
Telco. & Teleg. (guar.)
Internat.
Holders of rec. Mar.140
Kansas City Power & Light, pref. A (qu.) $1.75 Apr. 1
Railroads (Steam).
13.4 Apr. 1 Holders of rec. Mar.18
Kansas Gas & Elec. Co.. pref (guar.)_ _
Apr.
5
Holders of rec. Mar. 2
Alabama & Vicksburg
Apr. 1 Holders of rec. Mar.20a
r ySeed uar
efckr
75c. Apr.
Holders of rec. Mar. 15a Kentueed furltiel Corp., com.(guar.) 134 Apr. 15 Holders of rec. Mar.2134
Bangor & Aroostook. corn. (guar.)
134
Preferred
of roe. Mar. 15a
1% Apr.
Holders
Preferred (guar.)
preferred (guar.). 1)4 Apr. 1 Holders of rec. Mar. 21
Holders of rec. Mar. I6a Long Island Lighting,
50c. Apr.
Beech Creek RR. (guar.)
1% Apr. 1 Holders of rec. Mar. 70
Mackay Companies, torn.(guar.)
2
Boston & Albany (quar.)
Mar.3 Holders of rec. Feb. 28a
Apr. I Holders of rec. Mar. 70
1
Preferred (guar.)
*2% Apr.
Holders of rec. Mar. 20
Boston & Providence (guar.)
1)4 Apr. 1 Holders of rec. Mar. 200
1% Apr.
Holders of rec. Mar. 140 Manhattan Railway (guar.)
Boston Revere Beach & Lynn (guar.)
6234c Apr. 1 Holders of rec. Mar. 180
Manila Electric Corp.. corn.(quar.)_.
corn.(quar.)
Holders of rec. Mar. 14a
1% Mar.3
Buffalo & Susquehanna,
Mar. 16
Massachusetts Lighting Cos..com.(gu.). 75e. Mar.31 Holders of rec. Mar.25
*Holders of rec. Feb. 27a
2% Apr.
Canadian Pacific, common (guar.)
Holders of rec.
1% Apr. 1
6% preferred (guar.)
Holders of rec. Feb. 27
Apr.
2
Preferred
Apr. 15 Holders of rec. Mar. 25
2
8% preferred (guar.)
Mar.31
*75c. Apr. 10 *Holders of rec.
Carolina Clinchfield & Ohio (No. 1)$1.75 Apr. 1 Holders of rec. Mar.200
Metropolitan Edison, pref. (guar.)
*31.25 Apr. 10 *Holders of rec. Mar.31
Stamped common certificates
stock (qu.)._ $1.75 Apr. 6 Holders of rec. Mar. 21
134 Apr, 20 Holders of rec. Apr. la Midland Utilities, prior lienpref.(guar.). 134 Apr. 1 Holders of rec. Mar.14
C. C. C.& St. L.. corn.& pref.(quar.)_ _
Minnesota Power & Light.
Consolidated RRs. of Cuba, pref.(guar.) $1.50 Apr. 1 Holders of rec. Mar. 160 Mississippi River Power. pref. (guar.)._
134 Apr. 1 Holders of rec. Mar. 126
$1.20 Mar.31 Holders of rec. Mar. 16a
Cuba Railroad. common
Apr. 1 Holders of rec. Mar. 230
3
Mohawk Valley Co
•3
July 10
Houston & Texas Central
West Pa,Pub.Ser.,6% pf.(01.) 3734c Apr. 1 Holders of rec. Mar.160
Monon.
Mar.28 to Apr: 6
134 Apr.
Joliet & Chicago
4334C Apr. 1 Holders of rec. Mar..16a
Seven per cent preferred (guar.)
Holders of rec. Mar. 76
Apr.
Lackawanna RR.of New Jersey (guar.)- 1
Apr. 1 Holders of rec. Mar. 120
1
Holders of rec. Mar.140 Montana Power, corn. (quar.)
8734c Apr.
Lehigh Valley, common (guar.)
1% Apr. 1 Holders of ree. Mar. 12a
Preferred (guar.)
Holders of rec Mar 14a
$1.25 Apr.
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 17
Holders of rec. Mar.20a Montreal Tramways. deb.stock (guar.). 231 Apr. 20 Holders of rec. Mar.31
_
Apr.
2
Minn. St. Paul & 8.8. M.leased lines_
134
Holders of roe. Apr. lho Mountain States Power, pref.(guar.)_ _ _
-Texas, pref. A (guar.). 134 May
-Kansas
Missouri
Apr. 1 Holders of rec. Mar.14
Holders of rec. Mar.24a Narragansett Elec. Lighting (guar.).- _ _ $1 Mar.31 Holders of rec. Mar.10a
Apr.
3
Newark & Bloomfield
2
New England Telep. & Teleg. (guar.)._
Holders of rec. Apr. la
1% May
New York Central RR.(rier.)
Holders of rec. Feb. 160 Newport News & Hampton Ay.,
N. Y. Chicago & St. Louis. corn.(guar.) 135 Apr.
1)4 Apr. 1 Holders of rec. Mar.16a
Gas & Electric, pref.(quar.)
Holders of rec. Feb. 16a
134 Apr.
Series"A"(guar.)
Preferred,
1 Holders of rec. Mar.21
Holders of rec. Mar. lia New York Central Elec. Corp., pref.(qu.) 134 Apr. 1 Holders of rec. Mar.236
134 Apr.
N. Y. Lackawanna & Western (quar.)
pref.(quar.).. 134 Apr,
New York State Railways,
Mar. 20 to Apr. 14
134 May
Northern Pacific (guar.)
1% Apr. 15 Holders of rec. Mar. 20
New York Telephone. pref. (quar.)
*Holders of rec. Mar. 12
1% Apr.
Old Colony Railroad (guar.)
43%c Apr. 15 Holders of rec. Mar.310
Holders of rec. Mar. 160 Niagara Falls Power, pref.(guar.)
Apr.
1
Pere Marquette RR.. common (guar.)
of rec. Mar.16
Holders of rec. Apr. 150 Niag. Lockport A: Out.Pow., corn.(qu.) 500. Apr. 1 Holders of rec. Mar. 160
134 May
Prior preferred (guar.)
134 Apr. 1 Holders
Preferred (guar.)
rec. Apr. 15a
Holders of
Five per cent preferred (guar.)
134 May
134 Apr. 1 Holders of rec. Mar.140
North. Ohio Trac.& Light,6% PL (qu.)
234 Apr. 10 Apr. 1 to Apr. 11
Philadelphia & Trenton (guar.)
134 Apr. 1 Holders of rec. Mar.14
Seven per cent preferred (guar.)
Pittsburgh Bessemer & Lake Erie, corn... 75e. Apr. 1 Holders of rec. Mar. 14
May 1 Holders of rec. Mar.31
at
feed f (Del.),com.A (guar.)- 2
13( Apr. 1 Holders of rec. Mar. 100 Nor.States Pow. r)
Pitts. Ft. Worth & Chic., corn.(guar.)._
134 Apr. 20 Holders of rec. Mar.31
134 Apr. 7 Holders of rec. Mar. 100
Preferred (guar.)
(z) Apr. 1 Holders of rec. Mar. 50
Company, 2d pref. (quar.)___. 500. Apr. 9 Holders of rec. Mar. 230 North American Co.. corn. (guar.)
Reading
134 Apr. 1 Holders of roe. Mar. 56
Preferred (quar.)
St. Louis-San Francisco Ry..com.(cm). 134 Apr. 1 Holders of rec. Mar. I6a
of ree. Mar.20
134 May 1 Holders of rec. Apr. I5a North Amer. Light & Pow.,7% rd.((m) 134 Apr. 1 Holders of rec. Mar.24
Preferred. Series A (guar.)
West Utilities, prior lien pref.(gu.) $1.76Apr. 1 Holders
1% Aug. 1 Holders of rec. July 15a North
Preferred, Series A (guar.)
Apr. 1 Holders of rec. Mar.200
134
134 Nov. 2 Holders of rec. Oct. 15a Ohio Bell Telephone. pref. (guar.)
Preferred, Series A (guar
*50e. Apr. 20 *Holders of rec. Mar.27
134 Mar.31 Holders of rec. Mar. 140 Oklahoma Natural Gas (guar.)
St. Louis Southwestern. pref. (guar.)
of rec. Mar.160
134 Apr. 1 Holders of rec. Feb. 27a Ottawa Light, Heat& Power,.com.(qu.) 134 Mar.31 Holders of rec. Mar.166
Southern Pacific (guar.)
134 Apr. 1 Holders
Preferred (guar.)
134 May 1 Holders of rec. Apr. 10a
Southern Ry., common (guar.)
Apr. 1 Holders of rec. Mar.14
1
25a Ottawa Traction (guar.)
134 Apr. 15 Holders of rec. Mar.
Preferred (guar.)
Holders of rec. Mar. 310
M.& 0. stock lust ctfs
2
Apr. 1 Holders of rec. Mar. 160 Pacific Telep. SC Teleg., Prof. (guar.)_- 134 Apr. 15 Holders of rec. Mar. 14
Holders of rec. Feb. 286 Panama Power & Light Corp.. pref.(gu.) 134 Apr. 1
234 Apr.
Union Pacific, common (guar.)
3734e Apr. 1 Holders of rec. Mar. 100
Central Lt.& Pow.,corn.(quar.)
Preferred (guar.)
Apr. 1 Holders of rec. Feb. 28a Penn
2
Holders of rec. Mar. 10a
10c. Apr.
Common
United N.J. RR.& Canal Cos.(quar.). 234 Apr. 1 Mar.21 to Mar. 31
Holders of rec. Mar. 106
Apr.
$1
*3
eNti .
( ar)
Preferred( citra)
*Holders of rec. Mar. 10
Apr.
Vermont & Massachusetts
10e. Apr. 1 Holders of rec. Mar.10a
Preference (extra)
Holders of rec. Mar. 2
1% Apr.
Vicksburg Shreveport & Pacific, cora.._
*Holders of rec. Apr. 21
Penn-Ohio Power & Lt..7% pref.(qu) _ .154 May 1
Holders of rec. Mar. 2
Proferred
234 Apr.
Apr. 1 Holders of rec. Mar.200
334 Apr.
Warren Railroad
Holders of rec. Apr. 40 Pennsylvania Edison Co., pref. (guar.). $2
of rec. Mar.14
*a
Pennsylvania Power & Light, pref.(qu.) 154 Apr. 1 Holders of rec. Mar.31
Western Pacific RR.Corp.. corn
Apr. 1 Holders
2
Pennsylvania Water & Power (quar,)_ _
Corn.(payable in corn,and pref.stock) (i)
Apr. 17 Holders of rec. Apr. 3a
2
1% Apr. 3 Holders of rec. Mar.230 Peoples Gas Light & Coke (quar.)
Preferred (guar.)
Apr. 1 Holders of rec. Mar.100
$2
Philadelphia Traction
Preferred (account accum. dividends)_ *51.588
Mar. 9
Portland Electric Power. 1st pref.(guar.) 134 Apr. 1 Holders of rec. Mar. 9
Preferred (payable in corn.& pref.stk.) (I)
134 Apr. 1 Holders of rec.
$1.25 Apr. 1 Mar. 18 to Mar. 31
Prior preference ((uar.)
West Jersey & Seashore
Mar.
Porto Rico Railways, Ltd.. pref.(guar.) 154 Apr. 1 Holders of rec. Mar.
Public Utilities.
Public Service Corp. of N.J.. corn.(qu.) $1.25 Mar.31 Holders of rec. Mar.130
Mar.31 Holders of rec.
2
Eight per cent preferred (guar.)
American & Foreign Power, pref.(guar.) $1.75 Apr. 1 Holders of rec. Mar. lila
lfi Mar.31 Holders of rec. Mar.136
Seven per cent preferred (quer.)
American Gas & Elec., corn.(guar.)._ _ 25c. Apr. 1 Holders of rec. Mar. 14
Apr. 1 Mar.24 to Mar.31
$1.50 May 1 Holders of rec. Apr. 13
Public Service Co.of Okla.,tom.(guar.) 2
Preferred (guar.) (no Par stock)
o Mar.31
.24
Mar 24
134 Apr. 1 M.
750. May 1 Holders of rec. Apr. 13
u
ock
rli
Prior e n stock .(
Preferred (guar.) ($50 par)
134 Apr. 1 Mar.24 to Mar.31
134 Apr. 1 Holders of rce. Mar. 14
Light, pref.(quar.)_
Preferred
American Power &
31 Holders of rec. Feb. 28a
134 Mar.
1% Apr. 1 Holders of rec. Mar. 14a Public Sore.Elec.& Gas.6% prof.(qu.)American Public Service, pref. (guar.)._
134 Apr. 15 Holders of rec. Mar.31
Quebec Power, pref.((uar.)
Amor.Public Utilities, prior pref.(guar.) 1)4 Apr. 1 Holders of rec. Mar. 14
Mar. 17 to Anr. 1
S3 Apr.
134 Apr. 1 Holders of rec. Mar. 14
Ridge Avenue Paso. RY.(guar.)
Participating preferred (guar.)
Apr. 1 Holders of rec. Mar.14a
2
234 Apr. 15 Mar. 18 to Mar.31
Savannah Electric & Power, prof
Amer. Telephone & Telegraph (guar.)._
Apr. 1 Holders of rec. Mar.14a
Sc. Apr. 1 Holders of rec. Mar. 14a
Debenture (1st pref.), Series A (guar.) 2
Natural Gas
Arkansas
Apr. 1 Mar. 1 to Apr. 1
Second dr Third Sts.Pass.Ry.,PhIla.(qu.) $3
Asheville Power & Light, Prof. (guar.).- 31.75 Apr. 1 Holders of rec. Mar. 14
134 Apr. 10 Holders of rec. Mar.26
Shawinigan Water & Power (guar.). _
Associated Gas & Electric, pref.(guar.)_ 8734c Apr. 1 Holders of rec. Mar. 10
134 Apr. 15 Holders of rec. Mar.31a
Apr. 1 Holders of rec. Mar. 15
Canada Power, pref.(guar.)._
Southern
1234c
Preferred (extra)
1
1234c July 1 Holders of rec. June 15
South Pittsburgh Water, pref. (quar.)_ _ .154 Apr. 1 *Holders of rec. Apr. 21
Preferred (extra)
Holders of rec. Mar.
134 Apr.
_
1234c Oct. 1 Holders of rec. Sept. 15
Southwest Bell Telep. pref. (quar.).__
Preferred (extra)
' pref.(guar.)... 154 Apr. 1 Holders of rec. Mar.16
1234c Jan 1'26 Holders of rec. Dec. 15
Springfield Ry.& Light,
Preferred (extra)
Standard Gas & Electric, corn.(guar.)._ 75e. Apr. 25 Holders of rec. Mar. 31a
Apr. 30
50c. May 1 Apr, 11 to
Class A (No. 1)
134 Apr. 25 Holders of rec. Mar.31
7% prior preferred (guar.)
Bangor Railway & Electric, pref.(guar.) 134 Apr. 1 Holders of rec. Mar. 10
Apr. 15 Holders of rec. Mar.23
Tennessee Electric Power,6% Pref.(qu.) 1% Apr. 1 Holders of rec. Mar.13
2
Bell Telephone of Canada (guar.)
134 Apr. 1 Holders of rec. Mar 13
Seven per cent preferred (guar.)
1% Apr. 15 Holders of rec. Mar.20a
Telephone of Penna., prof.(quar.)
Bell
Apr. 1 Holders of rec. Mar.146
2
Toledo Edison, prior pref.(guar.)
Birmingham Electric Co., pref. (guar.). $1.75 Ayr. 1 Holders of rec. Mar. 14
zg Apr. 1 Holders of rec. Mar.20a
Holders of rec. Mar. 170 TM-City Ry. & Light. corn. (quar.)._
Boston Elevated Ry.,common (guar.)._ 1% Apr.
23.4 July 1 Holders of rec. June 20
Holders of rec. Mar. 17a
Common (quar.)
3% Apr.
Second preferred
234 Oct. 1 Holders of rec. Sept.20
Common (guar.)
Holders of rec. Mar. 14a
1% Apr.
Brazilian Tr., Lt.& Pow., pref. (quar.)_
23( Jan1'26 Holders of rec. Dec. 20
Common (quar.)
Brooklyn Borough Gas, common (guar.) 50e. Apr. 11 Holders of rec. Mar.31a
rec. Mar.210 Twin City Rap. Tr., Minneapl. pt.(qu.) 134 Apr. 1 Holders of rec. Mar.16a
134 Apr. 1 Holders of
Preferred (guar.)
Apr. 15 Holders of rec. Mar.31
$1
Apr. 1 Holders of rec. Mar. 14a United Gas Improvement,corn.(guar.). 31
Brooklyn Union Gas(guar.)
8734 June 15 Holders of rec. Mayd29a
Preferred (guar.)
Capital Tram., Washington.D.C.(quar.) 1% Apr. 1 Holders of rec. Mar. 14
Miscellaneous (Concluded).
$1.50 Apr. 1 Holders of rec. Mar.20
Stanley Co. of America (guar.)
Apr. 1 Holders of rec. Mar.20
State Theatre Co.(Boston), pref. ((lu.)- 2
May 1 *Holders of rec. Apr. 8
(qu.)
Steel Co.of Canada,corn.& pfd.
590e. Aug. 15 *Holders of rec. July 15
Swift Internacional
Apr. 1 Holders of rec. Mar.24a
2
Banking (guar.)
Textile
*40c. Mar.30 *Holders of rec. Mar.23
Tintic Standard Mining
$1.50 Apr. 15 Holders of rec. Apr. 1
Tobacco Products Corp.. corn.(guar.)
6234c. Apr. 1 Holders of rec. Mar.20
Torrington Co., corn.(guar.)
*35c. Apr. 1 *Holders of rec. Mar.20
Trumbull Steel, corninOn (guar.)
•1% Apr. 1 *Holders of rec. Mar.20
Preferred (guar.)
*3734c Apr. 1 *Holders of rec. Mar.21
Tulip Cup Corp., corn.(guar.)
Union Discount Co., Inc., corn.(guar.). $1.25 Apr. I Holders of rec. Mar.25
Apr. 1 Holders of rec. Mar.25
$1
Common (extra)
1% Apr 1 Holders of rec. Mar.25
Preferred (guar.)
*1% Apr. 1 *Holders of rec. Mar.20
United Alloy Steel. pref.(guar.)
$1 Apr. 15 Holders of rec. Apr. 1
United Equities Corp
United Verde Extension Mining (quar.). 50c. May 1 Holders of rec. Apr. 3a
*1M Apr. 15 *Holders of rec. Mar.31
U.S. Industrial Alcohol, pref. (quar.)
Apr. 1 Holders of rec. Mar.21
Universal Leaf Tobacco, pref. (guar.)._ 2
Universal Pipe & Radiator. pref.(qu.). _ *IN May 1 *Holders of rec. Apr. 15
134 Apr. 20 Holders of rec. Apr. 16a
Vulcan Detinning, pref.(guar.)
hl
Apr. 20 Holders of rec. Apr. 16a
Preferred (acct. accum. dividends)_
1% Apr. 20 Holders of rec. Apr. 16a
Preferred A (guar.)
Apr. 1 Holders of rec. Mar.21a
$1.
(guar.)
Warren Bros. Co., corn.
75e. Apr. 1 Holders of rec. Mar.21a
First preferred (guar.)
8734c. Apr. 1 Holders of rec. Mar.21a
Second preferred (guar.)
Westinghouse El. & Mfg., corn.(guar.). $1 Apr. 30 Holders of rec. Mar.31
Si Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
50c. Apr. 1 Mar.27 to Apr. 1
Westmoreland Coal (guar.)
550c. Apr. 20 *Holders of rec. Mar.31
White Eagle Oil & Ref. (guar.)
1% Mar.31 Holders of rec. Mar. 16a
White Motor Securities, pref. (guar.)._
White Rock Mineral Springs, corn.(qu.) 30c. Apr. 1 Holders of rec. Mar.23
z20e. Apr. 1 Holders of rec. Mar.23
Common (extra)
1% Apr. 1 Holders of rec. Mar.23
First preferred (guar.)
zl
Apr. 1 Holders of rec. Mar.23
Second preferred (extra)
Apr. 1 Holders of rec. Mar.23
Second preferred (in adjustment)
Whitman (William) Co.,Inc.. pref.(qu.) 1% Apr. 1 Holders of rec. Mar. 17a
2
Apr. 1 Holders of rec. Mar.20
Williams Tool Corp., pref.(guar.)
2
Apr. 1 Holders of rec. Mar.25a
Winnsboro Mills. corn.((uar.)
134 Apr. 1 Holders of rec. Mar.25a
Preferred (guar.)
15c. Apr. 15 Holders of rec. Mar.31
Woodley Petroleum
1
1424
UTE CHRONICLE
[vol.. 120.
Per
When
Books Closed.
Per
When
Book's Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Name of Company.
Cent. Payable.
Days Inclusive.
Public Utilities (Concluded).
Miscellaneous (Continued).
United Lt. dz Pow., corn. A & B (quar.)_ 450. May 1 Holders of roe. Apr, 15a Bingham
Mines (qua?.)
50e. Mar.31 Holders Of rec. Mar.200
Corn.A & B(pay.in Class A corn.stk.) (to) May 1 Holders
of rec. Apr. 150 Borg,& Beck (quar.)
50o. Apr. 1 Holders of rec. Mar.20
Preferred A (quar.)
$1.63 Apr. 1 Holders of rec. Mar.160 Borne, Serymser Co
Apr. 15 Mar.22 to Apr. 14
4
Preferred B (quar.)
Apr. 1 Holders of rec. Mar.160
$1
Extra
2
Apr. 15 Mar.22 to Apr. 14
United Light & Rye., corn.(quar.)
*2
May 1 *Holders of rec. Apr. 15
Boyd-Welsh Shoe (quar.)
500. Apr. 1
First preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar.16
Bridgeport Machine, preferred (guar.)._
134 Apr. 1 Holders of rec. Mar.20
Participating preferred (quar.)
Apr. I *Holders of rec. Mar. 16
*2
British-American 011 (guar.)
*50c. Apr. 1 *Holders to roe. Mar.17
Utah Gas & Coke, let pref.(quar.)
134 Apr. 1 Holders of reo. Mar 1 4
British-American Tobacco. prof
234 Mar.31 Holders of coup. No.43
Participating preferred (quar.)
134 Apr. 1 Holders of roe. Mar.14
Ordinary (interim)
(a) Mar.31 Hold, of coup. No. 1058
Utah Power & Light, preferred( Man)
:
134 Apr. 1 Holders of roe. Mar.
1
Brunswick-Balke-Collender, pref.(quar.) 134 Apr. 1 Holders of roe. Mar.200
Utilities Power dr Light. Claes A (No 1) 50o. Apr. 1 Holders of rec. Mar. 10
15
Bucyrus Co., common (No. 1)
134 Apr. I Holders of rec. Mar.20
Western States Gas dr Elec., pref.(qu.)
134 Apr. 15 Holders of rec. Mar.31
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar.20
Western Union Telegraph (quar.)
134 Apr. 15 Mar. 26 to Apr. 8
Burns Brothers, preferred (quar.)
134 Apr. 1
West Penn Company,corn.(quar.)
Mar.31 Holders of roe. Mar. 160 Burroughs Adding Mach., corn.(quar.). 75e. Mar.31 Holders of rec. Mar.200
$1
Holders of rec. Mar.140
West Penn Power, pref.(guar.)
134 May 1 Holders of roe. Apr. 15a
Preferred (quan)
134 Mar.31 Holders of rec. Mar.140
Winnipeg Electric Co., pref.(quar.)_--134 Apr. 1 Holders of reo. Mar. 16
Bush Terminal Buildings, pref.(quar.).. 154 Apr. 1 Holders of rem Mar.180
Yadkin River Power, preferred (quar.)-- '$1.75 Apr. 1 *Holders of
rec. Mar. 14
Butte & Superior Mining
50c. Mar.31 Holders of rec. Mar.190
California Petroleum, preferred (guar.) 144 Apr. 1 Holders of rec. Mar.18
Banks.
Calumet & Arizona Mining (qua?.)
500. Mar 23 Holders of rec. Mar. 60
America (Bank of) (quar.)
3
Apr. I Holders of rec. Mar.20a Cambria Iron
Apr. 1 Holders of rec. Mar.14a
$1
Amer.Exchange Secur. Corp.. Cl. A(qu.) 2
Apr. I Holders of rec. Mar. 14
Canadian Car dr Fdy.. pref.(quar.)
Chase National (quar.)
Apr. 1 Holders of rec. Mar.18a Can. Conn. Cotton Mills, part. pf.(qu.) 134 Apr. 11 Holders of rec. Met.26
4
Apr. 1 Holders of roe. Mar.20
1
Chase Securities Corporation (quar.)-- $1
Apr. 1 Holders of rec. Mar.180 Canadian General Electric, pref. (quar.) 141 Apr.
1 Holders of rec. Mar.14
Coal dc Iron National (quar.)
3
Apr. 1 Holders of roe. Mar.110 Canadian Locomotive, preferred
(quar.) 134 Apr. 1 Mar.21 to Mar.31
Commerce. National Bank of (quar.)
4
Apr. 1 Holders of rec. Mar. 13s Canfield 011 (stock dividend)
Mar.31 Mar.21 to Apr. 4
e20
Fifth Avenue (quar.)
6
Apr. I Holders of rec. Mar.310 Central Aguirre Sugar, common (quar.). $1.50
Apr. 1 Holders of rec. Mar.21
First National (quar.)
10
Apr. 1 Holders of rec. Mar.310 CenturyElectric (qua?.)
134 Apr. 1 Holders of rec. Mar.15
First Security Co.(quar.)
5
Apr. I Holders of rec. Mar.310 Certain-teed Products Corporation
Manhattan Co., Bank of the (quar.)4
Apr. 1 Holders of rec. Mar.200
First and second preferred (quar.).. 134 Apr. 1 Holders of rec. Mar.200
National City (interim)
2
Apr. I Holders of rec. Mar. 14a Chandler Motor Car (quar.)
75e. Apr. 1 Holders of reo. Mar.210
National City Co.(interim)
2
Apr. 1 Holders of rec. Mar.14
Chesebrough Mfg., corn. (quar.)
6234e Mar.31 Holders of rec. Mar. ea
Public National (quar,)
4
Mar.31 Holders of rec. Mar. 210
Preferred (quar.)
Seaboard National (quar.)
Apr. 1 Holders of rec. Mar.250 Chicago MIII & Lumber, pref.(quar.)... 134 Mar.31 Holders of me. Mar. ea
4
Apr. 1 *Holders of rec. Mar.23
Standard (quar.)
2
Apr. I Holders of rec. Mar. 26a
Standard National Corp..corn.(quar.). 500. Apr. 1 Holders of rec. Mar.26a Chicago Nipple Mfg., Class A (quar.) •75c. Apr. 1 Holders of rec. Mar.15
Chicago Ry. Equipment, corn.(qu.)
750. Mar.31 Holders of rec. Mar.d2I
Preferred (quar.)
134 Apr. I Holders of rec. Mar. 26a
Preferred (quar.)
134 Mar.31 Holders of rec. Mar.d21
United States, Bank of (quar.)
234 Apr. I Holders of roe. Mar.270 Chicago Yellow Cab (monthly)
3311c. Apr. 1 Holders of rec. Mar.200
Yorkville(quar.)
734 Mar.31 Holders of rec. Mar. 200
Monthly
3318e. May 1 Holders of rec. Apr. 206
Monthly
331sc. June 1 Holders of rec. May 200
Trust Companies.
Childs Co
Bankers (quar.)
Apr. 1 Holders of rec. Mar.16
Common (no par value) (extra)
(o) Apr. 1 Holders of rec. Feb. 280
Bank of New York & Trust Co.(quar.). 5
Apr, 1 Holders of rec. Mar.200
Common (no par value) (extra)
(o) July 1 Holders of rec. May 290
Equitable (quar.)
Mar.31 Holders of rec. Mar.200
3
Common (no par value)(extra)
(5) Oct. 1 Holders of rec. Aug. 280
Fulton (quar.) (in adjustment)
$1.89 Apr. 1 Holders of rec. Mar. 6
Common (no par value)(extra)
(o) Dec. 30 Holders of rec. Nov.284
Quarterly (in adjustment)
610. Apr. 1 Holders of rec. Mar.23
Chili Copper Co.(guar.)
6234c Mar.30 Holders of roe. Mar. 30
Guaranty (quar.)
3
Mar.31 Holders of rec. Mar.20
Cities Service Co.
Manufacturers(quar.)
4
Apr. 1 Mar. 1 to Mar. 4
Common (monthly)
% Apr. 1 Holders of rec. Mar.15
United States (quar.)
12% Apr. 1 Holders of rec. Mar.210
Common (payable in common stock)._
f% Apr. 1 Holders of roe. Mar. 15
Preferred and preferred B (monthly)_.
X Apr. 1 Holders of rec. Mar. 15
Fire Insurance.
Russia Insurance Co. of America (quar.) $1.50 Apr. 1 Holders of rec. Mar.160 City Ice & Fuel of Cleveland, corn.(qu.) 500. June 1 Holders of rec. May 12
Common (qua?.)
500. Sept. 1 Holders of roe. Aug. 12
Common (quar.;
50e. Dec. 1 Holders of roe. Nov. 11
Miscellaneous.
Cleveland Automobile. pref.(quar.)____ 2
Apr. I Holders of rec. Mar.200
Abitibi Power & Paper. pref.(Guar.) -- 134 Apr. 1 Holders of rec. Mar.20
Cleveland Stone (quar.)
Adams Express (quar.)
134 June 1 Holders of roe. May 15a
21.50 Mar.31 Holders of rec. Mar. Ha
Quarterly
Advance-Rumely Co., prof. (quar.)._
134 Seps. 1 Holders of roe. Aug. 150
75e. Apr. 1 Mar. 17 to Apr. 13
Cluett. Peabody & Co., pref.(guar.)._
134 Apr. 1 Holders of rem Mar.216
Aeolian Company. preferred (quer.)
134 Mar.31 Holders of rec. Mar.20
_
Coca Cola Company, corn. (quar.)
21.75 Apr.
Ahumada Lead Co. (quar.)
•25e. Apr. 1 •Holders of rec. Mar. 15
Comml Investment Trust, let pref.(qu ) 134 Apr. 1 Holders of rec. Mar.140
Air Reduction Co.(quar.)
1 Holders of rec. Mar.lea
$I
Apr. 15 Holders of rec. Mar.310 Commercial Solvents, corn.. cl.
A (qu.)_ $1
Allied Chemical & Dye Corp., pref.(qu.) 134 Apr, 1 Holders of rec. Mar. 130
Apr. 1 Holders of rec. Mar.210
First preferred (quar.)
2
Apr. 1 Holders of rec. Mar.21
Allis-Chalmers Mfg., pref.(quar.)
134 Apr, 15 Holders of rec. Mar.240 Connor (John T.) Co.. corn. (guar.).
- 500. Apr. I Holders of roe Mar.206
American Art Works, corn. & pref. (qu.) 134 Apr. 15 Holders of rec. Mar.
31a Continental Can, preferred (quar.)
American Bank Note. pref. (quar.).
154 Apr. 1 Yielders of rec. Mar.204
The. Apr. 1 Holders of rec. Mar.
American Beet Sugar, preferred (quer.). 31.69 Apr. 1 Holders of rec. Mar. 16a Corona Typewriter, common (quar.)___ 50c. Apr. 1 Holders of rec. Mar.16a
14a
First preferred (quar.)
Apr. 1 Holders of rec. Mar.166
2
Amer. Brake Shoe dr Fdy.,corn.(quar.) $1.25 Mar.31 Holders of rec. Mar.200
Second preferred (qua?.)
Apr. 1
Preferred (quar.)
134 Mar.31 Holders of rec. Mar.20a Cramp(Wm.)dr Sons S.&E.Bldg.((au.) 154 Mar.31 Holders of rec. Mar.166
$1
American Can, pref.(quar.)
Mar. 18 to Mar. 31
134 Apr. 1 Holders of rec. Mar. 17a Crex Carpet
1
Apr. 15 Holders of rec. Mar.310
American Car & Foundry, corn.(quer.). 3
Apr. 1 Holders of rec. Mar. 16a Crucible Steel, pref. (quar.)
154 Mar.31 Holaere of roe. Mar.Ha
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar.lea Cuban-Amer. Sugar. corn.(quar.)
750. Apr. 1 Holders of rec. Mar. 46
American Chain, Class A (quar.)
500 Apr. I Mar.22 to Mar.31
Preferred (qua?.)
134 Apr. 1 Holders of roe. Mar. 40
American Cigar, preferred Pillar.)
134 Apr. 1 Holders of rec. Mar.140 Cudahy Packing,corn.(qua?.)
15-4 Apr. 15 Apr. 7 to Apr. 15
American Cyanamid, common (quar.)-- 1
Apr, 1 Holders of roe. Mar.14
Common (quar.)
134 July 15 July 7 to July 5
Common (extra)
X Apr, 1 Holders of rec. Mar.14
Common (quar.)
154 Oct. 15 Oct. 6 to Oct. 15
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar.14
Davis Mills(quar.)
13.4 Mar.21 Holders of rec. Mar. 74
American Druggist Syndicate
30e. Apr, 15 Holders of rec. Mar.10a Detroit dc Cleveland
Navigation (guar.)- $1
Apr. 1 Holders of roe. Mar.146
American Express(quar)
31.50 Apr. 1 Holders of rec. Mar.120 Devoe at Reynolds. Inc.,
corn.(guar.)._
134 Apr. 1 Mar.22 to Mar.31
American-Hawaiian Steamship (quar.)_ •15c. Apr. 1 *Holders of rec. Mar.16
First and second preferred (guar.)
134 Apr. 1 Mar.22 to Mar.31
Amer.La France Fire Eng.,corn.(quar.) 25e. May 15 Holders of rec. May la
Dold (Jacob) Packing, Prof. (quar.)___. 1% Mar.31
Preferred (guar.)
134 Apr, 1 Holders of rec. Mar.24a Doiese & Shepard Co.(Chicago)
$1.50 Apr. 1 Holders of rec. Mar.20
American Locomotive, common (quer.). $2
Mar.31 Holders of rec. Mar. 16a Dominion Canners (quar.)
I% Apr, 1 Holders of rec. Mar.18
Common (extra)
$2.50 Mar.31 Holders of reo. Mar. 160 Dominion Glass, corn, and
Common (extra)
$2.50 June 30 Holders of rec. June 150 Dominion Textile, commonpref. Pillar.). 134 Apr. 1 Holders of rec. Mar. 16
(quar.)
$1
Apr. 1 Holders of roe. Mar.16
Common (extra)
$2.50 Sept.30 Holders of rec. Sept.140
Preferred (guar.)
154 Apr. 15 Holders of res. Mar.31
Common (extra)
$2.50 Dec. 31 Holders of rec. Dec. 14a Douglas-Pectin Co.(quar.)
25e. Mar.31 Holders of roe. Mar. 20
Preferred (quar.)
134 Mar.31 Holders of rec. Mar. 160 Draper Corporation (quar.)
33
Mar.31 Holders of rec. Mar. 7
Amer. Manufacturing, corn.(quar.)
134 Mar.31 Mar. 16 to Mar.30
Extra
$2
Mar.
Common (quar.)
134 July 1 June 16 to June 30
Dunham (James H.) dc Co.,corn.(quar.) 134 Apr. 31 Holders of rec. Mar. 7
1 Holden of rec. Mar.194
Common (guar.)
134 Oct. 1 Sept. 16 to Sept. 30
First preferred (quar.)
134 Apr. 1 Holders of roe. Mar.190
Common (quar.)
134 Dec. 31 Dec. 16 to Dec. 30
Second preferred (quar.)
I% Apr. 1 Holders of rec. Mar.19a
Preferred (quar.)
I% Mar.31 Mar. 16 to Mar.30
duPont(E. I.) de Nemours& Co.
Preferred (quar.)
134 July 1 June 16 to June 30
Debenture stock (quar.)
134 Apr. 25
Preferred (quar)
134 Oct. 1 Sept. 16 to Sept.30
du Pont de Nemours Powder, corn.(qu.) •1A May I Holders of roe. Apr.d154
Holders of rm. Apr. 20
Preferred (quar.)
134 Dec. 31 Dec. 16 to Dec. 30
•1%
Preferred (quar.)
May 1 Holders of rec. Apr. 20
Amer. MultigraDli, pref. Mar.)
134 Apr. 1 Holders of rec. Mar. 14
Eastern Rolling Mill, corn. (quar.)
$1
Apr. 1 Mar. 16 to Apr. 1
American Plano, common (quar.)
2
Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
Apr. 1 Mar. 16 to Apr. 1
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 150 Eastern Steamship Lines, let pref.(qu.). 2
154 Apr. 1 Holders of roe. Mar.200
American Pneumatic Service, let pref..... $1.75 Mar.31 Holders of rec. Mar.20a
No par preferred (quar.)
87X c Apr. 15 Holders of ree. Apr. 7a
AmericanRadiator, corn. (quar.)
Mar.31 Holders of roe. Mae. 140 Eastman Kodak,common (quar.)
$1
$1.25 Apr. 1 Holders of roe. Feb. 280
American Railway Express (quar.)
134 Mar.31 Holders of rec. Mar. 180
Common (extra)
750. Apr. 1 Holders of rem Feb. 280
American Safety Razor
$1.50 Apr. 1 Holders of rec. Mar. 10a
Preferred (quar.)
134 Ann 1 Holders of rec. Feb. 28
American Sales Book (quar.)
$1 Apr. 1 Holders of rec. Mar.16
Edmunds ac Jones Corp.. corn.
500. Apr. 1 Mar. 21 to Mar.31
American Shipbuilding, corn. Mani
2
May 1 Holders of rec. Apr. 15
Common (extra)
600. Apr. 1 Mar. 21 to Mar.31
Common (quar.)
2
Aug. 1 Holders of rec. July 15
Preferred Mara
154 Apr. 1 Mar. 21 to Mar.31
American Snuff, common (quar.)
3
Apr. 1 Holders of rec. Mar. 13a
Eisenlohr (Otto) & Bros., pref.(qua?.).. 134 Apr. 1 Holders of roe, Mar.200
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 130 ElectricAuto Lite
*81.50 Apr. 1 Holders of rm. Mar.14
Mara
Amer.Steel Foundries, corn.(quar.)---- 750. Apr. 15 Apr. 2 to Apr. 22
Elec.Storage Battery.corn.& pref.(qu.) $1
Apr, 1 Holders of roe. Mar. 210
Common (payable in common stock)-- J'25
Apr. 15 Apr. 2 to Apr. 22
Emerson Electric Mfg., pref.(quar.)..... 134 Apr, 1 Holders of rec. Mar.20
Preferred (quar.)
134 Mar.31 Holders of rec. Mar. 16
EmpireSafe Deposit (quan)
1% Mar.31 Holders of rec. Mar.240
American Stores (guar.)
40e. Apr. 1 Mar. 22 to Apr. 1
Endicott Johnson Corp.. corn.(guar.).- $1.25 Apr. 1 Holders of rec. Mar.190
American Sugar Ref., pref. (quar.)
134 Apr. 2 Holders of rec. Mar. 20
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar.194
American Tobacco, pref.(qua?.)
-134 Apr. 1 Mar. 8 to Apr. 1
Erupcion Mining Co.(quar.)
.200. Apr. 1 Holders of rem Mar.15
Amer. Type Founders. corn. & p1.(qu.) 134 Apr. 17 Holders of rec. Apr. 100 Fairbanks. Morse & CO..
00111. (guar.)-- 65o. Mar.31 Holders of rec. Mar.144
American Wholesale Corp., pref.(quar.) 134 Apr. 1 Holders of rec. Mar.20a Famous Players-Lasky
Corp..corn. WO $2
Apr. 1 Holders of rec. Mar.160
Amer. Window Glass Mach., corn. (qu.) 134 Apr. 1 Holders of rec. Mar. 13
Preferred (quar.)
2
May 1 Holders of rec. Apr. 15a
Common (extra)
Apr. 1 Holders of rec. Mar. 13
1
Federal Motor Truck (quar.)
300. Apr. 1 Mar.21 to Apr. 1
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 13
Fifth Avenue Bus Securities (quar.)- - 160. Apr. 16 Holders of rec. Apr. 20
American Woolen. preferred (quar.).__. 134 Apr. 15 Mar. 17 to Mar.25
Firestone Tire dr Rubber,6% pref.(qtr.)134 Apr. 15 Holders of rec. Apr. la
Armour & Co. (Ills.), corn., class A.
Apr. 1 Holders of rec. Mar. I40 Fisher Body Ohio Co., pref. (quar.)_ _
Apr. 1 Holders of rec. Mar.200
Preferred (quar.)
194 Apr. 1 Holders of rm. Mar.140 Fleischmann Co., corn. (quar.)
$I
Apr. 1 Holders of rec. Mar.166
Armour dr Co. of Del.. pref.(qar.)
134 Apr. 1 Holders of rec. Mar.146 Foot Bros. Gear & Machine (qua?.).. •
25e. Apr. 1
Armstrong Cork.common (quar.)
134 Apr. 1 Mar.20 to Apr. 1
Quarterly
•200. July 1
Preferred ((Man)
134 Apr. 1 Mar.20 to Apr. 1
Quarterly
•25o. Oct. 1
Aabestos Corporation, pref. (quar.)-134 Apr, 15 Holders of rec. Apr. la
Quarterly
*25c. Janl'26
Associated 011 (quar.)
Apr. 25 Holders of rec. Mar.230 Francisco Sugar Mara
3734e
$1.50 Apr. 1 Holders of rec. Mar. 210
Ault dc Wiborg Co.. pref.(quar.)
134 Apr. 1 Holders of rec. Mar. 16
Quarterly
$1.50 July 1 Holders of rm. June 200
Babcock & Wilcox Co.(quarterly)
134 Apr. 1 Holders of rec. Mar.200
Quarterly
$1.50 Oct. 1 Holders of rec. Sept 21s
Balaban dr Katz, corn.(monthly)
250. Apr. 1 Holders of rm. Mar.200 Galena-Signal Oil, common (quar.)
$1
Mar,31 Holders of rec. Mar. 10a
Preferred (quar.)
134 Apr. 1 Holders of reo. Mar.20a
Preferred and new preferred (qua?.).. $2
Mar.31 Holders of rec. Mar.100
Barnhart Brothers & Spindler
General Amer.Tank Car Corp., pf.(qu.) 134 Apr. 1 Holders of
rec. Mar.16a
First and second preferred (quar.)---- I% May 1 Holders of rec. Apr. 250 General Baking.common (qua?.)
21.51) Apr. 1 Holders of rec. Mar.210
Beatrice Creamery,common (quar.).._
$1.25 Apr. 1 Mar. 21 to Mar.31
Preferred (quar.)
$2
Apr. 1 Holders of rec. Mar.210
Preferred (quar.)
134 Apr. 1 Mar. 21 to Mar.31
General Cigar, common Mara
2
May 1 Holders of rec. Apr. 220
Beck dr Corbitt Co.. Pref.(qua?.)
154 Apr. 1 Holders of rec Mar.20
Preferred (quar.)
154 June 1 Holders of rec. May 230
Beech-Nut Packing, corn. (quar.)
60e. Ape. 10 Holders of rec. Mar.250
Debenture preferred (quan)
1;4 July 1 Holders of rec. June 230
Preferred, Class B (qua?.)
134 Apr. 15 Holders of rec. Ave. Ia
Debenture preferred (quar.)
154 Apr. 1 Holders of rec. Mar.240
Belgo-Canadian Paper,corn.(quar.)...
134 Apr. 11 Holders of rec. Mar.31
General Electric (quar.)
2
Apr. 15 Holders of rec. Mar. 40
Preferred (quar.)
134 Apr, 1 Holders of roe. Mar.12
Special stock
15c. Apr. 15 Holders of rem Mar. 40
Bendix Corporation, clam A
Mo. Apr. 1 *Holders of roe. Mar.10
(Na.
General Motors Corp., pref.(qua?.)-- -. 134 May 1 Holders of roe. Apr. 60
Berry Motor
50c. Apr. 1 Holders of rec. Mar.25
6% debenture stock (quar.)
134 May 1 Holders of roe. Apr. ea
Bethlehem Steel,7% pref.(quar.)
134 Apr. 1 Holders of reo. Mar. 70
7% debenture stock (quar.)
1,4 May 1 Holders of reo. Apr. es
Eight per cent preferred (quar.)
2
Apr. 1 Holders of rec. Mar. 70 Gen.Railway Signal,coin,di pref.
Apr. 1 Holders of roe. Mar.20
(qua-
el
Name OfCOMM*.
1425
THE CHRONICLE
Men. 21 1925.]
When
Per
Cent. Payable.
Books Cloud.
Days Inductee.
Name of Company.
When
Per
Coat. Payable.
Books Closed.
Days Inauttos.
Miscellaneous (Continued).
Miscellaneous (Continued).
*$1.50 Apr. 25 *Holders of rec. Apr. 10
Holders of rec. Apr. 15a Miller Rubber, common (No. 1)
134 May
210
Gimbel Brothers, preferred (guar.)
Montgomery Ward & Co., of.& 0.A(qu) $1.75 Apr. 1 Holders of rec. Mar.180
Holders of rec. Mar.180
81 Apr. 1 Holders of rec. Mar.
Glidden Company, prior pref.(guar.)... 134 Apr.
Holders of roe. Mar.160 Morgan Lithographing (qua?.)
134 Apr.
200. Apr. 1 Holders of rec. Mar. 16a
Goodrich (B. F.) Co., pref.(guar.)
el roe. June 150 Mountain Producers(guar.)
Holders
134 July
250. Apr. 1 Holders of rec. Mar. lea
Preferred (guar.)
Extra
Holders of rec. Mar.200
Apr.
2
600. Apr. I Holders of rec. Mardlrlo
Prier preferred (guar.)
of rec. Mar. 230 Murray Body, corn.(guar.)
Mar. 17a
Goodyear Tire & Rub.(U. S.). 7% pref 134 Apr. 1 Holders of rec. Mar.200
Common(payable In common stock)._ 11.54 Apr. 1 Holders of rec. June 16
Holders
Apr.
rec.
Goodyear Tire & Rubber, prier pt.(qu.). 2
Common(payable In common stock)._ *1154 July 1 *Holders of
*Holders of roe. Mar.16
rec. Sept. 16
Goodyear Tire & Rub.of Calif., pf.(qu.) '134 Apr.
Common (payable in common stock)._ *j155 Oct. 1 *Holders of rec. Dee .16
*Holders of rec. Mar.16
*15$ Apr.
Preferred (acct,accumulated dive.).
.1114 Jan.I'28 *Holders of
Common (payable In common stock)._ 4
Holders of rec. Mar.18
13$ Apr.
Apr. dl Mar.21 to Mar.31
2
Goodyear Tire& Rub.of Can., pt.(qu.)_
Murray (J. W.) Mfg., corn. (quar.)
Holders of rec. May 18
Apr. 2 *Holders of rec. Mar.20
Pref.(account accumulated dividends) 134 Apr.
Common (payable in common stock) *./2
rec. Mar.21
*Holders of
raossard (H. W.) Co., corn.(monthly)._ "25c. Apr.
Apr. 1 Mar.21 to Mar.31
2
Preferred (guar.)
*Holders of roe. Mar.21
*250. May
Common (monthly)
IM Apr. 1 Holders of rec. Mar.23
Nashua Mfg., pref.(guar.)
'Holders of rec. Mar.21
*25c. June
Common (monthly)
760. Apr. 15 Holders of rec. Mar.3Io
National Biscuit,common(guar.)
20
Holders of rec. Mar.
Apr. 1 Holders of rec. Mar.le
Goulds Manufacturing, common (guar.) 134 Apr.
NaUonal Breweries, common (guar.).- $1
Holders of roe .Mar.20
I% Apr.
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 16
Preferred (guar.)
Mar.3 Holders of rec. Mar.18a
Grasseill Chemical, common (guar.)._ 2
750. Apr. 1 Holders of rec. Mar.200
Dairy Products (guar.)
134 Mar.3 Holders of rec. Mar.18a National
Preferred (guar.)
1;$ Mar.31 Holders of rec. Mar.lba
15$ Mar.3 Holders of rec. Mar.14a Nat. Enameling & Stamping. pre/.(qu.) 134 June 30 Holders of roe. June 10
Great Lakes Towing,common (guar.)._
Preferred (guar.)
Holders of rec. Mar.14a
134 Apr.
Preferred (guar.)
13$ Sept.30 Holders of rm. Sept.10
Preferred (quar.)
Holders of rec. Mar.14a
Aim
Great Western Sugar,common (guar.).- $2
134 Dec. 31 Holders of roe. Doe. 11
Preferred (guar.)
Holders of rec. Mar.14a
15$ Apr.
Preferred (guar.)
134 Apr. 15 Holders of rec. Apr. 1
National Fireproofing, preferred
Holders of rec. Mar.140
Greenfield Tap & Die Corp.,8% pi „(qu) 154 Apr..
Mar.31 Holders of rec. Mar.130
2
Holders of rec. Mar.140 National Lead Co., corn. (guar.)
Apr.
2
Eight per cent preferred (guar.)
154 Mar.31 Holders of rec. Mar.24
National Licorice, preferred (quar.)
of rec. Mar.14
*Holders
•250. Apr.
Apr. 1
Grennan Bakeries, common (quar.)
Radiator & Mfg., pref.(guar.)._ "134 Aor. 1 *Holders of rec.
Nat.
*Holders of rec. Mar.14
*15$ Apr.
Preferred (guar.)
Apr. 1 Holders of rec. Mar.14o
2
Holders of rec. Mar.160 National Refining, pref. (guar.)
Apr.
2
Guantanamo Sugar.pref.(guar.)
134 Apr. 2 Holders of rm. Mar. 9
National Sugar Refining (guar.)
July 17
Aug. 1 Holders of rec.
5
Guenther Publishing Co.. prof
134 Mar.31 Holders of rec. Mar.21a
Holders of rec. Mar.20a National Supply, preferred (guar.)
134 Apr.
Gulf States Steel, com.(guar.)
25$ Apr. 1 Holders of roe. Mar.20a
Holders of rec. Mar.20a Notional Surety (guar.)
134 Apr.
First preferred (guar.)
Apr. 1 Holders of rec. Mar.24
$2
National Tea, common (guar.)
Holders of rec. June 150
15$ July
First preferred (guar.)
Apr. 1 Holders of roe. Mar.100
$1
Holders of rec. Sept. 150 New York Air Brake, claire A (guar.)
15$ Oct.
First preferred (guar.)
1 Holders of rec. Mar. 14a
134
of rec. Dec. 15a New York Steam Corp., pref.(guar.).- 75e. Apr, 15 Holders of rec. Mar.20
134 Jan 3'2 Holders
First preferred (guar.)
Apr.
Holders of rec. Mar.20a New York Transit (guar.)
Hammermill Paper, preferred (guar.)... 14$ Apr.
15 *Holders of rec. Apr. 1
050c. Apr.
New York Transportation (guar.)
Holders of rec. Mar.20
Hanes(P. H.) Knitting, pref.(guar.)... 13.4 Apr.
134 Apr. 1 Holders of rec. Mar.20
Nichols Copper Co., pref.(guar.)
154 Apr. 2 Holders of roe. Apr. 10
rec. Mar.14a
Harbison-Walker Refract., prof. (guar.)
North American Provision. pref.(qu.)-. 145; Apr. 1 Holders of rec. Mar. 12
•25o. Mar.2 *Holders of rec. Mar. 5
Hawaiian Cora. & Sugar (guar.)
Mar.15 *Holders of
*3
Northwestern Yeast (guar.)
Mar.2 *Holders of rec. Mar. 5
•50c.
Extra
Mar.31 *Holders of rec. Mar.20
*2
Leather, first preferred (guar.)._
Holders of rec. Mar.lea Ohio
Helme(George W.)Co..common (guar.) 750. Apr.
500. Mar.31 Feb. 25 to Mar.22
Holders of rec. Mar.180 Ohio 011 (guar.)
13$ Apr.
Preferred (quar.)
Apr. 1 *Holders of rec. Mar.20
*2
Omnibus Corp., pref.(quar.)
*155 Mar.2 *Mar.15 to Mar.24
Hercules Powder, common (guar.)
common (monthly).- 150. April 1 Holders of roe. Mar. 20e
Orpheum Circuit,
Hibbard.Spencer.Bartiett & Co.(mthly.) 35c. Mar.2 Holders of roe. Mar. 20
150. May 1 Holders of rec. Apr. 20a
Common (monthly)
200. Mar.2 Holders of rec. Mar.20
Extra
150. June I Holders of rec. May 20a
Common (monthly)
134 Apr. 1 Holders of rec. Mar.31
Hillcrest Collieries, common (guar.)..._
150. July 1 Holders of rec. June 200
Common (monthly)
134 Apr. 1 Holders of rec. Mar.31
Preferred (guar.)
Apr. 1 Holders of rec. Mar.140
2
Preferred (gnarl
2 *Holders of rec. Mar. 9
Marc
*1
Hollinger Consolidated Gold Mines
Cushion Tire. common (guar.) 154 Apr. 20 Holders of rec. Mar.31
50c. Mar.2 Holders of rec. Mar.20a Overman
Homestake Mining (monthly)
154 Apr. 20 Holders of rec. Mar.31
"X" Preferred (Qum.)
Mar.3 Mar. 21 to Mar.31
$1
Hood Rubber. corn. (guar.)
750. Apr. 1 Holders of rec. Mar. 180
75e. Apr.
Holders of rec. Mar. lea Owens Bottle, corn. (quar.)
Hudson Motor Car (guar.)
750. July 1 Holders of rec. June 15a
Common(guar.)
30o. Apr,
Mar. 18 to Mar.31
Humble Oil& Refining (guar.)
14$ Apr. 1 Holders of roe. Mar.18a
Preferred (quax.)
Holders of rm. Mar. 14
8214c. Apr.
Hussmann (Harry L.) Co., (guar.)
134 July 1 Holders of rec. June 15a
Preferred (quar.)
Holders of rec. Mar.21
11.4 Apr.
Hydraulic Press Brick, pref. (guar.)
300. Apr. 1 Holders of tee. Mar,ha
Paige-Detroit Motor Car (guar.)
Ideal Cement Co.. common (No. 1)__ "750. Mar.3 *Holders of rm. Mar. 14
Holders of roe. Mar.Illa
Common (payable in common stock)../214
•134 Mar.3 *Holders of rec. Mar.14
Preferred (No. I)
of reo. Mar.31a
Pan Amer.Petrol.&Transp. A AL B (qu.) $1.50 Apr. 20 Holders of rec. Mar.17a
Apr. 15
Apr. 4 to
2.40 Apr. 1
Illinois Brick (guar.)
Mar.27 Holders
$1
Paraffin Companies,corn.(guar.)
2.40 July 1 July 4 to July 15
Quarterly
11$ Mar.27 Holders of rec. Mar.17a
Preferred (guar.)
2.40 Oct. 1
Oct. 4 to Oct. 15
Quarterly
of ree. Mar.14
Park City Mining & Smelting (guar.).- *15c. Apr. 1 'Holders of rec. Mar.215a
Imperial Tab.of Canada, corn.(Interim) '114 Mar.3
Mar.31 Holders
2
Pemberthy Injector (guar.)
"3
Mar.3
Preferred
13.4 Apr. 1 Holders of rec. Mar.20
Ltd., pref. (quar.)
25e
Mar.3 Holders of rec. Mar.14a Penick & Ford,
Independent 011 & Gm (guar.)
Preferred (account mecum. dividends). 6134 Apr. 1 Holders of rec. Max.20
Holders of rec. Mar.20a
Independent Pneumatic Tool (guar.)... $1.75 Apr.
May 15 Holders of roe. May 5
2
Holders of rec. Mar.200 Perunans, Limited, common (quar.)
134 Apr,
Indian Motocycle. pref.(guar.)
154 May I Holders of roe. Apr. 21.
Preferred (guar.)
.140
Holders of rec. Mar.
15$ Apr.
Inland Steel. preferred (guar.)
154 Mar.31 Holders of reo. Mar.200
Holders of rec. Mar. 18a Penney (J. C.) Co.,first pref.(guar.).- 3714c Mar.28 Holders of roe. Mar.160
$1.25 Apr.
Interlake Steamship (guar.)
4olders of rec. Mar. 23a Pennoa 011 Corp. (No. 1)
Apr. I International Business Machine,(guar.) $2
87140. Apr. 1 Holders of rec. Mar.19
Percligo-Weber Shoe (quar.)
Holders of rec. Mar. 10
Internat. Buttonhole Sewing Mach.(qu.) 150. Apr.
& 2d pf.(qu.) 15$ Apr. 1 Holders of rec. Mar.210
Mar.3 Holders of rec. Mar. 160 Pettibone-Mulliken Co..1st
Internat. Cement Corp., corn.(guar.)._ $1
*El Apr. 2 *Holders of rec. Mar.20
134 Mar.3 Holders of rec. Mar. lea Phelps Dodge Corp.(quar.)
Preferred (guar.)
50a. Apr. I Holders of rec. Mar.18a
151 Apr. 1 Holders of rec. Mar.250 Phillips Petroleum (guar.)
International Harvester. corn. (guar.)._
Apr. 1 Holders of roe. Mar.14o
Pierce-Arrow Motor Car, prior pref.(qu.) $2
of rec. Mar.25
Apr. 1 Mar. 17 to Apr. 1.
International Match. Panic. prof.(qu.). 85o. Apr. 1 Holders of rec. Mar. 1fla Pittsburgh Plate Glass (guar.)
2
Holders
11.4 Apr.
International Solt (guar.)
Apr. 1 Mar. 17 to Apr. 1
5
Extra
Holders of rec. Mar.15
International Shoe, common (quar.).._. $1.25 Apr.
*134 Apr. 20 *Holders of rec. Apr. 1
Cordage (guar.)
Plymouth
Holders of rec. Mar. 15
Apr.
1
Preferred (guar.)
144 June 9 Holders of rec. May 19a
Holders of rec. Mar. 180 Pressed Steel Car, pref. (guar.)
6154 Apr.
International Silver. pref. (quar.)
194 Sept. 8 Holders of roe. Aug. 180
Preferred (guar.)
Holders of roe. Mar. lria
Preferred (acct. accumulated divs.)...... 6(4 Apr.
134 Dec. 8 Holders of tea. Nov. 17a
Preferred Wm./
Holders of rec. Mar.20a
15$ Apr.
Jewel Tea. pref. (guar.)
14 Apr. 1 Holders of rec. Mar.14
Holders of rm. Mar.200 Price Brothers (guar.)
6214 Apr.
Preferred (acc't scrum. dive.)
Pro-phy-lamtic Brush, common (quar.). 50c. Apr. 15 Holders of rec. Apr. la
Holders of rec. Mar. 18a
15$ Apr.
Jones & Laughlin Steel, pref. (guar.)._
25e. Apr. 15 Holders of rec. Apr. la
Common (extra)
- 75c. Mar.3 Holders of rec. Mar. 18a
Jordan Motor Car, common (quar.)
134 Apr. 1 Holders of rec. Mar. 15
corn.(quar.)
194 Mar.3 Holders of rm. Mar. 18a Provincial Paper Mills,
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar.15
Preferred (guar.)
Holders of rm. Apr. 20
May.
Kaufmann Dept. Stores, corn. (guar.)._ $2
4 Apr. 1 Holders of roe. Mar.10s
11
Pure 011,534% preferred (guar.)
Holders of rec. Mar 20
134. Apr.
Preferred (guar.)
13.4 Apr, 1 Holders of rec. Mar.100
Six per cent preferred (gum.)
250
Holders of rm. Mar.
Apr.
2
Kayser (Julius) & Co., pref. (guar )
Apr. 1 Holders of rm. Mar.100
(guar.)
2
Eight per cent preferred
Holders of rec. Mar.200
Kelsey Wheel,Inc.. common (guar.)... _ _ $1.50 Apr.
3
Apr. 15 Holders of tea. Apr. lo
Holders of rec. Mar. ria Quaker Oats, common (guar.)
75e. Apr.
Kennecott Copper Corp.(guar.)
Apr. 15 Holders of rec. Apr. 10
10
Common (special)
1234c. Apr. 1 Holders of rec. Apr. la
Kerr Lake Mines, Ltd.(guar.)
134 May 29 Holders of ree. May la
Preferred (guar.)
Holders of roe. Mar.18
37340. Apr.
Kraft Cheese Co., corn.(guar.)
Radio Corp. of America, pref. Marl-. 134 Apr. 1 Holders of roe. Mar. 20
of rec. Mar. 18
Holders
2
Apr.
Preferred (guar.)
Holders of tea. Mar,37a
2
Apr.
Holders of rec. Mar. 19a Railway Steel-Spring. common (guar.).- 75e. Mar.31 Holders of rec. Mar.200
Kresge Dept. Stores, preferred (guar.)._ 2
Apr. 1
Real Silk Hoelery (aum.)
2
Holders of roe. Mar.19a
Apr.
Kresge (S. B.) & Co., corn. (guar.)
Reece Button Hole Machine(guar.).- 35e. Apr. 1 Holders of roe. Mar.18
Holders of rec. Martlfla
Common (payable in corn. stock)_.. /50o. Apr.
134 Apr. 1 Holders of roe. Mar.15
Holders of rm. Mar. 19a Reece Folding Machine(guar.)
194 Apr.
Preferred (guar.)
91.75 Apr. 1 *Holders of rec. Mar.20
Holders of rec. Mar.200 Reliance Mfg., pref.(guar.)
151 Apr.
Kress (8. H.) dr Co., preferred (guar.)._
013$ Apr. 1 *Holders of rec. Mar.20
.
pref. (guar.)
Remington Arms, pt.
Holders of rm. Mar. 17
134 Apr.
Laurentide Co. (guar.)
Remington Noiseless Typew'r, pt.(No.1) lit Apr. 15 Holders of rec. Apr. 4
255 Mar,3 Holders of rec. Mar.25
-Lawton Mills (quar.)
194 Apr. I Mar.21 to Apr. 1
Remington Typewriter, let pref.(qu.)_
Holders of rec. Mar. 12
Apr.
$2
Lehigh Valley Coal Sales (guar.)
Mar.25 Mar. 15 to Mar.25
Second pref. (acct. accum. dim)._ h4
Holders of rec. Mar. 18a
Liggett & Myers Tobacco, pref. (guar.). 134 Apr.
15c. Apr. 1 Mar.17 to Apr. 14
*Holders of rec. May 15a Roe Motor Car (guar)
A & B (qu.) *750. June
Liggett° International, corn.
10c. Apr. 1 Mar. 17 to Apr. 14
Extra
*Holders of rec. Apr. 15
May
"2
Preferred (guar.)
33 1-3 Apr. 15 Mar. 17 to Apr. 14
Stock dividend
50c. Mar,3 Holders of rec. Mar.140
Loew's. Incorporated (guar.)
194 Apr. 1 Mar. 10 to Apr. 8
Mar.11 Holders of rec. Mar.17a Republic Iron Or Steel, pref.(guar.)._
Long Bell Lumber."A" corn.(No.1)- $1
Holders of rec. mar.180
134 Apr.
Holders of rec. Mar.190 Reynolds(R.J.)Tob.,com.dmom.B(gm). 75c. Apr. 1 Holders of rec. Mar.18a
Loose-Wiles Biscuit, 1st pref.(guar.)._
154 Apr. 1
Preferred (quar.)
Holders of rec. Apr. 17a
IM May
Second Preferred (guar.)
le
Boynton Co., pt. pref. (No. 1) 750. Apr. I Holders of rec. Mar.31e
Rich. &
255 Apr.
Holders of rec. Mar.19
Lord & Taylor, corn. (guar.)
194 Apr. 15 Holders of rec. Mar.
Holders of rm. Mar.140 Richmond Radiator, preferred (guar.)._
Apr.
Lorillard (P.) Co., corn.(par $100) (rill.) 3
134 July 15 Holders of rec. June 300
Preferred (guar.)
75e. Apr.
Holders of rec. Mar,14a
(guar.)
Common (par $25)
144 Oct. 15 Holders of reo. Sept.30a
Preferred (guar.)
Holders of rec. Mar.14a
154 Apr.
Preferred (guar.)
144 Jan 1526 Holders of rec. Dec. 310
Preferred (glair.)
500. Apr.
Holders of rec. Mar.170
Ludlum Steel (guar.)
15c. Apr. 15 Holders of rec. Apr. 40
roe. Mar 14a River Raisin Paper (guar.)
f1.50 Mar.8 Holders of
Mack Trucks. Inc., corn.(guar.)
Mar.31 Holders of rec. Mardl4a
IM Mar,3 Holders of rec. Mar 140 Royal Baking Powder,common (guar.). 2
1st and 2d preferred (guar.)
154 Mar.31 Holders of rm. Mardl4a
Preferred (guar.)
Holders of rec. June 19
July
$1
Magnolia Petroleum (guar.)
154 Apr. 1 Holders of rec. Mar.20a
(guar.)._
Saco-Lowell Shops, preferred
1
Holders of rec. Mar. 11
Apr.
Stock dividend
Apr. 1 Holders of rec. Mar. 14a
Safety Car Heating & Lighting (guar.)._ 2
1
Oct. d
Stock dividend
50o. June 20 June 10 to June 21
M.Joseph Lead (guar.)
Magor Car Corporation,cam.(guar.)._ 250. Mar.3 Holders of rec. Mar.24
Sept.21 Sept. 10 to Sept.21
500.
Quarterly
15$ Mar.3 Holders of rec. Mar. 24
Preferred (guar.)
500. Doe. 21 Deo.10'26to Dec.21'25
Holders of rec. Mar.20a
Quarterly
misilnson (H. R.) & Co. Inc., pf. (qu.) 154 Apr.
Mar. 180
15$ June
Holders of rm. May 15e St. Lours Rocky Mt. dr Poe., pref. (qu.) 11$ Mar. 31 Holders of roe. Mard21
mccsti Sugar,common (guar.)
154 Mar.28 Holders of rec.
Holders of rm. Aug. 14e St. Maurice Paper (guar.)
134 Sept.
Common(guar.)
150. Apr. 1 Holders of rec. Mar. 150
15$ Apr.
Holders of rec. Mar.17a Salt Creek Consol Oil (guar.)
Preferred (guar.)
*114 Apr. 2'Holder, of rec. Mar.18
Holders of rec. Mar.21a Savage Arms, lot pref.(guar.)
Apr.
Manhattan Electrical Supply (guar.).- il
'134 May 15 *Holders of rec. May 1
Second preferred (guar.)
134 Apr.
Holders of rec. May 19
Manhattan Shirt, preferred (quar.)
Apr. 1 Holders of rec. Mar 140
2
gehulte Retail Storee. Prof. (guar.)
*lc. Mar.8
Marino 011 (monthly)
Schwartz (Bernard) Cigar, corn. (guar)"25e. Apr. 1 "Holders of rec. Mar.20
*lo. Mar.3
Extra
(r) Apr. 30 'Holders of rec. Mar.20
Holders of rec. Mar.20a Seagrove Corporation, common
134 Apr.
Works, Prof.(guar.)._
Mathleson Alkali
1 *fielders of rec. Mar.20
•154 Apr
Preferred (guar.)
Holders of rec. Mar 16a
154 Apr.
May Department Stores. pref. (guar.)._
Apr. 15 Holders of rec. Apr. 50
15$ Apr.
Holders of rec. Mardi8a Selberling Rub., pt. (acct. accum. div.). h2
McCall Corporation. pref.(guar.)
May 15 Holders of rec. May 5a
Preferred (account occum. dividend). h2
Holders of rec. Mardilla
accum. dividends). *MA Apr.
Preferred (account
June 15 Holders of rec. June 5a
Preferred (account occum. dividend). 62
*Holders of rec. Mar.20
McCord Radiator & Mfg., class A (qu.)- *75c. Apr.
50c. Apr. 10 Holders of rec. Mar.20a
Holders of rec. Apr. 2(k Shattuck (F. G.) Co.(guar.)
114 May
mcCrory Stores Corp..Pref..(quar.)....„
134 Mar.31 Holders of rec. Mar.200
IM Aug.
Holders of rec. July 20a Shown:tut Mfg., corn. (guar.)
Preferred (guar.)
194 Mar.31 Holders of rec. Mar.20a
- Preferred (guar.)
Holders of rm. Oct. 20a
154 Nov.
Preferred (guar.)
350. Mar.31 Holders of rec. Mar. 2a
Shell Union Oil. cam.(guar.)
Mar.3 "Holders of rec. Mar. 7
Merch. & Miners Tramp., prof. (guar)•62
Sherwin-Williams Co.. Can.,corn.(qu.).. 154 Mar.31 Holders of rec. Feb. 28
Holders of rec. Mar.17
Mr.
$1
Merck & Co., preferred (guar.)
114 Mar.31 Holders of rec. Feb. 28
Preferred (guar.)
234 Mar.30 Holders of ree. Mar. 4a
Mergenthaler Linotype (guar.)
50c. Apr. 1 Holders of rec. Mar.lea
1M Mar.3 Holders of rec. Mar. 40 Simmons Co., common (guar.)
Extra
•214 Mar.31 *Holders of rec. Mar. 10
(guar.)
$1.25 Mard3 Holders of rec. Mar. 14a Singer Manufacturing
Merrimac Chemical(guar.)
-Sheffield Steel & Iron, pref.(guar.) 134 Apr. 2 Holders of rec. Mar.20o
Sloes
Metropolitan Paving Brick. pref.(ems.) 194 Apr. 20 Mar. 15 to Mar.31
Apr.
3
Holders of rec. Mar.31a South Porto Rico Sugar. corn.(guar.)... 134 Apr. 1 Holders of roe. Mar 10o
Mexican Petroleum, common (guar.)._
2
Apr. 1 Holders of rec. Mar.10a
Preferred (guar.)
2
Apr. 20 Holders of rec. Mar.31a
Preferred (guar.)
Apr, 1 Holders of rec. Mar.18
Apr. 1 Holders of rm. Mar.210 South West Penna. Pipe Lines (guar.)._ $1
(guar.)... Ii
Midland Steel Products, corn.
2
Apr. 1 Holders of rec. Mar. 20a
Apr. 1 Holders of rec. Mar.210 Spicer Mfg., pref.(war.)
2
Preferred (guar.)
1426
T1T1 CHRONICLE
[Vol. 120.
Per
When
Books Closed.
Name of Company.
Weekly Returns of New York City Clearing House
Cent. Payable.
Days Inclusive.
Miscellaneous (Concluded).
Banks and Trust Companies.
Standard 011 (Ky.) (guar.)
$1
Mar.31 Mar.17 to Mar.31
The following shows the condition of the New York City
Standard 011(Ohio). coin.(guar.)
$2.50 Apr. 1 Holders of rec. Feb. 27
Sterling Oil & Development ((Man)
-- *100. Apr. 6 *Holders of rec. Mar.31
Clearing House members for the week ending March 14. The
Stern Brothers, corn. (guar.)
n1
Apr. 1 *Holders of rec. Mar.16
Common (extra)
figures for the separate banks are the avergaes of the daily
1
11
Apr. 1 *Holders of rec. Mar. 16
Stromberg Carburetor (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 1.6a
Swift dc Co. (guar.)
results. In the case of the grand totals, we also show the
Apr. 1 Holders
2
Symington(T.H.) Co., Class A (guar.). 50c. Apr. 1 Holders of rec. Mar.10
Class A (for period Dec.17 to 31 1924) 80. AM. 1 Holders of rec. Mar.13a actual figures of condition at the end of the week.
of rec. Mar.13a
Telautograph Corp.,corn.(NO.1)
250. May 1 Holders of rec. Apr. 15a
NEW YORK WEEKLY CLEARING HOUSE REFUENS.
Preferred (guar.)
111 Apr. 10 Holders of rec. Mar.31
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
Texas Co.(guar.)
75o. Mar.31 Holders
Thompson (John Ft.) Co., corn.(mthly.) 25c. Apr. 1 Holders of rec. Mar. 6
of rec. Mar.23a
Common (monthly)
25e. May 1 Holders of rec. Apr. 23a
New
Common (monthly)
25c. June 1 Holders of rec. May 23a
Capital]Profits Loans,
Resero
Preferred (guar.)
151 Apr. 1 Holders of rec. Mar.23a Week Ending
Discount, Cash
with
Net
Time Bank
Thompson-Starrett Co., preferred
4
Apr. 1 Holders of rec. Mar.20
March 14 1925 Nat'l, Dec.31 Investin
Legal Demand
Tide-Water Oil (guar.)
De- Circa$1
Mar.31 Holders of rec. Mar.17a
State, Nov.15 ments, Vault. Deport Dolmas. posits. la
Tonopah-Belmont Development
50, Apr. 1 Mar. 15 to Mar. 20
(000 omitted.) Tr.Cos. Nov.15
&c.
tortes.
Tonopah Extension Mining (guar.)
lion.
Sc. Apr. 1 Holders of rec. Mar. ii
Tonopah Mining of Nevada
7310 Apr. 21 Apr. 1 to Apr. 7
Members of Fe d. Res Bank. Average Averag Acerag Average Average At'
Underwood Computing Mach.. pf. (qu.) •151 Apr. 1 *Holders
ge
of rec. Mar. 14
$
Underwood Typewriter, corn.(quar.)_
5
750. Apr. 1 Holders of rec. Mar. 7a
Truitt Co_
4,000 12,462
71.609
854
51,821 8,277 _Preferred (guar.)
111 Apr. 1 Holders of rec. Mar. 76 Bk of Manhatin 10,000 13,874 147,811 2,567 7,087
16,491
119.65
Union Carbide & Carbon (guar.)
31.25 Apr. 1 Holders of rec. Mar. 6a Medi dv Met Bk 10,000 15,970 179,768 3.557 22,390
169,661 2393
31,117
Union Oil Associates (stock dividend).
548
-•e80 Mar.23'Holders of rec. Mar. 2
Bank of America 6,500 5,412
78,709 1,683 11,599
86,277 3,85
Union Storage (guar.)
231 May 11 Holders of rec. May 1
Nat City Bank_ 40.000 55,297 595,085 4,801 75,230 *681,188 73,677
Quarterly
850
234 Aug. 11 Holders of rec. Aug. 1
Chem Nat Bank 4,500 17,024 135,158 1,309 15,447
116,251 4,375 4,94
Quarterly
38
6
2
231 Nov.11 Holders of rec. Nov. 1
Nat Butch & Dr 1.000
277
9,320
108
93
United Cigar £3,',ores, COM.(guar.)
6,91
320 497
500. Mar.31 Holders of rec.
Amer Each Nat 5,000 8.246 107,756
959 13,312
97,742 6,889
Common (payable in common stock). /lit Mar.31 Holders of rec. Mar.160 Nat Bk
Mar.160
of Corn. 25,000 39,761 347,660 1,048 39,262 299,90' 14,665
United Drug. common (guar.)
131 June 1 Holders of rec. May 15a Pacific Bank.. 1,000 1,708 32,501 1,054
let preferred (guar.)
29,442
8711c May 1 Holders of rec. Apr. 150 Chatdr Phen Nat 10,500 9,318 170,286 4,167 4,35
19,155
Second preferred (guar.)
127,270 36453 5:SIN)
33 6
,3
•111 June 1 *Holders of rec. May 15
Hanover Nat Bk 5,000 23,519 125,921
564
114,052
United Dyewood, pref.(Quar-)
141 Apr. 1 Holders of rec. Mar. 130 Corn E'xch Bank 10.000 13,493 200,914 6,344 15,563
24,39
182,596 28,678
Preferred (guar.)
151 July 1 Holders of rec. June 156 Nat Park Bank_ 10,000 23.743 197,255 1,140
160,081 10,113 3.535
Preferred (guar.)
111 Oct. 1 Holders of rec. Sept. 15a East River Nat_ 2,100 1,942 32,034 1,100 21,061
3,352
Preferred (guar.)
23,613 7,998 494
• 150 an 1'26 Holders of rec. Dec. 1541 First National.. 10,000 66,060 346,354
397
United Fruit (guar.)
192,409 28,412 2,251
214 Apr. 1 Holders of refs. Mar. 66 Irving Bk-ColTr 17,500 12,417 275,131 2,813 25,866
35,760 268,676 25,522
Quarterly
231 July 1 Holders of rec. June 6a Continental Bk_ 1.000 1,066
8,404
152
893
6.282
Quarterly
378
211 Oct. 1 Holders of rec. Sept. 5a Chase National. 20.000 25,461 389.608 4,668
49,774 *389.329 21,427 995
Quarterly
214 Janne Holders of rec. Dec. 50 Fifth Ave Bank
500 2,704
26,475
810 3,394
United Profit Sharing, common
26.536
_
15
Apr, 1 Holders of rec. Mar. 1la Commonwealth
600 1,099
13,083
462 1,357
United Shoe Machinery. corn. (quar.)-- 62/4c Apr, 4 Holders
9,672 3,231
of rec. Mar. 17
Garfield Nat__ 1,000 1,656
16,423
462 2,13
15,280
Preferred (guar.)
489 "iii
3711c Apr. 4 Holders of rec.
Fifth National. 1,200 1,344
21,669
178 2,415
U.S. Bobbin & Shuttle. pref (guar.)... 141 Mar.31 Holders of rec. Mar. 17
17,818 1,051
246
Seaboard Nat . 5,000 8.159 108,575
Mar. 11
979 13,434
U.S.Cast Iron Pipe & Fdy., pref.(qu.)_
101,340 3,487
49
131 June 15 Holders of rec. June la Coal & Iron Na
1.500 1,375 21.090
307 2,399
Preferred (extra)
17,774 1,927 411
2.511 June 15 Holders of rec. June la Bankers Trust. 20,000 26,514
960 37,153 *293,580 39,400
Preferred (guar.)
111 Sept.15 Holders of rec. Sept. la US Mtge & Tr_ 3,000 4,619 321,718
56,928
679 6,974
Preferred (guar.)
51,566 5,833
151 Dec. 15 Holders of rec. Dec. la Guaranty Trust 25,000 19.180 431.973
1,440 49,070 *439,797 45,891
U.S. Gypsum,common (guar.)
40c. Mar.30 Mar.15 to Mar.31
Fldel-InterTrust 2,000 2,117
21,523
431 2,523
Preferred (guar.)
18,609 1,937
IA Mar.30 Mar. 15 to Mar. 31
NY Trust Co.. 10.000 19,147 173,608
594 20,579
U. S. Radiator. corn.(guar.)
152,28: 22,998
Apr, 15 Apr. 1 to Apr. ii
1
Metropolitan Tr 2,000 4,129 48,24/
323 5.765
Preferred (guar.)
43,61
3,537
111 Apr, 15 Apr. 1 to Apr. 15
Farm Loan & Tr 10.000 17,661 146,21
442 15,465 •119,38 22,615
U.S.Realty & Impt., pref.(guar.)
194 May 1 Holders of rec.
United States Steel Corp,corn.(quar.)- 194 Mar.30 Feb. 28 to Mar. 5a Equitable Trust 23,000 11,262 267,817 1,471 31,985 *291,05 39,478
Mar. 3
Common (extra)
11 Mar.30 Feb. 28 to Mar. 3
Total of mirages 297,900 468.0305,126.684 48,813596.582
United States Tobacco, corn. (quar.)
04,407,33 501.29221.392
75e, Apr. 1 Holders of rec. Mar. 160
Preferred (guar.)
111 AM. 1 Holders of rec. Mar.166 Totals, actual c ndltion
ar. 145,116,274 47.388
Utah Copper (mar.)
$1
Mar.31 Holders of rec. Mar.20a Totals, actual co ndition Mar. 7.5,147,245 49,717 599,88304,381,402 496.50021.395
5.50.22804,397,83' 508,67721,361
Van Dorn Iron Works, pref.(guar.)..._
194 Apr. 1 gHolders of rec. Mar.22a Totals, actual to edition Feb 28 5,155,823
47,855639,64604,430,50: 514,58721,426
Victor Talking Machine, corn. (guar.)._ *2
Apr. 15 *Holders of rec. Mar.31
State Banks Not Members of Fade Res've Bank.
Preferred (guar.)
*131 Apr. 15 *Holders of rec. Mar.31
Greenwich Bank 1,00
2,434
22,024 1.841 2,112
Vulcan Detinning, preferred (guar.)._
21.83
1,093
IN Apr. 20 Holders of rec. Apr. 16a Bowery Bank..
250
897
5,412
315
255
Preferred (account accum.dividends)_ hl
2,862 1,933
Apr. 20 Holders of rec. Apr. 16a State Bank..... 3.500 5,134
98.765 4.073 2,0971
Preferred A (guar.)
33,50' 61,926
141 Apr. 20 Holders of rec. Apr. 16a
Wabasso Cotton (guar.)
$1
Apr. 2 Holders of rec. Mar. 15
Total of averages 4.750 8,467 126,231 6,25
4,464
Wahl Co., pref.(guar.)
58,19 64,952
111 Apr. 1 Holders of rec. Mar.26a
Waldorf System, common (guar.)
31340. Apr. 1 Holders of rec. Mar.20a Totals, adual c ndition Mar.14
126,225 6,331 4,537
First preferred (guar.)
58,25 65,000
20c. Apr. 1 Holders of rec. Mar.20
Totals, actual co ndltion Mar. 7 125,312 6,330 5,021
64,861
Preferred (guar.)
57.9
20c. Apr. 1 Holders of rec. Mar.20
Totals, actual c ndition Feb. 28 127,112 6,311 4,681
Walworth Mfg., pref.(guar.)
59,55 64,784
75c. Mar.31 Holders of rec. Mar.21a Trust Compan lea NotMemb rs
of Fed 'I Res' Bank
Ward Baking. preferred (guar.)
IN Apr. 1 Holders of rec. Mar.160 Title Guar &
10.000 15,90
60.20
1,41
37.67
4,239
2,511
Weber it Helibroner,corn.(guar.)
$1
Mar.30 Holders of rec. Mar.166 LawyersTit&'Fr 3.000 6,311
20,983
829 1,670
Common(payable in common stock)._ r2
16,01
1,091
Apr. 30 Holders of rec. Apr. 15a
Common (guar.)
$1.
June 30 Holders of rec. June 15a Total of =era, 13.000 22,220
81,186 2,248 5,909
Common(guar.)
53,691 3,602
$1
Sept.30 Holders of rec. Sept.15a
Common (guar.)
$1
Dec. 30 Holders of rec. Dec. 15
Totals, tiaual c edition Mar.1
81,18
Preferred (guar.)
2.174 5,810
3,557
131 June 1 Holders of rec. May 15
Totals, adual c nditIon Mar.
81.231 2,107 6,26
Preferred (guar.)
3,611
131 Sept. 1 Holders of rec. Aug. 17
Totals,°dud
ndition Feb. 28 88,102 2,367 5,979
Preferred (quer.)
3,649
111 Dec. 1 Holders of rec. Nov. 16
Weber Piano, Preferred (qual.)
131 Mar.31 Holders of rec. Mar.20
Gr'd aggr., avg 315.650495.4055,334.101 57.320606,95 4.519,22
West Coast Oil (guar.)
5
*$1.50 Apr. 6 Holders of rec. Mar. 23
Comparison wi h prey. week. _ -6.370 +1,605 +5.951 -1,461 569,846 21,392
West Comstock Gold Mines(No. 1)
-306 -35
*4
May 6 Holders of rec. Apr. 22
West Point Manufacturing (guar.)
e2
Apr. 1 Holders of rec. Mar.16
Gr'd aggr act' cond'n Mar.145,323.679 55,893
Western Electric Co.. corn.(guar.)
610.26 4.495.83 565,05721,395
$2.50 Mar.31 Holders of rec. Mar.26
Comparison wi h prey. week - -30,109-2,2611+487
Western Grocer. preferred
43 -14,38 12,092 +34
33.1 July 1 June 21 to June 30
Preferred
331 an 1'26 Dec. 20
Westinghouse Elec. & Mfg., coin. (gY.) $1 AM. 30 Mar. 11 to Jan.1'26 Gr'd aggr., atal cond'n Mar. 75,353,788 58.154561.517 4,510,24 577,14921,361
to Mar.24
Ord egg*, WI cond'n Feb. 285.371,037 56,533650.306
Preferred (guar.)
4,544,43
$1 Apr. 15 Mar.11
Gr'd aggr.. eel oond'n Feb. 21 5,362,217 55,440812,312 4.501,63 583,020 21,426
Weston Electrical Instrument,Cl. A olio 50c. Apr. 1 Holders of to Mar.24
593,545 21,378
rec. Mar. Ida Grid aggr., acrt cond'n Feb. 14 5,336,471
White Motor (guar.)
$1
Mar.31 Holders of rec. Mar. 200 Or'd aggr., act': cond'n Feb, 75,355,425 57.480649.739 4.526,21 582,72520.920
58.295586.083 4,530.076 580,058 20,727
Will & Baumer Candle. pref.(qua:.) - 2
Apr. 1 Holders of rec. Mar. Ilia Or'd aggr.. eel cond'n Jan. 31 5.401.854
.54,564661,699 4,602.67 591,472.32,604
Woods Mfg.. Pref. (qua:.)
131 Apr. 1 Holders of rec.
Worthington Pump dr Mach., pf. A(g.) 194 Apr 1 Mar. 11 to Mar.23
Note.
-U. S. deposits deducted from net demand deposits In the
.
Mar.24
general totals
Preferred B (guar.)
above were as follows: Average total, March 14,514,449,000:
134 Apr. 1 Mar. 11 to Mar.24
actual totals, March 14.
Wrigley (Wm.) Jr., & Co.
314,449,000: March 7, 514,448.000: Feb. 28. 514,450,000:
Feb. 2 , $14,449,000:
Monthly
25e. Apr. 1 Holders of rec. Mar.20a Feb. 14. 514,448,000. Bills payable, rediscounts, acceptances and other liabilities,
Extra
500. Apr. 1 Holders of rec. Mar.206 average for week March 14,5660,602,000: March 7,5685,827.000:
Feb 28,5674,217,Monthly
25c. May 1 Holders of rec. Apr. 206 000; Feb. 21, $661,427,000: Feb. 14, $633,922,000. Actual totals
Monthly
250. June 1 Holders of rec. May 20a 896,000; March 7, 5636,026,000: Feb. 28, $726,509,000: Feb. March 14, $685,21. $701,341,000:
Monthly
25e. July 1 Holders of rec. June 200 Feb. 14, $716,395,000.
Wurlitzer(Rudolph) Co., pref.(guar.)
194 Apr. 1 Holders of rec. Mar.20
* Includes deposits in foreign branches not included in total
Yale & Towne Manufacturing (q uar.)„ 31
footings, as follows:
Apr. 1 Holders of rec. Feb. 28
National City Bank, 5136,542,000; Chase National Bank,
Yellow Cab Mfg., Class B (monthly)... 21e. Apr. 1 Holders of rec. Mar.206 Trust Co., 316,652,000;
$10,057,000: Bankers
Guaranty Trust
Class B (monthly)
210. May 1 Holders of rec. Apr. 206 Co., $6,083,000; Equitable Trust Co., Co., 383,910,000: Farmers Loan & Trust
$60,906,000. Balances carried in banks In
Class B (monthly)
21c. June 1 Holders of rec. May 200 foreign countries as reserve for such deposits
Youngstown Sheet& Tube,com.(qu.)- $1
Mar.31 Holders of rec. Mar. 156 Chase National Bank, $2,246,000: Bankers were: National City Bank, $23,170,000
Trust
Prefened (guar.)
134 Mar.31 Holders of rec. Mar. 150 Co., $3.633,000: Farmers Loan de Trust Co., Co., 52,274,000: Guaranty Trust
$6,083,000: Equitable Trust Co.
•From unofficial sources. f The New York Stock Bunting's nas ruled that stock 39.804.000. c Deposits in foreign branches not Included.
will not be quoted ex-dividend on this date and not until further notice.
The reserve position of the different groups of institutions
/ The
New York Curb Market Association has ruled that stock will not be quoted a:
- on the basis of both the averages
for the week and the actual
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction e Payable in stock. condition at the end of the week is shown in the following
Payable In common stock. g Payable in scrip. h Ou account of accumulated two tables:
dividends. m Payable In preferred stock. a Payable In Canadian funds.
POSITION OF CLEARING HOUSE BANKS
I Annual dividend for 1925, all payable in equal quarterly installments on April 1, STATEMENT OF RESERVETRUST
AND
July 1, Oct. 1 1925 and Jan. 1 1926, have been declared as follows: On the common
COMPANIES,
stock $4 40, quarterly Installment$1 10:prior preference, 7%,quarterly Installment
1ig %;participating preferred.7% regular, quarterly installment 111%;Participating
Averages.
Preferred.2% extra,quarterly installment 31%;preferred,6%.quarterly installment
114%.
Cash
Reserve
r Dividend is 30 cents in cash or 211% in common stock at stockholder's option.
Reserve
in
Total
Reserve
Surplus
in Vault. Depositories Reserve.
s Dividend is 10d. per share. All transfers received In order in London on or
Required.
Reserve.
before March 2 will be in time for payment of dividend to transferees.
Members Federal
$
s
$
I The stock dividends declared by Western Pacific RR. are one share of common
s
$
Reserve Bank_
596,582,000 596,582,000587,992,050 8,589,950
and one share of preferred for every six shares of stock now outstanding, whether State banks
•
common or preferred,and are subject to ratification at a special stockholders' meeting Trust companies •._ 6,259,000 4,464,000 10,723,000 10,475,640
247,360
2,248,000 5,909,000 8,157,000
to be held May 11.
102,900
8,054,100
u Less ten cents per share for corporate purposes, &c.
Total Mar.14.- 8,507,000 606,955,000
Total Mar. 7.- 8.398,000 601,001,000 615.462,000606.521,790 8,940,210
to Childs Company stock dividends are one share of no par value common stock
Total Feb. 28.... 8.731,000 603,261.000 609,402,000 608,726,050 2.675,950
for each 100 shares no par value common stock held.
Total Feb. 21_ _ -- 8,668,000 604.715,000 611,992,000 606,326.290 5,665,710
to Dividend is one-fortieth of a share of Class A common stock.
613,383.000 606,047,350 7,335.650
• Not members of Federal Reserve Bank.
z Payable at optlon of holder either in cash at the rate of 85c. a share or one
a This Is the reserve required on the net demand
fordeth of a share of common stock for each share held.
deposits in the case of State banks
and trust companies. but in the case of members
z Declared an extra.dIvidend of 80e. on common stock and an extra dividend of
includes also amount In reserve required on net time of the Federal Reserve Bank
4% on second preferred, both payable In quarterly Installments
deposits, which was as follows:
of 20c. and 1%, March 14, 315,038,760: March 7, $15,052,020:
respectively.
Feb. 284315,582,120; Feb. 21. 515,
703,080.
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:
Actual Figures.
Reserve
Cask
in
Reserve
in Vault. Depositories
Members Federal
Reserve Bank
State banks•
Trust companies *—
1427
THE CHRONICLE
MAR. 21 1925.1
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
$
$
599,883,000 599.883,000 584,867,260 15,015,740
381,560
6,331,000 4,537,000 10.868,000 10,486,440
33,700
2,174,000 5,840,000 8,014,000 7,980.300
March 18
1925
March 11
1925.
Changesfrom
previous oak.
March 4
1925.
$
60,300,000 60.300,000
60,300,000 Unchanged
Capital
113,000 78,629.000 78,611.000
78,742,000 Inc.
Surplus and profits
Loans, disc'ts dr investments_ 918,378,000 Inc. 11,818,000 906,560,000 904.039,000
Individual deposits,incl. U.S.840,785,000 Inc. 8,760,000 632,025,000 842,503,001)
137,408,000 Dec. 753,000 138.181.000 136,720,000
Due to banks
• Not members of Federal Reserve Bank.
192,302.000 Inc. 2,956,000 189,346,000 184,391.000
Time deposits
844.000 22,904,000 22,902,000
Is the reserve required on net demand deposits in the case of State banks United States deposits
b This
23,748,000 Inc.
and trust companies, but In the case of members of the Federal Reserve Bank Includes Exchanges for Clearing House
.915,000 Dec. 1,244,000 28,150,000 28,664.000
also amount of reserve required on net time deposits, which was as follows: Mar.14, Due from other banks
88,606,000 Dec. 8,376,000 80,230,000 88,971.000
879,000 75,484,000 75,308.000
14,895,000 .Mar. 7, $15,280,310; Feb. 28, $15,437,610; Feb. 21, $15,756,780.
76,363,000 Inc.
Reserve in Fed. Res. Bank
Cash in bank and F.R.Bank_ 10,279,000 Dec. 156.000 10.435,000 10.792,000
Reserve excess in bank and
536.000
640.000
400.000
1,040,000 Inc.
Federal Reserve Bank _ _
Total Mar. 14
Total Mar. 7.
TotalFeb. 28_ Total Feb. 2L...
15,431,000
35,624,770
48.704,250
15,616,750
8,505,000 610,260,000 618.765.000 603,334,000
8,437,000 581,517,000 589.954,000 605,578,770
8.678,000 650,308,000 658,984,000 610,279.750
8,685,000 612.312.000 620,997,000 605,380.250
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 comcomparative figures
panies in New York City not in the Clearing House as follows: return for the week ending Moh. 14,with
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 Stale Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differencesfrom
is not a part of legal reserve. For trust companies not memprevious week.
March 14.
$1,005,218,300 Inc. $779,200 bers of the Federal Reserve System the reserve required is
Loans and Investments
400
4,007,300 Dec.
Gold
deposits and includes "Reserve with legal
442,700 10% on demand
21.977,500 Inc.
Currency notes
681,100 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York_ 87,017,100 Inc.
1,061,857,700 Inc. 2,766,000
Total deposits
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
companies in N. Y. City, exchange and U. S.
1 006,477,500 Inc. 2,897,700
deposits
152,293,400 Inc. 1,750,400
Reserve on deposits
Percentage of reserve, 21%.
RESERVE.
—State Banks— —Trust Companies—
$78.785.800 15.22%
$34,216,300 16.55%
Cash in vault
27,018,900 5.22%
Deposits in banks and trust cos.__ 12,272,600 5.93%
$105,804,500 20.44%
$46,488,900 22.48%
Total
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on March 14 was $87,017,100.
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:
Week Ended March 14 1925.
Two Ciphers (00)
omitted.
Week Ended—
Nov.15
Nov.22
Nov.29
Dec. 6
Dec. 13
Dec. 20
Dee. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Mar. 7
Mar. 14
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries.
$
8,433,204,400
8,474,249,900
6,518,724,600
8.528,299,100
8,511,329,700
6,467,071,000
8,499,441,100
6,517,941,600
6,534,475,500
6,502,799,000
6,449,153,600
6,400,877,800
6,382,661,100
8,319,571,900
6,358,838,800
6,364,862,900
6,344,910,100
6.330.319.300
$
5,663,989,100
5,684,532,300
5,708,357,400
5,760,687,300
5,757,800.800
5,767,935.500
5,745,856,500
5,790,937,000
5,819.488,500
5.781,126,50u
5,893,929,300
5,605,108,000
5,612.344,600
5.573.095.200
5,525,329,600
5,512,101.700
5,524,265,800
a 525 702 500
$
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
81,257,500
83_304.800
$
773,766,400
761,712,200
750.645,500
775,979.000
784,010,000
785,101,000
786,067,300
783,386,400
783.388,300
773,115,400
752,408,400
737.862,60C
746,868,900
740,911,100
731.974.800
727,817,800
728,004.500
733283 801
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:
RETURN OF NON-MEMBER INSTITUTIONS OF' NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars—that is, three ciphers [000] omitted.)
Total
State Banks
Not Members of
Ired'I Res've Bank
Bank of Wash'n Ma
Colonial Bank
7.683
27,860
723
3,041
367
1,457
6,124
24,9
2.185
3.484
1,200
3,022
35,543
3,784
1.824
31,11
5,669
500
508
8,907
402
500
508
8,907
402
2,700
Grand aggregate_
Comparison with prey. week
5,279
54,767
+1,034
2,700
2,700
2,700
2.700
5.279
5.279
5.279
5.279
53,733
54,474
54.282
55.025
Gr:d agar., Mar. 7
Gr d aggr., Feb. 281
Gr'd aggr., Feb. 21
Feb_ 14
no,. ern,
3far 18 1925 Mar.11 1925.
Resources—
361,829,000 341,899,000 635,928,000
Reserve Agent
Gold with Federal
7,582,000
13,513,000
12,131,000
Gold redemp. fund with U.8 Treasury_
Gold held exclusively agst. F.R. notes_ 373,960.000
Gold settlement fund with F. it. Board_ 186,832,000
311,600,000
Gold and gold certificates held by bank
355,412,000
188,378,000
313,004,000
643,510,000
188,210,000
182,516,000
Total gold reserves
Reserves other than gold
872,392,000 856,794,000 1,014,236,000
29,069,000
30,771,000
30.300,000
Total reserves
Non-reserve cash
Bills discounted—
Secured by U. S. Govt. obligations
Other bills discounted
902,692.000 887.565,000 1,043,305,000
11,030,000
16,483,000
18,171,000
71,810,000
31,354,000
142,188,000
47,111.000
31,284,000
15,192,000s
Total bills discounted
Bills bought in open market
U. S. Government securitiee—
Bonds
Treasury notes
Certificates of Indebtedness
103.184,000
52,620.000
189,279,000
75,009.000
46,476,000
12,703,000
12,461,000
72,101,000
85.091,000
12,461,000
99,468,000
5,437,000
1,202,000
34,575,000
64,441,000
Total U. fi. Government securities__ 169,853,000
3,055.000
Foreign loans on gold
117,368,000
3,055,000
109,218,000
323,492,000 384,709.000
178,658.000 143.442,000
18,432,000
16,450,000
8,796,000
5,193,000
159,397,000
147,821,000
13,990,000
3,160,000
Total earning assets
Uncollected items
Bank premises
All other resources
Total liabilities
481
2,541
Total
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. 19 1924 in
comparison with the previous week and the corresponding
date last year:
Mar. 191924.
Loans,
Dieeounts,
InvestM471/8,
&c.
200
1,000
Total
Trust Company
Not Member of
Fed'I Res've Bank
MechanTr.Bayonne
$48,839,0
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
83.562,0
11,408.0
78,028,0
67,907,0
10.121.0
1,447,656,000 1,457,407,000 1,378,703,000
Total resources
Net
Net
Reserve
Liabilities—
with Demand Time
Cash
382,808.000 359,401,0(0 368,790,000
Legal Deposits.Deposits
. Fed. Res. notes in actual circulation
in
Deposits—Member bank, reserve wet-. 832,092,000 871,062,000 783,964.080
Vault. Deposi667,000
5,907.000
563.000
Government
(arks.
11,797,000
14,317,000
15,707,000
Other deposits
Average Average Average Average
Average
848,382,000 891,286,000 795,428,000
Total deposits
$
$
$
$
$
$
$
143,825.000 114,020.000 121,753,000
49
694
3,681
1,000
1.748 10,317
4,722 Deferred availability items
29,728,000
31,125,000
31,275,000
Capital paid in
59.929,00o
58,749,000
58,749,000
49
694
3,669
1,748 10,317
1,000
4.722 Surplus
2,075,000
2,837,000
2,826,000
All other liabilities
Net
Cairl al. I Profits.
CLEARING
SON MEMBERS.
Nat. bks. Dec. 31
Week Ending State bks.Nov.15
March 14 1925. Tr. cos. Dec. 31
Members of
Red'I Res've Bank
3race Nat Bank _ _ _
Feb. 28
1925.
March 7
1925.
1925
l'otal.
$41,839,0 $5.000,0 $48,839.0 $48,839,0
Capital
123,927,0 16,739,0 140,668,0 140,686.0
Surplus and profits
807,417,0 48,878,0 854,095,0 852,607,0
disets & invest'ts
Loans.
1,161.0 35,355,0 39,520,0
Exchanges for Clear.House 34,194,0
22.0 105,825,0 106,756,0
105,803.0
Due from banks
1,056,0 145,417.0 148,078,0
144.361,0
Bank deposits
588.881,0 29.582,0 618.483,0 817,981,0
Individual deposits
1,708,0 92,812,0 96,829,0
91.104.0
Time deposits
824.348,0 32,346,0 856,692,0 862,868,0
Total deposits
9,073.0
9,198,0
U. S. deposits(not incl.)
4,250,0
4,827,0
4,827,0
Res've with legal dePosles63,010,0 64,157,
63.010,0
Reserve with F.R.Bank
1,308,0 11,595,0 11,227,
10,287,0
vault •
Cash in
8,135,0 79.432,0 79.834,
73,297,0
Total reserve dr cash held.
4,503,0 68,718,0 68,865,
64,215,0
Reserverequired
1,832,0 10,714,0 10,769,
9,082,0
Excessres.& cash in vault_
•Cash In vault not counted as reserve for Federal Reserve members.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Membersof Trust
F.R.Sysiem Companies
745%
71.0%
89.5%
16,462,000
14.059,000
2,904,000
.00
3 4
8,088
CURRENT NOTICES.
3.004
4,215IE .37,977
+79
+1,455
6,088
16.477
-I-48
2,764
2,461
2,542
2.512
16,429
16,383
16,331
18 son
--G. L. Miller & Co., Inc.. announce that the permanent definitiv
Coupon bonds of the Federal Square Building and Wenham Block Leasehold
634% 71m4 mortgage real estate bonds are now ready for delivery upon
Surrender Of the corresponding interim certificates, at all offices of the
company In New York and principal Cities.
—Operating results are summarized in a bulletin issued by Wm. Hughes
Clarke, investment bonds and stocks, covering the Chicago surface lines
Chicago City Ry
Chicago Railways Co.,
issues of
Calumet & South Chicago Railway Co. Divisional First
Co., and
due Feb.
Gold bonds,
Mortgage
4,136
4,272
4,437
4.353
1
.38,322
a36,914
a37,622
a38.143
a United States deposits deducted, $186,000.
other liabilities, $787,000.
Bills payable, redisoounta, acceptances and
Excess reserve, $361,170 decrease.
1 447,656.000 1.457,407,000 1.378,703,000
Ratio of total reserves to deposit and
Fed. Rm. note liabilities combined____
Contingent liability on bills purchased
for foreign correspondents
862,785,000
$6,398,000
5%
$36,747,000
1 1927.
1428
TEE CHRONICLE
[VOL. 120.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board
of the twelve Reserve Banks at the close Of business on Wednesday.Thursday afternoon, Mar.19. and showing the conditic n
In the
U a whole in comparison with the figures for the seven preceding weeks and first table we present the results for the system
The second table shows the resources and liabilities separately for each of with those of the corresponding week last year
the twelve banks. The Federal Reserve Agents
'
Accounts (third table following) gives details regarding transactions in
BAiserve Agents and between the latter and Federal Reserve banks. TheFederal Reserve notes between the Comptroller and
Reserve Board's comment upon the returnsfor the lateer
week appears on page 1402, being thefirst item in our department of"Current
Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
RESERVE BANKS AT THE CLOSE OF BUSINESS
MARCH
18 1925
Mar 18 1925 Mar.11 1925. Mar.41924. Pah. 25 1925.Feb. 18 1925. Feb.
111925. Feb. 4 1925. Jan. 28 1925. Mar. 191924.
RESOURCES.
$
$
$$
i
Gold with Federal Reserve agents
S
$
8
1,623,978,000 1.612,227.000 1.597.655,0001 1,603.443.000 1.701,939.000
5
1,712,410.000 1,726,231.000 1,730.679,000 2,098,170,000
Gold redemption fund with 1.7.8. Tress_
48.005.000
57,195,000
51,397,0001 44,486,0001 50,139,000
48,298.000
51.637,000
53.660.000
52.764,000
1
Gold held exclusively agst. F. R. notes
8,000 1,760,708,000 1,777.868.000 1.784.339 010 2,150,934,000
Gold settlement fund with F. R. Board_ 1.671.913,000 1.689.422.000 1,649,052,000 1,647,929,000 1,752,07
624,255.000 625.399.000 658.315.0001 688.619.000
578.550,000
Gold and gold certificates held by banks_
577,593.000 579.921.000 553,523,000 577.029,000 574,647,000 576.593.000 570.035.000 590.815.000 606,747,000
559,039.000 572,987.000 564.232.0001 374,164,000
Total gold reserves
2,873,846,000 2,874,712,000 2,860.890,000 2.893.577,000
Reserves other than gold
136,748,000 135.969,000 135.095.000! 135,968,00012,905,275,000 2.896.340.000 2.920.890.000 2.939,386.000 3,131,845,000
139,929,000 144,693,000 143,704.000 143.160.000 101 352 000
I
,
I "
Total reserves
3,010,594,000 3.010,711.000 2,995,985,000 3,029.545.000 3.045,204,000
3.041,033,000 3,064,594,000 3,082,546.000 3,233,197,000
Non-reserve cash.
56,031,000
56.150,000
55,567,000
55,533,000
60,160,000
58,045,000
Bills discounted:
62,930,000
74,371,000
51,137.000
Secured by U. B. Govt. oblIgatIons
181.615.000 246,598,000 237.403.000 283.332,000 196,460,000
Other bills discounted
157,869.000 163,824.000 163.463.000 150.473,0001 146,011.000 190,515,000 207.325,000 164.892.000 166,826,000
141,291,000 115,042.000 108,800.000 264,425,000
Total bills discounted
339.481.000 410.422,000 400,866,000 433,805.00e 342.471.000
Bills bought In open market
278,711,000 301,354.000 303.641.000 317,248.0001 311,747,000 331,806,000 322.367.000 273.692.000' 431,251,000
324,647.000 308.004.000 307,767.0001 194.203,000
U. El. Government securities:
Bonds
79.260.000
77,941,000
77,365,000 - 75,780.000
74,945,000
74,965,000
75.216.000
76,174.0001 18,264,000
Treasury notes
222.171,000 283,360,000 277.744.000 263.445.000 273,082.000
274.539.000 273.252,000 279.685.000' 174,577,000
Certificates of Indebtedness
128,819.000
27.031,000
27,626,000
25,469,000
30,178,000
40.592.000
40.360.000
38,225,000 103,836,000
Total U. S. Government securities.-- 428.250.000 388,332.000 382.735,000
364,694,0001 378.205,000 390.096,000 388.828.000 394.064.000 296,677,000
Foreign loans on gold
10.503.000
10,500.000
10,500.000
10,500,000
10,500,000
10,500.000
All other earning assets
10,500.000
10,500.0001
1,902.000
3.452,000
3,452.000j
3,452,0001
3358,000
2.559,000
2,559.000
2.559.0001
51,000
,
Total earning assets
1,056.847.000 1,114,060,000 1,101,194,000 1,129,697,000,1.040.381,00
0 1,059,608.000 1,032,258.000 988,582,000, 922,182,000
0% redemp fund eget. F. R. bank notes
Uncollected items
28,000
755.592.000 627.874.000 659,805,000 644,454.000I1 682.314,000
589,040.000 567.815.000 572,1)00.0001 681,527,000
Bank premises
58.775.000
58.751,000 58,363,000
58.332.000, 58,323,000
1
58.057.000
All other resourees
58.004.000
57.939.000
55,466,000
20.491,000
24.382,000
24,817,000
24,450,0001 24.500,000
24,399.000
24,317,000
24,831.000
21,286,000
Total resources.
4.959.330,003 4.892,303,000 4.895,298,000 4,942,011,000 4.916,882,000
4.830.182.000 4.809.918,000 4.800,269,000 4,964,823,000
LIABILITIES.
F. R. notes In actual ciroulatIon
1.720,369,000 1,730.684,000 1,727,383,00011.728,752,000 1,698,890.000
1,713.662,000 1,690,385,000 1,684.311.000 1,989,848,000
F. R bank notes in circulation-netDepoelts389,000
I
Member banks-reserve account
2,175,515,000 2.201.277.000 2,165,995,00012,208,405.000 2,190,651,000 2,174,546.000
I
2,193,624,000 2371.723.000 1.981,042,000
Government
is 8326,000
26,332.0001 39,465,0001 26,673,000
26,129.000
27.601.000
29,049,000
Other deposits
52,114.000,
8,856,000
29,384.033
27.929,000
32,279,000
34.558.000
40,341.000
40.308.000
44,896,000
41,379.0001 22,233,000
Total deposits
2,211.005.000 2.255,538.000 2,237,739,000 2,269.636.0)0 2,257,121.000
Deferred availability items
681.375,000 562.750.000 587.762.000 601,011.000 619.074,000 2,242,455.000 2.287.569.000 2,265,216.000 2,012,131,000
Capital paid is
114,450.000 114.251,000 113,738.000 113,596.0001 113,466,000 533.398.000 511.833.000 510.336,000 616,683,000
112,328.000 112,316.000 112.246.000 110328,000
Surplus
217.837.000 217,837,000 217,837.000 217 837
. .0001 217,837,000 217.837.000 217.837.000 217,837.000 220.915,000
All other Ilatillities
11,294,000
11,300.000
10.837,000
11,149,0001 10394,000
10.502.000
9.978.000
10.323.000
14,029,000
Total liabilities
4,959.330,000 4.892,363,000 4.895,296,000 4.942.011,000 4,916,882,070 4,830.182,000
4,809,918,000 4.800.269,000 4,964,823,000
Ratio of gold reserves to deposit and
F. It. note liabilities combined
73 1%
72.1%
72.1%
72.3%
73.4%
73.0%
73.8%
74.4%
Ratio of total reserves to deposit and
78.3%
F. R. note liabilities combined
766%
75.5%
75.6%
75.8%
77.0%
76.9%
77.4%
78.0%
80.8%
Contingent liability on bills purchased
for foreign correspondents
51,853.000
48.715.000
47.781.000
45,494.000
44,581,000
43,210.000
45,157,000
47,174.000
9,769,000
Distribution by Maturities$
$
$
S
$
5
$
$
$
95,578,000 102,303,000 133,777,000 107,286.000 108,570.000
4-15 days bills bought in open market_
73.193,000
93,789,000
90.251.000
56,490,000
1-15 days bills dIscounted
249,721.000 326,761.000 313,410,000 353,789,000 264,345.000 264.095,000 2253.097.000
202.035,000 244,358,000
1-15 days U. B. certif. of Indebtedness_
100,500.000
2,223,000
2,362,000
260.000
14,000
617.000
14.000
14,000
58,000,000
1-15 days municipal warrants
2.000
2.000
2.000
2.000
8,000
8.000
9,000
55.777.000
15-50 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
50,077,000
10-80 days bills discounted
22,587.000
21,849.000
22,110,000
17,440,000
20,229.000
18,976,000
18,292,000
17,691,000
43,227,000
16-30 days U. S. certU. of Indebtedness_
196,000
482.000
491,000
196.000
196,000
16-30 days municipal warrants
1.000
9.000
85,088,000
51-80 days bills bought In open market
86.958,000
85.836,000
74,827,000
75,660.000
75,542,000
83.259.000
96,502,000
55,839,000
37.440.000
51-80 days bills discounted
32.734,000
34.378,000
31,629,000
27.716.000
24,611.000
26,847.1300
28.531.000
68,251,000
51-60 days U. S. certif. of indebtedness285.000
286,000
296,000
51-60 days municipal warrants
55,970.000
01-90 days bills bought in Mien market
53.727.000
57,534.000
48,277.000
52.551,000
52.488,000
40.048,000
34.973.000
30.031,000
18.180.000
61-90 days bills dlsoounted
18.127,000
19.969,000
20,620,000
20.213,000
14,345,000
14.393,000
15.069.000
48.726,000
51-90 days U. 8. oertlf. of indebtedness9,216,000
61-90 days municipal warrants
6,723.000
7.379,000
Over 90 daYs bills bought in oPen market
6.970.000
4.580.000
4,488.000
4,262,000
5,367.000
7.087.000
1,766,000
11,556.000
Over 90 days bills discounted
10.951.000
10.999,000
10.327.000
9,968,000
9.779,000
9.738,000
10,366,000
26,689,000
28,319.000
25,088,000
Over 90 days oertlf. of indebtedness
24,808,000
24,787,000
29,673,000
39,690,000
39.864.000
37.719.000
36,620,000
Over 90 days municipal warrants
51.000
Federal Reserve Notes-Outstanding
2,031,838,000 2.010,508.000 2.050.319,000 2,052,673,000 2,057.731,000 2,055.638,000 2.055.967,000 2,073,168.000
3,507,758,000
311,469,001) 309,824.000 322.936.000 323,921,000 358,841,000 341.976,000 365,582,000
Held by banks
388,857,000 517,910,000
1.720,369.000 1.730.684.000 1.727,383.000 1,728.752,000 1.698,890.000 1,713.662.000 1,690.385,000
In actual circulation
1.684.311.000 1,989,848,000
Amount chargeable to Fed. Re.. Agent 3.019334,000 3.030.974.000 3.047.852.000 3.039.461,000 3,053,445,000 3,043.551.000 3.063.692.000
981.596.011 990,466,000 997,533.000 986.788,000 995.714.000 993,913.000 1,007,725,000 3.088.368.000 3.464.475,000
In bands of Federal Reserve Agent
1.015.200,000 956,717,000
Ijeued to Federal Reserve Bunks.._.,.. 2,031,838.000 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
2,507.758,000
Now Secured275.416.00$ 277,916.000 277.516.000 278.018.000 282,516.000 281,516,000 281.564.000
By gold and gold certificates
407,860.000 428.281.000 452,664.000 449,230.000 355,792,000 343.228.000 329.736.000 281.849.000 330,939,000
By eligible paper
110,794,000 105.587,000 104.131,000 101,566,000 105,841,000 108.767.000 102,970,000 342.489.000 409,588,000
Dolt] redemption fund
1,237.768.000 1,228,724,000 1,218,008,000 1.223,861,000 1,313,582,000 1,322327,000 1,341,697.000 107,412,000 117,558,000
With _Federal Reserve Board
1,341,418.000 1,649,673,000
2.031.838.000 2.040.508.000 2.050,319.000 2.052,673.000 2.057,731,000 2,055.638.000 2,055,967,000
Total
2,073,168.000 2.507,758,000
........A
ICOA SAS nnn
570 058 non
670.983.000 716.703.000 625.203.000 621.373.000 596.028.000 557.51n.060
50t. mu mut
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
MARCH 184925
Two etcher, (00) milted.
Federal Reveres Bank of
--
Boston.
RESOURCES.
8
2016 with Peden: Reserve Agents 163,308.0
3ottl red'n fund with U.S.Trees_
9,630.0
Goid held viol agst.F.R.notee- 172.938,0
kid settlat fund with F.R.IYrd 49,099,0
30141 and gold ces. bell by banks 27,543,0
Total gold reserve.
Leservee other than gold
249,580.0
15,270.0
Total reserves
264.850,0
fon-reserve cash
4.785,0
lills dlsoounted:
Bee. by U S. Govt. obligations 13.035,0
Other bills discounted
14,921,0
Tote IbIlls discounted
27,958,0
11118 bought In open market
39.724,0
T. 8. Government securities:
Bonds
2,882,0
Treasury notes
13.836.0
Certificates of indebtedness_ 3,795.0
.1.,...1 TT R CI.* aawstrItle.
On 0050
PAW. Cleveland. Ricknond Atlanta. Chicago. St. Louts. lifinnaap. Kan.City Dallas. LfanFran,
2wai,
$
5
5
$
S
8
$
S
S
$
$
$
361,829.0 138.276.0 170.545.0 59,546,0138.913,0 165,618.0 49,644,0 66,624.0 57,878,0 39,787.0 212.010,0
12,131,0 4,262,0 2,368,0 1,813,0 2,676,0 1.707,0 4.298,0
968.0 3,340.0 2,267,0 2,545,0 1,623 978 0
48.005,0
'
373.960.0 142,538.0 172,913.0 61,359,0 141,589,0 167,325.0 53,942,0 67.592,0 61,218.0 42.054.0 214,555,0
1
0
188,8,32,0 41,607.0 61.546,0 10,955.0 14,964,0 101.851,0 21,025,0 24.343,0 49.965,0 27,780,0
6242650
671.983.
311.600,0 22,865,0 29366,0 23,994.0 9.699,0 94,724,0 10,163,0 6.597,0 2,894,0 9.142,0 34,298.0 '
28.911,0 577,598,0
872,392,0 207,010.0 263,925,0 98,308.0 166,252,0 363,900,0 85.130,0 98,532,0 114,077,0 78,976.0 277,764,0
2 873 846 0
30,300,0 5,582,0 9,291.0 5,145,0 13,205,0 18,593,0 18,954,0 1,782,0 3,653,0 9,168,0
5,8250 '
136,48,0
902,692,0 212,572,0 273,216,0 101,453,0 179,457,0 382,493,0 104.084,0 100,314,0 117,730,0 88.144.0 283.589,0
16,171,0 2.082,0 4.227,0 3,104.0 5,228,0 7.610,0 3,645,0
839,0 2,116,0 2,231.0 3,9930 3.010 594,0
5:0310
71.810,0 19,372.0 35.869.0 9 147,0 4,764,0 9,740,0 4,392,0
.
118,0
884,0
351.0 11.133,0
12,524,0 12,158.0 26.197,0 12.017,0 17,701,0 9,958,0 3,749.0 3,535,0 1.169,0 12,556,0 181,615.0
31,354,0
157869,0
-103,164.0 31.898,0 49,027.0 35,344.0 16,811,0 27,441.0 14,350,0 3.867,0 4.419.0 1,520,0 23,689,0
339 484.0
52,820.0 23.659,0 30,249,0 11,368,0 12,294,0 31,840,0 13,258,0 8,803,0 14,439,0 10.618,0 27,839.0 276,7 1,0
1
12,460,0 1,416,0 10,948,0 1,407.0 1,701,0 19,649,0 1,549.0 8,776,0 8,965,0 6.611,0 3,116,0
79,260.0
72,101.0 22,214,0 21,154.0 1.543,0 1,015,0 28,998,0 6,566,0 7,767,0 12,395,0 10,290,0 24.452(1 222,171,0
79,0
868,0 6,057,0
85,092,0 14,854,0 6,246,0
372,0
410,0 2,282,0
581.0 5,650,0 126,819,0
Ion 005 a 38 484 () 38.348.0 3,029,0 3.584,0 55,204,0 8,487,0 16,983,0 23,642.0 17,485.0
33.258,0 428,250,0
New York.
1429
THE CHRONICLE
21 1925.]
RRSJURCES (Concluded)
Two ciphers (00) omitted.
Boston.
New York.
S
3,055,0
$
Foreign loans on gold
All otaer earning assets
Minr.eap. Nan. City Dallas. San Fran
Cleveland. Richmond Atlanta. Chicago. St. Louis.
Phila.
5
1,050.0
1,400,0
s
$
$
$
1.208,0
609,0
462,0
1,564,0
$
525,0
$
368.0
2,0
s
$
$
462,0
500,0
399,0
708,0
Total.
s
10.500.0
1,902.0
85,584,0 1,056,847,0
116,049,0 36,620.0 30.023,0 43,462.0 30,022,0
328,492.0 96,489,0 118.632,0 50,350,0 33.151,0 98,050.0 40.284,0 15,456.0 42,307.0 31,325,0 41,715.0 756.592.0
58,775,0
178,658,0 72.908,0 66,800.0 65,323,0 39,507,0 8.099,0 3,871.0 3.039.0 4,111.0
1.833.0 3,269,0
2,446.0 2,760.0
20,491.0
16,450,0 1,114,0 7,573.0
567.0 1,783,0 4,698,0
345,0 2,992.0
561,0 2,011,0 1,752,0
206,0
314,0
5.193,0
155,338,0 422,848,0 4,599,330,0
262,134,0 614,053,0 188,849,0 152,663.0 210.293,0
423.926,0'1,447,650,0 385,479,0 470,854,0 223.237,0
Tetelressoorces
41,967,0 194.54531 1.720,369,0
LlABILITIeS.
142,507,0 171,211,0 50,636,0 66,771,0 66,002.0
199,912,0 362,608,0 156,646,0 188.459,0 76,131.0
if. R.notesin actual circulation
58,319.0 90.660.0 62,661,0 155,412.0 2,175,515,0
82,239.0
Deposits:
6,126,0
129,500,0 184.900,0 65.672.0 72,140,0 306,367,0
469.0
74,0
245.0
791.0
661.0
Member bank-reserve acct._ 135,553,0 832,092,0
625,0
635,0 1,232.0
495,0
68,0
29,361,0
563.0
498.0 6.932.0
894.0
268,0
541.0
Government
136,0 1,440,0 1.257,0
165,0
385.0 1.208,0
-015.707,0
201,0
Other deposits
63.233.0 162.813.0 2,211.005,0
73.508,0 308,432.0 81,157,0 59.651,0 91,799.0
136,022,0 848,362,0 129,953.0 186,603.0 66.472,0 31.959,0 86,917.0 38.495.0 14,547,0 38,767,0 34.651,0 40.987,0 684,375.0
Totaldeposits
143.825,0 67,380,0 59,395,0 62,347,0
4.307.0 4,183.0 8.124.0 114.450,0
05,099.0
15,485.0 5.105,0 3,263,0
Deferred availability Rama
31.275.0 11,110.0 12,959,0 5,966.0 4.595.0 30,426.0 9.971.0 7,497.0 8,977.0 7,592.0 15.071.0 217.837,0
8.078.0
Capital paid In
11.294,0
58.749,0 20.059.0 22,462,0 11,701,0 8,950,0
712,0 1.334,0
441.0
16,362,0
934,0
485,0
anrolus
615,0 1.582,0
620.0
976,0
325,0
2.837,0
433,0
All other liabilities
4,959,330,0
188,849,0 152,663,0 210,293,0 155,338.0 422.848.0
262,134,0 614,053,0
125.926,0 1,447,658,0 385.479,0 470,854,0 223,237,0
Totalliabtlitles
Memoranda.
reserves to deposit
Ratlo of total
76.6
79.4
81.5
74.6
79.3
77.2
79.7
and F. It note liabilities com83.1
71.1
72.8
74.2
74.5
78.8
bined. Per cent
51.853,0
pur1.747.0 2,196.0 1,897,0 3,794,0
Contingent liability on bills
,
la .109 n 4 002 0 6.740 (1 2 8 55 0 2_196.0 7.438.0 2.496.0
Total earning assets
Unoollectedltems
Bank premises
lother resources
87,773,0
64,259.0
4,190,0
69,0
18 1925.
ACCOUNTS AT CLOSE OF BUSINESS MARCH
STATEMENT OF FEDERAL RESERVE AGENTS'
Chicago. St. L. Minn. K. City Dallas San Fr. Total.
Boston New York Phila. Cleve. Richtn'd Atlanta
Federal Resets' Agent al$
$
$
5
$
S
$
$
5
$
$
$
$
(la Thousands of Dollars)
261,137 25,660 18.871 28.173 21,157 62.600 984.596
Resources51,859 325,910 51,200 46,700 24,105 62,203 184.424 58,354 69.515 74,122 50.644 241,215 2,031.838
Federal Reserve notes on band
89.560 161,849
223,645 483,518 183,301 211.658
Federal Reserve notes outstanding
____ 275,416
____ 16.011
12,075 13,052
5,000
Collateral security for Federal Reserve notes outstanding 27.800 186,698 6,000 8,780
4.973 3,569 1,072 3,518 3.776 19.931 110.794
Gold and gold certificates
29,131 12,887 11,765 4,751 5,913
9.506
52.500 54.360 20.000 192,079 1,237.768
160,645 34,000
Gold redemption fund
126,030 146.030 119,369 150.000 51,795 128,000
18,806 8.710 2.891 16.244 10,857 29.205 407.800
Gold Fund-Federal Reserve Board
60.337 121,719 45,028 41.113 30,014 22.936
40,179 17,956 9,414 2,439 1,136 21,580 176,902
Eligible paper)Amount required
14.663 3.660 36.238 16,355 5.639
7,313
(Excess amount held
670,164 160,324 167.315 178,856 123.581,566.610 5.225.174
509,483 1.307,699 421,768 508,254 219,580 391,510
Total
Ltablittfes5 3.016,434
Qat amount of Federal Reserve notes received from 278.495 809,488 231,501 260.356 113,665 224,052 445.561 81.014 88.386 102.295 71.8011303.81 1,623.978
Comptroller of the Currency
165.618 49,644 66.621 57.878 39.787 212.010
163,303 361,829 138,276 170,545 59.546 138,913
58.935 26.666 12.305 18.683 11,993 50.785 584.762
Collateral received from'Gold
46,369 28,575
67,680 138,382 46,988 77,351
Federal Reserve Bank iEllgIble paper
5,225.174
670,164 160,324 167,315 178.856 123.581 566,610
509,463 1,307,699 421,768 506.254 21).560,391,540___
Total
i----------69,515 74,122 50.644 241,215 2,031.838
184,424 58.354
223,615 483,516 183,301 211,658 89.560 161,849
13,213 7,718 2,744 8,120 5.6771 46,696 311,469
federal Reserve notes outstanding
19,342
23,733 120,910 26.6561 23.199 13,4291
Federal Reserve notes held by banks
I
76 131 142.507 171.211 50.636 66.771 06.002 44.967 194,519 1,720,369
Inn 01, 2A9 one ISA Rig 194.456
rederal Reserve notes in actual circulation
Reserve System.
Weekly Return for the Member Banks of the Federal the principal items of the resources;
Reserve Board, giving
by the Federal
FollOwing is the weekly statement issued
behind
weekly returns are obtained. These figures are always a week
the liabilities of the 738 member banks from which s of the different items in the statement were given in the statement
Reserve banks themselves. Definition
the figures
those for the
Dec. 29 1917, page 2523. The comment of the Reserve Board upon
of Dec.12 1917, published in the "Chronicle" of
and Discussions," on page 1402.
appears in our Department of "Current Events
for the latest week
omitted.
2
of business March 11 19- 5. Three ciphers (000)
in each Federal Reserve District at close
I. Data for all reporting member banks
Louts. Afinneap Ran. City Dallas. San Fran. Total.
Phila. Cleveland. Richmond Atlanta. Chicago. St.
Boston. New York
Federal Reserve District.
70
738
49
71
25
33
100
36
73
76
55
3
$
108
S
42
$
i
$
3
$
Number of reporting banks
$
$
$
9,839
3,334
194,758
3
4,104
5
2,794
11.530
31,225
and discounts, gross:
7,388
Loans
6,922
20.402
11,686
77.019
75.759 217,800 4,785.495
8,515
61.036 104.795
Secured by U.S. Gov't obligations
75,566 722,641 180,278
127,237
298,492 2.169,989 318,127 433,775 350,499 382,563 1,212.871 325.123 204,891 345,081 237.825 866,318 8.265,379
Secured by stocks and bonds
660,477 2,570.241 366,344 743,146
and discounts
All other loans
465,517 1,966.737 516,931 268,721 453.980 316,918 1,093,957 13.245.632
967,484 4,817,249 696,157 1,197,323 484.658
Total loans and discounts
218,482
24.452
17.469
9.333
7.146
13,257
17,606
Investments:
14,855
25,192
31,502
9,568
37.874
10,208
16,591 120.119 1.358.320
42,856
27,057
28,824
U. S. pre-war bonds
7.647 166.967
36,802
50.628 160.046
353,964
43.120
77,604 623,179
6.484
14,704
9.952
8.145
US, Liberty bonds
49.253
2,966
5,547
30,204
15.775
513,801
30,175
9.215
19,973 147,841
22,907
17.989
U.S. Treasury bonds
12,999
96,569
3,323
2,039
56.295
19,478
112,287
15,196
7,356 235,456
1.915
2,820
5.710
637
U.S. Treasury notes
12,433
1,084
341
7,116
6.220
55.937
2,378
19.931 187.747 2,817,073
73,255
certificates
38,293
U.S. Treasury
41,946 415,250 100.834
61,527
261,773 317.408
Other bonds, stocks and securities 191.720 1.077,389
71,625 420,809 5,373.927
71.821 758,078 164,696 106.147 165,875
309,739 2,177,676 363.442 632,571 131.448
Totalinvestments
18,619,559
537.338 2,724,815 661,627 374.868 619,855 368.543 1.514.766 1.666.317
1,227,223 6,994.925 1,059,599 1,829,894 616.106
32.408 109,947
53.877
Total loans ana investments
29.344
46,693
37.700 228,028
38,582
77.680 124,915
289.451
22.062
93.835 793,248
11.575
12.591
Reserve balances with F. It. Bank
6.015
7,588
53,774
11,223
14,389
30,598
16,300
81,627
21,709
Cash in vault
1.764,290 427.183 254,686 505.412 295,662 802,142 13.057.942
868.295 5,674.772 763.905 1.006,361 370,132 325,102 934,486 205,785 107.494 137.444
94.540 716.468 4,954,192
deposits
Net demand
194,516
7,363
113.118
348,556 1,136.559 175,055 715,120 188,167
1,648
657
Time deposits
1,602
6,469
21,000
2,676
2,130
11,439
10,522
25,096
22,516
Government deposits
184.071
25
10,950
R. Bk.:
17
Bills pay'le & redisc. with F.
3,372
827
2.586
27.105
5.650
4,549
84,539
3.465 130,074
1.245
06
Secured by If. B.Gov't obligations
351
673
4,425
5,984
8,618
7.378
5.477
37,356
8,417
All other
Cities
e
44,573 105,546 2,427,965
Bankers' Balances of Reporting Me sober Ban Its in Fede rat Reserv Bank
67,544 124.186
99.583
21.985 426.147
38,075
53,514
17
11. 077
62 09R
at 91g
FS 144
131,017 1.132,050 183,745
IS 01A
00 0/7
17/ RA1
Due to banks
OA nn.1
is‘o Ann
,O .470
00 7/1
1) 7/1
17 RAI
Chicago. and for whole country.
2. Data of reporting member banks In New York City,
AU Reporting Member Banks,
Mar. 11 1925.
738
Number of reporting banks
$
L0808 and discounts. gross:
194,758,000
Secured by U. S. Govt. obligations
4,785,495,000
Secured by stocks and bonds
8.265,379,000
All other loans and discounts
Reporting Member Banks in N. Y. City.
Reporting Member Banks in Chicago.
Mar.4 1925. Var. 121924.
mar, 4 1925. Mar. 12 1924. Mar. 111925. Mar.4 1925. Mar. 121924. Mar. 111925.
48
46
46
67
67
67
757
739
$
$
$
3
$
5
3
$
25,610,000
23,740,000
22,696,000
64,744.000
77,882.000
72,187,000
207,499,000
206,242,000
542.490.000 515.868.000 446.513.000
4,793,880,000 3,851.638,000 1,932.836,000 1,982.463,000 1,418,966.000 690,242,000 697,521,000 652.029,000
8,243,173.000 7,938,284,000 2,267,768,000 2.268,162,000 2,277,608,000
1.255,428,000 1,237.129,000 1.124,152,000
13,245,632,000 13,243,295,000 11,997,421,000 4.272.791,000 4,328,507,000 3,761.318.000
Total loans and discounts
1,938.000
4.198,000
Investments:
1.937.000
39.210,000
27.068,000
27.147,000
270.604.000
218,482,000 . 218.360,000
81,083.000
43,949,000
U. S. pre-war bonds
82.149,000
1.358.320.000 1,363,203,000 1,031.714,000 527,397,000 528,071,000 407,569,000
26,347,000
5,093,000
U.S. Liberty bonds
26,953,000
14.229,000
349,100,000
73,837.000 133,978,000 136,705.000
353.964,000
81,275,000
67.052.000
69,167.000
U. S. Treasury bonds
515,939,000
778,717,000 217,530.000 222,109,000 381,694,000
513,801,000
6,918.000
14.202.000
7,006,000
U. B. Treasury bonds
25.414.000
25.802,000
54,031,000
84.029,000
100,797.000
112,287,000
200,277,000 159.894,000
U. B. Treasury certificates
2,805,394.000 2,215,628,000 807,841,000 792,218,000 561.623,000 198,817,000
Other bonds,stocks and securIties_ 2.817,073,000
386.029,000 383,615,000 308,611,000
5,373,927,000 5,336,025,000 4,471,497,000 1.767.924,000 1,731,973.000 1.429,739,000
TotalInvestments
4
1, 32,763.000
6,040.715,000 6,060.480.000 5.191,057.000 1,641.457,000 1,620,744,000
01
0
Total loans and Investments_ 18,619,559.00 18.579.320,00 11,468,918,000 737,116,000 702.776,000 619,709.000 155.447.000 158,145.000 149.648,000
1,666,317,000 1,626,637,000 1,445,094,000
26,045,000
26,970,000
63,991,000
27,923,000
Reserve balances with F. It. banks
64,368.000
66,338.000
281,644,000
278,616,000
289,451,000
1,161,534.000 1,141,291.000 1
Cash in vault
13,057,942.000 12,924,095,000 11,347.579.000 5,125,828.000 5.103,839.000 4,370.625,000 459,647,000 454.809,000 ,022,434,000
371,453 000
Net demand deposits
781,061,000 765,505,000 608,389,000
4,954,192,000 4,945,038,000 4,191,105,000
14,343,000
14.343,000
33,974,000
6,19100C
16,279,000
Time deposits
16,279,000
124,659,000
113,391,000
113,118,000
Government deposits
payable & rediscounts wit
Bills
Reserve Banks:
1,618,000
718,000
41,375,000
Federal
4,174 00(
98,450,000
120.126.000 112,500.000
171,271.000
184,071,000
710.000
1,600,000
11.499,000
34,696,000
Secured by U.S. Govt.obligations.
2,34200(
36.141,000
83,543.000
138,133,000
84,539.000
All other
a ... e...,.
2 318 nna
2.328.000
52.874.000
258.260 non. 148.641.000 133.146.000
254.814.000
268.610 000
Total borrowings from F. It. bks
1430
THE CHRONICLE
[VoL. 1.20.
ankers' Gazette.
United States Liberty Loan Bonds and
Treasury
Certificates on the New York Stock Exchange.—Belo
w
Wall Street, Friday Night, March 20 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 1416.
Exchange. The transactions in registered bonds are
The following are sales made at the Stock Exchang
given
week of shares not represented in our detailed list e this in a footnote at the end of the tabulation.
on the
pages which follow:
Dag Record of Ti. S. Bond Prices, Mar.14
STOCKS.
Week Ended Mar. 29.
Sales
for
Week.
Par. Shares
Range for Week.
Lowest.
$
Highest.
Rang eSince Jan. 1.
Lowest.
Highest.
per share. $ per share. 8 per share 8 per share.
Mar.16 Mar.17 Mer.18 Mar.19 Mar.20
First Liberty Loan
'High 101111,
, 101"ss
334% bonds of 1932-47__ILow. 101"n 10111ss 101131: 1011111 10111
1011122 101"22 101in 101"32
(First3%s)
(Close 10110s, 10111,, 101"s, 10113s, 10113s, 101"12
101"n
Total sales in $1,000 uniu.._..
65
83
687
157
145
231
Converted 4% bonds of (High
____
___.--- 101"ss
------1932-47 (First 4,3)—.
1Low_
_ -___
____ 10114,
----Total sales in 21,000 anus.—
--- -- ----Converted 434% bonds (High 101"ss
101"as
Of 1932-47 (First 4346)(Low. 10114,2 10114s 101"sz 101"ss 101"ss 101"ss
s 101"ss 101"ss
(Close 101"as 101"ss 101", 101"as 101"ss 101iiii
101"n 101"as
Total *ales ill d1,000 units_ _ _
65
25
12
113
16
Second Converted 4)1%(High
9
------------101.00 10131,1
bonds of 1932-47 (First( Low_
-_-_-_----- 101.00 101"ss
Second 434s)
---(awe ------------101.00 wins, -Total sales in 01,000 units—
---------1
Second Liberty Loan
(High
____
------------4% bonds of 1927-42
---(Low_
____
____
____
____
____
___
(Second 4s)
Total sales in 81.000 units__
____
--__
_____ -- --Converted 4)(% bonds (High 100"32
--100"32 100"n 100"n 100"32 100"ss
of 1927-42 (Second (Low_ 10013,2
100"32 100"22 100"32
434s)
(Close 100.31 100"n 100"32 100", 100"2: 100"ss
100"n 100"3,
Total sales in 21,000 units__
235
135
184
219
329
Third Liberty Loan
122
(High 10113,s 10111s, 1011s,, 101",
101"ss 101"ss
bonds of 1928
(Low_ 10113n 10113,, 10114
,
101144
(Third 434s)
(Close 10113 10111,, 101",, 101", 101"32 10114n
,
101",, 101liss
Total sales in 21,000 units.....,
96
133
257
5.55
176
Fourth Liberty Loan
118
(High 101",, 10133n 101liss 101"s
101"as 101"as
434% bonds of 1933-38—Mow_ 101",,
101"n 101"st 101"as 101"ss 101"as
(Fourth 434s)
(Close 1011132 1012
.n 1012131 1011132 101"n 101"32
Total sales in 21.000 units__
153
232
525
285
741
272
Treasury
(High 104"n 1042422 104"12 104"s2
434s. 1947-52
(Low_ 1042032 104"32 104"33 104"n 104"22 104"n
104"32 104"n
tame 104",, 104",, 104ns, 104"ss 104",, 10413s,
Total sale: in 81.000 units__
1
105
11
26
105
48 1944-1954
96
(High 1001482 1001, 100"32 100"31
ss
I Low- 100"22 10014n 100"32 1001122 100"3: 100"22
taws 1001632 moan noun moth, 10015,, 1001S33
mils, loons,
Total sales in 21.000 units__
21a
22411
as
142
14
ISMS
Railroads.
Brunsw Term&Ry Sec.10
100 5 Mar 20 5 Mar 20 3
Feb 531 Mar
Buff Roch 52 P. pref_100
40 89 Marl' 8931 Mar 19 89
Mar 92
Jan
Buffalo & Susq
100
200 90 Mar 21 9051 Mar 16 8431 Jan 105
Jan
Canada Southern_ _ _100
5 5731 Mar 19 5731 Mar 19 56
Jan 58
Feb
Duluth S S& Atl, - f_100
p
100 5 Mar 20 5 Mar 20 5
Mar
Jan
Iowa Central
100
100 331 Mar 16 331 Mar 16 131 Jan 631 Mar
331
Nat Rye Mex, lst pf_100
200 451 Mar 19 431 Mar 19 431 Mar 531 Jan
Pacific Coast, 2d pf 100
2004 734 Mar 20 483.4 Mar 16 3431 Jan
5034 Mar
Reading rights
4,100 1934 Mar 16 21
Mar 16 1931 Mar 2434 Jan
Twin City Rap Tr,pf.100
100 9434 Mar 18 asy, Mar 18 9434 Jan 9734 Mar
Industrial & Misc.
1
American Bank Note_50
100181
Mar 20181 Mar 20 161
Jan206
Feb
Am Chicle, pref ctfs_100
100 9634 Mar 19 9634 Mar 19 94
Jan 9634 Mar
American Piano, pre:
.100
100 93 Mar 14 93 Mar 14 93
Mar 95
Jan
American Snuff
100
400141
Mar 19144 Mar 17 141
Ma 15034 Feb
American Snuff, pref_100
200 9931 Mar 17
Armour of 111, Class A_ _ _ 7,900 20 Mar 19 9934 Mar 19 9834 Mar 9914 Mar
2934 Mar 18 20
Ma 2234 Mar
Briggs Mfg
*14,600 3351 Mar 17 3631 Mar 14 3334 Ma
Jan
Brunsw-Balke-Coll'r
• 6,000 3634 Mar 17 3951 Mar 14 3634 Ma 4034 Jan
48
Bush Terminal
100 1,100 91
Mar 17 9251 Mar 20 86
Feb 94
Mar
Cert-Teed ProdAstpf100 200 9431 Mar 18
9431 Mar 18
Second preferred, 100 200 8434 Mar 14 843( Mar 14 8934 Jan 9534 Mar
8031 Feb 8551 Mar
Childs Co
•10,100 50 Mar 17 54 Mar 14 50
Ma 5631 Mar
Coca-Cola, pref
100
10010051 Mar 16100% Mar 16 99
Jan 101% Mar
Cont'l Can,Inc, pref.100
200115 Mar 1711531 Mar 14 114
Fe. 11631 Feb
Cw3hman's sons, pref 100
300 103 Mar 18103 Mar 18 103
Mar013
Mar
Deere & Co,
_ _100
100 91 Mar 18 91 Mar
Feb
Eine Por & Lt,40%., pd wi 3,9 100 Mar 18102 Mar 18 8231 Jan 92
pref_18 100
Ma 102
Mar
Emerson-Brant,pref_100
100 1231 Mar 17 1231 Mar 17 11
Feg 15
Jan
Fed'I Lt & Trac, pf.._100
300 86 Mar 18 8631 Mar 18 85
Jan 87
Mar
Fisher Body, new
* 7,200 61
Mar 17 64 Mar 20 6031 Feb 6831 Jan
Fisher Body Ohio. pf_100 600106 Mar 1106%
Mar 14 0431 Jan 10631 Mar
Foundation Co rights_ _ _ 17,7
51 Mar 1
131 Mar 16
5.1 M
2
Feb
Franklin Simon,pref_100
70010231 Mar 17 10231 Mar 17 10131 M 10451 Jan
Great West Bug, pf_ _100
10011131 Mar 14 111% Mar 14 109
Feb11131 Jan
Hanna,1st pf C I A_ _100
Note.—The above table includes only sales
100 8431 Mar 20 8431 Mar 20 8431 Ma 8931 Mar
Hayes Wheel,prat __100
of coupon
200102 Mar 17,103% Mar 14
Ja'10431 Feb bonds. Transactions in registere
Helme(G W)
25
d bonds were:
100 73 Mar 141 73 Mar 14 72
M
7731 Jan
Ingersoll Rand
100
5621931 Mar 171225 Mar 17 21931 M 249
Jan 1 151 3345
101311 to 1013s, 140 2d 4315
International Salt_100 200 67 Mar 17 68 Mar
10021,, to 100"ss
M
77
Jan 4 1st 43.1s
101",, to 101"31 25 3d 414e
Int Telep & Teleg rights_ 2,700 334 Mar 19 4 Mar 18 67
101"42 to 101"22
16 251 Feb 431 Feb 3 2d 40
100"n to 101.32 38 4th 444e
Jones & L Steel, pf100
10011431 Mar 1811431 Mar 18 11131. Fe. 11431 Mar
101"31 to 101"so
Kuppenheimer & Co_ _5
100 2631 Mar 19
Feb Quotations for U. S. Treas Ctfs.
Liggett & Myers rights__ 2,000 831 Mar 14 2631 Mar 19 2631 Ma 27
of Indebtedness, &c.
Mar
Long Bell Lumber A..* 2.800 4531 Mar 20 831 Mar 14 731 Ja. 934 Feb
16 4531 M
4831
/W.
51
Jan
Second preferred_ _100
Int.
100 111
Mar 16 111 Mar 16
Maturity.
Feb 111
Rate.
Bid. Asked.
Mar
Mackay Cos, pref _ _ _100 400 6631 Mar18 68 Mar14 104
Maturity.
Rate.
Bid. Asked.
66
M
69
Mar
Macy Co. preferred_ _100
100 116 Mar 16 116 Mar 16 11451 Ja .
Mar.151926... 454% 10134 10131 Dec.
11631 Jan
Mexican Petroleum_ _100
151927... 434% 101un 102 n
100250 Mar 20 250 Mar 20 225
,
Feb 250
Mar Dec. 151925... 4%% 10034 101
Mar.15 1927___ 434% 101111 1021
Montana Power,pref.100
100 109 Mar 20 109 Mar 20 109
,•
Ma 111
Jan Sept. 15 1926-- 4%% 10034 101
Sept.15 1925..., 251% 9934 100
Mullins Body. pref_ _100
100 8214 Mar 19J
Jan June 15 1925_ .._ 434% 100 12 10034 Dec. 15 1925-- 3%
,
Murray Body certifs_ • 2,100 3734 Mar 201 8231 Mar 19 8211 Ma 87
99389 100 ss
,
41
Mar 14 3734 Mar 4231 Mar
N N & H Ry, G & E_100
200 5734 Mar 18 5731 Mar 18 52
Feb
Mar
Preferred
100 300 8731 Mar 17 93 Mar 20 8231 Ja. 634 Mar
93
N Y Shipbuilding
• 100 24 Mar 16 24 Mar 16 17
New York City Banks and Trust Companies.
Feb 2831 Feb
N Y Steam, 1st pref _ —• 100 99 Mar 171 99
Mar 17 199
Jan 100
Jan
Onyx Hosiery. pref__100
All prices dollars per share.
300 7831 Mar 171 7831 Mar 17 7831 Ma 82
Jan
Otis Elevator. pref _ _100
100 104 Mar 14104
Fe. 104
Mar Banks—N.Y. Bid
Ask
Pacific Tel & Tel__100 1.300100 Mar 17 100 Mar 14 101
Banks
Bid
Ask
Trust Co. Bid Ask
Mar 17 94
Jan 112% Jan America •____ 5256 258 Hanover
Panhandle P AC R,pf_100
100 59 Mar 161 49 Mar 16 43
New York
Ja. 6031 Feb Amer Exch __ 375 385 Harriman__ _ _ 980 990
Phoenix Hosiery
475 490 American _ 5 800 20 Mar 16. 20 Mar 16 20
Feb 23
Amer Union*. 165
Jan
Manhattan* _ 5174 178 Bank of N Y
Preferred
100
100 86 Mar 181 86
J
86
Mar Bowery*
550
Prod & Ref Corp, pref_50 1,500 45 Mar 161 45 Mar 18 85
Mech 0, Met_ 5390 395
& Trust Co 570 577
Mar 16 4334 Jan 4734 Feb Broadway Ce 165
P S Corp of NJ rights._ _
Mutual*
415
600 24 Mar 17 2531 Mar 16 24
Bankers Trust 447 455
Ma 2731 Jan Bronx Boro*. 250
New rights
Nat American 165
100
34 Mar 14
Bronx Co Tr_ 185 205
% Mar 14 1-16 Ma
% Jan Bronx Nat— 145
Pub Serv Elm Pr, pf_100
National City 437 444 Central Unto 720
100 104 Mar 19 104 Mar
730
Pub Serv El &Gas, pf100 1,300 94 Mar 191 9434 Mar 19 10054 Jan 104% Mar Bryant Park. 160
New Neth•
180
___ Empire
181 94
:295 305
Ma 95
Mar Butch & Drov 160 170 Park
Rets(R)&Co,lst pf_100
100 68 Mar 18 68 Marl8l 68
460 470 Equitable Tr.
:255 260
Mar 7031 Mar Capitol Nat
195 205 Penn Etch_
Sloss-Sheff S& I, pf __HO
1
110 125 Farm L & Tr_ 445 455
9434 Mar 16 9451 Mar 161 9454 Ma 9831 Feb Cent Mercan_ 225
240 Port Morris_ 178
Stand Gas 4,Elec, pf _ _50
500 51 Mar 19
Fidelity Inter5237 245
Mar
Ma 5374 Feb Chase
408 411 Public
Symington temp ctfs_.•17,600 1631 Mar 19 5334 Mar 16 51
:460 4718 Fulton
16 1031 Jan 19
1831
260 270
Mar Chat 4, Phen_ 295 303 Seaboard
Class A
• 4,600 2031 Mar 19 2131 Mar 20 2031 Ma 2331 Jan
458 465 Guaranty Tr_ 315 320
Chelsea Exch' 175 190 Seventh Ave_
1JnitedClgarStores_215.3003 64 Mar 18
120 130 Irving Bank7431 Mar 14 6031 Jan 8131 Mar Chemical
665 670 Standard
Unit Dyewood Corp.1001
300
12 Mar 10 20 Mar 14 12
_
Columbia Tr 246 250
Ma 20
Mar Coal ds Iron
270 280 State.
U S Tobacco
5415 4i5 Lawyers Tr.._ xy225 235.
'I 400(513.4 Mar 19 5131 Mar 19 5131 M
56
Feb Colonial.
500
Vulcan Detinning_ _ _100
Trade*
--1001 8 Mar 20 8 Mar 20 8
147 Metropolitan_ 445 450
Mar 8
Mar Commerce
353 356 United States. 202
Ward Baking, Class B_• 2.2001 39 Mar 17 41
Mutual
Mar 14 39
(West
Mar 4551 Feb Com'nwealth• 300
Preferred
lOOf 1,3001 9631 Mar 19 9934 Mar 14 9454 Feb 9974 Mar Continental_ 215 310 Wsu3h'n Hts•_ 270
cheater)
180
Weber & Hellbroner___•
N Y Trust
Mar 16 5231 Mar 14 51
2001 51
412 417
Mar 5711 Feb Corn Exch
462 468
West'se Eled Instrum_.• 2,6001951 Mar 19 11
Brooklyn
Title Cu & Tr 500 510
Mar 17 931 Mar 14
Jan Cosmop'tan*. 120
Coney Island* 180
Class A
• 1,900f 2031 Mar 19 2131 Mar 16 1931 Mar 23
LT 8 Mtg & Tr 360 370
Jan East River_ _ 225
WestPennPower,pf.lOOf 500106 Mar 16 106 Mar 16
First
450
United States 1650 675
Jan 106
Mar Fifth Avenue* 1700 2666 Mechanics"
Wilson, prefcertifs..1001 1,6001 23 Mar 20 27 Mar 18 104
210
Westches Tr_ 275
18
Mar 42
Mar Fifth
280
Montauk*
200
Brooklyn
• No par value.
First
2400 2500 Nassau
300
Brooklyn Tr_ 725 750
Garfield
338
People's
275
Kings County 2200 SOO
Gotham
135 145 Queensboro• - 166 Fri
Foreign Exchange.—Sterling exchange was steady, but Greenwich'_.. 410 430
Manufacturer 325
People's
660 685
dull and inactive, with rate changes unimportant. The
•Banks marked with (*) are State banks.
5) Ex-dividend. (0 New stock.
Continental exchanges were quiet, but irregular. In the (y) Ex-rights.
434%
iia
minor currencies, Danish and Norwegian exchanges were
strong and achieved new high records for the present rise.
The same is true of Japanese yen.
To-day's (Friday's) actual rates for sterling exchange
were
47534 for sixty days. 4 77M @4 77% for checks and 4 7734(4)4 47534
7834 for
cables. Commercial on banks. sight. 4 7734@4 7731; sixty
days.
47331; ninety days,4 72M (4)4 7354, and docurnents for payment 4 73%40
(6o days),
4 7334@470 Cotton for payment. 4 77M 04 77%, and grain for
payment, 4 77
4 77%.
day's) actual rates for Paris bankers' francs were
To-day's
5 1131(4
51231 for long and 5 104@5 18 for short. German bankers' marks
are
not yet quoted for long and short bills. Amsterdam bankers'
guilders were
39.45©39.47 for long and 39.81 @39.83 for short.
Exchange at Paris on London, 92.05 fr.; week's range, 91.70
fr. high
and 93.05 fr. low.
The range for foreign exchange for the week follows:
Sterling Actual—
Sixty Days.
Checks.
Cables.
High for the week
4 763
4 783(
4 79
Low for the week
4 7431
477
• 47731
Paris Bankers' Francs—
High for the week
5 1434
52031
52431
Low for the week
507
51331
51431
Germany Bankers' Marks—
High for the week
23.81
23.81
Low for the week
23.81
23.81
Amsterdam Bankers' Guilder:—
High for the week
39.54
39.96
40.00
Low for the week
39.45
39.89
39.91
Domestic Exchange.—Chicago. par. St. Louis. 15@25c. per
21,000
discount. Boston, par. San Francisco. par. Montreal,
$.9375 per
$1,000 discount, CEncinnati, par.
New York City Realty and Surety
Companies.
All
prices dollars per share.
Bid
Alliance R'Ity 115
Amer Surety_ 5125
Bond & M 04:
242
City Investi
Preferred __ - _
Lawyers Mtge 5200
Ask
129
248
205
Bid
Mtge Bond.._ 135
Nat Surety__ 5203
N Y Title &
Mortgage _ _ 295
US Casualty_ 320
US Title Guar 232
Ask
ioi
305
335
242
Bid
Realty Assoc
(Bklyn)corn 190
1st pre
90
2d pref_ _ _ 81
Westchester
Title 0z Tr_ 235
Ask
200
96
834
The Curb Market.—The review of the
Curb Market is
given this week on page 1418.
A complete record of Curb Market
transactions for the
week will be found on page 1444.
CURRENT NOTICES.
—Frazier, Jelke & Co. are preparing for
distribution to Investors a study,
in pamphlet form, of all Chicago local
transportation securities and how
each security will be affected by the pending
traction ordinance to be voted
on April 7.
—Irving Bank-Columbia Trust Co.
has been appointed registrar of the
Preferred and Common stock of the new
American Gas & Electric Co.,
and registrar of the Preferred stock of
the Indiana & Michigan Electric Co.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1431
OCCUPYING FIVE PAGES.
For sale,.during the week of stocks usually Inactive. see precedin
g Page.
HIGH AND LOW SALE PRICER-PER SHARE. NOT PER CENT.
Monday,
Tuesday.
Wednesday Thursday.
Friday,
March 16. March 17. March 18. March 19. March
20.
8 per share $ per share 8 per share 8 per share $ per share
$ per share
Saturday.
rMarch 14.
Sales
for
the
Week.
Shares
STOCKS
NEW YORK STOOK
EXCHANGE
PER SHARE
Range for Year 1925.
On baste of 100-share lots.
Lowest
Fltohest
$ Per share
$ per share
PER SHAMS
Banos for P76110118
Year 1924.
Lowest
Higketi
$ per share i Per Mars
Railroads.
Par
022
25
25
25 *22
25 *22
25
2434 2434 *22
25
200 Ann Arbor
100 22 Feb 17 2712 Jan 12
43 43 *424 45
12 Apr 2272 Dec
4434 4434 43 45
433 4312 1,300 Do pref
4234 43
100 424 Feb 17 48 Mar 2
12118 122
120 122
25 Mar 4614 Dec
11834 12012 119 12034 11812 12038 1194 12012 41,500 Aten Topeka
& Santa Fe_100 11614 Jan 16 127% Mar 2
*95
9512 95 9514 95 954 95 95
9718 Jan 1205 Dec
95 95 •944 9514 2,100 Do prat
100 9212 Feb 17 9538Mar 11
6% 7
6
57
7
861 Jan 9658 Dec
:
6
6 14
64
53
s 8
58 6
7
17,900 Atlanto Birm & Atiantle 100
3 Jan 14
160 160
712 Mar 6
15712 1574 156 15718 157 15712
15
5 Dec
155 157
15612 15914 4,600 Atlantic Coast Line R11-100 1474 Jan 16 166 Mar 3 112 Feb
797 813
8
8 7812 81
7818 797
Jan 15214 Dec
78
7934 78
7914 783 793 39,930 Baltimore 41/ Ohio
4
4
*65
100 76 Feb 17 8414 Mar 6
6534 65 65 *641: _65
52% Apr 847 Dec
64
6434 64 64
6412 6412
400 Do prof
*3712 38
100 64 Mar 18 664 Jan 6
3712 374 363 3714 36
4
564 Apr 6612 Dec
37
4
353 3618 3618 3638 2.100 Bangor & Aroostook
*8814 89 *8814 93 *8814 94 •8814 93
50 351
4Mar 19 424 Jan 15
7 *8814 91
3934 Dec 4414 Dec
*8814 94
Do pref
424 428 4118 43
4012 4114 40
401: 374 4014 39% 4034 17,900 Bklyn Manh Tr v t c___No 100 90 Feb 19 9412 Jan 5 86 Jan 95 Nov
8134 8134 SO
par 3518 Jan 5 45 Feb 10
80 *77
g
1312 Jan 417 Dec
80 *77
80
784 7834 *77
80
300 Do pref v to
No par 72% Jan 2 8134 Mar 14
4834 Jan 7534 Dec
*50 514 *50
51
*50
51
*50
51
*45
5112 •50
51
Buffalo Rochester dc Pltts_100 53 Mar 5 77 Jan 28
1474 14714 14618 14714 14618 147
40 May 688* Dec
14614 147
14512
100 14512 Mar 19 15234 Jan 8 14234 Mar
*295 300 *290 300 290 290 284 284 275 1474 14612 1467 11,600 Canadian Pacific
275 289 290
700 Central RR of New Jersey-100 275 Mar 19 321 Jan 3 199 Mar 1564 NO,
9384 94% 9338 95% 9278 937
9214 931
295 Dec
9234 937
931 9618 17.900 Chesapeake de Ohio
•10718 108 *107 10912 *107 108 *107 108
100 92 Feb 17 988 Jan 15
6734 Feb 984 Dec
107 107 *107 108
Do pret
100
9
100 1064 Jan 6 109 Feb 24
812 9
94
9912 Jan 1091* July
83* 878
84 812
818 818
818 812 3,900 Chicago & Alton
16
100
7 Jan 16 1034 Feb 9
1634 1534 16% 15
314 Apr 1012 Dec
1514 14
1538 1334 144 14
1412 20.200
Do pref
100 133$ Jan 16 1912 Feb 21
•150 160 *150 160 *150 160 *150 160
818 May 1972 Dec
*150 160 *150 160
C CC & St Louis
*35 36
100 148 Jan 5 1641: Feb 11 100 Apr 1504 No:
35
3514 34
3418 .34
35
334 3334 334 334
Chic & East.111 RR
800
*504 56
100 32 Jan 21 361sMar 13
50
5014 4812 48% 4734 48%
21 May 38 Del
2,600
Do pref
1214 1234 1118 1238 10% 1118 1034 ma 4614 4714 4714 48
100 4614Mar 19 574 Jan 2
37 May 62 s Dec
7
1058 11
11
1134 12,600 Chicago Great Western
28 284 27
100
9 Jan 2 15 Feb 7
2818 254 263
4 Apr 117 No:
4 2438 267
.
8 24 4 253
3
4 2618 263 26,000
4
Do prat
100 2434 Mar 18 3238 Feb 6
812 98
7
12 85
8
1012 June 8134 No:
71/ 87
8
534 84
5
638
54 614 204,800 Chicago Milw etc St Paul
1434 17
100
5 Mar 19 1634 Jan 7
1312 1534 134 1478 10
107 Oct 1834 No:
2
14
834 1012
914 107 328.520
Do pref
664 67
100
66
834 Mar 19 2812 Jan 7
6634 64 657
623
4
184 Oct 321 No:
8
.1148 116 *11434 116 *11434 116 *11434 654 6212 6212 631: 65 I 19,509 Chicago & North Weetern-100 6212Mar 19 758* Jan 12
4914 Jan 7534 Dec
116
11434 11434 *11434 116 I
100
Do pref
503 513
4
100 1114 Jan 2 117 Mar 5 100 Jan 1143 Dee
4 491 513
4 484 5034 48 5012
4
49
5012 102,300 Chicago Rock Isl & Pacific-100 44 Feb 17 5414 Mar 3
*97 98
97
9758 9612 9653 96
214 Feb 50 No:
9612 96
96
96
9612 1,400
*8612 87
Do 7% Preferred
100 92 Jan 2 994 Feb 21
8612 87
7634 Feb 97 4 Dee
864 863
4 854 8534 855 8534 86
3
8
87
3,100
*45
Do 6% preferred
49 *45
100 83 Jan 2 8912Mar 3
49 *44
49 *43 48 *43
653* Jan 874 No:
481: *43
48
*9012 100 *9512 100
Chia St Paul Minn & Om-100 491 Feb 21 5912 Jan 13
9612 9612 *9512 98 *94
29 Jan 574 Del
95 *95 98
100
Do pref
5614 564 5512 56
100 94 Jan 7 108 Jan 13
7
5418 54
6814 Apr 94 De,
53
54
53 54
5412 5512 4.300 Colorado & Southern
*6112 64 *61
100 4418 Jan 6 59 Feb 18
64 .61
64 *60 64 •131
20 Jan 49 Nol
64 *61
64
Do 1st pref
100 61 Jan 6 64 Feb 9
50 Jan 85 4 Do
5
*66
57 *56
'
Olt *56
57
6
57
567 567 *56
5712
100
Do 2d pref
•141 1421 140 14212 13812 139 *5
100 54 Jan 21 58 Feb 2
45 Jan 59 Nol
13734 13912 13712 138
1384 1388
*13614 138 135 13614 13412 136
100 13612 Jan 8 14512 Feb 10 10412 Mar 1398. De
13212 1324 132 13312 13318 13613 3,800 Delaware & Hudson
4,600 Delaware Lack & Western_ 50 132 Mar 19 14452 Jan 13 11034 Feb
*43 45
42 42
41
42
41
4112 4014 4014 40
14934 De
40'2 2,400 Denver Rio Gr & West pref 100 40 Mar 20 60 Jan 12
3134 315
8 314 321
304 31
42 Dec 434 De
2912 3012 2912 30
4
3034 302 17,300 Erie
4118 411
4034 424 3953 401
100 2913 Mar 18 34 Feb 24
2034 Jan 35 8 1
4 38 4014 3834 3912 3938
3 4u1
.37 40 *37
Do 1st pref
44)4 25,100
100 38 Mar 18 46% Jan 2
40 *36
39
2858 Feb4914 De
3534 35 4 3612 37
3
371: 37'2 1,600
674 68
Do 26 prof
6513 6714 6418 66
100 3534 Mar 18 4334 Jan 5
2518 Jan 4614 De
6334 6578 6258 6412 64
65'2 23.800 Great Northern pref
365 3634 35
8
100 625
8Mar 19 713* Jan 8
36'2 3434 351j 34
5334 Mar 75 De
35 8 3334 34'2 3514 3558 22,000
3
Iron Ore Properties-No par 333 Mar 19 403 Jan 19
8 241 2533 2414 241
2534 255
4
4
*
26 May 3934 No,
2434 254 2413 251
2512 2614 3,900 Gulf Mob & Nor
*92
95 .92
100 24 Jan 30 284 Jan 7
95 *8912 95
*8912 94 *90
1134 Apr 2913 De
94 *90
94
2312 23% 23
Do prat
100 91 Jan 6 1011: Jan 10
231
2234 233
50 Jan 99 De
2134 23
22% 2234 2278 237
9,800 Hudson & Manhattan
*6412 6512 *65
21% Mar 18 267 Jan 30
653* 6412 65
8
s
205 Nov 2914 De
644 85
85 65 *6413 65
500
11413 11434 11414 115 114 1147s 114
Do Prof
100 644 Feb 18 6634 Feb 2
5714 Oct 6478 De
*115 11712 115 115 *11312 11713 114 11413 114 114's 11458 11538 4,100 Illinois Central
100 11334 Jan 16 11958 Jan 7 10014 Mar 11778 De
114 *113 1151 *114 117
400
Do prat
73 73
100 114 Feb 26 119 Jan 7 104 Mar 11714 De
7214 73 •74
76
73 *74
76
724 7218
50
Do RR Sec, Series A-100 7034 Jan 6 73 Mar 6
1852 1834 1812 184 184 181 *72
64 Jan 73 De
1812 181
185z 1858
500 Int Rye of Cent America-100 18 Jan 8 1934 Jan 29
*59 6012 *59 604 *59 601 13*5812 601 *5812 601 •1812 19
1134 July 1812 No
*5812 6012
Do pref
26
26
100 5912 Jan 2 62 Jan 20
2334 25
2334 2.515 2412 257
444 May 63 No
2358 241
2414 2414 6.600 Interboro Rapid Transit
3614 37
100 23 Mar 9 344 Feb 9
354 3612 35 353
1234 Jan 3914 Jul
4 344 3534 3452 3534 35
35 4 15,900 Kansas City Southern
3
100 33 Jan 16 4012 Feb 21
*5712 59 *58
5912 *58
1734 Mar 415 De
59 •58
59
5812 585
8 585s 585
8
300
Do prat
754 7534 7434 76
100 57 Jan 1
59% Feb 24
743* 7514 7334 75
514 Mar 591: De
72
74
7214 74 21,800 Lehigh Valley
*110 112
50 72 Mar 19 82 Jan 10 03912 Apr 85 De
10912 11012 10814 110
5s
110 111
109 1101 •110 112
2,700 Louisville & Nashville
100 106 Jan 16 1174 Mar 2
87% Jan 109 De
•80
95 *80 95 *80
95 .80 95 •80
95 *80
95
Manhattan Elevated guar_100 80 Mar 7 100 Jan 14
48 48
*48
4812 4714 48
42 Jan 85 De
474 48
47% 4712 :443 4534 2,400
4
Do modified guar
*7
100 4434 Mar 20 514 Feb 9
10
*7
10
*7
10
304 Jan 517 Jul
*7
10
*7
8
10
*7
10
Market Street RI
26
26 •24
74 Mar 11
100
31 •24
101: Jan 2
28 *25
634 Mar 134 Ja
28 *25
27 •25
28
100
Do pref
*4412 461 *44% 46
100 20 Jan 13 28 Feb 14
44% 444 44
20 34ct 42 De
4434 *43
45
4314 44
130
Do prior prat
*17
19 .17
100 4314 Mar 20 52 Jan 3
20 *16
26 •16
41 Nov 7112 Ja
19
16
16 •16
20
314 314
1,000
Do 2d pref
3
100 16 Mar 19 2212 Jan 7
314
3
3
14 Mar 30 Ja
24 3
258 3
278 34 4,100 Minneap & St L
•35
44 *35
100
44 .35
212 Jan 5
44 *35
4 Mar 6
45 *35
15* Jan
4 Ja
45 *35
45
Minn St Paul & 58 Marle..100 44 Mar 12 564 Jan 14
*50 60 *50 60 *50 60 •50 60 *45
2814 Mar 5312 De
58
*50 60
36% 371
Do prat
3514 3714 33% 353* 332 3513 337 347
4
50 June 75 be
344 35% 55,100 Mo-Kan-Texas RR____N 100 68 Feb 18 71 Jan 9
8214 83
8114 8272 80
o par 2814 Jan 2 4014 Mar 4
8112 8012 8114 7938 8012 8018 82
104 May 344s De
16,400
3714 381
Do prof
3678 39
100 7434 Jan 2 87% Feb 5
365 3733 3613 38
8
2934 Feb 7534 De
3533 3612 36
37
29,100 Missouri Pacific
7918 8084 79
801
100 3058 Jan 5 41 Feb 6
7814 80
78
79 4 7712 7812 784 7912 26.600
3
934 Jan 341 No
4
*214 21
Do pref
24 23
8
214 2%
214 213
100 7212 Jan 2 834 Feb 9
214 2% .24 2lz
29 Jan 74 De
*1174 11734 115 11718 11612 12038 11812
1,800 Nat
of Max 26 pref
100
2 Jan 3
234 Jan 12
11812 11812 11812 1194 3,700 New Rys Tex
14 July
3 Di
11958 1201 11812 12078 11634 1194 117 119
On
& Max
100 11314 Feb 21 120%Mar 17
11834 117 11838 11734 1184
934 Feb 12112Ma
*130 132 128 130
12812 129
100 11634Mar 17 12434 Jan 13
1294 130 130 130 *130 132 79,600 New York Central
9918 Feb 11934 DI
9112 911
1,600
YC
9012 911
904 914 904 91
100 124 Jan 8 13714 Feb 24
904 9012 904 9014 2,100 N Do & St L Co
724 Feb 128 DI
3234 338
pref
321 335* 31% 323* 30 32
100 884 Jan 6 9214 Mar 3
30
313s 307s 32 65,400 NY N H
83 May 937 Sal
25
25
237 25
& Hartford
23
2334 224 2388 2234 23
100 294 Jan 19
144 Jan 334 r14
2312 241
24
4,600 NY Ontario & Western-100 2112 Feb 17 3638Mar 2
24
234 231
2314 24
23
2312 23
2718 Jan 7
23
16 May 28 4 NG
227 227
8 1,900 Norfolk
1
12778 1301 12958 1328 1304 13314 131
4
100 22 Feb 17 2678 Feb 25
13138 13412 1325* 13434 112,600 Norfolk Southern
1212 Apr 29 No
.76
82 *76 83 •78 83 *78 134
42 Western
100 125% Feb 17 13452 Mar 20 10212 Jan 1834 Di
82 *784 83 •78
83
Do pref
100 7512 Jan 8 78 Mar 4
68 69
67 6818 65 67
72% Feb 804 Jut
6414 663 s63
0412 64
651 29,900 Northern Pacific
461 463
8
4 46 465, 46
461
45
100 63 Mar 19 7134Mar 6
46
4518
4778 Mar 73 DI
4512
•17
20 *17
19
*1613 1812 1612 1613 1613 4534 *1612 4578 19,600 Pennsylvania
50 45 Mar 18 487 Jan 5
19
4214 Jan 50 D,
19
*70
7012 683 69
200 Peoria & Eastern
4
66
68
100 1612 Mar 18 2078 Jan 12
67
66
934 Mar 2212 N(
66'4 66
667
•808 83 •808 83 *8012 8213 65
4,800 Pere Marquette
100 65 Mar 18 72 Feb 25
8014 803 *80
821 *8014 8212
4012 Mar 73 D
*72
,
73 •72
300
Do prior pref
73
72
72
100 80 Jan 12 84 Jan 16
70
703 *71
73
7112 Apr 8512 At
*7112 73
69 693 69
900
4
Do pref
70s 6712 681
66
100 70 Mar 18 758 Jan 10
67
63 66
6414 69
60 Jan 77 At
77 7812 76
7,500
783
753 767
8
100 63 Mar 19 737 Jan 2
s 7514 767
7414 7614 754 7634 33,100 Pittsburgh & West Va
38 Jan 7514 D,
363 363
4
4 36
Reading
3613 3654 3634 3578 36
50 74% Feb 17 8214 Jan 6
3573 36
517 May 7912 D
36
3618 3,100
*3934 40
394 395 .38
Do 1st pref
39
364 36'2 374 38
50 3578 Mar 18 898 Jan 20
34 Oct561s J1
3812 39
2,200
56
*50
*4912 56 *4938 52
Do 26 pref
50 3614Mar 18 4334 Jan 8 53312 Jan 56 Ji
495* 493 *4838 51
473 4734
7014 7214 6934 728 694 7114 6714
300 Rutland RR pref
100 474 Mar 20 6278 Jan 9
714 6712 69 s 69
32 Jan 66 Ni
3
5112 82
7012 64,700 St Louis-San Franelsco
8112 83
79
79
7934 803
100 574 Jan 16 7378 Mar 3
4
4
1918 Apr 65 D
8014 3,500
50
51
483 507
Do pref A
4
8 477 493* 4778 5012 793 8014 80
100 76 Jan
42% Jan 8212 D
*71/2 72
7114 714 7114 714 7114 7114 4734 4812 484 504 13,300 Eit Louis Southwestern...AO° 47 Feb 20 84 Mar 3
17 533
4Mar 2
71
7114 714 7114 1,100
33 Jan 557 D
2458 23
2418
2434 22 23
Do prof
22
100 704 Jan 19 75 4 Mar 11
2314
577 Jan 74 Ni
3
8 23
24 20.700 Seaboard Mr Line
4012 41
39 4014 374 3918 3712 394 2218 227
,
100 201 Jan 16 2558 Feb 25
%
3718
64 Jan 244 D
1033410434 102341033* 1003 10234 101 10278 10034 3812 3812 3912 10,900
Do Prof
4
100 374 Mar 17 437 Feb 5
10/7 1013 1023 62.300 Southern
8
3
144 Jan 4512 D
4
8712 8812 85
8814 8418 86
85
100 10034Mar 17 10834 Jan 9
8614 85
804 86% 8734 66,000 Southern Paella Co
8512 Mar 10512 Ni
87
875* 86
8612 85 86
Railway
8518 8534 85
100 77% Jan 2 92 Feb 5
853
4 8518 863
384 Jan 793 D
4 4,700
567 5812 544 575
8
Do
8 533 56
4
5114 5578 51
100 83 Jan 2 9234 Feb 25
5$5: 63
545* 88,100 Texas pref
6634 Jan 85 D
*1112 1212 *1112 1212
9
1112 104 1014 10
100 434 Jan 27 5834 Mar 13
194 .9 s 1014 5,600 Third & Pacific
19 Jan 4834 D
7
•64 66 *63 64
*6212 634 *8112 627 *60
Avenue
100
9 Mar 17 1434 Jan
62
624 6218
84 May 1813 Ju
100 Twin City Rapid Transit_100 58 Jan 22 6612Mar 12
1454 14618 145 146
7
3912 8,ct 66 J4
1444 145 144 145
14218 14418 14234 144 30,100
'Union Pacific
7434 7434 74% 7434 74% 7434 *7414 743
100 14218 Mar 19 15314 Jan 10 12633 Mar 15158 D
7411 744 743 743
4
4
*1918 23
700
194 1978 *19
Do pref
22
100 72 Jan 30 76 Feb 26
19
19
1814 184 *1812 19
70 Mar 7012 Al
300
507
*513 52
508 51
4
49
50 50
4834 4834 4834 48% 2,600 TJtilted Railways Inyeet 100 1814 Mar 19 2634 Jan 2
75 lpr 41 D
8
8212 8212 *7912 811: 7514 7838 *76
Do pref
100 4834 Mar 19 61 Jan
78 *77
80
264 Ipr 647 D
80
8
80
900 Virginia Railway & Power_100 644 Jan 14 881:Mar 3
25% 2512 248 26
2453 2514 2414 2514 2418 25
2
36 Feb7234 Ju
25
257 70,900 Wabash
5
63 8 64'z 6314 6514 6314 6434 6314 8412 6318 6414
100 2058 Jan 21 2612Mar 12
6412 664 98,400
1034 Jan 2438 D
•43 45 *43
Do pret A
45
43
44 *42
100 5534 Jan 20 6612Mar 12
45 *43% 441
34 Jan 6034 D
1,300
14
Do pref B
144 133 14
3
1212 134 1233 1333 1233 1278 434 46
100 3812 Jan 2r 48 Mar 12
224 Jan 4233 D
124 13
14,100 Western Maryland
22
*21
20
2078 17
100 123 Mar 19 1733 Jan 9
17
1634 18
3
1634 1712 1734
833 Jun
1614 D
6.500
Do 2d prof
4112 444 4113 44 .
4033 4238 4018 4178 3958 4112 4034 18
100 1634 Mar 18 2614 Jan 9
1514 May 2614 D
434 28,700 Western Pacific
93 934 92 9378 87 9134 8918 9018 89
100 2114 Feb 17 55 Mar 11
1434 Jan 3678 D
9012 92 92
5,600
Do pref
14
14
1314 14
100 844 Jan 6 100 Mar 11
5
12 4 1314 1212 13
1218 121
58 Jan 864 D
1258 13
8,900 Wheeling & Lake Erie Ry_100 1218Mar 19 1612 Jan
27
26
27
27
2512 26
25 2512 24% 25
7
74 Jan 1712 D
*2512 274 4,100
Do prof
100 2418 Mar 19 315 Jan 7
8
1414 Jan 3212 D
Industrial & Miscellaneous
66
66
*65 67
66
__ *121
122 122
98
*95
9412
97 *12214-97
16
16
16
16
154
*52
54 *494 53
50
• Bid and asked prices.
66
*651: 66
66 66 •6614
.... 121 121 *120 123 *120
94% *934 95
95
95 *94
1512 14
5 14
3
1412 1434 *1434
5012 50 50
50
50 *50
z Ex-dividend.
b Ex-rights.
73
12312
95
1514
52
400
200
400
1,900
400
Abitibi Power & Paper_No par 62 Jan 6 67 Jan 10
All American Cables
100 119 Jan 5 125 Feb 4
Adams Exprees
100 91 Jan 5 1034 Jan 9
Advance Rumely
100 1312 Feb 20 17 Mar 13
Do ore!
100 47 Feb 18 5412 Mar 13
61 Dec 84 D00
9612 May 12212 D00
7312 Jan 931: D00
6 June 1638 1:1 ec
281,June 54 n so
1432
New York Stock Record-Continued-Page 2
see second page preceding.
For sales during the week of stocks usually inactive,
PER SHARE
PER SW A.RE
Ramie for Previous
Rance for Year 1925.
STOCKS
Sates
Year 1924.
-PER SHARE. NOT PER cgArr.
SION AND LOW SALE PRICES
basis of 100-share lots
On
NEW YORK STOCK
for
EXCEIANGE
the
Prtday.
Lowest
Wednesday. Thursday.
TuesdayMonday.
Saturday.
FlWheat
Lowest
Week.
March 14. March 15. March 17. March 18. March 19. March 20.
per share $ Per share $ per share $ per shots
Indus. & Mincell. (Con.) Par
Per share $ per share $ per share Shares. Air Reduction. ino____No par gal Jan 30 11112 Feb28
6714 Jan 93 Dee
s
per shore
Per shire $ per share
22,400
93 102
412 May 1412 Dee
4
1
/ 974 93
994 974 93
984 1024 974
1003 101
s
50 ID Mir 19 14 Jan 3
1134 14,000 Alas Rubber. Inc
11
14 Feb
11
.05 Dec
38 Jan 14
4
1112 103 1112 10
11
1134 114 114 13
.15 Jan 2
10
Alaska Gold Mine!'
112 Mar
78 Jan
4
13 Mar 5
6
1 Jan
10
134 3,39) Alaska Juneau Gold Min
158
Mar 8712 Dee
4
/
65
4
/ 11
11
4
/
4
/
11 11
4
/
1
/
14 11
4
/
11
8
PS
'14 11
4
/
& Dye.5's par 81.5 Jan la 931255,r 3
8 8314 8112 8112 8512 35.210 Allied Chemical
857
a.Pr 11852 Dee
854 81
8412 8612 85
81112 ST
100 117 Jan 9 120 Fob 26 110
Do pre(
1,390
8
8
415 May 7382 Dee
11712 11814 113 113 .1175 118 .11712 113
*11712 119
113 113
100 71 12 Jan 5 8518 M ir 13
824 8314 61,200 Allis-Chalmers Mfg
2
Apr 1047 Dec
90
804 8212 794 8312 8914 814
1 7912 84
8312 847
100 10314 .fsn 3 107 Jan 20
Do prof
209
105 1054 •105 107
712 Apr 1712 July
*105 107 *105 107 *105 107 .105 107
8
1312M tr. 11 2I7 Feb11
Agricultural Chem_100
2
1414 1614 1312 1512 108 1518 10.109 Amer pref
1834 Apr 495 Jan
1414 15
8 1512 17
164 167
100 37 M ir 11 554 Feb 10
Do
4212 9.750
41
42
37
45
36 Mar 4912 Feb
46
454 444 43
44
47
*46
8M ir 11 43 Jan 7
100 333
4,400 American Beet Sugar
3718 33
2 354 33
3318 337
31
6812 Oct 83 Dee
3914 39
394 394 39
10 8712 Jan 6
100 89
Do prat__
81
*81
81
*81
2
81
*81
2214 Apr 387 Jan
4
4
8034 84 .803 85 .801 81
•
5412 Jan 3
7
2)8 10,60) Amer Bosch Magneto_No Dar 294 34 tr. 11 Ma Fob 28
254 234 2318
Apr 102 Dee
2112 3112 2112 30
78
34
32
3412 35
M ir 13
59512 9512 3,303 Am Brake Shoe & F____No par 9
9512 9512 9512 96
10414 July 110 Mar
97
4
973 9334 954 9314 9514
100 10712 Jan 12 11014 Mir 7
Do pref
-----•l09
110
*109
2
•103
957 Apr 18312 Dee
•108
4
1073
•
100 15318 Jan 15 135'2551r 6
Can
Oot
41
170 1753 17012 1714 17314 17514 310,239 American
Jan 119
1763 18114 176 13134 16114 173
4
4Mir 91 109
100 115 Jan 29 111,
ilo pre?
410
11712 11712
3117 11!)
*117 119 1'
4
4
•11812 11912 *11834 11912 51173 1173
23114M ir 6 1534 Mir 20012 Dee
4
21') 2121 13,900 American Car & Foundry_ _100 192 Jan 5
215 21112
209 215
4
222 225 s213 2234 212 218
100 1214 Jan 9 12512 Feb 18 1183 Apr 125 July
pref
Do
*123 125 •120 124 '•120 124 *118 124 •118 121 •118 125
2138 Mar 25 Sept
Jan 2 27 Fob 14
8 1.411 American Chain,class A _ _ _ 25 2234 Jai)27 53 M ir 21
2414 52312 235
24
2312 2334 •
2
1434 Apr 407 Dec
214 234 24
8
245 2452 24
No par 37
4,500 American Chicle
53
55
8
47l
4812 483 51
48
5112 Feb 9312 Dec
4734 474 47 4714 47
100 94 Jan 5 9318M tr 19
Do prof
95's
9618 9618 961s •93
9518 .93
23 Sept 39 Dee
*93
954
964 *92
5
*9
No par 37 Jan 7 5314 M ir 2)
Do certificates
2,999
5312 533
50
4
46
Oot
45 45
7
4518 444 45
312 June
434 434 44
614 Jan 22
514 M ir 17
4 2,290 Amer Druggists Syndicate. 10
54 53
4
512 54
4
51
Apr 1643 Dee
54
88
512 512
54 54
4
1
/ 54
5
100 133 M ir 17 166 Jan 2
7,400 American Express
145 147
138 14014 141 14711 142 143
14212 14334 141 146
2
8,60/ Amer & Foreign Pow__ _No par 233 Mar 17 39 Jan 7
2914 2918 2914 294 3112
3012 284 2912 29
3014 3012 30
-Vo par 87 Jan 6 94 Fob 19
Do pref
4
8312 8312 833 834 4,200
3
1735*
- -90
9212 Mar
91
9212 58313 894 874 834 83
120 Feb 17 12718 Jan 7
Do 2.5% paid
902 Apr 133 Dee
*118 124 *115 121 •116 123 .115 121 •115 123 •116 123 -----125 Jan 6 128 Jan 7
Do full paid
4
1
/
714 Apr 14 Dec
14 Jan 14
.17
11143.111
400
1114 -f4
12
4
;114 121 lllj IIlj 1114 -111- •11- 6314 6312 -1 4 -114 -1144 4,30) American Hide de Leather_100 67 Fob 17 7078 Jan 14 5012 Jan 7238 Dee
100
Do pref
8
634 697
633
63
69
6912 704 68
72 Aug 98 Feb
•701,/ 71
100 83 Mir 14 9312 Jan 12
8514 873
85
4 6.80) American Ice
8718 81
7312 Nov 83 Feb
4 874 884 8618 8718 83
O88 883
100 7112Mir 17 8014 Jan 7
Do prat
510
4
4
7412 7412 7412 7412 743 741 *7514 7514
1732 Mar 3538 Nov
75
75
77
*74
17,700 Amer International Corp_ _100 33 Jan 6 41 Feb 6
31
33
314 314
344 3.314 31
4 33
3112 363
10 May 1214 Jan
36
36
10 1114 Jan 2 14 Jan 15
FE
3,400 American La France
.1112 12
4
*113 12
4
12
113 12
4
4
133 May 283 Dee
1214 12
1214 1212 1214
8
100 23 M ),r 13 293 Feb 3
2318 2318 1,091 American Linseed
23
2318 23
1
/
234 234 23
30
Apr 534 Dec
8
3
25 8 253 *244 25
100 53 Jan 2 6512 Feb 20
Do pref
703
57
57
57
56
53
54
53
4
53
.5912 60
62
7018 Apr 1093 Dee
•60
5 144M u 6
53,301 American Locom new_ _No par 10412 Jan
4
14018 1423 51334 1374 13012 13112 13018 13314 13014 13212 13112 13212
100 1131234 It 29 121 Feb 16 11614 Apr 12012 Sept
Do pref
100
11812 11812
311814 120
4
393 June 54 Dec
4
13122 1223 .120 12212 .120 12212 *119 12114'
2
No par 474 55ir 19 533 Jan 2
4718 4714 4712 434 5.000 American Metals
484 474 474 474 43
8
485 484 48
100 11412 Feb 3 11612 Jan 8 10714 Apr 11512 Dee
On prat
*112 11412 .112 11312 *110 11112 .109 11412 .109 1114 •l09 11512 2,800 American Radiator
944 Apr 136 Dee
25 394 Jan 3 105 Jan 17
8
95 12 9518 957
95
95
91
95
94
95
98'4 9712 95
7712 Nov 83 Oct
200 Amer Railway Express_ I00 7814 Mar 17 84 Jan 13
80.
*7814 817 .
3 79
7314 7814 *7814 82
Jan 48 Dee
7814 82
82 •
25
*79
48 Jan 8 6614 Jan 17
200 American Republies___ no pa
59
57 •
50
•49
56
55
59
59 •56
54 Apr 1014 Nov
4
*56
593 *56
Mar 12
8
8 5112 524 27.700 American Safety Razor_ _ _100 357 Jan 2 5914
517
8 49
554 4912 5212 4912 517
1
/
51
1012 Oct 154 Feb
5514 57
10's Mar 19 142 Feb 28
Amer Ship & Comm_ __No par
8
107 114 8.300
2
114 1212 114 1218 1114 1112 114 1112 1012 11
574 Jan 1003 Dee
8
9612 38,600 Amer Smelting & Refining.100 9212 Feb 17 1063 Feb 10
8
8 921 943
4 95
8 9318 957
9418 957
8
Jan 1075 Dee
2 9418 97
975
96
97
8
100 10512 Jan 5 1103 Feb 5
Do pref
800
103
103
103 108
108 108 •108 109
3312 Apr 49 Dec
*108 10912 10814 109
__33 1-3 46 Jan 30 54 14 Mar 4
4
493 16,400 Amer Steel Foundries_
434 484 49
4314 49
49
5034 48
49
2
507 51
100 108 Jan 7 11014 Mar 4 10114 Apr 10914 Nov
Do pref
•10312
•10812 _
-•1084
4
•10814
•10814
Oct 613 Feb
36
•110
8
39,590 American Sugar Refining_ _100 475 Jan 16 e94 Feb 23
6114 63
4
8 593 61
8
6414 6012 6214 6014 623
Oct 997 Feb
634 6414 62
77
100 914 Jan 16 1012 Feb 28
Do prat
600
9814 9712 974 *974 984
08
99
632 July 2812 Jan
9934 9912 9112 98
*99
4,200 Amer Sumatra Tobacco_ _100 1014 Jan 20 2412 Feb 14
15
1414 15
14
Jan
2 1414 1412 1412 154
69
144 163
2212 Sep
16
15
100 3612 Mar 12 56 Feb 13
Do pref
400
43
4012 43
40
41
*38
*39
43 .3312 45
3814 Dec 4312 Jan
•401z 46
100 Amer Telegraph & Cable_ _100 4014 Jan 8 47 8 Feb 25 12118 June 13484 Dee
42
42
43
•42
46
•40
46
•40
46
•40
46
42
•
100 1234 Jan 15 1363 Jan 3
14,00) Amer Telep & Teieg
1324 13312
8
2
13512 136 51323 1324 13214 1323 132 133
135 4 136
3
50 85 Feb 17 914 Feb 9 13658 Ma 1694 Nov
9,500 American Tobacco
8
4 8614 8712 873 83
Apr 10612 July
4 8614 874 87 873
8 8712 883
884 887
100 10112 Jan 5 106 Feb 17 101
Do Prof
700
1014 105 *1014 105
s
13514 Ma 1683 Nov
10514 10514 10514 10514 105 105
105 105
Do common Class B____50 8412 Feb 17 894 Feb 9 106 Sept 115 Sept
8
8614 8612 867 8712 13,500
8618 87
861s 87
88
8814 87
87
10314 Jan 16 11214 Jan 2
400 American Type Founders100
104 104 *101 103 •106 103
40 Feb 144 Dee
104 106
•106 108 •106 108
4514 Mar 20
3
8
437 4614 47,500 Am Wat Wks dc El--------20 34 8 Jan 13 103 Feb 18
4414
4 4114 444 43
423
40
8912 Ma 101 Dee
45
8 42
443
41
100 100 Jan 9
Do 1st pref(
7%)
400
8
4
1015 1013
4
66 Feb 102 Nov
*102 1024 1024 1023 10234 10234 *10112 10212 *10112 102
Do partle pf(6%)--- 100 9512 Jan 2 103 Mar 13
900
2
787 Jan
5114 Sep
10212 10212 10212 10212 10212 10212 10112 102 •102 103
4
1
/
103 103
100 37 Mar 13 64 Jan 6
American Woolen
2
8
4112 3714 394 333 4014 93.800
8 37
404 417
90 Oct 1025 Jan
44
424 444 40
8
783 Mar IR 964 Jan 20
100
Do pref
7912 8112 10.200
783* 8014 7812 80
s 794 81
833
85
8514 579
7 Jul,
14 Apr
74 Jan 3
4 Mar 17
600 Amer Writing Paper pref..100
418 418
4
4
4
1214 Dec
4
4
4
7 Ma
412
44 *4
.4
714 Mar 19 1213 Jan 9
8 12 2,000 Amer Zino. Lead & Smelt- 25
8
3678 Dec
714 712
3
78 8
818
8
24 Jun
84 84
4 912
*8
25 25 Mar 17 39 Jan 9
Do pref
4
/
271 1,800
8 27
2714 2612 267
26
27
26
2812 May 484 Dee
29
2714 28 •27
50 3712 Mar 18 48 Jan 3
8
29 Dee
374 3812 374 3814 377 384 31.700 Anaconda Copper Mining.par 26 Jan 7 3514 Feb 13
284 De
4
1
/ 39
5
39 8 4014 3912 4014 37
1,600 Archer. Dan'Is Midi'd_No
32
*30
30
29
914 Dec
8 30 30
4 30 307
90 De
324 3234 3112 323
gull Jan 5 9614 Feb 16
100
Do pref
200
96
96 .94
•94
8
4
•903 96
943 Dee
95
4 95
8314 Jun
953
14
*95
96
*95
910 Armour & Co (Del) pref _ _ _100 91 Jan 29 97 Feb 28
92
92
92
Jan
914 9134 92
92
Oct 15
6
9312 924 9212 92
93
8 Jan 5 1212 Jan
3.400 Arnold Constle&Covto No pa
10
9
4
4 83
83
918
9
Jan 1044 Nov
2
79
94 93
94 94
94 914
5 193 Feb 28
100 128 Jan
3,009 Associated Dry Goods
181 185
175 181
4
1743 177
173 179
8312 May 94 Nov
179 18012 •177 182
100 94 Jan 7 994 Mar 12
Do 1st pref
200
4
99 •983 100
4 99
4
4
1
/
•99 100 .983 993
Jan 102 Dee
89
*9914 100 •994 100
100 101 Jan 2 10814 Feb 7
Do 2d prat
200
8
2712 July 345 Feb
*10212 105 •103 105 *10212 104 *10212 104 •10212 10312 103 103
4
25 323 Mar 19 3912 Feb 2
1 334 314 17,700 Associated Oil
3234 335
8
23 Dee
1034 Ma
3312 3514 334 344 335 34
3412 35
Atl Gulf & W I SS LIne....-100 20 Jan 5 41 Mar 3
4
3138 3314 323 344 18,500
33
31
32
1212 Jan 314 Des
4
3214 3314 3018 324 30
31 Jan 5 473 Mar 3
100
Do pre?
4 2,800
4012 403
40
3912 404 40
784 July 1404 Jan
3912 3912 3834 394 394 40
100 954 Jan 2 11711 Feb 5
9,700 Atlantic Refining
1057 10612 1054 110
8
Oct 118 Feb
107 1114 105 10512 10512 107
108 112
100 11312 Jan 6 11514 Mar 19 108
Do pref
200
4
4
2
115 115 *1143 11514 11514 11514 .115 1151
47 Apr 543 Feb
524 Feb 24
116 •114 115
•115
3
497 Mar 19
No pa
500 Atlas Powder
4934
494 494 •49
50
50
93 Dec
50
8212 Fe
4
/
511 50
4
/
511 *50
*50
100 92 Jan 14 94 Jan 9
Do pref
100
8
923
392
9318 '
9414 .92
1112 Jan
9212 9212 *92
5 Jun
93
*9212 93
•92
94 Feb 16 1212 Mar 7
No pa
400 Atlas Tack
8
11
•1114 113
1112 11
1812 51a
3312 Des
1113 .11
8
8
1114 1114 115 115 •11
2112 Mar 19 3212 Jan 12
4 4,000 Austin. Nichols & Co_ No pa
25 3
25
2512 2412 25
25
91 Nov
79 AD
2512 26
2534 27
2
3
.26 4 27
100 873 Jan 27 9218 Mar 4
Do pre?
91
*88
91
9112 *90
812 Jan
14 Nov
9112 *91
914 *91
34 Feb 26
4
913 *90
s
17 Jan 7
90
0
300 Auto Knitter Hosiery_.No pa
4 3
.23
323
234 24 ' 4 3
2
4
2
4 23
23
.234 3
146 Feb 26 1041 May 1343 Dee
3
*2 4 3
4
12714 1283 134,900 Baldwin Locomotive Wka_100 125 Mar 18
8 128
4
125 1293 1253
1274 130
3
134 135 4 1294 135
June 11713 Nov
8
100 112 Mar 19 1163 Jan 31 11012
Do prof
300
113
113
112 112
14 Feb 2312 Dee
•____ 114 •110 114 •____ 113 *____ 113
25 2112 Jan 21 30 Mar 3
2512 40,300 Barnsdall Corp. Class A
24
2212 24
2212 25
Jan
1712 Die
25
10
2418 2618 24
25 17 Mar 19 23 Feb 6
2514 26
Do Class B
1914 2,500
19
18
1914 17
19
20
2312 Nov 39 Dee
8
19
194 20
2012 21
No par 35 Jan 5 497 Mar 4
Barnet Leather
100
40
394 3912 *33
40
35
42 •
Jan
3912 May 59
42 .35
42
*35
8
433 Mar 19 5314 Feb 14
*35
No Par
4
1
/ 4412 4414 4414 1,800 Bayuk Cigars. Eno
14
4434 Apr 72 Dec
4518 454 4412 4412 43
45
4712 45
20 62 Mar 19 7412 Jan 10
*48
10,200 Beech Nut Packing
6214 624 64
62
4
373 Oct 8212 Feb
6212 6412 6214 64
3
66 4 634 66
100 3912 Mar 18 5312 Jan 13
66
Corp
3
42 8 58,600 Bethlehem Steel
41
Feb
Apr
4412 4212 4438 4112 4312 3912 425s 4018 4112 109 109
43
Co cum cony 8% pref_100 109 Mar 18 1164 Feb 8 10114 June 11014 Feb
600
109 110 •110 112
97
8912
110 110
III 111
100 9414 Mar 11 102 Jan 31
*110 112
Do pre? new
400
74 Jan
35 June
8
9612 9612 964 9614 9518 9.518 9614 9614
7 Jan 10
97
434 Mar 14
*96
99
4196
No Par
2,700 Booth Fisheries
5
5
5
5
44 5
6 Aug
358 Jan 26
114 Nov
478 5
3 Jan 5
100
4 5
0
4 5
43
100 British Empire Steel
*24 314
*24 314 *212 3
3
30 Aug 54 Mar
3
4
314
100 30 Jan 5 333 Feb 25
312 *3
*3
Do 1st pref
31
2
157 Jan
33 •____ 31 •____ 31
•
5 Nov
1114 Feb 24
Jan 21
33
814
100
33 .30
30
4
Do 2d pref
600
10
10
10
10% 10
8
10
100 1205 Jan 2 133 Jan 7 10714 June 12412 Dee
101s ;15Fs 104 •10
*94 10
12812 1291s 1284 1294 3,800 Brooklyn Edison. Ins
129 130
4
1
/
564 Apr 823 Dec
7
7512 Feb 17 83 8 Jan 22
4
1
/
127 1284 127 129
12812 129
No Par
8
797 8112 16,200 Bklyn Union Gas
:
39 May 7812 Dec
s 794 8012 791 80
7912 807
82
81
80
100 67 Mar 16 784 Jan 10
80
1,200 Brown Shoe Inc
69
69
70
67
70 .
*67
4
68
84 June 993 Dec
67
69
4
100 9834 Jan 8 1004 Jan 19
.693 7014 67
pref
Do
400
994 994
*9812 101
•981z 101
95 Dec 11212 June
4
1
/
*98 101
9912 •9812 100
100 9212 Feb 11 103 Jan 12
'99
1,300 Burns Brothers
*9512 97
1952 Feb 29 Nov
1712 Mar 19 231s Jan 14
9612 9512 954 9614 9614 9514 96
964 9612 96
Do new Class B cam
1,700
2
183 184 1712 1814 184 184
18
9518 Mar 994 May
18
4
1
/ •1814 19
100 9318 Jan 10 97 Feb 25
1814 18
Do pref
200
*9614 98
*9614 98
1
/
624 Nov 674 Oct
4
964 963 *9614 98
4
*963 98
96 8
4 2 98
2.100 Burroughs Add'g Mach.No par 65 Jan 3 8214 Mar 15
80
4
1
/
4 79511 79 .79
7912 793
94 Dee
79
4
1
/
3 June
4
83 Jan 2
6 Mar 17
5
814 824 82 8214 79
Butte Copper & Zino
4,500
8
614 64 *64 7
618 65
4
6 14
6
17 Apr 251 Dee
1
/
4
1
/
64 6
3
100 18 Mar 17 284 Jan 3
6 4 64
19
2,500 ButterIck Co
1812 1812 19
1852 19
19
20
204 1812 1915 18
May 2512 Dec
244 Jan 9
14
4
..10 163 Mar 19
4
1634 1712 163 1712 6,200 Butte & Superior Mining- par
44 Jan
4
3
18 4 173 1814
1 Nov
4
1
/
2 Jan 12
1 Mar 17
1814 1914 18
53 19
18
118 3,200 Caddo Cent Oil& Ref __No
118
118
1
118
1
118
1
80 Apr 1064 Dee
No par 10012 Jan 27 110 Feb 21
14 14
14 114
1,100 California Packing
102 1024 •103 10312 •I03 104
102 102
194 July 2914 Feb
8
8
25 237 Jan 2 327 Mar 7
10212 103
•103 105
4
1
/ 3012 128.300 California Petroleum
28
4
1
/ 284
Jan
4
2718 2814 273 2914 27
9212 July 107
:
2812 31
31
100 100 Jan 2 1131 Mar 6
30
Do pre?
3
4
1
/
107 1083 10712 1094 3,600
4
54 Jan
212 May
314 Mar 20
4
43 Feb 19
•11114 11212 10914 11112 10714 10918 51073 109
10
8 4,800 Callahan Zino-Lead
314 33
4
1
/
8 3
33
312 312
312, 312
4
/
411 Mar 8832 Dec
312 312
7
10 494 Mar 19 68 Jan 7
4
1
/ 38
3
2,500 Calumet Arizona Mining
52
is, July
12 Mar
8012 8012 8212 804 494 494 50
51
*
51
No par
511s 51
Case (J I) Plow
1318 May 1912 Dec
4
1
/
25 14 Mar 19 18 Jan 6
4
1414
14
7.
14 Mar 35 Dec
s
s 114 ;Ni -114 143* -112 24 11- 25 )14 2634 141- 1,800 Calumet & Hecla
;Ni Machine__No par 24 Mar 18 304 Jan 23
4 1.500 Case Thresh
273
25
Jan
26
25
25
414 May 77
254 26
27
•25
100 60 Mar 11 674 Jan 14
Do prof
1,200
63
•60
60
60
61
60
978 Mar 2152 Die
60 60
6312 60 60
100 1512 Mar 18 2134 Feb 7
Leather
4 154 164 154 1612 164 154 8,000 Centralpref
163
294 Mar 5814 Dee
5
14 1712 16 8 1714 16
17
100 5218 Mar 19 66 Feb 7
Do
10,800
5212
2514 Apr 354 Nov
5518 857
554 524 5312 5212 5312 5215 5314 434 5372 3,400 Century Ribbon MillsNo par 3112 Jan 5 471 Mar 11
:
3 55
44
4212 4234
44
Jan 0512 July
91
434 4412 4212 4314 42
45
45
4
100 9512 Jan 3 983 Jan 14
Do pref
100
3 953
4
4
1
/
40 Mar 564 Dec
9712 *9612 9712 *9612 9712 9612 964 *953 984 *95 4 48
Jan 2
•96
28,400 Cerro de Pasco Copper_No par 444 Mar 18 554
4 4618
453
4514 474 4472 4652 45
8
247 June 4411 Dec
4
1
/ 483
4 474 49
48
4Mar 2
7,200 Certain-Teed Produota.No par 4114 Mar 18 481
423
4 424
414 424 4114 4214 4114 413
8
267 Nov 664 Jan
5
444 4414 42 8 44
2
8,200 Chandler Motor Car_ __No par 2812 Jan 22 367 Jan 3
32
4
794 May 1004 Des
3112 3212 3152 3212 313 3212 314 3234 531
3134 32
5
.100 804 Mar 19 98 8 Jan 3
4
8 7,000 Chicago Pneumatic Tool.
803 843
804 81
8012 8114 8012 81
39 May 6112 14Pr
804 82
82 82
Yellow Cab__No par 48 Mar 18 55 Jan 3
2,100 Chicago
4818 53
48 •
48
49
4 48
503
4
251 Mar 384 Dec
52 5212 50
1
/
*514 53
25 3114 Mar 19 37% Jan 2
8
315 321 32,900 Chile Copper
314 32
4
/
4
/
15 Mar 29 Dec
334 33 4 324 3312 311 3212 311 32
3
4
/
5 2014 Mar 20 281 Feb 9
1,700 Chino Copper
2118 2014 211
217
s 21
224 21
*23
55 Oct 754 Jill)
2312 2312 2312 22
4
100 5812 Mar 17 711 Jan 12
CO
600 Cluett,Peabody &
63
*61
8 6114 6114 63 63
5812 585
s
6212 597 60
60
4
x Es-dividend
a Ex-rights.
•Bid and asked prices: no sales on this day.
New York Stock Record-Continued-Page 3
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 14.
Monday,
March 16.
Tuesday,
March 17.
Wednesday. Thursday,
March 18. March 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
ran 011.111.
Range for Year 1925.
On basis of 100-share lots.
1433
rISS OH ANIS
Range for Previous
Year 1924.
Friday,
March 20.
Lowest
Highest
Lowest
Highest
per share $ per share $ per share $ per share 8 per share $ per share Shares. Indus. & Miscall.
$
(Con.) Par $ Per share $ per share $ per share $ per share
8812 89
873 894 871 8814 8712 833
/
4
4
8 875 8314 885 891 10,100 Coca Cola Co___ ______ No par 80 Jan 6 9214
8
8
/
4
Feb 10
61
Apr 8318 Deo
424 434 41
4352 3518 4118 3512 3834 353 3712 37
/
1
4
384 47,400 Colorado Fuel & Iron.
100 3518 Mar 17 4814 Jan 13
2478 Feb 544 Aug
*47
4812 47
47
1614 4634 4612 4612 46
46
4612 4612 1,100 Columbian Carbon v t a No Par 46 Mar 19 513 Jan 8
4
3934 Sept 553 Jan
8
5512 5618 5452 We 5258 5412 53
513
8 5314 513
8 5134 5738 48,300 Col Gas & Elec
No par 4514 Jan 31 59 Feb 28
33 Mar 43 Dec
/
1
4
.10512 106 .105 106
106 106
106 106
106 106
600
106 108
Do pref.
100 10414 Jan 5 107 Jan 26 10314 Dec 105 Dec
63
63
63
63
62
62
6218 61
62
61
61
61
1,100 Come! Invest Trust__No par 50 Jan 2 67 Feb 18
303 May 58 Nov
8
103 103 .1003 104 .100 4 103
4
3
10212 103
102 102
10212 10212
500
Do pref
100 102 Mar 19 10612 Jan
93 May 103 Nov
112 145
14012 1413 131 135
4
128 140
13914 140 213934 14512 4,400 Commercial Solvents A No par 10912 Jan 9 190 Jan 19
29
4312 Jan 1314 Des
14112 142
13934 14134 126 132
129 140
13512 1404 140 146
Do "B"
5,000
No par 10712 Jan 9 189 Jan 29
33
Jan 12912 Deg
3838 3914 36
387
2 3512 37
3112 365
/ 3612 364 3814 47,600 Congoleurn Co
8 35
1
4
No par 3412 Mar 18 434 Jan 2
323 May 663 Feb
8
.278 3
4
2
/ 3
1
4
278
278 .27
8 3
.27
8 3
.27
8 3
500 Conley Tin Follstamped.Vo par
23 Feb 16 17 Feb 10
4
73 May
4
1414 Dec
2718 28
7 273 28
8
2612 27
2634 27
27
27
2712 30
1,500 Consolidated Clgar
No par 2612 Jan 2 3214 Feb 19
113 Mar 30 Nov
8
8712 .84
•84
87 .84
86
84
*80
81
8512 *81
86
100
Do pre(
100 793 Jan 2 897 Feb 14
4
8
5912 Apr 84
; 67 . 6
8
/
1
4
Jan
672 7 4
3
67
8 84
64 67
8
612 614
612 714 15,709 Consolidated DIstrIb'rs No par
318 Jan 7
9 Feb 19
/
1
4
18 Jan
f 7614 7714 7512 7714 7514 76
33 Dec
4
7513 754 7518 754 751 764 13.800 Consolidated GaS(NY) No par 741 Feb 17 781 Feb 10
/
/
1
4
/
4
/
4
804 Jan 794 Dec
312 34
34 312
3
314
3
3 18
24 3
/
1
27
8 318 13,705 Consolidated Textile___No par
27 Mar 19
8
54 Jan 7
23 Apr
8
63
835
8 625 634 62
8
Jan
8
/
1
627
8 6112 6212 611 6212 6214 623 15.900 Continental Can, Inc
/
4
4
100 613 Mar 19 897 Jan 2
8
8
4312 Apr 894 Dec
11012 111
10912 11012 109 110
/
1
109 109
103 103
10312 10312 2.000 Continental Insurance
25 103 Jan 5 12012 Jan 28
8912 Apr 10918 Dec
8
/ 94
1
4
9
914
83
4 9
83
4 8
/
1
4
84 8
/
1
4
28.500 Continental Motors___No par
83
4 9
84 Jan 2 103 Jan 13
8
8 Apr
8 Dec
/
1
4
3918 40
39
401
2 3812 394 385 39
8
3834 39
/ 3914 4018 16,800 3arn Products Refin w 1
1
4
25 3818 Feb 17 411 Feb 25
/
4
3112 Jan 4334 Nov
.12212 123
12234 1228'122 123 *12214 123 *13214 1224 1221 12234
/
1
/
4
600
Do pref
100 11818 Jan 7 123 Feb 6 11518 Apr 1233 Aug
3018 31
4
2912 3112 2614 29
2714 2914 273 29
/
1
4
2314 30
4
/ 63.500 Cosden & Co
1
4
No par 2614 Mar 17 351 Feb 2
/
4
225 Sept 4014 Feb
8
.8712 885 .8614 864 864 865 .8612 8312
8
/
1
/
1
8
8312 .85
83
100
Do pref
100 83 Jan 2 903 Feb 10
8
80 Dec 95 Feb
7414 754 73
/
1
7615 63
71 8 67
,
7114 664 7018 685 70
62,390 Crucible Steel of America...100 6612Mar 19 794 Jan 17
8
48 May 76 Dec
*9512 96
*954 96
9558 951 95
/
4
95
*94
95
•94
95
400
Do pref
100 93 Jan 2 98 Jan 15
88 May 98 Dee
1312 133
4 1318 134 1,3
/
1
1318 13
13
13
13
1314 1312 10,503 Cuba Cane Sugar
1214 Jan 12 115 Feb 9
No par
8
1012 Oct 18
60 6012 5852 60
Feb
/ 575 5812 5712 5818 5712 577
1
4
8
8 53
5918 17,800
Do pref
100 5618 Jan 14 621 Feb 26
/
4
53
/ Apr 71.1 Feb
1
4
3118 3114 304 311 30
/
4
/
1
/
4
3012 291 3014 29
/
4
293
4 30
3018 14,700 Cuban-American Sugar......10 29 Mar 19 3312M tr 3
2814 Nov 384 Feb
.87
91
/
1
10014 10014 .9814 993 •9814 9934 9314 9314 93
4
93
700
Do pref
100 98 Jan 9 101 M tr 13
534 5 8
Jan 10014 Nov
98
7
53
8
512 .514 55
8
514 514
54 51
/
4
54 513 3,200 Cuban Dominican Sug_No par
514 Feb 17
64 Feb 27
/
1
418 June
.4012 4234 4012 4012 40
812 Feb
40 .393 4018 393 3934 .40
4
4
401
/
4
Do pref
300
100 394 Jan 30 4412 Jan 8
38 Dec 52
.6414 6712 .6114 6712 *6412 6618 6414 6414 64
Feb
6518 643 6014
4
409 Cushman's Sons
No par 61 Mar 19 73 Jan 19
581z Aug 763 Sept
534 5414 52
4
545
8 52
53
5212 534 524 5212 52
53
10,400 Cuyarnel Fruit
No par 50 Feb 17 5512 Feb 24
4518 Nov
7412 Jab
312 313
33
8 4
33
4 413
4
44
34 4
312 33
4 8,000 Daniel Boone Woolen MIlls_25
212 Feb 19
77 Jan 9
8
6
4218 427
Nov
8 39
3214 Mar
4212 37
3912 32
39
33
304 314 3518 50.400 Davison Chemical v t c_No par 32 Mar IS 4934 Jan 23
/
1
.2013 2212 .2012 22
3812 Nov 6912 Jar,
•203 2212 2014 2014 .2012 22
8
*203 23
4
300 Do Beers Cons Mines No par 2014 Mar 13 2412 Jan 28
1814 Jan 2214 Dec
11814 11814 117 118
11612 1163 116 11712 11614 1161
4
/
4•11414 1141 1,900 Detroit Edison
/
4
100 110 Jan 5 119 Mar 7 10114 Jan 1153 Dec
134 134 144 113
4
/
1
8 1414 15
1452 143
4 14's 1414 14
14
3,200 Dome Mines, Ltd
No par 134 Mar 14 1612 Jan 19
•1412 15
113 Nov
4
1412 1412 1412 144 1114 1412 *1414 1412 1412
2014 Jar
14's 1,900 Douglas Pectin
/
1
4106, 10612 *106,8 10614 10614 107
9 June 18 Dee
/
1
4
8
10612 107 *10812 1081 10812 109's 1.000 Duquesne Llght lot pref___100 14 Feb 16 164 Jan 12
4
105
1103 11118 11018 III
4
110 1101 10814 110
/
4
10318 1104 11014 11018 7,200 Eastman Kodak Co____No par 10318 Jan 7 1074 Feb 9 10012 Mar 10814 Sept
Mar 19 118 Jan 19 10418 Apr 1147 Nov
1414 15
143 147
4
8 134 143
8
4 13
/ 143
1
4
8 131 14
/
4
144 114 4,900 Eaton Axle & SprIng___No par 00012 Feb 13 16 Jan 31
83 Sept2418 Jan
4
144 144
139 14412 139 1403 13812 142
/
1
4
139 14012 141 1421 20,600 El du Pont de Nara St Co__100 13414
4
Jan 5 154 Mar 4 112 May 142 Dec
.9612 98
96
96
9718 9712 .9612 97
9612 961 *9812 98
850
Do pre( 8%
100 94 Jan 23 9712Mar 4
643 65
85
4
Apr 96 Dec
637 65
8
63
814 624 64
/
1
623 64
4
3834 644 11,400 Elec Storage Battery__No par 6218 Feb 17 703 Jan 3
/
1
/
1
4
.812 10
5012 May 66 Dec
.8 4 10
3
.814 10
.814 10
812 813
83 10
4
100 Elk Horn Coal Corn
50
718 Feb 17 1012 Jan 22
213
214
Dec 141 July
11
2
/
4
2'3
2
2
178
178 .112 2
*112 2
1,200 Emerson-Brantingham Co_100
134Mar 9
212 Jan 3
•6778 6S34 68
/ Jun
1
4
312 July
67
/ 653 66
1
4
4
66
663 26114 6414 65
8
65
2,400 Endicott-Johnson Corp
50 6414 Mar 19 72 Jan 9
*
011234 115 .113 115 .113 115 .113 115 *111
5578 May 733 Dec
8
113 *113 115
Do pref
100 11212 Jan 21 1161 Feb 16 105lJune 115
16
16
4
1634 163 .1612 18
Jac
.1612 18
1612 1612 17
17
400 Exchange Buffet Corp_No par 16 Mar 14 197 Jan 3
.214 31
2
18 Dec 2412 1410
.214 31
.214 312 *214
312 .214
312 *214 312
Fairbanks Co
25
212 Jan 10
3 Jan 5
363 3814 37
4
2 Dec
44 Jar
383
8 354 3612 3514 361 3514 38
/
4
36
36
8.000 Fairbanks Morse
100 3214 Jan 2 3834 Mar 12
98 10014 2947 9813 93
/
1
4
2512 May 34 De(
2
9512 93
954
/
1
95
913 954 57,400 Famous Players-Lasky_No par 9014 Feb 17 10312 Mar 2
4
10812 1083 10814 10811 107 10714 .10712 10312 93
Jan 9812 De(
81
10714 10712 .10712 10314 1,700
Do pref (8%)
100 1037 Feb 17 110 Jan 8
8
*114 146
877 Jan 10812 De(
8
14312 1431 140 140
138 138
1354 111 •143 144
1,100 Federal Light & Trac__Nopar 11412 Jan 3 148's Mar 6
.1512 163 .16
7412 May 12212 De(
18
1712 1712 .17
20
.1612 20
*17
20
100 Federal Mining & Smelt'g_100 1514 Mar 13 25 Jan 19
5012 501
518 Apr 241 De(
/
4
5114 531 '5034 5412 53
5512 53
533
4 534 51
5,100
Do pref
100 49.2 Mar 11 6414 Jan 15
•158 160
4112 Jan 6412
158 158
158 158
155 157
154 154 •155 157
1,100 Fidel Phen Fire Ins of N Y_25 14712 Jan 8 16814 Jan 12 118 Mar 146 De(
1414 13
•13
13
Dec
.1314 1414 1314 1314 •123 1114 *13
4
1114
200 Fifth Avenue Bus
No par
12 Jan 8 14 Feb 14
912 Jan
134 Jar
/
1
Fisher Body Corp
No par 239 Jan 2 280 Jan 12 163
---i -1 -8 -lir --- ---- ---- ---- --7
11 4 -17
Jan 240 De(
18 113
11, 1118 11
8
11. 4 ---- If" -ioi Iii 12 51)5' Rubber
103
4
2
- I,isk
.
.
No par
1034 Mar 19 134 Feb 6
/
1
512 Juno 134 De(
8112 8112 .79
/
1
SO
7812 79
7812 7018 78
7912 80
8114 4,500
Do lot pref
100 7512 Jan 16 8512 Jan 14
3818 July 88 De(
79
70
78
79
7712 784 7514 7814 75
/
1
767
8 763 7712 11,300 Fleischman Co
4
No par 75 Mar 19 8612 Jan 2
4414 Jan 9014 Nos
•101 102
100 10158 9913 1003
14 101 12 9918 10012 10014 10112 17,100 Foundation Co
8 99
No par 90 Jan 6 10914 Feb 11
8612 Jan 945 Dec
8
812 83
8
83
8 852
818 83
8
8
83
8
2
8 12
84 111 23,700 Freeport Texas Co
/
1
/
4
No par
8 Mar 18 111 Jan .2
/
4
712 Sept 137 Jar
8
1234 1312 1234 1314 12
1212 12
1234 114 1212 1214 1314 9,800 Gardner Motor
cs Jan 2 1614 Mar 2
No par
314 Oct
49
49
7
48
Jar
48
*4712 48
4634 4712 4734 4914 4713 4858 3,600 Gen Amer Tank Car...No par
463 Mar IS 5812 Jan 10
4
.98
3512 May 53 Des
99
293
1183 .98
99 .98
99 .9612 99 .98
300
99
Do pref
100 9314 Feb 16 99 Jan 19
534 5412 52
92 Feb 9912 Dec
5412 4338 5218 45
5012 4512 475
8 1634 1852 40,200 General Asphalt
100 45 Mar 13 6334 Jan 2
•89
9212 .87
311 Apr 634 De(
/
4
9212 8612 8914 874 8014 8712 8712 8912 8912 1,800
/
1
Do pref
100 8612 Mar 17 100 Jan 2
•122 125 .131 125
7112 Apr 100 Dec
125 130 .125 130 .125 130 •125 130
200 General Baking
No par 121 Mar 7 1473 Jan 2
9512 9512 9512 9512 9512 9512 95
4
93
Jan 160 SeD1
96
9412 95
9512 9512 2,000 General Clear, Inc
100 9114 Mar 11 1013
•105 111 .105 112 *10414 110 .10412 112 .10414
41 am 4
8214 Apr 985 Dec
8
Do prat
100 105 Jan 3 111585 ar 12 10114
-.10814 113 .10814 113 .10814 110 .10814 110 .10814 112 *10412 112
110 .10314 110
Do debenture pret____100 107 Jan 5 10912 Feb 25 100 Mar 106 Da
267 273
26214 273
/ 25712 265
1
4
Apr 109 Des
25814 265
261 26512 2623 366
4
53,600 General Electric
100 22714 Feb 17 330 Jan 2 19312 Jan 322 Da
11
11
11
11
11
1118 11
1118 11
11 18 11
11
7,500
Do sPeclal
10
11 Jan 2 1114 Jan 3
717 821 7114 724 7018 7114 694 71
8
/
4
/
1
1012 Apr 1112 Jul]
8934 704 707 72
8
72,800 General Motors Corp__No par 641 Jan 5 79 Feb 10
'9072 95
/
4
*9012 9212 .90
5534 Oct 667 Dec
9212 *90
8
92 .90
9212 .90
9212
Do pref
100 90 Feb 13 9412 Jan 21
*9114 92
9114 9114 .90
9212 .90
80 June 93 De(
92 .90
9212 .90
9212
100
Do deb stock (6%)
107 107
100 91 Feb 21 94 Jan 13
1064 107
/
1
105 10614 10514 10512 105 105
8018 June 9312 De,
1054 10512 3.200
Do 7% pref
5314 5314 51
100 102 Jan 5 1087 Feb 2
533
4 4912 51
8
954 July 10312 Dec
49
511 4814 503
/
4
2 5014 53 131.000 General Petroleum
.48
52
25 42 Jan 16 5712 Mar 3
*48
5014 50
383 June 45 All
2
50
4712 4812 49
50
50
50
1,000 General Refractories___No par 4712 Mar 18 5812 Jan 14
.183 4812 47
8
483
8 4712 49
31 June 55
4838 49
Jai
485 4912 4918 4912 9,000 Gimbel Bros
8
10214 10214 .102 103 .102 103 *102 103
No par 47 Mar 16 57 Jan 13
474 June 644 De,
/
1
.10272 103
103 103
200
Do pref
263 261 2612 27
4
/
4
100 10214 Mar 11 10514 Jan 20
26
2612 2512 26
99
Jan 107 Sept
2512 27
2718 2814 3,600 Ginter Co
145 1514 1112 154 1312 1112 13
8
No par
223 Feb 13 2314 Mar 20
4
/
1
21 Dec 27 Nol
131 1212 134 133 1412 13,000 Glidden Co
/
4
/
1
4
/
1
4
*10
41
No par
391 393
/
4
1212 Mar 19 1712 Feb 13
8 39
397
397a 39
8 39
8 June 15 Nos
3912 3912 4014 3,200 Gold Dust Corp
5012 5118 50
No par 37 Mar 3 42 Jan 2
511 49
/
4
/
1
4
503
2812 Apr 43 Nol
4 4914 515
/
1
4
8 194 501 51
/
4
515 28,700 Goodrich Co (13 F)
8
No par 363 Jan 5 553
4
8Mar 5
17 June 38 De,
i 9713 974 9512 9512 *95
96
954 95121 95
95
*95
9612
Do pre(
9512 96
500
94
100 92 Jan 3 98 Mar 4
96
9312 9434
7014 May 92 Dec
•
9212 9318 93
/
1
4
8 9,500 Goodyear T & Rub pf v t 0_100 8612 Jan 6 1073 Mar 13
,107 107
107 107
107 107 .10512 10614 106 106 .1034 967
8
39
Jan 901 De,
/
4
105
900
Do prior pref
174 174 17
/
1
100 10314 Jan 5 10714 Mar 6
1712 16
8814 Jan 1084 De,
17
16
163 .155 16
4
8
1814 181 4,000 Granby Cons Min Sm & Pr_100 16 Mar 17 2114 Jan 14
/
4
---- ---- ---- ---- ---- ---- ---- - 1212 Apr 217 De,
8
Gray & Davis, Inc____No par
96
963
4 95
96
414 Jan 2
914 95
718 Jan 3
212 Oct
9418 947
918 Jar
8 9314 94
94
953
4 8,200 Great Western Sugar
14
/ 144 •12
1
4
/
1
14
25 91 Jan 16 9914 Mar 3
124 12
8314 Oct 967 Des
/ 13
1
4
8
1318 113 125
4
8 121 127
/
4
8 1,100 Greene Cananea copper_...1.00
*54 5
4
1134Mar 19 1914 Jan 2
51 813
/
4
10 May 217 De,
54 54
8
54 54
514
513 *54 5
/
1
4
900 Guantanamo Sugar____No par
8714 88 27614 78
54 Feb 18
75
612 Jan 5
77
4 Nov
/
1
4
73
767
1012 Fel
8 72
7314 27314 7312 9,200 Gulf States Steel
303 3034 3012 304 2918 3012 30
4
/
1
100 72 Mar 19 941
/
4
62 May 8914 Fel
30
2914 2952 283 295
4
8 6,500 Hartman CorporatIon__No par 283 Mar 20 3712 Feb 5
30
321 31
/
4
327
2 3034 3112 301 32
4
Jan 7
31 Sept
/
4
4434 Fel
3014 31
32
33
9,900 Hayes Wheel
47 47
47 47
47
100 30 Mar 14 4314 Jan 3
47 .____ 4612 .43
3214 May 521 Fel
/
4
4812 043
4612
400 Hoe(R)& Co Class A__No par 47 Jan 13 487 Jan 9
.04418 45
4412 45
4414 4414 4412 4412 44
8
4814 Dec 614 De
44
.134 4414
800 Homestake Mining
354 357
8 353 3612 3552 354 3512 355
4
/
1
35 July 5612 Jai
8 355 35
8
/ 3512 35 4 9.900 Household Prod, Inc___No 100 43 Jan 2 50 Jan 12
1
4
3
7512 76
70
753
par 3412 Jan
4 67
693
8 6712 70
37 Jan 20
/
1
4
6714 6812 69
311 Apr 38 Nol
/
4
707 20.200 Houston
8
4212 134 41
434 40
107
100 67 Mar 17 85 Jan 29
8 40
413
4 4012 413
81
Apr 8212 Fel
4 4112 434 41,300 Hudson 011 of Texas
/
1
15
Motor Car____No par 3334 Jan 5 4412 Mar 4
1538 141 15
/
4
1412 144 1414 143
204 May 36 De
4 1412 143
4 1412 15
7,000 Hupp Motor Car Corp
10 1414 Mar 18 1914 Jan 5 11 18 May 18 Jai
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----.7
Hydraulic Steel
9
•7
9
No par
1 Jan 5
.7
114 Jan 8
.5
7
12 Jan
.5
238 De
7
*5
7
284 303
8 2512 2912 204 -- - 4 213 243
Do pref
253
.
100
6 Jan 5
4
8 234 244 241 27
712 Feb 18
/
1
33 May 10 Do
4
/
1
/
4
196,400 Independent 011 & Gas_No par
1118 1412 1412 1412 •14
1318 Jan 5 3312Mar 6
15
*14
1112 14
5 Sept1614 De
/
1
4
14
.14
15
600 Indian Motocycle
758 7
/
1
4
7
712
612 67
No par
14 Mar 12 20 Jan 3
8
7
74
1518 June 2514 Fel
718 712
8
84 3,800 Indian Refining
.80
897 .80
2
80
80 80
10
512 Jan 2 101 Feb fi
.77
89
/
4
•77
33 Apr
4
85 .77
718 Jun
87
1001
Do prof
lOOs 80 Jan 5 95 Jan 7
60 Mar 75 De,
45
45
44
/ 45
1
4
45
45
4412 4412 44
4414 4414 4414 3,300 Inland Steel
8
No par 44 Mar 10 50 Feb 2
4
-.10752 1095 .1073 1095 1073 109 .1073 10814 108 108
8•
4
4
314 May 483 No
108 108
4
,
300
Do pref
20
No par 107 Jan
28
2514 26
244 2514 2452 3518 3412 25
/
1
245 257
4
8
8 8.700 Inspiration Cons Copper__ 20 2412 Mar 3 110 Jan 22 10114 Jan 1073 De
10
10
83
4 03
4
74 9
19 324 Jan 12
812 85
/
1
2218 Feb 334 De
8
8
/ 83
1
4
/
1
4 •9
9
/ 4,300 Internat Agricul
1
4
11618 117
No par
114 116
'.11812 120
114 1144 113 114
718 Jan 7 1312 Feb 5
3 June
11612 117
9
/ Jai
1
4
2,100 Int Business Machtnes_No par 112 Jan 27 125 Feb 9
5712 x5512 56
*57
5112 55
5418 56
5112 55
83 Apr 1184 De
/
1
5514 56
3,100 International Cement No par 52 Jan 5
384 394 3812 4014 3614 38
/
1
361 4012 37
/
4
/
4
38
40
/ Apr 5912 No,
1
4
38
3834 70,400 Inter Combus Englne No par 3134 Jan 21 571 Feb 4
•103 108
/
1
4
10313 101
10212 10312 10218 10312 10114 10218 102
44 Mar 6
22 Mar 39 De
/
1
4
/
1
-.11312 115 011312 115
11412 11412 ........ 11438 *11334 1144 •____ 1034 9.100 International Harvester___100 10114 Mar 19 1107 Jan 23
8
78
Jan 11012 De
/
1
1143
8
200
Do pref
100 114 Mar 3 11514 Feb 13 106 Feb
113 1113 1114 1113 1112 1112 104 11
8
/
1
107 1112 .1112 12
8
11512 No,
9,900 lot Mercantile Marine
100 105 Mar 18 147 Feb 5
4
433
4 123 44
43
8
413 433
4
4 3918 424 3912 414 4114 423
8
(31 Jan
/
4
154 De
/
1
8 44,800
Do pref
100 394 Mar 18 524 Feb 5
264 264 253 2 8 244 2512 244 2514 244 25
/
1
/
1
8 63
2612 Mar 473 De
25
26
8
53,000 International Nickel (The)_25 2414 Mar 18 3
*974 09
*9712 99 .9712 99 .9712 99
83 Jan 31
98
8
98
1112 May 374 De
98
98
100
Do pref
100 94 Jan 6 9913 Feb 6
2
4 4912 5012 4812 803
494 501z 493 503
4 4814 193
7512 May 95 No,
4 50
5012 13,300 International Paper
100 4814 Mar 19 62 Jan 13
7312 73
7312 725 73 .7212 73
8
*73
73
3412 Apr 80 De
73
•723 73
4
1,100
Do stamped pref
100 71 Mar 9 765 Feb 11
.
8
•11518 11818 11514 118 *11514 118 *115 118 .117 118
8212 Mar 744 oe
117 117
/
1
100 International Shoe
No par 108 Feb 2 118 Feb 24
_. •11758 -93.._.. 01175
,..
8 _ _. , -___ •11758
1171
•117
/
1
4
73 Apr 119 No,
•1175
8
_ _ _ _ ___
Do pref
100 11912 Jan 8 1205 Feb 28 11514 May
8
92 -- / 914
921
914
904 - 4 9012 92
90 - _-- 903 - _913
4
4 911 1.100 Internal Telep & Teleg
/
4
11912 De
100 90 Jan 5 973 Feb 19
.2412 2512 .2412 25
2512
2412 2412 .2412 253 .241z 2512
4
*35
66 Feb
4
94 De
100 Intertype Corp
No par
2412 Mar 15 2612 Jan 5
2412 Dec 3312 Ma
Invincible Oil Corp. _No par
1512 Jan 2 223 Jan
,:;- ----•---- - -- - ;f3i- .
0
.•
9i- ;84- -- ' -- -- ;--- 8
93 *---- 98
9i- 8
-i- 96
1012 July
84
Iv& ja,
98
Iron Products Corp....No par 82 Jan 27 105 Feb 9
•19
20
18
/ 183 .187 1912 185 183
1
4
4
8
8
4 1914 194 19
10
3912 Apr 1003 De
/ 2018 1,600 Jewel Tea, Inc
1
4
8
100 1812 Jan 21 217 Feb 26
1095 10952 10834 109 .1083 110 .1083 110 .1083 110
8
8
4
.
0109 110
4
165 Apr 2314 Jai
8
4
800
Do prof
100 10212 Jan 19 110 Feb 25
7R Mar MR
7-1asked prices; no sales On this day. x Ex-dividend. k Par value
•Bld and
changed from $100 to $50 and prioes on that basis
beginning June 3. a Ex-rights.
r
New York Stock Record-Continued-Page 4
1434
preceding.
leg during the week of stocks usually Inactive, see fourth page
PER SHARE
Range for Year 1925.
STOCKS
Sales
HIGH AND LOW SALE PRICES-PErt SHARE, NOT PER CENT.
-share lots.
On basis of 100
NEW YORK STOCK
for
EXCHANGE
the
Friday,
Wednesday Thursday.
Tuesday,
Monday,
Saturday,
Highest
Lowest
March 14. March 10. March 17. March 18.I March 19. March 20. Week.
4t
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
Per share $ Per share $ Per shore
Indus. 82 fillscell. (Con.) Par
Per share
per share
Per share $ per share $ per share Shares. Jones Bros Tea,Inc
$ Per share 5 per share
1434 Sept 274 Jan
8
100 1718 Mar 18 217 Feb 3
1.800
18
s 1718 1714 1718 1718 ..1.7
18
18
13 173
•17
4 1713 175
21% May 52% Dec
No par 42 Jan 27 5912721ar 3
4712 21,200 Jordan Motor Car
3
, 453
4 46
44
47
Jan
1
2
4614 4914 3463 4912 4318 4614 44
14 May
114 Jan 28
12 Feb 28
10
Kansas & Gulf
*12 54
300
32
12
12
12
2
2
*12
164 Aug 38% Jan
%
*lz
%
%
5
2014 2014 3,000 Kayser (J) Co v t c.. No par 1834 Mar 17 27% Jan 13
21
21
20
20
1834 21
*2212 2334 21
22
77 Aug 10212 Feb
No par 864 Feb 16 90 Jan
Do 181 pref
92
*89
•8913 92
91
9012 *89
*89
Jan
90
9012 *88
*89
934 June 35
25 1414 Mar 19 1734 Jan 3
5,900 Kelly-Springfield Tire
1414 1412 1414 15
2
143 1434
Jan
1514 15 4 1434 1514 1412 15
,
33 June 88
4
100 413 Feb 18 51 Jan 5
Do 8% pref
100
4314 43 4
,
48
*40
48
40
48 .
46
*40
45
.
*39
48
40 June 784 Jan
100 50 Feb 9 53 Feb 4
Do 6% prof
100
*44
50
50
*44
51
44
.49 4 52
3
,
50 2 5012 *4412 51 .
76 May 104 Dec
101 Jan 13
100 9012Mar 20
700 Kelsey Wheel. Inc
97 z9012 9112
94 .90
4
93
913 9134 *90
92
923
4 93
344 Jan 5734 Dec
No par 4718 Mar 18 5734 Jan 13
4814 59, 102,500 Kennecott Copper
4
4718 48
4912 507
8 4812 49% 47% 49
8
43 Jan
50% 51
112 Oct
314 Feb 5
1% Jan 9
4 3,700 Keystone Tire & Rubber._ 10
24 23
218 218
218 218
212 214
214 238
2% 2%
524 May 8614 Dec
No par 75 Feb 14 87 Jan 3
Kinney Co
78
*75
77
*75
77
*7512
81
*76
*7612 7812 •7612 79
100 461 Jan 28 525 Mar 17 28712 Jan 47514 Dee
350 Kresge (S S) Co
525 525 z525 525 *525
525 525
*530 580 .525 550
8
4212 Nov 627 June
1,800 Kresge Dept Stores_ _.No par 31 12 Jan 21 4534 Jan 7
33
3112 3312 3212 33% 3212 3212 33 - - - .35
*34
.33
37
Jan 113 Nov
79
4 1,500 Laclede Gas L (St Louls)._100 1104 Jan 5 167 Mar 14
161 1663
164 16412 *159 161
161 161
16012 161
165 167
8 May 174 Jan
Lee Rubber & Tire_.No par 11% Feb 20 15 Feb 5
1,400
4
113 12
12
8 12
8
113 117
12
12
12
*1212 1312 12
4
50 Mar 683 Dee
5312 1,200 Liggett & Myers Tob now.. 25 59 Mar 5 7112 Feb 6
*59
59
59
60
*60
6012 59% 6018 5914 5914 *59
8
100 11612 Jan 16 120 Mar 3 1147 July 121 June
Do pref
100
118 118 •118 123
*119 123 *118 123 *118 123 *118 123
48% Mar 684 Dee
4
25 58 Feb 17 703 Feb 8
Do "B" new
583 58% 5,100
2
,
4
2 585 59% 5814 59
5918 5918 59
59% 583 59,
56 June 71 Dee
No par 6414 Feb 17 74% Jan 14
6612 6612 7,900 Lima Los Wks
6812 6914 65% 6812 6414 6612 6412 6614 6439 66
1512 June 25 Dec
..No par 22 Feb 17 2614 Mar 13
24% 36,800 Loew's Incorporated.
2439 24
2312 2418 23% 2414 23%
,
235 25
2412 25
8% Jan
512 Apr
8 Feb 19
6 Jan 28
No par
Loft Incorporated
612 612 6,400
639 612
2
8 612
63
8
612 6,
612 63
8
8 63
63
50 Mar 84 Nov
100 77 Feb 17 9718Mar 7
3,300 Loose-Wiles Biscuit
87
8212 833
4 85
8312 82% 83
8212
88
84
87 87
8
333 Dec 4014 July
25 3014 Jan 24 37% Jan 13
7,700 Lorillard
3414 345
3334 3412 3312 3439
3414 3412 337 3438 33% 34
100 1084 Feb 27 112 Jan 12 112 Nov 117 Feb
Do pref
510718 112 .108 112 *108 112 •108 112 *108 112 *108 112
8
153 Mar 19 2339 Feb 3
No par
8 1539 1612 1614 1714 67,100 Louisiana 011
174 1618 167
8 1714 1812 16
1712 183
No par 31% Feb 17 55 Mar 4 "ii" Oct -iiT4 "IWO
47,309 Ludlum Steel
3714 4112 3739 49 2 239% 4112
,
3712 40
3944 4314 3912 433
Jan 119 Aug
100 114 Mar 20 11712 Jan 24 107
103 Mackay Companies
114 114
*11414 118 *11414 118 *11414 118
8
•1145 115 *11412 117
g
7534 Apr 1187 Dec
No par 117 Jan 16 14834 Feb 10
61,500 Mack Trucks, Inc
12812 131
12714 130
4
8
13814 13912 31313 1373 128 13312 127 131
9512 Jan 10714 Dec
100 104 Jan 27 1094 Feb 18
Do 1s1 prof
200
10614 10614 10614 10614 *106 10712
•105 108 *10312 108 •104 105
87 Apr 10114 Dec
100 99 Jan 2 104 Feb 27
Do 2d pref
100
10212 10212 .10013 102
•10112 103
•103 103'3'101 103 •101 103
Oct 115 Dec
93
116 Jan 5 137 Feb 9
Do 2(1 paid
100
136 136 *125 129 •125 130 *1297 132 *125 2 130
•135 140
59 May 7112 Dec
737 7512 4,300 Macy(R II) & Co. Inc_No par 6912 Jan 3 844 Jan 10
74
4
7312 7412 733 7512 73
76
74
76
76
2618 June 45% Dec
No par 36% Mar 11 4414 Jan 2
2
8 9,700 Magma Copper
2
363 3739 377 383
8
4
363 383
3814 3634 38
3734 3812 37
18 Mar 4112 Dec
9,300 Mallinsou (II R) & Co_No par 234 Mar 19 3712 Jan 23
25
24
23% 24
25
24
2418 25
8 2412 27
2718 273
78% July 93 Dec
100 81 Mar 16 86 Jan 16
Do prof
100
*7414 86
93
*79
93
81
86 .
*79
81
81
84
.81
4
45 July 693 Mar
No par 50 Jan 5 5312 Feb 26
300 Manati Sugar
*5012 52
4 50
8
5914
50
50
52 .
*50
52
*50
52
*50
Oct 87 Mar
78
8
100 797 Jan 31 82 Feb 9
Do pref
*7914 81
*7914 81
83 •794 81
*81
83
*81
83
*81
4
3314 Mar 493 July
5,500 Manhattan Elec SupplyNo par 424 Feb 16 59 Mar 10
5618 2554 56
5514 5512 55
4
2 5514 56,
4 55
567
563
56
Jan
2612 Dec 44
4
25 2014 Mar 16 303 Jan 3
2114 21
8 8.600 Manhattan Shirt
213
231g 21
23
23
2514 2014 2213 22
23
4
283 Dec 314 Dec
2
3112 3,500 Manila Electric Corp__No par 2812 Mar 5 314 Mar 13
31
31
31% 31
31
304 31
8
8 297 30
8
0295 297
24% Oct 3712 Jan
4
273 2839 13.800 Maracaibo 011 Expl_No par 26 Mar 19 3512 Jan 31
27
26
2614 28% 2613 2739
4
294 3012 273 29
29 May 42 Feb
No par 30 Mar 17 4614 Jan 31
3734 39121115,200 Marland 011
3914 3612 3838 3612 38
4012 40% 39% 4112 37
Jan 173 Mar
4
8
8
No par 103 Mar 13 125 Jan 22
3,800 Marlin-Rockwell
13
11
11
11
•1012 1112 1012 1012 10% 11
1012 103
8
3118 Nov 37% Jan
.No par 30 Mar 17 3718 Jan 7
4,000 Martin-Parry Corp...
31
30% 30% 31
30% 31
30%
3112 30
31% 3218 31
29% May 58% Dee
4
Mathieson Alkali Works... 50 51 Jan 6 733 Feb 11
644 6.
64
63
64
62
400
62
64
63
65
62
64
63
38 Apr 844 Dec
23,800 Maxwell Motor Class A _ .100 7439 Jan 27 8912 Mar 9
87
8512 83% 8514 85
82
8512 87% 8412 86
8612 87
104 Apr 39% Dec
9
Jan
5914
4
4 513 53% 5312 5412 93,190 Maxwell Motor Class B No par 3314 Feb 27 11134 Mar 2
4
4 513 543
56% 51% 543
5512 564 54
Jan
8212 Apr 115 Dec
17
May Department Stores _--I00 102%
11,100
10412 10514 105 106
1044 105
4
10712 1073 105 10612 10418 105
Oct 10634 July
86
8439 84% 1,000 McCrory Stores Class 13 No par 79 Mar 17 944 Jan 13
84
84
85
*82
87
*85
8
145 Dec 1814 Jan
16 Jan 2 1812 Feb 24
1,475 blantyre Porcupine Mines_
1718 171 171
1714 17% 1714 174 1718 1714 17
174 171
9014 Apr 101 Dee
Power. No par 98 Jan 7 101 Mar 17
100 Metro Edison
*99% 10114 *99% 10114 *997 10114
101 101
•100 1011 •100 103
15 Sept 19 Dec
1,300 Metro-Goldwyn Pictures pf_27 18 Jan 3 2214 Feb 5
20
*19
19
19
19
1912 19
4
1912 194 1913 1912 19
1418 Jan 253 Sept
.No par 1112Mar 17 224 Jan 6
25,900 Mexican Seaboard Oil.
14
1212 1312 13
1414 14% 1113 1314 1214 14
4
143 15
4
20 May 25 Aug
Mar 11 243 Jan 13
5 1014
4
1214 123 10,100 Miami Copper
8
8
4 117 12% 117 12
4
2 124 123
,
8
1 Aug
67 Jan
138 Jan 13
12% 13 4 123 133
118 Jan 2
14 9.000 Middle States 011 Corp.... 10
1%
us
vs
114
118
118
14
118
114
114
9112 June 98 Nov
114
.100 96 Jan 2 10512 Mar 3
300 Midland Steel Prod prof..
8
*99 102 •97 1027
99
10012 1007
8 99
8
2312 Oct 3414 Feb
*100 1027 •100 102
50 29 Feb 2 30% Jan 10
Midvale Steel
4
6114 June 743 Deo
100 6618 Mar 17 72 Jan 3
6,100 Montana Power
-ii"
639
6639
-69 7014 -igT8 6984 41% 67', 6614 67 -66T2 -. 4 43 44, 79,500 Monte Ward & Co Ill corp_ _10 4112 Mar 18 5558 Jan 13 21% May 4812 Dec
4
4318
4112 43% 42
45
1712 Oct 2712 Feb
45% 4612 4434 4618
4
No par 223 Mar 19 27 Feb 26
8,100 Moon Motors
24
23
4
223 23
23
23%
914 Feb
4
6 May
2414 2412 233 2434 2314 24
94 Jan 2
7 Mar 17
712
7,200 Mother Lode Coalition_No par
712
712
vs
7% 7%
7
7
74 712
9 Mar 1814 Dee
7% 712
1434 Feb 2 2112 Feb 20
1,000 Mullins Body Corp._ .No par
19
17
17
•16
16
1612 16% 16
2918 July 3914 Jan
•1614 17 •I612 17
No par 32 Feb 26 34 Jan 23
200 Munsinewear Co
33
*31
32
*31
33
*31
33
*31
32
32
32
9612 Apr 204 Dec
32
No par 19312 Jan 5 29512 Mar 20
290 29513 3,000 Nash Motors Co
270 285
266 266
265 265
270 275
265 265
9814 July 104% Nov
100 10334 Jan 21 106 Feb 28
Do pref
•105 106 •105 106 •105 106 *105 106 •105 106
4
33 Oct 1018 Jan
•105 106
7% Jan 13
412 Mar 17
412 412
2,500 National Acme stamped- 5()
.412 5
8 5
45
412 412
5
5614 Mar 7714 Sept
5
5
5
25 6512 Mar 17 75 Jan 2
National Biscuit
673 68 4 9,700
68
4
,
67
67
6712 65% 6618 66
66
6718 68
4
1263 Feb 10 12012 Jan 12634 Dee
100 12312 Mar 11
Do pref
300
*124 12412 124 124 •____ 124 *124 126
124 124
44 June 70% Dec
*123 124
100 6512 Mar 5 78 Jan 26
3,700 National Cloak es Sult
68
6714 6714 *67
70
67
6512 6814 68 68
8
66
914 Mar 1007 Dec
*65
100 99 Jan 13 104 Jan 29
Do pref
400
100% 1007
8
4
101 101 •10014 1003 *10014 101 *10014 101
304 Apr 444 Dec
*10012 102
1,500 Nat Dairy Prod tern ctf8No par 42 Jan 2 4838 Jan 26
*44
45
45
45
4412 45
4412 4512
45
45
Jan
364 Oct 43
*4514 461
Nat Department Stores No par 3812 Jan 2 43 Mar 12
42
2,200
*41%
,
4238 42% 4214 42 4 41% 42
4214 421
421
92% June 101 Dee
•42
100 99 Feb 17 102 Jan 2
Do pref
200
*9912 99%
*9912 10014 •9912 100
,
*9912 1001 •100 100 4 100 100
304 Aug 54 Dee
800 Nat Distil Prod prof __No par 5212 Jan 8 8814 Feb 21
65
*64
65
*63
62% 633
4
65
6612 64
65
8
1812 Sept 447 Jan
6512 651 *
8
100 3012 Mar 17 367 Jan 21
2,800 Nat Enam & Stamping
3114 32
3012 31
4 3012 31
8 3012 303
Jan
67 Sept 89
3314 3314 31% 327
100 8118 Jan 7 8934 Jan 12
Do prof
100
86
*83
86
*83
86
*82
83
83
86
*81
86
•81
8
100 146 Mar 19 1667 Jan 9 1234 Apr 16914 Aug
4
1493 151% 5,600 National Lead
146 150
150 15112 149 151
15312 1531 152 154
100 Ile Jan 5 118 Mar 4 11112 May 118 Sept
Do prof
118 •116 119
5412 Oct 7212 Feb
•117 119 *116 119 •116 119 *116 119 •116
4
50 613 Jan 2 71 Jan 29
6314 2,600 National Supply
6312 63
6312 6312 63
6312 64
641
1634 Dec
64
8
6412 641
117 Jan
8
1312 Mar 18 163 Jan 7
1312 13% 1312 13% 13% 13% 7,700 Nevada Consol Copper_ _ _ _ 5 4312 Mar19 56% Jan 3
1372 14
1334 14
14
3618 Apr 57 Dec
14
46% 7,300 NY Air Brake tern ctfs.No par
4312 4412 46
45
4414 4612 44
47
44
474 Jan 57 Dec
49
49
No par 51 Mar 19 67 Jan 7
Do Class A
1,700
51
5114 5114 511
5114
5114 5114
32 June 37 Dec
5414 5418 5212 53
4
...No par 323 Feb 17 3518 Jan 8
600 New York Canners.
*3314 333
,
Jan 374 May
19
3312 3312 *3314 3312 3314 334 3314 33 4 3318 3318 22
8Mar 19 30% Jan 5
100 215
1,600 New York Dock
22
2314 2138 21%
414 Feb 554 May
2512 2512 2512 2512 22% 2214 22
5218 Jan 14 59 Mar 7
10
Do prof
300
*5612 58
*5612 58
58
5712 5712 *57
42 Sept 47 May
*5712 5912 58 58
100 454 Jan 5 58 Feb 24
300 Niagara Falls Power
5712
56
57
57
4
563 57
57
27 June 29 Sept
57 *56
*50
57
*50
25 28 Jan 5 29 Jan 2
Do pref
4
4 1,000
4
283 283
4 283 283
3
3
*2812 28 4 *2812 28 4 28% 28 8 2812 2812
3
Jan 45 Dee
22
49 Mar. 4
10 414 Jan
4514 457 49,200 North American Co
8
4518 46
8
437 Jan 5014 July
4 44% 45% 44% 45%
4518 463
49 Mar 4
8
50 463 Jan
464 47
Do prof
1,300
47% 48
48
4818 48
94 Dec
48% 48
7 Apr
3
4812 4818 48 8 48
Jan 30
Jan 1
1018
4514
8
.No par
300 Nunnally Co (The)..
10
•9
10
*9
10
*9
10
8% Oct
4% Mar
512 Jan 2
714 Feb 26
7
9% 9 2 *9
10
100
10
Ontario Silver Mining
*512 7
*513 613 •512 7
4512 7
18 May 30
Jan
23 Mar 2
*512 7
8
No par 183 Jan
7
*54
1,400 Onyx Hosiery
22
2214 22
8 2218 22% 22
8
18 Feb 29 Dec
29% Feb 27
4
1 253 Jan 1
4
•223 2414 2232 2238 223 223
4,200 Orpheum Circuit, Inc
8
28
277 z28
27%
4
273 28
6858 June 92 Dec
4
2818 273 28
28
8
*2812 29
50 873 Feb 2 10412 Mar 14
Elevator (k)
9,200 Otis
98
9814 991
97
97 100
8
614 Nov
117 Jan
98 100
114 Jan 31
8 Marl
No par
100% 10412 99 103
8% 87 11,800 Otis Steel
84 818
812
8
Oct Ws Mgr
44
3
818 8 4
66% Feb 2
812 9
9
100 5014 Marl
9
Do prof
1,500
5134 53% *51% 54
3914 May 4714 Jan
5414 5014 51
50% Jan 3
54
4
4 52
25 423 Mar 1
543
54
54
45% 7,900 Owens Bottle
3
3
904 Jan 105 Dec
,
4412 423 43 4 43 2 43% 4313 43 4 44
4
1084 Feb 11
4412 45% 243
100 10212 Jan
1,100 Pacific Gas & Electric
10514 1051
105 105
4
7 Apr 103 Jan
1014 Feb 5
106% 10612 106 106
9 Jan
•107 10712 •106% 108
5
pl
200 Pacific Mail Steamship
*8%
9
9
913
912 912 *9
45 Apr 5814 Feb
6514 Jan 31
52% Marl
*912 10
*913 10
4
553 57% 175,400 Pacific)011
53% 551
9% May 1613 Dec
7
19% Feb 26
10 15 Jan 1
573 583
4
8 5514 5812 52 2 5512 5312 5512 171g 17% 1712 181 33,300 Packard Motor Car
18%
8912 Apr 10214 Dec
3
18 2 18
1084 Feb 26
g 18
4 1818 187
18% 183
100 10214 Jan
Do prof
900
108 108 *10712 109
108 108
4414 Feb 65 Dee
8
108 108
837 Mar 3
108 108
•10814 109
50 84 Jan
76,500 Pan-Amer Petr ds Trans
4 7714 80
4114 Feb 64% Dec
3
7114 73 4 7112 7614 73% 763
8412Mar 3
7314 77
7513 77
50 63% Jan
Do Class B
4
8 743 7814 7813 813 541,300
4
418 Jan
112 Sept
74% 733 753
558 Feb 26
3 Jan
78
7414 7818 72
7612
400 Panhandle Prod & Ref_No Par
4
4 5
4
*33
4
4
4
13 Dee
4
4
4
1 July
8
17 Feb 11
4% 412
14 Jan 1
•4% 5
1.300 Parish & Bing stamped_No par
8 13
•15
8 13
4
8 13
4 *15
24 Sept 35% Dec
354 Jan 10
8 1% *15
13
1% Ifs
2 134
•13
No par 29 Marl
4,500 Park &'Mord
30
2912 30
1814 Nov 3018 Jan
8
263 Jan 2
3
30 4 2912 3012 29
1
303 30% 3012 30% 30
50 1512Mar
4
600 Penn Coal & Coke
•1114 153
414 Jan
118 Oct
3 Jan 9
3
112 Marl
1612 1612 16
1614 1512 15 4 *..___ 1439 *1114 14%
112
13 33,300 Penn-Seaboard Bt'l vto No par
4
13
112
4
4
112 13
923 Apr 11912 Dec
Feb 11
4
112 13
112 1%
4 2
13
2,000 People's0 L &0(Chic)-100 112 Jan 1 121
8
4
11412 1143 11412 1145 115 115
115 115
*11512 11712 *115 117
4278 May 574 Dec
502Mar 18 574 Jan 7
50
3,800 Philadelphia Co (Pittsb)
4
4 513 521
4
5112 52 4 513 513
Jan
4214 Jan 47
3
53
5312 52% 53
54
50 454 Jan 5 474 Mar 3
54
Do pref
461
4712 *46
344 Mar 5414 Dec
524 Jan 9
4712 *4612 4712 *47
*45
*4634 47 4612 47
8
445 24.700 Plana & Read C & I ...No par 43 Mar 16
4 44
3
35 Mar 52% July
4312 45 4 434 443
23
4412
453
43
4512 46
4 43
No par 48% Feb 13 5012 Jan
Do prat
441
4412 *44
*44
44 May 88 July
Jan 12
4312 *43% 44
*43
4513 46
*4114 43
•
.
100 Phillips-Jones Corp _ _.No par 65 Feb 20 904 Jan 5
70
72
70
*65
4
72
11 July 233 Jan
*65
72
*67
74
*68
74
*65
7,400 Pldilip Morris & Co, Ltd__100 124 Mar 19 1614
147
13
4
123 13
g
2812 Oct 4213 Apr
13% 127 13
2
133 1312 1314 1312 13
NO Par 36% Jan 6 46% Feb 2
96,500 Phillips Petroleum
2
403
4
618 May 16 Dec
4112 z3918 414 3812 49% 381s 3914 373 3912 39
41
11 Mar 18 15 Jan 13
5,600 Pierce-Arrow Mot car_No Par
11% 121
8
1818 May 54 Dec
1112 113 113
11
12% 1214 11% 1218 1112 12
100 4312Mar 17 51% Feb 13
Do prof
4
453 46% 7,900
4
5913 June 95 Dec
43% 4512 433 45
4418 4612 4312 45
47
*46
No pox 85 Mar 18 92 Feb 28
Do prior prof
800
871
*86
87
14 Apr
44 Jan
86% *85
34 Feb 5
154 Jan 2
4 85
863
88
*873 90
25
4
,
4
85 4
873
7,000 Pierce 011 Corporation
24 21
2 18
2
Jan
20 Mar 36
,
212 2 4
218 214
8 2%
23
212 2%
100 2512 Jan 2 40 Feb 26
Do prof
700
34
34
3014 391
32
4% Oct
3
*30
5 4 Dec
32
814 Feb 5
*2212 35
*30
534 Jan 2
4
323 33
No par
6% 71 29,200 Pierce Petroleum
4
,
6 3 63
47% Dec 6334 Mar
64 6%
8
21 67
63
718
7
100 48% Jan 5 5412 Jan 13
3
6 4 74
1,700 Pittsburgh Coal of Pa
50
*49
49
49
50
947a Aug 100 Apr
50
494 50
49 4 50
50
50
100 95 Mar 20 99 Jan 5
3
Do pref
300
95
95
96
9612 *95
95 Jan 103 Aug
*95
9612 *95
96
96
96
96
100 9912 Mar 7 1024 Jan 8
Pittsburgh Steel prof
*97 100
97 100 •97 100
4
8
587 Dec 633 Dec
*97 100 •
13
1318 *97 100
100 51 Mar 9 6334 Jan 17
700 Pitts Term Coal
55
54
55
55
56
56
57
4
83 Dec 873 Dec
57
7
5812 54 2 55
*54
100 84 Mar 4 88 Jan 6
Do prof
100
85
*83
84
*83
85
*83
84
9% Jan 1137 Deo
8
84
87 .83
*84
85
1,700 Pittsburgh Utilities pref-100 13 Mar 14 1512 Jan 2
13
13
13
13
13
1118 Feb 164 Dec
*13
8
1312 133 13% 1312 1318 13
4
Do pre( certificates...._ 10 123 Mar 20 15 Jan 15
500
4
123 123
13
13
13
,
*1318 133 *13
4
1312 13% 13 2 13
4812 Apr 10312 Deo
8
9314 Feb 16 1075 Feb 19
4 9714 1001 14,600 Postum Cereal Co Ine_No pa
973
9912 9312 9914 94
10112 10112 99% 10212 98
Oct
10 11512 Feb 3 117 Jan 13 110 Feb 117
Do 8% prof
100
•11512 11612 *11512 11614 115% 115% *116 1164 •116 11612 *116 1161
•Bid and asked prices; ne sales On WS day.
z EZ-dividend.
-new rights.
a Hz
ts No par.
a Ex-rights.
New York Stock Record-Continued-Page 5
1435
For gales during the week of stocks usually Inactive, see fifth page preceding.
HIGH AND LOW SALE PRICKS
-PER SHARE, NOT PER CENT.
...,
Saturday,
Monday,
Tuesday. Wednesday Thursday,
Friday,
March 14. March 16, March 17. March 18. March 19. March 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100
-share lots
PER SHARE
/taws for Previous
Year 1924.
Lowest
Highest
Lest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscell.(Con.) Par $ Per share
$ per share $ per share $ per share
62 6334 57 6214 58
59
57 60
57
58
5834 5834 4.600 Pressed Steel Car
100 56 Mar 17 69 Jan 23
39 Aug 62 Jan
*88 88
86 86
*83
86 *83
88 *81
83
85 85
Do prof
200
100 85 Feb 16 9212 Jan 3 67 Aug 90 Feb
2534 26
2338 26
23 233
4 231 24
:
23
/ 2413 2414 2511 9,900 Producers & Refiners Corp 50 23 Mar 17 323 Feb 3
1
4
8
22% Apr 4313 Jan
7038 70% 6834 7014 88 88% 6813 6914 68 69
6818 68
/ 7,500 PubServCorp of NJ newHo Par 6712 Jan 14 721 Mar 12
1
4
4
39 Mar 70 Dee
•99 1014 .99 102 *99 1011 1014 10178 *100 10034 *100 10034
/
4
/
1
Do 7% prof
100 99 Jan 7 102 Jan 27
100
981z Mar 1011 Deo
8
111 111 *108 111
110 110 *110 111
111 111
111 111
Do 8% pref
100 1094 Mar 7 11218 Jan 28
600
/
1
9914 Apr 115 Dea
137 137 134h 13714 13412 136
13414 136
133 13414 135 13634 8,300 Pullman Company
100 133 Mar 19 15134 Jan 3 1131: Apr 1513, Deo
43 4378 42% 43
41
42
4058 41% *4011 41
Ponta Alegre Sugar
41% 42
4.400
50 3911 Jan 2 4714 Jan 7
3718 Dec 6758 Mar
29 293
2758 2918 2534 2714 2638 277
265 2738 27
8
28 39.200 Pure 011 (The)
25 2534Mar 17 3334 Feb 4
20 June 3014 Deo
•10312 106 *104 108 *10312 106 *10378 106
10414 10414 1033 10334
4
100 10211 Jan 5 10814 Feb 2
Do 8% pref
200
92 Jan 10514 Deo
5758 584 5558 5878 53
/
1
58
/ 5158 55
1
4
/ 50% 53
1
4
/ 525 54l 148,200 Radio Corp of Amer__-No par 503 Mar 19 777 Jan 2
1
4
8
8
25 8 Oct 667 Dec
7
8
52 52
51% 51% 5114 5114 5112 5113 51
5113 51
51
1,900
Do prof
4
50 493 Jan 5 54 Feb 4
45 Oct 50 Deo
/
1
4
133 134 131 133 212614 197
125 12712 124 128
4,000 Railway Steel Spring
128 127
100 12212 Feb 17 1415 Jan 5 108 Jan 1371: Dec
*341 3518 *3418 3518 *3378 35% *343 3518 *34
3518 *34% 3512
Rand Mines, Ltd
No par 3378 Jan 7 3514 Jan 22
30 Jan 331 Nov
1378 14
1312 1414 1258 138 121: 13
1213 123
4 1234 1312 22,000 Ray Consolidated Copper- 10 1212Mar 18 173 Feb 9
9 Mar 17% Dec
84 4 8618 6412 88
3
82 64
621 65
6214 6358 64
70 17,100 Remington TypewrIter____100 4634 Jar' 27 724Mar 6
3214 Jan 5412 Dec
1510034 105 *10034 105 '10034105 *101 4 105 *101 105
*101 105
Do 1st pref
100 100 Jan 2 10034Mar 10
904 July 993 Dec
4
111084 114
109 109 *10814 114 *108 111 *108 111 *108 111
Do 28 pref
100
100 109 Jan 21 112 Feb 2
9013 May 110 Dee
1718 17% 15
171 14% 15% 1334 1518 1458 1518 141: 1514 19,000 Replogle Steel
/
4
No par 13% Mar 18 234 Jan 13
/
1
714 June 2314 Nov
5311 5412 52% 5458 5018 5258 4818 5214 48h 50
4958 503 25.300 Republic Iron & Steel
100 454Mra 18 6458 Jan 3
42 June 6358 Dec
*89 90
89 89 *8814 89
88% 883
8811 8812 •834 89
Do prof
300
100 883,Mar 18 95 Jan 13
82 June 95 Mar
131: 14
1358 1458 1318 141
1314 1358 1314 1312 1358 144 7,900 Reynolds Spring
97 May 2234 Jan
No par 1318 Mar 17 18 Jan 5
75
75
7434 75
74
7414 z727 73% 73
8
7358 7314 74
8,100 Reynolds(RJ)Tob Class B 25 721 Jan 29 7858 Feb 10
/
4
8158 Mar 7938 Doe
*121
*121 122h *121 1221 '
5120 12113 *119 121 *120 121
/
1
4
Do 7% prof
100 1197 Jan 8 121% Feb 25 11514 Mar 121 June
9 11 7 9713 *97
9713 *94
9878 *9313 967 *9313 96 .9312 96e
8
/
1
4
200 Rossi, Insurance Co
25 92 Jan 19 971: Feb 20
88 Mar 96 Sept
5138 52
5118 614 606o, 617
/
1
505 5112 5018 507
8
8 5138 521 27,800 Royal Dutch Co (11 Y shares)- 594 Mar 19 57% Jan 31
48
4058 Sept 5912 Feb
5113 48
/ 5158 4814 481
1
4
477
46
4534 4713 4611 50 52,610 St Joseph Lead
10 3934 Feb 17 5112 Mar 14
22 Jan 45 Deo
/
1
4
88 894 84
/
1
9212 81
86's 81
85
801s 8315 83
Savage Arms Corporation_100 8012Mar 19 1033 Mar 3
887g
8
3258 Jan 887 Dec
11058 111
8
11018 11058 10914 110'8 10958 10913 10913 1091 •109114 11013 33,800 Schulte Retail Stores__No
2,300
par 10914 Mar 17 11678 Feb 9
9658 14pr 12914 Aug
11110 115 *114 115 *114 115 *114 115 *114 115
*114
Do pref
100 110 Jan 6 115 Feb 19 105 May 11258 Dec
15238 155
151 15513 148 1521 14818 15234 143 1503 15013 115 45.900 Sears. Roebuck & Co
15134
4
100 148 Jan 6 17278 Jan 13
781 May 155 Deo
4
•_-__ ____ ____ ___.. ____ ____ ____ ____ ____ ____
____ ___
Seneca Copper
No par
1g Feb 29
15 Jan 5
8
h May
614 Jan
54 8
3
*8
7
6
8
*6
813 *514 8
6
6
700 Shattuck Arizona CoPPer-- 10
7 Jan 3
/
1
4
53 Mar 14
4
4 Apr
8 July
*413 4314 *401 43
4
4
41
41
4058 4034 *4038 4113 4114 4113 1,090 Shell Transport & Trading_ £2 4018Mar 18 453 Jan 30
4
33 Jan 42 Deo
2458 25
2438 2518 2234 24'8 2314 24
23
8 2314 2413 87,700 Shell Union Oil
No par 2258 Jan 6 2858 Feb 4
1534 July 2258 Dec
*10034 101 *10034 10113 1003 10034 *10013 10112 *10014 235
4
10112 10034 10113 1,300
Do pref
100 9912 Jan 2 10111 Jan 24
9113 Jan 99% Deo
22 2258 2118 2238 1912 2178 20
2118 203 2034 2934 213 38,300 Simms Petroleum
10 1912Mar 17 28% Jan 12
1038 Jan 24 Deo
3234 3312 x3112 3314 3114 3213 3213 3314 32
33
3258 327
8 6,800 Simmons Co
No par 314 Mar 17 3858 Feb 8
22 Apr 37 Deo
1914 20
1838 20
18h 1914 1812 193
1813 19
187 2014 70,500 Sinclair Coos 011 Corp_No par 17 Jan 6 2478 Feb 2
15 July 2718 Jan
•87 88 •87 88
8612 87
85
8813 84
81 *85
861
Do pref
700
100 78% Jan 2 9418 Feb 3
75 Oct 90 Jan
2614 27
24
2612 2311 2434 2318 25
223 23/
4
4 2313 25 43.590 Skelly 011 Co
25 2214 Mar 19 3012 Feb 3
1718 July 29 Feb
87r4 8734 84 87
8334 85
8314 85
834 8158 8434 8558 6,400 Sloss-Sheffield Steel & Iron 100 82 Jan 5 97 Feb 5
62 May 84s Deo
*67 72
67 70 *65h 87 *8512 6813 85
65 *87
490 South Porto Rico Sugar-100 62 Jan 6 73 Mar 2
70
58 Oct 957 Mar
4
17 18
17
1612 17
/
1
No par 1513 Feb 17 194 Jan 7
*9514 9611 spa, 174 064 9514 16h 11358 16h 184 161: 1734 3,633 Spicer Mfg Co
/
1
738 June 20 Dee
Nis
*9112 98 *9413 95h /9213 921
Do pref
200
100 9212 Mar 20 98 Jan 5
78 July 9814 Dee
4
5% 45
/ 44% 45
1
4
/ 4334 45
1
4
431 4478 4358 444 4438 4658 26,703 Standard Gas & El Oo_No par 4014 Jan 2 4714Mar 10
3113 May 415 Dee
*67
2
73 *67
73
67 6718 *68
70 *66
71
*66
71
203 Standard Milling
100 6818 Feb 17 741 Mar 2
:
3912 May 73 Dee
•80 83 *80 83 *80 83 *80 83 *80
/
1
4
83 •813
Do pref
83
70 July 85 Mar
60 6034 5958 61
58 594 5318 5912 53 5914 595 691 36,303 Standard 011 of California_100 81 Jan 20 84 Feb 18
/
1
8
4
25 53 Mar 17 0714 Feb 2
554 Apr 6818 Jan
/
1
4154 4238 413 4214 403 4134
4
4013 4158 4013 4118 414
Standard 01101 New Jersey 25 4014 Jan 2 4713 Feb 3
33 May 4214 Jan
117 11714 117 11713 11714 11714 117 11714 *117 117% *11718 417 69.333
1,103
Do pref
/
4
*13
1312 127 1272 1212 121s 1212 12% 123 12% 12% 11712 1,700 Stand Platenon-votIng____100 1161 Jan 31 119 Feb 24 11558 Mar 1191a Anil
2
13
Glass Co.-No par 10 Feb 11 16 Jan 16
1318 Oet 354 June
84 64
634 6312 6313 6311 8313 831: 8311
/
1
831 *6314 032 1,500 Sterling Products
:
No par 6213 Jan 17 65 Jan 23
5518 Apr 6512 Nov
6
3 841z 61
643
4 583 803
4
55 3312 5812 5312 5712 60 33,830 Stewart
-Warn Sp Corp_No par 55 Mar IS 774 Jan 3 4818 July 1007 Jan
/
1
66
6713 *64 66
e
64 8412 61
8112 8112 82
2,900 'Bromberg Carburetor_No par 61 Mar 13 793 Jan 3
8114 65
4
5413 May 84% Jae
43 44
%
427 4414 41% 43
8
4258 4334 4238 4312 4314 4358 85,100 StudebrCorp(The)a WI No par 4114 Jan 23 48% Jan 2 30% May 4614 Dec
*112 114 *112 114 112 112 112 112 *112
114 *112 114
1.000
Do pref
100 112 Mar 13 11474 Jan 19 10978 Nov 115
Jam
1014 103
4
9
/ 104
1
4
93
914
/
1
934
95
93 1014 9,600 Submarine Boat
934
958
No par
844 Feb 21 12 Mar 6
6 Nov 12% Del
4 8 412
3
414 458
418 43
4
414
4
/ 418
1
4
44 514 19,090 Superior 011
No par
4 Mar 18
818 Feb 9
818 Aul
258 Jan
2938 2958 291: 2912 •2312 30
28
28
26
28
26
28
8)9 Superior Steel
No par 28 Mar 18 4158 Jan 10
23 July 35 Dec
78
73
4
711 73
7
/ 714 *634 738
1
4
5
/ 61
1
4
4
84 84 1,500 Sweets Coot America
50
57 Mar 19 114 Jan 71
8
13 Sept
4
3 Jar
5112% 13 *12
13 •12
13 *11
12
*11
12
*11
12
Telautograph Corp____No par 11, Jan 15 15 Feb 711 614 Jun
8
1414 Dec
812 8%
812 858
84 812
8
7
/ 8
1
4
84
8
8
4,890 Tenn OM & C
No par
77 Mar 19
8
914 Jan
6% Mar
914 Jst
4514 4558 443 453
4
4378 4134 4418 411 4114 4134 443 454 30,700 Testa: Company (The).- 25 423 Jan 5 49 Feb 31
/
4
4
211 3734 June 45% Jat
11014 11214 108 11214 10718 1114 10958 11334 111 11314 11114 11314
135,700 Texas Gulf Sulphur
10 97% Feb 17 11334Mar 1.311574 Apr 110
De
17
18
1414 1778 14% 157
8 1412 151
4 143 153
Texas Pacific
4
115% 17
10
8 Oct 1514 Feb'
137 13813 134 137 2130 13313 12914.13312 12814 1341: 13414 135 86.710 Tidewater 011Coal & OIL__ 100 II% Jan 5 2358 Feb a
5.200
12814Mar 19 152 Feb
Oct
3914 3934 3814 393
377 3812 3734 3834 37 3813 381 3918 24,300 Timken Roller Bearing.No par 3734 Mar IS 44% Feb 27 1184 May 151 Fat
8
/
1
4
:
311:
41
Jan
: 75
75 4 781
7858 7413 7518 73
3
753 7534 23,700 Tobacco Products Corn-100 70 Jan 2 801 Mar 13
7534 72% 75
4
:
52 kyr 7358 Dec
•981: 99
9818 99
9613 98
97
9718 964 97
/
1
97
98
3,090
Do Class A
100 9318 Jan 2 9918 Mar 13
8314 Mar 931$ 00
458 4
/
1
4
4% 4
/
1
4
414 458
418
438
4
4%
4
41: 48,900 Transcontinental 011___No per
37 Jan 2
512 Jan 12
358 Apr
614 Jai
•27/8 30
27 27% *2634 27 '
27
5288 27
27
27
27
1.100 Transue & Williams St'l No par 27 Mar 16 35 Jan 10
283 Oct 3518 J CU
8
39 39
3858 39
3834 39 '
53812 392 38% 3813 3312 40
1,900 Underwood Typewriter
25 384Mar 19 42 Jan 15
3818 Sept 43
Jai
40 40 •39
41
39 40
39
3912 38
39
39
39
2,100 Union Bag & Paper Corp 10038 Feb 2 451 Jan 2 33% Sept 6438 Fel
:
/
11
4
ls
*3
8
lz
•3
3
12
51
/
4
3
s
3
8
as
%
% 2,700 Union 011
No par
.21 Jan 3 1.00 Feb 28
is Feb
3918 398
3
8
38 3934 3658 375
37 38
3758 3778 38
37
/
1
4
25 3834 Mar 17 4338 Feb 5
35 Nov 39 Nos
12211 123 12211 12518 *12214 127 *123 127 *12213 127 *124 125 44,900 Union Oil, California
600 Union Tank Car
100 1181: Jan 17 12814 Feb 27
94 Jan 13278 Sep
*1141 116 *11413 116 *114 115 *11412 116 *114 116 *114 115
Do pref
100 113% Feb 18 11618 Jan 13 10814 Feb 11658 Jul)
28 29
288 294 27
2812 2813 27% 267 27
3
9.700 United Alloy Steel
2713 28
No par 2812 Mar 18 367 Mar 4
11414 116 11313 114
8
20 Oct37 Fel
11211 114
113% 114
114 11412 115 116
5,400 United Drug
100 1101 Feb 4 120% Jan 6
/
4
71 May 12158 De
*52 523 *52
52% 52h 5212 *5214 5213 5213 5212
Do 1s1 pref
700
50 52 Jan 16 5412 Jan 12
•20712 210 2071s 20712 206 207 20712 20813 208 208/4 5213 523
465k May 53 De
209 20934 1,800 United Frult
100 205 Mar 17 231 Jan 3 182 Jan 2241: Ate
39 4058 364 404 33 3658 33 35
/
1
/
1
/ 324 35
1
4
3438 39 70,600 Universal Pipe Si Rad__No par 3213 Mar 19 50 Feb 11
81
/
1
4
13 July 48 Del
8158 7738 82
734 77% 75
78
4
733 76
76
807 13,200
Do Prof
100 734 Jan 16 94 Feb 11
471/4 Oct79 Do
216 22184 208 2195 200 213 188 210
ISO 19514 188 195 54,100 U S Cast Iron Pipe &Fdy 100 160 Jan 5
250 Feb 11
*104 1081 *1031: 108 *10334 106
64 Feb 1695s De
10312 10312 102 103 *103 105
/
1
4
Do pref
509
100 10278 Mar 19 1121: Feb 27
333$ 3414 3258 3414 3113 334 3112 327
817 Jan 10414 Oe
8
31h 3213 325 327$ 9,900 US DIstrib Core
No par 3018 Feb 17 394 Jan 17
*130 180 *135 148 *126 140 *126 135 *126
2113 May 42 De
160 *128 135
Do prat
100 130 Mar 9 154 Jan 8
98 July 168 De
23
/ 23
1
4
/ 231: 2334 23
1
4
234 23% 231s 23
23
23% 23% 1,500 US HoWn Mach Corp-No par 23 Jan 3 2513 Jan 9
1638 Marl 24 Oo
1a
8
8011 813
4 78 81, 7818 791
778 8038 42,600 U S Industrial Alcohol
76% 7813
783
100 76 Mar 19 88 Jan 2
11105 107 *106 107 *105 107 *105 107 ' 76
6118 Mail 874 De
/
1
107
Do prof
100 105 Jan 29 106 Jan 27
*12212 123 12114 124% 121 123 118 12234 5105 121 *105 107
98 Jan 1063* De
119
120% 1204 11,100 US Realty & Improv't
/
1
100 118 Mar 18 1314 Feb 10
90 Junel 14313 De
---- ---- --- - ---- ---- --- --- - -Do pref
1224 Jan 2 13011 Feb 9 100 Junel 143 De
39
3958 3818 3912 3612 38
35
3412 35% 384 3714 34,100 United Statee Rubber
371
100 3412 Mar 19 4458 Feb 5
2211Mayl 427 Jai
•94% 9514 9411 9514 9418 941
94
9438 94
9414 9412 95
2,200
Do let pref
100 94 Mar 18 9778 Jan 13
6618 May 9578 De
33% 338
3218 33
31
32
3113 31% 334 9.700 US Smelting, Ref &
30
32
31
*447 45
Mln 50 30 Feb 17 39 Jan 7
1813 Marl 411a De
4478 44
/ 445 443
1
4
4 45
4412 448
45
45
45
700
Do
50 44l Mar18 46% Jan 5 3718 Marl 447g De
12258 1233 12113 1241s 120 1217 11912 121% 1193 12114 1203g 1224 319,200 united pref
4
states Steel Corp.-100 11912Mar 18 1295 Jan 23
12338 1231s 1234 12314 *12213 123 122% 12213 12212 1228 *1223
94'*Juuel 121 De
8
123
Do pre;
800
100 12212 Feb 16 12658 Jan 28 11838 FebI 123 Jul;
863 863
4 864 8614 *83
86
*8334 85
82
8314 58213 83
900 Utah Copper
10 82 Mar 19 92 Jan 15
64 JanI 8834 De
613 85 4 8314 66% 6358 661± 8558 6958 6738 6914 6838 698
4
3
88,600 Utah Securities
*274 28
100 4118 Feb 17 6934Mar 20
16% JanI 46 De
2613 2712 2812 2711 26
267s 2618 261: 27 2714 10,200 Vanadium Corp
s17
*1713 20 '
/ 21
1
4
No par 26 Mar 18 3158 Jan 3
1918 Junel 3318 Tel
51712 20
*1713 20
17% 171: •171z 20
100 Van Halle
100 1712 Mar 19 2111 Jan 3
•56
1534 Oct 33% Jai
57 *56
57
*58
57 *56
57 .56
65 .56
65
Do lot prof
100 6413 Jan 27 8518 Jan 5
212 258
53 Sept 80 Jai
21
213
214 214
24 21
214 214 *2
213 1,000 Virginia-Carolina Chem-100
11
/
1
4
11 •1012 11
318 Jan 27
2 Jan 2
1*Juael 10% Jal
10% 1058 1058 103
108 113 *10; 11
s
1,800
Do prat
•114 11a
100
811 Jan 5 1458 Feb 5
114
114 *1
2
1,Junel 3414 Ja:
11
*1
11
112 *1112 112
*1
100
Do "B"
No par
1 Jan 17
3,Jun01
1114 1114 1114 1114 107 il's 1034 11
11 Jan 27
/
4
7 Ja
8
101 103 *103 11
4
4
4,700 Vivadou
161, 185
No par
714 Jan 13 1234Mar 3
8 161: 161
4; Jul71 1558 Ja
16% 1658 1658 161
1618 164 *1814 1858 2,100 Waldorf (V)
No par 1618 Mat 19 197 Jan 3
SYstem
14 AprI 20 NG
Weber & Hellbroner___No par 1718 Jan 15 19% Jan 31
1-51i;: -1i- ;lira Ii- '1258 Ii" ;iirz Ii ;iiii Ii- ;iii2
1412 Nov 1918 Ma
13
Wells Fargo
1 1218 Jan 5 13 Jan 31
5 Oc4 1212 NO
11612 11812 1161i 11812 *1153 116 *11534 118
4
11613 11611 11512 11513
400 Western Elise 7% pref
100 11314 Jan 9 11612 Feb 10 11158 AM' 117 Bit
•11913 120% 119 12018 118% 119
118 120
119 119
120 120
4,100 Western Union Telegraph100 11614 Jan 2 1254 Mar 6 105 May 11814 De
*104 105
103 104
103 103 102 102
10134 102 15102 103
800 Westinghouse
_
711 7112 70
/
4
50
84 Jan 111 De
7238 8814 70
8718 6958 6712 68 8 6813 694 183,300 Westinghouse Air Brake_ - 50 10134Mar 19 11378 Jan 7
7
/
1
Eleo & Mfg_
6718 Mar 18 84 Jan 3 55% May TS Ma,
•80 85 *80
85 *80 85 *80
84
*80
83
80
80
200
Do 1st pref
100 80 Mar 20 86 Jan 5
72 Jan 82 De
114 118 z118 120
110 114
110 1121: 11234 113
11712 11758 2,100 West Penn Co
No par 105 Mar 2 120 Feb 7
4718 Jan 127 De
•968s 97
NA 9638 9618 9658 *953 98
4
96
96
955 9534
800
Do 7% pref
100 9478 Jan 6 97 Feb 1
871s Apr 97 Da
8
27 2714 267 2712 28
27
2614 2137
8 2038 287
8 2614 277
8,600 White Eagle 011
No par 26 Mar 17 3134 Feb 2
231s May 29% Fel
63 6318 61
63
5934 6134 80
8134 6018 6114 28038 6114 14,100 White Motor
50 59;Mar 17 76 Jan 13
*
/
1
4
158
08
58
50% Apr 7218 De
13
18
12
12
*12
ss
13
13
800 WIckwIre Spencer Steel
5
3 Jan 30
8
a4 Oct
158 Jan 10
5 Ja
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -Do pref
100 18% Feb 24 32 Jan 19
24 Dec 24 De
1218 12% 1214 13
1214 123
4 12
125
8 12
12% 1238 12% 136,390 mows
-overland (The_. 25
918 Jan 28 13 Mar 18
67 May 1414 Ja
8
854 8613 8514 88% 8512 8718 81
878
8318 8514 85
8878 39,800
Do prof
100 724 Jan 28 885
8Mar 16
614 May 88 Ja
8%
8
81
9
4 83
1112 1014 12
10
10
/ 10
1
4
101 11,000 Wilson & Co.
'no
No par
834 Jan 5 1334 Mar 7
418 May 28 Ja
28
3
27 28 4 27
2934 34
3218 3713 31
33; 323 334 8.700
100 19 Jan 5 60 Mar 7
Do prof
11 Aug 7218 Ja
11414 11514 11314 11512 11358 11413 11378 11574 114 11534 11512 11722 21,000 Woolworth Co
25 11214 Jan 28 12578 Jan 7
(F W)
7218 Apr 12614 De
634 6538 60 65
5518 59
/ 52
1
4
5834 528 55
55
56 58,000 Worthington P & M
100 52 Mar 18 793* Jan 2
234 June 81 De
85
85 *83
3182 85 *82 85
88
*84
86
86
88
Do pref A
200
100 85 Jan 30 88 Jan 9
68 July 8958 Do
71
71
71
4 71
71
715 713
71
70 4 703 *71
3
4
72
Do pref B
900
100 703 Jan 29 7658 Feb 11
4
17
171
/ 181± 17
1
4
161: 17
17 1714 17
188 1712 184 4,200 Wright AeronanticaL-No par 1614 Feb 17 2358 Jan 2 8812 Jan 7534 De
9% May 23 De
8
4938 4934 *4914 4958 481: 494 4834 49
488 49 *48
49
2,000 Wrigley(Wm Jr)
No par 4578 Jan 2 5278 Feb 7
35 Apr 4614 De
*36 38
38 36
342 35
35 *343 3512 *35
35
4
358 1,000 Yellow Cab Mfg tern °Hs__ 10 3312 Feb 18 42 Jan 3
32 Nov 86 ma
/
1
4
69 6913 694 694 6914 70
70
•711: 7212 7111 7111 70
800 Youngstown Sheet & T No par 69 Mar 18 761: Feb 13
591., Oct 79 15.
•Bld and asked Deice% no sales on this day a Es-dividend.
1436
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
income and defaulted Donets.
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now **and interest"-except for
..i•g1
Price
BONDS
Friday
N. Y. STOCK EXCHANGE
Week Ending Mar. 20.
tig. Mar. 20.
'
Foreign Government.
1927 F A
Argentine (Govt) 75
Argentine Treasury 5.9..C_1945 M S
_1957 M S
Sinking fund Os Ser A.
Extl Gs ser B temp_Dec 1958
1993 I6
Austrian (Govt) a f 7s
Belgium 25-yr ext 9 1 7M9 2.1945 J D
-year 8 f 88
20
1941 F A
25-yr eat 6449 interim reta 1949 NI 5
Esti 9 f (is Inter rets
1955 .3 J
1995 M N
Bergen (Norway) s f RR
-year sinking fund 69
25
A 0
1945 M N
Berne (City oh 9 f 89
1947 Al N
Bolivia (Republic on Its
Bordeaux (City of) 15-Yr 68-1934 51 N
1941 J 13
Brazil U S. external 89
1952 J D
75 (Central Ry)
740(coffee seem')/(flat). 1952 A 0
Buenos Aires (City) ex 163491955 J J
Canada (Dominion of) g 5a 1926 A 0
1931 A 0
be
1929 F A
10
-year 5449
59
1952 M N
1954 .1 J
Carlsbad (City) 5 f 89
Chile (Repitblic) esti 9!88._194i F A
1926 A 0
-year 9 I 8a
External 5
1942 M N
-year extl 79
20
-year s f fis
1948 M N
25
Chinese (Ilukuang RY) 5s ,1951 J D
1995 A 0
Christiania (Oslo) 91 88
30-year a 1 6s
1954 M S
Colombia (Republic) BYO__ A927 A 0
Copenhagen 25-years 1 53.49_1944 J .1
1944 M S
Cuba 58 of 1904
Eater debt 5e 1914 Ser A..1949 F A
1949 F A
External loan 440
1953 J J
530
Czechoslovak (Repub of) 89_1951 A 0
Sink fund 89 Ser B lot ctfa_1952 A 0
Danish Con MunIcip 88"A".1946 F A
1946 F A
Series B 9 t 8.9
1945 A 0
Denmark external 9 I 88
1942.9 J
-year as
20
Dominican Rep Con Adm 1.159'58 F A
Custom Administr 530_1942 M S
1947 J J
Dutch East Indies ext 69
1962 M S
-year 69
40
1953 M 5
30
-year ext 530
1953 M N
-year ext 540
30
French Repub 25-3rr ext 8s 1945 M S
20-yr external loan 7348_1941 J I)
External 75 of 1924 temp 1049 J D
Finnish alun L'n 630 A.,..1954 A 0
6449 Series B interim M19_1954 A 0
1945 M S
Finland (Rep) ext 69
German ext'l loan 7s w I. _1949 A 0
Gt Brit & Irel (UK of) 53.0_1937 F A
F A
Registered
1929 F A
-year cony 540
10
1952 M N
Greater Prague 7349
1964 M N
Greek Govt 75 int rcts
1952 A 0
Efalt1 (Republic) 89
Hungary (Rifled of) 5 f 7449.1944 F A
Ind Bank of Japan 6% notes 1927 F A
Italy (KIngd of) Ser A 634s_.1925 F A
1931 .1 J
Japanese Govt E loan 48
1954 F A
f 6 Ms
Oriental Development 69_1953 M 8
-year fle_ _1934 NI N
Lyons (City of) 15
Marseilles (City of) 15-yr 68_1934 SIN
Mexican Irrigation 434s__.1943 M N
1943
Assenting 8 f 4 M9
Mexico(US)extl 5s of '99 £1945 Q .1
1945
Assenting 5.9 of 1899
1954 III
Gold deb 49 of 1904
Assenting 49 of 1904
Assenting 9s of 1904 large
Assenting 4s of 1904 small___ _
:1--.1
Assenting 49 of 1910
Assenting 49 of 1910 large
Assenting 49 of 1910 small_
Treas 68 of '31 assent(large)'33 i--i
Small
1952 J D
Montevideo 79
Netherlands 6s (flat prices) 1972 M S
-year external 69 Wan 1954 A 0
30
1940 A 0
Norway externals f 89
1993 F A
-year ext! 69
20
1944 F A
-year external 69
20
1952 A 0
-year extl 69
30
Low
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Mar. 20.
32.5
Price
Friday
Mar. 20.
!creek's
Range or
Last Sale
Range
Since
Jan. 1.
High No. Low
101344 10111,, 1374
1
1011,421011,32
1011..10134n 240
3
1012342
101
--
_-
_
a Due Jan. 5 Due Ju y, 8 Due Aug.
4,
Range
Since
Jan. 1.
Higle
High No. Low
Ask Low
Bid
High
33 10014 103
102
Panama (Rep) 530 tr rects_1953 3D 101 Sale 101
09 102%
21
100
1944 A0 99 Sale 99
st
101, 01"n Peru (Rep of) esti 85
6914 79
7012 57
4
1940 A0 693 71
10111n Olun Poland (Rep of) g 6s
,
89 4
95%
95
9518 223
Ext'i St gis interim rects_1950 J J 95 Sale 95
101 15n 102
9412 9612
951. 10
1961 J O 9512 96
9518
0155n Porto Alegre (City of) 8a
101
11012 42 109 112
Queensland (State) ext s 1 78 1941 A0 110 Sale 10914
6 10112 10512
103 4
,
1947 FA 103 101 103
-year 6a
25
541
100' 101
00,144111ar'25
8
945 98
6
9612
1946 AO 0612 Sale 9614
100,3441003142 1234 100uu 101111 Rio Grande do Sul 89
4
933 97
9512 13
Rio de Janeiro 25-yr s f 8s 1946 AO 945 Sale 9412
8
9314 96
9412 34
1947 AO 933 Sale 93%
4
25-yr extl 89
1333 10154101"u
10114210117n
4
10218 18 1003 103
Rotterdam (City) external 691964 MN
10214 102
1948 J
194 Sale 10312 10414 54 103 105
10121441013.24 2308 101"n 102'11 El Salvador (Rep) 85
4
22
973 101
98
1952 MN
4
4
978 Sale 973
41 Sao Paulo (City) 9 f 88
1011.341043744 342 10411n 05,
San Paulo (State) ext 9 f 8s 1936 J J 10114 Sate 10012 10112 22 10018 10314
.32100"32 2740 1001.41 101
100,
8718 91
1942 J J 87% Sale 8712
8812 75
Seine (France) ext 7s
1023 Mar'24
90
85
90 1394
Serbs. Croats & Slovenes 89_1962
8812 Sale 87%
N
9712 Oct'24 ____
8512
5
8312 86%
1936 MN
85 Sale 85
Soissons (City)(19
37 10314 1043
4
104
1930 ID 1033 Sale 10314
4
Sweden 20-year (39
8
9812 1005
9912 159
External loan 5349 Inter ctfs'54
s
9912 Sale 9914
2 100% 1013
N
8 10138
8
1013 Sale 1013
4 12 113% 117
10014 10004 Swiss Confedern 20-yr s 1 88 1940 J J 11412 Sale 11412 1193
10014 Jan'25
_
9812 103
167
8
11 10114 10214 Switzerland Govt ext 5449_1946 AO 1015 Sale 10112 102
10214
jai?, gale 10214
7
4
6613 673
67
67
3 102 10212 Tokyo City 59 loan of 1912
68
NI S 67
10212 Sale 10212 10212
97
9
99%
9912
10114 10114 Trondldem (City) extl 640_1944 J J 99 Sale 9812
10214 10212 10114 Jan'25
4 10812 25 10614 109
106% 106% Uruguay (Republic) ext 88_1946 J A 108 Sale 1073
106% -- 10678 Feb'25
0 1083 11112
4
1945 AO 10812 109 1083
4 10912
Zurich (City of) s f 89
8
1057 107
Feb'25
1063
4
- 107
4 50 10612 106%
4 1063
4 - - -14
1063 107 1063
Railroad.
9
1053 10634
4
4
1063 10714 1063 alar'25
4
1003 10114
10012 ----10034 Feb'25
4
99% Ala Gt Sou 1st cons A 58___1943
98
4
993
4
4
993 Sale 993
_ 101 101
Feb'25
8
8
2
, MN
984 9814 Ala Mid 1st guar gold 59_1946 A 0 1005 10138 101
9814 Jan'25
83%
82
843 83 8
4
9832 983 Alb & Susq cony 3349
83
5
8
833
3
4
983 Feb'25
99
8112 8112
9912 Alleg & West 1st g 49 gu .1998 m o 81% 8312 8112 Feb'25
4
98A s
98
9912
9912
92
91
917 9234 92 Mar'25
_
4
98% 983 Alleg Val gen guar g 49
-98E8 99171 9834 Mar'25
8712
64
44
65
8
8
9814 Feb'25
9814 9814 Ann Arbor let g 48.... July 1995 @ J 645 Sale 643
8814 90
197
90
8
4 9834 Atch Top & S Fe
-Gen g 43..1995 A 0 90 Sale 893
983
4
983 Mar'25 _
86% 8814
__
4
873 Mar'25
97% Oa
Registered
Jan'25 _
.4 0
98
8112 8312
14
83
4
8238 834 83
Adjustment gold 4s__July 1995 Nov
8
10612
10612 100 1063 1063
2
823 835
4
4
July 1995 M N
Stamped
83 18 91
10518 1083
827 8318 83
19614 Feb'25
8
815 8414
5
.1
823
Cony gold 49 1909
1955 .1 D 827 83 82%
105 105
105 Feb'25
8112 8312
10
83
Cony 49 1905
1955 1 1) 83 Sale 83
8912 8912
_ 8912 Jan'25
8118 8312
_
Cony g 4a issue of 1910
00
1960 1 D
Feb'25
90
8338 ____ 8312 Feb'25
_ 90
4
893
9914
98
East Okla Div 1st g 49_1928 M S 0818 99
99 Mar'25
10314 Mar'25
10314 10304
8414
84
Rocky Mtn Div 1st 4s_ _ -1965 J J
8414 Feb'25
7 1123 1123
4
8419
4
4
Sale 1123
4
1123
88
4
883
3
-Con Short L lst 45.1958 j ..1
8812
Trans
8812
103 Feb'25
103 103
8738 88
9214 94
11284 Sale 11234 112% 7 11134 112% Cal-Ariz 1st & ref 440"A"1962 M s 93 04 94 Mar'25
913 91%
8
7612 760.
_
9
913 Jan'25
5
883
Registered
M
7612 Feb'25
64%
8
883 893
4
All Knoxv & Cln Div 48_1955 M N
7
89%
8912 9012 8938
_
0
AtiKnoxv & Nor 1st g 55_1948
102,Nov'24
1017
9612
95
_
98 Mar'25
4
8
8
1023 Sale 10214
10238 145 1013 10314 Ati Charl AL 1st A 4 Ms_ _1944 j j 957 97
1st 30-year 59 Series 13_ _ I 944
8
1025 Sale 10215 10238 15 102 10234
8
84
8
817 8412
83
4
833 83
93
89
23
93
8
967 All Coast Line 1st con 49_11952 m s 92 Sale 917
95
964 312
9614 Sale 964
4
963 516
14 1053 108
4
Ina
106 Sale 1053
10-year secured 7s
.1
0434 96 4
,
9618 Sale 9512
9072 92
14
4
92
953 289
6 J N
193(1 M D
91 14 9112 913
4
General unified 440
4
94% 97
9514 Sale 951g
8812 8812
33
87
L & N cell gold 49_ __Oct 1042 ai N
8J J
4
8638 Safe 863
g 75 107 11014
1097
10912 Sale 10914
19
4
76% 783
78
7712 78
2
777
10714 21 10634 109% Atl&Dunv 1s1 g 49
10714 Sale 10714
623 7012
1948 j J
4
8
923 9412
123
7012 57
7012 Sale 69
94
2d 4s
93 Sale 93
7784
75
1
7512
1949 A 0 7518 754 7512
8612 356
All & Yad 1st g guar 49
8512 88
4
853 Sale 8514
9912 9912
9812 99
9912
9912
11212 31 10818 11212 A & N W 1st gu g 5s
1
111 18 Sale 11118
8
997 10018
2
8
997
100
95 J J
1921 j j 997 100
8
4
95% 98
9634 12
Bait & Ohio prior 3445
9614
9612 97
4
4
993 ____ 093 Jan'25
4
July 1925 Q J
4
223 203
10812 19 108 11112
Registered
10812 Sale 108
4
853 89
103
89
93 A
8
9338 106
1st 50-year gold 4s_ _July 1943 m O 8812 Sale 8814
4
9
923 9312
923 Sale 023
4
854 86%
_
8
8612 ____ 855 Mar'25
July1948 Q .1
Registered
9
8414 2
4
8414 Sale 833
83% 8554
8912 93
9239 263
84
S 917b Sale 9139
97
10-year cony 4449
98
96
9614 Sale 9614
853A 90
8912 48
4
12
8T2 141
4
9
1 95 A 0
84%
Refund & gen 59 Series A.19 9 J0 89 Sale 89
82
8312 Sale 8214
10112 301 100 102
101 14 Sale 1007
104 10712
0
1st g 59 loll Ws1948
10714 Sale 10718
4
10314 104 1023 10312
95% 9712
1929 J .1 10314 Sale 1,13
68
97
10-year (is
8
967 Sale 9612
4
30 10012 102%
Ref dr gen 6s ser C temp_ .1995.3 D 10212 Sale 10138 10212 108 1003 10314
100% Sale 10012 101
9934 9934
_
9934 Jan'25
N
10212 26 will 10212
P Jet & NI Div 1st g 3449_1925
10212 Sale 102
877
835 87%
Si
8
4
8
127 102 10314
103
PLE&W Va Sys ref 49._1941 SIN -863. Sale 853
4
1023 Sale 10238
99% 10015
47
3 100
4
10312 123 1013 104
Southw Div 1st gold 3448_1925 J J 100 Sale 997
8
1033 Sale 10314
6812 6934
4
6914
9814
96
Tol & Cm Div 1st ref 48 A_I959 J .1 6914 Sale 69
16
98
97% Sale 9712
61
61
Feb'25 -10718 17 10614 10812 Battle Cr & Slur let got 38-1989 J D 6014 63 61
10718 Sale 10612
92% 9312
9318 ____ 9312 Feb'25
1936 J J
3 102 10314 Beech Creek let gu g 45
10212 10312 10212 103
7814 8112
8112 8112 Mar'25
37
1951 A 0 81
101
Beech Cr Ext bat g 330
98% 104
100 Sale 100
1
87
85
87
87 87
1944 J D 86
10612 26 10614 10812 Big Sandy 1st 45
10612 Sale 10614
9
7218
67
70
68
F A 6712 68
4412 59
8
413 4512 IS & N Y Air Line lst
4312 Sale 4318
92% 93 92 Nov'24
J
4
4
3 1093 111 14 Bruns de Wr 191 gu gold 45_ _ _1938
11014
4 111 1093
1093
1 1011s 10215
101 14
Buffalo R & P gen gold 59_1937 M S 101 14 103 10114
48
98
9512 98
9778 Sale 9712
9
853 8819
8618 33
85% Sale 853
1957 M N
8
10038 12
Consol 4445
994 10012
10014 Sale 10015
854 Mar'25
8514 8514
M N
Registered
4
07
97
9414 973
06% Sale 9618
8
995 10012
9
9978
2 8
1934A 0 997 10012 997
Burl C R & Nor 1st 59
9512 98
97%
2
97%_ 97%
4
4 17 10019 1013
1013
,
66 9438 Feb'25
9314 95 4 Canada Sou cone gu A 5s.....1962 A 0 10134 Salo 10134
95 38 115 117%
1167
J
96
Canadian North deb a f 79).1940 J D 11612 Sale 11614
87
84
8614
8614 87
4
86,
11814 Sale 11818
11814 50 11614 11814
198
99
20-year a f deb 6449
9612 9914
9814 Sale 9814
80
79
7912 Sale 79
7912 50
57
9814 10112 Canadian Par Ry deb 45 stock__ J
100
99% Sale 9914
93
4
93 93
972 1003 Carb & Shaw 1st gold 0....._1932 M 8
Jan'25
56
100
4
9918 Sale 9918
78
78
5
8314
7912 78
7812
1938 J D
4
10812 Sale 10912 10934 34 10912 1103 Caro Cent 1st con g 45
2 10012 1015s
4
10912 Sale 10912 10912 11 10912 1103 Caro Clinch dr 0 1st 3-yr 59.19381 13 10012 10112 10012 10012
2
4 1057 10734
4
1078
1952.9 D 10712 Sale 107
4 45 109 III
69
10012 Sale 11012 1103
84
84
82.2
Jan 25 -- -__ 84
9912 103
1981.3 D
10112 149
Cart & Ad Ist gu g 49
10112 Sale 101
8
743 7912
76 Sale 76
4 14
793
1948 J
Feb'25 -- 101 102
Cent Branch U P let g 4s
101 12 10212 101
6612 15
6418 69
65's Sale 651g
1961 J J
9
9412 Cent New Eng 1st gu 45
93
4
92
4
923 Sale 923
9714 974
10012 67
Central Ohio Reorg 4449.-1930 M S 9714 9012 9714 Jan'25 -- -98% 103
10012 Sale 10018
s
087 10212 Central of Ga bat gold 59._p1995 F A 10138 ___ 10284 Feb'25 ---- 101% 10234
10014 Sale 10018 10012 108
100141 38
9914 10012
1945 M N 100 10014 100
9712 71
Consol gold Is
9314 0914
9714 Sale 971
8
1037 Bale 1037
8: 21 103 1043,4
1043
9712 58, 923 9914
g
1 fl-year seeur89
Ref&gen 644, ser B June 1929
4
9712 Sale 97%
99 102%
8
4
1959 A 0 101% 1013 101% 102 1
102% 1631 102 1043
8
10212 Sale 10214
_
84 84
2481 073 10112
99
Chatt Div pur Money g 48_1951 1 D 8414 84% 84 Mar'25
9814 Sale 9734
4
___ _1 9934 Feb'25
99% 100
.19462 .1 102
4
893 7051 883 92%
4
Mac & Nor Div 1st g Is.
4
8
883 Sale 883
1946 1 J 10018 ____ 100 Dec'24
9014 581 87
91
Mobile Division 59
88 Sale 87
95
4
9738
4
963 9712 083 Mar'25 -9014 19
91
Cent RR & 1301 Ga coll g 58_1937 M N
8714 Sale 88
88
10778 11 10718 10814
8614 33
4
843 Sale 848
,
4
843 87 2 Central of NJ gen gold 5s...1987 1 J 18818 110 10714
9438 1067
21987 Q 3 101112 ____ 10638 Mar25 -- -- 10614 10678
8
943 Sale 9418
Registered
93% 9512
8638 8918
891 178
4
4 Sale 873
_1949 F A
1063a 139 i0479 1063 Cent Par 1st ref gu g 4s
4
10814 Sale 106
9512 9818
9612 96 Mar'25 --81929 J D 96
10.5 Mar'25
Mtge guar gold 3 Ms_
1(15 105
8618 87
163 11512 11712
4
116
8
116 fitile 1157
Through St L 1st gu 49_1954 A 0 RA 8612 863 Mar 25 --.
*
9012 44
9014 Sale 90
4
893 92% Charleston & Savannah 7s__1936 J J 1184 ____ 11212 Feb 25 - - 112111175
8
985 100%
8
8512 413
8812 Chas & Ohio fund As lmpt 5.9.1929 J J 100 10014 985 Mar'25 -85
85% Sale 85
10214 14 101% 10312
4
4
M N 1013 Sale 1013
9412 62
9312 Sale 93
1st consol gold 55
9114 9412
101 Nov'24 -71
89
8812 9012
1939 M N 10112
8812 Sale 8812
Registered
40
8
90
993 187
1992 M S 8812 Sale 8812
9912 Sale 9904
General gold 4448
98% 99%
8
4
1992 M S 863 8712 8618 Jan'25 -4
9318 993
Reglstered
-- -- 993 Feb'25 - -133
97
94% 97
8
967 Sale 9612
82 Sale 82
20-year convertible 4449_1930 F A
8314
82
520 10238 10914.
33 417
1946 A 0 10538 Sale 10238 108
91 Sale 91
90% 92
30R 4tern v secured 59
-year co ed
_ 1033 10614.
4
10419 Mar'25
4
863 123
A0
86% Sale 858
84
88%
9712 9934
Jan'25 - _
84 12 31
1940.9 J 98 10012 09
8414 Sale 84
84
Craig Valley 1st g 55
8612
8412 29
8214 83
8412 84
84
85%
84
Potts Creek Branch 1st 491946.9 J 8212 ____ 83 Mar'25 -.Jan'25
24
8312 8412
24
R & A Div 1st con g 49-19
21
89
J 8914 ____ 8414 Mar'25
1
80
Jan'25 ---24
79% 80
24
_ _ 80
1989 J J
23
20 consul gold 49
97% 97%
45 Feb'25
__
9818 9812
42
9512
Warm Springs V 181 g 59..1941 M S 80- . 977 Jan'25 -- -45
2
2
83
66
62
37 Sale 37
3712
1949 A 0 63 Sale 63
32% 41
Chic & Alton RR ref g 3s
5
2214
_
6012 8012
21
2214
A 0
60w Jan'25 -25
21
Registered
8 32
213
1914 -21 20
4
58% 82%
6212 623 Feb'25: 1812 2612
6012 Certif9 den stpd Oct 1924 Int. _
2612 Jan'25
6212 Feb'25 - - - _
6014 8212
_
2612 2612
Certif den stmnd Apr 1924 lot
5534 188
Jan'25 _- -24
9904 6814
24
554 _ale 5312
24
Railway first lien 310____1950
1
50
4
553
2412 2612 24 Feb'25 - - - 96
24
50 Sale 50
Ctfs dep Jan '23,88ub coup. _
23
8114 8514
26
8412 28
5
2634
84 Sale 83 8
Chic Burl & Q-III Div 340_1949
2218 30
3
8812 93
25 Mar'25 - 33
93
2134 28%
Illinois Division 0
1949 J J 93 Sale 92
5
-66- -6112 39
39
99 100
16
9939
3612 43
Nebraska
1929
4.
kaExtenalon 48_1 7 M N 9914 9938 9914
39 Mar'25 - 88% 9012
9012 01
8
43
1958 M S 90 Salo 897
36
89% 89%
8
9112 Sale 903
9112
4
4
93
M S
--- 893 Feb'25
88
Registered
8
95 1005 10212
10314 26 1023 107
103 Sale 103
19134 102 101% 102
1st & ref 5
8
9
26
231 10018 104
54 83
62
103
102% Sale 10212
Chic City & Conn Ry9 5919 1 A O 6014 61
80
77
192 F A
14 11014 11312 Chicago & East III 1st 65_1934 A 0
111
11014 111 11014
197 Mar'25 - - -- 10504 10114
223
78
8
1
9
743 79 0
91
97% 100, C & E III RR (new co) gen 28,1951,M N
99% Sale 9912 100
4
763 Sale 783
4
161
99% Sale 9912 100
Error Last Week-Last week', re cord In thl column be gin9712 10034
9912
4 84
903
2
97: 1004 ning with Ann Arbor 1st 48'dow n to Burl Ced Rap & Nor
8
995 Sale
,
58 Ind was incorrectly report ed. Correct rig urea are gig on
this week on page 1418.
Ask
Bid
U. S. G
ment.
First Liberty Loan
J D1011344 Sale
33.4% of 1932-1947
Cony 4% of 1932-47
J D 101"44 _ _
Cony 434% of 1932-47
J D 1012044 Sale
20 cony 434% of 1932-47
J D 101 102
Second Liberty Loan
0 of 1927-1942
MN 100"24
Cony 4M% of 1927-1942
MN 1002334 Sale
Third Liberty Loan
M S 1011544 Sale
43.(% of 1928
Fourth Liberty Loan
A 0 1013715 Sale
431% of 1933-1938
44
Treasury 43(8
1947-1952 A 0 1043, Sale
Treasury 49
1944-1954 J D 100"st Sale
29 consol coupon
dI930 J i
Panama Canal 39 gold
1961 @ m 9512 97
State and City SecurItiet.
N Y City-444s Corp stock.1960 M S
Registered
41is Corporate stock
1964 M S
4 y,a Corporate stock
1972 A 0
430 Corporate stock
1966 A 0
430 Corporate stock
1971 J 0
410 Corporate etock _July 1967.3 J
4445 Corporate stock
19652 D
410 Corporate stock
1963 M S
4% Corporate stock
1959 M N
M N
Registered
4% Corporate stock
1958 M N
4% Corporate stock
1957 M N
4% Corporate stock
1956 M N
NI N
Registered
4% Corporate stock
1955 NI N
NI N
Registered
$34% Corporate stork___1957 Ni N
445% Corporate stock____1957 M N
M N
Registered
344% Corporate stock____1959 M N
3Si% Corporate stock_ _1954 MN
New York State Canal Im- 481961 J .1
434, Canal impt
1964 j j
48 Highway Inlet
1958
Highway Improv't 4148_1963 54 S
1991 Ji
Virginia 2-38.
Week's
Range or
Last Sale
"iFs
4
/
85% 871
p Due Nov, r Option sale,
New York Bond Record-Continued-Page 2
BONDS.
N. Y. STOCK EXCHANGE
Week Ending Mar. 20.
b
4
Price
Friday
t Mar. 20.
Week's
Range or
Last Sale
a%c2
Range
Since
Jan. 1.
BONDS.
NY,STOCK EXCHANGE
Week Ending Mar. 20.
o.
1137
Price
Friday
Mar. 20
Week's
Range or
Last Sale
Range
Since
Jan, 1.
Bid
Ask LOW
High
MO NO, Low
Bid
Ask Low
High No, Low
High
Chic & Erie let gold 58
1982 M N 9912 993 9912
3
4
9912 1003 Erie & Pitts gu g 3413 B____1940
4
995
8
8418
84
Jan'25
84
84
Chicago Great West let 48_1959 M S 825 Sale 6113
8
593 653
4
8
Series C
823 209
4
4
84
J J 841/
Oct'24
Chic Ind dr Louisv-Ref 68_1047 j j 110
9 J J
111 Mar'25
10912 111
Fla Cent & Pen 1st ext g 58_1930 .1 J 9912 _
100
Jan'25
100 i56Refunding gold 58
10014 Mar'25
997 _ _
8
091z 100 4
Consul gold 55
,
1943 J J 993 100
4
2
983 100
8
987
987
2
3
Refunding 4s Series C
1947
j 8812 87
8612 Jan'25
853 8812 Florida East Coast let 448_1959 .1 D 93
4
9313 93 Mar'25
9214 9414
General 58 A
1968 M N 8812 90
8853
1
8718 885
let & ref 58 Scrim A
8
885
8
1974 M S 9414 9 4 94
9412 41
933 9512
4
43
General 6s B
May 19661 J 1023 Sale 10212 103
4
6 1013 10314 Fla West & Nor is Series A 1934 MN 112 Sale 112
4
113
71 1027 1153
2
2
Ind & Louisville let gu 48_1956 J J 7753 Sale 777
7718 7912 Fonda Johns & Glov 434s
8
77%
1952 MN 73 Sale 6914
73
6412 73
87
Chic Ind & Sou 50-year 4s__1956 J J 8612
8712 Feb•25
8618 8712 Fort St U D Co let g 448_1941 j J 895 91
8
8812 Nov'24
Chic L S dr East let 448___1969 J D 937 -- 933 Mar'25
9312 933 FtW&DenClstg5ls.,.J061J D 1043 _
4
8
4
4
1047 Feb'25
8
C M & Puget Sd 1st gu 4s_1949 j
4718 Sale 4618
4618 5818 Ft Worth & Rio Gr let g 48_1928 J .1 93, 95, 95 Feb'25
553 -55
4
9213 963
4
4
4
ChM & St P gen g 4s Ser A_e1989 J J 733 Sale 7014
8
7014 74
From Elk & Mo Val let 6s 1933 A 0 1087 11038 10812 Feb'25
7314 188
8
108 10813
General gold 34s Ser B...e1989 ..f .3 6312 Sale 6312
62
1
8312
65
GH&SAM&Plst 5s-1931 MN 10014 10012 10012 10012
1 100 1003
8
Gen 448 Series C
1989 J
• 817 Sale 7712
8
7718 8234
817
2d extens 53 guar
8 84
1931 J J 100 10014 100
100
10 100 1003
8
Gen & ref Series A 44s_a2014 J
4412 Sale 44
44
54
493 1090
Galv Hous & Bend 1st 5s
4
1933 A 0 92 Sale 913
8
92
9018 9314
14
Gen ref cony Ser B 58___a2014 p
4612 Sale 4418
5412 709
4413 5853 Genesee River 1st 5 f 55
1957 J J 1033 10418 1033
4
4 104
5 114014 1043
3
let sec (is
1934 J
9912 Sale 97
513
9612 10018 Ga & Ala fly 1st cons 5s
100
01945 J J 94 Sale 94
943
4
93 1023
4
Debenture 44s
1932 J I) 47 Sale 44
44 8012 Ga Caro dr Nor 1st gu g 5s 11129 J J 0912 10014 9912 Mar'25 10
5414 1034
9913 99 4
3
Debenture 48
1925 J D 4712 Sale 463
463 723 Georgia Midland let 3s
4
4
4
5514 4821
1946 A 0 643 85
8
6512 Mar'25
6414 5612
25
-year debenture 48
1934 J j 46 Sale 44
5614 Gtla Val Cl & N let gu g 5s 1924 M N 983
44
5014 347
100
4
Oct'24
Chic & Mo Riv Div 52-1926 J J 947 0612 9418
8
9418 97
947
8 45
Gouv & Oswegatch 58
997 _ _ _ _ 983 Feb'24
8
4
1942 .1
Chic & N'weet Eat 4s_ _1886-1926 F A 993 Sale 997
8
14
9912 10018 Gr R & I est lst fru g 448_1941 .1 D 94
8
100
951 953 Mar'25
9414 4
.1
iis;
Registered
1888-1928 F A 9812 _ _ _ _ 9918
2
983 995 Grand Trunk of Can deb 65_1940 A 0 11612 Sale 1163
8
4
9918
8
11612 12 11512 1167
2
General gold 334e
1987 M N 7478 Sale 747
7314 75
6
8
75
15
-years f Os
1936 MS 10712 Sale 10712
10753 48 1063 10772
2
Registered
72
72 Feb'25
7214 Great Nor gen 75 Series A 1936 J .1 110 Sale 10934 1103 139 10912 111
Q
4
General 48
8312 86
1987 M N 8312 Sale 8312
8412 15
let dr ref 44s Series A
1961 3 J 913 Sale 9134
4
9214
9112 9212
6
Stamped 48
1987 M N 83
15
85
83
83
8412 83
General 548 Series 11
1952 J J 1005 Sale 10012 101
8
92 10014 10212
General Ss stamped
1987 M N 10438
_ 102
2 102 1043
4
1043
8
General 58 Series C
8
1973 J J 937 Sale 9358
9412 97
9232 9514
Sinking fund 68
1879-1929 A 0 104
104 10412 Green Bay & West deb ctfs "A"._ Feb 70
104 Mar'25
72
76
Jan'25
76
76
Registered
104 104
A 0 10312
_ 104
Jan'25
Debentures afs "B"
Feb 1534 Sale 15
1212 16
153
4 78
Sinking fund 58
1879-1929 A 0 1005 101 1005 Mar'25
10012 1003 Greenbrier fly let gu 45_ __ _1940 M N 8618
8
8
4
86
Jan'25
86
86
Registered
1879-1929 A 0 1005
8
10013 10012 Gulf & 51 1st ref & t g 55__81952 J J 9818 991 9812 Mar'25
10012 Jan'25
_
9812 101
Sinking fund deb 58
1933 M N 102
102 Mar'25
10012 103
Harlem It & Pt Chcs 1st 4s__1954 M N 8112 821 8112
8112
8 80 8311
Registered
1933 M N 1003
101 101
4
Hocking Val let cons g 443_1999 J J 90
- - 101 Mar'25
901 90
90
5 8912 9072
10
-year secured 78 g
1930 J D 10853 Sale 108
1085
3 39 105 11218
Registered
1999 J J 88
88
90
88
1
9912
88
15
-year secured 634s g
1936 m 9 11114 112 11218 11218 22 11114 11211
& T C 1st g int guar
,
1937 J J 99 2
_ 10014 Feb'25
9912 1007
g
let & ref g58
42037 J D 1007 Sale 10078
8
102
63 100 102
Houston Belt & Term let 58_1937 J J 97
085 97 Mar'25
8
90
9814
Chic R I & P-fialltray gen 461988 .1 J 833 Sale 8314
8
83 843 Houston E & W Tex let 6551033 M N 1003
4
843
4 24
8
100
Jan'25
993 100
2
Registered
J J
82 Feb'25
82
82 8
,
1st guar 5s red
8
997 Jan'25
8
9972 997
1933 M N 1003
2
Refunding gold 46
1934 A 0 88 Sale 87
8314 883 Housatonic fly cons g 5s__1937 M N 94
318
88
4
9212 Jan'25
96
9212 9212
Chic St L & NO gold 5s1951
8
10112 103
_ 1025
D 1025
8 1025
8
Bud & Manhat .5e Series A..1957 F A 8713 Sale 8714
8612 89
877s 122
Gold 33-45
1951 J D 783
8
793 Jan'25
8
793 793
8
s
Adjustment income 58_ _1957 A
72 Sale 7114
7212 124
673 737
4
s
Memphis Div let g 45_ _195/ J
85 Sale 837
8
837 857 Illinois Central let gold 4s_.1951 J 0 917 ___ 9214
8
s
85
8
9112 9212
1
C St L & P let cons g 5a
9214
1932 A 0 101 18
101 18 Mar'25
10012 101 18
Registered
89 July'24
1951 .1
Registered
A 0 10018
_ 1003 Jan'25
1003 10038
8
8
let gold 3 t4s
823 833 8313 Feb'25
-ifs; WI;
4
1951 J
4
Chic St P M & 0 cons 88_1930 .11
10414 Sale 10414
10414 10812
10514
Registered
8(13 __
4
93 Mar'25
83 83
.1 J
Cons 85 reduced to 3%s1930 J D 923 _ _ _ 9212 Feb'25 16
3
9214 9211
Extended 1st gold 348_1951 A 0 823
8212
81
4
_ 8211 Feb'25
Debenture 5s
1930 M S 9814 9812 9838
963 993
4
2
983
2
s
Registered
8012 83
4
_ _ 83 Mar'25
1951 A 0 803
Stamped
9814 093 9818
8
98
99
9818
4
1st gold Is sterling
645 62 Feb'25
61
8
62
82
1951 M
Chic T II & So East lst 58_1960 J D 771 Sale 75
.
79
75
7712 102
Collateral trust gold 48_1952 M
8614 8712
7
8714 Sale 8714
873
8
Ine gu 58
Deal 1960 NI S 5712 Sale 55
55 8014
5812 123
lot refunding 4s
9212
8
88
8
3
1955 NI N 897 913 91
9212
Chic Un Sian let gu 4345 A.1963 J J 02 Sale 92
4
913 93
9212 11
Purchased lines 33-45
8118 Sale 8113
7838 8314
1
1952
8113
lot Es Series B
1963
J 1003 101 1005
4
8
1003
8 10 100 10212
Registered
79
79
79
Jan'25
Guaranteed g 5s
1943 j3 975 Sale 9714
1064 J 0
8
97 4 985
,
8
975
8 19
Collateral trust gold 4s.„1953 St N 84 Sale 84
83 85
8412 23
let6)48 Series C
11614 117 117
:
117
20 1181 11713
Registered
82
81
5
let N 82 Sale 82
82
Chic dr West Ind gen g 8sp1932 Q rd 10514
_
- - -- 10514 Nov'24
Refunding 58
8
1955 M N 10414 1055 10414
9 10312 105
105 8
3
/
1
4
Consol 50-year 4s
1952 .1 J
7712 Sale 7713
78
48 -i8f2 -i615-year secured 53-45
8
8
1934 .1 J 1027 Sale 102
10273 26 102 1033
15
-year f 74s
1935 M S ____ 1023 1023
8
8 1023
1 10238 104
8
15-year secured 845 g
4
1936 J J 1103 111 110
8
11 10918 1113
111
let & ref 512s ser A temp_1962 M S 977 Sale 973
8
97, 9812
8
4
183
98
Cairo Bridge gold 45
897
8
1950 J
8814 88 4
8814 Feb'25
,
Choc Okla & Gulf cons 58....1952
993 10012 993 Mar'25
993 10014
4
4
4
Litchfield Div 1st gold 38_1951 J J 917
8
70
7012 Feb'25
7012
CM II & D 2d gold 44s1937 .1 1 943
935 9412
8
4
_ 9413
1
9412
Loulsv Div & Term g3348 1953 J J 807 Sale 80
7712 8078
8
807
8 11
C I St L & C 1st g 4s
k1936 Q F 9178
913 9134
4
913 Feb'25
4
Omaha Div let gold 35_ _1951 F A 72
7012 7214
73 2 7214
,
7214 11
Registered
9012 9012
k1936 Q F 91 18
9012 Mar'25
St Louie Div & Term g 38_1951 J .1 713
4
_ 72
7134 72
Jan'25
ClnLeb&Norgu4sg
8718 8912
1942 M N 8814
8814 Mar'25
Gold 3345
8
1951 J J 803 8112 803 Mar'25
4
79
82
S&Cm
Cl cons let g 58,1928.1 .1 993 ____ 997 Mar'25
997 997
8
8
2
8
Springfield Div let g 348_19.51 J J 7818 82
82 July'24
Cleve Cm n Ch & St L gen 48A993 J D 82 Sale 82
813 8414
4
823
8 15
Western Lines let g 4s
1951 F A 8612 8912 8412
4 -WI; -if 88
20-year deb 44s
9(3
98
1931 J J
9714 98
98
08
1
Registered
1951 F A
87 Feb'25
87
87
General Os Series B
9912 1015 III Central & Chic St L& NO
8
1007 10312 1015 Jan'25
1993 J
8
8
Ref & impt 65 Series A
1929 J J 10312 104 10318
104
32 103 104
Joint 18t. ref 58 Series A
I963 J D 973 Sale 97.8
4
9814 29
5
961.4 99
6s Series C
1941 J J 10414 Sale 10414
4
2 10414 1073
10414
Do Series 14
1963 .1 D
9512 June'24
5s Seritw D
9412 96 4 Ind III & Iowa 1st g 48
1063J .1 96 Sale 953
,
4
961 118
.
885 Sale 883
1950
8
90
15
87 2
,
Cairo Div let gold 4s
8914 903 Ind Unlon Ry gen 58 Ser A..1965 J J 100 1007 100 8
1939 J J
8
903 9038 Mar'25
90
8
8
J J
100
5 100 101
Cin W & M Div 1st g 48_1991 J J 8012 81 18 8018
80
8112
8018
2
Gen & ref 5s Series B
1965
J 100 10012 100 Mar'25
4
- 100 1003
St L Div 1st coll tr g g 48_1990 MN 81
8114 8314 tot & Grt Nor 1st 6s Ser A_1952
82
8214
82
1
J J 103 Sale 103
10412 82 100 10412
Spr & Col Div let g 4a_ _1940 M S 8812 9014 8812 Mar'25
883 8818
3
Adjustment 6s. Series A 1952 Aprl 71 Sale 895s
78
68
7178 285
W W Val Div 1st g 4s
873 873 Int Rye Cent Amer let 55
1940 J J 8614
8
4
873 Jan'25
4
1972 M N 7912 Sale 79
793
8 58
7612 8012
C C dr I gen cons g 6s
1934 J .1 1(173
4
1073 10734 Iowa Central let gold 58_
10712 Feb'25
4
1938 J D 5934 607 61
65
8
8
57
Cloy for & W con lat g 518_1933 A 0 100
61
101 18 10214
10118 Mar'25
Certificates of deposit
5812 60
60 Mar'25
597 60
CI & Mar let gu g 448
s
1935 M N
963 963
8
963 _
s
4
963 Jan'25
4
Refunding
22 Sale 22
1951
Cleve & Mallon Vail g 58
193 2814
2318 32
8
983 99 8 James Frank gold 48
4
1938 J J 0818
995 Feb'25
8
,
.1, Clear 1st 45.1959 J
8713 88
867
8
8711 13
867 88
CI & P gen gu 434s Ser B
1
1942 A 0 99
8412 Aug'24
Ka A & 0 R Ist gu g 5s___ _1938 J J 100
100 Nov•24,
Series A
1942.7 .1 9918 _
91 Nov'24
Kan & M let gu g 48
1990 A 0 8114 827 84 Mar'25 -84
80
8
Series D 34s
1950 F A 81 18 _
84 -85384
4
853
2
4
20 20-year 5s
100 1003 1003
1927,
8
9914 10013
Cleve Shor Line let gu 448_1961 A 0 95, 97 2 9714
3 10033
4
9712 98 4 K C Ft S & M cons g 69
,
4
,
2
9814
11
1928 M N 10314 Sale 103
Cleve Union Term 54s
889880 81 3 0934
10314
9 102513 19893 3
1972 A 0 10414 106 10513
4
10512
4 1043 10612 K C Ft S & M Ity ref g 45_1936 A 0 83 Sale 83
1st e 58 Ser B
8412 37
ggt2 101
1973A 0 100 Sale 997
8
1003
4 32
K C 4, M It & B let gu 58_1929 A 0
9918 Feb'25
Coal River fly let gu 45_
1045 .1 D 8412 86
8314 8612 Kansas City Sou let gold
85 Mar'25
314_1950 A 0 713 717 7138. 72
2
44
Colorado & South lot g 45_1929 F A
7018 85721/4
2
9812 Sale 9812
967 983
8
8
9812 35
Ref & impt Os
Apr 1050.7 J 883 Sale 885
4
Refunding & exten 440_1935 M N
8
89 2 54
,
923 Sale 9212
4
9312 62
905 937 Kansas City Term let 48_1960
8
s
84
Col & 11 V 1st ext g 48
J J 8412 Sale 843
847
3
8 50
1948 A 0 8612
8612 8812 Kentucky Central gold
8612 Feb'25
45__1987 J .1
84
Col & Tol 1st ext 48
8478 19
85
8418
1955 F A 8518 _ _ _ _ 9412 Dec'24
Kook & Des 51 to elf dep___1934 A
Conn & rennin fly let 4s_ _1943 A 0 81
80 Nov'24
84
-ifs; 811s Knoxville & Ohio lot g 68.__1925 J 0 10032
8158 Jan'25
568 l003
_ 1003 Mar'25
Cuba RR 1st 50-year 58 g
3- --3
4
J
1952 J J 87 Sale 87
8312 873 Lake Erie & West lot g
4
873
s 27
4
55.
.19373 J 993 100
4
9954
lot ref 7%s
100
19:38.7 D 103 104 10378
104
5 10212 108
20 gold 58
3
1941.7 J 9518 9512 9514
Cuba Northern fly let 5s...._1966 J J 9214 Sale 9134
9514
89
9314 Lake Shore gold 34s
9212 54
10073 D 7812
7812 Mar'25
Day & Mich let cons 4 4s
99593 1764,3
78i 00
1 99
1931 J J 9614 965 9614 Mar'25
8
96
9712
Registered
19973 D 767 _ _ _ _ 767 Feb'25
787 708
Del & Hudson 1st &ref 4s
8
8
3
7
1943 M N
893 Sale 893
4
8812 9014
4
90,
4 73
Debenture gold 4s
0112 987g
1928 M S 983 Sale 98
8
30
-year cony 58
98 3
3 51
1935 A 0 10378 Sale 103
3
10418 62 10114 1073
25-year gold is
9518 973
1931 M N 96 Sale 953
s
15
-year 5%s
4
963
s 55
1937 MN 10218 1023 10214
8
10212 13 101 103
Registered
957 997
8
1931 M N
2
957 Jan'25
10
-year secured 78
8
1930 1 D
10812 10912
6 10812 110
Leh Val Harbor Term 58_19541F A 10214 Sale 102
4
D RR & Ildge Ist Ku 4s g
10212 76 1003 10212
1936 I A 9353
,
_ _ 94 Dec'24
Leh Val N Y 1st gu g 448_1940 J J 9812 9714 9614
96
6
9714
9714
Den &
corgi g 49_1930 J J 823 Sale 823
4
8514
82
4
83 2 86
,
Registered
93
93
Jan'25
1940 J J 9412
Conedl gold 448
_ _ 93
19363 J 87
8912 Lehigh Val (Pa) cons
88
8812 88 Mar'25
g 4s...2003 M N 8012 Sale 8012
81
79
Improvement gold So..._.J928J D 9712 Sale 9712
803
4 13
95
09
973
4 65
General cons 414s
9
88 9012
2003 M N 893 Sale 893
4
4
90
let & refunding Ss
1955 F A 073 9712 5812 Jan'25
58
8
67
Lehigh Val RR gauss Serles_2003 N1N 993 Sale 993
983 100 4
58
2
,
4
4
100
Registered
4614 Nov'24
Leh V Term fly 1st gu g 58_1941 A 0 1013
1 40112 1023
2
4
102
102
Farmers L & T dep rag for
Registered
1941 A 0 992g
_ _ 993 Nov'24
- 8938 89%
4
1st & ref 58
Aug 11955
6112 Feb•24
59
70
Leh & NY let guar gold 4s._1945 M S 8418 861z 89 Mar'25
8512 89
Bankers Tr Co Mrs dep
Lox & East 1st 50-yr 5e gu 19135 A 0 1053 _ _
4
105
Agent to June 1523 agree
10814 32 19312 10614
47
62 80
Jan'25
5952 6912 Little Miami 481
1952 M N 84
__
8314 Feb'25 -Stamped
,
83 4 8314
47
63 823 Feb'25
4
5018 7034 Long Dock consol g 6s
1935 A 0 108
1077 Feb'25 -- 1077 108
__
8
8
Am Ex Nat Bk ctfs Feb '22
803 Feb'25
8
803 607 Long Isld let con gold 58_ _A1931 Q J 993
8
8
997 10012
4
4 _
10012 Jan'25 -Am Ex Nat Bk ells Aug '22
597 Dec'24
8
let consol gold 48
51931 Q .1 9312
9412 9411
9412 Mar'25
Den dr R G West ta
MN 58 Sale 57 2
1955
5713 6612
,
593 277
4
General gold 4s
ggig 8914
1938 J D ssis 16
.- 8918 Feb'25 -Dee M & Ft D 1st gu 48
1935'.7 453 50
4
4518
4518
3912 4518
2
Gold 4s
1932 J D 897
2
897 897
8
897
8
8
897
3
Des names Val let 4345
1
1947 MN 9318
9312 Feb'25
9314 0312
Unified gold 48
1949 M
8214 - . 8212 Mar'25
8118
8214 8412
Dot & Mack-let lien g 413_1995 31) 72 - - 73 Mar'25
7178
73
73
Debenture gold 5
1934 J D 9314 98
9513 973
5
97 Feb'25
3
Gold 48
1995 ID 6518 69
6514 Mar'25
6514 87 2
,
20-year p m deb Ss
1937 M N 89
90
8712 903
905
8
4
90%
N
Dot Riv Tun 44s
1961
9118 913 91
8
9118 22
91
92
Guar refunding gold 45...1949 M S 8214 8312 8212
2
82
8212
But Missabe & Nor gen 58_1941 .73 10212
102 Mar'25
102 102
Nor Si, B 1st con g Ku 55-01932 @ J 99
9978 9912 Mar'25
2
9912 1003
But& Iron Range let 5s _ _ _1937 AO 1013
4
10212
10212
4 10012 10212 Louisiana & Ark let g 55_1927 M S 99
9978 100 Mar'25
991g 10112
'3 8314 8 7 8358
Dul Sou Shore & Atl g 5S..1937
8
87
8
835 90
8
Lou & Jeff Bdge Co an g 4s 1945 M S 8514 Sale 84
8512 16
83 87
East fly Minn Nor Div let 413.'48 AO
89
Jan'25
88
89
Louisville tit Nashville 5s
1937 M N 10418 _ -- 10414 Mar'25 - - 1023 10414
2
1938 MS 903 Sale 9914
4
East Tenn reorg lien g 5s
993
4
9914 993
13
4
Unified gold 45
1940 J J 935 Sale 9312
8
94
36
917 9412
2
East T Va & Ca Div g 511_1930 J J 100
_
_
10034 Mar'25
100 101
Registered
1940 J .1 9112 93
913 Dec'24 -4
Cons let gold 5s
1956 SIN 10012 _ _ 101
101
5 1003 101
8
Collateral trust gold 518_1931 M N 1013 10112 10114 Mar'25 -- 10012 103
8
Elgin Joliet & East let If 52-1941 MN 10178
102
102
5 101 102
10-year secured 75
1930 M N 1063 Bare 1063
4
4
0 14 1071
1063
4
54 ;
1 1893 i6
1965 AO 9912
- - 9912
El Paso dr W 1st 5s
9912 38
993 100
8
let refund 548 Series A2003 A 0 1067 Sale 10614
8
1087
8 30 10414 10712
1083
75 107 108%
Erie lot consol gold 7s ext 1930 M S 10812 Sale 10818
8
lst 44 ref 58 Series B
2003 A 0 10314 Sale 1023
4
10314
16
1996 .7.7 703 Sale 7012
4
lot cons g 48 prior
7112 32
70
7212
1st & ref 434s Series 0_2003 A 0 9314 Sale 93
93,
4 25 1092
Registered
1996 J J 873 88, 673
4
4
2
677
8 56
673 677
4
8
N 0& 51 Ist gold 5s
19303 J 10414 107 10412 Feb'25 -- 1 : 104:
1 4 9033 1
2
2
81
1st consol gen lien g 48..1996 J J 64 Sale (3312
647
8 51
6314 6618
2d gold 88
1930 J J 1033 _ _ _ 1033 Dec'24 -8
8
19(16 '.7
Registered
67
Jan'25
6612 67
Paducah & Stem Div 4s1946 F A 913 9313 8914 Feb'25 --4
9612 96
Penn coil trust gold 48_ A95I FA 96
12
96
9513 98
St Louis Div 2d gold 3s 1980 M S 8214 63
83
63
2
6212 63
8
22
67
84
50-year cony 48 Ser A_ _1953 AO 6612 Sale 657
L&N&M&Mlstg43481945 M S 9618
69
9714 Mar'25 -96
9714
1953 AO 667 Sale 6614
8
67
do Series 11
31
837 69
8
L.& N South joint M 4s__ _1952 J J 821s Sale 8212
8218
5
8112 843
3
9.566
10 3 A CO 73 Sale 7212
cony 4s Sores D
31
73
Gen
7212 7554
Registered
July 1952 Q J
Jan'24 _
.7' 104 105 10334
104
13 10112 10453 Loulsv CM & Lox gold 445_1932 SIN 99 Sale 77
Erie & Jersey 1st 11311
99
1
99
981 99'm
a Due Jan. 8 Due Feb
c Due June, 4 Due May. 4 Due May. S Due Ju y. k Due Aug. n Due Sept. 0 Due Oct.
p Due Dee.
Opt on sale.
1438
BONDS
N.Y.STOCK EXCHANGE
Week Ending Mar. 20.
New York Bond Record-Continued-Page 3
Price
Friday
Mar. 20.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ending Mar.20.
Price
Friday
Mar. 20.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
CO .1
High
High No. Low
Bid
Ask Low
High
High No, Low
Ask Low
Bid
59% 7014
847
8 91
99 10114 N Y Ware& B 1st Ser I430246 J J 6434 Sale 82%
2
10118
Mahon Coal RR 1st bs
1934 .1
10114 -- -- 10118
80% SA%
82% 73
1950 A 0 81 Sale 81
4
59% 613 NordRy811314ewl
11
4
613
4
Manila RR (Southern Linea) 1939 M N 60
6112 613
70% 73%
72% 21
6312 6312 Norfolk Sou 1st & ref A 58_1961 F A 72 Sale 72
1st 49
95% 96%
1959 m N 8414 663 63% Mar'25
4
5
9618
9618
Norfolk & Sou 1st gold 58_1941 M N
973 100
4
5
4
983
4
Manitoba Colonization 59_1934 J D 983 Sale 983
4
106% 10719
4
Norf & Virest gen gold 69_
1931 MN 107 10812 1063 Feb'25
84
84
Jan'25
84
Man GB & N W lst 3149-1941 y .1 82%
10712 Oct'24
4
Improvement & ext 65...A934 F A 1093
8
1007 101
Feb'25
101
1931 M S 101
Michigan Central 58
5 166 108
108
New River 1st gold
1932 A 0 108 Sale 108
99 Dec'24
Registered
1001s
88 9114
9114 67
N.58 W By 1st cons g 49._1998 A 0 90% Sale 89%
9612 97 2
115
97
48
97
1
9 V1 14
. 91
1
88
86
Jan'25
86
1996 A 0 8712
Registered
8612 Sept'24
Registered
£18.1 2
1940 j .1 90 - .
8814 90%
DWI 1st Ilen & gen g 48_194 4J J 89% Sale 88%
8 % 27
9
7718 Apr'24
L & S 1st gold 3349
1951 MS 7712
134 634 127 134
10-year cony (is
1929 M S 133 Sale 130
-if" -8218
1st gold 3348
1952 MN 9112 83 811: Mar'25
91
934
1
8
9114
4
Pocah C & C joint U.._ _1941 J D 913 Sale 9112
97 9714
973 97
9714 28
20
-year debenture 48
1929 A 0 97
1 10112 102%
102
91
9312 Nor Cent gen & ref 59 A__ 1974 M S 10114 102 102
9112 9112 Feb'25
Mid of N J let ext 58
1940 A 0
94
87
5
94
94
10014 1003 North Ohio 1st guar g 5.9__ 1945 A 0 8612 87
8
100% Mar'25
MllwLS&Westimpg5s1929 F A ioois
84 86%
85% 43
8518 Sale 84%
87% 89% Nor Pacific prior lien 4s__ _1997 Q J
Mil & Nor 1st ext 414s(blue)1934 1 D
- 894 Mar'25
8314 84%
8
3
9112
Registered
1997 Q J 83% 843 83 4 Mar'25
85
891s-- 8
Cons ext 4349 (brown)., _1934 J 13 851 877 55 Mar'25
6012 62
6112 34
General lien gold 35
a2047 Q F 61 Sale 61
4
863 8914
Mil Spar & N W 1st gu 48
81312 Sale 8812
8914 11
1947 M
4
593 60
4
60
60
Registered
a9
047 Q F
Milw & State List gu 3148.1941 J J 81% __-- 8612 July'24
8512 8712
3
8
863
4
Ref & !rapt 4349 ser A___2047 J J 857 Sale 85%
-9839 idf
Minn dr St Louis 1st 75
1927.1 13 9918 101 101 Mar'25
3
8,524 85 4
85% Feb'25
Registered
J J
5134 6112
5 Sale 5912
z
8112 40
1st consol gold 53
1934 m N 60
1073
4 72 10614 10812
Ref & Inapt (3s ser B
28
2047 J J ioiit We- 107
21
31
23
213 21
4
1st & refunding gold 48
1949 m S 21
913
977
s
9718 973 9718
4
9718 16
Ref & 'rapt 55 ser C
15
2114
2047 J J
9
17
Ref & ext 50-yr Ser A__ _1982 Q F 15 Sale 15
9534 98
9712 47
Ref & impt 55 ser D
2047 J .1 9718 Sale 97
8612 90
2
577
g
8
MStP&EISMcong4sInt
-gu'38.1 J 8814 88% 877
St Paul & Duluth 1st 58_1931 Q F 10018 ____ 9914 Mar'24
9814 100%
4
1st cone 58
1938 3 .1 993 100 100% Mar'25
8418 87
844 Jan'23
4
1st eonsol gold 45
1968.3 D
4 10212 1043
10
10314
-year coil trust 6348
1931 MS 103 Sale 103
109'C lOyhi
s
Nor Pac Term Co 1st g 88___193 31 J 1093 ---- 10914 Jan'25
100 103
lst & ref 69 Series A
1946J J 100 102 10012 Mar'25
102 102
943 9012 No of Cal guar g 5s
4
1938 A 0 103 ____ 102 Feb'25
3
85
88
85
86
25
-year 5348
1949 M
2 10412 10412
North Wisconsin 1st 139........1930 J J 10412 Sale 10412 104%
Dec'24
9212 ____ 9212
let Chicago Terms 1 481941 MN
71% 72%
3
1112 6 34
i2
3 -9 1- -9 3 Og & L Cbam 1st gu 4.9 11---1948 J 1 71% 7312 717 Feb'25
995 10018 995
995
MSSM&Alstg4sintgu 1928 J
903 Dec'24 -4
4 Ohio Conn Ry 48
1943 M S
8
927 ____ 923 Feb'25
8
Mississippi Central let 55... _1949 J
98'4 9914
9918 --- 9938
993
8
1
4
4 823 08h0 to River RR 1st g 58
1936 1 D
4
805
8
4
Mo Kan & Tex-lst gold 45_1990 J D 897 813 8012
99 100
8
86
9
General gold 5s
1937 A 0 983 -___ 100 Mar 25 ---107
92 Sale 91
92
Mo-K-T RR
-Pr I be Ser A_1962
8
4 33 1003 101%
4
Ore & Cal 1st guar g 59
1927 J .1 10012 1003 10012 1003
7114 76
58
745
731 Sale 73
40-year 4t, Series B
19621 J
8814 89%
5
8914 898
8918
Ore RR & Nay con g 45
1946 J D 89
7 10112 104
103% 10312 103%
10312
10-year 138 Series C
1932 .1
1 103% 105
105
105
78 4 89
3
Ore Short Line-lst cons g 58246 J J
4
8
855 762
Cum adjust Is Ser A Jan 1967 A 0 844 Sale 821
2 103% 1053
s
8 1047
8
Guar cons Is
1946 J J ioii, i8Zie 1047
Missouri Pacific (reorg Co)
96% 97 s
38
7
97
83 8812
Guar refund 4.9
1929 J D 98% Sala 96%
8812 70
1st & refunding Is Ser A 1965 F A 8712 Sale 8712
8134 83
12
8212 45
Oregon-Wash 1st & ref 4s__ _1981 J J 82 Sale 82
36 100 101
1st & refunding 58 Ser C-1926 F A 1007 Sale 100% 1007
11
94
82
92%
93
99 10218 Pacific Coast Co 1st g 59_ _ A9413 J D 9112 93
lst & refunding 69 Ser D 1949 F A 100% 100% 10012 10134 86
3
90% 98%
: 901:
7
62 6812 Pee RR of Moist ext g 48
1938 F A 9018 ____ 901
4
843 Salo 537g
6514 313
General 4s
1975 M
9814 98%
- 9314 Jan'25
8434 8918
2d extended gold 59
1938.3 J
85% ---- 8714 Mar'25:__
Mo Pac 3d 79 ext at 4%
1938 /81 N
9412 95
943 9814 95 Mar'25
8
Paducah & Ills 1st s 1 4345_1955 .1 .1 99%Mob & BIr prior lien g bs
1945 J J 9812 ____ 081g Dec'24---76
&Ns
77 -16
Sala
a
Mortgage gold 48
1945 J J 7814 7912 78 Mar'251 ---- "fi- -fii- Paris-Lyons-Med RR 68-1958 F A 77 Sale 76
103
88 89
851
: 86
1023 10312
4
St external 78
1958 M S 85
Mobile & Ohio new gold 6s 1937 J D 103 104 103 Mar'25 -36
84 4 90
1
811
Paris-Orleans RR 9 f 7s
1954 M S 85 Sale 85
6 102 103
1st extended gold 88
51927 Q J 1025 Sale 102% 102%
5
97 100
99
8112 8818 Paulista Ry 75
1942 M 8 9818 9812 97
General gold 49
1938 M S 8918 ---- 8818 Mar'25
5
917 95
2
977 99
k
9218
Pennsylvania RR-cons g 48 1943 M N 9218 92% 921g
9818
1
Montgomery Dly 1st g 58.1947 F A 9912 ---- 98%
13
8618 93
92
4
91%
Consol gold 48
1948 M N 913 93
10014 20 100 109%
s
,..1927 J D 100 1003 10014
St Louis Div Is
9012 913
4
93
913 Feb'25
4
84% 85
48 stamped
May 1 1948 MN 92
843 85
4
85 Feb'25 -1991 MS
Mob & Mar 1st gu g 48
9814 100
993
4 18
4
Consol 4349
1986 F A 9914 Sale 9914
8
4
Mont C lst gu g 88
1937J J 1103 113 1103 Feb'25 ---- 1103 110%
95
102
93
95
General 4148
1965 J D 94% Sale 94%
.1014 1013
4
1 10112 103
1937 J J 102
1st guar gold 58
8
10312 39 10118 10334
763 8112
4
General 55
19683 D 1033 Sale 103
7812 13
4
M & E lat gu 3Ms
2000J D 7812 8112 773
8
109% 56 108 110
4
10-year secured 75
1930 A 0 1093 Sale 109
8
Nashy Chatt & St List 59_1928 A 0 1013 102 10112 Mar'25 -- 10018 1013
8
11112 71 109% 11114
s
15
-year secured 6349
1936 F A 1103 Salo 110%
1007 102 1007 Feb 25 - - 1007 100%
8
3
1937 F A
N Fla & 1st gu g 58
4
9714 983
973 178
4
1984 M N 0738 sale 9714
40-year gold Is temp
30 Sept'23 ---- -- - - --Nat Ry of Mex pr Ilen 434s _1957 J J
Pennsylvania Co7July 1914 coupon on.______ __- -_-_-_-_ /6 154 July'24 -3: .
Guar 3349 coll trust reg A_1937 MS 85'2 ----8434 Dec'24
17
1712
18't 16 -1!_1- -2!4
1834
Assent s 1 red June coup on
7 -EU- -air:
8318 Sale 83
83 18
-- G- liar 3349 coil trust Ser B..1941 F A
8718 July'23
Guaranteed 70-year 143_1977 A 0
84
84% Sept'24
1942 J D 82
Guar 3349 trust ctts C
.. 18 May'24 --- --_- --2_8_7
8
April 1914 coupon on ______ ____
82 82'z
821
:
1618 1918
Guar 330 trust ctts 13___ _1944 J D 828212
5
15
1712
17'i
Gen 5 145 assenting red___________
7
9414 95%
951 9418
943
8
Guar 15 -year gold 4s_1931 A 0 95 -25
3812 June'23 ---- -- -- ---Nat RR Mex prior lien 4318_1928
85
88%
8514 88's 86% Mar'25
1952 M N
Guar 4.9 Ser E
25 July'24 ----iaJuly 1914 coupon on _______ ____
78
79
1
78
78
Peoria & East 1st con 849_1940 A 0 7712 78
i- 32
Jan'25 ---Assent with July '24 coup on ---- 27 - l
3212 313%
3312 14
1990 Apr. 32.2 Bale 3212
Income 4s
28 Apr'24
1st consol 4s
1951 A0
9 10014 1003
8
1001s
--. 100
Pee& Pekin Un 1st 5348 _ _ _ _1974 A 0 _
April 1914 coupon on ______ ____
97% 99%
9912 79
Pere Marquette 1st Ser A 58.1956.3 J 99 Sale 984
17
16 1997 19
7
1 213
.
1812 3
Assent with Apr 1924 coupon
3
8112 83%
8
8314
1956J J 822 83's 827
1st 4.9 filer B
86 May'23 -7318
Naugatuck RR 1st 48
1954 idili
5
92 8 92%
7
8
027
s
027
Phila Balt & W Ist g 49
1943 MN 92% 100
9512 Feb 25 -- -New England cons 58
1945 J J 9414
4 194 106
1053
4
1 A 10515._-- 10518
F 2
Gen 58 Series
787 Dee'23 -85
1945 J J 81
Consol 45
1
417 44%
8
42
:
411 42 42
B9
Philippine By 1st 30-yr s f 45 1193774
793 86
8
83 SePC24 -N J June RR guar 1st 4s1988 F A
9814
2
96
9812
8911940A 0 98% 971g 98%
887
0 -ai- - 8 PCC&5tLgu4349A
8
NO&NElatref&imp4348A'52 .1 J 887 89 88%
96
9614
8014 84
4
Series B 4%8 guar
1942 A 0 947 963 9614 Mar'25
8018 72
New Orleans Term 1st 4s
1953 J 1 8914 Sale 8014
:
1942 MN 9618 96% 9412 Aug'24
1001 1013
4
Series C 4%8 guar
N 0Texas & Mexico let 139 1925 J D 100.2 Sale 10012 100'i
8934 91'i
91
91
15
9238 947
Series D 4/1 guar
947
9418
Non-cum income 59
1935 A () 94% Sale 9414
9012 91
90% Jan'25
43
921
9012 92%
1945 M A
9
Series E 334s guar gold.„194 F N 91
1st bs Series 13 temp
1954 A 0 9212 Sale 9214
8912 Nov'24
4
78
98 1003
Series F guar 49 gold
1953.3 D
1001
1954 A 0 10018 Sale 100
1st 530 Series A temp_
901, 911k
9012 Feb'25
9318 9318
3
Series G 4s guar
N & C 13dge gen gru 4 349
1945 J J 93 ____ 933 Feb'25
91
91
-__ 91
Feb'25
1957 F A
MN
Series H 4s
998 100
Jan 25
N Y B & M B 1st con g 59_1935 A 0 9914 100 100
95 9811
919514 9612 98% Mar'25
Series I cons guar 4W-1198639
3
N Y Cent RR cony deb 68_1935 M N 111 Sale 10912 113 1243 10912 11712
9412 941
4
5
9
9438
11012 11812
1964 MN 94% Sale 945
Series J 41.48
M N 11012 Sale 11012 1101
Registered
997s 101
1
981 993 100
4
100
823 85
4
General Is Series A
8412 36
Consol 48 Series A
1998 F A 8414 Sale 84
1 101 101
7 10014 101
101
35
al9 AO 99
19
791 D
28
88% 9114 Pitts & L Erie 25 g 58
91
2013 A 0 9012 Sale 9012
Ref & inapt 4 hs"A"
10412
105 Dec'24
99 1013 Pitts McK dr Y 1st gu 89._ 1932 J
4
4
4 10114 312
2013 A 0 1003 Sale 1003
Ref .4 Inapt 59
9911 10014
A .1
2d guaranteed 69
1934 J 0 10212 ____ 98% Aug'24
_ 10014 Mar'25
A 0
Registered
idir: 1011s
1003
8_
100% Mar'25
Pitts Sh & L E 1st g 59
NY Central & Hudson River
101 101
7
-12
Jan'25
75
78
1st consol gold 59
194311 2 98 101 101
7712
77%
1997J J 7712 78
Mortgage 31.4s
100 100
Jan 25
N
7578
7578 4 74% 7714 Pitts Y & Ash 1st cons 58_ _19271M D 100/8 10012 100 Mar'25
1997 J .1 77% 78
Registered
87 87
_
87
1st gen 48 series1948 .1
series A
9314 96
9413 28
1934 M N 94% Sale 9418
Debenture gold 48
2 10012 102
1003 101 10012 1001:
87%- 3
9214 923
4
13
let gen Is
Mar'25
M N ---- -- 9214
Registered
9114 9 %
2
1st gen 58 series C
913 Mar'25
4
1942 J J 9114 92
-year debenture 48
30
1312 57
8
93
93
199677 1 D 523 ____ -if119 421M N
5 F A
Providence Secur deb 4s
93 Fob 25
_
Regiitered
743 78
4
Providence Term 1st 4s
1956 M S s118 ____ 80 Sept'24
7534 38
Lake Shore coil gold 3349_1998 F A 75% Sale 7512
94's 96
953
5
Reading Co gen gold 49
1997 J J 95% --- 955
73% 741, 73% Dec'24
1998,F A
Registered
Novd4
7
8
764
75
Certificates of deposit
7712 76 Mar'25
Mich Cent colt gold 3345_ _1998 F A 76
3 163 95
4
-89 90 85314
9 4
8
Jersey Central coil g 48-1951 A 0
73% Dec'24
1998 F A 7318 80
Registered
4
9218 9412
1941- Gen & ref 434s Ser A
93
19971 J 934 Sale 9314
3 4 85
5 -if" . 4
9214
NY Chic & 9t List g 4B___ _1937 A 0 91% 93% 9214
3
9934 10014
8
10014
1927 A 0 10014 1003 10014.
89
89
Rich & Dan 58
Jan'25
-- 89
1937 A 0 89
Registered
7412 7514
7,5-- _ 7514 Feb'25
7
927 98
8
1948 M N
Rich & Meek 1st g 59
9414
9414 94
1931 M N 94 25
-year debenture 4s
10018 101 10014 Mar'25
100% 1
01%
:
10412 12 1021 10412 Rich Ter 58
1931 M N 10314 Sale 102%
2d 69 Series A B C
92% 96%
9414 9418
9418 13
32 1 0 94
59 J 3
93% 9818 Rio Grande June 1st gu 5s-1 9
19
8
9514 98
1974 AC) 9518 Sale 947
Ref 5148 Series A
5
51s
5
7
51s Jan'25
90
9212 Rio Grande Sou let gold 49 1940 1 1
4
914, 12
913 Sale 913
4
NY Connect let gu 4149 A.1953 F A
6
_
7 Dec'24
89
89
1940 ii
Guaranteed
92 89 Mar'25
N Y & Erie 1st ext g 4s___ 1947 M N 89
9 "8314 88
4
4
85
Rio Grande West let gold 49_1939 J J 843 Salo 843
4
- 96 May'24
1933 M 9 953
3d ext gold 41.4s
71% 75
99
99
2
7312 13
Mtge dr coil trust 49 A__.1949 AO 734 Sale 73
99
99
1930 A 0
4th ext gold 58
8712 Sale 8812
85
88
12
79
88
R I Ark St Louis 1st 430.-1934 M
4
-- 9714 Dec'24
1928 .1 D 953
5th ext gold 48
72
74
74 Mar 25
74 74
1949 J
3
92 9212 Rut-Canada 1st gu g 4e
9212
9212
91
1948 M N
N Y & Green L gu g ba
.3.3 88
8514 8814
8
8812 8614
8612
757 7912 Rutland 1st con g 41.48
8312 75% Feb'25
N Y & Harlem g 310
2000 M N 79
7512 765 7512 Mar'25
1949 47 J J
1
7512 77
St Jos & Grand Is' g 49
9812 Nov'24
N Y Lack & W 1st & ref 5a 1973 MN
94 9514
3
10014 1(11114 St Lawr & Adir lat g 59
1996 J J 9312 93 4 9518 Feb'25
_ 10012 Feb'25
1973 M N 100
1st & ref 4349
2d told 52
101 101
101
Jan'25
1996 AO
106 10712
106
N Y L E Pt W lst 7s eat__ _1930 M S 106 ---- 106
7 St L & Cairo guar g 48
95%
2
94
9418
1931 13
993 99
4
942
997 Mar'25
8
4
1943.3 J 993
Dock & inapt be
904 100%
53
091810014 St L 1r M & 9 gen con g 5s 1931 AO 10014 dale 10018 1001
- 31932 F A 100 11/6 4 1001 Mar 25
N Y dt Jersey 1st be
943 Sale 9418
4
91% 95
89
943
1929 J
Unified & ref gold 4s
-- -- ---N Y & Long Branch gen g 49 1941 M S 90% ---- 9014 Dec'24
3.3
9114 WA
9214 Jan'25
Registered
N,Y N H & Hartford
N 863k Sale 8578
8354 87%
1933
883 117
Riv & G Div 1st g 49
6
8
61
Feb'25
88
1947 M 9 67
Non-cony deben 48
993910039
5548 6018 sz 1, m Bridge Ter gu g 58_ _ _1930 AO 11912 10014 10014 Mar'25
3
6212 591,
5912
A947 M 9 59
Non-cony deben 31.49._
714 7514
5505 60
8
751 416
17
al.& San Fran (reorg co) 451950.31 75 Sale 743
57
5812
59
Non-cony deben 3149-1954 A 0 58
8814 89%
1950 31 881 Sale 8818
80
4
85
8918 62
Prior lien Ser B bs
8312 Sale 6312
85
1955 J J
Non-cony deben 49
10314 Sale 10218 1031
5
1928 J
1
48 ma% 10314
60 653
Prior lien Ser C Is
65
6312 Sale 85
1956 M N
Non-cony deben 49
93% 98
5518 591
1942 13 9718 Sale 9739
13
: Prior lien 530 Ser D
977 213
58
Cony debenture 3345-1956 1 1 5612 581 58
8434 8914
87
5 960
1
4
92
87
7 128
112
Cum adjust Ser A 68-__5 955 AC) 8712 Sale 863
91
4
1948 J J 893 Salo 88%
Cony debenture 69
707 823
2
Oct
4
803 Sale 7918
8312 90
_
811 772
Income Series A 6s
8814 Mar'25
J J 52% _
Registered
10512 105%
4
97 10014 &Louis & San Fran Ry gen 88'31 J , 1043 1057 10512 Jan'2
2
100
75 European loan dollars_1925 A 0 100 Sale 100
1931 J J 10018 10012 10018
96 10014
1001
5 100% 101
General gold 55
50
100
100 10014 100
79 European loan francs_ _1925 A 0
54
1 3
6
1301
: Eit Louis &0F RR cons 49_1991 31 905s -- - 8412 Dec'24
35
58
1957 M N 57 Sale 57
Debenture 45
97% Dec'24
Southw Div 1st g 59..---1947 AO 9812
44 Apr'23
Cons Ry non-cony 45
1930 F A
foil; foil;
5 55 64 St L Peo & N W 1st gu 59_ _1948 J J 10234 10312 10234 Mar'2
84
64
64
1954 J J 63
Non-cony 4e
9214 93%
1931 MS 915 8- _ _ 9201 Feb' 341
7A
78205 - 41e 873354
8721
2
62 85
St Louls Sou 1st gu g 48
64 Mar'25
1955 J J 6214
Non-cony deben 4s
4
80 817
13
82 84
St L SW 1st g 48 bond Ws_ -1989 MN
64 Mar'25
Non-cony deben 48_ _19513 J J
7284 74
1 99
8
1
100 100
2d g 48 Income bond W9_0193233
Jan'25
100
NY & Northern 1st g 5s.-1927 A 0 inor2
ID 887 Sale 884
8
55 69%
85% 00
89
61
Consol gold 48
18
88
-8:le 67
N Y0& W ref lat g 48_June 1992 M 9 67 9
5312 8912
813 86
8
853 Salo 8514
4
41
86
1st terminal & unifying 58_1952
General 49
1955 1 D 63% 64% 85 Mar'25
95% 8612 St Paul & K C Sh L lat 4%8_1941 F A 8412 Sale 834
80 88
234
86
N Y Prov & Boston 49
4- 8612 Feb'25
1942 A 0 863
52% 84 9t Paul E Or Trunk 410-1947 1
834 84
88 Sept'24
84 Mar'25
NY & Putnam 1st con gu 49.'93 A 0 82 Il
100 100
NY & R B 1st gold be
1927 M S 100 ---- 100 Feb'25
1 8878 76
72
72
N Y Sum & W lst ref 59._- _1937 J J
6112 68
Mar 25
+5
2d gold 4349
1937 F A -5- '161- 6412
60 66
6412 16
1940 F A 60 Sale 60
General gold 55
93 94
Terminal 1st gold 59
1943 M N 93.2 ---- 93 Feb 25
Due Jan. It Due July. p Due No.. •Option sale.
New York Bond Record-Continued-Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ending Mar. 20.
.44
Price
Friday
Mar. 20.
Veek's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Mar. 20.
ha
b
1439
Price
Friday
Mar. 20.
Week's
Range or
Last Sale
444
Hangs
Singe
Jan. 1.
Bid
Ask Low
High No. Low
High
Mil
Ask Low
St Paul Minn & Man 48___1933 J J 9412 9512 95 Mar'25
High No. Low
Mob
9414 95
Anaconda Copper
(is100 Sale 100
18
lot consol g (Se
99% 101
/
1
4
100% 274
1933 5 .1 108% 1093 10912 Mar'25
g
10713 10912
70
101 Sale 10014 101% 269 10014 104
es reduced to gold 410-1933 J J 951s Sale 95
/
1
4
9512 99
3
9512
Andes Cop Min deb 'Taint etfs.'43 .3 .5 9612 Sale 95
Registered
95 100111
9812 276
1933.3 J 9,
08
97% Feb'25
97% 97% Antal&(Comp Alum) 7348 ..l939j J 9412 Sale 9418
Mont ext let gold 48
9113 9413
9413 12
1937 J D 927 94
s
7
92 3
92 8
7
1
92 4 9312 Ark & Mem Bridge & Ter 59_1964 m 5 9112
1
/
4
Pacific ext guar 43
9112 9214
9112 10
9214 911
1940.3 J
_ 88
893 Feb'25
8
89% 89% Armour &Co lat real est 4%81939 J D 8718 Sale 87
St Paul Union Depot 55
85
90
8714 71
1972 3 J
1015
8 26 100 102
Armour & Coot Del 534o...1943 j j 9218 Sale 92
SjA dr A Peas lst gu g 48.-1943 3 j 84
9112 94
927
8 65
8414 833
8
835s 18
81
84% Associated 011 temp es
1935 M s 1025 Sale 102% 10318 24 101% 10318
8
Santa Fe Free & Phen te1942 M S
10034 Feb'25
Atlanta Gas List 55
100% 101
1947.3 D 98
973 97%
4
Say Fla dr West (Js
97% Jan'25
1934 A 0 10818 -___ Ill
111
1 10712 111
Atlantic Fruit 78 etre dep..-1934 „j D 255 Sale 23
8
65
25%
18
25% 37
1934 A 0 10112
Stamped etre of deposit
Scioto V & N E 1st gu g 4a1989 MN 88% 883 10114 Nov'24
39% 22 Jan'25
22 22
8858 Mar'25
873 90
4
Atlantic Refg deb 58
1937j j 9914 Sale 99
Seaboard Air Line g 4s
/
1
4
97% 994
991z 55
1950 A 0 7612 Sale 76 2
,
7611
2
74 80
Baldw Loco Works 1st 531___1940 m N 103
Gold 45 stamped
1025
8 103
8 102 1034
1950 A 0 7513 7612 7011 Mar'25
80
Benign&(Coup Az)7 As.__ _1937
74
Adjustment 58
103 10412
104
10412
Oct 1949 F A 75 Sale 7414
76
382
Ramsdell Corp St cony 8% A1931 J J oii4 16g- 1043
7414 79
Refunding 48
16 10212 105
4 105
1959 A 0 66 Sale 644
5913 6612 Bell Telephone of Pa 5a
66
143
19483 j 101 Sale 1005
let & cons 68 Series A_._1945 M S
/
1
4
8 10114 74 1004 1011
Sale 8812
90
512
8453 9213 Beth Steel 1st ext et So
AU & firm 30-yr let g 4e.d1933 M
1942 .1 N 107% s
9 6 55 j 19
2
07 Sale 1001 1003
9
0
/
4
8 31 10014 10114
87 Sale 873
/
1
4
go% 881s
4
4
8818
1st Sc ref 58 guar A
Seaboard dr Roan lat. 5s__1926.3 8 1004 101 10013
9312 97
9614
15
97
/
1
J
Mar'25
99% 100 4
3
30-yr pm Sc imps f 5s.„-1936 J J
S & N Ala cons gu g 5e
9014 927
9113 78
91 Hale 9012
8
1936 F A 1023 ____ 102%
4
102% 10218
Cons 30
-year 68 Series A-1948 F A 95 Sale 55
Gen eons guar 50-yr 58.„1963 A 0 10314 Sale 1034 Jan'25
94
4
%
931 9712
87
9514 74
/ 1051
1
17 103 10518
Cons 30
-year 514e Series B 1953 F A 8
Bo Par Col 48(Cent Par col)k1949 .1 D 85
85 89%
10
5
86
853
4
86
11
84
863 Booth Fisheries deb OS 68__.1926 A 0 7714 Sale 82% Mar'25
4
Registered
82% 85
80
J D
81
Jan'25
81
81
Brier Hill Steel let
A
20-year cony 48
97 100
9914 46
June 1929 M 8 97 Sale 963
4
96% 9718 Wway & 7th Av 1st 534o.._1942 0 9914 Sale 98%
971 133
c g 53-1943 J 0 70
20
73% Mar'25
-year cony es
7212 75
73
/
1
4
_
1934 3 D 10112 Sale 10112 1011
7
Cite of dep stmpd Dec '24 lot __
4
993 10218
San Fran Terml let 48-1950 A 0 85% Sale
7158 Sale 71%
25
71% 751S
71%
858
86
12
8414 8614 Brooklyn City RR 58
1941 5 3 9212 9338 9213 Feb'25
9058 93
Registered
A 0
8312 Mar'25
83 8514 Bklyn Edison Inc gen 58 A 1949 J J 9958 Sale 993
So Pac of Cal-Gu g 53
4 10014 117
991310058
5
1927 MN i03 3
- 10314 Feb'25
103 10314
General Os Series II
Bo Pac Coast 1st gu g 4s
Sale 10412 105
4
16 1041 103
1937 J J 937 ---_ 9412 Jan'25
9438 9412
General 70 Series D
Bo Pee RR 1st ref 41,
194 .1 13 10434
93 5 3 -------- 1075 Nov'24
°
0
8
1955 3 J 91 Sale 897
91
115
8818 91
Bklyn-Man R Tr Sec es
Southern-let cons g ee
1968 J .1 651 Sale 85
205
83 4 ,
86
1994 J J 1013 Sale 10058 102
82 10014 102
Bklyn Qu Co Sc Sub con gtd 5s'41 MN
Develop dr gen 4e Stir A 1956 A 0 76% Sale 7613
6313
67
11
6312 71
771 159
73% 78
lot 58
7314
Develop & gen (is
as
80 Feb'25
80
1956 A 0 104.2 Sale 104
1051
90 103 10613 Brooklyn Rapid Transit 5e-1 4
Develop dr gen 614a
1° 5 3 0
9 1 A .1
-------- 90 Nov'24
1956 A 0 109 Sale 1072
1093
64 10634 110
Trust certificates
Mem Div lot g 414s-53_1996 .1 J 10011, ___- 100
96 June'24
Jan'25
9913 100
let refund cony gold 4s___2002 J J
St Louie Div lst g 4s
81 Dec'24
1951 J J 86% 8713 8618
871
11
85
/ 8712
1
4
3-yr 7% secured notes____1921 J J
Mob & Ohio coil tr g 40......1938 M
-- 10913 Sept'24
S 85 Sale 843
85
4 82% 85
Certificates of deposit.................. 120 Nov'24
8o Car & Ga let ext 534e_1929 M N 10118 102 101 4
Mar'25
100% 102
Ctfs of deposit stamped................. ,1s Dec'24
Spokane Internet let g 56-1955 J 3 83
17734 ,
4
•m...•
85
85
83
83% 8712 Bklyn 11n El late 4-58
Sunbury & I..ew 45
1950 F A 83'2 8358
83 84%
15
1936.3 J
9114
91
Oct'2
Stamped guar 4-5e
Superior Short L let 58 g
1950 F A 825 8412 8914 18444
85
94
3
6
,4
e1930 M S 99%
95 May'l
Bklyn tin Gas 1st cons g 5a 1945 M N 100 1003
09% 101%
Term Assn of St L Ist g 410 1939 A 0 9614
10
4
96 Mar'25
9514 97
78
let cons gold 55
155 163 4
'1932 M N 13514 -- 155 Mar'25
1
1944 F A 10014
10014
10014
8 100 101
let lien Sc ref 6s Series A 1947 M N 1091
Gen refund a li g 4a
/
1
4
3 11012 18 107 110%
_ 1093
0
8
1053.3 J 825 8314 823
4
84
7 8213 84% Buff & Susq Iron s f 5s
Tex & N 0 con gold 5a
1932
91% 93%
93% Jan'25
D 921s 97
9613 0814 97 Mar'25
1943J J
9614 97
Bush Terminal lot 4s
Texas & Pee let gold 58____2000 3 D 100 Sale 100
84 87%
4
19 2 j O 8642 Sale 8612
9 5 A i 87
5
8714
1013
s 271 09% 101%
Consol 5a
2d gold income 58
18
8713
861s 8 4
88
91
2000 Mar
__
90 Dec'24
Building Se guar tax ex
La Div B L 1st g 58
1960 A 0 958 9758 9613
93 8 99 4
1
12
1
97
1931 J J 88-- 99 Mar'25
98%99'i
Cal G & E Corp 5s
Tex Par-Mo Pax Ter 510_1964 M S 98
98 100
1937 M N 9918 993 99
993
4
4 12
9814 9853 Mar'25
9912 10014 Cal Petroleum 6148 temp--1933
Tot & Ohio Cent 1st gu 55_1935 J 3 99
4
10312 12 1001 103%
A 0 10313 Sale 103
%99%
2
9958101
993
4
Camaguey Sue 1st of a 7s__ _1942 A 0 933 95
Western Div let g 58
93
9514
95% Mar'25
4
1935 A 0 9913 1110
957 Jan'25
9558 95 8 Canada SS Lines 1st coil s f 78'42 M N 983 Sale 98%
7
General gold 68
96% 9914
987
8 12
1935 J D 96 100
9812 Jan'25
961 984 Canada Gen Elec Co Os
8
Toledo Peoria & West 4s
1942 F A 10758 1075 107% 10712
2 107% 1077
4
8
253 30
1917 J J
Cent Dist Tel 1st 30-yr 59_1943 J D 10012 Sale 100% 10013
Tot St L & W pr lien g 3101.-1925 J J 993 Sale 37's Dec'24 _ 4 10014 100%
4
99%
99
/
1
4
4
99I 997 Cent Foundry 1st s f 13a
50-year gold 4e
95
1031 F A 95
97
97 Feb'25
1950 A 0 8418 84% 8418
8414 18
8218 8412 Cent Leather 20-year g 5s
Tol W V &0 gu 4.10 A
1925 A 0 997 Sale 99%
99 2 10012
7
99%
1931 J J 9815
9933 Jan'20,
995 99 8
Registered
8
5
9014 9914
Series B 410
A 0 9918 100% 9914 Feb'25
1933 J 3 (1618
97
Jan'25 ---97
97
let lien sk fund Os Interim 111453 J 977 Sale 974
Series C 4a
97% 984
/
1
117
98
1042M S 841s
8953 Jan'25
80% 89% Central Steel tis
Tor Ham & Buff let g 4s_ _1946 J D 8453 8613 85
1941 MN 11114
11114
2 111 114
11114
Mar 25 ---8434.8612 Ch G L & Coke let gu g 53-1937 J J 9912 112
Ulster & Del 1st eons g 5s
9814 99%
9 10 9912
1
9
9912
9113 90
1928 3 D 91
9012
8
9214 Chicago Rys lot 55
89
1927 F A 833 Sale 8358
lot refunding g 413
82 8 88
1
4
183
52 51%
1952 A 0 51
52
20
5022 62
Chile Copper es Ser A
1932 A 0 10512
8
Union Pacific let g 4s
105
105% 242 105 1111
8
613
7
1947 J .1 93 Sale 92
9314 171
9024 9312 Clnein Gas Sc Elec let Sc ref 5s'56 A 0 100 Sale 993
98% 1004
4 100
7
Registered
Sale
91
91 Mar'25 -J .1
8914 91
514e Ser B due Jan 1
1961 A 0 10212 Sale 102%
20
19 100% 102%
-year cony 48
1927.3 J 99 Solo 9878
9918 39
9814 99% Clearfield Bit Coal lot 46._1940 J J 86
8712
Registered
98
Jan'25
J J
98
Colo F & I Co gen a f 5s
99
1943 F A 9118 Sale
93
let & refunding 4s
1
"
4
82008 M 8 -i5.i 61:1; 853
8714 18
84% 8714 Col Indus 1st Sc coil 55 gu
1934 F A 82
80 884
let Ilea & ref 58
8212 82
82% 14
e2008 M S 10534 Sale 1053
4 10614 12 20412 10614
Reentered
F A
82 82
82 Feb'25
10
-year perm secured 64...1928 J 1 1033 Sale 1032104
4
26 10312 104% Columbia 0 Sc E let 55
1927.3 J
1001 100% 43 100% 101%
U N J RR & Can gen 48-1944
/
4
M 8 92.2 -- 9258 1'0'25 -9214 9212
Stamped
19273 J 1008 Sale 1001 1007
/
1
/
4
17tah & Nor gold 58
8 15 100 1014
1926 5 J 10013 -- 10118 Jan'25
101% 10112 Col & Oth Ay 1st gu g 5s
1993 MS
914 12
12
818 14
let extended 4e
Jan'25
933 -- 93 Aug'24:
4
1933 J J
Columbus Gas let gold 5s
1932 J .1 9913 1001 99% Feb'25
9812 991
8
Vendalla cons g 48 Ser A
/
4
8714
863 Fon'25,
3
I955 F A
Commercial Cable 1st g 46_2397 Q J 73 Bale 713
8
9
Consol 4s Series 11
711 73%
8
73
--1957 MN 8714 -- 6812 Dec'24 ----- Commercial Credit e f 65
1934 M N 99
99
99%
Vera Cruz & P 1st gu 4348
8
9914 99
20
Oct'21. - ____
1934.3 1
Commonwealth Power 66_1947 M N 10058 Sale 100
July 1914 coupon on
97% 101
9 8 63
1003
°
-ilia
20 Dec'24
-- Computing-Tab-Roe s f 68_1941 J J 10112
103
Assenting 1st 4340
6 10114 104181
10318
2413 Jan'25
1934
2412 2412 Conn Ry & L 1st & ref g 410 1951 J J 908 103
Verdi V I & W 1st g 5a
90 Mar'25
/
1
4
9018 9
9112
012
100 Mar'25'
1926 M 8
-8
993 100
Stamped guar 4 Sit,
Virginia Mid Series E 51,___1926 M 8
19513 J
91%
89 924
91%
10014
10012
2 10014 10012 Cons Coal of bid lot
General 5s
8418 90
/
1
4
148
87
10058 Mar'25 -- 100 10012 Consul Gas(N Y) Sc ref 56.1950 J D -gLi4 Sale 84
1930 M N 10014 deb 5340_1945 F A 1015 Sale 101% 102
Va Sc Southw'n lot gu 58_2003 J
8
806 10114 102
98%
9914
7
J 99% 100
034 9914 Cons'd Pr Sc Ltg let 614s
let cons 50-year 5a
1943 M S 102
1013
4
18 Iowa 103
90 89
1958 A 0 89
90
9 8414 91
Coot Pap & Bag Mills 6348..1944 F A 90 Sale 8713 102
Virginian lot be Series A____1961 M N
4
874 90%
977 Sale 90%
Sale 9
4
90
9444 113
9844 845
95
983 Consumer!,Gas of Chic gu 58 1936 J
4
Wabash let gold 58
1013 Sale 9914 Mar'25
9414 994
4
4
4 101
1939 M N 1003 Sale 1003
19 10014 10112 Consumers Power 1st
2d gold 5s
58.
...l952 M N 9413 Sale
95t2
90 4 951
5
957
953 96
8
3
1939 F A
11
9412 9612 Corn Prod Refs e f g 58
Ref at 510 ser A temp__.1975 M 8 96% Sale 06
1931 MN 10014 ---96's 113
98
Ms
1st 25-years f es
1st Ilen 50-yr g term 48....1951 J .1 79
1934 M N 101
10133 101 4 27
9° " 214
_
80
11
79 Mar'25 -77
12 80
Crown Cork Sc Seal 613
Det & Ch ext 1st g 5s--1941 J 3 100 101 100 Mar'25
1943 F A 7612 Sale 10114 17213 20
74
743
4
77
0
6
9912 10912 Cuba Cane Sugar cony
Dee Moines Div lot g 48..1939J J 823 8414 8414
78-1930 J J 9712
30
9713
93 4 98
1
98
4
84%
2 81114 8558
Cony deben stamped 84.1930 J J 102 Sale
Om Div let R 334s
,
99% 102Is
75
Sale
4
- 75 14
1941 A 0 753
2
7612
.
74
76112 Cuban Am Sugar 1st coll 86_1931 M 13
Tol & Ch Div it 48
1941 M 8 84% 8512 8514
4 17 10712 108%
8514
1
8412 85, Cuban Dom Sue 151 7148_1944 MN 108% Sale 10833 1083
2
Warren let ref go g 330____2000 F A
9684 9818
82
7713
773 Oct'24
8
98
----- Cumb T Sc T lot Sc gen 6s__1937 J J 98 Sale 9738
Wash Cent let gold 4e
131 97 984
8
99
1948Q M 815 8458 84% Jan'25 -9914
8418 8418 Den Gas& E L Ist&rel a f g 58'51 MN
Wash Term tat gu 314e
92% 941
934
4
93
1045 F A 8118 82
9914 25
9
4
8114 Mar 25 -9312 984
8118 8212 Dery Corp(D G)is
let 40-year guar 4.8
1942
75 82
3
7714
1945 F A 89 4 -- 8938 Mar'25 -,
78
8938 893 Detroit Edison let coil tr 58_1933 M S 7714 80
8
W Min W & N W lat gu 58_1930 F A 963 97
9944 10214
J J 100% 1007 073
7
8
96% Feb'25 994
191
08
8
4
9534 96%
let Sc ref Ss Series A_July 1940 M 8 10014
West Maryland let g 4s
004 1012
4
1
1952 A 0 643 Sale 63%
Sale 10734 10714 11
643
94
0014
1 21
9 3
as% 6714
Gen Sc ref 58 Series A
West N Y dr Pa Ist g 58
1949 A 0 973
12
97% 98
1937,3 J 10(114 4
10014
10014
1 100 100%
lat & ref &Series 13__July 194051 El 10712 Sale
Gen gold 413
8
RO Bale 80
30 1053 108
19431A 0
Sale
8018 10
821s Det United lst rouse 434s....1932
80
Income g 58
Apr I 19431 Nov
347 46
3
J
9912 170
45 Feb'25
8818 93
9058
%
45
45
Dold (Jacob) Pack let 68.--1942,5 J 8414 Sale 88%
Western Pac let Sec A 5a___1946 M 8 9314 Bale 93
15
82
8914
1N
857 8434
94
69
85
9014 94
Dominion Iron Sc Steel 53_._1939 J
68
1946MB
4
64 68%
9444 S
63 .
4 1041$ 14 10014 10418 Donner
:1121_ 0414
8 103 Sale 1023
63
6514
93
Steel 78
West Shore let 48 guar
1942 J J
22
2361 3 J 83 Sale 8114
88% 911
9072 9072
/
83
4
57
91
8114 8313 du Pont(El)Powder 410....1936 3 D 90
Registered
9012 9318
1
2361 J J 8014 8114 803
805
8
5
8
7934 81 18
Wheeling & L E let g 5e
4
1926 A 0 10014 10013 10013 1003
05
2 100% 10118 duPontdeNemours&Co 734s 1931 M N 1073 Sale 1074 106 : 63 1004 1084
4
/
%
1
07
Registered
Wheeling Div let gold 55.19283 .1 9914 997
10714 10712
N
8 1003 Jan'24
Jan'25
4
9918 101
q
Duuesne Lt lot Sc& colt es
Eaten & impt gold 58
973 9913
3
1499 J
(193 OF
55 1041 107
ili534
Nov'24
100047458Z
8
1st coil trust 514e Series 13_1949 J J 10511
Refunding 4 He Series A 1966 M S 671 68f 6912
6914
12 104 108
J
6
Sale
68
7158 East Cuba Sue I5-yr f g 7Ife'37
RR 1st consol 4s
1949 M S 73 Sale 73
105 104 10
7313
7
6%
72
7412 Ed El III Ran let eon it 48_1939 M S 10614 Sale
Wilk & East lot gu g 5a
645 Sale 6413
8
90% 93
1942.3 13
J J 9114 92 .92 Mar'25
645
5
8
6314 6713 Ed Elec III let COOS g
Will & SF let gold 5s
Se
1095
19383 13 10212 104 10214 Feb'25 ---- 102
3 10114 102%
J 9912 ____ 10238
10210
10214 Elkhorn Coal6% notes
Winston-Salem 8 B let 48.„1960 J J 823 Sale 821
1925
4
D --- 9912.
14
/
4
825
2
8
99 100
99
997
82% 8712 Empire Gas Sc Fuel 7148
Wie Cent 50-yr 1st gen 4s_ _1940 J J 8012 81
1937 M N 10214 Sale 10138 102% 381
9714 10318
8013
8013
9
79% 81
Eqult Gas Light 58
Sop dr Dul div & term let 48'36 MN 84.4 Sale 8414
1932 M 8 9914
109
Jaws
8613 11
8
822 8714 Federal Light Sc Tr let 5s
1942 M
9212 Sale .
9212
041
8
9358 14
let lien 13a stamped
INDUSTRIALS
1042 M 8 101 Sale .
961 102
/
4
10012 10114 24
Cony deb 75 Ser A
Adams Express coil tr a 43-1948 M
85
86
85 Mar'25
ne 135
----. 0 Feb'25
13
85
8712 Federated Metals if 70
Ajax Rubber 8s
6
19 M D 1033 104 30334 10414 18 10314 107
9 J a
53
39
1936 J D 987 Sale 9813
4
991s 31
9412 99 4 Fisk Rubber let s f 88
,
Alaska Gold M deb 6s A
5 Sale
1925 MS
111
5
108 112Ia
1
5
3% 5
Ft Smith Lt & Tr lst g 5a__ _1931 M S 785 Sale 11012 11118 56
Cony deb 6s Series B
e Sale
19 6 M a
7012 78%
4
1926 M
5
5
8
7853 Mar'25
4
6
Framerlc Ind Sc Dev 20-yr 7143'42 J J 9312 79
7 10118 101
Am Agric Chem lot 58
1928 * 0 99
41
/01
17
94.
924 95
9312
/
1
98% 101
94
Francisco Sugar 73,4o
let ref a f 714s g
9712
97
10334 Sale 1033
1941 FA
10078 165
4 10418 21 103% 105
9458 101
Gas & El of Berg Co cone g 581942 .1 D
American Chain es
1949 M N
4 100
1933 * 0 9858 Sale 973
73
98% 981
2
9624 100
Gen Asphalt cony 613
93
Am Cot 011 debenture 58
103%
9
8
977
1931
N 91
6 101 108
98
5
10923 Fe02°
' l.
84
s
°3
9114 98
General Baking 1st 25-yr 53-19 6 J
1061s 1073 10013 10612
193 A
3
9
Am Dock & lmpt gu es
1936 J
10518 10512 10513 10558
4
3 10612 108
19482 10514
Gen Electric deb it 3He
1942 F A 821 83 .83
9913 Sale 99
Am Mach & Fdy s f es
1
1939 * 0
9912 14
83
83 8
4
98 100
Debenture 5s
Am Republic Corp deb 68_1037 * 0 9258 93
1952 M S 103
,1 923
924 10
4
9112 967 Gen Refr Ware& Ser A___1952 F A 100 Sale 10234 10318 33 10112 10514
4
10134 104
4 10014 10118
0
8
1
Am 8m & It let 30-yr 50 SerA 1947 * 0 96% Bale 963
967
8 81
1011z
44
1
95% 97% German Gen Elec 7e
5 Sale 933
temp _1945 J .1 93
8sB
1947 * 0 107 Sale 10613 /0712
8 1035 10818
93% 97
93% 944
8
Goodrich Co 6%a
108 100% 10412
Mater Sugar Refining 6a____1937 J J 10218 Sale 10112 10414 59
9912 10412 Goodyear Tire & Rub 1st f 19 7 M N 10414 Sale
9 1 I J 1197 Sale 11978
4
4
967 148
Am Telep & Teleg coil tr 48.1929 J J 9684 Sale 963
12018 88 119 12014
Ms 97
10-years f deb g 8a
109 Sale 10
93 92
Convertible 4s1936▪ S 92
00
9
92 18
10 4 178 108% 109
3
7
0
%
90% 9212 Granby Cons M
Peon es l°21 M N 95
dA 3 F A
8
____ 10018 • 10018
2
9612
1933 MS 96% -___ 96%
2 11012 115
20-year cony 4340
95 10018
Stamped
1928 M N 95
99
0
-year coil tr 58
6 Feb'25
30
1946 J o 10012 Bale 10014
10012 59 100 10112
9312 96
Cony debenture 813
1925 M N 10018 Sale
9518 Sale 95
148
35-yr 0 f deb ee temp
951 415
1960• J
.
95 1
0014
95
96% Gray Sc Davie 7s
1932 F A 9312 95
102% 247
9358 Mar'25
20
-year al 5I4s
8
1943 MN 102 Sale 1017
92
95
101 10213
9013 88
127
-year eonvertible 68
1925 FA 127 Sale 12518
89 125 13013 Gt Cons El Power(Japan)713.1944 F A 9058 Sale 90
7
8914 914
Great Falls Power let of 5a._1940 M N 1004 Sale 10018
3
953
4 69
Wet Wks & Elec 58_1934 * 0 9513 Sale 9512
1003
Am
99% 10112
4
92% 981 Hackensack Water 4a
4
1952 .1
8412 85
45
47
837 Jan'25
8
4712
48
1939• J
Am Writ Paper e f 7-68
83% 85
4514 55
Havana El Ry L Sc P gen be A154 M S 8612 Sale 8614
44% 4614 4612
467
Temp interchangeable etfa den4
8658 38
8512 87%
2
Due May. s Due June. 2 Due July. I Due Aug. a Option ask.
12Z;
ioi 1011 1014
:
an
Ws;
as
"9912
10258
Hi"
s
in
-
Fiaie"
8658
itfol
icat
"iii
1061; Nit;
los Iowa
as
awe
a
4ase SO2
New York Bond Record—Continued—Page 5
1440
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Mar. 20.
00
...a.
Price
Fridati
Mar. 20.
Week's
Range or
Last Sate
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Mar. 20.
ti
t
Price
Friday
Mar. 20.
Week's
Range or
Last Sale
-3
Range
Since
Jan. 1.
High
High No. Low
Ask Low
Bid
High
99
96
High No Low
1
Ask Low
96
96
Bid
99
Pat & Passaic G dr El cons 58 1949 M
9212 94
4 107 10814
93 Mar'25
94
10814
93
10814
Havana Elec coasol g 5s____1952 F A
Peop Gas & C let cons g 68_1943 AO 10814 10812
8
4
943 97
104%22 1037 105
14
96
4
Hershey Choc let s f g 65____1942 M N 10412 105 10412
1947 St S 9512 Sale 953
Refunding gold 55
8
8
1013 105
10314 10 1003 10314
4
Hoe(R)& Co let 6 Ms temp.1934 A 0 102 Sale 1003
119934,4 FA 10412 Sale 10412 104% 42
,
79
87 4 Philadelphia Co (is A
4
12
933 97
5
83
83
4
/
961
83
Holland-Amer Line 68 (fia1)_1947 MN 82
MS 96 Sale 96
5 Ms
4
/
9818 991
4
20
99% 1013
9912
63
101
4
98% 99% 9878
4
Hudson Co Gas let g 5s,A940 M N
& Reading C & fret 55_1973 J J 1003 101 1003
Phila
9912 101
97
91
5
10078 44
94
4
J J 1003 Sale 10012
8
917 Sale 91%
Humble Oil& Refining 5%5.1932
97
9814 Pierce-Arrow Mot Car deb 881943 MS
8
24 1025 105
9814 50
98
4
1033
4
4
Illinois Bell Telephone 58_ —1956 J D 98 Sale
1931 S D 103% 1033 1033
4
923 95
Pierce 011 a f 88
8
995 102
1
9412 30
4
/
101
1940 A 0 9414 Sale 941
Illinois Steel deb 4M8
1943
Pillsbury rl Mills 20-yr 08_1 31 AO 101 Sale 101 Mar'25
8712 91
1
,
98 4
97
0012
9814
4
1936 M N 90 2 913 9012
,
99
Ind Nat Gas & 011 58
40 10114 10212 Pleasant Val Coal let get 58_1928 J J 9712 94
1
/
934 94
102
4
/
931 Feb'25
1
/
1952 M N 10134 Sale 10134
Indiana Steel let 58
Pocah Con Collieries lets f 5510,57 J J 934
_
9914 9914
9912 10014
3
10014
8
-- 9914 Feb'25
9914
1935 j
1st 58
4
FA 993 10014 997
Ingersoll-Rand
11
10
Port Arthur Canal dr Dk 68 .1953
1
5
983 99
11
11
13
_ 9834 Mar'25
Interboro Metrop coil 4 Ms_ _1956 A 0 11
1012 1012 Portland Gen Elee let 5E1_1935 J J 98%
9212 96
1012 Mar'25
95% 11
4
/
4
10,
Ctf deo stpd asstd 16% sub__ _
1930 M N 9518 Sale 951
65% 7434 Portland fly 1st & ref 5s
,
8414 90 4
115
69
8718 24
66 Sale 65%
Sale 88
Teterboro Rap Tran 1st 581966
6512 7312 Portland fly Lt & P 1st ref 5e1942 P A 8618
94
200
9912
68
9818 29
4
653 Sale 6512
Stamped
1947 MN 97% Sale 9712
65 B
70% 80
10518 107
4
/
7314 52
8
1932 A 0 72 Sale 711
10
MN 1065 108 107 Mar'25
-year 88
47
1st & refund 7;0 Ser A 1946
95
90
106 106
9214 47
4
/
104% 106 Feb'25
78
1932 M S 901 Sale 90
1931 MN
73
Porto Rican Am 'rob 8s
67
1
93% 97
41
70
96
4
1
/
70% 70
lot Agric Corp let 20-yr Es 1932 MN 63
J .1 98 Sale 95
a
63
707 Pressed Steel Car Se
11
104 11514
64
112 115 112 Mar'25
Stamped extended to 1942___ M N 63 Sale 63
)
1 '31
91 12 Prod & Ref s 85(with waents 933 ID
88
1 110 111
89% 187
89% Sale 8812
110% 110%
Inter Niercan Marine at 521_1941 A 0
Without warrants attached_ -- 3D 11014 111 10412 1043
4
2
s
873 903
3 104% 1047
88% 58
4
1947 J J 8778 Sale 877g
International Paper 58
Pub Sery Corp of NJ gen 58_1959 AO 10412 Sale 9512
95 98
84 Mar'24
96% 82
_
let & ref 56 B
1947.3 J
,
5
944 FA 9514 Sale
9618
88
Secured g
98% 102%
35
4
943 113
10014
4
Jurgena Works 6s (fiat price) 1047 J J 94% Sale 9314
AO 10018 Sale 993
8
851
95% 98, Pub Serv Elec & Gas let 5 34e1
4
/
981 125
4
/
1041 10518 29 10212 10512
2
Kansas City Pow & Lt 5s1952 M S 97, Sale 9712
9814 101% Pub Serv El Pow & Ltg 68_1948 AO 10412 Sale 104%
49
4
23 1023 10712
101
105
4
Kansas Gas & Electric 68_1952 M S 1003 Sale 10014
1937 ii 105 Sale
6 10112 103% Punta Alegre Sugar 7s
8814 92
9012 17
4
1942 F A 10312 1033 10312 10355 21
4
/
Kayser & Co 7s
MN 891 9012 89%
4
9612 1003 Remington Arms 69
9312 95%
4
973
9514 26
97 Sale 9612
951 0512 94%
Kelly-Springfield Tiro 83_1932 M N
4
/
. 937
85
Repub IA 8 10-30-yr 511 5 1.1940 AO
82
4
913 94
85 Mar'25
9314 35
4
Keystone Telep Co 1st 58.__1936 I J 843 86
1953 Ii 9212 Sale 9212
4
5;45
88% 90
10112 17 10012 1013
45
101
90
8
8912
Kings County El dr P g 58._1937 A 0 1013 _
1955 FA 8912 90
Rima Steel lst 7s
731s
67
4
/
11512 117 1151 11512 15 11412 118
68 Mar'25
1997 A 0
68
Purchase money 85
D 67
75
1
77s Robbins &Myers s f 7s
7612
7612
7618 77
Kings County El let g 48_1949 F A
5
1 942
4
4
747s 77, Rochester Gas & El 78 ser B. 9 6 MS
3
2 -(
-1:131- 10 2
1
7812
7612
. -11613 2
1949 F A 7514 77
_
Stamped guar 45
93%
89
Gen Mtge 5395 series C__ _1948 MS
93%
93%
93% 94
90 Aug'24 -- -Kings County Lighting 56-1954 J
N
1 103% 105% Roth & Pitts Coal dr Iron 58_1946
777- 13 2
10512
-18
1
77%
1954 J J 105.2 Sale 10512
7718 77%
MN
6)4e
10611 1087s Rogers-Brown Iron Co 715.__1942
4
/
7' 851 90
8918
8918
1936 1 D 10612 107 10612 Mar'25 13
Kinney Co 7Me
8
4
895 943 St Jos fly Lt lit & Pr Se__ 1937 MN 8918 91
9312
Lackawanna Sto-1 Es A. .....1950 PA S 9334 9415 9318
4st
4
8
98, 997 St Joseph Stir Yds let 4!{ 1930 Ii 943 _ _ _ _
,
997
3 21
1ii8 8139
41Lae Gas Lot St 1. r&drext.58 1931 A 0 99% 9934 99 2
9514 99
% St L Rock Mt & P55 stmpd_1955 ii 7812 80
9918 90
,
811
74
2
98, Sale 9812
Feb'25 - - -1953 F A
Coll & ref 5 Ms Series C
8
1,3274
1924 A0 55, -- 81
95% 9712 St Louis Transit 5a
-1
/
95
95
95
s
95
Lehigh C & Nave f 4).4s A 1951 IJ 973 - - -- 974 Jan'25
4
13 943 06
101
1 100
St Paul City Cable be
101
48
,
92
92 4
92
1933 1 J 100 101 101
Sale 92
Lehigh Valley Coal 5e
_ Saxon Pub wks(Germany) 7s'45 P A 92
5
895 Sepr24 -5 104 1074
106
1933 1 J
48
43
1942 MS 106 Sale 106
41
Saks Co 7s
5911 10112
4114 Mar'25
4
10139
S -3913 43
Lox Ave & P F let gu g 5s._1993
8
1952 .1 .1 1013 Sale 10135
4
8 116 1193 San Antonio Pub Ser 6s
119
2
15 1957 10712
107
4
1063
70_1944 A 0 119 Sale_ 116
Liggett & Myers Tobacco
4
4
1173 Mar'25 -.- 1173 11734 Sharon Steel hoop 1st 8s ser A '41 MS 107 Sale 105 Mar'25 - - - 105 1065s
A 0
Registered
97%
Farms 534s1942 AO
46614 9934 10018 46 114/ 10018 Sheffield San Fran Power 66_1,0• A 10534 Sale 91
9212
90
5
91 18
1951 F A
Os
9114 9058
4
1 117
15
Sierra &
117
9512
88
9218 66
1914 A 0 117 Sale 11612
Lorillard Co (P) 78
-year 75_1937 MS 9218 Sale 9112 11114 730 10514 117
Sinclair Cons Oil 15
115 Mar'25 -- 115 115
A 0
4
Registered
Warr 1927 J O 10914 Sale 1063
4
/
96
971
9812 12
let In coil tr 65 C with
4
943 957 06
3
8
60
823 90 4
88
1951 F A
J D 8714 Sale 87
58
90% 94
94
let lien 610 Ser B
94
9312 Sale 93%
9912 10012
-Louisville Gas & Electric 58_1952 M N
5
2
3
99
92 A0 99% 100 10018 Mar'25 223
Sinclair Crude 011 Dur 5;0_ 19,
100'g
9914 101
4
FA 10018 Sale 993
Lower Austrian Hydro-Elec Co—
8514 8612
/1
86
3-yr 6% notes A
4
853
4
/
9912 1011
10018 Mar'25 - 1944 FA
lat s 6 Ms
4
/
70 117 1321
122
3-yr 6% notes B__Feb 15 1926 PA
117
8
82
8614
8518 88
4
/
Magma Cop 10-yr cony g 78_1932 J D 1103 Sale1942 AO 84% Sale 841
99 102
Sinclair Pipe Line 58
4 28
3
2
11234 611 1057 120 2
1942 AO 9912 Sale 9912 1003
AO 111 Sale 10814
Manatt Sugar 794s
1927
6112 64
24
62
Skelly Oil 654% notes
40 102 103
10212 103
Manhat Ry(NY)cons g 48_1999 A0 6112 62 6112 Mar'25
4
/
541 56
South Porto Rico Sugar 7s_ _1941 S D 103 Sale 99%
121
4
s
99 190
100
10(3 3D 543 547 55
2d 4a
28
lst f 581941 J J 99% 100
9714 10012 South Bell Tel dr Tel
4
993
4
9618 983
0814 127
8
977
1112 MN 1001 Sale 99%
Manila Electric 78
85
,
88 4 Sweat Bell Tel let & ref 5s_ _1954 FA 9818 Sale 955
4
/
881 46
4
9614 10
9314 9712
J J 96
Manila Elec Ry & I.t 51 5a1953 MS 8614 867 863
98 100
Southern Colo Power Ss_ _1947 MN 96% 0614 96%
4 76
993
2
96% 973
96%
1
97%
Market St Ry 75 Series A__ _1940 Q J 99 Sale 99 2 Mar'25
1948
128 140
Spring Val Water g 5s
,
25 106, 12412
2
118
11412
Marland Oils f 88 with warets'31 AO 126 13412 127
105 10812 Stand Gas & El deb g 6348-1,33 Si 8 11512 Sale 993
19 0
105%
10514
3
Ws 100 4
4
993
4
NI N 99% 100
Without warrant attached _ _ AO 10518 10612 125 Feb'25
125 130
let 55
Standard Milling
____
10714 23 105 1074
1067
8
1931 FA 125
7345 Series B
8
105 1053 Steel dr Tube gen s f 7s Ser C 1951 II 10711 Sale 965
Jan'25
195
9
954 974
97
8
do without warrants
105 10514 Sugar Estates (Oriente) 7s 1942 MS 95% 97
Jan'25 _
4
105
99
99
08
98
1934 MS
Maxwell Motors f 75
10311 Superior 011 let sf75
1929 FA-1 99 Sale 9814
4
/
10314 17 1011
97'2 9852
8 13
983
8
J D 985 _ _
ref g So Ser B_1952 FA 103 Sale 10212
Metr Ed let &
19
9112 95% Syracuse Lighting bet g 58_1951
93
1 100% 1023
10112
4
0212 Sale 9212
9153 J J
J 10112 102 10112
1st & ref 5s Series C
4 100% 103
10212
Tenn Coal Iron &RR gen .58_1951 J N 100 101% 10012 Feb'25 -- 100% 102
1953• D 10239 Sale 10218
Metropolitan Power (la
5
7014 80
7612
Tennessee Cop lot cony 6s_ _1925 M
7712 7612
43
9914 10218
76
4 102
1013
FA
8
Met West Side El (Chic) 4s_1938
9712 97% Tennessee Elec Power 1st 621_1947 ID 1015 Sale 533
97% 112
4
533 5812
,
5418 40
4
1940 MS 9712 Sale 9712
Mid-Coat Petr let 6 Ms
1960• J 533 Sale 4112
105
871s 9114 Third Ave let ref 43
91
91
2
453
43
40
S 9012 Sale 90 4
4112 Sale
Midvale Steel &0cony sf58 1936
4
9 100 101,
101
AdJ int 55 tax-ex N Y___a1960 AO 943
9412 32
94% 96
4
/
1001 Sale 100%
943
4 95%
Milw Elec Ry & I.t cons g 5s_1926 P A
1937 ii
9538 9512 9512 Mar'25
4
95
953 Third Ave Ry late be
4
4
/ 10312 13 1023 104%
P A 10312 Sale 1031
Refunding & eaten 4 As 1931 J J
9812 Tide Water 011 10-yr 048_1931
94
96
97%
97
13 10812 110
110
8
1951 J O 96
General be A
1941 NI S 110 Sale 1097
841 8914 Toledo Edison let 75
4
/
8 43
877
2 10018 100%
mai
10014
1061 J D 8612 Sale 8612
let 55 B
99 100% Toledo Trac Lt & Pr 8% notes'25 FA 10014 Sale 98 Feb'25 - -- 8 38
995
98
4
/
08
MS 98,
let & ref g 6a Series C _ _ _1953 M S 991 Sale 99
4
5
1949
99
4
/
961 9912 Trenton G & El let g 5s
4
983 987s 9
9
6512 70
66 Feb'25
3
63%
' 81
Milwaukee Gas Lt let 414_1927 MN
97% 99% Twenty-third St fly ref 55_ _1062
9912 34
4
/
991 Sale 99
9014
89
9018 Feb'25 -4
/
ii 901 _
Montana Power let 543 A__ _1943 .1 .1
24
3
4
19 3
96% Underged of London 4SO...19 8
94
:
961
4
/
4
/
9618 Sale 961
8618 881
8812 Feb'25
ii
Montreal Tram let & ref 58.1941 j
7812 84%
83% 80
Income (1/4
8312
7
9611
95
9412 97
Morris de Co let at 4 Ms_ _1939 J J 8312 Sale 741 June'24
-_
7714
Union Bag & Paper let M 65_1942 MN 9612 Sale 997
4
/
4
10018 13
993 10112
___
NI S 100
Mortgage-Bond Co 4s Ser 2_1966 AO 9612 - 2
"6E5; -6639 Unlon Elec IA & Pr let g 55_1933 MN 99 9914 99
96 Mar'25 _
97
984 991
4
/
991 22
1
/
4
/
1032 J J
10 -year 5a Series 3
-25
4
983
97
9812 43
Ref & ext 58
98
, 28 100 10112
1001
1934 J O 9813 Sale 9539 Mar'25
Murray Body 1st 634e
9558 9612
1954 J J 100 Sale 100
4
/
951 9612
let g 534s aeries A
7714
75
A0 7614 7712 7714 Mar'25 - -Gas let gu g 08..,1947 MN
Mu Fuel
97% 99
Union Elev fly (Chic) 55_1945 J J 100
9918 ____ 99 Feb'25
993 100 s
4
10018 23
,
100
_
Mut Tin gtd bonds ext 4%_104l MN
1931
8
8012
5912 63
Union Oil let hen a I 5a
5912 Sale 5912
4
5
1033
4
5 1023 1033
1033
Nassau Elec guar gold 48_ _1951 • J
May 1942 FA 103% _
09
98
Feb'25
30-yr 6s Ser A
98
9834 09
J D
4
2 10312 10514
1043
FA 1047 105 1043
8
Nat Enam & Stampg 1st 58_1929
23 85
94
87
Union Tank Car equip 7s.....1930 A 0
Sale 85
8 37 10014 104
1015
10118 Sale 10118
1931 J D 8512
National Acme 7345
99% 10112 United Drug 65 tempy
Feb'25
4
9812 ---- 993
4
/
98 1001
10012 12
3
' 10018 Sale 10018
Nat Starch 20-year deb 58._1930 .1 .1 10118
4
6
94
101,
101 101 12 United Fuel Gas Islet 85_ 193
4
10114
4
/
10018 35
99% 1001
a
5
1952 MN
9812
National Tube 1st 58
3
,
9812 99 4 Untied Rye Inv 55 Pitts Issue 1926 MN 997 10014 997
4
/
9812 Sale 981
16
100
,
9914 100 4
9914
4
993 100
1948 J O 100 Sale 99
Newark Consol Gas 58
8
4
1001s 34
993 1005
Stamped
4 10
703
J O
7414
70
ii 703 Sale 70
4
New England Tel dr Tel 5e .1952
194 10434 Unit“1 Ry5 511. let g 4s___ _1934
104 10414 10414 Mar'25
9412 25
91
95%
9412 94% 9414
NY Air Brake let cony 6a....1928 MN
1937 MN
37
78
4
773 8012 United SS Co 15 -yr 6
_ 78
7812
7 10212 104%
4
/
, 1031
1031
AO
A2
NY Dock 50-year let g 4a_1951 FA 113 gile 112
4
1133 191 112 115
United Stores Realty 20-yr 6519'340 ii 10318 10312 8512
86
135
85 8718
AO
85% Sale
NY Edison let & ref 634e A_1941
10018 71 100 100%
let & ref 55 ser A 1947
S RuberU
100 Sale 100
1063
4 6_ 10412 10712
7
F
10612 Sale 106
let lien & re'Is Ii temp_ _1944 AO 1013 Sale 10139
45 10012 10212
102
10-yr 734% sec notes
4
100% 102
1007
8
10114
F A 10114
N Y Gas El Lt dr Pow g 5181948 J O 863 Sale 813%
62
87
871s
86
S Smelt Ref & NI cony 68_1928 SIN 10514 Sale 105
4
10539 lzu 10414 108
Sale
1949F A
Purchase money g 48
U S Steel Corprcounon-41963
100
1
/
10512 Feb'25 -- - - 103% 1054
,
dI983 11
NYL E&WeetC&R11.51/491942 MN
St 10-60-yr 5e3regLstered.
8612 32
Ws --- 8112 Apr'24
8318 88
83'I 857s 86
3 - 2 100
.18 Utah Lt & Tree let & ref Ss_ _1944
N Y Nlunic Ry let f 58 A 1966
190
991-- 100
4
/
91
951
9412 40
_
5412 Utah Power & Lt let 5s____1944 r. 94 Sale 94 Dec'24
N Y Q El L & P 1st g bs__ _1930 F A 100-4912 Mar'25
45
47
41
99 2 ____ 9918
49% 83
NYItyslstItE&r,fds__..1942 1 J
42% 64
Utica Elec I.& Pow let at 5s_1950
s
8
8
403 Sale 463
WI; 'ii$3
993
9835
4
/ 99
6
418 6
414
Certificates of deposit
Utica Gas & Elec ref & ext 58 1957 J J 981 80
4
4,
53
53
5513
Jan'25
53
19.53
-year ad) Inc 55_ _ _ _Jan 1942 -ec
30
43
3% 5% Victor Fuel betel 50
4 41
414 -12 412
1138
18812
73
86
4
/
1947 J O 851 Salo 8439
9912 100
2
4
993
Certificates of deposit
Va-Caro Chem let 7s
4
33
9912 993 9912
7112 87
85
81 Sale 81
1951 MN
9
NY & Rich Gas let 65
6814
6012
85
Certificates of deposit
65
3
65 2 Sale
68 84
,
81
80
NY State Rye let cons 4348_1962 MN
90%
88
Certificates of deposit stropd JO 8012 Sale 49
4
893 Mar'25
8914 90
49%
44
4012 43
49
45
1962 MN 1001 1003 10012 100% 16
9712 100%
634s
73-9e with & without war...1937
2
4
4
/
4212 4818
4234
4
4212 4912 423
N Y Steam let 25-yr 6s Ser A 1947 MN
9612
4
/
961 37
of dep with warrants.
95
Certits
4
/
461
41
4
96, Sale 96
45
Feb'25
MN
8
NY Telep 1st & gen s f 4 Me.1939
10918 28 1077 110
Certife of dep without Warrt MS
s
108% Sale 1087
9112 93
4
/
921 12
2
91,
4
30
-year deben at 65___Feb 1949 FA 106% Sale 10614
1063
4 37 10614 1973 Va Iron Coal & Coke let g be 1949 J .1 91% 93
9314 9614
0512 23
947 Sale 947
2 10018 10214 Va fly Pow let & ref 58
66_1.941 AO 101
12 10112
-year refunding gold
20
101
9
9412
9112 9413
4
933
J
2
1 1033 10512 Vertientes Sugar let ref 7e 1943 J O 9312 94
4
104%
Niagara Falls Power 1st 5s_ _1932
67
104 105 104%
8972 9913
06
4
6 1044 1097 Warner Sugar Rohn 1st 75_1941 J O 913 Sale 9014
Jan 1932 AO
Ref & gen 68
1097
8
5
1
/
8
1097
.1 j 79 Sale 78
7712 8712
8118 87
MN
3
110
Meg Lock & 0 Pow let 58.-1954
8
1667- 10978 109% 94 104% 101,4 Warner Sugar Corpe let 78 1939 ▪ J 10034 ____ 9934 Mar'25 _ 991 lows
4
/
1939
_1958 FA 10014 Sale 100
Refunding 6s Series A
8
100%
967
Wash Wat Power f 5s
9912 192
10014 12
09% 10055 100
53 100% 104% Weetches 1,tg g 5a stmpd gtd 1950 J
1952 MS
Nor Amer Edison fis
104
4 10012 1024
10312 Sale 10314
1
/
MN 10214 Sale 102,
10214
8
4
/
113
1944
9218 961 West Ky Coal 1st 78
Secured at g 614e Ser 5 1948 M S 9512 Sale 9512
96
97
94
4
/
971 26
64
,
961 West Penn Power Ser A 58..1946 MS 964 Sale 9612
93
96
Nor Ohio Trac & Light 6s .1047 MS 95% Sale 9512
8
D 1065 Sale 10539 10639 14 1043 106%
8
AO
13 103 10512
Nor States Pow 25-yr 58 A_ _1941
105
let 40-year (Is Series C_ __JOSS
4
s
9512 957 1043
4
10714 15 1053 107%
8
11996463 MS 10718 1073 10718
,
9314 93 4
let & ref 25-yr (is Ser B....1941 AO
let 7s Series D
---- 9314 Jan'25
9313 9718
MS 963 Sale 963
AO
4
4
8 27
97,
8
1073 10778
Registered
1st 5a Series E
10712 Jan'25
11 10034 103
103
A0 10239 Sale 102
AA ---941
1953
94% 95
Northwest'n Bell T let 7e A.]
let 5 Ms Series F
05 Mar'25
28
95
.▪ 1 96 Sale 9514
9514 96
96
North W T let fd g 4 Ms gtd_1934 J J no 116 11112 111% 14 108 11212 West Va C & C lot 65 ______ 1950
;
3
991s
98
9812 145
2 107% 11914 Western Electric deb It. _ _1944 A0 9812 Sale 98
Ohio Public Service 7 Ma___1946 AO 10812 Sale 108
1081
4
/
22
8
993 102
J J 10018 10034 100
10012
1947 FA 102 Sale 101
9812 103
23
78
102
Western Union coil tr cur 55_1938 MN
6
92% 95
95
9512 94
94
26
let 6s_ _1948 J
Ohio River Edison
9714 99
Fund & real estate g 4348_1950
,
98 4
9712 Sale 9712
4
/
11012 15 110 1111
1944 P A
4
Old Ben Coal let 65
98
9934
1936 FA 110 Sale 110
4
993
-year 6 Ms g
15
4
89 10714 10814
9914 Sale 99,
1077
1943 FA
1
9918 Weetinghoume E & NI 714___ _1931 MN 10739 Sale 107%
Ontario Power N F let 58
97
8
987
5
5
91
- - 987
s
987
78
.▪ 1 884 Sale 86,
a
MN
504
Ontario Transmission Rs-- _1945
98 10012 Wickwire Spen Steel let 7s_ _1935
4 20
983
8
98 Sale 98
7612 88
86
8412 Sale 8412
1941 FA
Otis Steel 85
30
4
9112 95,
94
Certificates of deposit
9214 Sale 92
11
9912 10012
1003
AOSi S 100 Sale 100
e
let 25-yr f g 7 Me Ser B....1947 FA
19
9312 96
95
WIllya-Overland a f 6 Me_ _ _ _1933
4
943 Sale 94%
91% 96
.1 .1
953 121
4
/ Sale 9418
951
5
Pacific G & El gen & ref 58_1942
s
993 Wilson & Co 1st 25-yr 8 f 68_1941
98
991a
4
4
93
983 Sale 983
93
93 Feb'25
Pao Pow & Lt lstdrref 20-yr Es'30 FA
9E08 1007
8
8 12
1007
Registered
s
997
8 100
74%
55
74% 210
1937 .1 .1 997 Sale 9515
Pacific Tel & Tel let 58
9512 127
1928 JO 7412 Sale 70%
2
10-year pony a f 65
9212 95,
73
9518
5
53
12
70
72 69
70
1952 MN
ba
7 10412 10812
106
Certificates of deposit
Sale 10.5
1
/
534 77
118
leA 7318 Sale 71
75
Pan-Amer P & T let 10-yr 7a 1930 FA 106 Sale 109
116 4 1784 103 118%
,
10-yr cony f 7 Me
4
59% 70,
MN 118
7014
7014 Sale 7039
Cony 8 1 68 1934 temp
5
97
96
Certificates of deposit p1931 WO
95
96 12 9512
12 101% 10212
102
101% 102 10134
Park-Lea St leasehold 6349_1953ii 96
Winchester Arms 73.9e
951, 99
98 12 99
1
43 ii 9818 Sale 98
9
Young',, Sheet & T 20-yr 68.4
a Due January
4 Due Apri.l.
p Due December. s Option gale.
BOSTON STOCK EXCHANGE-Stock Recordse.B=3
:age
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Monday,
Tuesday,
Wednesday. Thursday,
Friday,
March 14. 1lfarch 16. March 17. March 18. March
19. March 20.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range for Year 1925.
1441
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
Lowest
Highest
Railroads
159
158 158 • 157 157
156 157
156 156
1564 157
259 Boston & Albany
100 156 Feb 18 16434 Jan 7 1457 Mar 164
7612 7612 77
27514 76
76
8
76
76
Dec
76
77
77
249 Boston Elevated
100 7514 Mar 17 86 Jan 2
____ *92
_ *92
7134 Aug 85 Dec
_
92
93
"92
93
_
_
42 Do pref
100 92 Jan 16 97 Jan 3
___ no iff
111 fif
8714 Dec 9614 May
111 111 'no 111
iii iff
60 Do lot prof
100 110 Feb 9 11412 Jan 16 107 Dec 11614
99
99
09 •295
9712 9512 96
95
Jan
96
____
_
79 Do 28 prat
100 95 Mar 19 102 Jan 9
173
4 173 173
4
4 174 173
4 1718 18
92 Sept 10114 Dec
17
17
1713 lily 1,147 Boston& Maine
1712 "____ 18
100 15 Jan 7 2018 Feb 26
"18
813 Jan 2514 Nov
*18
__ •18 ------------50 Do pref
26
100 1712' ar 14 20 Feb 25
,
25
25
*25 - 8 25 - 25712
Jan 267 Nov
2514 2513 253 --------249 Do Series A 1st pret
8
4
3412 •3412 ____ *3412 ____
100 25 Jan 3 30 Feb 26
13 June 3714 Nov
_
3514 35 4 - ------,
16 Do Series B 1st pref
____ *3212 _ . *3212
100 32 Jan 27 40 Mar 4
1713 Jan 48 Nov
_ *34-- 33
33
33
33
___ ____
78 Do Series C 1st pref_100 26 Jan 21 36 Fen 25
____ *50
5 - '50 -- 2
52
16 Feb 41 Nov
50
50
49
49
____
100 Do Series D 1st pret
"167
100 48 Mar 9 .55 Feb 26
__ "167
_ _ •167
23
Jan 62 Nov
_
____
-- - Boston & Providence
36 - - - 36
3 4
63
100 167 Feb 25 172 Jan 16
-3613 35 - 3612 35 - - 3- 35 - 43
Jan 172 Nov
35 4
35
-3412 - - .3i"
3
901 East Mass Street By Co_ _100 32 Jan 20 39 Feb 11
6
6812 69
*69
70
69
69
18 May 3812 Dec
6912 6912 6812 6813 --------200
"6013 6031 60
Do 1st pref
100 65 Feb 2 691283ar 18
6013 60
60
6013 6013 60
5813 Jan 71
6012 60
Dec
•244
60
220 Do pref B
45
100 57 Jan 23 6212 Jan 12
45
45
45
45
48 May 6112 Nov
44
45
45
45
--------359 Do adjustment
•-----30
____ 30
100 41 Jan 27 48 Mar 10
025
30 '25
28 May 4614 Dee
30
Maine Central
327 33
8
324 333 "313 32
100 30 Jan 23 3712 Jan 29
4
4
25 June 3713 Apr
30
32
303 - - -3d 3114 - - 8 2,427 NY N H & Hartford
4 3
0
*270
31-3
74 0270
100 293 Jan 20 3614 Feb 25
8
74 *.r715
74 *270
14
Jan 3314 Dec
74
75
____
107 107
___ ____ ____ ____ ____ ____ .270 ------- ____ _____ _ Northern New Hampshire_100 70 Feb 16 77 Jan 14
62 Jan 81 Nov
*2104
----4 Norwich & Worcester pref_100 100 Jan 13 110 Mar 10
10314 10314 10114 103
80
Jan 108 Nov
10212 10212 103 10314 1034 1034
10318 1034
"50
262 Old Colony
54
"50
100 98 Jan 2 105 Mar 12
54
*50
724 Jan 98 Nov
54 .50
54
"50
54
____ ____ ______ Rutland prof
---- -- -- -- - _ ____ '85
100 52 Feb 12 6312 Jan 2
93
34 Mar 64 Nov
___ ____ *8712 ____ _-__ ____ ______ Vermont &
Massachusetts_100 87 Feb 24 93 Jan 16
70
Jan 9318 Nov
"278 34 •27
Miscellaneous
8 318 *284 3
234 23
4
23
4 24
3
3
1714 1714 17
285 Amer Pneumatic Service___25
1714
23 Feb 16
4
414 Jan 7
17
1 Nov
17
17
17
414 Doo
1713 1713 1712 177
13534 136
8
600 Do pref
135 136
50 17 Mar 16
132 1327 132 1323 132
1912 Jan
12
8
Jan 2014 Dee
8
13213 13212 13314 1,749 Amer Telephone & Teleg 100 1303 Jan 2 136 Mar 7
67
67
66
67
8
66
13 121 June 13413 Des
6614 '66
6612 65
6613 64
64
387 Amoskeag Mfg
-- -- 71
•71
No par 64 Mar 13 77 Jan 13
71
"71
____ "71
5712 Oct83
____ "71
Jan
------------10 Do prat
•1512 _
_ *154
_ .10,2
No
76 Jan 15
69
Oct 70 Aug
*1512 _
*1514 _----------------- Art Metal Construe, Inc__ par 71 Mar 11
1118 1112 1114 - -112 1114
.
10 14 Jan 16 15 Feb 25
1- 3- 115 1 1-3
13 Aug 16 Feb
11 4
8 - :1
11
1 3
8 113 112 1.730 Atlas Tack Corp
8
105 105 '105 106 '105
No par
97 Jan 6 125
8
sMar 7
106
6 June 1014 Jan
10513 10512 10513 10513 106 106
"'..
66 Boston Cons Gas Co pret__100 103 Jan 17 107 Jan 9 100
.10 •_
_
.10 0_
Dec 108 July
.10 •_ _
.10 ___
Boston Mex Pet
Hit 213
4 21f. 22
2i3 2214
.05 Dec .20
i.i'2 2112 ii12 213, --------398 Connor (John Trus_ _No par
Jan
- ---- ___
3412 3412 *23212 35 .233
T)
10
3412 32
2018 Dec 2818 Mar
33 "232
3412 --------150 Dominion Stores, Ltd_ _No par 20 Jan 26 23 Jan 28
096
__ .96
2814 Jan 3
. •96
35 Feb 13
. '96
2412 May 35 Sept
__ _ 096
_ _ ---- - - __
*212 _3
Do prat A
*212 __100
3
*214 _-312 *214 212 '214 -2-12
84
Jan 8813 Dec
213 2
13
50 East Boston Land
53
4 53
4 *512 6
10
213 Feb 2
3 Jan 2
*512 53
2 Sept
4 *514 53
3 Feb
4 "514
43
53
4 "514 53
43
160 Eastern Manufacturing
4
43
4312 4234 44
5
5 Jan 7
63 Jan 24
4
4
4213 423
Oct
4 42
813 Feb
4214 431. 45
"36
685 Eastern SS Lines, Inc
37 '36
25 42 Mar 9 55 Feb 13
37
36
3612 353 353
38
Jan 554 Mar
4
4 353 353
4
4
125 Do pre(
___ *92
No par 35 Jan 15 3713 Jan 22
_ *92
__ •92
3118 Jan 40 Feb
_ _ *92
__ ____
200 20014 200 200 200
'92_
. 1st preferred
100 89 Jan
- 12
93 Feb 28
i0014 200 2 .
8512 Jan
- 014 200 20018 200 20014 ___ _ _
0
93 Mar
*314 4
887 Edison Electric Blum
100 200 Jan
5 2 54 '314 4
,
206 Jan 2 16312 Jan 20413 Dec
*314 4
3
33
8
.._
50 Elder Mfg Co (v t c/
10
314 Feb 2
512 Mar 16
"35
212 Jan
36
5 Dec
"35
3612 *35
3612 "35
364 35
35
____ ____
10 Galveston-Houston Bloc .A00 33 Feb 20 38 Jan 7
13 Jan 41
Dec
'115* ---- *115*g _ __.. *
Gardner Motor
4
Vs par
4 Jan 8 15 Mar 7
153
4
33 Sept
4
*1153
613 Jan
4
01153 _____
4
_ _ _ ..
Georgia Ry &Elea
*7934 _-7- *793
100 1153 Feb 27 1153 Feb 27 11314 Mar 11613 Sept
4
4
-- '793
4
4 - -- *793
4 ___
793
4 __
__
__
64 64
Do 5% non-cum pref 10
63 - 6312 62 79
Jan 26 793 Feb 27
4
63
79 Aug 80
6214 Jan
63
627 - - -63- - 3 ___:12- Gillette Safety Razor.
8 63
1212 1213 .1212 13 '13
6317
.No par
5712 Jan 2 677 Feb 16
14
8
5512 Oct 5812 Oct
01212 14
"1212 14
5 Greenfield Tap & Die
*543 55
4
25 1214 Mar 11
*543 55
4
1514 Jan 24
55
55
124 Nov
*53
154 Jan
5512 '53
5512 --------100 flood Rubber
"57
- ---58 *25512 5612 "254
No pa
54 Feb 3 5813 Jan 8
46 Mar 60 Dec
55
____ "254
55
__
0.50
Internat Cement Corp_No pa
114 0.50
5213 Jan 5 557 Mar 2
114 0.50
8
114 0.50
41
Apr 59 Nov
1
-14 0.50
14 _ -- -- -- _____ International Products.No pa
•6
713 *6
74 ell
13 Jan 3
8
2 Jan 3 .10 Feb
712 *6
74 *6
3 Dee
712 ___ ___
130 prof
100
6 Mar 2 1012 Jan 9 .25 Feb
14 Dee
'90
Kidder, Peabody Acceptance
9012 "90
9012 90
90 '00
9013 '90
9012 90 90
50 Corp Class A prof
*712 73
100 8213 Jan 6 90 Feb 25
4 *712 8
712 712
80
Jan 8813 Dee
7
7
7
7
7
7
190 Libby, McNeill & Libby
•70_
*70
10
7 Star 18
__ "70
93 Jan 7
8
_ __
4 June
70
812 Des
70
070
_ - --- - -•1113 1 - 10 Lincoln Fire Insurance
-13
4 1112 _2
70 Mar 18 7014 Mar 2
12
*1112 12
70
Jan 71 Nov
1113 1113 1113 - -1 12 1112 12
1246 Loew's Theatres
*7412 75
7412 7412 733 7412 74
25 1112 Feb 17
1378 Jan 5
4
9 Mar 13 Dee
7412 7312 74 . 74
7412
209 Massachusetts Gas Cos._J00 68 Feb 3 75 Star 6
66
66
65
66
66
66 Nov
66
81
Feb
66
6614 66
66
66
6614
267 Do pref
183 183
100 6313 Jan 9 6712 Feb
183 183
183 183
62 June 70
181 181 •x___ 183
Jan
181 181
128 Mergenthaler Llnotype.__100 167 Jan 7 186 Mar 14
"10
11 .____ 11 .___- 11
5 150 Apr 172 Dec
1012 1012
012 912
912 10
375 Mexican Investment, Inc
•38
39
10
912Star 19 1634 Jan 15
038
39
3812 39
39
39
612 Jan
3812 3913 383 41
173 Feb
8
4
209 MIssissinP1 River Power...100 36 Jan 2 4112 Feb
"290. __ 0290
_ _ 0290
7
19 Feb 3614 Dee
92
9012 9012 *29013 92
___ _ __
23 Do stamped prat
514 514
10
8712 Jan 10 92 Feb 28
5
-55,1
5
80
5 18
Jan 90 Sept
5
5
5
5
5
756 National Leather
.55 .55 0.40 .613 •.40 .60 0.40 5
10
43 Jan 2
4
034 Jan 13
2 Apr
53 Nov
s
.60 ..40 .60 --------200 New England 011 Corp tr
ctfs
.20 Feb 9
14 Jan 6, .50 Dec
512 Apr
.4 8
63
.63
4 8
"63
4 8
*614 8
"6
7
____
_ __ _
Do pref (tr ctfs)
100
10418 10412 104 1047 10312 10412 10314 104
6 Feb 26
812 Jan 8
8
6 Dec 3114 Mar
103 10312 10314 1034 1,636 New England Telephon
- _'21
e 100 1004 Jan 2 1077
22
21
21 •_ _ _ _ 21
8Mar 6
98 Dec 11512 Jan
19
2012 20
--------485 Olympia Theatres, Ine_No par
"28
29
19 Mar 18 2554 Jan 16
"2712 2812 "2712 2812 "2712 2812 *2714 20
2111 Dec 223 Dec
8
2812 ____
__ _ _ _
Orpheum Circuit, Inc
61
63
2534 Jan 16 29 Mar 3
I
6212 64
62
63
14
6212 63
Jan2813 Dec
6212 63
6112 -6212 2,232 Pacific Mills
17
17 *x163, 17 •2163 17
100 61 Mar 14 8112 Jan 13
4
6918 Oct 87 Feb
1612 164 *216
1612 ____ ____
35 Reece Button Hole
"2
234 *22
10 1514 Feb 24 17 Mar 4
234 "22
23
4 .2
113 Jan 17 July
4
23 "x2
4
23 ____ ____
4
Reece Folding Machine
•------0 *__ _ _
10
213 Jan 2
.20 • ___
2$4 Jan 8
.20 •_ _ _ _
24 May
.20 •____
3
Jan
.2(1 .
_ Simms Magneto
113 11314 113 11314 11214 11314
5
10
112 11214 11012 11114 11012 1111.
Oct 40
Feb
463 Swift & Co
'48
4812 "48
100 11012Star 19 120 Feb 6 100 June 118 Dec
49 "48
49
48
48
48
4812 --------122 Torrington
.512 84 *513 812
2' 4712 Jan 6 51 Jan 14
7
7
*5
3512 June 52 Dec
812 '5
812 ---- -.-.
4334 44
20 Union Twist Drill
434 44
5
7 Star 4
417 4234 4113 42
8
712 Jan 23
5 Dec 10 Feb
4114 4113 415 4212 3,039 United Shoe Mach
8
2714 274 2714 274 27
Corp
25 4114 Star 19 45 Feb 14
27 •227
2734 '227
34
Jan 433 Doe
4
2734 27
273
s
399 Do pre(
2213 23
2214 223
4 2134 22
25 2612 Jan 13 28 Jan 16
245 Feb 2814 Nov
,
2113 215
8 213 '233
4
1612 1612 1613 1613 1612 1612 2112 22
4 5,277 Ventura Conso1011Fields
5 1912 Jan 3 25 Feb 24
163 163 '1614 1613 164 1612
1914 Oct 27
8
8
Jan
014
120 WaldortSysInc.new sh No par
14l_ •14
1412 14
163
8Mar 11
1418 14
193 Jan 3
4
14
134 Apr 20 Nov
14
14
14
14
•____ 25 •__ _ _ 26
492 Walth Watch Cl B com_No par
25
8 Jan 6 16 Feb 19
25 '23
26
612 Jan 104 Fob
2414 2414 ____
--73
17 Do Prof trust Ws
73
*73
74
10
73
1714 Jan 3 284 Feb 20
73
14 June 2312 Feb
73
"73
74
73 73
1712 1713 1814 1812 1712 1812 73
27 Do prior pref
100 65 Jan 6
1814 1814 1814 1833 18
6211 Dec 73 Feb
1814
4512 46
001 Walworth Manufacturing_ 20 17 Star 11 7412 Feb 13
4514 46
4412 4514 4413 46
4
203 Jan 3
151 June 22 Feb
:
4212 454 24312 4412 5,564 Warren Bros
42
43
*42
43
04112 4213 41
50 37 Jan 2 48 Mar 6
41
293 Jan 393 Nov
11
43
4
43
2423 423
4
•45 ___ '46
4
114 Do 1st pref
_ ___
46
45
50 375s Jan 10 43 Feb 7
*45
___ "45 ____ ____ ____ __
343 Apr 41
4
Jan
2 Do 2d pref
4012 Jan 17 46 Star 2
501
38 Mar 42
Jan
Mining
0.30 .50 ".30 .50 0.25 .50
0.25 .50 •
.25 .50 0.25 .50
'.10 .20 0.10 .20 0.10
'Adventure Consolidated_ ._ 25 .15 Feb 16 .25 Jan 261 .15
.20 '.10 .20 '.10 .2
Dec .61
Dec
".10 .20
15
8
134 *13
Algornah Mining
4 2
0112 2
25 .10 Mar 3 .25 Jan 2 .10 Jun
•112 2
.25 Dec
'158
17
134
134
1112 12
265 Arcadian Consolidated
1138 117
3 103 111
25
4
112 Jan 26
3 Jan 10
10
5 June
11
312 Dec
10
1012 1012 103
3013 31
4 2,540 Arizona Commercial
3012 3112 303 301g 30
5 10 Mar 18 15321 Feb 6
s
8
Jan
16 Dee
303
8 3014 3038 22912 313
8 2,545 Bingham Mines
15
1514 15
161
143 151
10 2912 Mar 20 3614 Feb 11
,
14
14 Jun
15
315a Dec
14
1414 144 143
8 4,631 Calumet & Recta
.35 .35
.40 .5
.50 .5
25 14 Mar 18 1878 Jan 2
0.51 .65 '.51 .65 ".51 .65
133 May 197s Jan
8
' 2412 2412 24
1,050 Carson Hill Gold
25
2218 2334 2114 23
1 .30 Mar 11 .70 Jan 5 .37 Nov
3 Feb
2114 22
2212 233
4
0.07 .10 '.07 .1
.07 .0
25 2414 Mar 18 33 Jan 10
0.07 .10 0.07 .10 ".07 .10 1,996 Copper Range Co
1812 June 335 Dec
8
*412 6
100 Davis-Daly Copper
43
4 484
412 43g
1 .04 Mar 4 .78 Feb 6 .30 Dec .70 Mar
412 412
413 412
4
414
*al
1.060 East Butte Copper Mining_ 10
114 'al
11 "al
11 "al.
4 Mar 20
614 Jan 2
314 July
14 "al
64 Dee
114
1
1
110 Franklin
"14
114
13
4
114
114
25 .40 Jan 7
11
*1
13 Jan 24 .40 May
8
112 "1
1
Jan
112 '1
114
210 Hancock Consolidated
2012 22
21
211 '204 211
25
2012 2013 •20
1 Feb 28
13 Feb 6 .30
4
Oct
2
Jan
2114 21
21
2
210 Hardy Coal Co
2
'112 23,
2
2
1 20 Jan 10 23 Jan 24
"2
1913 Dec 2812 Jan
213 '13
4 212 *13
4 214
131
450 Helvetia
131
129 13133 127 121)34 126 128
25
112 Jan 6
312 Feb 5 .30 May
234 Dee
126 128
12713 128
•9712 9812 09712 981 09712 98
1,101 Island Creek Coal
1 122 Mar 10 140 Feb 5
9712 974 "97
9414 Apr 142 Nov
9712 9712 9713
34 Do pref
1518 15 8 15
,
15
1413 15
1 9514 Jan 5 983
147 15
8
4Mar 9
90 June 100 Sept
1413 1413 '143 15
4
995 Isle Royal copper
112 112 "112
13
4 "112
134
113 13
25 1412 Mar 17 204 Jan 7
4 *112
12 June 2212 Dee
134 .112
134
125 Kerr Lake
•
.75
1
.75 .75 0.75
1
5
112 Jan 14 113 , Feb 4
1
1
14 Mar
0.75
218 Feb
1
.75 .75
150 Keweenaw Copper
2
2
"13
4 214
2
2
25 .75 Jan 29
"134 214 •134 2
14 Jan 10 .50
Jan
114 Nov
•112 134
13
4
150 Lake Copper Co
13
4
113
112 .112 17
25
0112
4Mar 2
13
134 *113
3 Jan 2 .90
Apr
34 Dec
17
2
112
•158 2
112
70 La Salle Copper
'15
8 2
'112 2
25
113 Mar 16
.15
8 2
4
23 Jan 10 .70 June
*113
3 Dec
17
8 "13
4 2
.60 .60 ".60 .80
Mason Valley Mine
.60 .6
5
".60 .80 0.60
1513 Mar 6
23 Jan 13
4
114 Oct
23 Dec
4
1
0.60 .80
70 Mass Consolidated
25 .60 Mar 14
114 Jan 2 .50
Jan
'13
4 212 '13
134 Aug
4 214
13
4 13
4
13
4 2
134
134
112
112
960 Mayflower-Old Colony
30
3112 32
3112 28
2912 273 30
25
112 Mar 20
4
3 Jan 2
80 Apr
28
29
5 July
29
31
1,518 Mohawk
2114 2114 207 2114 2012 207
8
'' .5 273 Mar 18 41 Jan 13
,
8 2012 203
4
4 2014 2012 2013 21
2312 June 41 Dec
1,595 New Cornelia Copper
•.25 .40 0.25 .40 0.25 .40 0.25 .40 •
5 2014 Mar 19 25 Jan 2
1612 Jan 253 Dec
.25 .40 _--8
-•____ 30 •_-_- 30 •_ -_ - 30 •_ ___ 30
New Dominion Copper
.25 Mar 7 85 Feb 18 .40 Dec,
*____ 30 .27 -4
23 Apr
28
New River Company
60 '58
'58
60
055
100
50
*55
60 '55
_, 35 June' 40 Mar
60 '55
60
Do pref
*6
6
618
64
6
100 54 Jan 12 60 Jan 31
6 14
6
6
'6
5713 Dec 75 Mar
614 0618 63fl
715 Nipissing Mines
18
, 15,
1 118
13,
5
1
life
5 3 Mar 13
15
4
8 13
63 Jan 10
4
8
15
8
63 Jan
4
61g Dec
158
1*.f. 13
8
882 North Butte
0.85 .90 ".85 .90 ..75 .90 •
15
1 Mar 17
.85 .90 '85 .90
314 Jan 14
17 Oct
8
63 July
8
.60 .6()
25 0.11bway Mining
2114 2014 21
1912 20
21
25 .50 Mar 11
19
114 Jan 10 .40 June
2012 1914 20
1 Nov
204 2012 1,330 Old Dominion Co
5
5
4% V{
5
25 19 Mar IS 27 Jan 10
5
"247
8 514 "247
15
Jan 2812 Dec
8
514
47
8 5
179 Park City Milting & Smelt_ 5
1214 1214 .12
•1212 13
8
13
45 Jan 13
12
512 Feb 19
12
12
312 Jan
12
54 Feb
.12
13
125 Pd Crk Pocahontas Co_No par
25
25
2314 25
2512 26
12 Jan 6 1413 Jan 24
23
2313 23
1034 July
2334 24
1513 July
25
524 Quincy
34
35
3514 36
32
25 23 Star 18 3912 Jan 10
36
35
36
314 3312 33
14 June 343 Dec
4
36
1,376 St Mary's Mineral Land.-- 25 3112 Star 19 48 Jan 12
0.75 .95 5.75 .95 0.75 .95
.75 .75
28 June 49 Dee
.75 .75 0.70
200 Shannon
..25 .7
10 .65 Mar 13
•
112 Jan 9 .30 Apr
.25 .75 ".25 .75 0.25 .75 0.25 .75 0.25 .90
113 Sept
.75
South Lake
25
.25 July .75 Dee
--ii, --12 -;iiis - If;
-8
25
138
2 Jan 3
13 . 8
2
214 Jan 27 .90
13
112
Superior
138
13
Jan
2
214 Dec
11g
118
0
175 Superior & Boston Copper- 10
014
618 614
118 Mar 20
6
6 14
2 Jan 5 .25 Aug
6
614
6
04'
218 Dec
64 (PA• 10.405 Utah-Apex Mining
5
34 Jan 2 81i4 Jan 23
.73 .75
.75 .80
.70 .72
.70 .82
17 June
.70 .70
8
37 Dec
.65 .70 5.155 Utah Metal & Tunnel
8
1 .43 Jan 43 .98 Jan 29 .14 Jun
•.40 .60 •
.40 .60 *.40 .50 •
.40 .60 0.40 .60 •____
.70 July
.50 ____
Victoria
25 .50 Star 6
.18 .18 •
.15 .30 0.15 .30 0.15 .30
114 Jan 31 .15 Apr
•.16 .30
.13 .13
1 Aug
75 Winona
25 .10 Star 3 .48 Jan 7 .13 Feb .71
.20 .30 `.20 .30 0.20 .30 0.20 .30 0.20 .
•.20 .25 •
_
Wvandot
25 .10 Feb 5 .21 Feb 11 .10 July .25 July
July
*Bid and asked priced: no sales pp thIsslay. I Ex-tights. 9 Ex-div and rights
I Ex- die. g Ex-stock dly. 1 Assessment paid
a Prim, on new basis
02159
7612
"92
.
3110
98
1734
1713
26
3412
*3112
*4812
Outside Stock Exchanges
Quotations of Sundry Securities
All bond prices are • opal atorese except where marked "f.
Standard 011 Stocks Par Bid. Ask.
Railroad Equipments Per Ct. Basis
5.30 5.00
8
Anglo-American 011 new_bl .2014 203 Atlantic Coast Line (ls
5.00 4.75
Atlantic Refining
Equipment 6148
108 110
100
5.35 5.05
Preferred
4
100 115 1153 Baltimore & Ohio 138
Equipment 4548 az 58.... 5.00 4.80
Borne Serymser Co
100 207 212
Buckeye Pipe Line Co
50 *63 64 Buff Roch & Pitts equip 63_ 5.00 4.75
Cheeebraugh Mfg new.. 25 *5312 56 Canadian Pacific 44.3 & 138. 5.05 4.80
5.25 5.00
Preferred
100 107 114 Central RR of N J (is
5.35 5.05
Continental Oil new.
2614 Chesapeake & Ohio 65
25 *26
5.10 4.85
Equipment 648
Crescent Pipe Line Co
50 *1112 1212
5.00 4.75
Equipment bs
Cumberland Pipe Line.
.100 131 133
83 Chicago Burl & Quincy 68.. 5.30 5.05
Eureka Pipe Line Co_._.l00 81
Galena Signal 011 corn._.100 583 60 Chicagodr Eastern III 5348. 4.50 4.10
4
Preferred old
100 110 113 Chicago & North West 68.. 5.35 5.05
5.15 4.90
Equipment6145
Preferred new
100 101 103
Humble Oil az Ref new.. 25 *45
4512 Chic RI & Pan 4145 & 58... 5.15 4.90
5.55 5.25
Equipment65
Illinois Pipe Line
100 142 144
Imperial 011
25 142 144' Colorado & Southern 68.... 5.45 5.20
5.25 5.00
New when Issued
,
*2014 20 8 Delaware & Hudson 68
5.35 5.05
74
Indiana Pipe LIne Co-._ 60 *73
Erie 4148 & 58
5.50 5.20
Equipment 68
International Petroleum-(5) *244 2434
5.35 5.10
Magnolia Petroleum.......100 136 138 Great Northern 65
5.00 4.75
Equipment 55
National Transit Co.
.12 50 •2234 2314
5.05 4.80
New York Transit Co__ _100 65
Hocking Valley 55
67
5.40 4.80
844
Equipment 68
Northern Pipe Line Co__100 84
68 Illinois Central 4148 & 58.. 4.95 4.70
Ohio Oil new
25 *67
5.25 5.00
42
Equipment 68
Penn Mex Fuel Co
25 *39
5.05 4.80
Equipment 75 & 6%a
4
Prairie Oil & Gaa new_100 553 56
5.45 5.20
Prairie Plpe Line new...100 118 119 Kanawha & Michigan 65
5.20 5.00
Equipment 4145
Solar Refining
100 215 220
Kansas City Southern 5145- 5.35 5.05
Southern Pipe Line Co 100 8412 85
South Penn 011
100 17012 17112 Louisville & Nashville 68.... 5.25 5.00
5.00 4.80
Equipment 6148
70
Southwest Pa Pipe Lines 100 .69
5.20 4.95
Standard 011 (California) 25 6012 607 Michigan Central 58 & 6s_
s
5.30 5.00
it 58
5
Standard 011 (Indiana)._ 25 *6312 631 Minn SIP & SSM 4
Equipment 6345 Jr
Standard 011 (Kansas).- 25 *341 35
- 5.40 5.05
Missouri Kansas & Texas 68 5.65 5.35
Standard Oil (Kentucky) 25 *11714 11712
Missouri Pacific 6s At 6.48.. 5.65 5.25
Standard 011 (Nebraska) 10ti 250 253
4
Standard 011 of New Jer_ 25 .4112 413 Mobile & Ohio 414.3 dr .58... 5.10 ,4.90
11712 New York Central 4145 & 58 4.90 4.70
Preferred
10(1 1174
5.25 5.00
Equipment 65
Standard Oil of New York 25 *4412 4478
5.00 4.80
Equipment 78
Standard 011 (Ohlo)___ _10(l 349 351
Norfolk & Western 434s.... 4.80 4.65
Preferred
100 118 122
5.15 4.90
22
NorthernPacific is
Swan & Finch
100 20
Pacific Fruit Express 78.... 5.10 4.90
Union Tank Car Co_. 100 124 125
Pennsylvania RR eq 55 & 68 4.90 4.75
Preferred
101 114 115
5.15 4.90
)
Vacuum 011 new
25 8914 89 4 Pitts az Lake Erie 648
5.60 5.20
3
35 4 Equtpment 6s
Washington 011
10 30
4.75 4.50
Reading Co 4%a& bs
Other Oil Stocks
5.1. 4.90
•3
,
3 4 St Louis dr San Francisco 58
Atlantic Lobos 011
5.60 5.25
51)
4
63 10 Seaboard Air Line 5148 &
Preferred
4.8 4.50
42 Southern Pacific Co 414e_
Gulf Oil new
25•
5.00 4.80
4 43
4
Equipment 7s
Mexlean Eagle Oil
5 4.35
4
- 5.05 4.80
5
*193 193 Southern Ry 445 & 58.
Mutual Oil
5.40 5.10
Equipment68
10( 118 120
National Fuel Gas
8
4
Salt Creek Producers... 10 *263 267 Toledo & Ohio Central 65._ 5.3 5.10
5.00 4.80
Union Pacific 75
Sapulpa Refining
5•
Public Ut
Amer Gas & Klee new ...(5)
Preferred
50
M&N
Deb 68 2014
Amer Light & Trait cono_101
Preferred
101
Amer Power dr Lt common.
Preferred
101
Deb 6s 2016
MerlAmer Public Util corn_ __101
7% prior preferred--.101
101
4% Panic Prat
Associated Gas & El pt.-(I
Secured gold 11545 54.J&J
Blackstone VaiG&E corn 54)
Carolina Pow & Lt rom_ _
dues Sorvire Co coin_ 100
New stook
21.
Preferred
100
Preferred B
10
Preferred B-B
100
Cities Service BankersSham.
Colorado Power common 100
Preferred
100
Com'w'ith Pow Corp com(f)
Preferred
100
Consumers Power pref. _100
Elec Bond & Share pref_100
Elec Ry Securities
(11
Lehigh Power Securities.G)
Mississippi Riv Pow corn 100
Preferred
100
First mtge Se 1951
J&J
F g deb 78 1935__M&N
Nat Power az Lt com
(:)
Preferred
J&J
Income 7s 1972
North States Pow com_100
Preferred
100
Nor Texas Elec Co com_100
Preferred
10.0
Pacific Gas & El let pref_100
Power Securities com___(:)
Second preferred
(I)
Coll trust (is 1949___J&D
Incomes June 1949_ _F&A
Puget Bound Pow & Lt__100
6% preferred
100
100
7% Preferred
Ist & ref 5148 1949_ _J&D
Republic Ry & Light.
..100
Preferred
100
South Calif Edison com_100
8% preferred
100
Standard G&EI 7% pr pf 100
Tennessee Elec Power (1)
Second preferred
Western Power Corp_ ___100
Preferred
100
West Missouri Pr 7% pfr -Short Term Securities
Anaconda Cop Min 6s'29J&J
Anglo-Amer Oil 74s•25a&O
Federal Sug Ref 6s '33.8•11&N
Hocking Valley 58 1926 M&S
K C Term Sty 6148 '31 JAI)
614.
1926
Lehigh Pow Sec 6s '27_F&A
Sloes-Sheff &Sri 6s '25.F&A
S Rubber 7451930_.F&A
Joint Stk Land Bk Bonds
Chic Jt Stk 141 Bk 55_1951
55 1952 opt 1932
Ss 1063 opt 1933
5140 1951 opt 1931
434. 1952 opt 1932
44s 1952 opt 1932
434. 1963 opt 1933
?tic Coast of Portland. Ore..
J&J
58 1954 opt 1934
72
*71
46
*44
9614 9914
146 147
96
94
55
54
88
86
96
95
73
97
88
76
73
53
51
100 101
80
79
340 350
184 186
4
*3714 373
82 8214
4.712 73
8
7612
*76
8
2
*183 187
3414 3512
93
111 113'
82
81
91
103 fa"
15
*13
93 96
40
39
92
90
9812 90
10212
217 220"
98
z96
99 100
107 110
97 100
62
58
72
68
9412 96
20
•15
40
•35
95
91
81
78
62
50
82 85
104 107
99
98
53
51
80
75
104 105
118
97 (66"
*54
5512
•7412 76
3412 3512
90
89
94
92
103 10312
100
4
973 9812
8
1003 1003
4
16114
10114 10158
10114 lour
10614 10612
102 103
10214 10314
10212 1033
4
10412 10512
10114 1023s
10012 10132
10112 10212
Tobacco Stocks
American Cigar common 100
100
Preferred
Amer Machine az Fdry_ _100
British-Amer Tobac ord_ Et
Li
Bearer
Imperial Tub of G B & hard
Int Cigar Slachinery......100
Fohnson Tin Foil & Met 1011
NlacAndrews & Forbesi 100
100
Preferred
100
Mengel Co
Porto Rican-Amer Tob...100
Universal Leaf Tob com.100
100
Preferred
100
Young (J 5) Co
100
Preferred
75
98
167
*271
*271
22
77
60
158
100
41
40
38
90
129
103
77
100
185
2812
2814
23
85
80
161
103
44
50
42
93
132
106
Rubber Stocks (Cleveland)
6
3
Am Tire & Rub com
40
Preferred
Firestone Tire & Rub corn 10 *105 10912
s
1003
100
6% preferred
7% preferred
100 9818 99
General Tire & Rub corn. 50 .230 240
100 106
Preferred
Goodyear Tire & R coin.100 2812 29
Goody'r T & R of Can p8100 705
4
Mason Tire & Rub com-(2) *214 3
18
100 16
Preferred
100 112
Miller Rubber
100 103 104
Preferred
100 30
Mohawk Rubber
72 80
Preferred
Selberling Tire & Rubber (I) *1812 1912
100 9912 101
Preferred
Swinehart Tire & R com-100
16"
100
Preferred
Sugar Stocks
50
Caracas Sugar
Cent Aguirre Sugar corn_ 20
100
Fajardo Sugar
Federal Sugar Ref corn-100
100
Preferred
(I)
Godchaux Sugar. Inc100
Preferred
Holly Sugar Corp Com- M
100
Preferred
..100
Juncos Central Sugar.
National Sugar Refining-100
New Niquero Sugar_ -100
Santa Cecilia Sug Corp pf100
(I)
Savannah Sugar cOm
100
Preferred
1-100
Sugar Estates Oriente 1
With warrants
4
*2
*8512 8712
124 126
48
43
90
•6
8
50
40
45
*40
93 96
75 125
96
94
94
91
5
2
92
•90
96
94
98
95
98 100
industriai&MlSceii
88
American Hardware---100 86 132
100 130
Babcock & Wilcox
(I) •1312 15
Bliss(E W)Co new
55
ao *50 149
Preferred
Borden Company eonl (D *147 110
100 107
Preferred
47
100 44
Celluloid Company
97
100 92
Preferred
pref .100 114 116
Childs Company
104 107
100
Hercules Powder
100 10512 10712
Preferred
International Silver pref-100 107
84
Lehigh Valley Coal Sales 50 .82 115
100 110
Phelps Dodge Corp
144 148
Royal Baking Pow corn. 100
100 102 104
Preferred
218
Singer Manufacturing- -100 215
102 103
dividend.
•Per share.
No par value. SBasts d Purchaser also pays accrued
-rignle
New stock. f Flat price. 1 Last sale. n Nominal. z Ex-dividend. V En
o Es
-stock dividend. $ Sale price. r Canadian quotation.
[Vol.. 120.
THE CHRONICLE
1442
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Mar. 14 to Mar. 20, both inclusive.
Bonds
Friday
Last Week's Range Sales
ofPrices.
Sale
for
Price. Low. High. Week.
Range Since Jan. 1.
High.
1.410.
Jan 70%
Atl G & WI SS L 5s..1959 64% 64
6554 $59,000 63
Mar 85
Brook-Man 78
5,000 85
85
85
1968
Feb 854
854 8534 2,000 84
Chic June Ry & US Y 45'40
Feb 9734
58
974 5,000 96
97
1940
East Mass St RR
Jan 77
35,000 64
77
Series A 448
1948 77
71
Jan 78
5,500 70
77
Series B 55
1948 77
77
Feb 874
250 85
86
1948
86
Series C 65
Mar 9954
9914 1,000 99
99
1925-1929
68
88
Series D 6s
1948 88
8814 6,200 804 Jan 88%
1024 1024 5,000 101% Jan 103
1936
Hood Rubber 7s
13,000 95% Mar 96
95% 96
K C Mem & firm 58_1934
954 95% 4,000 94% Jan 96%
1931
Mass Gas 44s
2.000 97% Feb 9814
98
98
1929 98
4348
Miss River Power 55_ _1951 98% 984 98% 8,500 96% Jan 98%
9514 95% 3,000 954 Mar 9554
New England Tel 48_ _1930
1932 1004 100% 1004 14,000 99% Jan 101
5s
994 994 5,000 995( Jan 994
1952
58 Series A
9814 98% 6,000 97% Jab 99%
1944
Swift & Co 58
Western Tel & Tel 58_1932 99% 9954 99% 21,000 99% Jan 10054
1,000 74% Feb 7954
75
75
Wickwire Spencer St 7s '35 75
Mar
Mar
May
Feb
Mar
Mar*
Feb
Feb
Feb
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Feb
Feb
Mar
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Mar. 14 to Mar. 20, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Abbotts Ald Dairy pref 100
10
Alliance Insurance
Amer Elec Power, pref _100
100
Amer Gas of NJ
10
American Milling
*
American Stores
Bell Tel of Pa, pref
Bergner Engel Brewing 100
100
Preferred
100
Brill(J G)Co
But& Susq Corp pf v t c100
50
Cambria Iron
50
Catawissa 1st pref
•
Congoleum Co Inc
Consol Trac of N J__ _ _100
Continental Pass Ry_ _ _ _50
East Shore G & E 8% pf _25
Electric Storage Batt_ _100
50
Fire Association
Giant Portland Cement_50
Inturance Co of N A _ _ _ _10
Receipts full paid
Keystone Telephone _ _ .50
50
Preferred
Lake Superior Corp_ _ _.100
50
Lehigh Navigation
10
Lit Brothers
Minehill & Schuyl Hav _.50
50
Northern Central
Penn Cent Lt & Pow-....•
50
Pennsylvania RR
Pennsylvania Salt Mfg--50
Phila & Read Coal & I..•
Philadelphia Co (Pitts)_50
50
Frei (cumul 6%)
25
Phila Elea of Pa
25
Preferred
Phila. Rapid Transit-50
50
Phila Traction
50
Phila & Western
50
Preferred
50
Reading Company
Tono-Belmont Devel. _1
1
Tonopah Mining
50
Union Traction
50
United Gas Inapt
50
Preferred
West Jersey & Sea Sh...50
50
York Rys, pref
Bonds
Amer Gas & Elea 55..2007
1928
Amer Gas N J 75
1948
Bell Tel Co 55
Elec & Peep tr ctfs 48_1945
Inter-State Ry coil 45_1943
Keystone Tel 1st 58 .._1935
Leh C & Nay impt 48_1948
1954
Consol 4148
Lehigh Val gen cons 55 2003
Lehigh Val Coal 58...1933
Leh Val Tran ref & im 55'60
Peoples Pass tr ctfs 45_1943
1960
Phila. Elea bs
1966
1st 55
1947
514s
1953
5145
1941
65
Reading goo 414s_ _ _ _1997
Reading Traction 138_.1933
United Rya Invest 53_1926
• 1937
York Itys 1st 58
since
Range
Jan. 1.
High.
Low.
10
140
302
6,486
100
31,232
135
75
25
270
10
77
36
100
110
5
10
219
5
5
713
689
75
5
2,220
4,088
65
58
239
73
4,567
380
125
10
100
40,901
429
11,613
382
3,435
60
60
300
25
1.324
40,525
2,26
75
20
93
3734
96
135
1014
454
108
14
194
9934
52
384
43
3554
41
76
25
6234
227
1714
4614
52
6
22
494
8014
2234
61
7614
60
4514
72
434
5234
4514
3834
38%
40
6054
15
354
7414
14
144
394
84
58%
37
3514
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Jan
Mar
Feb
Feb
Jan
Jan
Feb
Mar
Jan
Mar
Mar
Mar
Feb
Jan
Feb
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Jan
Mar
Mar
Jan
Mar
Jan
Mar
Jun
Mar
Mar
Mar
Feb
95
50
99
2174
12
574
110
14
13-4
109
53
40
434
41
45
76
2614
7054
280
21
70
54
7
2714
714
100
2391
5234
79
6414
4814
8554
52
574
47
4576
45
51
63%
183.4
37
82
15-16
214
44
964
584
40
3634
Jan
Mar
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Feb
Feb
Mar
Jan
Jan
Mar
Jan
Feb
Feb
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Mar
Mat
Jan
Mat
Jan
Feb
Feb
Mar
9134 110,800
88
44.200
188 210
195
1,000
101 101
101
6334 6334 644 48,500
5594 5534 2,000
8594 8514 3,000
92
92
1,000
1,111
9854 9834
100 100
2,011
10054 10054 7,000
1,000
8034 803-4
664 6614
1.000
0994 9914 100
20,500
1004 10034 101
25,300
10434 11)434 14,000
1043-4 10434 1,000
167
107 10734 8,000
9314 934 2,000
105 105
105
2,000
100 100
1,000
944 944 3,000
88
136
101
60
504
8214
92
96
99%
10014
8034
65
99
1004
10314
1044
106
934
105
100
92
Feb
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Feb
Jan
Mar
Mar
Jan
Jan
9254
215
10144
60
56
8514
92
9834
Jar
Mai
Feb
Mal
Jar
Mal
Mai
Jar
Mal
Fel
Mal
Jar
Fel
Jar
Fel
Sal
Ma
Ma.
Stu
Sal
Ma
49
974
19534
53
100
384
42
54
52
6
85
79
64
7234
3954
3934
493-4
6034
154
3634
4014
8934
574
37
93
93
4834 4934
98% 08
190 21214
1134 1134
494 5594
10914 110
14
54
134
134
9934 10114
52
52
3834 3834
4314 4334
3534 3634
43
42
76
76
26
2634
6454
63
280 280
20
20
54
5534
14
52
614
6
22
22
44 514
8034 89
223.4 23
52
52
7734 79
6334 64
454 4634
72
7934
4354 4354
5234 5234
463.4 47
38% 4234
384 4114
4914 50
6034 61
15
1634
3614 3614
7414 7534
4
9-16
194
19.4
414
40
9554
84
56% 5734
37
3914
3634 3614
1004
8014
70
100
102
105
106
1074
034
107
100
944
Ma!
Mal
Jam
Jan
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange Mar. 14 to Mar. 20, both inclusive, compiled from official lists:
Krtaay
Stocks-
54
51
Armstrong-Cator 8% Pf100
1124 113
50
Arundel Corporation_
• 2114 213.4 2234
New stock
Baltimore Elec, pref._ __50 4214 4255 4234
50 1163.4 z11614 119
Baltimore Trust Co
.95 1.05
1
Bartlett Oil & Gas.com A.1
2614 2634
25
Benesch (I), pref
353.4 3514
Central Fire Insurance_ _10
.70 .70
Cent Teresa Sug,corn__ _10
Ches az Pot Tel of Balt_100 11134 11134111,4
584 59
50
Comtnerce Trust
234 234
•
Commercial Credit
25
2534
25
Preferred
'Mu on
OG
*.......----• • No par value.
Sales
Last Week's Range fcr
Week.
of Prices.
Size
Par. Price. Low. High. Shares
Range Since Jan. 1.
Low.
High.
Jan
Jan 57
100 50
Feb
430 834 Jan 118
6,536 2134 Feb 2314 Feb
Jan
Feb 43
20 42
Mar
182 11134 Feb 120
1.05 Mar
900
.95 Mar
5 263.4 Feb 2694 Jan
Feb
12 34
Jan 40
.75 Feb
100
.70 Mar
21 1104 Jan 1124 Fel]
Felt
Jan 60
25 58
Jam
1,157 234 Mar 28
Jan 2534 Jar
172 25
9115%
Jar
ORLI Wm
I IR
MAR. 21 1925.]
THE CHRONICLE
rrtaag
sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Consol Gas, EL de Pow-.
614% preferred
100
7% preferred
100
8% preferred
100
Consolidation Coal_ _ _ _100
Cosden & Co
•
East Roll Mill,8% pref.100
Equitable Trust Co
25
Fidelity dr Deposit
50
Hous 011, pref tr ctfs_ _100
Lorraine Pet Co_ _lc.flares
Maryland Casualty Co._25
March & Min Tr Co_ _ _100
Monon Val Trim prat _ _ _25
Mtge & Accept, corn
•
Mt-Vernon-Woodb Mille
Preferred v t r
100
New Amsterdam Cas Co.10
Northern Central
50
Penns, Water & Power 100
United Ry & Electric
50
US Fidelity & Guar
_50
Wash Halt & Annap__ .50
Preferred
50
West Md Diary.Inc,pf_ _50
3434 34
3434
10534 10534 10636
10934 109 1093.4
12234 122 123
50
58
60
3034 2614 3111
11634 1173.4
53
54
95
95
85
86
3
3
334
83
8434
132 135
21% 21%
15
15
55
56
4354 4314
77% 77% 77%
13034 13034 13034
17% 17% 1734
190 191
8
8
14
15
5234 53
981
50
43
212
1,296
1,602
108
99
320
415
1,000
112
52
20
118
Range Since Jan. 1
Low.
32
10534
109
122
48
2614
1123.1
52
89
85
3
8231
115
2034
1334
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Ma
Ma
Mar
Jan
Jan
Jan
High.
3534
107%
111
125
72
3534
120
54
95
97
4%
8631
138
2254
15
Feb
Mar
Mar
Mar
Jan
Feb
Jan
Mar
Mar
Jan
Feb
Jan
Mar
Jan
Jan
117 55
Mar 66
Jan
151 4234 Jan 45
Feb
7 7634 Jan 7734 Mar
142 126% Jan 13334 Feb
460 17% Feb19% Jan
125 179
Jan 19834 Jan
190
6
Jan
834 Feb
40 14
Mar 19% Jan
20 5134 Jan 5334 Feb
Bonds
Alabama Cons C& I 531933
9634 9831 55,000 9534
Alabama Co gen 6s._ _1933
10034 100% 6,000 9934
Bernheimer-Leader 78_1943
103% 103% 1,000 103%
Cent States TAII 68_1949
98
98
500 98
Consol Gas gen 4 Hs_ _1954
9314 9314 2,000 9234
Cons G,E L& P ser A 63'49
105% 106% 4,000 1043
8
Consol Coal ref 5s._ _ _1950 8814 8634 87
2,000 8834
Refunding 414s
_1934 94% 94% 9431 2,000 9434
Davison Sul & Phos68.1927
9931 9934 1,000 9834
Fair & Clarks Trite 58_1938
9434 9434 1,000 9414
Fairmont Coal 5s
1931
9834
1,000 98
Ga Caro & Nor 1st 53_1929 9934 9954 9834
9934 1.000 99%
Lexington (Ky)St 5;3_1949
92% 9234 5.000 92
Mary'd Elec Ry 1st 581931
9734 9731 2.000 9634
Series A 6343
1957 99
99
9931 13,000 99
Norf& Ports Trac 53..1936
9334 9334
1,000 92
Norfolk Street Ry 5s._ 1944
9734 9731
1,000 9734
Ral & Augusta tis
1926 100% 100% 100%
1,000 100%
Riehm & Meckl'g 43_1948
75
75
1,000 75
South Gas & Pow 75_1939
10334 10334 2.000 10334
United E L & P 4%3_1929
9834 9834 3,000 9834
United Ry & El 45_ _ _1949 70 .70
.
7034 22,000 70
Income 413
1949
50
51
18,000 50
Funding 58
1936 7134 71
7134 4,700 7034
6s
1927
9934 9914 2,000 99
68
1949 96
96
9634 9,000 96
Vs Mid 5th series 5s_1926
10031 10034
1,000 9934
Warner (Chas) _ __1929
105 105
2.000 105
Wast Balt & A nnap5s.1941 6234
786234 65
7.000 6234
Jan 9654
Jan 101
Feb 10431
Jan 9834
Jan 9434
Jan 10634
Mar 8734
Jan 98
Jan 9914
Jan 95
Jan 9834
Feb 993.4
Jan 93
Feb 9734
Mar 100
Jan 94
Jan 97%
Mar 100%
Mar 75
Mar 10334
Jan 9814
Feb7034
Mar 5214
Mar 74
Feb 9914
Jan 9634
Jan 10034
Mar 105
Mar 6634
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mat
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Mar. 14 to Mar.20, both
inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
All-American Radio
5
Amer Pub Serv, prof..-100
Armour & Co "A"
Range Since Jan. 1.
Low.
High.
2634 22% 27
5,865 2231 Mar 3811 Feb
90
89
90
285 89
Mar 91
Jan
2134 2134 2234 22,650 2134 Mar 24
Feb
13%
1334 14
1,185 1334 Mar 15
Feb
Armour & Co (Del), pf_100 92
9114 9314
489 9134 Feb 9854 Feb
Armour de Co. pref_ _ _ _ 100 8834 •8834 90
1,555 88
Jan 94
Feb
Armour Leather
15
4
414
191
331 Jan
534 Jan
Balaban & Hata v t o_25 5334 53
54
1,050 5034 Feb 5514 Mar
Preferred
100 98
98
9934
25 95
Jan 100
Jan
Beaver Board v t c "B"_*
5
5
534
475
5
Feb
7
Jan
Preferred certificates_100
35
35
25 31
Feb 3934 Jan
Bendix Corporation__ _10 27
24
2854 7,625 24
Mar 36
Jan
Borg & Beck
• 26
2434 2614 1,925 2414 Mar 2834 Feb
Cent Ill Pub Serv, pref__ _•
8914 90
68 84
Jan 90
Mar
ChIcC&ConRy pt eh corn_•
34
14
200
% Jan
114 Jan
Preferred
•
734
634 734 2,200
4
Jan
934 Jan
ChicagoPuse Mfg Co__ _ _• 2814
2834 30
165 2834 Mar 3234 Jan
Chic Nipple Mfg, CI"B"15
1334 1334
20 1314 Mar 1634 Jan
Chicago Rya part ctf Ser 2_
114
134
120
1
Feb
2
Mar
Commonw'th Edison--100 138
137 138
1,151 13434 Jan 139
Jan
Consumers Co, corn_ .20
234 214
25
31 Jan
214 Mar
Preferred
100
32
32
115 30
Mar 4934 Jan
Continental Motors
•
9
814 9
1,530
834 Jan 1014 Jan
Crane Co, common
25
65
66
61 62
Feb 70
Feb
Preferred
100 116
11514 116
235 115
Jan 118
Feb
Cudahy Pack Co, com_100 104
104 107
2,025 79
Jan 10831 Feb
Daniel Boone Wool MI11325
314
334 4
1,425
214 Feb
734 Jan
Deere & Co, prof
100
91
91
140 83
Jan 92
Feb
Diamond Match
100 117
116 11711
555 11554 Oct 120
Feb
Elea Research Lab
• 24
15
27
4,005 15
Mar 3734 Jan
Evans & Co, Inc, Cl"A"_5 25
2334 26% 3,740 2334 Mar 3
Fair Corp (The), corn_ __ _. 34
034 Jan
3334 3414 23,155 3311 Mar
Preferred
353.4 Mar
100
104 105
100 104
Mar 10814 Mar
Foote Bros(GM)CO___-•
1434 15
105 1434 Mar 16% Mar
Gill Mfg Co
•
414
4% 534
500
4
Jan
6
Feb
Godchaux Sugar. com
*
8%
5
9
8,200
3
Jan
9
Mar
Gossard(H 4V), corn
•
2834 29
700 2614 Jan 3
Great Lakes D & D _ _ _ _100 117
034 Mar
112 117
750 9414 Jan 126
Mar
Hart,Schaff&Marx,com100
12154 12134
25 111
Jan 125
Jan
Bibb, Span, Bart & Co__25
7414 7414
1.5
Jan 7434 Feb
Hupp Motor
10 1554 1434 1534 9,260 68
1414 Mar 1914 Jan
Hurley Machine Co
• 45
41% 48
3,980 4134 Mar 56
Jan
Illinois Brick
100 12134 12134 12234
40 11654 Jan 12914 Jan
Illinois North ULU. prat.100
92
9234
20 85
Jan 9
254 Mar
Indep Pneumatic Tool..
• 58
57
5934
575 57
Mar 70
Jan
Internat Lamp Corp_ _ _ _25
%
11 2,025
14 Mar
3
Jan
Kellogg Switchboard..__25 40
40
41
635 40
Jan 48
Jan
Kraft Cheese
25 6534 57
70
21.870 35% Jan 70
Mal
Libby, McN & L, new 10
734
731 714 3,410
711 Mar
934 Jan
Lindsay Light
10
1%
131
134
370
1% Feb
214 Felt
Preferred
10
6
6
25
6
Jan
6% Felt
McCord Rad Mfg Co"A"• 3934 39
40
1,365 39
Mar 42
Felt
McQuay-Norris Mfg
•
1334 1414
300
Middle West Util, com__ ..• 9834 95 10231 6.425 1334 Mar 1714 Jar
8214 Feb 102% Mai
Preferred
100 97
96
9834
747 9134 Jan 98% Mal
Prior lien preferred 100 10211 102
1,755
Jan 10334 Mal
Midland Steel Products_• 3634 3531 1033.4 1,495 98
3834
3234 Jan 42
Mai
Midland Util. prior lien.100 9814 9814 10034
405 9834 Mar 10011 Mal
Morgan Lithograph, com-• 4334 42
4411 1,320 42
Mar 47
Felt
National Leather
10
5
5
534 2,02
4% Jan
631 Jar
North American Can Co_• 2634 26
27
170 26
Mar 29
Jar
Omnibus, pref "A" w 1.100
92
9334
150
Jan 9534 Fel
Voting trust etfa w I a_ _• 1534 15% 1614 5.475 90
1534 Feb 1734 Mal
PhIllpsborn's. Inc, tr ctf_.1
14 %
14 31,445
11 Jan
134 Jar
Preferred
100
25
2814
320 2834 Jan 34
Jar
10 2114 2154 2134 1,205 2154 Jan 2
Pick (Albert) & Co
354 Jar
Winterfront "A"___5 58
Pines
5234 60
4,825 5234 Mar 74
Jar
114 115
Pub Scrv of N III, corn_ •
74 10734 Jan 116
Felt
Pub Serv of N III, com_100 114% 11414 115
180 108
Jan 11534 Fel
Preferred
9414 9414
100
130 92
Jan 9474 Ma:
Quaker Oats CO
100
390 390
15 350
Jan 400
Mal
Preferred
100 104% 10434 agg
33 10254 Jan 105
Real Silk Hosiery Mills_ _10 5134 4934 5231 6.105 4934 Mar 7534 Felt
Felt
JUICI
Last Week's Range for
Sale
of MUM.
Stocks (Concluded) Par. Price. Low. High. Week.
Shares.
Reo Motor
10 1531
1431 1534 2,125
Ryan Car Co(The)
25 2834 28
3034 2,205
Standard Gas dr Elec Co__* 4554 44
46
1,180
Preferred
50 51% 51
5294
436
Stew-Warn Speed, com_.• 59% 5514 6434 47,850
Swift dr Co
100 111% 110% 114
4,325
Swift International
15 3134
3074 33
14.660
Thompson (J R),com_ _ _25
45
4534
120
Union Carbide & Carbon_• 67% 65
68% 27,450
United Iron Works v t c_50
4
331 4
175
United Light & Power
Common "A" w I a._ _ _• 4734 47
4814
970
Common "B" w I a_ __ •
55
56
85
Preferred "A" WI a_
•
84
84
35
Preferred "13" w I a_ _ _• 4734 4711 50
810
United Pap Board,com_100
1954 1934
332
Universal Theatre Co_ -_ _5 43
41
4634 2,650
U S Gypsum
20 116
115 11634 1,500
Preferred
100
115 115
10
Utilities Pow & Lt Co"A"• 24
2314 25
305
Vesta Battery Corp,com_•
15
17
260
Wahl Co
• 19
18
1934 1,670
Wanner Malleable Cast_ •
22
2234
200
Ward, Montg & Co,com.10 44
4114 46
11,555
Class "A'
•
11734 118
50
Wolff Mfg Corp
g
•
934 1,700
Wolverine PortI'd Cem't.10 12
12
200
1234
Wrigley, Jr. corn
• 48
48
4914 4,795
Yellow Cab Mfg,CI"B"
.10 3411 34
3634 4,530
Yellow Cab Co,Inc(Chic)• 50
4814 5234 10,175
Bonds
Chicago City Ry 5s_ _ _1927
Chic Con&ConRys 58_1927
Chic Rys 48, Ser "B".1927
Adjust income 48..--1927
Metr W Side Elev 1st 48'38
Extension gold 4s__ -1938
Tanrthsuoutwrn riwv Fn 1041
8231
8231
60
44
24
77
74
RR
24
RR
8334
62
45
24
77
76
53
$31,000
102,000
32.000
3,500
1,000
22.000
1.000
Range Since Jan. 1.
Low.
High.
1434
21
4034
50
5534
11031
3031
45
65
3%
Mar 2234 Mar
Mar 33
Jan
Jan 47
Mar
Jan 5334 Feb
Mar 7731 Jan
Mar 12034 Feb
Feb 36
Jan
Jan 47
Jan
Mar 7331 Feb
Feb
5
Jan
46
49
83
42
1954
41
112
112
2314
15
15
22
4174
11634
531
12
4834
3234
4814
Jan 51
Jan
Jan 60
Jan
Jan 8614 Feb
Jan 50
Mar
Mar 22% Feb
Mar 53
Jan
Feb 13134 Jan
Jan 116
Jan
Mar 26
Jan
Mar 24
Jan
Jan 2334 Feb
Jan 2434 Feb
Mar 5534 Jan
Jan 123
Jan
Jan 1034 Mar
Feb 1434 Jan
Jan 5254 Feb
Feb 43
Jan
Mar 5534 Jam
8054
5434
40
2234
7334
70
80
Feb
Feb
Jan
Jan
Mar
Mar
Jan
8434
63
4614
243.4
80
76
8414
Mal
Mal
Mat
Mal
Mal
Mal
Vol
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Mar. 14 to Mar. 20, both inclusive, compiled from official sales lists:
•
Jar
Jar
Jar
Jar
Jar
Jar
Jai
Ma
Fel
1443
F rsauy
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price, Low. High. Shares.
Am Wind Glass Mach_100 93
Preferred
100
Am Wind Glass Co pf.100
Arkansas Nat Gas, com_10
634
Carnegie Lead & Zinc_ _ _ _5
Colonial Trust
-See Note b elow.
Consolidated Ice. com50
Duquesne Lt & Ht,pref 100
Federated Metals
Indep Brewing, com _ _ _ _ 50
2
Jones & Laughlin, pref..100 11314
Lone Star Gas
25 39
Nat Fireproofing, com_ _50 14
Preferred
50
Ohio Fuel Corp
25 33
Ohio Fuel 011
I 15
Oklahoma Natural Gas_25 29
Pittsburgh Brew, com50
Preferred
50
614
Pitts & Mt Shasta Cop_ _1
Sc
Pittsburgh Oil & Gas. .5
Pittsburgh Plate Glass.100
Rich & Boynton part pf__*
Salt Creek Con 011
10
8
Stand Sant Mfg coin_ _ _25 108
U S Glass
25
West'house Air Brake._ _ 50
West Penn Rys pref___100
93
95
96
96
113 113
534 6%
6
7
Range Since Jan. 1.
Low.
High,
135 88
Jan 100
50 95
Jan 100
10 113
Mar 115
5,110
534 Jan
834
2.260
4
Jan
834
Mar
Feb
Jan
Feb
Mar
2
2
200
114 Mar
2
106 10634
95 10511 Jan 107
37
3731
300 36
Feb 41
2
2
15
134 Mar
234
112 11331
98 11114 Jan 11334
38
810 32
3934
Jan 40
1274 14
1,011 II% Jan 1434
33% 3431
325 3174 .Jan 3534
3234 3354 3,674 32
Jan 3434
15
16
225 1331 Feb 1631
28% 2934
368 26
Jan 3114
2
2
15
2 *Feb
214
614 714
485
814 Mar
714
Sc
8c 38,750
6c
Jan
9c
7% 73-1
325
734 Ma
8%
280 28734
144 257
Jan 295
38
38
39 3711 Feb40
7% 8
500
714 Feb9
108 112
308 102
Feb136
17
17
410 17
Jan 2014
10231 105
352 102% Mar 113
9314 9314
13 92
Feb95
Mar
Jan
Jan
Mar
Mar
Feb
Feb
Jan
Feb
Mar
Fel:
Bonds
Duquesne Tree 58
-See Not e belo w.
Independent Brewing 63.-S ee Not e below.
West Penn Rys 58_ _ _ _1931
9631 9814 $2,000
Wm t Pann 'Prop ca-Raa Sins.
hales so
9514
Jan
Jar
Felt
Fel:
Felt
Felt
Felt
Felt
Jar
Jar
Jar
Fel
9734 Fel
Note.
-Sold last week and not reported: 10 Colonial
Independent Brewing(Ss, 1955,at 7434;$1,000 West Penn Trust Co. at 998; $1,000
Traction 58, 1960, at 8854
•
St. Louis Stock
Exchange.
-Record of transactions at
St. Louis Stock Exchange Mar. 14 to Mar. 20, both inclusive, compiled from official sales lists:
Stocks-
rreuay
ZAIAT
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares,
First National Bank _ _100
Merch-Laclede Nat____100 150
State National Bank_..l00 175
Mississippi Valley Tr_ _100
Amer Credit Indemnity_25
Berry Motor
• 23
Best Clymer Co
'•
Brown Shoe pref
100
Certain-teed Prod 1st pf100
2d preferred
100 8134
Chicago Ry Equip pref_.25
Emerson Electric met _100
Ely & Walker D Gds com25
Fulton Iron Works pref 100 101
Hamilton-Brown Shoe_ _25
Hussman Refr corn
• 38
Hydraulic Pr Brick com100
Preferred
100 86
International Shoe com__•
Preferred
100
Marland Refining Co
Mo Portland Cement_ _ _25 43
National Candy com_ _ _100
Scruggs
-V-B DO 2d pt-100 -,
Southwest Bell Tel pfd_100 10831
Wagner Electric com
• 36
Preferred
100
Boyd-Welsh Shoe
•
Johansen Shoe
•
Pedigo-Weber Shoe
•
•
F Medart corn
Huttig 8& D com
*
Preferred
100
E St L & Sub Co 58...1932
St L &S Ry GenM 58.1923
United Rys 48
1934
4s ctfs of deposit__.1934
St L & Sub &lett dep _ _1923
210 210
10
121
14834 150
175 175
19
275 275
65
48
48
40
23
23
225
4414 45
50
9914 100
8
94
94
20
8114 8134
20
27
27
40
9934 9934
10
2311 2334
75
101 101
1
4
634 47
66
3731 40
540
7
7
60
86
91
325
116 11714
150
119 120
63
86
88
10
42
43
458
9654 99
330
92
92
15
10831 11034
81
3534 3634
861
8534 8634
148
4234 4234
25
4134 42
80
4214 43
20
3114 3154
10
32
34
330
1013.4 10134
20
85
85
$8,000
8334 8334 1,000
69% 70
15,009
6834 6834 2,000
8234 83
9,000
Bonds
Wagner Elec Mfg 78 ser '31
10031 10114
* No par value.
Range Since Jan. 1.
Low,
205
14314
175
242
3834
23
4234
9834
87
77
26
96
2234
100
4434
3731
6
81
115
119
81
4154
9634
92
10734
2611
80
4234
4154
4134
3134
3134
10034
85
82
6954
6834
82
Feb
Jan
Mar
Feb
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Mar
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Feb
mar
Jan
Mar
Mar
Feb
High,
210
Mar
15014 Feb
179
Mar
275
Mar
60
Feb
24
Feb
46
Jan
10034 Mar
9414 Mar
8234 Feb
27
Mar
15034 Feb
25
Feb
10234 Feb
4914 Jan
Feb
45
814 Feb
95
Feb
11814 Feb
12034 Feb
86
Mar
48
Feb
107
Jan
92
Mar
11034 Mar
50
Feb
91
Feb
5034 Jan
5234 Jan
4514 Feb
34% Feb
40
Feb
102
Feb
86
Feb
84
Feb
74 Pan
7331 I.Jan
8314 Use
2,000 10031 Mar 10134 Mar
-Below is a record of the
New York Curb Market.
transactions in the New York Curb Market from Mar. 14 to
Mar. 20, 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.
Sates
Friday
Last Week's Range for
Week.
ofPrices.
Sate
Par. NUR. Low. High. Shares.
Week Ended March 20.
Stocks-
[Vor,, 120.
THE CHRONICLE)
1444
Range Since Jan. 1.
Low.
High.
awes
Friday
Last Week's Range I.
Industrial and
,
Week.
of Prices.
Sale
Miscellaneous Stocks
(Concluded). Par. Price. Low. High. Shares
Liberty Radio Co Stores--•
8%
L1ggetts Internal. pref.-50
Marconi Wird Tel of Land
834
100 44%
Mengel Co
•
Mesabi Iron Co
Middle West Utilities cons' 97%
100
Prior lien stock
•
Midvale Co
Miss River Pow, pref. _100
Moore Drop Forging cl A.•
Motion Picture Corp
1734
Motor Wheel Corp new....' 16%
•
Music Master Corp
Nat Distillers Producers--• 30
10
National Leather
Nat Power & Light. corn.* 222%
• 238
National Tea
New Mex Ariz Land...1
8%
N Y TeleP 855% pref.-100 z113%
Nickel Plate corn, new. w !- 87
Preferred, new. w
7
Northern Ohio Power Co..•
No State Pr Corp com.100 10954
934
Nor States Pow Del war'nta
• 1514
Omnibus Corp v t
Series A preferred._ _100
Oppenhelm,Coiiins& Co' 41
Palge-Detrolt Mot Car_ _10
48%
Pathe Exchange Inc el A.
Penn Water & Power_ _100
Power Corp of NY,corn..' 40%
Pratt & Lambert.Ina- •
Procter & Gam,6% pf_100
100 120
Common
Pro-phy-lac-tic Br, com_ •
Pyrene Manufacturing._10
Reid Ice Cream Corp corn •
100 93
Preferred
Rem NoiselessTypew,CIA• 4334
100 98
Preferred
10 1954
Reo Motor Car
5
Repettl, Inc
Rosenb'm Grain Corp.Pf50
634
Rova Radio Corp tr ctfs •
Royal Baking Pow. p1.-100
•
Seagrave Corp. corn
Shattuck (Frank 0)corn.•
Sierra Pac Elec. corn._ _100
Silica Gel Corp.corn. v t c.•
Singer Manufacturing.-100 220
4$.
Singer Mfg,Ltd
7%
•
Sleeper Radio v t
Sou Calif Edison com__100
6% pref, Series B _ _100
6e
Southern Coal & Iron ___5
S'eastern Pr & Lt com. •
Southw Bell Tel,7% p1.100 109
Spear & Co when issued. •
Standard Motor Constr 10
Stand Publishing CI A..25 2834
734
•
Stutz Motor Car
Superheater Co
100 111
Swift & Co
10 3134
Swift International
Tenn Elec Power,com_-• 53%
•
Second preferred
• 1234
Thermiodyne Radio
9%
Thompson(RE)Radio vte•
Tob Prod Export Corp._ •
Todd Shipyards Corn.. •
834
5
Tower MIR Corp
Trumbull Steel, corn___.25
Union Carbide & Carbon.' 87
United G & E corn new_10 30%
United Lt & Pow corn A • 47
Common. Class B
8
United Profit Sharing.---1
20
S Gypsum,corn
1
US Lt & lit Corp, com_10
10
Preferred
Universal Pictures
• 23%
Utilities Pr & Lt al A._ -.
Victor Talking Machine100
•
Ware Radio Corp
Warner Bros Pictures
CI A when, as de if MAO 1534
Western Pr Corp, com-100
100
Preferred
White Rock Min SP6S corn'
VOL. tr ctfs for corn stock*
454
Wickwire-Spencer St rom-5
Yellow Taxi Corp N Y---• 15
Indus. & Miscellaneous.
Sc Jan
5c Mar
2,000
5e
5c
10
Acme Packing
Feb 4034 Mar
600 33
Adirondack P & L com.100 3634 3654 3634
Jan 10134 Mar
120 99
10034 10154
100 101
7% preferred
Jan 10
Feb
8
100
•
835 854
Allied Packers,com
Jan
Jan 87
200 57
59
60
100
Prior preferred
Mar 1034 Jan
9
400
10
9
9
Amalgam Leather, com__*
10834 1.200 9834 Jan 11454 Mar
Amer Car & Fdy, new, wt. 10854 105
Amer Gas & Electric
• 7134 7034 7354 2,600 6854 Feb 8254 Jan
Common
Jan 4834 Feb
. 400 45
45
50 4534 45
Preferred
300
954 Feb 1334 Feb
10
93.4 10
Amer Hawaiian SS
Feb
Jan 153
14734 1,125 137
com-100 146
14534
Amer Lt & Trac,
Jan
Jan 96
450 94
100
9534 96
Preferred
Feb
Jan 40
21 18
21
19
Warrants
Jan
400 1834 Mar 22
1834 1954
Amer Multigraph coin •
17,300 4834 Feb 8734 Jan
Amer Pow & Lt com new _• 5434 5354 57
Jan
350 8834 Mar 89
100 88
8634 88
Preferred
Jan
Am Superpow Corp,CI A-• 2855 2834 2935 1,400 2834 Mar 36
1,400 2834 Mar 3834 Jan
2834 30
•
Claw B
Feb
700 2434 Feb 28
26
2534
25 28
Prior preferred
334 Jan
434 Feb
700
4
4
American Thread pref.--5
800 2434 Jan 2634 Mar
26
25 x2554 25
Ape° Mfg class A
Jan
Feb 83
350 73
7434 78
Appalachian Pow.com_100
Jan
Jan 99
40 96
99
99
100
7% preferred
200 1734 Jan 2434 Feb
1934 20
-100
Arizona Power corn_
Feb
20 93
Mar 96
98
93
Arkansas L & Pow, prof
Feb
2234 2255 5,000 x2234 Mar 24
Armour & Co (Ills) comA25
Feb
5,800 1334 Mar 15
25 1334 1334 14
Common,class B
Jan 9434 Feb
10 87
8834 8854
100
Preferred
Mar 533.4 mar
4234 1,300 42
• 4234 42
corn
Artloom Corp,
Mar 10134 Mar
700 100
10034 10034
100
Preferred
Jan 2734 Mar
2754 2,800 28
Assoc Cl & E Class A.--• 2634 26
134 Mar
135 31.500 800 Jan
1
134
-•
Atlantic Fruit & ling.-Mar
Mar 140
60 138
Atlas Portland Cement.-- ...... 138 140
4851 4734 1,000 4634 Mar 4734 Mar
•
when issued
New
334 Feb
134
13/ 134 5,200 134 Mar
•
Bolasonnault(G) Co
Jan 15434 Mar
Borden Co common____100 14835 148 14934 2,050 133
Mar 4834 Jan
45
4534 1,300 45
Botany Cons Mills CIA 50 45
300 2554 Jan 2834 Mar
28
2834
-Am Tob ord bear-£1
Brit
Feb 7734 Mar
200 54
773.4
Brooklyn Borough Gas---• 7734 73
Jan
8
954 Feb
10
834
834 834 3,300
Brooklyn City RR
Jan 1134 Mar
800 10
Brown & Will Tob cl B-10 51134 1034 1134
Feb
Feb 247
10 226
243 243
General Electric... 243
Buffalo
Jan 10534 Jan
120 103
104 105
Burroughs Add Mach pf100 104
Jan
Mar 111
20 110
11034 11034
Campbell Soup, pref. _100
am Mar
134 Jan
334
334 434 17,200
Car Ltg & Power. com_25
Mar
8
754 Mar
100
25
8
8
Preferred
Mar
Feb 350
170 300
330 350
350
Carolina Pow & Light
Jan
Mar 97
10 93
93
93
100
Celluloid Co pref
Mar 8734 Mar
100 87
8734
87
Cent Aguirre Sugar_ _ _20
Mar 2734 Jan
21,800 10
17
• 1434 10
Cast Iron Pipe
Centrifugal
• 1934 1934 2034 7,100 1634 Jan 2134 Mar
Chapin-Sacos Inc
Feb 1734 Mar
10 1634 1534 1734 1,050 12
Chatterton de Son
Mar 2434 Jan
300 19
19
1934
Checker Cab Mfg ci A •
1334 1334
200 1334 Mar 1634 Jan
Chic Nipple Mfg, CI B _ _50
Feb
4,680 17834 Jan 212
178 194
Cities Service, corn__ -.100 185
Mar 43
Feb
3834 2,800 38
38
20 37
New when issued
100 82
8134 8254 1,200 8034 Jan 8234 Feb
Preferred
400
734 Jan
755
10
734 734
754 Feb
Preferred B
2,300 1754 Jan 2134 Feb
• 1834 1734 19
Bankers' shares
Feb
Feb 65
90 89
95
94
Cleve Automobile, pref _100
Jan
234 Feb
135 134 18,700 1300
134
Colombian Syndicate
cony wealth pow Corp-..• 11034 10934 11254 1.250 10834 Feb 12634 Jan
Jan
375 7934 Jan 82
100 8134 81
8134
Preferred
Jan
50 2534 Feb 50
31
31
Warrants
3434 7.100 3155 Jan 3554 Feb
Gas,E L&P Balt new• 3454 34
Cons
Mar
8.300 108
Jan 125
11434 120
Continental Baking,comA• x1113
• 25
2334 2814 57,800 2134 Jan 2934 Mar
Common B
Mar
100 x9434 z9434 9734 1.200 9134 Jan 99
8% preferred
400 2134 Mar 2634 Jan
.
Continental Tobacco_ _ _• 2134 2134 2134
• 3834 3834 3854 2,000 3634 Feb 4034 Mar
Cuba Company
Mar
13
854 Jan 15
12
300
13
Cuban Tobacco v t c
Feb 1734 Mar
1334 1535 2,400 13
•
Curtias Aero&M. corn
Mar 66
Feb
300 55
55
55
100
Preferred
Mat 34
Feb
• 2355 2234 2354 11,000 22
De Forest Radio Corp.Feb
350 12034 Jan 130
Lack & West Coal-50 12834 128 12934
Del
Rights.
1,700 1534 Mar 2034 Jan
1534 17
16
•
Doehler Die-Casting
1734 11,700 1454 Mar 3554 Jan Borden Co w 1
DuhillerCondsr& Rad new' 1554 15
Mar 31
Jan Continental Oil w 1
600 28
283-4
.
.._ • 2834 28
Dunhill International_
Jan
334 Mar 17
1,500
334 5
Duplex Cond & Rad vi c.•
Former Standard 011
87e Mar
134 Jan
1,000
87c 900
•
Du Pont Motors, Inc_
Subsidiaries
Jan
Feb 21
1734 1634 1934 8,100 15
•
Durant Motors, Inc
Feb
33
Ma
4,400 24
2834 30
Duz & Co, Inc, Class A. •
El
Mar 1454 Mar Anglo-American Oil
400 14
14
1434
"
Eastern Steel t.sating_
Mar Borne Scrymser Co. _100
Ian 104
545 102
Elea Bond & Share,pref 100 10354 103 104
50
Pipe Line
5734 8255 51,300 5834 Feb 9134 Feb Buckeye
Elec Bond & Share Sec Cor x82
Jan 4834 Jan Chesebrough Mfg,new.
4434 7,900 40
Elea Inveat without warts* 4334 41
Mar 3955 Mar Continental 011 v tow 1-100 3735
• 3934 3934 3934
Essex Foundry w I
Cumberland Pipe Line.100
• 4934 4934 5034 3,000 4935 Mar 5054 Mar Eureka Pipe Line
Eureka Vac Cleaner
100
Jan 42
Feb
500 36
3834 3734
Federated Metals Corp..•
834 Jan 1134 Jan Galena-Signal 011, com.100
300
9
8
Film Inspection Machine.
100
New preferred
Jan 524
Feb
100 491
499 517
Ford Motor Co of Can.100 499
834 Mar 3354 Jan Humble Oil & Refining..25
8,600
854 11
834
Freed Elaemann Radio--•
100
Mar 28
Jan Illinois Pipe Line
1334 3,600 11
11
• 13
Freehman(Chas) Co
Mar 34
Mar Imperial 011 (Can) new -10 34
34
34
Gal v Hous Elec Co COM 100
50
Pipe Line
334 Mar 1735 Jan Indiana
335 55% 2.000
•
334
Garod Corp
Magnolia Petroleum-._100
Gen'i Outdoor Adver'g Ins
Mar 2434 Feb National Transit.._ _12.60
2,700 2034
2034 22
Common v t c w L...' 22
100
• 4634 4834 4834 4,300 4634 Mar 4654 Feb New York Transit
Class A w i
-100
8134 6335 7,200 5754 Jan 8734 Feb Northern Pipe Line._ _ 25
.
Gillette Safety Razor._ _• 63
Mar Ohio Oil
Feb138
128 13234 2,800 117
• 131
Glen Alden Coal
25
2934 35,900 2454 Jan 3534 mar Penn Mex Fuel
25
Goodyear Tire & R,com100 29
..25
Jan 7334 Jan Prairie Oil & Gas new.
100 80
80
60
Grand (F V17) 5-10-25 Cts.•
100
1534 18% 4.300 1534 Mar 1754 Jan Prairie Pipe Line
Inc_..• 16
Drennan Bakeries
100
Mar 19% Jan Solar Refining
1134 1,400 10
10
Grimes(D)Ra & Cam Rea* 11
100
554 Feb South Penn 011
334 Jan
. 100
4
4
Hall Switch & Sig, com_100
734 Jan Southern Pipe Line._..100
834 Jan
2,700
854 7
Happiness Candy St Cl A.
1534 Mar 5154 Jan Standard Oil (Indiana)._25
• 19% 1534 2154 23,000
Hazeltine Corp
Jan Standard Oil (Kansas).-25
3
134 Mar
100
134 154
•
Hayden Chemical
25
Mar Standard 011 (Ky.)
Mar 68
5834 1.000 57
57
•
Horn & Hardart
634 Jan Standard On (Neb)- _100
1,800
53.4 Jan
534 6
Intercontinental Rubb-100
4034 4134 2,600 3754 Jan 4355 Jan Standard 011 of N Y....25
Inter Match non-vot pf _
100 4555 Jan 4634 Jan Stand 011 (Ohio) corn. 100
48
46
Internat Utilities. Class A.•
Jan
100
Feb17
Preferred
800 10
1034
10
* 10
Class B
100
Jan Swan & Finch
354 Mar 14
200
334 334
Inter Ocean Radio Corp •
Jan Vacuum Oil
25
9
234 Mar
1,100
234 3
Jones(Jos W)Radio Mfg_•
2334 2034 2434 6,400 1834 Feb 3034 Mar
•
Kelvinator Corp
Feb
Other Oil Stocks.
Jan
134
4.100 49c
58c 70c
10
Keystone Soletber
Mar
834 Jan 13
700
123-4 13
Landover Holding Corp A 1 13
Jan Amer Maracaibo Co
Feb117
1,900 82
98
90
Lehigh Power Sectuitiee._• 98
10
Jan Arkansas Nat. Gas
Jan87
400 81
8234
82
Lehigh Valley Coal Sales 50 82
Atlantic Lobos 011 coin._.•
etre new ___ 3954 3934 4134 19,200 3934 Mar 5054 Jan ' Carib Syndicate
Leh Vall Coal
Mar
934 Jan
734
734 735 1,000
734
Libby McNeil& Libby_ _10
Creole Syndicate
• No par value.
Range Since Jon. 1.
Low.
High.
Jan
9
7% Jan
854 834 2,600
Mar 59
Mar
25 59
59
59
Jan
854 Mar 10
834 8%
300
Jan 6134 Mar
40% 48% 1,900 30
Aim Jan
334 Mar
3% 334
700
95 102% 13,000 8234 Feb 10235 Mar
10255 103%
800 9354 Jan 10335 Mar
Jan 28% Jan
24
400 24
24
Mar
Mar 90
89
10 89
89
Feb 6834 Feb
66
1,000 68
136
175' 17% 7,300 1754 Mar 17% Mar
1554 1734 3,800 1534 Feb 17% Mat
1234 13% 4,000 1254 Mar 2154 Jan
32
30
2.500 16% Jan 39% Feb
554
4% Jan
13% Jan
5
400
Jan
212 223
2,300 184% Feb 240
Jan
Jan 247
235 240
160 230
634 Jan 1134 Feb
7% 854 5,900
Feb
113 11354
345 110% Jan 114
Jan 90% Feb
8534 875( 4,200 84
900 84% Jan 87% Jan
8434 85%
7
7% Mar
Mar
7;
7
100
107 110%
770 10234 Jan 11054 Mar'
Feb 10% Mar
834 9% 2,900
1535 16% 1,300 1534 Jan 17% Jan
Jan 96
Feb
93
200 90
94
41
Mar 48
Feb
42
1,100 41
Jan
1534 17% 1,400 15% Mar 19
45% 48%
925 4254 Mar 4934 Jan
Jan 131% Mar
10 127
130 130
39
41% 8,700 3334 Jan 41)( Mar
Jan
Feb 43
4034 41%
300 40
10 110% Mar 110% Mar
11054 110%
Mar
20 112% Feb 120
120 120
200 40
Jan
40
Feb 44
40
1134 11%
100 1034 Jan 1234 Mar
Jan 43
Jan
35
3754 1,900 35
Mar 101
93
100 93
Feb
93
Mar 46
Mar
37
43% 8,400 37
125 96% Mar 99
Mar
97
98
Mar
1934 21
3,900 17% Jan 23
Jan 75c Mar
100 151c
85c 85e
100 47% Feb 4934 Feb
4834 48%
6
3,100
Mar 1454 Jan
9
6
Mar 105
Mar
30 102
102 105
1334 1454 4,500 13% Jan 14% Jan
3834 4054 5,300 31% Jan 4034 Mar
100 1734 Mar 20% Jan
1734 1734
15% 1,900 13
13
Jan 21
Jan
212% 220
Mar
60 19234 Jan 220
Mar
454
4
455 Mar
4
40
3% Mar 1931 Jan
735 8% 1,100
Feb
50 10134 Jan 105
10334 10451
200 88
Jan 92
Feb
90% 90%
50 Mar 100 Jan
50
(Se 70,000
55% 58
200 52% Feb 88
Jan
109 109
Jan 10934 Feb
10 107
2734 27%
200 2754 Feb 28% Feb
5%
700
3% Jan
5
5% Mar
2814 27
1,300 26
Jan 2734 Feb
734
634 Jan 10
700
7
Jan
130 130
25 128
Jan 130
Mar
110 113%
835 110
Mar 120
Feb
9.000 3034 Feb 3534 Jan
1,400 48% Feb 8054 Jan
52;4 55
425 73
Jan
7534
m Feb
75
Mar 22% Jan
12% 5,500 12
12
7,100
sg Ma 25 Jan
8% 10
554 Jan
800
335 Jan
3% 3%
Mar
200 3954 Feb 42
40
41
5% Mar 24% Jan
534 834 4,300
19
100 18% Feb 19% Feb
19
6534 8854 5,200 85% Mar 73% Feb
Feb 38
Jan
800 25
32%
30
1,400 45% Mar 5034 Jan
48% 48
Ma
Mar
20 47
48
48
47
534 Jan 1134 Mar
754 834 18,700
10 115
Feb 118
Mar
118 118
1% Jan
90e
3,800 75e Jan
1
154 Jan
234 Jan
254 214 4,500
25% 25%
400 2534 Mar 28% Feb
23% 24% 1,600 2334 Feb 2554 Jan
Mar 105
Jan
92
89
350 89
1254 14%
800 11% Mar 40% Jan
2
1
20%
82%
2834
13234
45
143
2954
72%
138'
5135
84%
86%
39
55%
118
216
171
84%
6354
34%
11754
44%
350
2014
89)4
3%
1334
3
3%
12
15% 15% 5,300
34% 3534 3,700
150
89%
89
zog 24
8,200
19% 24
11,200
12,800
434 5
14
15% 5,100
14
Mar
Mar
Jan
Feb
Jan
Feb
Mar
113%
3834
8934
2454
24
7%
22
Feb
Jan
Mar
Mar
Mar
Jan
Jan
400
47,000
2
90c
Mar
Mar
2
I
Mar
Mar
14.700
2
570
220
72,300
220
100
500
60
11.800
220
17,800
270
710
800
330
191
8,000
900
18,500
4,390
140
1,720
90
94,700
11,700
3,800
260
13,200
350
80
750
18,900
18
212%
62
4834
2454
132
81
565(
100
4234
127
27%
7234
135
2234
M35
81%
64
35%
52%
108
202
139
84
6134
31334
11534
244
41%
338
117%
19
80%
Jan
Feb
Jan
Jan
Ma
Ma
Mar
Jan
Feb
Jan
Jan
Mar
Ma
Ma
Ma
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Fe
Ma
Ma
Ma
Jo
Ma
Jan
Jan
Mar
Jan
334 1,800
3
534 654 2,500
1,400
2% 3
2% 3% 8,500
1134 1234 18,800
2%
554
234
3%
834
Jan
Jan
Jan
Feb
Jan
2
90c
2
1
19% 20%
215 215
6234 85
5334
53
2454 27
132 135
83
81
58
57
101 102
4354 45%
141 145
27% 30
7234 7554
135 14254
2254 23
70
s85
8454
84
8534 8934
3735 39
53% 58%
109 12134
215 222
165 177
8454 85
61% 63%
33% 38
115% 11734
246 253
41% 44%
347 353
118 11854
23
19
8434 9034
15%
33
8534
18
16
21;4 Mar
Feb
239
Jan
72
64% Feb
3134 Feb
Feb
150
Jan
96
13834 Feb
Feb
105
47% Feb
154% Jan
33% Jan
Jan
84
Feb
159
25)4 Jan
Jan
79
Feb
88
7534 Feb
44% Mar
85% Jan
Jan
126
Jan
254
Jan
197
Jan
103
Feb
70
Feb
48
1245' Feb
Jan
270
4834 Feb
Jan
369
Mar
123
27 ,Jan
9654 Feb
4
8,4
4
4%
1334
Feb
Feb
Jan
Feb
Mar
MAR. 21 1925.]
THE CHRONICLE
Friday
Sales
Last Week's Range
Other Oil Stocks.
Sale
ofPrices.
Week.
Par Pries. Low. High. Shares.
Derby Oil& Refg pref.
*
Euclid 011 Co
Federal Oil
5
Gibson(MCorp
1
Gilliland 011 com v t c- •
Glenro k
10
Granada Oil Corp
10
Gulf 011 Corp of Pa
25
International Petroleum-.•
Kirby Petroleum
*
Limo Petroleum Corp.. •
Latin American Oil
1
Livingston Petroleum_
•
Margay Oil Corp
•
Marland Oil of Mexico__ _1 .
Mexican Panuco OIL_ _10
Mexico Oil Corp
10
Mountain & Gulf Oil._ I
.
Mountain Producers._ -10
New Bradford 011
5
New England Fuel OIL..5
New York Oil
25
Noble(C F)011 &0oom_l
Ohio Fuel Corp
25
Oklahoma Natural Gas_ _25
•
Peer 011 Corp
Pennock Oil Corp
•
Red Bank Oil
25
Royal Can Oil Syndicate_•
Ryan Consol Petroleum_.•
Salt Creek Consol 011._ AO
Salt Creek Producers
Sapulpa Refining
5
Savoy oil
Superior oil warrants B. 5
Tidal Osage Oil voting stk •
United Cent 011 Corp_ ___• .
Venezuelan Petroleum _ _
.
.
Ventura Consol 011 Fields 5
Western States 011 & Gas.1
Wilcox 011 & Gas
1
Woodley Petroleum Co_.•
"Y" 011 & Gas
1
244
231
6631
2444
314
631
fro
344
340
144
2031
5%
174
120
131
2131
2231
731
731
731
2631
54
4
631
60
Range since Jan. 1.
Low.
25
25
400 25
970 970
100 870
20c 206
4.000 18c
2
21,300
3
15.4
244 2%
300
254
22o 220
1,000 20o
21c 210
1,000 210
64
6631 6,500 64
23
2544 60,900 23
334 331 3,400
2%
544 5% 70,200
5
30
70 307,000
20
80c 80e
600 75c
144 1%
500 50c
345 314
400
114
61e 61c
100 (110
100 37c 21,000 10c
134 131 3,900
144
20
2144 16,000 18%
531 54 10,200
3%
16% 19
700 163,4
944 93.4
200
834
12o 130
8,00
10c
3231 3344
200 314
28
28
28
1
1
1% 5,40
1
21
2214 1,70
1734
16
2244
1,10
16
7
744 11. 0
644
4
17,90
64 8
344
731 931
90
654
26
2731 11.200 24
1
144
I
20
2
2
10
13.4
300 300
300
11
11
40
9
44 544 10,600
234
334 445 4,500
334
2244 23
300 2234
13c 15e
4.000 130
6
iN 11,600
544
5
6
5
1,300
Sc
6c 11,000
Sc
1
2c
28c
70
150
314
344
58c
35o
3%
Sc
2344
334
5c
2c
56c
4c
29
16c
25c
280
17c
53
ic
Sc
20
2c
Sc
2e
8c
100
80
Ilc
14
lc ,
1331
17%
lie
310
14
11c
1
20
30c
70
25c
4
4
650
40o
344
5c
2344
34
60
2c
60c
50
3334
lic
250
32c
240
53
To
8o
20
3c
100
20
80
110
12c
150
1544
2c
143,4
1914
15c
330
1%
160
244
1% 14
3c
40
5c
Sc
114 1%
27c 32c
ic
17c
2054 2034
18444 1914
6
64
790 900
20c 320
49c 54c
2316 244
lo
1.0
50
.5c
lc
20
2o . 20
2% 2%
4c
4c
14c 140
15c 15o
15.4 144
60c 600
24e 25c
244 21114
15.4
13,4
lec leo
51c 53c
24% 2515
Ilc 150
50c 59c
6
64
314
314
34 44
6c
6c
15c
15c
5c
5c
ec
Cc
15
15
Feb 27
Jan 970
Mar 25c
Jan
34
Mar
314
Jan 27e
Mar 50c
Mar 71
Jan 28%
Jan
534
Feb
644
Jan
7c
Jan
144
Jan 144
Jan
4%
Jan 1316
Feb 370
Jan
2
Jan 21%
Jan
544
Mar 2431
Feb 10
Jan 13o
Jan 344
Mar 30
Feb
1%
Jan 25
Mar 324
Jan
711
Jan
934
Jan
8%
Jan 2744
Mar
2
Jan
335
Ma 300
Feb 15%
Jan
5%
Jan
4%
Ma
24
Ma
200
Jan
74
Jan
Jan
70
1
500
Jan
3.000
2c Mar
70
73,000
Jan
2,000
7e Mar
10,000 15o Ma
344 Fe
11.000
344 Ma
500
4,900 40o
Jan
Jan
4,000 34c
2,200
334 Mar
1,000
50 Feb
100 2344 Mar
34 Jan
500
Jan
50
37,000
2c Mar
2,000
Jan
1,100 35c
Jan
3c
3,100
6,500 1414 Jan
70 Jan
19,000
1,000 25c Mar
9,000 190 Feb
Jan
Sc
47,000
Mar
100 63
Jan
7c
1,000
lc
Jan
1,000
le
Jan
28,000
2c Mar
4,000
Jan
60
7,000
213 Mar
5,000
5c
1,000
Feb
30
Jan
6,000
80 Feb
25,000
Feb
Sc
7,000
1,400 12% Jan
lc Feb
3,000
1,200 134 Mar
3,200
45,000
3,000
1,000
129.000
69.100
100
6,000
3,000
800
5,000
58,000
200
920
2,100
18,200
6,000
18,800
8,600
14,000
1,000
8,000
2,000
7,200
2,000
1,000
1,000
1,600
200
3,000
11,800
1,100
1,000
1,700
2,000
12,000
700
800
1,400
20,600
1.000
10,000
2,000
1,000
1,000
Bonds
81% $33.000
81
Allied Pack cony deb 65'39
1939
91
92% 48.000
86. Series 13
Aluminum Co of Am 751933 10741 107 107% 21,000
1925 101% 101% 1014 4,000
75
65,000
Amer Beet Sugar68-1935 98)4 9834 99
Amer G & E deb 65- _2014 9631 9644 97 174,000
103% 104
6,000
American Ice 7s
American Fewer & Light95% 161,000
ers old without warr 2012 9544 95
9544 9514 95% 30,000
es, new, w
Amer Rolling Mill 6s .1938 1014 101 1014 30,000
17% Mar
110
Jan
29c
Jan
980
Jan
llo Mar
1% Jan
144 Jan
30 Feb
Sc Mar
15.4 Mar
13c
Jan
70
Jan
2014 Mar
18444 Mar
6
Mar
790 Mar
150 Feb
47e Mar
2
Jan
1.0
Jan
Jan
2c
lc
Feb
be Mar
244 Mar
9c
Feb
80
Jan
60 Jan
14 Jan
54c
Jan
24c Mar
25.4 Mar
115 Feb
15c
Jan
39c
Jan
24% Mar
80
Jan
50c Mar
44 Jan
3
Mar
2
Jan
ec Mar
15c
Jan
50 Feb
30
Jan
15
Jan
80%
88
10631
1014
96%
95
1035.4
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Bonds (Concluded)-
High.
Feb
Jan
Feb
Feb
Mar
Feb
Jan
Feb
Feb
Jan
Jan
Mar
Feb
Mar
Feb
Feb
Mar
Mar
Mar
Mar
Jan
Mar
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Mar
Feb
Feb
Mar
Feb
Feb
Jan
Mar
Feb
Mining Stocks
Alvarado Min & Mill_ _20
1
Amer Corn M & M
2c
Arizona Globe Copper.
..1 280
Black Hawk Consol
1
Calumet &Jerome Cop Co.
Canario Copper
10
334
Chief Consol Mining
1
4
Chino Extension
65e
Comstock Tun dx Drain.100 400
Consol Copper Mines._
331
Consol Nevada Utah Corp3
Copper Range Co
Cresson Cons Gold M&M-1
Diamond BI Butte Reorg-1
60
Divide Extension
1
Dolores Esperanza Corp.-2 600
Emma Silver
40
1
Engineer Gold MineILLtd
30)4
Eureka Croesus
1 160
First Nat Copper
5
First Thought Gold Mince.
Forty-Nine Mining
1 24c
Gadsden Copper
53
Golden State Mining
Goldfield Consol Mines_ 1
80
Goldfield Deep Mines.
..5o
20
Goldfield Development._5c
Goldfield Florence
1
Gold Zone Divide
10c
Green Monster Mining.50c
Gypsy Queen
110
Harmill Divide
100
9c
Hawthorne Mines Inc_ _1
Hecia Mining
25e 14%
Hilltop Nevada Mining...1
Hoeinger Consol G M
-5
Howe Sound Co
New vot tr otfs
• 19%
Independence Lead Mm.
.1 130
Iron Blossom Cons Min...1
Jerome Verde Devel
Jib Consol Mining
1 140
Kay Copper Co
1
134
Kerr Lake
5
Lone Star Consol
1
Marsh Mining
Mason Valley Mines
5
I 34
McKinley-Darragh-Say _1 28c
National Tin Corp
50c 17c
New Cornelia Copp Co...5
New Jersey Zinc
100 188%
Nipissing Mines
5 64
Ohio Copper
830
Parma° Porcupine Mines.!
Plymouth Lead Mines--1 52o
Premier Gold Mining. Ltdl
23'
Red Hills Florence_ ...10c
San Toy Mining
1
Silver Dale Mining
2c
Silver King Divide Reorg._ ......
South Amer Gold & Plat
..1
231
Spearhead Gold Mining-1
4c
Standard Silver-Lead.. _1
Success Mining
1
Teck Hughes
144
1
Tonopah BelmontDevelop 1
Tonopah Divide
1
Tonopah Extension
1
2311s
Tonopah Mining
1
Trinity Copper
United Eastern Mining...1 51c
United Verde Extens._.50c 25%
..5 120
U S Continental Mines.
Unity Gold Mines
5
Utah Apex
5
644
Walker Mining
1
33.4
Maiden Copper Mining-1
3%
West End Exten Mining 1
60
Western Utah Copper..._1
Wettlaufer-Lorrain Sliv MI
Wilbert 1341rAng
1
Yukon Alaska trust ctf .
1445
214 Mar
2c Mar
36c Feb
7c Mar
25e
Jan
4% Jan
3151. Feb
650 Mar
41c
Jan
4
Feb
Feb
Sc
3215 Jan
Feb
4
8e
Jan
4c
Jan
75c Feb
Cc
Feb
424 Feb
23c
Feb
40c Mar
58c
Jan
240 Mar
53
Mar
10o
Jan
8c Mar
3c Feb
9c
Jan
14c
Feb
80 Jan
8c Mar
13c Feb
16o
Jan
18c
Feb
16% Feb
2c Feb
154 Jan
21% Feb
23c
Jan
33c Mar
13,4 Feb
61c
Jan
2% Jan
154 Feb
So
Jan
6c Mar
214 Jan
40c Mar
lie Mar
2454 Jan
199
Jan
64 Jan
1% Jan
52e
Jan
854c Mar
254 Jan
3c
Jan
7c
Feb
4c
Feb
6c
Jan
314 Jan
90
Jan
19c Feb
150 Mar
14 Feb
85c Mar
39c
Jan
31
‘. Feb
214 Feb
25e
Jan
630 Feb
294 Jan
lee Mar
770 Jan
83,4 Jan
3% Feb
434 Feb
17e
Jan
25. Feb
10c Feb
Sc
Jan
16
Jan
844
944
1074
10254
10134
97%
107
Feb
Feb
Jan
Jan
Feb
Feb
Jan
93% Jan 9534 Feb
9544 Mar 951 Mar
4
100
Jan 10115 Feb
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Amer Sumat Tob 745_1925 9834 9744 9814 40,000 9444 Jan 9844
mar
American Thread (15_ _1928
10331 10354
7,000 1024 Jan 104
Feb
Anaconda Cop Min 65_1929 103% 10331 10354 27,000 10231 Jan
10334 Jan
Anglo-Amer 011 744s._1929
100 100
4,000 100
Mar 10031 Jan
Assoc'd Simmons Hardware
6445
1933 83
8144 83
8,000 81
Feb 8344 Jan
Atlantic Fruit 8s
2634 24
27
44,000 1844 Jan 27
Mar
Atl0& W I 136 L 58_1959 644 6434 6534 94,000 62
Jan 7034 Mar
Beaver Board Co 8s..1933
9434 94% 40,000 88
Jan 96
Belgo-Can Paper 13s, w 1'43 9844 9814 985.4 10,000 9714 Jan 9844 Jan
Mar
Bell Telep of Can 58._1955 9844 98
9844 30,000 975.4 Feb 9844 Feb
Beth Steel equip 7s_ -1935 1033,4 10334 104
29,000 103
Mar 1044
Canadian Nat Rys 75 1935 11034 11031 11034 8,000 10831 Jan 11144 Jan
Mar
1954
454.
9314 9314 20,000 9215 Jan 9434 Jan
Chic RI & Pac 545_1926
10134 1014 5,000 10034 Jan 1014 Jan
Childs Co 6% notes .1929
13134 13144 2,000 107
Jan 140
Mar
Cities Service is, Ser C.436 119
118 121
53,000 Ill
Jan 128
Feb
7s Series D
1966 10244 1003-4 10214 164,000 9815 Jan 1064 Feb
is Series E
1966
111 113
8,000 109
Jan 113
Mar
Cities Serv Pr & Lt 63_1944 945.4 94
9454 352,000 92
Feb 9444 Jan
Cons GEL & P Balt fis'49
10634 10644 3,000 10434 Jan 10644 Mar
6416 Series D
1951 109% 10931509% 2,000 1084 Jan 110
Feb
544s Series E
1952
103 103
5.000 10131 Jan 10334 Mar
Consol Textile as
1941 85
84
884 22,000 84
Mar 95
Jan
Cudahy Pk deb 548..1937 93
9234 9334 74.000 8935 Jan 95
Feb
55
1946 904 9034 904 3,000 9034 Mar 92
Feb
Deere & Co 754s
1931 10445 10434 1044 9,000 104
Jan 105
Feb
Dot City Gas(is
1947 10344 1033410334 14,000 1023.4 Jan 104% Feb
Detroit Edison ea....1932
1154 116
2,000 11034 Jan 11744 Mar
Dunlop TArR of Am is 1942 10144 10144 102% 62,000 10044 Jan
10441
Est RR of France Ts _1954 8714 8744 5754 144,000 8754 Feb 884 Jan
Feb
Federal Lt & Tr 6s_ _ _1954
9134 9135
1,000 9144 Mar 9244 Jan
Federal Sugar es
1933 984 9831 985.1 22,000 96
Jan 99
Mar
Gair (Robert) Co 76..1937 100
995-1 100
4,000 994 Jan 10244 Feb
Galena-Signal Oil 75_1930 10534 10545 10535 11,000 10434 Jan 1054 Feb
General Petroleum 68_1928 10134 10134 10114 27,000 1005.4 Jan
10131 Feb
Grand Trunk Ry 6343_1936 1084 10834 1085.4 40,000 10554 Jan 109
Mar
Gulf 011 of Pa 5s
1937
9834 9834 3,000 9814 Jan 9931 Feb
Serial 5445
1927
101 44 101% 3,000 10154 Jan 10134 Jan
Serial 5455
1928
10114 10134 2,000 10154 Mar 102
Jan
Hood Rubber75
1936
1023,4 1024 5.000 102
Jan 103
Jan
Kan City Term Ry 5348'26 10154 10114 1013,4 21,000 10144 Mar 10244 Jan
Kaufmann Dept St's 65235
With warrants
964 964 5,000 9644 Mar 964 Mar
Krupp(Fried) Ltd 75 wile 9431 94
944 88,000 9344 Feb 9944 Jan
Lehigh Pow Secur 65_ _1927
10134 10144 2,000 1004 Jan 10134 Jan
Libby, McN & Lib 75_1931
1023410234 11,000 102
Jan 10254 Lets
Liggett Winchester 75.1942
107% 1075.4 2,000 10744 Jan 10834 Jan
Manitoba Power is___1941 102
10144 102
18,000 9844 Jan 10244 Jan
Missouri Pac RR 5s_ _1927
10044 100% 5,000 100
Jan 10054 Feb
Morris & Co 740
1930 10254 102% 10334 41,000 984 Jan 10414 Feb
Nat Distillers Prod 70.1930
4,000 100
Jan 10145 Jan
10034 101
National Leather 88_1926 10144 10114 10144 21,000 1014 Jan 102 • Jan
New Orl Pub Bery 53_1952 8954 895-4 894 133,000 864 Jan 894
Mar
Nor States Pow 6%6_1933 1085.4 10654 10834 154,000 105% Jan 1084 Mar
634% gold notes.„1933 10144 10131 10244 48,000 9944 Jan 10234 Maz
Ohio Power 5s Ser 11_1952 9234 9231 9214 21,000 89
Jan 9244 Mar
Park & Tilford es
1936
9644 9644 2,000 9654 Jan 98
Jan
Penn Power & Light 5s '52 953,4 95
9544 34,000 93
Jan 9534 Feb
Pliers Electric 63
1941
1063,4 10614 3,000 106
Jan 107
Feb
58
1960 9934 994 9944 14,000 9944 Feb 9954 Mai
5345
1953
10534 10534 3,000 10454 Jan 10534 Mar
Phillips Petrol 734s_ _1931 1044 10444 10434 10,000 10334 Jan
10454 Jar
Pitts CM Chic & St L 516'75 09
99
99
155,000 99
Mar 9944 Mar
Pub Serv El Az Gas 5148'64 9954 994 9944 83,000 9614 Jan 100
Feb
Pure Oil Co 64s
1933 1003-4 100 101
44,000 9734 Jan 10144 Maz
Shawsheen Mills 75_1931 103
103 10334 68,000 10244 Feb 104
Jan
Slemans & Halske is_ _1928 99
99
99
6,000 99
Feb 9934 Feb
7s
1935
9634 9634 6.000 963.4 Feb 9654 Feb
Sloss-Sheff St & I 6...1929
101 10134 3,000 101
Jan 102
Jan
Solvay & Cie 68
1934 10244 102 1024 14,000 100
Jan 103
Feb
South Calif Edison 510944 9444 94
Jan 95
Feb
9434 23,000 92
Stand Gas & Eta 48_1954 119
116 1204 522,000 1065.4 Jan 125
Stand Mill(NY)534s 1945 954 9534 964 17,000 9534 Mar 9634 Mai
Mai
Stand 011 of N Y 648_1933 1074 10734 10744 33,000 1064 Jan 108
Feb
Sun Oil 5145
1939 9644 963-4 91334 32,000 954 Jan 97
Jan
Swift dr Co 58__Oct 155932 9634 96
96% 227,000 94
Jan 96% Fel
Thysrren(Aug)I&SW is '30 984 983-4 984 46,600 984 Feb 9934
Feb
Tidal Osage 011 is_ _ _ _1931 10334 10344 104
7,000 103
Jan 10434 Jar
Toho El Pow (Japan) 75'55 9034 9035 9034 12,000 9045 Mar 9034
Mal
Union Meal 55
1935 96
954 96
6,000 9554 Mar 9614 Mai
United Oil Prod
_ _1931 34
34
35
5,000 28
Jan 3554 Jar
United RysotHav 75481036 10934 10945 10914 15,000 10954 Jan 110
8s_Jar
U S Rubber Ser 64s_ _1926
10131 10145 13,000 10144 Mar 10144 Mai
Serial 654% notes_1927 10114 10114 101% 18,000 10114 Mar 10134 Ma.
Serial 6)5% notes_ _1928 102
102 102
Mar 102% Mal
18.000 102
Serial 63-4% notes_1929 10134 10145 101 45
5,000 10134 Mar 10154 Ma.
Serial 6%% notes__ 1930 10045 1003.4 10035 23,00 1005-4 Mar 10045 Mal
Serial 834% notes_ 1931 9914 9911 9931 10,000 9931 Mar 9931 Mal
Serial 63-4% notes_ _1932
99
99
8,000 99
Mar 9934 Mal
Serial 64% notes_ _1933 984 9834 9814 30,000 9844 Mar 9834
Mal
Serial 6 34% notes_ _ 1934 9834 9855 9844
1,000 9844 Mar 9844 Mal
Serial 63-4% notes_ _1935 9834
985-4 9834 11,000 9831 Mar 9844 Se al
Serial 654% notes _1936 98
98
Mar 98
98
1,000 98
Mai
Serial 634% notes_ _1937 9734 9754 9744 6,000 973,4 Mar 98
Mar
Serial 634% notea_ _1938 974 9754 9734 9,000 9744 Mar
9744 Mai
Serial 64% notes_ _1939 9734 9754 9734 12,000 9714 Mar 9744 Mal
Serial 644% notes_ _194(1 97
97
Mar 98
07
32,000 97
Mai
Vacuum 011 7s
1936 106% 1064 107
49,000 101334 Mar 10754 Jar
Webster Mills 6Sis_ _1933 9834 9745 10145 86,000 9734 Mar 10331 Jar
Foreign Government
and Municipalities
Bogota(Colombia)8s.1945 055.4 05
9534
Cuba(Republic of)63_1935 983.6
98
9845
Denmark (King)65...1970
9914
99
French Nat Alai'SS is 1949 8444 8434 85
Indust Mtge Bic of Finland
1st M coil 5 f 78...A944 93
93
9434
Medellin (Colon)Ss.. _1948
98
98
Netherlands(Kingd)6sW72 103
103 10334
Peru (Republic of) 816.1932
9914 1003-4
Russian Govt64s......1919 14%
1444 1434
63-4. certificates__ _1919 14
1344 1445
53-4s
1921
14
14
554s certificates_ _1919
134 1334
Switzerland Govt 5461 1929
..10144 101%
Ext 5% notes
1926
10034 100.1
$30,000
54,000
13,000
93,000
9434 Mar 9734 Jar
Feb 9854 Jar
98
99
Feb 100
Fel
Jar
8434 Mar 91
Jar
73,000 98
Mar 95
4,000 98
Jan 98
Jar
13,000 10234 Mar 10
Fel
Jan 1005.4 FM
10,000 99
8.000 1331 Jan 17% Fel
14,000 1344 Mar 17
Fel
1,000 14
Jan 1734 Jar
1,000 13
Jan 15% Jai
Jai
23,000 101
Jan 102
4.000 1004 Mar 10134 26)1
• No par value. k Correction.
Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. a Option sale. to When
issued. x Ex-dividend. y Ex-rights. z Ex-stock dividend.
CURRENT
NOTICES.
-Mortimer W. Loewi has become a partner in the Stock Exchange House
of Moss & Ferguson, 69 Beaver St., New York City.
-Trumbull, Wardell & Company, Chicago, announce that Mr. Park
Teter has become associated with them as sales manager.
-Zehder & Smith are distributing a circular on Westchester Fire Insurance Company.
-Bankers Trust Company has been appointed Registrar of the
6%
Preferred Stock of Southern Indiana Gas and Electric Company.
-The New York Trust Co. has been appointed Registrar of Argo 011 Co.
capital stock of 810 par value.
Jigaestutent and cgadroad intelligzucto
1446
other public utility gross and net
-In the table which ELECTRIC railway and surplus reported this week:
Latest Gross Earnings by Weeks.
earnings with charges and
Earnings
follows we sum up separately the earnings for the second
-Gross Earnings--Net
Previous
Current
Previous
Current
week of March. The table covers 9 roads and shows 6.73%
Year.
Year.
Year.
. Year.
Companies.
8
8
decrease from the same week last year.
$
$
1925.
Second Week of March.
Buffalo Rochester'&Pittsbtirgh_
Canadian National
Canadian Pacific
Great Northern
Minneapolis & St Louis
Mobile & Ohio
St Louis-San Francisco
St Louis Southwestern
Southern Railway System
Total (9 roads)
Net decrease (6.73%)
Increase. Decrease.
1924.
$
$
61,899
363.958
451,667
4.736.446
398.000
3.283,000
147.136
1,823.136
68.242
354.250
8,679
379.696
33,058
1.620.832
28,135
521.235
1.060
3.751,498
33,058 1.166.818
15.700,291 16,834.051
1,133.760
$
300.059
4.284.779
2.885,000
1.676.000
286,008
371.017
1.653,890
493.100
3.750.438
In the table which follows we also complete our summary
of the earnings for the first week of March.
1925.
First Week of March.
Increase. Decrease.
1924.
Previously reported (7 roads).-- 9,581,660 10,322.526
113,152
99.426
Ann Arbor
4.086,169 4.850.392
Canadian National
101,093
101,721
Duluth South Shore & Atlantic_
40,800
36,500
Georgia & Florida
1.603,000 1,756,991
Great Northern
11,562
11,082
Range
Mineral
4,528
3.668
Nevada California & Oregon
403,545
361.227
Western Maryland
15,884,453 17,604,589
Total (15 roads)
Net decrease (9.71%)
761.337
13.726
764.223
20,471
628
4.300
153.991
480
860
42.318
21.099 1,741.235
1,720,136
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
Previous
Year.
Increase 07
Decrease.
%
S
S
S
7.90
16 roads)
lit week October 120,743.925 22.525,076 -1.781.151 8.32
20.567.810 22.435.931 -1.868.121
16 roads)
October
week Oober
--1.358.387 6.19
23.294.670 21.936.283
3d. week October 16 roads)
31.627.038 35.092.977 --3.465.938 10.95
4th week October 16 roads)
21.523.466 22.971.811 --1,415.345 6.16
let week November 16 roads
20.905.122 23.411,584 -2.506.462 10.70
2d week November 16 roads
20.734,931 22.568,666-1.833,735 8.84
week November 16 roads
3d
24.470.236 27.366.760 -2,896.524 10.58
4th week November I16 roads
19,379.071120.782.125 -1.403.049 6.75
lit week December 16 roads
18.620.438 20.042.471 --1,422.033 7.09
2d week December 16 roads
18.038.076 19.648.054 -1,609,978 8.29
3d week December 16 roads
5.70
4th week December 115 roads ...._ 19,030.914 20,177,845 --1.146,931 2.20
15,199,517 15.542.805 -343.282.
1st week January (16 roads)
-577.357 3.54
15.731.346 16.308.703
2d week January (16 roads)
16.863.185 17.375.859 -512.674 2.91
3d week January (16 roads)
22.784.700 23.080.725 ---296.025 1.29
4th week January (16 roads)
16.669.351 17.205.585 --536.234 3.11
lit week February (16 roa(Is)
17.244,485 17.670.268 -425.783 2.40
2d week February (16 roads)
_ _ I 0.xii5.77 i I 7.210.9;1 -4o"1,4'-' 1.11
3,1 week Fehroary (10 roads)
16,957.292 19.300,342 --2,343.050 12.13
ith week February (16 roads)
15.884,453 17,604,589 -1.720,136 9.71
1st week March (15 roads)
15.700.291 16.834.051 --1.133.760 6.73
2d week March (9 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.
Net Earnings.
Gross Earnings.
Month
1924.
.
1923.
Increase or
Decrease.
1924.
1923.
Increase or
Decrease.
000 *267,000
Amer Tel & Tel Co_January- 6 835 000 6 364.000 *3,099
Barcelona 'Fr Lt & Pr Ltd
5,620,143 4,817.106
e7,922.049 7,161.168
January
*109.260
313,023 *145.252 *1,285,351
Jan 372.041
Central Pr & Lt Co
12 mos ended Jan 3L__.. 4.730.611 3.703,271 *1.668.100
e Given in pesetas. *After taxes.
Net after
Gross
Taxes.
Earnings.
$
Companies.
710.395 c227.298
Adirondack Power & Feb'25
c .954
'24
Light Corp
12 mos ended Feb 28 '25 7.555.739 c2.430,423
'24 7,000.300 c2.123,478
324,361 *191.130
Appalachian Pr Co Feb'25
313,235 *165,428
'24
12 mos ended Feb 28 25 3.701.437 *2.112.868
'24 3,501,780 *1.726.423
*39.182
95.247
Jan 25
Asheville Power &
*41.822
91.874
'24
Light Co
12 mos ended Jan 31 '25 1,077.397 *443.660
987.127 *393.725
'24
Feb'25 3,321.517 *972,174
Bklyn-Manhattan
'24 3.093.228 *851.610
Transit System
8 mos ended Feb 28 '25 28,384.142 *8.456.330
'24 25,990.928 *7,422.569
160.476
Bklyn City RR Co Feb'25 *892.865
101.571
'24 *926.652
8 mos ended Feb 28 '25 n.750.240 1,255,451
'24 *8,073.798 1,689.859
309,893 *125,531
Jan'25
Carolina Power &
*98,822
224.465
'24
Light Co
12 mos ended Jan 31 '25 2,777.896 *1,467,565
'24 2,327.568 *1,068,552
43.737
96.390
Jan'25
Citizens Ti action
49.821
98.514
'24
Co & Subs
429,929
976,092
12 mos ended Jan 31 '25
437.002
979.632
'24
Detroit Edison Co Feb '25 *3.106.037 1.057.348
'24 *3.123.937 1.050.383
2 mos ended Feb 28 '25 *6.670.841 2.329.562
'24 *6,488,770 2,180.346
11.086
19,942
GraftonCountyElec Feb'25
10,485
18.388
'24
Light & Power Co
22.622
41,763
2 mos ended Feb 28 '25
21.563
38,018
'24
*666,811
Havana Elec Ry, Jan '25 1.304.165 *621,761
'24 1,208,652
Lt & Power Co
973,146
Feb '25
Hudson & Man963,163
'24
hattan
2 mos ended Feb 28 '25 2.013,767
'24 1.980.756
148.675
742,986
Market St Ry Co Feb '25
320.253
2 mos ended Feb 28 '25 1,558.216
127.552
66.432
Feb '26
Phila & Western
64,204 3205,363
'24
By Co
357,783
137.662
12 mos ended Feb 28'25
155,246
134.070
'24
Feb '25 3,884.926 *1.179,547
Phila. Rap Tran
'24 3.554,286 *987,955
8,111.149
2 mos ended Feb 28 '25 7,355.898 *2,546.429
*2,104,644
'24
162.383
234.775
Staten Isl Edison Feb '25
160,095
229.247
'24
Corp and affII cos
Feb 28'25 2.799.452 1771,890
12 mos ended
'24 2.546,092 1740,428
872,359 *5359,883
Virginia By & Pow Feb '25 867.230 *5349.940
'24
Co
ended Feb 28 '25 1.804,819 *5739.788
2 mos
'24 1.793,115 5707,939
Jan '25 2.358,348 1.114.638
West Penn Co
987,384
'24 2.314,315
12 mos ended Jan 31 '25 25.515,771 10.631.937
24,606,024 9.996.818
'24
204,897 *107,127
Jan '25
Yadkin River
*96,925
173,409
'24
Power Co
*1.028.153
12 mos ended Jan 31 '25 1,916,018 *1.033,018
'24 1.920,149
Fixed
Charges.
$
151.283
106,361
1.538,917
1,171.062
84,472
64.402
930.888
672.748
5.942
5,903
70.631
63.386
654.830
650.240
5,200.854
5,177.026
42,751
43.409
318,619
397,826
50,695
33.900
502.310
361.002
12.059
11.002
135.792
123 557
341.276
352.982
692.185
702.166
1.580
1.386
3.229
2,819
89,853
91,866
80,587
161.139
(15,965
k15,949
(31,622
(31,606
1.234.312
865.004
2,497,388
1,731.377
30,349
27,601
358.463
254,619
112.573
107.265
222,429
211,731
739,933
642,236
7.814.807
6.974.986
34,560
907.192
415,173
424,836
Balance,
Surilus.
576,015
580,593
5891.506
5952.416
106.658
101.026
1.181,980
1,053.675
33.240
35,919
373,029
330,339
317,343
201,370
3,255,476
2,245.543
117.725'
148.162
936,832
1,292.033
74.836
64,922
965,255
707,550
31.678
38.819
294.137
313,445
716.072
697.401
1,637,377
1,478,180
9,506
9,099
19,393
18,744
576.958
529.895
124.907
122,834
278,001
273.624
68,088
159,114
11,587
9.414
26,161
23,640
--54.765
122.951
49,041
373,267
32,034
32,494
413,427
485,809
247,310
242,675
517,359
496,208
374,705
345,148
2.817.130
3.021.832
72.567
62,733
612,980
608,182
$
33.610.824 83.953.867 93,366,257 -9,412.390
c After depreciation. jBeJan -- 467.887.013 501.497.837* Includes other income. b After rentals. renewals and replacements.
70,729,908 +33.387.370
rentals,
Feb -- 477,809,944 445.870,232 +31.939,712 104,117,278 117.668.590 2.914.076 fore taxes. k Includes taxes. 1 After
114.754.514
30.628.340
MM _ 504.016.114 534.644.454 21.294,242
April.. 474.094.758 522.336.874 -48.242.116 101,680.719 122,974,961 70.476,133 96.048.087 126.496.150 30,448,063
May _ 478.458,749 546.934.882124.374,592 -22,846,602
FINANCIAL REPORTS
101.527.990
June _ 464.759.956 540.202.295 -75,442.339 112,626,696 122.228,450 9.601.754
53,517.158
July __ 480.704.944 534.222,1028 134.669,714 138,817,995 -2.148.281
Aug.._ 507.406,011 563.358.029 -55,952.01
134.911.897 +30.137.287
-An index to annual reports of steam
Financial Reports.
Sent-. 539.853,860 544.970,083 -5,116.223 165.049.184 142.540,585 +26.209,836
15,135.757 168,750,421
and miscellaneous companies which
Oet 571.405.130 586.540,887131,435.105 125,084,714 +6,350,391 railroads, street railway
Nov.. 504,589,062 530,724,567 -26,135,505 124.480.894 106.482.164 +17.998.730
have been published during the preceding month will be given
493,509,651 +11.308.918
Dee... 504,818,559
17,341.
467,329,225 +15,866,417 101,022,458 83,680.754 +
on the last Saturday of each month. This index will not
months has been
net for
-Percentage of Increase or decrease inIncrease; above 2.47% decrease; include reports in the issue of the "Chronicle" in which it is
Note.
March,
January, 10.08% decrease; February. 47.19%June, 18.37% decrease; July. 7.88% published. The latest index will be found in the issue of
April, 17.32% decrease; May,24.07% decrease; 22.33% Inc.; October. 18.38% Inc.:
in that of March 28.
August. 1.57% decrease; September. January, 20.73%Inc. In Jan. the Feb. 28. The next will appear
decrease:
November.5.08% Inc.; December. 16.90% inc.; against 235,886 miles in 1923; in
length of road covered was 238,698 miles in 1924, March, 235.715 miles, against
Chicago Rock Island & Pacific Railway.
February, 235.506 miles. against 235,876 miles; in miles; In May.235,894 miles.
235,665
(Annual Report-Year Ended Dec. 31 1924.)
236,520 miles; in April. 235,963 miles. againstagainst 235,691 miles; in July. 235,145
against 234,452 miles;In June,236.001 miles.
miles, against 235,445 miles; in
President J. E. Gorman, Chicago, March 2, wrote in brief:
miles, against 235.407 miles; in August, 235,172 October, 235,189 miles, against
September. 235,178 miles, against 235.640 miles; in 236.122 miles; In December,
-The surplus for the year, after fixed charges and dividends on
Results.
stock, as
235.625 miles; In November, 236,309 miles. against
miles. against 235,498 Preferred stocks, amounted to 24 36 per share on the Common which we
236.196 miles, against 235.875 miles; in January, 236,149
compared with $1 22 per share in 1923. Following the policy
miles.
1917 immediately after the reorganization, the year's surplus
adopted in
gross revenue was
nts to the property.
-The table Was put Into improvemelast year, the operatingWhile the decreased $3,783,expenses
Net Earnings Monthly to Latest Dates.
practically the same as
earnings for STEAM 590, or 3.6%. due principally to economies in operation and the improved
following shows the gross and net
condition of our equipment.
.
railroads reported this week:
-The return of $4 36 per share on the Common stock
Rate of Return.
Net after T0re5below
amounted to only 4.18% upon the value of the property, which is far-S. C.
-Grossfrom Railway- -Net from Railway- 1924.
1923.
1923.
1924.
1923.
What the law contemplates under the Transportation Act. The I.
1924.
$
2
8
to prescribe rates which will afford the carriers, by
$
Commission is directed
2
$
upon aggregate property values in each group.
•Colorado Southern
137.336 groups, a return of 5%%in
207,657
187.707
located, last
282.359
which
December.... 1,134,845 1,056,670
739,130 The carriers in the group on their the Rock-Island Lines are If the Com1,521,620 1,960,038
combined property values.
year earned less than 4%
From Jan 1_12,866,948 12,675,913 2,727,461
mission had authorized a schedule of rates which would have yielded 53i%
*International Great Northern
303,594 to the railroads in the group to which the Rock Island Lines belong, our
431,993
413,121
590,755
December_ _ 1,633.179 1,506.140
3,387,876 2.778,842 earnings would exceed the average earnings of the railroads in our group.
ly
From Jan 1_16,901,448 15.806,608 3,946,208 3,263,975
- and by reason of the fact that the value of our property is substantial
after Taxes
would
-Grossfrom Railway- -Net from Railway- -Net
greater than our capitalization, the return for our Common stock
1924.
1925.
1924.
1925.
1924.
1925.
have amounted to about $13 per share.
2
$
sheet is
$
2
2
2
-The most important change in the balance . This
Road and Equipment.
equipment
Kansas City Southern Ry.Co.(Incl. Texarkana jr Fort Smith Ry.)417,505 the increase of $11,061,700 in the investment in road and
better283,282
526,371
393,315
is composed principally of the following items: (1) Additions and
1,738,840
February _- 1,485,990
822,084
682,258
901,825 1.040,131
ments to roadway and structures, 82,516.120: (2) new equipment. $4,049,From Jan 1_ 3,194,546 3,466,696
627: (3) acquisition of Keokuk & Des Moines line. $2,641.000.
Limited
The new passenger equipment was ordered for the Golden Statetrains in
• Figures corrected.
trains. Entirely new equipment was placed in service in these
those
and Other Public Utility Net December, and we believe there are no finer trains in the world than
Electric Railway
table gives the returns of now used I n that service.
-The following
Earnings.
MAR. 21 1925.]
THE CHRONICLE
Keokuk & Des Moines line was acquired outright. It formerly was
acquired it ure
burdensome lease made
t
interest charge
ia0Cg
boas.
ge reu
d
ese
.
will be approximately $150,000 per annum less than the rental we have been
paying.
-With the approval of the I.
Abandonments.
-S. C. Commission and the
Corporation Commission of Oklahoma, we have abandoned two lines in
Oklahoma. The first was from Guthrie to Chandler, 37.2 miles, and the
second from Coalgate to Lehigh. 4.94 miles. These lines were constructed
many years ago and had always been operated at a loss. Their abandonment will relieve the company of a considerable drain on its operating
expenses. To replace one of them, we have now pending before the I.
-S.
Commerce Commission an application to extend the Billings branch as far
eastward as Ponca City. If this application is approved, we believe this
line will develop traffic. You will observe the abandonment of these two
Oklahoma branches has caused a charge to the profit and loss account.
This direct charge to surplus is partially offset by a substantial saving in
Federal income taxes, which results from the loss occasioned thereby.
Current Liabilities.
-You will note from the balance sheet that our situation with respect to current liabilities is very good. There are no bank
loans and no accumulation of unpaid vouchers. The economies we have
Indicated above will undoubtedly be reflected in the current year's returns;
so that, while the indicated returns of $4 36 per share for the Common stock
In 1924 are not so good as we should like to see them, we feel that they are
built upon a solid foundation, and that the excellent prospects for 1925
will produce at least as good if not better results.
Refunding Operations.
-During the year we refunded at lower rates of
Interest Government loans aggregating $10,000,000. These loans were
made during Federal control. We also refunded, at a lower interest rate,
the unmatured portions of National Railway Service Corporation's Equipment Trust, amounting to about $3,500,000. These refunding operations
will produce a substantial reduction in our interest charges.
INCOME ACCOUNT FOR CALENDAR YEARS.
1924.
1923. •
1922.
1921.
Operating Revenues$
$
$
Freight
95,185,730 93,109,327 87,718,340 99.000,440
Passenger
25,886,047 27,458,814 27,650,134 30,579,092
Mail
2,576,690 2,636,220 2,556,607 2,866.199
Express
3,409,277 3,518,313 3,799,099 3
.378,743
Other transportation_ _ _ 1.756,728
1,710.990
1,515,528
1,692,334
Dining and buffet car_
707,012
659,895
631,391
642,225
Miscellaneous
1,359,027
1,309,527 1,215,135
1,112.991
Total operating rev_ 130,880,512 130.403,086 125,086.233 139,272.024
Operating ExpensesMaffit. of way & struct
15,086,589 15,669,452 15,701.142 20.790,435
Maint. of equipment__ _ 27.937,080 29,153,666 26,103,922 28,582,510
Traffic
2,629,300 2,410,660 2,299,232 2,238,114
Transportation
51,781,162 54,103,307 52,871,908 57,637,630
Miscellaneous operations
943,262
833,611
822.377
802,484
General
3,601,701
3.371,291
2,984,821
3,095,134
Transp. for investment- Cr.772,549 Cr.551,852 Cr.212,476 Cr.193,248
Total ry. oper. exp-- _101,206,546 104,990.136 100,570,926 112,953,057
Net revenue from oper
29,673.966 25,412,950 24,515,307 26.318,967
Tax accruals
6,571,087 5,600,634 6,163,178 5.663,722
Uncollectiblo revenue_
56,722
17,002
21,788
21.235
Total railway oper. inc 23,046.156 19,795,314 18,330,344 20,634,009
Other Income
Rent from equip. (other
than freight cars)..... $305.949
$549,329
$549,164
$590,737
Joint facilities and misc.
rent income
780,969
717,140
734.097
755,806
Inc. from lease of road
34,393
38,737
40,005
37,853
Miscellaneous income__ _
365,161
442,274
490,243
1,033,424
Gross income
24,532,629 21,590,763 20,095,884 23.051,831
Deductions
Hire of fgt. cars(deg.bal.) 3,758,492 3,317,118
1.990.280 2,492.258
Rent for equip't (other
than freight cars)
564,580
800,301
927,585
865,166
Joint facil. & misc. rents. 1,908,417
1,881.170
1,997.800
1,855.778
Rent for leased roads_ _ _
432,682
265,831
408,554
422,970
Int. on fund. & unf. debt 11,030,796 10,483,184 10,365,844 10.876,197
Other charges
169,293
223.598
179,460
671,389
Total deductions
17.697,409 17.109,260 15,810,506 17,271.572
Net income
6,835,221
4,481,502 4.285.379 5.780,259
7% Preferred dividends.. 2,059,547 2,059,547 2,059.547
2,059.547
6% Preferred dividends_ 1,507,638
1.507,788
1,506,588
1,508,148
1447
year book, with charts and statistics showing development
of electrical properties of Columbia system are also given.
Compare map on page 87 of our "Public Utility Compendium" of Nov. 1 1924.-V. 120, p. 1235.
Rutland Railroad Co.
(Preliminary Report
-Year Ended Dec. 31 1924.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1924.
1923.
1922.
413.01
413.01
413.01
$6,509.063 86.695,786 $5,803.158
5,476,007 5.628,599 5,094,821
Miles operated
Railway operating revenues
Railway operating expenses
Net revenue from railway operations$1,033,055 81,067.187
8708.337
Percentage of expenses to revenues
(84.13)
(87.791
(84.06)
Railway tax accruals
$297,306
$281,170
8262,776
Uncollectible railway revenues
425
104
89
Railway operating income
$785,913
8735.324
$445,492
Equipment rents
Cr.$12,466 Deb.$1.125 Cr.$26,259
Joint facility rents, net credit
83.355
51.818
58.681
Net railway operating income
$799,608
$530,432
$868,143
Non-Operating Income
Income from lease of road
Deb.$16,899
Miscellaneous rent income
26,370
825,269
25.143
Misc,non-operating physical property
481
259
449
Dividend income
14,885
14,885
14,885
Income from funded securities
4.000
4,000
4,338
Income from unfunded secs. & acc'ts_
73,322
33.078
28.401
Inc.from sinking & other res've funds
724
892
425
Miscellaneous income
703 Deb.51,285
488
Total non-operating income
$51,598
$79,087
$74,130
Gross income
$919,741
;878.694
$604,562
Rent for leased roads
$19,000
819.000
819.000
Miscellaneous rents
295
249
367
Miscellaneous tax accruals
151
Interest on funded debt
431,460
447,175
443,506
Interest on unfunded debt
109
38
Cr.348
Amortiz. of discount on funded debt_
1,568
2,376
1.672
Maintenance of investment organiz'n
65
764
14
Miscellaneous income charges
2.483 Cr.12,685
2.482
Surp.for year carried to profit & loss- $407,309
$463.909
$153,036
-V. 119, p. 76.
Pittsburgh & Lake Erie RR.
(Preliminary Report-Year Ended Dec. 31 1924.)
SUMMARY OF FINANCIAL OPERATIONS CALENDAR YEARS.
1923.
1922.
1924.
234.31
234.48
231.21
$31,421,148 $44,666,690 $29,570,983
25,590,148 30,677,899 25,080,013
Miles operated
Railway operating revenues
Railway operating expenses
Netrev,from railway oper
85.831.000 $13,988,791
84.490,970
Percentage of expenses to revs
(81.44)
(68.68)
(84.81)
Railway tax accruals
$1,908,505 82,753,881
81,096.446
Uncollectible railway revenues_ _ _ 2.953
1,658
1,261
Railway operating income
$3,919,542 811.233,649 $33,392.865
Equipment rents, net credit
84,292.149 84,503.194 $1,966,636
Joint facility rents, net debit
65.471
162.249
79,758
Net railway operating income... $8,146,221 $15,574,595 15.279.742
Non-Operating Income
Incomefrom lease ofroad
$73,908
Miscellaneous rent income
40,307
46,360
$34.141
Dividend income
149,707
299.682
121,857
Income from funded securities
431,767
340,639
297,551
Income from unfunded securities_ _
and accounts
455,346
448,958
384,568
Miscellaneous income
2,550
10,475
deb.99,556
Gross income
$9.225,897 $16,794.617 $6,018,304
Deductions
Rents for leased roads
8819,708
$854,822
$779,759
Miscellaneous rents
4.629
8,444
3,477
Balance, surplus
3,268,036
915,367
718.044 2,212,564 Miscellaneous tax accruals
1,509
2,138
1,751
Per. 4.36%
cent on Common stk.
1.22%
0.96%
2.95% Interest on funded debt
543,878
577,966
519,589
PROFIT AND LOSS ACCOUNT DECEMBER 31 1924.
Interest on unfunded debt
349,323
130,115
119.311
Amort. of disc, on funded debtCredit balance Dec. 31 1923
24,966
26.791
20,314
$19,322,774
Maint.ofinvest,of organization_ _ _
Surplus for year 1924 (as above). $3,268,036; profit and loss on
2,312
487
325
Income transf. to other cos
property and securities sold, $60,635: sundry credit adjustm1,309,061
2,018.318
80,505
Miscellaneous income charges
meats, &c., not affecting current fiscal year, $53,558
5,357
5,429
3,382,229
161,262
Total credits
Netincome
$6,165,155 $13,170,106 $4,332,011
Less-Depreciation on tracks removed, $161.577; structures$22,705,003 Dividends declared (10%)
3,598,560
3.598,560
3,598.560
sold, removed and destroyed, $18,311; equipment sold, dismantled and destroyed, $368,173
Surplus carried to P.& L.
$2,566,595 $9,571,546
548,061
$733,451
Property abandoned-Guthrie-Chandler and Coalgate-Lehigh
-V. 119, p. 318.
lines
Michigan Central R. R.
K. & D. M. Ry.-Improvements while under lease, $392,547: 1,534,973
K. & D. M. By -Equipment replacements, $135,992
(Preliminary Report-Year Ended Dec. 31 1924.)
528,539
Discount on funded securities sold, $129.346: expenses in conSUMMARY OF OPERATIONS CALENDAR YEARS.
nection with Issuance of funded securities, $27,885; Galveston
Terminal Ry., advances and taxes, $60.673; sundry debit ad1924.
1923.
1922.
Miles operated
justments, &c., not affecting current fiscal year, 841.730-1.862.65
1,862.67
1.862.06
259,634 Railway operating revenues_ _ _ _
$87,614,662 $94.798,042 $83,426,407
Railway operating expenses_ _ _ _
Credit balance Dec. 31 1924
62,159,524 67.839,532 59.576,357
819,833.796
CONDENSED GENERAL BALANCE SHEET DECEMBER 31.
Net rev,from railway oper...
825.455.138 $27.158,510 823450,050
Percentage of expenses to revs..
1924.
1923.
V0.95
5 5 )(7 .35)
84,590 $ 16
,
1924.
1923.
515,543 (71.41)
Railway tax accruals
Assets$
.
$
Liabtitties$
$
Investments:
7% Pref. stock_ 29,422,189 29,422,189 Uncollectible railway revenues_
Cr.24.700 84 671:40
30,515
'13 7 8
92
Road & equip.398,576,427 387,514,727 6% Pref. stock_ 25,127,300 25,127,300
Railway operating income_ _
Imp.on leased
Common stock_ 74,482,522 74,482,522
319.840.032 821.567,667 $19,264,850
railway prop 493,819
774,465 Funded fdebt_ _ _257,668,063 251,632,377 Equipment rents, net debit_ _ _ _
$312,266 11,619,002
8716.353
Joint facility rents, net debit..._
Misc. physical
Non-negot. debt
542,484
560.489
482,387
property... 3,155,790 3,836,863 to affli'd cos__
64,758
113,078
Net railway
Affiliated cos_ 18,364,876 19,136,467 Loans&bills pay.
$18,985,283 119.388.175 $18,066,109
1,000,000 Miscellaneous operating income
169,310
Other investmls
revenues
111,300 Audited accts. &
Cr.$420.949 Cr./374,814 Cr.$320,796
Cash,time drafts
wages payable 8,168,151 10,557,299 Miscell. expenses and taxes_
Dr.387.868 Dr.310,004 Dr.179.713
& special dep. 10,692,426 7,539,715 Interest & dive.
Total operating income
rec.
272,432
133,273 matured unpd 1,189,569
Loans& bills
$19,018,364 $19,452,985 $18,207,191
993.709
Non-Operating Income
Material & supp. 11,552,980 11,868,765 Unmatured int.
0th. curr. assets 7,064,141 6,890,429 & rents accr'd 2,597,138 2,870,928 Income from lease ofroad
$10 deb.$75,086
101,909
131,979 Misc.accts. Day. 3,032,678 2,884,175 Miscellaneous rent income
Other def. assets
171.403
163.125
8360.963
Miscell. non-oper. phys. prop'ty
Other def'd nab_
Rents & insuece
84,985
106,018
4,515
71,961
675,271 Dividend
income
premiums paid
Tax liability_ _ _ 4,091,111 3,643,547
.
489,881
598,955 •
498,877
17,190
28,202 Accr.depr.,equip 22,342,983 19,328,868 Income from funded securities
in advance_ _ _
and accounts
0th. unadj. cred 3,906,667 3,893,884
0th. unadjusted
77.714
143,475
110,566
Income from unfunded securities
2,185,191 8,418,453 Add'ns to prop.
idebits
and accounts
through Inc.&
276,303
552,454
279,964
ti
Miscellaneous income
surplus
3,664 deb.156.856 deb.102,609
613,549
436,714
Total(each side)452,646.494 446,384,637 Profit and loss 19,833,796 19,322,774
Gross income
-V. 120, p. 1322, 698.
820,122,325 820.751,012 $19,359,468
Deductions
roads
82,734.782 82.736,451 82,736.021
Columbia Gas & Elec. Co. (of W. Va.), Cincinnati, &c. Rentfor leasedrents
Miscellaneous
4,508
4,257
2,700
Miscellaneous tax accruals
(Annual Report-Year Ended Dec. 31 1924.)
21,496
15,104
14.015
Interest on funded debt
3,541,245
3,201,121
3,320,967
F The remarks of President Philip G. Gossler, together with Interest on unfunded debt
5,870
440,062
408,136
of disc, on funded debt
177,927
155,565
104,754
the consolidated comparative income accounts for several Amort.of invest. organization
Maint.
1,775
1,782
1,633
years of the Columbia Gas & Electric Co. and subsidiary Miscellaneous income charges
7.187
20,222
Cr.47.031
companies, and the consolidated balance sheet as of Dec. 31
Net income
813.627,534 $14,176,448 812,818,271
1924 and other statistics, will be found on subsequent pages Dividends declared
(20%)3.747,280(20)3,747,280(14)2.623.096
of this issue. Our usual comparative balance sheet was
Surplus carried to
89,880,254 $10,429,168 $10,195.175
given in V. 120, p. 1325. Extended extracts from the -V.118. p. 3194. P.& L._ ---
THE CHRONICLE
1448
New]York Central Railroad Company.
(Summareof Operations-Calendar Year 1924.)
[vox- in.
The usual comparative income account was published in
V. 120, p. 1201.
CONDENSED BALANCE SHEET DECEMBER 31.
1923.
1924.
1923.
1924.
$
Liabilities$ I
Assets
$
Plant
16,541,651 12,879,626 Common stock_ __ 4,441,100 4,441.100
239,724 a Preferred stock_ 3.656,691 3,350,965
901,419
Cash
317,115 First& Ref.7Ms_ _ 1,909,800 1,953,500
Notes & acc'ts rec. 364,540
131.068 20-yr.s. f. cony.75 1,476,000
.t
.
Subscr.to Fret k. 153,558
21,850 First & Ref.Ss__ 4,500,000 2,000,000
282,867
Investments
787,000
260,226 Underlying bonds_ 745,000
Materials & SUPP- 397,169
Notes, vouchers &
189
Sinking funds_ _ _
156,845
acc'ts payable__ 312,979
157,220
Miscell. debits_
Consumers'depos.,
Prepayments. &c.. 129,913
104,753
255,174 advances, &c_ __ 155,195
from 0th. cos_
Due
111,987
1,460 Bond interest_ _ __ 190,690
72,355,699 -6,187.812 Land scrip
69,773
Other expenses.&c. 111,748
+119.897 Adv. exp. and sus4,482.667
35,569 Res.for depreen__ 1,398,178 1,214,805
pense items_ _
-46,318
3,116.069
48,860
91,875
Other reserves_ _ _ _
Unamortized stock
195,146
358,425
292,922 Surplus
& bond discount 419,155
70.989.101 -6,354,026
19,347,682 14,434,734
19,347,682 14,434,735 Total
Total
-41.836
1,175.446
+5.436
a Includes stock subscribed for but not fully paid and issued.
965.163
Note.
-Federal taxes on income for 1924 are being provided for in 1925
-47,271 by monthly transfers to special deposits account, together with sufficient
210,284
71,199.384 -6,401,298 amounts to cover all interest, sinking funds, other taxes, &c., as they
accrue.
-V. 120, p. 1324, 1201.
-13,888
120.947
A-177,377
2,317,537
The Borden Company and All Subsidiaries.
4-81.687
782.259
--616,964
1.914,956
(6th Annual Report-Year Ended Dec. 31 1924.)
-523,072
14.911.850
-294.145
3.367.812
The remarks of President Arthur W. Milburn, together
A-377,766
1.270,761
will be found
--21,308 with the income account and balance sheet,
148.620
A-287,454 under "Reports and Documents" on subsequent pages of this
deb.166,434
(Including Boston & Albany RR.and the Ohio Central Lines.]
RESULTS FOR CALENDAR YEARS.
Inc. or Dec.
1923.
1924.
t
3 0.63
6,889.56
6,920.19
Miles operated
$
s
Railway Operations369.606,930 421,034,784 -51,427,854
Railway operating revenues
279,970,163 325,917.241 -45.947,078
Railway operating expenses
At
Net rev. from railway operations- 89,636.767 95,117,543 -5.480,775
(-1.66)
(77.41)
(75.75)
Percentage of expenses to revenues
+632.673
23,289,540 22,656.867
Railway tax accruals
+74,364
104.976
179,340
Uncollectible railway revenues
Railway operating income
Equipment rents, net debit
Joint facility rents, net credit
66.167.887
4.602,564
3.069.751
Net railway operating income--Miscellaneous Operations
Revenues
and taxes
Expenses
Miscellaneous operating income-Total operating income
Non-operating Income
Income from lease of road
Miscellaneous rent income
Miscell. non-oper. physical property
Separately oper. properties-profitDividend income
Income from funded sec.& accountsInc. from unfund. securs. & acc'ts
Inc.from sink. & oth. reserve funds_
Miscellaneous income
64.635.074
1,133,611
970,598
163,012
64,798,087
107.059
2.494,914
863,946
1,297,993
14,388,778
3,073,667
1,648,527
127,312
121,020
24,123.217
Total non-oper. income
88,921,304
Gross income
Deductions
13,027.600
Rent for leased roads
978.209
Miscellaneous rents
306,560
Miscellaneous tax accruals
14.979
-loss-Separately oper. properties
34,191.311
Interest on funded debt
223,687
Interest on unfunded debt
653.764
Amort. of disct. on funded debt_-5.316
Maintenance ofinvest. organization_
269,476
Miscellaneous income charges
Total deductions
Net income
Disposition of Net Income
Dividends declared
of dividends
Rate
Sinking & other reserve funds
Investment in physical property_
-545,092
24,668,309
95,867,694 -6,946,390
issue. President Milburn, in his remarks, calls attention to
the fact that sales for the year were substantially larger than
in 1923, both in volume and value.
-921,233
+109,126 CONSOLIDATED INCOME AND PROFIT AND LOSS STATEMENT
+21.679
FOR YEARS ENDED DECEMBER 31.
+7,902
1921.
1922.
1923.
1924.
+310,062
3
-351.809 Gross sales
109.1.633 100,245,160 92,08,760 99,8t9.887
+16.358 Net oper. profit(after de+204
ducting all oper. chgs.,
-49,654
incl. deprec'n,insur.&
property taxes)
5,790,135 5.372.876 5.676,974 3.367.275
-857,363 Interest(net)
49,670,904 50.528,267
Cr.284,672 Cr.256,305 Cr.132.620 Dr.346,604
95,925
39.250,400 45.339.427 -6,089,027 Federal tax (estimated)..
635,844
605.885
662,101
13,948,833
869.083
284,881
7.077
33.881,249
575,496
637.407
5,112
319,130
20.728.835 17,432,978 +3.295,857
Net income
15.412,706 55.023,297 55.173.750 $2,924,747
(6)%)
$450,000
(7%)
$450,000
$450,000
$450.000
-22.650 Dividends-Pref. (6%). 2,136.800(8)1.709,440 (8)1,709.440(8)1,709,440
144.754
122,104
Common (10%)
-12,917 Borden's Farm Prod.Co.,
12,917
29,239
Inc., 1st Pref.
(7%)....35,330
Total appropriations ofincome- 20.850,939 17,590,649 +3,260.290
5736,068
Balance, surplus
52.825.906 12.863,857 $2,978,980
Surplus for year carried to P. & L-- 18,399,461 27.748.778 -9.349,317
8,650,773 7.817.532 5.720.874 6,604.777
Previous surplus
-V. 120, p. 1199.
Cincinnati Chicago & St. Louis Ry.
511.476,679 $10,681.389 $8,699,854 $7,340,845
Total
Cleveland
3730.871 $1.506,610
Appropriation for reserve $1,950.633 $1.917,510
-Year Ended Dec.31 1924.)
(Preliminary Report
65.985
Int. on sub, to cap'l stk..
113,361
151.449
113,106
149,080
Loss on prop. & sec. sold
SUMMARY OF OPERATIONS CALENDAR YEARS.
1922.
1923.
1924.
P.& L.surp. Dec.31- $9.310,979 38.650.773 $7,817,532 $5,720,874
2.409.43
2.407.90
2,398.1
Miles operated
$87,712,381 $94,941,444 $84.665.690
GENERAL BALANCE SHEET DECEMBER 31.
Railway operating revenues
66.740,728 72,114,741 64.858,314
1923.
1924.
Railway operating expenses
1923.
1924.
Liabilities
Assets
Net rev, from railway operations_ _$20,971,654 $22,826,703 119,807,31 Property account.a34,951.008 28,289,724 Preferred stock-- 7,500,000 7,500,000
(76.61
(75.96)
(76.09)
xp
Percentage of expenses to revenues_ _7,018,029 3,614,224 Common stock......24,254,900 21,368,100
Cash
$4.906,837 $5,124,227 $4,226.81
52,000
246,000
Railway tax accruals
4,688,204 4,389,440 Mortgages
10,963 Receivables
13,206
14,851
Uncollectible railway revenues
Marketable secur_ 2,949,135 1,001,310 Accounts payable.. 6,346,518 5,156,270
$15,569,599 Finished goods... 3,488,518 5,381,896 Accruals, accounts, 2,216,431 2,035,677
116.049,966 $17,689,270
Railway operating income
taxes (est.), &c..
$269,866 $1,230,729 Raw materials,sup$1.112,206
Equipment rents, net debit
• 2,864,854 5,030,573 Deferred and cusp.
plies, &c
591.641
- 727,503
573.492
6.720
56,153
Joint facility rents, net debit
liabilities
Invest, in capital
stk. of other cos. 6,033,313 6,523,444 Deprec'n reserve 9,917,401 7,744.698
$14,364,267 $16,691,901 $13,747,229
Net railway operating income
145,583 Insurance, continCr$28,247 Cr$29,513 Cr$27,955 Deferred assets_ _ _ 290,414
Miscellaneous revenues
gency, &c., res_ 8,377,968 7,804,834
Dr19,703 Trade-marks, patDr22,175
Dr22,182
Miscellaneous expenses and taxes_ _ _
9,310,979 8,650,773
ents & good-will. 5,942,876 5,942,876 Surplus
113.755,480
$14,368,333 116,699,239
Total operating income
68,226,351 60,319,071
Total
68,226,351 60,319,071
Total
Non-operating Income
$321.843
$220,769
a Property, plant and equipment (Including Madison Ave. office building,
Income from lease of road
223.894 $36.621,008; less mortgage on aforesa d building of 51,670,000.-V. 119. P.
168.616
275,432
Miscellaneous rent income
194,042 2290.
196,433
185,139
non-oper. phys.property_ _
Miscell.
74,106
484,554
195,413
Dividend income
447,176
403,758
443,650
Pierce Arrow Motor Car Co.
Income from funded securities
397,032
319,702
319,648
secs. & accounts
Inc. from unfund.
1,165
(8th Annual Report-Year Ended Dec. 31 1924.)
1,100
760
Release of premium on funded debt
805.429 deb.26,328
57,352
Miscellaneous income
The report of the directors signed by Chairman Charles
$15,845,727 519,299,598 515,388,410 Clifton and President Myron E.Forbes, together with income
Gross income
will be found
Deductions
$110.990 account and balance sheet for the year 1924,
$134.458
$150,299
Rent for leased roads
271.664 under "Reports and Documents" on subsequent pages.
262,779
224,804
Miscellaneous rents
15,208
18,303
22,200
Miscellaneous tax accruals
The first annual report of the Pierce-Arrow Finance
65,317
39,868
21.055
Separately oper. properties-loss._ .. _ 7,073.343 6,729,744 6.400,595 Corp., containing the remarks of Pres. Myron E. Forbes
debt
Interest on funded
807,865
267,813
16,370
account and balance sheet, is also
Interest on unfunded debtdebt
158,982 together with income
206,551
234,393
Amort. of disc, on funded
51 given:
311
778
organization
Maintenance of invest.
28.908
22.417
21,554
The usual comparative income account was given in
Miscellaneous income charges
58,080,932 311,617.354 $7,528,837 V. 120, p. 839.
Net income
$499,925
$499.925
8499.925
CONSOLIDATED BALANCE SHEET DEC. 31.
Divs.on pref.stock(5%)
(5%)2,351.435(4)1,881.148(5)2,351,435
Divs.on common stock
[Pierce Arrow Motor Car Co.and Pierce Arrow Truck Sales Corp.]
39,175
41,169
43,218
Sinking funds
1923.
1924.
55,899
1923.
1924.
Investment in physical property
Assets
84,582,403 Property account_x5,233,493 4.859,968 Prior Prof. stock_ _ 1,575,000 1,575,000
Surplus carried to profit and loss__ $5.186.354 *9,195.112
8% Cum.Pref.stk_10,000,000 10,000,000
Parts,trade-mks.,
-V. 119, p. 810.
&c___ 5,000,000 5,000.000 Common stock_ _ _z4,077,082 4,077,082
NY
385,785 20-Year 8% S. F.
Investm'ts & adv. y870,151
Columbian Carbon Co. (and Subsidiaries).
4,200,000 4,200,000
9,691,230 9,518,706 debentures
Inventories
Bank loans
-Year Ended Dec. 31 1924.)
(Annual Report
Notes& accts.rec.,
less reserves_ __ _ 994,359 1,217,176 Notes payable_ _ _ _a2,200,500 2,500,000
Accounts payable_ 1,232,777 1,116,225
The remarks of President F. F.Curtze,covering operations U. S. Govt. War
107,061
179,410 Customers' dopes. 106,700
Dept.
for the year 1924, together with comparative income account Miscell. account.
Oper. & tooting.
invest. &
126,431
248,921
reserves
and balance sheet will be found under "Reports and Docu148,495
135,015
deposits
278,212
-V.119,P. 2068.
1,539,534 2,201,539 Profit & loss surp. 903,272
Cash
ments" on subsequent pages.
468,931
Deferred charges 1,080,471
California Oregon Power Co.
24,544,253 23,980,010
24,544,253 23.980,010 Total
Total
x Plant
-Year Ended Dec. 31 1924.)
(Annual Report
a Secured by deposit of $2.751.000 1st Mtge. bonds as collateral.
reserve for
site, buildings, machinery and equ pment, $9,930,931; less foreign and
The remarks of Chairman Joseph D. Grant, together with depreciation, $4,697,438. y Investments in and advances to
investment in stock
domestic branches,U17,775,
a comparative statement and chart of the annual gross and ofPierce-Arrow Finance Corp..less reserves, $113,065 by 250,000shares
$665,440. z Represented
earnings and operating and maintenance expenses, from of no par value (stated value $1,250,000).-V. 120. 1). 839•
net
of physical
1912 to 1924, inclusive, a chart showing the value1924, and a
properties of the Company from 1912 to Dec. 31
Consolidation Coal Company, Baltimore, Md.
condensed balance sheet of Dec. 311924, will be found under
(61st Annual Report-Year Ended Dec. 31 1924.)
"Reports and Documents" on. a subsequent page. The ro" The report of President C. W. Watson, together with
report itself contains p. map showing the location of the power the income account and balance sheet, will be found under
stations and transmission lines. Several interesting views "Reports and Documents" on subsequent pages.
are also given.
4
MAR. 211925.]
INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
1922.
1923.
1924.
Calendar Years$19.263,184 $31,298,373 $22,464,912 $25,179,347
Total earnings
Operating expenses, &c_ 18,960,261 26,009,884 17,776.469 20,095,303
1,258,762
1,453,508
1,436.388
1,442,698
Depreciation
1,003,262
135,327
266,253
247.948
Depletion
loss$1,387,723
Net earnings
Profitfrom sale ofcapital
143,576
assets
114,941
Insur. fund stir. credit
1,031,705
Other income
$3,585.847
$3,099,608
$2,822,021
168.851
130,623
911.545
372,339
111,122
1.017.029
1,055,273
def $97,501
Total surplus
Int. on ftinded debt, &c- 1,791,144
Divs. on Pref, stock of
237.004
Carter Coal Co
Federal taxes
$4,796,867
1,892,659
$4,600,097
1,866,652
$4,071,413
1,332,819
218,923
99,812
175,000
500,000
Surplus for year._ _def.$2,125,650 $2,585,474 $2,558,446
Realization of apprecia935,691
1,479.143
1.529,562
tion of coal lands
44.663
Direct surplus charges
431,667
Preferred dividends_
2,412,035
2.412,070
Common dividends(6%) 2,412,088
$2,238,594
194.119
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1924.
1923.
1921.
$6,221.769 $4,605,784 84.718,526 $5,970,671
Operating profit
799,420
360,001
607,540
1,275,172
Less. pros,for Fed. taxes
$4,245,784
1,858,240
710,800
$4.110,987
1,684.148
735.600
5.115
5,115
11.528
$2,869,964 $1,671,629 $1,686,124
Balance, surplus
9,350.113
7,663,989
9,480,113
Previous surplus
Dr1,541,630
German inv. written off_
$2.264.899
5,399,090
Oper. profit for year.. $5,422,349
Corn.div.paid&reserved 1.867,450
683.800
Pref diva paid &reserved
.
Dividends of subsid. cos.
1.135
(to outside interests)_
Total surplus
cr.917,892
2.411,981
$744,505
Balance to surplus_def.$6,493,211df$1,356,158 def$789.280
Profit and loss,surplus--$87,800,386 $94.293,598 $95,649,757 $96,149,628
BALANCE SHEET DEC. 31.
1924.
1924.
1923.
1923.
Assets
Capital assets_ _153,633,444 155,604,082 Preferred stock_ 10,000,000
5,600,118 Common stock_ 40,205,448 40,205,448
Ins,in oth. cos. 2,404,568
2,969,597 Prof. stock CarInv.in allied cos. 7,928,477
268.366
ter Coal
3,933,100
3,962.500
307,980
Boyd sink. fund
Deferred charges 2,141,585
2,024,220 Funded debt_ _ _ 30,457.329 31,057,773
Inventories ___ 5,869,535 9.240,780 Accts. payable_ 2,089,094
1,860,253
642,840
526,144 Bills payable__
6,275.000 12,704,162
Notes receivable
268,479
383,509
7,740,667 Pay-roll
accts.receivable 7,947,079
4.017,105
46,764
47.475
Cash. &c
4.316,573 Matur.int.,&c.
Accr'd bond int_
232,051
238,817
Acer'd sink.fd. _
213,679
211,653
Ins.fd. del. cred.
712
Accr. Fed • taxes 1,933,941
1,933,941
Res. for gen. tax
170,857
161,767
Dividends
603,027
603,019
Div. Pref. stock
Carter Coal
39,331
39,625
Due indiv.& cos.
584,510
625,909
Ins,fund reserve
531,154
Surplus
87,800,386 93,762,443
Total
184,852,999 188.330,162
-V. 120, p. 833.
1449
THE CHRONICLE
Total
184,852,999 188,330,162
$12,350,077
$9,480,113
$9,350,113
$4,695,499
1.654,672
764.400
$7,663,989
CONSOLIDATED BALANCE SHEET.
Dec.27'24. Dec.29'23.
Dec.27'24. Dec.29'23.
Assets$
Preferred stock... 8,300.000 8,830,000
Land, buildings,
Common stock__y19,642,774 19,639,216
leases and equipment
x13,679,651 12,820,324 Bills payable
3,385,000
Cash
2,700,830 3,260,602 Accounts payable_ 1,532,303
917,954
56,570
101,144 Owing to sub. cos.
IMIls receivable_ _ _
(not consol.). _
2,203,470 1,559,340
222,669
Accts. receivable
293,407
15,978,015 15,383,482 Excise taxes, payInventory
rolls, &c
1,342,851
182,331
830,705
Securities
285,447
Owing to outside
Inv.In sub. dr attn.
producers&owncos.(not consol.) 3,268,042 4,655,389
era of royalty
Deposits to secure
rights
479,426
642,344
631,254
514,972
contracts
Deferred charges_ 1,558,238 1,167,963 Serial payments on
450,585
investments.... 476,484
8,645,789 8,181,625
Good-will
Fedi taxes (est.) __
800,000
360,001
Res'vefor com.div. 471,862
475,862
Res.for pref. div_
166,000
172,600
Adv, payments of
film rentals, &c_ 1.722,738 1,459,538
Pur, money notes of
subsidiaries _ ___
110,979
228,520
Serial payments on
investments... 905,288
630,651
Res've for condi:sr_ 409,088
229,049
Minority interest in
84,801
245,281
subsidiary cos__
12,350,077 9,480,113
Total(each side)_49.018,396 47,943,454 Surplus
Note.
-(a) Contingent mortgage lability of subsidiary companies on
properties sold. $635,000: (b) contingent liability on investment notes discounted. $1,100.000: (c) guaranty of advances secured by film, $250.000:
total, $1,985,000.
x Land, buildings, leases and equipment after depreciation (incl. equities
In sub, cos. subject to mortgages thereon of $12,817.000 (111.456,789 in
1923). being obligations of sub, cos. y Representing 235.931 shares of
-V. 120. p. 1095.
no par value.
Amtrican International Corporation.
Boston Elevated Railway.
(Annual Report-Year Ended Dec. 31 1924.)
(Annual Report of Trustees-Year Ended Dec. 31 1924.)
The report of President Matthew C. Brush, together with
the income account and balance sheet for 1924, will be found to The board of trustees, appointed by the Governor pursuant
Chapter 159 of the Special Acts of 1918, reports in subon subsequent pages under "Reports and Doeaments."
stance:
•
CONSOLIDATED INCOME ACCOUNT
-YEARS ENDED DEC. 31.
x1921.
Earningsx1922.
1924.1923.
Operating profit
$1.567,312 $3,499,587
986,780
829,003
Interest
$318,348
$305,396
711,916
1,100,830
Dividends
342,474
295,585
Profit on sales of securs258,782
Profit on syndicate and
126,474
credit participations
52.137
Miscellaneous income
6,090
Results of Operation.-The 6th fiscal year of public operation closed with
June 30, 1924. As there was at that time no excess of receipts over expenditures for the preceding 12 months, no payments were made to the
cities and towns which had contributed to the loan assessment to meet the
deficit of the first year of public operation. The aggregate amount contributed by the municipalities in 1919 was $3,980,152. The excess of receipts over cost of service during the past years had been applied, first, to
the restoration of the exhausted reserve fund, and after this was accomplished there was paid back to the cities and towns $517,196 in July 1922.
and $1,114,558 in July 1923. The aggregate of these amounts was dis$666,070 $3,108,231 $5,587,197 tributed among the cities and towns served by the railway and reduced to
Total
$1,039,216
Deduct-Expenses
$305,043
$367.648 $2,615,676 $4,306,287 $2,348,397 the balance still due them.
89,788
169,812
28,159
27,732
Taxes
During the calendar year which closed with Dec. 311924, gross receipts
381,422
926,417 and number of revenue passengers carried were the largest in the experience
2,637
Interest
2,565
of the railway, either under private management or public control. Owing,
Total
$398,017 $3,086,886 $5,402.516 however, to increases in wages, the first under Mayberry award and the
$335.766
$703,449
$268,053
$21,345
$184,681 later under the McLaughlin award, the operating labor cost of the past
Net earnings
Surp. at beginning of yr_ a4,358,547 def6,953,484 def5,81i9,458
2,407,847 calendar year has mounted to $17,358,670 an increase of $1,134,395 over
the operating labor cost of 1923.
Gross deficit
sur.$5,061,997 $6,685,430 $5,878,113sr.$2,592,528
Fares.
-Immediately following the announcement of the decision in the
Profit and Loss Charges
last arbitration proceedings it was necessary to increase the 5
-cent local fare,
Special provision for poswhich had been established largely for the outlying districts to a basis of
sible losses in accounts
6 cents. The Trustees feel that there has been no substantial diminution
receivle & inventories
$6,000,000 in traffic as a result of this increase, and feel that the additional revenue
Reserve for taxes
$500,000
thereby secured will aid largely in meeting the increased costs.
Miscellaneous (net)_
$1,426,748
91,171
2,491,986
Traffic.
-During 1924 there were 739,151 more revenue passengers
Loss on sale of securities
563,552
carried than in 1923. Passenger revenue mileage was increased by 1,939.014
Provision for losses
3.700,000
miles, in large measure due to Increased use of one-man cars which permitted
an increased service without corresponding increase in cost. The one-man
Profit & loss, surplus_ $5,061,997df12,375,731df$6,469,284dfS5.899,458 car and motor bus miles amounted to 31.7% of the total surface miles
a Surplus resulting from reduction of Capital stock less revaluation of operated.
Investments and deficit at beginning of year. x All the stock of G. Amsinck
The increase in revenue passengers occurred on week days and Satur& Co. Inc. Allied Machinery Co. of America, Carter, Macy & Co. Inc., days, there being a decrease of traffics on Sundays and holidays.
International
Steel Corp. Rosin & Turpentine Export Co., and Balsa ReB,
ses.-The operation of motor busses has increased. The miles covered
frigerator Corp. being aimed by the corporation, the accounts of these In 1922 were 63,937: in 1923. 465.382; and in 1924, 890,901. At the present
companies were included in the consolidated statements for the years time busses are operated on 12 routes.
1921 and 1922.
Operating Changes de Betterments.
-On Mar. 1 the Arborway Transfer
ADuring 1923, however, corporation sold its interests in Carter, Macy & Station at Forest Hills was opened, improving transfer conditions between
Co., Inc., receiving in payment therefor $650.000 in cash and $200,000 Jamaica Plain and West Roxbury cars.
On Apr. 21 the operation of surface cars in the East Boston Tunnel was
7% Prof. stock in Carter, Macy & Co., Inc., the new corporation organized
by the purchasers. During 1923 Rosin & Turpentine Export Co. was superseded by the operation of specially constructed steel rapid transit
liquidated, its assets having been sold. The holdings in Balsa Refrigerator trains. This change materially decreased the running time, eliminated
Corp. were also written off the books in 1923 as being of problematical congestion at way stations and made possible a far larger use of the tunnel.
value
Final plans for the extension of rapid transit service in the Dorchester
These stops were taken in pursuance of a policy, the object of which
was to withdraw the corporation from 100% ownership of companies District by utilization of the Shawmut Branch of the New Haven Railroad
transacting a trading business and concentrate its resources in assets of a have been worked out in conjunction with the Boston Transit Department.
The lease of the premises has been executed, all legal formalities completed.
more profitable and liquid character.
the contract for the first section let and work of construction started. When
GENERAL BALANCE SHEET DECEMBER 31.
finished this extension will provide for operation of the Cambridge-Dorches1924.
1923.
ter Tunnel trains as far as Ashmont, or 314 miles from the present terminus
AssetsLiabilitiesS
$
$
at Andrews Square,and the operation of high speed trolley service on private
Fixed assets
13.177
16,870 Preferred stock__ y900,000 1,000,000 right of way from Ashmont to Mattapan.
Cash
419,940 1,522,461 Common stock. z14,700.000 49,000,000
Acting upon the request of the Trustees, the Transit Department of the
Call loans
Accounts payable_
35.346
28,698 City of Boston has continued the work of lowering platforms in the TreU. S. Govt. oblig_ 6,071,894 12,22 Securities bought_ 303,350
mont Street Subway.
Bills, notes & loans
Def'd credit items_
328,178 1,137,869
During the twelve months 17.15 miles of track and special work have been
bk receivable
218,000
627,545 Reserve for taxes_ 700,000
575,000 rebuilt and 3.77 miles of track and special work repaired.
Accts.receivable
933,324
967,264 Surplus
5,061,997
-During the year there were received 8 East Boston Tunnel cars
Cars.
Proprietary cos.
in addition to the 40 originally purchased and 89 new cars of the one-man
wholly owned__ 1,650,000 2,500,000
-men type.
two
Stocks and shares
In 1918 the number of cars held out of service for repairs was 18%.
7,211,911 21,429,560
(listed)
During 1924 a satisfactory record of 6% has been maintained. Whereas
Stocks, bonds and
in 1918, 50% of the surface car mileage was operated With articulated and
(unlisted). 5,299,368 7,669.189
notes
box cars, during the year 1924 only 7% was operated by cars of this type.
100,000
Fret.stock in tress
-Of the 53 parcels of real estate assessed for $2,170.257 which
Real Estate.
Derd debit items_ 211,251 1,018,617
were not in use for railway purposes at the time the Trustees assumed conx12 375 731 Total(each side)_ _22,028,869 51,741,568 trol in 1918, only 2, assessed for $30,700, remain unsold.
Profit & loss, def._
During the past 6 years some additional properties have been retired from
x No allowance has been made in this item for the excess of cost of listed
securities over market value. y At the time of readjustment of the capital active use. The total of real estate owned by the company and not Inactive
(V.119, p.2181) the corporation secured an option (expiring Dec. 31 1927) use or required for development consists of six parcels assessed for $581,800,
to retire the $900,000 of Preferred stock at $70, or a total of $630.000. the largest single item being the old Bartlett Street shops assessed for $546,500. These will be sold as rapidly as reasonable prices can be obtained.
z Represented by 490,000 shares of no par value
Outlook. The summer and fall months were characterized as usual by
Note.
-There were contingent liabilities aggregating $2,507,240 on ac- large expenditures in re-construction work. While the summer traffic was
count of liabilities of proprietary companies and credit participations.
affected as usual by vacation and holiday limitations, it was affected to
V. ile, p. 2765.
an unusual extent by automobile competition and a depression in certain
Famous Players-Lasky Corporation, New York City.
lines of business with accompanying lack of employment and consequent loss
in riding. From July 1 to Nov. 1 the excess of cost of service over receipts
(Annual Report-Fiscal Year Ending Dec. 31 1924.)
was $1,042,556, exclusive of charge for back pay and profit and loss adjustments, an aggregate considerably larger than during the
statement for the late fiscal year is given in full under 1923, and the restoration to a surplus of receipts over costsame period of
The
of service was
slow. This exhausted the reserve fund, but Nov. showed a small excess of
'Reports and Documents" on a subsequent page.
•
1450
TUE CHRONICLE
[vol.. 120.
receipts over cost of service, and the receipts for Dec. exceeded expenditures
Surplus at the end of 1924 amounted to $54,807,152 as against $45,790,803
by $305,604. Since then a gratifying increase in receipts has taken place, at the end of 1923.
so that there is reason to believe that with the closing of this fiscal year on
Depreciation. &c.
-Company in 1924 wrote off depreciation on plants in
June 30 it will be found that receipts have been equal to expenditures. excess of $9,000,000, and through sinking fund and other requirements
To accomplish this result in view of the increased rate of wages awarded outstanding bonds and gold notes were reduced by more than $1,600,000.
last summer the trustees have been compelled to lessen service and to deCommon Dividends.
-The earnings for 1924 applicable to Common stock
crease working hours and number of men employed.
were equal to $ 450 per share on the Class "A,' and were equivalent to
$2 25 per share upon the combined Class "A" and Class "B" stock, and
TRAFFIC STATISTICS YEAR ENDING DEC. 31.
early this year it was felt that the improved financial condition and earnings
1921.
1924.
1922.
1923.
of the company warranted the placing of the Class "A" Common stock on
Round trips operated
5,773,584 a dividend basis. The directors accordingly declared quarterly dividends of
6,994,749 6,488,082 6,059,531
Passenger revenue
$32,253,629 50 cents per share on the Class "A" stock (par $25 per share), payable
$33,419,172 $33,297,951 $31,834,022
Passenger revenue per car mile_ _ _ 59.69 cts. 61.61 eta. 62.94 Ms. 64.89 cts. Jan. 2 1925 to holders of record as of that date, and April 1 1925 to stock$7.36 holders of record on Moran 14 1925, thus placing the Class "A" stock on a
Passenger revenue per car hour
87.09
x$5.67
x$5.71
Passenger revenue mileage
y55,988,679 y54,049,665 50,575,088 49,706,697 $2(8%) annual dividend basis (see V. 120, p. 961).
4,381,815
Passenger revenue car hours
x5,894,115 x5,826,993 4,487,400
Public Offering of Class "A" Stock.-ThIs action was followed by the
Revenue passengers carried
382,888,818 382,149,697 356.593,912 337.252,080 offering of a considerable quantity of both Class "A" and Class "B" ComRev, pass, carried per car mile
6.785 mon stock to the public, thus assuring to the public a large participation
7.051
7.070
6.838
Rev. pass. carried per car mile
79.47
76.97 In the net earnings resulting from the company's business. This offering
65.58
64.96
a Car hours, American Electric Railway Association standard. adopted Feb. 1 represented part of the issue already outstanding and was not new financing
1923. y Including motor bus mileage of 890,901 in 1924. 465,382 in 1923 and by the company. The Class "A' and Class 'B" Common stock voting
63.937 in 1922.
trust certificates are listed on the Chicago and San Francisco stock exchanges
and application is being made to list them on the New York Stock Exchange
-CAL. YRS. (see offering in V.
COMPARATIVE DIVISION OF RECEIPTS AND EXPENDITURES
120, p. 961)•
1921.
1920.
1923.
1922.
1924.
Leather Industry.
-Another development of real interest to the stockholdTotal receipts
$34,175,320 $34,096,813 $32,699,176 $33,277,025 $34,031,635 ers of the company is the recent improvementin the leather industry, which
for several years suffered a widespread and serious depression. In the last
Operating Ezp.Wages
$17,358,670 $16,224,275 $14,772,340 815,563,255 $17,216,445 few years the Armour Leather Co., as well as its competitors, was compelled
3,310,858 to sustain severe losses, largely the result of post-war conditions. As a
2,903,650
3,093,934
3,236,805
Material & supplies_ 3,293,379
640,165 part of a plan for restoring the leather company to financial health, Armour
555,355
518,249
822,775
Injuries & damages_
740,025
2,004,000
2,004,000 & Co. toward the end of last year offered to the Preferred stockholders of
2,004,000
2,004,000
Depreciation
2,496,000
1.663,617
2,597,652 Armour Leather Co. one share of the Preferred stock of Armour & Co. of
1,842,396
1.853.111
Fuel
1,424,059
Illinois in exchange for each share of the Preferred stock of Armour Leather
Total oper. exp_325,222,134 $24,130,253 $22,088,458 $22,843,056 $25,769,122 Co. Substantially all of the Preferred stockholders of the Armour Leather
1,142,987 Co. have availed themselves of this offer.
1,546,758
1,587,186
Taxes
1,688,139
1,623,996
Rent of leased roads
Meanwhile conditions in the leather industry at large show a tendency
toward gradual but substantial recovery. Inventories which subsequent to
(incl. My. rental
the war declined precipitately in value, have been liquidated to a considerunder Chap. 159,
4,102,230 able de_aree and current supplies and stocks on hand are regarded as moder4,203,081
3,646,595
Acts of 19l8).,.._ 3,175,566
3.185,577
ate. The turn for the better in the leather industry cannot help but be
Subway & tunnel
1,790,432 reflected advantageously in Armour & Co. itself.
2,008,414
1.963,737
2,026,936
2,125.594
rents
1,514,963
1,891,315
1,494.258
Hearing on Merger o Morris & Co.
Int.on bds.& notes_ 2,602,891 2,316,026
-Toward the end of the year the
59,067 hearings instituted by the Secretary of Agriculture for the purpose of deter54,707
65.016
70,247
Miscellaneous items
61,835
mining whether the purchase by Armour & Co. of the business and properTotal cost of serv_834.812,016 $33,417,181 $31,285,987 $32,105,580 $34,378,803 ties of Morris & Co. came within the prohibitions of the Packers and Stock
$347,167 Yards Act were concluded. It is expected that attorneys both for the
Loss for year
636,696
Secretary and for Armour & Co. and the Morris interests will shortly argue
8679.631 $1,412,189 $1,171,444
Gain for year
the case before the new Secretary of Agriculture.
Profit and loss Items not included in above.
The hearings in this case were conducted for more than a year and we feel
INCOME STATEMENT FOR CALENDAR YEARS.
confident that the record is conclusive, that the purchase was entirely
legal and that the public interest has been benefited thereby.
1921.
1924,
1923.
1922.
Operating IncomeOutlook.
-While earnings for 1924 greatly exceeded those of the preceding
$33,403,253 $33,282,042 $31,817,072 $32,237,396
Passenger revenue
615,657 year, they do not necessarily reflect the future earning power of the business.
642,329
664,971
635,761
Malls,rentals,ad.,&c
Operations in fertilizer and leather lines which have been below normal for
Total
$34,045,582 $33,947,013 $32,452,834 532,8.53,053 several years may be expected soon to resume their share in producing
profits. The facilities of the company and its subsidiaries are in a better
Operating Expenses
$3,823,124 $4,030,197 $3,335,893 $3,021,844 position than ever to handle a growing volume of business.
Way and structures
The year 1925 opened under favorable circumstances. Our plants are
4,156,222 3,507,213 3,333,242 4,470,357
Equipment
3,261.919 2,532,501 all in good operating condition. Our inventories are normal in amount
2.819,283 3,094.731
Power
11.825,235 10,905,933 10,040,832 10,752,383 and are conservatively priced. The consumption of our products continues
Transportation expenses
n large volume, and all present conditions point to a continued satisfactory
3,364
2,401
7,866
3,033
Traffic
2,611,292 2,609.929
2,145,071
2,083,571 business.
General and miscellaneous
. Cr.20,890 Cr.21,113 Cr.31,530
Transportation for Investment__
CONSOL.INCOME & SURPLUS STATEMENT FOR STATED PERIODS.
(Including Armour & Co. of Illinois, Armour & Co. of Delaware, North
Total operating expenses
$25,222,134 $24,130,254 $22,088,459 $22,843,057
American Provision Co., and their Subsidiaries.)
Net earnings
8,823,448 9,816,759 10,364,375 10,009,996
-Calendar Years- 6 Mos•End
1,688,140
1,587,187
Taxes on railway operations
1,623,996
1,546,758
1924.
1923.
June 30'23.
ncome
$40,167,497 $38,583,217 $16,712,403
Operating income
$7,199,452 88.128,619 $8,777,188 $8,463,238
7,971,703
3,852,032
9,183
Dividend income
4
9,182
9,180 Depree'n (buildings, mach. Sc cars)-- 9,064,575
7,660,865
12,793,183 14,920,256
5,148
Income from funded securities_ _ _
19,147
16.400
4,503 Interest charges
9,293,389 8,357,625
3,710,930
Income from unfunded securities_
58,505
196,031
375,159 Preferred stock dividends
43,317
Income from sinking fund, &o...._
Miscellaneous income
33,280
34,043
33,280
32,433
33,280
2.702
33,280
1,850
Balance
Write-offs & reserves against securs
$9,016,349 $7,333,632 51,488,575
1,919,232
45,790,803 40,376,402
Gross income
$7,329,244 $8,278,420 $9,023,531 $8,887,210 Previous surplus
Deductions
Total surplus
$54,807,152 $45,790,803
Rent for leased roads
$48,552
$52,512 $1,314,745 $2,882,207
Miscellaneous rents
2,125.594
2,026,937
1,927,151
1,781,225
CONDENSED BALANCE SHEET(ILLINOIS COMPANY).
Net loss on misc. physical prop
8,733
6.960
Interest on funded debt
2,430.789
53'
2,289,215
1.831,394
1,292,800 [Including Armour Sc Co. of Illinois, Armour Sc (Jo. of Delaware, North
American Provision Co., and their Subsidiaries.]
Interest on unfunded debt
172,102
26,812
59.921
201,458
Dec. 27 '24. Dec. 29 '23.
Dec. 27 '24. Dec. 29 '23.
Amort. of discount on fund. debt_
43,366
51,121
31,468
31,468
AssetsLiabilities18,469
19,127
$
Miscellaneous debits
24.816
$
$
$
16,280
Land, buildings,
7% pref. stock
machinery Sc
Delaware Co.. 64,215,600 64,864,300
Total deductions from gross ins $4,838,925 54,465,724 $5,198,228 $6,192,399
fixture equipdo N.A.Pr.Co. 8,600,000 8,600,000
Balance
$2,490,319 $3,812,698 $3,825,304 $2,694,812
ment
201,497,614 207.330,928 7% pref. stock
1st Preferred dividends
(8%)5l2,000(4)216,000
Refrigerator Cars
Illinois Co___ 59.298,400 59,298,400
2d Preferred dividends
(7%)972,251 (7)978,302(3341491,046
delivery equipCorn.stk. Cl. A_ 50,000,000 50,033,700
Preferred dividends
(7%)210.000
210,000
210,000
210,000
ment,toolsogm 18,349,413 19,372,898
Class B
(6%)1,432,764(6)1,432,764(54)1456069(535)1313367
50,000,000 50,000,000
Common dividends
Franchises and
Notes payable
37,267.536 58,098,000
leaseholds__ _ _ 1,904,059
1,880.680 Accept. payable. 6,164.576
3,729,420
def$636,696
$679.631 $1,412,189 $1,171,445
Balance,surplus
15,376,571 26.627,279 Accla payable__ 15,978,209 19,893,610
(Note.
-The reports for 1924, 1923 and 1922 designate the dividends as -Boston Cash
Pref. div. pay'le. 2,311,995
2,323,347
Elevated Ry. Co. dividend rental" but have been separated by us for comparative Notes Sc accounts
receivable
66,510,486 67,943,925 Wm. F. Mosser
purposes. The amounts given in the reports are $3,127,015 for 1924, $3,133,065
Inventories .....,111.469,769 109,425,190
Co.8% notes. 1,900,000
1,900,000
-Ed.)
for 1923 and $2,413,115 for 1922
Marketable seMorris Sc Co.
10,444,046 16.520,140
curities
GENERAL BALANCE SHEET DECEMBER 31.
734% notes__ 13,500,000 14,000,000
Invest't, stocks,
1st M.4346,1939 50,000,000 50,000,000
1924.
1923.
1924.
1923.
bonds and addo Del.Co.534s 60.000,000 60,000,000
Liabilities$
$
Assets$
$
48,824,405 41,479,287 do Morris&Co.
vances
Road & equip_ _105,790.819 103,237,597 1st Prof. stock__ 6,400,000 6,400.000
434s
17.147,000 18,257,000
112,349 2d Pref. stock__ 13,866,100 13,957,700 Deferred charges 16,918,683 18,239,142
Misc. phys. prop
58,889
Res, for conting. 1,500,000
do Morris&Co.
1,500,000
599,315 Preferred stock_ 3,000,000
3,000,000
272,147
()the) investMts
.
Minority stockh.
Common stock_ 23,879,400 23,879,400
1,280,273
2,237,296
Cash
eq'y in sub.cos
604,579
530,890
Prem.on cap.stk. 4,939.905 4,939,905
Dep. for • int.,
54,807.152 45.790,803
794,613 Funded debt_ _ 49,819,000 49,221,000 Total(each side)493.295,048 508,819,471 Surplus
My., &c
796,102
CONSOLIDATED BALANCE SHEET (DELAWARE COMPANY).
125,000
125,000
243,032 Mortgage notes_
Spec.dep.of resid
L'ns & notes pay 5,200,000
3,934,172
Funds avail. for
(Including North American Provision Co. and their Subsidiaries.)
capital expen_
45,000 Vouch. & wages
37,000
Dec. 27 '24. Dec. 29 '23.
Dec. 27 '24. Dec. 29 '23.
1,242,700
1,363,821
payable
L'ns & notes rec.
9.000
LiabilitiesAssets$
$
$
$
797,307
795,819
Misc. accts. rec.
148,306 Matint.div.,&c.
197,754
.
7% pref. stock
Land, buildings,
871,961
872,175
Mat'is & suppl_ 2,973,480
3,200,986 Accr.int.div.,&c.
Delaware Co_ 64,215,600 64,864,300
machinery Sc
40,300
40,324
Int. div. Sc rents
Def. liabilities
.
equipment_ _122.980,845 127,568,416 do N.A.Pr.Co. 8,600,000 8,600,000
664,672
660,105
receivable._ _ _
15,052
51,441 Tax accrued
Common stock- 60,000,000 60,000,000
Cars
,
0th. curr assets
267,124
274.555 Refrigerator
39.338
35,883 Prem.on fd.debt
4,500,574
4,090,839 Wm. F. Mosser
&c
Ins.& oth.funds 2,923.450
933,203
1,031,804
2,975,761 Oper'g reserve
Co.8% notes. 1,900,000
Franchises and
1,900,000
Prepd. rents, &c
4,431,799
3,101,466
198,068
251,973 Accr. deprec'n
1,761,901 Morris Sc Co.
leaseholds_ _ 1.767,752
127,834
59,981
Disc, on fd. debt
522,991
559,832 0th. unadj. cred
3,038,599
3,699,236
Cash
734% notes__ 13,500,000 14,000,000
0th. unadj. deb.
198.796
179.424 Adv.by Comm.of
Delaw. Co. 5345 60,000,000 60,000,000
Notes Sc accounts
Cost of serv. def.
Mass.acct.detin
32,604,233 36.708,276 Morris&Co.4345. 17,147,000 18,257,000
receivable
2,348,397
for 12 mos.end,
cost of service_ 2,348,397
_ 72,644,325 68,536,562 Notes payable__ 20,230,651 28,089,812
412,207
412,207 Inventories _
June 30 1919- 2,348,397 2,348,397 Misc,fund res....
secs. 9,328,233 15,184,018 Acceptances pay 3,016,022
613,300.
743,977
358,003 Marketable
Profit Sc loss,def
Accounts pay'le. 10,033,281 12,453,659
Invest't stocks,
1,285.625
bonds and adv 31,665,372 25,546,833 Pref. div. pay'le 1,274.273
Grand total__118,618,581 118,084,182
Grand total_ .118.618,581 116,064,182 Deferred charges 13,529,793 14,232,568 MM.stockhold s
-V. 120, p. 1201, 700.
equity in subs.
530,890
604,579
Total(each side)292,059,727 297,328,649 Surplus
31,538,32 026,734,063
Armour & Co.
-V. 120, p. 1207, 1092.
(Annual Report
-Year Ended Dec. 27 1924.)
Pres. F. Edson White, March 10, wrote in substance:
-Continued and increasing improvement in the affairs
Improved Business.
of the company was effected during 1924. This improvement included not
only the business of the company but also the company's financial position
and its relations with the public and its employees.
-Company's important part in marketing the nation's agricultural
Sales.
output is evidenced by sales for the year totaling more than $800,000,000.
-Company's financial progress may be briefly summarized: Net
Results.
profits for 1924 amounted to $18,309,738 as against $13,772,026 for 1923.
At the end of the year 1924 company had $3 33 of current assets to each
$1 of current liabilities as against $2 62 to $1 at the end of 1923. Company
at the end of the year 1924 had current assets sufficient to pay all of its
outstandihg debt, both current and funded.
Middle West Utilities Co.
(Annual Report-Year Ended Dec. 31 1924.)
President Martin J. Insult reports in substance:
Business & Earnings of Subsidiary Companies.
-The subsidiary companies' net earnings for the fiscal year were 22.1% greater than for the
year 1923. New properties added during the year accounted for only
2.4% increase in net earnings, 19.7% increase having come from propertiesowned in 1923. The companies' gross earnings for the year amounted to
$41,402,607, or 14.4% more than for the preceding year. Higher operating
efficiency is apparent in the net result.
The stability of earnings is due to the widely diversified business served
by the companies is reflected in the income for the fiscal period. Despite.
general depression in the coal trade and textile production withitheir
MAR. 211925.]
THE CHRONICLE
attendant shrinkage of power demand, and an unfavorable season for the
ice business outside of a limited area in the Southwest, the earnings exceeded
the estimate for the year because of increased sales of service to other
lines of industry and substantial improvement of agricultural conditions.
[The consolidated earnings statement of the subsidiaries for the year
1924 is given below.)
Superpower Growth Seen in Additions to Property.—The necessity for
additions to the physical property of the subsidiary operating companies,
of heavy construction expenditures in 1923, was not
following auryti
the year 1924. To accommodate the enlarged service
e
lessened d
requirements o their territory, being not only the extension of service to
new customers but new and increased uses of service for old customers
as well, the companies made greater expenditures in the aggregate than
they had formerly made in any like period. The increase in their plant
accounts for construction alone was $26,829,023.
Even the casual reader may note in a brief description of this construction
new and important links in the careful working out of superpower plans.
These plans are not new but had their origin a dozen and more years ago
when the company was formed. A definite program that began withthe
replacement of wasteful and inadequate small town plants by modern
central sources of supply is now advancing to greater economic gain with
the knitting together of the companies* production and transmission
systems and similar properties of other companies on every side.
Additions to property made in 1924 or in process of being installed at
the end of the year were as follows:
Indiana.—Interstate Public Service Co. constructed 42 miles of 66,000..
volt transmission line from Scottsburg to Bedford to meet the increased
power demand of tho Indiana limestone industry in the Bedford-Bloomington district. This line connects with a 66,000-volt steel-tower superpower
line erected by the Interstate Power Co., a subsidiary. from Scottsburg
to a point on the Ohio River near Jeffersonville. where connection is made
with the superpower system of the Kentucky Hydro Electric Co., which
will deliver energy from the latter company's hydro-electric powtr plant
now nearing completion on the Dix River in Kentucky. Further power
facilities for the Indiana limestone mills and quarries and other power
customers of the Interstate Public Service Co. will be afforded by a 66.000
volt double-circuit transmission line. 43 miles long now in process of
construction from the Edwardsport plant of the Indiana Power Co. to
Bedford.
Other electric transmission line construction by the Interstate Public
Service Co. during the year comprised 20 miles of 66,000
-volt superpower
line from the Ohio State line at College Corner to Connersville, conaecting
at the former point with the system of the Union Gas & Electric Co.of
Cincinnati; 14 miles of 33,000-volt line from Goshen to the Michigan
State line, where it connects with the system of the Michigan Gas & Electric
Co.: a 33,000-volt line, 25 miles long, from Logansport to Brownell to
complete a connection between the company's Monticello and Goshen
districts; and 17 miles of 33,000-volt transmission line under construction
at the end of the year which will result in closing down an efficient steam
generating plant at North Vernon.
The Interstate company also erected a modern combination water and
vertical retort coal gas plant of 470,000 Cu. ft. capacity at New Castle.
The Indian Hydro-Electric Power Co. started during the year the
construction of its second hydro-electric power project on the historic
Tippecanoe River. The new development is located at Oakdale. It
will have generating capacity of 16.750b. p. Its construction was approximately 50% complete at the close of the year. The same company has
under construction 20 miles of 66,000
-volt superpower line from the Oakdale plant to Lafayette, where connection will be made with the transmission system of the Northern Indiana Power Co.
Illinois.—The Central Illinois Public Service Co. installed during the
year 67 miles of high-tension transmission lines. Included in this construction is a 66,000-volt double-circuit steel tower superpower line extending
east from the company's generating station at Muddy to the Ohio River.
where it connects with a similar line of the Kentucky Utilities Co. It
connects also with a line of the same type extending west from Muddy
to West Frankfort and thence to the company's large steam generating
station near Grand Tower on the Mississippi River. Other construction
included a 33.000-volt transmission line from Beardstown through Ashland
to Petersburg; a line of like voltage from Hoopeston to Paxton; and lower
voltage lines from Ranking to Cisme Park and from Virginia to Chandlervine.
The Illinois Northern Utilities Co. started in June 1924 the construction
of a modern hydro-electric power plant on the Rock River at Dixon.
The immediate installation includes five 3,750-k. w. generators with
provision for the later addition of two further units of like capacity. The
new station will be completed early in 1925. Interconnection with the
superpower system of the Public Service Co. of Northern Illinois made
during the year completed a power circuit of more than 300 miles.
Kentucky.—The Kentucky Utilities Co. completed 369 miles of highvoltage power lines. Adding 41 miles of lower voltage lines for short
distance interconnections of small towns made a total of 410 miles of new
transmission lines placed in service by this company during the year. It
had under construction at the close of the year 28 miles of additional highvoltage lines to be completed early in 1925. The construction completed
includes 93 miles of superpower lines carrying 66,000 volts betweer the
company's plants in the coal fields and the 30,000 h. p. hydro-electric
station of the Kentucky Hydro Electric Co. now in an advanced stage of
construction on the Dix River near High Bridge. This superpower tie
line is spaced for 132.000 volts and can readily be converted to 132,000-volt
operation.
The 30,000-k. w. steam generating station of the Kentucky Utilities
CO. on the Cumberland River near Pineville was completed and put into
operation. This plant is surrounded by coal mines and is adjacent to
the famous Harlan and Straight Creek coal fields, which the company serves.
The second superpower circuit from the now Pineville plant to the station
at Packet. Va., was constructed. This line was built for 66,000
-volt
operation. Twelve miles of 33.000 volt line built from Richmond made
possible the sale of energy to the Kentucky-Tennessee Light & Power Co.
miles of the same class of line now nearing completion will give wholeNine
sale service to the Tennessee Electric Power Co. at the Kentucky-Tennessee
State line. 147 miles of 33,000
-volt lines constructed in central Kentucky
were tied in with the Pineville-Dix Dam superpower line. These lines
permitted the closing down of 11 small, uneconomical generating stations
and provided this territory with an ample supply of power.
Important extensions and improvements were made to the company's
superpower transmission system in western Kentucky. including with
other construction nine miles of double-circuit steel tower 66.000
-volt
transmission line from Morganfield to the interconnection with the system
of the Central Illinois Public Service Co. at the Ohio River mentioned
in the foregoing account of Illinois construction.
The Kentucky Utilities Co. also completed arrangements for the electrification of its 50-ton ice plant at Madisonville, acquired during the year;
started the construction of a fireproof, electric driven, fresh water ice
plant of 20 tons capacity at Stanford; and arranged to enlarge and electrify
Its ice plant at Carlisle. All of this work will be completed before the
comingice season.
The Kentucky Hydro Electric Co. at the close of the fiscal year, was
bringinK _near completion the largest rock filled power dam east of the
Rocky Mountains and a station capable of producing 77,000,000 k. w.
hours of energy annually. The same company completed 100 miles of
66,000-volt double-circuit steel-tower superpower lines from the Dix
River plant to Lexington and Louisville, providing for interconnection
with the lines of the companies serving these cities and with the system
of the Interstate Public Service Co. in Indiana.
Wisconsin.—The Lake Superior District Power Co. of the North West
Utilties group, installed an additional 5,000-k. w. unit in its Bay Front
steam station at Ashland and added 4,000 h. p. to the generating capacity
of the company's hydro-electric power plant on the Flambeau River at
Big Falls.
Michigan.—The Michigan Gas & Electric Co. built a transmission
line to serve Marcellus and nearby communities and complete a loop
in the company's southern Michigan transmission system. The same
company erected a gas holder of 100,000 cu. ft. capacity at Three Rivers.
Missouri.—New water gas plants were installed by the Missouri Gas &
Electric Service Co. at Lexington and Marshall. Transmission line extensions were built to take on important new business.
-volt
Oklahoma.—The Public Service Co. of Oklahoma built 33,000
lines from Vinita to Nowata and from Pryor to Adair, added other im-ton fresh water ice
portant transmission extensions, installed a new 75
plant in Tulsa and electrified the ice plants at Vitas and Pryor.
-volt superpower line constructed by the Chichasha Gas &
A 66,000
the latter place with
Electric Co. from Chickasha to El Reno connects at high-pressure
natural
the system of the Oklahoma Gas & Electric Co. A
line was built into Chickasha. The capacity of the hydro-electric
gas
1451
station on the Washita River near Chickasha was increased by the installation of a third generating unit.
The American Public Service Co.'s Oklahoma subsidiary built 11 miles
of 33,000-volt transmission line from Pharoah to Okemah.
Texas.—The West Texas subsidiaries of the American Public Service
Co. added 4.500 h. p. of electric generating capacity and 140 tons daily
ice-making capacity in their plants. They also completed interconnection
of superpower systems with other utility companies operating north,
south, east and west of their territory.
The East Texas subsidiaries of the same company constructed 143
miles of transmission line to serve additional communities and effect
operating economies by the discontinuance of small inefficient generating
stations.
New York & New England.—The Twin State Gas & Electric Co. installed additional generating equipment in its Hoosick Falls., N. Y.,
hydro-electric plant. A 33,00(1-volt transmission line was constructed
from Bennington to Arlington, Vt.
New Properties Acquired.—A number of properties were acquired by
the company during the year and have since been taken over by the operating
companies already established or operated by new sbusidiaries.
The acquisition of the Common stock of the Indiana Power Co., the
Knox & Sullivan County Light & Power Co. and the Consumers Power
Co., all of Indiana, added 47 communities in western Indiana to be served
by the company's subsidiaries. These properties are interconnected, and
sell electric energy to more than 30 coal mines and to a number of neighboring utility companies. The property includes a modern steam generating
plant of 23.000 k. w. capacity, located at Edwardsport.
In August 1924 company became associated with ether interests in
acquiring the majority of the Common stock of the American Public
Utilities Co. This is a holding company which through stock ownership
controls the Central Indiana Power Co., with its subsidiaries, the Merchants Heat & Light Co., the Northern Indiana Power Co., the Indiana
Electric Corp.. the Wabash Valley Electric Co. and the Attica Electric
Co., all serving Indiana cities aed towns; the Albion (Mich.) Gas Light
Co.; the Holland (Mich.) City Gas Co.; and the Utah Gas & Coke Co.,
Salt Lake City. Utah. The Indiana subsidairies furnish one or more
classes of service in 142 communities having a population of 550,000,
including a part of the electric business of Indianapolis and the entire
electric business of Kokomo. Huntington. Noblesville. Wabash, Rochester,
Clinton. and Sullivan. The Indiana Electric Corp., one of the subsidiaries,
recently completed a modern 40,000-k. w. generating plant on the Wabsh
River, adjacent to large coal land holdings of the company. Company
acquired in this transaction a substantial interest in the .American Public
Utilities Co.
The entire outstanding capital stock of the Old Dominion Power Ce.
(of Virginia), was acquired early in the year. This company derives a
large part of its revenue from the sale of energy to coal mines. It has
86 miles of transmission line and is interconnected with the Electric Transmission Co. of Virginia, company's other Virginia subsidiary.
The distribution system of the Sand Springs Light & Power Co. in
Tulsa, Okla., was acquired and has been operated for sderal months by
the Tulsa Light & Power Co., a new subsidiary. This company serevs
approximately 4.300 customers. Arrangements have been made for qhe
early merger of the Tulsa Light & Power Co. with the Public Service Co.
of Oklahoma.
A contract was made near the close of the year for the acquisition in
January 1925 of the entire outstanding Common stock of the Quincy
Gas, Electric & Heating Co.. the Chicago & Joliet Electric Ry. Co., the
Warsaw Gas Co.. the Goshen Gas Co., and the Niles Gas Light Co.
In west Texas company acquired during the year the Common stock
of the San Angelo Water, Light & Power Co.; the Ballinger Light, Power
& Ice Co., and the Winters Light & Power Co.
In addition to the foregoing, utility properties in a number of communities were acquired by the subsidiary companies and made a part
of their operating systems.
Subsidiary Operating Companies Consolidated.—Pursuant to the company's established policy of having, for economy in operation, the smallest
possible number of subsidiary companies in each State in which it has
interests, certain consolidations were effected during the fiscal year.
A consolidation of the properties of the Wisconsin Power, Light & Heat
Co., the Janesville Electric Co., the Badger Electric Service Co., the
Mineral Point Public Service Co.. the Middle Wisconsin Power Co. and
the Wisconsin Power & Light Co. (formerly Eastern Wiwconsin Electric
Co.) was arranged under the ownership of the Wisconsin Power & Light
Co. The company is a subsidiary of the North West Utilities Co.
In order to consolidate certain properties in east Texas, three new corporations were formed: The East Texas Public Service Co., the East
Texas Ice Co. and the Longview Ice Co. The properties of the Marshall
Electric Co., the Longview Ice & Light Co. and the Jefferson Ice & Light
Co., excepting the ice properties of the two companies last named, and
all the electric properties in 17 other Texas communities have been conveyed to the East Texas Public Service Co.
Fu ,ded Debt Reduced.—Provision was made during the year for a reduction of $6.837.700 in the company's funded debt. Of this amount
$730,800 became effective during the fiscal period and the balance on
Jan. 1 1925 with the retirement of the 10
-Year 6% Collateral Gold bonds,
the funds for which had been provided and deposited with the trustees
during the fiscal year 1924.
Secured Gold Notes.—The total amount outstanding at Dec. 31 1924
was $5,765,500. a reduction of $279.600 during the year. This is the
only funded debt now outstanding.
10
-Year 6% Gold Bonds.—The balance of this issue outstanding at
Dec. 31 1924. $6.106,900, was paid at maturity on Jan. 1 1925.
Capital Stock.—Company sold during the year $7,347.500 7% Cumul.
Prior Lien stock, $4,025,000 of Preferred stock and 22,774 shares of its
Common stock (no par value). Proceeds were used for the general corporate purposes.
Dividend Certificates Redeemed.—The 10
-Year 6% Preferred Stock
Dividend certificates due June 1 1928 were called for redemption on Dec. 1
1924, and funds deposited for this purpose.
Growth of Customer Ownership.—The popularity of the operating companies' securities within the territory served was advanced in marked
degree during the year. From a start made a few years ago to provide
a comparatively small part of the money required for plant extensions te
meet the public's increasing demand for service, the sale of the companies'
Prior Lien and Preferred stocks to their customers has grown during the
past year to a steady demand exceeding at times the amounts of stock
available for sale. Customer ownership was a greater factor in financing
the cost of extensions to care for new lousiness, improve the service and
promote the growth of the communities served than in any previous fiscal
period. The total amount of their Prior Lien and Preferred stock sold
by the subsidiary operating companies during the year was 220.714 shares.
The companies had at the close of the year 59,165 stockholders in the
aggregate, an increase of 26,487 during the fiscal period. In addition,
stock had been sold at Dec. 31 1924 to 9.075 subscribers on the partial
payment plan.
COMBINED EARNINGS OF SUBSIDIARY OPERATING PROPERTIES.
Calendar Years—
1921.
1924.
1923.
1922.
Gross earnings
$41.402.607 $36.185.182 $29,870,702 226-348.234
Net (aft.op.exp.& taxes) 13,981,520 11,449,844
7,520,150
9,104,659
Rents on leased prop's
256,223
344,768
278,379
237,362
$13.636,752 $11,212,482 28,826,280 $7,263.926
xAdd Prop'n of net earns.
accruing to M. W. U..
117,458
287,628
135,703
110,937
Total
$13.924,380 211.323,419 $8,961,983 27,381,384
Deduct—Bond debenture,
&c., in, charges (outside holders)
25,130.705 24,165,192 23,451.614 23,101.656
Yearly amount of discount on securities— _
217.957
586,498
366,571
480,459
Divs, on stock & prop'n
of undistributed earns.
to outside holders_
759.236
1.005,360
2.582.633
1.741,722
Total earns, accruing
to M. W. Util. Co_ _x$5.624,544 24,336,046 $4,048,438 83.302.535
x Of the above amount M. W. Utilities Co.: (1) received and accrued as
interest of bonds and debentures, $807,946; (2) received and accrued as
interest and brokerage on money advanced. 2198.620; (3) received and
accrued as dividends on stocks, $3,025.095: total. 24.031.661. leaving
M. W. U. Co.'s proportion of surplus carried to the aggregate surplus
account of sub. eas, on their own books, 21.592.883.
INCOME AND PROFIT ei LOSS ACCOUNT, DEC. 31.
1421.
1922.
1924
1923.
Int.rec.& scar.on bds.&
debentures, &c •
$1.006,566 $1,331,863 $1.480,498 $1.404,799
Divs.rec.& scar. on stks.
1,403,758
of sub. cos
1,679.274
2,417,008
3,025.095
Int. rec. on bds. & notes
54.039
of outside companies_
40,145
45,171
Divs.rec. & accr. on silts.
46,150
outside cos
214,109
45.250
80,332
Misc. int. on notes rec.
32,687
16,948
brokerage, &c
53,577
99,848
325,000
Prof.from revel,ofsecur.
75,000
Prof. sale of prop's & se87,666
555,583
curities to sub. cos.,&c 1,062,088
735,233
Prof.from sale of prop_ _
42,418
329,522
87,464
101,761
Fees for neg.Ac.,sub.cos
175,025
236.985
Total income
$5.880,581 54,920,546 $4,048,174
$535,483
Deduct-Adm. expenses_
$913,863
$865.575
Int.on coll. notes & bds_
1,249,097
1,033.672
848,109
Int.on coll. loans, &c
130,406
193,024
193,024
Int. on pur.contr., &c
204,077
23,307
37.275
Miscellaneous charges
35.355
Writing off disc,on sec
120,000
155,000
136,250
Divs. paid & accr. to date:
808,814
On Pr.L.stk.7% p.a. 1.298.664
994,699
689.656
On Cumul. Pref. stock 1,304.979
851,799
Balance. surplus
$1.168,823
$759.964
$491,411
33,441.561
$386.055
1,213,111
221,553
4,517
110.000
384,746
518.152
$603,429
BALANCE SHEET DECEMBER 31.
1923.
1924,
1924.
1923.
AssetsLiabilities$
$
5
Securities, plants,
Common stock_ _b11,966,950 10,864,800
459
459
Com,stock scrip__
contracts, goodwill, 6tc. (book
Prior lien stock_ _c23,347,500 16,000,000
value)
a65,047,900 58,327,221 Preferred stock. d21,687,520 17,662,520
20
-year sec. notes_ 3,430,500 3,632,300
Advances to sub6,558,100
sidiary cos
2,566,853 2,132,318 10-yr.6% coll. bds
Pref,stock thy.6%
Advances on un99,755
10-year certifs.
closed contracts.
222,242
73,392
15-year 8% notes_ 2,335,100 2,412,900
Interest accrued,
but not due, dm_ 749,786
625,698 Pay.on stock subs. 386,828 1,075,981
Deed paym'ts on
Cash in hands of
913,463
purch. contracts 2,256,450
98,826
trustees
161,278
764
1,637
758,282 Accounts payable.
Cash in banks, dm_ 1,072,641
Pref. dividend,dic.,
Prepaid expenses
523,641
716,027
accried
and deferred
485,941
charges
176,203
130,456 Contingent reserve 485,041
3,233,240 2,064,417
Surplus
Total(each side)_ _69,848,053 62,295,044
a Securities, plants, contracts, good-will, dzc. (at book value), $66,272,900; less $1,225,000 reserved towards writing off discount and expenses on
company's own securities. b Common stock of no par value authorized,
300,000 shares; issued. 207,050 shares. less 5,000 shares in treasury.
c Cumulative 7% Prior Lien stock, authorized, 300.000 shares of $100 each;
Issued, 233.475 shares of $100 each, fully paid. d Cumulative Preferred
stock, 300,000 shares of 3100 each issued, 207,050 shares of /100 each
fully paid.
-V.120. p. 86.
National Lead Co.
(Annual Report
-Year Ended Dec. 31 1924.)
President Edward J. Cornish says in part:
Cash and Accounts Pasable.-There is on deposit in banks in Great Britain
the sum of about £325.000 and the equivalent of about $300,000 in Buenos
Aires. On both of these deposits (in addition to the interest) there has
been an exchange profit which has not been taken up on the books of the
company.
The company will probably borrow from banks several million dollars, as
usual, between Jan. 1 and Mar. 31, all of which will probably be repaid
before Sept. 1.
-We have authorized expenditures in investigating
Pig Lead Supply.
lead prospects in Southern Missouri, Oklahoma and the Rocky Mountains.
In addition thereto, we have obligated ourselves for over 51,000,000 in acquiring and assisting in the development of processes that, if successful,
will operate to increase the supply of lead.
Harris Process.
-We have obtained an option to purchase the right to use
the Harris Process in the United States in the treatment of secondary
metals, exclusive of all others excepting one plant to be operated by the
original owners of the process. After examination of the process in actual
use, both in the United States and Europe, we concluded to exercise affirm,
atively the option to purchase.
Mueller Brass Foundry Co.
-We acquired during the year the interest
of our associates in the Mueller Brass Foundry Co. of St. Louis, Mo.
Titanium Pigment Co.
-During 1924. the capital stock of this company
-the new stock being taken
was increased from $4,300,000 to 55.000,000
by the National Lead Co. It is now operating its new, enlargsd and very
satisfactory plant near St. Louis, Mo. We consider Titanox-the trade
-one of the most useful and promising pigments. Its
name of its product
sale is still limited by its cost, but its usa is rapidly widening.
-This company is doing well. The
National Lead Co. of Argentina.
products of its own manufacture are unexcelled. We continue to supply its
white lead, red lead, and litharge from New York. The Compania Minna
y Metallurglca Sud Americana, in which it owns a two-thirds Interest.'
receiving increasing quantities of ores mined in Argentina. Lead mines
are being discovered in the Andes, from Bolivia south, the ores from which
(with the building of railroads) will probably be smelted in Buenos Aires
and supply the domestic demand of Argentina for all lead products.
There Is no country more promising in a business way than Argentina,
by reason of its natural resources, its climate and the character of its people.
The earnings of this company for many years will probably be absorbed in
new manufacturing equipment,to keep pace with the growth of Argentina.
-In July 1924, Patine
Patin° Mines and Enterprises Consolidated, Inc.
Mines & Enterprises Consolidated was incorporated in Delaware with
an authorized capital of 550.000,000 of which $27,606,320 had been issued.
This company acquired the properties in Bolivia previously owned by the
Compania Estanifera de Llallagua, in which the National Lead Co. was
interested as a stockholder, the Empresa Minera La Salvadora and the
Machacamarca-Uncia RR. The ownership of these properties (which are
probably the most valuable tin mines in Bolivia) by an American corporation must operate to draw the two Republics more closely together and add
commercial ties to the political ties that unite them.
Senor Simon I. Patine, of Bolivia, who, owns a one-third interest in the
capital stock of Williams, Harvey & Co., Ltd., of England, and of the
Williams Harvey Corp. of New York On which the National Lead Co.
owns a like interest) is the largest stockholder in the new company, which
takes its name from him.
The Government of Bolivia permits a depletion charge, not exceeding
5% of the estimated value of a mine, to be set up by the mining company
as a reserve, deductible for tax purposes. It has therefore been a custom to
declare in dividends all the net earnings of mines, with a depletion charge of
only 5%. Inasmuch as we have considered such depletion charge in the
mines in question inadequate, in lieu thereof we have reduced the value
of our own investments in mining properties in South America. on our
books, by the amount of dividends received therefrom to date-amounting
since 1922 to about $700 000.
-The company is seriously considering a number
Foreign Investments.
of foreign investments. Our wages, administration and sales expenses in
the United States are twice as large as in the companies in which we are
Interested in Europe. Our export trade is at the vanishing point. If we
would continue an important factor in international commerce, we may
be compelled to build or buy works in Europe and elsewhere.
Preferred Stock.
-We are frequently asked regarding rumors of the retirement of the Preferred stock. The Articles of Incorporation provide as
follows: "Such preferred stock may be redeemed at the option of this company, to be declared and exercised by its Board of Directors, at any time
after 3 years from the date of its issue, at a price not less than par with accrued unpaid dividends."
It would be highly improper for the officers of the company to state that
any provision inserted In the Articles of Incorporation by the stockholders
would not be exercised. The most that can be said is that at present such
retirement is not being considered.
[VoL. 120.
THE CHRONICLE
1452
Dividend Policy.
-There seems to be no good reason for increasing the
dividend rate or changing the company's policies. The net earnings in excess of dividend requirements are being reinvested in a way that gives additional strength and permanency to the company.
The usual comparative 'income account was given in V.
120, p. 1213.
BALANCE SHEET DECEMBER 31.
1923.
1924.
1924.
.1923.
Assets$
$
Plantinvestment.x41,583,253 43,058,132 Preferred stock___24,367,600 24,367,600
U. S. Government
Common stock_ _ _20,655,400 20,655,400
securities
613,540 1,234,540 Bonds of sub. cos_ 7,318,000 7,731,000
Other investnets_y10,233,144 9,775,776 Insurance fund__ 3,189,927 2,880,010
261,506
Inventories
18,483,875 19,403,510 Employees liab.res. 283,187
Cash
2,500,000 2,500,000
5,288,656 3,565,351 Plant reserve
Accts.receivable_z18,559,107 16,319,558 Promotion reserve. 1,500,000 1,500,000
Notes receivable__ 500,001
578,013 Metal reserve...._ 1,000,000 1,000,000
3,663,199 4,416,331
Tax reserve
Accounts payable. 4,989,109 3,924,694
Total(each side)..95,261,576 93,934,881 Surplus
25,795,154 24,698,340
xPlant investment, 559.160,371, less depreciation and depletion reserves.
$17.577,118. yOther investments include 53.141.495 stocks and bonds of
Insurance funds and $6,760,099 stocks and bonds of companies not entirely
owned by National Lead Co. sAccounts receivable. $19,091.568, less bad
debt reserve. $532,461. V. 120. p. 1213.
Market Street Railway, San Francisco.
(Annual Report-Year Ended Dec. 31 1924.)
President Chas. N. Black says in part:
The refunding of the $9,250,000 5% First Mtge,bonds and the $4,250,000
6% Collateral Trust notes which fell due during the year, was successfully
accomplished, and at Dec. 31 1924 the only outstanding funded debt consisted of $13.000,000 7% First Mtge, bonds, of which 5125,000 have since
been re-acquired and placed in the sinking fund.
No material progress has been made in the negotiations for the purchase
of the company's property by the City of San Francisco. although the
committee has held several meetings. and the matter is still under discussion.
INCOME ACCOUNT FOR STATED PERIODS.
Year End. Year End. Year End. 9 mos.End
PeriodDec. 31 '24. Dec. 31 '23. Dec. 31 '22. Dec. 31 '21.
Operating revenue
59,852,228 59.809,393 $9,583,437 57,089,944
Maint. of way & struc
538.223
647,495
587,486
550,368
Matnt. of equipment_
486,807
660,127
640,939
649.487
Power (including disputed
1,123,284
surcharges)
1,335,343
1,346,159
1,442,410
2,694,256
Transportation & traffic 3,587,299
3,394,868
3.507.318
General & miscellaneous
470,223
811,712
754,346
808,523
Taxes
456,000
604,200
617.000
617,100
Net earnings_ - - 52.196,441 52,356,045 $2,130,392 $1,321,151
.Other income credits118,315
37,169
74,554
93,600
Gross income
$2,233,610 $2,430,599 $2,223,993 $1,439,465
Interest on funded debt- 5857.508
5727,456
5745,893
$581,668
Discount on funded debt
42,656
Depreciation
320,000
320,000
320,000
320.000
Income tax reserve
68.235
153,578
Miscellaneous
50,277
11.932
33,998
48,439
Net income
$933,278 51.195,567 51,109,660
Previous surplus
1,431,496
846,042
487,521
Misc,adjustment credit.
37,062
286,061
1.196
5487.521
Gross surplus
52,401.837 $2,327,670 $1.598, 77
3
138,682
44,122
Fed'l taxes in prior years
Int. on P. G. & E. Co.
11,193
surcharge power acc't_
697,200
697,020
Prior preferred dividends
50.826
Refinancing expenses__ _
341,706
9.466
Miscellaneous charges
61
$846.042
Profit and loss surplus $2,060.070 51,431.496
BALANCE SHEET DECEMBER 31.
1923.
1924.
1924.
1923.
$
LiabilitiesAssets$
$
$
Railroad's property
Prior pref.6% stk-11 618, 0 11,618,500
.
50
and franchises_ _47,621,543 47,369,755 Pref. 6% stock__ 4,986,850 4,986,850
Mat'd funded debt
2d pref.6% stock. 4,673,700 4,673,700'
63,600
Sinking funds_
161,350 Common stock _ _ _10,647,400 10,647,400
Invested in securi1st M.5% s. f bds
.
9,239,550
ties
31,803
128,248 1st 6% s. f. collat.
4,269,000
Ma/trials and suptrust notes
plies
456,825
455,996 1st M.7% si.bds_ 12,875,000
Cash
835,971 1,042,438 Funded debt mat'd
63,600
Special deposit& _ _
112,076
451,915 Accts., wages, dm.,
Notes & accounts
payable
271,004
555,925
receivable
64.746
65,489 Interest accrued_
218,028
Accrued interest
610
2,380 Accrued taxes._._ 313,202
393,174,
24,647
Insur. premiums._
17,559 Prior pref. div. pay
4,500
15,960
Taxes paid in adv.
7,856
8,118 Deed credit items_
84,085
73,031
Unamortized disDeprec'n reserve__ 1,280,000
960,000
count on bonds. 867,344
Other reserves._ __ 928,800
914,476
4,611
Misc. deed items_
8,920 Surplus
2,000,070 1,431,496
Total
50,091,632 49,712,170
-V. 120, p. 453.
Total
50,091,632 49,712,170
Philadelphia Rapid Transit Co.
-Year Ended Dec. 31 1924.)
(Annual Report
President W. C. Dunbar says in substance:
-The Pennsylvania P. S. Commission duly
Fare Increase Approved.
approved our application for authority to increase the rates in Philadelphia
-7c. cash fare. to 7%c. token-8c. cash fare; eliminating
from 634c. ticket
the 3c. exchange ticket outside the delivery district and establishing Sc.
as the rate for zones on suburban lines.
P. R. T., in the rate case proceedings before the Commission, submitted
estimates of the financial results under the higher fare, conforming to the
operating budget formula approved by the Commission in the valuation
proceedings and showing an estimated return of less than 512.000,000, as
against the authorized annual return of 514.000,000, representing 7% on
the minimum rate base of 5200,000.000. The order of the Commission to
charge the higher fare has been upheld by the Superior Court.
-Passenger revenue increased $753,340. due to the
Income Account.
7%c. token-8c. cash fare which became effective 8opt. 25 1924; Net
income of 51.810.364 53 was earned during 1924, thus providing for the
P. R. T.6% dividend and in addition thereto the amount required to pay
the co-operative wage participation to the men.
-P. R. T. co-operative plan, which has secured for PhilaWages, &c.
delphia continuous car service for 14 years, uninterrupted by a single strike,
provides that the wage scale of its employees shall be determined by the
average paid in the three cities of Cleveland, Detroit and Chicago. Under
this wage plan. the rate in effect on Jan. 1 1924 was 675ic, per hour, going
to 6854c. on June 1, following an increase in Chicago. As these wages
were beyond the power of P. R. T. to pay, without increasing the fare
-7c, cash fare, our men agreed that the basic wage
above the 6 Vic. ticket
should be established at 65c. per hour for 1924, with a 10% wage participation, the result being that the men received in wages and in their wage
participation $900,000 less than that to which they would have been otherwise entitled.
P. R. T.economies and efficiencies, now $19,000.000, exceed by $5,000.000 the total amount paid to owners, including P. R. T. dividends, employees co-operative wage participation and management's fee.
The 10% co-operative wage participation and the Mitten Management
fee, which together approximate 10% of the $19,000,000 added profits of
1924 will, from 1925 forward, be charged against the company's share in
profits resulting from economies and efficiencies in operation, under the
provisions of the Public Service Co. Law.
-Since the formation of P. R. T.in 1902 and the
P. R. T.Property Value.
execution of the city-company agreement in 1907. P. R. T. has, in the
MAR. 21 1925.]
THE CHRONICLE
matter of its rates and service, been made by law subject to the direction
of the Public Service Commission, which body, under the Public Service
Co. Law, held hearings 1920-23 to determine the actual value of P. R. T.
property used in supplying service to the public.
P. R. T., by inventories of its property and of unit cost,proved its value
as of June 1919 to be $290,729,742. Unit costs at Jan. 1 1925 averaged
sufficiently higher than in June 1919 to make the value of the property of
this date $307.500,000. P. R. T. valuation costs have been an item of
great and burdensome expense, but as the upwards of $200.000,000 property
value gives us a foundation of credit upon which to build for the future, the
great expense involved can be now said to have been fully justified.
P. R. T. did not contest the "upwards of $200,000,000 valuation" as
handed down by the Commission, for the reason that, with the 7% allowed
by the Commission thereon, the net income of $14,000,000 per annum then
permitted was sufficient to cover all that the company could be expected
to now earn over and above the amount required to carry out its program
of improved service.
P. R. T. stockholders, with upwards of $200,000,000 leased property
value, have an equity exceeding $60,000,000 to represent their $30,000,000
of paid in capital, this amount being over and above the $140.000,000
value required for all underlying liens.
$14,000,000 net income is but 7% on the $200,000,000 valuation. $12.000,000 pays all P. R. T. charges including the dividends on its capital
stock. $12,000,000 is even less than the allowable 7% per annum upon
the $187,000,000 reproduction value admitted by the city.
P. R. T. is an operating company and as such cannot directly own the
property which it operates. P. R. T. is thus the lessee which operates
the property of the underlying and owning companies. P. R. T. is also
increasingly becoming the lessee and operator of city built lines. P. R. T.
as the lessee of the underlying companies is required to supply money for
their extension and improvement, but since 7% return upon added capital
is allowed by the Commission, P. R. T. can secure additional capital at an
average rate within this limit.
-P. R. T.is under contract to next year pay 3% on
City Built Subways.
city's construction costs of the Frankford Elevated. This city-company
contract provides for an increase of 1% per annum until a maximum of
5% per annum is reached in 1927, at which time the rental paid by the
company to the city will approximate $780,000. P. R. T. has agreed to
pay the city's carrying charges on the Chestnut St. surface car subway.
Three years are expected to be consumed in construction. The carrying
charges during the first year of actual operation will be added to the capital
cost. P. R. T will thereafter pay approximately $1,000,000 per annum
on the $20,000;000 estimated cost of the company's portion of this citybuilt subway.
The city has requested the terms upon which P. R. T. will operate the
Broad St. subway. P. It. T. has stated that it will offer a fixed rental
when this subway nears completion, and that if its offer be unacceptable
P.R.T. will stand ready to operate this city-built line for the city's account,
in order that the actual results may be made available to determine the
amount of rental to be thereafter paid.
Upon the opening of the Broad St. subway. a Sc. fare thereover and a Sc.
fare upon the Market-Frankford elevated will be necessary in order that
these main trunk lines be most effectively used in carrying the maximum
number of passengers. Sc.zones for surface cars will then also be necessary
to insure a maximum fare of no more than 10c. between the central delivery
district and the farthest city limits, otherwise the combined use of surface
cars and subways will so increase the proportion of unprofitable long distance
riding as to overwhelm the combined system with increasing costs.
City-Company Agreement.-Under the 1907 city-company agreement,
sinking fund payments are provided which may,and no doubt will, be used
stoeg off P.II T. $30,000,000 of capital stock, at par, in 1957. P. R. T.
toi
)
..
elders paid in their 830,000,000 under the city-company agreement
that they should receive 6% per annum cumulative.
To Pay Additional Annual Dividend of 2%.-P. R. T. stockholders are
now about 820,000,000 short of having received their 6% cumulative
dividend. This deficit should be made up before the end of the citycompany agreement in 1957, by an added annual dividend payment of
2%. With this in mind $1 per share will be paid for the quarter commencing Jan. 1 1925.
P. R. T. property values make 814,000,000 per annum the minimum
payable to owners. $12,000,000 covers all fixed charges and dividends.
The use of the entire $2,000,000 remaining to pay back dividends is not
advised, as this would interfere with P. R. T. plans.
Corporate Financing.
-New cars are needed to complete 100% modernization of car equipment. New motorbuses are required to supply auxiliary
service. The Olney, Wyoming and Erie crosstown lines, and the extension
of tracks on North 5th St.. al promised, with other equally necessary
undertakings, are planned to be financed as follows: (a) $3.500,000 of
6% Real Estate Mtge. bonds,secured by car terminals, &c..and guaranteed
by P. R. T.. have been marketed:(b) $2.700,000 of P. R. T.10
-Year 53i%
Equipment Trust certificates covering 200 motorbuses and 100 street cars
are also sold: (c) $3.000,000 of P. R T. Preferred stock, to be used in
providing new capital, and for acquisition or retirement of prior obligations.
Mitten Management Compensatton.-Mitten Management fee was in 1911
fixed at $158,000 a year-850,000 for supervising construction
-3% of
the estimated expenditures-$108,000 for supervising operation-)4 of 1%
of the estimated gross earnings. This management kept on, during 14
years past, at the lump sum of $158,000 despite the fact that the construction
expenditures. and gross earnings, have been so greatly increased.
Mitten Management expenses have greatly exceeded the fees paid by
P. R. T.for its services. This management will, with your assent, from
Jan. 1 1925, forward, credit itself with 301 of the actual expenditures, for
supervising construction, and with
of 1% of the actual gross earnings as
Its fee for supervising operation.
EARNINGS FOR CALENDAR YEARS.
1924.
1923.
1922.
1921.
$45,002,700 $44,249,361 $41,758,763 $41,514,830
652,317
681,130
770.780
905.775
Passenger earnings
Other receipts
Total
Expenses
Maintenance__
Oper. of power plants_
Operation of cars
General
Taxes
Total expenses
Operating income
$45,655.017 $44,930,491 $42,529.543 $42,420,605
8,560,400
8,560,400
3,772,643
4,416,307
14,313.232 14.003,087
4,5913.0194,060,159
2,760,903
2,695,708
8 560 400
560 400
3,475:3 7 8'
0
3.252:188
13,383,431 13.330.471
3,548,379
3,291.710
2.586,001
2,798.821
589
. ,
.
$11:654..817 111.413112 110.'97026 $11,187,016
3
,:
560,470
706,429
490,435
Net earnings
812,215,288 $11,816,369 $11,682,455 $11,677,451
Interest
1,371,252
1,161.637
1,020,090
1,029,245
8.833.671. 8,674.732 8,683,087
Rentals
8,720,913
180,000
Sink,fund city contract_
180,000
150,000
120.000
Dividends
(6%)1,799.575(6)1,799.148 (6)1,799,148
None
Balance, surplus
$10,789
$852
$30.130 $1,807,293
-Net income, before dividends, in 1923,
Note.
.was exactly $1,800,000.
due to wage participation of men being short earned, aftew first setting
aside $1,800,000 for P. R. T. dividend. This shortage has been made up
by extraordinary economies during the current year, and the whole of the
1924 wage participation has been fully earned.
BALANCE SHEET DECEMBER 31.
1024.
1923.
1924.
1923.
LiabilitiesAssets29,996,110 29,991,660
Ptoperty account.x61,722,361 60,870,519 Capital *lock
Funded debt
22,624,000 21,220,000
Special deposits- _y2,700,000
Audited acc'ts,&c.,
Reserve fund for
z505,679
575,179
current liabilities 1,614,887 1,854,145
renewals
839,491 Accrued rentals,in2,191,786
Cash
Material & 5809'.terestand taxes_ 3,184,159 3,158,236
449,787
accts rec., &e 2,238,619 2,784,472 Dividend payable_ 449,929
Renew.& depr.tee 6,342,824 3,866,900
Deferred assets &
981,806
541,549
unadJust. debits 1,648,034 1,773,906 Accident
Other reserves__ .... 160,181
144,459
Surplus
5,652,582 5,616,833
Total
71,006,478 60,843,568
71,006,478 66,843.568
Total
x Property account includes road and equipment expenditures for leased
ines, real estate. sinking funds, &c. y For purchase of Series "II" Equipment. x Reserve fund for renewal consists of cash,$500,000, and securities
$5,679.-V. 120. p. 1205.
1453
(J. I.) Case Threshing Machine Co.
(Annual Report-Year Ended Dec. 31 1924.)
RESULTS FOR CALENDAR YEARS.
1924.
1923.
1922.
1921.
Gross sales
See Note $18,587,952 815,720,716 U7.255.198
a Profits
81,512,270
1,370,806
860.283
1,328,185
Interest on notes payable
343,367
405,848
367,584
746,425
Deprec n on plant, &c_ _
459,634
330,326
171.429
175,846
Idle plant expense
500,887
Adj. of inventory values
561,558
2.788,459
Reserve for contingencies
Cr.2.300.000
Balance, surplus _ _ _
Previous surplus
8147.711
1,042,007
8634,633
1,317,373
8321,270 loss$583,431
1,622,491
3,815,922
Total
31.189,718 $1,952,007 $1,943,761 83.232,491
Special reserve against
conting, invent. losses
Cr.376.087
700,000
Preferred dividends(7%)
910.000
910.000
910.000
Prior years adjustments_
Dr.92,475
P.& L.surp. Dec. 31_ 81,189,718 $1,042.007 81.317.373 $1,622,491
a Profit from sale of manufactured products and income from other
sources, after deducting all operating expenses and ordinary losses, but
before deducting interest charges and provisions for depreciation (and also
in 1924 adjustment of automobile inventory values).
-Sales of agricultural machinery were approximately the same as a
Note.
year ago. Domestic sales and sales in foreign countries (other than Canada)
show a substantial increase, but this was largely offset by a fallingfoff in
Canadian sales, due to poor crops in that country. There was some decline
in automobile sales.
BALANCE SHEET DECEMBER 31.
1924.
1923.
1924,
1923.
Assets
Liabilities
Land, bldgs.. &c_a11,588,030 11,967,388 7% Pref. stock__ _13,000,000 13,000,000
Patents, designs,
Common stock _ _13,000,000 13,000,000
devices, &c____ 1,044.423 1,044,423 Bills payable
3,200,000 4,975,000
Treasury stock__ 241,151
Accounts payable_ 532,059
590,503
10,778,440 11,862,629 Taxes, royalties.
Inventories
Notes receivable_ _66,707,096 7,195,736
&c., accrued... 302,191
309,907
Accts.receivable
396,679
343,887 Reserve for future
Inv.In and adv. to
collateral expenCompagnie Case
ses, &c
700,000 1,000,000
54,215
de France, Paris
136,803 Reserve for indusOther notes reedy. c114,733
133,473
trial accident liaReal estate & prop. d104,867
108,196
bility
100,000
100,000
730,302
Cash
819,615 Surplus
1,189,718 1,042,006
Deferred charges._ 264,032
405,266
32,023,969 34,017,417
Total
32,023,969 34,017,417
Total
a Land, buildings. &c., 315,406,900; less reserve for depreciation and
accruing renewals, $3,818,961. b Customers' notes receivable, including
interest accrued, 37,562.301; less commission certificates outstanding,
8855,205. c Due from officers and employees for capital stock p
-V. 119. P. 2766.
d Acquired under foreclosure and held for sale.
United States Cast Iron Pipe & Foundry Co.
(26th Annual Report
-Year Ended Dec. 31 1924.)
President N. F. S. Russell, Burlington, N. J., Feb. 19,
wrote in substance:
Results.
-The net profit for 1924 was 86.020.920 compared with $3.
471.268 for 1923.
The year 1924 established a new record in the tonnage made, sold and
shipped by your company, as well as in the net profit.
Operating Conditions.
-Operating conditions during the year have been
more satisfactory than for some years past. Labor conditions were better,
and this factor aided by a demand for bell and spigot pipe which was
remarkably well balanced in the range of sizes offered, allowed the continuous operation of a large percentage of the pipe pit capacity and the
result was that costs and losses were both reduced. The general foundries
'
and machine shops of the company were not as fully employed as in some
previous years, but nevertheless a satisfactory net return was made from
these departments.
De Lavaud Process.
-Regarding pipe produced by the De Lavaud process;
the additional capacity at Birmingham went into service on Dec. 29 1923;
with the result that the tonnage produced by the De Lavaud process was
more than double that of 1923. The construction of the Burlington plant
was delayed, but ground was broken in November, and the plant is now
under construction, and should be in production in 1925.
Construction.
-During the year additional construction was completed
at Birmingham. as well as replacement of certain buildings destroyed by
fire. The fencing of the Anniston and Scottdale plants was undertaken,
and is now practically completed, so that all of the plants are now fenced.
Wash and locker buildings are under construction at Anniston, Chattanooga
and Scottdale, and as soon as certain street changes are completed at
the Burlington plant, a similar facility is planned for Burlington, thus
providing all of the plants with wash and locker facilities. A new pattern
shop and pattern storage building is being constructed at Scottdale. The
sand cast shop at Birmingham, making pipe of large diameters, which has
operated but a few months in the last 13 years, has been repaired, and
will shortly be prepared to start manufacturing, should the sale of pipe
in diameters of 20 inc. and larger exceed the present capacity of operating
pits; or should the demand be less, it might be economy to operate this
shop, in connection with the sizes made in this plant by the De Lavaud
process, and close down some other plant.
An addition to the general office buildings at Burlington was undertaken
and completed in 1924, so that now all the general departments of the
company are located at Burlington, making for more economical and
efficient operation.
Repairs.
-During the year $2,470,884 has been expended for repairs
to buildings, upkeep of machinery, equipment. tools, &c. All plants
have been maintained, and are in a position to continue operating to
present capacity on sand cast pipe.
Reserves -Reserves have been maintained, and there has been charged
into operating accounts and credited to various reserve accounts during
1924,the sum of 8584.633. During the year there has been charged against
the various reserve accounts the sum of 8189,869, leaving a net increase in
reserve accounts for the year of $394,763. The reserve accounts, excluding
the reserve for working capital, but including the reserves for depreciation,
doubtful accounts, and insurance, total 83,207,931, as of Dec. 31 1924.
Due to developments in the industry, the final outcome of which cannot
as yet be foreseen, the management has felt compelled to build up reserve
accounts to take care of such possible developments.
Financial Condition.
-Company is in good financial condition,inventories
are conservatively valued, investments in U. S. Government Liberty
bonds and Treasury certificates remaind undisturbed, and the bonded debt
is being decreased.
Working capital account as of Dec. 31 1924 is as follows:
Current assets: Accounts receivable. inventories, Government
securities and cash
$13,564,534
Current liabilities: Accounts payable, accrued items (including
Federal taxes of $865,000)
2,012,055
Net working capital
311.552.479
This compares with $6,506,195 at the close of business Dec. 31 1923.
The increase shown in working capital of $5.046,285 has been of great
benefit in conducting the company's operations. Company is not a
borrower at bank, and during the year it has been possible to liquidate
all notes given for the purchase of materials, and become a cash purchaser
in all markets. This acquisition to the working capital of the company
has made it less difficult to take care of the capital expenditures necessary
for the company's continued development and prosperity, the modernizing
of equipment, and expenditures looking toward the more economical operation of company's plants in the production of pipe and fittings.
Dividend Suit.
-During the year the highest court in the State of New
Jersey has rendered a decision in the suits regarding the respective dividend
rights of the Preferred and Common stock, decreeing that no dividend
could be paid upon the Common stock until such time as earnings due
but withheld from the Preferred stock shall have been liquidated even
though the Preferred stock shall receive in any one fiscal year dividends
1454
THE CHRONICLE
[VOL. 120.
In excess of 77. The decision of the Court was communicated to the
Carolina Clinchfield & Ohio Ry.-Initial Dividend.
stockholders in letter dated Dec. IS 1)24. and on that date a disbursement
The company will distribute a dividend of 75c. a share on the plain
from withheld earnings amounting to 1% was made to the Preferred stock- Common certificates and of $1 25 a share on the stamped Common cerholders. In view of the Improved financial condition of the company. tificates on April 10 to holders of record March 31. (See also V. 119. p.
directors, at a meeting on Jan. 22 1925. declared two dividends from 2406.)-V. 120, p. 1322.
the fund accumulated in previous years by diminishing the returns paid
the Preferred stockholders, one dividend amounting to 8300,000 payable
Chesapeake & Ohio Ry.-Seeks Injunction.
on March 16 to Preferred stockholders of record March 2. and one dividend
According to a dispatch from Richmond, Va., a minority group of stockamounting to $301,371 payable on June 15 to Preferred stockholders of holders has applled to Judge William A. Moncure for an injunction to prerecord June 1. With these dividends, all earnings previously withheld vent a meeting of the stockholders on March 3 for the purpose of approving
0
.
from the Preferred stock will have been liquidated.
the leasing of the road to the "Nickel Plate.'
On the same date, out of the profits of the fiscal year 1924, directors
Albert I. Stiles, as a stockholder of Chesapeake & Ohio, has filed with
payable March 16 to the I.
declared four quarterly dividends of 1%% each,
-S. C. Commission a petition for leave to intervene in the application
Preferred stockholders of record March 2. on June 15 to Preferred stock- of the new Nickel Plate to lease and acquire stock control of Chesapeake
holders of record June 1, on Sept. 15 to Preferred stockholders of record & Ohio, Hocking Valley, Erie and Pere Marquette. The petition contains
Sept. 1 and on Dec. 15 to Preferred stockholders of record Dec. 1.
various allegations of unfairness in the terms of leases proposed and bases
Outlook.
-The outlook for 1925 business is encouraging, and the company of exchange of securities.
enters upon the year with satisfactory tonnages booked at fairly reThe petitioner asserts the lease attempts to convey and dispose of for
munerative prices, although the competition of France and other European 999 years the entire property of Chesapeake & Ohio-Hocking Valley System
countries has had an adverse effect on prices. It is hoped, however. without obligation on the new company, except payment of taxes, rentals
their and interest. He asserts the securities of the new company offered will
as the money of these competing countries stabilizes in value and
wages more nearly approach the scale of wages paid in the United States. be greatly inferior to Preferred and Common stock of the Chesapeake &
that their costs and selling prices will compare somewhat more closely Ohio and that the proposed distribution of stocks of the new company,"on
the basis of past years fairly balanced and appraised,requires the said Chesawith the costs and selling prices of this country.
peako to contribute 46% of the consolidated earnings et the said new comINCOME ACCOUNT FOR CALENDAR YEARS.
pany with a benefit of but 29% of the same," and is so unfair as to amount
1921.
1922.
1923.
'1924.
to confiscation.
$526,762
Net operating income..__:$6,448.764 $3,995,794 51.497.866
The petitioner is represented by H. S. Bird as attorney, who has hereto102.667 fore appeared as counsel to an unnamed stockholders' committee. Mr.
85,193
66.905
138,425
Other income
Stiles, as Secretary of this committee, has addressed a letter to Chesapeake
$629,429 & Ohio stock and Convertible bondholders urging the former to execute
$6,587.189 $4,062,699 $1,583,058
Total income
$431.689 proxies in favor of the committee for special meeting March 30 to pass on
$439,647
$472,936
$504,128
Depreciation reserve
96,899 the lease. Bondholders are urged to file a formal protest at the meeting.
121,169
118,496
62,140
Interest
-V. 120. p. 1322.
$100,841
56,020.920 $3,471.268 $1,022,243
Balance, surplus
3,486,512
2,987.354
3,409,596
5,920,863
Chicago Milwaukee 8c St. Paul Ry.-Receivership.Previous surplus
120,000
Rescinded dividends
The appointment of H. E. Byram, Mark W. Potter and
$12,061,784 $6,880,863 $4.009,596 $3,587,353
Total surplus
(8%)960,000(714)900,000 (5)600,000 (5)600.000
Preferred dividends--(%%)60,000
Common dividends
E. T. Brundage as receivers by Federal Judge Wilkinson at
Chicago is noted in a preceding page under "Current Events
and Discussions." The same receivers have been appointed
at Grand Rapids, Minneapolis and Great Falls, Mont. H.
E. Byram and Mark W. Potter were appointed receivers
in the New York district.
-The receivers were authorized
Interest Payments on Bonds.
in Chicago March 19 to pay interest on the following obligations until further notice:
Profit & loss surplus_ _811,101,784 85.920.863 $3.409,596 $2,987,354
x Earnings are after deducting cost of operation and maintenance of
Plants ($2.470,885) expended for upkeep of tools, machinery, buildings and
equipment. expenses of sales and general offices, and provision for taxes
and doubtful accounts.
BALANCE SHEET DEC. 31.
1923.
1924.
1923.
1924.
$
Liabilities$
$
Assets$
Property & plant.x24,238,263 24,116,763 Preferred stock._ _12,000,000 12,000.000
(1) The rentals under the lease of the property of Chicago Terre Haute
932,672 Common stock_ _ _12,000,000 12,000,000
5,498.290
Cash
597.000 & Southeastern Ry.
577,000
Accts.& notes reo_y4,172.935 5,099.806 Funded debt
(2) Interest on the Chicago Milwaukee & St. Paul Ry. Gen. Mtge;
2,738,761 Accts. & bills pay_ 956,309 2,191,699
3 175,310
Inventories
671,343 bonds, due 1989. which includes the Series "A"4% bonds, the Series "B*
717,999 Acer. tax.,int.,&e. 1,055,746
U. S. Govt. sees__ 717,999
al20,000 3% bonds, and the Series "C" 4%%. bonds.
20,291 Dividends payable
26,954
Cash with trustee..
3) Interest on the notes held by the Government of the United States.
165,813
180,032
40,428 Reserves
41,119
Deferred charges__
4) Interest on the 10
-Year 6% 1st Mtge. bonds security gold loan of
11,101,784 5,920,863
Surplus
1924. due 1934.
(5) Interest on the Chicago & Missouri River Division 1st Mtge. 5%
Total
37,870,871 33.666,718
37,870.871 33,666,718
Total
bonds of the railway company, dated July 11886.
x After deducting depreciation of $2.840.534. y After deducting $187.(6) Interest on the Bellingham Bay & British Columbia Ry. 1st Mtge.
366 for doubtful accounts. a Dividends declared for payment on Dec. 20 5% Gold bonds, dated Dec. 2 1901.
-V. 120, p. 464.
1923, payment enjoined (see text).
(7) Interest on the Milwaukee & Northern RR. extended 44% 1st
Mtge. bonds, dated June 10 1880.
(8) Interest on the Milwaukee & Northern RR. Extended 4%% Consol.
GENERAL INVESTMENT NEWS.
Mtge. bonds, dated Feb. 11 1884.
(9) Interest on the Chicago Milwaukee & Gary By 1st Mtge. 5% Gold
bonds, dated April 11908.
STEAM RAILROADS.
Statement by President H. E. Byram.
We did our utmost
Inter-State Commerce Commission Orders Comprehensive Investigation of plant which we had. with the business available and the transportation
But owing to conditions In our territory the last
'
-N.Y. Times" March 18, p.34.
Rate Structure of All Common Carriers.
Railroads Win Extension of Time to 1929 for Time Limit for Electrification few years revenues finally proved inadequate to meet the burden of fixed
charges.
-Jan. 1 1929 date now set in place
of all Railroads Entering New York City.
will undoubtedly
As soon as we get straightened
of Jan. 1 1926 when electrification must be completed. "Sun," March become available for improvement ofaway, more funds need more freight
the Itroperty. We
17, p. 2.
Improvement
our debit
Car Sterplus.-Class I roads on March 7 had 279.430 surplus freight cars, as is proven by eventuallybalance for equipment hire. of operation.
lead to still lower unit costs
cars In good repair and Immediately available for service, according to of the property will
We have kept the property in good condition and are not facing the problem
reports filed by the carriers with the Car Service Division of the American of deferred maintenance which is usual when railroad companies have
Railway Association. This was a decrease of 5.585 cars under the number
reported on Feb. 28. Surplus coal cars in good repair on March 7 totaled been in a difficult financial condition.
138,045. a decrease of 380 within a week, while surplus box cars in good
Financial Readjustment Recommended-Protective Commitrepair totaled 98.315. a decrease of 4,862 during the same period. Reports
-A statement given out by the directors touching on
showed 21,580 surplus stock cars, an increase of 326 over the number tees.
reported on Feb. 28, but there was a decrease during the same period of the financial affairs of the company is given on a predecing
in the number of surplus refrigerator cars, which brought the total
33
page of this issue under "Current Events and Discussions."
for that class of equipment to 13,061.
car shortage is being reported.
Car
The following protective committees have been formed:
March 1 totaled
Mar
ir
taled
ed
Freight Car Repair.-Fre hrs in need of repair
Shortage.-Practicallt cars
(a) Committee for Bondholders.
-Frederick H. Ecker, Chairman: Bertram
185,047.
185.047. or 8% of the number on line, according to reports filed by the Cutler, Samuel II. Fisher, Jerome Hanauer, William E. Knox, Charles E.
carriers with the Car Service Division of the American Railway Association. Mitchell, Charles A. Peabody, H. F. Whitcomb, with S. H. E. Freund.
This was a decrease of 2.934 under the number reported on Feb. 15. at Soc.. 55 Wall St., New York, and Shearman & Sterling, Counsel.
which time there were 187,981, or 8.1%. Freight cars in need of heavy
The committee is formed to represent the holders of the
repair on March 1 totaled 141,192, or 6.1%. an increase of 1.155 compared
with Feb. 15. Freight cars in need of light repair totaled 43,855, or following bond issues:
1.9%, a decrease of 4.089 compared with Feb. 15.
1) 4% Gold bonds of 1925.
-Locomotives in need of repair on the Class I
Repair of Locomotives.
-Year European Loan bonds of 1910. duo 1925.
2) 4% 15
roads of the United States amounted to 11,404 on March 1. 17.7% of
3) 4%_% Convertible Gold bonds, due 1932.
to reports filed by the carriers with the Car
the number on line, according
-Year 4% Gold bonds of 1909, due 1934.
4) 25
Service Division of the American Railway Association. This was a decrease
5) Chicago Milwaukee & Puget Sound 1st Mtge.4% Gold bonds,due'49.
of 412 under the number in need of repair on Feb. 15, at which time there
6) Gen. & Ref. Mtge. Gold bonds, Series A and B,due 2014.
were 11,816. or 18.4%. Of the total number, 6,217, or 9.7%, were In
need of classified repair, a decrease compared with Feb. of 245, while
A statement issued by the committee says:
5.187. or 8%, were in need of running repairs, a decrease of 167 during
In view of the statement of the board of directors under date of March 17
the same period. Serviceable locomotives in storage on March 1 totaled 1925, concurring In the conclusion of Messrs. Coverdale & Colpitts, upon
4,988, an increase of 780 compared with the number of such locomotives their examination of the properties of the company, that a readjustment of
on Feb. 15. Class I roads during the last half of February repaired and the financial structure is essential, the committee has been formed to proturned out of their shops 32,238 locomotives, a decrease of 1.548 under tect the interests of the holders of the above bonds and to represent them
the number repair during the first half of February.
consideration of any readjustment plan. All of the above bonds
-Railroad gross and net in the the
Matters Covered in "Chronicle" March 14.
except
Chicago Milwaukee & Puget Sound 1st Mtge. bonds are secured
earnings for January, p. 1261-1264.
under the company's Gen. & Ref. Mtge. dated Nov. 1 1913, and of the
-Motors Would Save Railroad 8181,664,500 of Puget Sound bonds now outstanding, $154.489,500, or
Maine RR.
Boston 8t
pledged under
Mtge.
$536,656 Annually-Executives Propose Truck and Bus Service more than 85%. arethe committee the Gen. & Ref.amounts of all of the
The members of
represent large
above mentioned issues of bonds.
at Cost, Regulated by Community Committees.
Aggregate losses annually on 186 miles of branch lines on the B. & M.
-The bondholders' protective committee
Depositaries.
which the railroad wishes to replace with motor bus and truck service are
that the following depositaries have been ap$536,656, according to W. A. Cole, attorney for the road, testifying in announced
I. S. C. Commissioner B. pointed:
hearings at Boston and Concord. N. H., before
H. Meyer.
(a) Guaranty Trust Co. for the Gen. & Ref. Mist). 4.4s. Series "A,"
Communities affected by the projected discontinuance of branch line ser- and for the Gen. & Ref. Mtge. 58.
vice are invited to form committees with power to determine how much
(b) United States Mortgage & Trust Co. for
-Year European
4% 15
bus service shall be given and what fares shall be paid, provided that Loan bonds of 1910, due on June 1 1925, and the the 4% Gold bonds of
for
operation costs are net, assorted Homer Loring, Chairman of the B. & M. 1925 due on the same date.
executive committee, in the course of the hearings.
(cl United States Trust Co. for the 4%% Cony. Gold bonds due 1932.
Describing his plan, Mr. Loring said: "The quantity of service or the
( The Farmers* Loan & Trust Co. for the 25
-Year 4% Gold bonds
schedule of operation, and the fares to be charged are, of course, closely in- of 1909. due 1934.
terrelated and it is our desire to balance the two so as to best serve the com(e) Bankers Trust Co. for the Chicago Milwaukee & Puget Sound Ry
those served great weight in 1st Mtge.4% Gold bonds due 1949.
munities. We are willing to give the views of
this adjustment.
The protective committee has not as yet called for the deposit of bonds.
"We believe this may best be accomplished by the communities affected
Committee for Chicago Terre Haute & Southeastern Ry.
appointing a bus service committee. We are willing to leave with this
committee the determination of what bus trips will be operated and the 1st Ref. 5s, 1960.
fares to be charged on the busses so long as the service and fares are so adIn view of recent developments in the affairs of the Chicago Milwaukee
justed as to have the revenue equal the cost of providing the service. We
the committee in every way to see that they are fur- & St. Paul Ry., the lessee of the property of the Chicago Terre Haute &
will co-operate with
of a large
nished with all available data wnich will help them in determining what Southeastern Ry., the committee, at the request of holders committee
-named bonds, have consented to act as a
service would be warranted. We will also give them complete financial re- number of the above
they may determine what adjustments to protect their interests. The deposit of bonds is not requested at this
ports regarding the bus operation so
time. Holders of these bonds are requested to notify the secretary of the
are desirable or necessary from time to time.
111'."It is our belief that thropgh an arrangement of this kind a service committee of their names, addresses and the amount of bonds held by
communities and insure confi- them.
can be furnished which will best serve your
-John W.Stedman, Chairman (V.-Pres. Prudential Insurance
Committee.
dence that those served are getting the greatest value possible in the form
Co. of America), Newark, N. J.: John E. Blunt Jr. (V.-Pres. Illinois
WIN
of transportation."
-V. 120. p. 952, 826.
MAR. 21 1925.]
THE CHRONICLE
Merchants Trust Co.), Chicago, Ill.; Samuel J. Steele (Treas. Fidelity
Mutual Life Insurance Co.), Philadelphia: John C. Traphaden (V.-Pres.
Seaboard National Bank), New York, with F. Rogers Parkin, Sec. 115
Broadway, N. Y. City, and Masten & Nichols, Counsel, 49 Wall St.,
New York, N. Y.
Preferred Stockholders' Protective Committee.
The committee has been formed at the request of large holders of Preferred stock to protect the interests of the Preferred stock in view of the
statement of the directors and the conclusion of Coverdale & Colpitts,
engineers, advising a readjustment of the debt and capitalization of the
company.
The committee has designated New York Trust Co. as depositary.
-Mortimer N. Buckner (Chairman New York Trust Co.),
Committee.
Chairman; Arthur W.Loasby (Pres. Equitable Trust Co.), Oliver C. Fuller
(Chairman First Wisconsin National Bank, Milwaukee), Harold I. Pratt
(Charles Pratt & Co., New York) and John McHugh (Pres. Mechanics &
Metals National Bank), with Boyd G. Curtis, Secretary, 100 Broadway,
New York, and George Welwood Murray, Counsel.
Protective Committee for Common Stock.
In view of the statement of the directors setting forth the conclusion of
Coverdale & Colpitts,the engineers who have been examining the company's
,properties, that a readjustment of the capital structure is essential, the
committee,representing large holders of Common stock, has been formed to
protect the interests of the Common stockholders and to represent them in
the consideration of any readjustment plan.
The committee has named Central Union Trust Co.. 80 Broadway,
New York City, as depositary.
Committee.
-Donald G. Geddes, Chairman: George W. Davison, Bayard
Dominick. Walter L. Johnson, Percy A. Rockefeller, and Stanley Field of
Chicago, with C. E. Sigler, Secretary, 80 Broadway, New York City,
and Cotton & Franklin, Counsel.
1455
Chairman Krech's letter will be given more fully in a subsequent issue. See also V. 120, p. 1324.
Wisconsin Central Ry.-Tentative Valuation.
The I.
-S. C. Commission has placed a tentative valuation of $50,284,398
on the total used and $44,445.800 on the total owned property of the company as of June 30 1917.-V. 118, p. 2825.
PUBLIC UTILITIES.
-The direcAmerican Gas Co.
-22
Stock Dividend.
tors on Mar. 17 declared out of the surplus net profits arising
from the business of the company 223.% dividend on the
outstanding Common stock, payable in common stock to
holders of record Mar. 31 1925.
Certificates for full shares and scrip for fractional shares will be delivered
to stockholders on or about April 15. Certificates for full shares-of the par
value of $100 will be issued upon presentation of scrip certificates for fractional shares sufficient to make the required amount, but scrip certificates
for fractional shares will not bear any interest or be entitled to any dividends
or voting rights of any kind.
The directors also declared a quarterly dividend of
($1 50) on the
entire Common stock (including the full shares issued for the aforesaid
2234% stock dividend), payable April 15 to holders of record Mar.31 1925.
134%
United Gas Improvement Co. to Merge American Gas Co.
An official announcement of the acquisition by the United
Gas Improvement Co. of the American Gas Co. on a basis
A statement by F. J. Lisman giving a general review of the of exchange of stock was made Mar. 14. The statement of
St. Paul situation is given under "Current Events and dis- Samuel Bodine, President of the United Gas Improvement
cussions" on a preceding page.
-V. 120, p. 1199, 1086.
Co., and Morris W.Stroud, President of the Amer. Gas Co.,
Chicago Rock Island & Pacific Ry.-Bonds.says:
The I. S. C. Commissioner on Mar. 9 authorized the company to issue
(1) $1,000,000 gen. mtge. gold bonds: bonds to be delivered to the trustee
under the 1st & ref. mtge.; and (2) $1.000,000 1st & ref. mtge. gold bonds;
bonds to be pledged and repledged from time to time, until and including
June 30. 1927, as collateral security for any note or notes which may be
issued.
-V.120, p. 1322, 698.
Maryland & Pennsylvania RR.
-Resumes Interest on
Income Bonds.
Holders of Income bonds have been notified that the interest due and
payable on April 1 1925 on each $1,000 bond amounts to $23 and that said
amount will be paid to the holders thereof upon presentation, on or after
April 1, or interest warrant No.48, to Alexander Brown & Sons, Baltimore,
Md. This is the first interest payment on the Income bonds since April 1
1914. when interest earned for the 6 months ended Dec. 31 1913 was paid.
A majority of these bonds have been exchanged for 1st Consol. Mtge. 6%
bonds and Common stock, on the basis of $500 of 1st Mtge. bonds and
$500 of Common stock for each 4% Income bond owned. See V.118,p.2573.
Midland Valley RR.
-Initial Common Dividend.
-The
directors on March 18 declared an initial dividend of 2%%
($1 25 per share) on the Common stock, payable April 15
to holders of record March 31.-V. 119, p. 942.
N. Y. Chicago & St. Louis RR.
-Rail Merger Hearing.
Hearings on the Van Sweringen plan to consolidate the Nickel Plate
with the Chesapeake & Ohio, Erie, Pere Marquette and Hocking Valley
will begin before the I.
-S. O. Commission in Washington April 15.V. 120, p. 1087.
New York New Haven & Hartford RR.
-Bonds Sold.
Oversubscription of the new offering of 15
-Year Secured
6% gold bonds was announced March 15 by the company.
The announcement follows:
"Returns so far received indicate a total subscription of $30,500,000 for
$23,000,000 Issue to refund the company's European Loan on April 1.
This will mean an allotment to subscribers for amounts over $1,000 of about
75% of their subscriptions."
The Port of New York Authority, by supplemental order dated Mar. 5,
has withdrawn its request to the New Haven Railroad to open the Hell
Gate Bridge route to traffic moving over its lines to and from New England
points. At the time of the hearing counsel for the Port Authority stated
that there was no complaint of inadequacy of service on the part of the New
Haven to and from points in New England like Boston, Framingham, Worcester, Springfield, Westfield and Pittsfield-all points reached by the New
York Central. From this it seemed only fair that if the New Haven was
handling this traffic satisfactorily over its own lines, there was no reason
why it should make joint rates and establish through routes via the lines
of some other company. The attention of the Port Authority was called to
this understanding of counsel,and as a consequence the following supplemental order was passed at the session of the Port of New York Authority
held on Mar.5, 1925:
"Upon further consideration of the records In the above entitled proceedings and for good cause shown
'It is ordered that traffic between points on the Long Island RR. and
points in New England be excluded from the scope of this investigation.
V. 120. p. 1323, 953.
Norfolk Southern RR.
-Final Valuation.
-
The directors of the United Gas Improvement Co.and the American Gas
Co. at meetings held this week have agreed to recommend to their stockholders a plan for the acquiring by the U. G.I. Co. of at least 75% of the
capital stock of the American Gas Co. Several of the subsidiaries of the
U. G.I. Co.are operating in territory adjacent to subsidiaries of the American Gas Co.. and it is believed that benefit will be derived by the public
and also by the companies from co-operative management.
The plan contemplates that the American Gas Co. will declare a stock
dividend of 2234% which will restore to the stockholders dividends deferred
during the war period, and the stockholders of the American Gas Co. will
thereafter be bffered the right to exchange their stock, one share of $100
par for 2 shares of $50 par stock in a Pennsylvania corporation of suitable
name with corporate powers sufficient to hold such stock.
It is then proposed that this Pennsylvania corporation be merged under
the laws of Pennsylvania with the U. G. I. Co. on the basis of one share of
the U.G.I. Co.stock for one share ofsuch Pennsylvania corporation's stock.
As a part of the plan and in order that the stockholders of the U. G. I.
Co. may also have returned to them dividends on their stock deferred during the war period, it is proposed that prior to the merger a 3% extra cash
dividend shall be paid on the outstanding Common stock of the U. G. I.
Co., and that after the payment of said extra dividend and prior to the
merger, both the Common and Preferred stockholders of the United Gas
Improvement Co.shall be given the right to subscribe to the extent of 10%
of their holdings to new Common stock of the U. G. I. Co.at $50 per share.
The proceeds so realized will be used in part to retire the outstanding Preferred stock of the U. G. I. Co. at its redemption price of $55 per share.
The plan is subject to the approval of the Public Service Commission of
Pennsylvania and the increase of stock necessary to make the stock allotment and the proposed merger are also subject to the approval of the stockholders of the U. G. I. Co. The plan is dependent upon the deposit of at
least 75% of the outstanding stock of the American Gas Co. in exchange
for stock of the Pennsylvania corporation, but the U.G.I. Co.has the right
to proceed with the merger at its option, provided only a majority of the
stock of the American Gas Co. is so exchanged.,
Due notices will be sent out by each company. It is believed that the
plan will prove advantageous to the stockholders of both the United Gas
Improvement Co. and the American Gas Co.
-V. 120. p. 1324.
American Light & Traction Co.
-New Directors.
Two changes have been made in the personnel of the board, Donald
MacArthur succeeding General James H. Wilson, deceased, and Richard
Schaddelee of Grand Rapids being elected a director in place of Mr. James
M. McCarthy.
-V. 120, p. 1088.
American Telephone & Telegraph Co.
-To Increase
the Authorized Capital Stock by $500,000,000.
-The stockholders will vote March 31 on increasing the authorized
capital stock from $1,000,000,000 to $1,500,000,000, par
$100. See also V. 120, p. 1200, 1196.
Associated Gas & Electric Co.
-Owns Entire Capital
Stock of New Connecting Company.
See New York-New Jersey Superpower Connecting Corp. below.
-V.
120, p. 1324.
Bangor (Me.) Hydro-Electric Co.
-Bondholders of
Merged Companies Given Opportunity to Exchange Their
Bonds for Hydro-Electric Co. Bonds.
-
Beginning March 9 1925 Beyer & Small, Portland. Me., and Merill
Trust Co., Bangor, Me., began to receive applications from holders of
Bangor Power 1st 5s. due 1931. Bar Harbor & Union River Power 1st 5e.
due 1935. and Bangor Ry. & Electric 1st Cons. 5s, due 1935, for exchange
of these bonds for the new issue of Bangor Hydro-Electric 1st Lien & Ref.
Mtge. Cony. 5345, due 1949.
There are outstanding $5,142,000 bonds, the holders of which are permitted to make application for this exchange. As there are only $3,500,000
Texas & Pacific Ry.-New Directors.
Bangor Hydro-Electric 534s available for exchange, only those who apply
John J. Raskob and E. J. Davey have been elected directors succeeding promptly can hope to profit from this proposition. In event of applications
John G. Drew and Charles C. Huitt.-V. 119, p. 3007.
being received by the syndicate managers in any one day in amount In
the amount of
Western Pacific RR. Corp.
-Statement Regarding Special excess offor exchange, the Bangor Hydro-Electric bonds then remaining
available
syndicate managers will allot to each applicant
Dividends Issued.-Chairman Alvin W. Krech in a letter to pro rata as far as possible.
Terms of Exchanpe.-Bar Harbor & Union River Power 1st 5s and Bangor
stockholders gives details regarding the position of the Ry. & Electric 1st Cons. 5s will be exchanged for an equal par value of
company and the plan under which the directors have de- Bangor Hydro-Electric 1st Lien & Ref. Cony.534s, due 1949. On account
of the
maturity
Power let 5s.
lared, subject to the approval of the stockholders, a cash changeearlierreceive an holders of Bangor Hydro-Electricdue 1931. who exwill
1st Lien & Ref.
equal
value
dividend of $5 a share on the Common stock and a stock Cony. 534s. due 1949. and $20parcash, on each $1,000 bond exchanged:4
in
Accrued Interest.
-Bangor Power bonds and Bar Harbor
dividend of 16 2-3% on both the Preferred and Common & Adjustment ofPower bonds presented
Union River
and accepted for eachange before
stocks. The letter says in part:
May 1 1925 will receive bonds of the Bangor Hydro-Electric 53.5% issue
As the result of the proceedings taken against the old Denver & Rio bearing the Sept. 1925 coupon without any Interest adjustment. On all
Grande RR.Co. to realize upon the obligation of that company assigned by exchanges of Bangor Ry.& Electric 5% bonds. and on exchanges of Bangor
the old Western Pacific bondholders to this corporation, and as a conse- Power and Bar Harbor & Union River Power bonds made after May 1.
quence of transactions undertaken to effect such realization, this corpora- there will be an adjustment of accrued interest for which a statement will
tion now holds: (1) $16,291,300 miscellaneous securities; (2) $12,500,000 be presented to the exchanging bondholders.
Convertible.
-The Bangor Hydro-Electric 534s, due 1949. are convertible
(appraised value) representing a one-half interest in the Common stock
of the reorganized Denver & Rio Grande Western RR. Co., subject to the into Bangor Hydro-Electric Common stock at $110 per share. The bondexisting voting trust and a one-half interest in stock of the Utah Fuel Co.; holder will have the advantage of this convertible feature until 1935, at
(3) $3,751,875 Gen. Mtge. bonds of the Denver & Rio Grande Western least (the Bangor Hydro-Electric 534s, due 1949, are non-callable until
.
RR.: (4) $2,070,000 6% Preferred stock of the Denver & Rio Grande 1935)
sod
Description of Bonds.
-Bangor Hydro-Electric Co. 1st Lien & Ref. Mtge.
Western RR.
The board has concluded: (1) To capitalize the interest of the corporation Cony.5%% bonds, series of 1949, are dated Sept. 1 1924; due Sept. 1 1949.
In the Common stock of the Denver and in the stock of the Utah Fuel Co. Denorn. c* $1,000 and $500 and r* $1,000 and authorized multiples. Int.
at $13,500,000 and issue an amount of Common stock of this corporation payable M. & S. at the office or agency of the company in Bangor, Me..
or at National City Bank, N. Y. City. trustee. Company assumes normal
having a par value equal to that amount to be distributed as a stock div.
(2) To capitalize out of other recoveries assets of the value 0[312,500,000 income tax up to 2%. Non-callable to March 1 1936. Callable thereafter
and issue Preferred stock of this corporation having a par value equal to In whole or in part at 105 to Sept. 1 1942, and thereafter at 10234 to mathat amount against the same. This will permit the distribution of one turity. Legal for Maine savings banlcs.
Property.
-Bangor Hydro-Electric Co. has acquired all of the pro_perties
share of Preferred and one share of Common for each six shares of Preferred
or Common stock held by the stockholders,respectively. Preferred andCom- formerly owned by the Bangor R.& Electric Co.(V. 120. p. 1201), Bangor
mon stockholders sharing alike. Certificates for the new stock to be issued Power Co.(V. 120, p. 1201), Bar Harbor & Union River Power Co.(V. 120,
p. 1101) and other smaller properties formerly part of the Bangor Ry. &
as of July 11925.
The I.
-S. C. Commission has placed a final valuaton of $21,622,000 on
the owned and used property of the company as of June 30 1914 and
$6,500 on its owned but not used property, and $2,804,465 on the used
but not owned property. The valuation figure includes the properties
of the Atlantic & North Carolina RR. and the Carthage & Pinehurst RR.
-V. 120, p. 827.
1456
THE CHRONICLE
[VOL. 120.
posed to issue universal transfers between elevated, subway and surface
lines, so that a single fare will be payment for a continuous ride in the same
general direction between any two parts of the city, using such combination
of the various forms of transportation facilities as may be necessary to
effect this journey by the most direct and speediest route.
In the event that the city constructs subways or other local transportation
properties, or buys buses with money not derived from the sale of municipal
railway certificates, compensation is to be paid into the city treasury for
the use of these properties by the municipal railway board. For the use
of subways so constructed this amount is fixed in the ordinance at 0.80%•
The amount to be paid for the use of any other properties than subways
Is to be fixed by agreement between the Mayor and the board. This
arrangement is designed to allow the city, if its desires, to use its existing
traction fund (amounting to approximately $40,000,000) for the construction of transportation facilities,or to build such facilities by special assessment against the benefited property, instead of by the issue of certificates.
The city mortgages all the property which it acquires with municipal
railway certificates to a responsible trust company to secure the payment
of the interest and principal of these certificates. This mortgage, together
with the provision for adequate rate of fare to pay all charges, is the only
security given by the city to insure such payments. Failure to pay principal or interest allows foreclosure, but no franchise to operate is granted
In the event that this happens.
All accounts of the transportation system are to be kept distinct from •
other city accounts. These are to be prepared as nearly as possible in
accordance with the standard classification of accounts adopted by the
American Electric Railway Association. Sinking funds are to be estab$610,652 lished for the several series of certificates to be issued. The annual charges
Net earnings
$687.227
$662,329
284,734 to this fund are to vary in accordance with the term for which the various
Fixed charges
306.651
285,727
Security.—This issue of $3,500,000 Bangor Hydro-Electric Co. 1st Lien certificates are issued; 0.80% per year for certificates maturing in 40 years:
1.09% for
& Ref. Mtge. bonds, series of 194J, has been created for the sole purpose In 30 years.certificates maturing in 35 years and 1.48 for those maturing
of acquiring, through exchange, an equal amount in the aggregate of
the
In addition to
interest
Bangor Power Co. 1st 5s, 1931, Bar Harbor & Union River Power Co. rate of fare must meeting all sinking fund and property requirements, of
in a high state
be sufficient
1st 5s, 1935, and Bangor Ry. dr Electric Co. 1st Cons. 5s, 1935, and all repair and efficiency, and in to maintain the
addition must permit a sum equal to 8% of
the bonds so acquired will be deposited as collateral security under the the gross receipts monthly to be
set aside in a separate fund for depreciation
Bangor Hydro-Electric Co. 1st Lien & Ref. Mtge.
and renewals. The municipal railway board is
to pave the streets
The Bangor Hydro-Electric Co. 1st Lien & Ref. Mtge. bonds will be between its right-of-way and to maintain this requiredin accordance with
paving
secured by direct mortgage on the entire property now or hereafter,owned, specifications included in the ordinance.
sharing in the first Hens of the Bangor Power 1st 55. Bar Harbor & Union
River Power 1st 55 and Bangor R.& Electric 1st Cons. 58 to the extent Schedules of Expenditures for Purchase and Extension of Transportation
that such bonds are exchanged. The valuation of the property covered
Facilities.
by this mortgage is conservatively estimated at over two times the total
(a) Purchase of Present Properties—
amount of funded debt. These bonds will be secured by direct first mort- Chicago City By., Calumet & South Chicago By.and Southern
gage on the present properties after Sept. 1 1935.—V. 120. p. 1201.
Street By
$63,163,876
Chicago Railways
Bangor(Me.) Power Co.—Merger—Offer to Bondholders.— Cash in depreciation and renewal funds of Chlago City By., 84,963,201
See Bangor Hydro-Electric Co.above.—V. 120, p. 1201.
Calumet & South Chicago Ry. and Southern Street Ry
5.838,939
8,877,568
R. & Electric Co.—Merger—Offer to Cash in depreciation and renewal fund Chicago Railways
Electric system. The new company will continue the activities of the former companies under the same ownership and management.
Company serves with electric light and power the principal cities and
towns in Penobscot and Hancock Counties, Me.,including Bangor, Brewer.
Orono, Old Town, Lincoln, Ellsworth, Bar Harbor and other towns, with
about 17.100 customers and a population served of about 76,000. The
company also furnishes railway service in Bangor and vicinity.
The principal power plants, all hydro-electric, are located at Milford
and Veazie on the Penobscot River. and at Ellsworth on the Union River,
with an aggregate generating capacity of 24,450 h.p. Additional power
can be developed at existing plants and at owned undeveloped water power
sites. The flow of these rivers is regulated by large storage reservoirs
and the conditions are admirable for power purposes.
..Sffitalization Outstanding
.—As of March 1 1925 (giving effect to proexchanges):
MTic Works 1st 5s. 1929
$599,000
Bangor Ry.& Elec. 1st Cons.5s, 1935; Bar Harbor & Union River
Power 1st 5s, 1935; Bangor Power 1st 5s, 1931; Bangor By.
& Electric 8s 1930
1,642,000
Bangor Hydro-Electric 1st Lien & Ref.5s(this issue)
3,500.000
2.500.000
7% Preferred stock
2,000.000
Common stock
P Earnings—
1922.
1923.
1924.
Gross earnings
$1,542,293 $1,535,212 $1.488,936
751,010
Operating expenses and taxes
757,351
737,509
127,274
115.532
Depreciation
117,557
Bangor (Me.)
Bondholders.—
See Bangor Hydro-Electric Co.above —V.120, p. 1201.
Bar Harbor & Union River Power Co.—Merger—Offer
to Bondholders to Exchange Their Bonds.—
gee Bangor Hydro-Electric Co. above.—V. 120. p. 1201.
Birmingham (Ala.) Water Works Co.—Definitive Bonds.
Definitive 1st Mtge. 531% bonds, Series "A," are ready for delivery in
exchange for temporary certificates at the office of the United States
Mortgage & Trust Co.. 55 Cedar St., N. Y. City. (For offering of bonds.
see V. 119, p. 2067.)—V. 120, p. 328.
Calumet Gas & Electric Co.—Acquisition.—
The company has acquired control of the Indiana Electric Utilities Co.,
Angola, Ind.. The latter supplies light and power to 12 towns and cities.
—V. 120, p. 1201. 701.
$162.843,584
All existing elevated railway 'properties
85,000,000
Purchase of portion of Ch. & Joliet Elec. By. within city limits
247,500
3248,091,084
(b) Surface Lines—Immediate Extensions—
Extensions to South Side surface lines and 300 additional passenger cars, together with additions to shop and carhouses,
first 5 years
314,641,000
Extensions to North and West Side surface lines and 200 additional cars with shop and carhouse facilities, first 5 years
10,791.000
325.432.000
(c) Subway Construction—Immediate—
Construction of State Street, Madison and Polk-Clark-Chicago
Avenue subway—immediate construction
347,554,000
Equipment, incl. track, signals, &c., together with 240 subway
passenger cars, necessary service equip., shop facilities, &c_ 14,608,000
362,162,000
Central Power Co.(Dela.).—To Issue Bonds—A cguisi'n.
(d) Surface Line Construction—Second Five Years—
The Nebraska By. Commission has authorized the company to issue Extensions to South Side surface lines and 50 additional cars
$250.000 6% bonds, the proceeds to be used to finance the acquisition of
$5.995,000
with shop and carhouse facilities, second 5 years
the Hastings (Neb.) Gas Co. The bonds are to be sold at 93.—V. 120. P. Extensions to North and West Side surface lines and 50 addition6,215,000
/582.
al cars with shop and carhouse facilities, second 5 years
Chicago Rapid Transit Plans.—Unified Transportation
System Planned—Ordinance Under Which City Hopes to Take
Over All Existing Transportation Facilities to Be Submitted
to Electors April 7.—
Should the ordinance which has been passed by the City Council of Chicago by a vote of 40 to 5 be approved at a referendum on April 7 all of the
local transportation facilities may be taken over by the city. This is the
result of agreements recently reached between Mayor Dever, bankers
representing the bondholders of the surface street railways and Samuel
Insull, representing the elevated lines. If upheld by the courts this will
mean the adoption of a complete and co-ordinated plan for unification of all
existing transportation facilities in Chicago, together with new construction
and extensions amounting to approximately 465 single-track miles of surface and elevated railway, together with 68 miles of subway lines.
The entire program involves the ultimate expenditure of about $720,902,000. Of this amount $162.843,584 represents the purchase price to
be paid for the existing Chicago Surface Lines. The Chicago Rapid Transit
Co. will be purchased for $85,000.000 and $247,500 will be paid for that
portion of the Chicago & Joliet Electric Ry. within the city limits. Extensions of rapid transit facilities and other miscellaneous items are provided
for, which will bring the cost of the entire system to the approximate total
of $720,902,000.
All this will be done under a plan which represents a new type of transportation agreement. The city will acquire and take title to all its existing
local transportation facilities and to all extensions of the system. This
will be financed through issue by the city of what are termed "Municipal
Railway Certificates.- These are not general city bonds, but are secured
as to principal and interest solely by the property and earnings of the
system taken over, together with such extensions as may be constructed
under the ordinance. To make the certificates marketable under this
limitation, the ordinance provides that a rate of fare must always be maintained which will yield sufficient income to pay the interest on the certificates and provide a sinking fund to retire them as they mature at the end
of periods of 30. 35 and 40 years. The certificates will bear interest at
the rate of 5%.
Although title to the properties Is taken by the City, the control and
operation is to be vested in a board of 9 members. Three of these board
members, designated as Group A. are to be selected by the Mayor with
the approval of the City Council; three, designated as Group B, by a committee representing the holders of the certificates, and three, designated
as Group 0, by agreement between the Mayor and the committee. This
is designed to insure a competent neutral board upon which the city and
the security holders will have equal representation. Whenever the city
shall have retired 51% of the certificates issued under the ordinance, the
composition of the board will be changed to include 4 representatives of
the city and 3 members representing the security holders.
The three groups of the first board are to be divided so that one member
of each group holds office for 3 years, one for 6 years and one for 9 years.
Their respective Successors are to be chosen for terms of 9 years.
The certificate holders' committee is to consist of 5 members selected
by the First National Bank of Chicago, the Illinois Merchants Trust Co.
and the Harris Trust & Savings Bank.
Executives, managers, engineers and other employees to operate the
properties are to be appointed or employed by the municipal railway board.
Salaries to be paid are to be commensurate with salaries usually paid for
like services in enterprises of similar magnitude. The board must furnish
the City Council with monthly statements of its operations and with such
additional information as may be required from time to time.
• A flexible rate of fare to provide service at cost is specified in the ordinance. This is secured through the operation of a $5,000,000 emergency
fund that is set up to act as a barometer of fares. Should the revenues of
the properties be more than enough to pay the cost of operation and maintenance and interest and sinking fund requirements, the fare would be
reduced 1 cent when the fund reached $7,000.000 for a continuous period of
30 days. Should the fund drop to $3,000,000 or less for a period of 30 days,
the fare would be increased 1 cent.
This flexible fare provision of the ordinance does not become operative
until after the first year. For that period the fare is fixed at 7 cents for
all surface, elevated and subway lines to be acquired or built. It is pro-
312.210,000
(e) Subway Construction—Second Period—
Cottage Grove-Broadway subway and Madison
subwa3$104.742,000
second period
Equipment of subway, track, signals, &c., together with 330
21,087,000
subway passenger cars, shop facilities, &c
3125,829,000
(f) Rapid Transit Construction—First and Second Period—
New rapid transit extensions to be completed in first 10 years.
incl. 2,760 new cars and necessary additions to shops,&c_ _ _ _$174,427.000
New rapid transit extensions, second construction, including
56,232,000
780 new cars, &c
$230,659.000
(g) Miscellaneous—
Powerhouses, auxiliary buildings, &c
349,500,000
Cash to be paid into emergency fund
5,500,000
Cash to constitute additions to depreciation and renewal fund
8,000,000
for elevated railways acquired
363.000,000
Summary—
Purchase of existing properties
Surface line construction, first 5 years
Immediate subway construction
Surface line construction, second 5 years
Subway construction, second period
Rapid transit construction, first and second periods
Miscellaneous
3248,091.084
25,432,000
62,162,000
12,210,000
125.829.000
230,659.000
63,000,000
Total
$767.383,084
All figures except purchase of existing properties include 10% maximum
allowance for sale of securities.—V. 120, p. 1201. 954.
Cities Service Co.—Dividends.—
Regular monthly dividends of 34 of 1% in Common stock and 35% in
cash have been declared on the Common stock, together with the usual
monthly dividends of ;4 of I% on the Preferred and Preference stocks, all
payable May 1 to holders of record April 15. Like amounts are payable
April 1. Compare V. 120, D. 955, 1325.
Cleveland Electric Illuminating Co.—Pref. Stock Offered.—Union Trust Co.2 Hayden, Miller & Co., the Herrick
Co. and the Illuminating Securities Co., Cleveland, are
offering at 103.30 per share $2,000,000 6% Cum. Pref.
(a. & d.) stock, authorized 1923 (par $100).
Authorized, 400,000 shares; outstanding (incl. this offering), 152,817
-M. Cleveland Electric Illuminating Co.
shares. Dividends payable Q.
Cleveland and New l'ork, transfer agents. Union Trust Co., Cleveland.
and Bankers Trust Co., New York, registrars. Red. all or part on any
div. date upon 30 days prior notice at 110 and dIv. Exempt from Ohio
personal property taxes, and dividends free from present normal Federal
Income tax.
Listing.—Application will be made to list this additional stock on the
Cleveland Stock Exchange.
Issuance.—Approved by the Ohio P. U. Commission.
Company.—Is one of the oldest, strongest and most uniformly successful
electric operating utility companies in the United States. Serves with
electric light and power an estimated population of over 1,250,000 in Cleveland and 44 other cities, villages and political subdivisions in the surrounding territory. In addition the company furnishes steam for heating purposes to office buildings and business establishments in the downtown
district of Cleveland and wholesales power to the territory east, west
and south.
During 1924 company spent about $9,500,000 for betterments and extensions which include high tension lines for the wholesale distribution of
power, construction of two additional generating units of 30,000 k.w.
capacity. 7 sub-stations and the placing into operation of a now steam
MAR. 21 1925.]
THE CHRONICLE
heating plant having an initial installation of 13,500 h.p. with an ultimate
capacity of 50,000 h.p. Company to meet the increasing demand for
power acquired in 1924 property for the development of another electric
generating plant at Avon,0.,the initial installed installation of which should
be completed in 1926. Upon completion of this installation the company
will have a capacity of approximately 500.000 h.p. of electric energy, as
compared with a similar capacity of 118,900 h.p. in 1914.
Earnings, Years Ended Dec. 31.
Int., Taxes, &c., Bal. Available
Gross
for Dividends.
Charges.
Earnings.
$1,323.094
$2,494,662
$13,049,539
1920
3,302,442
1,731.690
13,001,871
1921
3,731,152
2,728.798
15,125,956
1922
4,272.421
4,004,157
17,519,170
1923
5,185,803
3,718,173
18,229,295
1924
5.349.748
3,848,701
1925(12 months end.Feb. 28)- 18,536,382
-V. 120, p. 582.
-Annual Report.
Cleveland Painesville & Eastern RR.
rig
(Including United Light & Power Co.)
1922.
1924.
1923.
Calendar Years$709,294
$726,479
Gross earnings
$635,408
530,214
549.137
Oper.expenses & taxes
512.369
1921.
$758,645
571,210
Net earnings
Other income
$123,040
2.045
$160,157
1,733
$196,265
2,092
$187,435
2.948
Gross income
Interest
Miscellaneous charges....
$125,084
101,490
1.401
$161.890
152,306
3,936
$198,357
164,130
2,714
$190,383
164,100
2.162
$22,193
$5.648
$31,513
$24.121
Net income
-V. 118, p. 2572.
-Rights.
Commonwealth Edison Co., Chicago.
The stockholders of record April 1 will be given the right to subscribe
to new stock at par in ratio of 12%% of their present holdings. Rights
expire May 1. Payment may be made in full on or before May 1, or in
four installments of $25 a share on or before May 1, Aug. 1, Nov. 2 and
Feb. 1 1926; or in 10 installments of $10 a share, the first on or before
May 1 and the succeeding 9 on or before the first day of each of the suc-V. 120, p. 1088, 955.
ceeding calendar months.
Consolidated Gas, Electric Light & Power Co.,
Baltimore.-Correctione.In the company's annual report, published in our issue of March 7,
p. 1221, due to a typographical error it was stated that the electricity
sold (k. w. h.) for the 12 months to Dec. 31 1923 was 613,889,695. This
should be 603,889.695. It was also stated that the electric generating
capacity was increased by the completion of the installation of two 2,000-k.w.
steam turbo-electric generators, instead of 20,000-k.w. steam turbo-electric
generators.
Electric Operations
The revenue from the sale of electricity, the amount of electricity sold
and the increase in the number of customers during the year were as follows:
12 Months to
12 Months to
Dec. 31 1924
Dec. 311923.
Increase. Per Cl.
Revenue from electric
sales
$1299587487 $13,329.130 79 $333,755 92 *2.50
Electricity sold, k.w.h. 582,904,527
603.889.695 *20,983.168 *3.48
Customers at end of
years
16,042 12.68
142,527
126,485
-V. 120, p. 1196.
*Denotes decrease.
r
1457
-The properties include three large modern power plants,
Properties.
Zschornewitz, with an installed capacity of160,000 k.w., Trattendort. with
86,000 k. w., and Lauta with 66.000 k. w., or a total installed capacity of
312.000 k. w.: as well as approximately 628 miles of 110.000-volt trans-volt lines owned by
mission lines. These lines, with connecting 110.000
various distributing companies served,form a total interconnected 110.000
volt system of over 1,200 miles of lines. Company is particularly fortunate
In that its three steam plants which are located but 75 miles to the south of
Berlin,are adjacent to extensive lignite coal fields owned by it and estimated
to be sufficient to furnish its entire fuel supply for more than fifty years.
The transmission lines are now being extended in to the Province of Silesia,
where additional power will be supplied to local distributing companies in
which this company holds stock and to other wholesale consumers.
The territory reached by the company constitutes practically all of the
highly industrialized sections of central Germany and is particularly rich
In its mineral deposits, such as lignite, potash. &c. The agricultural portions of the territory, especially those in the Province of Saxony,are among
the most valuable in Germany.
-The present reproduction value of the properties directly
Valuation.
subject to the lion of the mortgage, as shown by a recent appraisal by independent American engineers, amounts to over 6 times the total funded debt
now to be outstanding (this issue). A like valuation, based on costs in the
United States, would be at least 50% higher.
-These bonds will be a direct obligation of the company and with
Security.
very minor exceptions will be Secured in the opinion of counsel by a direct
first mortgage on all the fixed properties of the company. including its three
large modern power plants, and the company will agree to extend the lien
of this mortgage to cover all fixed properties hereafter acquired. In addition, these bonds will be guaranteed as to payment of principal, interest
and sinking_fund by the "Viag."
Sinking Fund.-Company will agree to provide (through the deposit of
bonds or cash) for the retirement in each year beginning April 1 1930 of
2%% of the total amount of bonds of this series which have been issued.
These payments will provide in the aggregate for the retirement by maturity
of one-half the bonds of this series. Bonds acquired by the sinking fund
will be canceled.
.-The rights of the company to construct and operate its transFranchises
mission lines are,in the opinion of counsel, valid and unlimited in time. On
account of the wholesale nature of the company's business no local distribution franchises are required.
Authorized. Outstanding.
Capitalization$14,285.714 $14.285,714
Capital stock
5.000,000
25,000.000
First Mortgage Gold bonds
-Company. by reason of Government ownership
Relation to Dawes Plan.
of all of its capital stock, is now exempt from the operation of the so-called
Dawes Plan. The German Government, however, in order to equalize
the reparations burden, requires it to make certain annual payments estimated as not exceeding $150,000, which are unsecured and correspond in
amount to the annual secured charges for Interest and amortization of Dawes
Industrial Debentures, which would be imposed upon its properties if privacely owned. Neither German law nor any international engagements
assumed by the German Government involve any restrictions upon the
acquisition by the company of the toreign exchange requisite to permit the
company to meet the external obligations evidenced by these bonds.
Earn-Mos.-The net earnings of the company under Its very low wholesale rates and after current maintenance expenditures and taxes, but before
depreciation (all based upon an audit by Haskins & Sells) for the 12 months
ended Dec. 31 1924 were about $3,109,066. or over 9.5 times the annual
Interest requirements on this issue, which will now constitute the company's
sole funded debt. After deducting liberal reserves for depreciation, such
net earnings were over 51,850,000.
-Proceeds will be used to provide for the development and enPurpose.
largement of the company's properties, thereby provicing for increased out-V. 120, p. 1326.
put and more economical operation.
-BonElectric Power & Light Corp.-Pref. Stock Sold.
- bright & Co. Inc., have sold at 100 and div. (initial payment
-New Control.
Cumberland County Power & Lt. Co.
See National Electric Power Co. below.
of $40 per share, plus divs. on amount paid) 400,000 shares
Results for Calendar Years.
Cumulative Preferred stock (no par value). Dividends at
and Port
(Including operations of Cumberland City Power & Lirt Co.
$7 per share per annum. Each share of Preferred stock now
-leased inter-company items eliminated.
land RR. Co.
offered will carry, when fully paid, share of Common stock.
1922.
1921.
1923.
1924.
-Payments of the $100 allotment price will be called for as
Payments.
Gross income
$3,857,706 $3,771,968 $3.467.564 $3.305.110
1,711.288
1.775.986 follows: 40% on allotment, subsequent calls to be at intervals of not less
1,899.369
1,777,049
Operating expenses
251,629 than 180 days, and no single call to be for more than 10% of the allotment
295.077
309,157
333.536
Taxes accrued
229,200
215.220 price. No call shall be made before 1926. Purchasers have the option,
265,200
328,200
Depreastion
697.876 however, to anticipate payment in whole or in part and upon full payment
719,472
747,341
746,589
Other deductions
241,500 to receive, but not before June 1 1925, the certificates for the Preferred
159,646
159,549
199,419
Preferred dividends.....
107.872
stock so paid for, and in addition % share of Common stock for each share
139.744
Common dividends
of Preferred stock so received. To all payments must be added propor$283,480
$352,881
$122,899 tionate accrued dividends.
Balance, surplus
$333,169
Negotiable allotment certificates of the company will be deliverable on
Balance Sheet Dec. 31 (Cumberland County Power & Light Co.).
or about April 9 1925. Holders of these certificates will be entitled to
1923.
1924.
1923.
1924.
receive dividends at the rate of $7 per annum on each $100 paid to the
Liabilities
Assets$
$
by the allotment certificate
the allotment
Plant account_ ___15,002,157:12,980,330 Preferred stock.-- 4,024,000 4,024,000 corporation ondividends thatprice as evidenced the Common stock accommay be paid on
591,778 1,533,957 Common stock_ __y2,915,578 1,348,400 and also any
Securities
the Preferred stock called for by the allotment certificate.
340,986
Supplies
413,019 Funded debt
8,804,500 8,406,500 panying
-J. Preferred as to dividends and assets over the
Dividends payable Q.
292,914 Notes, accts. pay.
Accts. rec. & cash 402,349
Common stocks and entitled. in case of liquidation, to $100
& accrued accts_ 627,961
Dep.acctinat.bds_ 500,000
515,756 2d Pref. and dive. Red.all or part upon 30 days'notice at $110 per share
per share and
Portland RR. Co.
Unam.disc.on see_ 478,534
Each share entitles holder to one vote. Transfer agent for
construction,&c. 436,926
Unad).debits, dep.
236,133 and div. certificates, Bankers Trust Co., New York. Registrar for allotallotment
86,344 Deprec. reserves__ 502,355
30,783
& prepaid accts.
Trust Co. of New York.
85,269
Unadjusted credits
37,830 ment certificates, Central Union
allotment certificates on the
-Application will
Listing.
Total (each side).17.346.583 15,306,564 Profit &loss,surp. see y
737,946 New York Stock Exchange.be made to list
X After deducting $591.095 reserve for depreciation. y Represented by
Data from Letter of Chairman S. Z. Mitchell, New York, March 17.
shares of no par value.
-V.120, p. 955, 452.
-Incorporated in Maine to take over the assets of Utah SeCompany.
Dallas Power & Light Co.
-Control, &c.
curities Corp. (see V. 120. p. 1330). Will hold a substantial majority of
See Electric Power & Light Corp. below.
all of the Common stocks (and in some cases varying amounts of Pref.
-V.119. p. 2877.
and 2d Pref. stocks as well as certain indebtedness) of New Orleans Public
Dallas Ry.-Control, &c.
Service Inc.. Dallas Power & Light Co., Dallas By.. Utah Power & Light
Co., Power Securities Corp.(which owns all the Common stock and certain
-V.119. P. 3009.
See Electric Power St Light Corp. below.
other securities of Idaho Power Co.) and Texas Interurban By. These
Electric Power Corp. (Elektrowerke Aktiengesell- companies furnish, directly or indirectly, electric power and light and (or)
other public utility service in 253 communities
electric railway
schaft), Germany.-Bonde Offered.
-Harris, Forbes & Co., gas, a wide industrial and geographical diversification, located in Louisiana,
and
with
having an aggregate
Lee, Iligginson & Co. and Brown Brothers & Co. are offering Texas, Utah, Colorado, Idaho, Wyoming and Oregon. and light service is
power
population
1.179.000.
at 87 and int., yielding over 7.67%, $5,000,000 1st Mtge. supplied by estimated at companies toElectric
245 communities and approximately
the operating
Sinking Fund Gold bonds, 6 2% Series, due 1950.
234.500 consumers. The principal operating companies included in the
Dated Mar. 11925; due Mar. 1 1950. Prin. & int. payable (M. & S.) group follow:
(1) New Orleans Public Service Inc. supplies electric power and light,
office of Harris, Forbes & Co., New York, or, at the option of the
at the
a favorable
holder, at the office of the Harris Trust & Savings Bank, Chicago. in U. S. gas and street railway service in New Orleans. La.. under to a greater
company is entitled
base on
gold coin. Callable in whole or in part on any int. date after 60 days' franchise fixing a rate earned. which the served lain excess of 422.000.
Population
int. Denom. $1,000 and $500 c*. Deutsche Treuhand return than at present
notice at 100 and
(2) Dallas Power & Light Co. and Dallas By. supply the entire electric
Gesellschaft, Berlin, Germany, trustee. Harris Trust & Savings Bank,
power and light and street railway service in the City of Dallas, Texas.
Chicago. Ill.. co-trustee.
'The former company operates under a franchise granted by the city which
Guaranteed as to principal, interest and sinking fund by United Industrial permits the company to earn a return on a sliding scale proportioned to
Corp. (Viag), which owns the entire capital stock of the Electric Power reductions in cost of service to consumers. Through a complete system of
Corp. The entire stock of Viag is owned by the German Government.
in the sur-Company has agreed to apply for the listing of these bonds on transmission interconnection with other properties operating guaranteed.
Listing.
rounding territory, efficiency and reliability of service are
the New York Stock Exchange.
Total population served in excess of 210.000.
Jahnecke and Bolzani, Managing
Data from Letter Signed by M
(3) Utah Power & Light Co. supplies electric power and light and other
Directors, Berlin, Germany, March 12.
public utility service to the rich agricultural and mining region of southeast.
-Through the merger of various companies in 1921, ern Idaho and northern and central Utah, including Salt Lake City and
• History and Business.
the Electric Power Corp. attained major importance and is now the largest Ogden. Through its subsidiary. Western Colorado Power Co., the improducer of electric power in Europe. supplying current within a territory portant agricultural and mining section of southwestern Colorado is served.
having a population of over 16,0011.000, or approximately one-quarter of bringing the total population served to 376,000. The transmission lines
of the company, interconnected with those of the Idaho Power Co. and its
the entire population of Germany.
The corporation is controlled through ownership of its entire $14,285.714 hydro-electric plants, supplemented by a modern steam station at Salt
capital stock by the United Industrial Corp.(Vereinigte Indus- Lake. form one of the largest power generating and distributing systems of
outstanding
furtrie-unternehmungen AktienGesellschaft, or "Viag"). The Viag, one of the West. The company's subsidiary, Utah Light & Traction
Co..
railway service in Salt Lake City and vicinity.
enterprises in Germany,
the most extensive commercialthrough ownership of itsis in turn controlled nishes the entire street(the subsidiary of Power Securities Corp.) supplies
entire $28,571,428
(4) Idaho Power Co.
by the German Government
the entire electric power and light service in an extensive section of southern
capital stock.
including the cities of Boise.
The Electric Power Corp.supplies power entirely at wholesale. over 60% and central Idaho and eastern Oregon,and through its subsidiary, Twin
and Nampa,
Nevada
Falls,
being sold to distributing systems serving the Province
of its output including the City of Berlin, the Province of Saxony,the of PowerPocatello. Caldwell district adjacent to Jarbidge, Nev.. with a popuCo.. in the mining
Free
Brandenburg,
Co., another subState of Anhalt and the Free State of Saxony. In this manner the corpora- lation in excess of 150.000. The Boise Valley Traction and Caldwell.
sidiary. operates an interurban railway between Boise
tion supplies about 75% of the current consumed by the City of Berlin.
(5) Texas Interurban Ry. operates a high-speed freight and passenger
Electrical Output of Plants of Company and Its Predecessors (Output in Kwh.).
1923.
1924.
railway between Dallas and Denton and Dallas and 'Terrell, over 69 miles
1922.
1921.
1920.
769,793,000 1.019,505,000 1.311,774,000 1,293,097,000 1.410.210,000 of track.
1458
THE CHRONICLE
Capitalization Upon Completion of This Financing.
Onm.Pref. stk.(no par val.), $7 per sh. per ann. (this issue)_ *400,000 shs.
2d Pref.stock, Series"A"(no par value),$7 per share per ann. 120,000 shs.
1.541,019 shs.
Common stock (no par value)
$800,000
Option warrants, to purchase Common stock at $25 a share
•To be issued against payments as made. The full amount will not be
outstanding until the allotment price is paid in full.
Electric Bond & Share Co. has agreed to purchase all the 2d Pref. stock,
Series "A" (non-voting) for the immediate cash payment of $11.280.000.
providing, from this source alone, an equity of more than 70% of the initial
payment on this Cumulative Pref. stock. Electric Bond & Share Co. will
also acquire the 800.000 option warrants entitling the holder to purchase
an nuple woe
rir sr aorpeii Each share
ouh
r rpt bl• shas %af.Cwohmigoanccsotmocpkaanti
er
.
option
$25ed
will be accepted at $100 in payment for such Common stock in lieu of cash.
• Purpose.
-The proceeds from the initial payment of $40 a share on this
Pref. stock and from the sale of 120,000 shares of 2d Pref. stock will be used
by the corporation, together with Common stock and option warrants to
be issued, for the acquisition on an advantageous basis of the assets and
securities concerned.
Allotment Certificates.
-The Preferred stock offered will be represented
by allotment certificates. For each share of Pref. stock offered at the allotment price of$100 per share, there will be an initial payment of $40 per share.
The balance of the allotment price, namely $60 per share, will be payable
from time to time as called for by the company in installments of not more
than $10 per share, but no installment shall be called for payment prior to
Jan. 1 1926 nor within 180 days after the due date of the last previous
Installment. Notice of each call will be mailed, not later than 30 days
before the day fixed for payment, to the holders of allotment certificates
at their respective addresses appearing on the books of the company.
Each payment on account of the allotment price shall be accompanied by
a sum equal to the dividend, if any, accrued to the time of payment on
such number of shares of the Preferred stock and (or) fractions thereof
as the amount of the payment would suffice to pay for in full at the allotment price of $100 per share. An allotment certificate, if for more than
one share, may be exchanged for like allotment certificates in different
amounts aggregating the game total allotment, each showing the same
proportionate payment as the certificate surrendered, provided all installments theretofore due and payable shall have been promptly made. The
holder of an allotment certificate may at any time anticipate payment of
the balance of the allotment price in whole or in part except during limited
periods in which the books for receipt of anticipated payments are closed.
Upon due payment of the entire allotment price represented by any
allotment certificate the holder thereof upon surrender thereof will be
entitled to receive a certificate or certiticates for the number of full paid
shares of Preferred stock called for by said allotment certificate, together
with certificate or certificates for 36 the number of full paid shares of
Common stock, but no Preferred stock or Common stock will be deliverable before June 1 1925.
Dividends.
-The allotment certificate will provide: "Whenever the
company shall declare a dividend upon its Preferred stock, the holder of
record of this allotment certificate upon the date fixed by the company for
taking the record of stockholders for the purpose of such dividend will be
entitled to receive oh the date when the company pays such sdividend a
sum equal to the dividend payable upon such number of shares of Preferred
stock and (or) fractions thereof as the aggregate amounts theretofore paid
upon the aggregate allotment price under this allotment certificate would
suffice to pay for at the allotment price, and in case of the declaration of a
dividend upon the Chnunon stock will be entitled to receive a sum equal to
the dividend payable upon a number of shares of Common stock equal to
one-half the number of shares of Preferred stock represented by the allotment certificate.
Consolidated Earnings Statement (Electric Power & Light Corp.& Subsid. Cos.).
Twelve Months Ended Jan. 311924.
1925.
Gross earnings, all sources
$33,920.943 $35,838,274
Operating expenses, maintenance and taxes
20,630,629 21,210,858
Net earnings
$13,290.314 $14,627,416
Balance of earns. anpl. to renewal and replacement reserve. &c..
35,876.175
and to divs. on Electric Power & Light Corp. stocks
1,120.000
Annual dividends on Preferred stock
840,000
Annual dividends on 2d Preferred stock. Series "A"
33.916,175
Balance
The gross earnings for the 12 months ended Jan. 31 1925, as above, have
been derived from the various classes of business as follows: From electric
power and light. 54%; from gas, 9%, and from street and interurban
railways, 37%.
Customer Ownership.
-Each of the principal electric power and light
subsidiaries has sold Preferred stock in the territory served and there are
now about 117.000 shares of Preferred stock of these operating companies
owned by residents of the territories served. This amount of stock repre
sents an average of about 41% of the total Preferred stock of the companies outstanding. The average holding of the stockholders in the territories served is about 11 shares of stock.
Directors.
-11. C. Abell (Pres. National Power & Light Co.); Irving W.
Bonbright (Chairman Bonbright & Co., Inc.); R. E. Breed (Chairman
-Chairman General
American Gas & Electric Co.): Anson W. Burchard (V.
Electric Co.); Charles Martin Clark (Treas. Bradstreet Co.); Rollin P.
Grant (V.
-Chairman Irving Bank-Columbia Trust Co.), C. E. Groesbeck
(Pres. American Power & Light Co.): Charles Hayden (Hayden, Stone &
Co.); S. Z. Mitchell (Chairman and Pres. Electric Bond & Share Co.);
-Prevost, Colt & Mosle); William C. Potter
A. Henry Mosle (Curtis, Mallet
(Pres. Guaranty Trust ('o.), Frederick Strauss (J. & W. Seligman & Co.):
A. A. Tilney (Pres. Bankers Trust Co.); E. B. Tracy, New York.
-V. 120, p. 1326.
Supervision.
-Electric Bond Se Share Co.
--Capital Increased.
Empire City Subway Co., Ltd.
The company has filed a certificate at Albany, N. Y. increasing its
authorized capital stock from $10.000,000 to $15,00.000.-V. 106, p. 1903.
-Control &c.
Florida Power Corp.
-V.120. p. 1326.
See National Public Service Corp. below.
-Consolidation of Vermont
General Gas & Electric Corp.
and New Hampshire Properties With Insult Interests in
Those States.
W.S. Barstow & Co. announce that negotiations for consolidation of the
Vermont and New Hampshire properties of the General Gas & Electric
Corp. with the Insull interests in those States have been completed. The
companies involved are the Vermont Hydro-Electric Corp.. the Rutland
Ry., Light & Power Co., and the Pittsford Power Co. It was stated
no negotiations were contemplated with relation to any of the other companies controlled by General Gas & Electric Corp., comprising important
systems in New York, Pennsylvania, New Jersey, North Carolina and
South Carolina and Florida.
-V. 120, p. 1088.
FoL. 120.
-Transfer Agent.
Indiana & Michigan Electric Co.
The Guaranty Trust Co. of New York has been appointed transfer agent
for 16,000 shares of Preferred stock of $100 par.
-V. 120. p. 956.
-Bonds Sold.
Jersey Central Power & Light Co.
E. H. Rollins & Sons. Blyth, Witter & Co.; Eastman, Dillon
& Co.; Federal Securities Corp., and H. M. Byllesby & Co.,
Inc., have sold at 9732 and int., to yield over 5.70%,
$11,500,000 1st Mtge. & Ref. 20
-Year 53/2% Sinking Fund
Gold bonds, Series "A."
Dated Feb. 2 1925; due Feb. 1 1945. Red. at any time on 30 days'
.
notice, all or part, at 105 and int., reducing ,),‘ of 1% for each year elapsed
from Jan. 31 1925 up to maturity. Int. payable P.& A. in New York.
Denom. $500 and $1,000c*. Bank of America, New York, trustee.
Company agrees to pay int. without deduction for any normal Federal
income tax not exceeding 2%. Conn., Penna., Maryland and District
of Columbia mill taxes at rates not exceeding the rates in each case as
existing on Feb. 2 1925 and also Mass. income tax not exceeding 6%
on the interest thereon refunded.
Data from Letter of President A. E. Fitkin, dated March 17.
Company.
-Is being formed in New Jersey, with the approval of the
Board of Public Utility Commissioners of New Jersey, by the merger of
the following New Jersey electric power and light and gas companies:
Central Jersey Power & Light Co., Consolidated Gas Co. of New Jersey.
Lakewood & Coast Electric Co., Coast Gas Co., Monmouth Lighting Co..
Shore Lighting Co., Toms River Electric Co.. Tri County Electric CO,
Lakewood Gas Co., City Gas Light Co., and Shore Gas Co. (see V. 120.
p. 1326). Company will own all outstanding securities of Lakewood Water
Co. These properties are under the control of National Public Service
Corp. (name changed from Jersey Central Power & Light Co. by stockholders on March 17).
Jersey Central Power & Light Co. will furnish, without competition.
electric power and light service to 78 communities and gas service to 31
communities in northern and eastern New Jersey. The territory served,
which includes a portion of the great metropolitan district, tributary and
suburban to New York City, as well as a section of the New Jersey coast
communities, has an aggregate population of 214,000 and includes Morristown, Summit, Lakewood. Spring Lake, Long Branch, Asbury Park,
South Amboy and Red Bank.
The electric power and light system includes steam electric generating
stations with a total installed generating capacity of 31,590 h. p., and
197 miles of high-tension transmission lines with distributing systems
aggregating 1,016 miles of line serving 35,324 consumers. All the territory
served is or is about to be interconnected with electric transmission lines.
the connection between the northern and southern territory to be through
the Public Service Electric & Gas Co. of New Jersey.
The gas properties include plants for the generating of artifical gas,
with an aggregate daily generating capacity of 13,100,000 cu, ft., and
314 miles of gas mains serving 19,116 consumers. During the year ended
Nov.30 1924, 51,042,500k. w. h. of electric energy and 817.597,000 Cu. ft.
of gas were generated. All the territory supplied with gas except Ocean
City is interconnected with gas transmission Irma to the gas plants located
at Long Branch and Belmar.
Lakewood Water Co. furnishes water service to 1,425 customers in
Lakewood and vicinity.
Capitalization (Upon Completion of Present Financing).
Divisional 5% bonds (closed for issuance to the public)_ _43,206,500
1st Mtge. & Ref. 20
-Year 5) % Gold bonds, Series "A"
,
5
(this issue)
11.500,000
Cumulative Preferred stock 7% Series
4.000.000
58,700 abs.
Common stock (no par value)
Security.
-Secured by a direct first mortgage on electric power and
light and gas properties with a depreciated valuation of $10.047,900. and
a direct mortgage, subject to $2,206,500 divisional bonds, on the remaining
properties with a depreciated valuation of 38,711.549, and in addition
will be secured by the deposit with the trustee of all the bonds and stocks
of Lakewood Water Co. with a valuation of $1,180,456. These bonds
and underlying bonds, aggregating 314,706,500, therefore represent less
than 74% of the total value of physical property of $19,939,905.
-12 Months Ended Nov. 30 1924.
Earnings
$44,054,539
Gross earnings
$2,307.221
Operating expenses
792,825
Annual interest requirements on mortgage bonds
$954,493
Balance
The above earnings do not fully reflect the expenditure of over$580,000
made on the properties during the past nine months, some of which have
been under the Fitkin management for only that time. More than twothirds of gross earnings are derived from electric power and light, the
balance from gas and water.
Purpose.
-These bonds,together with $4,000,000 Cumul. Pref. stock. 7%
Series, are being issued for and in connection with the merger above described and the retirement of outstanding obligations of the companies
which are parties thereto.
Management.
-Company is controlled, through stock ownership. by
National Public Service Co. (see below) which is under the supervision
and management of General Engineering & Management Corp.
-Name Changed, &c.
Jersey Central Power & Lt. Corp.
The stockholders on March 17 voted to change the name of the company to National Public Service Corp. The capital stock and a bond issue
was also approved as outlined in last week's "Chronicle." See also National Power & Light Corp. below and V. 120, p. 1326.
-Control &c.
Kenneth Gas Co.
See National Public Service Corp. below.
-Control &c.
Keystone Public Service Corp.
See National Publlc Service Corp. below.
-Annual Report.
Lake Superior District Power Co.
1924.
Calendar Years1923.
Operating revenues$1.268,213 $1,158,187
Operating expenses (including taxes)
644.307
644.307
653,803
Net okerating income
Non-operating income
$623.905
2.794
$504,383
9,364
Gross income
Interest
Preferred dividends
Common dividends
$626,699
328,362
73,870
143,508
$513,747
303,477
43,479
-Annual Report.
Great Falls Power Co.
Surplus for year
$166,791
$80,959
1921.
1922.
1923.
Calendar Years1924.
Gross earnings
$3,801,353 $3,742,819 83,167,446 $2.208,776 -V. 120, p. 1203.
$968,914
$1,995,971 $1,581,891
Oper. expenses & taxes
$1,971,284
501,866
Lincoln (Neb.) Telephone & Telegraph Co.
-Bonds
492,537
483,254
Interest charges
473,545
100,000 Sold.
50,000
75,000
Depreciation
75,000
-Harris Trust & Savings Bank, Chicago, and Merrill,
46,260
46,260
46,260
Pref. dividends (6%)_ -46,260
1,000,000 Oldham & Co., Boston, have sold at 94 and int. $500,000
1,000,000
1,000,000
Common diva.(10%)
1.000.000
1st Mtge. 30-Year 5% Gold bonds of 1916; due Jan. 1 1946.
$142,333 def.$3,242 def$408,264
Balance, surplus
$235,264
-Authorized by the Nebraska State Railway Commission.
Issuance.
-V. 119, p. 2286.
-Owns and operates a comprehensive telephone exchange and
Company.
- toll system in 22 counties in the southeastern part of the State of Nebraska.
-Earningsfor Calendar Years.
Helena Light & R.Co.
containing a population of 416,904. according to the U. S. Census of 1920.
1920.
1921.
1922.
1923.
1924.
Gross revenue
$372,091 $395.430 $408,311 $384,600 $373,384 Company is a sub-licensee of American Telephone & Telegraph Co.
CapitalizationAuthorized. Outstand'_g.
Operating expenses & taxes 276,491 286,975 2s1,939 274.874 273,802
33,075 32,642 32,350 Common stock (paying 8%)
$3.500,000 32,949.625
33,975
Replacem't & renewls res_ 33.975
50,588 Preferred stock,8% Cumulative
3,980,700
48,813
46.835
7,600,000
44,917
Interest on bonds
43,900
-Year 5% Gold bonds (incl. this issue))10.000.000 J1,700,000
1st Mtge. 30
Other deductions
1.991
68
do
do
1 300.000
1925.
Earnings Years Ended Jan. 31Net income
1924.
$15,734 829,563 $46,462 $28,271 $16,644
Gross earnings
$2,535,665 $2,590,623
-V.119, p. 2529.
1,900,983
Oper. exp., taxes, maintenance and depreciation
1,881,649
Idaho Power Co.
-Control, &c.
See Electric Power & Light Corp. above.
-V. 119. P. 947.
Indiana Electric Utilities Co.,
-New Control.
See Calumet Gas & Electric Co.above.
-V.118, p.2709.
Net earnings
$654,016
Annual int. requirements on $2,000.000 bonds (incl. this issue)
-V. 115, p. 1329.
•
$689,640
103,000
MAR. 21 1925.]
THE CHRONICLE
14. 9
5
Security.
-Secured by pledge with the trustee of at least 29,225 shares of
Lawrence (Mass.) Gas Co.
-Par Value Changed.
The Massachusetts Department of Public Utilities has authorized the the Common stock of the Cumberland County Power de Light Co. (being
.company to change the par value of its stock from $100 to $25 per share.
- approximately 9734% of its entire outstanding Common capital stock)
and all of the outstanding Common capital stock except directors' qualiV. 120. p. 1203, 957.
fying shares), of the Northwestern Public Service Co.
Consolidated Earnings of Above Subsidiaries
Lone Star Gas Co.
-12 Months Ended Dec. 311924.
-January Earnings.
[Including eatnings of leased properties.)
Month of January•
1925.
1924.
Earnings after all expenses, depreciation and taxes
Gross earnings
$5,420.925
(but before dividends)
$492,605
$369,458 Oper. exp. (incl. =int. & deprec. computed at 1214% of gross
-V. 120, p. 057.
earnings,amortization of discount offunded debt,and all taxes,
including Federal income taxes)
3,615,055
Lowell (Mass.) Gas Light Co.
-Par Value Changed.
The Massachusetts Department of Public Utilities has authorized the
Net earnings
$1.805,870
.company to change the par value of the capital stock from $100 to $25 per Balance of net earnings applicable to securities ofsub. cos. owned
share.
-V. 119. p. 1514.
by National Electric Power Co., after deduction of int, charges
on funded debt and divs. on Pref. stocks of sub. cos., and net
Maryland Electric Railways.
-Listing.---earnings applicable to Com,stocks of sub. cos held by public- 843,042
The Baltimore Stock Exchange has authorized the listing of 13.960.000 Annual int, charges on National Electric Power Co.6% Secured
let & Ref. Mtge. 634% Gold bonds. Series "A."
Gold bonds
225,000
The above company was created March 21 1924 through an agreement
Sinking Fund.
-On March 1 1927 and on
March 1
.a consolidation between the Maryland Electric Rys. and the Baltimore and incl. March 1 1931, company covenantseachpay to the thereafter to
to
trustee as a
Halethorpe & Elkridge Ry.. the original company being formed on Aug. 7 sinking fund for the Series of 1945 bonds, an amount equivalent to I%
1906 'by an agreement of consolidation between the Maryland Electric of the greatest principal amount of such series outstanding at any time
Rye. and the Baltimore & Annapolis Short Line RR.
during the preceding 12 months; and on March 11032 and on each March 1
No statement of earnings is available as the company is non-operating, thereafter to and incl. March 1 1936, an amount equivalent to
of
all property being leased to the United Rye. & Electric Co. of Baltimore. such principal amount of such series; and on March 1 1937 and 114%
on each
-V.118. p. 1268.
March 1 thereafter to and incl. March 1)941. an amount equivalent to 2%
of such principal amount of such series; and on March 1 1942 and on each
Missouri Gas & Electric Service Co.
-Annual Report.
- March 1 thereafter to maturity, an amount equivalent to 214% of such
Calendar Yearsprincipal amount of such series of 1945 bonds.
1924.
1923.
Operating revenues
All moneys in the sinking fund are to be used exclusively for the purchase
$494.114
$431.738
Operating expenses (including taxes)
396.752
340.298 or redemption of bonds of this Series of 1945 at or below their redemption
price, and all bonds so acquired are to be canceled.
Net operating income
Management.
-General operation of subsidiary companies will be under
$97.362
$91.440
Non-operating income
1,626
788 the supervision of Albert Emanuel Co., Inc., New York.
Gross income
Interest on funded debt
Amortization of debt, discount and expense
Miscellaneous amortization and interest
Prior lien dividends
Cumulative Preferred dividends
Net income
Profit and loss, surplus
-V. 119, p.2878.
$98,988
29,079
413
21,933
18.284
36,000
$92,228
25,573
413
17,906
14.997
def.$6,721
$28,122
$33,339
$34,024
Mountain States Power Co.-Pref. Stock Offered.Blyth, Witter & Co., New York and San Francisco, are
offering at 97 per share flat, yielding 7.22%, $900,000 7%
Cum. Pref. (a. & d.) stock (par $100).
Redeemable on 60 days' notice at 110 and divs. Divs. payable Q.
-J.
Continental dc Commercial Trust & Savings Bank, Chicago, and Guaranty
Trust Co.. New York. transfer agents and registrars.
Company.
-System furnishes, without competition, electric power and
light, gas, water and(or) telephone services to 56 communities, having an
estimated population of 235,000, located in the States of Montana, Idaho.
Oregon and Washington. Approximately 67% of the net earnings is
rived from the sale of electric power and light, 27% from gas and de6%
from miscellaneous services. Company has a total present installed electric
generating capacity of more than 19.300 h.p., of which 5,250 h.p. is hydroelectric and 14.050 h.p. is steam electric. Electric generating capacity
of
1,900 h.p. hydro-electric and 6.700 h.p. steam electric has recently been
completed and placed in operation. Company also purchases under favorable contracts steam and hydro
-electric energy, which include a contract
with the California-Oregon Power Co.„ expiring in 1952. for the purchase
of 16,000 hydro
-electric h.p.. which as needed may be increased to 24,000
h.p. The electric transmission and distribution systems aggregate 680
miles of pole lines; the gas plants have a total daily manufacturing capacity
of 5,330,000 cubic feet. and the gas transmission and distribution systems
aggregate 428 miles of mains.
Capitalization Outstanding.
7% Cumulative Preferred stock
$2,165.700
Common stock (no par value)
1,4.786 she.
let Mtge. Gold bonds, due Jan. 1938-5% Series "A"
x1,787.000
pa 6% Series"B"
4.274,000
7% Gold notes, due July 1 1938
382.000
Originally issued as let & Ref. Mtge. bonds.
Earnings Twelve Months Ended Dec. 31 1924.
Gross earnings
$2,178.176
Oper. expenses, maintenance and taxes (excl. depreciation).- 1,467,281
Interest charges
350.124
Balance
$360,771
Annual dividend requirement on $2,165.700 par value of 7% Cumulative
Pref. stock at present outstanding, $151,599.
Management.
-Properties are under the management of Byllesby Engineering & Management Corp.
-V. 120. p. 454, 87.
National Electric Power Co.
-Bonds Sold.
-A. C.
Allyn & Co., Inc.; Howe, Snow & Bertles, Inc., and R. E.
Wilsey & Co. Inc., have sold at 97 and int., to yield over
65.1% $3,750,0 0 20-Year 6% Secured Gold bonds series of
0
1925.
Dated March 1 1925; due March 1 1945. Int. payable M.& S. without
deduction for normal Federal income tax not to exceed 2%. Penna.4-mill
-mill tax, Md.434-mill tax and Mass.6% income tax refundable.
tax,Conn.4
Denom. $1,000, $500 and $100c5 Red., all or part, on any hit, date
.
on 30 days' notice, at 105 and hit. to and incl. March I 1926, this premium
of 5% Of the principal decreasing at the rate of h% of the principal on
each March 1 thereafter to and incl. March 1 1944. and at 100 and int.
on Sept. 1 1944. Principal payable at office of the Equitable Trust Co.,
New York, trustee. Interest payable at the option of the holder in New
York or Chicago.
Listed.-1Asted on the Chicago Stock Exchange
..
Data from Letter of Victor Emanuel, V..Pres., New York, March 9.
-Organized in Maine. Will own approximately
Company.
9734% of
the Common stock of Cumberland County Power & Light Co. and the
entire Common stock (except directors' qualifying shares) of Northwestern
Public Service Co. which together serve with electric light and power a
population estimated at 310,000, the territories embracing a total of 123
communities. Artificial gas is also supplied to five of these communities,
and the aggregate number of gas and electric customers served by the
operating companies is in excess of 63,000.
The territory served by Cumberland County Power & Light Co. comprises the important industrial and shipping districts located in Cumberland
and York Counties, Me. The 57 communities which the company serves
with electric light and power have an aggregate population of 147.784,
exclusive of the summer resort population, which provides valuable additional business during the summer months. Artificial gas is also manufactured and distributed to Saco and Biddeford, and through the lease
of the Portland 1411.. street railway and interurban service is furnished
Portland, South Portland, Westbrook and other communities. The total
number of gas and electric customers is in excess of 39,500.
a.; Northwestern Public Service Co. furnishes directly at retail, electric
light and power in Aberdeen, Mitchell, Huron and Yankton. So. Dak.;
North Platte and Columbus, Neb., and in 45 other communities in these
States. In addition, the company supplies electricity at wholesale for
distribution to 15 communities in Nebraska and South Dakota, the total
population served by the company being estimated at 125,000, the territory
embracing 66 communities. Company also manufactures and distributes
gas in Mitchell. Huron and North Platte.
pit Capitalization to be Outstanding upon Completion of Present Financing.
Common stock (no par value)
150.000 shs
$1,000.000
7k Non-Cumulative Preferred stock
1,500,000
7 GIOurnulative Preferred stock
2 year 6% Secured Gold bonds (this issue)
3,750,000
ir Upon completion of this financing there will be outstanding in the hands
of the public not exceeding 775 shares of no par value Common stock,
14.812,200 of Prof. stock, and $13,101,500 funded debt of subsidiary
companies.
National Public Service Corp.
-Bonds Sold.
-E. H.
Rollins & Sons; Blyth, Witter & Co.; Eastman, Dillon & Co.;
Federal Securities Corp., and H. M. Byllesby & Co. Inc.,
have sold at 973i and int., to yield about 6.70%,$6,000,000
Sinking Fund Collateral Trust Gold bonds,
30-Year 6
Series "A.
Dated Feb. 2 1925; due Feb. 1 1955. Red. at any time on 30 days'
notice at 105 and hit. up to and incl. Feb. 1 1936, reducing q of 1% for
each year elapsed from Jan. 31 1936 up to maturity. Int. payable F. St A.
,
in New York without deduction for any normal Federal income tax not
exceeding 2%. Denom. $500 and $1.000c*. New York Trust Co., New
York, trustee. Conn. 4-mill tax, Penna. 4-mill tax, Maryland 434-mill
tax, District of Columbia 5-mill tax, and Mass, income tax on int, not
exceeding 6% of such int. refunded.
Data from Letter of Pres. A. E. Fitkin, March 14 1925.
Company.
-Name changed March 17, 1925. from Jersey Central Power
& Light Corp. (V. 120, p. 1326). Will own the entire Common stocks
of Jersey Central Power & Light Co., Keystone Public Service
Power Corp. and Kennett Gas Co., and 90% of the CommonFCorp.lida stock
of Tidewater Power Co.
Jersey Central Power & Light Co. [being a merger of the New Jersey
operating properties, see V. 120, p. 1326] owns and operates electric power,
light and gas properties in New Jersey, including a portion of the great
metropolitan district tributary and suburban to New York City, as well
as a section of the New Jersey coast conununities, and through a subsidiary operates the water service in Lakewood.
Keystone Public Service Corp. through subsidiaries operates the street
railways and bus lines in and around Scranton and Altoona. and the electric
power and light and steamheating business in Tyrone, Pa. The operation
of these railway companies is profitable.
Tidewater Power Co. operates the electric power and light, gas and street
railway business in Wilmington, No. Caro. and surrounding territory,
and through a subsidiary. the Pinellas County Power Co., owns electtic
'
power and light business in St. Petersburgh and in various other rapidly
growing communities in Florida. This latter company has interconnection
with the hydro-electric power plant of Florida Power Corp.
Through these subsidiary local operating companies, National Public
Service Corp. furnishes electric light and power, gas and water to 181
communities. serving 60.312 electric and 24,105 gas and 1.425 water
customers. The street railway system serves a population of 432,000.
Capitalization (after Giving Effect to Present Financing).
614% S. F. Coll. Trust Gold bonds, Ser."A" (this issue)--$6,000.000
Partic. Preferred stock, 7% curnul. (Par $100)
4.098.700
1
Class "A" Common stock (no par value)
:15;00 she.
8 700
0
Class "B" Common stock (no par value)
261.748 abs.
The above capitalization does not include $5,725,250 Prof. stock of subsidiary companies and the funded debt of certain of such companies aggregating $34.702,250 and 10% minority interest of the Common stock of
Tidewater Power Co. outstanding in the hands of the public.
Bond Issue.
-This issue, which constitutes the only funded debt of the
company, is specifically secured by the deposit with the trustee of all the
Common stocks of the subsidiary companies owned, which represents, in
every case, not le s than the voting control of such companies.
Sinking Fund.
-The truste indenture provides for equal semi-annual
payments for interest and sinking fend of $231,000 to the trustee, beginning Feb. 1 1926 and semi-annually thereafter. The balance remaining
after the payment of interest on outstanding bonds of this tSetle shall be
used for the purpose of sinking fund for the retirement of bonds, which,
it is estimated, will retire this entire issue on or before maturity. Additional
issues of bonds with a maturity of five years or more will have a sinking
fund sufficient to retire the entire issue on or before maturity.
Purpose.
-Proceeds will be used for the retirement of outstanding obligations of the corporation, including obligations incurred in connection with
the acquisition of certain of its subsidiary companies.
Consolidated Earnings
-12 Mos. End. Nov. 30 1924 (after Present Financing).
[National Public Service Corp. and subsidiaries.1
Gross earnings
$10,264,481
Operating expenses, maintenance and taxes
$6,287,912
Interest charges of subsidiaries*
1,779.838
l'ref. dirs. of subs and aUowances for min. int. & deprec
839.494
Balance before Federal taxes and amortization
Annual interest on $6.000.000 30
-Year 634% Sinking Fund $1357,237
Collateral Trust Gold.bonds (this issue)
390,000
Balance
$967,237
* Not incl. int. on $1.150.000 notes of Keystone Public Service Corp. and
subsidiaries which are non-interest bearing up to Jan. 1 1926.
The above balance available for interest on these Series "A"
over 3 1-3 times the annual interest and over 234 times the annualbonds is
interest
and sinking fund requirements of the issue.
The profits applicable to dividends on the stocks owned
poration, exclusive of the stocks of railway companies, forby this corended Nov. 30 1924 amounted to $954,821, or more than twice 12 months
interest requirements of these bonds. In addition the profits,the annual
applicable
to dividends on the stocks owned by this corporation, of street railway
properties amounted to 1334,167. The total profits applicable to dividends
upon pledged collateral thus amounted to 11,298,988.-V. 120, p. 1328.
New Orleans Public Service Co., Inc.
-Control, &c.
-
See Electric Power & Light Corp. above.
Earnings
-12 Months Ended Dec. 31.
1924.
1923.
Gross earnings from operation
114.870.840 $14.407.601
Operating expenses and taxes
10.036.508 9.804.116
Net earnings
$4.834.332 14,603.485
Other income
150,643
152,094
Total income
$4.984.975 $4,755,579
Interest on bonds
$2.065.099 12,103.293
Other interest and deductions
121,508
100.763
Dividends on Preferred stock
374,089
299.166
Balance
-V.119, p. 2647.
$2.424,279 $2,252,357
THE CHRONICLE
1460
Northwestern Bell Telephone Co.
-To Issue Adel'l Stk.
The stockholders have voted to increase the authorized capital stock
from $60,000,000 ($42,150,000 outstanding) to $65,000,000, par $100.
The company has applied to the State commissions in Nebraska, Minneiota, North Dakota, South Dakota and Iowa for authority to issue $22,850,000 additional Common stock at par. The company proposes to
use the proceeds to finish paying off obligations contracted in the redemption
on Feb. 1 last of $30,000,000 7% bonds.
-V.120. la• 583.
New York-New Jersey Superpower Connecting Corp.
The New Jersey P. S. Commission has approved the incorporation and
capitalization of the above company. John Nickerson & Co., in a statoment issued, state that the company has "been formed to effect a hook-up
of the great trans-State high tension transmission lines in the Mohawk
Valley with those leading down into New York City and its environs.
The New Jersey P. S. Commission also approved the acquisition by the
Associated Gas 8c Electric Co. of the entire stock of the New York-New
Jersey Superpower Connecting Corp.
According to Mr. Nickerson, the hook-up with Niagara and Adirondack
hydro-electric plants is to come through the medium of a high tension
transmission line extending from Beardsley Falls to Staten Island. The
-electric power to New York
transmission of Adirondack and Niagara hydro
City and Northern New Jersey, he said, is the result of power exchange
arrangements now being made between the Public Service Corp. of New
Jersey and the Staten Island Edison Corp. The latter company is affiliated with the Associated Gas & Electric Co. Only 65 miles of new lines
are needed to complete the entire connection, it is said.
-Annual Report.
Niagara Falls Power Co.
(Including Canadian Niagara Power Co., Ltd.. and Niagara Jct. Ry. Co.
1921.
1922.
1924.
1923.
Calendar YearsRentalsfrom elec.energy $7,712,664 $6,712,434 $8,213,753 $5,736,043
347,670
387,937
543,649
478,758
Miscellaneous
Total oper. revenue
Operating expenses
Retirement expense..
Amortization
Operating taxes
$8,256,313 $7,191,191 $6.601,690 $6,083,713
1,092,242
1.031,859
1,254,465
1,474,743
778.754
857.545
565,617
675,674
728,868
777,590
• 857,437
971,523
Operating income_ _ _ _ $4,952,502 $4,300.535 $4,116,566 $3.596,986
12.797
34,339
Inc.fr. Nia. Jct. Ry....
60,114
64,491
250,412
302,234
Int. & div. revenue_ __ _
242,235
272,434
99,024
98,911
Rent revenue
109,084
99,654
7.660
1.140
721
575
Miscellaneous
Total non-oper. rev_
Miscell. deductions.._ _ _
Non-operating taxes_ _ _ _
$446,731
23,968
41,280
$402.577
10.732
40.770
$436,623
25.044
30,897
$369,892
10,813
33,424
Total deductions from
non-oper. revenue._
Non-operating income
$65,248
381.483
$51,502
351.075
$55,941
380.682
$44,237
325.655
$325,594
$155.285
$322,957
$296.363
Niagara Lockport & Ontario Power Co.
-Bonds Sold
-Blair & Co., Inc., New York, and Schoellcopf, Hutton &
Pomeroy, Inc., Buffalo, N. Y. have sold at 983/i and interest, to yield about 5.10%, $15,000,000 First Mtge. & Ref.
30-Year 5% Gold Bonds, Series "A."
Exempt from personal taxation in New York State. Dated April 1 1925;
due April I 1955. Interest payable A. & 0. Den.$1,000 and $500 c* and
r. Redeemable, all or part, on any interest date at 105 and interest until
April 1 1945,the premium reducing thereafter „tf of 1% for each six months
elapsed. Interest payable in New York and Buffalo without deduction of
normal Federal income tax not exceeding 2%. Company will agree to
refund Penn. and Conn. personal property taxes not exceeding 4 mills each
and Mass, income tax not exceeding 6% per annum on the interest. Subject to restrictions, bonds may be issued under this mortgage in any amount,
in series, of varying interest rate and maturity date. Buffalo Trust Co.,
Buffalo. N. Y., trustee.
Listing.
-Application will be made to list bonds on N.Y.Stock Exchange.
Data from Letter of President Fred E. Corey, Buffalo, March 16.
Company.
-Organized in New York. Is engaged in the production and
distribution of electric power, principally hydro-electric, in Western and
Central New York. It serves a highly developed industrial territory extending from the Niagara River to and beyond Syracuse. including the
cities of Lockport. Batavia, Rochester, Geneva, Auburn, Syracuse, Oswego,
Lackawanna. Dunkirk Jamestown, Olean, N. Y. and Bradford. Pa.
Company and its subsidiaries hold franchises in 195 cities, villages and towns.
The service of the company extends into 17 counties, and the territory
reached and supplied in whole or in part embraces a population of more than
2,000,000. Power is sold in this territory for transportation, lighting,
manufacturing, and all other purposes for which electric power may be used.
During 1924 the distribution of power was approximately as follows: (a)
73% to public utility companies, including direct retail distribution through
wholly owned subsidiaries: (b) 13% to electrically operated railways; (c)
14% direct to large industrial concerns. Sale of power on a wholesale basis
has always been a very important factor in the company's business. However, retail distribution has, during the past four years. been extended quite
rapidly and,now forms a very substantial portion of the total. Company's
retail customers now number approximately 26.000.
-Company owns (a) a hydroPower Resources and Inter-Connections.
electric plant on the Salmon River northeast of Syracuse of 35,000 h. p.
capacity; (11 a steam generating plant at Lyons, N. Y., of 40,000 h. p.
capacity; (c a steam generating plant at Olean, N. Y., of 5,000 h. p.
capacity'(a) leases a hydro-electric plant on the Oswego River at Minetto,
N.Y.,of 12,000-h. p.capacity, and purchases from Niagara Falls Power Co.
and Ontario Power Co. under long term contracts 130,000 hydro-electric
horsepower. Company is interconnected with the generating plants of
Niagara Falls Power Co., and the generating plants of the Hydro-Electric
Power Commission of Ontario located at Niagara Falls on the Canadian
side. It is also interconnected with the Buffalo General Electric Co. at
Buffalo, N. Y. In the spring of 1924 the company made arrangements for
Interconnection with the Northern New York Utilities. Inc., which owns and
operates hydro
-electric and steam plants in Northern New York State,
and supplies cities, villages and towns in and through several counties of
Northern New York; also arrangements for interconnection with the Adiron-electric
dack Power & Light Corp., which owns and operates both hydro
and steam plants in New York State and supplies cities, villages and towns
from Central New York easterly to the eastern boundary of the State.
Recently it has made arrangements for interconnection at the State line
just south of the City of Jamestown with the Penn Public Service System,
which owns and operates hydro-electric and steam plants in the States of
Pennsylvahia and Maryland. When all these interconnections are completed there will extsi a great transmission system uniting generating
capacities aggregating more than 2,000,000 h. p.
Growth of Business of the Company and Its Subsidiaries.
Gross Revenue Net Revenue Kilowatt Hours Horse Power
Sold.
Delivered.
from Sales. from Sales.
25,500
96,575,110
1908
8592.103
$42.876
44.834
177,722,627
1,051.522
351.521
1910
62,466
250.778,898
736,081
1915
1,413.474
113,078
443.576.297
1,189.361
1920
2.899,548
138,960
484,877.202
1922
4,158,993
2,047,170
174,849
613,547.320
1923
2.606,556
5,550.258
188.310
626.911.807
1924
5.971.740
3,051.445
Purpose.
-Proceeds will be used (a) to retire $9,200,300 various issues
constituting the entire mortgage indebtedness of the company and its subsidiaries, except the $4,340,000 Salmon River Power Co. First Mtge. 55,
due 1952; (b) to reimburse the company for expenditures which have been
made or are now contemplated for additions, extensions and improvements
to plant and property.
Security.
-Secured by a first mortgage on all the property now owned,
other than the portion thereof covered by the Salmon River Power Co.
mortgage.
Capitalization.
-The $15,000.000 First Mtge. 5s, Series "A," and the
$4.340,000 Salmon River Power Co. First Mtge.58 will constitute the entire
mortgage debt of the company. Junior thereto, there will be issued and
outstanding $10,000,000 7% cum.Pref.stock and 300,000 shares of the company's no par Common stock.
Consolidated Earnings(Company and Subsidiaries). Calendar Years.
1922.
1923.
1924.
Sales of electric energy
$5.971,740 $5,550,258 $4,158,993
2,111.823
Cost and expenses, incl. maintenance 2,920.295 2,943,702
Gross operating income
Income from other sources
$3,051,445 $2,606,556 $2.047,170
46,475
46,871
81,009
Gross income
$3,132.454 $2.653,427 82,093.646.
422,155
Taxes, rentals, &c. (incl. Fed'l taxes)
517,631
515,207
Net earnings available for interest- $2,617,247 $2,135,796 $1.671,491
These earnings include the earnings of the Western New York Electric
Co.from April 1 1922, the Livingston-Niagara Power Co.from July 1 1922
and the Bradford Electric Co. from Aug. 1 1922, being the dates on which
these properties were acquired by the Niagara Lockport & Ontario Power Co.
Consolidated Balance Sheet Dec. 31 1924 (After Financing).
AssetsLiabilities
$5,983,300
Property and plant
$30,547,266 7% Preferred stock
Investments
540.180 Corn. stk.(299.925 shs.)_ 8,437,125
a21,490,400
Deposits with trustees_
13,644 Funded debt
87,575
Cash on hand & on dep__ 1,033,292 Contract of purchase_
Cash proceedsfrom finanAccrued liabilities
224,713
cing
328,603
3,874,661 Dividends payable
Notes & accounts receiv_ 1,129,008 Notes & acc'ts payable.
Other current assets
601.259 &c., current liabilities- 1,493,964
15.472
Deferred charges
2,373,243 Deferred credits
Res.for depr.,replac't,&c 1.255,919
895,480
Total (each side)
$40,212,553 Surplus
a Includes $4.356,000 First Mtge. bonds of Salmon River Power Co., due
1952, of which $16,000 purchased for sinking fund since Jan. 1; $15,000,000
-Year
First Mtge. & Ref. 5% bonds, due 1955 (this issue), $2,132.900: 3
6% Convertible Gold notes, due 1926, of which $775.900 have been converted into Prof. stock since Jan. 1 1924, and the balance called for redemption on June 1 1925 at 101 and interest: and $1,500 4
-Year Convertible 6%
debentures, which have been converted into Common Capital stock since
Jan. 1 I925.
-V. 120, p. 1328, 1089.
Northwestern Public Service Co.
-New Control,
See National Electric Power Co. above.
-V. 119. p. 2878, 1744.
Oklahoma Gas & Electric Co.
-Notes, cte., Called.
$5,333,985 $4,651,610 $4,497,249 $4,022,641
Gross income
1,725,342
Int. on funded debt_.... 1,950.929
1.722.896
1,709,127
U.S. Fed.inc. tax. Can.
318,707
479,134
379,945
inc. tax & miscell_ _ _ _
380.096
812,719
1,157,422
Preferred divs. (7%)_
1,107,267
1.055,908
869,510
1.015,542
Common dividends
1.420,906
1,299,834
Balance, surplus
-V. 120, p. 454.
[Vol.. 120.
The company has called for redemption on April 15 all of the outstanding
7% mortgage notes, dated Aug. 1 1923. at 1013i and int., and all of the
outstanding 2
-Year 6% Gold notes, due Feb. I 1926, at 1003 and int.
Payment of the 7% notes will be made at the Guaranty Trust Co., N. Y..
and of the 6% notes at the Continental & Commercial Trust & Savings
Bank, Chicago.
All of the outstanding Oklahoma General Power Co. 1st Mtge. gold
bonds, Series "A." have also been called for payment April 15 at 105 and
int, at the Continental & Commercial Trust & Savings Bank, Chicago.
See offering of $23,500,000 1st Mtge.5% bonds in last week's "Chronicle,"
V. 120, p. 1328.
Oklahoma General Power Co.
-Bonds Called.
See Oklahoma Gas & Electric Co. above.
-V. 120, p. 1328.
-Bonds Authorized.
Pacific Gas & Electric Co.
The California RR. Commission has authorized the company to issue
$14,399,000 Gen. & Ref. 5% bonds to reimburse the treasury for expendi-V. 120, p. 1204.
tures for additions and betterments.
-Bonds Sold -Dillon,
Philadelphia Rapid Transit Co.
Read & Co. have sold at 99 and int., to yield about 6.06%,
$8,975,000 6% Gold bonds, due March 1 1962.
Guaranty.
-Union Traction Co. of Phila. guarantees payment of principal
and 5% interest on these bonds by endorsement.
Authorized. $10,000.000. Retired by sinking fund, $434,000. OutInterest
standing as 5% and 6% bonds, $9,566,000. Denom. $1,000
c*.
payable M. & S. without deduction for Federal normal income tax up to
2% p. a. Principal and interest payable at Bank of North America &
Trust Co., Phila., trustee, and at the office of Dillon, Read & Co., New
York. Red. all or part by lot for sinking fund, on March 1 in any year
to maturity, at 105 and int. Free of Penna. 4 mill tax.
Data From Letter of W. C. Dunbar, President of P. R. T. Company.
-These bonds, as to principal, sinking fund payments and
Security.
interest at 6%, are the direct obligation of P. R. T. Co. The principal,
sinking fund payments and 5% interest are further secured by: (a) Direct
mortgage lien on all property of Market St. Elevated Passenger Ry.;
(b) pledge of the entire outstanding capital stock and lease for 997 years
from 1903 of Market St. Elevated Passenger Ry.;(c) guarantee by endorsoment of Union Traction Co. of Philadelphia.
Valuation.
-Recent appraisals by engineers representing the city of
Philadelphia and P. R.'I'. Co., respectively, show the present reproduction
cost new of the mortgaged property to be not less than 845,000,000. The
only prior lien on the property of Market St. Elevated Passenger Ry. is
the issue of $10,000,000 1st (Closed) Mtge. 4% bonds, due 1955, of that
company.
These bonds were originally authorized with hat. at 5% under trust indenture of March 1 1912 and known as "Philadelphia Rapid Transit Co. 50
Year 5% Sinking Fund Gold Bonds." By supplemental indentures dated
March 1 1925 the above-mentioned direct mortgage lien was given as
additional security for these bonds, and P. R. T. Co. obligated itself to
pay 1% per annum additional interest thereon.
Guarantor Company.
-Union Traction Co. leases for a period of 999
years substantially all of the street railway system of Philadelphia. These
leases are assigned to Philadelphia Rapid Transit Co. in consideration of
payment by that company of the rentals called for by the terms of said
leases, and payment to Union Traction Co. of an amount equivalent to
Its fixed charges and 6% per annum on its $30,000,000 capital stock. This
income available for dividends, amounting to $1,800,000. is equal to more
than 3 times annual interest of 5% on these bonds guaranteed by Union
Traction Co.
-The property of Market St. Elevated Passenger
Mortgaged Property.
Ry. consists of a combined subway and elevated system extending as a
subway from the Delaware River through the main business centre of the
city of Philadelphia to the Schuyhill River, where it crosses the river over
a bridge. On the west side of the Schuylkill River the elevated system
begins and extends to a terminal at 69th St., immediately beyond the
western border of the city. At this terminal connection is made with other
railway systems which serve the suburbs of Philadelphia. Connection is
made with the subway and elevated system by many intersecting and •
tributary surface lines, thus providing for interchange of traffic to important outlying sections of the city.
In Nov. 1922 the city-built Frankford Elevated was leased to Philadelphia Rapid Transit Co. and is now connected to and operated in conjunction with the Market St. system. This provides a through high speed
system from the western border of the city, through the business district
and extending northeast through the great manufacturing and industrial
sections of the city, a distance of 13 miles. The Market St. Subway provides the business district delivery for both the western and northeastern
sections of the high speed system both of which are in turn fed by crosstown and tributary feeder surface lines.
Since the unification of operations of the Frankford Elevated and Market
St. Elevated Passenger Ry., there has been no segregation of earnings
between the two, but the increase in the number of passengers carried on
Market St. Elevated Passenger Ry. from over 66 million in 1918 to nearly
75 million in 1921 and over 100 million in 1924, should be indicative of
increasingly profitable operations of that company.
Sinking Fund.
-These bonds have the benefit of an annual sinW.ng fund
of $35,000, together with an amount equal to interest at 5% on all bonds
theretofore redeemed by sinking fund operations to redeem bonds by
purchase at or below 105 and int., or, if not so obtainable, to call bonds
by lot at that price. It is estimated that more than one-half of the entire
issue will be thus redeemed by maturity.
MAR. 21 1925.]
THE CHRONICLE
-Proceeds will be utilized for the retirement of short term
Purpose.
securities, totaling approximately $6,750,000 and for general corporate
purposes.
Dividend Rate Increased on Common Stock-Pref. Stk. Auth.
The directors have declared a quarterly dividend of 2% on the outstanding Common stock, par $50. payable April 30 to holders of record April 15.
This compares with quarterly dividends of 134% each paid from Oct. 1922
to Jan. 1925 inclusive (see also V. 120, p. 1205).
The stockholders on March 18 adopted six resolutions which approve
the following: (a) The issuance of $3,000,000 Preferred stock: (b) further
securing of the $10,000,000 50
-Year 5% bonds; (c) the new agreement
with Mitten Management, Inc., to run for 3 years; (d) the wage dividend
for 1925 not to exceed 10% and to be paid after Preferred and Common
dividends: (e) donation by the company of the easterly portion of the
Bund tract to the city of Philadelphia for park purposes: (f) the proposed
lease and contract for operation of the Chestnut St. surface car subways.
Frederick F. Slook President of the Co-operative Welfare Association,
has been elected a director, succeeding J. M. Massey, President of that
organization last year.
-V. 120, p. 1205.
Power Corp. of New York.
-Initial Common Dividend.
The directors have declared an initial quarterly dividend of 25c. a share
on the Common stock, payable April 1 to holders of record March 20.V. 120. p. 1205. 455.
Rutland (Vt.) Ry., Light & Power Co.
-Merger.
See General Gas & Electric Corp. above.
-V. 120. p. 583.
1461
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar.
-On March 14 Revere reduced price 10 Pts. to 6.10c.
per pound.
-American Brass Co.. reduces price of brass piping
Brass Prices Reduced.
Mc. per pound; sheet copper, Mc. per pound and high brass rods. Mc.
per pound. "Wall Street News" March 20, p. 1.
Central Falls (R. I.) Silk Weavers Strike.
-400 employees of Klotz Throwing Co., strike against new schedule of three 8
-hour shifts, claiming no
lunch hour is provided for by same. New York "Times" March 17, p. 8.
Plasterers in New York City Walk Out in Strike as Result of Row with Bricklayers' Union.
-Each union accuses the other of violating the agreement
made in 1911 whereby each union recognized the other's working cards
and agreed that in cities where one was organized and the other was not,
the organized one be permitted to control work. New York "Times"
March 19, p. 3: March 20, p. 21.
Dress Trade Strike in N. Y. City Ends.
-Jobbers make themselves responsible for labor costs of garments. Under agreement 40% of garments
made for jobbers will be under standard price schedules. Terms include
jobbers' guarantee of 7% to contractors for overhead and expenses. New
York "Times" March 17, p. 36.
Western Union Co. Opens New Direct Cable between Italy and United
States.
-Messages transmitted from New York to Rome travel five times
as fast as those over other cables. New York "Times" March 17. p. 10.
Matters Covered by "Chronicle" March 14.-(a) American Woolen Co.
opens lines of women's wear goods for fall at price advances.
-Wide
of fancy colors shown, p. 1273. (b) Amoskeag opens ginghams for fall
r
at advanced prices, p. 1273. (c) Leading printers advance percale prices.
IL 1273. (d) Cotton mill operations will shortly decline 25%. according
to C. S. Green, Secretary of Southern Yarn Spinners' Association. p. 1273.
San Joaquin Light & Power Corp.
-To Issue Stock.
The California RR. Commission has authorized the corporation to issue
$1,000,000 Prior Preferred stock at not less than 95, instead of at par
Alpine Montan Steel Corp., Austria.
-Bonds Offered.
as heretofore authorized. This stock, it is stated, will be offered to employees at $99 per share.
-V. 120, p. 1205. 583.
F. J. Lisman & Co. are offering at 91 and int., to yield
Springfield & Xenia Ry.-Report for
Car miles operated
Pay passengers carried
Gross earnings
Operating expenses
Taxes
Net earnings
-V.116, p. 2131.
1924.
268,455
373,268
$95,072
$106,001
4.595
1923.
256.003
391,427
$106,867
$104,496
5.596
def$15,523
def$3,225
Calendar Years.
1922.
1921.
244,267
243,048
394,693
434,382
$105,608
$112,528
$94,055
$101,684
6,982
6.421
$4.570
$ 4,423
Tennessee Electric Power Co.
-Annual Report.
Calendar Years
Gross earnings
Operating expenses and taxes
1924.
1923.
$9,570,783 $9,121,250
5,077,943
4,942,862
Gross income
$4.492,840 $4,178,389
Interest and bond discount
1.941,067
1.740,493
Divs. on 1st Pref. & Nashville R. & L. Co. Pref.
stocks (in hands of public)
773.646
700,422
Divs. paid on 2d Pref. stock for six months
150,000
Depreciation
845,958
827,146
Surplus
x$782,169
$910,327
x The surplus over depreciation for 1924 after deduction of an additional
$150,000. to represent balance of full year's dividends on 2d Pref. stock,
equals $4 05 per share on 156,000 shares of Common stock outstanding.
-V. 120, p. 706, 584.
Texas Interurban Ry.-Control, &c.
See Electric Power & Light Corp. above.
-V.105, p. 1899.
Tide Water Power Co.
-Control, &c.
See National Public Service Corp. above.
-V.120, p. 455.
United Gas Improvement Co.
-To Merge American Gas
directors of the United Gas Improvement Co. and
the American Gas Co. have agreed to recommend to their
stockholders a plan for the acquiring by the United Gas
Improvement Co. of at least 75% of the capital stock of the
American Gas Co. This was announced in a statement by
Samuel Bodine, President of the United Gas Improvement
Co., and Morris W. Stroud, President of the American Gas
Co. For further details see American Gas Co. above.
In an advertisement addressed to the stockholders and the
Philadelphia public, March 14,Presidbnt Bodine said in part:
Co.
-The
7.80%, 85,000,000 7% (Closed) 1st Mtge. 30-Year Sinking
Fund Gold bonds.
-Redeemable by a cumulative sinking fund of 1% per
Sinking Fund.
annum which will redeem the entire issue in 30 years. This sinking fund
Is to operate up to 1935 by compulsory drawings at par every two months,
commencing Aug. 1 1925. After March 1 1935 company has the right
to surrender bonds purchased by it in the market in lieu of all or part of
sinking fund payments. Drawn bonds become payable on the next interest
date at par and 6 months' accrued interest. Dated March 1 1925. due
March 1 1955. Denom. $1,000, $500 $100 c5 Not callable until March 1
.
1928. Then callable as a whole upon 60 days' notice up to March 1 1930
at 102: thereafter at 100. Principal and interest (M. & S.) payable in
U. S. gold dollars of the present standard of weight and fineness at the
office of New York Trust Co., trustee, or F. J. Lisman & Co. New York.
or the Niederoesterreichische Escompte-Gesellschaft, Vienna,
without
deduction of any present or future Austrian taxes.
Listing.
-Application will be made promptly to list these bonds on the
New York Stock Exchange.
Data From Letter of Dr. Anton Apold, Gen. Mgr., Vienna, March 6.
-Alpine Montan Steel
Company.
was founded in 1881. Is one of
the leading iron and steel corporations of Europe with assets conservatively
Corp*
estimated at over $32,000,000, without taking into consideration the
Immense deposits of iron ore, coal and magnesite and timber lands. Since
inception it has paid dividends amounting to 379%, an annual average of
8.80%. $37,319,000 equal to an annual average a 15.7% was distributed
during the last 24 years alone. The majority of shares is held by important
financial groups closely affiliated with the Niederoesterreichische EscompteGesellschaft of Vienna. "Alpine" is the leading stock on the Vienna
Exchange.
"Alpine" produces 100% of all the iron and 70% of all the steel manufactured in Austria. Company owes its leading position in the European
iron and steel industry to three facts: (a) Its iron ore, averaging about
42%-50% iron, when roasted, ranks amongst the purest and richest in the
world-Styrian and Huttenberg iron has been famous since Roman days
and is mentioned by Tacitus: (b) it owns all the raw materials required for
its own business: (c) its blast furnaces and steel plants are centrally located
with respect to its own iron, coal and magnesite mines, lime stone quarries
and forests.
Until the dissolution of the former Austro-Hungarian Empire, the
"Alpine" sold the major part of its production in the home market. Since
then the company's operations automatically have become more concentrated on export business as shown by the following (iron and steel):
3
1923.
Exports
$2,482.000 37,842,000
191.
Domestic sales
14,398,000 6,000.000
The natural markets (through geographical location) are: Italy, Switzer
land, Rumania, Jugoslavia, Germany and Turkey. These countries
purchase pig iron, rails, beams and plate.
Industrial enterprises in Austria are free from all reparation charges.
Properties.
-The business of the "Alpine" divides itself into two distinct
parts: Mining and manufacturing.
The coal mines are located in P'ohnsdorf, Seegraben, Koflach and Poremba: the iron ore mines in Eisenerz, Radmer. Huttenberg and Sonntagsberg; magnesite in Wald; quartz in Krieglach.
The manufacturing plants are situated in Donavritz, Eisenerz, Kindberg,
Neuberg, Zeltweg, Hieflau and Vordenberg.
The total annual capacity is: 794,000 tons pig iron. 570,000 tons steel,
777,000 tons rolled material, 5,000 tons horsehsoes and 900 tons nails.
The "Alpine" has its own electric power stations with electric dynamos
of a total capacity of 45,500 h.p. of which 38.500 h.p. has been installed.
Part of this power is sold to communities. The new station at Donawitz
alone has a capacity of 25,500 h.p.„ of which 18.500 h.p. has been installed
and 7.000 h.p. is under construction.
In all, the "Alpine" employs 17,000 men who, with their families, live
in the company's buildings. Each unit has its own hospitals, laboratories,
schools, libraries, hotels, clubs and bath houses.
Earnings.
-Net profits after all expenses from Jan. 1 1906 to Dec. 31
1913 were $22,392,000, or a yearly average of $2,790,000, equal to 7 times
interest and sinking fund charges on present issue.
$68,109,100 net profits were made from Jan. 1 1900 to Dec. 31 1923; an
annual average of $2,837.900, equal to over 7 times above requirements.
Reserves.
-From Jan. 1 1900 to Jan. 1 1924: Reserves and depreciation
amounted to $23,819,000, or a yearly average of $992,000.
An amount equal to nearly 5 times the present issue of bonds therefore
was written off during the last 24 years, the annual average being about
234 times interest and sinking fund charges on this issue.
Post-War Recovery.
-The depression resulting from the war is being
overcome quickly.
This recovery is best visualized by the following
reduction figures:
En Toes)1912.
1923. 6 mos. '24.
Coal
1,207,000
849,000
452,000
Pig iron
583,000
340,000
200.000
Steel ingots
504,000
322,000
174,000
Rolled iron
321,000
198,000
103,000
During the last year the company has paid considerable attention to the
further development of its coal business and is again producing about
800,000 tons per annum, of which-on account of a new invention for roasting ore by which 60% of coal is saved-about 450,000 tons are sold to other
consumers. The net profits from this branch of the business alone amount
to about $350,000 and are nearly sufficient to cover interest and sinking
hind charges on the present issue of bonds.
Purpose of Issue.
--Company is at present engaged in an improvement
Program and enlargement of its electric power stations with 7,000 h.p.
and to complete heat
-saving appliances. Also for additional working
capital and other corporate purposes.
There is no mystery about this transaction. In the first place it should
be understood that it was not the prospect of this transaction being effected
which caused the marked increase in the market value of the American Gas
Co. stock. That was undoubtedly due to the fact that before their negotiation with us they were approached by three other strong concerns who
desired to buy at a substantial price; they, however, preferred to remain in
a business in whose future they have the same faith which we have.
As to the newspaper query whether 25% of the American Gas stock is
omitted from the transaction, the answer is that every share can come in if
the holders so desire, but unless at least 75% accept United Gas Improvement Co. will be free to abandon the transaction. As to the fairness of the
deal, earnings for 1925 are estimated at $11,500,000, as follows:
U. G. I. properties
$9,500,000
American Gas properties
2,000,000
After the 10% allotment at par to U. G. I. Common and Preferred sharethe retirement of our Preferred stock our capital stock issued
holders and
will be about $67,750,000.
After a 2234% stock dividend the capital of the American Gas Co.
will be about $14,250,000 (par $100). If this be exchanged for stock in a
Pennsylvania corporation with shares of $50 par the capital of the Pennsylvania company will be the same as that of the New Jersey company,
but there will be double the number of shares because of the difference
in par value.
The use of a Pennsylvania corporation as a vehicle for effecting the merger
Is due to two reasons: (1) The raw of the State forbids a merger of a Pennsylvania and New Jersey corporation. (2) To avoid any of the bonds of
the American Gas Co. of New Jersey, or its subsidiaries, which are guaranteed by the American Gas Co.,from becoming a direct lien on the properties
of United Gas Improvement Co.
From the above it will be clear that the American Gas Co. propreties will
contribute 17 M % of the earnings of the combined properties and the American Gas Co. shareholders (if they all come in) will own about 1734% of
the merged company. If the plan becomes effective, United Gas Improvement Co. stockholders will receive this year, in addition to the regular 8%
dividend, approximately 11% in rights to subscribe and extra dividend.
which will about equal the dividends which they failed to receive during the
war period.
For reasons given above I consider the proposed transaction eminently
fair to the shareholders of both companies. As 18% of United Gas Improvement Co.'s assets is in Pennsylvania investments and the Pennsylvania investments of the American Gas Co. exceed this percentage, some
of which are in the immediate neighborhood of ours. I believe that cooperative management will result in economies of operation which will be
to the advantage of the public as represented by our customers.
A possible amendment and renewal of the'lease of the Philadelphia Gas
Works has not entered into the consideration of this transaction.
-V.
120, p. 831.
American Felt Co.(Mass.).
-Pays 31% Cash Dividend.
Power & Light Co.
-Control, &c.Utah
The directors recently declared a dividend of 31% on the outstanding
-V.120, D. 1205.
Electric Power & Light Corp. above.
$2,000,000 Common stock, par $100, payable March 16 to holders of
See
record the same date. Dividend record of present Meqsachusetts Company
Vermont Hydro-Electric Corp.
-Consolidation.
follows:
-V.117.D.1358.
1911. 1912. 1913. '14-'15. 1916. '17-'21. 1922. '23-'24. 1925.
See General Gas & Electric Corp.above.
5%
634% 6% None 41% None 9% 10% p.a. 31%
Westchester Lighting Co.
-Stock Increased.
-v. 118, p. 2951.
company has filed a certificate at Albany, N. Y. increasing the
The
American Hide & Leather Co.
authorized capital stock from $12,500,000 (consisting of 25,000 shares of
-Appeal.
Preferred and 100,000 shares of Common) to 384,400 shares of capitalstock.
C. H. Venner has appealed to the New Jersey Court of Errors and Apto consist of 25,000 shares of 2d Pref., 100.000 shares of Common, both of peals the decision of Vice-Chancellor Bentley allowing the company to
slop par value, and 259,400 shares of 1st Pref. stock of no par value.
out the recapitalization plan adopted by the stockholders.
-V. 120.
-v. 119. P. 208.
30, 1206. 1197.
rna
---Financial Report.--American Ice Co.
14Mos.End. ----Years Ended
Oct. 31
1920-21.
1921-22.
Dec. 31 '24. 1922-23.
Gross receipts
$17,325,303 $16.121.366 $16.000.404 $17.250,537
Income from investnets,
249.897
interest, discount, &c.
346.577
331.070
365,858
Total
$17,691,161 116,452,436 $16.346.981 117,500,433
ess cost of merchandise
L
oper. expenses. &c__ - 14,128.879 12.934.967 12,439.512 13,491.250
13,562,282 $3,517,468 $3,907,469 14,009,184
Balance
849.656
759.052
690.118
Bond int., Fed. tax.. &c_
854.448
802.514
862.128
989.084
Depreciation
956,097
Net gain
$1.751,738 11,838.266 $2,286,289 $2,357.012
899.505
899.656
899.742
899,763
Preferred diva. (6%)
Common dividends- -(7%)524,823 (7)524.806 (7)524,755 (6)449.730
Balance, surplus
-V. 120, p. 456.
120.
THE CHRONICLE
1462
$327.152
1413,718
$861.878 11,007.778
-To Increase Common
American International Corp.
-In the annual report for 1924 Pres. M. C. Brush says:
Stock.
All of the present authorized Common stock of the company is now
outstanding. In the opinion of the management the corporation should
have Common stock available for issue at such times as the directors shall
deem to be to the best interests of the stockholders. Therefore, it is recommended by the management at the annual meeting of stockholders
to be held April 1, the present authorized Common stock be increased from
-V. 119. p. 2765.
490,000 shares to 750.000 shares.
-Sale of Elevator.
American Linseed Co.
-V.118, p. 1913.
Bee Great Eastern Elevator Properties below.
-Report.
American Radiator Co.
Calendar Yearsa Profit
Other income
1923.
1924.
$12.877,554 113,614,537
314.099
438,469
Total Income
Interest paid and exchange
Pension fund. &c
Depreciation and depletion
113,316,023 $13.928,636
$103.677
1184.196
159.798
201,630
2.696.184
1.776,469
Net profit
b Preferred dividends
Common dividends
$11.153.728 $10.968.977
$495.300
$486,332
3.313.353
3.313.496
Earnings for Calendar YearsTrading profit for year
Reserve for depreciation
Interest on First Mortgage bonds
Interest on Income bonds
1924.
1180.997
88.000
17.600
73.402
1923.
1103.102
51.664
17.500
73.402
Net profit for year
12,095 1088139.464
Note.
-Dividends on 7% Cum.Prof.stock are in arrears from Jan. 1 1923.
. '
.
1923.
1924.
$
S
LiabilitiesAssets$
$
225,000 225.000
Land, bidgs.& plant 1,517,807 1,489,874 Preferred stock
x100,000 100,000
Pat'ts & trade-mks._
1Common stock
1
Cash
5,333 First Mtge. bonds__ 250.000 250,000
67,485
1 158,703 1,122,002
Accts. receivable.... 50,587
75.552 Income bonds
19,000
377,233 358,118 Bank loan (secured).
Inventories
Deferred charges.... 15,993
18,252 Accounts payable__ _ 98,576 181,097
36,701
Deficit
11,454
13.549 Income bond Int.
83,580
Ree've for depreen_ _ 171,580
Total
2,040,561 1.960.680
2,040,561 1.960,680 Total
x Represented by 20.000 shares of no par value.
Note
-Customers' paner under discount, &c..
-Contingent Liabilities.
1279.204.-V. 120. p. 832.
A. P. W. Pulp & Power Co., Ltd.-Listina
The Boston Stock Exchange has authorized the listing of $800,000
(auth.. $1,200.000) 1st Mtge. 20
-Year 7% Sinking Fund Gold bonds,
Series "A, dated Feb. 1 1925 and due Feb. 1 1945. See offering in
V. 120. to. 1331.
Armour & Co.(MO.
-Refuses to Vacate Decree-Listing.
The application of Armour & Co. and Swift & Co.for an order vacating
the consent decree entered into five years ago with tho Department of
Justice was refused March 16 by Justice Bailey in the Supreme Court of
the District of Columbia on petition of counsel for the companies on March
17 to reconsider. Justice Bailey took the appeal under advisement. The
Court announced, however, that argument would be heard on whether
the consent of Armour & Co. to the decree should be held as binding on
the California Co-operative Canneries.
The New York Stock Exchange has authorized the listing of tenporarY
interchangeable voting trust certificates for $27.679.425 Class "A,' Corn.
stock, with authority to add temporary interchangeable voting trust certificates for $22,320.575, making a total of 150,000.000 of the Class "A" Cora.
stock authorized to ho listed.
-V. 120, p. 1207. 1092.
Knitter Hosiery Co., Inc.
-Annual Report.
Calendar YearsNet sales
Cost of sales
Expenses
1922.
1924.
1923.
1768.202 $1.296,220 82,491,273
1,241.622
644.659
336.833
502.336
792,272
623.272
$7,353,900 $7.160.324
Surplus
x18,702,017 21.702.792
Profit and loss surplus
$140.710prof$747,315
Loss from operations
$191.903
a Total consolidated profit from operations of an companies after de- Sundry earnings
25.328
10.030
16,966
ducting all ordinary and necessary expenses and reserve for estimated
'Federal taxes, but before deducting the annual provision for pension and
Loss
$130.680prof$772,643
1174.937
fund and depreciation and depletion of properties. b Includes Previous surplus
benefit
281,471
221.801
527.481
Prof. dividends of subsidiary companies. x After deducting a 50% stock
-V.120, p. 832.456.
dividend amounting to 110,354,675' on Common stock.
Total surplus
1396.801 11.054.114
146,864
184,234
Federal taxes
-Wins Suit.
American Sugar Refining Co.
212,700
Loss oy School of Modern Dress_
The following statement was made Mar. 13 by Pres. Earl D. Babst.:
Good-will written off
29,499
"In an opinion Just handed down. the U. S. Supreme Court has affirmed Dividends
100,200
175.000
a judgment obtained in 1923 by the American Sugar Refining Co. In the
of 15.111 70, with interest, against the A. B. Small Co.. wholesale
amount
Profit and loss surplus
1527,481
146,864
1221,801
grocers, located at Macon. Ga. This suit grew out of a repudiation of the -V. 119, p. 2765. 815.
refining company's 224-cent contracts of 1920 and is the first case decided
are inby the U. S. Supreme Court in which any sugar contracts of 1920
Baldwin Locomotive Works.-S,Ies Rurnania..-V. 120, p. 1321. 960.
volved."
A current report believed by the "Chronicle" to be based on fact says:
The company has begun suit in the courts at Duch .rest, Rumania to
Tobacco Co.
-Balance Sheet Dec. 31.American
recover the outstanding balance of about $2,000,000 of its claims against
1923.
1924.
1923,
1924.
the Rumanian Government for locomotives delivered in 1919-1920. The
$
Lialdlittes$
Assets$
$
suit was brought owing to the failure to reach a wttisf tetory understanding
Preferred stock___52,699,700 52,699,700 with the Finance Minister regarding liquidation of the balance of the
Real est., mach.,
fixtures, Scc____ 9.977,395 9,183,392 Common stock__ A0,242,400 40,242,400 debt owed by the Rumanian Government. [The balance sheet as of
Corn. stock "B".57,388,550 57,369.400 Dec. 31 1924 shows that among the foreign Government securities owed are
Brands, trade314,300 11,226,457 7% Treasury notes of the Rumanian Government.1-V. 120.
297,100
6% bonds
marks,good-will,
1,022,200 1,072,700 p. 950.
54,099,430 54,099,430 4% bonds_a
&c
6.020
5,376
Scrip
Leaf tob., oper.
-Bonds Offered.-Bitting &
790,498
Baylor University, Texas.
790,498
supplies, &c_ __ _73,174,233 76,578,999 Pref. div. pay'le
39,054 Co. and Stix & Co., St. Louis, are offering at prices to yield
20,548
4,520,629 Dividend certifs.U.S.Treas. notes_
Stocks and bonds_26,989,579 25.890,108 Prov. for tax., &c.. 5,487,952 6,036,668
21,493
22,593 from 5% to 6%,according to maturity, $1,100,000 1st Mtge.
14,747,453 9,570,480 Accrued interest..
Cash
Bills & accts. reale 7,633,604 11,563,106 Accts. & bills pay_ 2,158,624 9,792,046 6% Serial gold bonds.
Amts. due to cos.
from
Amts. due
Dated Jan. 1 1925: due serially Jan. 1 1926 to Jan. 1 1944. Denom.
in which stock is
cos. In which
J. at Mercantile
c*. Principal and Int.
248,452 1,897,943 11.000. $500 and 1100or at the Bankers Trustpayable J. & City. Callable,
stock is owned_ 1,296,220 1,290,563 owned
Co., N. Y.
28,266,081 22,845,869 Trust Co., St. Louis,
432,484 Surplui
Prepaid ins., &e__ 729,057
all or part, on any int. date upon 60 days' notice at 102 and int. City
Bank. Dallas. trustee.
Total
188,646,971193,129,189 Nationalbonds are a direct obligation of Baylor University and are secured
188,846.971193.129,189
Total
These
*4% gold bonds maturing Aug. 1 1951 and remaining 4% gold bonds of by a first mortgage on all of the properties of the University, located in
Consolidated Tobacco Co. not yet exchanged.
Dallas. Tex., which comprise its medical Schools and Baylor Hospital.
The usual comparative income account was published in V. 120. P. 1331.
Baylor University, founded in 1845, in the days of the Republic of Texas,
was the first university in the Lone Star State. The present enrollment is
Suit.
-Foreclosure
about 3.500 and the value of its property exceeds $5 250.000. The subAmerican Writing Paper Co.
An intervening petition has been filed in the Cincinnati Federal Court stantial aid received from the General Education Board and the Rockefeller
by the Old Colony Trust Co., Boston. asking permission to begin suit for Foundation in 1924 attests its standing. While owned by the Baptist
extends
the foreclosure of a mortgage of $12,000,000 on the company's paper mills. General Convention of Texas, its sphere of influence Waco over the entire
and the medical
The action Is ancillary to a similar suit in the Federal Court at Boston. the South. The undergraduate schools are located in
schools and Baylor Hospital in Dallas. The hospital, with over 400
-bed
-V. 119. p. 1512.
petition states.
capacity, is with one exception the largest hospital in the South, and bears
the same relation to Baylor University that Johns Hopkins Hospital bears
-Interest Not Paid.
Ames Holden McCready Ltd.
to Johns Hopkins University.
According to a Montreal dispatch the semi-annual interest payment on
The properties mortgaged, consisting of 12 buildings, which embrace
the bonds due March 1 last has not been paid. The funded debt consists of Baylor Hospital and the Schools of Medicine, Pharmacy and Dentistry, are
-Year
1st Mtge. Sinking Fund bonds due 1947: $363,281 10
$2,240,400 6%
due Sept. 11925.-V.118 owned in fee by Balyor University and are located in Dallas, Texas. They
-Year notes
coupon notes due 1932.and $450,000 3
have been independently appraised at 12,650.000. The loan on this apeIL 2827.
praisal represents but 411'% of the value of the property mortgaged. Adquate insurance is carried in favor of the corporate trustee for the benefit
-Class "A" Divs.R. I.
Apco Mfg. Co., Providence,
of the bondholders.
The directors have declared the regular quarterly dividend of 50c. per
The purpose of this financing is to provide funds to retire an outstanding
share on Class "A" stock, payable Apr. 10 to holders of record Mar. 20. debt of $340.000 against some of the propreties covered by this mortgage,
This is the 30th consecutive quarterly dividend on its Preference stock and to liquidate bank loans Incurred in new construction and not paid for in
V. 120, p. 832. 456, 214.
(now Class "A"). Bee also
cash. After giving effect to this financing, this will be the only debt,
funded or otherwise, of the Dallas properties of Baylor University.
-Smaller Dividend.Appleton Co. Lowell, Mass.
quarterly dividend of 731% on the
--Consolidation.
The company on March 14 paid a
Bethlehem Spark Plug Co.
outstanding $600,00 capital stock, par $100, to holders of record
-V. 120. p. 586.
See Splitdorf-Bethlehem Electric Co. below.
-V. 119, p. 3013.
March 7. The previous rate was 10% quarterly.
--Report.
Ames Holden Tire & Rubber Co., Ltd.
The annual report of the directors for the fiscal year ending Dec. 31
1924 says in part:
Sales for the year show a substantial increase over the previous year,
largely due to increased production of tires for the B. F. Goodrich Co.
As forecasted, 1924 saw a continuation of the severest competition.
Three tire price reductions occurred during the year, resulting in a net price
decline of over 24%. Price reductions also occurred in rubber footwear.
Economies in production and administration were, however, effected in
such a manner as to largely offset price declines, with the result that the
company's trading profit increased over last year by 75%. and totaled
$180.997. The directors accordingly felt justified in making an initial
payment of 3j.% on account of Income bond interest. In addition to
meeting 1st Mtge. bond interest and providing for Income bond interest
for the year. $88.000 was set aside as reserve for depreciation, leaving a
net profit for the year of $2,095.
The entire severance from Ames Holden McCready. Ltd.. imposed the
necessity of selling our rubber footwear direct to the trade in Canada.
Results exceeded our expectations. The company now markets its own
tires and rubber footwear and manufactures to about an equal amount
tires on behalf of the B. F. Goodrich Co.
Since the close of the fiscal year. the B. F. Goodrich Co. has acquired
control of the company through the purchase of sufficient shares to give
them control of the Common stock, all shareholders being given an equal
opportunity of disposing of a portion of their holdings. The shareholders'
pinial win be asked to change the name of the company to the "Canadian
ch Co., Ltd."
acroo
-Employees Purchase Stock.
Bethlehem Steel Corp.
The corporation on March 15 announced that 22,400 of Its employees
have applied for a total of 46.766 shares of its 7% Cumul. Prof. stock
offered t 1100 per share in resporse to the second annual offering under
its employees savings and stock ownership plan. This compares with
19,922 employees applying last year for a total of 51,034 shares offered at
$94 per share. The application will be filled from stock already issued and
outstanding. See offering in V. 120. p. 708, 1093.
-Negotiate Bond Sale.
Bing & Bing, Inc.
Bing & Bing, Inc., real estate operators, are negotiating with a banking
group headed by Lehman Bros., Goldman. Sachs & Co. and Salomon Bros.
& Hutzler for the sale of an issue of $5.000.000 debenture bonds. It is
understood that the securities will be sold in the near future in order to
provide for further expansion of the business.
The new company which will be presently formed will acquire the interest
of L. S. Bing, head of Bing & Bing, Inc., and his associates in 33 important
properties, as well as the good-will of the present Bing & Bing, Inc., and it
construction and management contracts. The company will own the participation of the present company in the syndicate acquiring the "car-barn"
properties at 50th and 51st Streets and Sixty and Seventh Avenues. All the
stock will be owned by L.S.Bing and his associates,the present managers.
-Stockholders' Suit
(E. W.) Bliss Co., Brooklyn, N. Y.
New Director-Earnings.
against
An accounting suit for millions of dollars of profits has been begun
the officers of the company by minority stockholders, who allege that
MAR. 21 1925.]
during the war the officers and directors illegally voted to themselves large
sums earned on Government contracts for torpedoes and other war materials.
The lawsuit was brought in Nassau County by Alfred M. Schaffer, counsel
were served on
for Minority stockholders, and the papers $4,800,000 wasthe officers two
distributed in
weeks ago. Mr. Schaffer asserts that
bonuses, that Frank C. B. Page, Vice-Pres., received 74-150ths of this
Frederick D. McKay received 21-150ths.
amount and Second Vice-Pros.
Mr. Page and Mr. McKay are alleged to have profited most from the
bonus awards. James W. Lane, Pres, of the company, is alleged to have
received $100,000 a year. According to the minority stockholders interested
in the suit. V.-Pres. Page received more than $2,000,000 and V.-Pres.
McKay about $750,000.
Possibly $10,000,000 went to favored individuals in control of the comthe minority stockholders assert.
up to
kany during the war andconfirm 1921$10,000,000, but they assert that
the
The stockholders cannot
,
$4.800,000 was distributed out of profits between 1914 and 1921 among
officers and other persons in a position to receive the "bonuses.
official of the company said in regard to the Kilt:
An
Atthe annual meeting March 16, complaint was made on behalfof certain
stockholders that excessive salaries and bonuses had been paid to certain
officers and employees for a period of years, beginning With 1914. The
payments in question were made under and in accordance with resolutions
adopted by the directors in Dec. 1913 and In Feb. 1915, providing a profit
sharing plan for officers and employees.
The matter was fully discussed and a resolution ratifying and confirming
the payments complained of was adopted by the vote of 52.294 voting
shares out of a total of 60,000 outstanding, 3,025 shares being cast against
the resolution. A resolution approving the action of the directors for the
preceding year was adopted by a similar vote and at the conclusion of the
meeting the directors previously in office were re-elected by the vote of
52.837 shares, John AL Perry being elected to fill the vacancy caused by
the resignation of Jesse H. Metcalf, who resigned in Sept. 1924.
During the years in question $8,500,000 was paid in dividends on the
stock of the corporation and in addition the surplus was increased by
518,000,000 and a bond issue of $750,000 was paid off.
Consolidated Income Account Year Ended Dec. 31 1924.
$1,476,912
Net after depreciation and taxes
922,605
Idle plant expenses, &c
197,072
Interest
509,736
Preferred and Common dividends
Deficit
Profit and loss, surplus
-V. 118. IL 1395.
1463
THE CHRONICLE
$152.501
17,378,605
-Proposes to Change Par Value of Common
Borden Co.
-To Issue Additional
Shares from $100 to $50 per Share
Common Stock to Stockholders at Par.
See report for fiscal year ended Dec. 31 1924 under "Reports and Docu-V. 119. p. 2290.
ments" on a preceding page.
-Reorganization.
(Daniel) Boone Woolen Mills, Inc.
A reorganization of the capital structure of the company.was approved
by the stockholders March 16. According to the plan approved the
250,000 shares (par $25) will be reduced to a total capitalization od $3.500.000 consisting of 10,000 shares of Pref. stock (par $100) and 500,000 shares
of Common stock (par $5)•
The present Capital stock will be exchanged one share of the new Common
for each share of the old stock outstanding. The new Preferred stock will
be 7% and convertible into Common stock on or before May 1 1927 on the
basis of 20 shares of Common for one of Preferred.
The directors have been authorized to rtain the services of Samuel
Rosenthal as General Manager for five years.
Contingent upon the ending of the present receivership Mr. Rosenthal
will take $1,000.000 of 7% Preferred stock. An additional 50,000 shares
,
of Common, together with 62.500 now in the treasury . will be offered to
stockholders at $5 a share. All shares not subscribed for will be taken by
-V. 120. p. 1207. 1093.
Mr. Rosenthal.
Borg & Beck Co.
-Consolidated Balance Sheet Dec. 31.1924.
1923.
1924.
1923.
Assets$
Physical properties_ A,387,527 785,789 Capitalstock & sur_y2,435,446z1,854,855
150,000
36,523 Notes payable
Patents(at cost),_ x196,881
185,718 119,422 Accts. pay. & accr.
Cash
93,056
70,130
296,778 expenses
U.S.Gov. secs
Notes & accts. rec__ 270,901 187,433 Res. for Fed. taxes_ 140.714 135,248
62,500
75,000
Inventories
811,879 694,263 Diva. payable
15,100
1,270
Empl.stock subser__
12,307
Prepaid expenses.._ 20,625
Total(each side)_ _2,881,716 2.135,233
6,915
7,617
Investments
x Including good-will. y Represented by 125.000 shares of no par value
authorized and issued. z Represented by 100,000 shares of no par value.
The usual comparative income account was given in V. 120, P. 1332.
-Bonds Offered.
-S. W.
Brett Building, Altoona, Pa.
Straus & Co., Inc., are offering at prices to yield from
5.80% to 0% according to maturity $450,000 1st mtge. 6%
serial coupon gold bonds.
the company. The respondent company manufactures baking powders,
which it sells to the wholesale and retail trade throughout the United States.
The complaint alleges that the respondent through various mediums
represented that the baking powder made by the Royal Baking Powder
Co. when used in baking, forms or tends to form a certain hard mass in
the digestive tract in persons consuming food prepared therewith. The
complaint further alleges that respondent's agents in house-to-house
canvass, make comparative tests between its own and competitor's baking
powders, the tests being so manipulated by carefully trained and instructed
demonstrators as to give the impression that respondent's product is
superior to that of the Royal Baking Powder Co.'s product. It is charged
that these tests are deceptive and misleading, and result in the public
being deceived as to the relative merits of the baking powders tested.
The respondent's alleged acts, the complaint states, are detrimental to
the purchase of its competitor's product, and constitute unfair methods
of competition.
-V. 115, p. 2383.
-Annual Report.
Callahan Zinc-Lead Co.
Calendar YearsTotal income
Expenditures
1923.
$980,983
988,917
1924.
$48,772
240,107
1922.
$168,194
318.455
1921.
$10,118
166,396
$150,261
$7,934
$191,335
$156,279
Operating deficit
Note.
-The Galena property has not yet been sufficiently developed to
justify the erection of a mill large enough to place that mine on a substantial
commercial shipping basis. Income for year 1924 has been derived almost
-V.119, p.201.
entirely from interest on investment bonds held in treasury.
-Bonds Offered.
Canada Crushed Stone Corp., Ltd.
Rice, Gibson & Co., Toronto are offering at 99 and int.,
-Year 63/2% Sinking
to yield 6.55%, $300,000 1st Mtge. 20
Fund bonds. A circular shows:
Dated Dec. 1 1924;due Dec.11944. Principal and int.(J.& D.)payable
at the holder's option in Canadian funds at the Royal Bank of Canada,
.
Toronto, Montreal and Hamilton. Denom. $1,000 and $500c5 Red.
all or part on any int. date on 30 days, notice at 103 and int. National
Trust Co., Ltd., trustee.
Authorized.
Issued.
Capitalization$600.000
$300.000
8% 7. First Mortgage bonds (this issue)
50,000
50,000
7% Redeemable Debenture stock
750,000
694.300
6% Cumulative Redeemable Preference shares.750,000
750,000
Common shares
-The trust deed will provide for an annual cumulative
Sinking Fund.
sinking fund commencing Dec. 1 1925. equal to 2A % of all issued 1st Mtge.
6s,together with an amount equivalent to the annual interest on all bonds
redeemed. It is estimated that this sinking fund will redeem the entire issue
of these bonds at or before maturity.
-Is the largest producer and merchandiser in Canada of crushed
Company.
stone in all sizes. It also produces a very substantial tonnage of by-products
such as agricultural lime, flux, grit and building stone, and through its
selling organization distributes supplies allied to the construction business.
Plant, situated at Dundas. Ont., has an annual capacity of 750,000 tons of
crushed stone and 50,000 tons of by-products. Company also operates
two other quarries at Hagersville and Vinemount. each having an annual
capacity of 100.000 tons of crushed stone, and one distributing plant at
Hamilton, all owned by its subsidiary companies.
-Average annual net earnings, after all operating expenses,
Earnings.
full and proper maintenance charges and all taxes, other than Federal
income tax available for payment of bond interest, have been as follows:
Awe. Yearly Earns. Bond.Int.Earned.
Over 4A times
394,957
Eleven fiscal years, 1914-1924
Over 63.5 times
134.445
Six fiscal years, 1919-1924
-Initial Class "B" DiviCanada Dry Ginger Ale, Inc.
dend of 75 Cents per Share-Earnings for 1924.
An initial dividend of 75 cents per share on the Class "B" stock and the
regular quarterly dividend of 75 cents per share on the Class "A"stock, no
par value, have been declared, both payable April 15 to holders of record
April 1.
Net earnings for the year ended Dec. 31 1924 amounted to $498.779.V. 119, p. 2884.
-Report.
Canada S. S. Lines, Ltd.
Calendar YearsGross operating revenue
Operating expenses
1922.
1923.
1924.
$10,247,479 $11.640,381 $11,403.365
8,779,087 9.728,369
9.574.123
Net operating revenue
Other income
$1,468,392 $1,912.012 $1,829,242
211,506
187,635
243.501
Total income
Deductions
Good-will written off
Special depreciation
Loss on sale of assets
$1.656,027 $2,155.513 $2,040.748
1,652,012
1,678.269
1,512,208
1,424,647
866,000
2,490
16.017
1.045.180
$127,801 df$1.433,936df$1,038,401
330,366
Balance
Special surplus
$127.801=1,433.936 def$708.037
Surplus
Dated Mar. 9 1925, due serially Mar. 1926 to Mar. 1940. Int. payable
3.610,720
2,902.685
1.468.749
hi.&S. at offices of 8. W.Straus & Co. Denom.of $1,000. $500 and $100 c* Previous surplus
Callable at 104 and int. up to and incl. Mar 6 1930; 103 and int. after Mar.
$1.596,550 51.468.749 $2,902.685
Profit and losssurplus
and up to and incl. Mar.6 1935; and 102 and int. after Mar 6 1935,
6 1930.
and before Mar. 6 1940. 2% Federal Income Tax paid by the borrower. -V. 118, p. 1915.
Penn. 4 mills tax paid by the borrower to the State llsreasurer on behalf of
-To Pay Bonds Due April 1.
Central Leather Co.
residents of the Commonwealth of Pennsylvania.
Bonds are a direct closed first mortgage on land and completed store
The outstanding 1st Lien 5% gold bonds maturing on April 1 1925 will
and office building in the business center of Altoona, one of the most pro- be paid at maturity upon presentation and surrender at the office of Central
gressive cities in the industrial section of Pennsylvania. All store space is Union Trust Co., 80 Broadway New York City.
rented at advantageous figures, one of the principal tenants being the
The outstanding interim certificates issued under the agreement between
Brett Department Store. Office space is 75% leased, although the building Central Leather Co. and Bankers Trust Co. as depositary. dated Jan. 1
has been ready for occupance but a comparatively short time.
-Year 6% 1st
1925, will be exchangeable on and after April 1 1925 for 20
Net annual earnings, after all deductions, are estimated at $55.200, which Lien S. F. gold bonds in temporary or definitive form (whichever may be
sum is more than twice the greatest annual interest charge.
then ready for issuance), as provided in such interim certificates, upon
presentation and surrender of interim certificates at the Bankers Trust Co.,
-Balance Sheet Dec. 31.By-Products Coke Corp.
16 Wall St., N. Y. City. (See offering in V. 119, p. 2884.)-V. 120.
1924.
1923.
1923.
1924.
P. 1094. 1033.
$
Liabilities$
$
$
Assets-Obituary.
Plant, equip., &c_ 9,772,791 7,673,819 9% Preferred stock 1,522,200 1.522.200
Childs (Restaurant) Co., N. Y. City.
Common stock-- 9,500,568 9,500,568
231,444
265,342
Cash
In connection with the death on March 17 of President Samuel S. Childs.
264,731 1,239,000
332,500 Bills payable
15,123
Marketable Recur_
208,925
Accts. payable
278,401 the company issued the following statement: in any way the management
Bills & accts. rec.
"The death of Mr. Childs does not affect
x283,557 1,039,732
595,565 Ore accounts
dr accrued int.__ 544,183
Childs
company's
152,308 of the company or the position of the for a great securities. Mr.
2,985,070 5,380,856 Accrued int., Am__ 139,527
Inventories
the management
6,315,900 6,515,900 has not been active in management of the affairs many years, the control
4,141,197 Bonded debt
3.893,159
Investments
being in the hands of the
of operations and the
741,370
970,579
SU.& accid.funds 1,698,889 3,704,633 Reserves
-V. 120. n•
445,800 1,081,021 Vice-President and General Manager, William Childs."
239,694 Surplus
Deterred charges... 248,019
1333, 1208.
Total
19,422,578 22,299,709
19,422.578 22,299,709
Total
-Contract.
Cities Service Tank Line Co.
x Deferred payments not yet due.
It is announced that the company has Just contracted with a large tank
The usual comparative income account was given in V. 120, p. 962.
car manufacturing concern to build 783 steel tank cars. These cars will
-Ann. Meeting.
- be used by the Cities Service Refining Co., the Empire Gasoline Co.. the
Caddo Central Oil & Refining Corp.
The annual meeting called for March 16 at the office of Feiner, Mattes Empire Refineries, Inc., the Empire Gas & Fuel Co. and the Crew-Levick
22 Exchange Place, New York City, has been adjourned for Co. The newly purchased cars will possess all modern improvements and
& Skutch,
lack of a quorum, to be held on March 30 at the same place. This adjourn- are of special types. When these cars are delivered, the oil division of
ment is taken to enable stockholders to receive copies of the annual report Cities Service Co. will have about 3,000 tank cars in operation. See also
v.120, P. 1333
prior to the meeting. The report will be ready in about ten days.
.
Up to March14 the company had proxies for only about 55.000 shares,
-Balance Sheet.whereas about 85,000 are necessary for a quorum. All stockholders
City Manufacturing Co.
be present personally are requested to send in their
who do not expect to
Dec.2724. Dec. 31'23.
Dec.2724. Dec.3123. Liabilities-Assets-V. 120, p. 1208.
proxies promptly.
$750,000 $750.000
Real est.,bldgs.,&e31,298,507 $1,295,869 Capital stock
660,528 Accounts payable_ 122,502
611,774
226,186
-Receives Tax Refund.
Inventory
Association.
California Wine
11,800 Federal
11,800
from the secretary of City Alfg.Corp.stk 28,793 128,548 Reservetax reserve 491,160 501,974
The association on March 12 received $1,000,000taxes paid.
for depre-V.117. D. Accounts recehele_
amount due from excess Federal
ciation
the Treasury as the
689,942
99,311
634,504
Notes receivable
618,225 Profit and loss__ 621,351
2894.
624,770
602,305
Cash
---Complaint.
Calumet Baking Powder Co., Chicago.
Total
of a competitor's
Alleged misrepresentation and disparagement Trade Commissionproduct -V. 118,
Federal
against
is the basis of a complaint issued by the
$2,674,955 $2,714,971
p. 3202.
Total
$2,674.955 $2,714,971
1464
THE CHRONICLE
Colorado Fuel & Iron Co.
-New D:rector,
E. T. Wilson, Chairman of the Continental Oil Co., has been elected a
director to succeed the late John H. McClement.
Fred Farrar has resigned as Executive Vice-President and Secretary, but
remains a director and general counsel. Wendell Stephens has been elected
to succeed Mr. Farrar as Secretary.
-V.119, p. 1958.
Commercial Solvents Corp.
-New Director.
-
George M. Moffett has been elected a director.
-V. 120, p. 833. 458.
Continental Oil Co. (Me.).
-Offers Additional Stock.
The stockholders of record March 27 will be given the right to subscribe
on or before April 25 to now stock to the extent of 10% of their holdings
at the rate of $15 per share. Payment for the new stock must be made
on or before April 25 at the New York Trust Co.. 100 Broadway,N.Y. City.
Pres. S. H. Keoughan says: "The proceeds of this sale will provide
additional capital, over and above the surplus earnings of the corporation
after dividend disbursements, for increasing marketing facilities, for futher
Improving the refineries and equipping the same with the latest cracking
devices, and for the purchase of new producing properties, all of which.
the management believes will add materially to the earnings of the company."
Every holder of voting trust certificates representing ten shares of
Continental Oil Co. (Me.) stock will be entitled to subscribe to a voting
trust certificate representing one new share at $15. Holders of voting
trust certificates for Mutual Oil Co. stock who have not surrendered their
voting trust certificates for exchange into voting trust certificates of Continental Oil Co. (Mo.) stock will be entitled to subscribe to a voting trust
certificate representing one share of new stock at $15 for each 20 shares
of Mututal Oil Co. stock represented by the voting trust certificates so held.
The New York Trust Co. announces that they are prepared to exchange
voting trust certificates of the Mutual Oil Co. for those of the Continental
Oil Co. on the basis of one share of Continental 011 Co. voting trust for
two shares of Mutual 011 Co. voting trust.
-V. 120, P. 963, 833.
Crown Cork & Seal Co.
-New Control.
-Earnings
Loss from operations in 1924 totaled $52,317. After $318.000 reserve for
,depreciation and $717,155 extraordinary charges, such as inventory loss,
&c., the total loss for the year amounted to $717,155. Total operating
profit in 1923. including other income, was $381,257. After deducting
Interest charges, bond discount, subsidiary company losses, maintenance
expenses. &c.. there was a loss for 1923 of $191.628.
At the meeting of the stockholders on March 17, the following officers
were elected: Donald M. Liddell, Pres.: Walter W. Abell, Acting Treas..
and F. E. Fusting, Sec.
-V. 118. p. 1273.
Crucible Steel Co. of America.
-Balance Sheet.
-
Chairman H. S. Wilkinson, in a statement issued to the stockholders
under date of March 16 says:
"The earnings for the six months ended Feb. 28 1925 have been sufficient
for dividend requirements and an addition to surplus.
"The unfilled orders on the books of the company have been as follows:
Aug. 31 1921
34,374 tons Aug. 31 1923
67,888 tons
25,080 tons Feb. 29 1924
Feb. 28 1922
72.052 tons
28.379 tons Aug. 31 1924
Aug. 31 1922
59.252 tons
Feb. 28 1923
77,106 tons Feb. 29 1925
140,446 tons
"Notwithstanding the fact that our unfilled orders as of Aug. 31 1924
were only 49,252 tons, we have since increased our business until they
are now 140,446 tons, the largest they have been at any time in the past
four years.
"During 1924 a considerable depression developed in the steel industry,
as for several months of the year business was low in volume and also
too low in price, when present costs are taken into consideration. During
the past three months the business has had a marked and steady increase.
"It is the opinion of the Chairman that we have every reason to expect
a satisfactory volume of business extending over a considerable period of
time and believe that our stockholders can look forward to better results
than we have been having in the past."
Consolidated Balance Sheet.
[Crucible Steel Co. of America and Subsidiary Companies.]
Feb. 28 '25. Aug.31 '24.
Feb. 28 '25. Aug. 31 '24.
AssetsLiabilities
$
$
RI. est., plant,
Preferred stock_ 25,000,000 25,000,000
equip., &a__ 82,077,112 82,345,154 Common stock. 55,000,000 55,000,000
Investments__
107,840
107,840 Pittsb. Crucible
Cash
2,889,954 5,206,730 SU. Co. let 55 5,250,000 5,250,000
Listed securities 4,103,832 2,818,500 Accts. pay.,accr.
Notes receivable
71,530
75,777 int. dr taxes._ 2,854,323
2,578,033
Accts. rec. (net) 5,401,127 3,433,663 Div.on Pref stk
437,500
437,500
Inventories
17,401,649 17,260,264 Approp. surplus 1,504,774 1,491,871
Unexpired taxes,
Unapprop. surp. 22,148,542 21,818,789
insurance.&c_
342,096
328,266
Total
112,195,139 111,576,194
Total
112,195,139 111,576,191
Denies It Is Negotiating for Additional Coal Lands.
Regarding the press reports that officials of the company and a group
capitalists are negotiating for the purchase of coal lands said
to aggregate 100,000 acres in Logan County. the company, in a letter
to the "Chronicle" says: "We beg to inform you that there is absolutely
no truth in the rumor that this company is negotiating for additional
coal lands. In this connection we might advise you that we have extensive
coal properties which will supply our needs for the next 50 years."
V.
v. 119. P. 2414
.
a Eastern
-5% Ordinary Dividend.
Cunard (Steamship) Co.
The company has declared a dividend of 5%. less tax, on the Ordinary
shares. A similar amount was declared on the Ordinary shares a year ago.
-V. 118. p. 1916.
f VoL. 120.
The Cortes Development Co. of Honduras was organized in 1919 to
carry on that part of the business in Honduras which could best be conducted through a local company. All of its stock is held in trust for the
benefit of the stockholders of Cuyamel Fruit Co. The Cuyamel Steamship
Co. is a subsidiary of Cuyamel Fruit Co.
Security.
-Joint and several obligations of Cuyamel Fruit Co.and Cortes
Development Co. Secured by a first mortgage upon all of the mortgageable property of both companies in Honduras and by the pledge of notes
and stock of the Cuyamel Steamship Co., which holds title to 7 steamships.
Earnings Years Ended December 31.
[Cuyamel Fruit Co., Cortes Development Co.and Sub. & Predecessor Co.]
x Profits
Profits
Times Int. Re
Before
DepreAfter
guirements Earned
Depreciation.
dation.
Dc reciation. After Deprec'n.
1920.._ _$.625.478
$879,435
$1.746.042
5.8
1921 -__ 2,542.985
1.136.416
1.406.568
4.7
1922-_- 2,914,675
985,800
1.928.875
6.4
1923 -_- 4,223.224
1,156,021
,3,067.202
10.2
1924___ 2,345,752
1.105.443
1.240.309
4.1
x After all expenses except interest and Federal taxes.
Sinking Fund.
-Mortgage will provide that the company commencing
Oct. 1 1925, during the life of this issue, will apply semi-annually as a
sinking fund the sum of $240.000 less interest requirements on the amount
of this issue then outstanding to the purchase of bonds at not exceeding .
the then current redemption price or to their redemption by lot. Through
the operation of this sinking fund provision will be made for the retirement
of all but $957.000 of this issue by maturity. The principal amount of
bonds which will be thus retired will steadily increase from a minimum of
$169,000 in the first year to a maximum of at least $402.000 in the last year.
These calculations are based on the retirement of bonds at the call price.
which is 1073 in the first year and )4 less in each succeeding year.
Purpose.
-Proceeds of the sale of these bonds and of the stock mentioned
above will be used (a) to retire the outstanding 52,975.000 1st Mtge. 73 %
5
bonds; (b) to pay off $2.000.000 in connection with the acquisition of,the
large tract of Ulua lands in the Republic of Honduras;(c) to retire all banking indebtedness, and (d) to increase working capital.
Listing.
-Application will be made to list these bonds on the New York
Stock Exchange.
Offering of Stock.
-It is expected that the company will issue 50.000 shares
of capital stock to be offered first to present stockholders. All the large
stockholders to whom the proposition has been submitted have signified
their intention to take their proportion of new stock.
Combined Balance Sheet December 31 1924.
(Cuyamel Fruit Co., Cortes Development Co. and Subsidiary Cos.]
[Giving effect as at that date to the sale for cash of $5.000.000 1st Mtge.
15-Year 6% Sinking Fund Gold bonds and 50,000 shares of stock (taken
at the minimum amount to be received), and the application of the proceeds in retirement of funded and floating indebtedness, and as additional
working capital.] •
Assets.
LiabilUies.
Cash
$927,701 Accts. pay. & accr. pay-rolls- $488,821
Accts. & notes rec., less res've 1,205,038 Notes payable
85,760
Due from officers.& employees 126,175 Drafts & accept. outstanding_
55,589
Inventories
1,072,295 Accrued interest payable
45,731
Adv, to planters and others
634,417 Prov. for Federal tax
15,000
Adv. to Honduras Nat. RR
245,991 Res. for banana cargo Insur
157,918
Other advances
187,089 Reserve for contingencies._ _ 100,000
Sundry stocks and bonds
17,684 Funded debt
5,000,000
Fixed assets
517,635,554 Deferred credits
25,086
Deferred charges
726,419 Capital and surplus
716,804,458
Total
$22,778,366
Total
$22,778,366
x Concessions, rights of way and undeveloped lands in Honduras.
$3.000.000; less amount written off, 52.559.322; lands in Honduras, $2,573,591; farms, railroads, sugar mill and equipment in Honduras. $14.890,438: less reserve for depreciation. $5,117,207; steamers, $3.010,223:
less reserve for depreciation, $864,873: lands, farms and equipment in
Nicaragua, and other property, incl. equity in stock of steamship company
under option of purchase.$3,309,138:less reserve for depreciation,$606,433.
y The capital of the Cuyamel Fruit Co. is represented by 300,000 shares
of capital stock of no par value. The shares of stock of the Cuyamel Fruit
Co. carry a pro rata beneficial interest in the capital stock (of the aggregate
par value of $250,000) of the Cortes Development Co., the assets and
liabilities of which are combined in the above statement.
Note.
-The current and working assets above do not include the growing
crops (bananas and sugar cane) which the officers of the company estimate
to have a current value as of Dec. 31 1924 of at least 52,800,000.-V •119.
p. 2184.
Dennison Mfg. Co.
-Annual Report.
-
Calendar Years1924.
1923.
Earnings
$1,193.466 $1,754.973
Depreciation
392,325
424.432
1st Preferred dividends
337.766
338.976
2d Preferred dividends
76.484
64,888
Reserve for dividends & interest to be paid on
partnership stock & certificates
183.118
304,465
Balance, surplus
:203,773
$622,212
-V. 119, p. 202.
Detroit (Mich.) Creamery Co.
-Smaller Dividend.
-
The directors have declared a dividend of3% on the outstanding $6.000.000 capital stock, par $10, payable April 1 to holders of record March 21.
On Jan. 2 last a distribution of 3M % was made.
-V. 117, p. 2775.
Detroit Properties Corp.
-Notes Sold.
-Dillon Read &
Co. have sold at 984 and
-New Directors.
- five-year 6% gold notes.int. to net over 6.35% $2,500,000
Curtis Aeroplane & Motor Co., Inc.
The purchaser of each $1,000
R. C. Tripp and A. A. Schlessinger have been elected directors, innote is entitled to receive 6 shares of Common stock.
creasing the directorate to 11.-V. 120. p. 1333, 709.
Dated Mar. 1 1925: due Mar. 1 1930. Interest payable M.& S. in De-Lehman Brothers, troit at Union Trust Co., Trustee, and in New York at the office of Dillon.
-Bonds Sold.
Cuyamel Fruit Co.
Read
and $500
Goldman, Sachs & Co., A. G. Becker & Co., Ames, whole& Co. Denom. of $1.000 and int. c*. Red. on any int, date as a
or in part by lot at 101 Y.6
Interest
deducEmerich & Co. and Hibernia Securities Co. Inc. have sold tion for Federal normal income tax not in excess payable without 4-mills
of 2%. Penn.
tax, Conn. 4-mills tax, Mass. 6% income tax, and Maryland 4%-milLs tax
at 99 and int., to yield about 6.10%, $5,000,000 1st Mtge. refunded.
15-Year 6% Sinking Fund Gold bonds, dated April 1 1925,
Data from Letter of E. A. Loveley, President of the Company.
due April 1 1940.
Company.
-Has been organized in Michigan to deal in real property in
Principal and int. (A. & O.) payable in New York, Chicago and New
Orleans without deduction for normal Federal income tax not to exceed 2%.
Red., all or part, at 107% and int. to April 11926, thereafter the premium
decreasing
of 1% annually. Denom. $1,000, $500 and $100 c*. Hibernia Bank & Trust Co., New Orleans. trustee.
Data from Letter of Pres. S. Zemmway, New Orleans, La., March 12.
Company.
-Is engaged primarily in the cultivation, transportation and
marketing of bananas. The banana crop is not a seasonal one, but is
available throughout the year. Bananas can be grown only upon suitable
lands in tropical countries, of which the available amount is limited. Company as a result of its far-sighted policy now has uncultivated banana lands
which provide an ample reserve to insure continuous and steady production
for many years beyond the life of this issue of bonds.
An organization to produce bananas on a large scale must not only control
lands of suitable character, properly situated, but also clear and cultivate
these lands, harvest the crop, transport the fruit from the interior by rail
or water to ports, and thence by steamships to this country, and distribute
and sell the fruit. Such an organization has been built up and is efficiently
maintained and operated by the company, which thus constitutes a completely integrated unit in this business.
Company s lands, which are in the first rank as to productivity and
location, are chiefly in the Republic of Honduras, and also in Nicaragua.
The fruit is transported to the coast ports by the company's own railroads.
feeder tramways and barges, and thence by its steamers to New Orleans
and New York. whence distribution is made.
Company is also engaged in the cultivation of sugar cane and the manufacture of raw sugar on an extensive scale, having produced more than
15,000 short tons of sugar in 1924.
Production.
-The rapid growth of the company's production of bananas
Is evident from the following figures showing the number of bunches imported by it and predecessor companies for the years ending Dec. 31:
1912.
1924.
1920.
1921.
1922.
1923.
275,000
6,576,000
2.805,000
4,729.000
5,319,000
6.805,000
the City of Detroit. Operations will be largely confined to a specified area
In the downtown commercial and business district of the city, along Bagley
Avenue and cross streets, between the junctions of Bagley Avenue with
Michigan Avenue and Grand Circus Park.
The importance of this area, close to the intensivly developed Woodward
Avenue and Washington'Boulevard, is being increased by the widening of
various tributary thoroughfares. The congestion of the business section
of Detroit and the contemplated widening of Bagley Avenue, already one
of the heaviest traffic streets of Detroit, are expected to result in the rapid
development of this area as a retail business and theatre section.
Company owns interests in real estate in the described area, accumulated
by a substantial real estate and industrial group during the past two years.
Company also owns the entire Capital stock of Detroit Metropolitan Corp.
which has been organized to erect a 12
-story office and theatre building at
the corner of Bagley Avenue and Clifford St., at an estimated cost for land
and building of more than $6,000,000 (see V. 120, p. 1333). It is proposed
to acquire additional real estate holdings, to construct income producing
Improvements, and to market these holdings, improved or unimproved,
from time to time.
-Company has received, through the issue of Preferred
Junior Investment.
a$d Common stock, more than $2,000,000 in cash and in equities in real
estate at cost. An additional $500,000 has been subscribed for Preferred
and Common stock on terms requiring payment thereof to be made on or
before Sept. 1 1925.
Capitalization.
Authorized
To be Issued.
5
-year 6% gold notes
$2,500.0002,500,000
let l'ref. stock($6 Cumul.diva.)
3,000,000
*12,500,000
Common stock (no par value)
120,000 shares *120, 00 shares
*As stated above a portion of this Preferred and Common Stock has been
subscribed for on terms requiring payment therefore to be made on or before
Sept. 1 1925. The remaining $500,000 Preferred stock authorized will be
available for future Capital requirements.
MAR. 21 1925.1
THE CHRONICLE
1445
One of the three largest office buildings in the world, the Equitable has
-Company's income will be derived from rentals and from the
Earnings.
sale or other disposition of lands, or interests in lands, from time to time been sought by leading business and financial interests. A combination
of bankers, headed by the firm of Hayden, Stone & Co.. recently allowed an
owned.
The company proposes to improve certain of its real estate holdings by option which it had to purchase the building, to expire. (New York
-story and basement store and office buildings. The "Times.")
-V. 118. D. 1670.
the erection of modern 2
net rentals from such holdings (upon the completion of these improvements
Equitable Radio Corp.
-Voting Trust Terminates.
and the contemplated widening of Bagley Avenue), as estimated. by Homer
Maurice J. Freeman, Howland H. Pell and John V. Hansen, as voting
Warren & Co., together with the net rentals from existing leases on other
excess of $185.000 annually. Funds for the pro- trustees, announce that the voting trust created under the agreement
property, will aggregate in
posed improvements amounting to $450,000, being part of the proceeds of dated Sept. 30 1924, has been terminated. Holders of voting trust certifisale of these notes, will be deposited with the Trustee to be withdrawn from cares will be entitled to receive certificates for the shares of stock called
time to time against the cost ofconstruction upon the certificate ofindepend- for by the voting trust certificates upon surrender at the Chatham &
-V. 119. p. 2651.
Phenix National Bank. 149 Broadway, N. Y. City.
ent supervising architects.
-Balance Sheet Dec. 31.Dome Mines, Ltd.
1924.
1923.
1924.
-Earnings.
Famous Players-Lasky Corporation.
1923.
AssetsLiabilities
Property account_ 6,413,287 6,282,647 Capital stock
17,000,000 7,000,000
Bonds
1,067,161
271,013 Accts.,&c., pay.&
Other investments
8,001
tax reserves_ _ _ 257,618
412,756
Div. assur. fund__ 2,065,993 2,022,054 Dividends payable 476,667
508,753
Call loans
1,400,000 Repaym't of cap__
32,715
1,519
Accts. & int. rec.50,168
61.166 Deprec.& mine exInventories
380,694
344,490
haustion reserve 492,818
154,491
Bullion en route to
Reserve for over.
196,707
Mint
214,206
equalization._ _
42,319
47,308
495.997
Cash
15,167 Surplus
2,419.278 2,575,152
Mine dev. undistr_
40.976
74,912
Prepayments, &c_
10.431
6,323
Tot.(each side)_10.721,415 10,699,980
x Represented by 1,000.000 shares of no par value at $7 per share.
The usual comparative income account was given in V. 120, p. 1334.
The corporation in its consolidated statement (which includes the earnings of subsidiary companies) reports net profits of 52,500,507 for the three
months and 55.422.349 for the 12 months ending Dec. 27 1924, after deducting all charges and reserves for Federal income and other taxes. After
allowing for payment of dividends on the Preferred stock, the above earnings amount to $9 59 per share for the three months and $20 per share
for the 12 months, on the Common stock outstanding. The annual report
is given in full on a subsequent page.
-V. 120, p. 1095.
Flintkote Company.
-Annual Report.
-
The net profit for the year ending Dec. 31 1924 was 5922.117, after providing 5133.000 for Federal taxes and $61 551 for amortization of patents.
This compares with a net profit for 1923 of $389,266, after providing $61,000
for Federal taxes and $60,518 for amortization of patents.
During the year the company paid off all its indebtedness to the banks
and added to surplus $831,564, making total surplus as at Dec. 31 1924
$1,621,823, as against a surplus of $790.259 Dec. 311923.
Dining the year all the sinking fund and dividend requirements of the
(E. I.) du Pont de Nemours & Co.
-Dividend-Bonds.
President Irene° du Pont, in connection with the increase in the dividend First and Second Preferred stocks were fulfilled, together with the re-establishment of dividends on the Common stock on an 8% basis.
-V. 105, p.
rate on the Common stock and the redemption of $8,000,000 of bonds, says
1712.
in substance:
"The directors on Feb. 16 increased the quarterly dividend on the ComFlint Mills, Fall River.
-Reduces Dividend.
mon stock, payable March 16, from 2% to 2Ji %, equal to an annual rate
The directors have declared a quarterly dividend of 1% payable April 1
of 10%. The former rate of 2% quarterly was established in Dec. 1923
and was maintained throughout the year 1924 (V. 120, p. 963). The to holders of record March 17. From April 2 1923 to Jan. 2 1925 incl.
-V. 115, p. 2799.
, recent increase by General Motors Corp. of the dividend rate on its Common 2% was paid.
stock from $5 to $6 per year results in increasing the company's income
-February Sales.
Ford Motor Co., Detroit.
from this source from $6,423,600 received in 1924 to approximately $7,February retail sales, exclusive of those in Canada and British possessions,
900,000 per annum.
"The annual report (V. 120, p. 696) for 1924 announced the plans of the totaled 125,421 cars and trucks and 7,211 tractors. Of these, retail delivcompany to call for redemption on May 1 1925 a substantial amount of eries in the United States reached 112,526 cars and trucks and 5,914 tractors.
-Year gold bonds. Since that report notice of call for redemp- Domestic retail deliveries of Lincoln cars totaled 508, compared with 426
its 7J4% 10
-V. 120, p. 1334.
for the same month a year ago.
tion of $8,000,000 of said bonds has been advertised (V. 120, p. 109
The company has purchased in the market, since these bonds were issued.
Foundation Co.
-Balance Sheet Dec. 31 1924.
and now holds in its treasury, approximately 37,000,000 of these bonds.
Thus, with $10,000,000 redeemed on May 1 1924 and the $8.000,000 to be
Assets.
redeemed on May 1 1925, the company will have purchased by that date Permanent assets
b1,770,302 Preferred stock
d$331,700
$25.000,000 of the ocicrinal issue of $35,000,000, leaving $10,000,000 in Patents and good-will
d4,056,100
c1,012,395 Common stock
the hands of the public. The interest on the original issue amounted to Cash
$900.996 Mortgages on Foundation Bldg. 409,000
$2.625.000. After May 1 1925 this annual interest charge will be reduced Accounts & bills receivable_...a1,234,362 Notes payable
450,000
to $750.000.
Invested In uncompleted contr. 550,464 Accounts payable
252,938
"The increased demand for the products of Du Pont Fibersilk Co. has Inventories
413,513 Accrued Interest
3,095
resulted in acquiring, in addition to the Buffalo property, a site for a plant Deferred and accrued items___
16,351 Other expenses
1,666
and works village at Old Hickory, near Nashville, Tenn. Production in a Capital stock affil. cos
713.156 Reserve for Govt. tax
50,000
portion of the first manufacturing unit at Old Hickory commenced about Outside stock and bonds
170.121 Surplus
1,480,045
Feb. 1. The conditions as regards supply and demand for the product Cash for liquid. of Pref. stock_
27,883
have justified two further increases beyond the initial development at Old Unamortized debt
225,000
Total (each side)
57,034.547
Hickory, with the result that, when the facilities authorized to date for the
a Accounts receivable, $1,142,660 notes receivable, $147,267, less replant are in operation, its capacity will substantially exceed that of the serves of $55,564. b Real estate and building, 5954,500. less reserve of
company's other plant located at Buffalo. The increasing acceptance of $90,781: plant and equipment, $1,505,566. less reserve of $602.226; furnithe new name Rayon as a generic term to apply to Fibersilk and 'artificial
$611,060: good-will,
silk" of all kinds has resulted in the decision not only to adopt this name ture and fixtures. $3,244. c Patents,by shares of no par $996.989, less
reserve of $595,654. d Represented
value. Pref.
for the product„ but also to change the name of the corporation to Du stock has since been called for redemption.
Pont Rayon Co."
-V. 120, p. 1095, 963.
An income account for the past four calendar years was published in
V. 120, p. 1210.
Du Pont Fibersilk Co.
-To Change Name.
See E. I. du Pont de Nemours & Co. above.
-V. 119, p. 2767.
General Asphalt Co.
-Definitive Bonds Ready.
Definitive 6% 15
-Year S.F. Cony. Gold bonds dated Oct. 1 1924 are now
Du Pont Rayon Co.
-New Name.
ready for delivery in exchange for outstanding temporary bonds at the
See E. I. du Pont de Nemours & Co. above.
Bank of North America & Trust Co.. Philadelphia, Pa., and the Bankers
Trust Co., 16 Wall St., N. Y. City. (For offering, see V. 119, p. 1740.)
Duz Co., Inc.
-Gross Sales.
The Bankers Trust Co., N.Y. City, is the agent of the company to make
1922.
Calendar Years1924.
1923.
payment of the principal and interest of its above bonds.
-V.120, p. 1096.
Gross sales
$301,984
$92,217
$1,192.356
- 119. p. 1399.
V.
Gen. Fire Extinguisher Co.
-Cons. Bal. Sheet Dec. 31'24.
[Includes assets of following subsidiary companies: 100% owned:
-Annual Report.
Eaton Axle & Spring Co.& Sub.
Grinnell Co. of the Pacific, Grinnell Co., Inc., U. S. Construction Co.,
Surplus Account for Calendar Year 1924.
Inc., American Moistening Co.1
Net profit from operations
$195.451
Assets.
Liabilities.
Dividends paid ($1 05 per share)
240,465 Fixed & capital assets_ _ _b$4,412,811 Debenture stock
$1.000,000
Cash
512,157 Common stock
9,000.000
Net deficit
$45,014 Accounts receivable
1,954,889 Accounts payable
254.593
Surplus Dec. 31 1923
6,006,716 Bills receivable
117,406 Notes payable (banks)-802,000
Contr. in proc. (at cost). a961,434 Reserves for Federal,
Balance
$5,961,702 Inventories
State, &c., taxes
4,909,406
1.303,340
on account prior years Federal taxes
Add-Recovery
42,905 Due from Grinnell Co. of
Res. for contingencies
338,025
Recoveries on bad debts previously charged off
Canada
6.787
585,243 Surplus
2,862,005
-Elimination of unearned surplus clue to reappraisal of
Deduct
Investments (liquid)---11.444
permanent assets
356,348 Investments
1,025,651
Patents
69.521
Surplus Dec. 31 1924
$5,655,047 Good-will
1.000,000
Total (each side)
$15.559.964
- 119, li• 2184, 2069.
V.
a After deducting cash received on contracts in process. b Real estate
and buildings, $3.301,569: operating equipment, 52,955.704; new operating
Eddy Paper Corp.
-Balance Sheet Dec. 31.equipment,$82.197: less depreciation reserves. $1,926,659.-V. 116, p. 521
1924.
Assets1923.
1924.
1923.
Plant, equip., &c.$4,708,047 $4,852,219 1st M.7.4s, 193131,021,500 $1,100,000
General Motors Corp.
-Sales of Closed Cars.
/Atwell. assets._ __
90,683
105,926 Capital stk.& sur.x4,709,074 4.900,620
General Motors closed car sales in 1924 were 43% of its total sales.
108,936
118,106 Notes payable_ _ _
Cash
250,000
300,000 This compares with 37% in 1923 and 28% in 1922. For the first three
Notes&trade accep
41,655
90,577 Trade acceptances.
36,849
months of this year closed car sales are estimated at approximately 53%•
Accts. rec., less res. 237,612
375,618 Accounts payable_ 163,966
146,170 compared with 39% a year ago.
Inventories
1.037,643
993,523 Accr. Int.,taxes,&c
99,446
100,710
Sales of General Motors Cars to Users.
Org. exp., prepaid
lstM.734s,cur.mat
30,500
The sales of General Motors cars by dealers to ultimate consumers in
56,261
interest, &c
70,758 Res. for conting
28,727
February totaled 38.970* cars and trucks, compared with 50,007 in Feb-$6,280,836 56.606,727 Total
Total
38,280,830 $8,606,727 ruary 1924, and further with 25,593 in January 1925.
Sales of cars and trucks to dealers by maunfacturing divisions of General
x Represented by 125,000 shares of no par value.
-Contingent liability on notes discounted, $23.317. Merchandise Motors in February totaled 49,269* compared with 78,668 in February
Note.
not included in the foregoing figures totaled $66,320.-V. 118, 1924 and further with 30,642 in January 1925.
in transit
-Dealers Sales to Users-O.M.Sales to Dealers
p. 2443.
January
25.593 33,574 31.437
30,642 61.398 49,162
(Otto) Eisenlohr & Bros , Inc.-Bal. Sheet Dec. 31.- February
*38.790 50,007 33,627
*49,269 78,668 55.427
* These prellminary figures include Chevrolet, Oldsmobile, Oakland,
1924.
1923.
1924.
1923.
Buick, Cadllac passenger and commercial cars and GMO trucks sold in
Assets$
$
$
-V.120. p. 964, 835.
Common stock__ 6,000,000 6,000,000 the United States, Canada and overseas.
Plant & equipment
(less depree'n)_- 956,376 1,129,309 Preferred stock._ 2,254,300 2,260,300
Godchaux Sugars Inc.
-Considering Recapitalization.
5,000,000 5,000,000 Notes payable...- 2,050,000
Goodwill
720,000
The company, according to rumors, is considering a change in its capital
524,808
296,779 Accounts payable_ 106,334
Cash
100,258 structure. The plans suggested,it is said, call for the retirement of $3,500.614,553 Accrued liabilities.
27,265
Acc'ts & notes rec_ 555,571
2,428 000 2d Preferred-stock entitled to 7% cumulative dividends, and the issu4,099.435 4,599,812 Provision for Fed'I
Inventories
ance in its place of Class "A" Common stock which will rate prior to
Income tax (est.)
6.950
11,722
Adv.(off.& empl.)
22,528 present Common but not cumulative as to dividends. It is proposedthe
to
Due to Webster
Investment (Webexchange Class "A" Common shares share for share tof 2d Prof. stock,
Cigar Co
97,668
ster Cigar Co.). 1,662.480
the latter being held entirely by the Godchaux family. No adjustment will
18.621
9,921 Surplus
2,323,246 2,585,432 be made for accumulated dividends of $27 50 a share on the 2,1 Pref. stock
Other Investments
46.294
40,572
Prepaid expenses. _
Operations since the beginning of the fiscal year, July 1, have shown a
small profit, it is said.
-V.119, p. 2173.
Total
12,870,534 11,690,946
12,870.535 11,690,946
Total
Gray &
Inc.-Off List.The usual comparative income account was given in V. 120, p. 963.
Davis,
On and after March 20 the Common stock Will be stricken from the
Boston Stock Exchange list, the Exchange being advised that 99,024 shares
Building Corp.
-New Owners.
Equitable Office
have now been exchanged for American Bosch Magneto Corp. stock.The Equitable Building at 120 Broadway was sold March 13 when con- V. 120, p. 92.
tracts were signed for the transfer of a controlling interest of stock repreGraton & Knight Mfg. Co.
-Annual Report
.senting the ownership of the building to the New York Empire Co., Inc,
Calendar Years1924.
Denali A. Park, Pres. Associated in the purchase of the property, which
1923.
1922.
1921.
W. Baldwin
57.391.474 $8,980,389 $8.744.148 $7.068.079
is valued at $40000.000, are Leroy Co., of whichand August Heckscher, Sales
Mr. Baldwin is Pres.
The net profit for the year 1924 before interest charges was $229.059.
leading interests in the Empire Trust
been the centre of various negotiations for many months and after interest charges $1.110. Manufacturing costs, selling and
The property has
adminand will pass from control of the Equitable Office Building Corp., representing istrative expenses were materially reduced during the year.
The dividend paid in scrip on Aug. 15 1921 was paid on Aug. 15 1924 in
T. Coleman du Pont and Louis J. Horowitz, on May 1 to the new owners,
cash.
who have offices in the building.
1466
THE CHRONICLE
Consolidated Balance
1924.
1923.
Assets$
S
Plant, machine, •
equipment,Sec_ 3,702,163 3,882,919
Inv. in other cos_ _
501,900
504,154
Inventories
831,023 5,436,912
Acc'ts & notes res.. 1 88,485 1,090,523
Cash on hand _ _ _ _
8,698
480,329
Prepaid insur.,int.,
taxes, &c
1 973
208,173
Sheet December 31.
1924.
1923.
Liabilities$
E
Preferred stock_ 6,830,400 6,830,400
Common stock x _ _
184,379
184,379
Stock of sub. cos__
825
825
Notes & accounts
payable, &c__ _ _ 4,294,339 4,211,870
Deferred liabilities 110,513
106,160
269,676
270,786
Surplus
Total
11,691,242 11,603,311
11,691,242 11,603,311
Total
x Represented by 76.127 27-60 shares of no par value.
-V.119, p.700.
Great Eastern Elevator Properties, Buffalo, N. Y.
Bonds Offered.
-A. B. Leach & Co., Inc., are offering at
100 and int. $1,250,000 1st Mtge. 20-Year 61 2% Sinking
/
Fund Geld Loan bonds.
Dated March 1 1925, due March 1 1945. Prin, and int. (M. & S.)
payable at Marine Trust Co. Buffalo, trustee, and in N. Y. City. Denom.
$1,000 and $500 c*. Red. all or part on any int. date on 30 days' notice
at 107% during first 5 years and thereafter at %% less each succeeding
year or part thereof, to maturity, thus int. in each case. Penna. 4 mills
tax. Conn. 4 mills tax, Maryland 434 mills tax and Mass. 6% income
tax refundable. Int. payable without deduction of normal Federal income
tax up to 2%.
Data From Letter of Levi S. Chapman, President of Great Eastern
Elevator Corp.
-Great Eastern Elevator is situated in the city of
Property & Business.
Buffalo on a tract of land opposite the foot of Main St. and about half
mile from the financial centre of the city, covering approximately 3.865
acres of land fronting about 1,129 feet on the Buffalo River and 142 feet on
the point of the inner Buffalo Harbor, a total of 1,271 feet of water frontage
having a uniform depth of 23 feet. It is an electrically operated steel and
concrete grain elevator having a storage capacity of 2,500,000 bushels,
and capable of handling 30,000.000 bushels of grain annually. The location
of the property is one of the most strategic of that of any grain elevator in
Buffalo; it is one of the first reached by boats on entering the harbor and
permits the docking of vessels, including the largest steamers on the Great
Lakes, under their own power, thereby saving several hours of time and the
heavy towing expenses charged for vessels which dock at the elevators
farther up the river or canal. The property is located near the terminal
of the Barge Canal and 110 served by the 'Buffalo Creek RR. which connects
with all the important railroad lines entering the city.
The Great Eastern Elevator Corp. has been recently incorp. in New
York and will acquire this property which has been in operation since
1901 and owned by the American Linseed Co. Corporation will engage
in the business of elevating, storing and transferring grain from Lake
steamers to canal boats and railroads, and the mortgage will provide that
the corporation shall not engage in trading in or marketing of grain. All
charges for the elevating and handling of these commodities are regulated
by the New York P. S. Commission and by the I.
-S. C. Commission, which,
in effect, gives to concerns operating grain elevators the character of public
utility enterprises.
Security.
-This loan will be secured by a direct first (closed) mortgage
on the land and buildings, which will be owned in fee by the corporation.
The property has been valued by competent appraisers and engineers,
according to recent appraisals, at more than $2,250,000. The land alone
Is appraised at an amount nearly equal to the principal amount of this loan.
On the basis of these appraisals the principal amount of this loan is equal
to only about 55% of the value of this property.
The elevator will be protected by insurance against fire, lightning and
explosion to the amount of $1,000,000, and the corporation will also carry
tornado and liability insurance.
-This loan, in the opinion of counsel, will be legal
Legal for Trust Funds.
for the investment of trust funds under the laws of the State of New York.
-This elevator has heretofore been used primarily to store
Earnings.
flaxseed for the operation of the mill of the American Linseed Co., adjoining
the elevator, and the handling and storage of commercial grain has been
secondary. The average number of bushels of grain handled annually
by this elevator during the 11 years. May 1 1913 to May 11924. inclusive,
was about 11,400,000, the largest amount in any one year being 17.600,000.
Frank S. Elder who has been in charge of the Great Eastern Elevator
for many years. states that at the prevailing rates in the port of Buffalo a
gross revenue of 2c. per bushel should be earned, and he states that this is
approximately the grass revenue per bushel earned in handling commercial
grain by the Great Eastern Elevator over the last 8 years; during the greater
part of this period the rates for elevating and storage were lower than
present rates.
On this basis annual earnings from only 15.000.000 bushels are estimated
as follows:
Gross earnings
$300,000
Operating expenses, maintenance and taxes
60.000
$240,000
Net earnings, available for interest, Federal taxes and reserves
81,250
Maximum annual interest charges on this loan
-Mortgage securing this loan will provide for the payment
Sinking Fund.
to the trustee, as a sinking fund, for the 5 years beginning March 1 1927 of
$30,000 annually in cash or securities of this loan at their face value, and
beginning March 1 1932 of $40,000 in cash or securities of this loan at their
face value. All securities so retired and delivered are to be cancelled.
-Annual Report.
Gulf Oil Corp.
Calendar YearsOperating revenue
Operating expenses
1921.
1922.
1923.
1924.
$
$
172,411.560 159.057.367 159.118,251 128.232,402
108.099.026 98.193,340 100,754,494 85,927,558
Operating profits____ 64,382,534 60.864.027 58.433,756 42.304,844
Other income
x4,373.233
5.615,229
3.043,011
68.755.767 66,479,256
Total
Depletion & depreciationx32,514.540 x34.825.068
4,044.364
Shrinkage in val. of inv13,053.0381 13,286.481
Taxes
4.021.3951
Interest, &c
61.476,767
20.925,632
4.947,524
15.851.544
14.323.342
6,523,229
19,752,067
2,173.950
19.166,795
Net profits
6,523,230
Dividends(6% . a.)
Additions to surplus (affecting prior years)_
Cr.1.342
3,584.735
45,889,579
18,306,736
11.545.765
6,968,291
9,068,787
2.167,926
Cr.923.985 Cr1,318,793
8,219,653
7,801.455 18,502,102
Balance. surplus_ ---- 12,643,565
x Including $1,873,820 appreciation in value of inventories (oil).
Balance Sheet Dec. 31.
1924.
1923.
1923.
1924.
LiabilitiesAssets
investm't_286,342,299 255,820,807 Capital stock-108,952,900 108.720.400
Plant
7,244.054
Cash
7,725,439 5% debentures. 32,954.000 35,000,000
534% debentures 16,000.000
Marketable sec.. 6,166,719
200.000
85,500
Lease pur. oblig.
Other securities
5,200,000
Notes payable_ 2,556,626
reacquired
8,232.002
681,881 Accts. payable_ 10,255,842
608,211
Notes& loans reo
880,625
8.403,822 Accr.liabil., &c_ 1,386,669
Accts receivable 9,974,046
Inventory-011_ y42,091,252 40,380.568 Depl'n & dew'n.127,567,979 109,381,083
2,737,439
.tax.,&c.,res 3,594,158
Mat'ls & suppl_ 10,996,904 10,949,166 Fed
633,252
Prepaid accts.__ 1,027,509
1,266,897 Deferred credits
11,619
9,169
N1In. Int. in subs
Employees'loans
78,093,041 65,135,385
sec. by stock_ 9,639,987 7,454,545 Surplus
311,229
Misc. investm'ts
472,661
2,504.198
Deferred charges 2,513,142
379.533,410 335.498,553
Total
Total
379,533.410 335,498,553
x Including drilling costs. y Carried at cost or market, whichever is
lower.
-V. 119. p. 3016.
Gould Coupler Co. (Md.).-Transfer Agent.
The Equitable Trust Co. of New York has been appointed Transfer Agent
or Common stock. See also V. 120. p. 1096, 1210.
[vou 120.
Greenfield Tap & Die Corp.
-Reduces Capital.-
mo
The company has reduced its authorized capitalization to $11,072,500
by cancelling $217,900 of8% Preferred stock purchased for the sinking fund.
Authorized capital now consists of $5.000,000 Common stock (par $25),
$1.500,000 6% Preferred stock (par $100), and $3,572.500 8% Preferred
stock (par $100).
Comparative Balance Sheet December 31.
Assets1924.
1923.
1924.
1923.
Plant & equip., &c.$4,294.109 $4,273,453 Common stock... 3,248,825 3,248,825
Cash
442,302
500,651 8% Pref. stock... 3,112,000 3,329,900
Notes & acc'ts rec_
417,916
470,577 6% Pref. stock.._
35,000
35,000
Inventories
2,917,711 3.419,406 Notes payable..._ 1,800,000 2,100,000
Prepaid expenses_
49,496
44,982 Accounts payable.
17,196
Investments
329,172
304,862 Reserve for deprec. 992,134
954,007
Deferred assets_ _ _
39,898
94,856 Other reserves....118,990
207,953
Good-will
1,068,813 1,068,813 Surplus
452,416
386,837
Pat'ts & trade mks 151,569
150,500
Total(each side).. _$9,710,986$10,328,101
See also comparative statement of earnings in V. 120. p. )
65.
Gulf States Steel Co.
-Fractional Scrip.-
Tho Guaranty Trust Co. of New York, trust departmen
uy
and sell fractional scrip for Common stock of the Gulf States t_
E1CO. in
connection with the combination of such scrip into full shar
at one
point above or below the closing price on the New York Stock Exchange
for Common stock of the Gulf States Steel Co. as of the previous day.
scrip presented for sale should be properly endorsed and witnessed, with
the signature of endorsement guaranteed, and stamped for transfer.
V. 120, p. 1335, 1210.
(C. M.) Hall Lamp Co., Detroit.-Bal. Sheet Dec. 31.Asse1sLiabilities1924.
1923.
Plant, equi
Sze_ 2549,140 $569,196 a Capital stock and
Pat'ts & good-will.
1
1 surplus
$1,673,709 $1,754,237
U.S. bonds & Ws_
225,000
350,000 Accounts payable_
55,468
36,835
Municipal bonds_ _
219,623
200,771 Accrued payroll_
.
834
Cash
44,208
11,802 Federal taxes acReal estate bonds_
70,000
45,000
crued (not due)_
81,138
58,681
Other bonds
2,591
Acc'ts & bills rec.. 216,968
194,649
Accrued interest
3,925
7,650
Inventories
441,870
462,583
Ken.11omes Co.stk
4.000
4,000
Prepaid expense_
13,821
4,101 Total (each side)_ -51,791,149 51,849,755
x Representing the book value of 200,000 shares of stock, no par value.
-V. 120, p. 459.
Harbison-Walker Refractories Co.
-Annual Report.
Calendar YearsNet earnings
Deprec.,deple'n &c__
Pref. dividends 4/%0
Common diva.(6%)
1924.
44.171,398
y675,285
159,576
1,524,849
1923.
$4,358,708
707,126
160,723
1,522,761
1922.
$3,037,333
557.794
167,832
1,508,136
1921.
$2,117,309
365,865
196,494
1,494,411
Balance, surplus
$1,811,688 $1,968,098
Previous surplus
7,715,126
5.747,028
Adj.of res.(prior yrs.)Cr2.000,000
$803,571
4,943,457
$60,539
4.882,918
Profit & loss surplus_ _$11.526,814 17,715,126 $5,747,028 $4,943.457
x After deducting $1,119.319 expenditures for ordinary repairs, also
Federal taxes. y $550,000 charged off for depreciation of plants and equipment; $93,310 charged off for depreciation of mining and tram outfits;
$31,975 charged off for depletion of clay, coal and ganister properties.
Balance Sheet December 31.
1924.
1923.
1924.
1923.
AssetsLiabilities$
8
$
$
Property acc't__ _ _ 27,988,809 27,991,022 6% Preferred stock 3,000,000 3,000,000
Betterments cornCommon stock_ - _27,000,000 27,000,000
3,790,540 3.146,072 Reserves
pleted
1,661,522 4,378,816
Bet'ts uncompleted 184,561
267,563 Acc'ts payable_ _ _ _ 1,134,942
611,844
Deferred charges.. 854,681
855,530 Pay-rolls
236,947
257,611
2,496,163 2,332,153 Surplus
Inventories
11,526,814 7,715,126
Acc'ts receivable-- 2.626,649 2,724,516
Notes receivable__
91,343
7,166
Cash
2,142,926 1,435,159
Invest.securities 4,468.731 4,120,038
Total(each side)44,560,225 42,963,397
Orders received during Jan. and Feb. of this year were equal to about
70% of capacity. Production during the same period was at the rate of
80 to 85% of capacity.
-V. 120. P• 337.
Hatfield-Reliance Coal Co.
-Earnings.
For the 13 months ended Dec. 31 1924 the company earned net $175.974,
or over twice the 8% Preferred dividend requirements. After deducting
the Preferred dividends there was available to the Common $95,974,
or over $1 20 per share. The Common is now paying $1 20 per year.
Those earnings were made while the company had a strike on at one of its
mines and during a very unfavorable year for the coal business.
-V. 120.
p. 1096.
Heywood-Wakefield Co., Mass., and Subsidiaries.
Consolidated Balance Sheet Jan. 1.
1925.
1924.
1925.
Assets
Liabilities
Plants & equipm't. 9.567,906 9,604,963 First Pref. stock.. 3,984,400
Investments
43,535
123,535 Second Pref. stock 2,761,600
U.S. Treas. certifs
100,000 Common stock__ 6,000,000
Mdse. & supplies_ 8,105,597 8,973,609 Accounts payable- 750,069
Cash
521,311
581,732 Reserve for taxes_
199,620
458,464
Notes receivable
251,863 Reserve for insurAccts. receivable
3,356,672 3,629,339
ance fund
120,159
Deferred charges82,906
71,507 Surplus
x9,320,543
1924.
3,984,400
2,761,600
6,000,000
682,579
276,227
108,920
9,522,823
Total
23,136,392 23,336,549
Total
23.136,392 23.336.549
x Surplus account adjusted to provide for correction of profits and tax
assessments covering prior years.
-V. 118. p. 1918.
Hibbard, Spencer, Bartlett & Co.
-Extra Dividend.
-
The directors have declared three monthly dividends of 35 cents per share
each, payable April 24, May 29 and June 26 to holders of record April 17,
May 22 and June 19, respectively. In addition, an extra dividend of 20
cents has been declared payable June 26 to holders of record June 19.
An extra dividend of like amount is payable March 27. Extras of 15
cents per share were payable quarterly during 1924.-V. 120, P.
590•
Hotel Cosmopolitan, Denver, Colo.
-Bonds Offered.
-
Mark C. Steinberg & Co., St. Louis, are offering at 100 and
int. $1,750,000 1st Mtge.6Y% Serial Real Estate Gold bds.
Dated Dec. 11924; duo serially Dec. 1 1927-42. Int. payable J. & D.
Deuom.$1,000. $500 and $100. Red. all or part on any int. date in Inverse
numerical order upon 60 days' notice at 103 and int. Normal Federal income tax up to 2% paid by the borrower. Colorado National Bank, Denver, Colo., trustee.
Cuaranty.-Principal and interest is guaranteed by Fidelity Bond & Mortgage Co., St. Louis, Mo.
The owners of the Hotel Cosmopolitan have purchased what is now known
as the Metropole Hotel and Broadway Theatre Building, located on Broadway, near 18th Street, Denver, and are erecting on the corner adjacent to
the present hotel, on a lot 100x266 ft., with three street frontages, the new
Cosmopolitan Hotel, connecting same with the present Metropole and operating the entire property as one hotel unit, to be named Hotel Cosmopolitan.
The Hotel Cosmopolitan, when completed, will contain a total of 460 rooms,
together with spacious lobbies, dining rooms, private dining rooms, sample
rooms, ballrooms and roof garden sun parlor, together with the Broadway
Theatre, Denver's leading playhouse. The new building will be 12 stories
In height, every room with bath; the present building is 9 stories high, fireproof, and with every modern convenience; furnishings and equipment
throughout will be of the highest grade, so that the Hotel Cosmopolitan
may be classed as one of the leading hotels in the country.
111080 bonds are a first mortgage on (I) the land owned in fee, appraised
at $688,000; (2) the present 9
-story fireproof hotel building, appraised a,
$879,942, and furnishings and equipment therein, appraised at $'75,000;(3;
M.
21
1925.]
THE CHRONICLE
new 12-story fireproof hotel being erected at an estimated cost of $1.585.712.
and furnishings and equipment therein to cost not less than $300,000. The
total value of the property securing this bond issue is $3,528,654.
-Shipments.
Hudson Motor Car Co.
Shipments during February totaled 15.812 Hudson and Essex cars,
compared with 16.825 for January and 11,660 for December. or a total
for the first quarter of the fiscal year of 44.297.-V. 120. p. 965. 836.
Hurley Machine Co., Chicago.
-New Subsidiary Co.
The company announces the organization of the Hurley Vacuum Cleaner
Co. The new company will take over all of the parent company's vacuumcleaner business. E. N. Hurley Jr. has been elected President of the new
company.
-V. 120, p. 92.
(John E.) Hurst & Co., Inc., Baltimore, Md.-Balance
Sheet Nov. 30.Assets1924.
1923.'
Liabilities1924.
1923.
Real estate, equipFirst Pref. stock_ .$1,058.000 $1,100,000
ment, &a
$121,101 $124,657 Second Pref. stock 750,000
750,000
Good-will, tradeCommon stock _ __ 1,250,000 1,250,000
marks, Arc
1,250,000 1,250.000 Accounts payable_
77,348
88,353
Cash
127,019
97,991 Annual adjustment
Acets receivable_ 1,110,773 1,193,080
with salesmen__
19,971
75,845
Notes receivable
59,089 • 62,351 Res.for Fed'I taxes
25,382
47.316
Mdse. inventory
865,409
961,351 Reserve for dive_
64,750
Fire insur. credit__
14,006
16,598 Res.for sink.fund.
39,894
Deferred charges__
611
2,358 Surplus
367,306
292,726
Total
-V. 108,
$3,548,007 $3,708,885
p. 2128.
Total
13,548,007 33,708,885
(Harvey L.) Hussmann Refrigerator Co., St. Louis.
Stock Sold.
-Francis, Bro. & Co., St. Louis, have sold at
$37 50 per share 18,000 shares Common stock (no par value).
The National Bank of Commerce, St. Louis, transfer agent; Mississippi
Valley Trust Co., St. Louis, registrar.
CapitalizationAuthorized. Outstanding.
8% Cumulative Pref. stock (par $100)
$100,000
$100,000
Common stock (no par value)
60,000 shs. 60,000 shs.
Originated in 1906, when Harry L. Hussmann, Pres., started business
as a jobber of butchers' supplies with a capital of $35. From this modest
beginning the business gradually expended, the company at the present time
occupying the building at 907-913 North Broadway for offices and show
rooms, and a modern factory building at the corner of North Market St.
and Leffingwell Ave. for manufacturing purposes. Company owns, free
of all encumbrances, the 5
-story building at 911-913 North Broadway;
the site and factory building on North Market St., and a lot 120x370 adjacent thereto, which was purchased to provide for future expansion.
In 1916 the company was incorp. in Missouri with a Capital stock of
$50,000, and in 1920 this capitalization was increased to $200,000 Common
stock and $100,000 Preferred.
Company manufactures and distributes the Hussmann patented freezer
display counter, the Hussmann meat coolers, and carries a complete line
of butchers' supplies. Representatives of the company are located in all
principal cities of this country, and its products are being distributed by
over 165 salesmen.
Earnings.
-For the past 3 years net earnings have averaged at the rate
of $5 52 per share on the 60,000 shares of Common stock now outstanding.
uity.-Net equity applicable to Common stock is $1,008,926.
Dividends.
-Company intends to pay dividends quarterly at the rate of
12 50 per share per annum on the Common stock. Company has declared
a dividend of 62% cents per share, payable Apr. 1 1925, to stockholders of
record Mar. 14 1925.
Listed.---Oommon stock is listed on the St. Louis Exchange.
Directors.
-Harry L. Hussmann, Pres. & Gen. Mgr.; Alfred J. Heyer,
V. Pres.; Wm. Tell Tuffli, V. Pres.; Walter H. Kroeltake, Sec. & Treas.;
Harry. J. Hussmann, Ass. Sec.; 0. L. Hussmann.
Illinois Pipe Line Co.
-Annual Report.
Calendar Years1922.
1921.
1924.
1923.
Net profits
$2,401,302 $2.233.199 $2,808,255 $4,399,863
Dividends
(12%)2,400.000(11)2,200,000(14)2,800,000(16)3.200,000
Surplus
$1,302
$33,199
$8,255 $1,199,863
Balance Sheet Dec. 31.
1924.
1923.
1923.
Assets$
$
Plant equipment_ _30,803,808 22,152,239 Capital stock
20,000,000 20,000,000
Other Investments 442,000
442,000 Reserve for taxes 1,562,495 1,678,772
Cash & accts. recle 3,843,039 2,714,358 Deprec'n reserve_ _10,356,805
Malls & supplies_ 1,137,297
867,914 Accounts payable_
59,167
138,274
Def'd assets, &c__ 121,108
Unadjusted credits
8,017
P.& 1. surplus_ _ _ 4,360,767 4,359,465
1924.
Total
36,347,252 26,176,511
-V. 120, p. 591.
Total
36,347,252 26,176,511
Imperial Steel Corp., Ltd.
-Receivership.
--
Trusts & Guarantee Co. has been named receiver on behalf of bondholders
of the company. Company has extensive buildings and equipment for
the manufacture of wire nalls and other similar products in the town of
Collingwood.-V. 114, p. 1540.
International Cement Corp.
-Quarterly Report.
-
Quarter EndingDec. 31 '24. Sept. 30'24. June 30'24. Mar.31'24
Gross sales
$4,296,187 $4,955,033 $4.487,314 $2,961,598
Less packages, discounts
and allowances
763,140
912,884
814,154
529,641
Net sales
$3,533,047 $4,042,150 $3.673,160 $2,431,957
Manufacturing costs.,..- 1,750,807
1,989,291
1,879,623
1,202,454
Depreciation
234,737
298,976
265,058
182,501
shipp.,sell. & adm.exp663.476
626,175
602,777
504,079
Net profit
Miscellaneous income..
$884,028 $1.127,707
228,364
33,237
$1,112,392 $1,160,944
Res.for Fed.tax.& contin
106,615
239,518
$925,702
21.079'
$946,781
268.490
1924.
Liabilities• $
Preferred stock -.. 6,028,588
Common stock _ _ _ 935,363
Funded debt
4,438,000
Acc'ts& notes pay. 2,474,665
Pref. dive. payable 120,572
Res, for taxes __ _ _ 200,000
Surplus
5,593,884
1923.
$
6,028,588
935,383
4,498,000
1,949,848
120,572
332,000
5,143,161
19,791,071 19,007,529 Total
19,791,071 19,007,529
Total
The usual income account was published in V. 120, D. 1212.
-Extra Dividend of 31.
Island Creek Coal Co.
An extra dividend of $1 per share has been declared on the Common stock
to the regular quarterly of
In additionof record March 26. Like $2 per share, both payable April 1
amounts have been paid quarterly
to holders
on the Common stock since Jan. 1 1924.-V. 120. p. 711. 216.
Balance, surplus
P. & L. surplus
-V. 120. p. 1097.
1921.
$780,489
126,00
300,000
81,279.327 $1,845,796 $1.186,155 $354,489
$10,702,189 $9.422,862 $7,577,066 $6.390.912
Keeley Silver Mines, Ltd.
-Status.
A dispatch from Toronto states that the company on Feb. 28 1925 had
$317,571 in cash and $670,542 in Dominion and Provincial bonds. Estimated net receipts due from smelter ore in transit or process at mine and
mills total 8230,859.-V. 120, p. 836.
Kesner Properties, Chicago.
-Permanent Bonds Ready.
S. W.Straus & Co.announce that permanent6% 1st Mtge. Serial Coupon
bonds are now ready to be exchanged for interim certificates outstanding.
See offering V. 119, p. 2655.
-Annual Statement.
Keystone Watch Case Co.
Calendar YearsNet profits
Previous undivided profits
Amt. transf. from res. for taxes
Amt. trans. from special reserve
Total undivided profits
Dividend paid May 1 1922
Amt. transf. to special reserves
1924.
8153.615
898,728
150,000
280.000
1923.
1922.
$403.655 def.$78,591
794.174
921,345
81,482,343 81,197,829
150,000
299,101
Balance undivided profits
5898,728
$1,332,343
Balance Sheet Dec. 31.
1924.
1923.
1924.
Liabilities
Assets
Capital stock
6,000,000
Real estate and
44,147
machinery
4,200,290 4,114,721 Accts. payable_ _ _
Inventories
4,653,808 4,596,860 Reserve for deprec. 2,083,492
Investments
1,767,879 1,770,345 Other reserves_ _ _ 391,927
Accts.& notes reo_ 1,705,989 2,064,580 Undivided profits_ 1.332,343
3,000,000
65,336 Surplus
Cash
523,946
Total
12,851,911 12,611,842
-V.118. p. 1144.
Total
$842,754
45.000
3.581
$794,173
1923.
6,000,000
173,960
1,920,609
618,545
898.728
3,000,000
12,851,911 12,611,842
-New President, &c.
Lebanon (Pa.) Iron Co.
Howard Longstreth, formerly Secretary and Treasurer, has been elected
President of the company to succeed A. H. Beale, who resigned to become
President of the recently reorganized A. M.Byers Co., Pittsburgh. H. W.
Pratt succeeds Mr. Longstreth as Sec. & Treas., in addition to being
Vice-President.
This company was incorporated in Pa.in 1920 and acquired all the capital
stock of the Lebanon Valley Iron & Steel Co.(V. 108. p. 1613).
Lee Rubber & Tire Corp.-Consol. Bal. Sheet, Dec. 31.(Incl. in 1923 Lee Tire & Rubber Co. (Pa), Lee Tire & Rubber Co..
New York, Inc., Republic Rubber Co.of Ohio, and Republic Rubber Co.of
New York, and in 1924. the Lee Tire & Rubber Co. of N. Y., Inc., and the
Republic Rubber Co. of Ohio.]
1924.
1923.
1923.
1924.
LiabilitiesAssets
$
Plant & equipm't._ 7,347,656 7,347,119 Declared capital_ _x1,500,000 1,500,000
74,511 Capital surplus _..74.4l8.591 4,418,591
Pats.,tr.-mks.,&c.
54.742
Cash
831,876 1.075,651 Notes payable.....,2,200,000 2,800,000
154,131 Accounts payable
Trade acceptances
146,178
and accruals ___ 846,341
42,228
Notes receivable_ _
970,798
76,236
Acc'ts rec.,less res. 1,494,069 1,724,519 Bankers accept. __ 149,322
Inventories
10,000
10,000
3,756,280 4,587,687 Mortgage payable..
Reserve for adjust.
Mdse.in transit
149,322
of tire claims_ _ _
54,294
81,392
Trustee cash funds
1,599
Trustee of cash
Working funds at
funds
1,599
40,458
branches
20,505
24,148 Depreen reserve_ 2,454,978 2,319,876
Adv.to employees
14,773
Conting.. dm,res. 537.951 1,004.602
Sees. of non-affil.
103,013 Surplus
103.713
1,953,086 2,256,445
cos
4,528
8,418
Reacquired stock
57,015
Empl.stock option
55,581
Total(each side)14,126,162 15.361,504
146,496
Deferred charges_ _
65.215
Contingent Liabinties.-Letters of credit, $300,113.
xRepresented by 214,837 shares of no par value. yBeing cash and book
value of assets acquired in excess of declared value.
The usual income account was given in V. 120, P. 1336.
McNab & Harlin Mfg. Co.
-Receiver's Sale.
On March 23, at Passaic County Courthouse, Paterson, N. J., the factory of the company, consisting of about 275,000 sq. ft. of one, two and
four-story brick and steel buildings, sprinkler system; modern machine
shop of about 35,000 sq. ft., brass and iron foundries and other manufacturing buildings of about 240,000 s.qft., will be sold at auction by Joseph P.
Day, auctioneer.
-V. 116, p. 2016.
Mack Trucks, Inc.
-Final Payment Due on Stock.
Payment of the third and final installment In the amount of $23 72 a
share on part payments of subscription receipts for Common stock should
be made at the Guaranty Trust Co. of New York on or before March 23.
Subscription receipts must accompany all payments. (See also V. 119
p. 1514, 1062.)-V. 120. p. 1336, 1320.
-Report.
Mason Tire & Rubber Co., Kent, Ohio.
Profit and Loss Account for Year Ended Dec. 311924.
Gross sales, $9,754,357; less returns and allowances. $542.404:
19.211.953
net sales
7.138.465
Cost of sales, including depreciation
Selling & adm. exp. incl. loss on uncollectible accounts
$1,764,487
Other income-Interest and discount, and miscellaneous
Cr.73.928
Deduct-Int. & disct., price decline adjust. & miscellaneow3._ - 431,491
Net loss
$48,561
Note.
-Cumulative Preferred dividends are in arrears for the period
-V. 119. P. 1633.
$545,880 from July 1 1923 to date.
103.867
International Silver Co.
-Balance Sheet Dec. 31.1923.
$
2,348,566
3,054,462
5,593,619
1,916.343
159,969
1,127,806
4,806,783
Kaufman Department Stores, Inc.
-Annual Report.
Calendar Years1924.
1922.
1923.
Net prof. aft. Fed. taxes__ - 11.682.525 $2,255,236 $1.604,397
Preferred diva.(7%)
103.198
109,440
118.242
Common divs (4%)
300,000
300,000
300,000
$542,923
2,957
$1,005,777
Net to surplus
$921,426
$678.290
$442,013
From the above it will be noted that the net to surplus for the fourth
$1,005,777, which makes a total for the year of $3,047,507
quarter is
after Federal income taxes, reserves and all other charges, as compared
with the 1923 total of $2,422,577. After allowing for dividends on the
Preferred stock, these earnings are equivalent to approximately $7 84
per share on the 364,167 Common shares outstanding at Dec. 15 1924, or
$7 14 per share on the 400,000 Common shares outstanding at Dec. 31
1924.-Ar. 119, p. 2416.
1924.
Assets.$
2,415,383
Real estate
Mach., tool & eq._ 3,264,554
Mdse., mat.& sup. 6.027,223
Other investments 1,884,925
Bonds In treasury- 130,969
824,973
Cash
Acc'ts& notes rec._ 5,243,044
1467
Mead Pulp & Paper Co.
-Baker, Young &
-Notes Sold.
Co. have sold at prices to yield 53 % on the 1927 to 1928
4
maturities and 6% on the 1929 to 1937 maturities,$1,250,000
5% Serial Gold Coupon notes.
Dated Feb. 28 1925. Payable in series (("A" to "K") as follows:
$112.000 annually Mar. 1 1927 to 1936 and $130,000 Mar. 11937. Denom.
$1,000c5 Prin. & int. (M. & S.) payable in Boston, Mass., at the Old
.
Colony Trust Co., trustee. Callable at a premium of % of 1% for each
year or fraction thereof by which call date precedes date of maturity.
Company agrees to pay up to 2% of normal Federal income tax. Tax refund under present laws in Mass., New Hampshire, Penn. and Conn.
Company.
-Company with plants at Chillicothe and Dayton, 0., was
incorp. in 1905, succeeding the Mead Paper Co., established about 1846.
Has been in the hands of the Mead family continuously from that date.
The plants are adequately equipped for the production of high-class book
and magazine paper, having a minimum capacity of 180 tons of finished
paper per day. An ample supply of poplar pulp wood is obtainable within
a radius of 50 to 75 miles of the company. In addition, there is a large source
of supply made up of waste wood from the many woodworking plants in
close proximity to the plant. There is also available a large supply of
cottonwood and poplar from the Mississippi Valley.
Purpose.
-Proceeds will be used to retire 8705.000 7% serial notes
(original issue 81.100.000) The balance will be used for adding to the pro.
ductive capacity of the mills and for other corporate purposes.
Contracts.
-Through a contract with the Crowell Publishing Co.. whose
plant is at Springfield, 0.. the Crowell company agrees to purchase from
the Mead company for a period of 10 years from Jan. 1 1921 the entire output of the Chillicothe mill, amounting to about 42,000 tons of finished
paper per year. The price named in this contract is the manufacturing
eeat of the Mead company Plus a fixed profit per ton of finished paper.
1468
THE CHRONICLE
[Vou 120:
The Crowell Publishing Co. publishes the "Woman's Home Companion," frame parts for automotive vehicles which are sold annually in the United'
"Farm and Fireside," and the "American Magazine," with a combined net States, the remaining half being sold by about six frame manufacturers, who
paid circulation of over 4.500,000 copies per month. The Crowell company have been and now are competing among themselves and with the respondcontrols, through stock ownership, P. F. Collier & Son Co., publishers of ent in the sale of such frames.
"Collier's-The National Weekly," and of books covering the field of literIt is alleged in the complaint that the general effect of
ature, including such standard works as the "Harvard Classics." The quisition, is to substantially lessen competition theretofore respondent's acexisting between
annual output of books of the Collier company is in excess of 6,000,000 the Parish & Bingham Corp. and the Detroit Pressed Steel Co., and to have
volumes.
a dangerous tendency to hinder competition in the manufacture and sale
The company also supplies under contract the requirements of other large of automotive frames and parts and to have a tendency to create in the
magazine publishers, including "McCall's." whose plant is at Dayton,0.
hands of respondent a monopoly in the manufacture and sale of such
products.
-V. 120, p. 1337.
Comparative Condensed Income Account for Calendar Years.
1921.
1924.
1922.
1923.
(J. A.) Migel, Inc.,(Silk Manufacturers), N. Y. City.
Net profit fr.sales,less dopes. $585.199 8345.611 $295.219 $322,194
Other income
40.211
40,843 Bonds Offered.
40,124
29,180
-Howe, Snow & Bertles, Inc., are offering
Total income
5% note (this issue)
1625.324
62,500
8385.822
62,500
8324,399
62,500
at 100 and int. $500,000 1st (Closed) Mtge. 63'% Gold
bonds.
5363.037
62,500
Balance
8562.824 $323,322 $261.899 8300.537
Dividends have been paid regularly on both classes of Preferred stocks
and on the Common stock for the past fourteen years. The current dividend rate on the Common stock is 6%:-V. 112, p. 1746.
Manomet Mills of New Bedford.
-Balance Sheet Dec. 31.
1924.
1923.
Assets15
$
Total plant
11,760.374 11,759,717
Investments
122,800
122,800
Inventories
2,321,482 3,411,001
Cash
578,472
Accts. receivable_ / 249.277 1
Prepaid accounts_1
1 211,583
Total
-V. 118,
14.453,932 16,083,575
1924.
Liabilities
Capital stock
8,000,000
Notes payable
2,340,000
Accounts payable_
93,811
Reserve for deprec. 2,628,267
Undivided earns._ 1,391,855
Total
1923.
8,000,000
2,138,500
1,292,831
2,601,623
2,050,020
14,453,932 16,083,575
p. 3205.
Marlin-Rockwell Corporation.-Earninos.-
Calendar YearsNet sales
Cost of sales
1924.
$3,839,8771
3.425,8721
Gross profits
Other income
1923.
Not
stated.
1922.
I $4,124,610
1 2,687,520
$414,005
49,862
$487,838 31,437,090
17,601
58,635
Total income
$463,867
X General expenses. &c
142,661
Preferred dividends
(53(9e:1142.947
Common dividends
(10.25)55,701
Reserve for premium on Pref. stock__
5,000
$505,439 81,495.725
2,165,377
2.485.625
Miller Rubber Co., Akron, Ohio.
-Earnings.
--
Calendar YearsNet sales of merchandise
Cost of sales, selling, adm.& gen.exp.
Surplus for year
3117,558df$1,659,938 def$989,900
Profit and loss, surplus
$2.468,713 def$336,388 $1,323,962
X Includes in 1924 extraordinary charges not applicable to operations,
and in 1923 and 1922 includes interest paid, depreciation, inventory adjustment, idle plant expense, moving expense, loss on sale a securities, miscellaneous adjustments, &c.
-V. 120, p. 338.
Matthiessen & Hegeler Zinc Co.
-Bonds Offered.
Continental & Commercial Trust & Savings Bank, Chicago,
are offering at 100 and int. 962,250,000 1st Mtge, 6% 10Year Sinking Fund Gold bonds.
Dated March 2 1925, due March 1 1935. Prin. and int. (M. & S.)
payable at Continental & Commercial Trust & Savings Bank, trustee,
Chicago, without deduction for the normal Federal income tax not in
excess of 2%. Denom. $1,000, $500 and $100 c* Red. all or part on
any int. date on 60 days' notice at 100 and int., plus a premium of ;4 of
1% for each year prior to maturity; the premium in no case to exceed 2%%.
Data From Letter of Pres. A. J. McKay La Salle, Ill., March 14.
Company.
-Business now being conducted by company was founded in
'
1858 and has shown a profit every year for over 60 years with the exception
of 1921, when there was a loss of $115,847 caused by a depreciation hi
Inventories, Company's plants at La Salle, Ill., are the largest and most
modern in this country for the manufacture of rolled zinc products and in
1924 produced over 50% of the zinc sheets and approximately 25% of the
zinc ribbon manufactured in the United States.
Earnings.
-Price. Waterhouse & Co. have audited the books and accounts
of company for the period Jan. 1 1917 to Dec. 311924. They certify that
during the six year period ended Dec. 31 1924 average annual earnings
available for payment of interest, after depreciation and all charges except
Federal taxes, were $387.675. For the year 1924 such earnings were
$440,614, or Over 34 times the maximum annual interest charges on these
bonds. During the 6 years referred to above, charges for depreciation and
depletion averaged over $178,000 annually.
Sinking Fund -The trust deed will provide for annual sinking fund
payments equal to 20% of the company's net earnings for the preceding
year, after interest, taxes and depreciation, minimum payments to be
$75,000 during the first four years and $100,000 thereafter.
Purpose.
-Proceeds of those bonds, together with the proceeds of $500.000
Preferred stock which has been sold at par, will provide part of the purchase
price of the properties and business of the former Matthiessen & Hegeler
Zinc Co.
Merck & Co.
-Annual Report Calendar Years.
1924.
$161,363
1923.
$149,918
54,443
1922.
1921.
$360,606 loss$699,521
51,037
39,491
Total income
$161,363
$204,362
Provision for Fed. taxes6.717
Preferred dividends--- %)271,600 (6)8203,700
(8
Other deductions
52,366
$411,643 loss$660,030
Net profits
Other income
183,682
(4)3137,900
72.969
Balance, Bur. or def__def$116,955 defS51,704 sur$227,961 def$870,899
Note.
-Cumulative Preferred dividends unpaid Dec. 31 1924 amounted
to 14%.-V. 120, p. 1337.
Merrimack Manufacturing Co.
-Annual Report.
Calendar YearsNet profit
Total income
Interest and contingent charges
Preferred dividends
Common dividends
1924.
$318,550
$376.429
101,707
82,500
192,500
1923.
3579.760
$580,833
302,497
82,500
178,750
1922.
$411,436
$435.347
186.945
82,500
165,000
Balance
-V.118, p. 2958.
def.$278
$17.086
$902
Middle States Oil Corp.
-Delays Annual Meeting.
-
William Shivers, Chairman of the stockholders' protective committee,
issued a letter March 18 to stockholders, stating that an annual meeting will
not be held at this time, as the receivers do not feel that the expense in connection therewith Is a proper one for them to incur.
In his letter Mr. Shivers announced that the time within which stock
may be deposited, without payment in addition to the present contribution
of5 cents a share, has been extended to April 18. He said that the receivers
expect to have a report of the company's condition ready about April 1:
that the committee will arrange to furnish the information contained
therein to all depositing stockholders.
-V. 120, p. 1337. 592.
Midland Steel Products Co.
-Complaint.
In a complaint issued by the Federal Trade Commission, the company
is alleged, through its business activities, to have restrained in interstate
commerce the sale and distribution of automotive frames and frame parts,
in certain sections of the United States.
According to the citation, the company was organized for the purpose of
acquiring the Capital stock, properties, assets and business of the Parish
& Bingham Corp., and the Detroit Pressed Steel Co., both of which companies were engaged in the manufacture of frames for automotive vehicles.
The complaint states that after the acquisition of the two above mentioned
companies, the respondent company caused the discontinuance of manu,
facturing automotive frames in the Detroit factory of the company which
It had taken over.
The complaint further recites that since the respondent acquired the two
companies, it has sold about one-half of the total number of frames and
Dated Jan. 1 1925; due Jan. 11940. Int. payable J. & J. In N.Y. City
without deduction for normal Federal income tax up to 2%. Red., all
or part, on any int. date upon 30 days' notice at 105 and int. up to and
incl. Jan. 1 1930, and thereafter less % of 1% for each succeeding year.
Denom. $1,000 and $500c5 Central Union Trust Co., New York ,and
.
C. R. Berrien, trustees.
Data from Letter of Pres. J. A. Migel, New York, Jan. 15.
History & Business.
-For over 20 years J. A. Migel has been engaged
in the creating, manufacturing and marketing of fine broad silk fabrics.
Present company, incoporated in 1917, represents a steady and successful
growth and has become one of the most progressive and influential leaders
In the silk industry. Company produces both novelty and plain fabrics.
The output is sold to the better department stores throughout the United
States and Canada, and to the finest and largest manufacturers of women's
apparel. Among the nationally known and widely advertised branded
fabrics produced are "Moon-Gin" silks, "Fan-ta-si," "Pierrette," "Volvo
Broche," "Spiral Spun,' "Porn-Pom," "Cord-o-nette." and "Argosy."
each of which has become a standard article with the trade.
Earnings.
-Net earnings applicable to interest charges for the six-year
period ending Nov. 30 1924, before interest and taxes average $270,000
annually, which is equivalent to over eight times the maximum interest
requirement. For the year ended Nov. 30 1924 net earnings applicable to
interest charges before taxes amounted to over $300.000.
Sinking Fund.
-On Feb. 1 1928 and semi-annually thereafter on or before
Aug. 1 and Feb. 1 of each y•ear, the sum of $12,500, or 10% of the net
earnings of the company (whichever shall be greater) will be used for the
purchase of bonds and, if not obtainable, bonds will be redeemed by lot
to absorb sinking fund moneys.
Purpose.
-Proceeds of this issue will be used to refund present obligations
of the company and for additional working capital.
Operating profit
Other deductions, bad accounts, &c
Depreciation
Provision for estimated Fed'i taxes
Dividends on Preferred stock
1922.
1924.
1923.
1 Not I $29.188.523 $24,764,244
Istated.1 25,691,829 20.285,904
$3,668.938 $3,496.694 $4,478.340
640,682
216.948
138.245
721,051
993.814
919.737
360.000
300.000
320.000
570.468
698.138 x1,829.179
Balance, surplus
$1.518.741
$230,831 $2,186,140
Surplus at Dec. 31
$578,286
$2,330.889
$799,577
x Including $725,128 declared but unpaid.
-V.120, p. 1337. 592.
Mountain & Gulf Oil Co.
-Initial and Extra Dividends.
The directors have declared an initial dividend of 2% and an extra of
1%, both payable April 15 to holders of record April 1.
Murray Body Corp.
-Offer to J. IV. Murray Mfg. Co.
Stockholders.
The stockholders have ratified the proposal to exchange Common stock
of the corporation for outstanding Common stock of J. W. Murray Mfg.
Co., on the basis of one share of Murray Body Common stock for each
2% shares of Murray Mfg. Co. Commoy stock, the exchange to be made on
or after April 1. See also V. 120, p. 1213, 1098.
(J. W.) Murray Mfg. Co., Detroit.
-Offer to Stockholders.
See Murray Body Corp. above.
-V. 120. p. 1337, 1213.
National Acme Co., Cleveland, Ohio.
-Earnings.
Calendar Year1924.
1923.
1922.
1921.
Netsales
$7,300,403 $9,586,306 $5,618,237 $3,879,072
Cost of goods sold, &c
6,489,586 7,888.011 5,043,202
3,971,020
Admin., sales &c., exp.---- 914,746
903,332
745,208
828,140
Other deductions
563,418
636,205
554,806
705.058
Net profit
Other income
x$667,347
40,698
$158,758 4875,231 41.474,894
81,959
70,221
62,533
Net profit
Adjust't of Inventories
4626,649
$240,717 4805,011 x$1,412,360
2,315,138
x626,649
$240,717 4805,011 43,727.498
Balance
xLoss.
Surplus Account Dec. 31, 1924 follows:
Surplus Dec. 31, 1923, $521,062; credit upon reduction In par
value of Capital stock from $50 to $10 per share, $20,000,000
Total
$20,521,062
Deductions.
Net lossfrom operations for year 1924
626.649
Additional Federal Taxes paid for prior years
516
Reduction in the book value of good will and patents
7,364,536
Adjustment of the book value of permanent assets and other
properties, including loss on certain fixed assets sold
1,661,208
Moving expenses
155,045
Elimination of the inventory value of slow moving and surplus
stocks and adjustment of inventory values Dec. 311924, including loss on certain inventories sold or scrapped
1,498.152
Elimination of charges previously deferred-experimental expense, bond discount and sundry items
492,920
Reduction in value of Capital stock purchased and held for employees and sundry securities owned
97,756
Additional provision for contingencies
200,000
Surplus (Capital) Dec.31 1924
$8,424,280
-V. 120, p. 838, 592.
National Distillers Products Corp.(& Subs.).
-Report.
Consolidated Profit 80 Loss Account-Year Ending Dec. 31 1924.
Net sales of alcohol, whiskey, yeast and other commodities,
$ 7.272,371; less cost of sales, $4,678,273; gross profit on sales_$2.594,098
Bottling & storage rev. (net), $426,453; misc. inc., $163.067__
589,520
Total income
$3.183.618
Selling, distributing, administrative and general expenses
$1.854,160
Proportion of earnings of Old Time Molasses Co. applicable to
investment of National Distillers Products Corp. in that co_ _Cr.162,879
-Year 7% notes, $147,259; hit. on notes payable, $50,151
Int. on 6
197,410
Depreciation, $290,426; loss on sale of capital assets. 514.521.- 304,947
Provision for Federal income taxes
25,000
Net profit
Transferred to capital proportion prior to reorg. of Apr.30 1924
Proportion of brands. trade-marks, &c., written off
$964,981
.
$196.
010
169,185
Profit and loss surplus
-V. 119. P. 2187.
$599.121
National Cloak & Suit Co.
-Resumes Common Divs.-
The directors have declared a quarterly dividend of1% on the outstanding
$12.000,000 Common stock, par 810CI, payable April 15 to holders of
record April 10. No payments have been made on the Common stook
since July 15 1920, when a distribution of 1)4% was made.
-V. 120. P.
1213, 823.
MAR. 21 1925.]
TFEE CHRONICLE
National Cash Register Co.
-Bonus to Employees.
President Frederick B. Patterson announces that $573,539 was paid on
Mar. 16 to the rank and file of factory and office employees as their share of
the percentage of profits of the company for the year 1924. This is the third
large payment made to this group of employees out of earnings for 1924,
and makes a total of $1,490.711 paid for the year.
Under the profit-sharing plan, payments are made three times a year.
Distributions based on estimated profits are made at the end of the first
six months and at the end of the year. and after a final inventory has been
made the remainder is divided.
-V. 120. p. 592.
1469
.
Orpheum Circuit, Inc.
-January Earnings.
-
Month of JanuaryOperating net profit
Compare V. 120, p. 1099.
1925.
$397.680
1924.
$229,418
Increase.
$168,262
Otis Elevator Co.
-Increases Dividend Rate.
-
The directors on March 19 declared a quarterly dividend of 51 50 a share
on the Common stock (par $50), payable April 15 to holders of record
March 31. Previously 51 per share quarterly had been paid. An extra
dividend of $1 50 per share was also paid on the Common stock on Dec.29
1924.
Results for Calendar Years.
New England Confectionery Co.-Bal. Sheet Dec. 31.1924.
1922.
1923.
1924.
1921.
1923.
AssetsLiabilities-1924.
1923.
Net earns,aft. maint.,&c $6,286,510 $4.008.705 $3.025.244 $2,925,546
Real estate
$567,795! $32,000 Capital stock
$2,000,000 $2,000,000
Preferred divs. (6%)___
390,000
390.000
390.000
390,000
Machinery & equip(
X 524,271 Sundry items pay
Good will & tradeable
344,791
292,046 Common dividends_(11 %)1.702,440(8)1,138,158 (8)1,138.142 (10)948.434
575.000
360.000
725.000
marks
230,563
230,563 Reserves for taxes_ 157,070
120,328 Reserved for Fed'i taxes
100,000
100,000
100,000
Cash
590,906 x771,929 Capital surplus._
49,780
49,900 Reserved for pension MI 2,125,0001
350.000
Materials & supp_ 612,558
627,986 Profit surplus__ 1,827,650 1,548,343 Contingency reserve_ _ _ _
Investments
1,655,481 1,789,368
Surplus
y$2,069.070 $1,455,547 51.037.102
$762,112'
Treasury stock,
33,000
34,500
Previous surplus
1,702.440
1,246.892
1,000,000'
1,209.790
Accts.& notes rec_ 319.584
Other investments 369,404
Total(each side)--$4,379,291 $4,010,617
Total surplus
$3.771,510 52.702,439 $2,246,892 $1,762,112'
x Including accounts receivable.
-V. 118. p. 2447.
Res've for working cap 1_ 1,772.800
552,322
1.000.000
1,000.000
1
New England Southern Mills.
-Annual Report.
-
Profit and loss surplus $1,998,710 $1,702,439 $1,246,892 $1.209,790'
Calendar Years1924.
1923.
Grosssales
$15,588,471 $12,280,776 -V. 119, p. 2890.
Cost of sales, &c
14,810,403 11,317,552
Pacific Mail Steamship Co.
-Annual Report.
Reserve for depreciation
384.189
270,565
Resultsfor Cal. Years- 1924.
1923.
1921.
1922.
Income taxes
5,900
51,722
Revenues
$4,548,260 34.437,181 54,616.514 $5,948,932
Interest on bonds and notes
738,915
359,903
Expenses
53,8.39,152 53,768.154 $3,739,156 $5.781,921
Interest on purchase money obligations
148.267
469,715
428.842
284.740
481,687
Prop.of oper. profit accr. on min.stock notowned38,750
68.144 Depreciation
Tax accruals
4.436
2.878
2.534
17,030
Consol. net operating profit
loss$537.953
$212,890
$421,489
Total oper. income_ _ _
$4403.206 lortsl. 31,712
$237,651
Consolidated Balance Sheet Dec. 31 1923.
Inc. from sec. & accts.33.307
55.771
56.187
28,858
1924.
1923.
1924.
1923.
Assets$
Liabilities$
$
$
Gross Income
$293,422
$477,676
$436,513 def$302.864
Plant account...„25.306,515 21,396,107 Prior Pref. stock__ 4,000.000 4,000,000 Deduct-Miscell. rents
560.633
$60.526
$78.360
$89.163
Cash
1,815,142 2,828,913 Preferred stock.... _ 5,000.000 5,000,000 Interest and discount.-78.841
80,987
48.774
103.573
Notes & acc'ts rec. 1,722,520 1,586,856 Stark Mills pf.stk. 3,000,000 2,460,000
Inventories
3,525,349 4,928,112 Cosm.Imp.M.stk _ 433,204
517,939
Balance, surplus
$338.310
$277.167 def$495.591
$184,016
Mlscell. invest'ts_ 264,881
236,356 10-yr. 7% notes__ 3,744,500 3,994,500 -V. 118. p. 1530.
Prepaid int. dr ins_ 215,008
193,156 10-yr.7% sec.notes 4,000,000 4,000,000
Mt. V.
-W. Mills,
Pan-American Petroleum & Transport Co.
Cosmos Cot. Co.,
-Directors.
Inc., stock
500,000
560,000
Ltd.,6% debs_
108,000
Cotter and Fred Ritter have been elected directors.
-V.120.p.1337.
Pref, note discount 356,667
396,667 Cosm.Imp.M.bds_ 1,000,000
Good-will, brands.
StarkMills6% pur.
Patino Mines & Enterprises Consolidated, Inc.
tr.-marks, &e 6,487,732 6,487.732
money obliga'ns 2.151,400 2,689.250,
The company paid a dividend
Notes payable_ __ _ 4,906,442 4,503,702 dividend was paid Nov. 5 last. of 5 shillings a share Mar. 5. A similar
Company was incorp. in July 1924 in
Acels payable,&c. 690,507
624,453 Delaware (see also under National Lead Co. under "Annual Reports").
Reserve for Federal
Simon I. Patin°. President, and Edward J. Cornish, President National
taxes, &c
1,275,193 1,509,664 Lead Co.. Vice-President. It is expected that the Patine Mines stock will
Reserve for deprec. 1,665.914
shortly be listed on the New York Stock Exchange.
Total(each side)40,193,813 38,553.898 xSurplus
8,326.653 9,146,391
Income Account Nine Months Ended Dec. 31 1924.
x Representing 203.172 shares of no par value Common stock.
Note.
-There Is a contingent lhtbi lay for carried cotton amounting to Total earnings, after all expenses
£1,466,132
Depreciation and depletion charged off
5503.8.-V. 119, p. 1964.
11
247,230
Interest and taxes
192,798
Newton Steel Co., Youngstown, Ohio.
Reserve for eventualities
151,481
-Larger Div.
The directors have declared a quarterly dividend of 50c. a share on the x Depletion reserve
59.015
Dividends
Common stock and the regular quarterly dividend of 1%% on the Pref.
690,157
stock., both payable April 1 to holders of record March 20. On Dec. 31
Surplus
1924 a disbursement of 45c. a share was made on the Common stock.
£125,451
x 5% of mining profit for depletion reserve allowed by Bolivian laws.
(Compare V. 119, p. 3018.)-V. 120, p. 713.
Balance Sheet as of Dec. 31 1924,
New York Canners, Inc.
-Stock Increased-Rights.
AssetsLiabilities
The stockholders on March 17 increased the authorized Common stock Properties
£5,279,729 Capital stock
a E6,250,000
from 120,000 shares to 200.000 shares no par value. The Common stock- Sundries
42,170 Due to banks
1,261.957
holders of record March 20 will be given the right to subscribe on or before Investments
61,371 Accounts payable
68,622
April 6 to 20,600 shares additional Common stock at $28 a share. in the Accounts receivable
496,772 Taxes
148,173
ratio of one new share for every five now held. Payment must be made in Organ. exits.. incl. HollySuspense account
86,659
full in New York funds at Irving Bank-Columbia Trust Co., 62 Broadway,
tan prop. transfer tax_
309,025 Reserves
210,495
N. Y. City.
Cash
631,225 Machacamarca-lJnica Ry. 1.038,325
The proceeds will be used to increase working capital made necessary by Inventories
423,019 Surplus
470,530
rapidly expanding business. No important plant extensions are being Tin concentrates
1.259,135
contemplated at this time.
Machacamarca-UnicaRy, 1,032,315
Total (each side)
19,534,761
This will Increase outstanding stock from 103,000 no par shares to
a Represented by 1.380,316 shares.
123.600.-V. 120. p. 1196, 1099.
Nonquitt Spinning Co.
-Annual Report.
Calendar YearsSales
1924.
1923.
1922.
1921.
Notshown $3,144,660 $3,544,576 $2,921,428
Comparative Balance Sheet.
AssetsDec. 31'24 Dec.29'23
LiabilitiesDee. 31'24 Dec. 2923.
Plant, mach'y,&c.$5,878,021 $5,878,021 Capital stock
$4,800,000 $4,800.000
Inventories
1,067,853 1,292,404 Notes payable,..145,000
450,000
Investments
123,000
831,750 Reserve for interest
2,575
Aosta. receivable
170,177
149,896 Reserve for taxes
3,972
202.321
Notes receivable.- 200,000
200,000 Reserve for deprec. 1,608,110 1,584,237
Gash
273,447
84,234 Surplus
1,152,841 1,399,746
Total
$7,712,498 $8,436,305
Total
$7,712,498 $8,436,305
-v. 118, p. 2711.
Ogilvie Flour Mills Co., Ltd.
-461 25 Common Div.
-
The company has declared a quarterly dividend of $1 25 a share on the
new no par value Common stock, payable April 1 to holders of record
Mar. 20. This is equivalent to $15 a share per annum on the old Common
stock, par $100, which paid $12 per annum in addition to extras. (For
record of extra dividends paid on the Common stock since Oct. 2 1916, see
V. 119. p. 1404.) See also V. 120, p. 94, and V. 119. p. 2656.
Oneida (N. Y.) Community, Ltd.-Bal. Sheet Jan.31.Assets1925.
1924.
Plant, nutch'y &c43,137,722 $2,931,951
Secs. & oth. assets 203,848
190,245
Inventories
3,231,811 2,901,574
Accts.receivable
734,738
931,605
Notes receivable
31,031
127,194
70,273
Trade acceptances
11,431
624,836
734,142
Cash
Deferred charges
216,785
132,115
1925.
1924.
Preferred stock_ _ _$2,750,000 $2,600,000
Common stock- _ - 3,245,175 2,734,100
Accounts payable.. 105,039
83,914
Accr. wages & int_
23,342
14,991
Contin. wages accr 142,502
491.696
Reserve for taxes_
97,000
98,000
Empl.loan notes__
31,836
26,585
Capital
_ x110,0751 1,910,971
Earned surplus__ _x1,746,0751
Total
$8,251,043 $7,960,257
Total
$8.251,043 $7,960,257
x Earned surplus has been credited with net earnings, after taxes, of
$681.469, and tax adjustments of $3 532; and has been charged with cash
dividends of 5430,789, a stock dividend of $341,775 in Common stock
paid March 1923. and loss on sale of capital assets of $4,424. Capital
surplus has been increased by $37,164 on account of capital stock transactions, leaving a balance of $110.075 which with earned surplus of $1.746.074, makes a total surplus of 51,856,149.-V. 120. p. 339.
Oregon Building, Portland, Ore.
-Bonds Offered.
First National Co., St. Louis are offering at prices to yield
532%, according to maturity, $250,000 1st
from 63i% to
mtge serial 534% real estate gold bonds of A. M. Haradon
and Delia H. Haradon, Portland, Ore.
Dated Feb. 2 1925; due serially Feb 11928, to 1935. Int. payable F. &
A. at First National Co., St. Louis, Mo., Portland Trust & Savings Bank,
Portland, Ore., and George G. Chase, St. Louis, Mo., Trustees. Subject
to call on any int. date on 6 days' notice at 105 and int. prior to Feb. 1
1927 or at 103 and int. if called on or after that date.
The bonds of this issue are secured by a direct first mortgage lien on the
ground and office building known as the Oregon Building, located on northwest corner of Fifth St. and Oak St.. Portland. Oro. The value of the entire property has been appraised at $505,000 as follows: Ground,$185,000;
building, 5320.000.
Phillips Petroleum Corp.
-Earnings.
-
The company reports for the quarter ended Dec. 311924: Gross,54.954,242: expenses, &c., 51,864.5613; net before depreciation and depletion,
53.089,674.-V. 120, p. 714.
Pierce-Arrow Finance Corp.
-Annual Report.
-The first
annual report, covering the year ended Dec. 31 1924, is
given under "Reports and Documents" on a subsequent page.
•
Pirika Chocolate Co., Brooklyn, N. Y.'
-Receivership.
Frederick H. Crane yas been appointed receiver by the U. S. District
Court at Brooklyn on petition of Samuel J. Ludwig and Morris Kirchner,
creditors. Liabilities were said to be $400,000 and assets $75.000.
Commenting on the receivership, the New York "Times" of March 13 says:
"The failure of the company will involve a loss to creditors of approximately $500.000, it is estimated. Banks in Brooklyn and Manhattan will
suffer, it is said, to the extent of about $200,000.
Assistant District Attorney Hugo Wintner,of Manhattan, began an investigation to determine whether criminal proceedings are justified on data
submitted to him in relation to alleged fraudulent drafts cashed by a Manhattan banking institution, the name of which was not made public. Mr.
Wintner said that he could make no statement until the investigation had
proceeded further.
The Pirika Chocolate Co., of which Walter and Oscar Stout. of Brooklyn,
are Pres. and V.-Pres., respectively, was about to float a stock issue of
5650.000 when the failure came. The issue had been arranged for and
advertised by McGown & Co., of Philadelphia.
George Whitlock. Asst. Cashier of the Bank of America, 166 Montague
St., Brooklyn, said his institution was involved to the extent of $87,506
but he believed that substantially the entire indebtedness to his bank would
be found to be secured by unsubstantial collateral.
Other creditors are the Williamsburg Savings Bank, which holds a first
mortgage of $75.000 on the company's property: the Co operative Trust
Co. of the Brotherhood of Locomotive Engineers, Manhattan: the Quaker
Finance Co. of Brooklyn, which has a claim of 530.000, and the Commonwealth Bank of Manhattan, which is interested to the extent of $15,000.
Pittsburg Coal Co.
-New Vice-President, cte
Truman M. Dodson, of Bethlehem, Pa., has been elected Vice-President
in charge of operations, and Arthur Neale as General Manager of Mines, to
succeed J. A. Donaldson and J. M. Armstrong, respectively.
-V. 120.
P. 1338.
Prairie Oil & Gas Co. (Kansas).
-Dividend.
-
The directors have declared a regular quarterly dividend of 50c. per
share on the new $25 par stock, payable April 30 to holders of record
March 31. This dividend is equal to the quarterly rate of $2 per share
which was formerly paid on the old stock of $100 par value for which new
shares were distributed in the ratio of 4 shares for one of old(V.119. p.2771).
-V.120. r 339
.
Pure Oil Co.
-Acquisition.
The company has acquired the controlling interest in the Wofford 011
Co. of Georgia, one of the three principal markets there. It has a large
bulk plant and general office and 35 service stations in Atlanta. In add)..
tion the company owns and operates bulk plants and service stations at
Macon, Rome and Columbus, Ga.-V. 120. p. 714. 218.
Quaker City Tank Line, Inc.
-Equip. Trusts Offered.Stix & Co., St. Louis, are offering at prices to yield from
5% to 6%, according to maturity, $1,400,000 6% Equip.
1470
Trust Gold certificates, Series "F." Issued under the
Philadelphia plan.
Certificates are guaranteed by endorsement both as to principal and
dividends, by Quaker City Tank Line. Inc. bated March 1 1925; due
I100,000 each Sept. 1 and March 1 from Sept. 1 1925 to March 1 1932 incl.
Denom.$1,000. Dividends payable M.& S. without deduction for normal
Federal income tax not in excess of 2%. Principal and dividends payable
at Fidelity Trust Co., Philadelphia, trustee. Callable on any dividend
period date at 101 and interest.
These certificates are issued by the Fidelity Trust Co.. Philadelphia.
Pa., trustee-owner, and are specifically secured by title to the following
-gal, tank cars.
equipment: 100 new 10,000-gal. tank cars, 100 new 8,000
150 reconditioned 8.000-gal. tank cars. 250 new single-deck stock cars,
100 new refrigerator cars. 560 reconditioned refrigerator cars, and 40
reconditioned stock cars.
The cost of the new cars, together with the value of the reconditioned
cars, will give this equipment a total valuation of approximately $2,100.000.
against which these certificates are issued in the amount of $1,400,000.
The stock cars and refrigerator cars will be leased to the Swift Live
Stock Transportation Co. or the Swift Refrigerator Transportation Co.,
subsidiaries of Swift & Co., and the tank cars to various responsible
corporations.
The revenues received by the company on cars now under lease, and
the revenues that will be received upon the leasing of the above equipment,
will be largely in excess of the amount required to retire maturing certificates
with accrued dividends.
-V. 120, p. 218.
-New Director.
Quaker Oats Co., Chicago.
It. Douglas Stuart, a Vice-President, has been elected a director to sucoeed the late It. W.Roloson.-V. 120, n• 1338.
-Annual Report.
Richmond Radiator Co., New York.
Profit for year ending Dec.31
Dividends declared for 15 mos.ended Dec.31 1925
[VOL. 120.
THE CHRONICLE
1924.
$341,757
133,848
1923.
$472,288
$472.288
$207,909
Balance,surplus
Net earnings for 1924, before reserve for Federal income tax, amounted
to $390,580.
Balance Sheet December 31.
1923.
(tiesLiat,U
1924.
1923.
1924.
AssetsPlant, equip., ace_81.234,025 3906,180 Preferred stock ___61,529,683 81,529,682
Pats. & good-will_ 2,482,410 2,462,410 Common stock___ 2,857,447 2,857,447
Notes payable____ 200.000
Inv. In & adv. to
118,392
40,677 Accounts payable_ 169,101
40,931
No.Iln.Real Co_
123.358 Divs. payable Jan.
166,685
Cash
'25-Jan.'26 ____ 133,848
Acets. notes & tr.
25,922
51,835
Res. for taxes_
accept. res. (less
354,771
562,680
718,748 Surplus
695,606
reserves)
615,098
860,122
Inventories
17.743 Tot.(each aide) $5,504,594 84,884,214
44,815
Deferred charges_ _
-V.120, p. 714.
-Rights, &c.
Saco-Lowell Shops, Boston.
The Common stockholders of record March 14 have been given the right
-Year 7% Cony. Gold
to subscribe on or before April 15 for 32.643,750 5
notes, to be dated April 15 1925, at par on the basis of $50 of notes for each
share of Common stock held (there being 52,875 shares outstanding).
The notes will be callable in whole or in part on 3 months' notice at par and
,
int, and are convertible into Common stock at any time prior to maturity
or redemption en the basis of 3 shares of Common stock for each $100 of
notes. Payment may be made on or before April 15 at the American
Trust Co.. trustee, Boston, Mass., or on or before May 15. but in the latter
event interest on the subscription price at the rate of7% for the full period
from April 15 to May 15 must be added and paid.
Vice-President R. P. Snelling, in a recent letter to stockholders, said in part:
It is proposed to use the proceeds of the new note issue to take up certain
outstanding notes of the company and for additional working capital.
The company has operated at a loss during the past two years. In common
with all manufacturers of similar textile machinery, it has suffered severely
from lack of orders. particularly in the past year. The gross sales for 1924
were approximately one-half the average gross sales for recent years and
approximately one-third the gross sales for the years 1920 and 1921. As
the great bulk of the company's output consists of textile machinery for
cotton mills, lack of orders may fairly be attributed to the depressed condition of the cotton textile industry. The company, however, is engaged
in a basic industry and with a return to normal conditions the conversion
privilege contained in the new notes may prove to be of substantial value.
Of the total notes payable as of Dec. 31 1924 (see V. 120, p. 1339).
31,315,000 represented so-called "outside paper" placed through brokers
and $825,000 represented notes held by Massachusetts savings banks.
In the event that all of the new notes are not subscribed for by the Common stockholders, the officers of the company who have endorsed savings
bank notes have agreed to take at par unsubscribed notes up to $825,000
In order to replace the savings bank notes. Arrangements have also
been made for placing at par a sufficient amount of the balance of the unsubscribed notes so that the "outside paper" can be taken care of. The
proceeds of notes subscribed for by stockholders (other than the officers
who have endorsed savings bank notes) will be used in part for additional
working capital and in part to take up "outside paper," but will not be
used to pay off savings bank notes.
Outstand'g.
Authorised.
Capitalization (After Financing)31.250,000
6% Cumulative Preferred stock (par $100)___ 31,250.000
2.643,800
7% Cumulative 2d Preferred stock (par $100) 2.643,800
x132.188 shs. 5,287,500 abs.
Common stock, no par value
32.643.750
32,643,750
-Year 7% Convertible gold notes
5
x After changing the par value of the 52.875 shares from $100 to no
par and increasing the authorized Common stock by 79.313 shares to provide for the conversion of the notes.
Of the total capital stock amounting to $9.181,300, $4,406,250 represents stock dividends, a stock dividend of 50% in Common stock having
been declared in Feb. 1922 and a further stock dividend of 50% in 2d Pref.
stock having been declared in Dec. 1922.
As of May 15 1915. Lockwood, Greene & Co. appraised the company's
then existing plants at a figure substantially in excess of book value. However, no mark up has been made on the company's books on account of
this appraisal, although building costs have advanced materially since
1915. In the last 6 years alone the company has spent in cash on additions
to plants an aggregate amount In excess of the present plant value. It is
thus apparent that the figure of 37,710,870 at which plants are carried
is most conservative.
-During the past two years the company has
Earnings and Dividends.
operated at a loss, the operating loss before depreciation for 1923 being
3629,359 and for 1924 3786.740. The average earnings of the company,
-year period
however, for the past 10 years have been large. For the 10
(which includes the losses of 1923 and 1924) the average annual earnings
of the company after depreciation but before Federal income taxes have
been $1.003,383.
The dividend record of the company up to date is as follows: Dividends
en the capital stock were paid in every year from date of incorporation
(1845) to 1912, excepting only 1855, 1858 and 1859. Dividends on the
Pref. stock have been paid since issuance in 1912. Dividends on the
2d Pref. stock have been paid since issuance In 1922. Dividends on the
Common stock (par $100) have been paid as follows: 131%, 1916: 9%,
1917; 12% in 1918, 1919, 1920 and 1921: 8% and 6%,respectively, in 1922
and 1923, which was after the 50% increase in Common stock owing to
the stock dividend. See also V. 120, p. 1339.
(Franklin) Simon Co.
-Consolidated Income Account.-Years End. Jan. 31-six mos. Ended
/924.
1923.
Jan. 31 '25. July 31 '24.
Net sales
$12,554,727 $11,604,796 $23,475,110 320,759,104
Cost, sell.,oper.,&c., exp$11.642,793 $11,044,028 321,767,000 319.504,874
Depreciation
147,247 • 114,411
74,208
84,194
Miscellaneous earnings-
$827,741
107,883
$486,560 31,560,860 $1,139,820
87.473
95,204
36,908
Net income
Federal taxes (eat.)___
Preferred dive. (1,1%):
$935,624
115,000
70,000
3523.468 $1,656,065 $1,227,293
x175,471
x257,000
65,500
Net income
$457,968 11.399,065 $1,051,822
3750,624
x Including State franchise taxes.
-V. 119, p. 2298.
South Penn Oil Co.
-Earnings.
-Calendar Years1921.
1923.
1922.
1924.
Gross Income for year - _$13,508,804 $13,435,658 313,363,426 315,183,827
Op.exp., tax.,depr.,&c.$11,981,336 $14,374,643 $14,628,763 $14,779,174
Dividends
(43)900,000(13)2600,008
Bal., sur. or def____sur$1,527,468 def$938,985df32.165.337df$2,195,347
Previous surplus
10,941,908 11,880,893 14,046,230 16,241,578
P. & L. surplus
$12,469,376 $10,941.908 $11,880,893 314,046,230
-V. 118, p. 1677, 1785.
-Transfer Agent.
Splitdorf-Bethlehem Electrical Co.
The Guaranty Trust Co. of N. Y. has been appointed Transfer Agent
for 67,000 shares of no par value capital stock of the above company, which
was recently formed as a consolidation of the Bethlehem Spark Plug Co. of
N. J. and the Splitdorf Electrical Co. (See also Splitdorf Electrical.Co. in
V. 120, p. 596.)
Splitdorf Electrical Co.
-Consolidation.
See Splitdorf-Bethlehem Electrical Co. above.
-V.120, p. 596.
Standard Milling Co.
-Transfer Agent.
The Equitable Trust Co.of New York has been appointed Transfer Agent
and Dividend Disbursing Agent.
-V. 120, p. 1214, 1101.
Standard Oil Co.(Kansas).
-Annual Report.
Calendar YearsNet earnings
Dividends paid
1921.
1922.
1923.
1924.
3207.789
1064480,742 loss$280,382 31,232,154
%)320,000 (8)640,000 (15)300.000 (24)480,000
Balance. sur. or def_def.3800,742def.$920,382sur.$932,154 def.$272,211
Previous surplus
7,040,619
6,768.408
1,700,562
780,179
Stock dividend
x6,000,000
Profit & loss surplus_ _def.$20,562
$780,179 31,700.562 36,768,403
x On Dec. 30 1922 a 300% stock dividend was paid on the then outstanding $2,000,000 capital stock.
-V. 119, p. 822.
--Standard Plate Glass Co.
-Acquisition.
The company has acquired the properties of the Saginaw (Mich.) Mirror
-V- 120, p. 1101.
Works.
.
-60% Stock Div.
Stanley Works, New Britain, Conn.
At a meeting of stockholders and directors held Feb. 14 a stock dividend
was declared to Common stockholders of record Feb. 14 1925 amounting
to 3 shares of Common stock for each 5 shares of Common stock then
outstanding. Stock certificates for this stock dividend will be sent on or
about April 1 1925.
The directors have voted a dividend of 231% on the new Common
capital. payable April 1 to holders of record March 14. In order to make
clt
the same rate applicable to the first quarter of this year, the directors have
also declared an extra dividend of 37 cents per shareon the old Common
capital. This extra dividend, together with the dividend paid Jan. 1
1925 is equivalent to 234% on the new capitalization for the first quarter.
The authorized Common stock was also increased from 36,500.000 (all
outstanding) to 110.400.000. par $25. It was also voted to reduce the
outstanding Preferred stock from 35.800,000 to 14.000,000.-V. 120. p.969.
-Earnings.
Stern Bros. (Dry Goods), N. Y. City.
1924-25.
Jan. 31 YearsNot
Gross income
Gen.,admin.,&c.,exp _ - shown
1923-24.
Not
shown
1921-22.
1922-23.
f $1,491,834
Not
shown
457,450
$864,704 31.062.320 31,014,717 31,034,384
Net profit
Cr.9.005
Exc.of res.for Fed.tax pd
105,000
160,000
159,730
160,000
Federal taxes
Net prem. & expense on
85.769
purchase of Prof.stock
Preferred dividends_ _ (8%)114,544 (8)192,382 (8)258.398(734)257.581
x997,500
Prof. div. (stk.) 3331%)
75,000
300.000
Common dividends
$510,550 def$325,697
$643,943
3290.430
Balance, surplus
x Stock dividends, covering accumulations unpaid to Sept. 1 1921,
33349'; paid in 8% Prof. stock, $981,900; cash fractions, $15,600.V. I.P. 983•
-English Claim Denied.
Swift & Co.
The claim of the company against the British Board of Trade for additional payment of $.3,000.000 over the $10,000,000 the company received
for bacon, ham and lard requieitioned in 1919 by the Ministry of Food, was
dismissed by the House of Lords to-day, according to a special cable,
March 17, to the New York "Times."
This action finally disposes of the case, which has been carried from one
court to another during the last two years. The Swift claim was originally
submitted to an arbitrator whose decision was largely in the company's
favor. The Board of Trade successfully appealed to the Court of Appeal,
and Swifts then carried the case to the House of Lords.
-V.120,p. 1340,204.
See also Armour & Co.(Illinois) above.
-Annual Report.
Swift Internacional Corp.
-Argentine Gold.
Profit and Loss Surplus Account for Calendar Years
1923.
1921.
1924.
1922.
Calendar Years$13,776,560 $11.163,992 $12,626,977 $23,156,279
Previous surplus
82.863
109.125
36,217
To reserve account
9,200
9,200
9,200
Directors' & aud.'s fees9,200
Bal. of previous surp-$13.658,234 $11,118.574 $12.617,777 $23,064,216
3,731,040
2,798,280
2,798,280 3,264.660
Dividends
310.859.954 $8,320,294 $9,353,117 $19,333,176
Surplus
3.505.875loss6,706,199
5,113,604
5,456,265
earnings
Adjustment on previous
year's consignments_
1,695,000
Net
Balance
-V. 118, p. 2053.
$15,973,559 313.776.559 $11.163,992 $12,626,977
Symington Co. of Md.-Buys Gould Coupler.
-Year 6% Purchase
The company has authorized an issue of 31.500,000 3
Money Collateral Trust Gold notes of which 81,000,000 is to be issued immediately has been underwritten by Hambleton & Co. and Hornblower dc
Weeks,and associates. Proceeds of this financing will be used to reimburse
the company for expenditures in purchasing a large majority of the Common
stock of the Gould Coupler, and to purchase additional such stock.
-100% Stock Dividend.
Sandusky (0.) Cement Co.
The Symington Co. Is purchasing about 84% of the 300.000 Common
The directors have declared a 100% stock dividend on the Common shares of Gould Coupler, for which it Is to pay nearly $900.000. Acquisistock. payable April 9 to holders of record March 28, and a quarterly divi- tion of Gould Coupler control, it is said, adds materially to the assets and
dend of 2 a share on the Common stock, payable April 1 to holders of earning power of the Symington Co.
arch 25.-V. 116, p. 2398.
record
Earnings of Symington Co. before taxes were 31,139,549 in 1924, against
$1,319,943 in 1923. Net average earnings, after all deductions, in the past
- 3 years have been sufficient to cover a $2 dividend on the present 200,000
-Increases Common Dividend.
Sparks-Withington Co.
on the
The directors have declared an extra dividend of 50c. a share on the Class A shares, leaving a balance exceeding $2 a share annually
-V. 120. p. 1101, 969.
Common stock, no par value, and a regular quarterly dividend of 75c. 300,000 shares of Common stock.
stock, all payable
a share on the Common and of 1;1% on the Preferredto Jan. 1925, incl.,
-Liquidating Div.
Tecumseh (Cotton) Mills, Fall River.
April I to holders of record Mar. 20. From Jan. 1924per share were paid
The directors have declared a liquidating dividend of5%,payable April 1.
and extras of 50c.
regular dividends of 30c. per share2772.
This will make a total distribution of 110%.
-v.119, p.
the Common stock.
on
1471
T Hu, CHRONICLE
MAR. 21 1925.]
A Fall River dispatch says a petition for the dissolution of the company
has been filed with the Superior Court, in accordance with a vote taken by
-V. 119, p.2891.
the board of directors in January.
-Balance Sheet.Venezuelan Petroleum Co.
Dec.31'24 July 31'24
AssetsDec.31'24 July 31 '24 LiabilitiesProperty acct_---$3,400,000.$3,400,000 Capital stock___ _x44,000,000 $4,000,000.
1,168 Reserve for taxes,
1,168
Furn. &
(August) Thyssen Iron & Steel Works and Affiliated Deferred fixtures__ 32,711
100,537
expenses, &c__ _ 106,214
items_
-Trustee.
165,285634,687 Donated surplus__ 168,028
Mining and Sales Companies.
Treasury stock___ 622,187
The Central Union Trust Co. of New York has been appointed trustee Adv. Yen. Gulf 011
1,000
Co
-Year 7% Sinking Fund Mtge. Gold bonds.
of an issue of $12,000,000 5
228,967 Tot.(each side).54,274,242 $4,265,822
Cash in bank,.... 218,175
(See offering in V. 120, p. 219.)-V. 120, p. 715.
* Four concessions in Venezuela and royalty on 24,374 acres owned by
-Annual Report.
the Venezuela Gulf Oil Co.
Tide Water Oil Co.
x Outstanding 800.000 shares, par $5; authorized 1,000.000 shares.
1922.
1923.
1921.
1924.
Calendar Years$66,256.620 $58,274,731 $52,426,026 $46,2a5.290 V. 119, p. 2541.
Gross earnings
57,207,396 51,912,201 45,752.291 45,294,444
Operating expenses
Operating income-- $9,049,224 $6,362.530 $6,673,734
926,431
2,128,294
697,892
Other income
$960,846
952,493
-To Reduce Preferred Stock and
Vesta Battery Corp.
Change Par Value of Common Shares.
The stockholders will vote Mar. 31 on changing the authorized capital
$9,747,116 87,288,961 $8,802.028 $1,913,339 stock from $750,000 Preferred stock. par $100.and 30,000 shares of Common
Total income
stock of no par value. to $500,000 Preferred stock, par $100. and $300,000
Deprec. & depletion__.._ 5,358,924 4.476.775 3,826,060 3.933,727
Common stock. par $10. If the changes are approved, new $10 par Com548,524
Federal taxes
mon stock will be issued in,exchange for the present outstanding no par
$3,839,669 $2,812,186 $4,975,968=2,020,388 value Common stock, share for share.
Net
In a letter to the stockholders, President Ward S. Perry. Mar. 16 says:
Outside stockholders pro"The directors have considered this reclassification advisable primarily
dr.52,651
dr.6,442
portion
dr.58,745
cr.96,031
because of a decision of the Supreme Court of Illinois upholding a recent
amendment to the law relating to the corporation franchise tax, under
Tide Water Oil stockrequired to pay annual
holders' proportion- 83,898,413 $2,908,217 $4,923,317 a$2,026,830 which corporations having no-par-value stock areworks an undue hardship
(10)4,171,534 franchise taxes on a basis of $100 per share. This
Dividends
(4%)2,000,145 (1)499,968
on such corporations whose stock has a book value of less than 8106 per
from no par
Balance, surplus
$1,898,268 $2,408,249 $4,923,317df$6.198.364 share. The change of the Common stock of this company
annual
Profit & loss, surplus_ _ _$20,516.596 $19,172,142 $17,320,881 $12,067,825 value to a par value of $10 per share will materially reduce its
franchise tax, which reduction will accrue to the benefit of the stockholders.
a Loss.
-V. 119, p. 2189.
"The proposed change in the authorized amount of Preferred stock is
purely formal. The corporation has reduced the amount of its outstanding
-Capital Stock Reduced.
Tobacco Products Corp.
Preferred stock by more than $250,000 since this stock was created in 1920."
The stockholders on Mar. 13 approved an amendment to the charter re- -V.120.p.
1341.
ducing the authorized capital stock from 8157,354,000 to $149,359.400,
,
by decreasing the Preferred stock from 88,000,000 to $5,400.-V. 120, P.
-Earnings.Vulcan Detinning Co.
1101.
1922.
1921.
1923.
1924.
Calendar Years$1,474,653 81,228,565
,
82,023,970 $2,056,289
Trumbull-Cliffs Furnace Co.
-To Refund Preferred Stock. Sales
1.761,192 1,853.304 1,301.130 1,254.188
All of the outstanding $4,500,000 8% Preferred stock will be redeemed Expenses, deprec., &c
April I at 107 and diva. The company contemplates offering an issue of
$173,523 loss$25,623
$202,985
Net oper. income_ _ _ _ $262,778
6% Preferred stock.
-V. 116. p. 1660.
32,372
26,512
30.901
27,415
Other income
-Initial Common Dividends.
Tulip Cup Corp.
An initial quarterly dividend of 37 cents per share has been declared on
the Common stock, no par value, payable April 1 to holders of record
Mar. 21. See offering in V. 120, p. 715, 596.
Total income
Reserve for tax,&c
Divs. on Pref. stock_ _ _ _
$290,193
53,312
214,358
$233,886
35,503
169.358
$205,896
50,964
42,340
$889
42,340'
$112,592 def841,450
$29,025
$22,523
Tuolumne Copper Co., Butte, Mont.
-Assessment.
- Surplus
For the quarter ended Dec. 31 1924 sales, after inventory adjustments,
An assessment of 30c. a share has been levied upon the issued and out
amounted to $568.122; net profits, after charges depreciation and reserve
tending capital stock of the corporation (par $10).-V. 119, p. 2658.
for taxes, $68,864, as compared with $50,726 in preceding quarter and
Unicn Sugar Co., San Francisco, Calif.
-Ann. Report. $46.693 in the corresponding quarter of 1923.-V. 120, la• 1103.
Calendar ears1924.
1922.
1923.
-New President.
Ward Baking Corp.
Net operating profit
$569,809
$507,868
$61,707
William B. Ward has been elected Chairman of the board of directors.
Deductions
--V.120. p.840. 597.
He was succeeded as President by George B. Smith.
Meet.& commis.on sale of Pref.stk_
25.240
U.S. Beet Seed Co. capital stock
7.500
-Sale.
Whalen Pulp & Paper Mills, Ltd.
Dividends
237.820
169,611
An order has been made by Justice Morrison at Vancouver for the sale
Depreciation
96,920
157,597
97,899
company on May 29. following the application of counsel
of the assets of the
Federal income tax reserve
54,839
-V. 119, p. 2773.
Miscellaneous2,250 representing the bondholders.
1,527
8,909
Balance, surplus
Profit and loss surplus Dec.31
-V. 118, p. 2837.
$110,644
$1,335,532
$206.090 deff37.464
$904,284
$694,317
-Increases Dividend Rate
White Rock Mineral Springs Co.
on Common and Second Preferred Stocks and Declared Extra
Dividends on Both Issues.
The directors have declared a quarterly dividend of 30 cents a share and
Union Tank Car Co.
-Annual Report.
an extra dividend of 80 cents a share on the Common stock. This increases
1921.
1922.
Calendar Years1924.
1923.
Earns, after open exp__ $7,223,927 88,374,135 $8,097,781 $5.903,573 the regular rate from $1 to $1. 20 a year.
The directors also declared a quarterly dividend of $1 50 a share and an
Depreciation & amort'n- 3,401,368 3 616,755 3.895,782 3,817,350
819.562 1,001,115 extra dividend of $4 a share on the Second Preferred stock, thereby placing
Reserve for taxes
1560,000
592,688
1
79.577
82,485 that issue on a $6 annual basis compared with $5 previously. The extra
Reserve for annuities_ _ 1
91,980
Preferred dividend_
(7%)840,000 (7)840,000 (7)840,000 (7)840.000 dividends are payable in quarterly installments. The quarterly dividends
Common dividends_ _ _ _ (5%)901325 (5)900,000 (7)840.000 (7)840.000 and the first installment of the extra dividends will be paid on March 31 to
holders of record March 23.-V• 119, 13• 93.
Balance, surplus
61,488,745 $2,365,399 $1,622,859 def$677,376
Wickwire Spencer Steel Co.
-Certificates Ready.
Adjust. equip't account_
3.499,856
Previous surplus
12,303,292 6,438,036 10,815,177 11,492,553
The Chase National Bank announces that on and after March 17 it will
be prepared to deliver the new securities of the Wickwire Spencer Steel Co.
Total surplus
$13.792,038 $12,303,292 $12,438.036 $10,815,177 subscribed for under the plan of reorganization of Wirkwire Spencer Steel
50% Corn,stock div__
6,(40.000
Corp., dated Aug. 4 1924.-V. 120, p. 597.
Profit and loss surplus$13,792,038 $12,303,292 $6,438,036 810,815,177
Balance Sheet Dec. 31.
1924.
1924.
1923.
1923.
Assets$
Liabilities
$
Tank car equip_ _x43,254,650 46,470,226 Preferred stock___12,000,000 12,000,000
Shop equipment__ )1,336,001 1639,170 Common stock___18,115,000 18,000,000
Materials
1353,827 Car trust notes_ __ 4,000.000 6,500,000
Office furniture
21,789
16,070 Accounts payable_ 613,638 1,343,121
Cash & securities. 3,486,394 .1.928,430 Res, for annuities.( 906,565 J339,982
Accts. receivable 1,328,408 1,658,697 Rea. for taxes....-1
1580,025
i
13,792,038 12,303,292
Surplus
Willys-Overland Co.
-Production--To Discuss Preferred
Dividends-Outlook.
-
President John N.Willys is quoted as saying: "The first six weeks of this
year motor executives were probably as unduly pessimistic as they were
excessively optimistic a year ago. The result has been under rather than
over-production to date this year, and orders, which are now pouring in.
are requiring rapid advancement of factory outputs.
"The outlook for Willys-Overland from a production, sales and earnings
standpoint is better than I have known it to be in years. We will turn out
about.50,000 cars the first quarter, and as we will go over April far oversold,
with the spring retail buying still ahead, the second quarter should be conTotal
49,427.242 51.066,421
Total
49,427,242 51,066,421 siderably better than the first. Current output of 8.00 cars daily will be
increased to 1.000 cars as soon as possible.
x Less depreciation.
-V. 120, p. 219.
"Earnings for the first quarter of 1925 after all charges will be in excess of
those for the entire 1924 year. and promise to total approximately $2.500.United Dyewood Corp.-Pref. Divs.for 1925.000. The company ended last year free of floating debt and with cash and
A dividend of $7 per share for the year 1925 has been declared on the Pretotal
ferred stock, payable in four equal quarterly installments. The first in- readily marketable securities equal to twice tlie we are of bills payable...
still free of bank
Notwithstanding the rapid increase in production,
stallment of$1 75 a share will be paid on April 1 to holders ofrecord Mar.13. borrowings and expect to go through the spring in the same condition.
•
-V.119, P. 1637.
"In view of all these factors, the directors will give consideration to the
resumption of dividends at the postponed meeting late this month or the
United States Radiator Corp.
-Annual Report.regular meeting early in April. [No dividends have been paid on the Pre1925.
Yrs. end. Jan. 311924.
1923.
1922.
ferred shares since Nov. 1 I920.1
-V. 120, p. 464.
82.324,491 $2.275,301 81.743.177
Gross earnings
$894,110
Cash disct. on sales, &c_ $188,215
$156,795
$178,571
$104,822
Wright Aeronautical Corporation.
-Annual Report.83.384
Int. on bonds & notes
90,906
72,213
57,046
Calendar Years1921.
1924.
1922.
1923.
Depr.on plant & equip
144,415
146,051
127.586
137,702
Net sales
52.166,864 52,226,892 $2,384,204 $2.426.189
Reduction of inventories
Expenses, incl. deprec'n 1.895,586
1,967.699.
1,972,055 2,013,420
market value
142,825
to
Res. for Federal taxes &
Net income
$271,277
8254,837
$370,784
$458,488contingencies
387,000
266.000
178,000
158.933
184,159
186,288
203.508
287,672
Preferred dividends..
282,170
205,077,
490,000
196,000 Other income
120.000
Common dividends
Total income
$455.437
$574,292
$663,564
$441,125
Liquidat'n Lawrance div.
97.414
Balance, surplus
$1,113,805 $1,168.777
$718,582
$239,607
Federal taxes reserve_ _ _
31,912
66,009
17,169
50,861
-V. 120, P. 95.
Dividends paid
($1)249,390 (81)243,140 (81)224,390(50c)112,195
States Rubber Co.
-Trustee.
-
United
Balance, surplus
$174,135
$485.360
$83,402
$299.040
The National Bank of Commerce in New York has been appointed trustee -V. 119. p. 1967.
of the issue of $30,000,000 6li% Serial Gold notes due Mar. 1 1940. (See
offering in V. 120, p. 1102.)-V. 120, p. 1320.
also
Yale & Towne Mfg. Co.
-New Chairman, &c.
Schuyler Merritt, formerly Vice-President, has been elected Chairman
-Annual Report.
Vacuum Oil Co.
of the board to succeed the late Henry R. Towne. Gabriel S. Browne.
1924.
1923.
1922.
1921.
Calendar Years$20,247,248 $16,661,713 $15,310,174 810,284,733 of Easton, Pa., has been elected a director.
Gross profit
Comparative Balance Sheet December 31.
0
692,264 3,446.000
Inventory depreciation- 1,843,414 2,361,g5
53, 1
1924.
267.447
1923.
1924.
380,166
1923.
Insurance reserve
1,000,000
750.
AssetsLiabilitiesreserve
750,000
$
$
300.000
$
$
Income tax
182,812
Plant & equipml. 5,749,044 5,573,627 Capital stock
10,000,000 10,000,000
Jap. earthquake loss_
(15%)9,271.155(10)6142,839(16)2400,000(8)1,200.000 Invest'ts: branches
Accounts payable_ 419,913
Dividends
648,713
,
395,500 Dividend (payable
and other cos__ _ 479,665
$8.132,679 $7.171.276 $11,200,463 $4,958,565 Tr. inks. & pat'ts_ 2,000,000 2,000,000 Jan. 2)
Balance, surplus
400,000
400,000
35.976.656 28.805,381 62,604.918 57.646,352 Cash & receivables 2,455,068 2,597,547 Reserve for taxes,
Previous surplus
U. S. securities... 4,790,604 4,273,154
Federal & State_ 642,790
753,204
3,551
63,851 Surplus
844.109,335 835,976,656 873,805.381 862,604,917 Other securities.
8,944,363 8,925,771
Total surplus
45.000,000
Mtges and loans_ 1,041,243 1,107,932
Stock dividend (300%)Mdsi. inventories_ 3,846,801 4,665,048
41,090
51,029 Tot.(each side)_20,407,066 20.727.688
Profit & loss surplus_ _$44.109,335 $35.976,656 $28.805,381 $62,604,917 Prep.ins.,taxee,&c.
The usual comparative income account was given in V. 120, p. 1352.
-v. 120. p. 716.
1472
THE CHRONICLE
[VoL. 120.
Titel3orts anti ,Racuments.
COLUMBIA GAS & ELECTRIC COMPANY
ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1924.
To the Shareholders:
CUSTOMER SHAREHOLDERS.
The Directors present herewith the Annual Report coverLast year's report mentioned the inauguration of the first
ing the operations of your Company during the Year 1924, organized Customer Ownership
activity of Columbia Sysincluding the statement of Earnings and Balance Sheets as tem, through the offering of a $5,000,000 issue of Series A
approved by Certified Public Accountants.
Preferred Stock of The Union Gas & Electric Company (all
Through the medium of the President's monthy letters, the of the Common Stock being owned by the Columbia Gas &
Shareholders have been advised during the year of the prog- Electric Company) carrying cumulative dividends amounting
ress of the operations and of various matters which were to $6 60 per year, payable monthly at 55 cents per share of
of particular interest because of their effect on the Com- $100 par value. Although none of this stock was offered
pany's business.
prior to January 22 1924, the entire issue was sold at par
In addition, the illustrated monthly magazine Bail Colum- before the end of December, entirely through the efforts of
bia! has not only contained articles and editorials of inter- the employees of Columbia System companies in the Cinest to Columbia System employees in particular, but it has cinnati District, to over 5,300 customers of those companies,
also afforded a means of keeping both employees and Share- an average of 91 2 shares per Shareholder.
/
holders more fully informed, through the description in
EMPLOYEE SHAREHOLDERS.
greater detail than the physical limitations of the monthly
letters would permit, of the principal activities of Columbia
The oversubscription by the employees of the amount of
Syt,tem companies.
Common Stock of the Columbia Gas & Electric Company
The first issue of Hail Columbia! appeared in January offered to them at $3250 per share in 1923, under a plan
1924 and its publication "in the interest of the employees, providing both for cash purchases and for easy payment
Shareholders and friends of Columbia System" has been terms, and the evident desire of the employees to acquire
continued with pronounced success. During its first year, additional shares, led to the making of a second offer in
the magazine was distributed to all Shareholders, in order 1924.
that they might become familiar with the character of its
Over a period of several months the Company made advancontents. It will be sent In future to all Shareholders who tageous purchases in the open market for this purpose; and,
so request.
in November 1924, the employees were invited to subscribe
Following the practice inaugurated last year, there is to Stock Purchase Plan No. 2, which was essentially the
appended to this formal Report for 1924, an illustrated Year same as Stock Purchase Plan No. 1 of the year before, with
Book of Columbia System containing a review of the inter- tile exception that the price was $41 GO per share. This
relations of the various constituent companies, their cap- offering was also oversubscribed.
italization, major construction operations and commercial
GROUP INSURANCE.
activities. Your attention is especially directed to the chart
showing the intercorporate relations of all companies comGroup insurance is being carried on the lives of all Columprising Columbia System, the table of their outstanding bia System employees of at least three months' standing,
securities, the maps of the territories served by these com- the full premiums being paid by the respective companies.
panies, and to the several charts which graphically illustrate Each employee Is insured, without medical examination, for
$1,000 in favor of whatever beneficiary may be designated
the growth in Columbia System operations.
by such employee.
CAPITALIZATION.
The companies constituting Columbia System, operated
under the supervision of the Columbia Gas & Electric Company, had outstanding in the hands of the public at Dec. 31
1924 $186,205,92933 par value of securities, Including the
"stated capital" represented by shares of Common Stock of
no par value, as shown in the table in the back of this Report.
There are more than 28,700 holders of the outstanding
stocks of these companies, based on the lists of those to
whom dividends have been paid on or subsequently to Dec.
31 1924, representing an increase of 8,900 Shareholders in
twelve months.
EARNINGS.
The Earnings Statement embodied in this Report, like
those contained in the monthly letters to Shareholders,
shows the Consolidated earnings of the Columbia Gas &
Electric Company and its subsidiaries controlled by practically 100% common stock ownership or lease. Such a
statement does not fully indicate the magnitude of the System's operations, since it includes only the cash dividends
received from companies, such as the United Fuel Gas Company, in which the common stock ownership is materially
less than 100%.
The Combined Gross Earnings of all companies of Columbia System, including those substantially less than 100%
owned although operated under the supervision of the
Columbia Gas & Electric Company, and after elimination of
all inter-company accounts, were $38,676,650 for 1924; and
the Net Earnings on the same basis, but before depreciation,
amounted to $18,545,496. Compared with similar figures for
1923, such Gross Earnings have increased $6,197,442, and
such Net Earnings have increased $1,397,121.
CAPITAL EXPENDITURES.
Capital expenditures for additions and extensions of the
properties of Columbia System aggregated $10,113,578 in
1924. Of this total sum $2,433,435 were expended on the
properties of The Cincinnati Gas & Electric Company, including the construction of a new Electrical Substation to
facilitate the distribution of the rapidly increasing output
of electrical energy, and substantial improvements and additions to the gas properties; $1,201,173 were expended on the
other properties in Ohio. Including a new high-pressure gas
line to further safeguard and fortify the distributing facilities in Dayton; $449,497 on the transmission and distribution properties in Kentucky, including new pipe lines and
river crossings from John's Hill Reducing Station to the
East End Gas Works in Cincinnati; and $3,049,595 on the
properties in West Virginia, for gas wells, a large new Compressor Station of 4.975 Horse-Power, and important additions to the equipment of three of the established Compressor Stations, to facilitate the transmission of natural gas
through the high-pressure mains from the fields to the distribution systems serving customers.
Construction was begun February 14 1924 on the Miami
Fort Electrical Generating Station, the preliminary plans
for which were described in last year's report. During 1924
$2,979,878 were expended on the foundations and substructure and In starting the superstructure and the high-voltage
transmission lines which will carry the current from Miami
Fort to substations in Cincinnati.
The progress in the construction of this Station has been
satisfactory. The operating schedule contemplates the completion of the initial installation of 80,000 Kilowatts in two
MAR. 211925.]
THE CHRONICLE
steam turbo-generators of 40,000 Kilowatts generating capacity each, together with all equipment and auxiliaries,
before the end of 1925, with provision for the economical
addition of further generating capacity as needed, up to at
least 240,000 Kilowatts.
1473
More than 86,200,000 of the funds used for capital expenditures, acquisition of new subsidiaries and the reduction
of outstanding securities were provided out of the earnings
of the various companies of the Columbia System, and only
$1,500,000 have been borrowed for these purposes on short
term, unsecured notes.
NEW PROPERTIES PURCHASED.
MAINTENANCE AND DEPRECIATION.
All of the properties have been maintained in most efficient operating condition. Provision for depreciation of all
the properties of the Columbia Gas & Electric Company, and
of all subsidiaries controlled by practically 100% common
stock ownership or lease, has been included in the Operating
Expenses for 1924, as reported in the accompanying Income
Statement. The comparative figures for previous years have
been adjusted accordingly, through the inclusion in Operating Expenses of the amounts previously set aside from
surplus for depreciation in those years. The total amount
provided in the Operating Expenses of these companies for
depreciation for the Year 1924 was $1,264,438 39 in addition
to all charges for maintenance and repairs.
In addition, the United Fuel Gas Company and its sub-.
sidiaries, and the Virginian Gasoline & Oil Company, are setting aside, from their respective surplus accounts, amounts
exceeding $2,000,000 against the depreciation and depletion
of their properties.
TAXES.
Provision for all State and Federal Taxes for the Year
1924 is included in Operating Expenses, as shown by the
Income Statement.
DIVIDENDS.
During the year, cash dividends have been paid to the
Shareholders of Columbia System companies in the amount
of $8,087,456 50. This total sum includes $2,435,755 paid as
rentals; $186,278 91 to holders of Preferred Stocks of subsidiary companies; $1,500,000 paid to the minority common
stockholders of subsidiary companies; the four quarterly
dividends of 65 cents per share, totaling $3.873.545, on the
no par value Common Shares of the Columbia Gas & Electric
REDUCTION OF OUTSTANDING SECURITIES
Company; and $91,877 59 as the initial quarterly dividend, at
Voluntary purchases of outstanding securities (including the rate of $175 per share per quarter, on the new Columbia
the redemption at par and the cancellation of an entire Gas & Electric Company Cumulative 7% Preferred Stock,
Issue of $1,981,500 First Mortgage 7% Bonds of The Union Series A.
Light, Heat & Power Company, due in 1925), and Sinking
The Directors recognize the splendid work performed by
Fund operations during the year, have withdrawn from the
hands of the public $20,640,322 par value of securities, in- the officers and employees of the entire Columba System,
cluding payment of short term notes issued in the purchase and wish to record their appreciation of the efforts which
of the new subsidiaries and of notes outstanding at the have produced such satisfactory results in the Year 1924.
beginning of 1924.
By order of the Board of Directors,
PHILIP G. GOSSLER, President.
NEW FINANCING—SUBSCRIPTION RIGHTS RECharieetan, W. V., February 19 1925.
CEIVED BY SHAREHOLDERS.
In the early part of 1924, practically all of the outstanding
stocks of the gas distributing companies serving Columbus,
Dayton and Springfield, Ohio, were acquired from the Pure
Oil Company, as of January 1 of that year, payment being
made by the issuance of short term, unsecured 5% notes.
Later, an advantageous arrangement was made for the disposal of the stocks of the companies operating in Columbus
and Springfield, in exchange for natural gas properties
lying between Dayton and Cincinnati, Ohio, in the active
Miami Valley District, and for a substantial cash consideration received by the Columbia System companies, together
with a desirable adjustment of operating contracts between
Columbia and Ohio Fuel companies. This second transaction
was effected as of May 1 1924, thus consolidating the gas
business of the Columbia System in this section and greatly
Improving its operating conditions.
As of July 1 1924 over 99% of the Preferred and Common
Stocks of the Huntington Development & Gas Company were
acquired, thereby adding to Columbia's holdings gas and oil
rights in a large acreage in West Virginia, and important
gas distribution systems which serve some of the domestic
consumers and many of the industrial consumers of natural
gas in Huntington, West Virginia, and in Ashland, Kentucky. This acquisition of valuable physical holdings will
also make possible the more economical operation of the gas
producing properties as a whole.
The Huntington Company also owns 22,000 acres of coal
lands, which additional resources, combined with the Columbia Gas & Electric Company's previously acquired interest
In the Wood Coal Company, place Columbia System in an
advantageous position as regards its coal requirements.
In accordance with authority granted by action of the
Shareholders at the last annual meeting, the Board of Directors, on September 12 1924, authorized the issuance of
$15,000,000 par value of Cumulative 7% Preferred Stock,
Series A, of the Columbia Gas & Electric Company, to be
offered to the Shareholders of the Company for subscription,
at par and accrued dividend, in proportion to their holdings
of Common Shares, which offering was underwritten by
the Company's bankers.
Subscription warrants, evidencing these rights to subscribe to one share of the new Preferred Stock for each ten
shares of Common Stock owned, were issued to the holders
of the Common Shares of record at the close of business
September 24 1924, and more than 90% of the issue of Preferred Stock was subscribed for in the exercise of such
rights.
The Preferred Stock has been listed on the New York
Stock Exchange, and is quoted at prices which evidence the
substantial value of the subscription rights distributed to
the Common Shareholders.
The issuance of the $15,000,000 Series A 7% Preferred
Stock permanently capitalized the cost of acquiring the
stocks of The Ohio Gas & Electric Company, The Hamiton
Service Company, The Dayton Gas Company and the Columbia Gas Supply Company, through the retirement of short
term notes originally issued in connection with the purchase
of those stocks. In addition to the funds thus utilized, this
Preferred Stock issue provided a sum in excess of $8,000,000
toward other capital requirements, chiefly the construction
of the Miami Fort Electrical Generating Station.
CONSOLIDATED INCOME STATEMENT—
COMPARATIVE
COLUMBIA GAS & ELECTRIC COMPANY AND SUBSIDIARY COMPANIES—YEARS ENDED DEC. 31.
(Controlled by Practically 100% Common Stock Ownership or Lease.)
1923.
1922.
1924.
$
$
Gross Earnings—
$
11.316,068 61 9,049.484 30 8.170.831 op
Electrical
13,118,936 64 8.759.929 44 8.173,433 53
Gas
Railways and Other Operations_ 2.292.575 94 2,293.586 02 2.248.429 00
26.727.581 19 21.002.999 76 18.592.693 62
Total Gross Earnings
Operating Expenses, Taxes and
15.395.051 23 11.538.669 18 10.367.897 71
Depreciation
Net Earnings after Deprecia11,332.529 96 9,464.330 58 8.224.795 91
tion
2.387.601 63 2,019.204 09 1.819.267 39
Other Income
Total Gross Income after Depreciation
13,720,131 59 11,483,534 67 10,044,06331
Deductions—
Rentals to The Cincinnati Gas
& Electric Co
3.620.773 04 3,427.231 79 3,393,546 65
Rentals to Cincinnati Gas Trans690,802 66
portation Co
680,695 91
672,835 64
Rentals to Cincinnati Newport
& Covington Light & Traction Co
1,052,660 14 1,025,829 45 1.030.65837
Rentals to The Hamilton Utilities Co
6.293 75
15.105 00
Total Deductions
5,361,373 82 5,140,050 90 5.115,007 62
Net Income after Depreciation 8.358.757 77 6,343,483 77 4,929,055 es
Fired Charges—
Subsidiary Companies'Bond Interest and Preferred Stock
530,521 51
Dividends
34,026 83
Columbia Gas & Electric Co.
556.283 33
Bond Interest
559.890 98
564,650 00
Columbia Gas & Electric Co.
Debenture and other unse564,679 72
cured debt Interest
193,626 57
130.825 00
787,544 38
1.651.484 56
Total Fixed Charges
695,475 00
Surplus after Depreciation,
available for Dividends
6,707,273 21 5,555,939 39 4,233,580 68
Dividends Paid—
Preferred
91,877 59
Common
3.873.645 00 3.653,839 90 3,000.00000
1474
THE CHRONICLE
[VOL. 120.
CONSOLIDATED BALANCE SHEET DECEMBER 31 1924—COLUMBIA GAS & ELECTRIC COMPANY AND
SUBSIDIARY COMPANIES.
(CONTROLLED BY PRACTICALLY 100% COMMON STOCK OWNERSHIP.)
ASSETS.
Property Account, Comprising Gas Fields, Plants, Leases and Stocks owned of subsidiary companies
$94,542,036 88
Guarantee Funds Deposited with Trustees:
Cash
$9,061 63
State and Municipal Securities—non-taxable in Ohio
2,073,079 50
United Kingdom 532% Gold Notes
97,906 25
U. S. Government and Territorial Securities
1,823,077 62
4,003,125 00
Sinking Fund Assets
87,317 32
Central Union Trust Co.—Trust Account
173,721 05
Other Securities Owned:
U. S. Government 4%% Treasury Notes
$116,006 25
Cincinnati Newport & Covington Light & Traction Co. 43 % Preferred Stock
85,000 00
The Cincinnati Gas & Electric Co.:
Prior Lien & Refunding Mortgage,Series A,7% Bonds
2,432,839 00
Prior Lien & Refunding Mortgage Series C,6% Bonds
:
1,481,000 00
The Union Light, Heat & Power Co. First Mortgage Series A,6% Bonds
2,380,100 00
Other Investments
47,045 50
6,541,990 75
Preferred Stock Subscriptions:
•
Columbia Gas & Electric Co
$317,450 00
The Union Gas & Electric Co
298,700 00
616,150 00
Current and Working Assets:
Cash
$2,558,465 84
Accounts Receivable
4,290,055 26
Materials and Supplies
1,687,064 88
Interest and Dividends accrued on Securities owned
589,524 99
Due from Trustees of Employees Stock Purchase Plan No. 2
834,150 00
9,959,260 97
Deferred Assets:
Prepaid Accounts
675,086 80
$116,598,688 77
LIABILITIES.
Capital Stocks:
Columbia Gas & Electric Co. fCommon ($1,500,000 shares no par)
17% Preferred, Series A
The Union Gas & Electric Co. 6.6% Preferred, Series A
The Ohio Gas & Electric Co. 7% Preferred
Undeposited Shares, Huntington Development & Gas Co.fPreferred •
Common
The Dayton Gas Co. Minority Stockholders, 5% Preferred
Total Capital Stocks
Funded Debt:
Columbia Gas & Electric Co.
First Mortgage 5% Bonds due Jan. 1 1927
5% Debentures due Jan. 1 1927
The Ohio Gas & Electric Co.
First Mortgage 6% Bonds due May 1 1946
6% Debentures due June 1 1926
The Dayton Gas Co.
First Mortgage 5% Bonds due March 1 1930
Huntington Development & Gas Co.
First Mortgage 6% Bonds due June 1 1936
Huntington Gas Co.
Collateral Trust Notes due July 1 1934
$50,000,000 00
14,805,000 00
5,000,000 00
352,900 00
5,600 00
34,900 00
4,700 00
$70,203,100 00
$11,104,500 00
2,588,640 00
1,238,600 00
196,500 00
1,314,000 00
3,391,000 00
39,389 33
Total Funded Debt
Current and Accrued Liabilities:
Notes Payable
Purchase Money Notes, called Nov. 1 1924
Accounts Payable
Accrued Taxes and Interest
Accrued Rentals
19,872,629 33
$1,630,000 00
276,000 00
1,585,146 49
1,521,674 57
555,645 00
Deferred Liabilities:
Customers' Deposits
Preferred Stock, Installment PaymentsfThe Ohio Gas & Electric Co
1The Union Gas & Electric Co
Reserves:
Accrued Accounts-----------------------------------------------------------To Amortize Kentucky Betterments
For Net Current Assets leased September 1 1906
For Depreciation and Contingencies
5,568,466 06
$595,838 39
152 00
98,105 26
694,095 65
$25,382 97
197,222 32
336,731 43
11,375,491 93
11,934,828 65
Surplus8,325,569
08
--------------------------------------------- $116,598,688 77
There is a contingent liability, duo to the guaranty by Columbia Gas &
Electric Company of the principal and interest of 81,621,000 00 First
Mortgage Five Per Cent Bonds of the Cincinnati Gas Transportation Company, due July 1 1933. These Bonds will be retired before maturity by
operation of the monthly Sinking Fund.
There is also a contingent liability due to the guaranty by Columbia
Gas & Electric Company of the principal and interest of 5163,556 08 notes
of the Trustees under the Stock Purchase Plan No. 1 for Employees of Columbia Gas Ss Electric Company and its Subsidiary Companies. These
notes are secured by pledge of Columbia Gas & Electric Company common
stock, being purchased by subscribers to the said Plan, and are being paid
off as weekly and monthly payments are withheld from the salaries of the
purchasers.
We hereby certify that we have audited the books of account and record of Columbia Gas & Electric Company,
Chareston, W. Va., and its Subsidiary companies controlled
by practically 100% common stock ownership and that, in
our opinion, the foregoing Consolidated Balance Sheet correctly reflects the financial condition of those combined
Companies at December 31 1924 and the accompanying Consolidated Income Statement is correct.
(Signed) ERNST & ERNST,
Certified Publio Accountants.
Cincinnati, February 7 1925.
MAR. 21 1925.]
THE CHRONICLE
1475
from extensive oil fields in West Virginia and Kentucky, and
EXTRACTS FROM YEAR BOOK SECTION.
produces large quantities of gasoline by extraction from the
COLUMBIA SYSTEM.
natural gas output of Columbia System companies.
The nucleus of what is now the Columbia Gas & Electric
United Fuel Gas Company owns and operates extensive
Company, a West Virginia corporation with headquarters in
gas fields in West Virginia, distributes natural gas at retail
the City of Charleston, was formed in 1906.
Charleston, Huntington and 58 other municipalities in
Through the succeeding years, the Columbia Company has in
West Virginia and Ohio, and sells natural gas at wholesale
increased its acreage greatly, both by outright purchases
other companies for distribution in important sections of
and by lease, in what are considered by geologists and gas to
experts to be the richest natural gas fields in the Appala- the States of West Virginia, Pennsylvania, Ohio and Kenchian territory, and either through lease or through stock tucky.
Wartield Natural Gas Company owns leasehold estates for
ownership, has acquired financial control and supervision of
large group of important companies, as shown by the the production of natural gas on lands in Kentucky, and
a
Chart of Corporate Relations embodied in this Report, in- distributes natural gas at retail in Ashland, Catlettsburg and
cluding the extensive electrical properties which now repre- 10 other municipalities in the eastern part of that State.
Wood Coal Company owns high-grade steam coal deposits
sent such a substantial part of the operations. For purposes
of convenience and ease in description, the Columbia Gas & in West Virginia—Columbia Gas & Electric Company ownElectric Company and the various companies thus identified ing 50% of the capital stock. Wood Coal Company operates
two mines on its property, the present output of about 14,000
with it are called Columbia System.
These activities are conducted by seventeen separate op- tons per month being contracted for by The Union Gas &
erating companies, having a total of over 4,400 employees, Electric Company and used chiefly for the generation of
and whose combined Gross Earnings, after elimination of all electricity in the Cincinnati District.
The earnings from Virginian Gasoline & Oil Company,
Inter-company accounts, amounted, in 1924, to $38,676,650.
United Fuel Gas Company, Warfield Natural Gas Company
The strength of Columbia System is clearly shown by the
variety and extent of its operations, which give a diversity (the subsidiaries 51% owned) and Wood Coal Company are
factor of very great value, and afford assurance of continued included only to the extent of cash dividends received, under
stability of earnings and expansion of business under all "Other Income," in the usual form of Consolidated Income
variations likely to arise from time to time throughout the Statement in this Annual Report.
GAS PROPERTIES OF COLUMBIA SYSTEM.
territory served.
GAS PRODUCTION.
OPERATING COMPANIES.
The gas fields from which natural gas is produced by
Columbia Gas & Electric Company owns and operates natColumbia System are located principally in West Virginia,
ural gas fields, with compressor stations, pipe lines and other
with some acreage in Kentucky. These extensive fields
equipment in West Virginia; and, as a holding company, it
represent a total combined area of 1,334,990 acres, the decontrols the several companies of the Columbia System.
tails of which are shown below.
The Union Gas & Electric Company operates under lease
ACREAGE CONTROLLED BY COLUMBIA SYSTEM.
expiring in the Year 2005, with option to purchase at any
Columbia Gas & United Fuel
time before that year at fixed prices, the properties of The
Electric Co. Gas Co. and
Huntington
Subsidiaries
Cincinnati Gas & Electric Company, and conducts the entire
Development Virginian Gasoline & Oil Co.
& Gas Co.
December 31
Total.
gas and electrical business in Cincinnati, Ohio. In addi- Acreage Owned1924.
in Fee
330.034.00
41,882.05
371,916.05
Including Gas rights in
323,904.00
tion, it distributes either gas or electricity or both in 42
41.502.06
365,406.06
011 rights in
142,950.00
39,959.45
182,909.45
neighboring communities, and supplies electricity at wholeCoal rights in
22,000.00
13.50
22,013.50
Gas rights leased to others on
sale for distribution in 51 more in Ohio, Kentucky and Inroyalty basis in
5,000.00
5,000.00
Oil rights leased to others on
diana.
royalty basis in
185,920.00
185.920.00
52,975.46
849,733.84
796,758.38
The Union Light, Heat & Power Company does the entire Acreage Leased
Including Gas rights in
52,481.46
848,627.64
796,146.18
gas and electrical business in Covington, Newport and 15
Oil rights in
49,731.46
568,807.48
618,538.94
adjacent municipalities in Northern Kentucky in the vicin- Leases owned by others but controlled through purchases of
Gas therefrom
35,834.00
85,122.00
120,956.00
ity of Cincinnati.
Total acreage of Gas rights
412,219.46
922.770.24 1,334,989.70
The Cincinnati, Newport & Covington Railway Company Total acreage of Oil rights
192.681.46
608,766.93
801,448.39
22,000.00
13.50
22,013.50
does the entire street railway business in Covington, New- Total acreage of Coal rights
413,843.46
Net Total Acreage
923,762.43 1,337,605.89
the total
port and adjacent municipalities in Northern Kentucky, with OfFor Gas there are Operated;
60,200.00
101,800.00
162.000.00
entrance into the Dixie Terminal Building in the City of
For OU
262.00
10,817.00
1.1079.00
Located on the above properties,
Cincinnati.
the companies own and operate:
Gas Wells
480
1,357
877
The Ohio Gas if Electric Company distributes all of the
Oil Wells
236
11
247
natural gas in Middletown, and does the entire electrical
This vast property is unusual, both in its extent and in its
business in that city and in contiguous territory.
favorable location with relation to existing markets, being
The Hamilton Service Company distributes electricity at in the heart of the richest natural gas fields in the Appalaretail to many of the industries and to part of the homes in chian territory. This property is an asset which is rapidly
Hamilton, Ohio, and supnlies at wholesale about 40% of the increasing in value. Natural gas is the most valuable and
electricity distributed by a municipally owned electrical convenient of all fuels and the available supply must be
utilsystem in Hamilton.
ized in keeping with sound economic principles. Wasteful
The Dayton Gas Company conducts the entire gas busi- use has caused the depletion
of many natural gas producing
ness in the City of Dayton, Ohio, and suburban communities. fields and has forced
a complete substitution in many comColumbia Gas Supply Company owns and operates a gas munities of very inferior and much more expensive manupipe line between Dayton and Cincinnati, Ohio, and distrib- factured gas.
utes gas at wholesale and retail in a growing section of the
There has been a prevailing opinion regarding the uncerMiami River Valley.
tainty of natural gas production which does not apply to the
Cincinnati Gas Transportation Company owns a pipe line proved fields of
Columbia System. In its operations, actual
system of approximately 183 miles in length, connecting the conditions are well
known over a large proportion of its acrenatural gas fields in West Virginia and Kentucky with Cin- age and there is
practically no uncertainty as to what will
cinnati and neighboring communities in Ohio and Kentucky. be found in that acreage
when drilling for gas. These operaHuntington Development & Gas Company distributes nat- tions during 1924 were
extensive and not one dry hole was
ural gas to homes and industries in the City of Huntington, drilled. The knowledge which
the company has of its tested
West Virginia, and owns a gas transmission and distribu- fields enables it to know what will be found, both as to prestion system, together with 22,000 acres of coal lands and the sures and quantity, in that territory. This knowledge justigas and oil rights in a large acreage.
fies the confidence that the supply of natural gas from these
Maytown Natural Gas Company owns leasehold estates for fields, at the present rate of production, will continue for
the production of oil and natural gas on lands in Kentucky. many years to come. The communities being supplied with
• The Loveland Light & Water Company conducts the en- natural gas by the Columbia System are further protected by
tire electrical and water business in the City of Loveland, its holding a very large reserve acreage, because there are
Ohio, with extensions into suburban territory.
sound reasons for believing that natural gas will be found
The Gas & Electric Appliance Company operates The therein. The cost of holding this reserve is justified by the
Electric Shop and its six branch stores, which sell all kinds valuable protection thereby afforded to the communities
of gas and electrical appliances in Cincinnati, Hamilton and served by Columbia System. The availability of high-heat
Middletown, Ohio; and in Covington and Newport, Kentucky. content gas as a fuel will be a very important factor in the
Virginian Gasoline & Oil Company owns and produces oil future development of these communities.
1476
[vol. 120.
THE CHRONICLE
During the year 1924 the production of natural gas by the
Columbia System, including field purchases, was 58,289,531,000 cubic feet, in addition to which 8,839,770,000 cubic feet
of natural gas were purchased from other utility companies
and 1,033,363,000 cubic feet of manufactured gas were produced in the System's gas plants. This gives a total of 68,162,664,000 cubic feet of gas, which was the volume of operation for the year.
GAS DISTRIBUTION.
The direct public service of distributing gas is conducted
by Columbia System over a very wide area, including some
of the most prosperous and progressive communities in this
country. Such cities as Cincinnati and Dayton, Ohio; Covington, Newport, Catlettsburg and Ashland, Kentucky; Huntington and Charleston, West Virginia; together with the
Intervening territory, have demands for gas service which
require enormous capacity to supply. Within this vast territory the Columbia System has 2.056 miles of gas distribution mains (in adition to the 1,829 miles of gas field and
transmission pipe lines) serving 278,027* customers; and,
during the year 1924 they consumed 44,029,364,000 cubic feet
of gas. In addition to this direct distribution, the Columbia
System during 1924 also delivered 22,085,013,000 cubic feet
of natural gas to other public utility companies, which, in
turn supplied their respective retail markets.
NATURAL GASOLINE PROPERTIES OF COLUMBIA
SYSTEM.
For the extraction of gasoline from natural gas, Columbia
System now operates thirteen plants and during the year
1924 they produced a total of 20,847,446 gallons of gasoline.
The processes for this extraction have been greatly improved
and last year showed an average of 375 gallons of gasoline
produced from each million cub.c feet of gas passed through
these plants, compared with 151 gallons from each million
cubic feet of gas treated in 1917.
ELECTRICAL PROPERTIES OF COLUMBIA SYSTEM.
The electrical operations of Columbia System centre
around The Union Gas & Electric Company in Cincinnati,
but have been extended to include Hamilton and Middletown
also, and the cities in Northern Kentucky across the Ohio
River from Cincinnati. They have recently been inter-connected with companies operating in Dayton, Ohio, and several communities in southeastern Indiana. These electrical
properties cover two classifications of business: First, the
production and transmission of electricity, including interconnections and wholesale deliveries to other public utilities;
Second, the public service of distributing electricity directly
to customers in a territory having three-quarters of a million
population, and the operation of a merchandising company
promoting the sale of all kinds of electrical and gas appliances through a chain of retail stores.
ELECTRICAL PRODUCTION.
The Columbia System has two generating plants in Cincinnati, Ohio, one in Middletown, Ohio, and one in Newport,
Kentucky. Most of the requirements for the System are
supplied from the West End Station in Cincinnati, Ohio,
which has a total capacity of 120,000 Kilowatts. This is one
*Of this total, 52,244 are customers of the United Fuel Gas Company and
the Warfield Natural Gas Company, which are 51% owned by the Columbia
Gas & Electric Company.
of the most modern and efficient steam generating plants in
the country being located on the bank of the Ohio River and
receiving coal either by barge or rail, and is kept in constant
operation with the other three stations held in active reserve
for emergency purposes.
A two-circuit 66,000-volt transmission line inter-connects
the Columbia System with the Central Station at Dayton,
Ohio, and this line is also tied in with the Interstate Public
Service Company at Connersville, Indiana.
The rapidly increasing demand for electricity throughout the territory served by Columbia System necessitated the
provision of additional capacity, and a new plant is now
being constructed at Miami Fort, just west of the Cincinnati city limits. This new power house will embody the very
latest approved and most efficient methods for economical
production and will be tied into the present electrical system
by 66,000-volt steel-tower transmission lines.
During the year 1924 the total generation of electricity by
the Columbia System was 431,014,820 Kilowatt Hours, in
addition to which it purchased through inter-connections
55,416,165 Kilowatt Hours, thus making a total of 487,030,985 Kilowatt Hours, which was the volume of operation for
the year.
ELECTRICAL DISTRIBUTION.
The area served with electricity directly by Columbia
System extends from Franklin, Ohio, on the north, through
the cities of Middletown, Hamilton and Cincinnati, Ohio,
and includes Covington and Newport in Kentucky. These
cities, together with the intermediate and surrounding territory, have a total population of about three-quarters of a
million. The electrical distributing lines cover this area
very completely and maintain a high standard of public service.
Within the above described area, the Columbia System has
a total of 144,175 electrical customers; and, during the year
1924, they consumed 319,856,375 Kilowatt Hours of energy.
In addition to this direct public service, the Columbia System also sold 55.276,010 Kilowatt Hours of electricity at
wholesale to seven public utility companies for consumption
by their respective retail markets.
COMPARATIVE ELECTRICAL EARNINGS ANALYSIS.
COLUMBIA GAS & ELECTRIC CO. AND SUBSIDIARY COMPANIES.
(Controlled by 100% Common Stock Ownership or Lease.)
Yrs.End.Dec.31.
1924.
1923.
1922.
1921.
1920.
Electrical
$
S
$
$
$
Revenues
Residence Ltg__ 2,950.624 30 2,238,842 65 1,844,712 57 1,279,233 50 927,790 04
Commerc'l Ltg_ 2,443,994 79 2,177.402 74 1,851,503 98 1.694.845 89 1.497.011 83.
Municipal Ltg.
709,001 14 644,804 63 598,397 91 538,981 13 514,392 21
4,504,980 79 4,064,198 58 3.338,17366 2,822,305 90 2,357,731 75.
Power
Sales to Other
671,184 91 792.997 69 713.974 22 357,906 07 295.468 47
Public Utilities
24,068 75
25,757 69
31,238 01
36,282 68
27,452 57
Miscellaneous.
Total
11,316.068 61 9,949,484 30 8.170.831 09 6,719.030 18 5.619,846 87
Oper. Expenses
& Deprecia'n. 5,315,481 265.199,197374.451.242923.642.895502.802,564 15
Net Earnings 6.000.587 35 4,750,286 93 3,719,588 17 3,076,134 68 2,817,292 72.
Per Ceni Analysis (of Electrical Revs.)
Residence Ltg.Commerel LtgMunicipal Ltg_
Power
Sales to Other
Public Mil's_
Miscellaneous._
26.07%
21.60
6.27
39.81
22.50%
21.80
6.48
40.85
20.13%
22.66
7.32
40.85
19.04%
25.22
8.02
42.01
16.51%
26.64
9.15
41.95
5.93
.32
7.97
.31
8.74
.30
5.33
.38
5.26
.49
Total
100.00%
10000%
100.00%
100.00%
100
.00%
Note.
-The Union Gas & E ectric Company wholesales electrical energy to The Ohio Gas & Electric Company and The Hamilton Service Company. Prior to August 1, 1923. these sales appear as Sales to Other Public Utilities. On that date •
the two latter companies uecame part of Columbia System: and, subsequently, th
intercompany sales are eliminated from this table, and the distribution of electricity by the Ohio and Hamilton companies is reflected In the Lighting and Power accounts
STATISTICS SHOWING DEVELOPMENT OF ELECTRICAL PROPERTIES OF COLUMBIA SYSTEM.
1915.
Number of Electrical Customers*
The Union Gas & Electric Co
The Union Light, Heat & Power Co
The Ohio Gas & Electric Co
The Hamilton Service Co
The Loveland Light & Water Co
23.663
7,221
Analysis of Electrical Business;
Kilowatt Hours of Electricity Sold:
The Union Gas & Electric Co.(a)
The Union Light. Heat & Power Co
The Ohio Gas & Electric Co.(b)
The Hamilton Service Co.(c)
The Loveland Light & Water Co
26,547
7,901
1917.
31.690
8,515
1919.
1920.
1921.
33,968
8,876
39,241
10,004
51.464
11,718
62.787
14,315
337
352
412
1923.
76.577
17,845
449
93,430
22,237
9,260
951
488
1924.
107,419
26,091
8,299
1,803
570
.
34,448
40,205
43,155
49.582
63,534
77,514
94,871
126,366
144,182
28,000
36,350
40,000
46.400
56,540
65,050
75,000
100,000
112,000
125,200
49.205,599 63,769,411 77,536,241 99,658,746 121,359,774 164.008,277 187,007,254 255,887,691 307,562,481 319,304,820
6,686,132 7,515,872 8,909,657 9,013,518 10,108,696 11,771.853 14.687,785 23,445,908 22,634.566 24,491,100
4,782,209 11,368,908
5,291,115 19,513,685
257,729
313,381
388,852
201,930
370,282
399,039
453,874
55,951,731 71,285,283 86,445,898 108,929,993 131,781.851 176,168,982 201,896,969 279,703,881 340,689,410 375,132,385
2,229.961
262,221
2,855,320
265,668
4,404,781
329,641
3,976,362
365,137
9.643,260
41.000
9,845,736 10,218,011
81,090
9,484,626
2,463,307 3,441,223
550,664
543.597
71.589
20,853
21.258
3,581
78.150
82,076
80,665
9,965.730 10,470.857 10,826,853
2,578,964
456,841
11,177,391 10,996.195 11,590,460 12,135,442 12,966,724 14.993,433 13,907,215 13.083,611 13,582,860 14,989,737
67.129.122 82,281,478 98,036,358 121.065.435 144.748.575 191.1132.418 216.804.184 202.787.402 184.282.270 390.122.122
(a) Including sales to The Ohio Gas & Electric Co. prior to acquisition by Columbia Gas & Electric Co.. Aug. 1 1923,
00 Since acquisition by Columbia Gas & Electric Co.,Aug. 1 1923.
(a) Since acquisition by Columbia Gas & Electric Co., Aug. 1 1923.
1922.
30.884
Total Kilowatt Hours Sold
Kilowatt Hours of Electricity Used.
689.055
532,604
530,719
The Union Gas & Electric Co
138,357
97,244
103.601
The Union Light, Heat & Power Co
The Ohio Gas & Electric Co
The Hamilton Service Co
The Loveland Light & Water Co
The Cincinnati Newp. & cap. Ky. Co__ 10,543,071 10,386,347 10,785,048
Total Kilowatt Hours Used
Grand Tarsi Irlinnatt Hours Sold !lc Used
1918.
311
Total Electrical Customers of Columbia
System
System Peak Load (Kilowatts)
1916.
COLUMBIA GAS & ELECTRIC COMPANY AND AFFILIATED COMPANIES.
STATEMENT OF SECURITIES OUTSTANDING AS OF DECEMBER 31 1924.
SECURITY
Interest
or Diddend
Rate.
Date of
Maturity.
Acquired by Sinking
Fund and
Authorized.
Issued.
Outstanding.
Cancelled.
Bonds and Secured Notes of Subsidiary Companies and of Leasing
Companies
The Cincinna.i Gas &
(1) First (formerly First & Refunding)
Mortgage Bonds
Electric Co.
(2) Prior Lien & Refund. Mtge. Bds_
Series A
Series B
Series C
Cincinnati Gas Trans. Co. (3) First Mortgage bonds
The Cincinnati Newport
(4) First M.Bds.(S.C.&C.St.Ry.Co.)
& Covington Ry. Co.
(.5) First & Ref. Mtge. lids., Series A
The Dayton Gas Co.
(6) First Mortgage Bonds
Huntington Dev.&Gas Co. (7)First Mortgage Bonds
Huntington Gas Co.
(7) Collateral Trust Notes, Preferred_
(7) Collateral Trust Notes. Common_
The Licking Riv. Bdge. Co. (8) First Mortgage Bonds
The Ohio Gas & Elec. Co. (9) First Mortgage Bonds
(10) Debentures
The Union Light, Heat &
Power Co.
(11) First Mortgage Bonds, Series A_..
United Fuel Gas Co.
(2) First Mortgage Bonds
5%
7%:,
0li%
6%
5%
6%
6%
5%
6%
6%
6%
5%
6%
6%
6%
6%
Apr.
Jan.
Jan.
Jan.
Jan.
July
Jan.
July
Mar.
June
July
July
Nov.
May
June
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1956
1961
1961
1961
1961
1933
1932
1947
1930
1936
1934
1934
1939
1946
1926
Aug. 15 1949
Jan. 1 1936
Total
515.000.000a 512.459.000 00
50.000,000a
7.500.00000
6,000.00000
1.481.00000
5.000.000a
5.000.000 00
500.000
150.000 00
7.500,000a
3,815,000 00
1,500.000
1.500.00000
20,000,000
4.887.000 00
1,180.000
1,175.594 67
1.460.000
1.447.188 50
185.000
185,000 00
4,000,000a
1,238.600 00
200.000 00
200.000
3,000.000a
15.000.000a
Held Alive.
$767,000
$1169200000
67,000
58,000
7.433,000 00
5,942,000 00
1.481.00000
1,621,000 CO
150.000 00
3.762.500 00
1.315,00000
3,998.000 00
1.175,594 67
1,447.188 50
136.300 00
1,153.500 00
200,000 00
$3,379,000
52.500
185.000
889,000
48.700
85.100
2.488.000 00
13.687.000 00
Owned by Columbia Gas & Electric Outstanding in
Co. and Affiliated hands of Public
Companies.
1.898,500k
2,488,000 00
11,788,500 00k
$124.525.000
$63.213.383 17 $4.505.500 $2.924.300 $55.783.583 17
Stocks of Subsidiary Companies and of Leasing Companies (on which d ividend rates are fixed by Lea se Agreements terminating at dates in mat urity column).
The Cincinnati Gas & Electric Co. (3) Common
5%
Oct. 1 2005 $36.000,000 $35,056.300 00
$492,700
$34.563,600 00
Cincinnati Gas Transp. Co.
5%d June 30 1938
(3) Preferred
3.000.000
3,000,000 00
3,000,000 00
10%
June 30 1938
(3) Common
2,000.000
2.000.000 00
2.000,000 00
Cincinnati Newport & Covington Light & (5) Preferred
5,000.000
4 Si% Apr. 1 1952
4.500.000 00
4.500.00000
& Traction Co.
Apr. 1 1952
6%
(5) Common
5.000.000
5,000.000 00
5,000,000 00
The Cincinnati Newport 8c Covington Railway Co
500.000
500.000 00
500.000 00
The Licking River Bridge Co
50,000
50.000 00
50.000 00
The Union Light, Heat & Power Co
500.000
500.000 00
500.000 00
The Hamilton Service Co
76.400
76.400 00
78.400 00
The Hamilton Utilities Co
6%
Feb. 1 1930
850.000
255.000 00
255.000 00
The Ohio Gas & Electric Co.
-Preferred (R-9;TA-12)
7%
1,000.000
412.800 00
412.800 00
-Common
500.000
250.000 00
2.50.00000
The Union Gas & Electric Co. -Preferred (R-11: TA-5)
15.000.000
6.6%
5.000.000 00
5,000.000 00
-Common (no par value)
175.000 shs.
175.000 shs.
15,000.000 00
The Gas & Electric Appliance Co
$150.000
$150.000 00
150.000 00
Bracken County Gas Co
1.00
1.000
000
1.00000
Columbia Corporation
(no par value)
115,000 shs.
115.000 shs.
11.500.000 00
Columbia Gas Supply Co.
(no par value)
15.000 shs.
15.000 shs.
1,500.000 00
The Dayton Gas Co.
(13) Preferred
82.000.000
5%
$1,752.100 00
1,752.100 00
(13) Common
1,000.000
649.400 00
649,400 00
The Lovela -d Light 8c Water Co
50.000
30.000 00
30.000 00
Huntington Development
(14) Preferred
1,500.000
6%
1.500.000 00
1.500.000 00
& Gas Co.
(14) Common
4.000.000
4.000.000 00
4,000.000 00
Huntington Gas Co.
(no par value)
20.000 shs.
5.255 shs.
525.50000
Maytown Natural Gas Co
$25.000 00
825.000
25,000 00
United Fuel Gas Co
30,000.000 00
30.000.000
30,000 000 00
Big Marsh Oil Co
100.000
89,400 00
89.400 00
Cabin Creek Gas Co
130.000
130.000 00
130.000 00
Warfield Natural Gas Co
547.000 00
600.000
.547,000 00
Virginian Gasoline & Oil Co
890.200
800.200 00
890,200 00
Wood Coal
100,000
100,000 00
100.000 00
Total I
$492.700
5124.497.400 00
(1) Irving Bank-Columbia Trust Company,
New York.
(2) The New York Trust Co.. New York.
2.390.006 00
5.043,000 00
(3) Provident Savings Bank & Trust Co..
5,942,000 00
Cincinnati.0.
1,481.000 00
1,621,000 00
(4) Covington Savings Bank & Trust Co..
150,000 00
Covington, Ky.
3,762,500 00
(5) The Fourth & Central Trust Co.,
1,314,000 00
1.00000
Cincinnati,0.
607.000 00
3,391,000 00
15,833 33
(6) The Union Trust Co., Cleveland, 0.
1.160,061 34
1.423.332 50
23,856 00
(7) Fidelity Trust Co., Philadelphia, Pa.
136,300 00
(8) Central Savings Bank & Trust Co.,
1,153,500 00
Newport. Ky.
196,500 00
3,500 00
(9) Central Union Trust Co., New York.
2,488,000 00
(10) American Trust & Savings Bank,
2,314.000 00c
9,474,500 00k
Middletown,0.
(11) The Union Trust Co., Cincinnati,0.
$14.867.893 84 $40,915,689 33
(12) Redmond & Co., New York.
(13) The Winters National Bank, Dayton, 0.
$34,563,600 00 (14) The First Huntington National Bank,
W. Va.
$3,000.00000Huntington,
2:
6-- ---66 (15) Fidelity Title & Trust Co., Pittsburgh.
-00,000
4.410,70000
89.300 000
4,995,700 00 (16) Guaranty Trust Co. of New York, N. Y.
4,300 00e
(17) Pittsburgh Trust Co., Pittsburgh.
500.000 001
50.000 00e
(18) Bankers Trust Co., New York.
500.000 001
76,400 00
lei,bWoo
3.000 00
59,900 00
352,900 00
FOOTNOTES.
250.000 00
5:666,000 otig a. Amount permitted to be at any one time out-.
15.000.00000
standing.
150.000 00h
1.00000
b. The Cincinnati Gas & Electric Co. owns the
11.500.000 00
53.000,000 First (formerly First & Refunding)
1.500.000 00
Mortgage 5% Bonds, pledged under its Prior
4,70000
1.747.400 00
Lien & Refunding Mortgage.
649.400 00
C. All owned by United Fuel Gas Co.
30.000 00
8,60000
1.494.400 00
34,900 00 d. Receives no dividend until all bonds on this
3.965.100 00
property have been retired.
525.500 00
25,000 00
e. The Cincinnati Newport & Covington Rail15.300.000 00
14,700,00000
way Co.(Ky.) owns $4,300 of the Pref. Stock
53.600 00c
35,800 00
and the $4,300 Common Stock of the Cin130,000 000
cinnati Newport & Covington Light dr Trac547.000 00c
tion Co., and the $50,000 stock of The Lick454,000 00 436,200 00
ing River Bridge Co.. here shown.
50,000 00
50.000 00
f. All owned by the Cincinnati Newport & Coy557,655.300 00 $66,842,100 00
ington Light & Traction Co. and by it leased
to Columbia Gas & Electric Co.
$3,000,000 00b
MAR. 21 1925.]
Securities of Columbia Gas it. Electric Company.
Columbia Gas & Electric Co. (1) First Mortgage Bonds
(9) Debentures
Total Bonds and Debentures
Preferred Stock
Series A (R-16; TA-I8)
Common Stock (no par value)_
(R-11. 15, 16: TA-3. 17, 18)
Total Capital Stock
Total Columbia Securities J
Grand Total j
5%
5%
Jan.
Jan,
1 1927
1 1927
$25.000.000a 522.258.500 00
3.000.000a
2.850.000 00
87,983.500k
$14,275,000 00k
2,850.000 00
33,170.500 00
261.360 00
528.000.000
25,000.000
$25.108.500 00
$7.983.500
$17.125,000 00
53.431.860 00
1.500,000 shs
15,000.000 00
1.500,000 shs.
15,000.000 00
50.000.000 00
195,000 00
7%
Trustees of Mortgages and Registrars
and Transfer Agents for Stock.
$8,692,000 00
g. Includes $298,700 par value of stock being
paid for by installments.
$11,104,500 00k
2,588,640 00 h. All owned by The Union Gas & Electric Co.
J. Including "Stated Value" of no par Common
$13,693,140 00
Stocks.
14:66i.- - - -661
000
50,000,000 00
365.000.000 00
5195.000 00
$64,805,000 00
87.983.500
$52.125.000 00
$3.626.860 00
$78,498,140 00
$12,981,700
$2.924.300 $262,405,983 17
$76,150,053 84 $186,255,929 33
k. These amounts will be changed shortly by
acquisition of bonds for the Sinking Fund by
application of cash in the hands of the
Trustee,
I. Includes 5317.450 net balance due on subscriptions being paid for by installments.
OLUMBIA GAS &ELECTRIC Ca.4LEAsEsil
•
UNITED FUEL GAS COMPANY,\Vest Virginia,(Columbia owns
THE UNION GAS & ELECTRIC COMPANY, Ohio,(Co-
51 percent of the capital stock) with gas rights in 705,081 acres in
Vest Virginia (of which 69,170 are operated), and comprehensive
pipe line and distribution systems, producing and transporting natural
gas and selling it at retail in West Virginia and at wholesale to
companies serving important sections of Pennsylvania, Ohio and
Kentucky,
lumbia owns 100 percent of the common stock) which generates electricity, retails electricity and gas in Cineinnati and neighboring communities in I lamilton County, Ohio, and wholesales electricity for use
in other counties in Ohio, Kentucky and Indiana.
Cincinnati, Newport & Covington Light & Traction Company,
New Jersey, whose property is leased by Columbia. Rentals:
percent on preferred stock-6 percent on common stock.
•
THE UNION LIGHT,HEAT&POWER COMPANY,Kentucky,(C., N.& C.L.& T.Co.owns 100 percent of the capital
stock) distributing electricity and natural gas in Covington,
Newport and neighboring communities in Northern Kentucky.
Owns all the capital stocks of the following inactive Kentucky corporations which hold valuable franchises:Suburban
Electric Company; Kentucky Electric Company; Municipal Light Company.
The Gas & Electric Appliance Company, Ohio,(U. G.& E.
Co. owns 100 percent of the capital stock) operating The
Electric Shop, with seven retail appliance stores in Cincinnati,
Hamilton and Middletown, Ohio; Covington and Newport,
Kentucky.
Cabin Creek Gas Company, West Virginia,(United Fuel owns
103 percent of the capital stock) with a small gas acreage
in \hest Virginia. Gas acreage included in United Fuel figures
above
The Cincinnati Gas 8:. Electric Company, Ohio, whose property is operated by U. G & E. Co. under lease expiring
October I, 2005. Rentals: 5 percent on capital stock—
Interest and Sinking Funds on bonds, etc.
Warfield Natural Gas Company,Kentucky,(United Fuel owns
100 percent of the capital stock) with gas rights in 125,666
acres in Kentucky (of which 4,220 are operated). Also a
pipe line and distribution system serving eastern Kentucky.
•
4a. ow ea own/
CINCINNATI GAS TRANSPORTATION COMPANY,West Virginia,
(Columbia owns all the preferred stock, giving it 60 percent voting
control) which owns a pipe line system approximately 183 miles long,
from West Virginia to Cincinnati. This system leased to Columbia Gas
& Electric Company for 30 years from July I, 1908. Rentals: 10 percent
on common stock; 5 percent on preferred stock after all bonds are
retired—Interest and Sinking Funds on bonds.
(Columbia "owns 51 percent of the capital stock) with oil and mineral
rights in 415,420 acres in West Virginia and Kentucky (of which 10,437
acres are operated). United Fuel Gas Company or one of its
subsidiaries, as shown above, owns the gas rights in this acreage.
Virginian Company also operates twelve gasoline stations, extracting
gasoline from the gas of Columbia and United Fuel conipanies.
CHART OF
CORPORATE RELATIONS
The Loveland Light & Water Company, Ohio,(Columbia owns 100
percent of the capital stock) distributing electricity and water in
Loveland, Ohio.
VIRGINIAN GASOLINE & OIL COMPANY, West Virginia,
THE CINCINNATI, NEWPORT & COVINGTON RAILWAY COMPANY, Kentucky,(C., N.& C.L.& T.Co.owns.
100 percent of the capital stock) owning and operating a
stieet railway system with about 70 mules of trackage in Covington. Newport and neighboring communities in Northern
Kentucky and connecting those communities with Cincinnati,
Ohio. Owns all the capital stocks of the following inactive
Kentucky corporations which hold valuable franchises:
Cincinnati, Covington & Erlanger Railway Company;
Cincinnati, Covington & Rosedale Railway Company;
The Licking River Bridge Company.
•
Bracken County Gas Company,Kentucky,(Columbia owns 100 percent
of the capital stock) distributing natural gas in Foster, Kent ucMi.
Big Marsh Oil Company. West Virginia,(United Fuel owns
60 percent of the capital stock) with a small gas acreage in
West Virginia. Gas acreage included in United Fuel figures
above.
COLUMBIA GAS
& ELECTRIC CO.
(WEST VIRGINIA CORPORATION)
AND AFFILIATED COMPANIES
Maytown Natural Gas Company, Delaware,(Columbia owns 100 percent of the capital stock) with gas and oil rights in 17,746 acres in
Kentucky.
THE OHIO GAS & ELECTRIC COMPANY, Ohio,(Columbia owns
100 percent of the common stock) distributing natural gas and electric"
ity in Middletown, Ohio, and vicinity, and electricity to other Ohio
towns.
THE HAMILTON SERVICE COMPANY, Ohio,(Columbia owns 100
percent of the capital stock) distributing electricity in Hamilton,Ohio.
Operates under lease,-with obligation to purchase in 1930 at a fixed
price, the properties of The Hamilton Utilities Company.
as interests in the above companies. owns directly the gas rights in
213,847 acres of land in West Virginia (and oil rights in 29,649 acres
thereof), of which 33,437 are operated.
COLUMBIA SYSTEM
Natural Gas
Rights in
1,334,990 acres
COLUMBIA GAS & ELECTRIC COMPANY, in addition to
COLUMBIA CORPORATION, Delaware, (Columbia Gas & Electric
Company owns 100 percent of the capital stock) which has been
financing the construction by Columbia Power Company, Ohio, of
the new Miami Fort Electrical Generating Station (near Cincinnati),to
have an initial installed capacity of 80,000 Kilowatts; also Columbia
Industrial Company, Ohio, which owns approximately 1,400 acres
of land surrounding Miami Fort Station, providing many advantageous
factory and home sites. Columbia Corporation owns The Dayton Gas
Company, Columbia Gas Supply Company and the Huntington
Gas Company, as shown.
CONSTITUTING THE
DECEMBER 31, 1924
Wood Coal Company, West Virginia,(Columbia owns 50 percent of the
capital stock) which owns a mine in West Virginia, producing a high
grade of steam coal. This property operated by Wood Coal Company.
THE DAYTON GAS COMPANY, Ohio,(Columbia Corporation owns
100 percent of the common stock and 99) percent of the preferred
stock) which distributes natural gas to homes and industries throughout
the City of Dayton, Ohio.
COLUMBIA GAS SUPPLY COMPANY,Ohio,(Columbia Corporation
owns 100 percent of the capital stock) which distributes natural gas at
wholesale and retail in the Miami River Valley, between Dayton and
Cincinnati, Ohio.
OW N S
co
Huntington Gas Company, West Virginia,(Columbia Corporation owns
100 percent of the capital stock) which owns over 99% of the preferred
and common stocks of HUNTINGTON DEVELOPMENT & GAS
COMPANY, Delaware,(with gas and oil rights in 145,286 acres and
coal rights in 22,000 acres in West Virginia) which distributes gas at
retail in Huntington, 1Vest Virginia.
Gas
COLUMBIA SYSTEM ACREAGE
Oil Rights
in
801,448 acres
PRODUCING WELLS
Oil
1,357
Acres
Operated
Gas
Oil
162,000 11,079
247
ELECTRICAL GENERATING CAPACITY
139,500 Kilowatts
Installed
80,000 Kilowatts
Under Construction
219,500 Kilowatts
Total
SYSTEM PRODUCTION
12 months ended December 31, 1924
(Intercompany Business Eliminated)
M cubic feet of Gas Produced in Fields
M cubic feet of Gas Purchased in Fields
M cubic feet of Gas Purchased Elsewhere
M cubic feet of Gas Manufactured
Gallons of Gasoline
Barrels of Oil
Kilowatt Hours of Electricity Produced
watt H urs of • lectricit Purch sed
41,023,889
17,265,642
8,839,770
1,033,363
20,847,446
113,437
431,614,820
55,416,165
arlOINOUTIO MILL
OWNS
THE CHRONICLE
MAR. 211925.]
1479
THE CALIFORNIA OREGON POWER COMPANY
ANNUAL REPORT
-FOR THE YEAR 1924.
To the Stockholders.
Gentlemen: The following annual report is a brief review of the activities of the Company for the year 1924.
RECORD OF GROWTH.
The table set forth below is a comparative statement of
the annual gross and net earnings and operating and maintenance expenses of the Company from 1912 through 1924.
This table and the chart below indicate the rapid
growth of the physical value of the Company's property since
the beginning of 1912. This increase in value from year to
year results from the construction and acquisition of new
properties. These additions and betterments are required
to keep pace with the fast growing demands for electricity
In the territory served by the Company.
CHART SHOWING INCREASES IN THE VALITES OF PHYSICAL
PROPERTIES. 1912-1924.
140
155
44415,091W
150
145
/40
/35
430
125
120
115
/10
¢105
IVO°
r-
95
Year
Value
Physical
Properties.
Gross
Revenue.
Operating. Net Earnings Kilowatt
MainWithout
Hours
tenance
Deducting Generated.
Interest or
EPen'es.
ax e. Depreciation
'
1912
$4.189.325 76 $307.040 29 $137.663 49 $169.376 80 21.492.374
4.787,624 35 347.261 70 143.746 67 203.515 03 26.485.359
1913
5.054.312 08 385.331 23 163.209 21 222,122 02 33.245.366
1914
5.265.839 86 398.3493 171.458 26 226.891 571 38,133.884
1915
1916 ____ 5.985.095 29 426.106 64 213.679 91 212.42 73' 41.936 855
'
6.498.375 71 487.916 44 226.509 67 261.406 771 47.755.628
1917
1918 ---- 7.311.310 73 502.269 05 245.160 37 257.118 68 46.216.299
7.416.522 45 726.079 30 295.743 74 430.335 56 108.238.745
1919
7.6. 2.884 51 948.277 071 398.041 48 550.235 59 142.404.975
1920
1921
8.407,581 82 1.001.272 07 449.082 18 552.189 89 129.368.808
1922 _
10,293,86969 1,066.1895'2 447.787 60 618.401 92 130.124.154
1923
11.752.616 19 1.370.544 78 594.603 971 775.940 81 152.124.781
1924 ---- 15.415,091 27 1,699,764 29 698,888 71'1,000,875 58 175.778,058
90
85
60
7.5
70
65
r '
60[----55
50
45
40
35
,47_
g00..4
GENERATING PLANTS.
30
1912 19/3 19/4 1915 1916 1917 1 /
98 1919 1920 1921 1922 1923 1924
A nw hydro-electric plant, located on the east side of Link
River in Klamath Falls, Oregon, has been constructed durThe map on Page 2 [pamphlet report], showing the Coming the year. A detailed description of this plant may be pany's system, will give an idea of the situation of these
found on Page 8 [pamphlet report].
plants with respect to the transmission lines of the ComCHART SHOWING GROSS REVENUE, OPERATING AND MAIN- pany and the important centres of load.
TENANCE EXPENSE AND TAXES, AND NET EARNINGS,
At the present time the Company hai under construction
1913-1924.
a generating station on the Elainath River immediately
400
below the present Copco No. 1 plant. The new plant will
1700
have a capacity of 30,000 kilowatts or 40,000 electrical horse/ power.
It is planned to have this plant completed and in
/
MAO
/
operation about midyear, 1925. In this way the total capacI
1500
1
- ity of the generating stations will be increased to nearly
1400
69,000 kilowatts or 92,000 electrical horsepower.
1
1300
CONSTRUCTION PROGRAM AND ADDITIONS TO
/
I
PLANT.
1200
/
4
During the past year there has been carried on a very
1100
/
active program of construction and the expenditures nr
..
..-•
1000
capital betterments aggregating $3,662,475 08 were greater
than during any previous year in the history of the Com900
Ii
/
pany.
/
800
The three major undertakings in this program were the
4,
c 700
4
construction of the new East Side Plant on Link River in
Klamath Falls, which was completed and placed in opera2600
/
tion on August 22 1924, and which has been heretofore men/
500
tioned; the construction of a second power plant on the
a ...----AND
T
1
Klamath River just below the Copco No. 1 plant, which will
F400
...../....be completed during 1925, and the construction of a 110,000
300r*
I
volt transmission line, 77% miles long, extending from the
N
200
pvo No
plants at Copco to Delta, California. which line was finished
.---csirp7,-,,
In November 1924. In connection with these developments
10
there has been spent a total of $2,601,020 50.
1913 1914 1915 1916 1917 19/8 1919 1920 1921 1922 192.3
1924
In addition to the above mentioned important undertakings, several of the older lines have been rebuilt, many extengenerating stations and the capacity of each are shown
Th
sions to new consumers have been constructed and a considin the following list:
erable enlargement has been made of various substations
25.000 ldlowatts or 33,500 electrical horsepower
1. Copco
and other similar structures which was required in order
Prospect
4,700 "
" 6,300
"
2.
" 4,300
"
to care for the growing demands for power and other elec3. Klamath Falls(East Side) 3,200 "
1,900 "
" 2,550
4. Fall Creek
trical service in the territory. These expenditures aggre1,500 "
" 2,010
5. Gold Ray
gate $1,061,454 58.
1,200 "
" 1,600
6. Winchester
The new East Side Plant at Klamath Falls, which was
800
7. Klamath Falls(West Side) 600 "
360 "
480
8. Shasta River
mentioned above, together with the Company's West Side
320 "
430
9. Carrville
Plant at the same place, equips the Company to take care
38,780 kilowatts or 51,970 electrical horsepower of present demands in and about
Total
Klamath Falls and to be
ea
ea
64
1480
THE CHRONICLE
[Vol,. 120.
.
prepared for the ever-growing needs of the industrial develThe usual right-of-way problems attendant upon the conopment including large lumber manufacturing enterprises struction, reconstruction and extension of the
various transin that section. This installation makes use of 47 feet of fall mission lines, mentioned above, have been
settled promptly
in the Link River. The water is conveyed to the power house and a number of filings have been made with
the Federal
by means of an open canal 650 feet long, and a creosoted Power Commission and in the office of
the State Engineer of
wood stave pipe 3,055 feet in length and 12 feet in diameter. Oregon.
An interesting feature of this new plant is a plate steel surge
PUBLICITY.
chamber 42 feet in diameter and 35 feet high, located on the
During the early part of the year a number of institutional
hill above the power house.
advertisements were published in the papers. Three of these
In connection with this plant, and to care for the growing
advertisements were pictured in the 1923 Annual Report on
load in Klamath Falls, a new substation was constructed on
Page 14 and gave some idea as to the nature of this advera tract of land adjoining the old plant on the west side of
tising.
Link River.
Electric range advertisements were run during the warm
The generating station on the Klamath River, known as
weather of late spring add early summer, as this is considCopco No. 2. is being constructed to supply the growing
ered the best time of the year for range sales.
needs of consumers in the Company's field of service, and
Since July 15 1924 a vigorous campaign advertising the
to fulfill the requirements of a wholesale contract made durnew 10,000 share issue of the Preferred Capital Stock of the
ing 1924. A diversion dam is being constructed just below
Company has been conducted. This has served to stimulate
the Copco No. 1 plant which will divert the waters of the
stock sales throughout the territory. Different types of the
Klamath River Into a concrete-lined tunnel 2,440 feet long.
Preferred Stock series ads are shown above [pamphlet reFrom the end of this tunnel the water will enter a creosoted
port], as well as the New Year's announcement, which was
wood stave pipe 1,318 feet long and 16 feet in diameter, and
published on the first of the year.
from this pipe it will pass into a second tunnel 1,105•feet
Some very tangible evidence was received in the form of
long. Both of these tunnels will be lined with concrete in a
letters from the public as to the effectiveness of The VOLT
horseshoe section, the area of which will be equivalent to a
in carrying forward its purpose of assisting in the developcircle 16 feet in diameter. From the lower end of the second
ment of the territory served by.the Company. During the
tunnel the water will be conducted through two steel penyear, articles were published in The VOLT explaining the
stocks, each 131 2 feet in diameter and approximately 380
/
system for pre-cooling fruit and describing in some detail
feet in length to the power house below. The total effective
the broccoli and prune industries in Douglas County, Oregon.
head on the plant is 140 feet. In the power house, which is
One number was devoted to a story concerning the advance
of structural steel construction and equipped with two fortyin cooking, featuring electric cooking. The November issue
ton cranes, there will be located two vertical type generating
was devoted to new development activities of the Company
units, each consisting of a 20,000 horsepower turbine and a
for the year, and created great interest.
15,000 kilowatt generator. The water is returned to the
The Company placed exhibits in the fairs held in SepKlamath River by weans of a tailrace 75 feet wide and 250
tember in Klamath Falls, Medford and Grants Pass. A
feet long at a point approximately 11 miles below the diver/
2
photograph picturing the Klamath Falls exhibit is shown in
sion dam. At this plant the surge chamber, which is located
this [pamphlet] report. These fairs were well attended, and
Immediately above the outlet of the second tunnel, will be
this type of advertising seems to be fulfilling a very useful
excavated in the sol:d rock and lined with concrete. It will
purpose in informing the public with respect to the various
be about 40 feet in diameter and about 50 feet high.
activities of the Company.
The work on this job has progressed very favorably since
It was begun in June 1924 and as stated above, it is expected
FINANCIAL.
that it will be completed and ready for operation within the • During the year 1924 authority was received to
issue the
next five months. At the present time there are about 1,000 following additional securities
:
men engaged in this work in the field.
Series "B" Six Per Cent Bonds
$2.500,000
Line 14, which is mentioned above, was completed in 7% Twenty-Year Sinking Fund Debentures
$1.500.000
November 1924. It is of standard 110,000 volt construction. Preferred Capital Stock
$1.000,000
The proceeds of the above mentioned additional securities
A detailed description of this line appeared in the November
amounting to a total face value of $5,000,000 were, and are,
(1924) issue of The VOLT.
One of the most important reconstruction jobs accom- being used to finance the construction program of the Complished during the early part of 1924 was the reconstruction pany as outlined elsewhere in this report. The principal
of Line 3 from Ashland to Gold Ray, Oregon. This line is a item of construction work referred to are the East Side Plant
66,000 volt single-pole line and was built approximately on on Link River, Klamath Falls, Oregon; the Copco No. 2
the same right-of-way as the old Line 3 right-of-way. Two Generating Station on the Klamath River, and the new
double circuit 11-foot crossarms for secondary circuits were transmission line, No. 14, from the Copco Plants to Delta,
used on each pole. This new line takes the place of an old California.
The bonds and debentures were sold to the same syndicate
line which was built in 1904. The work of constructing the
new line was carried on without interrupting service on the of bond houses which purchased the previous bond issues of
old line. The work was started in December 1923 and fin- the Company. These securities realized a very good price,
ished in April 1924. This reconstruction work will be ex- having been sold on as favorable a basis as similar issues
put out by other companies of the highest standing.
tended from Gold Ray to Grants Pass during 1925.
The underlying bonds were reduced by $42,000, the
accomplishments of importance during the year are
Two
Series
the installation of a 66,000 volt bus at Gold Ray and the "A" bonds by $29,500 and the debentures by $18,000 through
purchase for the sinking funds and cancellation during
increase of the Medford substation capacity from 3,000 to
the
4,000 Kilowatts. The bus at Gold Ray was installed in prep- year 1924.
All of the Company's Seven per cent Preferred
aration for a proposed increase to 66,000 volts of those of the
Capital
so-called high tension lines on the Company's system which Stock authorized previous to the last above mentioned issue
of $1,000,000 has
are now operated at 34,000 volts, thus practically doubling has been sold to been sold. Nearly one-half of the last issue
customers of the Company. This distributhe amount of carrying capacity.
tion was made solely through the efforts of the
members of
One of the interesting new business extensions is the line the organization. The stockholders of the Company
now
which was built from Etna Mills in Scott Valley, California. number over 2,300 persons. The issue price of $98 per share
has prevailed since May 1923. Sales were made
to the Victory Gold Mines in the Salmon River Mountain
for
under a partial payment plan of $5 per share per cash or
month,
Range, a distance of 151 miles. This new line, which was interest being
/
2
allowed on all partial payments.
constructed during the past summer, was built for the mine
The net earnings for the year 1924, after providing
for
owners and at their expense.
operation, maintenance, taxes tand fixed
charges for interDuring the early part of 1924 Line 1 was extended from est on the bonded indebtedness, excluding depreciation, are
Lucerne, California, to Weed, California. This extension is more than twice the amount of the annual dividend on all of
the Preferred Capital Stock of the Company
of 66,000 volt construction 15 miles in length.
now outstanding, plus stock authorized to be sold, and
stock sold but not
About 10 miles of distribution line have been added to the yet paid for in
full.
system in the Umpqua Division.
Dividends have been paid regularly upon the
In addition to the actual construction work mentioned Capital Stock of the Company since its issuance. Preferred
The securities of the Company enjoy a very strong
above, the Engineering Department has made extensive
market
studies of possible future developments and of the various position, all of the issues of bonds and debentures being
quoted at substantial premiums above par and
above the
water supply problems involved in these developments.
issue prices.
MAR. 211925.]
The expenditures during 1924 covering all operating and
construction activities corresponded closely with the budget
estimate.
Arrangements are under consideration for the refunding
of the Seven and one-half per cent and the Seven per cent
bonds through the issue of Five and one-half per cent thirtyyear bonds, either under the present mortgage and/or under
a new first lien and refunding mortgage. This exchange if
and when made will result in a substantial saving in the
annual interest charges and will strengthen the financial
structure of the Company.
BUSINESS CONDITIONS.
The year 1924 has been one of the most successful from
the standpoint of business development which the Oompany
has had, the gross earnings for the year showing an increase
of $329,219 51 over the year 1923. Of this increase in earnings the wholesale business of the Company accounts for
approximately $80,000 00. The increase In revenue from
business within the territory served is approximately 25%
over that of the previous year. In this connection, however, it should be noted that there was included in the 1923
figures only six months of the revenue derived from the
Umpqua Division, while in 1924 an entire year of these earnings was taken into account. Making adjustment for this
fact, the increase in business in the territory is 17%.
Mention of the fact that the property of the former Douglas County Light and Water Company has been taken over,
was made in our last annual report. This property is now
known as the Umpqua Division, and it is believed that the
development of load In this territory will go forward quite
rapidly because of the improvements to service which have
been made and because of the adoption of an aggressive
policy in the development of new business.
The aggregate increase in connected load in the four divisions during the year exclusive of wholesale deliveries has
amounted to 8,450 kilowatts. Of this increase 4,182 kilowatts represent added domestic and lighting load, the balance consisting of increase in power load. The total number
of electric consumers has increased from 13,395 to 14,521.
Over 316 domestic electric ranges were added to the lines
during the year, bringing the total number up to 1,672. In
order to stimulate the sale of electric ranges, cooking school
sessions were held during the past summer in Medford, Klamath Falls, Grants Pass and Roseburg, with cooking demonstrations at Yreka and Dunsinuir. These activities increased the interest In electric ranges and stimulated range
sales.
Two range manuals, containing a description of the various available equipment and statements of the cost of
operation and other interesting data were published during
the year, one for use In the California Division and the other
for use in Oregon.
Efforts have been made to stimulate the use of electric
power for pumping, and considerable of the time of the Commercial Department and the Division Managers has been
spent for that purpose. Here, tot), sales effort has been
stimulated by the publication of a manual descriptive of
pumping equipment and giving the cost of operation under
various conditions. Both the pumping manual and the range
sales manual contain a great deal of useful information
which it is difficult to obtain from other sources, and it is
believed that In placing this material in readily available
form for the use of members of the organization and the
consumers that a helpful service is being rendered which
will produce good results.
Toward the close of the year a Home Lighting Contest
was put on in the territory served by the Company in cooperation with the International Home Lighting Committee,
sponsored by the National Electric Light Association. The
contest in the territory of the Company was conducted in 37
towns having 93 schools. The total number of pupils eligible
for the contest was 7,947 and the total number of pupils
entering the contest was 3,155.
Like the entire Pacific Coast, the territory served by the
Company is growing rapidly. It has been felt for some time
that this increase in business can be encouraged and stimulated by business effort. Realizing that a utility dealing in
hydro-electric power is dependent for its growth principally
upon the growth and prosperity of the territory in which it
operates, the management established a New Industries Department in the organization during the year 1923. This
department is using every legitimate means to draw the
attention of investing capital to the business opportunities
in Southern Oregon and Northern California. It is felt that
the results obtained have more than justified the energy and
expense devoted to this work.
The outlook for business growth for the year 1925 is encouraging. A very considerable additional load has already
been contracted for, but not yet connected, and all indications point to a rate of growth during the coming year at
least equaling that of 1924.
GENERAL.
enlarging field of the Company's activities has caused
The
considerable increase in personnel during the past year. To
take care of the needs of the Home Office and the office of
the Rogue River Division for more working space, a new onestory building was constructed adjoining the main office
building in Medford. This adds about 5,000 square feet of
.1481
THE CHRONTCLE
floor space and provides an additional large vault for the
safe-keeping of the Home Office records and files.
Elsewhere in this report there will be found photographs
of the construction work in progress and other features of
interest.
A complete list of the members of the organization is set
forth on Pages 27 to 31 [pamphlet report]. In publishing this
list it is the desire of the management to emphasize the importance of a well-trained and loyal personnel in the carrying on of an enterprise of this sort.
It is a great satisfaction to call your attention to the fact
that the physical properties and the personnel of the organization are improving from year to year and month to month,
and that while a great deal of work remains to be done, very
satisfactory progress during the past year can be recorded.
For the Board of Directors,
JOSEPH D. GRANT, Chairman of the Board.
February 24 1925.
BALANCE SHEET DECEMBER 31 1924.
ASSETS.
Capital Assets—
Plant and Properties (Including Work in Progress, Franchises, Water Rights and Other Intangibles)
$16,541.651 06
Investments—
$280,856 82
Investments in Affiliated Companies
2,010 00
Miscellaneous Investments
282,
866 82
Sinking Funds
189 31
Current Assets—
$901.419 24
Cash and Deposits
Installments Receivable from Subscribers to
153.557 83
Preferred Capital Stock
364.539 82
Notes and Accounts Receivable
397,169 07
Inventories, Materials and Supplies
1,816,685 96
Miscellaneous Debits—
$68.836 05
Disc.wit on Preferred Capital Stock
88.383 83
Preliminary Capital Expenditures
157.219 88
Deferred Debits—
Unamortized Discount on Funded Debt.-- $419.154 94
129,913 55
Prepayments and Miscellaneous Itema
549,068 49
$19.347.681 52
LIABILITIES.
Capital Liabilities—
Common Stock
*Preferred Stock
$4.441,100 00
3,656,691 00
$8,097.791 00
Funded Debts—
(After &ducting Reacquired Securities)
First and Refunding 73i% Bonds due 1941--$1.909.800 00
First and Refuriding 6T Bonds due 1942_ _ _ _ 4.500.000 00
o
20-Year Sinking fund Convertible Gold Debentures 7%.due 1944
1.476.000 00
Underlying Bonds
745.000 00
Current Liabilities—
Notes, Vouchers and Accounts Payable_ ___ $312,979 23
Consumers' Deposits, Advances and Service
155.195 46
Billed in Advance
Accrued Expenses (Not Due)—
Bond Interest (Including Underlying)
$190,690 00
Other Accrued Expenses and Deferred Revenues
111.747 79
Reserves—
Reserve for Accrued Depreciation
Other Reserves
8.630.800 00
468.174 69
302.437 79
$1,398,178 06
91.874 62
1.490.052 68
Surplus—
a Balance December 31 1924
358.425 36
$19.347,681 52
*Includes stock subscribed for but not fully paid and issued.
a Federal taxes on income for 1924 are being provided for in 1925 by
monthly transfers to Special Deposits Accounts together with sufficient
amounts to cover all interest, sinking funds, dividends, other taxes, &c., as
they accrue.
We have audited the books and accounts of The California Oregon Power
Company for the year ended December 31 1924. and hereby certify that in
our opinion the above Balance Sheet Is correctly drawn to reflect the true
financial status of the Company as at December 31 1924.
LOGAN, SAGE & LOGAN,
By Kenneth N. Logan (Signed)
Certified Public Accountant.
San Francisco. California. February 10 1925.
INCOME ACCOUNT FOR THE YEAR ENDED DECEMBER 31 1924.
Gross Earnings
$1.699.764 29
Deduct—
Maintenance
$84,792 76
Operation and Administration
434.909 62
Taxes
166,076 83
Provision for Doubtful Accounts
13.109 50
698,888 71
$1,000,875 58
Bond and Other Interest (Including Interest on Accumulated Depreciation)
314,785 16
*Depreciation on Plant and Equipment
$219,429 37
Amortization of Debt Discount and Expense.. 33.910 77
$686.090 42
253.340 14
Sunalus January 1 1924
$195,146 47
Deduct—
Federal and State Income Tax,
$37,363 58
1923
8,200 29
Miscellaneous Adjustments
45,583 87
$432,750 28
149.582 60
Dividends on Preferred Capital Stock
Surplus December 31 1924
$582.332 88
223.907 52
$358.42536
Also the amount of $48.592 19, interest on Accumulated Depreciation
has been charged to Interest account and credited to Depreciation Reserve
We have audited the books of The California Oregon Power Company
for the year ended December 31 1924. and certify that in our opinion the
above income and surplus accounts are fair and correct statements of the
operations of the Company for the year.
LOGAN, SAGE & LOGAN.
By Kenneth N. Logan (Signed)
Certified Public Accountant.
Ban Francisco, California, February 10 1925.
•
THE CHRONICLE
1482
(Vol.. 120.
AMERICAN INTERNATIONAL CORPORATION
REPORT TO THE STOCKHOLDERS AT THE ANNUAL MEETING APRIL 1 1925.
To the Stockholders of the
American International Corporation:
During the year the Income of the American International
Corporation was as follows:
$229,170 11
76,225 88
342.473 62
258.782 25
126.474 15
6,08975
Interest on Current Assets
Interest on Securities
Dividends on Stocks Owned
Profit on Sales of Securities
Profit on Syndicate and Credit Participation
Miscellaneous
Total
Deduct
Expenses
Interest
Taxes
Operating Income
$1,039,215 76
$305,042 69
2.564 92
28.158 81
335.766 42
$703,449 34
In 1923 the Operating Income of the Corporation was
$268,053 13. There were received in 1923 and not received
In 1924 dividends from International Mercantile Marine Co.,
$118,200, and Lockwood, Greene & Co., $31,250, aggregating
$149,450. Dividends received in 1924 from New York Shipbuilding Corporation were $78,544 more than in 1923, from
American Balsa Wood Corporation $5,037 50 more, from Sociedade Anonyma Marvin $8,515 29 more, from Ulen & Company, $14,355 82 more; and from Simms Petroleum Co., $44,872 more than In 1923. Dividends in the amount of $64,26430 were also received from Temporary Investments,
there having been no investments of this character in 1923.
Total receipts from dividends increased $46,888 91. Of the
Profit on Sales of Securities, $157,542 was derived from
Temporary Investments and $101,240 25 through redemption
by Sinking Fund and from other transactions. The Operating Expenses, $305,042 09, were $62,605 24 less than in 1928,
and $300,930 05 less than in 1922. Net Operating Income,
$703,449 34, was $435,396 21 more than in 1923.
A Special Meeting of stockholders of the Corporation was
held on November 25 1924 for the purpose of readjusting the
capital accounts by changing the Common shares from $100
par value to shares without par value. As a result of such
action the Capital of the Corporation now consists of:
9,000 shares Preferred Stock, $100 Par Value
490,000 " Common Stock, No Par Value
Surplus
Total Capital and Surplus
$900,000 00
14,700,000 00
5,061,996 92
9
$ 0,661,996 92
At the time of such readjustment of Capital the Corporation secured an option (expiring Dec. 31 1927) to retire the
$900,000 00 of Preferred Stock at $70, or a total of $630,000 00.
At December 31 1924 the Capital and Surplus of the Corporation was invested as follows:
In Assets at present Non-Productive
In Productive Assets
Total
$10.627,309 32
10.034.687 60
$20.661.996 92
The balance sheet of the Corporation as of December 31
1924 attached hereto, includes the following items:
STOCKS AND SHARES
-LISTED SECURITIES.
This item is made up of the following:
International Mercantile Marine Company
78.800 shares Preferred Stock ($100 Par)
105,000 shares Common Stock ($100 Par)
New York Shipbuilding Corporation
78,444 shares Capital Stock (No Par)
Pacific Mail Steamship Company
92.794 shares Capital Stock ($5 Par)
Simms Petroleum Company
85,744 shares Capital Stock ($10 Par)
United States Rubber Company
7.250 shares Common Stock ($100 Par)
During the year 500 shares of Capital Stock of New York
Shipbuilding Corporation were acquired and there were disposed of 4,000 shares of Sill1111S Petroleum Company and
4,000 shares United States Rubber Company Common Stock.
The other investments remain unchanged.
In accordance with the Recap:talization Plan, the book
value of these shares was adjusted to current market quotations as of October 31 1924. The market value at December
31 1924 (based on published quotations) exceeded the book
value by approximately $2,300,000.
No dividends ‘vre received during the year from International Mercantile Marine Company, Pacific Mail Steamship Co., nor United States Rubber Company. Dividends
received from New York SW/Mu:Wing Corpora(Ion were
$156,488, as against $77,944 in 1923; and from Simms Petroleum Company $44,872. this being an initial di vidend of 50
cents per share. All the foregoing companies show an Improved position during the year and at Decelither 31 1924 our
holdings had a nia rket value (Int sed on published quo(ations) of approximately $3,200,000 greater than at the close
of the preceding year.
STOCKS, BONDS AND NOTES
-UNLISTED.
Included in this item are the following securities:
American Balsa Wood Corporation
5.037 shares Preferred Stock ($100 Par)
1,300 shares Common Stock (No Par)
American et Continental Corpoiation
2.500 shares Class "A" Stock, 20% Paid
625 shares Class "B" Stock ($25 Par)
Baker, Kellogg et Company, Inc.
10,000 shares Preferred Stock ($100 Par)
500 shares Common Stock (No Par)
Carter, Macy et Company, Inc.
2,000 shares Preferred Stock ($100 Par)
China Corporation
5,001 shares Capital Stock ($100 Par)
Chinese Government Railway and Canal Advances
$1,697.740 42 Par Value
City of Cologne
$100.000 Par Value 83'l% Notes, due 1925
Department° El Valle Del Cauca
$935,000 Par Value 7% Bonds, due 1932
Grace-American International Corporation
990 shares Capital Stock ($100 Par)
Bert L. Haskins
$10.000 Par Value 6% Mortgage
Hispano American International Corporation
2,500 shares Preferred Stock (Pts. 500 Par)
5.500 shares Common Stock (Pts. 500 Par)
International Acceptance Bank, Inc.
10,221 shares Common Stock ($100 Par)
2.242 shares Special Stock ($10 Par)
International Products Company
$1.166.693 43 Par Value 8% Mortgage Notes
119,157 61 Par Value Secured Loan
16,216 shares Preferred Stock ($100 Par)
36,408 shares Common Stock (No Par)
Lockwood, Greene & Company, Inc.
5,000 shares Preferred Stock ($100 Par)
1,000 shares Class "B" (No Par)
Sociedacle 0o ona ma caarzin
5 0 A nsh yres M pi v a
1 Stock (Rs. 200$000 Par)
6 3.i Ltd., ofeAapmitacrlicsatock ($100 Par)
2
Marvin &, Co.,share.
UNITED STATES GOVERNMENT OBLIGATIONS AND
South Atlantic Maritime Corporation
•
10 shares Preferred Stock (No Par)
OTHER TEMPORARY INVESTMENTS.
10 shares Common Stock (No Par)
Sients-Carey Railway et Canal Co.
With a view to receiving a higher rate of return from its
600 shares Preferred Stock ($100 Par)
cash on hand, your Board of Directors authorized temporary
1,501 shares Voting Common Stock ($100 Par)
125 shares Non-Voting Common Stock ($100 Par)
investment in revenue producing securities of a widely
ofMaranhao
Stateu
marketability; hence, a porranhao
Par Value 8% Bonds, series 1923
diversified nature with ready
5 Co0 shn
0
Ulen et , 0m pa a
tion of the liquid capital of the Corporation is now employed
y
res Preferred Stock ($100 Par)
21,666 shares Common Stock (No Par)
to this purpose. Under this heading in the balance sheet
Welin Da01 etstiatsat PreferredCo
9i
v0
are included United States Government Obligations which
rporatim'
Stock ($100 Par)
cost $1,514,018 50 and Temporary Investments which cost
During the year your Corporation increased its holdings In
The market value of Ulen & Company to 5,000 shares of
$4,557,880 13, a total of $6,071,898 63.
Preferred stock and
these investments at December 31 1924 (based on published 21,666 Common stock from 3,750 shares of Preferred stock
and 20,416 Common stock at which it stood a year ago. A
quotations) was $6,419,544 60.
participation has been taken in American & Continental
NOTES AND LOANS RECEIVABLE.
Corporation which was formed by International Acceptance
Included in this item is a balance of $200,000 of a secured Bank, Inc., and others to finance foreign projects. An interest has also been acquired in Sociedade Anonyma Marvin,
loan on which $252,545 was paid off during the year, and incorporated in the
Republic of Brazil, together with an
The loan to the interest in the affiliated
$18,000 covering two unsecured advances.
company incorporated in the United
Pacific Mail S. S. Co., $175,000, which appeared last year, States. Bonds of the City of Cologne and the State of
Maranhao were received through transactions with Interwas fully paid off prior to maturity.
1483
THE CHRONICLE
MAR. 211925.]
national Acceptance Bank, Inc., and Ulen & Company, respectively. $4,000 face amount of bonds of Department° El
Valle del Cauca were acquired and $127,000 were sold to the
Sinking Fund. Your Corporation's investment in International Acceptance Bank, Inc., was reduced to 10,221 shares
of Common Stock from 15,221 shares, at which it stood .last
year. There has been no change in the Special shares.
PROPRIETARY COMPANIES.
The investments under Proprietary Companies are Allied
Machinery Company of America and G. Anisinck & Company, Inc. As stated in previous reports, the amounts at
which these companies are carried represents the balance of
the original cost of the investments after deducting the
losses which have been charged off or provided for through
reserves.
Allied Machinery Company of America is continuing to
operate in Europe and Japan, having completed the closing
out of its South American and Mexican connections. Business for this Company in Europe seems to be improving and
It has adopted, in conjunction with certain manufacturers, a
program of manufacturing certain of their products in that
territory. This program seems to offer greater possibilities of
profit on account of the low rates of exchange now existing.
Business in Japan since the earthquake has been somewhat
unsettled. The Company has been for many years so well
established and thoroughly organized that it is pecularly
equipped to follow the local situation to the best advantage.
Japan is an important field for the Conqiany's operations
and therefore every effort has been put forth to strengthen
the situation there. The policy of reducing the heavy carryover of post-war In
has proceeded effectively to a
point which should, within a reasonable time. enable the
Company to cam on its current business without undue
Inventory handicap. and in a manner commensurate with the
volume of business offered.
During the year. (1. Atm:hick & Company. Inc., completed
the sale of its Import business on a satisfactory basis to the
merchant banking house of Amsinck, Sonne & Company. It
has discontinued its export business, but continues to operate
and own Quezada & Company, Inc., which does a coffee exporting business in Guatemala. The Company has entered
into an agreement with Amsinck, Sonne & Company providing for the services of the latter's agencies and relations in
South America, for the purpose of liquidating long outstanding and overdue receivables.
The Corporation closed the year in a strong financial condition, as indicated by the Balance Sheet.
All of the present authorized common stock of the Company is now outstanding. In the opinion of the management
the Corporation should have common stock available for
issue at such times as the Board of Directors shall deem to
be to the best interests of the stockholders. Therefore, it is
recommended by the management that at the Annual meeting
of stockholders to be held April 1 1925, the present authorized coalition stock of the Corporation be increased from
490,000 shares to 750.000 shares.
Annexed to this report are a Balance Sheet of American
International Corporation as of December 31 1924 and a
Statement of Income and Profit and Loss Account for the
year, in form approved by Messrs. Haskins & Sells, the
Auditors of the Corporation.
By order of the Board of Directors.
M. C. BRUSH, President.
CERTIFICATE OF AUDIT.
We have audited for the year ended December 31 1924 the
general accounts of the AMERICAN INTERNATIONAL
CORPORATION. Including verification of the current assets
and securities. and
WE HEREBY CERTIFY that. in our opinion, the accompanying Balance Sheet and Stiminimiary of Income and Profit &
loss correctly exhibit. respectively. the financial condition
of the Company at December 31 1924 and the results of its
operations for the year ended that date.
HASKINS & SELLS.
New York, March 9 1925.
AMERICAN INTERNATIONAL CORPORATION.
BALANCE SHEET, DECEMBER 31 1924.
ASSETS.
Current Assets:
Cash
U. S. Government Obligations and Other Temporary Investments
Notes and Loans Receivable
Accounts Receivable
$419,939 88
6,071,898 63
218,000 00
933,323 77
$7,643,162 28
7,211,910 95
5,299,367 71
1,650,000 00
13,176 83
211,251 27
Total Current Assets
Stocks and Shares—Listed Securities
Stocks, Bonds and Notes—Unlisted
Proprietary Companies—Wholly Owned
Furniture and Fixtures
Deferred Debit Items
$22,028,868 94
Total
LIABILITIES.
Current Liabilities:
Securities Bought not Received
Accounts Payable
Total Current Liabilities
Deferred Credit Items
Reserves for Taxes and Contingencies
Capital and Surplus:
Preferred Stock 9,000 shares, $100 Par Value
Common Stock 490,000 shares, No Par Value
Surplus
$303,350 00
35,346 33
$338,696 33
328,175 69
700,000 00
*$900,000 00
14,700,000 00
5,061,996 92
Total Capital and Surplus
20,661,996 92
Total
$22,028,868 94
•At the time of readjustment of the Capital the corporation secured an option (expiring Dec. 31st 1927) to retire the 5900.000 of Preferred Stock
at $70. or a total of 5630.000.
Note.—There were Contingent Liabilities aggregating 32.507.240 10 on account of Liabilities of Proprietary Companies and Credit Participations
AMERICAN INTERNATIONAL CORPORATION.
SUMMARY OF INCOME AND PROFIT AND LOSS FOR THE YEAR ENDED DECEMBER 31 1924.
Earnings:
Interest on Current Assets
Interest on Securities
Dividends on Stocks Owned
Profit on Sales of Securities
Profit on Syndicate and Credit Participations
Miscellaneous Income
Total
Deduct:
Expenses
Interest
Taxes
$229,170 11
76,225 88
342,473 62
258,782 25
126,474 15
6,089 75
$1,039,215 76
$305,042 69
2,564 92
28,158 81
335,766 42
$703,449 34
Operating Income
Surplus Resulting from Reduction of Capital Stock, Less Revaluation of Investments and Deficit at Begin4,358,547 58
ning of Year
Surplus at End of Year
$5,061,996 92
1484
THE CHRONICLE
[VOL. 120.
THE BORDEN COMPANY
AND ALL SUBSIDIARY COMPANIES
SIXTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1924.
DIRECTORS.
Union N. Bethell
Arthur W. Milburn
Lewis M. Borden
George L. Nichols
Albert T. Johnston
Shepard Rareshide
Albert G. Milbank
Henry C. Sherman
Robert Struthers
OFFICERS
Albert G. Milbank, Chairman Board of Directors
Arthur W. Milburn. President
Albert T. Johnston, Vice-President
Shepard Rareshide, Vice-President and Treasurer
Charles C. Lobeck, Vice-President
Wallace D. Strack, Vice-President
William P. Marsh, Secretary and Assistant Treasurer
George M. Waugh Jr., Controller and Assistant Secretary.
Stephen J. DeBaun, Assistant Treasurer
GENERAL OFFICES
The Borden Company
350 Madison Avenue, New York City
510 North Dearborn Street, Chicago
503 Market Street, San Francisco
180 St. Paul Street West, Montreal, Canada
Borden's Farm Products Company, Inc.
110 Hudson Street, New York City
326 West Madison Street, Chicago
120 Murray Street, Montreal, Canada
Net Income.
Net Income derived was $5,412.705 62, being 4.93% on sales
and $2046 per share of Common Stock outstanding (including the new issue above referred to) after charges of every
nature and Preferred Dividends.
Capital Expenditures.
The total of Property, Plant and Equipment shows an
increase for the year of $6,646,283 44. Of this amount
$2,221,61344 is accounted for by reclassification of certain
assets heretofore classed as "Current" but now conservatively considered as "Equipment." In connection with certain property purchases made, $765,793 89 of reserves were
taken over. This leaves a balance of $3,658,876 11 which,
after considering $194,000 of mortgages assumed on purchases of property and $15,000 of mortgage installments
paid, makes an aggregate of $3,479,876 11 of Capital Expenditures involving cash. This represents the cash outlay covering an addition to our Madison Avenue office building,
increased and improved manufacturing facilities throughout
the country, and an extension of distributing business and
facilities therefore in New York, Chicago and Montreal by
the Farm Products Companies.
The $194,000 of mortgages assumed and referred to above,
accounts for the increase in the Balance Sheet item of "Mortgages" as compared with 1923. No mortgages were created
by this Company nor any of Its subsidiaries during the year.
Inventories.
Transfer Agent, Seaboard National Bank, 115 Broadway,
Inventories decreased during the year, amounting on DeNew York City
Registrar, Bankers Trust Company. 16 Wall Street, New cember 31 1924 to $6,353,371 91 as compared with $10,412,46942 on December 31 1923. This decrease is accounted for
York City
to the extent of $2,221,613 44 by the reclassification of assets
Counael, Masten & Nichols, 49 Wall Street, New York City
previously referred to. The balance of the decrease reflects
CORPORATE ORGANIZATION AND SCOPE.
the greater volume of current business during the latter
The business of your Company may be divided into two months of 1924 as compared with 1923.
parts:
Net Working Capital and Ratio of Current Assets.
(1) The manufacture and sale of milk products comprisNet Working Capital amounted on December 31 1924 to
ing:
$12,445,790 76 as compared with $10,090,543 50 as of DecemCondensed Milk
Condensed Coffee and Milk
Evaporated Milk
Condensed Cocoa and Milk
ber 31 1923. Current Assets as of December 31 1924
Dried Milk
Caramels
amounted to $245 for every $1 00 of Current Liabilities,.
Malted Milk
(2) The purchase, preparation and distribution of fresh which compares with a ratio of $240 for every $100 of Curmilk, cream and other dairy products by a system of wagon rent Liabilities as of December 31 1923. The above figures
and comparisons of Net Working Capital and ratio of Curdeliveries.
rent Assets for both 1923 and 1924 are after reclassification
The manufacturing operations are conducted by The Bor- of assets heretofore classed as "Current" but now considered
den Company (which dates back to 1857 in the production of as "Equipment" and previously referred to.
Eagle Brand Condensed Milk), and its following manufacIndebtedness.
turing subsidiaries:
There were no outstanding bank loans at the close of the
Percentage of
Corporate Name—
Stock Owned.
year and no floating indebtedness of any form other than
The Borden Sales Co., Inc
100%
the normal amount of Accounts Payable and Accrued of a
Borden's Premium Co., Inc
100%
current nature.
The Borden Company of California
100%
The Borden Company of Utah
The Borden Company. Ltd.(Canada)
Borden Realty Corporation
100%
100%
100%
Collections, Credits and Discounts.
Collections were excellent. Credit losses continued very
The fresh milk and dairy products distribution in the sosmall, and advantage was taken of all cash discounts.
called Metropolitan District of New York City and adjacent
territory, in Chicago, Ill., and its suburbs, and in Montreal,
Stockholders.
Canada, is conducted by subsidiaries as follows:
The stock records of the Company show a total of 1,606
Percentage of
holders of Preferred Stock and 4,367 holders of Common
Corporate Name—
Stock Owned.
Stock, or a grand total of 5,973 holding both classes, with an
Borden's Farm Products Co.. Inc
100%
Borden's Farm Products Co. of Ill
average individual holding of about 53 shares. Employees
100%
Borden's Farm Products Co., Ltd.(Canada)
100%
hold an aggregate of 26,672 shares of the Company's stock.
COMMENT.
Prospects and the Organization.
Your attention is directed to some of the more important
More than a normal amount of unfilled orders were cardetails of the appended Financial Statements which cor- ried
over into the new year. New business since the first
rectly reflect the results of 1924 operations and the condition of
the year has been in satisfactory volume and indications
of the Company at the close of that year, during the last half point
at this time to a year of good business. In addition to
of which $2,886,800 of new capital was supplied it by stock- the
foregoing measure of the future, the character, ability,
holders, through the medium of subscription to an additional spirit
and methods of the organization serving this business
28,868 shares of Common Stock at par,$10000 per share.
are such as to give assurance of proper and intelligent hanSales.
dling of its affairs which, coupled with the established goodSales for the year were again substantially larger than in will of the Company, ks after all the best assurance that can
the preceding year, both in volume and value. Domestic be given of the continued growth and prosperity of the busisales volume was the largest in the history of the Company. ness.
MAR. 21 1925.]
THE CHRONICLE
Additional Capital Requirements.
As hereinbefore mentioned, our cash Capital Expenditures
in 1924 amounted to $3,479,876 11, which exceeded the
$2,886,800 00 of new capital supplied by stockholders during
that year by $593,076 11.
Further expansion of our facilities involving the expenditure of several millions of dollars is necessary during 1925,
some of which has already been accomplished.
Our volume of business showed a decided increase in 1924,
while 1925 promises to show a further substantial increase.
This expanding business makes larger working capital necessary.
A strong cash position is, of course, always a source of
strength and much to be desired.
The $2,886,800 00 of capital supplied by stockholders in
1924 was the first new capital going into the business since
1909 (the needs of the business during that period having
been financed from earnings), and the first opportunity
given stockholders within that fifteen-year period to further
invest and advantageously participate in the development of
the business.
1485
Because of all the foregoing, the Board of Directors has
deemed it wise to offer additional Common Stock to our
stockholders from the unissued authorized balance thereof
to the extent of 10% of their holdings of Preferred and Common Stock at par. Details as to the issuance of warrants,
dates and terms of payment, etc., are matters of which you
will be separately advised.
Proposed Change in, Par Value of Common Stock.
The Directors have also decided to recommend a change
in the par value of the Common Stock, reducing it from
$10000 to $5000 par and issuing two shares for each one now
outstanding. Your approval of this change will be sought at
the Annual Meeting of stockholders on April 15 1925, proper
notice of which, including all details, will be mailed you in
due course and at about the time of sending this report.
The reduction in par is in keeping with modern trend and
should broaden the distribution of Common Stock and the
market therefor.
Respectfully submitted,
ARTHUR W. MILBURN, President.
THE BORDEN COMPANY AND ALL SUBSIDIARY COMPANIES
CONSOLIDATED GENERAL BALANCE SHEET,
'DECEMBER 31 1924.
ASSETS.
Property, Plant, and Equipment, including Madison Ave. Office Building
$36,621,007 69
Less: Mortgages on Madison Ave. Office Building
1,670,000 00
$34,951,007 69
Current Assets:
Cash
$7,018,028 71
Receivables
4,688,204 02
Marketable Securities
2,949,135 05
Finished Goods
3,488,517 60
Raw Materials, Supplies, etc
2,864,854 31
21,008,739 69
Investment in Capital Stocks of Other Companies
6,033,312 65
Deferred and Suspended Assets
290,414 45
Trade Marks, Patents, and Good Will
5,942,876 36
Total
$68,226,350 84
LIABILITIES.
Mortgages
Current Liabilities:
Notes Payable—Bank Loans
Accounts Payable
Accrued Accounts, Taxes (estimated), etc
$246,000 00
None
$6,346,517 68
2,216,431 25
8,562,948 93
56,153 10
Deferred and Suspended Liabilities
Total Liabilities to Other than Stockholders
Capital Stock—The Borden Company:
75,000 Shares Preferred 6% ($100 each)
242,549 Shares Common ($100 each)
$8,865,102 03
$7,500,000 00
24,254,900 00
$31,754,900 00
Reserves:
Depreciation
Insurance, Contingencies, etc
$9,917,401 47
8,377,968 28
18,295,369 75
9,310,979 06
Surplus
Total Capital Stock, Reserves, and Surplus
59,361,248 81
Total
$68,226,350 84
STATEMENT OF CONSOLIDATED INCOME AND
PROFIT AND LOSS FOR THE YEAR ENDED
DECEMBER 31 1924.
Gross Sales
$109,666,633 01
Net Operating Profit:
(After deducting all operating charges, including Depreciation, Insurance, and
Property Taxes)
$5,790,134 82
Other Income—Interest Received, Net
284,672 29
Gross Income
Other Deductions—Income Taxes (est.)
$6,074,807,11
662,101 49
Net Income
Surplus, Jan. 1 1924
$5,412,705 62
8,650,772 67
Total
Less:
Dividends:
Preferred
Common
$14,063,478 29
$450,000 00
2,136,800 00
Total Dividends
$2,586,800 00
Interest Paid on Subscrip05,984 85
tions to Capital Stock_ _
Appropriations for Reserves_ 1,950,633 98
SecurLoss on Property and
149,080 40
ities Sold
4,752,499 23
Surplus, Dec. 31 1924
Atlanta
Baltimore
Birmingham
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Dallas
Denver
HASKINS & SELLS
Certified Public Accountants
37 West 39th Street
New York
Detroit
Kansas City
Los Angeles
Minneapolis
Newark
New Orleans
New York
Philadelphia
Pittsburgh
Portland
Providence
Saint Louis
Salt Lake City
San Diego
San Francisco
Seattle
Tulsa
Watertown
Havana
London
Paris
Shanghai
CERTIFICATE OF AUDIT
We have audited the books and accounts of The Borden
Company and its Subsidiary Companies for the year ended
Dec. 311924.
We have verified the accounts representing cash and securities either by examination of such assets or by obtaining
certifications of depositaries.
The charges to property accounts have been controlled
by a conservative policy. Adequate reserves have been
provided for depreciation of property and for possible losses,
and full provision has been made for all known liabilities.
The inventories of finished goods and raw materials
and supplies represent book balances as shown by the inventory records, which are adjusted from time to time to
agree with physical inventories, and which were examined
and appear to be correct, all inventory valuations being
based upon cost or market, whichever was lower.
We hereby certify that, in our opinion, the accompanying
Consolidated General Balance Sheet and Statement of
Consolidated Income and Profit and Loss correctly exhibit,
respectively, the financial condition of the Companies at
Dec. 31 1924 and the results of their operations for the
year ended that date.
$9,310,979 06
HASKINS & SELLS.
New York, March 10 1925.
1486
[VOL. 120.
THE CHRONICLE
COLUMBIAN CARBON COMPANY
ANNUAL REPORT—MARCH 15 1925.
•
The business of the company in the year 1924 was conducted under extremely adverse market conditions. The
average price of two of its chief products, carbon black and
natural gasoline, remained abnormally low throughout the
year. During the summer months the inactivity of the tire
industry resulted In a temporary diminution in the volume
of sales of carbon black.
Under such conditions it could not be expected that the
earnings would rival those of 1923, when prices were at the
other extreme. But in spite of low prices, the company
earned its dividend by a comfortable margin, after providing
more largely for depreciation and depletion than in any previous year. This record is indicative of efficient and economical operation.
Net earnings after all operating charges and Federal
income taxes but before reserves for depreciation and depletion amounted to $3,872.523 01, or $963 per share on the
stock outstanding, as compared with $4,785,824 11, or $11 90
per share in the previous year.
There was reserved for depreciation and depletion the
sum of $1,705,105 47, as compared with $1,399,570 39 in 1923.
After payment of dividends at the rate of $4 per share, the
credit to surplus was $513,430 15.
Current assets on Dec. 31 1924 were $4,119,808 63, against
total liabilities (Including tax reserve) of $829,553 57, a
ratio of approximately five to one.
The company had outstanding at the end of the year no
notes or bank loans, and no mortgages except an unmatured
balance of $25,000 upon a purchase money mortgage coveting
one tract of land in Louisiana. rills balance will be paid
when due on April 6 1925, so that there will then be no mortgage on any property of the company.
The inventory at the close of the year was large, amounting to $2,426,608 57. However, it eonsbAs almost entirely of
the company's own standard products, manufactured and
inventoried at the lowest unit Jost attained within the past
five years. They are stored in the company's own warehouses and are not subject to deterioration. It may be confidently predicted that a very substantial profit will be realized when the inventory is liquidated.
Total reserves for depreciation and depletion on Dec. 21
1924 amounted to $7,131,998 11, or approximately 42% of the
total property account.
After giving effect to reserves, the average book value of
the productive gas acreage In West Virginia was $7 98 per
acre, and in Louisiana $27 51 per acre.
The reserve for depreciation of factories and equipment
was equivalent to 52% of the original cost.
No new factory construction was undertaken during the
year. Two carbon black units were removed from Swartz,
La., and re-erected at Parks, Texas. Another factory, formerly located at Quinton, Okla., was removed and is now
being rebuilt at Pioneer, Texas, where its gas supply will be
furnished by the Phillips Petroleum Company.
Comparative production figures are as follows:
Year.
1922
1923
1924
Lamp Black and
Gasoline
Carbon Black Other Pigments
(pounds)(pounds)
(gallons)
4,720.494
4.462.141
31.512.619
12,405.571
7.018,928
62,490.513
15.173.059
73.536.145
5.218.867
Natural Gas
(cubic feet)
20.358,011.000
38.880.248.000
49.980,883.000
Natural gas sales amounted to 6,083,310,000 cubic feet, as
compared with 3,208,386,000 cubic feet in 1923, an increase of
84%. This branch of the business is regarded by the management as particularly desirable from the standpoint of
diversification and stability. An effort will be made to
accomplish a further substantial increase in the current year.
In West Virginia the company is now marketing the bulk
of its natural gas production at wholesale for pipe line purposes at greater profit than could be realized by converting
It into carbon black. Under a contract recently made with
the Hope Natural Gas Company sales of gas in West Virginia
will be increased by about four million cubic feet per day
before the close of the present year.
In Louisiana the one hundred mile pipe line from the Monroe field to Alexandria, which was completed near the end
of 1923, is steadily expanding its volume of business, as is
shown by the fact that its sales for the last quarter of the
year ;were more than double those for the first quarter.
During 1924 the delivery of gas from this line to three additional towns was commenced. Several more towns will be
connected in the near future. Except in a few instances no
retail sales are made to individual consumers, the general
policy being to sell only at wholesale to the municipalities or
to the local distributing companies, at prices averaging about
thirty-five cents per thousand cubic feet.
During 1924 about one million dollars was invested in drilling wells and in acquisition of additional proven gas acreage.
The well record for 1924 is as follows:
Producing
Producing
Wells
Wells
State.
Dec. 31 1923. Drilled 1924.
West Virginia_ _ - _
148
7
Louisiana
71
45
Kentucky
3
3
Total
222
55
Sold or
Producing
Abandoned
Wells
1924.
Dec. 31 1924.
11
144
5
111
3
3
19
258
Total open flow capacity of our wells in the Monroe field
according to the latest official gauge, made In September
1924 by the Louisiana Department of Conservation, amounted
to 938,840,000 cubic feet every twenty-four hours. Six wells
since completed give 91,000,000 cubic feet additional capacity.
It may be doubted whether an equal volume of gas production is owned by any other producer in any single gas field.
Only a moderate amount of development work was done
In unproven territory. A very gratifyin. result of this work
,
was the completion of the f.rst well W1,300.000 cubic feet
capacity, on a four thousand acre tract in Nicholas County,
West Virginia, and the completion of several commercial
wells on a four hundred acre lease in Kanawha County.
These wells are located within convenient piping distance
front the new pipe line of the Hope Natural Gas Company,
now under construction.
Three commercial wells were also completed on our acreage in Floyd County, Kentucky. The company has under
lease In this region altogether about nine thousand acres,
which present interesting possibilities for the future development and sale of natural gas for pipe line purposes.
There is every indication that the volume of business in
1925 will exceed that of 1924, deliveries for the first two
months being well in excess of tile corresponding period of
last year. Prices for ordinary grades of carbon black continue at very unattractive levels, although with some tendency toward improvement. Gasoline prices are recovering,
and are now higher than at any time In 1924. Natural gas
sales, as already stated, will increase materially. Production of natural gas Is ample for every need. From an operating standpoint all branches of the business are in admirable condition. The high standards of quality that have
heretofore characterized our manufactured products are
being fully maintained. All manufacturing operations are
conducted with rigid economy. So, despite low prices for
one of its products, it is predicted that the business as a
whole will continue to enjoy normal prosperity.
Attached hereto are the consolidated balance sheet and
profit and loss statement, together with a property schedule,
all duly certified by the auditors of the company.
Respectfully submitted,
F. F. CURTZE,President.
March 15 1925.
LESLIE BANKS & COMPANY
Chartered Accountants
New York, March.5 1925.
To the Board of Directors and Stockholders
of the Columbian Carbon Company:
We have audited the books of account and records of the
Columbian Carbon Company and its subsidiary companies
for the year ended December 31 1924 and submit herewith
balance sheet, profit and loss account and supporting schedules.
The cash, notes receivable and investments were verified
by personal count, examination or by certification from the
depositories.
The inventory of finished products is priced at cost of
manufacture and the raw materials and supplies at invoice
cost and it is our opinion that the Inventory is conservatively
valued.
Only actual additions have been charged to the property
account during the year and a full and fair reserve has been
made for depreciation and depletion.
We verified all known liabilities of the company by either
direct communication or inspection of accounts and hereby
certify that, in our opinion, based upon the records examined
and information obtained by us, the accompanying balance
sheet is drawn up so as to show the true financial condition
of the Columbian Carbon Company and its subsidiary companies at December 31 1924.
LESLIE, BANKS & CO., Auditors.
MAR. 211925.]
1487
THE CHRONICLE
CONSOLIDATED BALANCE SHEET.
ASSETS.
urrent:
Cash
Notes Receivable
Accounts Receivable
Investments-Marketable (at cost)
U. S. Government Bonds and Treasury Notes
Bonds of Foreign Governments
Other Marketable Securities
Total Investments
Inventory-Finished Products, Materials and Supplies (low of Cost or Market)
Accrued Interest
At December
311923.
$840,452 25
187,927 62
549,250 53
At December
311924.
$721,037 46
364,385 54
26,204 25
14,212 50
342,611 16
1,875 00
12,292 50
8404,802 29
1,206,708 07
$356,778 66
2,426,608 57
5,443 66
609,940 28
$3,189,140 76 $4,119,808 63
Total Current Assets
operty:
Plant, Pipe Lines, Equipment, Real Estate, Leases, Wells and Mineral Rights (per
$16,086,083 69 $17,077,096 71
Schedule "B")
tacks of Other Companies:
105,970 79
105,970 79
United Lamp Black Works, Ltd
98,400 00
98,400 00
Monroe Gas Company
70,000 00
70,000 00
Arkansas Louisiana & Missouri RR. Co
249,000 00.
192,000 00
Miscellaneous
8466,370 79
45,918 33
123,048 99
$317,131 38
530,432 19
116,929 47
Total Other Assets
opyrights, Trade Marks, Good-will, &c
I,eferred Charges
$523,370 79'
236,999 01
80,132 37
Total Stocks of Other Companies
ther Assets:
Deferred Notes and Accounts Receivable
Loans
$168,967 32
531,222 81
149,922 61
$20,706,088 28 $22,570,388 87
LIABILITIES.
urrent:
Accounts Payable
Federal Taxes-Estimated
$394,536 06
480,000 00
Total Current Liabilities
ortgages:
Purchase Money Mortgage on 2,700 acres of Land
Due 1924
Due 1925
Total Mortgages
inority Stockholders' Interests in Subsidiary Companies
eserve for Depreciation and Depletion (per Schedule "B")
I,eferred Income
apital and Surplus:
402,131 shares of no par value (less 50 shares in Treasury)
402,131 shares of no par value (less 10 shares in Treasury)(per Schedule "A")
ontingent Liabilities at December 311924:
Notes Receivable discounted $429,159 18, since paid by maker at maturity
British Excess Profits Duty £6,840-8-0 against which there is a contra claim
$529,553 57
275,000 00
$874,536 06
$804,553 57
$25,000 00
25,000 00
25,000 00
$50,000 00
$465,105 32
5,702,226 68
10,731 20
$25,000 00
$729,094 27
7,131,998 11
7,189 20
13,603,489 02
13,872,553 72
$20,706,088 28 $22,570,388 87
CONSOLIDATED PROFIT AND LOSS ACCOUNT.
Year 1923.
$8,596,717 66
Year 1924.
$6,489,587 96
2,235,732 21
1,399,570 39
1,381,407 84
1,705,105 47
$3,635,302 60
$3,086,513 31
$4,961,415 06
$3,403,074 65
1,065,079 11
924,993 60
et Profit on Sales
$3,896,335 95
A ddther Income:
Rentals, Interest, Dividends, Discounts, Commissions, Royalties, Tank Car Mileage, &c $201,785 49
$2,478,081 05
$4,098,121 44
$2,648,737 32
ales (Net)
Deductost of Sales:
Labor, Material and Other Charges
Depreciation and Depletion
Total Cost of Sales
ross Profit on Sales
Deductlling, Administrative and General Expense
Deductther Charges:
Property Sold or Abandoned
Miscellaneous
Total Other Charges
et Profit from Operations for Year
eductions from Net Profit:
Federal Taxes on Earnings for Year (Estimated)
Dividends paid during Year
Profit applicable to Minority Interest
Total Deductions from Net Profit
stance of Net Profit Credited to Surplus Account
205,394 84
26,472 88
$170,656 27
145,100 49
61,219 29
8231,867 72
$206,319 78
$3,866,253 72
$2,442,417 54
$480,000 00
1,601,170 00
7,601 79
8275,000 00
1,602,254 00
51,733 39
$2,088,771 79
$1,928,987 39
$1,777,481 93
$513,430 15
1488
THE CHRONICLE
f VoL. 126
THE PIERCE-ARROW MOTOR CAR COMPANY
EIGHTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1924.
PRESIDENT'S REPORT.
Buffalo, N. Y., February 11 1925.
To the Stockholders:
Herewith is submitted the Eighth Annual Report of the
Directors of The Pierce-Arrow Motor Car Company for
the year ended December 31 1924, together with the certified Balance Sheet and Income Account.
The development of the new Model, Series 80, passenger
car, referred to in the last Annual Report, was completed
during the year, and the benefits obtained from this new
addition to our line of products during the last quarter of
this year are very gratifying.
The introduction of the Series 80 passenger car, with its
moderate price, has opened up an entirely new market for
Pierce-Arrow products, and this has enabled us to extend
our points of distribution from ninety to three hundred and
six; which number will be materially increased during the
year 1925.
The immediate acceptance of the new car is further evidence of the confidence placed in Pierce-Arrow products by
the buying public. Results have substantiated the statement made in the last Annual Report that the new moderately priced Series 80 car will, not in any way supersede
or displace the larger car, Series 33, from its place as America's finest car, which we will continue to build to meet the
permanent market and demand for a car of this type.
.
The Company's line of trucks has continued to give
consistent satisfaction to users, and remains an essential
part of the Company's product. Pierce-Arrow trucks are
in demand wherever trucks of the highest quality are required.
In order to facilitate the distribution of Pierce-Arrow
Trucks and Busses in the New England territory, the
Pierce-Arrow Truck Sales Corporation was organized in
January,1924,with a capital of $25,000 00, thee ntire amount
of which was subscribed for and paid in cash by your Company. The financial statement of the Corporation has been
consolidated with that of The Pierce-Arrow Motor Car
Company. The organization of this Corporation has been
instrumental in materially increasing the volume of Truck
and Bus business in the New England territory.
The demand for our Motor Bus Chassis, which this Company added to its line a year ago, shows a very healthy increase, and as Motor Bus Transportation is being introduced
more generally in all localities of the United States, we anticipate a marked acceleration of sales of this product.
In order to handle the increased volume of business of the
Pierce-Arrow Finance Corporation, which was organized in
1923 to provide credit facilities for Pierce-Arrow Distributors,
dealers and customers, the capital stock of that corporation
was increased by $375,000 00. This was paid in cash by
your company, which owns the entire capital of the PierceArrow Finance Corporation, amounting to $625,000 00.
The earnings of the Pierce-Arrow Finance Corporation
for the entire period of operation ended December 31, 1924,
amounted to $40,440 56. No dividends have been declared
by the Finance Corporation, but its stock is carried on our
books at its net worth.
INCOME ACCOUNT.
Earnings from operations during the year were $1,930,710 09,from which must be deducted provision for depreciation of Property and Equipment amounting to $737,931 56,
also interest charges on bank loans and the Twenty-year 8%
Debenture Bonds amounting to $441,718 15, leaving net
earnings of $751,060 38, which amount includes $37,194 34
earnings on our investment in Pierce-Arrow Finance Corporation.
Regular dividends, amounting to $126,000 00, on the Prior
Preference Stock have been paid, leaving a balance of
$625,060 38 for the year.
WORKING CAPITAL.
The appended Balance Sheet reflects Current Assets of
$12,360,137 13, and Current Liabilities, including bank
loans of $3,539,977 40, or a ratio of 3.5 to 1. Net Curren
Assets, therefore, show a surplus of $4,620,159 73 over an
above the $4,200,000 00 of outstanding Debentures, o
$3,045,159 73 over and above the Debentures and 15,75
shares of Prior Preference Stock.
Bank Loans now stand at $2,200,500 00, against $2,500,
000 00 last year; this in face of the expenditures involved in
bringing out the new Series 80 passenger car and paying for
the additional stock of the Pierce-Arrow Finance Corpor
tion and the stock of the Pierce-Arrow Truck Sales Corporation.
CAPITAL ACCOUNT.
During the year additions to Property and Equipment
amounted to $1,078,769 91, incurred principally in connection with the introduction of the Series 80 passenger car.
The cost of development of the new Series 80 Passenger
Car is being amortized.
The cost of fully maintaining the Plant and Equipment,
amounting to $665,799 55, has been absorbed in Operatin
Expense.
We are convinced that the broadening of our distributin
organization in connection with the marketing of our Series 80
Passenger Car will have a decided effect in increasing th
demand for our entire line of products.
We take pleasure in expressing to both Employees and th
.Distributing organization our appreciation for their loyalt
and excellent spirit of co-operation displayed during the year
By Order of the Board of Directors,
MYRON E. FORBES,
President.
CHARLES CLIFTON,
Chairman of the Board.
PRICE, WATERHOUSE & CO.
56 Pine Street
New York, Feb. 9 1925.
To the Stockholders of
The Pierce-Arrow Motor Car Company:
We have examined the books of The Pierce-Arrow Moto
Car Company and its subsidiary the Pierce-Arrow True
Sales Corporation for the year ending Dec. 31 1924, an
we certify that, in our opinion, the attached consolidate
balance sheet fairly sets forth the financial position of th
companies at that date, and the relative profit and loss an
surplus account is correct.
(Signed) PRICE, WATERHOUSE & CO.
THE PIERCE
-ARROW MOTOR CAR COMPANY AN
PIERCE
-ARROW TRUCK SALES CORPORATION.
CONSOLIDATED PROFIT AND LOSS AND SURPLU
ACCOUNT FOR THE YEAR ENDING DEC. 31 1924
Profit from operations for the year ending Dec. 311924, after
deducting all expenses of the business Including charges for
repairs and maintenance of properties but before deducting
depreciation
31,893,5157
Deduct—Provision for depreciation
737,931 5
Balance
$1,155.584 1
Add—Net profit of Pierce-Arrow Finance Corporation for
year ending Dec. 31 1924
37,194
Together
Deduct—Interest on bank loans and debentures
Net profits for the year
Add—Surplus at Jan. 1 1924
Deduct—Dividends paid on prior preference stock
Surplus at Dec. 31 1924, as per balance sheet
$1,192,778 5
441.718 1
$751,060 3
278.212 0
$1,029,272 4
126,000
$903.272 4
MAR. 21 1925.]
THE CHRONICLE
1489
THE PIERCE
-ARROW MOTOR CAR COMPANY AND
PIERCE
-ARROW TRUCK SALES CORPORATION.
CONSOLIDATED BALANCE SHEET DEC. 31 1924.
ASSETS.
Property Account:
Plant site, buildings, machinery and equipment
89.930,930 96
Less-Reserve for depreciation
4,697,437 61
$5,233,493 35
5,000,000 00
Patents, Trade-Marks. Good-Will, Etc
Investments and Advances:
Investments in and advances to
foreign & domestic branches_ $317,775 57
Less-Reserves
113,064 87
Investment in stock of Pierce-Arrow Finance
Corporation
$204,710 70
665,440 56
Current Assets:
Inventories valued at prices not in excess
of cost or approximate market:
Finished vehicles
$970.647 53
Work in progress and finished parts
4.763,014 52
Raw materials,supplies,etc_ 3,957.567 71
$9,691,229 76
Notes and accounts receivable_$1,094,358 69
Less-Reserves for doubtful
accounts and allowances_ _ 100,000 00
994.358 69
Miscellaneous investments and deposits__
135.014 87
Cash
1,539.533 81
870,151 26
12,360,137 13
LIABILITIES.
Capital:
Of the stated value of $15.325,000 00)
Convertible prior preference stock:
Authorized and issued-15,750 shares of no
par value but of the stated value of $100
per share
$1.575,000 00
(Bearing cumulative dividend of $8 00
per share)
87 cumulative convertible preferred stock:
0
Authorized and issued-100.000 shares of
$100 each
10,000,000 00
(Note-Dividends unpaid since March
1921)
Common Stock:
Authorized-328,750 shares of no par value
Issued-250,000 shares of no par value
but of the stated value of $1,250,000 00_ 4,077,081 87
815,652.081 87
First Mortgage Ten-Year 7% Gold Bonds:
Authorized
$6,000,000 00
Less-Unissued
1.000.000 00
85,000.000 00
Deposited as collateral for
notes payable
$2,751.000 00
On hand or deposited for safe
keeping
2,249,000 00
5,000,000 00
1,080.471 11
Twenty-Year 87 Sinking Fund Gold Debentures
4.200,000 00
Notes Payable (Secured by deposit of $2,751,000 first mortgage bonds as collateral)
2,200,500 00
Current Liabilities:
Accounts payable, accrued payrolls, interest,
etc
$1,232.777 40
Customers' deposits
106,700 00
1.339,47740
Operating and Contingencies Reserves
248.921 18
Surplus, as per statement attached
903,272 40
Contingent Liabilities in respect of endorsements by
Pierce-Arrow Truck Sales Corporation of customers'
notes sold to Pierce-Arrow Finance Corporation.
$299,203 35.
824.544,252 85
$24.544.252 85
Deferred Charges to Operations:
Prepaid insurance, taxes, interest and commission on sale of securities, less amount
amortized
$450,996 11
Unabsorbed portion of expenditures for developrnent of "Series 80" cars
629,475 00
THE PIERCE-ARROW FINANCE CORPORATION
FIRST ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31 1924.
PRESIDENT'S REPORT.
Buffalo, N. Y., February 111925.
To the Stockholders of The Pierce-Arrow Motor Car Company:
Herewith is submitted the First Annual Report of the
Pierce-Arrow Finance Corporation for the year ended
December 31 1924, together with the certified Balance
Sheet and Profit and Loss Account.
The Corporation was organized in September 1923 under
the Banking Laws of the State of New York with a capital
of $250,000 00, which was subscribed and paid for in cash
by The Pierce-Arrow Motor Car Company.
Its purpose is to provide credit facilities for Pierce-Arrow
Distributors, Dealers and Customers.
PROFIT AND LOSS ACCOUNT.
The net profit for the year amounted to $37,194 34,
which, added to the balance January 1st of $3,246 22, makes
a total undivided profit of $40,440 56 at December 311924.
CAPITAL ACCOUNT.
To enable the Corporation to handle its increasing volume
of business, the capital was increased during the year by
$375,000 000, and this amount was paid in cash by The
Pierce-Arrow Motor Car Company, which owns the entire
invested capital, amounting to $625,000 00.
The broadening of The Pierce-Arrow Motor Car Company distributing organization in connection with the
marketing of their Series "80" Passenger Car, referred to
in the Annual Report of that Company, will, we believe,
produce a corresponding increase in the business of the
Finance Corporation.
MYRON E. FORBES, President.
PRICE WATERHOUSE & CO.
56 Pine Street.
New York, February 9 1925.
CERTIFICATE.
We have examined the books and accounts of the PierceArrow Finance Corporation from its inception to December 311924, and we certify that the attached balance sheet
is properly prepared therefrom, and in our opinion fairly
sets forth the financial position of the company as at that
date and the relative profit and loss account is correct.
(Signed) PRICE, WATERHOUSE & CO.
PIERCE-ARROW FINANCE CORPORATION.
BALANCE SHEET DECEMBER 31 1924.
ASSETS.
Cash in banks and on hand
$485.029 49
Notes receivable and cash deposited with the Trustees for
collateral gold notes
Notes receivable
$2,478,610 31
Cash
23.961 56
$2.502,571 87
Notes receivable not in trust
2,978 47
Accounts Receivable
4,719 90
Investment in stock of Pierce-Arrow Exchange Corporation_ _
3,00000
Deposit, State Banking Department
981 88
Prepaid interest and other expenses
15,68068
Furniture and fixtures
$3,151 90
Less-Reserve for depreciation
415 20
2,73670
83.017,698 99
LIABILITIES.
Accounts payable and accrued expenses
$10,045 65
Collateral gold notes outstanding
2,220,000 09
Reserves for contingencies
27,421 80
Deferred Income-Unearned portion of interest and charges
94,790 98
Capital
Authorized and issued-5,000 shares of $100
each
8500,000 00
Surplus
125,000 00
8625.000 00
Undivided Profits
Balance, January 1 1924
$3.246 22
Net profit for the year ending December 31
1924, as per statement attached
37.194 34
40.440 56
$3.017,69899
PIERCE-ARROW FINANCE CORPORATION.
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING
DECEMBER 31 1924.
ParticularsAmount.
and charges earned and miscellaneous income
Interest
$197,494 87
Deduct
-General and administrative expenses, including provision for credit losses and contingencies
52,233 68
$145,261 19
Deduct-Interest on gold notes, trustees' fees and expenses... 101,251 33
Profit before deducting organization expenses
Deduct-Organisation expenses, written off
Net profit for year carried to undivided profits account
$44.009 86
$6,815 $2
837,19434
1490
[vol. 120.
THE CHRONICLE
FAMOUS PLAYERS-LASKY CORPORATION
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AND PROFIT AND LOSS ACCOUNT,
YEAR 1924
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 27 1924.
ASSETS.
$2,700,829 72
56,570 43
Cash
Bills Receivable
Accounts Receivable:
Advances to subsidiary companies (not consolidated)
Advances to outside producers (secured by film)
Film customers and sundries
$160,476 42
767,085 94
1,275,907 74
2,203,470 10
Inventory:
Negatives, positives, film and supplies
Rights to plays, scenarios, &c
$15,221,704 77
756,310 07
15,978,014 84
285,446 82
Securities
$21,224,331 91
Total current and working assets
80
Deposits to secure contracts642,343
3,268,042 56
Investments in subsidiary and affiliated companies (not consolidated)
Land, buildings, leases and equipment, after depreciation (including equities of subsidiary companies subject
13,679,650 84
to mortgages thereon of $12,817,000 64, being obligations of subsidiary companies)
1,558,237 75
Deferred charges
8,645,788 79
Goodwill
$49,018,395 65
TOTAL ASSETS
LIABILITIES AND CAPITAL.
Bills Payable
Accounts Payable
Owing to subsidiary companies (not consolidated)
Excise taxes, payrolls and sundries
Owing to outside producers and owners of royalty rights
Serial payments on investments due within 12 months from date
1924 Federal taxes (estimated)
Reserve for dividend declared on common stock payable Jan. 2 1925
Reserve for dividend declared on preferred stock payable Feb. 1 1925
None
$1,532,363 40
222,668 72
1,342,850 9$
479,426 01
476,483 55
800,000 00
471,862 00
106,000 00
$5,491,654 68
Total current liabilities
1,722,735 92
Advance payments of film rentals, &c. (self liquidating)
Purchase money notes of subsidiary companies covering acquisition of properties, maturing serially after one
110,978 73
. year
906,288 44
Serial payments on investments due after one year
409,085 98
Reserve for contingencies
$8,640,743 73
84,801 40
TOTAL LIABILITIES
Interest of minority stockholders in subsidiary companies with respect to capital and surplus
Capital (represented by):
Preferred Stock (83,000 shares $100 par value)
243,431 shares of no par value
7,500 shares in treasury
Common Stock
235,931 shares outstanding in hands of public
Surplus
$8,300,000 00
19,642,773 69
$27,942,773 69
12,350,076 83
40,292,850 52
$49,018,395 65
Contingent mortgage liability of subsidiary companies on properties sold
Contingent liability on investment notes discounted
Guaranty of advances secured by film
$635,000 00
1,100,000 00
250,000 00
$1,985,000 00
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE TWELVE MONTHS ENDED DECEMBER 27 1924.
$6,221,769 21
Operating profit for 12 months
799,419 92
Less: Provision for Federal taxes
$5,422,349 29
Balance carried to surplus
CONSOLIDATED SURPLUS ACCOUNT AT DECEMBER 27 1924.
79
Surplus at December 291923$9,480,112
5,422,349 29
Add: Profit for 12 months to December 27 1924, after providing for Federal taxes, as above
$14,902,462 08
Less Dividends:
On common stock (paid and reserved in 1924)
On preferred stock (paid and reserved in 1924)
Subsidiary companies (outside interest)
Surplus at December 27 1924
$1,867,450 00
683,800 00
1,135 25
2,552,385 25
$12,350,076 83
We have examined the accounts of the Famous Players-Lasky Corporation and its subsidiaries for the twelve months
ending December 27 1924, and certify that, in our opinion, the foregoing balance sheet and profit and loss account correctly set forth the financial position of the Famous Players-Lasky Corporation and its subsidiary companies at December
27 1924, and the earnings for the twelve months ending on that date.
PRICE, WATERHOUSE & COMPANY.
MAR. 21 1925.]
THE CHRONICLE
1491
THE CONSOLIDATION COAL CO.
SIXTY-FIRST ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 31 1924.
Office of The Consolidation Coal Company,
New York, N. Y., March 18 1925.
To the Shareholders:
The President and Board of Directors beg to submit the
following report of operations of the Company for the year
ending December 311924:
INCOME.
Earnings from Operations
519.263.183 89
Operating Expenses, Taxes,
Insurance and Royalties_ ___$18.960.260 52
Depreciation
1,442.698 38
Depletion at Cost
247,948 30
20.650.907 20
Net Loss from Operations
Profit from sale of Real Estate
and Other Capital Assets._ _
Insurance Fund Surplus Credit
Income from Other Sources_ _ _
Balance in hands of Trustee December 31 1923
Balance due Fund December 31 1923
Three cents per ton on 425,103 gross tons,output
1924
Three cents per ton on 384.577 gross tons, mined
by Lessees on Royalty Leases, 1924
Three cents per ton 00 2.321 313 gross tons paid
by Lessees on Royalty Leases. 1924 (unmined
but subject to Sinking Fund)
1,387,723 31
5143.575 67
114.941 38
1.031,705 05
1.290.222 10
Net Loss before Deduction for Interest, and Dividends on
Preferred Stock of Carter Coal Company
Interest
$1.791.144 22
Dividends on Preferred Stock of Carter Coal
Company
237.004 73
$4667
84.099 45
$12.75309
11,53731
69.639 39
93.92979
$97,501 21
2.028.148 95
Net Deficit for the year before Dividends
Cash Dividends declared for the Year 1924:
On Preferred Stock
On Common Stock
The above one hundred and eighty-three Bonds, plus
eighteen hundred and seventy-four Bonds purchased in prior
years, make a total of two million and fifty-seven thousand
dollars par value of Bonds cancelled by the operations of the
Sinking Fund to December 31 1924.
Refunding Mortgage 4 Per Cent Bonds, Due May 1 1934.—
Under the operation of and in accordance with the provisions
of the Deed of Trust of May 11904, there have been applied
to the Fund during the year the following amounts:
2,125,650 16
$431.666 69
2.412.088 50
2.843.755 19
Net Deficit for the year carried to Profit and Loss
4,969,405 35
Profit and Loss Account.Insurance Fund Surplus and Capital
Surplus. December 31 1923
94.293.597 52
Balance
$89,324,192 17
Adjustment of Appreciation of Coal Lands
March 1 1913
$1,479.143 29
Direct Surplus Charges
44.662 81
1,523.806 10
Profit and Loss Account, Insurance Fund Surplus and
Capital Surplus, December 31 1924, as shown in Balance
Sheet (page 15. pamphlet report)
$87.800.386 07
Eighty-e'ght Bonds, purchased for the Fund,
cost
In Fund, Uninvested, December 31 1924
Due Fund for the year ending December 31 1924
(paid February 28 1925)
$178,075 91
$83.601 50
544 62
93.92979
$178.075 91
The above eighty-eight Bonds, plus nine hundred and
seventy-two Bonds purchased in prior years, make a total of
one million and sixty thousand dollars par value of Bonds
held by the Trustee of the Sinking Fund December 31 1924.
Fairmont Coal Co. First Mortgage 5 Per Cent Bonds, Due
July 11931.—Under the operation of and in accordance with
the provisions of the Deed of Trust of June 27 1901, there
have been applied to the Fund during the year the following
amounts:
Balance in hands of Trustee December 31 1923
593.80871
Balance due Fund December 31 1923
20,745 38
BONDED DEBT AND SINKING FUNDS.
Two cents per ton on 2.552,122 gross tons, outThe aggregate outstanding Bonded Debt of the Company,
put 1924
$51.042 44
as at December 31 1924, is $30,457,329 48, exclusiv of Two cents per ton on 1.107.434 gross tons, mined
by Lessees on Royalty Leases. 1924
22.148 68
Bonds held in the Treasury. On February 1 1923 the Six
73.191 12
907 67
Per Cent Convertible Secured Gold Bonds of the Company Interest accretions to the Fund for the year
matured and sufficient funds were placed in the hands of
5188.652 88
and
the Trustee to retire the outstanding Bonds of this issue, One hundred costnineteen Bonds,purchased and
cancelled,
$116.821 34
all of which, with the exception of $4,500 par value, had been In Fund. Uninvested, December 31 1924
51.902 54
Due Fund for quarter ending December 31 1924
presented to the Trustee and paid prior to December 31
(paid January 311925)
19.929 00
1924. Sufficient funds remain in the hands of the Trustee
$18865288
to pay the balance of these bonds upon presentation.
Of the authorized issue of $40,000,000 First and Refunding
The above one hundred and nineteen Bonds, plus fourteen
Mortgage Bonds, dated December 1 1910, there have been hundred
and seventy-nine Bonds purchased in prior years,
issued:
make a total of one million five hundred and ninety-eight
$21,588,000 which are included in the above amount of outstanding bonds.
2,057.000 since purchased and retired by the Sinking Fund.
thousand dollars par value of Bonds cancelled by the oper595.000 purchased and held by the Company.
ations of the Sinking Fund to December 31 1924. Of the
4.319.000 held in the Treasury.
amount in and due the Fund, $61,681 07 is applicable to
There have been reserved for future requirements:
$10.443.000 to provide for the retirement of an equal amount of other the purchase of additional coal-bearing lands.
bond issues of the Company.
998.000 to provide for future development and additions to the property.
Carter Coal Co. First Mortgage 6 Per Cent Bonds, Due
The following are the details of the Sinking Fund Account February 1 1947.—Under the operation of and in accordance
for each issue of bonds:
with the provisions of the Deed of Trust of February 1 1922,
First and Refunding Mortgage 5 Per Cent Bonds, Due there have been applied to the Fund during the year the folDecember 1 1950.—Under the operation of and in accordance lowing amounts:
with the provisions of the Deed of Trust of December 11910, Balance in hands of Trustee December 31 1923
$36407
Balance due Fund
1923
14.944 96
there have been applied to the Fund during the year the fol- Four cents per tonDecember 31 net tons, output
on 812,780
lowing amounts:
1924
$32,511 20
Balance ID hands of Trustee, December 31 1923
Balance Due Fund December 31 1923
Three cents per ton on 6.379.175 gross tons output 1924
$191.375 25
Three cents per ton on 4,204.148 gross tons,
mined by Lessees on Royalty Leases, 1924_ _ _ _
126,124 44
Less Sinking Fund requirements of prior mortgages
353 48
32.864 68
$48,173 71
$29.439 67
560 40
18.173 64
$48.173 71
167,120 91
One hundred and eighty-three Bonds purchased
5162.151 20
and cancelled, coat
903 24
In Fund. Uninvested, December 31 1924
Balance due Fund December 31 1924 (paid Jan81.646 96
uary 31 1925)
Four cents per,ton on 8,837 net tons, mined by
Lessees on Royalty Leases, 1924
Twenty-nine Bonds, purchased and cancelled,
cost
In Fund, Uninvested, December 31 1924
Due Fund for quarter ending December 31 1924-
$317,499 69
Interest accretions to the Fund for the year
$1.353 80
91,863 72
150,378 78
1.105 10
5244,701 40
5244,701 40
The above twenty-nine Bonds, plus thirty-seven Bonds
purchased in prior years, make a total of sixty-six thousand
dollars par value of Bonds cancelled by the operations of the
Sinking Fund to December 31 1924.
The combined Sinking Fund Account for the year under
the various mortgages is as follows:
1492
THE CHRONICLE
Balance in and due Funds December 31 1923
Accrued Sinking Funds for the year
Interest accretions and ether receipts for the year
[VOL. 120.
TABLE SHOWING THE PRODUCTION IN NET TONS MINED
FROM THE PROPERTIES OF THE CONSOLIDATION COAL
COMPANY SINCE 1864.
Mined by
Mined by
Year—
Total
the Company.
Total.
Lessees.
$660,380 20
1864
Less $419,000 par value of Bonds purchased during the year
37,698
37.678
at a cost of
65.068
65,068
$392.013 71 1865
1866
104.798
104.798
213,148
213.148
Balance in and due Funds December 31 1924
$268,366 49 1867
1868
205,494
205.494
1869
287.605
287,605
429,751
429.751
The above four hundred and nineteen Bonds, plus four 1870
1871
566,190
566,190
thousand three hundred and seventy-six Bonds purchased 1872
564.627
564.627
in prior years, make a total of four million seven hundred 1873
614.302
614,302
1874
523.545
523.545
and ninety-five thousand dollars par value of Bonds retired 1875
502,734
502.794
by the various Sinking Funds December 31 1924.
1876
399,635
399.635
1877
390.191
390.191
By Order of the Board.
1878
452.497
452.497
1879
541,735
541.735
C. W. WATSON, President.
1880
636,433
636.433
1881
844,368
844,368
1882
472.048
472.048
1883
510.987
510,987
1884
771,917
771.917
ARTHUR ANDERSEN & CO..
1885
795.272
795,272
Accountants and Auditors,
1886
756,730
756,730
1887
Members American Institute of Accountants.
1,049,215
1,049.215
1888
1,146.151
1,146,151
Wall Street, New York.
67
1889
976.039
976,039
1890
1,070,755
1,070.755
1891
1,020,294
To the Shareholders of The Consolidation Coal Company:
1,020,294
1892
1,051,338
1,051,338
1893
1,016,466
1,016.466
We have made a general audit of the books and accounts 1894
999,602
999,602
1895
1,034,494
1,034,494
of THE CONSOLIDATION COAL COMPANY and its 1896
1,296.064
1,296,064
1897
1,417,748
affiliated companies for the year ended December 31 1924.
1,417,748
1898
1,607,668
1,607.668
The Investments in Allied Companies are shown on the 1899
1,720.844
1.720,844
1900
1,299,374
1,299.374
balance sheet, page 14,
(pamphlet report)at a cost of $7,928,- 1901
4,421,033
4,919.442
498,409
1902
8.356,798
584,460
8,941.258
477 00. We have not audited the books of the companies 1903
8,437.109
516,424
8,953.533
8,491,745
432,494
8.924.239
to which these investments relate, nor have we been furnished 1904
1905
9,395,117
9,853,100
457.983
1906
10.385.256
with financial statements of these companies. The Profit 1907
10,914,268
529.012
10,660,972
11,265,294
604.322
and Loss Surplus included in the balance sheet, page 15, 1908
8,018,631
8.594.189
575,558
1909
8.204,138
522,028
8,726,166
pamphlet report is therefore subject to the correctness of 1010
10,405,110
587,841
11,082,951
1911
9,219,732
9,749,501
529,769
the value of these investments.
1912
10,347,100
600,769
10,947,869
1913
11,154.987
537.871
11,692,858
Subject to the above qualifications, we hereby certify 1914
10.710.016
537.567
11.247,583
1915
11,722,384
479,475
that, in our opinion, the Combined General Balance Sheet 1916
12,201.859
11,107,684
583,372
11,691,056
at December 31 1924 (as shown on pages 14 and 15, pamphlet 1917
9.533,543
835,355
10,368,898
1918
8,053.010
792,947
8.845,957
report) and the Combined Income and Surplus Account 1919
7,200.333
714.562
7,914.895
1920
8.100.437
1.088,844
9.189,281
(shown on page 5, pamphlet report) reflect the financial 1921
6.668,858
1.071.820
7,740.678
1922*
5.694,256
864,829
6,559,085
position of the companies at December 31 1924 and the 1923
9,224.240
2.220,344
11,444,584
1924
7,957.456
2,117,612
10,075,068
results from operations for the year ended that date.
1307,980 34
350,364 37
2,035 49
240,952,810
18,283.667
259.236,477
*Note.—The decreased production is due to strike April 1 1922 to September 1 1922.
ARTHUR ANDERSEN & CO.
New York, March 9 1925.
SUMMARY OF SINKING FUNDS.
Balance in
and Due Sink'g Fund
Funds Dec. Accrued_for
311923. Year 1924.
Interest Accretions &
Other Receipts for
Year 1924.
Par Value of Premiumsor
Bonds
Discounts Cash in &
Redeemed by on Bonds Balance Due
Trustees
Redeemed Funds Dec.
During1924 During1924 311924.
Par Value
of Bonds
Redeemed
to Dec. 31
1924.
Total.
The Consolidation Coal Co.434% Refunding Mortgage Bonds
184.146 12 $93,929 79
$178,075 91 288.000 00 b$4.398 50 194,474 41 11,060.000 00
The Consolidation Coal Co.5% First and Refunding
Mortgage Bonds
93.217 52 150,378 78 $1,105 10 244,701 40 183,000 00 b20.848 80 82,550 20 2,057,000 00
Fairmont Coal Co. 5% First Mortgage Bonds
114,554 09 73,191 12
907 67 188,652 88 119.000 00 b2.178 66 71,831 54 1,598,000 00
Southern Coal & Transportation Co.5% First Mortgage Bonds
753 58
22 72
776 30
776 30
14,000 00
Carter Coal Co.6% First Mortgage Bonds
15,309 03 32.864 68
48,173 71 29,000 00
a439 67 18,734 04
66,000 00
..... .
-.
,WS,VOJ D PUUV,00U,
,OUU tU *2,4 DO,
a Denotes Premium or Accrued Interest.
..•111
b Denotes Discount.
SUMMARY OF FUNDED DEBT DECEMBER 31 1924.
Authorized
Issue.
Reserved for Pledged as
Retiring
Collateral
Bonds of Under First
Prior
&Refunding
Mortgages. Mortgage.
Pledged as
Collateral Retired by
to Secure Operations
Pref. Stock of Sinking
Obligations. Funds.
Reserved
.for Future Par Value
Developm't
Bonds
Issued and in Handeof
& Additions Purchased
Held in
the Public
to Property. and Held. Treasury. Dec. 31 1924.
The Consolidation Coal Co. 434%
1494,000
Refunding Mortgage
17.500,00000 11,750.000
$1,060,000
The Consolidation Coal Co. 5%
2,057,000
$998,000
First & Refunding Mortgage 40,000,000 00 10,443.000
Fairmont Coal Co. 5% First
a360,000
6,000,000 00
1.598,000
Mortgage
Southern Coal & Transportation
486,000
500.000 00
14,000
10. Co. 5% First Mortgage
Somerset Coal Co.5% First Mort3,585,000
3,585,000 00
gage of 1910
Carter Coal Co.6% First Mortgage
$4.934,000
12.000.00000
66.000
of 1922
The Sandy Valley & Elkhorn Ry.
la. Co. 5% Refunding & General
P*4 Mortgage of 1917
3.000,00000
800,000
Baltimore & Ohio Railroad 434%
Car Trust Bonds—Proportion
Assignable to Cars of The
Sandy Valley & Elkhorn Ry.
631.329 48
Co.(Unpaid Dec. 31 1924)- _ _
hi
Total
$73.216.329 48 $12.193,000 $4,925,000 $4,934,000 *4.795,000 11.798.000
$4,196,000 00
$595,000 *4,319,000 21.588,00000
pi
4,042,000.00
7,000,000
2,200,000
631,329 48
2505.000 513 RI0 non rin 457.329 48
a Includes $00,000 unissued bonds which were previously reserved to retire outstanding Briar Hill Coal & Coke Co. bonds. Under Article 3,Section.4.
of the First and Refunding Mortgage these bonds cannot be issued.
MAR. 21 1925.]
THE CHRONICLE
COMBINED GENERAL BALANCE SHEET DECEMBER 31 1924.
ASSETS.
Gross Value. Less Reserves.
Net Value.
Capital Assets$
$
$
Coal Lands and Other Real
Estate
143,903,029 36 22.668,840 05121,234.189 31
Mining Plant and Equipment
(Schedule "A")
31,603,914 21 14.807,065 30 16,796,848 91
Cumberland & Pennsylvania
Railroad Co.
-Road
3.417,011 55 1.214.54638 2,202,465 17
Cumberland & Pennsylvania
-Equipment- 2,188.542 49 1.397,738 37
Railroad Co.
790,804 12
The Sandy Valley & Elkhorn
-Road
Railway Co.
2,752,652 07
13,036 59 2,739.615 48
The Sandy Valley & Elkhorn
-Equipment- 5.010,543 86
Railway Co.
645,600 74
4,364,943 12
North Western Fuel Co.
Real Estate
1,009,852 81
1,009.852 81
Western Fuel Co.
North
Docks and Equipment
4,678.933 90 1,998,310 90
2,680,623 00
Floating Equipment
28.099 63
4,459 13
23.640 50
Advance Payments on Coal
Purchases (Unmined)
1,790,461 60
1,790.461 60
196.383.041 48 42.749.597 46 153,633,444 02
• Depleted Cost Value $34,436,624 27, difference credited to Surplus
or Contra.
Investments in Allied Companies (at cost)__
7,928,477 00
nvestments-Other Stocks and Bonds (at cost)_
2.404.566 51
Assets in Hands of Trustees of Bond Sinking Funds
Cash
54,687 10
Accrued (Per Contra)
213.679 39
268,36649
Deferred Charges
Bond Discount in Process of Amortization 1,815,748 25
Sundry Debit and Unadjusted Items__
325,836 94
2,141.585 19
Current Assets
Cash and Cash Resources:
Cash:
Subject to Check
3,842,610 45
Deposited with Fiscal
Agents
174,494 81
4,017.105 26
Notes Receivable
642,840 42
Accounts Receivable
7,947,078 75
Inventories:
Coal and Coke
4,392.003 02
Materials. Supplies and
Stores (Schedule "B") 1.477.532 26 5.869.535 28 18,476,559 71
184,852,99892
LIABILITIES.
Capital Stock
common Stock:
Authorized
50,000,000 00
Less:
Unissued
8.041,21818
Issued and held in
Treasury
1,753,333 33 9.794.551 51
40,205,448 49
Preferred Stock:
Authorized and Issued
10,000,000 00 50.205.448 49
unded Debt Outstanding in Hands of the Public( ee
,
arter Coal Co. 6% Preferred Stock (Outstanding) ci')ov2)_ 30,457,329 48
3.933.100 00
urrent Liabilities
Bills Payable
6,275,000 00
Accounts Payable
2,089,094 55
Pay Roll
268,479 55
Interest Coupons and Dividend Checks
not presented for payment
46,764 25
Bond Interest Accrued
232.051 55
Sinking Funds Accrued
213,679 39
Reserve for Federal Income and Profits
Tax (Subject to Review by Treasury
Department)
1,933,940 70
Reserve for Taxes (General)
170.856 94
Dividend-Carter Coal Co.. Preferred
Stock Payable Feb. 1 1925
39,331 00
Dividend No. 108
-Payable Jan. 31 1925603.027 00
Due to Individuals and Companies
584.509 95
12.456,734 88
urphisProfit and Loss including Insurance Fund
Surplus Transferred in 1924
1.002,821 03
Amount Applicable to Affiliated Companies at date of acquisition
4,020.476 04
Total of Above
5.023,29707
Amount arising from Revaluation of Coal
Lands and Leaseholds as of March 1 1913 82,777,089 00
87.800,386 07
-184.852,998 92
CHEDULE "B"
-MATERIAL ON' HAND, INCLUDING MERCHANDISE STOCK IN STORES FOR WEST VIRGINIA,
MILLERS CREEK, ELKHORN AND POCAHONTAS-NEW
RIVER DIVISIONS.
ary an
.ennsylvania Division
sot Virginia Division
205,652 82
illers Creek Division
80.637 49
lkhorn Division
320.702 68
ocahontas-New River Division
169.457 94
tationery
1.279 57
orth Western Fuel Company
79.808 75
umberiand & Pennsylvania Railroad Company
186,571 71
anal Towage Company
3.007 21
airmount Supply Company
185.691 07
he Sandy Valley & Elkhorn Railway Company
46,020 16
$1,477.532 26
MOB
CURRENT NOTICES.
-Prizes aggregating $20.000, of which $10,000 will be paid by Bonbright
CO., public utility bankers of New York, and $10,000 by the American
uperpower Corp., with which the banking firm is identified, are to be
arded for the best and most accurate reviews of the power industry
!tering the ten years from 1920 to 1930. Those who compete will have
visualize developments over half of this period-from 1925 to 1930d their essays will be written as of 1930, In the past tense, in order to
0 eligible for either or both sets of prizes.
The purpose, as announced by Bonbright & Co., is to obtain essays of
I value to the power industry. The donors will supply the data from
hich it will be possible to shape a constructive analysis of the industry's
ogress in the decade. The Bonbright prize embraces 23 awards. These
bably will be presented next June at the convention of the National
eetric Light Association. The other $10,000 will be awarded In conction with the foregoing competition as a single prize by the American
perpower Corp. for the review that proves in 1930 to have been the
ost accurate.
Rutter & Co., 14 Wall Street, New York, are distributing an analysis of
e new capital structure of the Pacific Telephone & Telegraph Company.
his circular also contains a list of current investment offerings and a state
cot of the investment service which this firm offers to individual investors
d which includes the facilities of the statistical department for analyses of
vestment holdings and of the trading department for quotations on both
ted and unlisted securities.
1493
SCHEDULE "A"
-PLANT AND EQUIPMENT OF THE
CONSOLIDATION COAL COMPANY.
Mine Openings and Gradings
$5,232,126 44
Tipples and Equipment
1.792,660 56
Power Plant Buildings
433.299 92
Sub-Station Buildings
83.943 45
Buildings for Haulage Equipment
156,105 43
Buildings for Ventilating Equipment
185.577 49
Repair Shops
172.352 69
Supply Buildings
90.899 74
Stables
147,885 93
Office Buildings
1.46.28873
Other Mine Buildings
180,893 91
Power Plant Equipment
1,539.416 77
Sub-Station Equipment
470,024 14
Transmission System
370.313 54
Ventilating Equipment
391.351 56
Haulage Equipment
728,478 85
Wire Rope
49.518 14
Steel Rails
2.327.175 95
Mine Pumps and Motors
371.502 41
Copper Wire
277.86J 37
Trolley Wire and Equipment
323,280 25
Mining Machines
848.960 07
Locomotives
394.938 93
Mine Cars
1,973.726 48
Live Stock
155.042 01
Water Works
792,465 85
Repair Shoo Equipment
109.919 54
Other Mine Equipment
238,516 48
Coke Ovens
210.273 78
Coke Equipment
46.770 14
Tenement Houses
6,594.115 67
Recreation and Amusement Buildings
258,032 12
Recreation and Amusement Equipment
66,061 02
Hospitals
61.872 27
Hospital Equipment
6.590 48
Store Buildings
537,401 89
Store Fixtures
126.926 54
Farm Buildings
136,511 77
Farm Equipment
11.74704
Stone Crushers and Equipment
6,005 17
Lighting System
63,937 20
Telephone System
25.673 03
Office Equipment
190.529 27
Engineering Equipment
26.430 31
Laboratory Equipment
9,381 38
Outside Operations-Buildings
156.686 51
Outside Operations
-Equipment
370,321 77
Emergency Equipment
36,057 43
Branch Office Equipment
392.998 58
Drainage Tunnel
289,121 53
Improvements (Not Completed):
Maryland Division
557 03
Pennsylvania Division
31.870 32
West irlrginta Division
69,914 06
Millers Creek Division
5,942 26
Elkhorn Division
17.021 42
Pocahontas
-New River Division
1.242.630 71
Total
Depreciation to December 31 1924
$31.603.914 21
14.807.065 30
Depreciated Value to December 31 1924
$16.796.848 91
CAPITAL STOCK OF COMPANIES. THE ENTIRE AUTHORIZED
AND OUTSTANDING ISSUES OF WHICH ARE OWNED
BY THIS COMPANY.
Pledged Under
Pledged Under
First and
Refunding
Refunding
Mortgage of
Mortgage of
SharesCompanies.
Par Value.
May 11904. Dec. 11910.
15,000 Cumberland & Penn.
RR. Co
$1,500.000 00 $1,500,000 00
100 Fairmont Coal Co_ __
10.000 00
5.000 08
$4,999 92
40,000 Somerset Coal Co---- 4,000.000 00 2,000.100 00 1.999.900 00
50.000 Carter Coal Co.,Common Stock
No Par
25.000 North Western Fuel
Co.(Preferred)- --- 2,500,00000
42.000 North Western Fuel
Co. (Common)..
4,200,000 00
2.500 Fairmont Supply Co_
250,000 00
6,500 Consolidation Coastwise Co
650.00000
650.000 00
1,000 Monongah Service Co.
100,000 00
200 Cassville & Monongahela RR. Co
20.000 00
50 Canal Towage Co__
5,000 00
50 Pennmont Coal Mining Co
5.000 00
5,000 00
5 Maryland Construction & Contracting
Co
500 00
5,000 The Sandy Valley &
Elkhorn RallwayCo
500.000 00
187.405
$13,740,500 00 14,155.100 08 $2,009,899 92
The Values represented by the above capital stock are eliminated from
both the assets and liabilities in the General Balance Sheet on pages 14
and 15 (pamphlet report).
-James N. Wright & Co., investment bankers, U. S. Bank Bldg.,
Denver. announce the sale of its business to Alberts J. Peck and Harold
Brown, vice presideat and secretary-tteasurer respectively of this company
and the formation of Peck, Brown & Co. to carry on a general investment
business in the same offices. James N. Wright goes to Olando, Florida, to
become the active head of Wright, Warlow & Co.
-The New Orleans investme.it firm of Gladney & Watson has been
dissolved, effective Mar. 16. J. Bonner Gladney announces that he will
continue to conduct the business heretofore conducted by the dissolved
firm, under his own name.
-Kenneth D. Sanford, formerly associated with IFTornblower & Weeks,
and Walter J. Lee, formerly associated with A. M. Lamport & Co.,
formed the firm of Sanford & Lee, an investment security business have
with
offices at 42 Broadway.
-Guaranty Trust Company of New York has been appointed Transfer
Agent tor stock of the Indiana and Michigan Electric Company, consisting
of 16,000 shares of Preferred stock of $100 par value.
-National Bank of Commerce in New York has been appointed trustee
of the issue of 45,000,000 Lockhart Power Company first mortgage sinking fund gold bonds, of which $1,500,000 are presently to be issued.
-The regular quarterly booklet, quoting over 2,000 unlisted public
utility and industrial bonds issued by Lilley,.Blizzard & Co. of Philadelphia,
is now ready for free distribution.
-Clinton Gilbert has published an analysis of sixty insurance
companies
giving Information for the years 1923 and 1924.
-Mesrses J. K.Rice.Jr.& Co. announce the removal of their offices
Equitable Building, 120 Broadway, New York, Telephone Rector to the
9030.
1494
THE CHRONICLE
[VoL. 120.
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME.
The Introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter. in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, March 20 1925.
COFFEE on the spot has been rather quiet at times and
has naturally sympathized more or less with the depression
in futures. To-day the spot demand was larger. No. 7
%
Rio was not easy to buy. It was held at 213 to 21340.;
4
No. 4 Santos was 26% to 263 e. Fair to good Cucuta
to 24340.; Honda 2834
26 to 263/2e.; Maracaibo Trujillo 24
to 29c.; Medellin 30 to 303/2e. Salesmen in the interior are
said to find trade very slow. Roasters seem to be very
well supplied and strictly soft Santos 4s were offered early
in the week at interior points at 26c. spot without sales.
Cost and freight offers were unchanged to lower early in
the week. Prompt shipment Santos bourbon 3-5s. were
/
at 25% to 2530.• 4-5s. 243i to 2434c.• Bourbon grinders
6s, 2334c.; 75, 2234e.; 7-8s, 20.40 to 21.45c.- part bourbon
to
/
or flat bean 2s, 2730.•, 2-3s at 28e.; 3s, 25% ' 2634c.; 3-4s,
4
•25 to 25% 3-5s, 243i to 247 c.; 4-5s, 24.40 to 24%c.;
lc.;
/
5-5s, 2330.; 6s, 23%c.; Rio 7s, 20.70 to 20.85e. Future
shipment within 60 days 4-5s part bourbon 2334c. Spot
-coffee was dull and nominal. No.4 Santos, 263i, to 26340.;
Rio 7s, 2134e. The depression here was due to the dulness
of spot and c. & f. coffees and Brazil's endeavor to all appearance to sell here in competition with the mild coffees, which
are below the usual parity with Brazilian. Mild coffee is
a thorny question. Later, firm offers included: Santos 3s
at 25.10 to 25Vic.;4s at24 to 24.80c.;4-5s,at 23.70 to 24.40e.;
7-8s at 19.60c. Rio 7s at 20.55c. and 8s at 25e. Spot Santos
-coffees were almost ignored partly because mild coffees
were relatively cheaper. Hard bean Bogota has been
quoted at only 2c. over Santos, whereas, the usual difference
is somewhere around 4c. Good Cucuta, moreover. was 1 Mc.
under Santos, or 234c. below the usual difference. Low
grade Cucuta was quoted on a basis of 23c. for Santos
No. 4, which was 3e. below the usual parity. Things are
disorganized. Mild coffee eagerly seeks the market. It is
cutting the ground from under 'Brazilian coffee, or trying
to. That, at any rate, is how it looks.
Mild coffees are still selling below their usual premium
over Brazils. That seems to be worrying some holders of
Brazil. Buyers are playing a waiting game as to Brazil
-coffee despite the oft repeated prediction that they were carrying so little coffee that they would soon be whipped into
the traces.
FUTURES fell in sympathy with lower Brazilain markets
_and the depression in other markets like stocks and grain.
Brazil acts alarmed. It seemed to be afraid of being to
some extent frozen out of the market either by substitutes
-or mild coffee. And carrying charges mount upward. Very
high prices mean adulteration. No. 7 Rio is 5 cents higher
than a year ago. Brazil is trying to sell. It clips cost and
freight offers daily. Term markets were off. Monday and
Tuesday's cables allowed a total net decline in Rio of 350 to
400 reis and in Santos of 500 to 550. Exchange on London
was unchanged at 5 11-16d and the dollar rate advanced 10
reis to 8$840.
Prices rose 5 to 11 points on the 19th inst. on covering
and some buying by trade interests due to greater steadiness
in Brazil and on the belief that the reported loan of $15,000,000 to the State of Sao Paulo would have a beneficial influence on the Brazilian exchange market. But as the Brazilian
rate of exchange did not change and the dollar rate rose only
slightly some thought that the loan will be more for transportation purposes than anything else.
Some who do not minimize the continued dullness in actual
coffee argue that the discount of 100 points or more on distant months militates against successful short selling. While
the stock is so small, selling they think will be hazardous.
Meanwhile, however, there is much talk of the use of substitutes, roasters working on part time, etc. But some do not
believe that the coffee drinker will be satisfied with any other
beverage than real coffee and it is urged that the day is not
distant when depleted stocks will stimulate demand. The
-discounts on futures are by some regarded as illogical, not
to say absurd.
The members of the New York Coffee and SugarExchange
adopted a number of amendments to the by-laws which
include the abolishing of trading in refined sugar futures at
the expiration of the latest contract outstanding. Another
amendment provides that the 27 memberships still held by
the exchange under the full limit of 350 shall be disposed of as
follows: 3 at $10,000, 8 at $15,000, 8 at $20,000 and 8 at
$25,000. Another amendment provides that any member'
holding more than one membership, standing in his own
name, shall be entitled for every additional membership, to
.a card giving the privilege of the floor to one person, but
this privilege shall not give the person so designated the
right to trade on the floor of the exchange nor to vote upon
any subject put before the members of the Exchange.
Today futures advanced some 10 to 13 points net on covering and buying for foreign account. Also the cables advanced. Rio was up 350 to 400 reis and Santos 500 to 575
reis apparently in part on reports of the success of the $15,000,000 loan. Exchange on London was 1-32d higher a
4
5 11-16d. The dollar rate fell 40 reis to 8$840. Brazil ol
Europe seemed to be buying December here. Speculation increased somewhat even if it was not active. Final prices
show a rise for the week of 17 to 36 points, the latter on
March.
10.4514 --_ .1September 17.25el nom
Spot unofficial_ _ -21 He.I May
1July
18.30€618.341December -16.80@ ---March_ ___20.62@
SUGAR.-Cuban raws were depressed early in the week.
Efforts to put the price up to 3 1-16c. c. & f. for prompt
shipment were abandoned. Leading refiners sold rathei
heavily at 3c. c. & f. Sales included 15,000 bags Cubas for
first half April shipment to a New Orleans refiner at 3 1-16c
c. & f., some 100,000 bags or more of Cubes for March shipment to local refiners at 3c. c. & f., 20,000 bags Cubes fo
April shipments to a Savannah refiner at 3 1-32c. c. & f
and 3,000 tons Cubas or San Domingos for first half April
shipment at 14s. 9d. c. i. f. United Kingdom. Later Cube
4
sold at 2 15-15c. c. & f. and 25 c. f. o. b., April shipment
Holland bought, it was said, 1,000 tons Cuba at 14s. 734d
Labor troubles do not seem to interfere with grinding in
Cuba. It was estimated that 150,000 bags of raw sugars
were sold to refiners on Tuesday, including one lot of Cuban
raw sugars at 2 31-32c., April shipment. For a time 3cJ
was asked; but 10,000 bags of Porto Rico sold later at
2 15-16c. basis, Cuba c. & f., and 3,000 tons Cuba at 2.85c
f. o. b. April. Refined has been rather weak at 6.10 to 6.20c,
with these quotations, it seems, shaded now and then,
Receipts for the week at Cuban ports were 215,562 tonsj
against 194,094 last week, 195,532 in the same week last
year and 214,418 two years ago; exports for the week were
185,595 tons, against 134,126 last week, 136,815 same week
last year and 174,639 two years ago; stock, 713,593, againsl
683,626 last week, 552,361 last year and 537,723 two year
ago. Centrals grinding, 181, against 179 last week, 17
same week last year and 179 two years ago. Receipts a
U. S. Atlantic ports for the week ending March 18 were
102,556 tons, against 72,493 in the previous week, 63,491
same week last year and 126,811 two years ago; meltings
86,000 tons, against 79,000 the previous week, 76,000 slum
week last year and 78,000 two years ago; total stock, 110,007
tons, against 93,451 previous week, 150,574 same week laal
year and 177,469 two years ago.
Havana cabled that the General Sugar Co.'s Soledacl
central has stopped grinding because its employees hav
joined the strike. It is now twenty-two days since the cend
trals Delicias and Chaparra discontinued grinding becaus
of the strike. All attempts at a solution of the questions in
volved have failed. As each of those mills produces an aver4
age of 10,000 bags of sugar daily the loss of production t
date because of the strike is 222,000 bags.
Cables from Cuba reported no change in the labor situatio
and indications are for a strike on the Cuban railways. On
more central is idle and two centrals have been idle for th
last 20 days.
London reported the market quiet with sellers at 14s 9
offered equal to 2.90e. There was buying interest at n
better than 14s 6d equal to 2.85c. f. o. b.
Futures to a certain extent have sympathized with the d
cline in stocks and grain.
It is recalled that European countries outside of Russi
and Poland have nearly reached pre-war production an
lower prices this year may possibly halt the increase in pro
duction. Cane sugar producing countries which increase
the area during the war period to supply the deficit caus
by the loss of the beet sugar acreage of Europe have slowe
down the production somewhat for the last few years.
Of Philippines 13,250 tons sold on Thursday at 4.87 0. 1.,
May shipment, 4.77 March, 4,000 tons Porto Rico Apr!
shipment at 4.74e. c. i. f. and 3,000 tons Cuba at 2.8
f.o.b.
A dispatch from Havana to-day said: "Reports are co
firmed at the Interior Department here to-day giving a tot
of 2,750,000 arrobas (25 lbs. each) of sugar cane burne
since Tuesday. The greatest damage was near Niquer
1. e., 2,000,000 arrobas. At Amarillas 260,000 arrob
were burned. The fires are believed to have been of i
cendiary origin. It is said that the mills near Amarill
are working day and night in order to prevent the tot
loss of the burnt cane. It can be milled if used at once.
To-day trade was quiet at 2 31-32 to 3c. for prompt raw
Cables reported 1,000 tons of Cuba nearby shipment t
MAR. 211925.1
THE CHRONICLE
1495
Holland at 14s. 6d. c.i.f., equal to 2 31-32c. New York. lots, cases, 16.9Oc.• petroleum, refined, tanks, wagon to
Refined was quiet at 6.10 to 6.20c., with resales reported store, 13c.; motor gasoline, garages (steel bbls.), 20c.$2.12'
•
$3.85 Illinois
Pennsylvania
$3.75 Bradford
at 5.90 to 5.950. Prompt raws closed at 2 31-32c., the Corning
1.70
2.00 Crichton
.50 Corsicana,light..
2
1.65
2.33 Plymouth
2.45 Lima
same as a week ago. Futures to-day were practically un- Cabell
2.00
2.13 Mesla
light-- 2.75 Indiana
Somerset,
changed. They end 6 to 8 points lower than a week ago.
2.12 Calif.. 35 & above_ 1.85
.nn Princeton
2
Wyoming
2.00
2.73 Gulf. coastal
Closing quotations were as follows:
Smackover.28 deg. 1 45 Canadian
2.00
2.00 Richland
.00 Wortham
2
Powell
3.03@3.04 I September-3.3440
Spot unofficial 2.31-32c. I May
March
2.98@2.99 I July
3.190) ___ I December--3.380 --
LARD on the spot hasbeen in fair demand and higher.
Prime Western, 17.80 to 17.900.; Middle Western, 17.65
to 17.750.; city in tierces, 173c.; in tubs, 18 to 183,c.;
A
compound carlots in tierces, 133 c.;refined Continent, 183/2c.
South America, 193c.; Brazil, 203c. To-day trade was
quiet and at one time prices were easier. Prime Western,
17.45e.; refined Continent, 18c M; South America, 19c.;
Brazil, 20c. The mid-month statement of stocks at Chicago
showed a total on March 15 of 77,391,636 lbs., against 80,908,208 lbs. March 1 and 27,683,870 lbs. March 15 1924.
Exports from New York Tuesday were 644,000 lbs. of lard
and 440,000 lbs. of grease. No oil was shipped. Futures
advanced with hogs up 25 to 35e. on the 17th inst., supplies
dwindling, a good class of buying and shorts covering. Lard
acted on its own. It largely ignored grain. On the 17th
inst., when corn closed 2 to 3c. lower, lard ended 17 to 25c.
higher with meats up 10 to 25c. It is true that at first liquidation carried prices down on that day 15 to 25e., but the rally
was sharp later, i. e., 40 to 45 points. To-day prices advanced with grain, after an early decline of 12 to 18 points,
due to bearish news about the hog market, some decline in
Liverpool of 6d. to 9d., and an early drop in grain. All this
changed when grain turned upward later. The net advance
for the day turned out to be 15 to 20 points. For the week
there is an advance of 17 to 25 points.
Mid-Continent
Oklahoma. Kansas and Texas
13010w 30 deg
$1.00
Under 28 Ma,„mlia
30-32.9
1.55
31-32.0
33-35.9
2.25
39 and shove
36 and above
1.35
Below 30 Texas CO
1.80 Caddo
33-35.9
Below 32 deg
2.35
42 and above
32-34.9
38 and above
$1.35
1.55
1.80
2.00
1.70
1.85
2.05
RUBBER early in the week was quiet but firm on higher
London cables. March smoked ribbed sheets sold at 403.e.
and April at 403ic. Latex crepe was about %c. higher than
this and well maintained. Very little was doing in offgrades, but prices were tending higher. On the 17th inst.,
although cables were not encouraging, the market here was
sustained on support from both manufacturers and dealers.
Paras were in fair demand and firm. London on Tuesday
/
closed at 19584I. bid. Here on the 18th inst. the market continued firm. There was sufficient buying to hold the market.
The demand was chiefly for nearby positions. Very little
rubber beyond April was taken. On the whole business has
been quiet during the week. Late in the week there was
an advance on a good demand for spot and nearby rubber.
4
London was firm on the 19th inst. and closed at 193 d.
bid for spot, April-June; 1934d. for July-September, and
%
183 d. for October-December. The c.i.f. market was also
firm; April-May 19%d.; May-June, 193/2d.; buyers c.i.f.
New York, direct shipment from Singapore. Singapore,
%
too, was firm and closed at 183 d. for spot March; 18 Md.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
4
for April-June and 173 d. for July-December. Here of
Wed. Thurs. Fri.
Mon.
Tues.
Sat.
16.77
late prices have been 41 to 4134c. for smoked ribbed sheets,
16.90
16.62
17.07
16.87
cts-16.85
May delivery
16.95
17.10
17.32
17.20
17.12
17.15
July
%
spot March; 403 to 41c. for April, 3934 to 393/3e. for July17.45
17.50
17.25
17.40
17.65
September
17.47
September and 3834 to 383'e. for October-December.
PORK high r; mess, $41 nominal; family, $38 to $42;
HIDES have been quiet of late for common dry,city packer
fat back pork, $39 to $44. Beef firm; mess, $18 to $19; and country hides. Bogota were nominally 25c.; Orinoco,
packet, $18 to $19; family, $21 to $23; extra India mess,
223/30.; native steers, 14c.; city spreads, 15 Mc.; frigorifico
$34 to $35; No. 1 canned corned beef, $2 75; No. 2, six cows, 161 c.; steers, 183/20. At Chicago big packer hides
%
pounds, $17 50; pickled tongues, $55 to $65 nominal. Cut were lower and active. Heavy native steers sold at 14c.,
%
/
meats dull; pickled hams, 10 to 24 lbs., 213 to 2430.; or Mc. decline. Heavy native and branded cows brought
pickled bellies, 6 to 12 lbs., 24 to 25c. Butter, creamery, 13c., or Mc. lower, with sales of light native cows at 1334c.,
lower grades to high scoring, 36 to 493.c. Cheese, flats, also Y.ic. off. Heavy Texas and butt branded steers sold at.
24 to 27c. Eggs, fresh-gathered mediums to extras, 29 to 14c., with light Texas and Colorado steers 13Mc. Some out33c.
4
side lots of independent packer stocks sold at 123 c. for all
-Linseed, though rather steady early in the week, weight natives and branded, a decline of Mc. The top was
OILS.
declined later in sympathy with a break in seed. Buyers 13c., owing to further declines in big packer hides. Calfshowed little interest in the market. The movement is skins weaker, city collectors offering first salted Chicago
largely against old contracts. Linoleum interests are not city calfskins at 223'c., or Mc. lower. Packers, however,
inclined to purchase for forward delivery. For March- still asked 25c.for February calfskins. Outside lots of counAugust delivery $1 08 was quoted, in tanks $1 02, less than try hides were active with sales of badly grubby lots of ex'
carlots, $1 11; less than 5 bbls., $1 13. Late in the week treme weights at 12 Me.; poor buff at 11c.; for strictly free of
there was an advance of lc. on linseed oil on higher seed. grub 10. higher was asked; quoted at 110. for good 60 and
Stocks on hand are small. Leading crushers were quoting over country hides; all weights, lle, selected, delivered Chi$1 09 for March-August raw oil in carlots, cooperage basis. cago, for good average lots.
Cocoanut, Ceylon bbls. 103'c. Cochin, 103c. Corn,
OCEAN FREIGHTS have been 11 to 12e. on grain to
'
edible, 100-bb. lots, 13qc. Olive, $1 25 to $1 30. Soya Rotterdam, 12c. to Hamburg, 93' to 10e. to Antwerp,
bean, crude tanks, 11%c. Lard, prime, 19%c.; extra 10e. to Bremen, 13c. to the French Atlantic. Grain tonnage
strained, New York, 153c. Cod, domestic 62c.; New- was prominent in the business. Sugar space was also in
foundland, 64c. Spirits of turpentine, 91A to 943c. considerable demand. Petroleum trade was slow. Later
Rosin, $8 05 to $10 50. Cottonseed oil prices fell with the in the week general business fell off.
demoralized grain markets, though oil markets rallied later.
CHARTERS included grain from St. John's to West Italy, 213. c:prompt;
July oil was switched to September at 28 points. Refiners crude from Tampico to north of Hatteras. 39c.; grain from South AustralisVictoria to Mediterranean-United Kingdom-Continent. 10% option 45s..
said that it was impossible to buy crude oil under 10c. Cash April 1-15; lubricating oil from Gulf to Antwerp, 29c.. Rouen, 30c.. to
trade was fair. May lard was 546 points over May oil. both, 31c.. May-June; grain from Gulf to Antwerp-Hamburg-Bordeaux.
153c.,
New York cleared 4,907,000 lbs. of lard and no cotton oil oil from March; grain from Montreal to Hamburg-Rotterdam. 15c.; gas
United States Gulf to Messina, 308., with options. April-May:
on March 17. Cottonseed oil sales to-day, including exude from United States Gulf to north of Hatteras, 32c., April.
switches, 10,900 P. Crude S.E. 10 nominal. Prices closed
COAL has been quiet and in the Middle West prices have
as follows:
declined. Stocks at Hampton Roads were still heavy.
11.0011.601May
11.5411.551August_ _ _12.13§12.14 Not only soft coal but anthracite meets with only a light
Spot
11.70 11.80 September.12.26 12.27
March__ _ _11.20 11.40 June
quite spring11.25@11.40 July
April
11.95@11.98 October__ -11.81 11.95 demand, with the weather of late at times
An adjustment of
PETROLEUM.-Gasoline was in better export demand like here, i. e., 67 degrees on Thursday. and No. 1 buckfor chestnut
and firm. At the Gulf, U. S. Motor was quoted early in prices is expected before long
wheat,.owing to the new re-sizing plan. Some operators,
the week at 133.1.c. and 64-66 gravity at 173c. Locally it is said, have already ordered the changes. In ten days
/
U. S. Motor was held at 143 0. but business co ld be done,
anthracite prices are expected to be reit was said, at 143c., refinery, on a firm bid. In tank or so, if not sooner, the railroad companies, on domestic
cents, by
duced
3
cars 15%c. was asked. Kerosene has been quiet but steady. sizes. 50 smaller output at the West has not prevented
A
At local refineries water white was quoted at 73c., while
there. Here at the East bituminous has been
/
/
at the Gulf 63 0. was asked and 53 tc. for prime white. lower prices more or less depressed.
Export inquiry has been more active of late but aetual sales irregular and
TOBACCO has been as a rule quiet, though at times the
were small. Diesel oil has been rather quiet but steady at
$2 35 a bbl. in bulk local refineries. Bunker oil of late was monotony has been broken by a fair if fleeting degree of
in rather better demand and well maintained at $1 80 for activity. Some look, however, for better things before long,
samples of the new crop Sumatra arrive. A fair
grade C at refinery. The Ohio Oil Co. advanced Sunburst when .
crude 20c. a bbl. to $1 40 a bbl. Gulf Coastal crude prod- trade is expected. At present buyers are plainly disinclined
ucts have been in good demand and firm. No other changes to do much. Prices in general are reported to be without
in crude prices were reported. The Standard Oil Co. of quotable change. Joseph W. Alsop, President of the ConNew Jersey cut gasoline export prices lc. a gallon and made necticut Valley Tobacco Growers' Association, recommended
a similar reduction in the tank wagon price throughout its to directors that his salary be reduced from $30,000 to $20,000
territory. The Gulf Refining Co. met these reductions annually, and it was done. All departments are now funcwhile the Standard Oil Co. of Louisiana lowered the tank tioning smoothly. He added that the 1924 crops of Havana
wagon price lc. a gallon. The Standard Oil Co. of New seed and broadleaf cannot yield satisfactory returns.
COPPER as a rule has been quiet and easier. Early in
York cut the tank wagon price to 20c. a gallon to-day.
New York refined export prices: Gasoline, cases, cargo the week 143c. was generally quoted, but there were
lots, U. S. Navy specifications, deodorized, 29.15c.; bulk, intimations that business could be done in some quarters
per gallon, 15c.; export napthaha, cargo lots, 17.75c.; 62-63 at 14%e. The e.i.f. prices for export ranged from 14.55 to
degrees, 19c.; 66-68 degrees. 20.50c. Kerosene, cargo 14.65e., European ports London prices have been deelin-
1496
THE CHRONICLE
[vol.. 120.
Ohio
Pennsylvania fine delalne, 85 to 66c.: Ohio and Pennsylvania
ing, and this, together with the drop in the stook and grain ea loc and4ft13
bn i ,5 1 61,;;Ohio and Pennsylvania blood.IV to f,4g.TwilegrL
l is
markets, has imparted a weaker tone to copper. Consumpmedium
el a e. il . o
clotg1431 55 2
$1 4 W
431:11%
tion, however, is still heavy. Brass and wire mills in the 81 47; medium to $1 32;'Texas,tir$1 bails, fine 12eitcplcon$14g to $1 45;
h blood, $1 27
months, 63 $1 es:
clean
Connecticut Valley are operating 6 days a week. The output nulled, scoured basis. A super. 81 42 to $1 47: B,31 22 to $1 27; C.Si 02 to
Australian. clean basis.
S1 07; domestic,
of copper for February by the mines of the United States, In bond, 64-70s. mohair, best combing,85 to 90c. carding, $1 30 to SI 35;
combing. $1 45
together with custom ores treated at smelters, amounted to 58-60s, $1 20 to $1 22; 568. II 05to $1 50; 64-70s, to 90c. Buenos Aires,
to 5110; 50s, 85
Lincoln
ease basis,
69,386 short tons, against 74,358 in January and 67,647 in 70:3). 46 to in bond, HI (46-48s).52 to 54c.: IV (41s). 50 to 51c.: V to 68c.;
1
47c. Montevideo. grease basis, in bond. 58-60s, 66
December. The Porphyry mines produced in February .
(563) 63 to 64c.• II (508). 58 to 59c.: III (46-488). Si to 54c. Cape.
26,576 tons, against 29,178 in January and 27,267 in Decem- clean basis. In bona, best combings. $1 35 to $1 45: average longs. $1 25
ber. Lake mines produced 5,516 tons, against 5,913 in to $1 35: best shorts, $110 to 81 20.
In Boston trade has been slow at the recent decline. The
January and 5,758 in December. Vein mines, 33,315 tons,
against 35,252 in January and 32,030 in December. Late rail and water shipments of wool from Boston from Jan. 1
:
in the week the price dropped to 1434c. for prompt shipment to March 12, inclusive, were 35,936,000 pounds against
and 14%e. was more frequently quoted for May-June ship- 41,039,000 for the same period last year. The receipts from
ment. For export, 14.15c. f.a.s., New York, was bid and Jan. 1 to March 12 1925, inclusive, were 75,089,500 pounds,
14.20c. asked. At London on the 18th inst. standard against 70,523,200 for the same period last year.
In Boston quotations were as follows:
copper declined 7s. 6d. to £62 10s. for spot and £63 12s. 6d.
Ohio and Pennsylvania fleeces: Delaine unwashed,
for futures; spot electrolytic dropped 10s. to £67 10s. and combing, 60 to 61c.: h-blood combing, 67 to 68c. 64 to M.*, h-blood
Michigan and New
futures 5s. to £68. Later in the week a better buying York fleeces: Delaine unwashed. 62 to 63c.; %-blood unwashed, 59 to
67c.; h-blood unwashed,
interest developed and the market was firm at 143,4c., 80c.: h-blood combing. 66 to New England h-blood, 6468e. to 67c. Wls,
consin. Missouri and average
to 65c.; h-blood.
delivered in the valley. There were good inquiries for third 65 to 66c.: h-blood,65c. Scoured basis: Texas fine 12 months (selected).
Si
fine 8 months, Si 35
quarter but producers were not inclined to sell so far ahead. 51 60: middle county. $1 38 toto Si 40. California, northern, $1 55 t
57:
$1 40: southern. SiSI 30 to $1 35. Oregon.
Sales were reported to Germany of late, but export business Eastern No. 1 staple, 51 55 to 51 60; fine and fine medium combing,
51
to
$1 50; eastern clothing,
Si 37; valley
on the whole has been rather light. The American Brass 81 45 toMontana. &c., fine staple51 35 to51 60: %-bloodNO. 1. 51 35 45
combing, $1
4
Co. reduced prices of its products 3.i, to 343. Bare copper to 4e.48: %-blood combing. $1 25choice,30: h-blood combing, 5115 to
$1
to 51
Si 20. Pulled delaine, 8169 to Si 60; AA, $1 55 to $1 58; fine A supers,
wire was reduced 3ic.
$1 40 to 51 45; A supers, 81 35 to SI 37. Mohair, best combing, 85 to
TIN declined to the lowest price seen for months, i. e., 90c.: best carding. 75 to 80c.
52Nic. London, too, has been declining. Tin plate is in
London cabled that the lower prices had probably brought
good demand and can makers are asking for rush shipments a more stabilized basis and if this proves to be so buyers will
London on the 18th inst. tin fell regain confidence and buy tops and yarns. The trade think
on their contracts. At
10s. Standard was quoted'at £240 15s. for spot and £244 10s. that nothing warrants a further decline in either merinos or
for futures. Spot Straits were quoted at £246 15s. East- crossbreds. At Timaru, New Zealand, on March 12, 4,900
ern c.i.f. London fell £2 to £247 on sales of 150 tons.
bales were offered, of which 3,900 were sold; selection not
LEAD was quiet but steady. Most of the buying was very good and demand not urgent. Prices compared with
for prompt shipment. Spot New York 9c., East St. Louis the last sale on Jan. 31 show merinos 15 to 20% lower and
8.70 to 8.75c. Lead ore sold at $115 per ton in the Tri-State crossbreds down 734 to 10%. In London on March 13
district. Production of pig lead fell off a trifle in February, some 6,772 bales were sold at the following prices:
New South Wales, 1,472 bales: Scoured merinos. 35 to 55hd.; crossevidently owing to the lower prices prevailing. Later on
46hd.; greasy merinos, 14 to 35d.: crossbreds. 11 to 29d.
prices declined. The New York price was cut from 9c. to breds, 26 to 1,182 bales: Scoured merinos, 40 to 58hd.: crossbreds, 35 to
Queensland,
8.%O. on offerings by second hand sellers. In East St. Louis 42d.: greasy merinos. 19 to 33d.: crossbreds. 15 to mi. Victoria. 469
bales: Scoured
crossbreds.
8.65c. was said to have been shaded. Production in Febru.. merinos, 15 to merinos. 42 to 62344.; 27d. West 24 to 48hd.• greasy
36d.• crossbreds, 12 to
Australia, 28'5 bales:
ary by countries which in 1922 furnished 80% of the world's greasy merinos, 24 'to 34344.; crossbreds, 15 to 21hd. New Zealand,
Scoured merinos, 28 to 43544.: crossbreds, 16 to 38d.;
total was 98,385 tons, against 103,973 tons in January, 3.126 bales: to 33d.: crossbreds, 10h to 29344. Cape Colony. 238greasy
merinos. 15
bales:
100,597 in December and 98,532 in November. In London Crossbreds, 15 to 32d.
on the 18th inst. there was a decline of 78. 6d. to £36 17s. 6d.
In London on Mar. 16 some 8,241 bales were sold at the
for spot and £35 10s. for futures.
following prices:
.
ZINC, like other metals, has been quiet and lower. TheNew South Wales, 2.116 bales: scoured merinos. 28 to 57d.; crossbreds,
Queens20 to
weakness in London has also contributed to the depression land. 36hd.; greasy merinos. 18 to 31d.: crossbreds. 13 to 27d. to 44d.:
1,381 bales: scoured merinos, 30 to 55hd.; crossbreds, 34
here. Zinc ore was strong at $54. Export sales were very greasy merinos, 20 to 33d.; crossbreds. 16 to 27344. Victoria, 1,701 bales;
merinos. 17 to
crossbreds. 18
scoured
small. Spot New York was quoted at 7.60 to 7.65c. East 40hd.; merinos. 25 to 62d.;33%d. South to 47344.: greasy bales; scoured
Australia, 340
crossbreds, 13 to
St. Louis 7.25 to 7.30e.
merinos,40 to 49d.;greasy merinos. 20 to 31 hd. West Australia,484 bales;
merinos. 19 to 344.; crossbreds, 16 to 24344. New Zealand, 1.532
STEEL has been less active in most fields. Finished steel it'reasycrossbreds. 19 to
Dales;
greasy merinos, 15 to 31d.; crossbreds,9% to
is more difficult to sell. This applies to merchant pipe and 25hd. Cape Colony, 35d.;bales; greasy merinos. 13% to 2430.• cross485
as to many others. There has been to all brs,11 to 23d. Norway, 202 bales; greasy crossbreds. 17 to 17)i'd.
oil goods as well
In London on Mar 17 some 9,825 bales were sold at the
appearance no decrease in the steel ingot output and shipments make no bad showing. Nor does it appear that stocks following prices:
New Routh Wales, 1,176 bales: scoured merinos. 35 to 52%d.; cross.
at the mills are burdensome. But the output is 25 to 33 1-3%
26hd.
16 to 32hd.;
larger than the consumption. That is a bar on aggressive breds, 25 to 40d.: greasy merinos,merinos, 42 tocrossbreds. 11 h to32h to
54d.; crossbreds,
Queensland, 1,369 bales: scoured
buying. Buying for the second quarter halts, even at a 49d.: greasy merinos, 20 to 32d.; crossbreds, 11 to 24hd. Victoria, 250
South Australia,
bales: greasy merinos, 18 to 36(1.; crossbreds,
time when ordinarily preparatory contracting would be on a 82 bales: crossbreds. 17h to 2734d. West 15 to 27d. 428 bales: greasy
Australia.
larger scale. Caution is the word this year. Possibly pur- merinos. 19h to 35344. Tasmania, 156 bales: greasy merinos,26 to 39 M.:
to 28d. New
chases were overdone in the first quarter. That is purely a crossbreds. 15hmerinos, 17 to Zealand, 4,326 bales: crossbreds, 15h to
35hcl.• greasy
31h; crossbreds. 10h to 2730. Cape
matter of conjecture. What is plain is that new business Colony',580 bales: greasy merinos, 16 to 22d. Falkland Islands, 1,458 bales:
On export business it is intimated that greasy merinos, 15 to 2430.; crossbreds, 12h to 22344.
has lacked snap.
In London on March 18 7.749 bales sold as follows:
prices have been sharply cut to meet aggressive foreign cornScoured merinos, 32 to 52d.; crossbreds,
petition. The Eastern seaboard has been importing steel 22New South Wales, 822 bales: 37d.; crossbreds, ii to 29d. Queensland,
to 47d.; greasy merinos, 16 to
plate ends on quite a liberal scale. They have sold at 1.208 bales: Scoured merinos, 50 to 61%d.• crossbreds, 40 to
Victoria, 1.214
to
50 to $38 per ton at tidewater. Even Omaha has been greasy merinos, 1835 33d.: crossbreds, 16h to 27(1. 444.; greasy 54.;$37 bales:
to
Scoured merinos,
crossbreds, 29 to
buying European structural steel. Milwaukee has had offer- 14h to 37d.; crossbreds, 12h to33d. South Australia, 252 bales:merinos,
Scoured
58344.•.
crossbreds. 18 to 35d.; greasy
ings of foreign reinforcing bars. Domestic manufacturers merinos, 30 to 46d.• bales: Greasy merinos, l'7% tomerinos, 16 to 29d.
West Australia, '
35544. Tasmania,
of 50% to curb steel im- 46 bales: Scoured329
may ask for an increase in the duty
merinos. 40 to 46d.; crossbreds. 24 to 35d.; crossbreds,
ports. Whether they will get it is another matter. The 1134 to 27d. New Zealand. 2,951 bales: Scoured merinos, 36 to 49304
to 2050. Cape
criticism. Meanwhile, crossbreds. 20 to 33d.; cro.ssbreds, 13merinos. 15% to Colony, 616 bales:
increase would give rise to popular
Scoured merinos. 39 to 55d.• greasy
27344.- crossbreds.
automobile makers are taking considerable quantities of 15 to 29d. Punta Arenas. 3'11 bales: Greasy crossbreds, 15 to 29d.
was whetted by the recent
In London on March 19 9,423 bales sold as follows:
sheets and strips. The demand
New South Wales. 2.574 bales; scoured merinos. 32 to 55d.; crossbreds,
drop in full finished sheets to 4.40c. per lb. at Pittsburgh.
bridges and 25 to 42d.; greasy merinos, 18 to 32344.; crossbreds, 10 to 26h'd.• QueensRailroads are buying more structural steel for
land, 1,578 bales; scoured merinos, 40 to 564d.; crossbreds, 32 to 46d.:
are taking a greater or less quantity of rails and track equip- greasy merinos. 20 to 33d.: crossbreds. 18 to 28hd. Victoria, 502 bales;
no
1
ment. On the whole, aside from auto and railroad buying, scoured merinos,12h sales; crossbreds, 20 to 41d. greasy merinos, 19 to
to 254. South Australia, 250 Dales: scoured merinos,
38d.: crossbreds,
trade is nicking its way with a certain caution.
no sales: crossbreds, no sales; greasy merinos, 17 to 29%d.; crossbreds,
quarters is perhaps 13 to 25344. West Australia. 1.215 bales; scoured merinos, 44 to 54d.:
ro PIG IRON has been quiet but in some
crossbreds. 29 to 39hd.; greasy merinos, 16 to 31d.: crossbreds, 10 to
a little steadier now. Imports seem to be dying down. It 27344. Tasmania, 629 bales: scoured merinos. no sales; crossbreds, no
merinos, 26 to 41)0.; crossbreds, 15 to 3430. New Zealand.
is' true that nearly 1,000 tons of foundry iron have arrived galas; greasy scoured merinos, 39 to 45d.;
18alas:
crossbreds, 28 to 38hd.•. greasy
from Calcutta at New York this week. It is said, however, 2,170
merinos. 18 to 31c1.; crossbreds, 13 to 25d. Cape Colony, 256 bales;
merinos, 44 to 57d.• crossbreds, 27 to
that Atlantic seaboard stocks of foreign iron are not heavy. scoured crossbreds, 19 to 21a. Punta Arenas, 38d.• greasy merinos, 71 to
bales; scoured merinos,
Some business in Buffalo iron is reported at $21 50 at the 27544.; crossbreds, no salts; greasy merinos,249 to 31d.; crossbreds, 17
no sales;
21
furnace with New England the buyer. The inference is to 28,hd.
Boston wired March 19th:
that eastern Pennsylvania would have had to modify the
Some domestic wools are offered at lower prices. Half blood combing
$23 quotation in business with New England. Southern
have
as
produced in
iron, it is said, has sold down to $20 50. That is $1 under fleeces, such lastthoseor two at 62c.Ohio and Pennsylvania,VIM thebeen
top
day
available the
in the grease, but 61c.
the recent nominal quotations. On the whole, there has price offered. Both % blood and 31 blood combing are quoted at a lower
sales have not been consummated. A limited amount
been a lack of new and very striking features in the pig iron range butstock has changed hands on the low side of the recent of staple
range of
territory
trade. It seems to be for the most part in a waiting attitude. quotations. Half blood combing staple quoted at 51 30 to Si 35 clean,
blood combing has
at
lots are to all appearance being sold at recent quota- hasamovedof a little below this figure. Low X amount of stock. sold
Small
tions. But when it comes to larger tonnages the impression, on basis 90c. clean, this market, for a limited
At Sydney, Australia, on March 16 the finest grades sold
rightly or wrongly, is that not infrequently quotations are
freely. Demand good. Prices were the best since the sales
in order to get the business.
shaded
Pe WOOL has been dull and rather weak in sympathy with reopened, any tendency to change being upward. A good
recent declines at foreign sales, English, Australian and clearance was made. The highest prices were 36%d. for
greasy merinos with 293/2d. for comeback and 25d. for crossNew Zealand. Here quotations are nominally as follows:
1497
THE CHRONICLE
MAL 21 1925.]
bred. At Melbourne March 16, 4,302 bales were offered exports were 74,911 bales. For the season to date aggregate
with a good demand. Prices firm, comparing well with exports have been 6,657,464 bales, against 4,429,464 bales
the rates at Geelong last week. The chief buyers were for in the same period of the previous season.
Below are the exports for the week:
Attendance very good,
America, Japan and Yorkshire.
prices firm. The Continent did little. Ballangeich super
Exported to
id. W. W. Beechworth merinos at
comebacks sold at 34 W
Week Ended
3350. and Carabost merinos at 293/2cl.
GerJapan&
Mar. 20 1925. Great
At Melbourne on March 17 3,400 bales were offered and Exports from Britain. France. many. Italy. Russia. China. Other. Total.
17,405 14.370 86,616
14,093 19,732 17,780 3,230
3,000 sold. Demand better. America bought freely. Galveston
7,750 41,841
9,313 19,545 5,233
Bradford bought comeback greasy and crossbreds. The Houston
12,521
8,200
1,029 31,252
New Orleans___ _ 9,502
Continent did little. Prices were firmer, but compared with Mobile
515
2.505
3,020
100
100
Pensacola
close of February series, 5 to 7M% lower. Boston thought Savannah
21,297
8,505 1.242 11,550
Sydney reports were a little more encouraging and stated Charleston
3,345
3,345
600 9,980
2.280
7,100
that good wools were firm. Geelong's opening showed Norfolk
600 4,577
New York
merinos 5% or more lower. However, there was some Philadelphia _ _ _ 593 656 1,750 978
32
300
332
990
990
improvement at the close. Melbourne advices showed a Los Angeles
4,334
4,334
San Francisco
rather better tone with American buying and prices about Seattle
500
500
the same as March 13. On March 17 the Bradford wool
51.911 41,175 54,974 4,208 8.200 23,229 24,481 208,178
Total
market was steadier, although business is still quiet. The
immediate future depends on the course of the London Total 1924
4,898 14,723 27,922 3.950 8,673 6,525 8,220 74,911
15,063 5.044 44.078
7,472 6,990
9.509
Total 1923
auctions.
Perth sales scheduled to take place March 17 were postExported toFrom
.
poned until April 26, when 22,500 bales will be offered. Na- Aug.1 192410
Ger.Great
pier, N. Z. reported 12,600 bales offered on the 19th inst., Mar.20 1925 Britain. France. many. Italy. Russia. Japan& Other. Total.
China.
Exportsfromof which '
10,100 bales sold. Good demand. Prices on
22.250
Galveston.-wanted coarser wools compared with sales at Dunedin on Houston.- 696,032 368,869 520.645 222.161 36,500 313,895 356,338 2,500,190
90,676 129.033 1.535.607
492,178 292,033 366.894 128,293
8,760
.8,034
Mar. 9 as follows:
16,794
Texas City__
Crossbreds 50-568 at Napier on Mar. 19. 223id. to 24d.. against 19d. to
to 2310.,
25d. at Dunedin on Mar. 9: 48-50s at Napier on Mar. 19.
16d.
against I8d. to 24d. at Dunedin on Mar.9. 46-48s at Napier,16d. to 2214d.,
against 18d. to 2214d. at Dunedin: 44-46s, 16.3. to 20Sid. at Napier, against
,
1734d. to 2014d. at Dunedin: 40-44s. 1414d. to 18 4d. at Napier, against
14d. to 17d. at Dunedin; 36-40s, 13d. to 16d. at Napier.
COTTON
Friday Night, March 20 1925.
THE MOVEMENT OF THE CROP, as indicated by
our telegram; from the South to-night, is given below.
For the week ending this evening the total receipts have
reached 148,871 bales, against 185,061 bales last week and
199,633 bales the previous week, making the total receipts
since Aug. 1 1924 8,282,002 bales, against 5,860,399 bales
for the same period of 1923-24, showing an increase since
Aug. 1 1924 of 2,421,603 bales.
Receipts atGalveston
Houston
New Orleans
Mobile
Pensacola
Jacksonville
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
Sat.
Mon.
Wed.
Tues.
Thurs.
Fri.
Total.
2,197 36.164
---- 46,438
4,000 31.964
763 3,909
100
-5
-5
,04 1.5I8 1,820 12.109
2,ii3 2,i8O 2,a18 2
703 4,861
701
445
612 1.259 1,141
110 2,881
150
247 1,876
239
259
958 1,871 7.857
938
1,024 1,404 1,572
----------------150
,.
150
__206
23
150
-----33
--------------------2,166 2.186
61
7.000 5,468 10.169
3:209 25,107 14.819
3,204 6.958 6.762
241 1.197
756
4.841
____
6,569
225
6.489
3,303
4.471
727
100
-
qw.i.thisi week_ IR.201 SRAM R7.0I2 17.718 18.240 13.635 148.871
The following table shows the week's total receipts, the
total since'Aug. 1 1924 and stocks to-night, compared with
last year.
1024-25.
Receipts to
March 20.
1923-24.
This Since Aug This Since Aug
Week. 1 1924. Week. 1 1923.
Galveston
36,164 3,447.082
62.126
Texas City
46,438 1,569,919
Houston
Port Arthur, &c_
31,9641,714,287
New Orleans
Gulfport
3.909 137,484
Mobile
10,906
100
Pensacola
3,225
5
Jacksonville
12,109 569,340
Savannah
539
Brunswick
4,861 226.336
Charleston
Georgetown
2,881 119,376
Wilmington
7.857 341.676
Norfolk
N'port News, &c..
21.237
150
New York
206
31.659
Boston
25.790
2.166
Baltimore
1,040
61
Philadelphia
1411 R7I R 2R2 (102
........1.
Stock.
1925.
1924.
13.4502,870,164 352,725
9,024
18.606
18,235 984,578
188,794
41
12,130 1,076,689 284,780
137,251
1,551
51
7,025
9.235
2,279
49,393
11,227
3,598
335,581
880
166,090
862
44.736
130
32.805
2.533
39,024
37
25.675
155
2,429
112.871
371.130
42,175
81.696
13,306
69,266
8.488 207,104
27,502
1,572
1,361
22,411
1,191
3,732
153.805
5,570
1.828
3,225
Mg Mn
3,971
330
1,913
377
M.871 5 RAO ROO 1 ma 724
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1924-25. 1923-24. 1922-23. 1921-22. 1920-21. 1919-20.
Galveston__
Houston, &a_
New Orleans_
Mobile
Savannah __._
Brunswick _
Charleston
Wilmington Norfolk
N'port N.,arc.
All others_ --
36,164
46.438
31,961
3,909
12.109
13.450
18,235
12.130
1,551
3,971
25,025
788
15,143
15,639
4.811
2,881
7.857
2,279
155
2.429
4.343
1,110
3,323
39.540
996
21,843
3,022
19,339
550
4,100
2.153
5.071
2,688
2,671
3.273
6,077
28,878
34.304
12.981
6,013
17.56131,847
672
3,929
4,976
20.713
6.000
989
3,032
1,881
3.259
4,000
5.601
37
38
943
4.232
68,644 102,691
72,898 118.988
56.871
Total this wk_ 148,871
.....,• 1 g 2R2.002 5.860.399 5.095.088 4.511,050 4.715,477 5.824.227
The,exports for the week ending this evening reach a total
51,911 were to
of 208,178 bales, of which Germany, 4,208 Great Britain,
to Italy, 8,200
41,175 to France, 54,974 to
24,481 to
to Russia, 23,229 to Japan and China, and last year other
total
destinations. In the corresponding week
New Orleans. 431,674 69.378 177.569 126,518 48,013 109,066 95,735 1,057,953
35,148
500 31,667
15
1,100 68.430
Mobile
1,278
60
Jacksonville_
1,338
590
745
325
Pensacola......
6,782
8,442
21,600 9,978 404,778
Savannah_;.. 165,890 8,331 195,282 3,697
25,500 11,724 172.068
Charleston._
77,354
216 57,274
23.066
31.439 9,800
64,305
Wilmington_
4,000 1,400 192,983
99,215
435 87,933
Norfolk
6,181 52,205 356,524
New York.. 136,549 33,868 87,555 39,166
4,391
4,410
55
Boston
8,856
150
150
Baltimore..
114
191
617
5,101
Philadelphia.
4.129
50
14,619
506 53,505
Los Angeles. 37,080 1,300
23,010
San Diego.... 22,410
600
109,803
109,803
San Francisco
77,475
152 77,627
Seattle
Total
2,242,955 775,784 1565283 529,700 106,763 773,415 663.564 6,657,464
Tot. 1923-24 1,469,269 587,545977.282 413.219 18,631 497.174 466,344 4,429,464
Tot. 1922-23 1,216,909 523,259 718.800 388,202
290 446.844 493.017 3,787,321
NOTE.-Rxports to Canada.
-It has never been our practice to Include In the
above table exports of cotton to Canada. the reason being that virtually all the
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view, however,
of the numerous inquiries we are receiving regarding the matter, we will say that
for the month of February the exports to the Dominion the present season have
been 17,373 bales. In the corresponding month of the preceding season the exports
were 12,424 bales. For the seven months ending Feb. 28 1925 there were 132,533
bales exported, as against 104,290 bales for the corresponding six months of 1923-24,
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
On Shipboard. Not Cleared for
Great
Ger()tier CoastMarch 20 at Britain. France. many. Cont'nt. wise.
Galveston
New Orleans_
Savannah
Charleston
Mobile
Norfolk
Other ports*
12,832
2,193
5,000
Leaving
Stock.
7.500 53,432
353 36.889
500 5.500
369
369
500 3.545
299,293
23479:823961
-866 11;666
2 4,99
81 6 6
5 5
7
Total 1925_ 25,625 13,333 16,702 45,353 9.722 110.735
Total 1924_ 11,042 9,300 12,712 34,061 4,700 71,815
Total 1923_ 6,149 7.288 10,370 41.173 11.950 76,910
*Estimated.
958.989
577,775
586.546
6,500
5,333
8,600 18,000
5.602 23,408
____
Total.
1,800
4.000
1.500
2:8645 2;8615
32,436
3.480
Speculation in cotton for future delivery has recently been
large. Some large concentrated holdings were absorbed in
three days. Yet cotton, after bending under such a weight,
speedily recovered and advanced beyond last Friday's closing price. Cotton was an illuminating exception to profound depression in grain and the sharp declines in stocks.
On a single day wheat fell 5 to 8c.; on another 14c. Yet cotton, on the whole, stood up well. When stocks gave way on
Tuesday 3 to 7 points, cotton was not very much affected.
But the break In wheat and stocks combined had a Cohering
effect on all markets. Yet the technical position is much
better than it was recently. As some figure it, fully 350,000
bales of long cotton, much of it concentrated in a few hands,
were liquidated in a few days recently on a break of $4 to
$4 50. Some prominent operators are supposed to be looking
for lower prices and to have traded accordingly. The market may yet, it is suggested, become as much oversold as it
was recently overbought. It is well known that a good-sized
crop is apt to become oversold. That is as much of an axiom
as the one that says there is tendency to overbuy a small
crop. The recent liquidation was well taken. In some directions the market is believed to be heavily short. Palm
Beach, it is believed, has been endeavoring to dislodge big
grain and stock and cotton holdings. The selling has
strengthened the technical position of cotton. Politics at
Washington were cited early in the week as a disturbing
feature. The Senate might counter on the President by
opposing his policies; might pass undesirable legislation;
it often seems out of touch with the people. All this was
for the moment. The nomination and prompt confirmation
of J. G. Sargent as Attorney-General cleared the atmosphere. People talk less about politics, rather less even
about stocks and grain, though not ignoring them by any
means.
1498
• As to rains in Texas, if they should come now they would
have to be rather prolonged to supply the necessary subsoil
moisture. Mere surface moisture will not do. That is true
of Texas and the Southwest. Of course, it is too early to
dogmatize about the probable crop there or elsewhere. In
the eastern belt the fear is that the weevil emergence may
be seriously large. South Carolina reports are not reassuring. Heavy rains during the past winter, with no prolonged,
or as a rule, no very severe cold weather, have, it is feared,
fostered it. What with drought west of the Mississippi
River and adverse conditions to the eastward, the crop, it is
feared, will start under a rather serious handicap.' Of
course, that would aggravate the effect of a small carry-over
which pretty much everybody now seems to expect. On the
16th inst. the Alexandria, Egypt, market was up about 300
points and the Liverpool market advanced 105 to 130 English points on Egyptian cotton in one day. Since then there
have been further advances. East Indian advanced. Also,
Liverpool has shown not a little steadiness. American interests have been buying there as well as the trade. Manchester has had a better demand of late for both yarns and
cloths. On the Continent of Europe textile interests are
improving. France, Germany ahd Italy all send encouraging reports. Their mills are busy. In Italy business is
large, both in cotton and woolen textiles. The Italian trade
is growing at such a rate that it is now proposed to establish a Cotton Exchange for trading in cotton futures, presumably at Milan. It will be a convenience for hedging, etc.
Russia is buying cotton or has been at New Orleans. That
market has also, it is said, sold freely of late to England and
Germany. The exports from the United States make an
impressive showing. Thus far in March they are well ahead
of the total of all of March last year. March exports this
year may prove to be the largest for that month since the
ending of the war. There are those who believe that the
total for the season will reach or exceed 8,000,000 bales. The
consumption is large. That seems to be a fact beyond controversy. Spot markets in the main have been well sustained, even if now and then they have given way somewhat
and sales are not as large as they were recently. As to that
it seems that offerings are smaller. The higher grades in
particular are hard to buy. The basis has been strong.
From day to day have come reports that it was the highest
of the season at this, that and the other markets of the
South. At times Liverpool has been a buyer here. The
principal buyers, however, have been the trade and shorts.
Southwestern spot houses have been buying May, if not
other months, steadily. The mills are daily fixing prices.
Before long, it is believed, English mills will begin to do the
same thing. There were reports that 20,000 bales of the
New York stock would soon be shipped out. The rejections
thus far by Government inspectors of New York stock as
below % of an inch in staple are negligible. In other words,
thus far the character of the stock has been vindicated in a
manner most reassuring to the trade.
On the other hand, speculation has died down. People are
afraid of rain. They fear the grain and stock markets.
They consider it purely problematical what they may do
next. The sharp decline in stocks, the St. Paul receivership,
the great debacle in the grain markets have all tended to
call a halt on aggressive speculation for a rise. The big
tornado at the West was talked of in Wall Street as something that might affect business to a certain extent, as 26
towns were damaged, some practically destroyed, and many
persons either killed or injured, and the property damage
was very heavy. Some people were in mood to take note
of these things which ordinarily might simply evoke nothing
more than expressions of regret. Some have been inclined
to sell cotton. There had been advance of about 60 points.
It was a narrow market. Three dollars a bale in such a
market looked like a pretty large advance. At any rate there
was considerable scattered selling here on Thursday. The
South sold freely. That included Texas. Apparently some
large Southwestern interests have recently been liquidating
cotton and are either continuing to do so 'or else have
changed to the short side. There was some talk, too, about
the forthcoming report on the ginning up to March 20. Some
private reports during the week were that it had reached
13,615.000 to 13,643,000 bales. There were intimations that
It might go as high as 13,700,000, in contrast with the Government December crop estimate of 13,153,000. Some on
Thursday were inclined to hold aloof, awaiting the Census
report to-day on this subject. And although the rains thus
far in Texas have been insufficient, the general idea is that
sooner or later, perhaps before very long, copious rains will
occur in that State and produce sufficient subsoil moisture to
change the outlook radically for the better. Meanwhile,
also, there is a certain amount of hedge selling by the South.
Powerful interests in Wall Street and Florida, as already
intimated, are believed to be against the market. They
have been successful on the bear side of grain and stocks.
Apparently they see no reason why they should not be successful on the short side of cotton. So the matter stands.
The immediate future of prices hinges largely on the question of the weather in Texas and the great Southwest, not
forgetting the Stock Exchange and the Chicago Board of
Trade. Some take the ground that is too early to bull the
market; March considerably antedates planting, and 26c.
has been a Rubicon line not to be passed. That alone seems
to have caused the recent big selling. Neither serious
[Wu 120.
THE CHRONICLE
drought nor big exports could push the price up further;
they had become burnt powder. Outside speculation was not
there.
To-day prices declined 1 to 11 points at first, with the
ginning total 13,630,608 running bales, or 13,618,751 of gross
weight of 500 lbs. each. Some sold on this, but most people
had taken it for granted, regarded the matter as discounted
and gave it practically no attention. Later on prices ran up
some 30 to 40 points on big spinners' takings for the week,
decreasing world's stocks and a rise in stocks and grain.
Also, spot markets were higher. The basis was very firm.
Exports made a good showing. They are not only far ahead
of this date last year but of the whole of last year, and especially of the year before last. Liverpool was firmer and its
spot sales were up to 9,000 bales. Manchester was more
active. Mills and spot houses were buying here. Old bulls in
Wall Street and uptown were said to be rebuying. On the
other hand, the outside public is not in cotton. Fall River's
sales of print cloth for the week were only 45,000 pieces and
Worth Street of late has been dull and lower. Fertilizer
sales in the Atlantic States begin to increase according to
private advices. But there was no relief to the Texas
drought and the closing here was steady at about the top of
the day. The net advance for the week is 35 to 45 points.
Spot cotton closed at 25.95c. for middling, an advance for
the week of 45 points.
The following averages of the differences between grades,
as figured from the Mar. 19 quotations of the ten markets;
designated by the Secretary of Agriculture, are the differences from middlings established for deliveries in the New
York market on Mar. 26 1925.
Middling fair
1.01 on
Strict good middling
77 on
Good mtddling
.55 on
Strict miadling
34 on
Strict low middling
60 off
Low middling
1.43 off
*Strict good ordinary
9 47 off
*Good ordinary
3.57 off
Strict good mid."yellow' tinged.0.02 on
middling "yellow" tinged.. .34 off
Good
Strict middling "yellow" tinged._ .80 off
*Middling "yellow" tinged
1 48 off
*Strict low mid."yellow" tinged_2.44 off
*Low middling "yellow" tinged_ _3.53 off
Good middling "yellow" stalned.1.81 off
*Strict mid."yellow"stained.......2.11 off
Middling "yellow" stained
2 85 off
Good middling "blue" stained...1.44 tiff
Strict middling "blue"stained. _1.85 on"
*Middling "blue" stained
2.65 off
Good middling spotted
.12 on
Strict middling spotted
18 off
Middling spotted
81 off
Strict low middling spotted____1A2 off
Low middling spotted
243 off
Good mid, light yellow stained__ .88 off
*Strict mid, light yellow stained.1.40 off
*Middling light yellow stained_ __2.11 off
Good middling "gray"
49 off
*Strict middling "gray"
.88 off
*Middling "gray"
1.40 off
•These grades are not deliverable.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Mar. 14 to Mar. 20Sat. Mon. Tues. Wed, Thurs. Fri.
Middling upland
2540 25.45
25.60
25.65
25.60
25.95
NEW YORK QUOTATIONS FOR 32 YEARS,
1925
1924
1923
1922
1921
1920
1919
1918
25.95c.
29.00c.
31.1Cc.
18.40c.
11.55c.
41.25c.
28.45c.
34.30c.
1917
1916
1915
1914
1913
1912
1911
1910
19.05c.
12.05c.
9.05c.
13.45c.
12.60c.
10.65c.
14.60c.
15.15c.
1909
1908
1907
1906
1905
1904
1903
1902
9.65c.
10.65c.
11.00c.
11.15c.
8.30c.
14.50c.
10.15c.
9.12c.
1901
1900
1899
1898
1897
1896
1895
1894
8.44c.
9.88c.
6.19c.
6.12c.
7.38c.
7.94c.
6.380.
7.50c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns.
which show at a glance how the market for spot and futures
closed on same days:
Spot
Market
Closed.
Saturday___
Monday _-_
Tuesday
Wednesday_
Thursday _Friday
Total_
Futures
Market
Closed,
Steady, 40 pts. adv.. Irregular
Wet, 45 pts. dec.. Easy
Quiet, 15 pts. adv.,_ Steady
Quiet, 5 pts. adv.. Steady
Quiet, 5 pts. dec... Steady
Steady,35 pts. adv_ Very steady -
SALES.
Spot.
Contr't. Total.
7,900
500
900
800
7,900
500
900
800
10.100 10,100
,
-The highest, lowest ard closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday, Monday,
Tuesday, Wednesday, Thursday,
Friday,
March 14. March 16. March 17. March 18. March 19. March 20.
March
Range _ _ 25.24-25.58 25.08-25.58 24.92-25.30 25.32-25.48 25.16-25.43 25.42-25.60
Closing. 25.53-25.58 25.08-25.12 25.25 -25.32 -25.27 -25.60April
25.25-25.25
Range..
Closing. 25.85 -25.19 -25.30 -25.40 -25.38 -25.67May
Range.. 25.48-26.00 25.30-25.83 25.19-25.53 25.51-25.77 25.34-25.88 25.38-25.75
Closing_ 25.77-25.85 25.30-25.35 25.42-25.46 25.60-25.61 25.4925.72-25.75
June
Range..
Closing. 25.88 -25.42 -25.5525.73. -25,60 -25.88July
Range __ 25.75-26.20 25.54-26.05 25.43-25.79 25.77-26.05 25.57-25.93 25.65-26.04
Closing. 25.99-26.08 25.54-26.59 26.65.25.70 25.87-25.89 25.71-25.74 26.02-26.04
August25.22-25.76 25.27-25.33 25.56-25.58 25.63-25.63- Range.Closing. 25.70 -25.22 -25.27 -25.63 -25.4725.78 -SeptemberRange__ 25.85-25.85
25.47-25.55
- - -Closing _ 25.70 -25.25 -25.31 -25.51 -25.35 -25.59October
Range.. 25.22-25.67 25.08-25.5524.94-25.30 25.25-25.54 25.12-25.40 25.13-25.45
Closing. 25.50-25.55 25.10-25.13 25.16-25.21 25.3525.19-25.2225.43-25.45
November
- Range..
25.10Closing. 25.5425.15 -25.35 -21.19 -25.44December
Range.. 25.23-25.70 25.09-25.54 24.95-25.30 25.25-25.49 25.05-25.36 25.16-25.46
Closing. 25.57-25.58 25.10-25.14 25.14-25.15 25.35 -25.1925.45-25.46
January
Range._ 25.10-25.18 24.98-25.35 24.88-24.99 25.18-25.24 24.91-25.18 25.01-25.26
Closing. 25.4025.00-25.02 24.98 -25.18 -25.02 -25.28February
Range-Closing-
MAR. 21 1925.]
1499
CHRONICLE
T H 14'4
Range of future prices at New York for week ending corresponding periods of the previous year-is set out in
detail below:
Mar. 20 1925 and since trading began on each option.
Option for
-
Range for Week.
Mar. 1925.._ 24.92
April 1925_ _ 25.25
May 192&_ 25.19
June 1925..
July 1925.. 25.43
Aug. 1925_ _ 25.22
Sept.1925.._ 25.47
Oct. 1925_ 24.94
Nov. 1925
Dec. 1925_ 24.95
Jan. 1926_ 24.88
Feb. 1926_
Mar.17 25.58 Mar.14 21.50 Sept.16 1924 29.06 July 28 1924
Mar.17 25.25 Mar.17 24.02 Dec. 24 1924 25.25 Mar.17 1925
Mar. 17 26.00 Mar. 14 21.72 Sept.16 1924 29.16 July 28 1924
22.55 Sept.11 1924 25.55 Oct. 2 1924
Mar. 17 26.20 Mar.14 21.40 Sept.16 1924 27.50 Aug. 6 1924
Mar.16 25.76 Mar.16 22.45 Oct. 24 1924 25.78 Mar. 4 1925
Mar.18 25.65 Mar.14 21.80 Oct. 15 1924 25.68 Mar. 3 1925
Mar.17 25.67 Mar. 14 21.50 Nov. 1 1924 25.71 Mar. 3 1925
24.07 Dec. 16 1924 24.40 Dec. 27 1924
Mar. 17 25.70 Mar. 14 23.36 Jan. 5 1925 25.72 Mar. 3 1925
Mar. 17 25.35 Mar.16 24.00 Feb. 11 1925 25.45 Mar. 3 1925
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
March 20.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth_
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
26.25
25.80
25.25
25.67
25.75
25.56
25.50
26.25
25.75
25.80
25.75
25.35
24.75
25.35
25.31
26.00
25.13
25.50
25.80
25.50
25.30
25.30
25.90
25.45
25.00
25.35
25.50
25.50
25.19
25.50
25.95
25.50
25.35
25.40
26.10
25.60
25.00
25.62
25.63
25.75
25.38
25.50
26.10
25.70
25.50
25.50
26.10
25.40
25.00
25.50
25.50
25.90
25.25
25.50
26.00
25.50
25.40
25.40
26.35
25.75
25.35
25.75
25.75
25.75
25.50
25.75
28.25
25.75
25.60
25.65
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday, Monday,
Tuesday, Wednesday, Thursday,
Friday,
Marsh 14. March N. March 17. March 18. March 19. March 20.
March_ -- 25.6225.1725.19-25.21 25.36-25.40 25.2525.5125.81-25.83 25.32-25.36 25.40-25.45 25.58-25.60 25.41-24.44 25.72-25.75
May
26.02-26.05 25.56-25.60 25.66-25.68 25.83-25.88 25.65-25.68 25.95-25.99
July
October _ 25.17-25.20 24.75-24.77 24.82-24.85 24.98-25.02 24.81-24.84 25.08December_ 25.20-25.22 24.7524.8625.0524.8625.12-25.14
January _ _ 25.16-25.18 24.71-24.73 24.81 bid 25.00-25.02 24.81-24.83 25.07-25.09
Tone
Spot ' Quiet&st'y Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Rtastilv
Options
Steady
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
March 20Stock at Liverpool
Stock at London
Stock at Manchester
1925.
bales.. 939.000
2,000
129,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Antwerp
Stock at Ghent
Movement to Mar. 20 1925.
Rance Since Beginning of Option.
1924.
698,000
4,000
129,000
1923.
797,000
5,000
77,000
1922.
941,000
1,000
62,000
Towns.
Ala.,Birming'm
Eufaula
Montgomery.
Selma
Ark., Helena.._
Little Rock.._
Pine Bluff _....
Ga., Albany_
Athens
Atlanta
Augusta
Columbus_
Macon
Rome
La., Shreveport
Miss.,Columbus
Clarksdale__
Greenwood.. _
Meridian_ _ _ _
Natchez
Vicksburg
Yazoo City
Mo., St. Louis_
N.C.,Gensbor
Raleigh
Okla., Altus__
Chickasha_ _
.
Oklahoma......
S.C.,Greenvill
Greenwood__
Tenn.,Memp
Nashville____
Texas, Abilene_
Brenham_ _ _ _
Austin
Dallas
Houston_._ _
Paris
San Antonio..
Fort Worth__
Ship- Stocks
menu. Mar.
Week. Season. Week. 20.
Receipts.
994 61.490
19.329
200
186
81,124
119 63,094
51
63,06:
1,053 202,552
274 105,673
3,877
1,147 46,795
4,711 205,952
2,706 215,234
71,994
2,088
'312 41,717
571
43.237
____
98,000
____
35,510
477 110,813
416 134,663
213
37,055
60 41,10:
25 31,478
1
33,047
18,259 653,141
55,797
2,761
472
7,872
1,717 204,191
1,403 147,903
1,112 142,592
6,227 192,773
___
12.937
24:3201,174,300
____
855
468 71,387
22,703
270
252 33,683
1.535 190.285
40,6754,567,123
7 93,087
730 64,951
239 155,853
r.-...1 An tnym.f in ns.co
Movement to liar. 21 1924.
Receipts.
Week. Season.
Ship- Stocks
menu. Mar.
Week. 21.
323
29,826
1,617 4,098
9,319
3
1,000 3,014
63 48,202
1,321 10,156
843 7,933
335 33,078
26
14,294
1,304 5,837
3,905 15,849
312 108,416
500 79.081
1.970 17,236
2,070
2,523
510 40,090
1,420 14,702
3,634 37,034 1,058 133,550
3,999 53,951 1,682 175,755
438 72,426
1,920 8,870
25,06
58
1,172 7,053
20 29,272
1,209 10,828
4,500 4,000 1,000 111,000
18,413
___ 6,979
77,629
2:240 10,243
255
96,923
1,952 15,593
6: 20,296
1,133 7.564
18 30,35
440 3,185
17,002
65
684 3,330
19,230
368 3.116
18,244 4,947 9,646 506,258
56,177
291
2,389 14,496
10,43
800
500
3,037 12,104 1,813 117,053
97,335
638
3,074 7,132
92 61,866
3,332 12,304
7,865 43,180 2,474 128,280
10,752
___ 4.86
30,029 65,752 12,654 806,989
4
22
453
137 63,534
842
20
26,138
395 4,006
39,642
10
112 1,089
283 118,771
2,960 8,841
80,847451,456 12,6453.329.333
76,552
17
507 1,864
49,416
656 1,428
50
237 6,114
87.1741
MR 9,1.q 101 eel RSA
365 6,378
946 3,957
121 13,026
359 5,859
125 5,784
1,529 21,543
1.500 26,496
2,099
580 13.873
3,447 28,101
1,824 27,500
1,458 9,866
176 6,818
100 5,624
2,000 16,000
3,225
639 21,319
443 31,375
3,886
194 4,895
143 5,363
50 8,443
8,205 7,759
1,23 16,707
192
1,896 23,492
1,253 9,194
964 13,695
5,874 26,135
10,291
14,703 94.719
383
32
470
5.285
502
1,131 7.615
31,310170,704
8 1,399
513
•
262 1.923
an° 47 502 R 777 WI 83254832.02
The above total shows that the interior stocks have decreased during the week 75,398 bales and are to-night
231,925 bales more than at the same time last year. The
receipts at all towns have been 68,543 bales more than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
March 20Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
----1924-25---ntt
Week. Aug. 1.
18,244 622,673
5,980 230,000
32,536
900
1,332
44,110
2,806 176,392
5,824 398.254
----1923-24---Since
Week. Aug. 1.,
8.205 508,265
3.540 162.080
18.846
198
23,098
1,064
3,777 151,006
6,320 318,175
831,000 879,000 1,004,000
23,104 1,181,470
Total gross overland
35.086 1.503,965
6,000
46,000
175,000
68,000 243,000 Deduct Shipments
2,620
59,592
Overland to N. Y., Boston, &c
2,583
81,376
135.000 125,000 141,000
19.050
Between interior towns
19,677
601
609
16,000
10,000
8,000
9,810 517,259
Inland, &c.,from South
15,826 501.300
55,000 106,000 146,000
30,000
22,000
21,000
Total to be deducted
13,031 595,901
' 19,018 602.353
3,000
4,000
12,000
6,000
16,000
Leaving total net overland *
16,068 901.612
10,073 585.569
Total Continental stocks
594,000 432,000 341,000 621,000
•Including movement by rail to Canada.
Total European stocks
1,664,000 1,263,000 1.220,000 1,625.000
The foregoing shows the week's net overland movement
India cotton afloat for Europe..
215,000 188,000 162,000
93,000
American cotton afloat for Europe 595,000 274,000 232,000 312,000 this year has been 16,068 bales, against 10,073 bales for
Egypt,Iirazil,&c.,afloatforEurope 77.000
66,000
96,000
82,000 the week last year, and that for the season to date the
Stock in Alexandria, Egypt
188,000 201,000 267,000 307,000
Stock in Bombay, India
774,000 917,000 887,000 1,119,000 aggregate net overland exhibits an increase over a year ago of
Stock in U. S. ports
1,069,724 649,590 663,456 1,034,586 316,043 bales.
Stock in U. S. interior towns_ --- 893.950 662,025 775.517 1,230,152
-1923-24
-1924-25
U. S. exports to-day
3,680
Since
/n Sight and Spinners'
Since
14,786
Week.
Aug. 1.
Takings.
Aug. 1.
Week.
Total visible supply
5,480.354 4,220,615 4,302,973 5,817,524 Receipts at ports to Mar. 20
148,871 8.282,002 - 56,871 5,860,3%
Of the above, totals of American and other descriptions are as follows: Net overland to Mar. 20
901,612,585,569
16,068
American
Southern consumption to Mar. 20 80.000 2,785,000 85,000 2,740,000
Liverpool stock
bales_ 757,000 425,000 451.000 521,000
Manchester stock
116,000 102,000
51.000
46,000
Total marketed
244,939 11,968,614 151,944 9,185,968
Continental stock
523,000 341,000 283,000 506,000 Interior stocks in excess
401.134
719,196 *34,657
*75.398
American afloatfor Europe
595,000 274,000 232,000 312,000 Excess of Southern mill takings
1,069.724 649,590 663,456 1,034,586
U. S. port stocks
over consumption to Mar. 1
412,077
584,727
stocks
893,950 662-025 775,517 1,230,152
U. S. interior
3.680
U,S. exports to-day
14.786
Came into sight during week__ _169,541
117,287
9,999.179
Total in sight Mar. 20
13,272,537
Total American
3,958.354 2,453,615 2,455,973 3,664,524
North spinners' takings to Mar.20 41.035 1,534,878 25,722 1,495,836
East Indian, Brazil, Etc.Liverpool stock
182.000 273,000 346,000 420,000
* Decrease.
London stock
2,000
4,000
5,000
1,000
Movement into sight in previous years:
Manchester stock
13,000
27,000
26,000
16,000
Continental stock
71,000
91.000
58,000 115.000
WeekBales. I Since Aug. 1Bales.
215,000 188,000 162.000
India afloat for Europe
93,000 1923
-Mar.22
9.667,152
133,04111922-23
77,000
Egypt, Brazil, &c., afloat
66,000
96,0'
0
82,000
CENSUS REPORT ON COTTON CONSUMED AND
188,000 201,001
267,000 307,000
Stock in Alexandria. Egypt
774,000 917.000 887,000 1,119,000 ON HAND IN FEBRUARY, &c.
Stock in Bombay. India
-This report, issued on
Total East India, &C
Total American
1,070,000
5,000
230,000
208,000
12,000
83,000
41,000
3,000
12,000
1,522.000 1,767,000 1,847,000 2,153,000
3,958,354 2,453,615 2.455,973 3,664,524
5.480.354 4,220,615 4,302,973 5,817,524
Total visible supply
Middlind uplands, Liverpool__ -- 14.0gd. 17.09d. 16.08d. 10.69d.
25.95c. 28.90c. 30.20c.
Middling uplands, New York
17.85c.
Egypt, good Sake!, Liverpool........ 41.058. 22.40d. 20.40d. 21.00d.
Peruvian, rough good. Liverpool_ 20.758. 23.75d. 18.75-i. 13.00d.
12.70d. 15.00d.
13.60d.
Broach, fine. Liver_pool
9.65c1.
13.35d. 15.90d. 14.75d. 10.55d.
Tinnevelly. good. Liverpool
-Continental imports for past week have been 114,000 bales.
The above figures for 1925 show a decrease from last week
of 94,358 bales, a gain of 1,259,739 from 1924, an increase
of 1,177,381 bales from 1923, and a falling off of 337,170 bales
from 1922.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
March 14 by the Census Bureau will be found in full in an
earlier part of our paper under ' heading "Indications of
the
Business Activity."
CENSUS BUREAU REPORT ON COTTON GINNING.
-This report, giving the final figures for the season, will be
found complete in an early part of our paper, in the department headed "Indications of Business Activity."
CENSUS REPORT ON COTTONSEED OIL PRODUC-Persons interested in this
TION DURING FEBRUARY.
report will find it in our department headed "Indications of
Business Activity" on earlier pages.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that the 'weather conditions during the week have been generally favorable for
farm work with the exception of the west Gulf section of
1500
[VOL. 120.
THE CHRONICLE
the cotton belt, where seeding has been delayed awaiting rain.
Elsewhere cotton farming progressed favorably and much
land has been prepared for planting. There were many
beneficial rains during the week.
Mobile, Ala.
-There have been good rains in the interior
which have been very beneficial. Shipments of fertilizer
continue large.
Rain. Rainfall.
1 day 0.04 in.
dry
3 days 1.60 in.
dry
1 day 0.01 in.
dry
2 days 0.20 In.
1 day 0.10 in.
dry
1 day 0.26 in.
4 days 2.76 in.
3 days 0.20 in.
4 days 3.80 in.
3 days 0.01 in.
7 days 1.02 in.
7 days 2.00 In.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Palestine
San Antonio
Taylor
New Orleans, La
Shreveport
Mobile, Ala
Selma
Savannah, Ga
Charleston, So. Caro
Charlotte. No. Caro
Thermometer
high 78 low 56 mean 67
high 88 low 30 mean 59
high 82 low 52 mean 67
high 80 low 52 mean 66
high 82 low 34 mean 58
high
low 48 mean
high 78 low 38 mean 58
high 86 low 48 mean 67
high __ low 42 mean _ _
high __ low __ mean 67
high 82 low 37 mean 60
high 76 low 59 mean 64
high 80 low 35 mean 58
high 80 low 49 mean 64
high 77 low 51 mean 69
high 74 low 36 mean 55
ALEXANDRIA RECEIPTS AND SHIPMENTS.
1924-25.
Receipts (cantars)This week
Since Aug. 1
1923-24.
1922-23
75,000
6,813,722
Alexandria. Egypt,
March 18.
32,000
5,199,188
70,000
6,089,953
This Since
Thi• Since
This Since
Wcck. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)To Liverpool
To Manchester, &c_
To Continent and IL:11a_
To America
1,000 175,484
4,250 165,795
9,250 287.866
5.7501 94.931
5,000 169,459
921
7,000 192,
7,000 213,711
7,0)0 114,029
_ _ 191,501
7.g(10 133,936
7,500 233,043
7,500 190,273
Note.
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending March 18
were 75,000 ca.ntars and the foreign shipments 26.000 bales.
MANCHESTER MARKET.
-Our report received by
cable fo-night from Manchester states that the market in
both cloths and yarns is steady. Demand for India is imThe following statement we have also received by tele- proving. We give prices to-day below and leave those for
graph, showing the height of rivers at the points named at. previous weeks of this and last year for comparison.
8 a. m. of the dates given:
Mar.20 1925.
Feet.
7.0
19.0
16.4
7.7
26.3
of gauge_
of gauge_
of gauge_
of gauge_
of gauge_
Mar. 211924.
Feet.
11.8
22.9
16.5
19.6
34.5
RECEIPTS FROM THE PLANTATIONS.
Stocks at Interior Towns. Receiptsfrom Plantations
Receipts at Pons.
Week
mai 1924-25 1923-241922-23 1924-25 1923-29 1922-23 1924-25 1923-24 922-23
Dec.
26_ _ 232.346 199,767 113.035 1.577,997 1.119.1131,391,872251,964185,963 120,777
Jan.
2__ 306.967,134.224 94,390 1.514,450 1.067.013 1,355.894 246,118 82,124 58,412
9__ 234.091 136,603 123.952 1,474,156 1,043.974 1.300,285 198.591123.564 68,343
57.781
16._ 231,584 169,448 92.238 1,441,041 996,3561.265.828198.469
23._ 201.602110.351 101,479 1,383,626 977.2631.224.059144.187 91.258 59.710
30... 200,371 116,104 138,8201,306.792 944.868 1.150,906 123,537 83.709 65,667
Feb.
6_ _ 179.899104.226 87,381 1,248,011 898.190 1.089.756 121,11 57,548 26.231
13.... 204,982 101,244 83.079 1,199,953 881.918 1.017,580156.924 87.972 10.888
20._ 167,066 78,924 83,536 1.170.855 823,836 943.669 137.968 17,842 9,640
27__ 159,418 69,338 96,326 1.130,368 789,313 876,948 118,931 34.815 29,605
Mar.
6_ 199.633 69,374 83.369 1,048.669 736,133 835,175117.954 16,194 41,596
13... 185,011 43.809 82,005 969,348 696,682 800.678105.710 4,358 47.508
20_. 148,871 56,871 68,644 893,950 662,025 775,517 73,473 22,214 43,543
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1924 are 8,991,067 bales;
in 1923 were 6,188,902 bales, and in 1922 were 5,431,885
bales. (2) That although the receipts at the outports the
past week were 148,871 bales, the actual movement from
plantations was 73,473 bales, stocks at interior towns
having decreased 75,398 bales during the week. Last year
receipts from the plantations for the week were 22,214
bales and for 1923 they wore 43,543 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season,
1923-24.
1924-25.
Week.
Season.
Season.
Week.
Visible supply Mar. 13
4,318.961
5,574,712
2,190.493
Visible supply Aug. 1
American in sight to Mar. 20_ 169.541 13,272.537 117.287
Bombay receipts to Mar. 19
91,000
138,000 2,266.000
292.000
4.000
45.000
Other India shipm'ts to Mar. 19
6.400
15.000 1.347,800
Alexandria receipts to Mar. IS..
313,000
16,000
18.000
Other supply to Mar. 18_*_b
2,024.671
9.999.179
2,531,000
416,000
1,197.800
258,000
5,960,253 19,681.830 4.553,648 16,426,650
Total supply
Deduct
Visible supply Mar. 20
5,480,354 5.480,354 4,220,615 4,220,615
Total takings to Mar. 20_a___ _ 479,899 14,201.476 333.033 12.206,035
Of which American
342,899 10,247,676 190,633 8,399,235
Of which other
137.000 3.953.800 142,400 3,806,800
*Embraces receipts injurope from Braz 1, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,785,000 bales In 1924-25 and 2,740,000 bales in 1923-24
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 11,416,176 bales in 1924-25 and 9,466,035 bales in
1923-24. of which 7.462,67 bales and 5.659,235 bales American.
S Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1924-25.
March 19.
Receipts at
Week.
Since
Aug. 1.
1923-24.
1922-23.
Since
Week. Aug. 1.
Since
Week. Aug. I.
138,000 2.266.000 91,000 2,531.000 121,000 2,431.000
Bombay
For the Week.
Exports.
Bombay
1924-25_ _
1923-24._
1922-23_ Other India:
1924-25
1923-24
1922-23
Since August I.
Great
Great Conti- IJapanct
rllain. sent. China Total. Britain
Continent.
Japan &
China.
Total.
325,000 1,147,000 1,509,000
23,000 81,000 106,00
37,0
2,00' 21,000 42.000 65,000 113,000 637,000 1,050,000 1,800,000
2.011
6,000; 8,000 14,
87,000 434,000 1,207,500 1,729,000
1
45,000,
4,000'
6.000'
45,000
4,000
6,000
42,
250.000
95,000 321,000
54,000 170,550
292,000
416,000
224,550
Total all
1924-25._ 2,000' 68,000/ 81,000 151.00
79,011 575,000 1,147,000 1,801,000
1923-24_ _ 2,000, 25,0001 42,000 69,000 208,00 958,000 1.050,0002.216,000
141.000 605.050 1,207,500 1,953.550
1922-23._ -------12,000 8,000 20,0
. According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
-47,000 bales.* Exports from all India ports record an increase
of 82,000 bales during the week, and since Aug. 1, show a
decrease of 415,000 bales.
1924-25.
320 Coy
Twist.
1923-24.
834 lbs. Skirt- Corn
ings. Common MM.
to Finest.
Upl's
Dec. d.
d. B. d
28 23
68 2434 16 5
Jan.
2 234
25 16 7
9 2349
25 16 7
16 2234
2434 16 5
23 2234
24 16 5
30 22
2334 16 5
Feb.
6 22)(
23 16 6
13 2234
2434 16 7
20 2234
2449 17 2
27 23
2449 17 2
Mar
6 2349 10 2434 17 3
13 2334 68 2434 17 2
20 23
2449 17 2
32s Cop
Twist.
017 1
017 1
017 0
(0)17 0
(417 0
13.57 27
13.03 2644
13 08 26
12.87 26
12.92 26
68170
017 2
017 4
017 5
13.2826
13 28 254(
13662434
13.942434
(017 6
@117 6
017 5
14 37 2434
14 04 25
14.08 2549
814 tbs. Skirt- Coen
ings. Common Mid.
to Finest.
upr•
s. d. d.
d. S. d.
28% 19 7 (420 3 20.62
S. d. 6. d.
017 0 13.24 2734
2V0) 45=0 DO5D6ID
Above zero
Above zero
Above zero
Above zero
Above zero
Q0*0 00660
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
2854
28
2734
2749
2749
19 7
19 5
19 2
19 2
19 6
020 2
020 0
019 5
019 5
019 5
19.93
19.32
18.83
19.31
19.17
2749
2611
26
26
192
19 0
18 4
17 7
190 5
190 3
018 7
018 2
18.89
17.74
17.65
17.18
2634 17 7 @l8 2
2649 17 6 ct18 1
27 17 5 018 0
16.76
16.75
17.09
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 208,178 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Bales.
NEW YORK
-To Havre
-Mar. 13
-Liberty 150; Suffren 400
-Mar. 17-Carnier 106
656
-George Washington 1.725
To Bremen-Mar. 14
1 725
To Genoa-Mar. 14-Luxpalle 598 _ __Mar. 19-Izonzo II 380
978
-Mar. 13-Celtic 118; Caronia 199_ _ _Mar. 17To Liverpool
Aurania 276-._..593
To Copenhagen-Mar. 18
-Argosy. 550
550
-Montana, 50
50
To Antwerp
-Mar. 18
25
To Hamburg-Mar. 13-AndanIa, 25
NEW ORLEANS
-To Hamburg-Mar. 12-Pytheas, 1,704
2,108
-Emergency Aid. 404
Mar. 16
629
To Rotterdam-Mar. 14-Salatiga, 25.... Mar. 18
-Tripp, 604
To Oslo
-Mar. 13
-Tampa, 100
100
To Gothenburg-Mar. 13
300
-Tampa. 300
-Mar. 17-Nitonian, 7.148
7,148
To Liverpool
To Manchester-Mar. 17-Nitonlan, 2.354
2,354
-Emergency Aid. 7.085
To Bremen-Mar. 16
Mar. 18
Tripp, 3,328
10,413
To Murmansk-Mar. 19-Kronstad, 8,200
8,200
GALVESTON-To Liverpool
-Mar. 14
-Philadelphian, 6,967;
Mount Evans, 5.995
12.961
To Manchester-Mar. 14
-Mount Evans, 1,132
1,132
To Havre
-Mar. 13
-Lancaster Castle, 3.871_ _Mai. 14
West Durfee. 11,218; Mar. 16
-Jacques Cartier. 4.643
19,732
To Antwerp
-Mar. 14
-West Durfee, 1,045; Lancaster Castle,
550
1,595
-Mar. 14
-West Durfee, 1.199; Lancaster Castle,
To Ghent
3.400
4,599
To Bremen-Mar. 11-West Norranus, 4,514_ __Mar. 14
Rio Brano, 2,401_ __Mar. 10-Saguache, 3,477; West Munham. 7.238
17,630
To Hamburg-Mar. 11-West Norranus, 50___Mar. 14
-Rio
Bravo, 100
150
To Genoa-Mar. 14-Nicolo Oder°, 3,230
3,230
To Japan-Mar. 14-Liverpool Maru, 6.650; Takaoka Marti,
10.755..
17,405
To Rotterdam-Mar. 16-Saguache, 50; West Munham,3,238 3,288
To Barcelona-Mar. 18
-Mar Negro, 4.888
4.888
HOUSTON-To Liverpool
-Mar. 12
-Mount Evans. 4,771_
Mar. 14-Telefora de Larrinaga, 1.653
6,424
-Mount Evans, 200__ Mar. 14To Manchester-Mar. 12
Telesfora de Larrinaga. 2,689
2,889
-Mar. 14-Jacques Cartier, 8.357.... Mar. 16
To Havre
-City
of Fairbury. 11,178
19,545
To Bremen-Mar. 14-Saguache, 5.233
5,233
To Rotterdam-Mar. 14-Saguache, 2.194
2,194
-City of Fairbury, 1.650
-Mar. 16
To Ghent
1,650
To Barcelona-Mar. 16
-Mar Negro, 1.991
1,991
To Oslo
-Mar. 19-Hjelmaren. 40
40
To Gothenburg-Mar. 19-Hjelmaren, 425
425
-Texas, 1.450
To Copenhagen-Mar. 18
1,450
Bremen-Mar. 17
CHARLESTON-To
-Coldwater, 2,433; Gretaston, 900
3,333
To Hamburg-Mar. 17
-Coldwater, 12
12
-Mar. 14
MOBILE-To Liverpool
-Maiden Creek, 1,605
1,605
To Manchester-Mar. 14
-Maiden Creek, 900
900
To Hamburg-Mar. 14-Braddock, 515
515
NORFOLK-To Rotterdam-Mar. 14-Beemsterdiik, 200Mar. 20-Westerner, 400
600
To Manchester-Mar. 19
-Schenectady, 3.000
3,000
To Liverpool-Mar. 19
-West Celina, 3,100---Mar. 20
Mongolian Prince, 1.000
1,000
To Bremen-Mar. 20-Ikala. 2,280
2,280
PENSACOLA-To Rotterdam-Mar. 19
-Federal, 100
100
PHILADELPHIA-To Manchester-Mar. 6
-Manchester Exchange, 300
300
To Antwerp
-Mar. 9
-Scythian, 32
32
PORT TOWNSEND-To Japan-Mar. 10
-Africa Maru, 500_ _ _
500
SAN FRANCISCO-To Japan-Mar. 12-Gingo Meru, 1.909
Mar. 16-Shinyo Maru, 1.025
2,934
To China-Mar. 16-Shinyo Marti, 1.400
1.400
SAN PEDRO-TO Japan-Mar. 13
-West Prospect, 990
990
SAVANNAH-To Liverpool
-Mar. 14-Danevirke, 4,419....
Mar. 16-Sundanle, 1.137
5.556
To Manchester-Mar. 14-Danevirke, 2,799___Mar. 16•
Sundanle, 150
2,949
To Bremen-Mar. 14-Coldwater, 500.... Mar. 18-Skyston
11,433
Castle, 10,499_ _ _Mar. 19-Halse, 434
To Hamburg-Mar. 14-Coldwater, 117
117
1.242
To Havre
-Mar. 19-Halse, 1,242
Total
208.178
MAR. 21 1925.]
TICE CHRONICLE
-Sales, stocks, &c.,for past week:
LIVERPOOL.
Feb. 27.
37,000
27,000
5,000
65.000
948,000
777,000
117,000
98 050
242,000
161.000
Sales of the week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
Mar. 6. Mar. 13. Mar. 20.
57,000
53,000
40,000
45,000
56.000
28,000
6,000
2,000
5,000
74,000
68,000
76,000
952,000
968,000
939,000
788,000
780,000 757,000
85,000
81,000
51,000
66.000
66,000
26,000
198,000 223,000
211,000
140,000
107,000 141,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Salurdtiy.
Monday,
Tuesday, Wednesday. Thursday.
Friday.
A fair
business
doing,
A fair
business
doing.
I
Market,
12:15 { Neglected. Moderate
demand,
P. M. t
Quiet.
A fair
business
doing.
MId.Uprd
14.03
14.32
14.05
14.16
14.20
14.08
Sales
2,000
7,000
6,000
8,000
7,000
9,000
Futures. l
Market i
opened 1
i
Quiet but
steady,
21 to 24
pts. adv.
Quiet.
Quiet at
7 to 13
points
decline.
1
Steady at Barely st'y Steady at
Market,
f 1 to 2 pts. 2 to 9 pts. 11 to 17
4
P. M. I advance. ots. adv. ots. des.
Quiet but
steady,
12 to 15
pts. adv.
Quiet at
Quiet,
1 pt. dec. 1 to 3 pts.
to 1 pt. advance,
pts. adv.
Steady at Barely st'y Steady,
16 to 20 10 to 13 12 to 14pts.
nts. adv
nta den
advanop
Prices of futures at Liverpool for each day are given below:
Sat.
Mon.
March 14
to
March 20.
Tues.
Wed.
Thurs.
Fri.
,i.4C4C”.2f.J2COCOWCJC0,,,. I
Ov CA ,
1
00ne00.0.0003.I..1034e0
1214 1234 1216 4:00 1214 4:00 1254 4:01 123.4 4:00 1254 1 4:00
p. m. p. m.p. m. p. m.p. m.p. m p. m. p. m p. m.p. m p. m.'p. m.
-'d.
d.
d.
d.
d.
d.
d.
d.
d I d
d
March_
13.78 14.02 13.87 13.75 13.71 13.86 13.90
13.77 13.78 13.91
April
13.74 13.98 13.83 13.70 13.66 13.81 13.85
13.73 13.74 13.88
May
13.8 14.06 13,91 13.7: .1
. 9 13.93
13.81 13.82 13.94
June
13.8 14.05 13.90 13.77 13.73 13.87 13.92
13.80 13.81113.93
July
13.86 14.0 13.94 13.81 13.77 13.92 13.97
13.8513.86 13.97
August
13.7 13.98 13.80 13.70 13.66 13.79 13.84
13.7213.73 13.64
September --------13.64 13.86 13.68 13.59 13.55 13.67 13.72
13.62 13.64 13.74
October
13.5 13.77 13.5: 13.50 13.46 13.5 13.63
13.52 13.55 13.65
November --------13.4 13.66 13.47 13.39 13.35 13.47 13.51
13.4113.4413.55
December
__ __ 13.43 13.64 13.45 13.37 13.33 13.45 13.49
13.39 13.42 13.53
January
__13.3 13.5913.4' 13.32 13.2: 13.40 13.45
13.34 13.37113...8
__ __i3.3 13.54 13.35 13.2: 13.2 13.36 13.41
February
13.29 13.32.13.43
BREADSTUFFS.
Friday Night, Mar. 20 1925.
Flour has naturally been greatly disturbed by the gigantic
fluctuations in wheat, up 4 to 5c. one day and down 8c. the
next and 14c. the next. Prices fell 25c. to $1 on Tuesday.
Buyers became more cautious than ever. Other declines
might be coming. Buyers had been hit hard in playing a
waiting game on the great rise of 1924 and the opening of
1925. But now a waiting game might pay, would pay, if
prices were to collapse still further. In any case buyers
stick to the old policy. The toppling over of big speculative
holdings in wheat might prove the keylog in the jam. Hard
wheat might be scarce at the Gulf. Buyers' stocks of flour
might be none too abundant. But things seem to suggest
watching and waiting. Export trade, too, has been light.
Clearances for Russia were rather large, but it was old
business. Exports from New York on the 17th inst. were
61,246 sacks, of which 41,945 sacks were for Leningrad,
Russia, and the rest for Hamburg, Rotterdam, London and
Liverpool. Clearances from all Atlantic ports totaled 50,000. Flour prices were reduced 65c. a barrel on Saturday in
Minneapolis. There were reports of a better trade to-day.
Wheat broke 22c. In Chicago in two days, Monday and
Tuesday, and Winnipeg fell with a crash. Liverpool in a
single day dropped 16 to 17c. and Buenos Aires 4% to 5%c.
Rallies at first were feeble and short-lived. Big supplies
and bear raiding with beneficial rains in the winter wheat
belt offset good exports and bullish statistics generally
aside from 90,000,000 bushels on the seas for Europe.
Florida interests raiding stocks were supposed to be aiming
also at big holdings in Chicago and Winnipeg. Bears had
trump cards for the moment in such things as the break in
stocks and cotton, the St. Paul railroad situation, the fight
between President Coolidge and the United States Senate.
The rout of the bulls was complete. Reports of big cancellations of export sales certainly did not help matters. Wheat
had become overbought here and in Europe and grew sick
with an overload. Then came the big liquidation. It is
doubtful if the fundamentals of the situation have changed.
But speculative conditions had become overwrought, and it
was time for remedial measures. The medicine was enormous selling and a break that at times ran into a semipanic. That is the case in a nutshell. Europe needs wheat
still, or will. But the speculative position had become top-.
heavy, too much like an inverted pyramid. It simply toppled over. On Monday, it is mid, 2,000,000 bushels for export had been cancelled. The carry-over, too, at the end of
the season was estimated by the Department of Agriculture
at 51,000,000 bushels. It caused selling. On Monday 520,000
bushels of Gulf wheat sold, it was said, at the highest premiums of the season, I. e. 12c. over May for first half April,
12%c. over May for last 10 days of April and first 5 days
of May and 12%c. over May for the first half May shipment. On the 17th inst. the rumor ran that Arthur Cutten
was selling out. True or not, it had a depressing effect,
sending Chicago 7 to 14c. lower and Winnipeg 10% to 18c.
lower, with Minneapolis and Duluth down 12c., Kansas City
1501
6% to 11%e.; rye 8% to 13%c.; corn 4% to 5%c., and oats
4 to 6c. It was a day long to be remembered. Liverpool
fell 8 to 8%c. and Buenos Aires Sc. Exporters took 800,000
bushels or more at the Gulf, but it was believed to be covering recent sales. New business was small. Exporters
looked on. Winnipeg headed the downward rush. The
liquidation was very heavy. May fell to 55c. below the peak
for the season. May at Chicago and Winnipeg were close
together at times. Nothing mattered but liquidation, a fear
that big operators had given up the fight with Wall Street
and Florida and were getting out. No attention was paid
to the fact that interior receipts were the smallest of the
season, that seaboard exports were fair, that cash wheat
premiums were actually stronger. Chicago sold 450,000
bushels to exporters, making 1,150,000 bushels in two days
from a supply of 5,600,000 bushels there. Shorts were the
largest buyers. The American visible supply decreased last
week 3,522,000 bushels, and it is now 66,083,000 bushels,
against 61,656,000 a year ago. World's shipments last week,
however, were 19,038,000 bushels, or something larger than
expected. The quantity on ocean passage to importing markets is now 90,824,000 bushels. Chicago wired March 17:
"Arthur Cutten has returned from a six weeks' stay in
Florida and talked as bullish as ever, but did little or nothing in the market." He predicts great scarcity by June and
corresponding prices for wheat. Florida, it was repeatedly
asserted, sold grain, cotton and stocks. The difference between May and July widened at one time to 20c. Possibly
some May longs were hedging with big sales of July. That
was suspected. They might do it and watch things for a
while. At Frankfort-on-the-Main on March 18 the failure
was announced of the Berlin grain firm of David Beerman in
consequence of this week's fall in wheat prices. The firm's
grain contracts outstanding are said to be very large. There
was a denial later of rumors of Continental failures. Kansas City wired: "Wheat fields everywhere are dark green
and doing well. It has been several years since we had
such an even shade of color or such an even stand of wheat,
as at the present time. Just the right amount of moisture
in the ground. It is coming on in fine shape." Lincoln, Neb.,
wired: "A greening up of the wheat plant is apparent and
a few days of sunshine will show conditions better; expect
damage reports from all parts of the territory of one kind
or another, but there is plenty of moisture at present. Cash
grain offerings nil." Later prices advanced 7% to 11c. at
Chicago, 10% to 11%c. at Winnipeg, 12 to 14c. at Liverpool
and 11 to 12c. in Argentina. Export sales over night and
reported on the 18th inst. were 2,500,000 bushels, all Europe
buying wheat, also 1,000,000 bushels of rye. Premiums at
the Gulf were % to %c. higher, while Manitobas, Atlantic
premiums, were unchanged to lc. higher. Receipts were
large. The foreign developments took eevrybody by surprise. Seaboard exports for the day were heavy. East
Indian crop advices continued unfavorable. On the other
hand, beneficial rains fell in winter wheat States, especially
In Kansas. May buying attracted attention against July
selling, and at the close the spread was 18%c., against about
14c. at one time. An investigation of the recent decline by
the Secretary of Agriculture has begun. He says he has
evidence of manipulation. He will require brokers to show
their books. The next day prices were irregular. But the
May delivered showed strength. New crops weakened. The
cash situation is becoming acute. Liverpool has steadily
advanced. Receipts were small. Export sales were 500,000
to 600,000 to England and the Continent, mostly Manitoba.
Argentine exports for the week were 4,900,000; East Indian
only 280,000. To-day prices were at first 4% to 5%c. lower
on further selling, with foreign markets lower and reports
of financial trouble on the Continent and Australia. Liverpool dropped 6d. and Buenos Aires 6%c. Winnipeg early in
the day was 8c. lower. Liquidation was larger. Later on
prices suddenly came to the right-about and advanced 5 to
10c. from the early low, and held most of the advance at the
close. Drought and dust storms were reported in the Southwest. May was especially strong. Florida seemed to be
buying. Russia was said to be in the market for wheat and
flour. Famine is declared to prevail over large areas of
southern Russia. Less was said about financial troubles on
the Continent, and among holders of Australian wheat on
passage; and the big world's shipments were practically
ignored. Australia's clearances amounted to 6,000.000 bushels. This with other large clearances was supposed to account for the early decline in Europe. There were reports
that the Northwestern farmers would increase their acreage
14%, but this got scant attention. There was a noticeable
absence of selling pressure in the afternoon. No confirmation could be had of reports of financial trouble among exporters of Australian wheat. Cash wheat was still in a
very acute position. Export sales were 300,000 bushels.
The "Modern Miller" says substantially, that rain is still
needed in parts of Oklahoma, Texas and Kansas, but elsewhere the crop seems to be in satisfactory condition. People
are talking about the strong domestic situation in wheat.
There was a net advance for the day of 2% to 4c. on July and
May, respectively. For the week, after all the violent oscillations, May ends lc. higher, while July and September are
down 4 to 5c. This shows a big recovery from the low prices
of last Tuesday, especially on May and July.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
cts_1913i 188 176 18534 18734 19234
1502
THE CHRONICLE
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
cts-169% 164% 1533 161% 163% 167%
142% 142% 145
July delivery
145% 139
151
134%
134
130% 135
September delivery
141% 136
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
165% 168%
164
May delivery
cts_176% 171% 156
July delivery
171% 166% 1533,1 160% 1623( 165
134% 13634
October delivery
141% 137% 131% 136
[Vol.. 120.
The following are closing quotations:
FLOtITI.
$8 25
Spring patents
Es 75 Rye flour, patents---36 750 $T 50
2 lb
800 Seminolallo.
3050 3 15
8 50 Oats goods
3 250 3 30
8 75 Corn flour
9 25 Barley goods
450
Nos. 2. 3 and 4
775
Fancy pearl. Nos.2.3
10 65
750
and 4
10 40
GRAIN
Oats:
Wheat,New York:
57
No.2 white
192%
No. 2 red, f.o.b
5534
No.3 white
18234
No. I Northern
No.2 hard winter,to.b„.-182% Rye, New York:
12934
No. 2 f.o.b '
Barley, New York:
Corn:
102% 106
Malting
136
No. 2 mixed
95
Chicago
yellow
137
No.2
7 25
Clears,first spring_
Soft winter straights__ 8 15
Hard winter straights_ 8 35
Hard winter patents__ 8 75
Hard winter clears_ _ _ 7 00
Fancy Minn. patents_10 000
9 90a
City mills
Indian corn has declined at times, partly in sympathy with
the drop in wheat, but it has shown no such break as wheat.
That is very plain. On the 18th inst., indeed, it advanced
3 to nic.. net. This time a rally in wheat had a bracing
effect. Corn, to be sure, did not move up very easily, in spite
of small receipts, stronger cash markets and the presumably
better technical position, after recent declines. And hogs
were firm at the West, and in fact reached a new high of
INTENTIONS OF FARMERS TO PLANT.-The
$1460 at Chicago. On the 19th inst, however, corn weak- United States Department of Agriculture issued on March 19
after an its report on farmers' intentions to plant wheat, corn, oats,
ened and ended some % to lc. net lower for the day
early advance of about that much. Liquidation continued on tobacco, potatoes,(kc., in 1925. The report in full follows:
a moderate scale, despite continued light receipts and a
This report,presents farmers' intentions to plant in 1925, as reported to
Agriculture on March 1, followed by an analysis
distinctly better cash situation. It is pointed out that No. 6 the U. S. Department of light of the agricultural outlook. The statement
of these intentions in the
grades, which two weeks ago were 40c. under May, have of intentions to plant has been prepared by the Crop Reporting Board of
returns from about
risen 20 to 25c, since that time, and on Thursday wound up the Department, based uponby the staff of the 50,000 producers. The
Bureau of Agricultural
prepared
analysis has
at about 15c. under May. They were sparingly offered. Economics. been
314 to 4%c.
information which will enable
The purpose of this report is to furnish
That stirred up buyers. To-day prices were
further adjustments in their planting plans for 1925
lower for a time. Liquidation was again the order of the farmers to make such
as may seem desirable.
The statement of farmers' intentions to plant Is not a forecast of the
day. The early decline in wheat had its effect. Cash deacreage that will actually be planted. It is simply an indication of what
mand was poor. Hogs were lower, as also produce. Later farmers had in mind to plant at the time they made their reports, compared
may be
on, however, there was a rally, on the rise in wheat and the with the acreage grown last year. The acreage actually planted weather
early intention reports indicate, due to
covering of shorts. Interior receipts were only about 50% larger or smaller than theselabor supply, and the effect of the report itself
conditions, price changes,
of those of a week ago. Cash premiums were strong. To- upon producers' action. Therefore, the reports of acreage actually planted
to be issued in June and July should not be expected to show the same
wards the close most of the early decline was recovered. changes as the intention reports.
For the week there is a decline of 2 to 2%c.
Because of national legislation specifically prohibiting reports of intention
to plant cotton no information on cotton has been collected.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
North South East West
Sat. Mon. Tues. Wed. Thurs. Fri.
136
United Allan- Allan- North North South West'n
135
133
13234 130
cts_134
No. 2 mixed
tic. Central Central Central States.
tic,
Crop
States.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. All spring wheat
,
1_37.5 _-- 162.8 104.9 ---Sat. Mon. Tues. Wed. Thurs. Fri.
97.4
113.3 ---(4
Durum wheat States)_111123.'95
118% 117% 118
cts_122
118% 116
May delivery
(
-114.4 1374 ---- 1-ii./3 100.6 ____
121% 121% Other spring wheat_
122
125% 121% 119
July delivery
339 59
_ 125.0 95.5 ____ ;065;5
__ __
96.7
121% Flaxseed
122 ,121% 118% 121% 121%
September delivery
4
0 .5 102.4 100.8 102.8 105.8
Corn
102.3 105.9 1--105.6 111.1 117.2 105.2 104.4 101.7 114.0
Oats declined, of course, but on the whole have shown Oats
.
13 7
120 0 114.5 105.9 118.3
much less depression than some other grain. On the 19th Barleysorghums
Grain
100.0 bi.A 102:5 1bta
Inst. they ended slightly higher, although the speculation Tame hay
1871
94.5 94.0 11
94.9 --------111.2ii
96.0 92.9
Potatoes, Irish
admittedly was small. There was no great pressure to sell. Potatoes, sweet
129.5 121.1 126.9 128.6 120.0 133.1 111.1
31
15.9 94.3 100.0 108.0
109.9 101.2 10 .
There was a fair demand. Light receipts were still a fea- Tobacco
--------103.5
104.5 ____
ture. Cash markets were firmer. The cash demand was on Rice
1-113-i
____ 100.0
111.0
a fair scale. On the 18th inst., to go back a little, prices
CROP REPORTING BOARD.
advanced and wound up 2c. net higher for the day, in re- Approved
W. F. CALLANDER, Chairman
S. A. JONES,
J. A. BECKER.
C. F. MARVIN.
sponse to the rally in other grain. It was noticed, however,
C. F. SARLE.
J. B. SHEPARD,
Acting Secretary.
1
197...4 .
6 9 11 111.1 RH
'i
that it did not answer the spur very quickly, in spite of light
receipts and reports of a decidedly sharper cash demand.
WEATHER BULLETIN FOR THE WEEK ENDING
Chicago, it was said, sold 250,000 bushels to the trade. But MAR. 17.
-The general summary of the weather bulletin
a serious obstacle in the way of any marked advance was issued by the Department of Agriculture, indicating the
the general disposition to liquidation. The lesson of the influence of the weather for the week ending Mar. 17,follows:
big selling of wheat and the great collapse in that market
The weather features during the week were the passing of a storm o
far Southwest northeastward across the
had sung deep. To-day prices declined for a time, but considerable energy from the accompanied by widespread precipitationinin
-15th.
terior valleys on the 12
rallied later on, partly on buying by people who had been Central and Northern States, and the much colder weather the latter
high pressure area. Rainfall
waiting for a reaction. Final prices show an advance for part of the week attending the succeedingparts of the Ohio Valley area
was unusually heavy in
this
2
1c.
the week of %c. on May and / decline in July, with Sep- fromlower storm region on the 13th. causing severe local floods. In the
Lake
and
tember unchanged.
South and Southwest, and also in the more western States, the weather
Southeast at the close of
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
57
57
55
57
56
57
No.2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
44% 42% 44% 44% 45%
ct& 47
May delivery
46% 46% 463's
48% 46% 44
July delivery
47
44% 46% 47
48% 47
September delivery
OATS FUTURES IN WINNIPEG.
DAILY CLOSING PRICES OF
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 52% 50% 47% 50% 50% 51%
May delivery
49% 51% 52% 53%
53% 52
July delivery
50% 50% 51%
-_
52% 50
October delivery
Rye followed panicky wheat in the great collapse. Export sales at times have been fair. Last Saturday they were
250,000 to 300,000 bushels. Later they fell off. Prices fell
on the 17th inst. 12% to 13%c. on May and July and 8%c. on
.
September. The net loss after a later rally that day was
5% to 9%c. There was very little export business. Germany took small lots. The tone at times was panicky.
Liquidation was heavy. Stop orders were. caught. Prices
were 72c. below the high for the season. In a speculative
sense it was t.agic. The American visible supply Increased
last week 214,000 bushels, against 326,000 last year. The
total is now 23,149,000 bushels, against 21,641,000 a year
ago. But statistics were little regarded or totally ignored.
All eyes were on wheat and its dramatic descent. From
Aug. 1 to March 1 export sales were 34,835,000 bushels.
During that time there has actually cleared 29,323,000 bushels of United States rye and 4,790,000 bushels of Canadian
rye or a total clearance of 34,133000 bushels. On the 18th
Inst. exporters took 1,000,000 bushels for Rotterdam and
Germany and prices advanced 4% to 7Y4c. net. General
-day rye early in
buying prevailed. Liquidation fell off. To
the day dropped 714 to 814c., but a rally came later with
that in other grain. Besides, cash houses were buying and
also the shorts. The swing of prices during the day was
4 to Sc., ending at a net rise of % to 1%c. No export business of consequence was reported. Prices show a net de/
cline for the week of 1 to 514c. It was much greater at one
time.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
120%
120
114% 121
cts_128% 124
106% 11131 110% 112%
120g
110
105% 99% 10534 104% 105
May delivery
July delivery
September delivery
continued generally fair, except for rain in the
the week.
The first half of the week was abnormally warm in the East, especially
in the Southeast where a number of stations reported on the 11-13th the
highest temperatures of record for so early in the season. By the 14th, however. much cooler weather was reported from the central and northern Great
Plains, and during the following few days the cool wave overspread the
east
eastern half of the country with subnormal temperatures prevailing near
of the Plains States. There was a reaction to warmer quite generally
the close of the week.
The mean temperature for the week, as a whole, was above normal in
practically all sections east of the Mississippi River and also in west Gulf
districts, as shown on Chart I. It was especially warm in the more eastern States where the weekly mean temperatures ranged from b degrees to
nine degrees above the seasonal average. It was collier than normal in all
other sections of the country, except locally in the Pacific Coast States. the
largest subnormal temperatures appearing in the northern Great Plains
where, at some points, they were 10 degrees to 13 degrees below normal.
Freezing weather did not quite reach the middle Atlantic coast, but ex
tended as far south as north-central Georgia, extreme northern Mississippi, and northern Texas. Subzero temperatures were reported as far
south as northwestern Nebraska and also from local areas in the southern
Great Basin.
Chart II shows that the precipitation for the week was heavy in the interior of the central and east Gulf States and was moderately heavy to heavy
in the lower Lake region and parts of the Ohio Valley. Elsewhere the
amounts were moderate to light, being especially light in the more south
eastern districts and over most of the far West and Southwest. From
central Texas and western Oklahoma westward to the Pacific little or
no rain occurred during the week. Sunshine was almost continuous in
the far Southwest. but there was considerable cloudiness in the central
and eastern portions of the country.
The generous rainfall over the Interior States from northern Kansas
and eastern Nebraska eastward over the Ohio Valley area materially improved soil conditions, while the rainfall at the close of the week was helpful in much of the Southeast. Drought continued in the Southwest, however, while most uplands in Florida were needing rain, and It is again becoming dry in the southern Pacific coast sections. There was considerable snowfall in the Rocky Mountain and Great Basin areas, which
favorably affected small grains and the range, while the additional snow in
the higher mountains materially improved the outlook for a summer
supply of irrigation water in some sections, especially in the Salt Riv
Valley of Arizona. Early fruit was probably injured rather severely b
the freeze in northern Texas, central and western Oklahoma, and northwestern Arkansas, but otherwise the cool wave appears to have done
little harm.
Farm work was interrupted considerably by rainfall in the central val
ley States, and spring planting was still further delayed by lack of moisture in the Southwest, but elsewhere seasonal farm operations made rapid
progress. Much plowing was accomplished in the Southern States, with
spring grain seeding advanced northward to extreme southeastern Nebraska
in the interior and to southern Maryland in the East. Cotton plantin
progressed famorably in the more southeastern districts and much Ian
was prepared for this crop in nearly all portions of the belt, but at th
same time seeding was being delayed, awaiting rain, in west Gulf sections
Corn planting has become general in the Southern States, but germinatio
was poor in Texas.
-Winter wheat was benefited by precipitation in mos
SMALL GRAINS.
parts of the principal producing area, although there was insufficient rain
fall and the lack of moisture continues urgent in the southwestern pont°
of the belt, especially in Texas, central and western Oklahoma, and south
MAR. 21 1925.]
THE CHRONICLE
western Kansas. The rainfall was very helpful in north-central Kansas.
southern Nebraska, and Iowa. There was some damage locally by freezing
In the upper Ohio Valley. but, on the whole, wheat is reported in fair to
good condition, except where it has been too dry, principally in the Southwest. Rains or snows in the central Rocky Mountains improved conditions for small grains, but evidence of winter killing is now appearing
in various sections of Montana, and rain is needed in parts of the far Northwest. Cereal crops continued to make satisfactory progress in the middle
Atlantic area And Southeast, with some oats maturing in the Florida
Peninsula. Boring oat seeding was begun during the week northward to
the middle Atlantic area and was almost completed in the southern Plains
States.
1503
THE DRY GOODS TRADE.
Friday Night Mar. 20 1925.
With the exception of silks, activity throughout the markets for textiles subsided to some extent during the past
week. Numerous reasons were advanced to account for
this falling off in demand. The latter included the decline
in prices for raw wool and cotton and the continued large
production of jute and flax goods. Another disturbing eleThe Weather Bureau also furnishes the following resume ment was the weakness of the stock market as a factor
of the conditions in the different States:
affecting sentiment in business channels. Also, the preNorth Carolina.
-Raleigh: Fine week for farm work, followed by gen- cipitous drop in wheat tended to make for more caution
eral rain. Plums, pears, and peaches coming into full bloom in eastern
and central districts 10 days to two weeks ahead of average date. Frost among buyers from the West and Mid-Western centres. It
In interior on 16th, but apparently not much damage. Planting early was also stated that the recent advance in prices for finished
market corn in southeast. Good progress in preparing cotton land. Wheat
goods had encouraged more conservatism at a time when
and rye doing well; oats fairly good.
South Carolina.
-Columbia: Week mostly abnormally warm, closing filling-in business should predominate. In jobbing houses
colder. Peach pear, and plum bloom increasing rapidly: no frost damage thus far. Winter cereals and truck made good growth; potato stands all attention has been centred toward the course of trade in
good in trucking region. Much plowing done. Early corn, cucumber, retail channels. In the event of the latter maintaining its
and bean planting quite general. Beneficial rains at week end.
Georgia.
-Atlanta: Mostly favorable week. Rainfall at close of week recent rate, the falling off in demand in primary markets
beneficial. Winter cereals green and thrifty. Seeding corn and melons should be only temporary. One of the most encouraging of
proceeding in south: thousands of cabbage plants sot. Potatoes, truck, the week's developments was the statement by
Secretary of
and gardens doing well. Peaches so far safe, but in northeast show conthe Treasury Mellon that the country's finances were in
siderable injury from last summer's drought.
Florida.
-Jacksonville: Warm with much sunshine. Planting corn, excellent condition to effect a reduction of taxes in view of
melons, peanuts, and cane continued in all sections. Early corn
stand on Peninsula. Cotton planting progressed. Oats good: somegood the indicated surplus of 374 million dollars for the current
matured. Truck doing well in north. Citrus trees in good condition: much fiscal year. Following this, further advices stated that
bloom. Rust damaged beans and tomatoes in south, but shipments conPresident Coolidge was planning to call an extra session of
tinued. Rain needed on uplands in most sections.
Alabama.
-Montgomery: General rains 14th and 16th. Farm work Congress some time in September to take up the question of
good progress until rains interrupted. Corn planting progressed slowly.
tax reduction. Such developments had a tendency to offset
Oats doing fairly well; sowing continues. Cabbage in coast region on
Pair progress; too dry. Planting potatoes and truck crops quite genera. the more unfavorable news of the week. In regard to silks,
Pastures improved. Fruits generally excellent condition.
Mississippi.
-Vicksburg; Moderate to heavy precipitation in interior; the demand for spot delivery of many of the crepes, sheer
temperature excessive to Saturday: cold thereafter, but damage appar- and heavy satin-faced, as well as the new printed fabrics
ently slight. Corn planting general. Oats, fruit, gardens, pastures, and
continued unabated and resulted in a cheerful atmosphere
truck made good progress.
Louisiana.
-New Orleans: Week warm, except cool 15th and 16th; in the silk trade. The fall openings of silk goods which
mostly light to moderate beneficial rains two or three days, but more rain
needed in many localities. Planting corn and potatoes continued: much were scheduled for about March 1 to 15 has been steadily
corn up and potatoes coming up generally to good stand. Pastures, truck, postponed until now the approximate date is April 1.
and sugar cane doing well; stand of cane good. Preparations for cotton,
DOMESTIC COTTON GOODS: The markets for domesrice, and other crops progressing favorably.
Texas.
-Houston: Warm, with scattered light rains in east and dry in tic cotton goods developed more or less irregularity during
west. Freeze in north and west on 14th and 15th with some damage to
fruit and tender truck. Progress and condition of winter wheat, oats, the week. While prices, for the most party, held steady,
and pastures poor to fair, but mostly poor; of irrigated truck very good. demand for various items was said to be less urgent. For
Considerable corn planted in east and south, but germinating
account dry soil. Cotton planting continued in extreme south.poorly,well instance, sales of staple print cloths were reported to be put
Soil
prepared for corn cotton, and rice, but most seeding delayed awaiting through at one-eighth of a cent below recent quotations.
rain. Amarillo: Livestock and ranges fair, except poor in southern Texas
Buyers filled in on spot lots and occasionally bid under the
and southeastern New Mexico.
Oklahoma -Oklahoma City: Favorable for farm activities; showers market for late deliveries. Sheetings were also less active.
beneficial, but need of more rain urgent, especially in central and west. Little buying interest was displayed, and second hands ofFreezes 13th and 14th: fruit probably severely damaged in central and
west, but injury less serious in east. Wheat and oats made slow growth fered small lots at prices under current quotations. On the
and need moisture badly, especially in central and west. Corn planting other hand, the call for ginghams continued active. Many
under way in southeast.
Arkansas.
-Little Rock: Mostly favorable for farm work. Greater por- mills were said to be seriously considering shutting down on
tion of land prepared for corn and cotton; corn planting nearly completed new business in order to adjust their loom work so that they
in some southern localities and planting progressing nicely in central.
Wheat, oats, meadows, and pastures improving. Killing frost 15th dam- will be able to provide for the unusual volume of fancy oraged peaches and plums in extreme northwest; little damage elsewhere.
ders and novelty business that has recently been coming
Tennessee -Nashville: Light freeze in central and northern counties,
but damage slight. Peaches generally in bloom. Good progress in plow- forward. It was rumored that at least two manufacturers
ng and sowing oats, clover, and tobacco beds. Wheat, oats, rye, and will withdraw their fall lines for the present and reinstate
barley improved and generally fair to good.
Kentucky.-Loalsyll Is: Several freezes held back fruit, though plums them later at advanced price levels. Although official conlooming and probably damaged. Plowing much advanced, but stopped firmation was lacking, this seems likely, in view of the fact
y heavy rains. Last plant beds being sown. Wheat and grass improvthat mills are believed still to be losing money on their
ing slowly; stand of late wheat irregular.
•goods. despite the recent advance in prices. Action of some
For other tables usually given here, see page 1420.
The visible supply of grain comprisirg the stocks in sort was said to be necessary, whether it is in the form of a
granary at principal points of accumulation at lake and withdrawal or a direct advance in prices in order to insure
a margin of safety for producers. In regard to wash fabseaboard ports Saturday, Mar. 14, 1925, were as follows:
rics, a steady demand continued to be reported for spot
•
GRAIN STOCKS.
merchandise in the novelty lines. Although individual
Wheat.
Corn.
Oats.
Rye.
Barley.
United Statesbush,
bush.
bush.
bush.
bush. orders were said to be small, the aggregate was of sizable
New York
2,113,000
119,000
572,000 1,651,000
372,000 proportions. Factors claim that indications point to a steady
Boston
11,000
442,000
improvement in most finished lines. Print cloths, 28-inch,
Philadelphia
1,111,000
189,000
244,000
150,000
Baltimore
3,217,000
70,000
271,000 6,784,000
hc. and 27-inch, 64 x
403,000 64 x 64's construction, are quoted at 71
Newport News
111,000
60's, at 6%c. Gray goods in the 39-inch, 68 x 72's construcNew Orleans
1,157,000
504,000
373,000
20,000
3,000
Galveston
1,699,000
tion, are quoted at 11%c., and 39-inch, 80 x 80's, at 13%c.
101,000
Buffalo
4,321,000 1,512,000 2,291,000
583,000
429,000
WOOLEN GOODS: The mild weather prevailing for the
" afloat
3,736,000
2,257,000 1.767,000
Toledo
1,504,000
217,000
356.000
77,000
1,000 past three weeks has stimulated spring trade in the markets
" afloat
387,000
390,000
for woolens and worsteds. Wholesalers are beginning to
Detroit
240,000
20,000
250,000
12,000
Chic 1go
.
.1
.
4,898,000 12,767,000 19,398,000 2,283,000
166,000 report an encouraging movement in finished goods, and reafloat
700,000 1,284,000 1,513,000
81,000
tailers were said to be calling for quantity deliveries of
Milwaukee
254,000 1,207,000 1,951,000
597,000
126,000
."
afloat
149,000
ready-to-wear goods In preparation for Easter buying. It is
101,000
Duluth
11,559,000
173,0001 2,386,000 5,404,000
202,000 generally thought that this buying is likely to gain mo.
" afloat
1,009,000
1,383,000
Minneapolis
13,417,000 1,246,000 22,012,000 1,162,100 2,120,000 mentum until the end of the current month at least. In
Sioux City
367,000
549,000
263,000
12,000
9,000 regard to women's wear goods, further openings of fall lines
1,834,000 1,814,000
St. Louis
301,000
13,000
21,000
Kansas City
7,980,000 7,711,000 2,129,000
167,000
10,000 by independents have taken place, and more are expected
Wichita
1,849,000
105,000
3,000
shortly. As in the case of the American Woolen Co.'s openSt. Joseph, Mo
827,000
808,000
152,000
2,000
2,000
ing, the week previous, there was a noticeable trend on the
Peoria
387,000
561,000
401,000
Indianapolis
798,000
102,000
46,000
part of independents towards more serviceable fabrics.
Omaha
1,503,000 2,771,000 1,221,000
311,000
12,000 Although a further decline
of foreign wool prices has led to
Total Mar. 14 1925_ _ _66,083,000 34,400,000 69,118,000 23,149,000 3,876,000 some caution on the part of buyers this has manifested itself
Total Mar. 7 1925_ _ _ _69,605,000 32,564,000 71,176,000 22,935.000 4,075,000
Total Mar. 15 1924_ _ _ _61,656,000 25,052.000 18,063,000 21,641,000 1,531,000 mostly in a falling off in the call for fancies. Staples, how-Bonded grain not included above: Oats, New York, 562,000 bushels; ever, continue to enjoy a satisfactory demand.
Note.
Boston, 52,000; Buffalo, 303,000; Duluth, 83,000; total, 1,000,000 bushels, against
FOREIGN DRY GOODS: Sentiment throughout the linen
1,616,000 bushels in 1924. Barley, New York, 515,000 bushels; Boston, 57,000;
Baltimore, 10,000; Buffalo, 244,000; Duluth,40.000; total, 866,000 bushels, against market displayed a decided improvement. For instance,
110,000 bushels in 1924. Wheat, New York, 2,315,000 bushels; Boston, 80,000: mills were
said to be planning to maintain recent rate of
Philadelphia, 1,071,000; Baltimore, 254,000, Buffalo, 3,072,000; Buffalo afloat,
2,603,000; Duluth, 469,000; Tcledo, 61,000; Tdledo afloat, 549,000; Erie afloat, operations and make an effort to better previous sales rec762,000: total, 11,236,000 bushels, against 15,298,000 bushels in 1924.
ords. In the household linen section, conditions were reCanadian
ported to be better than has been the case for the past year.
1,069,000
203,000 2.692,000
Montreal
135,000
675,000
12,016,000 1,647,000 5.203.000 This was principally due to the fact that stocks have been
Ft. William & Pt. Arthur_26,754,000
1,388,000
afloat
680,000
"
127,000 reduced to a point where prices are firm at higher levels. In
6,815,000
3,375,000
421,000 1,086,000
Other Canadian
the dress linen division, business has been steady and of
203,000 18,763,000 2,203,000 7,091,000 satisfactory volume with shipments fast approaching a
Total Mar. 14 1925_ _ .36,026,000
more
215,000 18,308,000 3,160,000 6,973.000
Total Mar. 7 1925..33,631.000
18,000 9,690,000 1,981,000 1,982,000 normal volume. New buyers steadily arriving in the marTotal Mar. 151924_ _ _ _55,483,000
Summary-ket displayed increased confidence. Most retail stores have
66,083,000 34,400,000 69,118,000 23,149,000 3.876,000
American
203,000 18,763,000 2,203,000 7,091.000 retained, with considerable success, the policy of holding
36,026,000
Canadian
popular-priced linen sales. Burlaps have ruled quiet with
Total Mar. 14 1925_102,109,000 34,603,000 87,881,000 25.352,000 10,967.000
easing tendency noted in primary markets. Light weights
Total Mar. 7 1925..103,236.000 32,779.000 89,384,000 25,095,000 11.048,000 an
Total Mar. 151924- -117,139,000 25,070,000 27.753,000 23,622,000 3,513,000 are quoted at 7.85c. and heavies at 9.70c.
THE CHRONICLE
1504
*ate anti Titg
ptpartment
MUNICIPAL BOND SALES IN FEBRUARY.
We present herewith our detailed list of the municipal bond
issues put out during the month of February, which the
crowded condition of our columns prevented our publishing
at the usual time.
p The review of the month's sales was given on page 1237 of
the "Chronicle" of March 7. Since then several belated
February returns have been received, changing the total for
the month to $78,322,296. The number of municipalities
issuing bonds in February was 423, and the number of
separate issues 528.
Rate. Maturity. Amount. Price. Basis.
Page.
Name.
820.000
5
1117_ _Alamoea,(lobo
1363_ _Alamosa Co. S. D.No.3,
28,500
434
Cole
1508_ _Albany Co. S. D. No. 1,
18,000
5 d1934-1944
Wyo
57,000
1508_ _Albany Co. S. D., Wyo_ _4 41934-1944
4.50
45,000 100r
4 41930-1945
1363_ _Albion. Neb
43.1 1940-1955 500.000 101.26 4.16
983-Allegheny Co.. Md
20.000
1930
_534
1363__Allegheny County, Va._
983-_Ardmore S. D. No. 19,
30.000
5
Okla
85.668
1-10 yrs.
855-Arkansas City, Kan.(2is.)5
4,000
591 1926-1935
1363_ _Arlington, Neb
83.800
1363- _Aspen, Colo
1238_ _At hafalava Basin Levee
.000
1927-1932 290
6
Dist., 1 a
Pi
58,000 104.02 "ai
1954
434
1117- _Atheists, Oa
491 1927-1934 122,000 101.20 4.75
730-Atlanta, Ga '
55,800 101.21
1925-1934
5
1117_ _Auburn, Ind
983-Audubon S.D.,N.J.(2 is.) 434 1926-1965 500,000
1117--Avon Ind. 8. D. No. 56.
55,000 100.40 4.71
434 1930-1945
So. Dak
5.00
3.000 100r
*1944
1363_ _Bailey S. D.10. No.Dak-5
25.000 100.93 4.87
1926-1942
VII. S. D., Ohio 5
983-Baltic
41 000
1363_ _Bandon r re
a?)
11525=1965 60.000 102.50 6
1363__Bailey County, Tex
7.500
1363- _Barnes County, No. Dak1.55
85.000 1110/
1926-1955
5
1363__Basin. Wyo
983....Battle Creek and Bedford
Twp. S. D. No. 2,
75.000
1924-1938
5
Mich
4
16,000 101.28 - 7e2
1940
531
983--Baudette, Minn
-15.000
983__Bay City, Mich
5.&I
75.000 102.70 -6 - 1926-1945
1355-Beaufort No. Caro
5.50
30,000 100r
534 1926-1940
1117- _Beaver. Utah
r
48,500
1940-1945
1117-Beaver Sch. Dist., Utah_5
35.177 103.35 4.80
591 1926-1933
855__Bellaire. Ohio
--- _
9,140
591 1926-1935
1364- _Bennington, Neb
86,000 101.56r
434
1364__Benson, Minn....
100,000
1238__Bernalillo Co., N. Mex- A g
1117„Bernlery Ind. 13. D. No. 1.
r -59,500
431
Idaho
300,000
1117_ _Berwind S. D., W. Va___534 5-20 yrs.
20,000
1364--Bessemer City, N.0....-531 1928-1947
1238- _Big Horn Co. S. D.No.1,
10,000 101.50 25 yrs.
Wyo
1926-1935 240.000 104.63 4:55
983__BlianIngham, Ala
25,000
1926-1945
County. Ill
1117....Bond
r
434 1926-1950 100,000
1364__Boulder, Colo
1364_ _Bo 'Icier Co. S. D.No. 17.
1926-1965 264,000 100.74
434
Colo
Vic,
95,000 101.50
1238_ _Bouroon Co.. Kan.(2 is.) 434 1926-1935
1238- _Bowie Co:Rd.Dist. No.2.
---50.000
534
Tex _
10.000
1926-1935
6
1364-Bradner, Ohio
1926-1955 550,000 98.33 Ida
4
1117- _Brattleboro, Vt
50,000 102.47 4.19
414 1926-1945
1117--Bronxville, N. Y
4t.1 1935-1944 250.000 100.89 4.17
1118_ _Brown Co.. Minn
18.000 100.50 4.19
491 1930-1944
1118__Brovrn Co.. Minn
---30,000
int.-Brownfield I.S. D..Tex--5X
---29.500
Idaho (2 iss.)---- -855_ _Burley,
1.000,000
1238- _Bynum Ito v. Dist..Moot.
855_ _Calcasieu Parish S D.No.
75,000 y101.01
15 years
5
21. La
375.000 100
984__Caldwell S. D., N.J
35,198 101.56
1926-1934
_Canton, Ohio (4 issues).._5
111870,000 98.47
1118-_Carbon Co.S. D.. Utah--434 20 years
1364_ _Canon City Alicy Paving
18,000 99.17
District No. 1. Colo.--5
1118-Carey Village Irrig. Dist.,
1935-1944 420.000
6
Ida
4.66
19.000 104.68 -1926-1935
5
984_ _Cass Co., Ind
--- _
20,000 93
6
984.. _Castle Rock,Colo
---_
7,500
1950
8
Okla
1239_ _Chandler,
731_ _Cheltenham Twp. 8. D.,
431 1935-1955 670.000 103.17 4.01
Pa
43 1926-1945 r80.0001 102.12 4.00
984-Cheshire, Conn
20,000!
491 1926-1945
984_ _Cheshire, Conn
731__Chicago Sanitary Dist.,
1927-1945 3,000.000 98.81 4.13
4
III
31.000 100.63 3.87
1927-1936
4
1118_ _Chicopee, Mass
di
1239__Christlan County Congo'.
---8.000
10 years
Sch. Dist. No. 1, Mo 6
---5.000
534 41934-1945
1239_ _Clinton. Neb
--20,000
1364„Cody, Wyo
---88.789
-434
1239__Coffevv1ne. Kan
1118_ _Cotersin Twp. Rur.S. D.,
50,000 101.54 4.76
1926-1939
5
Ohio
42.000 102.36 4.74
1926-1950
731_ _College Corner S.D.,Ohlo 5
1118- _Columbia Twp. Rural
6.00
2,600 y100
1926-1931
6
8. D., Ohio
74.000
491 41931-1945
1364„Columbus, Neb
50,000 101.90 4.14
1930-1935
4
984_ _Connellsville, Pa
78,552
6
1935
856_ _Corvallis, Ore
57.66
16,000 100r
1931-1945
5
1364 ..Crai . Neb
531 1929-1949 250.000 102.53
1118_ Creek Co., Okla
13.,
984__Crosby Co. Ind. S.
23.000
5
Texas
---50,000 100
1239_ _Crowell. Tex
1118-0uyahoga County, Ohio
1926-1941 455,000 104.06 4.40
5
(8 issues)
75.000
534 1925-1937
984_ _Dallas Co.. Ark
5
17,572 104.75 757.
1935
6
1239_ _Dallas, Ore
25.000
:10-1045
II., Neb_ _4 X. d10
1239_ _David City S.
856- _Dayton. Ohio (3 issues)__434 1926-1950 500.000 102.462 4.255
16,000 103.15 4.12
434 1926-1945
856- _Decatur Co., Ind
1365_ _Deep Creek S. D. No. 6,
5.00
1,000 100
9930
5
o
N- . Dak
23.614 103.07 5.23
1925-1933
1118_ _Deer Park, Ohio(5 issues)6
17,000 102.10 4.07
984_ _DeKalb County, Ind_ _ _ -4X 1926-1935
731__Delaware Twp. B. D.,
4.500 101.96 4.61
1927-1935
5
N. J
731__Delaware Twp. S. D.,
95,000 105.39 4.58
1926-1964
5
N. J
731__Delaware Twp. S. D.,
53,000 103.82 4.53
1926-1945
5
N. J
5.10
1926-1950 150,000 99.05
_5
856_ _Del Rio, Tex.(2 issues)_5
.
1509__Delta Co. S. D. No. 18.
--24,000
Colo
43.1 41940-1955
48.540 102.91 ---5
1365_Des Moines. Iowa
10,000
---1945
6
1118__Dixon. Neb
....
15.000
534 1926-1934
1118-Dodge, Neb
14
rirou 120.
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
1118_ _Dorchester, Neb
8.671
534 41929-1934
1239_ _Douglas Co. S.D.No.54,
Neb
50.000
431 1927-1950
1509_ _Eagleville Cons. S. D.,
Mo
35,000 100.65
431 1928-1945
984.. _East Baton Rouge Pariah
La.(2 issues)
434 1926-1932 360.000 100.07 4.48
984 ..East Baton Rouge Parish
Road 13. No.6, La__
50,000 100
_ 1925-1949
984 East Baton Rouge Parisli Sub-Road D. No. 3 of
Road D. No.6, La
---20,000 100
1119_East Youngstown City
Sch. Dist., Ohio
60,000 104.15 4.51
5
1927-1946
r
1119_ _Edgewater, Colo
534
34,500
1119_ _Elkhart County, Ind_ _434 1926-1945
37.000 103.77 4.08
_434
r
1510__Elko, Nev
6
1927-1941 150,000
1119_ _Ellsworth, Kan
23,500 100.70 4.38
434 1926-1937
856_ _Emporia, Kan
4.50
100,000 100
434
984_ _Erskine S. 13. 170, Minn 4341930-1944
4.50
3,500 100
856_ _Essex County, Va
40,000
1365_ _Estes Park.Colo
14,000 101.35
5
984_ _Eugene,Ore.(2 issues)._ _5 41926-1935 117,314
984_ _Eugene. Ore.(3issues)._ -4X '35,'40&'45
---32.500
984__Eugene, Ore
434&434 1945
35,000
1240_ _Fairbury, Neb
70.000 100.60r ---431 81930-1945
1240__Fairfield, Iowa
e1944
25,000 100
431
1365
1366_ Falls City, Neb
576
5 41927-'30-'40
35,000 100r
984__Falls Church Magisterial
Dist., Va
4.84
s
1945
25,000 102
1119_Fayette Co. Road Dist.
5.00
No.8, Tex
9,000 100
1-30 years
5
1119_ _Fayette CO. Road Dist.
5.00
5
1-30 years
No. 9, Tex
30,000 100
1240--Fergus Co. S. 13. No. 1,
5.35
534
17.500 101.07
Mont _
1935
1119_ _Ferndale, *Mich
-450,000
1119_ _Ferndale, Mich
2,000
6.00
12411__Forgan, Okla
16,000 100
6
1944
984_ _Fort Bend Co.Corn. S. D.
.
No. 10. Tex
8,000
1119_ _Fort Scott, Kan
434 1926-1935
16,000 100.82
857_ _Frankfort S. D.5, N.Y_4X 1927-1943
448
17,000 100.40 -1365- _Frederickstown, Mo___ _5
1930-1945 112,000
1365_ _Fremont, Neb
76,000 100r
434 41930-1945
r ----1065- _Fremont, Neb
434 41931-1945 169,000
65_ end, Neb
'
37,373
534
25,000 106.40 5.47
1240.._Gadsden,Ala
5
1945
732- _Gallon, Ohio
4.70
87,000 101.91
1927-1936
985-Gallatin, Tenn
20,0001 100.22 4.806
1929-1944
5
985-Gallatin. Tenn
431 1925-1934
40,000!
1119....Gartield Co.S. D.No.16,
Colo
r5
6,900
1926-1939
1240-Garfield Hts.8.D.,Ohlo-514 1928-1947 110,000 106.39 4.79
1240_ _(.enese.o. N.Y
5
10,1100 104.389 4.40
1929-1941
985__Genoa, Ohio
---591
17.500
985_ _Georgetown Co.,So.Caro.5
---12 years
60.000
732„German Flatts Un. Free
S. 13. 1, N. Y.(2 iss.)-43.4 1926-1954 270,000 102.11
4.32
1119-Girard,Kan
434 1-20 years
48,707 100.20 ---434
857- _Glassboro, N.J
1931
150,000
5
1240_ _Wendel.), Calif •
t.0.000 104.63 Tai
192c.-1955
20,000 100.77 4.40
1119__Glenwood, Iowa
434 1926-1945
732- _Goldsboro, No. Caro_ _- -434 1926-1961 150,000 100.67 4.70
1119_ _Gooding Co. Highway
.
r
40.000
Dist. No. 2, Idaho_-5% 41935-1945
_591
5
-:56
5
73,500 100r
1926-1940
1365_ _Gordon, Neb
1926-1945 100,000 102.309 4.20
431
732__Gouverneur, N. Y
1119_ _Grady County, Okla_ _ _ A X Every 6 years 200,000 101.31
1119_Grand Rapids, Mich_ _ -4X 1926-1953 700.000 101.09 4.13
1365__Grassy Creek Two. Road
40.000
District, No. Caro _..6
4.23
1934-1937 150,000 y106.61
857__Green Lake Co., Wis____5
88.500 100
1240_ _Greenbrier Co., W.Va_ _
4
434 41930-1936 800.000 101.033 - 715
1240--Greene Co. Pa
4.40
12.000 102.91
1935
5
'
1119-Greenfield, Ind
200,000 100.01
985-Greenville Co., So. Caro-434
985--Grosse Pointe Farms,
85,000 101.64
431
Mich
1926-1945 100,000 110.47 4.18
5
1119...Hamllton Co., N.Y
20,000 9100.97 4.80
1926-1935
1119--Hancock S. D. Mich_ _ _5
35,000 107.94 4.34
1930-1955
985--Hanover'I'wp,Pa.(2 iss.)-5
58,200 103.57 4.60
535 1925-1933
857-_Hardin County, Ohlo
r.440--Haskon Union tirade gch.
17,500
6
D‘tic., tilde
985_ _Hendersonville Graded
Sch. Dist. No.(laro-5X 1928-1957 280.000 106.50 4.97
125,000 100.39
1366__Hereford Ind.S. D.,Tex- 7,500
531 1925-1939
1366__Ilickman, Neb
4.25
50,988 100
4.34 1-10-years
1119_ _Highland. Kan
25,000
124o_ _ kin,s.,010, 'A ex
732„Hillsborough Co. Cons.
Spec. Tax S. 13. No. 4,
5
1927-1951 1,000.000 103.60 4.67
Fia
r
17.000
1932-1945
5
9135_Holbrook, Nob
100.600
1240_ _rioil s, tilde
42.000
434
1120-Holtm. Kan
20
6
-years
32,000
985-Hooker,Okla
1240„Hopewel1 Twp. S. D.,
N. J
431 1926-1955 214,000 103.19 4.48
1240-Hopewel1 Twp. S. D.,
46,500 102.98 4.43
N. J
431 1926-1055
857-Huntington Park Impt.
55.000
1926-1936
6
Dist. No. 1, Calif
..-,
70.000 100.25
985-Hutchinson, Kan1926-1935
5.08
)ti
' 1925-1934 163,555 102.15 985--Idlewood, Ohio
.
1; 8O-i,- bri 4141,000
124u _ .11operial lrr. Dist., Ca111.0
4.50
65,000 100r
434 1941-1945
1120-Independence, Mo
857-Indianapolis Park
80.000 101.16 3.85
434 1927-1966
Dist..
Ind
41b 11.40-1,54 310,000 106.1189 4.05
1241_ _Ithaca, N. Y
4.500 104.28 4.18
5
1926-1935
1120„Jackson County, Ind97.46
70,00U
.534 11;2o-1)+00
12 i 1 _ _Jay too, Texas
1927-1934 176.311 102.58 - .46
1120-Jefferson Co., Ohlo(3 iss.)5
1120__Jefferson Co. Ind. O. D.
r
20,000
No. 3, Idaho
5 41935-1945
120,000
1367_ _Jefferson 13. D., Wis
4
1928
3,000,0601 100.009 3.89
1241_ _Jersey City, N.J
334
1928
800,000,
1241--Jersey City, N.J
72,500 104.99 ---1241_ _Johnson City, Tenn
28,000
985_ _Joshua Ind. S. 13.. Tex _5
732__Kansas City S. D.. Mo--5
1941
1,000.000 108.09 4.30
Serially
1367__Kaufman,Tex
6
20,000
1241_ _Kaufman Imp. Dist. No.
serially
5, Tex
6
100,000 90
I-5-years
1120_Kenmore. N. Y.(2 issues)5
427,139 102.095 985__Key Ridge Rural S. 13.,
Ohio
5
1926-1948
45,000 '101.80 4.80
985„Kimball Co. Corn. S. D.
No. 4, Tex
534
16,000
1120_Kingman, Kan
40,000 100.35
431
1120_1011gs Mtn.. No. Caro---5X 1928-1955
60,000 104.50 5.10
733-Kingsport, Tenn.(2 iss.)-6
72.500 104.99 5.25
1925-1944
1367_11ingsville Ind. S. D.,Tex.5
75,000 100.40 --...,
733__Knoxville, Tenn.(2 Iss.)-5
1930-1934 184,796 103.17 4.49
985__Lake County, Tenn
5
25,000 y103.86 4.73
1945.1950
1120_ Lake County, Fla
10,000 y102.16 ---534 1928-1947
985_ _Lake-of-the-Woods Co.,
Minn
75,000
6
1930-1940
1120_ _Lakeland, Fla.(21118.)_5g 1944-1954 375.0001 105.63 r Yog
1120„Lakeland, Fla.(2 iss.)___6
1926-1935 353.0001
11.800 104.02 5.16
1120__Lakeview, Ohio
1925-1934
6
18.000
1511-Lakeview S. D.,(3a
6
1926-1943
150.000
1241-Lame8a, Tex
6
MAR. 21 1925.]
TITE CHRONICLE
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
1241_ _Lancaster Co.,So.Caro_ _5
1027-1955 200.000 105.30 4.60
5
858_ _La Porte Co.,Ind
1926-1945
56.800 104.38 4.46
1120_ _La Porte Co., Ind
5
1926-1935
6,000 104.61
4.06
1120_ _La Porte Co.,Ind
5
1926-1935
59,400 104.46 4.09
5
1120_ _La Porte Co., Ind
1926-1935
10,800 104.65 4.04
5
1120__La Porte Co., Ind
1926-1935
30,400 104.66 4.05
1241_ _Lawrence S. D.. Mich_ _ _5
1930-1955
75.000
1980-1955 125,000 103.22 4.03
1241_ _Lebanon Co.,Pa
858„Leonia, N. J
1926-1955 139,000 103.05 4.49
986_ _Levelland I. S. 13., Tex_ _6
1928-1963
50,000
1367-Lewistown, Mont
17,500
986„Lexington, N. Y
s
14.000 102.15
1241_ _Liberty Un. S. D., Onio_ _5
125,000 103.31
986__Lima, Ohio
5
1927-1951 704,015 101.00 - - 3*
4
.
1367_ _Lincoln, Neb
43i 1931-1934
51,000 100
4.75
1120__Lincoln Co. S. D. No. 1,
Wyo
5
1926-1945 150,000 101.00 4.88
1241_ _Linn Co.. lova
44 1g31-1936
63,000 101.39
1367--Linn County S. D., Ore_
r
35,000
733__Livingston Parish S. D.
No. 28, La
6
1926-1933
4,000 100.35 ---733„Livingston Parish S. D.
No. 27, La
6
1926-1945
50,000 101.11
__1120__Logan Co.. Okla
5
1930-1949 750,000 103.58
1367Lometa, Tex
6
_ .....
42,000
1367__Lone Jack, Mo
5
1-15 years
30,000
986_ _Long Beach, Calif
44 1961-1964 500.000 100.029 4.24
858_ _Los Angeles. Calif
44 1925-1944 3,500,000
986__Los Angeles Mun. Impt.
Dist. No. 1, Calif
54 1926-1964 1,300,000 101.01
5.16
1241-_Lovell, Wyo
5% 6-30 yrs.
25.000
r
13672_Lowell. Mass
4
20 years
30,000 101.18 _
858--Lubbock. Tex.(3 iss.) 5
225,000 100.00 5.00
986__Luverne, Minn
44
45,309 100.30
1120_ _McCune S. D. No. 57,
Kan
s
58,010
--1367-McDowell County, W.V14.54
300.000
986_ _Madison Co., Ohio
6
1926-1935
54.860 107.30 4.60
858--Mamaroneck Park Dist.
' No. 1, N.Y
43
1932-1968 148,000 104.82 4.16
986__Marion, Ind. (2 issues).
149,000 102.48
858-Marion Co., Ind
4
1926-1935 196.000 102.06 4.11
858-_Marion Co.. Ind
11'27-1945 600,000 101.72 4.04
1121-Marion Co., Mo
5 41928-1943
15,000
1121__Marion Co., Mo
41924
;944
10,0001. 100.00 5.25
1121-Marion Co., Mo
41929-1944
10,000
1241- _Marion Co., Flo. Caro__
75.000 101.20
1367-_Marion Co. S. 13, No. 4,
Ore
44-5
33,000
1368_ _Marquis fi.D.3, No.Dak.5
*1935
4,200 100
- :60
5
1241-Marshall. Texas
434 41935-1r64 276,000 98.50 r
1121_ _Marshfield, Ore
6 41926-1935
27,000
1368_ _Marshfield, Ore
54,662 103.74
858-Maryland (State of)
44 1928-1940 270,000 103.75 47155
1241_ _Marysville, Calif
6
1935
34,•-.08
.Massachusetts (State of)
986.
(4 issues)
4
1926-1963 2,923,001 102.33 3.78
858_ _Massillon, Ohio
5
1926-1935
57,091 102.72 4.51
986--Maury Co., Tenn
4)4 1940-1943
4.60
55,000 101.91
1241_ _Mesta,Texas4 1-40 yrs.
40.000 103.06 --_1121-Mexia Ind. S. 13., Texas-g4 1-40 yrs.
100.000
-- _ 1364...Miami County, Ohio5
11,800 10 .43 --_
986_ _Middlefield S. D., Ohio.-5)4 1926-1947
65.000 106.08 4.77
1121_ _Milford Ohio
6
1926-1932
3,500 104.02 5.08
859_.Mitcheil. Ind
5
1926-1933
14.500 103.35 4.25
986__Middletown, Ohio
5
1926-1935
7.000 101.15 4.53
986_ _Middletown, Ohio
46,215 102.49 4.37
5
1926-1934
986._Middletown. Ohio
25.200 102.39 4.40
5
1926-1934
1241_ _Mind1( n, Neb_
5
14.513 107.53
1241_ _Mission, Tex.(2 issues)--6
100,000 106.25
1121__Monessen, Pa
44 1932-1945 100,000 105.131 4.035
1241_ _Montgomery Co.. Ohio_ _44 1926-1950
50,000 101.35 4.36
1242- _Morehead, No. Caro. -6
6
50,000
1928-1945
859_ _Morgan Co. S. D., No.3,
Colo
434 1940-1958 244,000
1242_ _Morrill. Neb
s
r
19,500
1121_ _Mount Vernon, N. Y_ _ _4 X
1945
375,000 102.94 4.04
733_ _Mullinville Mir. H. S. D.
No.2, Kan
4% 1927-1936
50,000 101.00 4.34
859--Multnomah Co.. Ore_ _ 44 1931-1953 350,000 102.57 4.30
986- _Munday,Texas
6
40 years
25,000 101.05
986-Nacogdoches Co. Corn.
S. D. No. 13, Tex
5,000
5%
859-Nashua, N. H
4
1926-1945 100,000 100.68 4.17
1121--Nassau Co.. N.Y
4
1934-1936 140.000 101.98 4.00
1368__Nebraska City, Neb
1945
74,000 ioor
434
4.75
1368- _Nebraska City. Neb
44 41929-1944
80,000
1368- _Nebraska City, Neb. (8
issues)
5
140,000
1934c
986- _Neptune City S. D., N.J.44 1926-1945
75.000
859--New London,Conn.(2 iss)4 X 1926-1955 425,000 102.14 1.65
1242- _Newport Beach lmproy't
Dist. No. 4, Calif
6
1926-1943
54.010
1242-New Orleans, La
4% 1930-1967 400,030 102.45 4.34
.NewtonTwp. Rural S.D.,
986.
Ohio
5
20,000 102.78 4.66
1926-1945
734--New Washington Rural
S. D., Ohio
534 1926-1950
75,000 106.63 4.81
986_ _Norfolk, Neb
44 41930-1945
r
70.000
987-Norman. Okla
6
1943-1948 110,000
1242--North Tarrytovrn, N.Y--4 Si 1925-1964 470,000 103.68 4.23
1121--North Tonawanda Un.
Free S. D.No. 1,N.Y.4X 1042-1958 340,000 100.719 4.21
1121-Norwood City S. D.,Ohlo5
1927-1950 210,000 105.55
987_0akdale Irrig. Dist.,Calif.5%
1929
25,000 101
Kod
1242--Oak rark and River Twp.
HMI S. D. No. 200.111_4 V 1937-1040 100.000 101.059 4.17
_Oberlin, Ohio
859_
30.000 107.11
534 1927-1951
4.80
987-011ton, Okla
6
10-years
5.000
1368_0kmlee Co. S. 13. No.
34. kla
6
1934
10.000 104.10
1368__Onalaska Ind.S. D.,Tex.6
10,000
987__Oktibbeha Co30.000
987__Omaha. Neb
231
100.000 100.32
5
1926
35.000 100.94
987-_Orange County, Ind
1121__Oneida, N.Y.(2 issues)_ _4g 1926-1935
23.511 100.113 4.23
.
1121 -Orange Co. Special Tax
S. D. No. 1, Fla
5
1926-1953 200.000 103.30 4.69
1121__Orangetown Corn. S. D.
No. 2, N. Y
5
1925-1944
70.000 104.97 4.37
1929-1953 250.CO) 107.29 5.32
1121_ _Ormond, Fla.(3 issues)_ _6
987__Ossining. N. Y
4%
20.000 101.85
859-.0swego, Kan
5
1926-1930
3.000 100
5.00
1121-0tisville, N.Y
50,000 107.47 4.39
5
1926-1959
987_ _Pasadena Ind. S. 13., Tex.5
7,500
859-_Pasadena City S. D.,
44 1926-1954 750,000 103.27 4.44
Calif
987--Paullina Ind. S. D.,Iowa.4Si 1931-1945 130,000 101.66 4.35
1121-Pe1dn Community S. D.
5
1927-1943
28.000 101.08 4.73
No. 303. Ill
18.967 100.52 4.46
1121_ -Pennington Co., Minn- _ _44 1936-1945
41.000 104.02 4.40
434 1927-1964
987__Perth Amboy. N.J
434 1928-1964 149,000 104.48 4.36
987-Perth AmboY,N.J
40,000 101
6
1242--Pharr,'rex
1121__Philadelphia, Pa
4
1955
7,000.000 100.797 I.943
4% 1927-1961 123,000 101.89 4.36
-Phillipsburg, N.J
1242
44 1927-1956
53,000 101.44 4.38
1242-Phillip5burg, N. J
41i 1926-1951
76,200 101.18 4.38
1242- _Phillipsburg. N.J
1,000.000
1242- -Pinellas County, Fla--- _6
4.40 1926-1933
7,500 100.33 4.31
987-Pittsford, N. Y
431 1-10-years
28,129 100.24 ---1121-1'itt8burE, Kan
5 41930-1945
r
12,000
987__Plainview, Neb
1941-1950
23.000 100
5.00
1369--Plainview S. D., Neb.._ _ _5
r
20,000
6
987__Platteville, Colo
14
g4
1505
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
860_ _Plaucheville 8. D. No. 3,
La
-years
534 20
25.000 100.63
1121_ _Polk Co. Spec. Rd. &
Bridge Dist. No.9,Fla.5% 1929-1953 600,000 100.108 5.49
987-Polk Co. Spec. Rd. Ss
Bilge. Dist. No. 11, F1a5% 1930-1954 750.000 102.64 5.27
1122_ _Portsmouth, Va
44 1930-1954 180.000 98.798 4.61
.Potter County, Tex
987.
130.000 06.50
734„Poughkeepste Un. Free
S. D.No.7, N.Y
5
1929-1943
15.000 105.45 4.35
1243_ _Prow o Co. S. D. No. 3.
orrs
Cob
534
8.000
1243--Queen Creek hr. Dist.,
Ariz
64 1936-1955 125.000
1369_ _Ralston, Neb
53,273
534 1925-1944
988-_Ramapo N. Y
1927-1954
4
55,000 103.25 4.19
734_ _Randolph Co., No. Caro_4
1944-1953 600,000 101.039 4.68
1369_ _Ranger, Tex
6
1937-1943 220,000
860_ _ Rankin, Pa
434 1925-1954 175,000 102.64 5.043
1122_ _Redford Twp., Mich__ _ _44
1935
100.000
988-Redford Twp. Un. S. D.
No. 1, Mich
35.000
44
988--Redford Twp. Un. S. D.
100.042 4.267
No. 1, Mich
190.000
434
98S Redonda Beach, Calif_
35.000 101.39
1513 _ _Richmond, Calif
1925-1958
85,000 105.24
5
4.57
734-Richmond, Va
4% 1926-1934 900,000 101.30 4.20
860-Richmond S. D. Va. _6
50.000
1925-1929
1122-Richmond Twp. Rural
S. 13., Ohio
5
1926-1946
55,000 102.13 4.75
988-Ridgeville Twp. Rural
S. D Ohio
5% 1926-1934
9.000 102.44 4.99
988-.Riverside, N. J
5
37,000 103.50 4.61
1925-1947
1122_ _Roberts, Ida
5% 41935-1945
10.000
1369__Roby, T
35.000
534
734--Rock County, Minn
44 1935-1937
45,309 100.30 _
1122__Rockford, Iii
4h
50,000 101.71
1945
4.29
1243_ _Rociciand Ind. S. D.,laa_o
18 Iwo .(A)
5.00
5% 1926-1934
988--Rocky River, Ohio
5.138 102.18
5.04
1122-_Rocky River Village Sch.
Dist., Ohio
_, _ _54 1926-1931
16.000 104.54 4.99
734--Roseboro, No. Caroi..:2_6
85.000 104.12 _
-14
38.000
12i3 _Rosebud, Tex
30,000 1.00.BB
988--Roland, Iowa
44
988__Rome Rural S. D., Ohlo-434 1926-1945
13.000 lut.06 71:18
860_ _Russellville, Ark
150,000
988_ _Rusk Co. Corn. S. D. No.
441 Texas
8.000
5
860__Sabetha, Kan
24.950 106.30
4%
1122_ _Sabinal Ind. S. D., Tex-5X 1-40 yrs.
6.000,
1122_ _Saginaw, Mich
44 1926-1950 200.000
1513-Saginaw, Mich
4% 1925-1949 400.000 102.04 1122_ _St. Bernard Parish, La_ 6
1-10 yrs.
30.000 100.003 -.988__Salem. Mass
1926-1930
25.000 100.515 3.79
4
735-Saitcreek Rural S. D.,0_534 1926-1934
9,000 1/100.84
1370-Salt Lake City, Utah......
850,000 100.12 ---860.
Ohio
40.000 105.86 4.53
5
1926-1955
735-_San Rafael S. D.,Calif..._5
4.43
1935-1953 133,000 107.31
1213.-Sarasota. Fla
750.000
.t6- 1:::
1938-1944
57,000 1014988--8arPY County, Neb ....5
1243_ _Saunders Co. S. D. No.
72, Neb
_r
5 41920-1045 113,000
988 _ _Scarsdale, N.Y
24.444 101.03 4.29
4% 1926-1935
988--Scarsdale, N.Y
4% 19264930
22.084 100.72 4.21
988_ _Scarsdale. N.Y
15.000 101.67 4.24
434 1926-1940
1370_ _Schrunk S.D.30,No.Dak.5
*1935
2,500 100
5.00
1370_ _Schuyler, Neb
431 1924-1940
71.000
1370_ _Schuyler, Neb
4.75
24.000 100r
434 1935-1944
860-Scotts Bluff and Sioux
Counties Joint S. D.
Nos.47 & 57, Neb .. 54 1930-1940
5,500
1243- _Scottsbluff Co. S. D. No.
28.000
1, Neb
1243 _ _Scottsbluff S. D., Neb__ _5
1035-1945
75.000
988_ _Seabreeze, Fla
5
6
1926-1935 120,000 102.55 - :44
988_ _Sea Girt. N. J.(2 issues)-43( 1926-1950
87,000 100.004 4.74
1370--Seattle, Wash.(21 issues).6
1937
408.243
1122_ _Seymour, Ind
4% 1926-1935
40,000 102.04r 4.09
1122__Seymour, Iowa
44 1926-1944
24.200
735--Shadyside, Ohio
6
3,180
988_ _Shawnee Rur. S. D.,Ohio 5
1926-1945 150.000 102.67 4.69
988_ _Sherburne Co. Spec. S. D.
No.1, Minn
5
5.00
1935
20.000 100
1122_ -Shoshone, Wyo
6
18,000
988....Silverton, Ore
5
20,000
860_ -Solomon, Kan
46.000 101.37
434
1-10 yrs.
988_ _ South Amboy, N. J
5
1925-1945
57,000 104.18 4.49
988_ _Southampton, N. Y
5
30,000 102.60 4.17
1926-1931
860-South Euclid - Lyndhurst
Village S. D., Ohio_ _ _44 1926-1947 421,360
860._ Spartanburg, So. Caro_ _ _4Si 1930-1965 1.350.000 100.148 4.42
1243._Spartanburg Co., So.Car_ 4
1925-i 913 216,000 99.203 4.60
1122_ _Springdale S. 13.. Pa_ _ _4
.
1930-1950 125,000 102.32 4.055
988__Springfield Twp. Rural
S. D., Ohio
s 1926-1936 32.000 101.41 4.74
1122_ _Springwells, Mich.(2 1ss.)434
730.000 103.57 4.28
1955
102i-1935
)
8,1.00 104.68 4.05
1243_ -Starke Co., Ind
5
1122- _Steelton,Pa
50.000 103.95 4.13
434 1926-1950
1370_ _Stoughton, Wis
100,000 100.20
4)4
1122_ _Sugarcreek S. D., Ohio--6
7,000 103.73 5.26
1925-1934
1370_ _Tacoma, Wash.(3 Issues) 6 1923 & 1937
4,057
989_ _Taunton, Mass.(2issues 4
45.000 103.03 3.86
1925-1954
989-Texas(State of)(4 issues 6
12,500
_
989-Texas (State of)
2.000
54
989__Texas (State of)
2,000
5
989__Therrnopolls, Wyo
200,000
54
l'oo
137J_ _Thurston, Neb
7.000 100
5 41930-1945
1123_ Toole Co.. Mont
1926-1945 120,000
6
1123_ -Tuscaloosa, Ala
20,000 102.75 5.40
1926-1935
6
1123-'ruscarawas Co., Ohio_ _ -5
95,105 101.72 4.46
1926-1930
1123-'ruscarawas Co., Ohio_ -5
29,000 101.74
E17i __Tuttle S. D.20,No,Dak-5
5.00
15.000 100
*1945
989_ _Union County, N.J
4.17
434 1927-1975 248,000 101
861_ Union Sch. Twp., Ind--44 1926-1939
42,000 102.53 4.10
1371_ _ Valley City, No. Dak_
7.500
I123-Van Buren, Ark
5%
1-10 yrs.
41,000
-1244.-Van Buren Paving Dist
No. 3 Ark
74,500
989-_Vernonparish Road District No.6, La
6
1926-1930
67,000
1123__Warren Twp. S. D. No.
5, Mich
434 1931-1955
60.000 100.22 4.49
735--Warsaw, N.Y
6
1925-1945
21.000 100.074 5.99
989_ _Washington, 0.(4 188.1_534 1926-1935
13.180 101.76 5.13
1123-Washington Co.,Pa
44 1941-1951 200.000 107.33 4.01
1244--Washington Spec. S. 13.,
Ohio
534 1926-1940
30,000 104.04 4.91
1244 _ _Washington Twp., Iowa _5
10254-1935
9.000
989-Waynesburg. Ohio
6
10,000 104.06 5.10
1926-1935
1371--Wellington, Colo
13,500 103
1381_ _Wellington, Colo
6
534 2 years
10
5
25.000 95
1371-Wenatchee Chewawa Irr.
Dist., Wash
5
140.000
861-_West Haven Un. S. D.,
Conn. (2 issues)
43.4 1927-1956 700.000 103.03 4.24
1245-.West View,Pa
4.5.000 102.84 4.06
434 1933-1.455
861--West Virginia (State of) 44 1931-1938 1,900,0001 100.004 4.13
861-- West Virginia (State of) 4
1938-1950 3.100,0001
861--Wichit5, Kan
434 1-10 yrs. 458,000 100.00 4.50
1124- _Willoughby. Ohio
12,665 100.95 4.86
5
1926-1938
1124__Woillholugo hby Rural S. D.
17,500 104.05 4.17
1926-1940
1124-Wi1son, Kan
3.398 101.00
'04 1-10 yrs.
4
41
1124-Windsor Twp. S. D..0-5
50,000 102.14
1926-1949
1506
Page.
Name.
Rate.
1371_ Winthrop Ind. S. D.,1a_5
1371z_Woodrutf S. D. No. 3.
So. Caro
862--Woodland II. S. D., Cal_5
1371Worland, Wyo
53
736__Worthington, Ind
5
1124__Wyandot Co., 0.(2 iss.)_5
1124__Yates Center, Kan
5
1371__York, Neb
43
990-_Zap, No. Dak
7
[VOL. 120.
THE CHRONICLE
Maturity. Amount.
1926-1934
9,000
1942-1949
1926-1931
1926-1934
1-10 yrs.
1936-1955
1935
50,000
72,000
40,000
4,980
202,533
70,000
55,000
5,200
Price. Basis.
101.40
4.49
r _
4.58
100r
100.00
4.50
7.00
107.08
Total bond sales for February (423) municipalities, covering 528 separate issues)
k$78,322,296
d Subject to call in and during the earlier year and to mature in the later
year. e Optional. c Optional at any time. * But may be redeemed two
yearsfrom date. k Not including $57,808,000 temporary loans. r Refunding bonds. y And other considerations.
The following items included in our totals for previous
months should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
Page.
Name.
1364_ _Cass County,Ill.(January 192511st)
984....Delta. Ohio (October list)
731-_East Palestine Sch. Dist., Ohio (December list)
1120--La Porte County, Ind. (November list)
987__Omaha, Neb. (January 1925 list)
729-Palmyra, N. J. (2 issues) (December list)
1122__Seymour, Ind. (September list)
1122-_Shaker Heights, Ohio (Ju)y list)
735__Spartanburg, So. Caro. (December list)
1122Tangipahoa Parish Cons. Rd. Dist. La. (October list)
477__Wooster City Sch. Dist.Ohio (July list)
736--Yakima County, Wash..(July list)
,,
Amount.
$50,000
14,735
10,000
100,600
242,000
138,000
40,000
125,000
1,350.000
461.000
53,000
35,000
All of the above sales (except as indicated) are for Janaury.
These additional January issues will make the total sales
(not including temporary loans)for that month $130,331,201.
BONDS SOLD BY CANADIAN MUNICIPALITIES IN FEBRUARY.
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
990__ Alberta (Province of)___
15 years $750,000 99.63 5.06.
862__Bracebridge, Ont
534
85.000 103.08
862-Brockville, Out
5
10 inst.
119 520 99.52 5.11
1246__Burl1ngton, Ont.(3 iss.)-534
17,S73
990-..Burnaby S. D., B. C__5
20 years
66,000 96.36 5.2%
1246_ _Carleton Co., Ont.(3 iss.) 5
5-20 inst. 151,000 99.76
1246-Etobicoke Twp., Ont_5, 514 10&30 inst. 481,500 102.90 1.66
1246-Glamorgan Twp.,Ont-__6
6.00
10 inst.
2,200 100
862__Hu1l, Qua
5
267,000 98.05
1371__Islay Mun Hospital Dist.
No. 4, Alta
7
1925-1934
5,375
1246--Mantane, Que
5
25 years. 138,900 t.6.45 5.37
1246--New Brunswick (Prov.of)434
1945
808,000 99.42 4.82
862 ..New Toronto. Out
534
5.44
93.200 100.61
990--North Bay, Ont
435,000 102.17 5.21
534
862-Oakville, Ont
5,000 99.55
534
5 years
1124__Outremont, Qua
_5
1926-1955 400,000 99.29r
990--Quebec (Province of)__434 41945-1950 10000,000 96.149r 4.77
862-_St. Thomas, Out
5
30 inst.
250,000 99.172 5.07
1246--Sandwich, Ont.(3 iss.)_ _ _6 15-15'20 inst.
85,7841 103.928 5.30
1246-Sandwich, Ont
20 inst.
33,000f
514
862__Sarnia, Ont
20 inst.
40,000 102.63 5.18534
1371__Stony Plain, Alta__,
7
1926-1939
4,300
534
30 inst.
17,0001
862-Uxbridge, Out
5.20
862__Uxbridge, Ont
10 inst.
29,000J 102.12 .
534
1124__Walkerville, Ont
5
14 inst.
2.155
1124__Walkerville, Out.(2 iss.)_53410 & 20 inst.
36,223
1124-Westminster Twp.,Ont_534 10 years
18,000 y101.76 5.12
Total amount of bonds sold during February-$14.574,230
We have also learned of the following additional sales for
January.
Name.
Rate. Maturity. Amount. Price.Price. Basis.
Page.
We have also learned of the following additional sales for 862....Pointe Claire, Qua
40.200 97.557 -5
1925-1934
previous months:
The additional January issues will make the total Canadian
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
1238_ _Barry Co., Mo.
(May) - _5
% 192J-1944 $10.000 100.87 5.49 sales for that month 87,160,510.
1238...Bell, Wis
5
1925-1944
20,000
1117„Belleville S. D., N. J---..5
1926-1953
34,000 103.56 4.62
1117__Belleville S. D., N.J----5
1926-1961 198.000 106.13 4.53
1238_ _Belpre, Kan
4X 1929-1945
34,000
983__Berrien Co., Mich.(Sept)5
1-10
-years
46,288 101.04
5.00
1117Bethany He*hts, Neb__ _5
1945
36,600 100r
1364__Beverly, Ohio
5.50
53 1926-1928
1.561 100
855....Bone Mesa Domestic
Water District, Colo .6
1936-1945
75,000
984Brockaway S. D. No. 1,
Mich.(Nov.)
5
1925-1933
9,000 100.01
5.01
r
-5% 41935-1945
67,000
1118-Caldwell, Idaho (Nov.)
5% 41927-1944
40,000
1118-_Carroll, Neb.(Dec.)
123g _CoalGrove, Ohio
1925-1934
8,350 101.19 5.73
6
856__Cowlitz Co. S. D. No.
45
-20-years
112, Wash
95,000
984__Delta, Ohio (Oct.)
13,000 101.95
534
1240.-Eagle Grove, Iowa
7,000
5
1927-1935
1119__Ellsbury S. D. No. 90,
5.00
No. Dak
*1934
9,000 100
5
6.00
1119_ _Fairfax, So.Dak.(Sept.)-6
25,000 100
1934-1944
1119_ _Fairfax, So.Dak.(Sept.).6
1934
10.000
857__Franklin Co., Ind
75,000 104.02
4
1364__Hastings, Neb
30,000
4
5-20 years
62,000
1364 __Hastings, Neb
5
10 years
1364__Hays, an.(Dec.)(2 iss.)5
109,022
4.26
20,0001100.02
857-Highland Park S.D.,M1ch434
1955
1955
857_ _Highland Park 8.D.,M1ch434
280,0001
985__Holie Twp. S. D., N. J.
(Nov.)
25,000 101.99 4.77
5
.)
r
1120-Humphrey, Neb. (1)ec_5
d1929-1944
8,000
r _
1364_ _Ironton, Ohio (Sept.)____5
15,000
1925-1934
1120__Kearney, Neb
5
1926-1929
41,000
r
858-Klamath Co.S. D. No. 1,
Ore
5 41930-1945 150,000
858-Koochiching Co., Minn.
5.90
(Dec.)
6
1929-1941
40.000 100.91
858__Lake Co.,Ind.(Oct.)
5
1925-1934
18.000 101.75 4.63
1120__Lake S. D. No. 38, No.
5.00
Dak
5
*1934
4,000 100
986.._IAberty Twp.Rural S. D.
,
5
1926-1935
32,131 Y100.08 4.97
Ohio (Dec.)
986__Lincoln Co. S. D. No. 19,
Wyo
534 1930-1950 130,000 100.76 5.43
1241__Livingston Par. Sub-Rd.
-40,000 103
6
Dist. No. 2, La
SW-Madison Sch. Twp., Ind.
92,500 102.12 4.63
1925-1939
5
(Sept.)
,Ohio
1367--Madison Twp.S. D.
110,000
(Dec.)
14,000 103.21 4.99
5% 1926-1939
858__Mansfield, Ohio
859Mingo Village S.
5
1926-1965 160.000 102.13 4.84
D..
Ohio (Dec.)
1925-1944 100,000 106.43
859_ _Monticito Un.S. D.,Calif5
10,000 101.74
1368 _ _Murray County,Minn_ _ _4
30,000
1944
1121__Omaha, Neb. (Dec.) -434
85Pacific Co.S. D.No. 116,
434 41935-1948 115,000 100.14 4.73
Wash
1926-1937 118,000 101.90 4.58
5
734__Palmyra, N.J
20,000 103.07 4.64
1926-1945
5
_Palmyra, N. J
734_
4.000
1935
1513Parad1se Twp No. Dak_7
1926-1949 125,000 101.60 4.84
1368__Piketon R. S..b.. ohio 5
20,000 104.25
6
1121_Plano, Texas
860-_Port Allegheny Sch.
53,000
Dist.'
5
Pa. (Dec.'l
r
57,000
1243_ _Randolph, Neb.(Nov.) _ 5i 1925-1944
6,000
534 41934-1945
1368„Republic City, Neb
988„Ritenour Cons. S. D.,
70,000
5
Mo
10.000
434 1933-1942
1120__Rolfe, Iowa
49,000
1926-1936
5
860_ _Runnells Co., Texas
13.744 107.85
860_ _Sabetha, Kan
5.18
90,000 103.53 -1370_ _San Fernando,Cal.(May)534 1925-1954
1368__Scottsbluff Co. S. D.
3,500
1935-1938
6
No. 84, Neb
Yob
246,540 100
1937
860__Seattle, Wash:(5 issues)_6
6.5
10,686 100
860_ _Seattle, Wash.(2 issues)-6% 1932-1937
5.50
20.000 100r
1936-1945
988__Shelley, Idaho
534
1513 __South Zanesville Rural
75.000
,
Sch. Dist., Ohio _ __ _ _ __ 1926-1945
110.000 100.06 ---861__Stamford, Tex.(2 issues)-5
1243_ _Sugar Creek Sch. Twp..
45.000
1925-1939
5
Ind. (Aug.)
Koifi
25,000 100
1950
1122....Sumter County, Ala
5
4.057
861__Tacoma, Wash.(3Issues) 6 1932 & 1937
1122__Tangipahoa Parish Cons.
5.25
Road Dist., La
534 1925-1944 461.000 100
15,000
1954
1123_Trenton S. D., Ga.(Sept.)5
23,500 100.10 4.95
1930
1123__Van Wert. Ohio
5
989__Wayne Co. Drain. Dist.
29,105
No. 1, No.Car.(Sept.)6
6:66
20,000 100
20 yrs.
1124Whitesburg, Ky.(Nov.)_5
earlier year and to mature In the let&
d Subject to call in and during the
year. * But may be redeemed two years from date of issue. y And other
considerations. r Refunding bonds.
NEWS ITEMS.
Christian County High School District No. 308(P. 0.
-St. Louis Brokers Agree to Redeem
South Fork), 111.
$50,000 of the Forged Bond Issue of $150,000
-Similar Action
-Fred Emert & Co., bond brokExpected on the Remainder.
ers, of St. Louis, have agreed to reimburse the Modern
Woodmen of America for $50,000, representing the amount
of bonds sold by that company to the Lodge out of the
recently discovered forged bond issue of $150,000, notice
concerning which was published in V. 120, p. 1363. The
Lodge is the holder of the whole $150,000. Negotiations
were under way on March 14 with Stern Bros. & Co. of Kansas City (Mo.)for a similar settlement on the other $100,000
sold by that firm to the Woodmen. The $150,000 bond
issue was not purchased directly from the district by the
bankers but through a Benjamin H. White, of Chicago, who
has confessed that he alone is guilty of the forgery. The discovery of the forgery was revealed when the first coupon was
presented for collection. A dispatch from Rock Island, Ill.,
to the St. Louis "Post-Dispatch," under date of March 14,
in reporting the action taken by the St. Louis brokers, said:
Ernert. C. E. Keplinger. Vice-President, and Benjamin H. Charles,
attorney for Emert's firm, conferred for four and a half hours with Woodmen officers at the head offices of the society here. At its conclusion the
following statement was issued:"The entire loss involved in the forgery and
sale of $150,000 worth of Christian County (Ill.) school bonds by Benjamin
H. White of Chicago has been assumed by the two bond houses which
originally purchased them from White, and later sold them to the Modern
Woodmen of America. Head officers of the Modern Woodmen, naturally.
are glad to be able to assure the membership that the society will not lose a
dollar by these transactions. The action of the bond houses to-day rebounds greatly to their credit. They have justified the implicit confidence
we always have placed in them. This society has purchased $30,000,000
worth of securities in the last few years without losing a cent."
Leaving the head offices of the Woodmen after the conference Emert said:
"In making my proposal to settle with the Modern Woodmen at 100 cents
on the dollar in connection with the Christian County school bond fraud
that had been perpetrated upon my firm and the Woodmen order, I did not
consider our legal liability, but recognized that we faced a moral responsibility to reimburse the organization for the full amount of worthless bonds
purchased from us. aggregating $50,000. Naturally the proposal was
promptly accepted, and now negotiations are in progress with Stern & Co.
over details of a similar settlement, with every indication that one that is
satisfactory to all interests will be effected in the next few days."
-Proposed Charter Amendment to Eliminate
Ennis, Texas.
10-Year Option Clause to Be Voted Upon.
-On April 7 the
voters of this city will vote on a proposed amendment to the
city charter to eliminate the provision now existing that
all bonds shall be 10-year optional bonds.
Finland (Republic of).
-310,000,000 External Loan Sold
-On Thursday, March 19, a syndicate
in the United States.
of bankers, headed by the National City Co. of New York,
brought out here $10,000,000 7% External Loan Sinking
Fund gold bonds of the Republic of Finland. The bonds
were all sold on that date. The offering price was 94 and
interest to yield over 7.50%. Bonds are coupon bonds in
the denominations of $1,000 and $500,registerable as to principal only. Dated March 2 1925. Principal and semiannual interest(M.& S.) payable in United States gold coin
of the present standard of weight and fineness at.the National
City Bank, New York, fiscal agent, without deduction for
any present or future Finnish taxes, in time of war as well as
in the time of peace, irrespective of the nationality of the
holders. Due March 1 1950, redeemable in whole or in
part, at the option of the Government, on any interest date
after Sept. 1 1929, at 100, and also redeemable at a like
price through the operation of the Sinking Fund on an interest date after March 1 1930. A cumulative sinking fund
is provided for the bonds, which will be sufficient to redeem
MAR. 21 1925.]
THE CHRONICLE
the entire issue during final twenty years of the maturity.
'The proceeds of the loan will be used to complete important
Governmental hydro-electric developments and for the extension of agricultural credit.
Further information regarding the loan may be found in
our "Department of Current Events and Discussions" on a
preceding I age.
Kansas (State of).—Text of Newly Enacted Law Placing a
State Tax on Money and Credits.—In our issue of March 7, on
page 1237, we gave an outline of the newly enacted law which
provides for a State tax on money and credits of 25 cents on
each $100 of the fair cash value thereof. The following is
the full text of the law:
AN ACT relating to the taxation of money and credits, providing for penalty, and repealing section 79-1407 of the Revised Statutes of 1923 and
all acts and parts of acts in conflict with the provisions of this act.
Be it enacted by the Legislature of the State of Kansas:
SECTION 1. That for the purpose of this act, the term "money" shall
mean and include gold and silver coin, United States treasury notes, and
bank notes. The term "credits" shall mean and include notes, mortgages,
foreign stocks, bonds, annuities, royalties contracts, copyrights, claims
secured by deeds and every liquidated claim and demand for money or
other valuable thing except notes or obligations secured by mortgages
on real estate, which mortgages have been recorded in this State and
a registration fee or tax paid thereon, and shares of stock upon which
taxes are otherwise payable under the laws of this State: Provided,
Shares or stock in building and loan associations, other than permanent
shares or stock, shall be deemed credits and shall be classified as money
on deposit, for the full amount of the cash withdrawal value of the same,
at the time of the levy of the tax herein provided for.
SEC. 2. That money and credits as hereinbefore defined shall hereafter
be subject to an annual tax of 25 cents per annum on each $100 of the fair
cash value thereof: and shall hereafter be exempt from all other taxation:
Provided, That nothing in this Act shall shall be construed to apply to money
or credits, as herein defined, belonging to persons or to corporations incorporated under the laws of this State, the taxation of which is otherwise
provided for by law, or to any national banking association, or the stock
thereof.
SEC. 3. That every person of full age and sound mind, accounting
officer or other person designated by any person, partnership association,
company or corporation shall, on the first day of March in the year in
'
which the same is assessed, list at its true and fair value in money, all
money and credits as herein defined and provided, which he may own,
hold, have in his possession, or which is subject to his control or to payment upon his order, check or draft from persons or corporations located
either within or without the taxing district of his residence.
SEC. 4. That money and credits, as aforesaid, the property of every
ward shall be listed by his guardian; of every minor by his father if living
and of sound mind, but if his father be not living or be of unsound mind,
by his mother; if neither his father or mother is living, by the person having
such property in his possession or under his control. Any such property
held in trust for the benefit of another shall be listed by the trustee, and
such property belonging to the estate of a deceased person shall be listed by
the executor or administrator. Any such property of persons, companies
or corporation whose assets are in the hands of receivers shall be listed by
such receivers; and such property belonging to a corporation, and subject
to this act,shall be listed by some person designated for that purpose by such
corporation. Such property belonging to an incorporated company or
association or a partnership shall be listed by an agent or partner: Provided, however, That money or credits collected or received by any agent or
corporation, which is to be transmitted immediately to such person, company or corporation, shall not be listed, but such agent or representative
shall upon request, state under oath the amount of such money or credits
then in his hand and to whom the same is to be transmitted.
SEC. 5. That every person required by this act to list money and credits.
when called upon by the county assessor or by a deputy assessor, shall
make out and verify by his oath, upon a separate blank prepared for such
purpose by the State tax commission and furnished to him by the assessor
or deputy assessor, a list or statement of money and credits as hereinbefore
provided, and deliver the same to such assessor or deputy assessor. Assessors, county assessors and deputy assessors are hereby empowered to administer the oath to such list or statement herein required. The county
assessors shall,deliver such lists or statements to the county'clerks of their
respective counties for filing and preservation.
SEC. 6. That the county clerk of each county shall each year compute the taxes herein provided for against each individual, co-partnership,
company, association or corporation and ho shall include the amount of
such tax on the personal-property list with the personal-property tax
levied against them. The tax levied under this act shall be collected by
the county treasurer and sheriff the same as other personal-property taxes
are collected.
SEC. 7. That the assessment herein provided for shall be reviewed
and equalized as provided by law for personal-property assessments.
Upon collection the tax upon money and credits shall be apportioned onesixth to the State general fund, one-sixth to the county general fund, onethird to the general fund of the city or township, and one-third to the
general fund of the school district in which such property is assessed.
SEC. 8. That any list or statement herein provided for shall only be
open to inspection by the assessor, county clerk and board of review of the
county wherein the same is filed, and the State tax commission and their
respective assistants and clerks, except upon order of a court of competent
jurisdiction, and it is hereby made unlawful to exhibit, disclose or publish
any such list or statement or any part of the same or any of the items of
the same.
SEC. 9. That any person violating the preceding section shall be deemed
guilty of a misdemeanor and upon conviction shall be fined in a sum of not
lees than $100 and not more than $500 and shall be adjudged to have
forfeited his office or appointment.
SEC. 10. If any person, partnership, association, company or corporation shall knowingly give a false or fradulent list or statement required
by this act, or shall fail or refuse to deliver to the assctssor, when called upon
for that purpose, a list of the taxable property which under this act is required to be listed, or shall temporarily convert any part of such property
into property not taxable, for the fraudulent purpose of preventing such
property from being listed, or of evading the payment of taxes thereon, or
shall transfer or transmit any property to any person with such intent, he or
it shall be guilty of a misdemeanor,and subject to a fine of not less than fifty
dollars nor more than five thousand dollars. Prosecutions under this act
shall be brought by the county attorney in the district court of the proper
county, upon complaint made by any tax commissioner, county assessor,
or deputy county assessor. Executions may be issued for the collection of
all fines and costs imposed under the provisions of this act: Provided, however, That upon the listing of money or credits as hereinbefore provided, the
person, partnership, association, company or corporation so making and
riling said list or statement shall not be liable to any penalty or prosecution
tor any failure on his or its part to list or return for taxation the same property in any year prior to the taking effect of this act.
SEC. 11. That if any section, clause, sentence, paragraph, part or
provision of this act shall be found invalid by any court, it shall be conclusively presumed that this act would have been passed by the legislature without such invalid section. clause, sentence, paragraph, part or provision,
and the act as a whole shall not be declared invalid by reason of the fact
that one or more sections, clauses, sentences, paragraphs, parts or provisions may be found invalid by any court.
SEC. 12. Section 79-1407 of the Revised Statutes of 1923 and all acts
and parts of acts in conflict with the provisions of this act are hereby repealed.
SEC. 13. This act shall take effect and be in force from and after its
publication in the official State paper.
Maine (State of).—Legislature Passes Bill Permitting
Only Standard Time.—The Maine Senate on March 17
passed a bill to make standard time the legal time in that
State, and making it unlawful for a municipality to use other
1507
than standard time. The bill had previouly passed the
House.
New Hampshire (State of).—Legislature Rejects Federal
Child Labor Amendment.—On March 17 the House of Representatives of the New Hampshire Legislature voted, 327 to
37, to reject the proposed Federal Child Labor Amendment.
The action taken by the House was concurred in by the Senate the following day, March 18, without a dissenting vote.
New York (State of).—Special Reduction in Personal
Income Tax Again Urged by Governor Smith—Explains How.—
Governor Smith on March 10 and March 14, respectively,
issued statements to the public declaring himself in favor
of a 25% reduction again this year in the personal income
tax and showing how such a reduction, in his estimation,
can be brought about. His message of the 14th inst. was
broadcast over the radio. On both occasions the Governor
asserted that a cut in certain items in various appropriation
bills would make the income tax reduction possible. He
would save the following amounts: In highway appropriations, $3,300,000, in the appropriation for tubercular cattle
$2,000,000, and $1,000,000 of the proposed $3,000,000
appropriation for bonus to next of kin of dead World War
veterans. He gave the estimated resources of the State as
furnished by the State Comptroller and against which
appropriations can be made at $179,741,834 59. To this
the Governor adds an item of $2,061,699 12, which he
declares is tied up in appropriations for purposes no longer
extant and which could be repealed by the Legislature and
the amount transferred to the live surplus, increasing the
available resources of the State for appropriation purposes
to $181,803,533 71. This is the estimated amount available
to meet expenditures for the coming fiscal year which, after
the reductions noted above of $6,300,000, would total
$169,948,226 60. Thus there would be left an unencumbered
balance of $11,855,307 11 out of which the Governor contends $8,500,000 could be returned to the income tax payers
without incurring lack of funds to meet necessary expenditures during the next fiscal year. The Governor points out
that this would still leave a clear cash surplus of over $3,000,000, sufficient for all the needs of the State, especially
as this is the result after setting aside $51,000,000 for appropriations in prior years, against which only partial payments
can be drawn during the balance of this calendar year.
On March 18 the Republican leaders of the Legislature
who have so far shown opposition to Governor Smith's
proposal for a reduction in the personal income tax, sent a
list of additional appropriations aggregating $15,930,702,
which they insisted he must di: pose of and which he had not
included in his estimate of the State's needs when he made
public declaration by radio, backed by figures, to show that
a 25% reduction would again be feasible. Governor Smith
made his reply to the leaders the following day (March 19),
and said that he would accept $681,328 out of the extra
appropriations of $15,930,702 and would approve total
appropriations of $169,778,785 91. This, he explained,
would leave a surplus of $13,185,053 73, which, after the
deduction of $8,500,000 for the income tax cut would leave
a final surplus of $4,685,053 73, a sum amply sufficient for
the State's needs for the coming fiscal year.
Governor Argues in Favor of Constitutional Amendment to
Eliminate Grade Crossings.—On March 14 the Governor
also took occasion to emphasize the necessity of eliminating
grade crossings and asked co-operation of the voters of the
State to have the Legislature adopt the proposed Constitutional amendment providing for the issuance of $300,000,000
bonds to be used for that purpose. The proposed amendment was passed by the 1924 Legislature, but must again
pass the present Legislature and then be submitted to the
voters of the State for their approval. However, on March
18 the Legislature adopted a motion approving the "majority
report" of a special committee, recommending that a further
study: of the distribution of the cost of abolishing grade
crossings among the railroads, the State and the localities
affected be made before the passage of the concurrent resolution and submission of the proposed bond issue to popular
vote, and providing that the committee be continued to
report to the Legislature of 1926. Motion was passed by
both the Senate and the Assembly on March 18, although,
it is stated that the latter did not go so far as to give formal
approval to the report.
The majority report, which was signed by Senators Hewitt
and Thayer and Assemblyment Hutchinson, Harder and
Slater, all Republicans, expressed sympathy with the proposed amendment but doubt that the $300,000,000 bond
issued would accomplish the purpose sought. "Your committee also is in very grave doubt as to whether the proper
distribution of the cost of proposed elimination is made in
the proposed amendment,' the report continued. "We
refer to the laying of part of the burden of grade crossing
elimination upon towns and villages. There are many
smaller communities where grade crossings should be eliminated and, were they to pay the quarter share of the cost,
as provided by this resolution, an excessive tax rate or bankruptcy would result." The majority report added that the
abolishing of grade crossings should not be delayed by the
further study recommended and declared in favor of the
specific appropriation of $3,000,000 for this purpose, $2,500,000 of which would be for the elimination of Long Island
RR. crossings in Atlantic Ave. in Brooklyn and Queens.
1508
T H I CHRONICLE
Short Ballot Amendment Passed by Legislature-Will Go
-On March 16 the Assembly
before People at the Fall Election.
passed unanimously and without debate a concurrent resolution providing for a short ballot and consolidating the
many State Bureaus and agencies into 20 main departments. The resolution has passed the Senate and now
goes to the Secretary of State. Under the resolution the
elective State officers are reduced to Governor, LieutenantGovernor, Comptroller and Attorney-General. It will be
submitted to the people at the fall election.
(Wu 120.
BOWIE COUNTY INDEPENDENT SCHOOL DISTRICT (P. 0.
-The State Comptroller of Texas
Boston), Tex.
-BONDS REGISTERED.
registered $150,000 556% school bonds on March 8. Due serially.
-The
BOWLING GREEN, Warren County, Ky.-BOND SALE.
-were
$125.000 5% hospital bonds offered on March 113-V. 120. p. 1238
awarded to the Fidelity & Columbia Trust Co. of Louisville at a premium
of 56,565, equal to 10.25. Date Jan. 11926. Due in 30 years, optional
in 15 years.
BRACKENRIDGE SCHOOL DISTRICT (P. 0. Braokenridge),
-Redmond & Co. of Pittsburgh
Allegheny County, Pa.
-BOND SALE.
have -urchased the $50,000 434Y coupon tax-free school bonds offered
on March 16-V. 120. p. 1117- for 552.663 50, equal to 105.32, a basis
of about 4.03%. Date March 1 1925. Due yearly on March 1 as follows:
315,000. 1935 and 1940. and 510,000. 1945 and 1950. Other bidders were:
Premium.
52,470 50
Mellon National Bank. Pittsburgh
2.455 00
Ijals-y Stuart & Co.. New York
2.43860
nyder. Philadelphia
2.435 00
.Leach & Co., Philadelphia
2,379 90
• raham, Parsons & Co., Philadelphia
-The two issues of M. M. Freeman & Co.. Philadelphia
-BOND SALE.
2,349 50
ADA, Hardin County, Ohio.
2.32900
6% coupon bonds, for which bids were called up to S"pt. 20-V. 119. J. H. Holmes & Co.. Philadelphia
-have been sold at a premium of $.382. equal to 102.54, a basis
p. 1423
-BONDS REGISTERED.
BRADY CITY, McCulloch County, Tex.
of about 4.46% as follows:
$5,000 (village portion) Union-Lincoln Sta. impt. bonds to local banks. The State Comptroller of Texas registered 5100,000 534% water-works
Due $500 each six months from March 1 1925 to Sept. 1 1934 incl. improvement bonds on March 12. Due serially.
10.000 (property owners' portion) Union-Lincoln Sts. impt. bonds to the
BROOKS AND GARFIELD TOWNSHIP SCHOOL DISTRICT
Milliken & York Co. of Cleveland. Due $500 each six months
-BOND OFFERING.
NO. 1 (P. 0. Newayga) Newaygo County, Mich.
from March 1 1925 to Sept. 1 1934 incl.
Sealed bids will be received until12 m. Mar. 23 by C. R. Walcott, SecreDenom. $500. Date Sept. 1 1924.
% school bonds. Denom. $1,000.
tary School Board, for $157.000
-The $900,000 harbor improve- Date Mar. 15 1925. Int. semi-ann. Due on Mar. 15 as follows: 15,000,
-BOND SALE.
ALABAMA (State of).
-were awarded to Ward, 1927 and 1928:56.000. 1929 to 1931 incl.: 57,000, 1932 to 1934 incl.: 58,000.
ment bonds offered on March 12-V. 120. p. 1238
Sterne & Co. ef Birmingham as 4;is at a premium of $4,525, equal to 1935 to 1937 incl.: 59.000. 1938 and 1939: $10.000, 1940 and 1941; $11,000,
1942 and 1943. and $12,000. 1944 and 1945. Certified check for 1% of
100.50.
the amount bid, payable to the District Treasurer, required.
ALBANY COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Laramie),
Wyo.-BOND DESCRIPTION.-The $75,000 school building bonds
BURLINGTON, Chittendan County, Vt.-BOND OFFERING.
-V. 120, Until 10:30 a. in. Mar. 30 sealed bids will be received by Lowell C. Grant,
purchased by the Stock Growers' National Bank of Cheyenne
p. 1238-are described as follows:
City Treasurer, for $50,000 4k% coupon or registered school bonds.
$18,000 bearing 5% interest.
Denom. 51.000. Date April 1 1925. Principal and semi-annual interest
(A. & 0.) payable at the City Treasurer's office. Due April 11040. Cer57,000 bearing 4k S'i; interest.
Date Oct. 11924. Denom.$1.000 and $500. Due Oct. 11944. optional tified check for 2% of the amount of bonds bid for, payable to the City
and interest . & J.) payable at the office of the Treasurer, required.
Oct. 11934. Principal
County Treasurer, Laramie, or at the National Bank of Commerce, New
-BOND OFFERING.
CALHOUN COUNTY (P.O. Blountstown), Fla.
York City, at option of holder. Legality to be approved by Pershing, Nye.
J.
- A. Peacock, Clerk Circuit Court, will receive sealed bids until 1 p.
Fry & Tallrnadge of Denver.
April 6 for 530.000 6% road couloon bonds. Date Jan. 11925. Denom.
Financial Statement.
$16,000,000 $1,000. Due $1,000 yearly Jan. 1 1930 to 1959 incl. Prin. and int. payable
Acttial valuation, officially estimated
12,621,636 In New York. A certified check for 3500 is required.
Assessed valuation 1924
176.500
Total bonded debt, including this issue
-LOAN OFFERING.
CAMBRIDGE, Middlesex County, Mass.
10,000
Population 1924. estimated
Henry F. Lehan, City Treasurer, will receive sealed bids until 12 m. March
- 23 for the following temporary loan notes.
-BOND OFFERING.
AMSTERDAM, Jefferson County, Ohio.
Sealed proposals will be received until 12 m. April 8 by 0. D. Hersh, Village *IMMO notes to be payable Jan. 13 1926.
100,000 notes to be payable Oct. 16 1925.
Clerk, for $8.500 6% fire equipment purchase bonds. Denom. $1,000
Notes will be dated March 25 1925 and payable at the National Shawmut
and one for $500. Date March 15 1925. Int. M. & N. Due yearly on
Sept. 15 as follows: $500. 1926. and $1,000, 1927 to 1934 incl. Certified Bank of Boston, Boston, or at Chase National Bank, New York, at the
check for 1% of the amount of bonds bid for, payable to the Village Treas- option of the holder, and will be ready for delivery on or about March 25
1925. These notes will be certified as to the genuineness of the signatures
urer, required.
thereon by the National Shawinut Bank of Boston. The bank will further
-Sealed bids certify that the validity of the notes has been approved by Ropes, Gray,
ASHLAND, Boyd County, Ky.-BOND OFFERING.
were received until 7 p. m. March 20 by Harry T. Carroll. City Clerk, for Boyden & Perkins of Boston, Mass. All legal papers incident to the Issue
$200.000 41% city bounding bonds. Date June 1 1925. Due $50,000 will be filed with the National Shawmut Bank of Boston, where they may
1962 to 1965. inclusive.
be inspected. Bidder to state denominations desired.
ASHLAND CITY SCHOOL DISTRICT (P. 0. Ashland), Ashland
-The
CAMPBELL COUNTY (P. 0. Newport), Ky.-BOND SALE.
-Sealed bids will be received by
OFFERING.
-BOND
County, Ohio.
5200,000 5% coupon bonds offered on Mar. 16 (V. 120, p. 1118) were
J. L. Grindle, Clerk of Board of Education. until 1 p. in. March 24 for awarded to the
Roth & Irving Co. of Cincinnati at a premium of
$206,000 434% school bonds. Denom. 51.000. Date April 1 1925. $12.670. equal toWeil, a basis of about 4.50%. Date May 1 1923. Due
106.33,
Int. semi-ann. Duo $8,000 Oct. 1 1926 to 1950, incl. Certified check for May 1 as follows: $40,000, 1942 to 1946 inclusive.
5% of the amount bid, payable to the Board of Education, requ8red.
-BOND SALE.-Stranahan, Harris
Stark County, Ohio.
ASHLEY SCHOOL DISTRICT (P. 0. Ashley), Luzerne County, & CANTON, of Toledo have purchased the following issues of 5% couppn
Oatis, Inc..
-Sealed bids until 8 p. m. March 24 will be
-BOND OFFERING.
Pa.
-at a premium of $1,663 80,
bonds offered on March 16-17. 120. p. 1239
received by Reber M. Ayres, Secretary, for 590.000 5% coupon school equal to 102.77, a basis of about 4.50'7o •
bonds. Denom. 51.000. Date April 1 1925. Int. A. & 0. Due yearly
on April 1 as follows: $4,000. 1926 to 1932 incl.; $5,000, 1933 to 1944 $43,413 24 bonds for the purpose of paying the property portion of the cost
and expense of reimproving Market Avenue S.from the Pennincl., and $2,000. 1945. Certified check for $90. payable to Louis H.
sylvania RR. to 16th Street SE., by grading, settling curbing,
O'Connell. Treasurer, required.
laying sidewalks, widening and repaving the roadway, &c.
Bonds to be of the denominations of one of $413 24, forty of
BAY VILLAGE SCHOOL DISTRICT (P. 0. Bay Village), Cuya-BOND SALE.
-The Herrick Co. of' Cleveland
$1,000 and six of $500 each, all dated Mar. 1 1925. Due and
hoga County, Ohio.
payable as follows: $4.413 24, March 1 1927; $4,000 in 1928,
has purchased the 5100,000 54% coupon school bonds offered on March 9
-at 105.170. Date Jan. 1 1925. Duo aerially.
1931 and 1934; and $4,500 in 1929. 1930, 1932, 1933. 1935 •
-17. 120, p. 1238
and 1936.
-Sealed
-BOND OFFERING.
BAYVILLE, Nassau County, N. Y.
5.029 74 bonds for the purpose of paying the city's portion of the cost
bids will be received until 7 p. m. March 25 by Ada Windsor, Village
and expense of improving Warner Road NE., from Tuscarawas
Clerk,for $122,500 43(% coupon or registered water system bonds. Denom.
Street E. to 3rd Street NE., and 3rd Street NE.from George$1,000 and $500. Date March 11925. Principal and semi-annual interest
town Road NE., to Belden Avenue NE., by grading, setting
curbing, laying sidewalks, paving the roadway, &c. Bonds
(M• & S.) payable at the North Shore Bank, Oyster Bay. Due $3,500
to be of the denominations of one bond of $529 74 and nine
March 1 IMO to 1964, inclusive. Legality approved by Reed, Dougherty
of $500 each, all dated Mar. 1 1925. Due and payable as fol& Hoyt of New York. Certified check for 2% of the bonds bid for,required.
lows: $529 74 Mar. 1 1927 and $500 in 1928. 1929, 1930. 1931,
DISTRICT NO. 14 (P. 0.
BEAUFORT COUNTY DRAINAGE
1932. 1933, 1934. 1935 and 1936.
-Sealed bids will be
-BOND OFFERING.
Washington), No. Caro.
11.514 13 bonds for the purpose of paying the city's portion of the cost
received until April 11 by J. M. Benson, Chairman Board of Drainage
and expense of improving 7th Street SW. from Dartmouth
Commissioners, at the office of John G. Tooly, attorney, Bellhaven, N. C..
Avenue SW. to Roslyn Avenue SW., by grading, curbing, sidefor $18,000 6% Pontege Run District bonds. Date April 1 1925. Due
walks, &c. Bonds to be of the denominations of one bond of
April 1 as follows: $1,800 1928 to 1937, inclusive. A certified check
3314 13. four bonds of $300 each and ten bonds of $1,000 each,
for $500 is required.
all dated Mar. 11925. Due and payable as follows: S1.314 13,
Mar.11927;$1,000. 1928. 1930, 1932, 1934 and 1936, and $1,300
-BOND SALE.
-II. C. Burt
BEAUMONT, Jefferson County, Tex.
Mar. 1 of each of the years 1929, 1931, 1933 and 1935.
& Co. of Houston purchased the following 2 issues of bonds aggregating
of 511,550. equal to 103.08:
$375,000 at a premium
-BOND SALE.-Geo. W.
CARBONDALE, Garfield County, Colo.
$225.000 wharf bonds
5150.000 paving bonds
Vallery & Co. of Denver have purchased an issue of $20,000 refunding
-The $6,500 water bonds.
-BOND SALE.
PLAINE, Sumner County, Kan.
BELLE
-were awarded
4k % paving bonds offered on March 10-V. 120. p. 1238 Denom. $500.
CARIBOU COUNTY (P.O. Soda Springs), Idaho.
-BONDS VOTED.
to the Valley State Bank at par. Date Jan. 1 1925.
-At an election held recently the voters authorized the issuance of $30,000
1926 to 1935. Interest payable J. & J.
Coupon bonds. Due serially
hospital bonds.
BENAVIDES INDEPENDENT SCHOOL DISTRICT, Duval County,
CARROLL COUNTY (P. 0. Delphi), Ind.
-BOND OFFERING.
-On March 8 the State Comptroller of
-BONDS REGISTERED.
Tex.
Wm. H. Ashba, County Treasurer, will receive sealed bids until 2 p. m.
Texas registered $30,000 6% school bonds. Due serially.
Mar. 21 for $32,000
% road bonds. Denom. $1,600. Date Jan. 6
-The 1925. Int. M. & N. Due $1,600 every six months from May 15 1926 to
-BOND SALE.
BENTON COUNTY (P. 0. Fowler), Ind.
following two issues of 434% coupon bonds offered on March 14-V. 120, Nov. 15 1935 inclusive.
Indianapolis at a premium
-have been sold to J. F. Wild & Co. of
p. 983
CARTERET, Middlesex County, N. J.
-BOND SALE.
-The $125,000
of $500, equal to 101.20. a basis of about 4.06%:
Due 434V coupon or registered public
bonds offered on Mar. 16
$24,000 Gvrynne Douglass at al. highway bonds. Denom. $1,200. incl. (V. 120. p. 1118) were sold to theimprovement
Carteret Trust Co. of Carteret. Date
Nov.
52.400 every six months from May 15 1926 to $875. 15 1930
Due $1,750 Jan. 1 1925. Due yearly on Jan. 1 as follows: $4,000, 1927 to 1946 incl..
17,500 John Holscher et al. highway bonds. Denom. 1930 incl.
and $5,000, 1947 to 1955 incl.
every six months from May 15 1926 to Nov. 15
Date March 14 1925.
CASS COUNTY (P. 0. Logansport), Ind.
-BOND OFFERING.
County, Until 10 a. m.
BISCAYNE DRAINAGE DISTRICT (P. 0. Miami), Dadeunsuccess- Treasurer, for Apr. 18 sealed bids will be received by U.S. Hoffman,County
$19.600 5% Jackson Township road bonds. Denom. $490.
-The $12,000 6% drainage bonds offered
Fla.
-BOND SALE.
-have been awarded to the Bank of Bay Date Apr. 15 1925. Int. semi-ann. Due $980 every six months from
fully on Jan. 13-V. 120. p. 609
basis May 15 1926 to Nov. 15 1935 incl.
Biscayne and First National Bank, both of Miami, jointly. at 95, a
et about 6.61%. Date Dec. 1 1924. Due Dec. 1 as follows: $17,000
CASSANDRA SCHOOL DISTRICT (P. 0. Cassandra), Cambria
in 1929 and $13,000 1930 to 1944, inclusive.
County, Pa.
-Sealed bids will be received by D.
-BOND OFFERING.
m. March 30 for $8,000 5% school bonds.
BLACKMAN TOWNSHIP FRACTIONAL SCHOOL DISTRICT Miller, Treasurer, until 5
p'
-A proposition Denom. $1,000. Int. M.& S. Due $1,000 March 1 in 1931, 1933, 1935.
-BONDS DEFEATED.
Mich.
NO. 16, Jackson County,
1937, 1939, 1941, 1943'and 1945. Certified check for $200, payable to
to issue $145,000 school bonds was defeated by a count of 141 to 63.
the School District, required.
-The 5115,030
-BOND SALE.
CITY, Ada County, Idaho.
BOISE
-were
-The Ladd dr
CHEHALIS, Lewis County, Wash.
-BOND SALE.
station approach coupon bonds offered on March 17-V. 120. p. 983
4345 at Tilton Bank
Portland has purchased an issue of $35,000 4k% general
awarded to the Palmer Bond & Mortgage Co. of Salt Lake City as allowed obligation
bonds.
optional date and 4.48% if
100.26, a basis of about 4.47% if called at
Tucker of
These
to run full term of years. Date Feb. 1 1925. Due Feb. 1 1945, optional Seattle bonds were originally awarded to Bond, Goodwin &
-V. 120. p. 110
-but the sale was never completed.
Feb. 1 1935.
CHOCTAW BASIN DRAINAGE DISTRICT (P. 0. Port Allen),
-City Treasurer of Boston will
-LOAN OFFERING.
BOSTON, Mass.
-The $100.000 Gravity
-BOND SALE.
receive bids up to March 23 at 11 a. in. for a temporary loan in anticipation West Baton Rouge Parish, La.
will be dated March 24 and due Nov. 1 1925. Sub-drainage District No. 1 bonds offered on March 10-V. 120. p. 856of taxes of $4M0,000. Notes
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
a
MAR. 21 1925.]
THE CHRONICLE
were awarded to the Interstate Trust & Banking Co. of New Orleans at
t rrtinituin ,1E59
i ar
i
t
1,
04cqualnto 100.75.
l
March 5 1925. Due serially
Datenot
CINCINNATI, Ohlo.-BOND SALE.
-On March 12 the Sinking Fund
Trustees were awarded an issue of $133,100 44% street improvement
bonds at par. Date March 1 1925. Interest M. tc S. Due on Sept. 1
M 1928 to 1935.
CLATSOP COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Astoria),
-BOND OFFERING.
Ore.
-Until 7.30 p. m. March 31 sealed bids will
be received by W. A. Sherman, District Clerk, for $100,000 school bonds
to bear interest at a rase not exeeeding 6%. Date April 1 1925. Denom.
31.000. Due April 1 as follows: $7,000 in 1928 to 1939 and $8.000 in
1940 and 1941. Principal and a pni-annual interest, payable at the County
Treasurer's office or in New York City at option of holder. A certified
check for 5% of bid, payable to above mentioned Cleric is required.
CLEVELAND CITY HIGH SCHOOL DISTRICT (P. 0. Cleveland),
Cuyahoga County, Ohio.
-BOND SALE.
-The $4,800,000 coupon
school bonds offered on March 16-V. 120. p. 984
-were awarded as 44s
to a syndicate composed of the First Nat. Bank. Eldredge & Co., Halsey,
Stuart & Co., Keane, Hight° & Co. and Kissel, Kinnicutt & Co., all of
New York, at 100.17-a basis of about 4.249'. Date April 1 1925. Due
3240.000 yearly on April 1 1926 to 1945, incl.
CLEVELAND HEIGHTS CITY SCHOOL DISTRICT (P. 0. Cleveland), Cuyahoga County, Ohio.
-BOND OFFERING.
-Sealed bids
until 12 m.(eastern standard time) April 1 will be received by Charlotte D.
Roche. Clerk-Treasurer Board of Education, for $670,000 44% and 4 j
%
school bonds. Denom. $1,000. Date April 1 1925. Principal and semiannual interest (A. & 0.) payable at the legal depository of the Board of
Education in Cleveland. Due yearly on Oct. 1 as follows: $26.000 1928
and 327,000 1927 to 1950, inclusive, except in the years 1931,
and 1946, when $26,000 matures. Certified check for 3% of1936, 1941
bonds bid
for. required.
CLUTIER SCHOOL DISTRICT, Tama County, Iowa.
SALE.
-The $35,000 school bonds offered on March 12-V. 120. -BOND
were awarded to Geo. M.Bechtel & Co. of Davenport as 44s at ap. 1118
premium
of $715, equal to 102.04. Date April 1 1925. Interest payable (A. & 0.).
COAL GROVE, Lawrence County, Ohio.
-BOND SALE.
-On
March 12 the $6.000 6% village's portion Memorial St. impt. bonds offered
on that day
-V.120. p. 1239
-were sold to Spitzer, Rorick & Co. of Toledo
for $6,075, equal to 101.25, a basis of about 5.72%. Date March 1 1925.
Due yearly on March 1 as follows: $500. 1926 and 1927; $1,000,
1928;
$500, 1929 and 1930; $1,000, 1931: $500, 1932 and 1933. and 31.000. 1934.
COAST UNION HIGH SCHOOL DISTRICT(P.O.San Luis Obispo)
San Louis Obispo County, Calif.
-BIDS.
-Following is a list
received for the $30,000 5% school bonds awarded on March 2 toof bids
E. H.
Rollins & Sons of San Francisco
-V. 120, p. 1239:
Dean, Witter & Co., San Francisco
$425 00
Blyth, Witter & Co.. San Francisco
411 00
Freeman, Smith & Camp Co.,. San Francisco
413 00
Wm. R. Staats Co.. Los Angeles
351 00
The Capital National Bank. Sacramento
616 00
Bank of Cambria, Cambria
557 00
T. A. Tooey, Paso Robles
167 00
Bank of Italy, Los Angeles
488 00
COHOES, Albany County N. Y.
-TEMPORARY LOAN.
-A temporary loan of $133,000, dated March 7 1925 and maturing Nov.
'
7 1925,
has been issued.
COMANCHE, Comanche County, Tex.
-BONDS REGISTERED.
The State Comptroller of Texas registered $70,000 5% water works bonds
on March 8. Due serially.
CONCORD, Merrimack County, N. H.
-TEMPORARY LOAN.F.S.Moseley & Co.of Boston have purchased a temporary loan of $100,000
on a 3.29% discount basis plus a $2 premium. Due Aug. 3 1925.
CONETOE, Edgecombe County No. Caro.
-BOND OFFERING.Until 4 p. in. March 24 sealed bids will be received by It. L. Moore. Town
Clerk, for $10,000 6% electric light and power bonds. Date Jan. 1 1925.
Denom.$500. Coupon bonds. Principal and interest (J. & J.) payable at
the Hanover National Bank. New York City. Due Jan. 1 as follows:
3500, 1927 to 1946 incl. Legality will be approved by a prominent bond
attorney whose approving opinion will be furnished the successful bidder
without charge. A certified check payable to the order of the Town for 2%
of bid is required. Delivery of bonds as Bank of Conetoe, Conetoe,
No. Caro. These are the bonds offered on Dec. 4. on which all bids were
rejected-V. 120. p. 480.
COOPERSVILLE SCHOOL DISTRICT NO. 4, Ottawa County,
Mich.
-BONDS DEFEATED.
-The voters turned down a $60,000 school
bond issue by a count of 187 to 125.
1509
$30,083 75 Bishop Road imp. special assessment bonds. Denom. $1,000,
and one for $83 75 Due yearly on Oct. 1 as follows: $3,083
75,
1926, and $3,000,1927 to 1935 incl.
30,083 75 Bishop Road impt. county's portion bonds. Denom. UAW
and one for $83 75 Due yearly on Oct. 1 as follows: $3.083
75.
1926, and 33.000:1927 to 1935 incl.
23.421 25 Bishop Road No. 2, impt. special assessment bonds. Denom.
$1.000 and one for $421 25. Due yearly on Oct. 1 as follows:
$1.421 25, 1926; $2,000. 1927 to 1931 incl., and 33,000. 193280
1935 incl.
23,421 25 Bishop Road No. 2, impt. county portion bonds. Denom.
$1,000 and one for $421 25. Due yearly on Oct. 1 as follows:
31.421 25, 1926; $2,000, 1927 to 1931 incl., and tamoo. 1932
to 1935 incl.
33,158 75 Ford Road, impt. special assessment bonds. Denom. $1,000
and one for $158 75. Due yearly on Oct. 1 as follows: 32.158 75
1926: 33.000. 1927 to 1931 incl. and $4,000. 1932 to 1935
33,158 75 Ford Road. Impt. county portion bonds. Denom.. 31.000incl.
one for $158 75. Due yearly on Oct. 1 as follows: $2,158and
75.
1926; $3.000, 1927 to 1931 incl., and $4,000, 1932 to
33,927 50 Overlook-West Moreland Tuxedo Lake Roads and 1935 incl.
Chestnut
Street special assessment bonds. Denom. 31,000 and one for
$927 50. Due yearly on Oct 1 as follows: $2.927 50, 1928;
$3.000, 1927 to 1931 incl. and 34,000. 1932 to 1935 incl.
3,741 25 Upson Road special assessment bonds. Denom. $500 and one
for $241 25. Due yearly on Oct. 1 as follows: $241 2.5. 1926
and $500, 1927 to 1933 incl.
Date Apr. 1. 1925.
DAVIESS COUNTY(P.O. Washington) Ind.-BOND
John L: Clark, County Treasurer, will receive sealed bidsOFFERING.until
March 21 for $28,000 449' Wm. H. Myers et al. road bonds. 2 p. m.
9700. Date March 16 1925. Prin. and semi-ann. int. (M. Ss Denom.
N.
payable at the office of the County Treasurer. Due $1,400 every 15_)
slk
months from May 15 1926 to Nov. 15 1935 incl.
DAYTON, Montgomery County, Ohio.
-BOND OFFERING.
proposals will be received by E.E.Hagerman, City Accountant, up-Sealed
to 12
April 8 at his office for the purchase of $500,000 water works extension ut.
and
improvement bonds, maturing 320.000 on Sept. 1 in each of the
to 1950 incl. The bonds will be dated April 1 1925. will be of the years 1926
denomination of $1,000 each and will bear interest at the rate of 4i%. payable
semi-annually (M. & S.). Both principal and interest will
lawful money of the U. S. A. at office of fiscal agent of Citybo payable in
of Dayton in
N. Y. City. The bonds will be coupon bonds. If two
offer the same price, then the successful bidder shall be or more bidders
The bonds wi'l not be sold for less than par value and determined by lot.
in addition
amount bid the successful bidder must pay accrued interest at the rateto the
borne
by the bonds from the date of the bonds to the,dato of payment of the
chase price. Each bid shall be accompanied by a certified check on apursolvent bank, payable to the order of the Accountant, in an amount equal to
5% of the par value of the bonds bid upon. No interest will be
allowed
upon the amount of the check of a successful bidder and
retained to be applied in part payment of the bonds or such check will be
to secure the
against any loss resulting from the failure of the bidder to comply withcity
the
terms of his bid. The bonds sold by the City of Dayton shall be delivered
to
the purchaser at the office of the Treasurer or at a Dayton bank
designated
by the purchaser, on April 15 1925. The successful bidder will be
upon request and without expense with the opinion of Squire, furnished
Sanders &
Dempsey of Cleveland. Ohio, that the bonds are binding and legal obligations of the City of Dayton. The bonds to be sold may be exchanged
for
registered bonds, both as to principal and interest, on payment
of $2 for
each registered bond of one maturity.
Financial Statement.
Total amount of all general bonds issued and outstanding (not
including this issue)
810,408,080
Sinking fund applicable thereto
2,590.250
Water works bonds included in above
2,349,000
Sinking fund applicable thereto (incl. in $2.590,250 sinking
fund
applicable to general bonds)
436,400
Special assessment bonds (not included in above)
1,276,950
Assessed Valuation
Tax Rate Per
Tax Year.
Taxable Property.
$1,000 Valua'n.
1919-1920
$216.164,'740
$21 00
1920-1921
227.339,580
25 60
1921-1922
236,829.650
29 60
1922-1923
231.373,170
29 00
1923-1924
235,675,560
28 20
.830
20 80
Population: Census 1910, 116,577; Census i920, 152,559.
De ICALB COUNTY (P. 0. Auburn), Ind.
-BONDS
-We are informed that the Board of Commissioners at TO BE ISSUED.
on March 3 determined to issue 322.000 Fairfield Centerits regualr meeting
highway construction bonds.
DEL RIO, Val Verde County, Tex.
March 8 the State Comptroller of Texas-BONDS REOISTERED.-On
improvement bonds and $50,000 5% sewerregistered $100,000 5% street
CORPUS CHRISTI, Nueces County, Tex.
improvement bonds.
-BONDS REGISTERED.
The State Comptroller of Texas registered $35.000 5% gas plant construcDELTA COUNTY SCHOOL DISTRICT NO.
tion bonds on March 8. Due serially.
18 (P. 0. Eckert)
Colo.
-BOND DESCRIPTION.
-The $24.000 449' school building
bonds purchased by the International Trust Co.
COVENTRY TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. p. 1118
of Denver
-V. 120,
-are described as follows: Date April
R. D. No. 4, Box 89, South Akron), Summit County, Ohio.
1925.
-BONDS Coupon bonds. Due April 1 1955: optional 1April 1 Denom. $1,000.
OFFERED.
-Sealed bids wore received by George D. Moore, Clerk
1940. Interest
payable A. & 0.
Board
of Education, until 1 p. m. March 20 for $120,000 5% school bonds.
Denom. 33,000. Date April 1 1925. Prin. and semi-ann. Int.
DENVER (CITY AND COUNTY OF) SCHOOL
DISTRICT NO. 1.
payable at the Dime Savings Bank of Akron. Due $3.000 (A. & 0.) Colo.
-BOND SALE.
-The
every
months from April 1 1928 to Oct. 1 1945 incl. Legality approved six building bonds offered on $1,750,000 449' coupon junior high school
by
March 18-V.
-were awarded
Squire, Sanders & Dempsey, of Cleveland.
to a synidcate composed of United States 120. p. 111S
First National Bank and the Detroit Co., atNational Co.. Eldredge & Co.,
104.05, a basis of about
CRAIG, Moffatt County, Colo.
-BOND SALE.
-The Internationa Date Jan. 1 1923. Due Jan. 1 as follows: $87,500, 1934 to 19534.18%.
incl.
Trust Co. of Denver haelpurchased an issue of $35,000 57 water bonds.
0
DILLEY, Frio County Tex.
Date April 1 1925. Due April 11940. optional April 1 1935.
-BONDS VOTED.
-At the election held
on Feb. 2I-V.120. p. 616
-the voters authorized the issuance of $50.000
water bonds by a count of 104 for to 9 against.
CRAWFORD INDEPENDENT SCHOOL DISTRICT,
McLennan
In
County, Texas.
-BOND OFFERING.
-Until 5 p. m. March 25 sealed was above reference we stated the amount of bonds as $30,000. which
incorrect.
bids will be received by H. 0. Knight, District Secretary, for $43,000
bonds. Denom. $1,000. Legal proceedings to be paid for 5%
school
by
DODGE CITY, Ford County, Kan.
successful bidder.
-BOND ELECTION.
-An election nil be held ou Apr.. 7 .or the
ing $33,500 school building bonds. purpose of voting on the question of issuCUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND SALE.
Otis & Co. of Cleveland have been awarded the following issues of 4 %
DUQUESNE, Allegheny
-BOND OFFERING.
bonds offered on March 18-V. 120. p. 1239
-Sealed
-for a premium of 35,035, bids until 9:30 a. m. April 6County, Pa.
will be received by the City Clerk for the
equal to 100.95. a basis of about 4.35%:
following issues of 4q% bonds:
$261.000 County Sewer District 1, Sewerage Improvement 52 bonds, $190,000 water works bonds. Due yearly
on Jan. 1 as follows: $10,000.
dated April 1 1925 and maturing as follows: $20,000. 1926 to
1941 to 1947 incl., and $15,000. 1948
1937 inclusive, and $21,000. 1938.
250.000 bridge bonds. Due yearly on Jan. I to 1955 incl.
as follows: $11.000. 1941:
48.000 County Sewer District 1, Sewerage Improvement 58 bonds,
$12,000, 1942: $13,000. 1943: 814,000,
dated .April 1 1925 and maturing as follows: $3.000. 1926 to
$16,000, 1946; 317.000, 1947: 318.000, 1944: 315,000, 1945:
1948: $19,000, 1949 to
1939 ind., and 34,000, 1940.
1954 incl., and $20,000, 1955.
65.000 County Sewer District 1. Water Supply Improvement 47 bonds,
Denom. $1,000. Date Jan. 1 1925.
dated April 1 1925 and maturing as follows: 35.000, 1926 to for printing of bonds. Certified check Int. J. & J. Purchaser to pay
for $1,000, payable to the City,
required.
1938 inclusive.
53.000 County Sewer District 1, Water Supply Improvement 62 bonds,
,
DUVAL COUNTY (P.O. San Diego),
dated April 1 1925 and maturing as follows: $4,000, 1926 to
-BONDS REGISTERED.
On March 11 the State Comptroller of Tex.
1937 inclusive, and 35.000, 1938.
Texas registered 3150.000 5I %
72,000 County Sewer District 6, Water Supply Improvement 650 bonds, special road bonds. Due serially.
dated April 1 1925 and maturing as follows: 38.000, 1926 to
EAGLEVILLE CONSOLIDATED SCHOOL DISTRICT,
1937 inclusive.
Harrison
33,000 County Sewer District 7, Water Supply Improvement 750 bonds, County, Mo.-PRICE PAID
-DESCRIPTION.
-The price paid for the
dated .April 1 1925 and maturing as follows: $3,000, 1926 to $35,000 44% school building bonds purchased by Stern Bros. & Co. of
Kansas City
-V. 120, p. 1240
-was 100.65. They are described as follows:
1936 inclusive.
Date March 1 1925. Denom.
Bids were as follows:
serially, March 1 1928 to 1945. $1,000 and $500. Coupon bonds. Due
Interest payable M.& S.
Premium.
Premium.
$5.035 00 Milliken & York Co
EAST DEER TOWNSHIP SCHOOL
Otis & Co
33,338 00
DISTRICT (P. 0. Creighton),
4.617 CO Bonbright & Co., Inc
Herrick Co
Allegheny County, Pa.
The
3,087 50
-BOND OFFERING.
-Sealed bids will be received
4.447 00 Guardian Savings Bank &
by J. E. Clark, Secretary Board of Directors,
Hayden, Miller & Co
until 7 ,p m. March 30 for
Brotherhood of Locomotive
Trust Co
3,021 00 $175.000 4% school building bonds. Date April . 1925. Interest
1
4,176 10 Guaranty Co. of N. Y.. 2,856 70 semi-annually. Due $35.000 April
ogi eers
3,453 00 Prov. Says. Bk.& Tr. Co__ 1,113 00 Certified check for 31.000, payable 1 1930. 1935, 1940. 1945 and 1950.
Wm. R. Compton Co
to the District Treasurer, required.
-The eight issues of 5% coupon bonds offered on March
BOND SALE.
EASTHAMPTON,
-TEMPORARY LOAN.
-have been sold to Hayden. Miller & Co. of Cleveland -The Atlantic Nat. Hampshire County, Mass.
11-V. 120, p. 1239
Bank has purchased a
fora premium of $6,792, equal to 103.21. a basis of about 4.34%:
maturing Nov. 6 1925, on a 3.35% discounttemporary loan of $100
.000.
basis.
1510
THE CHRONICLE
-The BrownELDORADO, Schleicher County, Tex.
-BOND SALE.
Crummer Co. of Wichita has purchased an issue of $45,000 5 % school
building bonds at 102.50. Due in 30 years.
-The
-BOND SALE.
ELKHART COUNTY (P. 0. Goshen), Ind.
Salem Bank & Trust Co. of Goshen has purchased the three issues of 4 %
bonds offered on March 10-V. 120, p. 984
-as follows:
$24,000 Harry Yoder et al. bonds, for $760 80. equal to 103.17. a basis of
about 4.14%. Denom. $600. Due $600 every six months from
May 15 1926 to Nov. 15 1945 incl.
16,000 F. W. Walker et al. bonds. for $601. equal to 103.75, a basis of
about 4.07%. Denom. $400. Due $400 every six months from
May 15 1926 to Nov. 15 1945 incl.
20.000 Jonathan Yoder et al. bonds, for $634, equal to 103.17. a basis of
about 4.14%. Denom. $500. Due $500 every six months from
May 15 1926 to Nov. 15 1945 incl.
Interest M. & N. 15. Date March 16 1925.
-The Palmer Bond &
ELKO, Elko County, Nev.-BOND SALE.
Mortgage Co. of Salt Lake City recently purchased an issue of $150.000
6% refunding bonds. Date Jan. 11925. Denom. $1.000. Due $10,000
yearly Jan. 1 1927 to Jan. 1 1941, inclusive. Principal and interest
(J. & J.) payable at Elko. Legality to be approved by Pershing, Nye,
Fry & Tallmadge of Denver.
Financial Statement.
82,663,089
Assessed value of taxable property
216,000
Total bonded debt
$150,000
Water debt included
66,000
Net debt
2,173
Population. 1920 Census
Net debt less than 2.6% of assessed valuation.
ELLIS COUNTY ROAD DISTRICT NO. 1 (P. 0. Waxahachie),
-Sealed bids will be received until 11 a. m.
-BOND OFFERING.
Tex.
April 10 by C.T.Spauldhag. County Auditor.for $330,000 5% road bonds.
Date April 101925. Due $11,000 yearly 1926 to 1955. inclusive. Principal
andlinterest (A. & 0. 10) payable at the National Park Bank, New York
City. A certified check for 1% of bid, payable to H. R. Stovall, County
Judge, is required.
Financial Statement.
$35,000,000
Estimated real value of all taxable property in district
10,822.415
Assessed valuation for 1924
870,000
Total bonded debt, including authorized $750,000
$22,000,000
Sinking fund
848.000
Netdebt
16,000
Population (estimated).
EL PASO COUNTY COMMON SCHOOL DISTRICT NO. 10 (P. 0.
-The State Comptroller of
-BONDS REGISTERED.
El Paso), Tex.
Texas registered $50.000 554% school bonds on March 9. Due serially.
ELSINORE UNION GRAMMAR SCHOOL DISTRICT, Riverside
-Sealed bids will be received until
-BOND OFFERING.
County, Calif.
10 a. m. April 6 by C. D. Hamilton. Chairman Board of Supervisors, for
$30.000 5% school bonds. Date April 1 1925. Denom. $1,000. Due
as follows: $2.000 in 1928 to 1942 incl. A certified check, payable to
the Clerk Board of Supervisors, for 5% of bid is required.
ERWIN UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. Painted
-BOND SALE.
-The $250,000 434%
Post), Steuben County, N. Y.
-were sold to Sage,
school bonds offered on March 13-V. 120, p. 1365
Wolcott & Steele of Rochester at 103.79. a basis of about 4.25%. Date
March 1 1925. Due yearly on March 1 as follows: $3,000, 1930 to 1936
incl.:$4,000, 1937;$5,000, 1938 to 1946 incl., and $10,000. 1947 to 1964 incl.
EvoL. 120.
Date March 15 1925. Denom. $1,000. Principal and interest (M. &
S. 15) payable at the Hanover National Bank, New York City.
Financial Statement.
Assessed valuation
$1,168.000
Bonded debt
-Water works (this issue)
$46,000
Sewers (this issue)
415:002
Warrant indebtedness
Total indebtedness
92,000
GLOVERSVILLE, Fulton County, N. Y.
-BOND SALE.--Geo. B.
Gibbons & Co. of New York have purchased the $77,000 434% registered
local impt. bonds offered on March 12-V. 120. p 985
-at 100.95, a basis
of about 4.17%. Date March 15 1925. Due $10.000, 1926 to 1928 incl.;
815.000, 1929. and $14,000. 1930.
GONZALES COUNTY ROAD DISTRICT NO. 5 (P. 0. Gonzales),
Tex.
-BOND OFFERING.
-Sealed bids will be received until 2 IL in•
April 13 by J. C. Romberg, County Judge, for $109,000 514% coupon
road bonds. Denom. $1,000. Principal and interest payable at the Seaboard National Bank. New York.
GRAND RAPIDS, Wayne County, Mich.
-BOND OFFERING.
J. C. Shinkman, City Clerk, until pril 2 will receive sealed bids for the
following issues of 414% bonds:
$250,000 water extension bonds.
820,000 street improvement bonds.
Date April 1 1925.
GREENE COUNTY (P. 0. Jefferson), Iowa.
-CERTIFICATE
-D. B. McClure, County Treasurer, will receive sealed
OFFERING.
.
bids until 1:30 p. rn. March 21 for $55,000 6% primary road certificates.
Date March 2 1925. Denom. $50. $100 and $500. Due May 1 1934.
optional.
GREENE INDEPENDENT SCHOOL DISTRICT, Butler County,
Iowa.
-The White-Phillips Co. of Davenport has pur-BOND SALE.
chased an issue of$60.0004 % school bonds. Date May!1925. Denom.
$1,000. Due each 6 months as follows: $3,000, Nov. 1 1938; 84.000.
May 1 1939 to May 1 1940; 55,000, Nov. 1 1940: $4.000. May 1 1941;
$5,000, Nov. 1 1941 to May 11944. and 86,000. Nov. 11944. Principal
and interest(M.& S.) payable at the Continental & Commercial National
Bank of Chicago, or at the office of the above named company. Legality
approved by F. C. Duncan of Davenport.
GROVELAND, Lake County, Fla.
-BOND DESCRIPTION.
-The
$30,000 street improvement bonds awarded on March 3 to Wright, Warlow
& Co. of Orlando
-V. 120, p. 1366
-bear interest at the rate of 6% and
are described as follows: Date July 1 1924. Denom. $1,000. Coupon
bonds. Interest payable J. & J.
HADDON HEIGHTS, Camden County, N. J.
-BOND SALE.
B.
Grant & Co. of New York have purchased 891,0005% street Imp!.
bonds at par.
HAMPDEN COUNTY (P. 0. Springfield), Mass.
-TEMPORARY
-Salomon Bros. & Hutzler of Boston have been awarded a temLOAN.
porary loan of $200.000 on a 3.25% discount basis plus a $2 premium.
Due Nov. 6 1925. Other bidders were: Third Nat. Bank, Springfield,
3.25% plus $1: Paine, Webber & Co.. 3.31%: Chicopee Nat. Bank, 3.45%.
and Old Colony Trust Co., 3.59% plus $1 75.
HAMPTON COUNTY SCHOOL DISTRICT NO. 15 (P. 0. Hampton), So. Caro.
-BOND OFFERING.
-Sealed bids will be received until
12 m. March 28 by Randolph Murdaugh, District Attorney, for $20,000
- 69' school coupon bonds. Date April
-BOND OFFERING.
FAYETTEVILLE, Lincoln County, Tenn.
11925. Due 81,000 yearly April 1
Hiram Higgins, City Clerk, will receive sealed bids until March 30 for 1926 to 1945 incl. A certified check for $500, payable to above attorney,
$80.000 5% water works bonds.
is required.
-BOND OFFERING.
FERGUS FALLS, Otter Tail County, Minn.
HANDSBORO SEPARATE SCHOOL DISTRICT, Harrison County,
Sealed bids will be received until 8 p. m. March 27 for $15,000 permanent Miss.
-An election will be held on April 4 for the
-BOND ELECTION.
improvement funding bonds to bear interest at a rate not exceeding 6%. purpose of voting on the question of issuing $21,000 school bldg. bonds.
Date March 2 1925. Denom. $1.000. Due $1.000 yearly March 1 1928
Legality approved by Lancaster, Simpson, Julien &
to 1942, inclusive.
-BOND OFFERING.
HARDEE COUNTY (P. 0. Wauchula), Fla.
Dorsey, of Minneapolis. A certified check for 10% a bid is required.
Until April 6 sealed bids will be received by the Superintendent Board of
Public Instruction for $75.000 school bonds.
SCHOOL DISTRICT (P. 0. Ferguson), St. Louis
FERGUSON
-Sealed bids will be received until
County, Mo.-BOND OFFERING.
-BONDS VOTED.
HARRISON COUNTY (P. 0. Gulfport), Miss.
8 p. m. March 25 by Clifford Day President Board of Education, for At an election held recently the voters authorized the issuance of $150,000
'
575,000 5% school bonds. Date March 20 1925. Denom. $1,000. Due road bonds.
March 20 as follows: $2,000 1927 to 1930, incl.: $3,000 1931 to 1934, incl.;
-The Peters Trust
HASTINGS, Adams County, Neb.-BOND SALE.
$4.000 1935 to 1939. incl.: $5.000 1940 to 1943. incl.,• $7,000 in 1944 and
$8,000 in 1945. Principal and interest(M.& S.) payable at the St. Louis Co.of Omaha recently purchased an issue of 881.0005% refunding bonds.
Union Trust Co. Legality to be approved by Julius A. Nolte of Clayton
-An
-BOND SALE.
HAVERSTFtAW, Rockland County, N. Y.
and Charles & Rutherford of St. Louis. A certified check for $1,000 is
Issue of $13,400 5% fire apparatus bonds has been sold to the Peoples Bank
required.
of Haverstraw at 101.105, a basis of about 4.61%. Denom. $1,400 and
FOARD COUNTY COMMON SCHOOL DISTRICT NO. 9 (P. 0. $3,000. Date March 1 1925. Due in 1925 to 1930. incl.
-The State Comptroller of
-BONDS REGISTERED.
Crowell), Tex.
-BOND SALE.
-The BrownHENDERSON, Rusk County, Tex.
Texas on March 8 registered $10,000 6% school bonds. Due serially.
Crummer Co. of Wichita has purchased an issue of $75,000 6% street
-Until improvement bonds.
-BOND OFFERING.
Ohio.
FOSTORIA, Seneca County,
12 m. April 2 sealed bids will be received by Myrtle J. Lindsey. City
-At
-BONDS VOTED AND SOLD.
HEWITT, Todd County, Minn.
Auditor, for 815.000 554% water works improvement bonds. Denom.
$1,000. Date Feb. 11925. Principal and semi-annual interest(M.& S.) an election held on March 10 the voters authorized the issuance of $5,000
payable at the office of the City Treasurer. Due $1,000 every six months 414% village hall bonds by a count of 97 for to 27 against. The bonds
from March 1 1926 to March 1 1933, inclusive. Certified check for 2% of were then purchased by the State of Minnesota. Due serially 1930 to 1949.
the amount of bonds bid for, payable to the City Treasurer, required.
-BOND OFFERING.
HOT SPRINGS, Garland County, Ark.
-BOND OFFER- Fred J. Fowler, City Clerk, will receive sealed bids until March 30 for
FRANKLIN COUNTY (P. 0. Brookville), Ind.
-Until 1 p. m. April 6 sealed bids will be received by Chas. A. Hoff- $400,000 funding bonds. Denom. $1,000.
ING.
% Bernard Rover et al. road
man, County Treasurer, for $16.000
HOUSTON COUNTY LEVEE IMPROVEMENT DISTRICT NO. 2
bonds. Denom. $800. Date April 6 1925. Int. M.& N. 15. Due $800 (P. 0. Crockett), Tex.
-BOND ELECTION.
-An election will be held on
every six months from May 15 1926 to Nov. 15 1935 incl.
March 28 for the purpose of voting on the question of issuing $100,000
TOWNSHIP SCHOOL DISTRICT (P. 0. Ellwood 6% levee bonds.
FRANKLIN
-Sealed bids until
-BOND OFFERING.
City), Allegheny County, Pa.
HUDSON COUNTY(P.O. Jersey City), N. J.
-BOND OFFERING.
of Directors,
2 p.m.April8 will be received by W.J. Nevin,Secretary Board Date Jan. 1 Sealed bids until 3 p. m. April 9 will be received by Walter O'Mara Clerk
bonds. Denorn. $1,000.
for $23.000 414% coupon school
Board of Chosen Freeholders, for an issue of 414% coupon or registered
1925. Interest J. & J. Due yearly on Jan. 1 as follows: $1,000 1927 to hospital for insane bonds not to exceed $2,500,000, no more bonds to be
1931, inclusive, and $2,000 1932 to 1940. inclusive. Purchaser to furnish awarded than will produce a premium of $1.000 over $2,500,000. Denom.
bonds. Certified check for $2,000 required.
$1,000. Date April 15 1925. Prin. and semi-ann. int. (A. & 0.) payable
in gold at the County Treasurer's office. Due yearly on April 15 as folFREEMAN'S CREEK DISTRICT, Lewis County, W. Va.-BOND lows: $85,000. 1927 to 1948 incl., and $90,000, 1949 to 1955 incl. The
2 p.m. March 24 by Geome
-Sealed bids will be received until
OFFERING.
Charleston, for bonds will be prepared under the supervision of the U. S. Mtge. & Trust
W. Sharp, Secretary State Sinking Fund Commission at 1923. Denom. Co. of New York, which will certify as to the genuineness of the signatures
$165,000 5% road impt. coupon bonds. Date July 1
the officials and the seal impressed thereon, and the validity of the bonds
81.000. Due July 1 as follows: $5.000 in 1934 and $40,000, 1935 to 1943 of be approved by Hawkins, Delafield & Longfellow of New York Cerwill
the
incl. Principal and interest (J. & J.) payable in gold atCity office of the tified check for 2% of the bonds bid for, payable to the County, required.
Bank, New
or the National
Treasurer ofthe State of West Virginia
York, at option of holder. Legality to be approved by John C. Thomson
HUNTINGTON FIRE DISTRICT (P. 0. Huntington), Suffolk
of New York City. A certified check for 2% of bid, payable to the order County, N. Y.
-BOND DESCRIPTION.-FollowIng is a description of the
of the State of West Virginia, is r uired.
$27,000 6% coupon fire bonds sold to the First National Bank of HuntingFinancia Statemen
816,128.907 ton on March 12 as 414s at 100.671, a basis of about 4.35% (see V. 120, p.
Assessed valuation
745.000 13661. Denom. $1,000. Date Feb. 18 1925. Interest F. & A. Due
Total debt,including this issue
6,253 yearly on Feb. 18 as follows: $4,000, 1927 to 1932, inclusive, and $3,000,
Population (1920 Census)
1933. Legality approved by Clay & Dillon of New York.
-The voters
-BONDS VOTED.
GARLAND, Dallas County, Tex.
-Sealed
HUNTSVILLE, Madison County, Ala.
-BOND OFFERING.
$45,000 5% school building bonds at the election bids will be received until 7:30 p. m. March 27 by James M. Gill, City
authorized the issuance of
held on Feb. 28-V. 120, p. 857.
Clerk and Treasurer, for 8150,000 5% school bonds. Due in 1955.
--An election
-BOND ELECTION.
GENEVA, Fillmore County, Nab.
-An election
HYANNIS, Grant County, Neb.-BOND ELECTION.
Will be held on April 1 for the purpose of voting on the question of issuing
will be held on April 7 for the purpose of voting on the question of issuing
$40,000 light and power bonds.
$5,000 water extension bonds. D. F. Osgood, Village Clerk.
-BOND
GEORGETOWN COUNTY (P. 0. Georgetown), So. Caro.
-BOND SALE.
-The following five issues of bonds,
IDAHO (State of).
-W. A. Campbell, Clerk Board of County Commissioners,
OFFERING.
-were awarded
aggregating 5963,500. offered on March 18-V. 120, 1366
will receive sealed bids until April 7 for $60,000 514% bridge bonds.
follows: To the Childs Bond & Mortgage Co. of Boise, First National
p'
-Sealed bids as
-BOND OFFERING.
GIDDINGS, Lee County, Tex.
the City Clerk for the following Corp. of Boston, Blodget & Co. and Brown Bros. & Co., both of New York.
were received until 3 p. m. March 20 by
Jointly, as 414s at 100.63, a basis of about 4.18%:
6% bonds aggregating $91,000:
1930, $76,500 general refunding coupon bonds. Due April I as follows: 84,000.
$46,000 water works. Due yearly as follows: 81.000 in 1926, 1928,
1926 to 1944 incl., and 8500 in 1945.
1942 and 1044: $3,000
1932 and 1934: $2,000 in 1936. 1938, 1940,
87,000 State highway refunding coupon bonds. Due April 1 as follows:
in 1946, 1948. 1950. 1952, 1954, 1956. 1958, 1960, 1962 and
$4.000. 1926 to 1944 incl., and $11,000 in 1945.
$4,000 in 1964.
Capitol building refunfilig coupon bonds. Due $25,000 yearly
45,000 sewer. Due yearly as follows: $1,000 in 1927, 1929, 1931, 1933 500,000 April 1 1926 to
and 1935:82.000 in 1937, 1939, 1941, 1943 and 1945, and $3,000 in
at par:
To the State of Idaho1945'
1959, 1961, 1963 and 1965.
1947, 1949, 1951, 1953. 1955, 1957,
htAn. 21 1925.]
THE CHRONICLE
$35,000 Lava Hot Springs impt. coupon bonds as 4.10s. Due April 1
1945. optional April 11927.
265,000 educational institutions impt. coupon bonds as 4s. Due April 1
1945, optional April 1 1935.
Date April 1 1925.
-The $1,000.000 Treasury notes offered on same date
NOTE SALE.
-were awarded at par to P. S. Moseley
-V. 120. p. 1366
as given above
& Co. of Boston at 3.89%. Date April 1 1925. Due March 11926.
1511
check for 3% of bid, payable to the order of the Chairman of Board of
Supervisors, is required.
LAKEVIEW, Montealm County, Mich.
-BONDS VOTED.
-A bond
Issue of $18.000 to defray the cost of paving streets in the village carried by
a large majority.
LAKE VIEW SCHOOL DISTRICT, Catoosa County, Ga.-BOND
SALE.
-J. H. Hilsman & Co.. Inc. of Atlanta have purchased an issue of
$18,000 6% school bonds. Date Jan 1 1925. Denom. $500. Due
July 1 as follows: $500 in 1926 to 1928 incl.: $1.000. 1929 to 1939 Inc.1.;
$1.500 in 1940: $1,000 in 1941 and $1.500 in 1942 and 1943. Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
Financial Statement.
Actual values
$1,000.000
Assessed values, 1924
339.324
-BOND SALE.
ILLINOIS (State of).
-On March 17 the $1,650,000 Total bonded debt (this issue only)
18.000
4% Service Compensation, Series "F," coupon bonds offered on that day
Population (est.). 800.
-were sold to the National City Co. of New York at 99.07,
V. 120. p. 1240
a basis of about 4.08%. Denom. $1,000. Date March 15 1925. Due
-BOND SALE.
LANCASTER, Fairfield County, Ohio.
-The City
Aug. 1 1944. Prin. and int. (Aug. 1) payable in gold at the office of the
Works has purchased the $5,000 5% sewer construction bonds
State Treasurer in Springfield. We are informed that under existing Natural Gas
par. Date Jan. 1 1925. Due $500
arrangements with the Treasurer of the State. both prin. and int, on these offered on Mar. 3 (V. 120, p. 733) at
incl.
bonds may, at the option of the holder, be collected in New York funds Sept. 1 1926 to 1935
-The following issues of 5% bonds offered on Mar. 6
BOND SALE.
through the National City Bank of New York. Owing to the lack of
express legal authority, the continuance of these arrangements cannot be were sold to A. E. Aub & Co. of Cincinnati at a premium of $503, equal to
101.91. a basis of about 4.60%;
guaranteed, but the discontinuance thereof is not anticipated.
$12.000 00 city's portion street improvement bonds (see V. 120. p. 857)
Duo yearly on Sept. 1 as follows: $1.000. 1926 to 1929 incl.:
IREDELL COUNTY (P. 0. Statesville), No. Caro.
-BOND SALE.32.000. 1930: $1,000 1931 to 1934 Incl., and $2.000. 1935.
The $1.000.000 road and bridge bonds offered on March 16-V. 120, p.
14.241 32 special assessment street bonds (see V. 120. p. 945). Due
1241-were awarded to a syndicate composed of Guaranty Co., Ames,
yea”ly on Sept. 1 as follows: $1,241 32, 1926: $1,000, 1927, and
Emerich & Co.. both of New York, and First National Co. of St. Louis
$1.500. 1928 to 1935 incl.
as
at 101.169, a basis of about 4.69%. Date April 1 1925. Due
Date Dec. 11924.
April 1 as follows: $28,000. 1929 to 1932 incl.; $36,000, 1933 to 1936 incl.;
$44.000, 1937 to 1940 incl.; $52,000, 1941 to 1944 incl., and $60,000, 1945
LAPORTE COUNTY (P. 0. Laporte), Ind.
-BOND OFFERING.
to 1950 incl.
Sealed bids will be received by Neva Line, County Treasurer, until 11
Financial Statement (As Officially Reported).
a. m. March 26 for $22,000 5% coupon Hugh Tenable et al, road bonds.
Actual valuation, estimated
$70.000,000 Denom. 31.100. Date March 16 1925. Prin. and semi-ann. Int. payable
Assessed valuation
45,436,309 at the County Treasurer's office. Due $1,100 every six months from
Total bonded debt, including this issue
2,375,000 May 15 1926 to Nov. 15 1935 inclusive.
Population, 1920 Census, 37.956; 1925 estimated. 45,000.
LARCHMONT, Westchester County, N. Y.
-BOND OFFERING.
JACKSON, Jackson County, Mich.
-BOND SALE.
-The First Trust Eugene D. Wakeman, Village Clerk, until April 6 will receive sealed bids
& Savings Bank and the Northern Trust Co., jointly, have purchased for $6.912 coupon or registered sewer bonds not to exceed 6% interest.
$524,500 4)4% coupon public impt. bonds at 101.01, a basis of about Denom. 31.000 and one for $912. Date May 31 1925. Int. semi-ann.
4.18%. Denom. $1.000. Date April 1 1925. l'rin. and semi-ann. int. Due yearly on May 1 as follows: 31.000. 196 to 1931 incl., and $912. 1938.
(A. & 0.) payable at the city's fiscal agency in New York. Due on April 1 Legality approved by Clarence De Witt Rogers of New York. Certified
as follows: $7.000, 1926. 1927 and 1928: $4,000, 1929: $1,500, 1930 to 1933. check for $150, payable to the village, required.
incl.: $1.000, 1934 to 1937. incl.: $16,000, 1938: $21,000, 1939: $26,000.
1910 to 1943, incl.: $25.500. 1944: $35.000, 1945 and 1946; $30.000. 1947 to
LAUDERDALE COUNTY (P. 0. Ripley), Tenn.
-BOND SALE.
1951, Incl.: $35.000, 1952: $25.000, 1953: $43.000, 1954. These bonds, I. B. Tigrett & Co. of Jackson have purchased an issue of $200,000 554%
Issued for water works and sewage system improvements, are direct obliga- road bonds.
tions of the entire City of Jackson and are payable from general taxes levied
These bonds are the remainder of a $400,000 issue: the other $200,000 was
against all of the taxable property therein.
reported sold in our issue of Nov. 8 (V. 119, p. 2207)•
Financial Statement.
LE CLAIRE INDEPENDENT SCHOOL DISTRICT, Scott County,
Assessed valuation, 1924
$80.258,110 Iowa.
-BOND SALE.
-The White-Phillips Co. of D tvenport has purTotal bondod debt, including this issue
3,162,604 chased an issue of $30,500 444% school bonds. D tte Mir. 2 1925. DeWater debt
$1,012,875
nomination $1.000 and $500. Due Nov. 1 as follows: $1.500 in 1927,•
Sinking fund
177.914
$1,000 in 1928: $1.500 in 1929: 31.000 in 1930: 51.500. 1931 to 1936: 52.000
in 1937 and 1938; 31,500 in 1939; $2.000 in 1940: 52.500 in 1941: 32.00010
Net debt
$1,190,789 1,961,815 1942: $2,500 in 1943 and 32,000 in 1944. Prin. and int.(M. & N.) payable
Population, 1920 Census, 48.374.
at office of above named firm. Legality approved by Chapman, Cutler
JACKSON SCHOOL TOWNSHIP (P.0. Hymera), Sullivan County, & Parker of Chicago.
Ind.
-BOND OFFERING.
-Sealed bids will be received by Henry T.
LELAND. Winnebago County, Iowa.
-BOND OFFERING POSTSmith, Trustee School Township, until 2:30 p. m. March 21 for $47,000
-The offering of $4,800 5% electric lighting bonds, which was
5% coupon school bonds. Denom. $500. Date April 1 1925. Prin. PONED.
to take place on March 2-V. 120, p. 1120
-was postponed to March 30
and semi-ann. Int. (F. & A.) payable at the office of the Hymera State due to an error in advertising the sale.
Bank of Hymera. Due every six months as foillows: $1,000. Aug. 1
1926 to Feb. 1 1932 incl.: $1,500 on each Aug. 1 and $1,000 on each Feb. 1
.
LITTLE ROC v , Pulaski County, Ark.
-BOND OFFERING POSTfrom Aug. 1 1932 to Aug. 1 1940 incl.. and $1,500. Feb. 1 1941 to Feb. 1 PONED INDEFINITELY.
-The offering of 31.900.000 funding coupon
1945 incl. Certified check for $1.000 required.
bonds scheduled for Mar. 19 (V. 120. p. 1367) has been postponed indeficompletion of legal proceedings.
JEFFERSON TOWNSHIP RURAL SCHOOL. DISTRICT (P. 0. nitely, pending
Lucasville Route No. 3), Scioto County, Ohio.
-BONDS TO BE
LIVINGSTON PARISH SUB ROAD DISTRICT NO. 1 (P. 0. SpringOFFERED.
--We are informed that an issue of $12,600 5% school bonds field), La.
-Sealed bids will be received until April 7
-BOND OFFERING.
, will be offered "as soon as arrangements can be made."
by C. C. Chandler, President Police Jury, for 335,000 6% road bonds.
These bonds were offered and sold on Feb. 18,"but the Attorney-General
turned them down because of a little error."
LONE STAR SCHOOL DISTRICT, Graham County, Tex.
-BOND
OFFERING.
-Sealed bids will be received until 2 p. m. May 4 by the
JONES COUNTY SUPERVISORS ROAD DISTRICT NO. 3 (P. 0. Board of Supervisors, for $13,000 6% school building coupon bonds. Clerk
DeLaurel), Miss.
-BOND OFFERING.
-Sealed bids will be received until nomination $650. Due $650 yearly, 1926 to 1945. Prin. & int.
12 m. April 6 by U. S. Collins, Clerk Board of Supervisors, for $75.000 payable in Safford. A certified check for 5% of bid is required. (M.& N.)
544% road bonds. Due April 15 as follows: $1,500 in 1926 to 1930:
$3,000. 1931 to 1940; $3,500. 1941 to 1948; $4,500, in 1949, and $5.000 in
LOS ANGELES MUNICIPAL IMPROVEMENT DISTRICT NO. 35,
1950. Principal and interest (A. & 0.) payable at Continental & Com- Los Angeles County, Calif.
-BOND SALE.
-The $275,000 improvement
mercial National Bank. Chicago.
bonds offered unsuccessfully on Jan. 14 (V. 120. p. 483) have been awarded
to Drake, Jones & Thomas. of Los Angeles, as 5)is at par. Date Jan. 1
KANSAS CITY, Wyandotte County, Kan.
-NOTE SALE.
-Stern 1925.
as follows: $7,000. 1926 to 1963, inclusive, and $9,000 in
Bros. & Co. of Kansas City recently purchased an issue of $175,000 434% 1964. Due Jan. 1
anticipation notes. Due in six months.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND OFFERING.
-Until
KAUFMAN, Kaufman County Texas.-BONDS DEFEATED.- 10 a.
The proposition to issue $20.000 6% water and sewer bonds submitted to Boardm. Apr. 6 sealed bids will be received by Adelaide E. Schmitt, Clerk.
'
of County Commissioners. for $71,282 5% highway improvement
a vote of the people at the election held on March 10-V. 120, p. 1120- No. 104 bonds. Denom. $1,000 and one bond for $282. Date Apr.
15
was defeated.
1925. Due yearly on Oct. 1 as follows: $17,282, 1926. and $18.000, 1927
incl.
KAUFMAN COUNTY ROAD DISTRICT NO. 4 (P. 0. Kaufman), to 1929
Tex.
-BONDS VOTED.-At the election held on Feb. 21-V. 120, p.612LUDINGTON, Mason County, Mich.
-BOND ELECTION.
-A
the voters authorized the issuance of $65,000 road bonds.
325.000 bond issue for paving purposes will be submitted to the voters
at the regular spring election on April 6.
KENOSHA, Kenosha County, Wis.-BOND OFFERING.
-Sealed
bids will be received until 2 p. m. (Central standard time) April 3 by H. C.
LUDLOW, Windsor County, Vt.-BOND OFFERING.
-Until 3 p. m.
Laughlin, Director of Finance. for $400,000 435% high school bonds, April 7 sealed bidsj will be received by James McDonald. Chairman
,
Series of 1925. Date April 1 1925. Denom. $1.000. Due April 1 as fol- Board of Selectmen, for $130,000 4).1 % coupon refunding bonds. Denom.
lows: $30.000, 1932 to 1944 incl., and $10,000 in 1945. Prin. and int. 31.000. Date Feb. 1 1925. Prin, and semi-ann. int. (F. & A.) payable
(A. & 0.) payable at the office of the City Treasurer in Kenosha. Legality at the Old Colony Trust Co. of Boston. Due yearly on Feb. 1 as follows:
to be approved by Chapman, Cutler & Parker of Chicago. A certified 36.000. 1926 to 1935 incl., and $7,000. 1936 to 1945 incl. The bonds
check for $3,000 upon an incorporated bank or trust company, payable to will be prepared under the supervision of the U. S. Mtge. & Trust Co. of
the order of the City of Kenosha, is required.
Boston, which will certify as to tile genuineness of the signatures of the
officials and the seal impressed thereon, and the validity of the bonds will
Financial Statement.
be approved by Ropes, Gray, Boyden & Perkins of Boston.
Assessed valuation for the year 1924
$58,156,660
Estimated actual value taxable property
85.000.000
LYNDHURST TOWNSHIP SCHOOL DISTRICT (P. 0. Lyndhurst),
Total bonded debt, including this issue
2,813,000 Bergen County, N. J.
-BOND SALE.
-The following Issues of 4344
There is an unfunded debt, other than the bond debt
coupon or registered school bonds offered unsuccessfully on Feb. 3 (V. 120,
Water works bonds, included in total debt shown above
387,000 p. 733) were sold to M. M. Freeman & Co. of Philadelphia:
Population, 1920. 40,000; estimated now, 50.000. Tax rate, 31 mills.
$395.000 school bonds. Date Jan. 1 1925. Due yearly on Jan. 1 as
follows: $7.000. 1926, $8,000, 1927, and $10.000. 1928 to '65, incl.
KILLEEN, Bell County, Texas.
-BOND SALE.
-The following two
10.000 school bonds. Date July -1 1924. Due $1,000 July 1 1925 to
issues of 6% coupon bonds favorably voted on Feb. 18 (V. 120. p. 1241)
1934, inclusive.
were awarded to Garrett & Co. of Dallas:
$16,000 water bonds.
McALLEN, Hidalgo County, Texas.
-BOND ELECTION.
-An elec36,000 sewer bonds.
Date Mar. 1 1925. Denom. $1,000. Due serially. Prin. and int. tion will be held on March 27 for the purpose of voting on the question
of issuing $237,000 6% funding bonds.
(M.& S.) payable at the National Park Bank, New York City.
McDOWELL COUNTY (P. 0. Marion), No. Caro.
-BOND SALE.KLAMATH COUNTY (P. 0. Klamath Falls), Ore.
-BOND SALE.
- The $250.000 highway bonds offered on Mar. 18 (V. 120, p. 1120) were
The $125,300 road bonds offered on March 14-V. 120, p. 1241-were awarded to C. W. McNear & Co. of Chicago as 44is. Due Mar. 1 as folawarded to the Lumbermen's Trust Co. of Portland at 100.48, which took lows: 310,000. 1930 to 1954 hid.
$22,000 as 43s and $103,000 as 4345. Date April 1 1925.
Financial Statement.
KNOXVILLE, Knox County, Tenn.
-NOTE SALE.
$20.983.353
-The Chase Assessed valuation
National Bank of New York has purchased an issue of $600,000 4% revenue Total bonded debt
925.000
Population (1925), 20,000.
notes at a premium of $18. Date April 1 1925. Due Sept. 30 1925.
Principal and interest payable in New York.
MAGNOLIA PARK, Montgomery County, Texas.
-BOND SALE.
LAGRANGE COUNTY (P. 0. Lagrange), Ind.
-BOND OFFERING. The following bonds, aggregating $700.000. favorably voted at the election
Feb.
-Sealed bids until 1 p. di. Apr. 3 will be received by Maynard Preston, as 6s24-V. 120. p. 1241-were purchased by Wilbur L. Johnson of Austin
at 101:
County Treasurer, for $13,200 5% coupon Albert Gehrett et al. road
storm sewer.
$50,000 water works.
Improvement bonds. Denom. $660. Date Mar. 15 1925. Int. M.& N. $350.000 street improvement.
250.000
I 50.000 sewer.
15. Due $660 every six months from May 15 1926 to Nov. 15 1935 incl.
MARENGO INDEPENDENT SCHOOL DISTRICT, Iowa County,
LAGUNA SCHOOL DISTRICT (P. 0. Santa Ana), Orange County, lowa.-BOND SALE.
-The $150.000 school building bonds offered on
-Sealed bids will be received until 11 a. m. March 11-V. 120, p. 1241-were awarded to Ringheimer & Co.
-BOND OFFERING.
Calif.
Backs, County Clerk, for $9.000 5% school bonds. Moines as 434s at a premium of $4,411, equal to 102.94. Date of Dee
March 31 by J. M.
March 2
Date May 1 1925. Denom. $1,000. Due $1,000 yearly in 1926 to 1934, 1925. Denom. 51,000. Coupon bonds. Due serially. 1930 to 1945.
incl. Principal and interest payable at the County Treasury. A certified Interest payable M.& S.
-BOND
IDLEWOOD (P. 0. Cleveland), Cuyahoga County, Ohio.
-W. L. Slayton & Co. of Toledo have purchased the $53.200 5%
SALE.
Eaton Road paving special assessment coupon bonds offered on March 17
-for $54.110. equal to 101.71, a basis of about 4.64%•
-V. 120, p. 857
Date Feb. 1 1925. Due yearly on Oct. 1 as follows: $5,200, 1926. and
$6,000, 1927 to 1934 incl.
1512
THE CHRONICLE
-On
-BONDS VOTED.
MARQUETTE, Marquette County, Mich.
March 2 the citizens voted $475,000 new high school building erection
bonds by a vote of 1,013 to 297.
MARTIN COUNTY (P. 0. Fairmont), Minn.
-BOND OFFERING.
C. M. Babcock. Commissioner of Highways, will receive sealed bids until
at a rate not to exceed
1:30 p.in. Apr.7 for $5.581 42 bonds bearing
5%. Date Mar. 11925. Denom. 31.000. except 1 for $581 42. A certified check for 10% of bid, payable to the County Treasurer, is required.
-BOND
MECKLENBURG COUNTY (P. 0. Charlotte), No. Caro.
SALE.
-The $100,000 5% hospital coupon bonds offered on March 16
(V• 120, p. 858) were awarded to the Second Ward Securities Co. of Milwaukee and Montgomery Trust Co., jointly, at 105.33-a basis of about
4.55,0 Date Feb. 1 1925. Due Feb. 1 as follows: $2,000, 1926 to 1930:
7.
$3.000. 1931 to 1940. and $4,000, 1941 to 1955, inclusive.
-The $750,000
-NOTE SALE.
MEMPHIS, Shelby County, Tenn.
43 % revenue notes offered on March 10 (V. 120, p. 1121) were awarded
,
6
to the Union & Planters Bank & Trust Co. of Memphis and Eldredge &
1
Co. of New York, jointly, at 100.34. a basis of about 1. 0%. Date Jan. 1
1925. Due Sept. 1 1925. Following is a list of other bidders:
Premium.
Bidders-Bank of Commerce & Trust Co.and Hallgarten & Co., New York_52,343 75
Mississippi Valley Trust Co. and First National Bank, St. Louis_ 2,325 00
100.24808
F. S. aseleY & Co.. New York
1.79200
Central State National Bank, Memphis
1,891 00
S. N. Bond & Co., New York
849 75
First National Bank, Memphis
4.26
. A. K. Tigrett & Co.. Memphis*
292 50
National City Co., Chicago
* Basis bid
This corrects the report given under the caption of Memphis, Kano
in last week's issue.
-BOND SALE.-Prudden &
MIAMI COUNTY (P. 0. Troy), Ohio.
Co.of Toledo have purchased the $28,500 5% National Road Construction,
-V. 120.
Sec. 0-2. No. 1 special assessment bonds offered on March I6
P. 1241-for a premium of $751. equal to 102.64, a basis of about 4.45%.
Date April 11925. Due yearly on Oct. 1 as follows: $2,500. 1926; $3,000,
1927 to 1934, incl.. and $2.000. 1935.
-The 517.000
-BOND SALE.
MIDDLETOWN; Butler County, Ohio.
p.
5% assessment street impt. bonds offered on March 13-V. 120., 858were sold to Assel, Goetz & Moerlein, Inc., of Cincinnati for $17,37. equal
to 101.92, a basis of about 4.60%. Date March 1 1925. Due $1,700
yearly on Sept. 1 1926 to 1935 incl. Bids were as follows:
Amount Bid.
$17,327
Assel, Goetz & Moerlein. Inc., Cincinnati
17.302 50
Breed, Elliott & Harrison. Cincinnati
17.263 00
A. E. Aub & CO., Cincinnati
17.253 34
N. S. Hill & Co., Cincinnati
17.247 00
The Herrick Co., Cleveland
17.223 72
Ryan. Sutherland & Co., Toledo
17.217 60
Provident Savings Bank & Trust Co., Cincinnati
17.175 00
Well, Roth & Irving Co. Cincinnati
17.154 00
Seasongood & Mayer, Cincinnati
17.091 80
Otis & Co., Cleveland
All bids included accrued interest.
-The
MILWAUKEE, Milwaukee County, Wis.-BOND BALE.
-were
-V. 120, p. 1368
$675,000 43-4% sewer bonds offered on March I3
awarded to the William R. Compton Co. of New York at a premium of
527,611, equal to 104.09, a basis of about 4.10%. Date April 1 1924.
Denom. $1,000. Due $75.000 yearly July 1 1935 to 1943 incl. Coupon
bonds registerable as to principal only. Prin. and int. (J. & J.) payable
at the office of the City Treasurer in Milwaukee or at the fiscal agency
of Milwaukee in New York City at option of holder.
$27.205 50
C. W. McNear & Co
25.913 25
National City Co
25.778 25
Guaranty Co. of New York
24.833 25
W. A. Harriman & Co. and Kean. Taylor & Co
24,775 00
Halsey, Stuart & Co
24.617 25
Geo. B. Gibbons & Co. and Roosevelt & Son
24.563 25
Austin, Grant & Co
24.428 25
White, Weld & Co
24,311 00
MorrisF Fox & Co
24.252 00
Harris Trust & Savings Bank
A. C. Allyn & Co., H.L. Allen & Co. and B.J. Van Ingen & Co.. 22.943 25
22.929 75
Taylor, Ewart & Co
Northern Trust Co., R. W.Pressprich & Co.and Wells-DickeyCo.22,885 00
22.882 50
Brown Bros. & Co. and First National Co., Detroit
First Trust & Savings Bank, Chicago, and Ames. Emerich & Co.. 22.410 00
First Wisconsin Co., Marshall-Iisley Bank, Henry C. Quarles
22.308 75
& Co. and Second Ward Securities Co
22,113 00
A. D. Leach & Co
20.764 35
E. H. Rollins & Sons and A. G. Becker & Co
20.533 00
Bonbright Sr Co
Marshall Field, Glore, Ward & Co. and Bankers Tr. Co. of N.Y. 18.960 75
Illinois Merch. Tr. Co. and Cont. & Comm. Tr. & Say. Bank.- 17.353 00
film. 120.
512,000. 1932 to 1934:514.000. 1935 to 1937:$16,000. 1938 to 1940; 518.000.
1941 to 1943: $20.000, 1944 and 1945: 321,000, 1946 and 1947: $22,000,,
1948 and 1949; $23,000. 1950 to 1952 and
to 1955 incl. Prin.
and int. (A. & 0.) payable at the office524.000. 1953Treasurer or at the
of the City
National Park Bank. New York City, at option of holder. The bonds
will be prepared under the supervision of the United States Mortgage &
Trust Co. of New York, which will certify as to the genuineness of the
signatures and the seal impressed thereon and the validity will be approved
by Caldwell & Raymond, New York City. A certified check for 2% of bid
Is required.
BIDS.
-Following is a list of other bids received for the 2 issues of bonds,
aggregating $380,000, awarded on March 3, $145,000 5% general improvement bonds to C. W. McNear & Co. of Chicago and $235,000 534% street
improvement bonds to Geo. B. Gibbons & Co., Inc., of New York
V. 120, p. 1242:
5145.000
5235,000
5% General 534% Street
BidderImpt. Bonds.Impt. Bonds.
National City Co.(all or none)
3151.578 65 5241.366 15
Eldredge & Co. (all or none)
151,800 50
240.240 50
Eldredge & Co. (either)
151.713 50
240.099 50
A. M. Lamport & Co. (all or none)
150,830 00
240.480 00 .
Kissel, Kinnicutt & Co. (all or none)
Stevenson. Perry, Stacy & Co.; Ames, Emerich
& Co.(all or none)
151,257 00
240,142 00
Well, Roth & Irving Co. (all or none)
151.940 00
240,025 00
Harris Trust & Savings Bank (all or none)
152.357 00 240.734 00
E. H. Rollins & Sons (all or none)
Mississippi Valley Trust Co.; Second Ward Securities Co. (all or none)
151.917 00 240,946 00
Watkins. Crockett (all or none)
151.192 00
240.993 00
Austin, Grant & Co. (all or none)
152.119 00 241.603 00
I. B. Tigrett & Co. (all or none)
Emery, Peck & Rockwood: Merrill, Oldham & 151,773 37 241.050 25
Co.(all or none)
151.692 00 241,31000
Blodgett & Co.; Phelps, Fenn & Co
151,929 55
241.107 65
Pressprich & Co
241.800 00
Estabrook & Co.: Hannahs, Bailin & Lee
151.641 00
241.368 00
J. G. White & Co.; B.J. Van Ingen & Co
152.192 00
242.285 00
Geo.
Burr & Co
151,306 00 239.731 00
Seasongsod & Mayer
151.322 00
240.147 00
Norther,' Trust Co.; Illinois Merchants Trust Co., 150,916 00 240.005 00
A. B. Leach & Co
152,111 00
241.121 00
Joe B. Palmer St Co
151.696 10
241.443 70
N. 8. Hill & Co
239.819 OG
Caldwell & Co.; American National Co
152.135 645
.•
W. L. Slayton & Co
152,08000
241.680 00
Halsey, Stewart & Co., total bid
$392,795 00
C. W. McNear & Co
241,509 50Geo. B. Gibbons & Co
152.188 25
NEWAGO, Newago County, Mich.
-BOND ELECTION.
-At the
April 6 election the voters will be asked to pass on a 5157.000 bond issue
for school erection purposes.
NEW BEDFORD, Bristol County, Mass.
A temporary loan of 51,000.000 has been sold-TEMPORARY LOAN.to
Bank of Boston on a 32.89' discount basis. Due the National Shawmut
Nov. 11 1925.
bidders were: Harris. Forbes & Co., 3.35%,.; Shawmut Corp., Other3.43%;
Grafton Co., 3.50%, and S. N. Bond & Co., 3.59% Plus 5.3,
w.
NOBLE COUNTY (P. 0. Albion), Ind.
-BOND SALE. - "The two
issues of 5% coupon bonds offered on March 17-V. 120, p. 1368
-have
been sold as follows:
$8,640 Dail E. Seagley et al. road bonds to the Mier State Bank for a
premium of $435, equal to 105.03, a basis of about 3.98%.
Denom. $432.
15,800 Frank P. Sanders et al. road bonds to the Noble County Bank
for a premium of $810, equal to 105.12, a basis of about 3.96%•
Denom. $790.
Date March 15 1925. Int. M. & N. 15. Due one bond of each issueevery six months from May 15 125 to Nov. 15 1934 inclusive.
NORTH OLMSTED, Cuyahoga County, Ohio.
-BOND SALE.
-The
$17,500 5i9' coupon park and public ground bonds offered on Mar. 9
(V. 120. p. 987) were sold to Seasongood & Mayer of Cincinnati at a premium of $749 50, equal to 104.28. a basis of about 4.88%. Date Jan. 1
1925. Due every six months as follows: 51,500, Apr. 1 1931 to Apr. 1 1933
incl.; $2,000, Oct. 1 1933; $1,500, Apr. 1 1934 to Oct. 1 1935 incl.. and
52,0110, Apr. 1 1936.
NORTH ST. PAUL, Ramsey County, Minn.
-BONDS VOTED.
-At
an election held on Mar. 10 the voters authorized the issuance of $10,0004;4% water improvement bonds by a count of 416 for to 217 against.
NORWALK, Huron County, Ohio.
-BOND OFFERING.
bids will be received until 12 m. Mar. 25 by F. G. Warner, City -Sealed
Auditor,
for 3135.000 5% coupon filtration plant bonds. Denom. $1,350. Date
Mar. 11925. Int. A. & 0. Due 35.400 Oct. 1 1925 to 1949 incl. Certified check for 10% of the amount of bonds bid for, payable to the City
Treasurer. required.
BOND OFFERING.
-Sealed bids will be received by F. G. Warner, City
Auditor, until 12 m. March 25 for $135.000 5% filtration-plant bonds.
Denom. $1,350. Date March 1 1925. Interest A. & 0. Due $5,400
Oct. 1 1925 to 1949, inclusive. Certified check for 10% of the amount of
bonds bid for, payable to the City Treasurer, required,
-BOND SALE.
MILWAUKEE COUNTY (P. 0. Milwaukee), WI,.
The 52.670,000 434% sewerage bonds offered on March 16 (V. 120. p. 986)
were awarded to a syndicate composed of Harris Trust & Savings Bank,
Halsey, Stuart & Co., First Trust & Savings Bank. Continental & Commercial Trust & Savings Bank, Illinois Merchants Trust Co.. and Ames,
Emerich & Co., all of Chicago, at a premium of $82.637, equal to 103.09a basis of about 4.24%. Date March 18 1925. Due March 18 as follows:
NORWOOD, Norfolk County, Mass.
-BOND SALE.
$267,000, 1936 to 1945, inclusive.
-The Old
Colony Trust Co. of Boston has
-BOND SALE.
- at 100.74, a basis of about 3.90%.purchased $100,000 47,,_ school bonds
MONMOUTH COUNTY (P. 0. Freehold), N. J.
Date April 1 1925. Due in 1926 to
A syndicate composed of Clark Williams & Co.: Redmond Sr Co., and 1940 inclusive.
of
Austin, Grant & Co., all of New York, has purchased the two issuesOAKLAND Alameda County, Calif.
-BOND DESCRIPTION.
434% coupon or registered bonds offered en March 18-V. 120, p. 1121
-The
sewer bonds awarded on Mar. 5 to the National City Co.
5600,000 454
as follows:
to 102.73.
$595.000 ($611,000 offered) road bonds for $611,269 15, equal as follows: of San Francisco (V. 120, p. 13681 are described as follows: Date Feb. 1
1925. Denom. $1,000. Colon bonds. Due serially Feb. 1 1926 to
a basis of about 4.21%. Due yearly on March 15
,
n.
$26,000, 1927 to 1936 inc.; $39,000, 1937 to 1944 incl., and 1965. Prin. and it.(F. & A payable at the office of the city Treasurer
in Oakland or at the National ity Bank of New York, at option of holder.
$23,000. 1945.
to 103.46,
Financial Statement (Officially Reported).
162,000 ($167,000 offered) bridge bonds for $167.616 50,equalas follows:
*Assessed valuation of taxable property
a basis of about 4.15%. Due yearly on March 15
$237,831,170
54.000, 1927 to 1929 incl.; 55,000, 1930; 56,000, 1931 to 1954 Total bonded debt, including this issue
6,427,283'
Population, 1920 census, 216,361; population present estimate, 287.000.
incl., and $1,000, 1955.
* Includes 522,957,500 operative property which has not been taxed by
Denom. $1,000. Date March 15 1925.
-Sealed the city since Nov.3 1910,except for the payment of that portion of the city
MONONA, Clayton County, lowa.-BOND OFFERING.
debt incurred prior to that date.
bids will be received until 7:30 p. m. March 23 by W. F. Humphrey, Town
May 1 1925. Denom.
Clerk, for $14,000 5% Town Hall bonds. Date
OCEANA COUNTY (P.O. Hart), Mich.
-BOND ELECTION.
-At the
$500. Due May 1 as follows: $500, 1926 to 1944 incl., and $4,500,in 1945. April 6 election the electors will vote on the question of
issuing $35,000
-A $195,000 county infirmary construction bonds.
-BOND ELECTION.
MONROE, Monroe County, Mich.
dam construction bonds will
5% semi-annual sewer bond issue and 523.000
OHIO COUNTY (P. 0. Rising Siin), Ind.
-BOND OFFERING.
be voted upon at the April 6 election.
- Sealed bids will be received by James F. Detmer, County Treasurer, until
-BOND OFFERING.
MONROE COUNTY (P. 0. Rochester), N. Y.
12 m.April 6 for the following issues
Treasurer, will receive sealed bids until 54,800 J'ames M. Hastings et al. road of 4)1% coupon bonds:
Addison D. Chapman, County
bonds. Denom. $120.
11 a. m. March 28 for $3350,000 coupon bonds not to exceed 5% int. 21,200 Walter G. Potter et al. road bonds. Denom. $530.
Denom. $1,000. Date March 1 1925. Prin, and semi-ann. int. (F. S; A.) 50,000 Leonard C. Cotield et al. road bonds. Denom. 51.250.
the Union Trust Co. of
Payable at the office of the County Treasurer or
Date April 1 1925. Int. M. & N. 15. Due one bond of
Rochester, in New York exchange. Due 525.000 yearly on Feb. 1 1931 every six months from May 15 1926 to Nov. 15 1945 inclusive. each Issue
to 1944 incl. Certified check for $3,500, payable to the above official,
required.
OKEECHOBEE, Okeechobee County, Fla.
-BOND OFFERING.-BOND OFFERING R.P. Fletcher, City Clerk, will receive sealed bids until Apr.20for $110,000
MONTGOMERY COUNTY 'P.O. Dayton),Ohio.
-Until 10 a. m. March 28 sealed bids will be received by F. A. Kilmer, 6% water works bonds.
Clerk Board of Education, for the following issues of bonds:
OMAHA, Douglas County, Nab.
-PRICE PAID.
-The
525.000 Court house addition bonds. Due $1,000 April 1 1926 to 1950, park appropriation bonds reported sold to the Omaha Trust $30,000 435%
Co. of Omaha
inclusive.
(V. 121), p. 1121) were purchased at a premium of $715, equal to 102.38.
10,000 Court house addition bonds. Due $1,000 April 1 1926 to 1935. Date Dec. 15 1924. Denom. 51.000. Coupon bonds. Due in 20
Yearsinclusive.
Interest payable J. & D.
Denom. $1,000. Date April 1 1925. Principal and semi-annual interest
(A.& 0.) payable at the office of the County Treasurer. Legality approved
-BOND
OMAHA SCHOOL DISTRICT, Douglas County, Nob.
by D. W. & A. S. Iddings, of Dayton, and Peck, Shafer & Vilifams, of OFFERING.
-Sealed bids will be received by W. T. Bourke, Secretary,
Cincinnati. Certified check for $1,200 required.
Board of Education, until 8 p. m. April 2 for $1,500 43.1% school bonds.
Date May 1 1925. Due May 1 1955. Prin. and int. M. & N.) payable
-BOND OFFERING.
NASHVILLE, Davidson County, Tenn.
Sealed bids will be received until 10 a. m. Mar. 27 by S. H. McKay, City at Kountze Bros., N. Y. City. Legality to be approved by Wood & OakClerk, for $500,000 water works improvement bonds bearing interest at a ley of Chicago. Purchaser to furnish blank bonds. A certified check for
rate not exceeding 6%. Date Apl, 1 1925. Denom $1,000. Due Apl. 1 as 2% of bid, drawn on a national bank, payable to the order of said school
district, is required.
follows: $7,000 in 1926 $8,000 in 1927 and 1928; 510,000 in 1929 to 1931:
MAR. 21 1925.]
THE CHRONICLE
1513
PORTSMOUTH, Scioto County, Ohio.
-BOND OFFERING.
-TEMPORARY LOAN.
-R. L.
ORANGE, Franklin County, Mass.
Sealed bids
received until 12 m.
Day & Co. of Boston have been awarded the following temporary loans $59.566 6% will bealley 'pt. assessmentApril 10 by J. Earl Chandler for
bonds. Denom. $1.000 and one
stteet
ra
on a 3.34% discount basis:
Date March 1 1925. Prin. and semi-ann. int.(M.& SO payable
for $566. D
$10.000 loan. Date March 23 1925. Due Oct. 1 1925.
at the City Treasurer's office. Due yearly on Sept. 1 as follows: 55.566.
70.000 loan. Date April 1 1925. Due Oct. 1 1925.
1928. and 56.000. 1927 to 1935. incl. Certified check for 2% of the amount
0. Paoli), Ind.
-BOND SALE.
-J. F. Wild of bonds bid for, payable to the City Auditor, required.
ORANGE COUNTY (P.
& Co. of Indianapolis have purchased the $4.200 4407 Sherman Dixon
RAPIDES PARISH SCHOOL DISTRICT NO. 28 (P.0. Alexandria),
et al. road construction bonds offered on March 14-V. 120. p. 1368
-All bids received for the 520.000 coupon Pine-BIDS REJECTED.
for $4,261, equal to 101.45. a basis of about 4.20%. Date March 2 La.
-were
1925. Due $210 every six months from May 15 1926 to Nov. 15 1935 incl. ville School District bonds offered on March 11-V. 120. p. 734
rejected. The bonds will be sold later at a private sale. Following is a
-BOND OFFERING.
- list of bids received:
ORANGE COUNTY (P. 0. Paoli), Ind.
William B. Lashbrooks, County Treasurer, will receive sealed bids until
Premium.
,
2 p. m. April 6 for $8.400 414% coupon Geo Limeberry et al. road con- Taussig, Day, Fairbank & Co., St. Louis
864 00
struction bonds. Denom. $420. Date April 6 1925. Int. M. & N. 15. Hanchett Bond
Chicago
218 00
Due $420 every six months from May 15 1026 to Nov. 15 1935 inclusive.
Weil, Roth & Irving Co., Cincinnati
Co.'
10 00
L. Slayton & Co. Toledo
163 50
OFFERING.
-Sealed bids will be re- W. bids were for Vends to bear 534%•
-BOND
OREGON (State of).
All
ceived until 2 p. m. March 25 by Carle Abrams, Secretary State Board
of Control. for $1,000,000 4si% highway bonds. Date April 1 1925.
REDKEY SCHOOL TOWN (P. 0. Redkey), Jay County, Ind.Denom. $1,000. Due $25,000 each six months beginning April 1 1930 to BOND OFFERING-Sealed bids will be received by Earl W. Jerles, Sec.
Oct. 1 1949 incl. Prin. and int. (A. & O.) payable at the office of the Board of Trustees, until 6 p. m. April 2 for $21.000 5% school bonds.
State Treasurer or at the fiscal agency of the State of Oregon in N. Y. City. Denom. 51.000 and $400. Date March 12 1925. Int. semi-ann. Due
at option of holder. Legality approved by Storey. ThrondIke, Palmer $1,400 March 12 1926 to 1940 incl. Certified check for $500 required.
& Dodge of Boston. A certified check for $50,000, payable te the order
REYNOLDS SPECIAL SCHOOL DISTRICT, Grand Forks and
of the State Board of Control, is required.
OFFERING.-Ontn 2 p. m. March 28
Traill Counties
OREGON CITY, Clackamas County, Ore.
-BOND SALE.
-The sealed bids will be No. Dak.-BOND Brathorde, District Secretary, at the
received
M. N.
Western Bond & Mtge. Co. of Portland has purchased an issue of $25,000 office of the County Auditorby Grand Forks. for 520.0004% school building
in
5% city hall bonds at par.
bonds. Interest payable J. & J. A certified check for 5% of bid is reOYSTER BAY SCHOOL DISTRICT NO. 12 (P. 0.Syosset), Nassau quired.
County, N. Y.
-BOND SALE.-Geo. B. Gibbons & Co., Inc. of New
-Anna
RHINELANDER, Oneida County, Wis.-BOND OFFERING.
York, have purchased an issue of $230.000 414% school bonds a:t 101.63. Moe, City Clerk, will receive sealed bids until 3 p. m. March 26 for the
a basis of about 4.3207. Date April 1 1925. Prin. and semi-ann. int. following 5% bonds, aggregating $105,000:
payable at the Oyster Bay Bank of Oyster Bay. Due yearly on April 1
bonds. Date April 1 1925. Denom. $1.000 and $500.
as follows: $10,000, 1928: $13.000. 1929 to 1932 incl., and $14,000, 1933 $70.000 school
Due $3,500 in 1926 to 1945, incl. Interest payable A. & 0.
to 1944 incl. Legality approved by Clay & Dillon of New York.
35,000 street improvement bonds. Date May 1 1925. Denom. $1,000.
Due $1.000 in 1926 to 1930,Ind..and 12.000 in 1931 to 1945. incl.
PAINESVILLE, Lake County, Ohio.
-BOND OFFERING-Until
Principal and interest payable in Rhinelander. A certified check for
12 m. Apr. 10 sealed bids will be received by Albin H. Lord, City Auditor,
for $28,000 5% electric light bonds. Denom. $1.000. D kte Apr. 1 1924. 3% of bid, payable to the order of above named official, is required.
Int. A. & 0. Due $4.000 Oct. 1 1933 to 1939 incl. Legality approved by
-BOND DESCRIPTION.
RICHMOND, Contra Costa County, Calif.
Squire. Sanders & Dempsey of Cleveland. Certified check for $1,000
-The 585.000 5% municipal improvement bends purchased by Dean
required.
Witter & Co. of San Francisco and Banks, Huntley & Co. of Los Angeles,
PALISADE SANITARY SEWER DISTRICT NO. 1, Mesa County, jointly. at 105.24. a basis of about 4.5707-V. 120, p 1122-are described
Colo.
-BOND OFFERING -Until 2 p. m. April 2 sealed bids will be as follows: Date July 1 1924. Dentin. $1.000 and $500. Coupon bonds.
received by J. W. Hoke, Town Clerk, for $39.000 sewer bonds to bear int. Due July 1 as follows: 52.500. 1925 to 1958. incl. Interest payable J.& J.
at a rate not exceeding 6%. Date May 1 1925. Due April 1 1940:
-WARRANT SALE.
ROCKSPRINGS, Edwards County, Texas.
optional. The successful bidder shall furnish the printed bonds in such
form as ordered by the Town Board. A certified check for 2% of bid H. D. Crosby & Co. of San Antonio recently purchased an issue of $35,000
payable to the order of the town, Is required.
6% water works warrants.
PALMETTO, Manatee County, Fla.
-BOND OFFERING.
-E. H. RUPERT, Minidoka County, Idaho.
-BOND SALE.
-The State of
Mason, City Clerk. will receive sealed bids until 7:30 p. m. ,vIar.24 for Idaho recently purchased an issue of $45,000 5% refunding bonds. Due
550.000 6% water works extension bonds. Date M
1 1925. Denom. in 20 years; optional in 10 yearn.
51,000. Due In 30 years. optional after 20 years. Prin. and int.(M.& S.
payable at the National Park Bank, N. Y. City. Legality to be approved
-BOND OFFERING CALLED
ST. PAUL, Ramsey County, Minn.
by Caldwell & Raymond of N. Y. City. A certified check on an incorpor- OFF
-The offering of $500.000
-BONDS TAKEN BY SINKING FUND.
ated bank or trust company for 2% of bid is required.
water bonds bearing interest at a rate not exceeding 44%,scheduled for
April 1 (V. 120, p. 1370) will not be offered on that date. The bonds have
PARADISE TOWNSHIP, Eddy County, No. Dak.-BOND SALE.
The $4.000 bonds offered on Jan. 3-V. 119. 13. 3040-were awarded to been taken over by the City Sinking Fund at par.
Dogin Bros. of New Rockford. N. D., as 7s. Date Jan. 10 1925. Denom.
-An
-BOND ELECTION.
RUSHFORD, Fillmore County, Minn.
$1,000. Coupon bonds. Due Jan. 10 1935. Interest payable(J.& J. 10). election will be held on April 6 for the purpose of voting on the question
of issuing 528.000 electric light bonds.
PARK PLACE, Harris County, Tex.
-BOND ELECTION.
-An election will be held on April 11 for the purpose of voting on the question of
-BOND SALE.
-On Feb. 24
SAGINAW, Saginaw County, Mich.
issuing $100,000 street and sewer bonds.
a syndicate headed by the Seconoi National Bank of Saginaw purchased
-The $400.000 434% sewer bonds for $408,185, equal to 102.046. Denom.
County, Mich.
-BONDS VOTED.
PENTWATER, Oceana
voters approved a $11,500 bond issue for the erection of a new bridge by $1.000. Date Aug. 1 1924. Int. F. & A. Due Aug. 1 1925 to 1949 id..
a count of 277 to 30.
SALAMONIE SCHOOL TOWNSHIP (P. 0. Warren), Huntington
-BOND SALE.
-The County, Ind.
-Sealed bids will be received until
PHILADELPHIA SCHOOL DISTRICT, Pa.
-BOND OFFERING.
$3.000.000 407 tax-free school bonds offered on March 20-V. 120. D. 2 p. m.Mar.30,by Samuel Thompson,Township Trustee,for 192,500414%
1369
-were sold to loan Tax Fund and Insurance Fund of the Board of school bonds. Denom. $500. Date Mar. 5 1925. Prin. and semi-ann.
Education at par. Due 3150.000 each year from Oct. 1 1935 to Oct. 1 Int. payable at the Trust National Bank of Huntington. Due yearly
1954. Both the registered and coupon bonds of this loan shall be fully on Mar. 5 as follows: $6,500, 1926 to 1930 incl. and $6.000, 1931 to 1940
interchangeable from registered to coupon bonds and from coupon to incl.
registered bonds.
-Sealed bids will be received at the same time for
BOND OFFERING.
PIERSON CONSOLIDATED SCHOOL DISTRICT, Woodbury 524.000 43407 coupon school bonds. Denom. $500. Date Mar. 5 1925.
County, lowa.-BOND SALE.-Geo. M. Bechtel & Co. of Davenport Prin. and semi-nn. int. payable at the Trust National Bank of Huntington.
Due yearly on Mar.5 as follows: 52,000, 1926 to 1928 incl. and $1,500, 1929
have purchased an issue of $24.500 school refunding bonds.
to 1940 incl. Cert. check for 5% bonds bid for, required.
PINELLAS COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
-BOND SALE.
SALT LAKE CITY, Salt Lake County, Utah.
-BOND SALE.
-The $356,000 road and
NO. 7 (P. 0. Clearwater), Fla.
-were awarded to Ross. Beason & Co.. of Salt Lake City, purchased on Feb. 27 an issue of
bridge bonds offered on March 17-V. 120, p. 734
$850.000 water refunding bonds at a premium of $1.047 50. equal to 100.12.
Caldwell & Co.of Nashville as 6s at a discount of $8.508, equal to 97.59.
The above supersedes the report given in V. 120. p. 1370.
-BOND OFFERING.
PITTSBURG, Pittsburg County, Okla.
-The following coupon refunding bonds aggregating
BOND SALE.
Sealed bids will be received until March 28 by Mrs. H. N. Bussey, City 5950.000, offered on March 16 (V. 120, p. 1243) were awarded to Barr
Clerk, for 529.500 6% sewer and fire bonds. Due serially in 25 years. Bros. & Co., of New York City, as 4s:
A certified check for 234% of bid is required.
$100.000 sewer bonds. Due $5,000 yearly April 1 1926 to April 1 1945.
inclusive.
PLYMOUTH, Wayne County, Mich.
-BONDS VOTED.
-The tax850,000 water bonds. Due April 1 as follows: $26,000 in 1926 and 1927
payers voted a bond issue of $92,000 for sewers and sewage disposal plant.
and 521,000, 1928 to 1955. inclusive.
PORTAGE TOWNSHIP (P. 0. Port Clinton), Ottawa County,
-BOND OFFERING.
SANDUSKY COUNTY (P.O. Sandusky), Ohio.
-Following is a list of the bids received for the $23,000 5%
Ohio.
-BIDS.
Commissioners at
will be received
road bonds sold to the Daviess-Bertram Co. of Cincinnati at 100.44. a -Sealed bids K. R. Richards,by the Board of County12 in. April 4 for
the office of
County Auditor, until
basis of about 4.88% (see V. 120, p. 1369).
Denom.
Clyde-Green Springs Road
Amt. Bid. 545.000 5% coupon 15 1925. Int. A. & 0. 15.impt. bonds. April 15
Due
Date April
The Davies-Bertram Co., Cincinnati
$23,101 50 51.000. 1934 incl. Certified check for $2,000 required. 55,000
The Citizens Trust & Savings Bank, Columbus
23,101 00 1926 to
Financial Statement.
W. L. Slayton & Co., Toledo
23,073 00 Total value of all property (estimated)
$90,000,000 00
Assel. Goetz & Moerlein, Inc., Cincinnati
23.051 00 Assessed valuation for taxation
83,522,400 00
First National Magruder Bank, Port Clinton
23,044 62 Total bonded debt (including this issue)
1,558,145 06
The Herrick Co., Cleveland
23,040 00 Sinking fund
28,412 99
Otis & Co., Cleveland
23,028 00 Tax rate
4.8%
A. T. Bell & Co., Toledo
23.026 00
Population (1920). 37,574; population now, 38.000.
Seasongood & Mayer, Cincinnati
23.001 60
Stranahan, Harris & Oatis, Toledo
23.001 00
-On March
-BOND ELECTION.
SAYRE, Beckham County, Okla.
The Well, Roth & Irving, Cincinnati
23,000 00 24 an election will be held for the purpose of voting on the question of
-BONDS REGISTERED.- issuing 548,000 5% bonds.
PORT ARTHUR, Jefferson County, Tex.
The State Comptroller of Texas registered the following 5% bonds, aggre-BOND SALE.
SHACKLEFORD COUNTY (P. 0. Albany), Tex.
gating $1,080.500, on March 10:
The $400,000 road bonds offered on Mar.9(V. 120, p. 1243) were awarded
$298,000 street impt. I $19,500 water & sewer. $170.000 street inapt.
to Garrett & Co. of Dallas as 534s at a premium of 53,250, equal to 100.81.
I 119.500 water eaten. I 45,000 incinerator.
182.500 sewer impt.
Denom.$1,000. Interest payable M.& S.
I
9,000 wharf.
56.500 fire dept.
I 91,500 drainage.
-WARRANT OFFERSILVER BOW•COUNTY (P. 0. Butte), Mont.
19,500 park.
I 69,500 drainage.
-Sealed bide will be received until 11 a. m. Apr. 9 by Lou FreudenDue serially.
ING.
stein, Chairman, Board of County Commissioners, for approximately
-BOND SALE.
PORT CHESTER, Westchester County, N. Y.
- $330,000 County Poor Fund warrants. Rate of interest to be determined
The issues of 434% bonds offered on March 16-V. 120. p. 1369
-have at time of sale. The form of bonds to be issued shall be amortization
been sold to Geo. B. Gibbons & Co., Inc., of New York as follows:
only, amortization bonds having first choice.
$30,000 tax relief bonds at 101.367, a basis of about 4.27%. Due Apr. 1 '28. bonds or serial bonds
Ave. paving bonds. Due yearly on April 1 as follows:
16,000 Haesco
SIOUX CENTER INDEPENDENT SCHOOL DISTRICT, Sioux
$4.000, 1926 to 1929, incl.
-An election will be held on April 9
County, lowa.-BOND ELECTION.
15,000 Haseco Ave. paving assessment bonds at 101.097,a basis of about for the purpose of voting on the question of Issuing 545.000 school bonds.
4.34%. Due $3.000 April 1 1926 to 1930. incl.
G. DeMots. Secretary.
Denom.51,000. Date April 1 1925.
DISTRICT (P. 0. Smithfield),
SMITHFIELD VILLAGE
-BOND SALE.
PORT HURON, St. Clair County, Mich.
-An issue Jefferson County, Ohio. SCHOOL
-The
-BOND OFFERING WITHDRAWN.
of $22,654 84 sidewalk and paving bonds was sold to local investors.
offering on March 16 of the 594.000 5% coupon school bonds was withdrawn.
-LOAN OFFERING._
PORTLAND, Cumberland County, Me.
SOUTH ZANESVILLE RURAL SCHOOL DISTRICT (P. 0. South
Under the direction of the Committee on Finance of the City of Portland, Zanesville), Muskingum
Ohio.-BOND .SALE.
-The $75.000
bids will be received at the office of John L. Gilmartin, City Treasurer, school bonds offered on Jan.30-V.120.p.615
-have been sold to BohmerCounty,
until 12 m. March 26 for the purchase at discount of a temporary loan Reinhart & Co. of Cincinnati. Date March 1 1925. Due $3,750 yearly
anticipation of taxes for the year 1925. Notes will be
of 5300„000 in
on Sept. 15 1926 to 1945. incl.
dated March 30 1925 and payable Oct. 5 1925 at the First National Bank
will be in denominations to suit the purchaser, and
-BOND OFFERING.-UntiSPRINGFIELD, Clark County, Ohio.
of Boston. The notesdenominations desired should be stated.
the
The notes 12 m. April 13, sealed bids will be received by C. F. Moorehead, City Audi
in submitting bidsdelivery March 30 1925 at the First National
Bank of itor, for 5205.277 32 434% coupon or registered street impt. assessment
will be ready for
Boston, and will be certified as to genuineness,and validity by said bank bonds. Denom. 51.000 and one for $1,277 32. Date March 1 1925.
under advice of Ropes. Gray, Boyden & Perkins, and all legal papers Prin. and semi-ann. int.(M. & S.) payable at the Nat. City Bank of New
incident to the loan will be filed with said bank, where they may be in- York. Due yearly on Sept. 1 as follows: $21,277 32, 1926, and $23,0110,
1927 to 1934, incl. Legality approved by Squire, Sanders & Dempsey) _
spected at any time.
1514
THE CHRONICLE
[VOL. 120.
Cleveland. Certified check for 5% of the bonds bid for, payable to the
city. required.
Premium.
$3.581 00
Assel. Goetz & Moerlein, Cincinnati
A. T. Bell & Co.. Toledo
3.73460
'
3.521 60
Breed, Elliott & Harrison, Cincinnati
N. S. Hill & Co.. Cincinnati
2 53 5°
1:5 100
6
Seasongood & Mayer, Cincinnati
2,541 80
The Davis
-Bertram Co., Cincinnati
1.533 60
The Provident Savings Bank & Trust Co., Cincinnati
3.920 00
Bohmer-Reinhart & Co.. Cincinnati
3.976 00
Halsey, Stuart & Co., Chicago
W. K. Terry & Co., Toledo
3.541 00
1.562 00
The Citizens Trust & Savings Bank, Columbus
The Guardian Savings & Trust Co., Cleveland
3.393 80
W. L. Slayton & Co.. Toledo
2.627 00
The Herrick Co., Cleveland
3.921 00
Otis & Co., Cleveland
3.237 60
Ryan, Bowman & Co., Toledo
3.585 50
Poor & Co.. Cincinnati
3.927 65
Braun, Bosworth & Co. and Detroit Trust Co
4.662 00
Benjamin Dansard & Co. and Kauffman. Smith & Co
2.875 00
Canton Bond & Invest. Co. and Stevenson, Perry. Stacy & Co- 3.657 92
WABASH COUNTY (P. 0. Wabash), Ind.
-BOND OFFERING.
Sealed bids will be received by Amos Smith. County Treasurer, until 2 p. m.
March 23 for the following issues of 5% bonds:
628.000 H. H. Dare et al. road in Lagro Twp. bonds. Denom. $700.
28 000 C. H. La Salle et al. road in Noble Twp. bonds. Denom. $700.
Date March 15 1925. Int. M. & N. 15. Due one bond of each issue
every six months from May 15 1926 to Nov. 15 1935 incl.
STEPHENS COUNTY (P. 0. Duncan), Okla.
-BOND ELECTION.
-On April 7 an election will be held for the purpose of voting on the ques-BOND ELECTION.
W4CO, McLennan County, Tex.
-An election
tion of Issuing $245.000 road bonds.
will b. held on April 14 for the purpose of voting on the question of issuing
)
STILLWATER, Washington County, Minn.
-BOND OFFERING.
- $150.009 paving bonds.
On May 12 an election will also be held for the purpose of voting on the
Chas. A. Lammers, City Clerk, will receive sealed bids until 7:30 la• ni.
March 26 for 635.000 4 Si7 water-works improvement bonds. Date May 1 question of issuing $250,000 street improvement bonds.
0
1925. Denom. $1,000. Principal and Interest (J. & J.) payable at the
County, Minn.
WACONIA,
-CERTIFICATE OFFERING.
First National Bank at Stillwater. A certified check for $1,000, payable Beier Reintz, Carver
City Recorder, received sealed bids until March 20 for
to the order of the City Treasurer, is required.
$2 609 5% certificates of indebtedness. Due Oct. 1 as follows: $100 in
-H, D. 1925, $500 in 1929, 1932. 1935. 1938 and 1941.
STRATFORD, Sherman County, Tex.
-BOND SALE.
Crosby & Co. of San Antonio recently purchased an issue of $20,000 6%
-BOND SALE.
WARREN, Trumbull County, Ohio.
-The Herrick
electric light bonds.
Co. of Cleveland were the successful bidders for the following issues of
5% coupon bonds offered on March 16-V. 120. p. 989
-for a premium of
SUWANEE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 2
-BOND OFFERING.
-Sealed bids will be received 64.118. equal to 101.70. a basis of about 4.08%:
(P. 0. Live Oak), Fla.
until 2 p. m. April 7 by T. W. Sweat. County Superintendent of Public $23,000 city's share South Austin Ave. paving bonds. Denom. $LOW
Date April 1 1925. Due yearly on Oct. 1 as follows: $2.000,
Instruction. for $10.000 6% coupon bschnol bonds. Date March 7 1925.
1926 and 1927:63.000, 1928 to 1932 Inci., and $2.000, 1933 and 1934.
Denom. $360 except one for $340 and another for 8.300. Due March 7 as
22,000 property share sewer construction bonds. Denom. $1.000. Date
In 1930. and $360, 1931 to 1955.
follows: $360 in 1928: $340 in 1929: $300
March 1 1925. Due on Sept. 1 as follows: 212.000, 1926. and
Inclusive. Principal and interest (March 7) payable at the Wellborn Bank
' 310.000, 1927.
at Wellborn, Fla. A certified check for 5% of bid Is required.
157,000 property share paving bonds. Denom. 61.000. Date April 1
1925. Due yearly on Oct. 1 as follows: $17.000, 1925 to 1928
TARRANT COUNTY COMMON SCHOOL DISTRICT NO. 60
incl.; $19,000. 1929 and 1930. and S17.000. 1931 to 1933 incl.
-BOND SALE.
-The $5.000 50 school bonds
(P. 0. Tarrant), Tex.
4,350 city's share sewer bonds. Denom. $1.000 and one for $1,359.
registered on Feb. 16 by the State Comptroller of Texas (V. 120, p 1123)
Date Jan. 1 1925. Due 62.350 Jan. 1 1927, and $2.000, 1928.
were purchased on Mar.5 by the County Permanent School Fund at par.
6.000 property share sewer construction bonds. Denom. $1,000. Date
-BONDS PURCHASED BY THE STATE BOARD
April 1 1925. Due $3,000 April 1 1926 and 1927.
TEXAS (State of).
28,500 city's share paving bonds. Denom. $1.000 and one for $1,500.
-The State Board of Education purchased the following
OF EDUCATION.
Date April I
Due yearly on Oct. 1 as follows: $3,500,
bonds. aggregating $14.500, on March 11:
Amount,
Interest.
1926: $3,000. 1927 to 1933 incl., and $4.000. 1934.
1925.
NameBids were as follows:
Dawson County C. S. D. No. 19
67
$3.500
Fisher County C. S. D. No. 28
5`?
2.000
Premium.
Vandersall & Co.. Toledo
6.000
Leon County C. S. D. No. 20
$3,080 00
The Herrick Co., Cleveland
Milam County C. S. D. No. 62
5%7:
3.000
4.11800
BONDS REGISTERED.
-The State Comptroller of Texas registered the The Provident Savings Bank & Trust Co. Cincinnati
3.715 77
following bonds:
Bohmer-Reinhart & Co., Cincinnati
1.358 00
Int.Rate.
Due.
Date Rep. The Second National Bank, Warren
Amount. Place.
3,140 05
Earath Co. C. S. D. No. 19-- 5%
5 to 20 years
Mar. 8 Seasongood & Mayer, Cincinnati
$1,500
3.860 00
Serially
Mar. 8 Detroit Trust Co., Detroit
3,819 00
1,000 Cold Springs
69"
5 -years
-10
Mar. 9 Hayden. Miller & Co., Cleveland
4.043 00
2.500 Limestone Co.C.S. D.No.15. 5%
Serially
Mar. 11
2.500 Cherokee Co. C.S. D.No. 12..53' %
-CORRECTION.
-Using an unofficial
WASHINGTON (State of).
THORP, Clark County, Wis.-BOND DESCRIPTION.
-The $20.000 newspaper report, as our source of information, we reported the sale of
5% sewer and water impt. bonds reported sold in V. 120. p. 486, were 63.000.000 69' gold notes to Blyth, Witter & Co. of Portland in our Issue
rchaspurchasedat par by Peoples State Bank and Farmers Exchange Bank, of Feb. 14-V. 120. p. 861. Upon writing for verification of this sale we
ointly, both of Thorp. Date April 1 1925. Denom. $1,000. Coupon are informed by Chas. W. Hinton. Assistant State Treasurer of Washington, that the report is in error, as no bonds have been authorized or sold.
bonds. Due $1,000 yearly 1926 to 1945 incl.
SPRINGFIELD SANITARY DISTRICT (P. 0. Springfield), Sangamon County, III.
-BOND SALE.
-Ames, Emerich & Co. of New York
have been awarded the $500.000
% coupon sanitary sewer bonds
offered on March 14-V. 120, p. 1370
7
0
-at 102.318. a basis of about 4.25° .
Date Mar. 1 1925. Due yrly on Jan. 1 as follows: $4,000, 1926: $5.000,
1927f $7,000. 1928; $22,000. 1929: $23,000. 1930; $24.000. 1931 $25.000,
1932; 126.000. 1933: $27.000, 1934; $28,000. 1935: $29000. 1936 $30,000,
1937; $31.000, 1938: $.33.000. 1939: $35,000. 1940; 636,000, 1941 $37.000,
1942; $38,000, 1943: $40.000. 1944. Legality approved by Chapman,
Cutler & Parker of Chicago.
Financial Statement (as Officially Reported).
Real valuation
$65.313,492
Assessed valuation for 1924 taxes
32,656,746
Total bonded debt
500,000
Population (estimated). 71.000.
SPRING VALLEY, Pierce County, Wis.-BOND SALE.
-The Second
Ward Securities Co. of Milwaukee has purchased an issue of $29,000
municipal building bonds.
-L. E.
STARKE COUNTY (P. 0. Knox), Ind.
-BOND OFFERING.
Mosher, County Treasurer, will receive sealed bids until 1 p. m. Mar. 23
for $7.800 5% G. A. McConnell et al. road bonds. Denom. $390. Date
Feb. 15 1925. Int. M. & N. 15. Due $390 every six months from May
15 1926 to Nov. 15 1935 incl.
5e
-BOND SALE.
WATERBURY, New Haven County, Conn.
-The
TOLEDO CITY SCHOOL DISTRICT(P.O.Toledo), Lucas County,
Ohio.
-BOND SALE.
-The 61.500.000 4147 coupon school bonds offered 6330.000 4% coupon or registered water Series 10 bonds offered on
0
-were sold to Eldredge & Co. of New York March 16 (V. 120, p. 1244) were sold to Geo. B. Gibbons & Co. of New
on March 16-V. 120, p. 989
at 102.48, a basis of about 4.26%. Date April 1 1925. Due $60,000 York at 102.197-a basis of about 4.02%. Date Jan. 15 1925. Due
322,000 Jan. 15 1930 to 1944. Inclusive.
Oct. 1 1926 to 1950 Inclusive.
Bids were as follows:
WAYCROSS, Ware County, Ga.-BOND OFFERING.
-Sealed bids
Premium.
will be received until April 14 by the City Clerk for $125,000 5% school
A. B. Leach & Co..
A. G. Becker & Co., Halsey Stuart
Inc..
& Co. and Folds. Buck & Co
$28.440 00 bonds.
Detroit Trust Co.. First National Co., E. H. Rollins & Sons,
WEIMER, Colorado County, Tex.
-BOND ELECTION.
-An election
Bonbright & Co. and Taylor. Ewart & Co., Inc
26.970 00 will be held on April 2 for
the purpose of voting on the question of issuing
William R. Compton Co. and Northern Trust Co
20,867 00 $100.000 school building bonds.
Stevenson, Perry, Stacy Co., Ames. Emerich & Co.. Illinois26.850 00
Merchants Trust Co. and First Trust & Savings Bank
WICHITA, Sedgwick County, Kan.
-The following
37,215 00 4it% coupon bonds, aggregating $169.053-BOND SALE.
Eldredge & Co., New York City
82.offered on March 16-V.120,
Bankers Trust Co., Guaranty Co. of N. Y., Hannahs, Bailin &
p 1371-acre awarded to Ames. FmerIch & Co.. of Chicago, at 102.82.
21,598 50 $94.767 00 internal improvement bridge bonds.
Lee and The Tillotson & Wolcott Co., Agt
16,485 00
Dillon, Read & Co., per Collin, Norton Co
74.286 82 internal improvement bridge bonds.
George H. Burr Co., B.J. Van Ingen Co. and Stranahan, Harris
Date March 1
serially 10 to 20 years. Following is a list
23,248 50 of other bidders: 1925. Due
& Oat's, Inc
Harris, Forbes & Co., National City Co., Remick. Hodges &
BidderPremium.
Rate Bid.
22,185 00 Taylor, Ewart & Co., Chicago
Co.,_Curtis & Sanger and Hayden, Miller & Co
$137
First National Bank, irksel, Kinnicutt & Co. and Redmond
First Trust Co., Wichita
99:63
23.985 00 Guarantee Title & Trust Co.. Wichita
& Co., New York
98.01
Lehman Bros., Kountze Bros., Mississippi Valley Trust Co.
Fourth National Bank. Wichita
98.61
24,900 00
and Phelps, Fenn & Co
The Branch-Middiekauf Co. of Wichita submitted a bid of par for the
All bids included accrued interest.
bonds.
-H. L. Allen & Co. of
-BOND SALE.
WILMINGTON, Clinton County, Ohio.
TROY, Pike County, Ala.
-BOND SALE.
-The folNew York City purchased at par an issue of $98,000 6% impt. bonds on lowing two issues of 5 % coupon special assessment bonds offered on
March 11-V. 120. p. 1245-have been sold to David Robison & Co., Inc.,
Feb. 20. Date Jan. 1 1925. Due in 1935.
-BOND SALE.
- of Toledo at a premium of $65 91. equal to 100.68, a basis of about 5.35%•
VERMILLION COUNTY (P. 0. Newport), Ind.
I. F. Wild & Co. of Indianapolis. on March 16 purchased $128,000 455% $4.288 95 Columbus Street inapt. bonds. Denom. $476 55.
5,347 80 South Mulberry Street Impt. bonds. Denom. 3594 20.
coupon road bonds for $129,931, equal to 101.508.
Date Sept. 1 1924. Int. K.& S. Due one bonds of each issue yearly on
-Following is a list of other Sept. 1 1925 to 1933 Incl.
VERO, St. Lucie County, Fla.
-BIDS.
bids received for the $126.000 69' coupon paving bonds awarded on Mar.6
WILSON, Wilson County, No. Caro.
-BOND SALE.
to Prudden & Co. of Toledo at 102.27-V. 120, p. 1371:
-The following
Kinsey & Co
3126.652 00 Caldwell & Co
6126.196 09 bonds, aggregating $465.000, offered on March 12-V. 120, p. 1245
-were
A. T. Bell & Co
127,286 00 Thompson, Kent & Grace 127.843 00 awarded to a syndicate composed of William R. Compton
ayden.
128'368 80 Robinson-Humphrey Co_ 127.083 60 Stone & Co., both of New York, and First National Trust Co.
W. L. Slayton & Co_
Co.,Of Durham
100.139, a basis of about 4.74%.
Vandersall & Co
128.633 40 Ryan, Sutherland & Co- 126.126 00 as 49s at
126.668 00 Breed, Elliott & Harrison 126.550 00 $290.000 public improvement bonds (a consolidation of $30,000 water
J. C. Mayer & Co
works extension bonds. 3100,000 electric light extension bonds,
128,481 00 Hanchett Bond Co
Vero Bank & Trust Co
128.638 00
$90,000 bridge bonds, $70,000 sewer bonds). Due Feb. 1 as
Farmers Bank of Vero__ 128.100 00
follows: $5.000 in 1927 to 1934, Incl., $6.000, 1935 to 1941. Incl.;
-Until 8 p. m. March 30 sealed bids will be received
BOND OFFERING.
$8,000. 1942 to 1949. Incl.: 610.000, 1950 to 1955, incl., and
by H. G. Redstone, City Clerk, for 6107.500 6% coupon bonds. Date
$12.000. 1956 to 1962, incl.
April 1 1925. Denom. $1,000 except one for $500. Due April 1 as fol175,000 street and sidewalk bonds comprising $110.000 street improve$8,500 in 1926 and $11,000, 1927 to 1935 incl. Prin. and int. (A.
lows:
ments and 665,000 sidewalk improvement bonds. Due Feb. 1 as
& 0.) payable at the United States Mtge. & Trust Co., New York City.
follows: $612.000, 1927 to 1936, incl.; $5,000, 1937 to 1941, Incl..
Legality to be approved by Caldwell & Raymond. New York City.
and $6,000, 1942 to 1946, incl.
Date Feb. 1 1925.
REASON FOR NOT AWARDING BONDS TO HIGHEST BIDDER.
Financial Statement (as Officially Reported).
The reason for not awarding the $126,000 6% city bonds to Farson, Son
& Co. of New York on their bid of 102.63, according to an unofficial news- Actual value, estimated
$35,000,000
paper report, was due to the fact that the bid was in telegraphic form and Assessed valuation
20,167,150
was therefore not considered proper. These bonds were awarded to Prudden Total bonded debt, including this issue
2,349,427
-for notice of sale see V. 120. p. 1371.
Water bonds
& Co. of Toledo at 102.27
*309.500
Net bonded debt*
2,039,927
VERMILLION VILLAGE SCHOOL DISTRICT (P. 0. Vermillion),
* Includes $608.642 bonds issued for electric light and gas plant. These
-BOND SALE.
-The 3142.000 5% coupon school properties in 1924 earned all _principal and interest charges on.this debt.
Erie County, Ohio.
-were sold to Braun, Bosworth showing net earnings of $116.998.
bonds offered on March 12-V. 120, P. 989
Population, 1920 Census, 10.623; present, estimated, official, 15,000.
& Co. of Toledo and the Detroit Trust Co. of Detroit for a premium of
$4,662, equal to 103.28, a basis of about 4.67%. Date March 1 1925.
WINDSOR,Weld County, Colo.
-PRE
-Boettcher
-ELECTION SALE.
Due yearly on Sept. 1 as follows: 65,000. 1926;$6,000. 1927: $5,000, 1928;
$6,000. 1929 and 1930; 65.000, 1931: 66,000, 1932 and 1933: $5,000. 1934; Porter & Co. of Denver purchased the following 2 issues of 5% bonds
$6.000. 1935 and 1936: 35,000. 1937; 66.000. 1938 to 1940 incl.; 65,000. subject to their being voted at an election to be held on April 7:
14,500 community building bonds.
1941; $6,000, 1942 to 1944 incl.; $5.000, 1945; $6,000, 1946 to 1948 incl.
10,500 park bonds.
$5.000, 1949, and $6,000, 1950. The bids received were as follows:
MAR. 211925.]
THE CHRONICLE
1515
WINDSOR SCHOOL DISTRICT (P. 0. Aiken), Aiken County, payers
on Feb. 27 approved a $16,000 school bond issue. The bonds are
So. Caro.
-BOND OFFERING.
--C. H. Seigler, Superintendent of County
Board of Education, will receive sealed bids until 10:30 a. m. April 10 for to run 25 years and bear 5% Interest.
from $30,000 to $40,000 5.1i% school bonds.
WINONA, Winona County, Minn.
-BOND OFFERING.
-Until
3 p. in. April 7 sealed bids will be received by Henry Magnus, Secretary
Board of Municipal Works, for $200.000 4 Ji% water bonds. Due serially
May 1 1934 to 1947. A certified check for 2% of bid is required.
CANADA, its Provinces and Municipalities.
AYLMER, Que.-BOND SALE.
-We are Informed that an issue of
$45.000 5.1, % 20
-year bonds was awarded to Dominion Securities Corp.
5
at 100.613, which is equal to a cost basis of 5.36%. L. G. Beaubien &
WOOD COUNTY (P. 0. Bowling Green), Ohio.
-BOND SALE.- Co. bid 100.65. but as they stipulated that the bonds be made payable_In
Braun, Bosworth & Co. of Toledo and Breed, Elliott & Harrison of Cin- Montreal. the bonds were awarded to Dominion Securities Corp.
cinnati jointly have been awarded the following six isSUBS of 5% coupon
ESSEX BORDER UTILITIES COMMISSION, Ont.-BOND OFFERroad bonds otfered on March 16-V. 120. p. 1371--at prices as follows:
ING.
-The Essex Border Utilities Commission will receive bids until
$25,000 Fred Matthews Impt. Jackson Twp. bonds for $25,343. equal to 4 p. m. March 25 for the purchase
of $382,500 554% 30
-installment bonds.
101.37, a basis of about 4.50%. Due every six months as follows: R. B. Baird, Secretary (P. 0. Windsor).
$2,000 on each Mar. 1 and $3,000 on each Sept. 1 from Mar. 1
1926 to Sept. 1 1930, incl.
KENORA,Ont.-BOND SALE.
-It Is reported that Gairdner. Clarke'&
10.000 Bergin Ave. Impt. Rossford and Ross Twp. bonds for $10.102. Co. were awarded 537.000 5% 30
-year bonds at
equal to 101.02. a basis fo about 4.62%. Due $1.000 every six to a cost basis of 5.38%. Bids were as follows: 101.735. which is equal
mago
months from Mar. 1 1926 to Sept. 1 1930, incl.
Gairdner, Clarke & Co
101.73510. H. Burgess & Co
'98.78
20.000 Bacon Street Impt. Rossford, Ross Twp. bonds for 120,267. equal Wood, Gundy & Co
99.34 I Bell. Gouinlock & Co
197.18
to 101.33, a basis of about 4.52%. Due $2,000 every six months
from Mar. 1 1926 to Sept. 1 1930. Incl.
PRESTON, Ont.-BOND OFFERING.
-Bids are invited up to12ym.
20,000 D. F. Decker Impt., Jackson Twp., bonds for $20 267 equal to March 23 for the purchase of $46.923 5% 10, 15. 20 and 30
-installment
101.33 a basis of about 4.52%. Due 12 000 every six months local improvement bonds. Geo. Wurster, Clerk and Treasurer.
from Mar. 1 1926 to Sept. 1 1930 incl.
WATERLOO, Ont.-BOND SALE.
20.000 Shively-Van Scoya Imjot. Jackson Twp. bonds for 120,267. equal
-The town of Waterloo, it isreto 101.33. a basis of about 4.52%. Due $2.000 every six months ported, has awarded Dyment. Anderson & Co. $139.671 72 in 5% bonds
as follows: $94.631 07, 10 equal annual installments: 522.561 70. 15 equal
from Mar. 1 1926 to Sept. 1 1930, Incl.
70.000 J. M. Durliat Inipt. Milton Twp. bonds for $70.936, equal to annual installments: 122,478 95, 20 equal annual installments. The
101.33. a basis of about 4.52%. Due $7.000 every six months bids were: Dyment. Anderson & Co..99.61: Hanson Bros.. 99.583: Matthew
& Co., Ltd., 99.33: Waterloo Trust Co.. 99.27: H. R. Bain & Co., 99.271
from Mar. 1 1926 to Sept. 1 1930, incl.
Harris, McKeen & Co.. 99.27: Cochran, Hay & Co.. 99.26: Gairdner,
Denom. $1.000. Date May 1 1925.
An issue of $22,000 Osborne Street bonds was also offered, together with Clarke & Co., 99.17: C. H. Burgess & Co., 99.14: Wood. Gundy & Co.,
90.08: Bell, Gouinlock & Co.. 99.04: Municipal Bankers Corp.. 99.01;
the above issues, but no mention is made whether this issue was sold.
Worthington, Savage & Co., 98.865: Murray & Co., 98.79: Macneill,
WYOMING TOWNSHIP SCHOOL DISTRICT NO. 4, Wayne Graham & Co.. 98.64: McDonagh, Somers & Co., 98.58: Dominion Securities Corp., 98.51: Mackay & Mackay, 98.45: W. C. Brent & Co.. 98.31;
County, Mich.
-BONDS VOTED.
-By a count of 39 to 1, the school tax- McLeod. Young, Weir & Co.. 98.28.
FINANCIAL
We Specialize in
City of Philadelphia
36
/
31 26
4s
/
41 43
41 2
/6
58
51/
48
51 2s
/
Biddle & Henry
104 South Fifth Street
Philadelphia
Private Wire to New Yore
Call canal 1437
NEW LOANS
$484,750
Union Free School District Number
Town of Hempstead, County of
Nassau, New York
FINANCIAL
10 STOCKS AND BONDS
BOND SALE
Sealed
Bought and sold for cash, or carried
conservative terms.
Inactive and unlisted securities.
Inquiries invited.
on
proposals will be received by the Board
of Education of Union Free School District
No. 10, Town of Hempstead, Nassau County.
New York, until eight o'clock P. M., on the
1ST DAY OF APRII, 1925, at the High School
Building at Baldwin, Nassau County, New York.
Investment Securities
in said District, for the purchase of the following
Members New York Stock Exchange.
described bonds of said Board:
$484,750.00 Coupon Bonds, dated April I,
1925. denomination $1.000 and $750. interest 120 BROADWAY
NEW YORK
four and one-half per centum per annum payable
semi-annually October 1 and April 1. maturing
$750 on April 1, 1926. 57000 on April 1, 1927,
512,000 on April 1 in each of the years 1928 to
1931, inclusive. 522.000 on April I in each of the
years 1932 to 1941. inclusive, $27.000 on April 1,
1942. 532,000 on April 1. 1943, and 530.000 on
April I in each of the years 1944 to 1948. inclusive.
No bid for less than the total amount of
bonds offered or for less than par value and
accrued interest to date of delivery will be considered. The right Is reserved to reject any
and all bids. Any bid not complying with the
terms or this notice will be rejected.
SOUTHERN MUNICIPALS
Each bid must be accompanied with a certified check drawn upon an Incorporated bank
Cumberlano Tel. & Teiep. 0.. Si
or trust company in the State of New York or
Nashville Chattanooga & St. Louis By.
a Cashier's check of such bank or trust company,
Nashville & Decatur Ry.
payable to the order of the Board of Education,
Nashville Railway & Light Ce. Securities
for five per cent of the par value of said bonds.
The check of the successful bidder will be held NASHVILLE, TENN.
114 union stress
and applied as part payment of the bonds, or
in event of his default in complying with the
terms of the sale the amount thereof will be
retained by the Board as liquidated damages,
the balance and accrued interest on such bonds
from April 1, 1925, to and including the date of
delivery of said bonds to be paid by the purchaser at the Baldwin National Bank, Baldwin,
New York. Checks of unsuccessful bidders will
be returned on the award of the bonds.
All proposals must be endorsed "Proposals
for School Bonds," and each proposal must
WANTED
contain a statement of the full name and address
of the bidder signed by him, and shall state that
he submits his bid in accordance with the terms
and conditions upon which said bonds are offered
for sale.
The approving opinion of Clay & Dillon.
Copies of the
Attorneys, of New York City, will
to the purchaser without charge. be furnished
Dated, Baldwin, New York, March 9th, 1925.
Board of Education of Union Free School
District No. 10 of the Town of Hempstead,
Nassau County, New York.
CHAS. L. WHEELER, Clerk.
FINCH, WILSON & CO.
Caldwell & Company
BALLARD & COMPANY
Membera New York Stock Exchange
HARTFORD
Connecticut Securities
Inquiries to Buy or Sell Solicited
Calvin 0.Smith Co.
MUNICIPAL BONDS
105 SO, LA SALLE STREET
CHICAGO
"London Economist"
dated as follows;
-April 20
1918
PUBLIC UTILITIES in
growing communities
operated and financed
THEIR SECURITIES
offered to investors.
MIDDLE WEST
UTILITIES CO.
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72 West Adams St.
Chicago, Illinois
Merrill,Lynch& Co.
Investment Securities
iNew York Stock Exchange
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Cleveland Stock Exchange
Detroit Stock Exchange
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1919
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June 22
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Nov.
2
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May
31
June 14
1919
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Oct.
4
Feb. 22
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1920
27
Mar. 15
1921
-April 30
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THE CHRONICLE
1516
GOTTON, GRAIN, SUGAR
Chas. 0. Corn
August Schierenherg
Paul Schwarz
Frank A. Kimball
COTTON MERCHANTS
PHILADELPHIA
NEW YORK -
COMMISSION MERCHANTS
FOREIGN CORRESPONDENTS
Hibbert, Finlay & Hood, Liverpool
Societe d'Iruportation et de Commission, Havre
N. V. McFadden's Cie. voor Import on Export, Rotterdam
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Johnson & Turner, Ltd., Lisbon
Juan Par y Cia., Barcelona
Fachiri & Co., Milan
Zellweger & Co., Zurich
Geo. H. McFaddenn South American Company, Inc., Lima, Peru
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New Orleans Cotton Exchange
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New York Coffee & Sugar Exchange
Chicago Board of Trade
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Liverpool Cotton Association
Established IMO
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New York Stock Exchange
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Hubbard Bros. & Co.
Coffee Exchange Building
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NEW YORK
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New York
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BROKERS
AND
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Corn, Schwarz & Co.
15 William Street
COFFEE MERCHANTS
H. Hentz & Co.
N. Y. Cotton Exchange.BIdg.,
Hanover Sq uare
NEW YORK
BOSTON DETROIT SAVANNAH PARIS
W. R. CRAIG & CO.
11erehant8 and Brokers
COTTON
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SO Beaver St.,
New York
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AND BROKERS
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York Stock Exchange,
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York Coffee & Sugar Exchange, Inc,
York Produce Exchange.
Chicago Board of Trade,
Winnipeg Grain Exchange.
Associate 1embers
Liverpool Cotton Association.
New
New
New
New
James Talcott, Inc.
Founded 1854
225 Fourth Ave.,
New York
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Merchants, Manufacturers and
Selling Agents.
ROBERT MOORE & CO.
44 Beaver Street, New York
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USE AND CONSULT
The Financial Chronicle
Classified Department
(Opposite Inside Beck Cover)
COTTON MERCHANTS
Liberal Advances Made on
Cotton Consignments
L. F. DOME/ERICH & CO.
Stephen M.Weld & Co,
COTTON MERCHANTS
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New York City.
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and
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the
Bulletin on
Weekly
cotter's market sent on request.
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EttieteSSOT3
to William Ray & Co.
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