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?Railway& Industrial Compendium
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Railway Earnings Section
SATURDAY, MAY 9 1925.
VOL. 120.
Win Thronicic
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ha Federal Reserve System and the Proposed
....=
McFadden Amendments.
In view of the great importance of the subject, we
give iii full here the following letter received by us
early last week from Professor Agger of the Department of Economics of Columbia University:
To the Editor of the Commercial and Financial Chronic/e:
Your valuable journal has recently given much space to
criticism •if the Federal Reserve System and in support of
the proposal, embodied in a bill introduced into Congress by
Represente,tive McFadden to "demobilize" the Federal Reserve Act. . This so-called "demobilization" implies the
repeal of tre amendment requiring complete centralization
of member-hank reserves in the Reserve banks and of that
permitting tlo Reserve banks to issue notes against gold as
well as agaitst commercial paper as collateral. In your
issue of April,II you make the charge that the Reserve System was responsible for the notorious speculative boom in
stocks and gratin which developed late last fall. The matter
Is of such greiat practical and theoretical importance, that,
as one of your1 subscribers and as one interested in the development of Amorican banking, I take the liberty of offering a
few criticisms of some of the points made in your valuable
and painstakinsc discussion.
At the outset it segnis to me that you stress that aspect of
priI
Inelasticity of \the bond-secured national-bank currency
ctice of relatively small importance, namely
which was in
the failure of tills currency to contract when demand for it
fell off. But tlA shortcoming most emphasized by critics
was that in time iof increasing demand the market for Government bonds w s usually such as to erect a barrier against
adequate bank-note expansion. Again, the chief difficulty
of our scattered-neserve system was not, as your discussion
seems to imply, that surplus funds gravitated to New York
to be used for spectulative purposes. That was an evil, to be
sure, but it was a (ponsequence of the fact that reserves were
not centralized, anld hence that adequate rediscounting and
open market facilit4es were denied to local banks. Balances
In New York, which earned some return, and loans on call,
were regarded as substantially equivalent to cash by all the
Bank and Quotation Section
Bankers' Convention Section
NO.3124.
banks of the country. Now, because the Reserve System has
brought about centralization of reserves, and because note
issue has been made flexible, and because rediscounting has
been made possible, and because the foundations of an open
discount market have been laid, it hardly seems fair to lay
upon the System the responsibility for the speculative use of
the credit which it was created to supply. The Reserve
banks discount no bills for individuals. Their dealings in
this direction are with the member banks, while in their open
market operations they are expressly prohibited from buying any kind of a speculative investment. The primary responsibility for extending speculative loans rests not on
the Reserve banks but on the member banks, and the latter
are not absolved from this responsibility by the plea that
they obtained the credit for the purpose from the Reserve
banks. Is not this really implied in Your own statement
quoted herewith?
"We happen to be among those who have a fixed belief
that the managers of these 29,348 banks (namely all the
local banks in the United States) are better able and more
competent to cove with this speculative spirit, so often
harmful in its grosser aspects, each in their own community
and in accordance with their own best judgment, than the
eight supposed supermen sitting Is members of the Federal
eserve Board at Washington."
Your charge that the Reserve System' was responsible for
the post-election speculative excesses is based on two main
facts, (a) the reduction by the New York Reserve Bank of
its discount rate during the summer of 1924, and (b) the
purchase by the Reserve banks hi the open market of some
half billion of short-term Government securities. The facts
are, of course, undeniable. There is room, however, for
difference of opinion in their interpretation.
In connection with the rediscount rate, it must be remembered that this rate applies only to a narrowly restricted
lot of paper, which by law is required to be commercial and
not speculative paper. Hence, if the proceeds of rediscounts
are used for speculative purposes the responsibility therefor
would appear to devolve upon the member banks. But apart
from this, it will be recalled that the summer of 1924 was
not a particularly active one in the field of bushiess and
many believed that low money rates would act as a stimulus
to prosperity. Considerable popular—and political—presslire was brought to bear on the. Reserve authorities toward
this end. Furthermore, it was quite generally believed that
the ultimate interests of the United States would be furthered by the restoration of the pound sterling to its gold
parity with the dollar and the relation of low money rates
in this market to the attainment of this purpose was recognized by eVerybody. In short, there were reasons that could
be adduced in favor of low discount rates.
In connection with the open-market operations, you stress
as the motive for these operations the desire of the Reserve
banks to earn their expenses. As the Reserve System is not intended to be a profit-making institution such a motive standing alone would, of course, be inadequate. That there were
other motives, however, you yourselves admit, for you offer
a quotation in this connection from the report of the Federal Reserve Bank of New York. The significant part of
this quotation is as follows:
"Through the purchase of these Government securities the
Reserve banks acquired a portfolio of short-term investments
directly under their control, by means of which at any time
their contact with the money market might be made active
and effective."
2332
THE CHRONICLE
[VoL. 120.
This, you charge, "looks like credit control with a ven- gold certificates rather than credit
instruments. On April 8
geance," and you resent such control. You say: "To most the total reserves of the Reserve
System equaled $2,976,persons it will seem that a simpler and the only right way 608,000; Federal Reserve notes in actual
circulation equaled
of having this vast mass of credit available in the proper $1,714,161,000; deposits equaled
$2,186,078,000. Hence, tbc
way for the use of the member banks when trade really re- required reserves were:
quired such use would have been to hold the credit wholly in
Against deposits
$765.443,300
abeyance in the meantime." This appears to imply that you
Against notes
685.664,400
regard the Reserve System as a passive rather than as an
active agency in the credit situation, to be resorted to by the
Total required reserves
$1,451.107,700
member banks when they are in need of funds but to subside
The surplus gold reserves or "free gold" available as cover
into quiescence and inactivity when the member banks feel
for notes, or as a basis for further credit extension would
no such need. This is not, however, in harmony with the
thus appear to be as follows:
philosophy of the Federal Reserve System. That was the
Total reserves
$2,976.608.000
theory of the original Aldrich Plan, which was rejected by
Required reserves
1,451,107,700
Congress in favor of the Federal Reserve System. The scope
given to the open-market operations in connection with
Surplus or free gold
$1.525,500,300
domestic and international transactions is such as to justify
In other words, after deducting from total reserves the
the conviction that the framers of the Reserve Act intended
amount required for deposits, there is left $2,211,164,700 In
the Reserve System to assume'active leadership in the degold to cover $1,714.161,000 in note liabilities. Federal Revelopment of national credit policy. Whether in the Interest of such control any particular policy is desirable or not serve notes as a whole are thus substantially gold certificates, and they supply no justification for the charge that
is, of course, a debatable question, but here, too, it must be
they are "saturating" the currency.
remembered that a unified open-market policy does not rest
Finally, you charge that the Reserve System paralyzes the
simply on some vague theory of the Federal Reserve Board.
ordinary corrective Influences against excessive speculation.
Instead, as is indicated by the excerpt which you yourselves
These ordinary correctives you set forth as credit curtailquote, responsibility is shared by the Governors and boards
ment following deficiencies in reserves, and higher money
of directors of the Reserve banks concerned.
rates following exports of gold. You charge that in these
"Co-ordination has been effected by the joint execution
days, contrary to former practice, bankers pay no attention
through a committee of Governors of several of the Reserve
to reserve deficiencies because they can be readily made good
banks, of such open-market operations as may be approved
through borrowing at the Reserve banks, while (In the words
from time to time by the boards of directors of those Reserve
of Mr. Pierre Jay) "the reduction of loans which formerly
banks which participate and by the Federal Reserve Board."
had to be resorted to when gold for export was not otherwise
You take the Reserve System to task because "the Reavailable, can under the Reserve System, be postponed and,
serve banks to-day, 6% years after the close of the war, are
long period, in accordance with the willingstill engaged in putting to use the reserves of the member spread over a
ness of banks to continue as borrowers at the Reserve bank.'
banks entrusted to their care." And then you add: "Last
connection it must be noted that these "ordinary
summer, when borrowing at the Reserve banks was rapidly But in this
dwindling and promised soon to disappear altogether, the correctives of speculation" under the old system were also
opportunity to get back to normal was in sight, but the man- the causes of the lack of mobility and of inelasticity in our
agers of the Reserve banks showed no inclination to avail credit system, and of the vulnerability of our gold reserves
of IL" In other words, your theory seems to be that the in connection with international transactions. The Reserve
"normal" for a central or Reserve bank is a condition in System was purposely constructed to supply mobility and.
which it has no earning assets, and, hence, one in which all elasticity as well as reserve protection, and while it may,
its deposit and note liabilities shall be covered by a 100% through its flexibility, make possible an undue use of credit
reserve. If that be your theory It does not accord with cen- for speculative purposes, the remedy for such abuse lies plot
tral banking theory or practice anywhere in the world. in a shackling of the Reserve System but in the cultivation
Hartley Withers points out that in England, for example. of a broader sense of social responsibility on the part of
the cash reserves of the Bank of England before the war member bank officials.
Despite the respect I feel for your high authority and for
never equaled the reserve balances carried by the banking
community with this greatest of central banks—to say noth- that of the distinguished member of Congress from Pc ntsyling of the deposit balances of the Government and of private van's, Mr. McFadden, I am persuaded that projects aiming
individuals. The organization of a centralized reserve sys- at a "demobilization" of the Reserve System are opposed to
rather than in the interest of real progress.
tem implies the interpolation of a new form of credit (ReSincerely yours,
serve bank credit) as the immediate reserves for the local
institutions. Strengthening of reserves through rediscountE. E. ACME% Columbia Unityrsity.
ing, control of credit through an effective official discount
Professor Agger traverses virtually every point
rate, as well as clearings and transfers through the Reserve
bank—all rest on this implication.
made by us in the article in our issue of April 11 to
You make the charge that the Reserve System has "saturated" the country's currency. You determine the amount which he refers, and it would not be possible to reply
of this "saturation" by deducting from total gold holdings fully to his criticism except by going all over the
the grand total of deposit liabilities and then by finding to ground again covered by us in that article—which,
what extent the Reserve notes exceed the remaining "free
of course, is out of the question. We shall,t therefore,
gold"—as you call it.
This extraordinary method of determining what is "free have to content ourselves by commenting merely on
gold" and hence the amount of so-called "saturation," is ap- such of his strictures as seem to call for i articular
i
parently based on your assumption that the deposit balances
mention, or which appear to make it desirable for us
at the Reserve banks should be backed up by a 100% gold
reserve. Indeed, since the "saturation" is measured by the to enlarge somewhat upon what we pre% iously said.
excess of note issue beyond the remaining gold, it implies The portion of his lett& which obviougy demands
that all Reserve bank credit in excess of actual gold reserves
particular notice is the latter part, in v
iitich he unIs by so much a saturation of credit.
Possibly you have some authority for this method of cal- dertakes to show that we are wrong in tli,e statements
culation, but certainly there is nothing in the whole theory we made regarding the saturation
of tie country's
of the Reserve Act to justify it. The reserve requirements
credit and currency as a result of the dperations of
are 35% in gold and lawful money against deposit liabilities
and 40% in gold against note liabilities. Hence, from the the Federal Reserve banks. Plainly,if our arguments
point of view of the Reserve Act the "free" or surplus gold
and our computations in that respect are fallacious,
reserves would be calculated by finding the difference between the total cash reserves (gold and lawful money) and then the whole case against the Federal Reserve Systhe required reserves against deposits and notes. Much of tem, or rather against the way it is hieing administhis "free gold" stands, of course, as cover for the notes not
tered, falls to the ground. ProfessOr Agger, too,
otherwise covered by eligible paper, but this simply means
that to the amount of such free gold the Reserve notes are submits some computations of his own, intended to
MAY 91925.]
TTTE Cil RONTCLE
show that our computations are wrong, and his figures are presented in such a why that they are calculated to mislead the unwary and those who lock familiarity with the subject, the name of which is
legion.
Extent of Credit and Currency Saturation,
Professor Agger says:"You determine the amount
of the 'saturation' by deducting from total gold
holdings the grand total of deposit liabilities and
then by finding to what extent the Reserve notes exceed the remaining 'free gold'—as you call it.. This
extraordinary method of determining what is 'free
go:d,' and hence the amount of so-called 'saturation,'
is apparently based on your assumption that the deposit balances at the Reserve banks should be backed
up by 100% gold reserves. Indeed, since the 'saturation' is —easured by the excess of note issues beyond the remaining gold, it implies that all Reserve
bank credit in excess of actual gold reserves ts by so
much a saturation of credit." Professor Agger is
right. Our figures imply precisely that. And because : 11 Reserve bank credit is excess credit, obtained by the use of the reserves of the member banks
entrusted to the custody of the Reserve banks, the
employment of such Reserve bank credit was in the
original Act hedged about by the most careful restrictions and safeguards. All the discussions in
Congress preceding the passage of the Act bore on
this point and even the extremists, those championing schemes of inflation, of which there were a number in the Senate, would have recoiled from the idea
of giving the Reserve banks such inflationary powers
as those with which they were endowed immediately
after the United States became a participant in the
war and which had no justification outside the war
itself.
It was to guard against the unwise and the excessive use of Reserve bank credit that the member
banks in the original Act were required to keep only
a part of their reserves, instead of the whole of them,
with the Reserve banks, that Federal Reserve notes
could be issued only against the security of mercantile paper, and that the Reserve banks were required
to maintain reserves in gold or lawful money of not
less than 35% against their deposits, and reserves in
gold of not less than 40% against their Federal Reserve notes in actual circulation. And be it remembered that these reserves had to be in addition to the
mercantile collateral required and not merely a part
of the collateral. In other words, in the law as
originally framed the Reserve banks had to have
100% commercial paper and 40% gold in addition.
Elihu Root, who was Senator from New York at the
time, made a notable speech in the United States Senate in December 1913 in the discussion of the bill,
which is good reading even in these days, because it
outlined so clearly the dangers surrounding the excessive use of Federal Reserve note issues and the
employment of Federal Reserve Bank credit out of
which these Federal Reserve note issues arise. Mr.
Root was arguing in favor of 50% gold reserves
against the note issues, while the bill at that stage
2333
called for a reserve of only 35%, and it was as a result of his argument that the reserve required was
increased from 35% to 40% as a sort of compromise
There was no call then for bank note expansion, as
Profesors Agger suggests in the early part of his
letter, since the country was in a period of profound
trade depression (1913) and which depression continued until the World War broke out in 1914, and
furnished a stimulating influence. National bank
circulation had kept steadily expanding, being $722,100,000 June 30 1913, against $359,200,000 June 30
1903, but it lacked the power of contraction and, once
out, stayed out. That was its inherent defect—a defect which exists to-day, in greatly aggravated form,
in the case of our Federal Reserve note issues, which
apparently are never to go much below the point of
$1,000,000,000 saturation if the experience of the last
twelve or.fifteen months may be accepted as a guide.
Comments of Acceptance Lulktin.
Saturation of Federal Reserve bank credit being inevitable, since such Reserve credit can be
made available only by the use of the reserves of the
member banks, or through the issue of Reserve notes
against the acquisition of gold, the question of the
extent of the saturation is the point of importance
and the point for reconsideration if our previous
computations are lacking in verity. At this juncture
we may stop long enough to consider some comments
that have appeared in the April 30 issue of the "Acceptance Bulletin," since these emhody some of the
same strictures as those made by Professor Agger,
only in less decorous form. The nature of these comments of the "Acceptance Bulletin" may be judged
when we note that it says that the "Chronicle" "took
its quill in hand and wrote to an extent which covered eight printed pages with some information awl
much misinformation." This writer sett:es all the
weighty questions involved in Ph of his little pages.
But the matter cannot be dismissed in this light and
airy fashion. We accept the reproof involved in this
statement that "the 'Chronicle'is old enough to know
that violent bullish stock speculation results more
from a state of mind than from the state of the
money market," but without attempting to reply to
this statement, wish to remind the aforesaid writer
that an even worse speculation in grain was carried
on during the same period, as shown further below,
and that both speculations could not have flourished
simultaneously if the Federal Reserve banks through
their operations had not furnished excess credits to
the extent of about 1,000 million dollars, and there
had not been excess Federal Reserve note circulation
to the same extent. We are told that "another fallacy into which the 'Chronicle' has fallen is found in
its charge that the operations of the Federal Reserve
banks have saturated the currency of the country by
injecting into it a billion dollars excess of Federal
Reserve notes." The further observation is then
made that "the needs of trade dictate the supply of
currency and the Reserve System has no power to
force currency into circulation when trade does not
demand it. Just as any individual goes to his bank
2334
THE CHRONICLE
[VoL. 120.
and withdraws currency when he needs actual cash, tance, is accurately determined by the formula that
so the member banks go to the Federal for currency we have used in our computations—that is to set
to meet their c'ustomer' needs. The Federal hands aside first the full amount of gold needed to meet
out the cash and debits the member bank's account. the deposit liabilities, and then take the remainder,
The member bank when its till money is more than or the free gold, and compare it with the amount of
it needs, turns the excess back into the Federal." Federal Reserve notes in circulation. The sum by
This is only repeating what has been said many times which the notes exceed the free gold, thus arrived at,
before, but it is all folderol. When the Federal Re- represents' accurately the extent of the total saturaserve banks buy $500,000,000 of Government securi- tion without regard to how much of the saturation
ties, as they did last year, "to keep in touch" with is ascribable to each of the two ways in which it may
the money market, the Reserve notes which they pay be brought about. The setting aside of gold to the
out for the purchase, or the gold which they pre- full amount of the deposit liabilities (consisting alviously acquired by the issuance of notes, goes into most entirely of the reserves of the local banks) is
circulation, and adds to its volume, and it stays out also in full accord with the theory underlying the
until the Reserve banks again sell these securities Federal Reserve Act. That theory is that if the
and get the Reserve notes or the gold back again. Reserve banks loan back to the member banks any
The attempt to befog the issue by referring to the of the reserves which these member banks are obliged
member banks' demand for till money is unrorthy of to keep with the Reserve banks, the gold represented
any dignified discussion of the subject.
by the reserves shall not be turned back to the memFinally, the writer in the "Acceptance Bulletin" bers but retained by the Reserve banks (since that
ventures this statement: "It is a mistake to assume, would weaken the gold position of the Reserve
as the 'Chronicle' does, that the issuance of Federal banks), but Federal Reserve notes be turned over
Reserve notes for gold saturates the currency. It instead. On that basis the situation of the Federal
simply replaces one form of money with another. A Reserve banks, according to their statement of this
ten-dollar gold piece, a ten-dollar gold certificate week, is that the gold holdings of the combined Sysand a ten-dollar Federal Reserve note are inter- tem stand at $2,845,531,000, that the total of deposchangeable. Any one of them may replace but it its is $2,232,337,000, and that after providing for
does not duplicate the other." Most assuredly if that these deposits there remains $613,194,000 of free
were all that there is to the operation there would gold. Against this $613,194,000 of free gold there
be no saturation. But the Federal Reserve banks are $1,682,971,000 of Federal Reserve notes outstandneed keep a reserve of only 40% in gold against their ing, and the difference between the two amoUnts,
note issues, making it possible to issue $250 of notes namely $1,069,777,000, represents the precise extent
against every $100 of gold held or acquired. No less of saturation alike of Reserve bank credit and of
a personage than the Assistant Federal Reserve reserve notes. In tabular form the showing is as
Agent of the Federal Reserve Bank of New York, in follows:
$2,845,531,000
Total gold..
an article in the American Bankers Association
2,232,337,000
Deposits.
"Journal," to which we adverted in the discussion in
$613,194,000
Free gold
our issue of April 11, took occasion to refer approv1,682,971,000
Federal Reserve notes
•
and stressed it as indicating the
ingly to this feature
$1,069,777,000
Excess of notes
capacity the Reserve System possesses for still
anyone doubts the accuracy of this method of
If
greater elasticity (or expansion) in the future. Said
this gentleman: "A $100 Federal Reserve note may computation let him consider what the situation
represent only $40 in gold, because a gold reserve of would be to-day if the Reserve banks should be out
only 40% is required against Federal Reserve notes. of existence, bringing things back to where they
On the other hand, a $100 gold certificatee must rep- stood before there were any Federal Reserve instituresent $100 in gold. Thus the Federal Reserve Bank tions. In that event the member banks would be
2
1
/ carrying in their own vaults the reserves which the
can issue, in response to commercial demand, 2
certifi- Reserve banks are now holding for them and there
times as many Federal Reserve notes as gold
cates before the Reserve ratio reaches the legal mini- would remain of the gold holdings of the Reserve
mum." This latter is what we fear. This latter is banks only what was left after the deposits had been
fully provided for. What was left would be the free
what involves saturation.
gold already referred to, amounting in this instance
How to Computate Amount of Saturation.
Agger, to $613,194,000, with which to take care of the
Returning now to the letter of Professor
what we have already said indicates very clearly $1,682,971,000 of Reserve notes in circulation. These
that saturation of credit and of currency alike may latter notes would in that contingency be retired or
be brought about in either of two ways: (1) By the liquidated, reducing the currency in circulation to
2
1
/
Issuance of Reserve notes to 2 times the amount of that extent, and these Reserve notes would be regold acquired as collateral, and (2) by the use of the placed only to the extent of the $613,194,000 of free
reserves of the member banks. There is. no method gold. The rest of the notes would be taken care of
of determining the precise extent of the saturation out of the proceeds of the sale of Government secufrom one or the other of these causes. But the total rities and other assets held by the Reserve banks.
of the saturation, which is the real matter of impor- As a matter of fact, the earning assets tell the story
MAY 9 1925.]
THE CHRONICLE
of currency and credit saturation as eloquently as
do the figures in the computations we have just
made. These earning assets, which show the extent
to which the Reserve banks have employed member
bank reserves, are, according to this week's statement, $1,076,682,000, or also well above $1,000,000,-
2335
tion by depriving the Reserve banks of the additional
powers in that respect conferred upon them when
the United States became involved in the war.
Chronicle Not Arguing in Favor of Scattered Reserves, But for
Abolition of War Amendments.
We are not arguing in favor of scattered reserves,
but think that in the interest of sound finance and
000.
the safety and welfare of the country the power to
Professor Agger Comparing Unlike Things.
super or excess bank credit, which is the
The table which Professor Agger gives in his letter expand
only kind of credit at the disposal of the Reserve
does not at all show the extent of the saturation, or
power to issue Federal Reserve notes
deal even remotely with that question. What he banks, and the
grows out of this, should be hedged about and
does is merely to allow for the 35% minimum re- which
circumscribed as it was in the original Reserve Act.
serve required against the deposits and the 40%
would invest the Reserve banks with
minimum required against Federal Reserve note To that end we
the custody of only a part of the legal reserves of the
issues, and on that basis, of course, he finds a big
banks, instead of the whole of it, and we
surplus remaining. He then winds up with this member
of Federal Reserve notes only
statement: "In other words, after deducting from would permit the issue
against commercial paper, and take away from the
total reserves the amount required for deposits,
the power to issue Reserve notes for
there is left $2,211,164,700 in gold to cover $1,714,- Reserve banks
Of gold. We would also compel them
161,000 in note liabilities. Federal Reserve notes as the acquisition
the services which they now
a whole are thus substantially gold certificates, and to charge for many of
render free so as to enable them to earn their exthey supply no justification for the charge that they
Reserve banks functioned as they
are 'saturating' the currency." This will no doubt penses. If the
there would not to-day be a dollar of Reserve
be very pleasing to the Federal Reserve authorities 'should,
has
and they will certainly want to give it wide circula- notes outstanding, since for over a year there
been monetary congestion, and at such a time note
tion, since the great mass of the public, on account
of their lack of familiarity with the subject, will be issues ought to go into retirement because not
trade purposes. But the fact that the
unable to detect the fallacy embodied in it. For needed for
Reserve banks are very heavy, runourselves, we cannot see what relation exists be- expenses of the
ning in the neighborhood of $30,000,000 a year, rentween minimum reserves and the question of the exthis out of the question.
tent to which the process of saturation has already ders
The Huge Magnitude of the Speculation in Grain.
been carried, and Professor Agger is obviously comThere can be no doubt that keeping Reserve credit
reserves
paring two totally unlike things. Minimum
represent the danger point, below which it is not and Reserve notes in existence, in the way that is
permissible to go without inviting the downfall of now being done, vastly in excess of the needs of
the entire structure, and if it should ever happen in commerce, serves to furnish fuel for speculation.
the history of the Reserve banks that they should get The stock market, which suffered such a bad coldown to the point where they would be carrying re- lapse in March, is already in the earlier stages of
serves of no more than 35% against deposits and another period of rampant speculation. Excessive
40% against the volume of their Reserve notes, con- credit supplies and excessive currency issues furnish
sequences would follow too serious to contemplate one of the reasons for this, though there are others.
with complacency. What Professor Agger's table This is not to say that there may not be a substantial
shows is, that notwithstanding the saturation al- basis for improvement in the better class of securiready effected, reaching over $1,000,000,000, Federal ties. But the speculator takes no account of this.
Reserve banks still hold, on the basis of minimum Much harm always results from uncontrolled specReserve requirements alike for deposit liabilities and ulation, not only to individuals, but to trade in genFederal Reserve issues, surplus gold in the large eral. Moreover, the speculative excesses of the last
sum of $1,525,500,300. If this means anything, it twelve months have not been confined to the stock
means that the process of saturation could be carried market. They have been present in no less serious
vastly further before the country's financial struc- form in the grain markets. We wonder how many
ture would come tumbling down and involve all in people have any idea of the extent to which the specuruin. We do not deny this. We admit there is a lation in grain was carried on the past year. Everygreat leeway for carrying the process of saturation one is familiar with the fact that the price of wheat
still further, but dread the possibility and want to in Chicago got up to above $2 a bushel, and then, till
avert it. If the Reserve banks should undertake to the space of a single month, dropped to $1 40, cleancorral all the gold in the country and issue Reserve ing out a host of small people with gambling proclivi2
1
/
notes against it, on the basis of 2 to 1, it would be ties, and is now back to $1 69—wide fluctuations that
to bring Federal Reserve note issues bode no good to the farmer. But how many people
possible indeed
up to a total of $10,000,000,000 or more. The menace have even a remote idea of the magnitude these
involved in such a possibility is so great that we speculative dealings reached? The Grain Futures
think all thoughtful men in the community ought to Administration of the United States Department of
unite in insisting that it be rendered out of the ques- Agriculture now furnishes daily and monthly corn-
2336
T H li CHRONICLE
pilations of the dealings in the different Contract
Markets and we have taken the pains to bring the
figures together for the last twelve months. The
records go back only seventeen months. From the
table which follows it will be seen that where the
monthly transactions used to run in the neighborhood of 800,000,000 to 900,000,000 bushels a month,
they increased so enormously that in March they
aggregated about four times that figure, reaching a
grand aggregate of 3,552,884,000 bushels in the nine
Contract Markets, of which 2,273,190,000 bushels
were in wheat alone:
SALES OF WHEAT AND OTHER GRAINS.
Wheat
AU Grains
Current Year. Previous Year. Current Year. Prerrious Year
Mar. 1925-- 2,273,190.000 593.250,000 3.552,884,000 1,139,516.000
Feb. 1925-- 1,781.067.000 417,114,000 2.903,336.000
819,678.000
Jan. 1925-- 1,907,786.000 372.661,000 3.093,848,000
916.490.000
Dec. 1924-- 1,528.040,000 528,305.000 2,745.076,000
899.415,000
Nov. 1924-- 1,339,724,000 676,795,000 2.223,071,000 1.169.256,000
Oct. 1924-- 1.595,626,000
2.786.410.000
Sept. 1924-- 1,068.376.000
2,119.228,000
Aug. 1924-- 1,300.274,000
2,415.079.000
July 1924-- 1.332.727.000
2,172.574.000
June 1924-- 850.055.000
1,443,067.000
May 1924-- 373.876.000
730.240.000
April 1924-- 451.186,000
882,094.000
[Vol. 1.20.
ket was in a heavy decline. Notable advances were
made in many issues, the public utility being the
most conspicuous group, particularly subsidiaries
of the Electric Bond & Share Co. In some cases
there were signs of unwarranted speculation. Fortunately the more speculative movements were restrained later in the week. The Dow Jones price
average of 40 corporation bonds, which on Friday,
May 1, touched 92.18, the highest point since 1917,
when a high of 96.25 was recorded,advanced still further during the week, reaching 92.62 on Thursday.
This market buoyancy has been helped by continued
ease in money, with perhaps a tendency toward
lower rates, but with no marked changes. The continued strength of sterling unaccompanied by a public offering of British bonds in the United States
and with only nominal gold shipments from London
have added to confidence in a continuance of abundant supplies of money in all markets enjoying high
credit.
New bond issues have been comparatively few, due
perhaps to lack of demand for capital funds, this
lack following from the full treasuries of many corTotal 12 mos.15.801,927.000
27,066.907,000
porations, the current efficiency of the transnortaIt appears from this that for the twelve months tion
agencies producing quick deliveries, from the
ending March 31 1925 the grand aggregate of the tendency to buy from
hand to mouth and car light
grain dealings reached over 27,000,000,000 bushels,in inventories, and the dulness of trade
in the few indusexact figures 27,066,907,000 bushels, of which 15,801,- tries that might want additional capital. The lack
927,000 bushels was in wheat alone. Last year's of offering is also in large part due to the fact that
wheat production in the United States was 872,673,- American bankers had made certain preparations for
000 bushels, and thus in these twelve months the en- German loans, which the election of President von
Hindenburg has at least delayed, and stood ready for
tire wheat crop was sold nearly twenty times over.
a large popular loan for Great Britain. So far this
Does not this evidence speculation of a most pro- has not been
needed.
nounced kind, and will anyone seriously contend that
One notable bond issue was made during the week,
this speculation would have been possible, concur- that of $60,000,000 New York City 4/
14% bonds
rently with the gigantic speculation in stocks if the due serially; $2,100,000 annually during 10 years,
Federal Reserve banks had not by their open market $1,800,000 annually during the next 15 years and
operations Undertaken to keep afloat unnecessary $1,200,000 annually during the next 40 years. Agcurrency and credit supplies to the extent of about gregate bids exceeded $500,000,000. The sale by the
City was made on Tuesday, May 5. The entire issue
$1,000,000,000? As it is being made plain that it is
was awarded to a banking syndicate headed by the
not intended to keep these excess issues down even to National City
Co., the price being 102.3197, or a
the limit of the billion-dollar saturation already 4.045% basis. The bonds were offered on
Wednesexisting the occasion for once more circumscribing day. The offering prices for the different maturithe operations of the Reserve banks within the ties ranged between a 3.25% and a 4.05 7ebas'.
Bonds due in 1926 were offered at 100.976, or a 3.25%
original limits becomes palpably manifest.
basis, bonds maturing in 1927 at 101.437, or a 3.50%
basis, and so on up to 102.254, or a 3.95% basis for
bonds due in 1934, the basis falling to 4.05% for maThe Financial Situation.
turities 1946 to 1965, and the prices rising to.a maxiIf there was any doubt last week about the re- mum of 103.945
for the 1965 maturity. It is of insponse of world markets to the return by Great Brit- terest to observe
that New York City 1965 maturities
ain to a gold basis, that doubt has been dispelled by were selling on about
a 4.20% basis Jan. 1, about
subsequent developments, as security markets have 4.14% basis April 1,
and the current offering was
become buoyant notwithstanding continuing uncer- made at 4.05%. Bonds
maturing in 1936 were selltainties in commodity markets and an almost catas- ing on about a 4.15% basis
Jan. 1, 4.05% basis April
trophic drop in wool, accompanied by further de- 1, with the current
offering at 3.95%. The sale is
cline in cotton. The New York stock market gath- notable in marking
a new high price level, in givered strength on Friday and Saturday, May 1 and 2, ing new emphasis to
the desirability of serial bonds,
all but three of the twenty most active stocks show- and in pointing
out the eager demand for protection
ing gains for the week, these running from 38 of a from taxation.
/
point in the case of Willys-Overland with an 81,700share turnover to 12% points in the case of Amen-, On Monday,
Alanson B. Houghton, newly apnan Can with a turnover of 199,700 shares. During pointed
Ambassador to Great Britain, gave an adthis week stocks have become increasingly active, dress at the
annual Pilgrim diner. In this he made
sales on the N. Y. Stock Exchange reaching nearly it clear
that Europe can receive the full measure of
2,000,000 shares on Wednesday. This was the first American
moral and financial help, only
it be
two million-share day since March 18, when the mar- made plain to the
American people that Eur )pe will
MAT 9 1925.]
THE. CHRONICLE
2337
The causes of the decline in wool are intricate.
Several things may be cited. The Australian carryover at the end of the season on June 30 next has
been estimated at nearly 700,000 bales, as against
44,439 on June 30 1924, and the Australian wool
clip for the 1924-1925 season is estimated at better
than 15% in excess of the previous season. There
a.fe other increases in supply. There, therefore, has
been promise of relief from world shortage. The
United States consuming about one-sixth of the
world's supply of wool and raising only one-half of
its own requirements, imposes a tariff of about 50%
on raw wool. This fact combined with a world
shortage existing over a period of years had pt•aduced
a high level at which there was great sales resistance.
the more so because of the increasing vogue of silks.
This sales resistance has been increasingly evident
for some time. Another factor, perhaps the most
A number of financial writers in acclaiming the important of all, the recovery of business in the
return to a gold basis by Great Britain, have indi- Ruhr and Germany, has brought into activity Eurocated that this would likely result in trade depres- pean mills that had been idle. Other European mills
sion and an increase in unemployment. We disagree have been holding back in wool purchases pending a
with this thought. It makes a difference from which decline in prices, which would overcome price redirection a nation approaches currency stability, sistance on the part of the public. If the industry
whether from inflation or depression. For several can become stabilized on a lower price level than
years Germany's business was stimulated by infla- prevailed in the early part of the year, there may be
tion and employment was general. France is even larger sales and better manufacturing profits
a better example, because there inflation has not pro- throughout the world. Quite possibly this sharp
gressed into disintegration. Coming to stability adjustment downward may prove very helpful. It
from inflation is to return to comparatively steady has been hard on many dealers and mills, but owing
commodity prices after experiencing rising prices or to small inventories all around the world, there is
boom conditions. The experience is sobering and apparently little likelihood of anything like the
sometimes temporarily depressing. But Great Brit- strain following the decline in 1920 and 1921.
ain has come to stability out of depression accomRubber, which since the war has been selling at a
panied by commodity prices falling relatively to small fraction of pre-war prices, has continued
world prices. Present conditions are,therefore, more strong, touching 50 cents on Friday, a new 1925
stimulating to business than those of the immediate high. Stocks in London and elsewhere are low, and
past, so that improvement in business and decrease advices from that point last week were to the effect
in unemployment can be expected in the reasonably that rubber exports under the Stevenson restriction
near future, particularly if the Government shall plan would for the quarter beginning May 1 be innow deal adequately with the dole question. The creased 10%, that is to 65% of the total output from
situation is complicated somewhat by restoration of British controlled plantations.
Sugar has remained
the McKenna protective duties, effective July 1, on around 2 cents for Cuban raws. Wheat has been
2
1
/
automobiles, watches, clocks and other articles, as
strong, the May delivery in Chicago yesterday reachjust now American goods are being imported in ex- ing $1. 69,.but cotton
has suffered a severe decline,
traordinary quantities to avoid the coming duties.
July options reaching 22.78 on Thursday. The GovThis is temporarily depressing to British'manufacernment winter wheat report, issued last night,
turers of these articles, the very ones it is designed
showed .that unfavorable weather conditions had
to help.
led to an abandonment of 9,504,000 acres, or 222
1
/
%
The commodity markets have been of more than of the area sown to wheat last autumn. The report
ordinary interest during the week. Demoralization is discussed further below. The Irving Fisher
in prices of raw wool began last week and prices index of wholesale commodity prices published on
broke from 10% to 30% at the auction held in Lon- Monday registered a new low at 154.1, a drop of 2.6
don on Tuesday. Because of this a sale of 40,000 for the week. Business activity, as measured by
bales scheduled at Brisbane for Thursday was can- freight loadings, mail orders, bank clearings, autoceled, and all Australian sales have been suspended mobile sales and other general indices, is in large
until July1. London sales will be discontinued volume, but with growing inactivity in steel and in
on May 14. The decline has been very severe. Be- some other lines. The Harvard Economic Committween March 1920 and September 1921 wool prices tee summarized the situation in an analysis issued
declined about 70%. Subsequently wool ruled at on Monday as follows: "Business policies remain
much higher prices, due to shortage in world produc- extremely conservative, credit demands are modertion. Beginning in the summer of 1924, prices ad- ate, and signs of strains are lacking, despite the convanced sharply, Dun's composite wool price at Bos- tinued downward movement of commodity prices.
ton rising from a monthly average of 74.16 cents per Manufacturers are in general restricting production
pound in July 1924 to 101.9 cents in February this to meet incoming orders; and buying remains on
year. Prices began to weaken early in March under hand-to-mouth basis. Current transactions are, howforeign leadership and the decline has perhaps cul- ever, large in the aggregate. Improved demand is
minated in the sharp break of the past few days. already being felt in the agricultural sections of the
The Dun price was 80.21 on May 2. Prices have been country, and building is going on in large volume."
stead V since the break on Tuesday.
undertake peaceful upbuilding and lay aside destructive methods and policies. He said: "We are
not a people interested in making speculltive advances. We can undertake to help only those who
try to help themselves, and in saying this we are not
thinking specifically of any one nation, but rather
of a situation in ivhich all are alike involved." This
speech has set the press of the world agog in wondering to what warlike attitude the American finger
was pointed. But there can be little doubt that all
equally understand that little American financial
aid is likely to be forthcoming unless France continues to eschew Poincarism and works aggressively
along lines indicated by the Dawes program, and
unless Germany avoids all threat of adopting the
policies of the old war lords or scrapping the Dawes
plan.
2338
THE CHRONICLE
[Vou 120.
The outlook for winter wheat is not nearly as tion of meadow this year is 87.8% or normal, comgood as it was a month ago. The May report of the pared with 86.4% a year ago, and the stock of hay
Department of Agriculture issued at Washington on farms on May 1 this year is 15,679,000 tons, or
late yesterday afternoon indicates a crop this year 13.9% of the crop, compared with 12,835,000 tons, or
of only 444,833,000 bushels, which is 29,422,000 bush- 12.0% of the crop, on May 1 1924. Spring plowing is
els leas than was estimated on the condition shown 82.7% completed, May 1 this year, as compared with
a month ago, and 145,204,000 bushels less than the 71.5% a year ago, and spring sowing and planting
final yield of winter wheat harvested last year. As 65.8% completed, the figures for May 1 1924 having
small a crop of winter wheat as is now indicated for been 58.1%, condition in both respects for this year
this year has not been harvested since 1917, and being considerably above the average for ten years.
prior to that year not since 1911. The average conJudged by the figures for the month of April, comdition of the growing crop of winter wheat this year,
as indicated in the May report just issued, is 77% of mercial failures in the United States show a further
normal, which is below the figure usually reported tendency to increase in number, as has been apparent
for May-in fact, with the exception of 1917 the during recent preceding months, and the liabilities
condition shown for this year is lower than for any are also heavy, though somewhat smaller than a year
year since 1904. On May 1 1924 the condition of the ago. There were 1,939 commercial defaults last
winter wheat crop of that year was 84.8% of nor- month, according to the records of R. G. Dun & Co.,
mal and the ten-year average is 85.2%. A month with an indebtedness of $37,188,622, these figures
ago, or on April 1 1925, the average condition of this contrasting with 1,859 similar defaults in March for
year's winter wheat crop was 68.7%.of normal, there $34,004,731, and 1,707 in April 1924, involving then
having been an improvement of 8.3 points during $48,904,452 of liabilities. For this year to date, each
month has shown an increase in the number of insolApril.
But the area abandoned this year due to winter vencies over the corresponding month of last year,
killing, as was apparent from conditions shown in the increase in April being larger than for the three
the April report, was unusually heavy this year. It preceding months, but the indebtedness shown for
is shown in the May report issued yesterday that the 1925 to date is nearly 30% less than it was for the
abandonment for the current crop was 9,504,000 same period last year, owing to a number of excepacres, or 22.5% of the area sown in the autumn of tionally large failures which occurred at that time.
1924. For the preceding year the area abandoned There Was an increase of 232 insolvencies in April
was 7.6% and for 1923 and 1922 slightly in excess of this year in comparison with a year ago and all of
14% for both years. The highest ratio of abandon- this increase was of trading defaults. In fact, insolment was in 1917, when it was 31.0%, or 13,277,000 vencies among manufacturing concerns were fewer
acres. The low production of winter wheat har- in number last month than they were during April
vested in that year was mainly due to winter kill- 1924, while the liabilities of manufacturing defaults
ing. There was an improvement in condition in 1917 this year were very much less than in Apiil last year,
from May to July of 2.7 points, and last year the the decrease being 43%. Failures of manufacturing
winter wheat crop harvested was 37,024,000 bushels concerns last month numbered 430, against 438 in
larger than.the May 1924 estimate indicated. The April a year ago, and the indebtedness was respecarea abandoned on this year's crop of winter wheat, tively $13,097,046 and $23,136,875. The trading de22.5%, is the second largest since this record has faults in April this year numbered 1,427, against
been kept, that of 1912 of 20% being a close third. 1,178 a year ago, while the trading liabilities were
Some of the losses, especially in some of the leading $21,535,911, against $18,718,944. In addition to the
winter wheat States,for the current crop are almost above, 82 defaults of agents and brokers occurred
a disaster. For Kansas, which is the leading winter last month,involving $2,555,665 of liabilities, against
wheat State, the decline in area is 24.8%, and Ne- 91 a year ago for $7,048,633. During April this year
braska, 21%, but Texas reports a loss of 62%, New 22.2% of the total number of insolvencies was in the
Mexico 70%, Ohio and Kentucky 30% each, and on manufacturing division, against 25.7% in April 1924,
the Pacific Coast Washington reports a loss of 72% and 73.5% were trading defaults last month, against
and Oregon and Montana 70% each. As to some of 69.0% a year ago. Of the total defaulted indebtedthese States last mentioned, the yield is not large, ness last month 35.2% was of manufacturing conbut it is cut down to considerably more than one- cerns, against 47.3% a year ago, and 57.9% trading
half of last year's harvest. As for Texas, the esti- indebtedness in April this year, as contrasted with
mate of yield for this year is only about one-sixth of only 38.3% in April 1924. The predominance of
last year's harvest for that State. For Kansas the trading defaults in April this year, both relatively
production this year is now placed at 95,997,000 as well as actually, is clearly apparent from these
bushels, against 153,644,000 bushels harvested in figures, and this feature has characterized the statements of commercial failures for the past several
1924.
A reduction in the yield of rye this year of 3,684,- months.
As to the leading classifications in the trading
000 bushels, or 6.4%, is indicated in the May report,
as compared with the report issued a month ago
- division, the increase in the number of failures durfrom the harvest of 1924 the loss in the latest esti- ing April this year over a year ago is largely among
mate of yield for this year's crop of rye is 5,478,000 grocers, dealers in clothing slid in dry goods, and
bushels. The production of rye fOr this year is now the same thing is true as to the larger volume of inplaced at 57,968,000 bushels, or 13.9 bushels per debtedness reported for trading defaults for April
acre, compared with 15.2 bushels per acre in 1924. this year as contrasted with a year ago. There were
The area for this year's crop is placed at 4,184,000 249 more trading defaults last month than in April
acres, which is slightly larger than last year, and the 1924, and of this increase 166 apply to the three
condition- on May 11925 is 86.8% of notmal,as con- classifications above mentioned, the increase as to
trasted with 88.2% n year ago. The average condi- each of the three being equally divided. The increase
MAY 91925.]
THE CHRONICLE
in indebtedness shown by these three classifications
exceeds by a considerable amount the total increase
of liabilities for all trading defaults in April, but in
part this is due to the failure of one very large retail
grocery concern. Some increase is also reported in
the number of failures last month among dealers
in shoes, in furniture, jewelry, tobacco and beverages, and restaurants. In general stores there was
a decrease last month. As to the manufacturing
division,fewer failures were shown in April this year
in the class embracing machinery and tools, in which
class some heavy defaults in April a year ago added
materially then to the liabilities—hence the large d J•
crease this year. A decrease also appears in the
number of failures reported last month in the prin ting and allied trades. On the other hand, there is .in
increase for -the baking and milling class, and a few
more defaults occurred last month among manufacturers of clothing than in April last year, but the
indebtedness reported for this classification last
month is smaller than a year ago. As in recent preceding months, the larger defaults in April were less
numerous than they were a year ago. There were 45
failures last month where the liabilities for each default exceeded $100,000, the total for the 45 amounting to $15,332,375; in April 1924 the corresponding
figures were 71 and $29,060,961. The manufacturing
division for April this year accounts for 21 of these
larger defaults, with a total of $6,617,945 of indebtedness, these figures contrasting with 38 of the
larger manufacturing failures in April 1924, with liabilities of $16,916,393. In the trading class fo.• April
this year there were 18 of the larger defaults, involving $7,204,692; for April 1924 the corresponding
figures were 23 failures with $6,208,239 ofindebtedness.
2339
5, that "President-elect Hindenburg is contemplating
an amnesty proclamation whereby political and
other prisoners may regain freedom. If this is carried out so as to apply to Communists now imprisoned it will deprive the Communist Party of its most
effective weapon. They interrupt practically every
Reichstag session with cries of 'Amnesty!' thus handicapping the smooth-running proceedings, and
every time amnesty is refused they use the refusal as
renewed proof of the cruelty of 'the bourgeois elements,' who persist in keeping Communists imprisoned." He added that "the question of amnesty was
taken up at the recent Hanover conferences between
Hindenburg and Chancellor Luther, but it is, not
known yet to what extent it will be applied--or,in
fact whether it will be proclaimed at all." The,eel.respondent further explained that "the German
President has the right to grant pardons without
Reichstag approval, but for a , more or less general
amnesty he must have the Reichstag's consent. ft
was expected that various Reichstag party delegations would take a stand on the amnesty proposal
within the next few days, deciding to what classes
of prisoners and to how many amnesty was applicable. Thus Hindenburg would be enabled immediately after assuming the Presidency to go ahead with
issuing the amnesty proclamation."
On May 5 still another official step preparatory to
the inauguration of the President-elect was taken.
His election "was officially ratified by the Federal
Election Commission, which is composed of six representatives of the major Reichstag parties and Professor Dr. Wagemann, Commissioner for Elections.
With 14,655,766 votes, von Hindenburg led Dr. Marx
by 904,151. Ernst Thaelmann, Communist, polled
1,931,151." Announcement was made at the same
Official announcement was made in Berlin on time that he "will formally take possession of the
May 1 that "President-elect von Hindenburg will German Presidential residence after his inauguratake the oath of office and will be inaugurated as tion on Tuesday, May 12."
President at noon, May 12." He is expected to "arA new feature developed in the Presidential situarive from Hanover next Monday afternoon at the
suburban station in the Heerstrasse. After greet- tion on Wednesday. It seems that "the Socialists
ings from the heads of the Federal, State and munic- threw a political bombshell to-night when they sudipal Governments he will be taken by automobile to denly protested the election of Field Marshal von
the Chancellor's Palace." As already indicated,"the Hindenburg to the German Presidency and deinauguration ceremonies are set for the following manded that it be declared null and void. They deday in the Reichstag." According to Berlin cable clared that in many cases there were such glaring
advices,"despite the President-elect's wishes for sim- irregularities in the balloting as to cast grave doubts
plicity at his reception in Berlin, numerous organi- on the validity of the election." The New York
zations are already planning to line up for a demon- "Times" correspondent added that, "moreover, Gerstration along the five-mile route from the railroad many's best known Republican organization, the
station to the Chancellery. Among them is the Re- Reichsbanner Schwartz-Rot-Gold, numbering hunpublican Reichs Banner, which supported the candi- dreds of thousands of members, announces that it
dacy of Dr. Marx, whom von Hindenburg defeated." will not join in welcoming the President-elect to BerIn keeping with what might have been expected,"the lin next Monday. In a manifesto issued to-day, Otto
delegates to the Communist Workers' Council [May Hoersing of Magdeburg, leader of the organization,
5] indorsed the proposal of the Communist Party for says the latter does not wish to give the impression,
a 24-hour strike Monday, when President-elect von especially to foreign countries, that German RepubHindenburg enters Berlin. The delegates agreed to licans stand beside the Monarchists in supporting
try to persuade Socialist workers to join the strike." von Hindenburg." The manifesto, or protest, was
Word came from Hanover that "the Communists filed with the Election Control Committee of the
have appealed to the trade union workers and Social- Reichstag, which considered the document yesterday.
ists to hold an anti-Hindenburg demonstration Although up to the time of going te press the deciThursday, the day on which the bourgeois bodies are sion of the committee had not been received, the Berplanning an impressive manifestation for the Presi- lin correspondent of the New York "Evening Post"
dent-elect." Bearing directly upon the proposed cabled that "the Socialists' protest is doomed to redemonstrations against von Hindenburg's election, jection at the meeting to-day of the Federal Election
will confirm the published
it was interesting to note in a special cable message Board, which probably
Berlin,to,the New York "Times," also on May results of the vote immediately and thus set aside,all
from,
2340
TIEN CHBOITIOLE
possibility of postponement of the scheduled inauguration Tuesday."
Commenting on this action of the Socialists, the
Berlin correspondent of the New York "Times" said:
"The main charge against the Socialists is that they
do not expect for an instant to prove such grave electoral irregularities as could deprive Hindenburg of
his lead over Marx, but merely wish to delay linden.
burg's inauguration and cast doubt, especially among
foreigners, on the legality of his election. The general impression concerning Horsing's manifesto,
even among ardent Republicans of his way of thinking, is that it was in bad taste. Already the possibility is being discussed of its being withdrawn, so
the Reichsbanner may participate, after all, in the
Berlin welcome to Hindenburg."
[Vou 120.
Councils. The early returns indicated small gains
for the Conservatives, particularly in the country districts. It was asserted, however, that the gains were
not sufficient "to disturb the political balance of the
country." The Paris correspondent of the New York
"Times" cabled Sunday evening that "the most
marked feature is the defeat of the Communists in
all but a few strongholds. Even in the Paris districts where the Moscow Party was strongest in
candidates they have lost municipal seats to the
Socialists." Attention was called to the fact that,
"as the Municipal and District Councils elect the
Senators, more than ordinary interest attached here
to that side of the elections." The Paris representative of the New York "Herald Tribune" said in his
dispatch the same evening that the early returns
seemed to indicate that "the choice of Field Marshal
von Hindenburg for the German Presidency has had
a resounding effect on French political opinion." He
added that "such returns as are available indicate
that the country is showing a tendency to support
the Bloc Nationale candidates, who based their campaign on the necessity of upholding the Nationalist
principles, in view of the danger of a reactionary
Germany headed by her war-time hero."
Although it was suggested in early Paris dispatches, following the announcement that England
had decided to return to the gold standard at once,
that France might make a determined effort to take
the same step, it was made perfectly clear a few days
later that Finance Minister Caillaux fully realized
that there were more important steps with respect
to the finances of France to be taken first. He is
directing himself to other ways of putting the finances of France on a sound basis, which must be
The later advices indicated that the Socialists had
preliminary to going on a gold basis.
made somewhat larger gains than the Nationalists.
The Paris representative of the New York "Times" It was made perfectly clear that the Communists had
pointed out that, "with Parliament in recess, Minis- been the principal losers. The Paris representative
ter Caillaux is able just now to give his whole time of the New York "Times" said Monday evening that,
to the financial problem. During the week he has "in general the result of the elections has caused disdecided the attitude he will adopt toward the budget appointment among the Nationalists, who were
for 1925, still before the Senate, and the various re- counting somewhat optimistically on a change of
ductions of expenditure he will seek to obtain." M. opinion from last May, when Left candidates
Caillaux was reported to have said in an interview throughout the country were swept into power and
with foreign correspondents that "his whole aim Parliament. Had the Right showed an increase in
would be to produce "a budget which will be abso- strength it was generally admitted that the next
lutely sound, as you English and Americans under- step would have been to try and secure a new genstand the word, which will meet every expenditure eral election. That manoeuvre has now been preout of taxation and produce an impression of abso- vented by the obvious satisfaction of the voters with
lute sincerity." Continuing -he said: "That is our the conduct of the parties in power. As indicated
immediate task. For the present it is to that I am yesterday, the defeat of the Communist candidates
limiting my efforts,for until the day comes when our in the Paris district and elsewhere was one of the
expenditure is entirely covered by our revenue we most notable features of the election. In every case
cannot begin to make any great effort to retrieve our where they were defeated it was by a Socialist candisituation with regard to our liabilities in the spirit date, the division between these two parties being, in
of confidence which is absolutely essential as a pre- this country, clearly defined and without comprovious condition of success." The "Times" represen- mise. This defeat of the Communists and the pretative said that, "to another question about the pos- vention also of any marked Nationalist gains will, it
sibility of France's return to the gold standard M. is hoped in Government circles, help to put an end to
Caillaux answered that such a desirable event must the bitter strife which has been going on between the
be subordinated to so many factors that it was not two extremes. During the past months, while the
yet a subject for discussion." Going further into the Nationalist press and politicians have been crying
situation, the correspondent said that "in his task of aloud about the danger of Communist centuries and
getting the budget established on a sound basis the battalions, the Communists have been equally exFinance Minister is exploring new sources of reve- travagant in denunciation of the danger of Fascism.
nue rather than seeking to increase the present bur- If it proves nothing else, yesterday's election proves
den of the taxpayer. Thus the State monopolies are that both parties of extremists are wrong and that
considered likely to be largely reorganized. Rela- the great mass of French people are eager to pursue
tions of the Government with the railways is another an even liberal and pacific policy, avoiding both revomatter in which there is a great opportunity for re- lution and reaction."'
duction of expenditure by the State and an increase
of revenue. But these budgetary Measures are only
The French Government has been having considerpart of the whole scheme, of which one of the most able trouble in Morocco. On May 2 the Associated
urgent matters is the removal from the Treasury of Press correspondent at Fez cabled that "Moroccan
the intolerable strain of the enormous floating debt." tribesmen operating under the orders of Abd-ElKrim,the rebel leader, are attacking the French zone
Last Sunday 34,000 elections were held through- over a front of sixty miles. At some points they
out France for members of Municipal and District have surrounded French posts, where small detach
MAY 9 1925.]
THE CHRONICLE
ments are defending themselves in blockhouses." It
was added that "the French forces in the zone of activity number about 12,000 men, divided into three
columns, each commanded by a colonel. Reinforcements now on the way will bring the total to 20,000."
It was explained in a special cable dispatch to the
New York "Times"from Rabat, Morocco, under date
of May 2, that "the military operations during the
past week may be described largely as an occupation of defensive positions along the French border
and defeating the enemy's opposition to the movement. The French losses on the whole have been very
light, while the Riffians suffered severely, owing to
their reckless attacks—far different from their guerrilla tactics against the Spanish and probably inspired by religious fanaticism at the end of the Ramadan feast." In a wireless message the next day the
same correspondent declared that "it would be Unwise to attempt to disguise the fact that during the
early part of this week the situation was serious.
Troops were immediately hurried to these districts,
and four battalions were sent across from Algeria.
Since Wednesday, however, anxiety has much diminished. Three columns are now operating against the
Riffians and the tribesmen supporting them." He
added that "the French authorities are well aware
of the seriousness of the situation, which, however,
now seems well in hand. It must be remembered
that all this is taking place well inside the French
Protectorate territory to the south of the frontier of
the Spanish zone, in a country where the French are
responsible for the security of the lives and property
of the inhabitants, many of whom have been forced
by Abd-El-Krim's reprisals and menaces to revolt,
while many others have been pillaged or massacred."
On May 4, according to the Associated Press correspondent at Fez, "a slight action by the French
troops to-day along the Ouergha River at a point
where it was necessary to get food and other supplies
to French advance posts that had been surrounded in
the first drive by the Riffia.ns, sufficed to bring comparative calm all along the line. These isolated posts
had defended themselves single-handed until to-day,
when General Colombat sent forward a small column to clear that region." He added that "Abd-E1Krim's forces left fifty dead on the field and lost a
number of prisoners and a quantity of supplies. The
French losses were insignificant and so far the advanced posts have been able to keep the invaders at
a distance with machine guns and three-inch field
pieces."
Dispatches from Fez and Paris on May 5 stated
that "for his offensive against the French in Morocco
it is now estimated that Abd-El-Krim has at his disposal 20,000 men. It is against that number that
Marshal Lyautey has begun his operations with the
initial success that his first advance column under
General Colombat has relieved and reprovisioned
several beleaguered French garrisons." In a special
cablegram from Paris to the New York "Times" the
next day it was made known that the French forces
had encountered an enemy well trained in modern
warfare. The correspondent said that "the defensive
methods of the Great War are being employed by the
Riffians in order to retain the strategic points they
occupy within the French zone, at a few spots along
the frontier, indicating the presence among them of
officers or advisers of unknown nationality but who
2341
have certainly had experience in European warfare."
After describing the manner in which the Riffians
had fortified themselves' the correspondent said that
"in the centre a great battle raged, beginning early
this morning" (May 6). He declared, however, that
"the Moors were driven out of all positions, and despite violent counter-attacks, were unable to regain
the position." In a cablegram Thursday afternoon
the Paris correspondent of "The Sun" asserted that
"France is plunged into a fog of war in Morocco almost as deep as that which covered France herself in
1914. Imperceptibly the public is being brought to
see that the operations are not likely to be a military
walkover and that it probably will amount to a new
and serious colonial war of prolonged duration."
This contention was substantiated by a later dispatch from Paris to the New York "Times," which
said that "Marshal Lyautey has asked the French
Government for additional troops for the Moroccan
operations against the Riffians." According to an
Associated Press cable message from Paris last evening, "the situation in French Morocco is said, in
the latest dispatches, to be as satisfactory as possible."
For several weeks the claim has been made in cable
messages from Moscow and Berlin that Leon
Trotzky was likely to return in the near future from
practical exile at Sukhum, a health resort on the
Black Sea, to take an active part in the Soviet Government of Russia. According to these 9dvices,
"Trotzky's health was fully restored," and he was
"eager to return to active administrative work." In
an Associated Press cablegram from Moscow it was
stated that "since his sudden and dramatic dismissal
as head of the Red Army last January, there has been
a recrudescence of sentiment in his favor within and
without the Communist Party. M. Stalin, a member
of the Executive Committee, and M. Rykoff, President of the Council of Commissars, who were opposed to drastic action against him, appear to have
triumphed over Leo Kameneff and M. Zinovieff,
leading members of the Government, who have been
uncompromising foes of Trotzky." As circumstantial evidence of a more friendly attitude on the part
of the Soviet Government toward Trotzky, it was
stated that,"as long ago as Feb. 15 Trotzky was offered the Ambassadorship to Japan. He would have
accepted this post but feared at the time that it
would be too great a tax on his impaired health."
Berlin heard on May 5 that "M. Zinovieff, the talkative chieftain of the Third Internationale, soon will
leave his post as chief engineer of the 'world revolution' and be succeeded by M. Kameneff, according to
information reaching here from Moscow to-day. The
report comes simultaneously with dispatches from
Moscow declaring that Leon Trotzky soon will return to the Russian capital to become Chairman of
the Council of Labor and Defense, which post is now
occupied by Kameneff."
Trotzky actually arrived in Moscow shortly after
10 o'clock on Thursday morning,"after four months'
isolation, ready to accept any position the Government may offer him." The Associated Press representative at that centre cabled that "the former Red
Army leader has received absolution for his political
heresy upon his promise to obey the dictates of the
party and observe all the rules of strict Bolshevism.
It is probable he will get the Commissariat of For-
2342
THE CHRONICLE
eign Trade, vacated by Leonid Krassin's appointment as Ambassador to France. This post,Tiotzky's
friends hope, will help restore him to some degree of
power by leading to a more responsible place in the
Cabinet." According to the correspondent no demonstration was made as this former popular war
leader returned. He said that "there was no crowd
to welcome the former Minister of War and nothing
in the nature of an official reception. Only a few
railroad police and officials of the station,several of
Trotzky's former secretaries, a few newspaper men
and Trotzky's 17
-year-old son were present when the
train arrived." It was related also that "Trotzky
proceeded from the station to the Kremlin, where he
resumed a modest two-room apartment. His political status probably will be announced at the meeting of the Soviet Federal Congress May 12."
Although encountering some political opposition,
Winston Churchill, Chancellor of the Exchequer,
was able to secure the passage of his gold standard
bill by the House of Commons on May 5. The London representative of the Associated Press said that
this was accomplished "with much less difficulty
than had been expected." The day before Philip
Snowden, Chancellor of the Exchequer under Ramsay MacDonald, offered an amendment, "rejecting
the gold standard bill, on the ground that a return
to the gold basis with undue precipitancy might aggravate the existing grave conditions of unemploy- ment and trade depression." This proposal was defeated "without a division." It seems that at Tuesday's session of the House "a Labor amendment was
then moved restricting the Chancellor's powers of
borrowing in support of exchange to the £60,000,000,
already arranged for in the United States, but Mr.
Churchill replied that to insert any figure would to
some extent weaken the notice warning speculators
off the sterling pastures. There was, of course, no
probability of any borrowing being necessary, he
said, but he had power to borrow up to £150,000,000
by law and precedent, and now he merely wished to
be relieved of the obligation to use any such borrowings immediately for payments into the exchequer
for the redemption of the debt. In reply to other objections, including a protest against the provision
relieving the Bank of England of the liability to exchange sovereigns for bank notes, Mr. Churchill replied that the bank would still give sovereigns to anyone who made out a strong case for having them, but
there were 250,000,000 reasons against the general
use of the sovereign, namely the number which would
have to be put into circulation. Owing to the depletion of the country's reserves, the nation could not
go back to gold coinage, he said, because it could not
afford it, nor could he tell where its use would stop."
According to the Associated Press representative,
"explaining the Morgan credit, Mr. Churchill said
/
that 114% commission was payable during the first
year, and if the credit was not used during the second
year one-half of that commission was payable. No
commission was payable on the Federal Reserve
Bank credit ($200,000,000) unless the credit was
utilized."
The British House of Commons has been active in
putting the new budget into effect. Special attention has been given to the heavy imports recently.
At the session on..Thursday evening "the McKenna
duties on motor cars, musical instruments, films and
[voL. 120.
timepieces which were first introduced by the Liberal Chancellor of the Exchequer, dropped by a Labor one and reimposed by Winston Churchill, were
carried by the Government in the Commons to-night
by an average majority of 160." It was explained
that "the proposals were a part of the elaborate balances of the budget and the resulting revenue would
just pay for keeping Great Britain's word to the Dominions in the matter of imperial preference and for
£1,000,000 to be found next year for fostering imperial trade repeal had certainly checked employment.
Did the members realize, he asked, what an enormous
increase there had been in foreign importations since
the duties were repealed last year? For six months
before repeal the monthly average of imported clocks
was 177,000,for six after repeal the average was 520,944. For gold Watches the figures were before, 10,476; after, 41,207. The figures for watch cases were:
gold, before, 29,461; after, 14,717. These figures
showed there had been enormous increase in foreign
importation of the finished article and a noticeable
decline in importation of parts, showing the work of
assembling had been done outside the country which
under the duties had been done inside. A new factory had even been set up in Switzerland to fit parts
of watches into cases."
Official discount rates at European centres continue to be quoted at 97 in Berlin; 7% in Paris and
0
Denmark; 6 % in Norway; 67 in Italy; 5 % in
/
1
2
0
/
1
2
Belgium and Sweden; 57 in London and Madrid
0
and 47 in Holland and Switzerland. In London
0
open market discount rates again advanced and
short bills are now quoted at 4 @4%%, against
/
1
2
414@4 5-167, and three months' bills at 4 9-16@
/
0
4%%, against 4 % a week ago. Call money at
/
1
2
the British centre remained firm and finished at
4%%,in comparison with 3%7 last week. At Paris
0
the open market discount rate has not been changed
from 6 %, and in Switzerland it remains at
/
1
2
2%%.
The Bank of England lost gold this week,the latest
statement showing a decline of £1,058,801. Reserve
was reduced £960,000, note circulation having decreased £99,000. Public deposits fell £6,027,000, but
"other" deposits increased £2,235,000. The bank's
temporary loans to the Government expanded £758,000. Loans on other securities were reduced £3,510,000. There was also a trifling lowering in the proportion of reserve to liabilities, which this week is
22.0270, as against 22.12% last week and 22.96% for
the week of April 29. At this time a year ago the
ratio stood at 181 27 and in 1923 at 202
/ 0
/
1%. Gold
holdings aggregate £154,683,263, against £128,172,646 in 1924 (before the transfer to the Bank of England of the £27,000,000 gold held by the Redemption
Account of the currency note issue) and £127,521,944 a year earlier. Reserve stands at £26,143,000.
This compares with £22,706,091 and £23,495,814 one
and two years ago, respectively. Loan total £72,733,000, against £73,560,504 the previous year and £68,613,871 the year before that, while note circulation
amounts to £148,287,000, against £125,216,555 in the
corresponding week of 1924 and £123,776,130 a year
earlier. No change was made in the official discount
rate from 57. Clearings through the London banks
0
for the week totaled £942,894,000, which Compares
with £761,441,000 last week and £745,656,000 a year
ago. We append herewith comparisons of the several
THE CHRONICLE
9
MAY' 1925.]
2343 '
marks
items of the itank of England return for a series of 173,000 marks, as compared with 441,827,000
919,909,000 marks in 1923. Note circulast year and
years
lation now outstanding amounts to 2,451,772,000
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1921.
1922.
1923.
1924.
1925.
marks.
May 11.
May 10.
May 7.
May 9.
May 6.
b148,287,000
Circulation
11,020,000
Public deposits
107,717,000
Other deposits
Governm't securities 37,608,000
72,733,000
Other securities
Reserve notes di coin 26,143,000
Coin and builion....a154,683,263
Proportion of reserve
22.02%
to liabilities
5%
Bank rate
125.216,555
10,054,807
112,573,564
44,027,755
73.560,504
22,706,091
128,172,646
123,776,130 121,591,685 128,768,640
14,602,313 12,179,131 14,860,622
102,003,385 130,259,056 113,560,751
42,221,180 58,872,646 49.186,122
68,613,871 75,529,571 78,903,266
23,495,814 25,746,254 18,044,607
127.521,944 128,887,939 128,363.247
The weekly statements of the Federal Reserve
banks, issued at the close of business on Thursday,
showed the effects of the payment of $146,000,000
made to the Dodge Brothers for their automobile
properties, leading to the transfer of considerable
14.05%
18%
20%
18%%
3%
4%
4%
% sums out of this Reserve district. The New York
with April 29 1925. £27,000,000 gold coin and bullion bank reported a reduction in gold reserves, through
a Includes, beginning
previously held as security for Currency Note issues and which was transferred to
its operations with the Gold Settlement Fund, of
the Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank $89,000,000.
Rediscounts of Government secured
of England notes issued in return for the same amount of gold coin and bullion
paper at the New York Bank increased $21,700,000,
held up to that time in Redemption Account of Currency Note issue.
and "all other" $20,300,000, so that the total cf bills
A further expansion of 358,960,000 francs occurred discounted was augmented $42,000,000. Holdings
in note circulation, according to the weekly statement of bills bought in the open market increased $25,600,of the Bank of France, bringing the total outstanding 000. There was a heavy expansion in earning assets
up to 43,408,813,000 francs—the highest figure on —02,300,000; but deposits, were only slightly
record. This compares with 43,049,853,000 francs changed, expanding $1,200,000. For the combined
last week, the previous high level. At this time last system there was a shrinkage in gold holdings of
year the circulation item stood at 39.928,859,650 $5,900,000. Rediscounting of paper secured by Govfrancs, the year previous at 36,964,007,940 francs, ernment obligations fell off $7,600,000, but "other"
and only *6,683,184,785 francs in 1914, just prior to bills expanded $18,200,000. Open market purchases
the outbreak of war. The Bank continues to report were $11,700,000 larger. In earning assets and defurther small gains in its gold item, the increase this posits material gains were shown, namely $49,000,week being 33,075 francs. Total gold holdings, 000 and $45,000,000, respectively. Federal Reserve
therefore, now stand at 5,546;295,200 francs, as notes in actual circulation declined $1,400,000 at
compared with 5,542,528,967 francs at the corre- New York and $900,000 for the banks as a group.
sponding date last year and with 5,536,995,141 francs Member bank reserve accounts were reduced *1,100,the year before; of the foregoing amounts 1,864,320,- 000 locally, but expanded $45,500,000 for the System.
907 francs were held abroad in both 1925 and 1924 As was to be expected, the loss in gold reserves, couand 1,864,344,927 francs in 1923. During the week, pled with large deposits, operated to lower reserve
silver increased 382,000 francs, while advances rose ratios. For the twelve reporting banks the *ratio of
156,388,000 francs. Bills discounted, on the other reserve fell 1%, to 76.3%, while at New York there
hand, contracted 1,088,729,000 francs, Treasury de- was a decline of 7.5%, to 74.9%.
posits fell off 16,164,000 francs and general deposits
Last Saturday's statement'of the New York Clear.
were reduced 165,224,000 francs. Comparisons of
the various items in this week's return with the ing House banks and trust companies reflected the
statement of last week and corresponding dates in $146,000,000 payment made on Friday, May 1, by Dillon, Read & Co. for the automobile properties of the
both 1921 and 1923 are as follows:
Dodge Brothers. This must have required much
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Stains as of
Changes
preliminary borrowing and heavy increases in defor Week.
May 7 1925. May 8 1924. May 10 1923.
Gold Holdings—
Francs.
Francs.
Francs.
posits. The Clearing House statement showed • an
Francs.
In France
Inc.
33,075 3,681.974,293 3,678,208,059 3,672,650,213
expansion in loans of $196,919,000. Net demand
No change
Abroad
1,864,320,907 1,864,320.907 1,864,344,927
no less than $196,785,000, to
Total
Inc.
33,075 5,546.295,200 5,542,528,967 5,536,995,141 deposits increased
Sliver
Inc.
298,836.664
292,131.748
382,000
317,389.000
Bills discounted-Dec. 1,088.729.000 4,862.561,000 4,224,877,567 2,402.176.535 $4,603,867,000. This total is exclusive of GovernAdvances
Inc. 156,388,000 3,176,074,000 2,695,401.474 2,178,273,670
NotecirculatIon.lne. 358,960,000 43,408.813,000 39.928,859,650 36,964.007,940 ment deposits to the amount of $32,067,000, Time
.
19,396,405
12,156,000
Treas.deposits_ Dec. 16,164.000
19,138,889
Gerfl deposits_ _Dec. 165,224,000 1.911,812,000 1,943.178,761 1.986,659.657 deposits, on the other hand, decreased slightly,
namely $1,038,000, to $605,952,000. Cash in own
The Imperial Bank of Germany in its statement, vaults of members of the Federal Reserve Bank deissued as of April 30, reflected the strain of month. clined $3,617,000, to $42,728,000, although. this is not
end settlements and reported a heavy expansion in counted as reserve. Reserves of State banks and
note circulation. This item increased 429,654,000 trust companies in own vaults decreased $581,000,
marks. As a partial offset, however, it should be but the reserves of these institutions in other deposinoted that other maturing obligations were reduced tories increased $253,000. Member banks increased
268,789,000 marks, while loans from the Rentenbank their reserves with the Reserve Bank $6,162,000. The
fell 11,099,000 marks and other liabilities declined very large addition to deposits, however, almost com144,212,000 marks. As to the bank's assets, bills of pletely counteracted this and surplus reserve was
exchange and checks gained 229,559,000 marks, and reduced $19,772,510, bringing excess reserves down
advances 70,992,000 marks. Deposits held abroad to $269,550, as against $20,042,060 a week earlier.
decreased 11,100,000 marks, and silver and coins The figures here given for surplus reserves are on
855,000 marks, although reserve in foreign curren- the basis of reserve requirements of 13% for member
cies increased 3,358,000 marks. Declines were shown banks of the Federal Reserve System, but do not inof 19,116,000 marks in notes on other banks and of clude cash amounting to $42,728,000 held by these
288,686,000 marks in other assets. There was a small member banks on Saturday last.
addition to investments, namely 227,000 marks.
Holdings of gold and bullion expanded 10,075,000
Money in the local market was easy again, followmarks,so that the bank's stock on hand totals 1,014,- ing the May 1 disbursements. It was estimated that
2344
THE CHRONICLE
on Wednesday $20,000,000 in loans was called, but
there was no material change in rates. The next
day, after renewing at 4%, call accommodations
dropped to 31 2%. Time money was still easier,
/
loans up to six months at 334% being reported. With
/
the exception of a substantial expansion in the transactions in stocks, there was no change in the general
situation of a character to affect the money market
radically. On Wednesday the total sales on the New
York Stock Exchange closely approached 2,000,000
shares. Earlier in the week and again on Thursday
and yesterday they were well in excess of 1,500,000
shares. It was natural to assume that trading on
this scale resulted in a substantial increase in
brokers' loans, but no estimates of the change that
was supposed to have taken place were forthcoming.
The Government withdrew from local institutions
$4,031,000 on Tuesday and $2,142,000 on Thursday, a
total of $6,173,000. This amount was too small to
have any effect upon the money market, even sentimentally. An attempt was made in some circles to
convey the impression that President Coolidger's
ideas on economy were causing a "buyers' strike."
Responsible trade bodies reported that just the opposite was true. His proposal to reduce Government
expenditures $300,000,000 in the 1925-26 budget, of
course, was well received. If his ideas about economy can only be jut into full effect, both in and out
the Government, there need be no fear about the stability of this country's finances.
[voL. 120.
30 days, 33( bid and 33/8% asked for bills running
1%
60 and 90 days, 3 8 bid and 33i% asked for bills
%
running 120 days and 3 8 bid and 31
%
4% asked for
bills running 180 days. Open market quotations
follow:
SPOT DELIVERY.
90 Days.
334(it33
Prime eligible bills
60 Days.
334@3
30 Days
FOR DELIVERY WITHIN THIRTY DAYS.
FOR
Eligible member banks
Eligible non-member banks
834 bid
834 bad
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT.
MAY 8 1925
Paper Maturtag—
PIIDBRAL RleSERVB
BANK.
WWits 90 Days.
After 90 After 6
Days,but
but
Within 6 Wttats
Months Months.
Com'rciali Secured
Agrtel et by U. S. Bankers' Trade Acrtrui.• Agrees;
Livestock amern't dem- Accepcad
and
Payer
Oblioa- lances. tances. livestock liveslosk
n.e.s.
Hons.
Paper. Paper.
Boston
354
334
334
834
834
'4
New York
854
354
334
834
834
34
Philadelphia
334
334
834
834
334
%
Cleveland
834
834
834
354
354
34
Richmond
4
4
4
itlanta.
4
4
4
4
Chicago
4
4
4
4
it. Louis
4
4
4
Minneapolis
4
4
4
Kansas City
4
4
a
Dallas
4
a
4
4
4an Francisco
334
834
854
354
33s
54
•Including bankers' acceptances drawn for an agricultural purpose and seeurell
toy warehouse receipts, dco.
As to money rates in detail, loans on call this week
Sterling exchange this week not only maintained
again ranged between 33/ and 43', for the third the gains recorded a week ago, but made further
successive week. Monday 432% was the highest, progress upward and on Tuesday established another
the low was 4% with 4% for renewals. On Tuesday new high record quotation of 4 85 7-16 for demand,
4
there was a decline to 33 % high, 33/2% low and although there was a slight recession before the close.
33 % the renewal basis. Only one rate was quoted This is nearly 1 cent over the previous high point
4
on Wednesday, 3%%, this being the high, the low and only about a cent under actual parity. Moreand the ruling figure for the day. A somewhat over, the gain was achieved, on a much smaller
firmer undertone was noted on Thursday and the volume of trading. Now that Great Britain has
range was 33/2@4%, with 4% for renewals. Friday returned to a gold basis, local interests seemed disrelaxation set in once more and call funds renewed posed to hold off and await some new turn of events
at 3%%,while the low was 33/2% and the high 33 %. in international affairs. The prevailing strength
4
For fixed date maturities the market was quiet and was based very largely on buying to cover tourists'
a trifle easier in tone. Offerings were more liberal. requirements, which, as indicated some time ago,
Quotations, however, remained without essential is rapidly attaining substantial proportions and bids
change, with sixty days at 332@3%%, ninety days fair to play an important part in sustaining quoted
at 3%7 and four, five and six months at 3%@4%, rates this summer. According to some of the best
0
the same as a week ago. In the case of the longer informed authorities the strength shown during the
periods the bulk of the business passing was at the past few days has put an end to all talk of gold
flowing this way. Small sales of both bullion and
inside figure.
Mercantile paper rates remained at 3%@4% for coin have been reported by the Bank of England,
four to six months names of choice character, un- but all for shipment to other countries. A generally
changed, with names less well known at 4@)434%, hopeful feeling has been reported among British
the same as a week ago. Trading was quiet and financiers. Apprehensions that the Bank of Engfeatureless. Out-of-town institutions were still the land might be compelled to raise its discount rate
principal buyers. The supply of prime names was in order to protect its gold supply are likewise
small. New England mill paper and the shorter passing; hence London cable rates were almost uniformly strong and tending higher. Easy money
choice names continue to be dealt in at 3%%•
Banks' and bankers' acceptances were moderately rates here helped to sustain exchange prices.
active, although trading continues to be restricted
Referring to quotations in greater detail, sterling
by light offerings. There were no new developments exchange on Saturday last was a shade easier and
to speak of in the week's operations. For call loans demand declined fractionally, to 4 843@4 849',
against bankers' acceptances the posted rate of the cable transfers to 4 843/@4 84% and sixty days to.
American Acceptance Council at one time was up 4814817 trading was less active. On Mon8;
to 33'% from 3% last week, but yesterday was day prices were again advanced and demand estabmarked down to 331%. The Acceptance Council lished another new high record of 4 847 the low
8;
makes the discount rate on prime bankers' accept- for the day was 4 843( while cable transfers ranged
1;
ances eligible for purchase by the Federal Reserve between 4 843/ and 4 853/8 and sixty days at 4 813
2
banks 33'% bid and 3% asked for bills running @4 82%; the market was generally quiet. Sterling
MAY 9 1925.]
l'EtE CHRONICLE
bills sold still nearer to par on Tuesday, when the
quotation touched 4 84 15-16@4 85 7-16 for demand,
4 85 3-16@4 85 11-16 for cable transfers and 482 7-16
@.4 82 15-16 for sixty days; good buying, with
several of the largest financial institutions in the
market as purchasers, was responsible for the
strength. Wednesday freer offerings induced an
easier undertone; demand was off about % cent, to
484 13,16@4 8534, cable transfers reacted to 485 1-16
@.4 854 and sixty days to 4 82 5-16@4 82%. Dulness characterized trading on Thursday, with correspondingly narrow price movements; the day's range
was 4 844@4 85 1-16 for demand, 4 853/8@
4 85 5-16 for cable transfers and 4 829/@4 82 9-16.
8
for sixty days. Friday's market was quiet and
easier with demand a shade lower at 4 84%@
4 84 15-16; cable" transfers 4 84%@4 85 3-16, and
sixty days 4 8234@4 82 7-16. Closing quotations
were 4 82 3-16 for sixty days, 4 84 11-16 for demand
and 4 84 15-16 for cable transfers. Commercial
sight bills finished at 484 9-16, sixty days at 480 11-16
ninety days at 4 79 15-16, documents for payment
(sixty days) at 4 80 7-16, and seven-day grain bills
at 4 84 1-16. Cotton and grain for payment closed
at 4 84 9-16.
The week's gold movement was confined to engagement of another $2,500,000 by the New York Reserve
Bank for shipment to the Reichsbank in Germany,
making the total forwarded thus far $32,500,000; a
small shipment of $30,000 chartered by the Bank of
India, Australia and China for Madras, and one
importation from Holland. This is the first shipment since the return to a gold basis and amounted
to $5,000,000, consigned to the Federal Reserve Bank
for account of a Holland correspondent. Officials
of the bank refused to discuss details of the transaction.
Movements in Continental exchange were narrow
and lacking in significance, so far as the major
currencies are concerned, and although price levels
were maintained, trading was light and the market
a dull affair, with attention shifted fOr the time being
to the extraordinary strength displayed by some of
the Scandinavian exchanges and Spanish pesetas,
which all attained new high levels. French francs
were dealt in to a comparatively limited extent and
the quotation ruled at close to 5.23 the greater part
of the week. The outbreak, however, of what
threatens to be a costly and long-drawn out military
struggle between France and French Morocco, had
an unsettling effect on market. sentiment generally.
Greek exchange came in for some attention by reason
of selling pressure which forced a decline of about
6 points, to 1.83, and was the result of an attempt
to take profits after the recent sharp advance.
Italian lire were inactive, though slightly steadier,
with checks quoted most of the time around 4.11.
German and Austrian exchange remained unchanged.
In a word, practically the whole of the Continental
division of the foreign exchange market was in
neglect. Of the minor currencies, there is absolutely
nothing new to report. Rumors that Finland is to
be one of the next countries to return to a gold
standard were well received, but failed to exercise
any influence one way or the other on finmark
quotations, which have long been stabilized at 2.53
by the Bank of Finland. Rumanian lei turned strong
at the close, though without special activity. The
Monetary Commission that has been at work on
2345
Finnish problems of finance has recommended that
Parliament pass a law to that effect in the autumn,
but it is thought that the action taken by England
may cause an earlier resumption.
The London check rate on Paris finished at 93.00,
against 92.85 last week. In New York sight bills
on the French centre closed at 5.203/2, against 5. 33.j;
2
cable transfers at 5.213/2, against 5.243.; commercial
sight bills at 5.193/2, against 5.223, and commercial
sixty days at 5.143j, against 5.17 a week ago.
Antwerp francs finished at 5.04 for checks and at
5.05 for cable remittances, in comparison with
5.073( and 5.083j a week earlier. Final quotations
on Berlin marks were 23.81 for both checks and cable
transfers, the same as heretofore. Austrian kronen
were not changed from 0.00143/ Italian lire
8
.
finished the week at 4.09% for bankers sight bills and
at 4.103 for cable transfers. This compares with
%
4.103 and 4.113 the previous week. Exchange on
Czechoslovakia crowns closed at 2.963/2, against
2.933 ; on Bucharest at 0.483/2, against 0.463/2; on
%
Poland at 19.21, against 19.20, and on Finland at
2.53(unchanged). Greek exchange finished at 1.8434
for checks and at 1.85 for cable transfers. A week
ago the close was 1.893 and 1.903.
%
The former neutral exchanges came to the front
this week because of the spectacular strength shown
in all but the Swiss and Swedish currencies. Guilders
ruled firm and higher, gaining another 6 points, to
4.19. Of the Scandinavians, Norwegian krone led
the rise, gaining 42 points, to 17.03. Remittances
on Denmark moved up to 18.96
-an advance of 23
points. Among the reasons most generally credited
for the improvement in prices is that of preparations
for return to a gold basis. It is understood that the
President of the Bank of Norway is planning to
bring kroner back to par, or 26.8. Later in the
week some of these gains were lost as a result of
realizing sales. The decline in Swedish exchange
was said to be due to Sweden's disinclination to take
gold. The Bank of Sweden has a large gold reserve
and is hence said to be in almost complete control
of the exchange rate. Spanish pesetas touched a
new high quotation of 14.65. With all of these
advances, however, trading was only intermittently
active and the volume of business transacted light.
Bankers' sight bills on Amsterdam closed at 40.19,
against 40.1134; cable transfers at 40.21, against
40.1334; commercial sight bills at 40.11, against
40.0334, and commercial sixty days at 39.75, against
39.6734 a week ago. Closing rates on Swiss francs
were 19.34 for bankers' sight bills and 19.35 for cable
transfers. Last week the close was 19.3634 and
19.3734. Checks on Copenhagen finished at 18.87
and cable transfers at 18.91, against 18.69 and 18.73.
Swedish checks closed at 26.7134 and cable transfers
at 27.7534, against 27.77, while checks on Norway
finished at 16.87 and cable transfers at 16.91, against
16.6134 and 16.6534 the preceding week. Spanish
pesetas closed at 14.5534 for checks and at 14.5734
for cable remittances, as contrasted with 14.6034
and 14.6234 a week earlier.
As to South American exchange, trading was not
particularly active, and price levels remained within
a few points of those of last week. Argentine paper
pesos were strong on rumors of a return to the gold
standard about June 1, and advanced to 39.28 for
checks and to 38.75 for cable transfers, as compared
with 38.56 and 38.61, but Brazilian milreis eased off
'
(VOL 120:
THE CHRONICLE
2346
OF NEW YORK FEDERAL ntsEavE BANIC
and 'closed mach lower, at 10.24 for cheeks and at DAILY CREDIT BALANCESCLEARING HOUSE.
AT
10.29 for cable remittances, as against 10.70 and 10.75
Saturday, Monday,
Aggregate
the Week preVious. Chilean exchange ruled firm and May 2. May 4: Tuesday, Wednesd'y, Thursday, Friday, for Week.
May 5.
May 6.
May 7.
May 8.
higher, closing at 11.42, against 11.35, but Peru sold
$
$
98,000,000 100,000,000 86,000,000 81,000,000 82,000,000 74,000,000 Cr.521,000,000
down to 4'07, "rallied and closed at 4.14, against Note.-The foregoing
heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
4 16 last Week.
par collection
These-large credit
'Far Eastern exchange, despite changes in the price the Federal Reserve System'sof gm Reservescheme. operations with the balances:
however, reflect only a part
Clearing
Bank's
motionless. House institutions, as only the items payable in New York City are represented in
of silver, ruled higher, though practically
the daily balances. The large volume of checks on institutions located outside of
Hong Kong closed at. 553'@,55, against 54M© New York are not accounted for in arriving at these balances, as such checks do
but are
with
553; Shanghai at 74@75, against 733'©743'; not pass through the Clearing Housethe local depositedHouse the Federal Reserve
Bank for collection for the account of
Clearing
banks.
4@42;
Yokohama at 42%@423/ against 421
,
2
A
Manila at 49%@50, against 493@,491 ; SingaThe following table indicates the amount of bul
pore at 57@573', against 56%@57; Bombay at lion in the principal European banks:
2
363/@36%, against 36%@36%, and Calcutta at
May 9 1924.
May 8 1925.
36@363,against 36%@36%.
Banks of
Gold.
Meer.
Total.
Gold.
Silver.
Total:
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: '
England_ _ 154,683,263
128,172,646
154,683,263 128,172,646
France a_ _ 147,278,972 12,680,000159,958,072 147,127,362 11,920,000 159,047,362
Germany c 44,592,600 d994,600 45,587,200 22,091,350
114,950 22,206,300
Aus.-Hun_ 62,000,000
1,2,000,000
b
b
b2.000,000 62,000,000
Spain _ _ _ _ 101,444,000 25,928,000 127,372,000 101,207,0
26,367,000 127,574,000
Italy
35,587,000 3,361,000 38,948.000 35,369,000 3,423,000 38,792,000
Netherl'ds 39,956,000 1,752,000 41.708,000 44,284,000
795,000 45,079,000
Nat. Belg _ 10,891,000 3,017,000 13.908,000 10,819,000 2,757,000 13.576.000
Switzeria'd 19,205,000 3,580,000 22,785.000 21,452,000 3,863,000 25,315,000
Sweden..,., 12,971,000
14,726,000
12.971,000 14,726,000
Denmark _ 11,637,000
741,000 12,384,000
989,000 12,626,000 11,643,000
Norway __ 8,180,000
8,182,000
8,180,000 8.182,000
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MAY 2 1925 TO MAY 8 1925, INCLUSIVE.
Total week 588,425,835 82.301.600640,727,435 547,073,358 49,980,950597,054,308
Prey. week 589,515,563 52,184,60064l,700,163 548,301,453 49,735,300 598,036,753
Neon Buying Rate for Cable Transfers in New York
Value in United States Money.
Gesstry and Monetary
Unit.
May 2.
May 4.
May 5.
May 6.
May 7.
May 8.
S
$
EUROPE$
.14056
.14058
.14055
Austria, krone*
.0507
.0507
.0507
Belgium. franc
007303 .007344 .007325
Bulgaria, lev
Czechoslovakia, kron .029635 .029641 .029635
.1871
Denmark krone
.1878
.1895
England. Pound ster4 8450
4.8459
4.8535
ling
.025213 .025230 .025229
Finland, markka
0524
.0523
.0524
France, franc
Germany.reichsmark. .2380
.2380
.2380
018588 .018102 .018365
Greece. drachma
4014
.4015
.4019
Holland, guilder
000014 .000014 .000014
Hungary, krone
0411
.0111
.0411
Italy, lira
.1663
.1688
.1702
Norway, krone
.1916
.1918
.1918
Poland.zloty
.0500
.0503
.0502
Portugal. escudo
.004603 .004617 .004583
Rumania.leu
.1470
.1454
.1461
Spain, peseta
2676
.2677
.2677
Sweden,krona
Switzerland, franc__ .1935
.1933
.1933
Yugoslavia, dinar_ _ _ _ .016147 .016152 .016137
ASIAChinaCheefoo. tae!
7654 • .7683 . .7696
Hankow,tael
.7597
.7613
.7631
.7414
.7411
.7429
Shanghai. tael
.7771
Tientsin, tael
7742
.7758
.5467
.5476
Hong Kong, dollar_ .5468
Mexican. dollar-----5408
.5397
.5421
Tientsin or PelYang.
.5454
.5467
.5471
dollar
.5558
.5571
.5563
Yuan, dollar
.3612
.3602
.3605
India, rupee
.4202
.4202
.4198
Japan. yen
.5625
.5642
Singapore(S.S.),dolla .5621
NORTH AMER.
1.000110 1.000138 1.000167
Canada, dollar
1.000052 1.000280 1.000188
Cuba, peso
499583 .499250 .498250
Mexico, peso
Newfoundland, dolls .997313 .997656 .997917
SOUTH AMER.
.8774
.8787
Argentina, peso (gold) .8765
1057
.1058
.1063
Brazil, milrels
.1139
.1128
Mile, yam (Paper)... .1129
11,1,2
A.40.1
nen.,
-------
$
.14058
.0505
.007350
.029640
.1886
$
.14064
.0503
.007321
.029637
.1883
$
.14064
.0505
.007303
.029634
.1886
4.8532
.025213
.0522
.2380
.018193
.4020
.000014
.0411
.1688
.1918
.0500
.001615
.1462
.2677
.1934
.016147
.8512
4.8492
.025212 .025216
.0520
.0522
.2380
.2380
.018232 .018394
.4020
.4020
.000014 .000014
.0410
.0410
.1678
.1685
.1920
.1917
.0498
.0501
.004651 .004739
.1458
.1456
.2677
.2676
.1934
.1934
.016122 .016161
.7704
.7628
.7433
.7788
.5474
.5435
.7700
.7622
.7427
.7788
.5475
.5435
.7717
.7641
.7455
.7804
.5479
.5441
.5483
.5579
.3611
.4191
.5638
.5479
.5579
.3611
.4201
.5638
.5483
.5579
.3613
.4192
.5650
1.000029 .999972 .999980
.999844 1.000052 1.000052
.498750 .499250 .497063
.998229 .997448 .997760
.8807
.1049
.1134
.8899
.1037
.1131
.8995
.1018
.1131
nmnn
nmla
OS V1
.
•
•One sehilling is equivalent to 10,000 paper crowns.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,396,645 net in cash as a result of the cur
rency movements for the week ended May 7
Their receipts from the interior have aggregated
$5,361,785, while the shipments have reached $965,140, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended May 7.
Banks' Interior movement
Into
Banks.
$5,361,785
Out of
Banks.
Gain or Loss
to Banks.
$965,140 Gain $4,396,645
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows: '
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this
Year are exclusive of £6,116,050 held abroad. d As of Oct. 7 1924.
America and the European Situation
Ambassador Houghton's London
Speech.
The annual dinner of the Pilgrims Society of London has come to be looked upon as an occasion at
which the Washington Administration, speaking unofficially through the American Ambassador to
Great Britain, lets fall some intimation of its policy
regarding European affairs. Four years ago, to be
sure, Ambassador Harvey startled his hearers and'
the American public by declaring bluntly that the
United States did not send its young soldiers across
the sea to "rescue humanity from all kinds of menacing perils" or even to save Great Britain, France
or Italy, but "so!ely to save the United States of
America." Mr. Harvey, however, appears to have expressed his own opinion rather than that of his Government, and President Harding hastened to dissociate himself from Mr. Harvey's remarks in
speeches pronounced a few days later. This year
Mr. Houghton, in his first public address since his
transfer from Berlin to London, followed the accustomed manner of saying some things that Washington apparently wanted to have said, and the echoes'
of his address on Monday evening are still resounding both in this country and abroad.
Mr. Houghton's speech, worthy of high praise for
its admirable literary form, was notable in the first
place for its deliberate abandonment of the "hands
across the sea" and "blood is thicker than water"
kind of sentimentality which has too long been indulged in at Anglo-American gatherings. "It seems
to me," he said,"that there are relations between the
English-speaking peoples which We may safely take
for granted, and regarding which a certain reticence is instinctive and, in my poor opinion, desirable. . . . The time is past when we need to dig
up this friendship, as it were, on festive occasions, to
examine the roots and felicitate ourselves on their
growth and vitality." Would that other public men
of both nations might take to heart these sensible'
words! International friendship, like personal.
friendship, if it really amounts to anything, does mit
MAY 9,1925.]
THE
CHRONICLE
need to.be paraded and talked about in order to prove
either its existence or its worth. It is rather an underlying habit of mind which shows itself in conduct,
and iteration begins to ring hollow when affection
is protested too much. The fundamental reations
that bind Great Britain and the United States in a
certain community of interest are obvious, and not
likely soon to weaken or disappear, and Mr. Houghton was wise as well as courageous in taking it for
granted that the reasons are what they are, refusing
to coin another series of vain repetitions about them,
and addressing himself at once to the special message
which, as an Administration spokesman, it was his
business to deliver.
What was said under this second head merits careful attention from two quite opposite points of view.
America's interest in the reconstruction of Europe,
Mr. Houghton declared, was not that of "a participant in a gigantic game of skill, in which it behooves
her to play her cards very warily," lest "suddenly
and without her knowledge" she should find herself
mulcted in "heavy penalties." The people of the
United States view with satisfaction what has been
done for Europe's recovery, but "when we lent our
savings to make it possible for the peoples of Central
Europe to get to work, it was because we knew that
only in this way could Europe as a whole be made to
function economically. . . . But we have never
forgotten that there was a limit beyond which we
could not go. The full measure of American helpfulness can be obtained only when the American people
are assured that the time for destructive methods
and policies has passed, and that the time for peaceful upbuilding has come. They are asking themselves if that time has in fact arrived, and that question they cannot to-day answer. The answer must be
given to them. . . . If the answer is peace, then
you may be sure that America will help to her generous utmost. But if—which God forbid—that answer shall continue confused and doubtful, then I
fear that those helpful processes which are now in
action must inevitably cease. We are not, as a people, interested in making speculative advances. We
can undertake to help only those who try to help
themselves. And in saying this we are not thinkirg
specifically of any one nation, but rather of a situation in which all are alike involved."
These are weighty words, and they have been taken
seriously on both sides of the Atlantic, notwithstanding marked differences of interpretation. The Tory
"Morning Post" of London, still speaking as though
no country except Germany had any responsibility
for the war, interprets Mr. Houghton's statements
as a warning to Germany and a clear hint to the Hindenburg regime. The German press, together with
most of the leading London papers, sees in them a
plain warning to France, while the conservative
French press, we regret to note, resents them as the
unfriendly utterances of a pro-German diplomat and
proof that the United States washes its hands of all
responsibility for Europe in reconstruction notwithstanding its own participation in the war. In this
country, on the other hand, Mr. Houghton's speech
has been accepted generally as a quasi-official intimation that American loans to European Governments will be discouraged by the Administration unless irritating international policies are abandoned
and preparations for future wars forsworn. We
, prefer to take the American Ambassador at his word;
and to assume that his remarks were addressed to
2347
Europe as a whole and not to any particular State.
If the European Governments most deeply involved
in the task of reconstruction see fit to interpret them
as aimed particularly at one or another of their number, they may safely be left to make the application
for themselves.
Regarding the policy which Mr. Houghton indicated, however, there are two things to be said. We
believe it to be -die practically unanimous conviction
of the people of this country that American money
should not be used, either directly or indirectly, to
keep alive in Europe the suspicions, irritations, enmities or international rivalries born of the war and
the peace settlement, or to further plans for wars of
any kind in the future, but solely for the advancement of the economic and social recovery which has
already hopefully begun, and in whose progress the
United States as well as Europe is vitally concerned.
That the policy of more than one European Government has not been consistently directed to a peaceful
adjustment of outstanding difficulties, and that both
political, economic and military preparations for
war have been pushed forward to the hindrance of a
general reconstruction which ought to have been further advanced than it has been, is unfortunately a
widespread conviction in this country. It is not for
the United States to coerce Europe in the path of
peace, but until Europe shall have made clear, as unhappily it has not yet made clear, that policies of
obstruction or irritation have been, discarded and
peace is being straightforwardly sought, American
help, whether in the form of loans or in other material ways, should be wholly discountenanced. We
are confident that such is the predominant sentiment
of American bankers and investors as well as of the
American people, and Mr. Houghton did well to express it beyond likelihood of misunderstanding.
On the other hand, if Mr. Houghton's warning is
to be taken to mean that the Coolidge Administration
intends to concern itself actively with the policy of
American financiers in making foreign loans, there
is occasion for pause. Government interference with
business has already gone much too far in this country, and every intimation of further administrative
encroachment upon private initiative and right ought
firmly to be resisted. It is not in the interest of
sound business that the Administration should expect, as apparently it does expect, that bankers or
investors shall consult it before making foreign Government loans, or that administrative disapproval of
a proposed loan should be regarded as a conclusive
reason for abandoning it. It were better for both
the Government.and business that American financiers should be left entirely free to place their funds
wherever, in their judgment, the conditions of sound
investment exist, without pressure or hint from
Washington, subject only to the obligations of right
conduct and honorable dealing which a proper regard for the welfare of the country impose. The
measure of political health in any nation is the instinctvie regard of the people for what is expedient
and right, and one of the surest ways of cultivating
such regard is for Governments to let business as
much as possible alone.
It is to be hoped, accordingly, that Mr. Houghton's
warning of America's attitude towards Europe may
be taken not as forecasting any increased surveillance by the Administration over foreign loans, but
rather as timely counsel to the American public to
continue alert to the significance of what is going on
2348
THE CHRONICLE
in Europe. If the plain reminder of what the American people expect shall aid in removing any of the
obstacles that now exist to speedy economic recovery,
it will assure the continuance of American help to
the"generous uttermost"in behalf of peace and prosperity.
The Uses and Purposes of Wealth.
In this age of inquiry, all existing things come
under question. And no subject is more eagerly
analyzed than wealth. We have come to know the
responsibility its possession by the individual visits
upon him. Our national resources are constantly
spread before us. A nation as rich as ours, we are
told, owes a duty to the world. Wealth is the study
of economics. It is the animadversion, often, of politics. Not seldom it is the sole goal of personal endeavor. Few, comparatively, renounce, wholly, the
ambition to possess it. Socialists do not preach poverty, as do some religious orders. They would retain
wealth, but have it in the possession of the State,
Communists, theoretically, would not destroy it, but
place it in the keeping of industries or classes. The
right disposition of wealth has come to be an obsession of our time. Sometimes,it would seem, we salve
our consciences by pointing to the great benevolences
it enables the more fortunate of our citizens to inaugurate. But wealth, in large or small degree, has
a power we rarely dwell upon, the power to create
beauty.
Wealth is the result of work. We are agreed that
labor is a divine law, the law of life. Therefore
wealth in itself cannot be a wrong. Yet its uses are
so many and so diverse that often we condemn it as
harmful to man. Great wealth, we cry out, must be
somehow curtailed or it will ruin the people. It
leads, we say, to idleness, frivolity, extravagance,
waste, ostentation, and class consciousness. There
is a growing sentiment that equality of possession
is the right thing. Some would go so far as to tax it
out of existence, confiscate it for the benefit of those
who have it not. Envy follows in its wake. It is
said to breed the terrible evil of war. But how can
man look upon its marvels and condemn it? How
can he consider the nature of its growth and believe
it possible to exist under State ownership? How
can he picture civilization without it? And, whether
as an individual he owns much or little, how can he
look upon the beauty of our man-made environment
and believe it possible without it?
Usually we go to the woods and streams, the mountains and plains, for what we term "the beautiful."
And to the seeing eye nature never disappoints.
Again, we say, our .cities are ugly, conglomerate
masses of buildings without order or symmetry. Yet,
again to the seeing eye, there is beauty everywhere.
For one thing there is the beauty of the spiritual concealed in the material. A barren warehouse, many.
windowed, straight of line, severe of wall, hides a
human conception of use that can only come from
Long endeavor and study of the needs of a particular
business. A house, a hall, a church, a library or museum, may not harmonize with its surroundings, yet
each may evidence a leap toward the aesthetic that
aside from its architectural adornment bespeaks a
beauty that lived first in a single human soul And
it came into being through individual or collective
wealth. In no other way could it come. From some
vantage point, by day, look upon the spreading outline of a city—what infinite pains and toil in the
[Wu 120.
building thereof—what softening of the harsnness of
the ill-assorted blocks and masses into a .3:3- e of
n
splendor! And at night, perhaps where there are
harbor lights, as well as the long lines of street
lamps, how beautiful the scene, leading the lover of
beauty to turn in deeper reverence to the greater
glory of the sky at night.
We but feebly indicate this wondrous beauty, the
product of wealth. Can it be wisdom, then, to complain that even the few have great riches? Walk
through the residential sections of a city! If it 2
other than a slum, there will be lawns and houses
that represent the owner's idea of utility and beauty.
The architect may not agree, but even in the individuality displayed there is a latent aesthetic sens,.: But
as we walk we come into sections where wealth
dwells. Note now these exteriors. There are no two
alike. Here are the houses each man builds for himself—after his own taste, his own fortune. Here
are the clean-shaven lawns, the flower-bordered
walks, the many-styled roofs and facades, houses of
stone, of brick, of wood, a varied beauty that delights
the eye. Here is wealth. If we were privileged to
enter these homes, in hundreds of ways we would
find beauty in the interior appointments and decorations. And all this is but one example of the
wealth that is beauty.
As cities grow, as peoples grow richer, more and
more beauty results from wealth. Can it otherwise
come into existence? Though a comparatively few
may own, the enjoyment of these externals of a
beauty, which are the result of taste and wealth,
grows. And soon even the poor come to demand in
public buildings and parks and playgrounds a degree of ornateness only the architect and landscape
gardener can supply. This is not, of course, the
highest form of spiritual beauty. That cannot be
expressed in things, it lives in character. Men and
women had this inner spiritual beauty in the pioneer
days of the log cabin and the stockade, and it flowered into the most beauteous forms known to any
time or state, the deeds of kindliness and good-will.
But the psychologist will agree that the flowering of
an inner sense of beauty into externals, made possible
by the possession of wealth, will inspire the same
sense in others less fortunate in life. Therefore it is
vicious teaching which inculcates envy and hate of
the rich.
After a competence has been reached, therefore,
it is not alone power that men strive for in business,
it is also the gratification of the aesthetic sense. It
may, often does, result in the building of a mansion,
a home with all the appointments art and invention
can give it. It may result in a benefaction to school,
library, hospital, asylum, sanitarium, with all that
modern science can install. It may result in leisurely
travel that knowledge of the world may be added to
the satisfaction of a life of independence. But in all
these there is the expanding of an inner sense of the
fullness of life which includes an appreciation of
beauty for its own sake. We can scarcely conceive
of our present civilization without these manifestations of wealth. In Our time wealth does not take on
the purposes of direct patronage to those who possess
talent and ambition. We regard the struggle of the
poor toward the attainments of talent or genius as
more vitalizing than the bestowal of this form of patronage. Wisely, we think, although scholarships
are not unknown, our methods of endowment are
more in keeping with republican institutions where
MAY 9 1925.]
THE CHRONICLE
each has his chance. Nor do we tend toward that
Greek devotion to culture which gave the world so
much in philosophy and sculpture. Though this does
not mean we are slaves to the material without
thought of the spiritual. In a wide-spread democracy, with a congesting population, and an intricate,
absorbing and industrial life, it is not possible to follow the Greek ideals. In fact, as a people we have
only begun to live. Our history is written in the establishment of fundamentals, in the laying of the
base for a more cultured life. Our wealth is that of
development of natural resources.
Some fear this material wealth will be our undoing. But there is in its very acquisition a mental
growth that can only flower in the end in a love of
the higher life in which beauty plays a part as well as
love. No other state can be imagnied which would
give the individual such breadth of view, sueh spiritual longings. Socialism with its dead level could
not do it. We need our contrast in degrees of ownership of wealth to give to the successful individual
the right of self-expression in the uses of his vealth.
This, as time goes on, will take on new and divers
forms. One cannot now imagine the ultimate effect
of this diffused ownership of wealth upon science,
letters and art. We are now at the beginning. As
wealth mounts in the aggregate, the "standard of
2349
living" will mount. The so-called "middle class,"
sooner satisfied to retire from business, will devote
itself to study and contemplation. We may hope and
expect that the present craze for pleasure will burn
itself out, and a more temperate and tolerant life
ensue.
Wealth, as a whole, is not to be feared but controlled. Not by present-day methods of legislative
restrictions and interferences, but by the free individual's sense of its worth and uses. This must grow
and burgeon through manifold expression. Wealth
is not the end but the means. It is true that the "captains of industry" are tied to the wheel of great enterprises they cannot relinquish. But as the corporation continues, ownership will become more divided
and diffused among the people, and management will
offer greater opportunities for early retirement.
Wealth by its very increase and ordered investment
will become more stable, more enduring. The average of wealth held will be higher. Fortunes will not
be made or lost by speculation as much as now. Development will be by surer corporate methods. And
the uses of wealth, taking on forms of beauty as well
as benevolence, will become the larger possession of
the masses. The natural growth of our system of
producing wealth teaches that it is right and ought
to continue essentially as it is now.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, May 8 1925.
Trade still labors under the disadvantages of unseasonably
cold weather over much of the country. Even in the far
South and Southwest it has been too cold, with frosts reported at times. That has also been the case in some parts
of the grain belt. Under the circumstances it is not surprising to find that wholesale trade has in the main been
rather less active. This may be regarded as only a passing
phase. But there is no doubt whatever that the big industries of the country are still more or less sluggish. That is
certainly the case In the textile trades as regards both cotton and wool. It is a significant fact that the Australian
wool auction sales have been stopped abruptly, because of
the demoralized condition of the wool market. And now It
Is announced that the London sales will end on the 14th inst.,
the unavoidable inference being that it is for the same reason. In fact, London dispatches say that the losses in wool
on the great decline which have amounted to some 40% In
the last four months will run upwards of $50,000,000. And
woolen manufacturers at home and abroad cannot sell their
goods at all freely. The statistical position of wool may or
may not justify present prices, but the point is that the
people refuse to pay them. The high price of clothing nearly
seven years after the close of the war irritates the people.
In this country the woolen manufacturing business is still
stagnant and prices of wool steadily decline. It is not surprising to notice that the price of Woolen Company shares
on the Stock Exchange have fallen at times sharply here
during the past week.
In coffee there has been another sensational decline. On
Thursday alone it reached 70 to 90 points. Recently it has
been upward of 150 points. The consumer has rebelled
against prices, which In this case seem largely, if not absolutely artificial. They are largely traceable to the effort
of the Brazilian Government to bolster up prices in defiance
of the law of supply and demand. The use of substitutes
has hurt the sale of Brazilian coffee in this country. Also,
mild coffee has been pushed for sale with great success, in
sharp competition with the Brazilian product. In the main,
however, it has been a buyers' strike against what were regarded as unduly high prices. Even now,coffee is some 3
/
1
2
to 4 cents per pound higher than a year ago. The speculation at the Coffee Exchange here during the week has been
on a large scale, large in liquidation of long accounts, and
the general opinion is that prices are bound for a lower
level, although from time to time, no doubt, there will be
upturns from overselling the market. Cotton is another
product which has had a sharp decline during the week,
owing to better crop prospects, through the fall of needed
rains in Texas, dulness of cotton goodsand very heavy selling, partly, it must be admitted, for short account. It is
true that the temperatures in the cotton belt have been unseasonaly low. At times recently there have even been
frosts. Of late there have been very heavy rains in parts
of Texas and this afternoon, on the news that the Trinity
River was out of its banks, the Weather Bureau Issued a
flood warning. But this is not unusual at this time of the
year and in general the outlook for the cotton crop is believed to be favorable. Certainly the acreage is something
hitherto unknown in the history of cotton culture in this
country, being estimated at anywhere from 43,000,000 to
44,000,000 acres. With reasonably favorable weather conditions, the crop may turn out to be even larger than the last
one, 1. e. 13,600,000 bales, and the largest since the mammoth
crop of 1914. The trouble with the cotton trade is that the
manufacturer cannot sell his goods freely. In this respect
the cotton and woolen industries are in much the same boat,
only there is no such prostration in the cotton business as
has been unhappily noticeable in the wool trade at home
and abroad, especially in England and Australia.
Rubber is another product which has had an eventful
week, with a rise In prices in this case, however, of some
several cents a pound. It must be admitted that this advance seems largely artificial. The British Commission is
arbitrarily limiting the output of rubber in producing parts
of the globe which are under its control. This may work
very well for a time, but it is a truism that in the end economic laws will assert themselves. Sooner or later the rubber trade will have to get back to the prosaic basis of supply and demand. Prices in the meantime may have a
meteoric career. But it is a homely old saying that "what
goes up like a rocket will come down like a stick." The
grain markets have been stronger, partly, it is regrettable
to notice, because of unfavorable reports from the winter
wheat belt and the fear that they would be confirmed by
today's Government report which proved the case, as it
.
showed that unfavorable weather during the winter had
forced the abandonment of 9,504,000 acres. Also, how-.
ever, the Spanish Government has bought some
2,500,000 bushes' of American wheat during the
week, while there has also at times been
2350
THE CHRONICLE
good demand from other countries. Foreign markets have
latterly been rising, with reports of bad weather in Continental Europe. There has been some foreign demand for
oats and even, it was hinted, some European inquiry for our
Indian corn. But the business in rye for foreign account has
latterly fallen off. Still, the state of the grain business in
this country is in the main favorable. Reports that a corner
was being organized at Chicago in May corn and May rye
have been emphatically denied.
Meanwhile, retail trade, in spite of unfavorable weather,
has on the whole improved. The automobile output is said
to have been larger even in April than it was in March.,
Over.much of the country the building industry has beeen
more active. Recently there was some curtailment of the
output of lumber, but latterly there has been tt. better de• mand for it. Auction sales of rugs and floor coverings have
in the main been attended with favorable results. It is regrettable to notice that the iron and steel industry shows
no improvement. The output is not over 70 to 75% of capacity, and yet the demand is so slack that there are very
frequent reports of weakening prices. The reduction in the
output, however, is undoubtedly paving the way for ultimate
benefit to the trade, and Judge Gary speaks in a very optimistic strain of the general prospects for business in this
country. The consensus of opinion is that the trend of prices
for cotton, wool, iron,.steel and coffee is downward. Yet
the business sentiment throughout the country is in the main
cheerful. With the return of seasonable weather it is hoped
and believed that general business will take a new lease of
life. The stock market has latterly been active and advancing, affording one of the cheerful features of the week.
Money has been easier, bonds have been steady and the tendency of foreign exchange in the main has been upward.
The financial condition of the world in general is steadily
improving, and it is hoped that no disturbance in foreign
politics will arise to interfere with this heartening progress
back to normal conditions. The recent German election excites less comment, and there seems to be a growing opinion
that it will not operate to the disadvantage of Germany or
its neighbors or the world in general. Germany has had
enough of the monarchy. It wants a Government of democracy.
.and the sturdy common sense of the German people
will insist that this kind of Government shall be maintained in the former German Empire.
J. M. Keynes, who in 1920 was an advocate of the capital
levy now opposes it as the British budget can be balanced
without raising the income tax to "an oppressive level."
He believes the amount that could be raised by a capital
levy is less than he used to think. Most people, mindful of
the history of taxation, will agree with him.
Fall River, Mass., mills are said to be running on an average of 50%,against 70% a few weeks ago. The Durfee mills
were closed last week, except one mill, which was working,
It is understood on unfilled orders. The Weetamoc and the
Mechanics mills, which have been operating five days a
week for several months have lately gone on a three-day
schedule. The Union mills have reduced to three days a
week. The Stafford Co. is operating only one mill of its
plant, most of which has been closed for two years. The
Troy C. & W. Co. Is. still on a two-day basis. The Seaconnact mills have been closed for two years and Arkwright
for one year, with occasional brief operations. At Thorndyke, Mass., both mills of the Thorndyke Co. went on short
time when they resumed work on May 4. The cause of the
curtailment was dulness of trade. At Salem, Mass., mills
were said to be going on shorter time. In Boston the Pacific
mills reduced the quarterly dividend from $1 50 to 75 cents.
At Manchester, Vt., on May 4, the wool sorters of the Amoskeag mills returned to work. The full force was recently
laid off for an indefinite period, but the company has been
able to secure some further orders recently, which apparently has warranted summoning back the sorters. All the
Amoskeag mills are in operation except one small weave
shed, and running at least four days a week. Business in
the last few weeks has improved. At Waterville, Me., the
Lockwood cotton mills, employing 1,200 hands, have gone
on a four-days-a-week schedule, owing to unsatisfactory
trade. At Utica, N. Y., mills with 1,500 workers on May 4
increased wages 6%.
At the $6,000,000 offerings of rugs by Alexander Smith &
Co. the bidding was spirited at some decline from the last
prices of Dec. 15 last. Wilton fringed velvet rugs sold at
$3350 to $3675 for size 11-4, as against the Dec. 15 last
price of $39 70; 6-4 were $1085 to $12; Dec. 15 $1310; Ax-
[VOL. 120.
minster 12-4 sold at $2275 to $23 ; Dec. 15 last $26. The
automobile output in April in the United States reached, it
Is stated, a new high level in April. It is estimated at 420,000
cars, against the previous high level of 404,430 in May 1923.
The week here has been cool, with some rain, but for the
most part clear. It was too cool for the grain and cotton
crops. On the 6th inst. it was 42 here, in Pittsburgh and
Chicago; 40 in Cleveland and Detroit; 38 in Milwaukee; 30
In Minneapolis and St. Paul; 54 in Los Angeles, and 46 in
Philadelphia. To-day the temperature here was 61 at
3 o'clock, but the forecast was for faith weather with light
frosts to-night and cool weather to-morrow. Throughout
the West it was cool and that was also the case over much
of the South.
Federal Reserve Board's Summary of Business Copditions in the United States—Production in Basic
Industries Declined in March—Trade Increased.
While an increase in wholesale trade and department sales
is reported for March by the Federal Reserve Board in its
summary of business conditions in the United States made
public April 27, it is indicated that production in basic
industries was smaller in March than in the two preceding
months. The summary follows:
Production in basic inclustries was smaller in March than in the two preceding months but was as large as at any time in 1924. Distribution of
merchandise both at retail and wholesale was in greater volume than a
year ago. Wholesale prices, after increasing since the middle of 1924,
remained in March at about the same level as in February.
Production.
The Federal Reserve Beard's index of production in basic industries
declined in March to a level 5% below the high point reached in January.
Iron and steel production and cotton consumption showed less than the
usual seasonal increase during March and activity in the woolen industry
declined. There was a further decrease in the output of bituminous coal.
Increased activity in the automobile industry was reflected in larger output.
employment, and payrolls. In general, factory employment and payrolls
increased during the month. Value of building contracts awarded in
March was the largest on record, notwithstanding the recent considerable
reduction in awards in New York City.
Trade.
Wholesale trade in all principal lines increased in March and the total
was larger than a year ago. Sales at department stores and by mail-order
houses increased less than Is usual at this time of the year. Stocks of shoes
and groceries carried by wholesale dealers were smaller at the end of March
than a month earlier, and stocks of drygoods, shoes, and hardware were
smaller than last year. Stocks of merchandise at department stores showed
more than the usual seasonal increase and were somewhat larger than
last year.
Prices.
Wholesale prices of most groups of commodities included in the Index of
the Bureau of Labor Statistics declined somewhat in March but owing to
an advance of food prices, particularly of meats, the general level of prices
remained practically unchanged. Prices of many basic commodities, however, were lower at the middle of April than a month earlier.
Bank Credit.
Volume of loans and investments at member banks in principal cities
continued at a high level during the five-week period ending on April 15.
Total loans declined, reflecting chiefly a reduction in leans on stocks and
bonds, and also some decrease in loans for commercial purposes. Investment holdings, which early ip March had been nearly $300,000,000 below
the high point of last autumh, increased by the middle of April by about
half this amount. Demand deposits, after declining rapidly between the
middle of January and March 25, increased during the following weeks.
but on April 15 were still $633,000,000 below the maximum reached in
January.
At the reserve banks the volume of earnings assets on April 22 was about
$75,000,000 below the high point at the end of February, but continued
above the level of a year ago. Discounts for member banks were about
twice as large in April as at the exceptionally low point In the middle of
January, while total United States securities and acceptances held were In
smaller volume than at any time during the year.
Somewhat easier money conditions in April were indicated by a decline
-day acceptances to
of one-eighth of one % in the open-market rate on 90
3% and by sales of prime commercial paper at below 4%.
Business Conditions in Boston Federal Reserve District.
Volume of Trade Large But Business Activity
Declined Slightly.
Frederic H. Curtiss, Chairman and Federal Reserve
Agent of the Federal Reserve Bank of Boston, in his Monthly Review dated May 1 says:
The sum total of the volume of trade transacted in New England during
recent weeks has been large, although there are an increasing number of
reports of reactionary tendencies and unsatisfactory bookings of new business. As a matter of fact, business activity declined slightly in both
February and March from the high level reached in January, a condition
which exists not only in New England but in the country as a whole. It was
obvious that the acceleration in business activity during the last hall of 1924
was too rapid to continue for long. If it had continued throughout the first
half of 1925, activity during midsummer would have been 45% higher than
in the summer of 1924.
As a matter of fact, there has never been such an increase in any one yeti r.
Incoming orders have not been in sufficient volume to sustain the high rat.
of production in a number of important lines, and therefore unfilled order,
have declined. A reaction in the commodity markets occurred in the last
week of January, and continued through at least the first three weeks in
April. The slightly downward trend in February and March of the New
England business activity index reflects the net result of these several factors
of the business situation.
31Ar 91925.]
THE CHRONICLE
The cotton textile industry of New England continues to operate at a
higher rate of production than a year ago. New England mill consumption
of wool, however, was lower in March than in January and February, or
the corresponding month last year. On the whole, cotton mills are more
active than the woolen and worsted mills. New England shoe production
increased seasonally In March in anticipation of the spring trade, being, in
fact, but slightly loss than in March 1924.
' The building industry of this district is very active, contracts awarded
during the first four months of this year being over 20% in excess of the corresponding values in either of the two previous years.
The volume of New England departmentstore sales in the first three weeks
of April was almost exactly equal to the sales in the corresponding period a
year ago. Incidentally, the sales in April 1924 were in larger volume than
in any of the other spring months. Department stores sales In March were
only 3% larger than in March, 1924, when sales were poor.
Distribution of merchandise by New England railroads was in relatively
large volume in March and early in April.
Conditions in Philadelphia Federal Reserve
District-Further Curtailment of Production.
"The business hesitancy which first became noticeable in
February has continued in evidence during March and
April," says the Federal Reserve Bank of Philadelphia in
its May 1 review of business in the District. The Review
continues:
Business
2351
and except for groceries most of the dealers in other groups, showed net
Increases since Feb. 28. For 38 out of 79 firms accounts outstanding were
likewise heavier than at the end of Mar. 1924; in proportion to sales, however, 45 of these firms have smaller amounts on their books this year than
last.
In the value of stocks held Mar. 31 changes from the preceding month
ranged from 3.6% decline for shoe firms to 8.2% increase for hardware.
Grocery stocks for the 8th consecutive month were above the corresponding
date of the previous year;for the other groups average Inventories during the
first quarter of 1925 have been below last year.
As to Department Store trade, the Bank reports as follows:
For nearly three-fourths of the department stores reporting to this bank,
the volume of goods sold during March was heavier than a year ago, the
earlier Easter this year contributing more substantially to the month's
business. This factor likewise affected the February-March comparisonsin
which all but five stores showed gains, averaging for the district much
higher than last year, although somewhat less than in the 3 years 1921-1923.
Aggregate sales for the first quarter of 1925 for half the stores were larger
than during the corresponding period in 1924.
Accompanying the March expansions In trade was the usual seasonal
increase in accounts outstanding, the balance at the end of the month for
60 stores being 2.6% heavier than on Feb. 28; nearly two-thirds of the firms
were carrying larger amounts on their books than a year ago. Collection
trends during the month varied, about half the stores receiving smaller
amounts than in February; comparisons with a year ago were similarly
divided. For 42 firms the ratio of collectioLs during March to accounts
receivable at the beginning of the month was 43.0%. as compared with
•
44.1% a Year ago.
With three exceptions all stores recorded net gains in stocks during th
aggregate for 59 firms on Mar. 31 to 8.4% above
month, increasing the
Feb. 28. Lower inventories than a year ago at 34 out of 44 stores reduced
total stocks to 4% below the Mar.31 1924 amount. Unfilled orders for new
goods at the end of March amounted to 7.9% of total purchases during 1924
and compared with 8.4% on Feb. 28, 18 of the 26 stores furnishing data on
this item showing reductions from the preceding month.
The past month has witnessed a further curtailment of production In
many lines, a slight reduction in factory working forces, widespread though
moderate price recessions, but a volume of distribution nearly equal to that
of the same period of 1924. In the iron and steel industry, although production schedules during March exceeded those of February both In this
district and in the United States as a whole, the past month has witnessed
a subsidence of demand, a weakening of prices and a consequent slackening
in operations. It is significant in this connection that the unfilled orders
of the United States Steel Corporation declined 8.0% between the end of
February and the end of March. The coal markets, both bituminous and Federal Reserve Bank of Chicago on Automobile
anthracite, have also been unsatisfactory in recent weeks, albeit there has
Production and Distribution-50% of Retail
been some recent improvement In the latter trade following price readjustSales on Deferred Payment Plan.
ments. Prices have been weak in both grades and weekly output has been
smaller than in March.
With reference to automobile production and distribution
Textile products have also been encountering yielding prices and weakened we quote the following from the May 1 number of the
demand, with the exception of silk goods which have been selling In better
volume and at firm prices. Mill operations, however, have been well Monthly Business Conditions Report of the Federal Reserve
maintained. Orders for hosiery and underwear are reported in satisfactory Bank of Chicago.
volume although there has been some slackening in the underwear business
Decided expansion in operations was recorded for March In the autosince March. The carpet industry is approaching the end of a fairly success- mobile industry. Identical American manufacturers produced 326,140
ful season. Clothing wholesalers and retailers are buying more freely for passenger cars during that month, compared with 246,671 in February, or
their spring and summer requirements and business is better than it was a gain of 32.2%; in March. 1924, output exceeded that of the preceding
last month or last year.
month by only 3.6%. In the year-to-year comparison the decline of 6.4%
Dulness continues to pervade the hide and leather markets with lower was the smallest since last April when the curtailment in production
prices for many grades. The new season is just commencing in shoes and schedules began. Output of trucks continued to display healthy gains
retailers' stocks are believed to be low. Paper products are In fair demand during March, total production of 42.274 cars representing an increase of
at firm prices although there has been some price cutting on paper boxes. 32.0% over February and 27.9% over March. 1924.
Cigar makers also report a fair market but less activity than in 1924. The
Receipts of cars by dealers from manufacturers producing 62.6% of the
violent fluctuations In wheat prices have been accompanied by similar March output increased 31.2% over the preceding month, while sales by
movements in flour quotations and a resultant unsettlement In the flour these dealers to consumers gained 50.8%. In consequence, the ratio of
market.
sales to receipts climbed from 87.2 in February to 100.2 in March; the ratio
The volume of distribution has expanded seasonally in March and April was 103.6 last year and 115.6 in March. 1923. Seventy-seven dealers and
in most lines is up to last year's levels. Car loadings were heavier in distributors in the Middle West reported to this bank that their March
and
March but failed to equal the total for March, 1924. Conditions in the sales of new cars at both wholesale and retail, as well as those of used cars,
wholesale trade are mixed. Nearly all lines improved in March, but sales gained substantially over the preceding month, although the number of
were smaller than last year except In shoes, drugs, and hardware. Retail new cars sold at retail was somewhat smaller than a year ago. About
buying has improved and is somewhat better than it was last spring. Check fifty per cent of their month's retail sales were made on the deferred paypayments, or debits to individual accounts, increased in March and have ment plan, according to forty-seven dealers reporting this item. The
been substantially above last year's levels.
number of cars held by dealers on March 31 was slightly less than on
February 28 and decidedly lower than last year.
Employment and Wages.
A further slight increase occurred in employment and wages in the states
of the Third Federal Reserve District during March. Although the net ReportiofiBuilding Construction in Federal Reserve
gain in employment was only .2%. textile products advanced 1.3% and
District of Chicago.
chemicals 1.8%. and several of the individual industries made even larger
advances. Car repair shops, miscellaneous textile plants, structural iron
The following is from the May 1 Monthly Report of
works, and sugar refineries each reported Increases of more than 5% in
Conditions issued by the Federal Reserve Bank
working forces, while iron and steel forging plants, felt hat factories, con- Business
fectionery and ice cream establishments and furniture and musical instru- of Chicago.
The contractiwawarded during March amounted to $90,304.813. or
ment factories showed declines of a like amount.
Total weekly wages paid, which reflect fluctuations in factory operations, 72.7% more than In February and 49.5% ahead of the March, 1924.
larger for all industries than In February, but in several volume. This brings the cumulative awards for the first quarter of the
were only .6%
industries, the fluctuations were very large. Car repair shops, shipyards, year to an aggregate value of 15.4% in excess of the corresponding period
sugar refineries and leather products factories all reported increases of more a year ago. A large volume of permits also was recorded for March, those
than 8%• Many industries reported reductions in wage payments, the issued in forty-seven cities of the district excee ling those of February by
largest being 11.6% and 10.8%. in musical instrument factories and about 60% in number and 30% in estimated cost. The gains over a year
ago were respectively 6.0% in number and 0.9% In cost.
explosive plants respectively.
Increase in Volume of Wholesale and Department Store Increase in Wholesale and Retail Trade in Minneapolis
Trade in Federal Reserve District of Chicago
Federal Reserve District.
The May 1 "Monthly Report of Business Conditions," in
Regarding wholesale and retail trade in its district, the
the Federal Reserve District of Chicago states that "with Federal Reserve Bank of Minneapolis has the following to
the exception of three grocery and three dry goods dealers, all say in i:s April 30 monthly review:
wholesalers reporting to this bank indicated a larger volume
Wholerale trade was materially larger in March than a year ago. Sales
68% greater than a year ago,sales of dry
of farm
of goods distributed during March than in February; this shoes implements wereand sales of groceries were 5% greater. goods and
Hardware
were 20% greater
increase reflected the longer month and the broadening in sales at wholesale were less than 1% smaller than a year ago. As compared
activity apparent in the spring." In its further review of with February, there were seasonal increases In wholesale sales in every line
for which we have reports, except dry goods.
wholesale trade, the Bank says:
gains were more marked than
For groceries, hardware, and drugs, the
corresponding increases in 1924, and for dry goods contrasted with a general
drop in sales last year.
irA In the year-to-Year comparison, the majority of hardware and drug dealers
firms showed increases over March 1924 bringing
and about half the grocery
aggregate first-quarter sales for hardware to practically the same level as a
and groceries to within 1.0% of the 1924 volume.
year ago. and for drugs
January
h
firms, however, continued as during -anua for and
Dry goods and shoe
February below last year, business for the three months averaging
25%.
former a decline of 14% and for the latter
Collection comparisons are similar to those for sales, the five commodity
amounts received in March than during February,
groups reporting larger
and drugs registering gains over a year ago as well.
with groceries, hardware
furnishing figures for accounts outstanding Mar. 31.
All hardware firms
Retail trade during March presented sharp contrasts between the activity
In larger and in smaller cities of this district. At Minneapolis, St. Paul and
Duluth-Superior. 13 stores reported an Increase of 4% in the total of their
dollar value of sales over a year ago. In 10 stores located in smaller cities
throughout the district, there was an increase over last year of nearly 17%.
The increase in March over the February volume this year was 19% in the
larger cities and 44% at the outside stores. A year ago, the increase in
March over February was 21% in the larger cities and 21% at the outside
stores. Part of the greater seasonal fmprovement in March 1925 sales in
the smaller cities may have been due to better road conditions and the early
advent of warm weather. Moreover, Easter was 8 days earlier this year
than last, which might account for a somewhat larger volume of pre-Easter
purchases in March this year than a year ago. In spite of both of these
circumstances, it will be noted that the larger cities showed a smaller sea-
2352
[VoL. 120.
THE CHRONICLE
sonal increase this year than last probably reflecting a slowing-down in business in some other lines. Outstanding orders ofretailers with manufacturers,
jobbers and wholesalers were 16% greater at the close of March than a year
ago.
Increase in Lumber Retail Sales in Minneapolis Federal
Reserve District.
Lumber retailers in the Federal Reserve District of Minneapolis reported sales 39% greater in March than in February
Business Indexes of the Federal Reserve Board.
and 49% greater than in March a year ago, says the April 30
The Division of Research & Statistics of the Federal
monthly review of the Federal Reserve Bank of MinneeapReserve Board issued the current month (May)the following
olls, which goes on to say:
statement giving current figures of its various business
These sales reported in board feet are the most accurate measure obtainindexes.
able of the volume of building
INDEX OF PRODUCTION IN BASIC INDUSTRIES.
(Adjusted for Seasonal Variations. Monthly Average 1919 equals 100.)
-1925- 1924.
-1925-- 1924.
Mar. Feb. Mar.
Mar. Feb. Mar.
Total
120 124 116 Bituminous
95
109 104
Pig iron
136 143 132 Anthracite
96 116 111
Steel ingots
142 147 123
146 150 146 Copper
Cotton
119 122
131
110 114
92 Zinc
Wool
66
70
72
95
99 101 Sole leather
Wheat flour
110 108 103
94 103 107 Newsprint
Sugar melting
199 193 187
133 104 115 Cement
Cattle slaughtered_ _ _ _ 100
187 191 186
96
90 Petroleum
Cal yesslaughtered_ __ 138 157 112 Cigars
90
86
88
Sheep slaughtered__ 102
143
170 171
91
90 Cigarettes
Hogs slaughtered
91
97
96 107 132 Manufactured tobacco. 89
Lumber
125 127 124 '
going on outside of the larger cities. Undoubtedly the exceptionally mild weather in March has had something to do
with the much larger sales of lumber this year than a year ago, hut the
weather influence must not be over-emphasized because the figures are quite
in line with reports for the last few months, which have indicated very
clearly that there is a much larger building program going on in the country
this year than a year ago. Stocks of lumber in retailers' hands at the end of
March were almost exactly as large as a year ago, in spite of the larger
volume of business being done. Sales, including items other than lumber
and measured in dollars. were 30% larger in March than in the same period
last year.
Decline in New York City Building Operations Brings
State Building Below First Quarter of 1824
Majority of Cities Gain.
Industrial Commissioner James A. Hamilton of the State
Labor Department at Albany reports, under date of May 2,
that building in New York City is falling behind the record
year of 11124. Permits issued In 20 cities of the State during
the first quarter of this year are valued at 246 million dollars, where for a similar period last year they reached 416
millions. Commissioner Hamilton continues:
INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES.
(Not Adjusted for Seasonal Variations. Monthly average 1919 equals 100.)
Payrolls
Entylottmenl
1924. -1925--- 1924.
1925-Feb.
Mar.
Mar.
Mar.
Feb.
Mar.
113.4
101.2
108.9
95.9
110.4
96.4
Total
96.5
104.0
96.2
Iron and steel
95.8
89.1
89.5
113.7
113.4
114.4
103.7
Textiles-Group
99.9
100.0
111.6
114.2
114.2
102.3
101.4
101.0
Fabrics
116.3
112.4
114.7
98.6
105.4
97.9
Products
108.5
100.4
109.7
114.3
99.6
105.4
Lumber
89.8
100.2
96.1
89.9
90.7
Railroad vehicles
100.0
154.3
128.8
132.1
105.1
142.9
112.7
Automobiles
137.5
104.9
139.4
136.9
105.7
105.2
Paper and printing
While part of the difference between last year and this indicates a de89.6
103.5
105.1 cided downward trend in construction
86.8
Foods.&c
93.8
105.4
activity, not all of it can be called an
92.5
Leather, dm
92.5
100.0
94.1
991
100.0
actual loss in building work. Part of it is explained by a different dis116.8
110.7
143.4
149.0
119.7
Stone, clay. glass
136.4
Tobacco, drc
88.5
87.7
88.3
95.2 tribution of plans over the twelve months. In 1924 uncertainty about re90.3
87.0
Chemicals, Oa
74.6
75.5
79.4
99/
101.6
104.6 newal of the house exemption law in New York City against crowded applications for permits into March, the month before the old law expired. In the
INDEXES OF WHOLESALE AND RETAIL TRADE.
current year tax exemption did not exert the same influence, and instead of
Wholesale Trade.
Retail Trade.
-1925-- 1924.
-1925- 1924. a peak in March with a sharp drop in April, activity in New York City may
Mar. Feb. Mar.
Mar. Feb. Mar. be extended into the later spring months. The value of plans for the first
Groceries
79
73
80 Dept. Store Sales:
Meat
74
69
62
Adjusted
115 quarter is about even with a three months' average for 1924.
120 131
Dry goods
96
88
90
Unadjusted
101
115
121
Majority of Cities Gain.
Shoes
63
46
65 Dept. Store Stocks:
Hardware
Outside of New York City 12 of the 19 cities reported an increase over
107
90 104
Adjusted
137 135 137
Drugs
121
109 118
Unadjusted
138 127 138 the preceding year. A few of the larger cities, Buffalo and Niagara Falls,
Total
84
76
80 Mall Order Sales:
91 were lower than in 1924. Rochester also lost, but a comparison with last
Adjusted
103 116
120 105 105 year is of little value, because a tax caused many permits to be filed in
Unadjusted
Increase in Manufacturing Production in March.
Manufacturing production in March increased 2% over
February, when allowance is made for the longer number of
working days, according to the index number of the Department of Commerce, and was 2% higher than in March 1924.
Under date of May 3 the Department says:
The principal increases over February occurred in the output of automobiles, with a gain of more than 32%, and in stone and clay products with
25%, while slight increases were shown, when reduced to an average daily
basis, in the output of iron and steel, paper, lumber and leather. Increases
over a year ago were made in all groups except foodstuffs, textiles, chemicals and oils, and non-ferrous metals.
The output of raw materials was 3% greater in March than a year ago,
the marketings of animal products increasing 4% over a year ago, as computed by the Department of Commerce index numbers, while crop markettags increased 6%, forestry products increased 9% and mineral production
declined 3%.
The index of unfilled orders declined during March and was 5% lower than
a year ago, iron-and-steel unfilled orders being the same on March 31 as a
year ago, while orders for building materials declined.
Stocks of commodities held at the end of March increased 1% during the
month, when allowance is made for seasonal tendencies, and 9% over a year
ago. Stocks in each group, however, except raw foodstuffs, declined during
March, when seasonal factors are eliminated, while compared with a year
ago, all pcups showed increased stocks on hand.
The index numbers of the Department of Commerce are given below:
Jan. Feb. March Feb. March
Production
1925. 1925. 1925. 1924. 1924.
(Index numbers, 1919=100.)
94
100
-Total
97
20
95
Raw materials
121
123
117
132
113
Minerals
107
114
105
102
Ill
Animal products
71
119
87
75
81
Crops
117
116
114
112
127
Forestry
124
117
122
128
124
Manufacturing, grand total (adjusted)
124
122
117
115
128
Total (unadjusted)
109
113
107
94
106
Foodstuffs
117
100
112
106
108
Textiles
142
129
142
141
127
Iron and steel
179
177 , 195
172
183
Other metals
138
144
131
151
137
Lumber
89
85
94
84
85
Leather
104
112
103
99
111
Paper and printing
141
169
136
152
156
Chemicals
123
104
125
106
100
Stone and clay products
102
100
109
111
97
Tobacco
233
223
225
170
Automobiles (inel. In miscell. group also)____ 142
131
122
133
Miscellaneous
112
104
Commodity Stocks.
(Index numbers, 1911100.)
146
Total
139
159
(unadjusted)162
163
Raw foodstuffs
212
186
239
219
234
Raw materials for manufacture
103
121
• 116
137
157
Manufactured foodstuffs
75
77
73
77
85
Manufactured commodities
164
155
172
175
169
Total
136
135
148
(adjusted for seasonal element)154
147
Raw foodstuffs
169
173
190
188
173
Raw materials for manufacture
110
118
130
149
139
Manufactured foodstuffs
79
74
80
81
87
Manufactured commodities
161
154
169
175
174
Unfilled Orders.
Total (based on 1920 as 100)
61
63
63
58
62
Iron and steel
46
47
46
50
50
Budding materials
124
129
115
105
115
1
February of that year which normally would have come in later months or
even years.
New construction formed 93% of all the work for which permits were
issued. Of this 66% was for residential projects. Plans for residential
building amounted to 154 million dollars. Practically all of the large
decrease from last year was limited to New York City, where there was a
general slowing up in housing projects after three years of unusual activity.
Residential Work Responsible for New York City's Loss.
Manhattan was the only borough which did not fall behind 1924 in its
first quarter and this was because commercial buildings here are the important class of construction. Permits were valued at 77 millions, about
the same as a year ago. Plans for 10 hotels and several clubs accounted for
17 millions of the total and theatres were an important item. Public buildings were somewhat lower.
The other four boroughs of New York City showed the heaviest losses in
one and two-family hcuses and a much smaller loss in apartments. Brook
lyn suffered most, after an unusually active season in 1924. Where work
totaled 132 millions in the first quarter a year ago it now reached only 55
million. An interesting gain was in office buildings, which passed the
total of last year in the first quarter of 1925.
Queens and the Bronx reported permits were issued to the value of
$44,000,000 and $35,000,000, respectively. In both boroughs more churches,
places of amusement and factories were planned and in Queens the jump in
office buildings from about $200,000 to $1,100,000 was significant of the
development of industrial centres outside Manhattan. Residential construc.
tion fell off so sharply in Richmond that the total volume of work dropped
to $2,600,000, 2-5 of last year's. Stores gained decidedly, however.
Cities Near New York Plan More Houses.
Of the four cities around New York, only one, Mt. Vernon, showed a decrease from last year. Here a drop in the number of 2-family houses and
apartments planned brought the total for the first quarter down to $2,600,000. An important development was an increase in commercial and industrial buildings. Permits in Yonkers reached about 6 millions. Residential
work was 40% above that for the first quarter of 1924, which was in turn
high. Non-residential building increased also, as plans for churches, one
school, a rumber of mercantile buildings and three public garages were
filled. White Plains and New Rochelle also reported greater activity in
housing projects and mercantile buildings and their totals reached 13 millions and 20 millions, respectively.
Small Loss in Buffalo.
Buffalo had permits filed for almost six million dollars worth of construction. Fewer houses were planned. An important item in pulling nonresidential work up above last year was an amusement place valued at more
than one million dollars. Work in Rochester passed $4,000,000, over 60%
of which was residential.
Syracuse and Binghamton were above the first quarter of 1924. Binghamton reported a total of over a million, as plans for construction got under way earlier and permits in Syracuse reached $1,800,000. Plans for
public garages and important mercantile buildings brought non-residential
work here to $480,000, about $300,000 more than in the corresponding
period of 1924.
Utica and Schenectady gained also, and Jamestown, Poughkeepsie and
Lockport showed startling increases over 1924, probably because the season
was beginning earlier.
Value Of Permits Issued-First Quarter.
1925.
Utica
Schenectady
$1,386,000
1.035,000
1924.
$1,212,000
932,000
1
MAY 9 1925.]
In Utica a plan for a hotel valued at $700,000 offset a loss in non-residential
buildings. In Schenectady there was also a loss in non-residential work
which was balanced by an increase in one and two-family houses and apartments.
Albany was slightly above last year with $2,600,000 worth of permits
filed in the first three months. Private garages, which were an important
item in nonresidential work in 1924, fell off this year. Factories showed
an increase.
Plans for Building Work in the First Quarter.
1925.
1924.
Poughkeepsie
$904,000
$349,000
Jamestown
559,000
404,000
Lockport
179,000
40,000
In Poughkeepsie, the increase was not all new construction. there was
a plan for a hotel which accounted for part of it, but an addition to a hotel
and several large repairs on residential buildings were also important.
Niagara Falls reported the issue of permits valued at $867,000. This is
lower than last year, when a plan for a hotel at over a million dollars was
filed. Other residential building gained over the first quarter of 1924 and
non-residential construction‘was higher, particularly stores and factories.
Amsterdam and Auburn lost also. The former with a total of $360,000
was only half as high as last year, but that was because a school building
was included in the first quarter of 1924. Residential work was more active.
21,950 barrels. The Mid-Continent production, excluding
Smackover, Arkansas, heavy oil was 927,550 barrels,
against 933,600 barrels, a decrease of 6,050 barrels. The
following are estimates of production for the weeks indicated.
Crude Oil Prices Remain Practically Unchanged
Gasoline Prices Drop in Some Sections.
Very vow changes occurred this week in the price of crude
oil, the most important development being the announcement of a new grade posted by Louisiana Oil Refining Corporation. The new grade is 23 to 23.9 gravity and is posted
at 60 cents a barrel. Oil below 23 gravity is 40 cents, the
same as previously quoted for 24 gravity and below. At the
same time Louisiana Oil Refining Corporation reduced oil
testing 28 gravity and above10 cents a barrel to $I 35, which
is still 5 cents above posted prices of other companies. No
other grades were affected by the new posting. Later in
the week, on May 8, the Standard Oil Co. of Lonisiana advanced the price of Smackover heavy 20 cents a barrel,
making the new price 60 cents. The Gulf Oil Co. also raised
its price to 60 cents.
On the other hand, gasoline prices were more active,
wholesale prices advancing, while retail prices declined in
certain districts, owing to local conditions. The Mid-Continent refiners advanced United States motor gasoline at
refinery 3.4 cent a gallon, with larger refiners quoting 10%
cents on May 5, followed by another increase to 11 cents,
the highest since the middle of March.
The Texas Co. on May 6 reduced the tank wagon price
of gasoline in Greater New York 2 cents a gallon to 18 cents,
and the filling station price 3gents a gallon to 21 cents. The
company made the same reduction in Springfield, Mass.,
and also reduced the tank wagon price 2 cents a gallon to
18 cents at Lewiston, Me. The Sinclair Consolidated Oil
reduced gasoline 2 cents a gallon in Greater New York,
making tank wagon price 18 cents, and meeting Texas Co.'s
price. The Gulf Oil also reduced tank wagon price of gasoline in New York City 2 cents a gallon to 18 cents, meeting
its competitors. On May 7 the Standard Oil Co. of New
York met the Texas Co. cut of 2 cents a gallon in tank wagon
price of gasoline in Greater New York. This cut is the
second of this year and brings the tank wagon price to 18
cents a gallon.
Crude Oil Production Continues to Increase.
The American Petroleum Institute estimates that the daily
average gros crude oil production in the Smackover heavy
oil field was 312,800 barrels, an increase of 28,000 barrels
during the week of May 2. The daily average production
in the United States for the week ended May 2 was 2,182,850
barrels, as compared with 2,156,450 barrels for the preceding week, an increase of 26,400 barrels when compared
with the production during the corresponding week of 1924,
the current output is an increase of 233,800 barrels per day.
The daily average production in the United States excluding
Smackover heavy, decreased 1,600 barrels. The daily aver• age production east of California was 1,586,850 barrels, as
compared with 1,559,450 barrels, an increase of 27,400
barrels. California production was 596,000 barrels, as
compared with 597,000 barrels for the preceding week, a
decrease of 1,000 barrels; Santa Fe Springs is reported at
49,500 barrels, against 49,000 barrels; Long Beach, 114,000
barrels, against 113,000 barrels; Huntington Beach, 43,000
barrels, no change; Torrance, 36,000 barrels, against 36,500
barrels; Dominguez, 42,000 barrels,'against 44,500 barrels,
and Rosecrans, 18,500 barrels, against 19,000 barrels.
The estimated daily average gross production of the MidContinent field, including Oklahoma, Kansas, north Texas,
central Texas, north Louisiana and Arkansas, for the week
ended May 2 was 1,240,350 barrels, as compared with
1,218,400 barrels for the preceding week, an increase of
2353
THE CHRONICLE
DAILY AVERAGE PRODUCTION.
May 2 '25. Apr.25'25. Apr.18'25. Mis 3 '24.
(In Barrels.)
425,650
Oklahoma
447,350
457,700
463.850
69,350
Kansas
89,450
85.600
87,800
77.500
90,750
North Texas
90.000
89.100
148.850
132,600
137,700
East Central Texas
141,250
48,250
72,550
West Central Texas_ __ 66,250
65,050
52.800
52,150
North Louisiana
50,800
51,000
147,500
355.500
Arkansas
328.150
249.850
70.100
103,000
101,150
Gulf Coast
96.200
31,000
48,650
Southwest Texas
47.250
48,450
103,500
Eastern
103,000
102,000
101,500
Wyoming, Montana and
126.250
91,850
91.800
Colorado
90,650
648,300
597.000
596,000
597.000
California
Total
2,182,850
2,156,450
2,080,650
1,949.05Q
Week's Lumber Movement Larger Than Last Year,
With 21 fewer mills reporting to the National Lumber
Manufacturers Association for the week ending May 2 than
for the previous week, apparent declines in the three factors
of the lumber movement are not significant. On the other
hand, although the number of reporting mills is not so large
as it was for the corresponding week of 1924, the past week
leads it in new business by about 15%. There was a nominal
increase in production and a like decrease in shipments.
The unfilled orders of 252 Southern Pine and West Coast
mills at the end of last week amounted to 651,775,317 feet as
against 659,007,233 feet for 251 mills the previous week.
The 129 identical Southern Pine mills in this group showed
unfilled orders of 241,406,620 feet last week as against
244,378,680 feet for the week before. For 123 West Coast
mills the unfilled orders were 410,368,697 feet as against
414,628,553 feet for 122 mills a week earlier.
Altogether the 358 comparably reporting mills had shipments 99% and orders 96% of actual production. For the
Southern Pine mills these percentages were respectively 110
and 106,and for the West Coast mills 103 and 96.
Of the comparably reporting mills 337 (having a norw al
production for the week of 218,707,125 feet) reported production 104% of normal, shipments 105%, and orders 102%
thereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
Mills
Production
Shipments
Orders(new business)-
Past Week
358
244,813,430
242,715.938
-234,169,058
Corresponding Preceding Week
Week, 1924
1925 (Revised)
379
369
254,426,417
239.299,839
256,101,602
245.784,717
256,952,162
200,806,790
The following revised figures compare the lumber movement for the first 18 weeks of 1925 with the same periora
1924:
1925
1924
1925 Decrease
Production.
Orders.
Shipments.
4,237.799.881 4,190,083.436 4.076,009,796
4.243,293,753 4,288.961,490 4.094.308.213
5.493,872
98,868.054
18.298.817
The mills of the California White & Sugar Pine Association
make weekly reports but for a considerable period they have
not been comparable in respect to orders with those of other
mills. Consequently the former are not represented in any
of the foregoing figures. Eight of these mills reported a cut
of 10,049,000 feet, shipments 9,543,000 feet, and orders
17,753,000 feet. The reported cut represents 27% of the
total of the California Pine region. As compared with the
preceding week, there was an increase of 1,922,000 feet in
production, 161,000 feet in shipments, and 7,552,000 feet in
new business.
Weekly...Lumber Review of West Coast Lumbermen's
Association.
One hundred and twenty-two mills reporting to West
Coast Lumbermen's Association for the week ending April 25,
manufactured 106,379,042 ft. of lumber;sold 119,915,587 ft.,
and shipped 118,417,047 ft. New business was 13% above
production. Shipments were 1% berow new business.
Fifty per cent of all new business taken during the week was for future
water delivery. This amounted to 59,460,240 feet, of which 45,125,976
feet was for domestic cargo delivery, and 14,334,264 feet export. New
business by rail amounted to 1,835 cars.
Forty-five per cent of the lumber shipments moved by water. This
amounted to 52,891,700 feet, of which 40,115.329 feet moved coastwise
and intercoastal, and 12,776,371 feet export. Rail shipments totaled 2,004
cars.
Local auto and team deliveries totaled 5,405.347 feet.
Unfilled domestic cargo orders totaled 156.405,908 feet. Unfilled exPori
orders 83,532,645 feet. Unfilled rail trade orders 5.823 cars.
In the first seventeen weeks of the year, production reported to West
Coast Lumbermen's Association has been 1,678,692,165 feet; new buslnese
1,696,206,439 feet and shipments 1,714,433,280 feet.
2354
[Vot. lU
THE CHRONICLE
Prices of Pig Iron and Steel Show Decline-Production Further Restricted.
Further restriction of pig iron and steel ingot output is
bringing the industry to the point at which both producers
and buyers are searching more closely for signs that output
.and consumption are coming into balance, declares the "Iron
Age" on May 7. On heavier products-bars, shapes and
plates-the effort by some producers to get 2.10c., rather
than 2c., on the prevailing small-lot business, has been no
ratimulus to buying. At the same time, in wire products
and particularly in sheets, there are fresh declines, 3.20c.
:and less being reported on black sheets, says the report,
giving further details as follows:
With the Steel Corp. now running at close to 75%. the industry as a
whole is doing a trifle better than 70%. Consumption is at a high rate,
by all ordinary measurements, except that oil well drilling is slack and some
car works have begun laying off men.
The pig iron statistics show that the steel companies made a summary
cut in April after the peak of March. The net loss last month was 25 furmaces
-15 by the Steel Corp., 6 by the independents and 4 by the merchant producers.
At 3.258,958 tons for the 30 days, April pig iron output averaged 108.632
tons a day, as against 3,564.247 tons in March, or 114.975 tons a day.
On May 1 the 220 furnaces in blast had a capacity of 103,080 tons a day,
against 112,380 tons a day for the 245 furnaces active on April 1, representing a falling off of 8% in the month.
In casting up the prospects for the next three months, Chicago mills stress
the more favorable building prospects, with about 250,000 tons of Western
work in sight, and the expectation that large car orders will be placed
-against the needs of fall traffic.
The activity at automobile plants is immediately encouraging, the current
daily rate being 16,000 cars, of which the leading maker is turning out 8.100.
Some steel companies have had a better run of new business in the past
week, but that report is not sufficiently uniform to indicate a turn, uncertainty as to prices being still a large factor.
Chicago reports that any confusion as to finished steel prices there is due
to the pressure of Pittsburgh and Ohio competition. While bars are 2.10c.
In the Chicago district itself, and plates and shapes are 2.20c., the Chicago
mills are having to meet a lower basis at St. Louis, in the Southwest and
the Northwest.
In the East there is evidence of withheld specifications, with buyers in
some cases able to get plates at 1.90c. and bars and shapes at concessions
'from 2c.
Equipment orders in the railroad field included 13 locomotives and over
1,200 cars, 300 of the latter being of the refrigerator type, while 800 were
-mine cars and 150 for sugar cane.
Bookings of fabricated strutural steel covering the larger size projects
reported to the "Iron Age" showed a fair total-about 22.000 tons.
Keener competition between eastern Pennsylvania and Buffalo furnaces.
especially in New England, has further depressed pig iron prices, Buffalo
dron selling at $19 or less and eastern Pennsylvania iron at about $20.
With little activity in the Central West, recent prices prevail, as a rule.
Silveries have been reduced $1. Very little foreign iron is coming in
.except to fill contracts.
Further reduction, the seventh in seven weeks, has brought the "Iron
Age" pig iron composite price of $20 63, in place of $20 71 last week. The
4;even successive drops have aggregated $1 50, the price having been $22 13
on March 17.
Finished steel, as measured by the "Iron Age" composite price, has
dropped to 2.460c. per pound, from 2.474c. last week. This equals the
low point of last October; aside from that, there has been no equally low
figure since January of 1923.
The usual comparative price table is as follows:
May 5 1925, Finished Steel, 2.460c. Per 1..b.
2.474c.
Based on prices of steel bars, beams, tank April 28 1925
2.531c.
plates, plain wire, open-hearth rails. April 7 1925
2.653e.
black pipe and black sheets, constituting May 6 1924
I0
-year pre-war average. 1.689c.
88% of the United States output.
Maw 5 1925. Pig Iron, $2063 per Gross Ton.
Based on average of basic and foundry(April 28 1925
320 71
21 29
irons, the basic being Valley quotation,i April 7 1925
21 79
the foundry an average of ceicago.I..lay 6 1924
-year pre-war average, 15.72
110
Philadelphia and Birmingham.
Jan. 6.; 1924, 2.789c., Jan. 15;
Finished' Steet.-High: 1925,
2.560c..
1923,2.824c., April 24. Low: 1925. 2.460c., May 5; 1924, 2.460c., Oct. 14;
1923. 2.446c., Jan. 2.
-Pig Iron. High: 1925. 32260. Jan. 13: 1924, $2288, Feb. 26: 1923,
%306, March 20. Low: 1925, $2063, May 5; 1924, $1921, Nov. 3:
1923, 320 77. Nov. 20.
A firmer position on prices by some leading producers
was a factor in the market during the week, according to the
"Iron Trade Review," which published its usual market
review May 7. The summary is quoted herewith:
Buying of pig iron for third quarter is beginning to swing out as prices
have fallen to attractive levels and still are sagging in some districts. At '
Cleveland 20,000 tons of inquiry has appeared. Cincinnati and New
England report some fair negotiations. At Buffalo $19 more generally
is named.
The Texas Co. has closed on 150,000 boxes of tin plate and it is reported
this business has gone to a West Virginia mill.
The structural steel market continues to develop a large inquiry. One
authority estimates 250,000 tons is in sight from Chicago to the Pacific
Coast. New York is bringing out tonnage steadily. The week's awards
reported were 23,378 tons. Concrete construction is more active with 7690
tons represented in the week's contracts.
Promised large orders for cars still are deferred. The Santa Fe and
-Union Pacific are credited with considering 8000 each. The St. Paul order
for 6500 is about to be closed. The only development of the week was an
Inquiry for 1935 car repairs by the Norfolk & Western. Car orders in April
were 5060, practically the same as March and about one-half of April
last year.
Foreign sales of iron and steel are keeping up but that domestic makers
are fighting off this competition is shown by the closing by a domestic
maker of 7000 tons of cast iron pipe for Spartansburg, S. C., $6.50 per ton
under the French bid. French makers, however, took 3500 tons for Vernon.
Cal. Belgian mills have secured 4000 tons of rails for a southern New York
railway. Foreign pig iron offerings are less.
British mills have dissolved their price associations for the domestic trade
because of the lean market and free competition now prevails. This action
was forced by those plants which had made large expenditures for operating
efficiency.
Smaller price changes are reflected this week in "Iron Trade Review"
composite of 14 leading iron and steel products. The average is $38.75
against $38.77 last week and $39.45 for the month of April.
April Pig Iron Output Declines.
Blast furnace operations in April were at a considerably
reduced rate from that of February and March. The April
output at 108,632 tons per day was back to the January
volume. The extent of the curtailment, already evident
late in March, is revealed by the net loss of 25 furnaces,
declares the "Iron Age."
The production of coke pig iron for the 30 days in April
amounted to 3,258,958 gross tons, or 108,632 tons per day,
as compared with 3,564,247 tons, or 114,975 tons per day
for the 31 days in March. This is a decrease of 6,343 tons
per day in April, or about 5.5%, continues the "Age" report,
adding:
There were 30 furnaces blown out or banked and 5 blown in, a net lose
of 25. bringing the number of furnaces active on May 1 to 220. The estimated daily capacity of these 220 stacks on May 1 was 103,080 tons, compared with 112,380 tons per day for the 245 furnaces active on April 1.
PRODUCTION OF STEEL COMPANIES
-GROSS TONS.
Spiegeletsen and Ferromanganese.•
t-Total Production-924- ---1925---1925.
Ire-Ms. Spiegel. Fe-Ms. Spiegel.
1924.
January
2,274,005 2,692.537 20,735
7,948 23.578
5,418
February
2.410,658 2,539.785 22,405
9,870 18.184
4.910
March
2.674.565 2,812 995 22,351 13,796 20,082
5,449
April
2.463.027 2,514,828 23.580
4,240 21.448
5,341
May
1.927,461
14,993
9,336
Jane
20,049
1.507,110
9,405
Half-year
13.256,826
124,113 54,595
July
1,343,952
14.387 15,328
August
1,413.314
10,718
8,010
September
13,263
1,509,360
5,033
October
1,858,502
7,780 10,047
November
1,896,886
13,448
8,835
December
2.377.141
21,220
5,284
Year
23.658,981
204.909 107.132
* Includes output of merchant furnaces. x Ferromanganese and spiegelelsen
included.
TOTAL PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
1921.
1922.
1923.
1924.
1925.
January
2,416,292 1,644.951 3,229,604 3,018,890 3,370,336
February
1,937,257 1,629,991 2,994,187 3,074,757 3,214,143
March
1,595,522 2,035.920 3,523,888 3,486,086 3,564,247
April
1,193,041 2.072,114 3,549,738 3,233,428 3,258,958
May
1,221,221 2,306.679 3,887,694 2,615,110
June
1,064,833 2,361.028 3,676,445 2,028,221
Half-year
July
August
September
October
November
December
9,428,166
864,555
954.193
985,529
1,246,676
1,415,481
1,649,086
12.050.883
2,405,365
1.816,170
2,033.720
2,637,844
2,849,703
3,086,898
20,841,534
3,678,334
3,449,493
3,125,512
3,149,158
2,894,295
2,920,982
17,434,492
1,784,899
1,887,145
2,053,264
2,477,127
2,509,673
2,961,702
Year •
16.543,686 26,880.383
• These totals do not include charcoal plg iron.40.059,308 31.108.302 this iron
The 1924 production of
was 212,710 tom.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
Steel Worts,
Total.
Merchant.
82,101
Concident with the determination of leading producers to hold plates, April 1924
25,680
107,781
May
02,176
84,358
22.182
stapes and bars more firmly to a minimum of 2.10c, Pittsburgh, the spread June
50,237
67,541
17,304
of some measure of better sentiment in the market, Is to be detected. July
43,353
57,677
14,224
Other large interests this week have joined those companies which initiated August
45,591
60,875
15,284
restore September
50,312
68,442
18,130
a week ago, this movement for more stabilized prices in an effort to
October
59,952
79,907
19,955
flagging confidence. However, the market remains an uninteresting affair November
63.230
83,656
20,426
with buyers ordering only those needs immediately in hand and then in the December
76,682
95.539
18.857
smallest quantities possible. The reassuring side of the picture is the fact January, 1925
88.858
108,720
21,864
February
90.707
114.791
24,084
that consumption appears well sustained with conditions in the automobile March
90,741
114.975
24.234
industries, especially, showing some further April
and agricultural implement
83,827
108,632
24,805
Improvement.
Talk of wage readjustments is beginning to take form though no early
Heavy Decline in Steel Output During April.
action is expected. General steelmaking is at 70 to 75%. This is the
For the first time since July last a reduction occurred duraverage Pittsburgh; at Youngstown it is under 70% and at Chicago, which
ing April in the rate of steel production, the average daily
still is the banner district, about 90%•
April's decline in pig iron production, was not excessive, amounting on a output
falling off from 161,482 during Mar. to 137,982
daily average to 7.1%. The loss in active furnaces, however, was 25,
bringing the total back to about the basis of last December. The number during April. The regular monthly statement of the
In blast at the end of the month was 221 or 54% of the country's list of American Iron & Steel Institute reports the production of
serviceable furnaces. Average daily output in April was 107.041 tons
steel ingots in April 1925 by companies, which in 1924, made
against 115.207 tons in March. The totals in the two months were 3,211,235
tons and 3.571.422 tons respectively, a fall of 360.187 tons. The April 94.43% of the steel ingot production in that year, at
kW of production was almost entirely among the steelworks furnaces.
3,387,699 tons, of which 2,857,802 tons were open-hearth;
Banking or blowing out of blast furnaces is going further. At least six
515,715 tons Bessemer and 14,182 tons all other grades. On
stacks have gone out of production so far in May. two in Alabama, two in
this basis the calculated production for all companies during
the Pittsburgh district and two in the East.
MAY 91925.]
2355
THE CHRONICLE
April was 3,587,524 tons, which compares with 4,198,520
tons during March and with 3,348,466 tons during April
last year. As already stated the average daily output fell
off from 161,482 tons in March to 137,982 tons during April,
being the first decline to be reported in the average daily output in nine months. A year ago in April the average daily
production was 128,787 tons.
In the following we show the details of production back to
Jan. 1924:
Early shipments to the Northwest docks have been brisk and stocks are
heavy, but business is not very good. No signs of a pick-up are in sight in
Utah, Colorado and the Southwest. A slightly better feeling is in evidence
in Ohio markets since the lake season got under way,though Ohio operations
are getting only a small share of the business. Nevertheless there was an
Increase in output in the eastern Ohio field. Deadly dulness has settled
over the Pittsburgh trade. Five more mines of the Pittsburgh Coal Co.
have been closed and the district is now estimated to be operating at 20%.
New England faces the problem offorcing coal on reluctant buyers. Eastern
markets are practically unchanged, but some hardy souls are hopeful that
an improvement is not far off.
The hard-coal market is gaining in strength. There is a healthy demand
MONTHLY PRODUCTION OF STEEL INGOTS. JAN. 1924 TO APRIL 1925 for stove, egg is moving well and pea has improved. Chestnut is somewhat
1924 and 1925 by companies which made 94.84% of the steel ingot easier, but there is by no means an oversupply. The steam sizes are in fair
Reported for
oroduction In 1924.
shape. On May 1 the old line companies increased prices for domestic sizes
from Scents to 35 cents per ton and some of the larger independents followed
Approximals suit. Independent coals are moving in good volume and prices in general
Calculated
Monthly
Monthly No of Daily Proare being maintained. Some of the operations that have been idle are
AU Production Production Work- duaion AU
OpenMonths
Hearth. Bessemer. Other. Companies AU Corn- trig Companies. expected to resume operations soon.
Reporting. patsies. Days. Gross Tom.
The "Coal Age" index of spot prices of bituminous coal showed no change
during the week,standing on May 4 at 162.the corresponding price for whic.ls
1924.
is SI 96.
667,032 12,577 3,446,143 a3,649,913 27 a135,182
January__ 2,766.534
695,905 14,085 3,612,631 a3.826,246 25 al53,050
Dumpings at Lake Erie ports continued to gain during the week ended
.
February 2,902,641
706,801 15,260 3,971,844 a4,206,699 26 a161.796
March __- 3,249,783
May 3. According to the "Ore & Coal Exchange." cargo dumpings werer
2,575,788 573,381 12,356 3,161,525 a3,348,466 26 a128,787
April
-a total of 684,408 tons, as
642.577 net tons: steamship fuel, 41.831 tons
compared with 657,604 tons in the preceding week. Hampton Roads
4 months_ 11,494,746 2,643,119 54.278 14,192,143 a15031324 104 a144,532
dumpings for all accounts in the week ended April 30 totaled 355.739 net
425,099 6,648 2,492,643 a2,640,034 27
2,060,896
097,779
May
tons, compared with 288.694 tons in the previous week.
310.070 2,622 1,950 352 02,065,676 25
082,827
1,637.660
June
241,880 5,162 1,772,954 a1,877,789 26
1,525,912
072,223
July
361,781 55,764 52,410,365 02.552,891 26
a98,188
August.._ 2,042,820
Coal Production Somewhat Heavier.
409.922 56,864 52,669,762 a2,827,625 26 al08,755
September 2,252.976
2,505,403
438,468 57,058 52,950,929 a3,125,418 27 a115,756
The weekly report on the production of bituminous coat
October
459,349 58,403 52,946,899 a3,121,149 25 a124.846
November 2,479,147
anthracite and beehive coke issued by the Department of the
546,506501,707 53,369,984 a3,569.251 26 a137,279
December 52,811,771
Total ...._ 528811331 5,836,194 5108506 534756031 036811157 312
1925.
January.._ 3,262,748 689,996 11,960 3.964,704 64,198,564 27
602,042 13,014 3,547,020 b3,756,243 24
February - 2,931,964
614,860 513,633 53,964,662 54,198,520 26
March- 3,336,169
2,857,802
515,715 14,182 3,387,699 3.587,524 26
April
•--•I-..
In 000 itt00
0 Ann nlo
CO .1011 IA ORA ACM II C. "Alt OG1
IA,
0117,984
5155,502
5156,510
5161,482
137,982
len ORA
a Adjusted. b Revised.
Anthracite Markets Continue to Gain Strength
Bituminous Shows Slight Turn for the Better.
Inquiry for and actual sales of anthracite are on a good
footing in most eastern markets and the bituminous situation
in most of the producing districts has taken a slight turn for
the better, observes the weekly report of the "Coal Trade
Journal." Around New York, retailers are booking heavy
orders of anthracite, in some cases enough to carry them
for more than the next month. In New England territory
the anthracite demand is greater and the larger buyers are
starting to order. Independent tonnage is in moderate
demand, according to the "Journal" which adds:
At Boston,the low price on bituminous quoted to the city has caused customers to again put off buying until they can be surer of the market,and has
caused prices to fall off slightly. At Providence, however, prices are holding
up better. The New England all-rail market, while still at a low level,
reports a little more business. In the Philadelphia territory, anthracite is
very active with egg the leader, and other sizes of domestic and steam in
excellent demand. The bituminous market continues dull without any
price changes. The export situation is not very encouraging and the soft
coal market continues dull. Prices made for anthracite during April are
being continued into May, as dealers feel that the market needs this added
urge to buy.
Current demand shows some signs of broadening in the Pittsburgh fields,
but the demand is still mostly for spot tonnage. There is no actual change
In price. The Connellsville coke market has dropped to a new low point in
production and prices on furnace spot have advanced from 10 to 15 cents.
The production in the central Pennsylvania region has increased, but only as
affects the nonunion mines. Seventy per cent, of the coal mined in this district is now from nonunion mines. In northern West Virginia a slight increase in demand is noted with practically no change in prices. Pier shipments took a brace last week, but production in the aggregate was slightly
less. In southern West Virginia the market situation in both high and low
volatile coals is unchanged and prices are holding their own. Western
shipments still predominate but shipments to tide have increased. Movement to the Lakes is principally by concerns having their own dock facilities.
In the Upper Potomac and Georges Creek regions prices are weak, with fuel
plentiful and demand limited. The situation in Virginia is unchanged
except in that the demand for prepared sizes has fallen off.
Toronto reports that the market for slack is fairly firm with supplies
limited but with no very strong demand. Lump coal is easy, anthracite
moving slowly and coke purchases for current needs only.
The U. S. Geological Survey reports that tidewater business in soft coal
at Hampton Roads declined sharply in the week ended April 25. The total
quantity handled over the three piers at the port was 262,095 net tons, a
decrease of 119,013 tons, or 31%. Chief of the factors contributing to the
decline was a decrease of 61,674 tons in cargoes consigned to New England.
Exports and shipments to the other coastwise trade were 24,522 and 24.319
tons less, respectively, than in the preceding week. In the corresponding
week of 1921 dumpings totaled 282,818 tons.
Cumulative dumpings during 1925 to date stand at 6,426,477 tons, an
increase over the corresponding periods of 1923 and 1924 of 11%.
Save for a slight flurry caused by a touch of unseasonably
cold weather in some sections of the Middle West and the
usual end of the month buying when price advances are
scheduled, there was little change in the bituminous coal
market during the last week, according to the "Coal Age."
Steam coals continue to drag in Midwest markets, only
screenings showing any firmness. This strength, however,
still is due to scarcity rather than any growth in demand.
Business is rather quiet at Kentucky mines, though contracting is improving in eastern Kentucky, which is getting a good
share of lake trade. Strip mines have been getting out big
tonnages, however, continues the "Age" in its May 7 review
of conditions in the market. The review adds:
Interior, through the Geological Survey, May 2 1925, shows
a slight improvement in the output of bituminous while
anthracite took a more marked up-turn. Coke production,
on the contrary, continued to decline according to the Survey's report from which we quote:
The production of soft coal turned upward in the week ended April 25,
Preliminary estimates based on the 140.739 cars loaded by the principal coat
carriers place the total output at 8,016,000 net tons,an increase of a half milIon tons over production in the preceding holiday week. Compared to the
week ended April 11 there was an increase of 173,000 tons, or 2%.
Preliminary telegraphic reports of loadings on Monday and Tuesday Of
the present week indicate further improvement. The total number of cars
loaded was more than 51.000 as against 48.000 on the same days of the week
before. Similar improvement during the remainder of the week would result
In a total output in the neighborhood of 8,400.000 tons.
The current rate of output maintains practically the same relation to the
-somewhat above the rates for
earlier years as it has for the last 2 months
1921 and 1924 and far below that of 1923.
Estimated United states Production of Bituminous Coal (Net Tons), Issa. Coal Coked.
April 11
Daily average
April 18.c
Daily average
April 25_4
Daily average
IWeek. Cal.Yr.to Date.
140,967,000
7 843,000
1,307,000
1,587,000
148,482,000
7 515,000
1,253,000
1,566,000
8,016,000
156,498,000
1,336,000
1,553,000
Week. Cat.Yr.to Date.b
149,649.000
6,983,000
1,691.000
1,164,000
156,791,000
7,142,000
1,659,000
1,190,000
6,944,000
163,735,000
1,629,000
1,157,000
a Original estimates corrected for usual error, which in past has averaged 2%.
S Minus 2 days' production first week in January to equalize number of days in
the two years. c Revised since last report. d Subject to revision.
Preliminary estimates indicates that the total production of soft coal during the first 83 working days of the calendar year 1925 was 156.498,000 net
tons. In the 7 preceding years it was as follows:
Years of Adirilf/.
Years of Depression.
172,744,000 net tons
137,208,000 net tons
1918
1919
124,560,000 net tone
169,392,000 net tons
1921
1920
178,881,000 net tons
147,281,000 net tone
1922
1923
163,735,000 net tons
1924
Thus it is seen that from the viewpoint of soft coal production, the calendar year 1925 now stands nearly 17,000,000 tons behind the average of the
3 years of activity and 13,000,000 tons ahead of the 4 years of depression.
ANTHRACITE.
The production of anthracite improved notably in the week ended April
25. Reports from the principal anthracite carriers show that 37,041 ears
were loaded, indicating a total production of 1,937,000 net tons. Compared with the preceding holiday week this was an increase of 370,000 tons.
and it exceeded the total of the week ended April 11 by 214.000 tons. In
the corresponding week of 1924 production was greatly curtailed by the
occurrence of two holidays, Easter Monday and Miners' Election Day.
Cumulative production from Jan. 1 to April 25 was 27.768.000 tons, a decrease of 1,385.000 tons,or slightly less than 5% from the record for the same
period last year.
Estimated United States Production of Anthracite (Net Tons).
1924
1925----Week. Cal.Yr.to Date.a
Week. Cal.Yr.to Date.
26,325,000
1.856,000
April 11
1 723,000
24,264,000
27.948,000
1,623,000
April 18
1,567,000
25,831,000
29,153,000
1,205,000
April 25
1 937,000
27,768,000
a Less two days' production in January to equalize number of days In the 2 years.
BEEHIVE COKE.
The rate of production of beehive coke continues steadily to decline, and
-week's period of curtailment is at the level of early December.
after a 10
Preliminary estimates place the total output in the week ended April 25 at
192,000 net tons, a decrease of 9,000 tons. In Colorado and New Mexico
,..
and the group of 4 Southern States there was a slight gain in output. In
the Connellsville region, according to the Connellsville "Courier," a curtailment of 1,715 in the number of active ovens was largely responsible for a
drop in production to 113,750 tons.
Estimated Produalon of Beehive Coke Wet Tons).
Week Ended
1925
1924
Apr.25 '25.5 Apr.18'25c Apr.26'24. to Date.. to Date.a
141,000
150,000
Pennsylvania & Ohio
179,000 3.088.000 3,702,000
.
13,000
13,000
10,000
West Virginia
222.000
250,000
22,000
18 000
Ala., Ky., Tenn. dr Georgia_ 23,000
377,000
346,000
6,000
7,000
8,000
Virginia
153,000
148,000
5,000
4,000
Colorado dr New Mexico_ __
5,000
69,000
89,000
4,000
Washington & Utah
5,000
4,000
74,000 WI 69,000
192,000
United States total
201,000
224,000 3,983,000 4,604,000
32,000
34,000
Daily average
37.000
47.000
40,000
a Adjusted to make comparable the number of days covered in both years. to Subject to revision. c Revised from last report.
Cumulative production of beehive coke during 1925 to April 25 stands at
3,983,000 net tons. Figures for similar periods in earlier years are as follows:
2,903,000 net tons
1921
1923
6,758,000 net LOW
1922
2,402,000 net tons
1924
4 604,000 net to
2356
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on May 6 made public by the Federal Reserve
Board and which deals with the results for the twelve
Federal Reserve banks combined, shows increases of $10,600,000 in holdings of discounted bills, of $11,600,000 in
acceptances purchased in the open market and of $26,700,000
in Government securities, resulting in an aggregate increase
of $48,900,000 in total earning assets as compared with the
decline of $25,100,000 reported the previous week. Cash
reserves declined $5,900,000, non-reserve cash $1,100,000,
•and Federal Reserve note circulation $900,000. After
,noting these facts, the Federal Reserve Board proceeds as
follows:
The New York Reserve Bank shows an increase of $42.100,000 in discount
holdings and the St. Louis, Kansas City and Dallas banks show a combined
increase of $1,600,000. The remaining banks report decreases in discount
holdings, the principal declines being: Chicago $13,200,000, Boston
$5,200,000, Philadelphia $5,000,000, Richmond $3,800,000 and Atlanta
$3,000.000.
An increase of $25,600,000 in holdings of acceptances purchased in
open market is reported by the Federal Reserve Bank of New York. The
San Francisco Bank shows a decrease of $3,600,000 in acceptance holdings,
Boston a decrease of $3,000,000. Minneapolis of $1,800,000, and Cleveland
and Kansas City of 31,400.000 each. Acceptance holdings of the six other
banks show smaller changes for the week. The System's holdings of
Treasury notes went up $23,500,000, of Treasury certificates $3,000,000,
and of U. S. bonds $100,000.
• The principal changes in Federal Reserve note circulation during the
week comprise a decrease of $3,600.000 reported by the Cleveland Bank,
and increases of 33,306.000 and $1,800.000, respectively, by San Francisco
and Boston.
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 2373 and 2374. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
May 6 1925, follows:
Increase (±) or Decrease (—)
During
Week.
Year.
Total reserves
—35.900,000 —3244,900,060
Gold reserves
—284,100.000
—5.600,000
Total earning assets
+238.200,000
+48,900,000
Bills discounted, total
+10,600,000
—29,700.000
Secured by U. S. Govt. obligations_ __ _ —7.600.000
+40.706,000
'Other bills discounted
—70,400.060
+18,200.000
' Bills bought in open market
+191.200,000
+11,600.000
U. S. Government securities, total
+26,700.000
+64.806,006
Bonds
+66,906.000
+100,000
'
Treasury notes
+33,400,000
+23.600,000
Certificates of indebtedness
+3,060,000
—35,500.600
.Yederal Reserve notes in circulation
—900,000
—244.100,000
'Total deposits
+45,000,000
+238,000,000
Members' reserve deposits
+45,500.000
+226,500,000
Government deposits
+5,600,000
—3,100,C00
Other deposits
+2,600,000
+5.900,000
•The Week With the Member Banks of the Federal
Reserve System.
The Federal Reserve Board's consolidated statement of
condition on April 29 of 736 reporting member banks in
leading cities shows increases during the week of $102,000,000
in loans and discounts and of $49,000,000 in net demand
deposits, together with decreases of $22,000,000 in investments, of $25,000,000 in reserve balances and $37,000,000
in accommodation at the Federal Reserve banks. The
'above changes are due principally to changes reported by
.member banks in New York City, which include increases
of $102,000,000 in loans and discounts and of $97,000,000
in net demand deposits and reductions of $13,000,000 in
investments and of $27,000,000 in accommodation at the
Federal Reserve Bank. It should be noted that the figures
for these member banks are always a week behind those of
the Reserve banks themselves.
Loans on stocks and bonds went up $71,000,000, of which
$56,000,000 was duo to an increase at banks in the New York
district. Loans on Government securities increased $3,.000,000, and "all other," largely commercial loans, $28,000,000, the increase of $40,000,000 in "all other" loans by
banks in the New York district being offset in part by
decreases in most of the other districts. Further comments
..regarding the changes shown by these:member banks is as
follows:
Investments in United States securities fell off $41,000,000, of which
$27,000,000 was at banks in the New York district, 36.000.000 at banks
in the Chicago district and $4,000,000 at banks in the Boston district.
, Holdings of other bonds, stocks and securities went up $13.000,000 in the
New York district sad $3,000,000 each in the Atlanta and San Francisco
[VoL. 120.
THE CHRONICLE
I
districts. Banks in other districts show only nominal changes in investment holding.
Net demand deposits were 391.000,000 larger in the New York district
than a week ago. The other principal changes in demand deposits included
reductions of $12,000.000 in the Minneapolis district, 38.000,000 in the
Kansas City district and $7,000,000 and 36,000,000, respectively, in the
San Francisco and Chicago districts.
Borrowings at the Federal Reserve banks fell off $37,000,000, of which
$25,000,000 wasreported for banks in the New York district and $10,000,000
In the Chicago district.
On a subsequent page—that is, on page 2374—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year.
Increase (4-) or Decrease (—)
During
Year.
Week.
Loans and discounts, total
4-3102,000.000 +31,111,000,000
Secured by U. S. Govt. obligations_ _
—13,000,000
+3,000,000
Secured by stocks and bonds
+906,000,000
+71,000.000
All other
+218.000,000
+28,000,000
Investments, total
+949.000,000
—22,000,000
U. S. bonds
—17,000,000
+576,000,000
IT. S. Treasury notes
—213,000,000
—21,000,000
U. S. Treasury cerdficates
—3,000,000
+15,000,000
Other bonds, stocks and securities
+571,000,000
+19,000,000
Reserve balances with Fed. Res. banks_ _ —25,000,000
+153,000,000
Cash in vault
+14,000.000
Net demand deposits
+49.000.000 +1,375,000,000
Time deposits
—1,060,000
+775.000,000
Government deposits
+2.000.000
+3,000,000
Total accommodation at Fed. Res. banks_ —37,000,000
+7,000,000
Gold Standard Bill Passed by British House of
Commons — Terms on Which $300,000,000
Arranged on Behalf of Great Britain by
Federal Reserve Bank and J. P. Morgan
& Co.—Revolving ,Credits.
The gold standard bill, which was introduced in the
British House of Commons on April 29 by Chancellor of the
Exchequer Winston Churchill, to expedite the return of
Great Britain to the gold standard, unanimously passed the
third reading in the House of Commons on May 5, the bill
having gone through all the various stages in that body unchanged. On May 4, when Commons passed, without
division, the second reading of the bill, it also agreed to the
necessary resolution to put into operation the arrangements
for restoring the gold standard. The introduction of the
bill had been noted in our issue of May 2 (page 2216), in
our reference to the return of Great Britain to the gold
standard. Action on the bill by the House of Lords is expected to be perfunctory. During the debate on the bill
in Commons on both the 4th and 5th inst., the $300,000,000
which has been placed at the disposal of Great Britain by the
Federal Reserve Bank of New York and J. P. Morgan & Co.
was brought into the discussion, Iralter Guiness, Financial
Secretary to the British Treasury, in his reference on the
4th to the Reserve Bank's arrangements stating that the
latter had undertaken to give the Bank of England a revolving credit of $200,000,000 for two years from May 10, or
the date of the British Government's guarantee, whichever
date was the latest. He likewise termed the Morgan credit
of $100,000,000 a revolving credit, and stated that in each
case the rate of interest would range from 4 to 6%. We
quote what the Associated Press accounts of the 4th inst.
had to say on this point:
The explanation of the bill given by Walter Guineas, Financial Secretary
to the Treasury, showed that Great Britain would not be liable for any
interest payments unless it became necessary to utilize the American
credits. This statement was received with great satisfaction by the House.
In the first of the two credits Mr. Guiness stated, the Federal Reserve
Bank had undertaken to give the Bank of England a revolving credit of
$200.000,000 for two years from May 10, cr the date of the Lritish Government's guarantee, whichever date was the latest.
The second arrangement was with a syndicate headed by the house of
Morgan, with the British Government direct, for a revolving credit of
3100,000,000.
In each case the arrangement was for two years' interest, to be paid as
and when the credit was drawn on. at 1% above the Federal Reserve
discount rate, with a minimum of 4% and a maximum of 6%; or if the
Federal Reserve discount rate exceeded 6%, then at the discount rate of
that bank.
Outlining the intentions of the bill Mr. Guineas for the most part retraced the details as presented by Winston Churchill, Chanceller of the
Exchequer, in his budget statement, and expressed the hope that there
would be no delay in passing the bill. Ile explained that the bill was
based on the historical precedent of resumption of gold standard in 1819,
after the Napoleonic wars, but to-day the task was easier and conditions
were more favorable because action had not been taken until parity had
already been virtually re-established.
MAY 9 1925.]
THE CHRONICLE
The Financial Secretary emphasized that any credits raised under the
bill must be repaid within two years. He believed there was no fear of
consequent rise in the bank rate or a rise in prices, as had been intimated
a
by some of the Labor members. It was the opinion of all the best expert
evidence that the difference in price levels between Great Britain and the
United States now was so small, if, indeed it existed at all, as to be consistent with the view that Great Britain had reached a stage where its
purchasing power was at parity. The Government belief was that there
would be no serious movement of prices either way from the present level.
On the 5th inst. the Associated Press accounts from
London stated:
With much less difficulty that had been expected, Winston Churchill.
Chancellor of the Exchequer, has obtained the passage of his gold standard
bill unamended through all its stages in the House of Commons with
unanimity, since no decision was challenged, although he had to submit to
much criticism of its clauses. The bill will now go to the House of Lords,
where its passage is likely to be quite formal.
The debate to-day turned largely on the American credits and the cost
to the country of the advance purchase of dollars for the American debt
and the prospects of a return to gold coinage. On general principles,
Mr. Churchill admitted the unsoundness of obtaining American credits,
but explained that the credits were resorted to not as a necessary means,
but as a contingent precaution. They would enable the Government to
influence exchange, if it desired, from both sides of the Atlantic.
Although the arrangement with the Federal Reserve Bank is spoken of in
dispatches as a credit, it is not a credit in the exact sense, but rather an
agreement whereby the Reserve Bank will undertake certain exchange
transactions designed to stabilize the pound without actually making a loan.
Mr. Churchill gave details showing that a commission was payable only
on the Morgan loan ($100,000.000), which in two years, if the credit was
not used, would amount to £350,000.
The Chancellor repeated that he did not expect ever to need the use of
the credits, which were invoked as a great deterrent to speculation, and incidentally. he remarked, he could have easily arranged for credits up to
$500,000,000 if he had chosen.
F. A. Pethick-Lawrence, Laborite, an authority on finance, asked
whether Montagu Norman,Governor of the Bank of England, had suggested
to America that she might employ some of her idle gold reserves to bring
about a slight increase in American prices, thus obviating the necessity
for England to deflate and reduce prices to keep exchange at parity. But
to this no answer was given.
Questions were asked Mr. Churchill about the advance purchase of
dollars, which finally drew the admission that the loss involved thereby
amounted, roughly, to 5400,000. The Chancellor, however, stoutly
maintained that his action was justified, as in the autumn the country
would be largely buying cotton, wheat and other commodities.
Mr. Churchill said that 1U % commission was payable during the first
year, and if the credit was not used during the second year one-half of
that commission was payable. No commission was payable on the Federal
Reserve Bank credit ($200,000.000) unless the credit was utilized.
Commander Kenworthy, Liberal, inquiring as to the Government's
policy on gold coinage, pointed out that inflation was easier with the
printing press than with gold coinage.
Lord Hugh Cecil, admitting that the suspension of gold coinage might be
wise as a temporary expedient, maintained that the whole value of gold was
mankind's desire to use it as coinage. If paper replaced gold, then the
world's demand for gold would be entirely changed, and with it the whole
level of values.
Under renewed demand from the United States and local sources, the
pound sterling, which is slowly climbing toward parity, to-day touched its
highest point on this side of the Atlantic since the war, at $4 853i, or a
fraction beyond New York's overnight level.
The remarks of Mr. Churchill in the House of Commons last evening on
connection with the gold standard bill assisted the sentiment, which was
already favorable toward exchange.
During the day the pound continued to advance, and at the close of the
market was officially quoted at $4 85 •
When the bill was taken up in the House of Commons on
the 4th inst, says the New York "Times" Copyright article,
Philip Snowden, Labor ex-Chancellor of the Exchequer,
moved his amendment calling for the rejection of the Gold
Standard bill on the ground that the Government had acted
with "undue precipitancy" which might "aggravate the
existing grave condition of unemployment and trade depression." This account besides presenting Mr. Snowden's
news also gave Chancellor Churchill's reply,and we are giving_
the same herewith:
Snowden Attacks Gold Standard Bil
Mr. Snowden in moving his resolution said the object was to disassociate
himself from any trouble which might result from the adoption of the bill.
He was not opposed to a return to the gold standard, but the step at such a
time was the continuance of the too hasty policy of deflation which had
"ruined thousands of businesses" for the benefit of the renter.
Mr. Snowden said he voiced the fears of many people, that owing to the
heavy reserves of gold in the United States this country might be flooded
with American gold. There was nothing to prevent that being done, he
said, provided exchange made it profitable. He also was unable to understand why the Treasury should have bought dollars in sufficient quantity
to meet the next too 'instalments of interest on the American debt. It
showed lack of confidence in its own proposals, he thought. It would have
been cheaper to buy dollars when sterling was at par than when it was at a
discount, and Britain must lose very considerably by the transaction, he
added.
Mr. Snowden was also afraid the return to the gold standard might lead
to the export of too much gold, in which case the Bank of England rate
would have to be raised in order to protect Great Britain's gold reserves,
with disastrous effects upon industrial credits.
Sir Robert Horne, Unionist ex-Chancellor of the Exchequer, was in entire
disagreement with Snowden. He pointed out the fact that many other
countries were adopting or had adopted the gold standard and if Great
Britain had said she was not ready, the consequences to her credit and
industry would be disastrous.
"While it is good for America that this country should return to the gold
standard at the present time," he said,"it is also a good thing for us and the
better it is for America the more easy it will be for us to maintain the gold
standard."
Mr. Penny, Unionist, who followed, expressed the hope Great Britain
was not placing herself in the hands of America in this matter. "We had
a few dealings with America before," he said, "and have come off second
best."
2357
Mr. Alberry, another Unionist and financial expert, countered by declaring return to the gold standard would be the greatest thing that happened
to Great Britain since her decision to pay her debt to America.
Churchill Denies "Precipitancy."
Chancellor Churchill, replying to criticisms, was scornful over Snowden's
assertion that the Government acted with undue precipitancy.
"Undue precipitancy," he exclaimed. "Where is undue precipitancy
in acquiring discreetly over a period of six or seven months $163,000,000
required to defray our payments to the United States in the course of the
whole of this year? Where is the undue precipitancy that began arrangements within the United States before Christmas last year? There never
has been any step of this character taken by any Government which has
been more characterized by design, forethought, careful, laborious preparation."
The Government had acted with caution and precaution of whose fruits
Snowden's amendment would rob them. If it were carried Great Britain would have no American credits, would have to payout sovereigns on
demand to all and sundry and a tremendous rise in the bank rate would be
the only safeguard.
"Had we waited till Dec. 31 we should have had everybody hoarding
gold for eight months and finally coming upon our gold resources with all
pent-up demands of that long period," he added.
"The interests of Great Britain are not 'dependent upon the United
States, but the interests of both countries are interdependent," Mr.
Churchill continued. "No doubt gold in the United States will not move
physically to any large extent, but largely as a result of adoption of the gold
standard in this and other countries it gradually will become active and become the foundation of credit in many parts of the world. If that is so,
there will ensue a slow but healthy and perfectly legitimate expansion of
credit all over the world.
"We are told we might be flooded with gold. That is not precisely the
problem which occupied the minds of my advisers in recent months. Alone
among the countries of the world we need fear no violent flooding of gold
because, owing to farseeing provision in American debt agreement, we are
enabled to pay our debt to the United States in gold. Therefore, if we are
flooded with gold all the Treasury would have to do would be to float an
international loan by gold and remit it to the United States. This would
have the advantage of substituting an internal debt for an external one.
But that sort of thing happens in heaven.
"If gold is released from the United States it would go to European and
other countries equalize and set them on their legs again and we should
benefit from the general revival."
Gold Standard Only "Reality."
Mr. Churchill continued:
"We are often told the gold standard will shackle us to the United States.
The gold standard will shackle us to reality, for good or ill. I believe
it is the only basis which offers any permanent security for our affairs.
The economic foundation of Great Britain must be, as far as powible,
based on reality. We are not only the financial centre of the world,
but the centre of a wide empire. If we detach ourselves from the great
self-governing dominions in a matter of this kind, we run a great risk of
becoming isolated, of loosening the bond. Canada already is on a gold
standard, South Africa is about to return to the gold standard, and I received inquiries from Australia indicating what her desires are.
"If we take the opposite decision, or, worst of all, show ourselves incapable of taking any decision at all, the self-governing dominions might
come on a gold standard themselves and the mother country alone would
be left pursuing a different policy. The dominions would all have traded
together and with the United States on a gold basis, but with the pound
left out. It would have been on the gold basis of the dollar and not of
the pound. It would have been a condition of affairs disastrous from
every point of view. The same is true of the foreign countries with which
we deal.
"If the English pound sterling is now to be anchored to the standard
which every one knows and can trust and understand, the business not
only of the British Empire but of Europe as well may easily be transacted
in dollars instead of pounds sterling.
"We are told the gold standard will be injurious to us because America
is in favor of it. But whether we went on the gold standard or not our
interests are profoundly and intimately involved in those of the United
States. Therefore it is not a question whether return to the gold standard
makes us dependent on the United States, but whether it makes us more
dependent or dependent in an unhealthy or subservient manner. The
answer to that question seems to,depend on whether we shall ourselves
be stronger en a gold standard or not. Great Britain and her dominioes
together constitute an enormous power, a power so great, so comprehensive, that it is strong enough to exist side by side in amicable association with even a larger economic and financial power without any prejudicial
effect."
Mr. Churchill concluded:
"If the pound dropped to $4, as I have been advised it might?aave done
if we definitely announced the incapacity of this country to resume the
gold standard, or if the bill is rejected, we shall have to pay nearly one-fifth
more on all payments to the United States, whether for debt or raw material.
We shall also lose one-fifth of our £220,000,000 interest on foreign investments. That is to say, we shall lose nearly £100,000,000 yearly on our
external overseas trading account."
After further debate Snowden's amendment was negatived without a
division and the bill read a second time.
Oscar T. Crosby, Former Assistant Secretary of U. S.
Treasury, Questions Policy of N. Y. Federal
Reserve Bank in Setting Aside $200,000,000
to Maintain British Gold Standard.
Questioning the action of the Federal Reserve Bank of
New York in placing $200,000,000 gold at the disposal of the
Bank of England to further the re-establishment of a free
gold market in London, Oscar T. Crosby, former Assistant
Secretary of the U.S. Treasury, expresses concern in the
action of the Reserve Bank. Referring to the fact that no
knowledge has been vouchsafed as to the exact nature of the
transaction, Mr. Crosby observes that if the Reserve Bank
has agreed to purchase prime commercial bills bearing the
endorsement of the Bank of England "no political question
would be involved save that of the propriety of devoting for a
time $200,000,000 American resources to an investment which
would not normally have been made;" he points out, however,
2358
THE CHRONICLE
that if "a loan is to be made to the Bank of England for the
express purpose of re-lending this sum to the British Government, the business becomes more directly charged with
political value." The hope is expressed by Mr. Crosby that
it may be found, "when fuller explanations are given that
the patriotic and intelligent gentlemen who control the
Federal Reserve Bank of New York will not have established
a precedent which might be embarrassing when other
European Governments desire to follow the example of the
British Treasury." Mr. Crosby is inclined to think also that
the Federal Reserve Board has the right of supervision in a
transaction of this kind, despite comment to the contrary
attributed to Governor Crissinger. Mr. Crosby's statement,
made at Washington on May 4, follows:
Last week's headlines announced a financial event of great importance.
A credit established by the Federal Reserve Bank of New York of about $2
per capita for every person in the United States and in favor of the Bank of
England is described as being a weighty contribution to the replacing
of the pound sterling on a gold basis.
The exact language used by Mr. Strong, Governor of the Federal Reserve
Bank of New York, as quoted in the press, is as follows:
"In connection with the re-establishment of a free gold market In London
the Federal Reserve Bank of New York has completed an arrangement, in
which other Reserve banks will participate, to place $200,000,000 gold at
the disposal of the Bank of England if desired. It is believed that this will
be an effective aid toward general resumption of gold payments."
The corresponding announcement by J. P. Morgan & Co. is as follows:
"In connection with the re-establishment of a free gold market in London
the British Government has arranged a credit of $100,000,000 with J. P.
Morgan & Co."
It is to be noted in the first case the Bank of England is mentioned as the
beneficiary of whatever transactions in detail may result from the placing at
their disposal by the Federal Reserve Bank of New York of $200,000.000 in
gold.
In the second case it is the British Government directly which obtains a
credit from a private bank concern.
Mr. Churchill, Chancellor of the Exchequer, is quoted in cable dispatches
as saying:
"I have made arrangements to obtain, if required, credits from the United
States of not less than $300.000,000, with a possibility of expansion, if need
FoTH 121.
England or the shipment of gold to other countries for the account of Great
Britain.
Mr. Crosby's statement that an embarrassing precedent has been set
through the likelihood of other foreign powers seeking similar credits with the
Federal Reserve Bank, bankers regarded asoutside the realm of probability.
They pointed out that the Reserve Bank has broad powers and could be
trusted to pursue the course that seemed wisest for the welfare of the country
if any future applications should be made.
Bankers also minimized the danger of possible disadvantageto the Reserve
Bank through the fluctuations of exchange in connection with the credit
by pointing out that payments to the Reserve Bank, in the event of the
credit being used, will be made in dollars and in New York.
The general idea in banking circles is to regard the matter purely as a
banking transaction. The Bank of England is the correspondent of the
Federal Reserve Bank and has been for nine years. When it asked for an
accommodation here, which was within the provisions of the law governing
the Federal Reserve Bank and which was considered to the advantage of
American and world business, the natural thing to do, declared bankers, Was
to extend the credit.
Return of James Speyer from Europe—Commends
Re-Establishment of British Gold Market—Improving Conditions in Germany—Hindenburg's
Election Victory of Conservative Element.
James Speyer, the banker, who returned from Europe on
the White Star liner Olympic, which arrived here on May 6,
commended the action of Great Britain in re-establishing a
free gold export market, and described the election of
Hindenburg as President of Germany as "a personal victory
for a war hero, 78 years old, who has never taken any part
in politics, and a victory of the more conservative element."
Reference to conditions in Hungary was also made by Mr.
Speyer, whose observations we quote as follows:
The most recent outstanding event Was, of course, the announcement
that Great Britain would re-establish a free gold export market and that
the pound sterling was once more worth its former gold value. This is a
great and courageous achievement by a nation that simultaneously is paying
us about $130,000,000 per year. The Governor of the Bank of England
deserves great credit for this accomplishment. The re-establishment of the
pound sterling will not only help the people of Great Britain commercially
and Increase their prestige everywhere, but it will also help world trade
and thereby also benefit us.
I was glad to see in the European papers the opinions expressed by Judge
Gary, Mr. Mitchell, and similar dispatches from Washington showing a
correct interpretation of the significance of Hindenburg's election and
warning the outside world not to take an incorrect view. It was a personal
victory for a war hero, 78 years old, who has never taken any part in
politics, and a victory of the more conservative element. The English
newspapers generally took the same view.
It must not be forgotten that Ludendorff, the real spokesman of the
militarists, in April only got 400.000 votes out of 27.000.000 votes. The
few pre-election utterances of Hindenburg have all been of a reassuring tone:
he promised to do everything to avoid future war and to live up to existing
agreements, including the Dawes plan, as far as peraible.
General economic conditions in Germany appear to be improving. People
are hard at work, and since the stabilization of their currency, which.
thanks to the safeguards of the Dawes plan, promises to remain stable.
they have begun to save, as is evidenced by the increase in savings bank
deposits. What the German people need now is more working capital
and some encouragement from the outside world to further improve their
financial and economic condition, which, in turn, would help more than
anything else to strengthen the new republican form of government.
Nobody can fall to be impressed with the progress being made in Hungary
under Admiral forty, acting as regent. Ile is a quiet, forceful man, and
Count Bethlem the Prime Minister, and his colleagues are endeavoring
to give their country an orderly, conservative and progressive administration assisted by an American, Jeremiah Smith, who as CommissionerGeneral of the League of Nations, successfully supervises the national
finances and is giving general satisfaction.
The unity of the transaction into which the two New York establishments
have entered is thus indicated, although no information has thus far appeared from any source that I have seen as to the detailed methods in which
these credits are to be used.
Into the business of J. P. Morgan & Co. in this matter the public has no
direct right or interest to inquire.
We are concerned, however, in the operations of the Federal Reserve
system, whose resources are held in a sort of partnership between the American public and certain private banks.
Suppose that the language quoted above from Governor Strong means
only that his bank has agreed to purchase prime commercial bills bearing
the endorsement of the Bank of England, and carrying also, perhaps, a
guarantee against possible losses due to fluctuations of exchanges. In this
case the bank will be exercising its statutory right, and no political question
would be involved, save that of the propriety of devoting for a time $200,000,000 of American resources to an Investment which would not normally
have been made, but which is now entered into to subserve the announced
purpose of stabilizing British currency.
If, however, the words In question mean that a loan is to be made to the
Bank of England for the expreea purpose of re-lending this sum to the British
Government, the business becomes more directly charged with political
value. Note that Mr. Churchill's words are:
"I have made arrangements," &c. In this case Mr. Churchill's "I" is in
fact the British Government.
With the objective held In view by all the parties to this transaction, most
of us, I think, are in hearty sympathy. It remains, however, for the
American people to consider how far, and under what conditions, they
desire that their public resources should be placed, for any period of time, at
the disposal of foreign Governments, without resort to the illuminating,
though vexatious, processes of discussion as over a treaty.
We may hope that when fuller explanations are given it will be found Return of Great Britain
to Gold Standard—Statement
that the patriotic and intelligent gentlemen who control the Federal Reserve
of Chancellor Winston Churchill.
Bank of New York will not have established a precedent which might be
embarrassing when other European Governments desire to follow the
Inasmuch as the crowded condition of our columns preexample of the British Treasury.
International politics and international finance are indeed married in a vented our giving last week the entire statement of the
close bond. Governmental agencies engaged in the financial field can British Chancellor of the Exchequer, Winston Churchill,
scarcely be left that perfect freedom which, I believe, should be enjoyed made In the House of Commons on
April 28, relative to the
by private capitalists.
Another point of interest is presented by this case—namely, whether or decision of the Government to return to the gold standard,
not in such a matter the Federal Reserve Board is by statute or practice we are giving the full account of what he had to say the
expected to pass upon such an undertaking of a particular Federal Reserve present week.
Some of the principal points in the address
Bank. Governor Crissinger of the Board has been quoted in the press (as I
understand words) to the effect that the Board has no right of supervision In of the Chancellor were brought out in our reference to his
this case. But there Is doubt. I believe, as to the soundness of this view. A remarks a week ago (page 2217). The following is his statetransaction which, to say the least, seems to blaze the way for most imment on the gold standard as given in the New York "Times"
portant international relationships, might reasonably be expected by the
public to be within the control of a board whose members are full-fledged copyright cablegram from London, April 28:
Government officials. We may also reasonably expect more in the way of
Ever since the spring of 1919, first under the War Powers Act and later
explanation than was at first vouchsafed in respect to a matter reported, under the Gold and Silver Export Control Act of 1920, the export of gold
when first publicly mentioned, as a fait accompli.
coin and bullion from this country, except under license, has been prohibited. By express decision of Parliament the 1920 Act, which prohibits export, was made of temporary character. That Act expires on Dec. SI of the
See Federal Reserve Bank in Strong Position on Credit present year and Great Britain then automatically
reverts to the pre-war
free market of gold. Now, his Majesty's Government have been obliged to
—British Transactions Well Within Federal
decide whether to renew or prolong that Act on the one hand, or to let it
Reserve Act, N. Y. Financiers Say.
lapse on the other, and that is the issue which has presented itself to us.
The following is from the New York "Times" of May 6:
We have decided to allow it to lapse.
I am quite ready to argue the important currency controversies which
While comment was withheld at the Federal Reserve Bank yesterday
regarding the statement of Oscar T. Crosby, Assistant Secretary of the are naturally associated with a decision of that kind, but not to-day. Not
Treasury during the Wilson Administration, in which he challenged the in this budget speech to-day. I can only announce and explain what it is
legality of the Reserve Bank credit of $200,000,000 obtained last week by that the Government have decided to do, and I will do that as briefly as I
Great Britain, bankers were In general agreement that the bank's position is can.
A return to an effective gold standard has long been a settled and deunassailable.
It was pointed out that Section 14 of the Federal Reserve Actauthorlzes clared policy of the country. Every expert conference since the war, from
the bank to undertake any of the operations contemplated in the credit. Brussels to Genoa—every expert committee in this country—has urged the
The bank's position, it was said, is further buttressed by Section 4, which principle of a return to the gold standard. No responsible authority has
gives it authority to enter into contracts to perform these operations, which advocated any other policy. No British Government—and every party has
may take the form of the purchase of sterling bills, a deposit with the Bank of held office—no political party, no previous bolder of the office of Chancellor
MAY 9 1925.]
PH 114
CHRONICLE
of the Exchequer, has challenged, or, so far 89 I am aware, is now challenging the principle of reversion to the gold standard in international matters at the earliest possible moment. It always has been taken as a matter
of course that we should return to it, and the only question open has been
the difficult and very delicate question of how and when.
During the late Administration the late Chancellor of the Exchequer appointed a committee of experts and high authorities to examine into the
question of amalgamation of the Treasury and the Bank of England note
issue, and other matters. This inquiry resolved itself mainly into an examination of whether, and in what manner, should we return to the gold standard. The committee was presided over by my right honorable friend who
is now Secretary of State for Foreign Affairs, Mr. Austen Chamberlain, and
then by a private member, and its other members were Lord Bradbury, Mr.
Gaspard Farrer, Professor Pigou and the Controller of Finance at the
Treasury, Sir 0. E. Niemeyer.
The committe heard evidence from a great number of witnesses, representing every interest. Financial and trading interests, manufacturing interests, the Federation of British Industries and others, all were heard. It
presented a unanimous report, in which it expressed a decided opinion upon
the question of the gold standard, and it sets forth its recommendations as
to the manner in which the return to that standard should be effected. I
have had the report of this committee printed, and it will be available as I
finish my remarks this afternoon.
It contains a reasoned marshaling of arguments which convince the
Government, and it sets forth a series of recommendations in which Mr.
Chamberlain, though he ceased to be Chairman on becoming Foreign Secretary, has formally concurred and which his Majesty's Government are intending to follow in every respect.
Gold Export Licensed at Once.
So much for the principle. There remains the question of time and
method. There is general agreement, even among those who have taken what
I think I am entitled to call a heterodox view—at any rate, it is a view
which we on this bench do not accept, that we ought not to prolong the uncertainty, that whatever the policy of the Government, it should be declared.
If we are not going to renew the Act which prohibits the export of gold
coin and bullion, now is the moment when we ought to say so. It is the
moment for which the House has patiently waited, at my request, and I
express my obligation because I have not been pressed on this matter before the moment at which, after long consideration it was judged expedient
This Is the moment most
that settlement should be made and action taken. '
favorable for action.
exchange with the United States for some time has been stable, and
Our
is at the moment buoyant. We have no immediate heavy commitments
across the Atlantic. We have entered a period on both sides the Atlantic
when political and economic stability seems to be more assured than it has
been for some years. If this opportunity were missed it might not recur
soon, and the whole finance of the country would be overloaded during that
period by the important factor of uncertainty.
Now is the appointed time. We therefore have decided that, although
prohibition on the export of gold will continue in form on the statute book
until Dec. 31, a general license will be given to the Bank of England for the
export of gold and bullion from to-day. We thus resume our international
position as a gold standard country from the moment of the declaration that
I have made.
That is an important event. But I hasten to add the qualification that
returning to the gold standard does not mean we are going to adopt gold
coinage. That is quite unnecessary for the purpose of the international gold
standard, and it is out of the question in the present circumstances. It
would be unwarrantable extravagance which our present financial stringency
by no means allows us to indulge in.
Indeed, I must appeal to all classes, in the public interest, to continue to
use notes and to make no change in the habits and practices they have used
for the last ten years. The practice of the last ten years has protected the
Bank of England and other banks against any appreciable demand for sovereigns or half sovereigns, but now that we are returning publicly to the
gold standard in international matters, and with free export of gold, I feel it
will be better for us to regularize what has been our practice by legislation.
I shall therefore propose to introduce a bill which, among other things, will
provide:
(1) That until otherwise provided by proclamation, the Bank of England
notes and Treasury notes will be convertible into coin only at the option of
the Bank of England; and
(2) That the right to tender bullion to the mint to be coined shall be confined in the future by law, as it has long been confined in practice, to the
Bank of England.
Simultaneously with these two provisions, the Bank of England will be
put under obligations to sell gold bullion in amount not less than 400 fine
ounces for exchange for legal tender at the price of 23.17.101 per stand/
2
ard ounce. For any considerable sum of legal tender presented to the Bank
of England, the bank will be under obligation to meet by bullion at that
price.
Credit Here and Reserve $466,000,000.
The further steps which are recommended by the Currency Committee,
amalgamation of the Bank of England note and Treasury note issues,
such as
will be deferred, as the committee recommends, until we have sufficient experience of the working of the free international gold market on a gold
reserve of approximately 2150,000,000. It is only in the light of that
experience that we shall be able to fix by permanent statute the ultimate
limits of fiduciary issue.
All that will be in the bill. The bill also has another purpose. We are
convinced that our financial position warrants a return to the gold standard.
Under the conditions that I have described we have accumulated a gold reserve of 2153,000,000. That is the amount considered necessary by the
Cunliffe committee, which gold reserve we shall use without hesitation, if
necessary, with the bank rate in order to defend and sustain our new position. In order to concentrate our reserve of gold in the most mobile form
I have arranged to transfer the 227,000,000 of gold which the Treasury
holds against the Treasury note issue, to the Bank of England in exchange
for bank notes, and the increase of the gold reserve of the Bank of England will, of course, figure in their accounts.
Further, when we made up our minds to take this course, now many months
ago, the Treasury began discreetly to accumulate dollars, and we have already accumulated the whole of the $166,000,000 which are required not
only for June, but also for the December payments of our American debt
and for all our other American debt obligations this year.
Therefore—and it is important—the Treasury will not have any need to
COM on the market in the autumn, when large seasonal purchases of raw
materials are taking place, as a competitor for the purchase of dollars.
Finally, though we believe we are strong enough to achieve this important
change from our new resources, and as a further precaution to make assurance doubly sure, I have made arrangements to obtain, if required, credits
In the United States of not less than $300,000,000 with the possibility of
expansion, if need be. These credits will only be used if, as and when they
2359
are required. We do not expect to have to use them, and we shall freely use
other measures in priority.
These great credits across the Atlantic Ocean have been obtained and
built up as a solemn warning to speculators of every kind and of every hue
and in every country, of the resistance which they will encounter and of the
reserves with which they will be confronted, if they attempt to disturb the
gold parity which Great Britain has now established.
To confirm and regularize these credit arrangements which I had to make
provisionally in the public interest, and to deal with other points that I
have mentioned, a short three-clause bill will be required, the text of which
will be issued to-morrow and which we shall ask the House to dispose of as
a matter of some urgency.
Report of British Committee on Gold Standard.
Under the above head last week (page 2217) we referred
to the report of the British Committee of Experts whose recommendations had prompted the conclusions of the Government, announced by Chancellor Winston Churchill, respecting the return of Great Britain to the gold standard. In its
account of the report and the findings of the committee, the
new York "Times" had the following to say in a copyright
cablegram from London, April 28:
The committee held nine meetings and heard thirteen witnesses, including
Governor of the Bank of England Reginald McKenna, Sir Robert Home,
Professor Canaan, Sir George Paish, Professor Keynes and representatives of
clearing banks and British industries. Montagu Norman was heard a second
time on Jan. 28.
Chief Points of the Report.
The chief points of this report follow:
"The natural starting point of our inquiry was a recommendation of the
Committee on Currency and Foreign Exchanges after the war, the Cunliffe
committee, that currency note issue should be transferred to the Bank of
England *hen it had been ascertained from experience in a free gold export
market what fiduciary issue is compatible with the maintenance of the central gold isserve of 2150,000,000.
"These conditions have not yet been fulfilled, and we found it necessary
to enter somewhat fully into the questions whether a return to the gold
standard on the basis of the pre-war sovereign is in the present circumstances
no less desirable than at the time of the Cunliffe committee's report, and if
so, how and when the steps required to achieve it should be taken. The
alternatives are: (a) To return to the gold standard on the basis of a devalued sovereign in the re-establishment of a free gold market with a unit
identical in name but of lesser gold content than the pre-war unit, and (b)
to attempt to find a basis for a currency unit other than gold."
The first alternative was dismissed as a policy which Great Britain could
not possioly adopt and the committee then expressed the opinion that there
was no alternative comparable with a return to the former gold parity of the
sovereign.
"ln conclusion," the report continues, "we are supported by an overwhelming majority of opinion, both financial and industrial.
"When we first began to consider our report in September last the ruling
rates of exchange on New York were still 10 to 12% below gold parity and
there was acme anxiety whether the normal autumn pressure would not
result in renewed depreciation of the pound and whether limitation of the
amount of the fiduciary issue of currency notes prescribed by the Treasury
minute of Dec. 15 1919 could be maintained over Christmas without giving
rise to conditions necessitating a sharp rise of money rates.
Had Faith It Could Ile Done.
"We entertained no doubt, however, even at that time, of the ability of
Great Britain, notwithstanding the fact that her international financial
sivation is in some respects less satisfactory than it was before the war, to
restore and maintain the gold standard at pre-war parity at any time it
might be thought prudent to do so, and in spite of special conditions which
have during the last few years exercised an adverse influence, of which principally are industrial stagnation and the disturbance of international trade
resulting from post-war conditions and the fact that we are paying interest
and sinking fund on our war debt to America without as yet receiving an
adequate counterpart from our Continental debtors.
"Our existing volume of exports, visible and invisible, together with the
income we derive from foreign investments, is still undoubtedly sufficient
to meet our foreign debts and pay for our necessary imports and even to
supply a moderate balance for new foreign investment."
After examination of the question whether "the undoubted advantages of
an immediate return to parity were sufficient compensation for the inconveniences, temporary though possibly severe while they lasted, of a measure
of deflation necessary to bring about adjustment, or whether it would not be
more prudent to pursue, at least for a few months longer, a waiting policy
in the hope that the disparity would disappear through a rise in American
prices, the probability Of which there appears to be indications," the committee says:
"The attitude of the Dominions and foreign countries toward the question
of an early return to the gold standard is also a material consideration. The
Union of South Africa has already decided to take the step in the course of
this summcr. The other Dominions will undoubtedly follow our lead and
may, if we delay, precede us. The same is true of Holland and Switzerland
and possibly other European countries.
"Although the convertibility of the new German currency into gold is,
under existing legislation, suspended, a high degree of stability has been
attained and the establishment of the full gold standard effectively and
even formally may take place in the early future.
American Financial Stability.
"Economic conditions in America give promise of a period of financial
stability, thua reducing the risk of dangerous reactions during the initial
months of a free gold market, and the prevaling sentiment there would
likely be helpful.
"We therefore recommend that an early return to a gold basis should
forthwith be declared to be the irrevocable policy of his Majesty's Government and that it should be definitely stated that the existing restrictions on
export of gold, which expire on Dec. 31 next, will not be renewed. General
license should at the same time be given to export gold sold by the banks
for export, and the banks should, between now and the date of expiry of the
export prohibition, avail themselves freely of it whenever exchange is below the normal export specie point, making good any consequential drafts
upon reserve in the banking .department in accordance with traditional practice.
"As from the date of announcement until such time as arrangements governing fiduciary issue can be put on a permanent basis the existing limitation of that issue should be strictly maintained.
2360
TH 144 CHRONICLE
"We are satisfied that if this policy can be given the loyal co-operation
of the principal British institutions which control the supply of credit, it
can be carried through without risk by the Bank of England and without
external assistance; indeed, such assistance, if it took the form of foreign
credits to be used on any considerable scale to mitigate the effect of this
policy upon credit conditions in the United Kingdom would really serve to
counteract the very forces on the operation of which we rely for its success.
On the other hand, the existence of a substantial American credit known
to be available for use in sudden emergencies, would tend to discourage
speculation and contribute to the creation of a general atmosphere of confidence favorable to the smooth working of operation."
The committee next points out that the appreciation of sterling which
has taken place since November 1924 has been due partly to the belief that
an effective gold standard will shortly be restored in this country and only
partly to the lessening of the difference between the purchasing power of
sterling and of gold. It continues:
"In so far as this confidence in the future of sterling has allowed the
resumption of those normal operations between New York and London, which
had been interrupted by political uncertainty and distrust in the preceding
twelve months, no reactionary consequences are to be feared.
"There has, however, undoubtedly been a considerable element of specu•
lotion in connection with that movement, the extent of which cannot be
exactly determined. To this unknown extent there may be a tendency when
parity has been reached for the realization of speculative positions to throw
a concentrated strain on exchange."
The proper safeguard against such danger, the report adds, is in the size
of the gold reserves and in the resolute use of those reserves—to which point
Mr. Churchill gave emphasis in his speech.
The concluding portion of the report is concerned with the domestic circulation of gold, which is described as "a luxury which can well be dispensed with and which we are, in fact, at any rate during the next few years,
not likely to be able to afford."
Split on British Plan for Gold Resumption—Banke
Quit Committee of Sound Currency Association
Which Urge Unrestricted Convertibility of Notes.
The following, which appeared in advance of last week's
return of Great Britain to the gold standard, is of interest
at this time; the information was contained in a copyright
cablegram from London. April 10, to the New York "Times":
Sir Felix Schuster, Walter Leaf and Laurence Currie, all figures of outstanding importance in the London banking community, have resigned from
the Executive Committee of the Sound Currency Association, that action
being taken because of the memorandum sent by the association to the Chancellor of the Exchequer in regard to the return to the gold standard.
Bankers are quite universally agreed that it is necessary for England to
return to the gold basis at the earliest possible moment and that is urged
by the association in its memorandum. But the point on which the split has
occurred is the recommendation that along with restoration of a free gold
market the Bank of England notes should be made convertible at will of the
holder in gold.
Few, if any, of leading bankers here support this recommendation; simply
because, whereas there are about £400,000,000 of notes outstanding, there
Is at present little more than £150,000,000 gold available for redemption
purposes. The Sound Currency Association memorandum recognizes that
fact, but holds that England's present gold reserve is sufficient to secure
convertibility of the notes, because a comparatively small amount of gold
Is required to work the exchanges.
World Gold Parley Project Revived—British Exporters
Fear Loss of Trade—Say High Value of Pound
Will Increase British Prices, as Compared
With Depreciated Currency Quotations.
The following Inter-Ocean Press cablegram from London,
April 29, is from the New York "Journal of Commerce" of
April 30:
[Vol.. 120.
According to estimates made by Secretary Hoover, the total exports and
imports now involved in world trade are valued at about $45,000,000,000,
and of this amount about $35,000,000,000 is now put on a gold basis. German marks, he said, automatically go on a gold basis following sterling,
under the provisions of the Dawes plan.
Secretary Hoover made some calculations on the basis of total imports and
exports amounting to $35,657,275,000 for the year 1923, covering the more
important trade sections of the world. The foreign trade (imports and exports combined) of countries whose currencies are now at or near par, or
stabilized with relation to the dollar, were, in 1923, as follows:
Europe
$16,743,080,000
Far and Near East
5,655,072,000
Latin-America
1,486,595,000
North America
9,892,469,000
Union of South Africa
418,725,000
Argentina, Paraguay and Uruguay
1,461,334,000
The general effect of the return of Great Britain and other countries to a
gold standard, Secretary Hoover said, would be favorable, as the resumption
of the gold basis would reduce the volume of speculation during fluctuation
of exchange rates.
Unfavorable developments of a temporary nature, Secretary Hoover believed, would be unimportant as compared with the general gain to be obtained by the stability of foreign trade through the removal of risks because
of exchange fluctuations on contracts.
The lifting of the British embargo on gold, in the opinion of Secretary
Hoover, will net have any immediate effect upon the surplus stocks of gold
in this antry, but will permit gold to flow more freely when this is warranted y conditions of international trade.
ews in Washington on Return of Great Britain to
Gold Standard—Comment by A. C. Miller of Federal
Reserve Board—Secretary Mellon on Funds
Made Available for British Government.
According to Associated Press dispatches from Washington
April 28, Chancellor Churchill's announcement that Great
Britain would return to the gold standard was hailed with
enthusiasm by Treasury experts and economists of the
Department of Commerce as a splendid example of the stability of that empire and also as indicating that world economic relations are gradually being adjusted. It was added
that these officials believed that the Northern European
countries would, as soon as possible, follow the lead of Great
Britain and thus, by establishing international currency on a
par basis, would help to do away with the fluctuations of
foreign exchange. Adolph C. Miller, a member of the Federal Reserve Board, was quoted as saying:
The restoration of the gold basis in Great Britain means that one of the
greatest steps has been taken since the war toward establishment of a world
mental poise and equilibrium.
Indicating further that Mr. Miller had to say the New York
"Commercial" reported him as declaring that the British
had displayed acumen in turning the work over to the Bank
of England to handle. The "Commercial" added:
He suggested that trained financiers, in constant touch and with an acute
understanding of the situation,could ascertain much more quickly the proper
ways for dealing with the early stages of the program when,if there are to be
difficulties, they shall develop. It was mentioned also that by licensing the
Bank of England to export gold, licenses which they obviously will be able
to obtain whenever in the judgment of officials exportation Is necessary, the
ponderousness of government machinery is avoided.
Most governmental quarters expressed the view that the new world
bankers, as represented by the New York Federal Reserve Bank, can now
do their unofficial part in another phase of reconstruction of Europe.
Sympathetic treatment of the situation as it now is developed through the
British action will mean,in the view of economists, a hastened restoration of
the gold basis in numerous other countries, officially. Many of them new
are practically on the gold basis, it was explained, but these officials held
that formal action of the character of England's would greatly strengthen
the world economic fabric.
While Chancellor Churchill's budget plans have already been warmly welcomed by bankers and investors and also by persons whose incomes are less
than £1,000, signs of opposition are developing not alone in political circles but also among industrial leaders.
Manufacturers express fear that the return to the gold basis may make it
more difficult for British exporters to meet competition of French indusOn May 2 special advices from Washington to the New
trialists because the high exchange value of the pound tends to increase the
price of British goods, as compared with prices quoted in French or other York."Times" said that the State Department was notified
depreciated currencies.
in advance of the extension by American bankers of the
Discussion of proposals for the calling of an international conferenct for $300,000,000 credit to Great
Britain, but the dispatch adds,
consideration of currency problems was revived to-day, both in financial and
Industrial circles. It is argued here that such a conference should be abie it was explained that it would not be correct to say that the
to help in a general stabilization of currencies and that such a stabilizatiou department was consulted about the loan. Continuing the
should worn to the interest of all, particularly to the benefit of the business account said:
men in Great Britain and the United States.
The policy of the Department is neither to endorse nor condemn loans to
One of the British industrialists who favors the calling of an international foreign Governments,
but it had an opportunity to express its views on the
currency conference is Col. Francis V. Willey, President of the Federation subject which are
understood to have been favorable.
of British Industries. Colonel Willey fear's that the immediate effect of the
Regarding Secretary Mellon's views, expressed in advance
return to a gold basis may be to increase the difficulties of British exporters. Discussing the Government's gold announcement, Colonel Willey said: of the official announcement of the
arrangements made by
"Looking forward toward its eventual effect, the Government's decision
is to be welcome and commended. However, the first effect may be to cause the Federal Reserve Bank and J. P. Morgan & Co., the
difficulties in our trade with the Continent. The high exchange value of "Wall Street Journal" of April 28 reported the following
the pound naturally tends to increase the prices of British goods in the from Washington:
currencies of other countries."
Secretary Mellon stated Monday that while he had not been advised that
the Bank of England was seeking to have the New York Federal Reserve
Bank discount
Secretary of Commerce Hoover Reports All But 10% country mightIts bills at par, he very much favored any assistance that his
give toward reviving the gold standard for Great Britain.
of World's Trade on Gold Basis.
The Secretary believes that the internal condition of Great Britain will
justify the return when it is put into effect, and believes that any assistance
Expressing the view that the return of Great Britain to
from this country will serve only to underwrite the return.
the gold standard
large,
would benefit the economic world at
Secretary of Commerce Herbert Hoover declared on April
30 that as a result of the action of Great Britain in returning to the gold standard all but about 10% of the world's
trade is now on a gold basis. Secretary Hoover's views are
referred to as follows in a dispatch from Washington to the
New York "Times" April 30:
An account of Secretary Mellon's views was contained in a
Washington dispatch April 27 to the New York "Times,"
which we give herewith:
It Is the opinion of Secretary Mellon that Great Britain probably will
establish a credit here in connection with her anticipated return to a gold
standard. It is believed in the Treasury Department that the Federal
Reserve Bank of New York will assist,if necessary,in maintaining the pound
at par through operations in sterling exchange.
MAY 9 1925.]
THE CHEONICLE
2361
On the eve of the British budget message tomorrow Treasury officials
M.Cailluax said his proposals were divided into three categories, the first
have the feeling that the embargo against free payment of gold in England of which was a permanent and absolute balanced budget, so that there
will expire by limitation at the end of 1925. High officials here today also could be no fear anywhere of a deficit in French finances. Beyond this
expressed the opinion that anything that may be done by Great Britain to statement, the Finance Minister asked to be excused from going into details
stabilize her currency or to establish a gold basis is desirable from the general concerning the rest of the program, because, he said, it was proper that the
economic standpoint and is favorable to the interests of this country.
French Parliament be informed first.
The view in the Treasury is that American credit is not essential in order
Ile added, however, that when the necessary measures to provide for the
that England may resume specie payments, but that such an arrangement floating French debt and other urgent requirements were effected, France
might afford additional security. High officials here today asserted that must then follow the lead of Great Britain in placing her money once more
there is no need for such support of pound sterling, pointing out that a upon a gold basis.
credit here might be provided for on much the same theory that an issue of
The gravity of the situation arising from the heavy obligations coming
new bonds is underwritten
due this year has been greatly exaggerated, said M.Caillaux, who expressed
Mr. Mellon. it is said, thinks that Great Britain will make some arrange- confidence that with careful handling the French treasury would be able to
ment for credit here, but he doubts that it is needed. It is his opinion that meet all demands made upon it.
sterling exchange has been getting stronger through the growth of foreign
"French finances," he concluded,"will be handled in a way that will give
trade and that even if there had been no talk of lifting the gold embargo every confidence to our Anglo-Saxon friends in the financial solidity of
the pound would have returned to par and remained there through economic France."
conditions.
The April 29 advices (Associated Press) which we mention
On April 28 Secretary Mellon and Governor Crissinger and above in addition stated:
The resumption of specie payments by England. it was stated at the Bank
other members of the Federal Reserve Board were said to
have indicated that they felt that although the lifting of the of France today, will be a good thing for the United States, because it will
increase the value of the gold held in America. France, it was said, cannot
gold embargo is an accomplished fact, the immediate physo- continue to struggle along with depreciated currency while all the other imlogical effect is more important. The accounts went on to portant commercial and financial countries are working on a gold basis.
It Is generally recognized that great sacrifice will be required and a diffisay:
basis of
before French
cult period passed through
money can be put on a
The argument was advanced that Great Britain now stood on a financial
parity with the dollar and the pound sterling,butfinanciers express the opinpar with the United States and that these two great financial powers could
ion that the time is approaching when it must be attempted, and Finance
• and would wield an incalculable influence on world monetary affairs.
The belief prevailed among high officials that the credit which Chancellor Minister Caliana is declared to be of the same opinion.
M.Caillaux thus far has refused to go into details regarding possible measChurchill announced was to be established here would be be little used.
These officials held that psychology again would play an important part, ures to this end. He has confined himself to warnings that a "Painful
of
for with the credit available, temporary depressions in exchange that may financial penance" was coming in order to repair the disastrous effects the
reasonably be expected to come will appear as unimportant, for the officials war and its aftermath on French finance and money. He has vaguely
talked of the "novation" of the public debt, which is taken in financial cirdirecting the effort will know that funds are available to correct any situacles to mean a sort of forced refunding of the interior obligations at something
tion.
burdep
Sympathy will be shown by this Government to any effort to aid the about the present market value, which would reduce the home debt
British Government in its attempt to keep its currency at par. It is under- nearly 50%.
The readjustment of wages, which have increased 400%. since 1914,
stood here that purchases by the New York Federal Reserve Bank of sterling
on the open market will receive Treasury approval. When Sir Montagu C. one of the gravest difficulties in the way of the renovation of the franc
Norman. Governor of the Bank of England, came quietly to the United With French money at par the prices of commodities would necessariir be
States last winter an agreement was supposed to have been reached whereby radically reduced and present wages could no longer be paid.
It is undersood. M.Caillaux purposes devoting the whole Summer ParHa
Britain would have warm support by the Treasury as soon as she established
mentary vacation to the problem so as to be able to tell the Chamber when /
herself firmly in the international world of finance.
reconvenes in October just what must be done.
_
The visit of Sir Montagu C. Norman was referred to in — Presenting the Washington views
relative to content
these columns Jan. 3 1925, page 28 and Jan. 10, page 140.
Contributory Insurance Scheme Proposed by
Chancellor Churchill of Great Britain.
In addition to the information contained in these columns
last week (page 2219) regarding the British Government's
compulsory insurance scheme announced by Chancellor of
the Exchequer on April 28 with the presentation of the
budget, the following further information is quoted from
a copyright cablegram to the New York "Times" from
London April 29:
plated action by France, the New York "Times" under dat
of April 30 said in part:
Dispatches from Paris indicating that Finance Minister Caillaux is studying the question of a return to the gold standard by France. were received is
official circles today with considerable interest. Experts here believe that
France must solve this problem before financial equilibrium Is restored, but
it is felt here that some time will pass before the feat actually it accomplished.
That France, with its tremendous internal debt, can successfully return
to the gold standard without resorting to the demonetization of the franc is
not very generally accepted. In fact the view is held here that sooner or
later demonetization, in one form or another, must be adopted as the solution. It was noted with interest that the Paris dispatches said that M.
Calm= had talked vaguely of the "novation" of the public debt, which is
only another way of suggesting demonetization.
Officials here, of course, are unwilling to discuss for publication the steps
which they believe may be necessary for France to adopt. But expert*
believe that the elevation of M. Caillaux to the post of Finance Minister
presages at least an attempt to obtain far-reaching financial reforms which
no other political leader of France has, up to this time, been willing to father.
Details were given in the Commons today regarding the new insurance
scheme announced yesterday by the Chancellor of the Exchequer.
These
Indicate that it will be the most comprehensive plan of national
pensioning
ever introduced in Britain by any Government, Liberal. Labor or
Conservative.
The bill will apply to all now insured under the national health insurance
scheme; in other words, to 70% of the population of the United Kingdom.
It will provide pensions for widows,orphans and persons after the
age of 65. Japanese Government Issuing Two Kinds of Internal
These pensions are to be paid from a fund to which employers and
employed
Loans.
alike will contribute fourpence extra for men and twopence for women,these
contributions rising by states to sevenpence and 3I. pence.
The Japanese Government, is was announced this week,
Widows of all men insured under the new plan who die after this year will
has decided to issue two kinds of internal loans as follows:
receive 10 shillings weekly for life unless they remarry, the eldest
child 5
shillings and other children 3 shillings weekly till they reach the age of 14.
Five Per Cent Loans, Series "Mi."
All restrictions and means of tests on insured persons over 70 will
Purpose.—Conversion of extraordinary Treasury bonds, series "U."
be abolished and the beneficiaries of the new scheme will receive 10 shillings
-62,300.000 yen.
Amount.
weekly
after reaching the age of 6$.
Date of Issue.—May 8 1925.
All domestic servants and agricultural laborers will come under
Redemption.—Non-callable for 5 years from the date of issue; thereafter
the new
plan. The only workers who do not are those earning more than
£250 a to be redeemed within 50 years.
year or who belong to excepted occupations, such as the police
Issue Price.
force and
-85 yen. —
civil service, school masters and the like, who have their own
Subscription.—Totally subscribed by the fund belonging to the Governscheme of
insurance superannuating.
ment Deposit Bureau.
Few occupations, however, have a scheme •-f widows* pensions and
there
Five Per Cent Loans, Series No. 23.
will be a proviso by which persons in excepted occupations may
make a parPurpose.—Financing public works in Korea and railroads.
tial contribution to the national insurance scheme to provide partial
benefit.
Amount.
-15,000,000 Yen.
such as the widows' pensions, not given under their existing schemes.
Date of Issue.—May 25 1925.
The chief criticism of the new plan, which, undoubtedly, steals
much of
Redemption.—On or before March 1 1937.
the Labor Party's thunder, is that it will impose a new charge on
industry,
Yield.
-6I%. (Issue price 90.)
but the Government hopes,in addition to a reduction of the income
tax, that
Subscription.—To be offered to the publlc from May 25 to Jan. 1 through
other help will be given to industry by a saving on the poor law
consequent post offices.
on a reduction of local rates.
•
Offering of Burlington (Iowa) Joint Stock Land Bank
Bonds.
Halsey, Stuart & Co., Inc., William R. Compton Co. and
Harris, Forbes & Co. offered last week an issue of $500,000
Burlington, Iowa, Joint Stock Land Bank 4 2% bonds,
dated June 1 1925 and due June 1, 1955, at prices yielding
more than 4.30% to optional date June 1 1935 and 4.50%
until redeemed. The bonds, issued under the Federal Farm
Finance Minister Caillaux already is studying the problem and has intimated his conviction that when the time comes for an attempt to take Loan Act, are in coupon form in denominations of $500,
France back to a gold basis the success of the move would depend upon the $1,000, $5,000 and $10,000 fully registerable and interFrench people making sufficient sacrifices.
changeable. Interest is payable semi-annually June 1 and
In later referring to the move by France the Associated Dec. 1, and-principal and interest are
payable at the BurPress in Paris advices, May 1, had the following to say:
lington Joint Stock Land Bank, or through the Bank's fiscal
Explaining his recent statements that France must seek ways and means agent
in Chicago at the holder's option. The bonds are acfor returning to a gold standard, Finance Minister Caillaux today told correspondents that the gold standard was one of the necessary elements of ceptable as security for Postal Savings and other deposits pf
the French financial program.
government funds. Thn Burlington Joint Stock Land hao
Possibility of France Returning to Gold Standard.
Advices to the effect that the return of Great Britain to
the gold standard had caused French financiers to begin to
look over the ground for ways and means by which France
could eventually make a similar reversion were contained in
Associated Press cablegrams from Paris, April 29, which
added:
2362
THE CHRONICLE
confined its major operations to the entire territory within a
radius of 50 miles of Burlington, where it has made loans in
the amount of $2,412,000 against 36,036 acres of real estate
securities appraised at $6,024,301.
Offering of Bonds of Denver Joint Stock Land Bank.
At 1031 and accrued interest to yield about 4.60% to the
4
optional date and 5% thereafter, an issue of $1,000,000 5%
farm loan bonds of the Denver Joint Stock Land Bank was
offered on April 30 by L. F. Rothschild & Co. of New York,
Blodget & Co. of New York and Boston, West & Co. of Philadelphia and the Guardian Trust Company of Cleveland. A
part of the issue is dated May 1 1925, is optional May 1 1935
and will become due May 1 1955, while a portion is dated
Jan. 1 1935, is optional Jan. 1 1935 and becomes due Jan. 1
1955. Principal and semi-annual interest will be payable at
the Chase National Bank, New York City, or at the Denver
Joint Stock Land Bank, Denver, Colo. The official circular
says:
According to the official statement of the bank as of Mar. 311925. the
first mortgages on farm lands amounted to $7,832,298 71 against property
conservatively appraised at $22.500,000. There are $7,483,000 of bonds
authorized and issued; the bank had a capital of $500,000 and the liability
of the shareholders is double the amount of stock. There is a surplus of
$52,035 77. The average amount loaned per acre is officially reported to
be about 1117 00 which is but 35% of the appraised value of the property.
[voL. 120.
changeable for fully registered bonds. Coupon and registered bonds are interchangeable. Regarding the ownership
and management of.the Illinois Joint Stock Land Bank of
Monticello, it is stated:
The bank was organized in January 1919 and the capital stock is owned
by the same interest as that of the Dighton-Dilatush Loan Co.of Monticello.
Ill., which has been actively engaged for the past 30 years in making farm
mortgages in this district. The majority of the stck is owned by the
board of directors, consisting of Robert Allerton, William Dighton, C. A.
Tatman, Frank V. Dilatush, and Frank Hetishee.
Offering of $2,000,000 Federal Intermediate Credit
Banks Debentures.
Goldman, Sachs & Co., Salomon Bros. & Hutzler, F. S.,
Moseley & Co., A. G. Becker & Co., and Lehman Bros. are
offering a new issue of Federal Intermediate Credit Banks
43'% debentures to be dated May 15 1925, and due May 15
1927. They are offered on a 3.75% interest basis. They
are in denominations of $1,000, $5,000 and $10,000. Int.
will be payable May and Nov. 15. It is announced that:
The Federal Intermediate Credit Banks have $24,000,000 paid-in capital,
a surplus of $680.584 46 and undivided profits of $407.665 67 and $36,000.000 additional subscribed capital callable from the United States Treasurt
upon thirty days' notice.
The total outstanding debentures, upon the completion of the May 15
refunding, will be only $39,250,000.
The bonds are exempt from Federal, State, Municipal and H. K Jennings Succeeds E. G. Quamme, Resigned, as
Local taxation and are acceptable as security for postal sayPresident of St. Paul Federal Land Bank.
ngs and other deposits of government funds.
E. G. Quamme, President of both the St. Paul Federal
Land Bank and the affiliated Intermediate Credit Bank
Offering of $1,000,000 Bonds of Bankers' Joint Stock since their organization, has resigned as Chief Executive
Land Bank of Milwaukee.
and director of both institutions, to become effective May
• At 101.50 and interest to yield approximately 4.30% to 13. He will be succeeded by H.K.Jennings,former Secretary
the optional date and 4% thereafter, an issue of 43% of the St. Paul Federal Land Bank. A. R. Burr succeeds
farm loan bonds, to the amount of $1,000,000 of the Bankers' Mr. Jennings.
Joint Stock Land Bank of Milwaukee, were offered on April
23 by the Second Ward Securities Co. of Milwaukee; Henry Resignation of B. A. McKinney as Governor of the
C. Quarles & Co; the First Wisconsin Co.; Morris F. Fox &
Federal Reserve Bank of Dallas to Become ViceCo.; the Marshall & llsley Bank; Edgar, Ricker & Co. and
President of American Exchange National
the Bankers Finande Corp. The bonds are dated May 1
Bank of Dallas.
1925, will mature May 1 1955 and be redeemable at par and
On May 7 B. A. McKinney resigned as Governor of the
accrued interest on May 1 1935, or any interest date there- Federal Reserve Bank of Dallas to accept the post of Viceafter. Principal and semi-annual interest is payable May 1 President of the American Exchange National Bank of
and Nov. 1. The bonds are in denominations of $10,000, Dallas. With the announcement several weeks ago of the
$5,000, $1,000 and $500. The Bankers' joint Stock Land intention of Mr. McKinney to withdraw from the Reserve
Bank of Milwaukee operates in Wisconsin and Minnesota. Bank, it was also stated that Val. J. Grund would resign
May 1 to become Vice-President of the Citizens National
Offering of $1,000,000 Bonds of Virginian Joint Stock Bank of Los Angeles, Calif. From the Dallas "News" of
Land Bank.
April 19 we take the following:
An issue of $1,000,000 5% farm loan bonds of the VirMr. McKinney has been identified with the Federal Reserve Bank of
ginian Joint Stock Land Bank, of Charleston, W. Va., was Dallas from its inception. At the time the Federal Reserve Bank charter
was executed in May 1914 he was serving as Vice-president of the Durant
offered on May 4 at 104 and interest, yielding 432% to the National
Bank of Durant, Okla. That bank was designated by the Compoptional period and 5% thereafter, by Brooke, Stokes & Co., troller of the Currency as one of the 5 banks authorized to organize the
.of Philadelphia, and the bond department of the Fifth-Third Federal Reserve Bank of Dallas.
in the execution of the
Representing the Durant
National Bank of Cincinnati. The ,
1 onds will be dated charter, following which heNational Bank he joineddirector of the Federal
was elected a Class A
May 1 1925, will become due May 1 1955, and will be Reserve Bank of Dallas and served in that capacity until Dec. 31, 1922.
optional May 1 1935.. They will be in denominations of He moved to Dallas in July, 1920. and became Vice-president of the Ameri1922 he was elected governor of
$500 and $1,000. Interest will be payable May and Nov. 1 can Exchange National Bank. In Jan.L. Van Zandt, whose term had the
Federal Reserve Bank, succeeding R.
exat the Virginian Joint Stock Land Bank. J. B. Madison, pired, and continued to serve as a director during that year at the request
of the Federal Reserve Board.
President of the Bank, says:
The object of this financing is to refund $827,900 Virginian Joint Stock
Land Bank 5% bonds, dated May 1 1918. maturing May 1 1938, which
are optional any time after May 11924. and upon which proper call notice
has been given. The balance of $172,100 will be used to make additional
farm loans.
The present Virginian 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, W. Va., chartered
October 1922. The Virginian Joint Stock Land Bank dates
from May 1917. The bank operates in Ohio and West
Virginia. The new bonds will be ready for delivery about
May 10.
Federal Reserve Agent Lynn P.Talley, who is also chairman of the board
of directors for the Federal Reserve Bank, said Saturday the resignation of
Governor McKinney would be received with keen regret by the directors of
the institution.
"While the negotiations have been going on," he said,"the directors hoped
that sufficient inducement could be made to him to remain, but of course
they recognize that the appeal which lies in the opportunity to re-enter the
broader field of commercial banking was one difficult for him to withstand. It is particularly to be observed," Mr. Talley continued, "that the
prospect of Governor McKinney's leaving the Federal Reserve Bank on
May 15 marks the close of exactly eleven years' official connection with that
institution, either as director or as governor."
Mr. Grund was connected with the Merchants' Laclede National Bank
at St. Louis for about thirteen years and for two years was with the chief
national bank examiner of the 8th district as chief clerk and examiner.
Early in 1919 Mr. Grund joined the Federal Reserve Board examining staff
and was an examiner until he became connected with the Federal Reserve
Bank here a little more than three years ago.
-Offering of Bonds of Illinois Joint Stock Land Bank
of Monticello.
The bond department of the First Trust & Savings Bank New Clearing Plan on Foreign Checks—Time and
Messenger Hire Saved by Using Federal Reserve
of Chicago is offering at 101 3 and interest to yield over
Room to Exchange Credits.
4.30% to the optional date and 43% thereafter, $2,000,000
The following is from the New York "Evening Post" of
432% farm loan bonds of the Illinois Joint Stock Land
Bank of Monticello. The bonds hear date May 1 1925, May 1:
Wall Street banks have inaugurated a new system of clearing foreign
will become due May 1 1955 and will be redeemable at
which does away with the cumbersome messenger service and cuts
the option of the bank on any interest date on and after checksthe time
down
required to exchange credits.
May 1 1935 at 100 and interest. Principal and semi-annual
The local Federal Reserve Bank has turned over to the member banks
interest (May 1 and Nov. 1) will be payable at the First a room on the eighth floor of the new Federal Reserve Bank Building,
and
day two representatives from each bank meet in the
Trust & Savings Bank, Chicago, Ill. In coupon form, in roomthree times a checks. Formerly
to exchange
an army of messengers carried the
- denominations of $1,000 and $10,000, the bonds are ex- checks around from bank to bank.
MAY 9 1925.]
THE CHRONICLE
2363
The new system is similar to the Clearing House except that instead of
exchanging debits the banks exchange credits in foreign exchange. Checks
payable to instead of checks drawn on are exchanged.
About 30 of the large Wall Street banks are using this new clearing
system, which was inaugurated by an organization of junior bank officers.
The system is called the Foreign Exchange Collection.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C
The New York Stock Exchange membership of Harry
Raymond was reporteFl posted for transfer this week to.
Harry R. Coons, the consideration being stated as $104,000.
This is the same as the last preceding transaction.
Resolution of N. Y. Stock Exchange Under Which
Governors May Cause Discontinuance of Business Connections of Members When Latter
Are Dominated Thereby.
Secretary E. V. D. Cox of the New York Stock Exchange
announces the adoption of the following resolution at a
meeting of the Governing Committee on April 29:
The Farmers Loan & Trust Co. branch at Fifth Avenueand 41st Street moved more than $20,000,000 in cash and,
securities to 9 and 11 East 38th Street on May 2. The bank
expects to be in its new quarters about a year, pending thee
construction of a new building on the old site.
Whenever it shall appear to the Governing Committee that a member,
individually or through his firm, or a partner or partners therein, has such
a business connection with a corporation or association that the corporation
or association dominates the business of the member or firm or controls
the policy of such business, said Committee shall require the discontinuance
of such business connection.
The New York "Times" of May 2 said in part:
The reason for adopting the resolution at this time was not explained in
Stock Exchange circles.
It was explained in certain quarters yesterday that several of the larger
old Stock Exchange firms in recent years had severed their connections
with the Exchange and entered strictly investment business. Such severing
of connections was obligatory in view of the fact that many of these firms
either incorporated or became joint stock companies. Under such conditions
all business transacted with New York Stock Exchange members commanded full commissions the same as to the individual or any other outsider.
In view of this situation, it was pointed out, some of the former Exchange
members have become affiliated, either directly or indirectly, with Stock
Exchange members, and it is understood that the action of the'Exchange
authorities is to guard against the splitting of commissions.
At present there is a resolution on the books of the Exchange which
prohibits a member from controlling or having influence in the business of
such investment corporation or joint stock partnerships. The latest
resolution, it was said, was merely to prevent such corporation or association from having control over the member.
Brotherhood of Locomotive Engineers Title & Trust
Co. Begins Business in Philadelphia.
The Brotherhood of Locomotive Engineers Title & Trust
Co., organized in Philadelphia, began business on April 18 at
45 South Broad Street. The new institution, as we noted in
our issue of April 4, page 1700, has been established with a
capital of $500,000 and surplus of $250,000. Frees B. Snyder
Is President of the new bank. Mr. Snyder was formerly
Vice-President of the First National Bank of Philadelphia
and is at present Vice-President of the Lansdowne National
Bank. Other officers of the Brotherhood of Locomotive Engineers Title & Trust Co. are: Lawrence V. Byrnes, Secretary and Treasurer; Rush Gramm, Vice-President, and Ernest M. Clark, Assistant Secretary-Treasurer. We are advised that the deposits on the opening day exceeded a half
million dollars.
The death is announced of Lewis J. Salomon at Far
away in his 87th year. Mr. Salomon retired at the end of
1908, after having been connected with Speyer & Co. for 30
years, during the last ten years as custodian of the firm's
vaults and securities. In recognition of his services, the
firm had allotted him a pension for life. His unusually
cheerful disposition endeared him to all who came in contact with him.
Charles F. Junod, Vice-President of the Bank of America,
of New York, is in Louisville, Ky., attending the convention
sessions of the Reserve Cities Bankers Association.
The Bank of America, it is learned, will start during the
present month to occupy the new Pine Street section of its
new building, which is being erected on the block front at
Wall, William and Pine streets. The clerical departments
of the bank will be the first to be moved. Although the work
of demolition will then start upon the bank's old building our
the Wall Street corner, the main banking floors, occupying
the first two stories, will be occupied six or eight week*
longer. A temporary roof and other protective devices wilt
be erected above the second floor of the old building to permit wrecking operations to be carried down to the second
story without interference with banking routine. Toward
the end of June the departments on the two floors will likewise be transferred to the new wing, and the work of demolition will be completed shortly thereafter. The completed
new building, which will be 23 stories in height and which
will have a frontage of 70 feet on Wall Street, 81 feet on
Pine Street and 195 feet on William Street, will be finished
by the 1st of May next year. The bank will occupy the first
five stories, its main banking floor being one of the largest
in the city. This is one of the most desirable plots in the
financial district, and the new building operation, which
replaces three old buildings, will, according to a letter sent
the stockholders of the bank, "convert an unremunerative
asset into an investment sufficiently profitable to add'
largely to the banks' current income, and gradually return
to the bank its entire investment in the real estate involved,
a large part of which it has held for more than a century.
The building and site are owned by the Bankameric Corporation, which, in turn, is controlled by the bank. The
construction of the building was financed directly by this
corporation, the bank being relieved of any obligation In
connection with the building operation."
American Flint Glass Workers' Union to Establish
Bank in Toledo.
W.P. Clarke, President of the American Flint Glass Workers' Union, announced on April 9 that the trustees of the
union have decided to establish a bank, which is expected to
be in operation before the annual convention of the union on
June 29, and which will be known as "The American Bank."
In behalf of a syndicate of Westchester County interests,
It will have a capital of $200,000 and surplus of $50,000. Mr.
Alfred E. Lloyd & Co. have purchased 445 shares of the capClarke in his announcement says:
ital stock of the Larchmont National Bank & Trust Co., of
ir The national trustees of the American Flint Glass Worker's Union of Larchmont, N. Y.,
representing, it is stated, less than 25% of
AIIICTICa have decided to proceed with their banking proposition. The
trustees are the national officers of the union. William P. Clarke is Presi- the total capital stock. The syndicate for which Lloyd & Co.
dent; Joseph M. Gillooly, Vice-President; Charles J. Shipman, Secretary are
acting is headed by William J. Wallin, formerly Mayor
and Harry H. Cook, Assistant Secretary. All officers reside in the city of
Toledo. The organization has had its main office in Toledo for mo4e than of Yonkers and a director of the Westchester Trust Co., of
21 years. The subject of organizing a bank was first introduced at the an- Yonkers, and the Westchester Title & Trust Co., of White
nual convention of the union held in Fairmont, W. Va., July 1922, and an
investigation ordered. In July 1923 after a report had been presented and Plains, and a trustee of the Yonkers Savings Bank. It is not
seriously considered, the trustees were given full power to act. During the expected that the change in ownership in the stock in quesmonth of April 1924 the matter was favorably considered, but action was tion will bring a change either in capital or officials of
the
deferred until Wednesday of this week, with the foregoing results. The
American Flint Glass Workers' Union of North America has 130 local or- Larchmont National Bank & Trust Co.
ganizations in various parts of the country,reaching from Somerville, Mass.,
on the East to San Francisco, Calif. on the West. There are 3 local organizations in Canada. Nineteen of the local organizations are situated in
Ohio and 5 in Toledo. It is the only international labor organization having
headquarters in Toledo.
The Seamen's Bank for Savings, now at 76 Wall Street,
New York City, plans the erection of a new office and bank
building on the site which it now occupies and premises
adjoining. For this purpose the bank acquired the property
Amalgamated Bank of Philadelphia Organized by at 72 Wall Street about six months ago, and about two
years ago purchased the buildings at 161-163 Pearl Street.
Amalgamated Clothing Workers of America.
has recently announced the selection of Benjamin
Amalgamated Bank of Philadelphia opened for busi- The bank
The
W. Morris as architect.
ness on April 11 at Fifth and Pine streets. The bank was
organized by the Amalgamated Clothing Workers of AmerNathan S. Jonas, President of the Manufacturers Trust
ica. It is under the managership of Leon F. Aisenstein and Co., announces that Louis C. Adelson has become associated
is the third bank to be organized by the clothing workers' with that institution as a Vice-President. Mr. Adelson,
organization, the first being located in Chicago and the sec- prior to his connection with the Manufacturers
Trust Co.,
ond in New York. We are advised that the institution is was Manager of the Havana Agency of the Federal Reserve
as a private bank, but that a petition for a charter Bank of Atlanta, having been for five years before
operating
that
Deputy-Governor of the Federal Reserve Bank of Atlanta..
as a trust company has been filed.
2364
THE CHRONICLE
He spent nine years with the First National Bank of Birmingham, Ala., and when W. G. P. Harding was named by
President Wilson in 1914 as a member of the Federal Reserve Board, Mr. Adelson moved to Washington, accepting
the position of private secretary to Mr. Harding. After the
Federal Ileserve System had gotten under way, Mr. Adelson,
In 1915, became a Federal Reserve Bank Examiner, and
subsequently assisted In the establishment and operation in
the Division of Foreign Exchange in the Federal Reserve
Board, which was maintained in New York during the war.
He was la ter recalled to Washington to become Assistant
secretary of the Federal Reserve Board.
The New York Title & Mortgage Co., which is affiliated
with the American Trust Co., Is to open a Bronx office at
371-373 149th Street. Purchase of this property, which has
a frontage of 50 feet on 149th Street and a depth of 80 feet,
was made several weeks ago. The property is now tenanted
by the Waters Piano Co. and a business office of the New
York Telephone Co.; both have leases which run several
years. The New York Title & Mortgage Co., however, has
sub-leased one-half of the second floor of the building from
the Waters Piano Co., and will take immediate possession.
Extensive alterations will be started at once following plans
prepared by Horace S. Luckman, Architect. These improvements will in no way Interfere with the business of the present tenants, who are expected to continue in possession of
the lower floor until the expiration of their leases.
W. P. Boggs, of the Mechanics & Metals National Bank,
Of this city, celebrated last week the completion of 55 years
of service in banking. Mr. Boggs went to work on May 1
1870 with the old Fourth National Bank, which was afterwards merged into the Mechanics & Metals National Bank,
and has known no other place of employment than that of 20
Nassau Street, where he continues actively engaged in the
bank's daily affairs. With his anniversary he was the reeipient of congratulations from the officers of the Mechanics & Metals National Bank and numerous friends throughout the financial district.
• The Guaranty Trust Co. of New York announces the appointment of Walter C. Baker as Assistant Trust Officer of
its Madison Avenue office.
Richard H. Halstead, a member of the New York Stock
Exchange for the past 49 years, died on April 27 at the age
of 71. Mr. Halstead started his business career with J. P.
MOrgan & Co., whose employ he entered after graduating
from a private school in Massachusetts. With the late
Amory Hodges, Mr. Halstead organized in the '90s the now
defunct firm of Halstead & Hodges. For the past year Mr.
Halstead had been the floor member of the firm of Harp,
Tierney & Co.
[Vox,. 120.
Trust Co. of Utica, N. Y. T. J. Harrington, formerly National Bank Examiner, in charge of the Albany district, will
succeed Mr. Wright as Cashier, Mr. Wright retaining his
title of Vice-President. These changes became effective
April 6.
The Downtown Bank of Jersey City, with a capital of $250,000 and a surplus of $50,000, is being organized in the downtown Section of Jersey City. Eichman & Seiden, attorneys
of the organizers, have been notified by W. J. Fowler, Deputy Comptroller of the Currency, that the charter has been
approved. The incorporators are: Robert J. Hoos, President of the Jersey City Chamber of Commerce; A. Z. Benedict, Manager of Bernstein & Co.; Andrew Brunton, piano
dealer; Lemuel Roberts, S. W. Kagen, wholesale dealer, and
Daniel Loeb, lawyer. The selling price of the new stock is
$120 per $100 share.
•
The Atlantic County Trust Co., of Atlantic City, N. J., has
received permission from the State Banking Department to
Increase its capital stock from $100,000 to $200,000. • The
bank plans to move to Virginia and Atlantic avenues from
its present location at Delaware and Atlantic avenues. The
Increase in capital was ratified by the stockholders on April
17 1925 and the enlarged amount will become effective May
21 1925. The selling price of the new stock (par $100), is
$350 per.share.
The North Side Bank & T-rust Co., of Lebanon, Pa., has
been granted a charter by the State Banking Department.
It will he organized with a capital of $200,000, and will succeed the North Side Bank of Lebrinon. A resolution to take
cut a State charter was unanimously passed by the directors
on Nov. 10 1924 and unanimous approval by the stockholders
was recorded at the annual meeting on Jan. 13 of this year.
In its announcement of its proposal to operate under a State
charter, the institution says "the new charter gives us a
larger scope, under powers and diversified functions of operations." The institution was organized in 1914 and began
business on Feb. 15 1915. In addition to its capital stock of
$200,000, it reported on Feb. 15 1925 surplus and profits of
$211;064. deposits of $1,128,699 and total resources of $1,539,903. The following is also taken from the announcement of
that date:
Paid stockholders in cash dividends
$64,500 00
Paid stockholders July 1 1921 (stock dividend)
40,000 00
Paid stockholders by addition to surplus
28,240 00
Paid additional to undivided profit account
17,541 50
Profit since organization
150,281 50
We pail 53% in .. ash dividends to the original shareholders—a total of
c
$26 50 per share.
B. F. Patschke continues as President; the other officers
likewise continue in their respective capacities, with J. G.
Kreider as Secretary and Treasurer. The last named had
been Secretary and Cashier. The directors are: B. F.
Patschke. H. N. Wolf, J. G. Kreider, J. M. Allwein, P. S.
Keiser, Wm. L. Daub, Levi J. Gilbert, Wm. B. Shirk, George
Shawmut
The Shawmut Corporation, of Boston, announced on May Gress, Geo. W. Lingle, Harry B. Horst, L. B. Zimmerman
4 that James Gould, who has been with the Bankers Trust and W. A. Schools.
Co., of New York, had been appointed Vice-President in
W. J. Chapman has been ele- cted Second Vice-President of
charge of its New York office at 14 Wall Street, to succeed
H. C. Seizt, who resigned. Mr. Gould was born in Philadel- the Park Bank of Baltimore, succeeding the late George W.
phia and was graduated at Yale with the class of 1918. Dur- Wdlther. The other officers of the bank are Webster Bell,
ing the war he served in France as Captain of the 312th President; John P. Baer, Vice-President; Charles H. Taylor,
Field Artillery with the 79th Division, and at General Head- Assistant to the President; Clinton 0. Richardson, Chairquarters of the American Expeditionary Forces. After the man of the Board; Herbert G. Austin, Cashier; George M.
armistice Mr. Gould entered the banking department of the Belt and J. Carroll Jenkins, Assistant Cashiers. On March
Bankers Trust Co. and in 1921 was transferred to the bond 31 last the bank reported deposits of $3,747,105 and aggredepartment, of which, at the time he resigned to represent gate resources of $4,824,812. It has a capital of $500,000 and
surplus and undivided profits of $363,147.
the Shawmut Corporation, he was syndicate manager.
board
At a meeting of the - of directors of the Central
Bank,
The Second National - of Cooperstown, N. Y., announces the death on April 28 of Charles T. Brewer, who Trust Co. of Illinois, at Chicago, on April 29, Rawleigh
had been identified with that institution as a director since Warner, Vice-President and Treasurer of Dawes Brothers,
Inc., was elected to the board. Mr. Warner has been asso1905 and as its President since 1910.
ciated with Dawes Brothers, Inc., since his discharge from
A special dispatch from M- anlius, N. Y., to the Utica the army in 1918.
"Press" on April 30 stated that Hiram L. Bostwick, of FrankThe Commonwealth Bank & Trust Co., of Lexington, Ky.,
fort, N. Y., and formerly connected with the Frankfort Bank,
was on that day chosen President of the newly-organized which was recently organized with a capital of $100,000,
First National Bank of Manlius. The new bank, it was elected the following officers on April 16: R. Denton, Presisaid, is capitalized at $25,000, consisting of 250 shares of dent; A. R. Marshall and R. E. Anderson, Vice-Presidents;
$100 (par value) each, of which Mr. Bostwick is listed as W. W.Peavyhouse, Cashier; H. M. Hubbard, A. R. Marshall,
owning 100 shares. It was further stated that Edgar B. 0. B. Bishop, B. F. Buckley Jr., L. R. Drury and E. H. Fuller,
Merwin had been elected Vice-President of the new bank directors. The institution will begin business on July 2. Its
stock is being placed at par, viz. $109 per share.
and that a cashier would be chosen later.
William C. Wright, Vice-P-resident and Cashier, has reAccording to a press dispatch from Sandersville, Ga., on
signed his office as Cashier of the First National Bank & April 24, printed in the Savannah "News" of the following
MAY 9 1925.1
THE CHRONICLE
day, the Citizens' Bank of Sandersville was closed by the
State Banking Department on that date and is to be liquidated.
Joseph F. Meyer Sr., Preside- nt of the Joseph'F. Meyer Co..
of Houston, has been elected President of the Houston National Bank of Houston, Texas, to succeed the late Henry S.
Fox Jr., who died on April 19. Mr. Meyer previously served
as President of the bank from 1912 to 1914, following the
death of Henry S. Fox Sr. He then retired from the presidency to take an extended trip abroad. Mr. Meyer has been
a resident of Houston for 57 years, during which time he has
been President of the Joseph F. Meyer Co., the largest heavy
hardware and automobile accessory house in the city. He
has been closely identified with the Houston National Bank
since its organization in 1876. He is a stockholder and
director in numerous successful local- enterprises. Mr. Fox,
the late President, had been the head of the Houston National Exchange Bank for many years. He was also actively
identified with other interests in Houston, and was especially favorable to the cattle industry of the State. Owing
to his ill health t Mr. Fox had not been actively identified
with the Houston National Bank for the past eight months.
He had turned over the management of the institution to the
associates who had been trained under him for many years.
2365
SILVER.
The market has been very listless and inert during the week. A fair
amount of business has been transacted on some days, but without any
pronounced tendency either way. The fact probably is that the level
now reached is considered rather low by sellers, and that the buying is
not energetic enough to lift prices. Yesterday, for instance, a mere rise
of 1-16d. in qoutations drew out supplies with ease, and the close of the
day found the market dull. China exchanges are fairly steady and that
quarter is more a buyer than a seller. America has sold fairly freely.
India remains inactive, with a stock of 8,000 bars and a reduced offtak:e
of 100 bars a day.
INDIAN CURRENCY RETURNS.
(/n Lacs of Rupees)Mar. 31. Apr. 7. Apr. 15.
Notes in circulation
18419
18385
18313
Silver coin and bullion in India
7675
7640
7568
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
22
-32
_
Gold coin and bullion out of India
Securities (Indian Government)
5713
5713
5713
Securities (British Government)
1999
2000
2000
800
Bills of exchange
800
800
No silver coinage was reported during the week ending 15th inst. The
stocks in Shanghai on the 18th inst. consisted of about 68.100.000 ounces
in sycee. 47.500,000 dollars and 980 silver bars, as compared with about
70.800.000 ounces in sycee, 46,000.000 dollars and 1.330 silver bars on the
4th inst.
-Bar Silver per Oz. Std.Bar Gold per
Oz. Fine.
2 Mos.
Cash.
Quotations86s. 7d.
31 5-16d.
31 7-16d.
April 16
31 5-16d.
86s. 7d.
31 7-16d.
April 17
3154d.
31 Sid.
April 18
3154d.
86s. 6d.
3154d.
April 20
86s. 6d.
31 5-16d.
31 7-16d.
April 21
86s. 4d.
3154d.
31 5-16d.
April 22
86s. 6d.
31.302d.
31.416d.
Average
An Associated Press dispat- ch from Mineral Wells, Tex.,
on April 20, which appeared in the Houston "Post" of April
-PER CABLE.
ENGLISH FINANCIAL MARKETS
21, stated that the Bank of Mineral Wells, an unincorporated
private banking house established in 1889, failed to open
The daily closing quotations for securities, &c., at London,
on that day (April 20). A friendly receivership was asked as reported by cable, have been as follows the past week:
Wed. Thurs.
Fri.
for the institution, it was said, and Judge Keith, of the
Lyndon.
Sat.
Mon. Fuca.
May 2. May 4. May 5. May 6. May 7. May 8
Federal District Court, appointed Sidney Webb and C. E. Week Ending May 8.
3154
d 317-16 81 5-16 31%
313(
313(
Silver. per oz
Turner receivers. It was further stated that while no state- Gold, per tine ounce
84sl114d 84sillid 843115j6 84sill‘d 84sillid 84511346
563.(
5634
5631
5651
5634
ment of the bank's condition was issued, it was believed that Consols, 2% per cents
100
100
100
100
British, 5 per cents
9934
the assets were about $1,000,000 and the liabilities approxi95%
9554
9534
9534
9534
British, 434 per cents
mately $70,000. "Frozen" assets were given as the cause of French Rentes On Paris)„fr.
45
45
45
45
45
54.75
54.60
54.75
54.50
54.50
the bank's embarrassment. I. N. Wynn was President, it French War Loan On Parislir.
The price of silver in New York on the same day has been:
was stated.
The conversion of the Commercial Trust & Savings Bank
of Oakland, Cal., to the national banking system under the
name of the First National Bank in Oakland became effective on March 30. Reference to the change to the national
system was made in these columns April 18, page 1977. The
plans to convert were approved by the stockholders on Feb.
26. The First National has a capital of $500,000. No change
has been made in officers.
The ninetieth semi-annual statement of condition of the
Yokohama Specie Bank, Ltd. (head office, Yokohama), covering the half year ending Dec. 31 1924, has just come to
hand. Net profits for the six months, the report shows,
after providing for all bad and doubtful debts, rebate on
bills, etc., amounted to yen 14,417,953, inclusive of yen 5.268,836, the balance to credit of profit and loss brought forward
from the preceding half year. Out of this sum, the directors
proposed to pay a dividend at the rate of 12% per annum,
calling for yen 6,000,000, and to add yen 3,000,000 to the
reserve fund, leaving a balance of yen 5,417,953 to be carried
forward to the next half year's profit and loss account. Total
assets are given in the statement as yen 1,444,283,549, of
which cash in hand and at bankers amounted to yen 111,070,396. Total deposits were placed at yen 591,164,956. The
bank has a paid-up capital of yen 100,000,000 and a reserve
fund of 3.en 80,500,000.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Apr. 22 1925:
Silver in N. Y., per oz., (ets.):
67,4
Foreign
67Si
6754
6754
6751
6731
THE CURB MARKET.
Heavy trading in public utility issues with a substantial
improvement in prices was the feature in the Curb Market
this week. Some profit-taking caused slight irregularity,
but values in the main continue to move forward. National
Power & Light corn. was conspicuous for an advance from
2783/i to 301, the close to-day being at 295. Adirondack
Pow. & Light advanced from 57 to 72. Amer. Light &
Tract. rose from 1513 to 1733/3. Amer. Power & Light
%
%
corn. sold up from 593 to 647 and reacted finally to 623 .
Carolina Power & Light corn. moved up from 342 to 425
and closed to-day at 410. Commonwealth Power corn.
improved from 1163' to 129, the final figure to-day being
1283'. Lehigh Power Securities sold up from 108 to 121%
and at 1183" finally. Northern Ohio Power from 73'
reached 12% and ends the week at 113 . Southeastern Power.
4
& Light rose from 693/i to 763' and sold finally at 723.
Western Power corn. advanced from 343 to 41 and ends
the week at 403/3. Motor shares were active. Chrysler
sold up from 833( to 91 and reacted finally to 873'. Cleveland Automobile corn. advanced from 245 to 253 , with the
%
4
8
final transaction to-day at 243/ Durant Motors was off
.
from 173/i to 16. Continental Baking, Class A, sold up
from 1173 to 1203/s, the close to-day being at 1193'. Mengel
%
Co. gained seven points to 493.. National Tire advanced
from 243 to 267 and finished to-day at 265. Oil shares were
without feature and price changes for the most part small.
South Penn Oil gained about six points to 173 and reacted
to 167. Magnolia Petroleum advanced five points to 140,
In bonds Amer. Sumatra Tobacco 73's were conspicuous
for a drop from 943. to 80, due to the receivership. It
recovered most of the loss to-day, closing at q.
A complete record of Curb Market transactions for the
week will be found on page 2389.
GOLD.
The Bank of England gold reserve against its note issue on the 15th
int, amounted to £126,903.030 as compared with £126,898,010 on the
previous Wednesday. Gold to the value of about £20000 was available
In the market here this week, and was all taken for the trade. We are
indebted to the Indian Trade Commissioner for the following table:
Net Imports of Gold into India on Private Account (Imports Less Exports).
1911. 1912. 1913. 1922. 1923. 1924.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
31.34 44,28 28.61 30.11 39.21 45,11
Value (in lacs of rupees)
Weight (in ozs.-000 omitted).-5,127 7,135 4,625 4,119 5.842 7,003
STOCKS(No. Shares).
BONDS (Par Value).
Week Ended May 8.
Net Imports of Silver into India on Private Account (Imports Less Exports).
Oil.
Mining. Domestic. Por'n Govi
1911. 1912. 1913. 1922. 1923. 1924.
Value (in lacs of rupees)
6.81
5,69
5,44 16,31 19.82 18.84 Saturday
93,115
69,820
42,210 8639,000
830.000
Weight (in ozs.-000 omitted)
-41,557 30,797 30,542 72.015 99,284 93,817 Monday
132.010
87,055
75.100 1,296,000
32,000
Tuesday
238,380
130,835
94,800 1,870,000
It will be observed that the weight of gold in 1912 exceeded that in Wednesday
28.000
299,190
102,430
124.960 1,522.000
29,000
about 4% but the rupee value was about 2% less. The most Thursday
1924 by
263.860
104,160
104.360 1,736.000
54.000
noticeable increased import of bullion, however, was that of silver, which. Friday
206,935
95,765
119,500 1,622,000
86.000
during the last three years, averaged about three times that of 1912 both
Total
1,233,490
590.065
560,930 88.685.000 p259,000
in weight and value.
2366
[VoL. 120.
THE CHRONICLE
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been active and strong during the
present week, railroad shares, both high and low priced,
have been in urgent demand and many new tops, particularly
in the Southern group, have been recorded. Industrial
stocks have been prominent in the upward movement and
Oil securities and copper stocks also participated in the
general advance. In the short period of trading on Saturday
the market held strong, American Can coming into the
foreground with more than five points advance from its low
of the day closely followed by several of the more active
members of the railroad group, Southern Railway going
forward 29 to 95 and Frisco closing at 75%. The market
continued its forward movement on Monday with high
priced industrial shares leading the advance. Some new
high levels were registered, American Can making a further
gain of two points to 184. In the railroad group Southern
Railway was again prominent in the trading. Frisco continued its upward swing and crossed 77. Renewed strength
and activity were again apparent on Tuesday. Interest in
the rail list again centered in Frisco and Southern Railway
both of which made substantial gains. Copper stocks
were in good demand at advancing prices and Oil shares
kept steadily forging ahead under the leadership of Standard
Oil of New Jersey. The market displayed renewed activity
on Wednesday, trading approximating nearly two million
shares and reaching the highest single days business since
March 18. Advances of from one to five points were numerous in the general list, American Can and Frisco leading the
upswing with substantial advances to new tops. Southern
Railway maintained its high position and Seaboard Air Line
common and preferred advanced to their highest level of the
year. Industrial shares were also strong, Baldwin Locomotive going above 115 and American Ice reaching a new high
level for the year at 110. The market continued strong on
Thursday. Substantial gains were recorded by some of the
low priced railroad shares, Seaboard Air Line advancing
more' than four points from its low of the day. General
Electric was particularly strong and advanced more than
six points to a new high level. The market was generally
buoyant on Friday, the demand for industrial stocks, motor
issues, and railroad securities giving a strong tone in the
early activities. Industrial shares were in urgent demand,
especially American Car & Foundry, the new common
shares touching 110. Railroad shares with C. R. I. & P.
in the foreground displayed further strength and several of
the more active of the motor issues under the leadership of
Pierce Arrow advanced from one to three points. The final
tone was buoyant.
TRANSACTIONS AT 'THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Total
Sales at
New York Stock
Exchange.
$7,147,000
10,247,000
12,916,000
13,245,500
9,995,000
10,142,000
$2,042,000
2,139,000
3,464,000
3,219,000
4,228,500
3,829,000
$511,150
1,514,100
984,050
938,000
1,285,850
880,000
$63,692,500
$18.921.500
36.112.950
Week Ended May 8.
United
States
Bonds.
Jan. 1 to May S.
1925.
Stocks
-No. shares_ _ _
Bonds.
Government bonds_
State & foreign bonds_
Railroad St misc. bonds
Total bonds
State.
Municipal dt
Foreign Bonds.
8,932,779
Saturday
Monday
Tuesday
Wednesiay
Thursday
Friday
Railroad,
&c.
Bonds.
692,236
1,306,876
1,535,221
1,963,237
1,779,809
1,655,400
Week Ended May 8
1924.
8,932,779
2,970,948
147,706,578
86,543,286
$6,112,950 $22,557,000
18,921,500
7,131,000
63,692,500 35,186,000
$149,016,810
238,747,800
1,008,490,000
$371,362,000
137,389,000
620,380,000
1925.
1924.
$88,726,950 $64,854,000 $1,396,254,610 $1.129,131,000
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ending
May 8 1925.
3aturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
P2ey. week revised
Philadelphia.
Shares, Bond Sales. Shares. Bond Saks
15,029
16.042
18,032
21,076
12,594
13,518
$21,100
40,500
27,000
8,950
20,000
10,000
7,838
14,599
20,956
20,792
20,681
13,015
Baltimore.
Shares. Bond Men
$10,500
24,000
72,800
53,000
45,100
17,000
1,409
2,172
4,015
3,768
6,970
7,058
$22,000
38,100
16,000
55,100
15,100
48,000
96,291
8127,550
97,881
8222,400
25,392
5194,300
81.938
$123.800
80.666
$226.900
11.679
8192.600
Course of Bank Clearings
Bank clearings for the country as a whole again show an
increase as compared with a year ago, and this time it is a
very substantial one. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ending to-day (Saturday,
May 9) bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will run
25.9% larger than in the corresponding week last year.
The total stands at $10,080,661,801, against $8,006,189,009
for the same week in 1924. At this centre the increase is
37.2%. Our comparative summary for the week is as follows:
1925.
1924.
per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louts
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5,039,000,000
634,050,429
448,000,000
341,000,000
109,535,190
116,900,000
139,191,000
121,897,000
138,285,596
128,753,354
94,964,660
88,889,888
58,409,339
$3,671,621,173
503,526,544
381,000,000
333,000,000
103,900,000
109,800,000
112,700,000
104,102,000
122,892,028
107,489,115
76,905,562
80,918,467
51,685,265
+37.2
+25.9
+17.6
+2.4
+5.4
+6.5
+23.4
+17.0
+12.5
+19.8
+23.5
+9.8
+13.0
Thirteen cities, five days
Other cities, five days
$7,458,876,456
941,675,045
$5,759,540,154
912,293,270
+29.5
+3.2
Clearings-Returns by Telegraph.
Week Ended May 9.
Total all cities, five days
All cities, one day
$8,400,551,501
1,680,110,300
86,671,833,424
1,334,355,585
+25.9
+25.9
9 ......1 .11 "Mao, Mr ar,v.k
,
810.080.881.801
88.006.189.009
+25.9
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the previous week-the week ended May 2. For
that week there is an increase of 9.4%, the 1925 aggregate
of the clearings being $10,441,515,529, and the 1923 aggregate
$9,540,774,417. Outside of New York City, however, the
increase is only 6%, the bank exchanges at this centre recording a gain of 11.7%. On May 1 New York City estab-
lished a new high record for daily clearings, namely'
$1,697,000,000, this comparing with the previous high of
$1,665,000,000 on Jan. 2 1925. Chicago also established
a top figure for daily clearings on May 1, when the totals
were $192,400,000 as compared with $183,700,000, the former
record made on July 1 1924. In our tables we group the
cities now according to the Federal Reserve districts in which
they are located, and from this it appears that in the Boston
Reserve District there is a gain of 1.9%, in the New York
Reserve District (including this city) of 11.4% and in the
Philadelphia Reserve District of 10.9%. In the Cleveland
Reserve District the totals are better by 6.7%, in the Richmond Reserve District by 1.9% and in the Atlanta Reserve
District by 1.7%. The Chicago Reserve District has a
gain of 9.2%, the St. Louis Reserve District of 0.5% and the
Minneapolis Reserve District of 9.2%. In the Kansas City
Reserve District there is an improvement of 2.2%, in the
Dallas Reserve District of 5.1% and in the San Francisco
Reserve District of 7.2%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended May 2 1925.
1925.
1924.
Federal Reserve Districts.
Jet) Boston
11 cities 488,669,176 477,789,098
(2nd) New York
11 " 6,474,713,665 6,810,433,553
(8rd) Philadelphia _ _ _.10
576,452,357 519,624,635
(dth) Cleveland
8 "
375,646,681 351,949,768
5th) Richmond
6 196,076,392 192,420,249
6th) Atlanta
12 "
190,606,745 187,454,431
7th) Chicago
20 " 1,012,100,528 972,491,750
8th) St. Louis
8 - 198,640,660 197,626,298
'9th) Minneapolis.... 7 "
115,252,413 105,532,736
(10th) Kansas City.. _..12 "
225,920,264 221,103,455
(11th) Dallas
59,522,610 56,655,970
5 "
'12th) San Franciseo__ _17 "
479,914,028 447,692,474
Ine.or
Dec.
1923.
1922.
+1.9 440,234,458 369,886,140
+11.4 5,099,805,869 5,241,138,016
+10.9 566,833,135 469,834,306
+8.7 382,323,169 303,082,224
+1.9 193,616,306 157,219,545
+1.7 176,991,125 147,356,217
+9.2 ,009,950,980 922,587,633
+0.5 58,785,058 55,329,923
+9.2 121,036,637 106,510,609
+2.2 248,104,712 221,043,758
+5.1 50,970,263 44,788,032
+7.2 461,272,951 381,768,691
Grand total
127 cities 10441515,529 9,540,774,417 +9.4 8,819,924,663 8,420,542,983
Outside New York City
4,077,639,530 3,845,203,569 +6.0 3,846,883,741 3,282,642,983
Oanada
29 cities 277,410,498 358,246,763 -22.6 374,555,691 381,568,041
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of April. For that
month there is an increase of 11.3%, the 1925 aggregate
of the clearings being $41,406,313,793 and the 1924 aggregate $37,218,375,765. Although this year's April total of
$41,406,313,793 is not quite as large as the March total,
2367
THE CHRONICLE
MAY 9 1925.]
.
MONTHLY CLEARINGS
't is, according to our records, the largest total ever reached
Clearings Outside New York.
Clearings, Total Alt.
for the month of April. Detroit, Gary, Ind., and Eugene, Month
%
1924.
1
1925.
I %
1924.
I
best April record, but the best
1925.
Ore., make not only the
while
+9.3
record ever made for any month. Many other cities,
Jan__ 10,155.450.86838.462.681.328 +29.1 19.434.762.882 17.773.552.856 +5.3
52
;7.441 979.1(3033.669.089.0164 + 11.2 I 6.384.913).90715.508.979.8
not establishing a montnly record, report April totals sur- Feb. 11.946.379.28836.656.140.245 + 14.4 111.597.368.53917.005.913.08 +0.4
March
We might also say
+8.1
passing those of any previous April.
10.348.945.791
Ist qu 125543815.310 1118807911,271 +15 4 74.417,051.326
3-11,9
that the March total of $41,946,379,288 was likewise tho
1
,
1 ,
1 c'7.4•40 IQ, 1 W.. 'Ill 4,
.5 4- 11
17.1114.171 7(
April__ .1,400.313.79:
largest on record for that month. It should also be noted
lank eleari igs at leading cities of the OM il try
the twelve
The COUrse or
that without a single exception every one of
mouth It .:. p il ,. d i c .1 n. 1 in each of the last
Federal Reserve districts shows an increase as compared for the
statement:
City the increase [oar years is shown in the subjoined
with April 1924. Outside of New York
BANK CLEARINGS AT LEADING CITIES.
gain
Jr n. 1 to April 30
April
is 9.9%, the bank exchanges at this centre showing a
1922.
1923.
1934.
im1925. 1924. 1923. 1922. 1029.
(000.0003
$
$
of 12.4%. In the Boston Reserve District there is an
s
s
$
a
s
$
District New on Wed.)
18,759 93,976 78,785 74,341 70,115
22,849 20,326 18,010
York •
provement of 5.5%, in the New York Reserve
8.599
2.957 2,675 2(87 2.252 11,588 10.259 10.004
Chicago
4.968
6,570
7,056
7.341
1.826 1.729 1.647 1.299
(including this city) of 12.3% and in the Pniladelphia Re- Bolton
8,158 6,813
8,250
9.374
2,447 2.087 2,065 1.746
Cleveland Reserve District I hiladelphia
2.120
2,469
2,388
2,492
506
595
serve District of 15.9%. In the
582
604
St. Louis
2.081
2,696
2,703
2.918
512
704
681
741
Pittsburgh
2,246
the totals are better by 7.1%, in the Richmond Reserve San Francisco
2,630
2,753
2.983
577
657
093
744
141
1,185
1,127
1,205
239
294
283
the Atlanta Reserve District by 9%. Cincinnati
310
District by 9% and in
1,1s9
1.592
1757. 1.671
297
394
422
982
the St. Bald wore
2.175
2,341
2.034
2.251
521
579
508
563
The Chicago Reserve District has a gain of 9.3%,
City
Kansas
1,370
1,801
1,821
1.881
368
479
479
508
729
944
1.024
1.020
Louis Reserve District of 5.8% and the Minneapolis Reserve Cleveland
164
230
243
227
New Orleans
980
1.169
1,082
1.466
241
299
264
429
Kansas City Reserve District Minneapolis
District of 35.7%. In the
418
543
524
595
104
130
127
192
Louisville
1.516
2,108
2,431
2,540
401
599
629
672
there is an increase of 10.S%, in the Dallas Reserve District Detroit
491
008
634
677
118
100
155
164
5.8%. Milwaukee
1,5 2
2,561 '2,159
400 2.509
559
610
of 13.6% and in the San Francisco Reserve District of
644
Los Angeles
April
1924
April
1925
Fenerml Reserve Dist*.
lot Bosom • 13 cities 2,068,876,789
23,461,586,787
Mai Nes York 14 "
2,579,749,164
Bed Fhlltulelphia 14 "
1,747,502,795
Stb Cleveland 15 "
889,505,49
a 10 "
Rich
6th
933, 00,865
615 Atlanta ...17 "
4,252,35 ,762
7th Chltzgo .- 29 "
931,368,742
!olds. 10 "
Sib St
636,838,765
Gib blIntleap0ll.413
1,155,77-,713
loth Ku08336( 18515 "
473,655,221
12
11th Dallas
2,172,686,771
1280 Bala Fran__27 "
April
13123
1,960„91,443 4- 5.5
20.890.125,354 +12.3
2,311,580,990 +15.9
1,531, 89,513 +7.1
816,159,9 0 +9.0
856,718,037 +9.0
3,889,116,591 +9.3
880,46 ,897 +5.8
469,141,153 +35.7
1,0 2,.1 ,792 +10.8
416,786,980 +13.6
2,052,780,225 +5.8
1,866,58,961
18,11,75 ,295
2,266, 02,093
1,580,13.3,826
759,310,569
806,681,129
3,809,8 0,748
905,8,7,664
526, 88, E5
1,102,1E0,0.5
375,75 ,956
1,913,141,835
Providence
Owaha
Buffalo
St. Paul
Indianapolis
Denver
Richu ond
NI emehis
Seattle
Hartford
Salt Lake City
April
1922.
1,188,482,622
19,0.0,208,1..2
1,913,366,64
1,28 000,164
61.3,221,73.1
591,010,00'
3,086,95 07
738,190,64
425,990,68
1,021,555,61
312,620,22
1,541,643,41
lInc.or
Dec.
Total
Other cities
41,406 37.218 34.426 32.027 166.950 146,026 139.496 122.205
Total all
65.155 52.090
Outside New York.18,557 16,892 16,416 13,218 72.974 67.241
Our usual mon:hly detailed statement of transactions on
the Now York Stock Exchange is appended. The results for
A pri and t hi for months of 1925 and 1924 are given below:
189 cities 41,106,113,793 37,216,175,765 +11.3 34,129,07,596 32,027,001,5
Total
18,557029,188 18,892,511.650 +9.9 16,416,001,6 5 13,267,958,94
Outside N. Y. City
1,276,559,069 1,263,298,025 +1.1 1,267,331,011 1,212,952,41
Canada
We append another table showing the clearings by Fed '
oral Reserve districts for the fo r months back t o
1922:
Four nwnths.
1925.
I
Federal Reserve Diets
blt Boston. . 13 elites 8,298,622,702
Ind Nes York 14 " 96,282,58 ,890
10,216,052,616
ltd Fhiladelpb1a14
6,749,337,548
41.0 (.1w.el34nd 15 "
3,105,891,188
SW Richmond 10 "
3,857,630,115
111.1) Atlanta _17 "
Chicago._ 29 " 16,586,233,168
719
3,883,60.,351
8th St Louis. 10 "
2,298,1,0,19?
9t.8 Nlinnettailla13 "
4,676,912,924
10th Kausastity 15 ••
2,143,845,142
"
Iltb Dallas
8,541,281,168
Ban Fran--27 "
12th
13,24.
158.07
Dec.
7,951,..55,308 +4.4
81,017,050,242 +18.8
9,076,310,320 +12.6
6,389,077,851 +5.6
3,259087,014 +4.5
3,495,073,189 +10.4
15,026,395,669 +10.4
3,626,201,553 +7.1
1,903,833,504 +20.7
4,217,043,983 +10.9
1,800,919,726 +19.0
8,253,527,677 +3.5
7,424,921,753
75,855,373,090
8,919,166,897
6,443,427,025
3,097,758,438
3,348,551,726
14,956,824,333
3,761,527,679
1,058,901,606
4,553.322,776
1,621,675,630
7,453,163,663
-2.1
4,873,639,325
1924.
1925.
1)24.
1925.
18.116.828
Stock, nun.ber of alarm. 24.844.207
Railroad & ti Iscell. bonds $187.599.500 3127.719.000
S. GOvernmenl bonds 57.331,700 31,808.000
U.
State. foreign. Stc.. bonds 31.137.910 87.833.000
137,503,599
3912.900.300
176.744.900
181.571.610
74,011.068
31352.038.000
254,4103100
181.866.000
3276,007.6108247,420,060 $1.271.216.860 31.088,964.000
The volume of transactions in share properties on the New
5,694,602,661
each month since Jan. 1 in 1922 to
)
71,139,25 .,11 1 York Stock Exchange
7.410,238,09
: 1925 is indicated in the following:
5,033,253,7
2,320,647,605
2,464,970,293
11,837,645,074
3,098,247,80a
1,716,044,9 3
4,088,751,176
1,355,639,069
5,985,318,151
3
189 cities 166,950,129,109 146,026,287,036 +14.3 139,495,614,616 122,201,003, 7
Total
72,974,480,516 67,240,960,441 +8.5 65,154,923,627 51,089,669,
Outside N. Y. City
5,098,195,329
Four Months.
Month of April.
Description.
Total bonds
1922.
1923.
180
209
208
233
45
53
53
009
751
636
726
150
186
159
607
753
757
842
158
199
203
474
579
558
522
116
146
138
264
334
328
283
68
83
77
433
951
516
503
115
88
127
672
858
902
902
170
197
219
293
395
356
390
(2
85
82
530
622
697
(87
137
1(8
176
157
191
225
238
43
49
58
191
240
298
218
49
61
65
_
12.271 112.683
37.715 33.850 31.353 29.618 152,275 132.534
3.091 3,308 3.073 2,409 14.675 13.992 12.225 9.522
58
175
225
130
69
140
214
83
183
59
70
1925.
1924.
1923
1922.
No. Shares.
No, Shares.
No, Shares.
No, Shares,
41.570.543
32.794.986
38.294.393
19.914.827
22.979.487
25,064.666
16.472.377
16.175.095
22.820.173
65.894.859
68.858.982
55,467.646
24 844.207
Total first quarter
Month of April
213.857.380
20.721.5432
18.315.911
112.659.392
Month of January
February
March
18.116.828
20.091.986
30.634.353
5,062,045,988
We now add our detailed statement showing the figures
Apri and since Jan. 1 for two
The following compilation covers the clearings by months for each city separately for
years and for toe week ending May 2 for four years:
since Jan. 1 in 1925 and 1924:
4,984,855,051
01111d11
CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING MAY
1925.
1924.
Inc. or
Dec.
1925.
$
$
%
8
First Federal Rese eve District -Boston12,155.457
3,483,362 -4.5
3,327,650
r
Malne-Bango
53.387.498
12.075.939 +17.1
19,142.736
Portland
1,826.000,000 1,729,000.000 +5.6 7,341,462.354
-Boston
Mass.
40.909.405
9.032,947 +7.4
9.698.177
Fall River
16,617.775
9,236.875 +2.8
9.356.589
Holyoke
18.707.103
5,089.000 -9.9
4,842.922
Lowell
SSa
a
Lynn
25.785,947
-8.9
5,983,141
6.516.232
Bedford
New
98,908.281
29.869.262 +5.9
26.343.499
Springfield
61.335.438
16,354,000 -2.0
16.031.760
Worcester
+2.9
238.028.991.
57.726.53
59,397.734
-Hartford
Conn.
-3.2
120.158.753
30,584.58
29.617.690
New Haven
38.254.500
9.232.10 +12.5
10.391.100
Waterbury
232.911.200
52.723.700 +10.4
58,210,700
-Providence...
R. 1.
Total(13 cltles)
Week Ended May 2.
:i ce January 1.
Month of April.
Clearings ca
2,068,876.789 1,960,391.443
York
Second Federal Re serve District -New
27.074.759
33.994,292
-Albany
N. Y.
4.476.900
5.070.500
Binghamton
202,988.397
224,944,790
Buffalo
3.754.681
4,182.025
Elmira
5,211.094
6.106.400
Jamestown
22,848,884.605 20,325,861.115
New York
4.512.607
4,366,809
Niagara Falls
51.530.246
54,979,552
Rochester
22.374.518
24.808.799
Syracuse
15.368.680
15.499,767
-Stamford
Conn.
2.219.555
2.591.592
-Montclair_ N. J.
81.331.905
86,967.387
Newark
138.551,769
140,216,919
J
Northern N.
5.068.978
5,973.350
Oranges
+5.5
8,298,622,702
2.
1924.
Inc. or
Dec.
1925.
1924.
Inc. or
Dec.
1923.
1922.
$
%
$
$
%
$
$
13.379,475 -9.1
49.198.584 +8.5
7,056.000.000 +4.0
37.185.845 +10.0
15,763,687 +5.4
19.647.711 -4.8
a
23,642.885 -r-9.1
+8.4
91.250.15'
59.807.375 +2.6
+5.6
225.413,66'
+3.0
116,669.73'
+8.1
35.382.80
208.013.400 +12.0
7,951,355,308
96,008,791
115,900.308
+25.6
17,623,500
19.390.600
+13.3
757.306.884
842.180.722
+10.8
13.932.565
+11.4
15.871,942
19.725.770
23.450.867
+17.2
+12.4 93,975,648.593 78,785.326.595
15,768.101
15.860.501
-3.2
193.090.207
+6.7
209,690.216
85.816.794
91.644,554
+10.0
51.772,954
50.463,544
+0.8
8,626.752
9,227,266
+ 16.8
308.224.393
331.516.601
+6.0
654.874,676
+5.5
560,414,620
18,362.260
21,324,556
+17.8
+4.4
882.412
720.723
797,465 +0.3
799.996
2.600.000
4.371.924
3,217.310 +8.5
3,491,021
+1.4 385.000.000 325.000.000
433.000.000 427,000.000
1.801.104
2.598.193
2,050.757 -2.9
1998.071
a
aa
a
1.024.007
1.258.728
1,108.240 -1!1.4
1.123.479
a
a
a
a
1.347.309
1.507.283
1.218.699 :9.8
1 338.416
5.690.410
4,858.198
5.40,3.000 +18.8
6.419.972
3.643,000
4.982.000
3.698.373 +0.6
3.720.984
12.315.618
10.457.217
12,498.986 +16.6
14,573.153
7,815.979
5,712.893
8.182,268 -15.9
6,881,084
13.323.000
488,669.178
12.605.000
+5.7
477,789,098
+1.9
6.623.993
+20.7
8,758.243
855.100
983.000
+10.0
44,296.549
+11.2 d47,075.888
770.199
1,019.469
+13.9
896.780
c1.064.709
+18.9
+19.3 6,363.875.999 5,695.570.829
+0.6
12.107.091
12.245.583
+8.2
6398.780
5,939.7116
+6.8
3,151.701
c2.608.466
-2.5
875,049
824,601
+7.0
+7.6
38,427,482
30,818,001
-14.4
+16.1
14,023.600 •
12,5011.000
440.234,458
369,888.140
+32.2
6.688.734
5.761.069
+15.0
1331.000
1.106.087
+6.3
47,485.931
36,939.725
+32.3
839.518
792.613
+18.7
1,192.055
966.104
+11.7 4,974.040.922 5,137,900.000
+0.6
-20.0
-17.2
-5.8
12,880,653
6.061.687
3,288.458
670,968
. .
10 700 541
5,191.902
-19.8
45.325.943
41,081,938
692.027
45
06 +12.3 96.282,584.890 81.027,058,242 +18.8 6.474.713.61555,810.433.553 +11. .099.805,809 5,241.138.006
Total(14 cities).- 23,464.580.78720,890.325.2
2368
Ta
UiRONICLE
[VOL. 120.
CLEARINGE--(Continued.)
Manta of Ayrii.
clearings as
1925.
1924.
Since January 1.
Inc.or
I Dec.
1Ve.k Ended May 2.
1924.
Inc. or
Dec.
$
o.mr:qui,tore4,8c4c4vO
-F.++++"
-
$
$
Third Federal Rea erve District -Philadelph
Ps.
-Altoona
-6,106.220
6,063,403
Bethlehem
23.094.454
16,369.512
Chester
6,288,842
5,093,275
Harrisburg
-23,231,561
19,844,714
Lancaster
18,498,790
18,585,223
Lebanon
-3,644.444
3,125,363
Norristown
-4,465,064
3,849.803
Philadelphia
-- 2,447,000,000 2,088,546,000
Rea ling
18,424,728
17,903,071
Sera iton
26,482,341.
25,096,491
Wilke +-Barre_ - 18,225,411
17,758,546
York
9,253,38
8,174,941
N.J.-Ca iden_ _
51.467,499
59,812.66(
Trenton _
23.566,401
23,363,983
Del.
-Wilmington -a
a
Total(14 cities).--- 2,679,749,164
2,311,586,991
19.25
$
%
1924.
$
--
22,664.519 +3.4
69,727.113 +0.2
21,821,842 +4.8
72,477,724 +15.1
57,791.2,2 -8.1
9,701,865 +9.1
15,645,349 +1.9
8,241.516.000 +13.1
60.714,845 +1.4
97.397,229 +9.7
64.747,701
+6.7
27.829,329 +15.0
212,833,483 -5.1
93,3,2,05C +8.2
a
a
10,226,052.616
-
23,439,283
69,844.116
22,860,888
83,719.364
53,100,467
10,586,550
15,934,841
9,373,855.000
61,548,469
106,003,964
69.038,922
32,008,938
202,087.338
101,094,471
a
9,076,310,320 +12.6
Inc. or
Dec.
1923.
$
1925 .
%
$
1922. 1
$
1,431,754
5,516,723
1,657,706
1,578,854 -9.3
3,616,827 +52.5
1,405,304 +18.0
1,644,093
5,218.629
1,534,317
1,072,249
3,642,071
1,089,274
2,896.728
.2,500,000 +15.9
3,040,428
2,680,983
541,000,000
4,307,707
5,618.900
4,520.332
2,099.855
489,000,000 +10.1
3,963,583 +8.7
5,642,611 -0.4
4,120,822 +9.7
1,698.0119 +23.7
533,000,000
4,498,622
5,917.422
4.033.789
1,819,346
445.000,000
3,116,959
4,783.000
2,600,000
1,362,421
7,402.652
a
6,098,53/ +21.4
a
a
6,126,489
a
4,507,348
a
576,452,357
519,624.635 +10.9
566,833.135
469.834,305
ww999
sit.:=0..
1++:;_iT i++d
Fourth Federal te serve District -Cleveland
Ohio-Akron
25.141.000
33.332.006
109,081.000
128,963,000 -15.4
Canton
d4,970,000
6,974.000 -28.7
20,403,028
22.149,890
7,885.000
78,492,33
84.018,749 -6.1
4.730.240
Cincinnati
4,692,650 +0.8
309. 35.22
,
5,265,522
282,593,770
1,203,1,6,268 1,127,191,46.
+6.1
64,859,356
Cleveland
61,104,620 +6.1
507.886.544
69,002,972
478,965,871
1,880,8 4.763 1,820.531 713 +3.2 108.766,517
,
Columbus
100,715,997 +8.0 111,731,232
68,866.800
61,856,106
251,673,400
240.545,200 +4.1
Dayton
14,391,000
13,796,500 +4.3
a
a
18,029,200
a
aa
Hamilton
a
3,245,641
a
a
3,884,521
15,782,990
14.159,317 -r6.1
Lima
a
a
a
a
a
Lorain
a
a
2,315.534
a
a
1,687,364
9,118,052
6,429.111 +41.6
Mansfield
8459,691
8,547,894
32,598,223
31,841,934 +2.4
Springfield
d1,941,109
2.218,200 -12.5
a
a
2,109,165
a
a
a
Toledo
a
a
a
a
a
a
a
aa
Youngstown
a
24498.101
21,854,544
a
86,382,055
79,402.352 -4.1
Pa.
4,509,333
-Beaver Co- _.4,151,837 -1 8.0
3.371,011
!
1
3,355,381.
4,442,513
12,606,088
12,747,242 -1.1
Erie
a
aa
a
a
Franklin
a
a
1.403.096
1,382,521
a
9,356.5,9
5,377.086 +18.,
Greensburg
6,911.105
5,818.103
27.120.A,
24.000.709 +13.6,
Pittsburgh
740,502,195
680,793.739
2,917,303 161 2,703.440.937 +7.'.1 171.479.120
Ky.-Lexington_ _ 158.295,964 +8.3 163,857,565
6.129,466
7.032,164
42,2,31,49.
38,385.294 +16..1
W. Va.-Wheeling- 18.740,349
18,215,542
74,1232.90
71.443,767 +3.6
Total(15 cities).. 1,747,508,795 1,631,489,511
+7.1 6.742,337,54/ 6,389,077,851 +5.6
375,646,681 351,949,761
+6.7 382,323,16f
Fifth Federal ReBe rya District- aichmond.
W. Va.-Huntingto a
6,564.910
8,819,796 -25.6
28,387,13(
33,889,558 -16.2
Va.-Newport News
1,478,185
a
2,091.51 -29.3
aa
1,830,381.
a
Norfolk
34,330,712
32,659,68:
4!5.1
140,978,591
135,658.547 4 3.5
1
.
Richmond
d7,482,034
8,289,79. -9.7
214,276,001
219,332.46. -2.3
7.191,351
902,365,000
901,882,356 +0.1
-Asheville...N. C.
48.686,000
55,363,00. -12.1
a
a
49,568,004
a
a
Raleigh
.
12,665,531.
11,782,37.
81
-r
45,700,308
42,139,523 -4.4
Wilmington
.
a
aa
a
a
-Charleston..
S. C.
.
11402.59
,
10.141.871 +14.,
48,986.051
43,491,047 +12.1
Columbia
d1.923,215
.
2,313,811 -16.9
9,322,08.
8,783,12.
2,004.78.
+3.1
35,780,10,
33,729.765 +6.1
Md.-Balti
.
482,305.35
422,362,65 +14.2 1,757,485.470 1,670,942.754 +5.2
Frederick
111,736,051 104,082,127 +7.3 109,552,168
.
2.118.042
2.230.03.
7,419,482
-5.0
7,312.89, +1.1
Hagerstown
.
3.959.233
3,707.34.
+6.6
12.926,121
12,762,667 +1.1
-Washington.
D. C.
112,360,952
96,340,57
4-16.4
425.865,918
377,677.902 +12.9
24,770,907
20.280,03. +22.1
23,469421
Total(10 citlea)-- •
889,505,419
816,159,94.
+9.0 3,405,894,186 3,259,487,01, +44
196.076,392 192,420,241, +1.9 193,616,309
9 9^
9:
.
...0600NN
Sixth Federal Re 6 rye District- ttlantaTenn.-Chattanoog ,
32,336,956
26,661,091
Knoxville
13,292,78.
14,080,66
Nashville
94,368,090
85,751.15Ga.-Atlanta
269,703,95.
229,092,02
Augusta
8,503.899
7,740.61
Colunitus
4,318.625
3,681,44
Macon
6.590,240
5,596,13
Savannah
a
a
-Jacksonville _ .
Fla.
104.826.399
70.626,911
Tampa
30.587,640
16,828,471
-Birmingham_ .
Ala.
110.672,632
120,497,621
Mobile
8,792,540
8,093,793
Montgomery
6.990.653
7,145,625
-Hattiesburg
Miss.
6.012.137
6,804,340
Jackson
5.105.111
5,649,302
Meridian
3.235,642
4,071 ,171 it.
Vicksburg
1,528,196
1,529.652
-New Orleans_
La.
226,543,36
242,911.7.7,
cities)._
Total(17
933,408,86.
856,718,037
+21.3
120.218,441
-5.0
51,824,301
+10..
370,045,872
+17
1,1132,053,9/0
+1.9
36.935.051
+17..
17,668,641
+17.9
26,143,404
a
a
+48.4
397,842,480
+81.3
108,901,099
-8.1
458,172.786
+8.0
35,340,496
-2.2
30,598,698
26,241,976
-11.1
-9.6
23,623,262
-20.7
15,619,664
-0.7
7,883.848
-6.7 1,019,916.058
+9.0
3,857,630,115
111,661,27,
55.698.36,
335.439,31,
935,787,01.
32.210.77.
14,578.592
22,957,50.
a
287,001.761
62.999,30.
474,824,39.
32,874.201
30.699.313
28.302,991
21,905,781
16,885.31.
6,768,62.
1,024,478,571
+7.7
+0.2
+10.9
+18.1
+14.:
+21.1
-1-13.9
a
+38..
+72.9
-3.8
+7.8
-0.3
-7.2
+7.8
-7.1
+16.6
-0.5
3,495,073,18.
+10.4
Total(10 cities)._ __
931,368,742
880.464.897
+5.8
92,794.906
2,742,054
2,492,353,389
a
594,730,881
8,908,288
42,607,625
389,657.080
224,586,179
6,523,658
28,700,282
81,482,474
2,737,569
2,387,785,846
a
524,331,849
8,308,759
42,193,515
355,768,514
192,951,631
5.575.573
25,068,818
+13.9
+0.2
+4.4
a
+13.4
+7.2
+1.0
+9.0
+16.4
+17.0
+14.5
3.883.604,351
3,626,204,553
+7.1
a
'
1,301,024
a
a
4,588,961
a
125,000.000
303,082,224
1,505,740
7,905,242
41,479.482
2,222,212
83,118.850
20,988.019
157,219,545
6,178,000
2,933,095
20.962,696
54,417,02,
1,639,406
5,580,000 +10.7
2,691,760 +9.0
18.783,913 +11.1
56,648,643 -3.6
*1.500,006 +9.3
6,241.255
3,287,111
21.525,000
51,727,136
1.743,907
4,594.264
2,928.838
16,472.819
39.208,470
1,886,453
1,360.091
a
22,273,263
1,302.454. +4.4
a
a
17,293.851 +28.8
1,685.072
•
11,715,647
1,245.031
a
11.495.660
d23,001,952
1,731,720
24,660,230 -6.7
1,956,796 -11.5
24,285.213
1,840,079
20.776,376
1,680,000
918,006
1,419,251 -35.3
1,029,382
782,384
305,60:
54.885,89.
496,283 -38.4
55,118,241 -0.4
296,038
51.615.28a
320,063
46,095,859
176,991.125
147,356,217
+1.1
255.012
-11.,
685,116
+6.9 134.213,006
294,457
702,424
99,600,000
190,606,745
187,454,431
Seveth Federal e serve District -Chicago-Adrian
Mich.
1,185,867
1,089,991 +8.8
4,852,455
4,117,57 +17.8
,
263,482
259,488
Ann Arbor
3,952,928
3.588,303 +10.2
16,194,218
14,538,40. +11.4
561,081.
633,188
Detroit
672,460,728
628,554,699 +7.0 2,540,402.774 2,430,856,25.
+4.5 157,929,879 149,027,267
Flint
10,446,00'
10,343,20, +1.0
39,565,970
40,453,882 -2.2
Grand Rapids__ _
33,764.427
30,005,721 +124
128.201,894
116,375,958 +10.2
7,868,737
6,768,613
Jackson
7,587,262
7,795.70. -2.7
28,841,453
32,170,453 -10.3
Lansing
10,574,305
10,994,363 -3.8
41,601,561
42.802,449 -2.8
2,535,324
2.944.154
-Ft. Wayne_ _
Ind.
11,322,097
10,229,368 +10.7
43,325,186
40,401,942 +7.2
2,531.733
2,684,497
Gary
22,091.904
20,295,000 +8.8
81,492,901
67,948,596 +19.9
Indianapolis
69.100,000
77,071,004 -10.3
286,233.000
327,950,000 -12.7
17,102,000
17,943,000
South Bend
11,889,000
10,841.700 +9.0
43,562,862
39.700.833 +9.7
3,035,424
2,471,200
Terre Haute
24,027,662
26,083,256 -7.8
104.617,103
103,297,302 +1.2
5,194,436
Wis.-Madison
5,025,462
14,301,089
12,219,148 +17.0
56,871,797
48,470,078 +17.2
Milwaukee
164,241,662
155,333,191 +5.7
676,834,898
634,213,990 +6.7
36,195,006
37,533,616
Oshkosh
3,385,222
3,170,230 -1-6.7
14,514,498
12,283,112 +18.2
Iowa-Cedar Rapids
12,252,823
10,731,893 +14.2
47,108,677
42,494,331 +10.9
2,620,554.
2,686,238
Davenport
59,818.365
45.554,809 +31.3
208,366,726
185,909,492 +12.1
Des Moines
51,346,101
47,288,880 +8.0
196,509,173
187,017.219 +5.1
11,362,758
11,686.061
Iowa City
2,020,539
2,111,084 -4.3
7,959,085
8,451,202 -5.8
Mason City
2,648,600
2,295,200 +15.4
9,920,000
8.973.450 +10.1
Sioux City
32.765,936
28,455,608 +15.1
132,865,987
114,387,814 +16.1
7,189,970
Waterloo
6,486,116
6,338.406
6,797,326 -6.7
24,946,199
24,731,750 +0.1
1,448.922
1,415,079
111.-Aurora
6,491,522
5,495,760 +18.1
23,123,585
20.776.111 +11.3
Bloomington
7,582,912
6,958.168 +9.0
29,964,852
26,344,892
1,449,546
1,411,897
Chicago
2,956,796,534 2,674,983,188 +10.5 11,587,597,151 10.258.703.777 +13.7
+13.0 792,375,125 710,862,478
Danville
a
aa
a
a
a
•
Decatur
6,551,395
6,174,741
16.1
26,245,559
22,119,931 +18.7
1,359,086
1,335,174
Peoria
20,950,563
19,581,711 +7.0
87,556.287
80,327,356 +9.0
4,945,437
5.030.478
Rockford
13436.819
12.949,492 +4.5
48.261,101
45,094,559 +7.0
3,549,407
3,259.960
Springfield
12,923,087
12,123,844 +6.6
48,696,208
45,482,938 +7.1
2,782,622
3,027,783
Total(29 cities).- - 4,252,353,762 3,889,116.591 +9.3 16,586,233,168 15,026,395,669
+10.4 1,062,100,528 972,491,750
Eighth Federal R serve District -St. Louis
-Evansville
Ind.
24,171.570
20,165,390 +19.9
New Albany
521,818
706.894 -26.2
Mo.-St. Louis
603,595,330
581.515,620 +3.8
Springfield
a
a
a
Hy.-Lottisville
142,137,877
127,302,539 +11.7
Ownesboro
1,720,861
1,864,289 -7.7
Paducah
9,513,417
10,978,779 -13.3
-Memphis_ _
Tenn.
82,703,849
81,836,714 +1.1
-Little Rock_
Ark.
58,055,603
48,276,128 +20.3
-Jacksonville _ _ _ _
1,660,163
III.
1,282,499 +29.5
7,288,254
Quint)'
6,536,045 +11.5
5,888,000
8.675,454
57,136,853
84,364,732
16,129,400
a
5,944,218
133,000.000
+1.7
+13.3
7,065.930
6,893.188
-13.9
-5.7
2,578,000
2,689,445
•1,800,000
2,036,393
-4.7
+22.8
+3.4
21.882.000
2,392,000
6,025,064
*16,050,000
2,395,000
34,547,599
-3.6
38,305,221
-2.4
2,845.774
2,308,494
-2.8
10,857,252
11,768,545
+10.8
+2.4
7,082,333
1,762,385
7,642,159
1,415,673
+2.7
+11.5
1,665,099
757,268,608
a
1,527,883
5,387.062
2.922,656
2,541,130
1,437379
722,020,509
a
1,099.168
5.735.427
2,222.014
2.1319401
+9.2 1,009,950,980
922,587,833
4111.8
-1.7
+8.9
-8.1
4,774,940 +24.5
133,900,000
5,006,114
4,447,607
-0.7
28,884,308
358,372
28,098,954 +2.8
411,358 -12.9
29,654.838
421,381
24,410,531
358,008
17,227:895
11.206,577
584,375
1,434,915
18,217,039 -5.4
9,825,881 +14.0
611,458 -4.4
1,786,668 .-19.7
19,780,876
11,434,595
643,310
1,843,944
16,021,615
8,038,335
539,306
1,514,521
115.785.055
55.329.923
198.640.660
197.628.298
+0.5
2369
THE CHRONICLE
MAY 9 1925.]
-(Concluded.)
CLEARINGS
Clearings al
1924.
1925.
Week Ended May 2.
Since January 1.
Afonth of April.
$
%
$
s
Ninth Federal Res erve District -Minneapoli +21.9
26,908,535
32,790,058
-Duluth
Minn.
264,492.809 +62.3
429.151,960
Minneapolis
1,555,859 +10.1
1,712,669
Rochester
-5.9
137.991,12129,812,214
St. Paul
7,975,005 +6.2
8,467,062
No. Dak.-Fargo.5,199,005 +24.7
6,484,000
Forks
Grand
852,751 +10.8
945.233
Minot
5.238.171 +12.7
51405,073
.
.
-Aberdeen_ _
B. D.
5,056,939 -0.2
5,045,585
Sioux Falls
1.939,76: +23.7
2,399.787
Mont.-Billings
2,176,479 +15.9
2,522.856
Great Falls
9,754,727 +14.5
11,177,763
Helena
424,505
Lewistown
Int. ot
Dec.
1924.
1925.
$
3
%
1925.
1924.
$
Dec.
1923.
%
inc. OT
Inc.or
Dec.
$
$
.
1922.
8
+3.5
6,358,184
63.104,901 +16.5
6,655,443
72,406,648
5,363.767
63.670,930
29,116,507
1,739.422
30,704,915 -5.2
1.522,699 +14.2
34,986,575
1,981,246
30,543,000
1,668.348
1,269,351
1,136,677 +11.7
1,341,832
1,239,903
512.960
433,026 +18.5
555,592
635.030
3,109,302
3,389,631
10
6,510.609
130,766,983
1,466,208,024
6,776,927
522,017,565
32,001,411
25,346,000
3,848,228
24,091,140
18,426,937
9,916,043
10,588,371
46,398,717
1,683,850
105,162326
1,082,292,749
6,488,880
558.335,939
29,205.184
20,725,694
3,435,361
19,796,167
20,091.979
7,732,072
8.640.107
41,773,245
+24.2
+35.6
+4,
-8.5
+9.8
+22.8
+12.0
+21.7
-8.3
+28.2
+22.6
+11.1
66,582,688
73,536,207
'
2,495,200
2,272,334
+9.8
2,298.130397
1.903.833,504 +20.7
115,252,423
105,532,736
+9.2
121,038,637
Tenth Federal Res erve District -Kansas Cit y+1.2
1.801,371
1.823,744
Neb.-Fremont
2,058,962 +40.0
2,881,703
Hastings
16,984,998 +24.8
21,193,724
Lincoln
158.630,671 +10.3
175,041,155
Omaha
25,998,081 -35.1
16,883,165
-Kansas City
Kan.
a
•
a
Lawrence
a
a
a
Pittsburgh
11,543,51! +36.0
15.692,579
Topeka
+7.9
29,701,67,
31.912.160
Wichita
6.741,000 +6.3
7.183.544
Missouri-Joplin
507,630,601 +10.9
562,718,100
Kansas City
28,378,485 +0.2
30,134,101
St. Joseph
a
a
a
-Lawton
Okla.
1,195,461 -11.9
1,052,922
McAlester
•
a
a
Muskogee
85,868,842 +10.7
102.827,321
Oklahoma City_
30.929.885 +18.3
36.603.458
Tulaa
+8.4
4.540.618
4,920,141
-Colorado Spas
Colo.
126,951.175 +10.2
139,857,599
Denver
4339,408 +13.7
5.049.292
Pueblo
7,311.935
11.442,935
85.950,382
726,017,555
72,678,457
a
a
58.747,337
128,732,276
28,862,071
2.250.592.031
139.877.765
a
4,646.890
a
448,932,016
126,343,275
19,857,438
547,859,641
19.060,921
7,005,199
8,462,249
67,899,750
636,208.121
96,558,449
a
a
52,072,697
122,715,867
26,364,000
2,033,628,482
123,684.228
a
5,310,225
a
367,737,265
119,478,045
18,263,145
515,645,929
16,010,330
+4.4
+35.2
+261
+14.1
-24.7
a
a
+12.8
+4.6
+9.5
+10.7
+13.1
a
-12.1
a
+22.1
+5.1
+8.1
+6..
+19.1
6461,602
568,576
4,884,884
39,994,666
398,076 +16.0
545,108 +4.3
2,272,421 +1150
37,196.575 +7.5
451.579
581,163
4,228.246
4,562.217
4
410,388 •
675,237
4.910,466
39.830.665.
62,731,815
66,923,674
2,274,130 +20.1
6,619,018 +4.6
3.111.984
10.203,000
2,607.001
10,793.086
-3.6
+1.4
139,960,510
120.368.581
a
621,252,540
•
400.521
19,835,784
e2,188,091
a
a
20,291,077 +4.7
a
a
495.367 -19.1
18,977,508 +4.6
982.104 +122.7
a
21,457.061
a
1.022,994
21.607,146
918.812
_
a
19,211.690.
a
1.035.192
20312.248
789.195
1.155.774.713 1,043,414,792 +10.8
4.676,912,924
4,217,043,983 +10.1
225,920.264
+2.2
248.104,712
221,043,758
Total(13 eities)
Total(11 cities)
636,838,765
489,141.157
-Dallas
Eleventh Federal Reserve Dusty let
7,515,65
10,753,211
-Austin
Texas
6,829,78
6,252.417
Beaumont
1601102,01
183,448.568
Dallas
19,040.8:
18,188,664
El Paso
40,665,45
43.379,331
Fort Worth
28,8592.
34,710.629
Galveston
108.185,38
127.395,828
Houston
2,237,69
2,137,039
Port Arthur
2,650,37
3,027.241
Texarkana
9,201.32
9.284,415
WACO
10,290,35
14.395,022
Wichita Falls
20,802,37.
20,682,865
-Shreveport
La.
Total(12 citles)
473.655.221
416,786,98,
+35.7
643.0
-8.5
-14.7
-4.5
+6.7
-20.3
617.7
-4.6
r14,3
-4.4 •
1-39.14
-0.6
+13.5
30,190,302 +272
38,535,277
25,629,114 ' 25,951,341 -I.
676.481,164 +22.1
825,081.051
90,100,833 -10..
80.418,793
183.680,037 +12..
206.373,894
145,064,261 +262
183,692,504
457,530,899 +25.1
572,504,672
8,929381 -4.9
8,493,111
10,892.122 +22.5
12,734,242
,
49.516.109 -4i
47,177,092
38,230.115 +45.1
55,787,303
+8.6
84,853.007
87,418,189
2,143,845,242
1.800,919.724, +19.0
Fran scoTwelfth Federal R eserve Dian* t-San
12,681,000
13,155,006
+2.4
3,651,00,
3,738,000
-Bellingham
Wash.
696.710.294
687.287.408
+3.7
176,420,04
182,994,052
Seattle
184.970,000
188,890,006
-2.5
48,122,004
47,1.48,000
Spokane
a
a
a
a
a
Tacoma
21,531,191
24,409,808
5,422,99: +12.4
6,096,377
Yakima
17,429.298
16,244,773
4,234,269 -5.5
4,000,685
6,663,312
Idaho-Boise
8,218,075
1.946,221 +15.4
2.246,671
Oregon-Eu8ene
624,496.731,
613,202.028
+1.4
168,974,001
171303,676
Portland
22,693.000
23,064.005
5,630,001. -11.3
4.993,000
15061-Ogden
247,600,902
268,250,081
+8.7
64,790,331
70.444.027
Salt Lake City
9,758,491
10,413,689
+7.1
2,545.101
2,739,883
Nev -Reno
35,992,145,
40.456,000
+71/
8.649,005
9,256,000
Arizona-Phoenix
16,047,811
18,049,755
3,807.78: +25.0
4.759.225
-Bakersfield. __ _
Cal.
71,978,943
72,820,329
+3.0
17,303,23:
17,821,786
Berkleley
60,657,374
50,343.027
14,452,991 -12.9
12.581,711
Fresno
142,225,140
119,715,041
32,936,621 -6.5
30,651,128
Long Beach
609,721,001. +52 2,568,797,006 2,560,839,006
644.107.000
Los Angeles
12.085.359
12,775,766
2,764,063 +15.2
3,183.269
Modesto
277,533,691
330,735,603
71,116,611 +20.1
85.739,538
Oakland
109,669,643
109,665.430
26,052,758 +3.4
26,941,862
Pasadena
14.137,479
15,023,999
3354,271 +12.3
3,880,172
Riverside
134,346,643
129,718,323
33,817,318 -3.1
32,782,251
Sacramento
71,903,249
85,130,754
17.951,941 +24.7
22,380,274
Diego
San
+7.4 2,982.740.083 2,753,400,000
692,900,006
744,294,428
.
San Francisco _ -37,393,792
42.788.304
9,484,32: +15.6
10,957,493
San Jose
21,1042329
22.135,080
+8.4
5,271,60:
5,711,022
Barbara
Santa
39,504,412
33.289,212
9,672,301 -12.3
8.477.844
Santa Monica
8,073,020
7.957.799
1,913,412 +11.5
2,133,580
Santa Rosa
42,101,100
46,004,800
9,775,005 +14.8
11,223,000
Stockton
+5.8 8,541,281368 8.253.527.677
2,172.686,771 2.052,780.225
Total(28 cities)
17,218.375.765 +11.3 166.950.129,109 146,026,287,031
Gmnd total(189 cities) 11.406,313,793
8 10,892,514,850 +9.9 72,974.480.514 67.240.960.441
Outside New York... 18.557,42038
120,211,001
6.467.210
124,673,587
6,378,484
221,103,455
1,288,477 +41.0
1,622,145
1,554.680
38,192,007
36.403,978
+4.9
28,500.000
23301,589
69,434.621
5,1662300
a
9.311,012
5,380.495
a
+1.3
-4.0
a
10.100,028
5.903,132
a
10,266.110
4,819,150
a
1,816.274
4,272,008 +15.0
4,844,958
4,744,503
56,655,970
+5.1
50,970.263
44,786,032,
38.012.000
10,224.000
a
1,060,104
36.888,261
9.487.000
a
1,070,123
+3.0
+7.7
a
-0.9
35.036.449
9.047,000
a
1,351,071
29,463.056
10,706,000
a
1,471,330
36,574,271
35,057,291.
+4.3
37,494,605
30,542.988
-3.8
a
a
14,416,479
a
a
12.017.770
a
a
2,922,049
6,964,051
147.806,005
3.408,73: -14.3
7370,118 -2.9
138,576,006 +6.7
4,026,641
8,908351
143.845,005
3,552.322
4,511.742
105,857,000
20.222.492
5,917,229
17,182,206 +17.7
5,372,641 +10.1
17.978.549
5.992.121
14,404.178
4,281.102
67379,064
4.431,882
175,349.894
2,221.505
1,334,966
1.950,095
7,291,753 +22
3,643,763 +212
159,200.000 +10.1
2.310.785 -32
1,159.581 +15.1
2,040,348 -4.4
7.712.022
3,987,394
165300,000
2,279,073
1.179.282
6,144,526
3.242.621
151,300.000
1.178,976
1,086.671
4,913,708
59,522.610
.
+3.7
-1.4
+2.1
a
+13.8
-6.8
+23.3
-1.8
+12
+8.8
+6.7
+12.4
+12.:
+1.2
-17.1
-15.8
+0.1
+5.1
+19.2
-02
+6.2
-3.4
+18,
+8.2
+14.4
+4.5
-15.1
-1.4
+9.3
+31
15,293,723
•a
a
15,891,772
A
•
c2.060,700
1,942,100
+6.1
2,919,100
2.008.300
479.914,028
447,692,474
+7.2
461,272,951
381,768.591
+14.2 10,441.515.5299.640.774,417
+9.4 8.819.924,663 8.420.542.983
+8.6 4.077.639.530 l.845.203.58$
+6.0 3.815 883.741 '4.282.642.993
WEEK ENDING APRIL 30.
CANADIAN CLEARINGS FOR APRIL, SINCE JANUARY i, AND FOR
1925.
1924.
Week Ended May 2.
Since January 1.
Month of April.
Clearings at-
/nc.or
Dec.
1925.
1924.
. Inc. or
Dec.
1925.
1924.
Inc. or
Dec.
1923.
1922.
$
$
%
$
128,629,085 -36.0 115.433.373 121,666.787
109,705.105 -22.0 117,220,899 118,581.560
62,016.512
63,772.748
47,527.563 -4.3
.
13 454,808
. .
15 964 575
3
15,099.460 +1.
8,278.248
11,576,970
6,782,197 -21.7
6,987..807
7,422,103
7,621.672 -34.6
2,959.921
3,145,149
+5.3
2,497,811
6,358.309
6.276.923
5,004,351 -18.5
4,524,477
5.291.880
5,617,173 -17.2
2.481,520
2,904,939
2,599.673 -7.9
2,164,244
1,883.871
1.981,498 -7.7
4,356,533
3,508.274
2,913.098 -2.4
4.500,776
5,019.173
4,748.85 -24.0
3,675,604
3,501.051
2,882,933 -1.7
605.569
659,318
339.444 +33.8
570.136
757.081
486,486 -14.1
1.517,913
1,499.921 -17.7
1.779.818
1,232,383
953,315 -4.5
1,445,932
972,888
654.971 +20.2
1,002,361
739,909
822.802 -15.6
881,969
685.465
757.323 -19.6
728.586
280.261 -21.9
289,070
301.588
800.390 -17.4
848,449
779,586
761,942 -7.4
969,229
998,158
890,740 -7.9
1,068,187
1,081,285
32327.159 -2.3
3,647,802
3,321.210
332,338 -23.8
392,442
387,969
898,179 -21.0
987,045
1,080.072
633.003 +0.6
751,247
812,061
$
$
%
8
%
$
82,366,210
1.641,391.349 -6.3
411,089,943 -4.2 1.537,805.561
85,547,467
386,485,754 -3.8 1,482372,640 1,646,811,045 -10.0
45,477,456
657.909.265 +26.9
835,127,658
171,897,133 +27.5
16,211,481
255,790,364 -2.8
248,683,502
64,442,883 +0.9
5,308,785
-4.1
101,849,085 97,631,246
27,955.123 -5.5
4.981,608
89,478,036 '+2.8
92,028.132
22,340,318 +5.4
2,629.483
+5.4
44,794,201
47,192,933
12,213,631 -4.5
4,0742316
80,337,198 -9.5
72,670,149
20,881,374 -5.3
4.648.474
114,166.544 -2.8
-7.0
111,215,529
26.516.574
2,395,367
43,355.952 -4.7
41,331,296
10,560,900 -0.5
1.828,016
32,372.840 -5.5
30,51/3,315
8,696.104 -5.5
2.843,178
44311,019 -2.6
43,274,480
11,150.063 +1.9
3.608,269
71,604,687 +7.5
+8.7
76,949,259
18,071,411
2,835,199
51,450,948 +5.4
54.232.365
12.160,400 +6.6
454,329
7.885,602 +13.0
8,911.899
1,908,722 +16.0
417.720
8.673,338 -9.4
7.857,307
1,984,579 +1.2
1.235,084
25.718,991 -7.7
23,744,175
6,332,095 -1.4
900,949
17,510,376 +0.6
17.614.946
4,244,497 +2.7
787,127
14,606,276 -1.6
14,377.655
3.730.912 +2.3
695.089
12,925,910 -9.5
11,703,135
3,170,283 +1.4
608.758
9,653,301 -3.0
9,380,203
2,608.120 -3.2
218,839
5,247,533 -12.6
4,587,979
1,275,198 -5.1
661,186
12,511,403 +4.8
3,437,345 +3.8
13,109.001
705,444
13,245,549 -7.0
12,323,289
3.488,010 -3.2
820.802
15.810.996 -4.4
15,116,124
4.173,650 -6.6
3,542,951
50.089,943 -5.3
47,439,254
14,889,522 -4.0
253,308
5,616,170 -4.5
5,366,028
1,351,728 • -2.7
707,574
12,964,976 -6.0
12,188314
3,529,133 -7.9
636,728
10,012,428 +2.3
10,247.573
2,622.620 +8.1
.
277 410398 388,246,783 -22.6 374.555.891 381.666 042
.
. .195 329 -2.2
5 098
1.278.559.069 1,263.298.025 +1.1 4,994.855.051
Total (Canada)_respond to requests for figures. c Week ended April 29. d Week ended April 30. a Week ended May 1. •Estimated.
clearings. b Do not
a No longer report closed.
all banks
f No clearings;
Canadian
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
Westminster__ .._
New
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston- ------
$
393,691,945
371,674,445
219,199,253
65,035,644
26,430.875
23,540,957
11.662,579
19,767.588
24,648,587
10,511.159
8,214,147
11,358,356
19,638,792
12,947,907
2,317,670
2,008,544
6,245,635
4.360,104
3,815,162
3,215,990
2,524,779
1,209.635
3,568,155
3,377,293
3,900,243
14,292,934
1,315,518
3,250.609
2,834,669
2770
THE CHRONTCLE
Commercial a n :11iscellaneons
cum
Breadstuffs figures brought from page 2455.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts al
Chicago
Minneapolis
Mittth
Milwaukee_ _ _
Toledo
Detroit
Indianapolis.._
St. Louts_ _ _
Peoria
ansan City_ _
Omaha
Pt. Joseph..,
Wichita
Sioux City__
Flour.
Total wk. '25
Same wk. '241
Same wk. '23
Since Aug. 1
1924
1923
1922
Wheal.
Corn.
Oats.
Barley.
Rye.
bbts.15^1b .bush.6010:.bush. 5s Ths. hush. 12th:. bush.48INe. bush.Aslbs.
,
190.000
551,000
877.00
556,000
12.000
76.000
755.000
64.000
305,000
177.000
57,000
451,000
2.000
7.000
31.000
310.000
19,000
31.000
62.000
73.000
211,000
7.000
214.00
27.000
373,000
1.000
12.000
7.00
48,000
30.000
200.000
168.00
80,000
348.000
516.000
350.000
25.000
18.000
216.00
101.000
3.000
.,168.000
159.00
123.000
121.000
137.00
212,000
60.000
18.00
131.00
53.000
34.000
4,00
18.000
30.000
55.000
2.000
314,000
391.000
406.000
2,848,000
2,333,000
4.309,000
2,305,000
4.753.000
3.445.000
2.605.000
3.628.000
3,407.000
551.000
580.01)0
418.000
451,000
194,000
613.000
I
17.053.000444.151.000202.323.000225,053,000 59,008,000 51,743,000
16,519,000184,171.000243.245.000 0)2.050.000 35.281,000 23.337.000
19,426,000 362,727,000 256.706,000 187,908,00033.170,000 45,018,000
Tctal receipts of flour and grain at the Sc aboard ports for
the week er ded Saturday, May 2, 1925, follow:
Receipts al
-
Flour.
Ba,els.
New York__
180.000
Portland. Me
9.000
Philadelphia
30.0
Baltimore_ .._ _
16,1::
Newel New
3.00(
Norfolk
4.6 6
New Orleans..
69.
Galveston
Siontreal _ _
30.0 I
24.06
Pt. John. Nil
Boston
26,000
Wheat.
Bushels.
1,952.000
55.000
814,000
196.000
277.000
42.0001
20.000
1,342.1
571.0001
37.0001
Total wk. '2
391.000 5,347.000
Since Jan.1 '25 10.105.000 58.401.000
Corn.
Oats.
Bushels.
8.000
5.000
15.000
Barley.
Rye.
Bushels.
Bushels, Bushels.
1.300.000
640.000
183.000
184.000
4.000
465.001
17.000
153.000
88.006
9.000
5
1.000
51.000
9.00
2.000
813.
51.00
1.000
371.000
26.000
si.noo
29
5.000
303.1100
82,000 2.763.000 1.351.000
943.000
2.376.000 12.075.000 9.303.00010.984.000
Week 1924_j ,f
30.9 6,518.000
-405,0(10
923.0))
41,000
140.0110
Slum Jan.1'2 9,418.00 55.751,000 10.566,000 12,231
3,528,000 3.058,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bl Is of lading.
Fol. 120.
APPLICATION TO CONVERT RECEIVED.
May 2
-The First National Bank of Rosenberg, Texas
Conversion of the Farmers State Dank of Rosenberg, 25,000
Texas.
APPLICATIONS TO CONVERT APPROVED.
Apr. 27
-First National Bank in Cumbv. Texas
Conversion of the Guaranty State Bank, Cumby. Tex. 50.000
Apr. 27
-The Farmers National Bank of Dublin, Texas
Conversion of the Guaranty State Bank. Dublin, Tex. 50.000
Apr, 27
-The First National Bank of Emhouse Texas
Conversion of the First State Bank of Emhouse. Texas. 30.000
Apr. 29
-First National Bank in Clifton. Tevas
Conversion of the First Guaranty State Bank of Clifton, 40.000
Texas.
Apr. 29
-The First National Bank of Event, Texas
25.000
Conversion of the Event State Bank. Evant. Texas.
Apr. 30
-First National Bank of Bailey. Taves
25.000
Conversion of the Continental State Bank of Bailey,
Texas.
Apr. 30
-The Citizens National Bank of Denison. Texas
Conversion of the Citizens State Bank of Dension, Tex. 100.000
May 1-The State National Bank of Groom, Texas
25,000
Conversion of the State Bank of Groom. Texas.
VOLUNTARY LIQUIDATIONS.
Apr. 30
-The Citizens National Bank of Belington, W.
-6618
Effective Mar. 28 1925. Liquidating Agent. E.Va. 40.000
A.
Barte, Belington, W. Va.
Abslrbed by the First National Bank of 1314nrrton,
Apr. 30-9147-The First National Bank of Blackduck, Mini,... 25.000
Effective Apr. 28 1925. Liquidating agents. R. II.
Shumaker, Bemidji. Minn.. and E. P. Rice. Blackduck. Minn. Succeeded by a State hank.
Apr. 30-12039
-The Garfield National Bank of Enid, Okla__ _ _
Effective Apr. 10 1925. Liquidating agent. F. R. 100.000
Zacharias, Enid. Okla.
Succeeded by the Garfield County Bank, Enid. Okla.
Apr. 30
-The Citizens National Bank of Longview. Texas_
-6043
Effective Dec. 31 1924. Liquidating agent, L. J. 100,000
Everett. Gladewater. Texas.
Absorbed by the Commercial Guaranty State Bank
of Longview. Texas.
Apr. 30
-11198
-The First National Bank of Firth. Idaho
25.000
Effective Jan. 5 1925. Liquidating committee. W. J.
Rantsay. Job II. Dye. Firth, Idaho, and J. E. Estensen, Blackfoot. Idaho.
Absorbed by the First National Bank of Blackfoot,
Idaho. No. 7419.
Apr. 30
-11248
-The First National Bank of Walden. Colo__
Effective March 30 1925. Liquidating agent. A. V. 25.000
MeTvor, Cheyenne Wvo.
May 1-11863
-The First National Bank of LIttlefork, Minn
Effective Apr. 25 1925. Liquidating agent, M. C.
Longballa. LIttlefork. Minn.
Suceeeried by State Bank of Littlefork. Minn.
May
1-1191I-The First National Bank of Vinton. Va
Effective close of business Apr. 30 1925. Liquidating
agent. Albert C. Harris. Vinton. Va.
25,000
50.000
Absorbed by the Peoples Bank of Vinton. Va.
Auction Sales.
-Among other securit:es, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday
of
this week:
The exports from the several seaboard ports for the week
ending Saturday, May 2, 1925, are shown in the annexed
statement:
Erports from
New York
Portland. M e_ _
Boston
Philadelphia
Baltimore
Norfolk
Newport News__
New Orleans_
St. John. N. B___
Total week _ _
Wheal.
Corn.
Flour.
Bushels. Bushels.
1,453.415
1.500 173.903
56.000
9.000
808.000
47.000
277.000
812.000
571.000
4.024.415
Same week 1924. 3.771.043
9,000
18.001)
4.000
3.000
75.000 64.000
24.000
76.50() 304.003
301.000 259.000
By Messrs. It. L. Day & Co., Boston:
Shares. Stocks.
$ per oh. Shares. Stocks.
$ per-sh.
25 First National Bank
309
I Columbian Nat. Life In:. Co._..155
10 Atlantic National Bank
227
95 Eastern Texas Elec. Co.. corn__ 70
3 Webster & Atlas National Bank_ _21054 20 Gamewell Co.. common
66%
3 Merchants National Bank
Oats.
Barley. Peas.
Rye.
3264 10 American Glue Co.,common_ _ 42
3 Old Colony Trust Co . .26634 ex-div. 50 Brisker Coto
150)4
quote/. Bushels. 4 Lech mere Nat. Bank. Cambridge.235
Bushels. Bushrls.
30 Munic. Real Est. Trust_112g & illy.
4 Framingham National Bank _165
691.547 568.732 257.536
50 South Terminal Trust
82 flat
5 First Nat. Bank. Westborough_ _14554 30 Tremont Building.Trust
4.000 184.000
71 flat
5 Pittsfield & North Adams RR... 8514 5 Algonquin Printing Co
20.000
260
5 Greenfield Tap & Die Corp.. pref_ 904
20.000 171.000 17.000
7 special units First Peoples Trust_ 534
1.622.000 140,000
Bonds.
Per cent.
18 units First Peoples Trust
7534 310.000 Boston Or Worcester St.Ry.
5 Boston Woven Hose & Rubber
4145, Aug. 1 1923 etf. dep. ._15 flat
Co. common
6.000
70
Promissory notes of the American
20 Morose() Holding Co., Inc..1310
54.000 303.000 29.000
Radio and Research Corp.. face
voting common
value 3320.000. all overdue, each
) lot
42 Nut Grove Butter Co.. class B_I
791.547 2.668.742 1124.586
endorsed in blank "without re10 Massachusetts Ltg. C08.8% p1_112%
517.071 339.535 65.001
course in any event"
81,500 lot
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currerey, Treasury Department:
By Messrs. Wise, Hobbs &
Shares. Stocks.
$ per oh
I0 Atlantic National Bank
227
14 First National Bank
309
11) National Shaw mut Bank
209
If) Beacon Trust Co
274%
5 Atlantic National Bank
227
5 First National Bank
310
4 Tremont & Suffolk Mills
43)4
12 Kilburn Mills
125)4
935% Parker Mills
134
10 Arlington Mills
91-0034
5 Brookside Mills
11534
26 Stevens Mfg. Co
128%
2 Arlington Mills
90%
8 Nashua Mfg. Co.. corn
64 1
4
35 Mass. Lighting Con.. 6% pref._ 89%
3 Denholm & McKay Co.. pref
80
25 Worcester Gas Light. par 325
40
50 Puget Sound Pow.& Lt..6% pt 84
10 LeadvIlle Water Co
20
10 units First Peoples Trust
7534
12-100 State Theatre Co.. pref..._ 75c.
4 Draper Corporation
15034
25 American Glue Co.. corn
41)4
28 units First Peoples Trust
7534
21 special units First Peoples Trust 5g
5 Hartford Fire Ins. Co. full paid
receipts
564
Arnold, Boston:
Shares. Stocks.
$ per Sh.
52 Puget Sound Power & Light Co..
6% Pref
83g -83%
4 Hood Rubber Co.. pref
06%
10 W. M. Lowney Co
6
25 Bay State Fishing Co let pref.- 9
45 Turners Fulls Power & Elec. Co.
140-140%
5 E. E. Taylor Co.. 7% Peet
85
2 Proprietors of the Revere House
ex 1s1 liquidating dividend
70
5 American Glue Co., prof
1124
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
-The First National Bank of Dunsmuir. Calif
Apr. 29
150.000
Correspondent: J. F. Medill. Dunsmuir. Calif.
-The Second National Bank of Grand Rapids. Minn
Apr. 29
25.000
Correspondent: Ralph A. Stone. Grand Rapids. Minn.
-The Citizens National Bank of San Bernardino, Calif._ 100.000
Apr. 30
Correspondent: C. B. Hansen, 431 Court St.. San
Bernardino. Calif.
Bonds.
-The Lynwood National Bank. Lynwood. Calif.
Per Cent.
May 2
50.000
315.000 Mirk° Petroleum Co. 88.1
Correspondent: Henry J. Schouten. 147 Modjeska
Nov. 1921 (eertif of deposit) 1$3.450
Blvd.. Lynwood.Calif.
38.000 M Mc° Petroleum Co. 8s.
-The Hardware City National Bank of New Britain,
lot
May 2
Nov. 1925 (certif. of deposit)...
Conn
200.000
3100.000 Central New York SouthCorrespondent: Paul K. Rogers. 21 Camp St., New
ern RR. Corp., 1st coll. trust 5s,
Britain. Conn.
May 1964 deposit receipt on which
-The First National.Bank of Pleasantville. N. Y
May 2
50.000
there has been paid In liquidation
Correspondent: Arthur C. Hoyt. 22 Clark St., Pleas3% or 33.000
antville, N. Y.
/100 lot
390.000 certificate of beneficial inCHARTERS ISSUED.
terest of creditors committee of
A. L.Sayles & SO111. CO . on which
Apr. 27
-12701-The Farmers National Bank of Italy. Texas- 40,000
there has been paid 311.700. leavConversion of the Farmers State Bank. Italy. Texas.
ing balance due 0_478.300 $9,000 lo
President, Whit George: Cashier. Jas. Bracken.
Apr. 28
-The Exchange National Bank of Charleston,
-12702
By Messrs. Barnes & Lofland, Philadelphia:
So. Caro
200.000
Shares. Stocks.
Conversion of Exchange Banking & Trust Co., Charles$ Per oh. Shares. Stocks.
$ per sh.
Irredeemable ground rent. 367 50 a
So. Caro.
ton,
11 Northern Liberties Gas Co..
year. payable In 2 equal installPresident. R. S. Small: Cashier, R. E. Muckenfuss.
par $25
33
ments of $33 75. on Sept. 1 and
Apr. 29
-12703
-The State National Bank of Marshall. Texas.. 100,000
25 Hare & Chase. Inc., corn., no par 25
March 1. upon (a principal of
Conversion of the Guaranty State & Savings Bank,
1 American Dredging Co
104
$1.125). issuing out of all that lot
Marshall. Texas.
42 Ins. Co. of North America,(unof ground.situate on the west side
President. D. C. Driskell: Cashier, R. J. Miller.
paid receipts
5344
Apr. 29
of 13th St., 42 It. south of Lom-12704-The Grays Harbor National Bank of Aber22 Phila Bourse. corn., par $50„. 2314
bard St
deen. Wash
100.000
$1,300 3 Bell Telephone Co.. preferred_ _ _109g
18 New Jersey Trust Co., Long
Conversion of Aberdeen State Bank. Aberdeen, Wash.
10 2d & 3d Sts. Pass. Ry
165%
Branch. N. J
President, Edw. K. Bishop: Cashier. W. H. Tucker.
150
5 Enterprise Mfg. Co
20g
Apr. 29
-12705
-The Hartsdale National Bank. Hartsdale, N. Y- 50.000 8 Fourth Street Nat. Bank
401)4 1 Fidelity Trust
548
10 Diamond Match Co
President. Edward Raymond.
118
RW113.
$ per right.
Apr. 30
-12706
-The First National Bank of Allendale, N. J
50.000 25 Nat. Bank of North Philp,
165
Rights to subsctibe to National
11 Kensington Nat. Bank, par S50-1564
President. Richard J. Christopher; Cashier, Edward
Bank of Germantown at $150. as
Hamilton.
6 Corn Exchange Nat Bank
495)4
follows:
10(3,120)4: 120120:
-12707
Apr. 30
-Mercantile National Bank In Dallas. Texas.
500,000 10 Mfrs.' Title & TT.Co.. par 350 _ 60
348.124: 3401124
Conversion of Mercantile Bank & Trust Co. of Dallas.
10 Guarantee Trust &Safe Dep. Co.165
35 Colonial Trust Co
-50%
Texas.
3 Kensington Trust Co., par $50_.
_235
15 Colonial Trust Co
50
President, R. L. Thornton; Cashier. Milton Brown.
3 Lancaster Ave. Title & Trust Co.,
474 Colonial Trust Co
48
-12708-The Tarrant County National Bank of GrapeMay 1
par $50
69%
Bonds.
Percent.
vine. Texas
50.000 10 GlensIde Trust Co., par $50
57
$500 Benevolent Protective Order of
Succeeds Tarrant County Bank. Grapevine. Texas.
10 Fire Assn. of Phila., par $50...,271
Elks, phlia. Lodge No.2,gen.68,
President, D. E. Box.
32 Hare Ar Chase, Inc.. pref
94A
1942
85
'
MAY 91925.]
TH
CHRONICLE
By Messrs. Adrian H. Muller & Sons, New York:
$ Pet Sh.
$ per Sh. Shares. Stocks.
Shares. Stocks.
150 Buffalo Gas Co., pre(
100 Palisades Realty & Amusement
122 lot
10 National Telegraph Co
10
Co., no par
$1 lot 1012 Alaska & N. W.Co.. par $5._
5 Armature Bell Co
100 Georgia & Florida Ry., pref..225 lot
25%
51 Cauldwell, Wingate Co
21 lot 151 Georgia & Florida Hy.,com_219 lot
20 Mutual Tire & Rubber Co
$15 lot
180 The Dunglen Coal Co
500 units Santa Rosa Fisheries
243 lot
Syndicate of Fla.. par 210 each _23 lot 25 Gordon Coal & Coke Co
1 39-100 Great Falls Power of N.J..
Sundry drafts of the Universal
$135 lot
common
aggregating
Merchandise Co..
954
235 lot 100 Public Light & Power, cons_
7.80923
Per cent.
Bonds.
1214 Newark Factory Sites, Inc..21 1 lot
,
4
8, Cotton Gathering Corp., pref.21 lo 2125 Belmar Yacht Club.. etre. of
indebtedness, due Sept. 1 1909_22 lot
4254 Cot'on Gathering Corp..com..$1 lot
$2.000 South Bend & southern
325 Amer.Teleg.& Typewn ter Co.,
65
Michigan Ry. 55, 1927
$44 lot
Dar $10
$14.563 Demand notes made by
148 Multiplex Mfg. Co.of Berwick,
20
General Ordnance Corp., dated
Pa
$30 lot
April 6 1923. Interest6%
Sundry notes aggregating approx
$2.000 Southern Pacific, equip. tr.
$53.526 23, together with all
116
series E 78. June 1 1935
right, title & int. of the seller in
sundry collateral securing sante $100 lot $1.000 Pacific Fruit Express, equip.
trust ser. A. 7s June 1 1935_ ....l1554
250 The Bankers Amal4amated
Silver Black Fox Co., Ltd., pref.250 lot $67.000 Detroit, Toledo & Ironton
$106 lot
10154
Ry. cons. 414s. 1980
50 Phelps Dodge Corp
$5.000 South Brunswick Terminal
500 Detroit. Toledo & Ironton Ry.
RR.Co.5% bds.. ctf. of dep..$36 lot
$6 lot
1st preferred
$5.000 Gordon Coal & Coke Co. 1st
400 Detroit. Toledo & Ironton Ry.,
23 lot
5s. 1933, July 1925 coupon on.2150 lot
2d preferred
2371
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending May 2. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
New
Capital.' Profits] Loans.
' Discount, Cash
Week Ending
in
May 2 1925 Nat'l, Apr. 6 InvestState. Niar.25 meets, Vault.
clta.
(000 omitted.) Tr•Cos.Mar 25
Reserve
Time Boat
with
Net
Do- (Voce
Legal Demand
Deposits. posits. laDe
lions,
tortes
Members of Fed. Res.1 Bank. Average Average Average Average 4werage vP•
$
$ 1
Bank of N V &
52,781 7.89
870 7,254
Trust Co... _ 4.000, 12,448 70,29
119,857 24.421,
2.492 16.51
Bk or Manhat'n 10.000, 14.303 147.87
598
167.322 11.488
hush & Met Mt 10.0001 16,383 177,811 3.325 22.238
92,747 3.944
1.711 12,448
Bank of Ati,crica 6,5001 5.243 85,94
850
4.549 66.526 •629.663 105.600
Nat City Bank_ 50,000 60.552 593.267
347
110.971 4.256
Chemical hat._ 4.5001 17.228 118.754 1,200 14,58
492
390
8.262
113 1.093
10.476
307
Nat Butch & Dr 1.0001
95,327 7,413 4.944
877 12,607
Amer Each Nat 5.0001 8.383 107.663
DIVIDENDS.
293.75t 10.504 -967, 38,4
Bk of Com_ 25.000 39,9791 334,007
Nat
30.831 3.642
Pacific Bunk_ 1.000 1,710 32,990 1,055 4,446
The dividends announced this week are:
173.507 39,817 5.869
Chat& PhenNat 13,500 12.598 218.172 3,626 24.578
-- -107,942
548 15,154
5.000 23.827 120.761
Hanover Nat'l_
184,649 28:661
Books tloscd.
IThen
Per
Corn Exchange_ 10.000 13,995 203.086 6,203 25,75
202,931 9.207 3,535
Dave Dula:Ace.
Cent. ”ayable.
Name of Company.
National Park_.' 10.000 23.786 235,434 1,013 26,697
25,643 8,318 496
East River Nat'l 2.100 1.963 34.967 1,107 3.607
201.338 25.63 3.377
497 26,981
Railroads (Steam).
First Nut lonal_ 10.000 68.011 334,460
274,22 30,67
2.671 36,57
17.500 12.536 276.24
Holeers of rec. June 1
Irving lik-ColTr
234 rune 30
Canadian Pacific. corn. (guar.)
39
6,239
919
150
7,73
.
Continental.._ 1.000 1.066
294 May 21 "Ifeld.s's of rec.,May 14
Catawissa, preferred stocks
•381.881 18.701
lune 29 •Holders of rec. June 19
*5
Chase National_ 20,000 28,015 363,518 4.259 46.653
Chicago Burlington & Quincy
21.117 .
670 3.119
23.981
June 19
3.016
500
.2
lune 31 *Holders of rec.
Fitt h Avenue_
Colorado & Southern, lat preferred
9,162 3.376
43141 1,296
13,265
COO 1.047
tune 1 Holders of rec. May 110 Com monwettI t h
1
Cripple Creek Central. Preferred
397
3,2
15,990
2,611
44
16.43
Garfield Nat'l__ 1.000 1.657
New Orleans Texas & Mexico(quay).- •134 tune 1 *Holders of rec. May 15
246
18,009 1.194
2.463
203,
20.77
Fifth National_ 1.200 1,446
49
104,407 3.04
933 13,640
Public Utlatles.
Seaboard Nat'l_ 5.000 8,263 106,92
17.012 1.990 411
295 2.2891
20,81
may
1,500 1.424
Amer. Electric Power, pref. (guar.)._ ... *134 May 15 *Holders of rec.
Coal & Iron Nat
*288,370 41,291 989 36,488
Amer. Telegraph & Cable (guar.)
'134 tune 1 Holders of rec. May 20
Bankers Trust_ 20.000 28,131 319,810
53,933 5.859 ---695! 7.0571
200. lune 1 Holders of rec. May 156 US hItge & Tr.' 3.000 4,569 60.222
Brooklyn City RR.(quar.)
•442,541 54),773 ---1.310 48.74
134 rune 1 Holders of rec. May 156 Guaranty Trust 25,000 19,559 433,47
Central Arkansas Ry.& Lt.. pref.(qu.)
18.247 1.873 ---4161 2,458
20.524
21.50 July It *Holders of rec. June 30' .Fidellty-InterTr 2.000 2.171
Central III. Public Serv., pref. (quay.). •
161.044 26.773 ---545 21,666
• 10.000 19,292 178,117,
Cent. Miss. Vail. El. Prop.. pt. (quay.). '114 lune 1 "Holders of rec. May 156 N V Trust
•120,419 26,319 -463 15,676
134 tune 15 Holders of rev. May 15a Farmers'l.n&Tr 10.000 17,674 149,720
Duquesne Light. 151 pref., ser. A (qu.).
31,69
Federal Light & Truc., new cons.(qu.). 20c. fitly 1 Holders of rec. June 15
Equitable Trust 23.000 12.201 249,379 1,377 30.371 *290.942
New common (pay.In new corn.stk.). Mc. Italy 1 Holders of tee. June 15
154 tune 1 Holders of rec. May 156 Total of averages 308.9 480,741 1,083,909 46,0131590,945 c4,376,756 535.53822.551
Preferred (quay.)
750. lune 1 Holders of rec. May 270
Hackensack Water, common
22.825
8754c tune 1 Holders of rec. May 27a Totals, actual in ndition May 2 5,194,990 42,728 399,087 c4,481.7931537.077 22.333
Preferred
37.935
Northern States Power of Wis., pf. (qu.) 134 lune 1 Holders of rec. May 19
Totals, actual co edition Apr.25 3,001.143 42,345 392.925 c4.298.13615
ndition Apr. IR 1,041,322 46.142349.637 c4,223.127 539.62922.427
Holders of rec. May 29
Totals. actual co
Oklahoma Gas & Elec.. pref. (quar.)... 194 lune 15
2
May lb Holders of rec. Apr. 20
State Banks Not M mbers st Fed'I Res've dank.
Southern Calif. Edison. corn. (guar.).22.2111 1.327
22.466 1,740 2,299
Greenwich Bank 1,000 2.480
Southern Colorado Power, pref.(guar.). 134 iune It Holders of rec. May 29
2.887 1,896
308
338
May 15
5,412
90
250
Bowery Bank_
Southwestern Power & Light. pref.(qu.) •194 lune 1 Holders of rec.
62.292
34,6
(tine 15 'Holders of rec. May 29
State Bunk_ __. 3.500 5,39, 100.870 4,083 2,202
Standard Gas & Elec.,8% pref. (quar.). •2
tune If Holders of rec. May 31
Wisconsin Power & Light, pref.(quar.). .$1.71
59,728 65.515
4,807
,
Total of average: 4.750 8.78k 128,748 6.161
MI-cella/teens.
1
59,365 65.88,5
154 fuly II Holders of rec. June 30
Totals, actual condition May 2 128,744 6,108 4,476
Amer. Art Works. COM.& pref.(quar.)
49,777 65.871
May 15 Holders of rec. Apr. 29
dition Apr. 25 128.649 6,538 4,537
*El
Totals, actual
American Hardware (extra)
59,615 65,792
128,372 6,352 4,591
Holders of rec. June 17 • Totals, actual CO ndltion Apr. 1
750. luly
Quarterly
'Holders of rec. June 17
luly
Not Memlx s of Fed 'I Res'y e Bank
•21
Extra
Trust Compard
40,88, 2,044
62.076 1.517 4,634
*Holders of lee. May 15
.40e. rune
Amer. Multigraph. corn. (guar.)
Title Guar & Ti 10.000 16.501
20.326 1,123
830 2,182
24,625
*Holders of rec. May CO
*134 tune
3.000, 3,031
Lawyers Trust
Artloom Corp.. prof. WO (No. 1)Holders of rec. May 20
lune
1
Brown Shoe, corn.(guar.)
61.207 3,167
Holders of rec. May 20
85.601 2.347 6,816
4394clune
California Petroleum, common (guar.). '
averages 13,000 19,532
Total of
'Holders of rec. June 20
•134 luly
Preferred (guar.)
62.709 2.990
87,467 2.191 7,245
May 1 Holders of rec. May 7
1
Casein Co. of Amer.(Delaware) (guar.)
Totals, actual et dition May 2
59 16r 3,184
Holders of rec. May 7
.
May 1
84.490 2.342 6.931
I
Extra
Totals, actual et edition Apr. 21
57.78; 3,141
83.683 3.126 6.292
2 May IV Holders of rec. May 9
Casein Co. of Am.r.(N. J.), pref. (qu.;
Totals, actual c ndition Apr. 1
May 12 Holders of rec. May 9
2
Preferred (quar)
604,220 22.551
•
194 lune 1 *Holders of rec. May 18
Century Ribbon Mills. pref. (guar.).
Gr'd aggr..aver. 126,650509.061 .302,258 54.521 602,5f8 4,497,691
•194 tune 1 'Holders of rec. May 21
20 +82.685-3,271L+152
.
Chicago Flexible Oh tits, pref.(guar.)._
Comparison wit prey. week __ +67.734-1.053+
May 25 *Holders of rec. May 11
2
Fuel & Iron, nref. (quar.)_ _ *
Colorado
22.825
1
250. rune 15 'Holders of rec. May 15
Continental Oil (quar.).
Gr'd aggr., act cond'n IMay 2 1,411,201 51.0271610,8081 ,603,867 .05,952 +492
*354 lune 1 *Holders of rec. May 15
+196.919-4.198 +6,415 +196.789-1.038
Converse Rubber Shoe, prst
Comparison with prey. eek
75e. tune 1 Folders of rec. May 15
Cushman's Sons. Inc.. corn. (guar.)._ _
06.99022.333
134 rune 1 Holders of rec. May 15
Seven per cent preferred (guar.). _ _
Pr. 2 3,214,282 55,225604,3931 4,407,08 608.60222.427
Gr'd aggr., act' cond'n
2
tone 1 Holders of rec. May 15
Eight per cent preferred (guar.)
Cir'd agar., art ond'n Apr. 1 5,253.377 55.620560.520 4.340.529605.827 22.058
of rec. Apr. 30
1
Holders
' 194 May
Foundation Co. of Can.. Ltd.. pt.(qu
Gr'd aggr., act' 'ond'n Apr. 11 5,191,536 57,523400.184 4,328.305 597,11921.804
134
Franklin Simon & Co pref.(guar.) _ ' tune 1 *Holders of rec. May IR
Gr'd agar.. acr ond'n Apr. 45.253.258 55,634 582,815 4,395,554
25c. May 20 Holders of roe: May 110 Gr'd augur.. act' ond'n Mar.2 5.253,962 545,327605,415 4,388.851 597.985 21.537
General Development
2
fuly 1 Holders of rec. June 156 Gr'd aggr., act leond n 1Mar.21 ,246.988 55.970658,114 4,373,004598,207 21.455
Guantanamo Sugar. pref. (quar.)
2
May 1.5 'Holders of rec. May 12
Gunther's(C.G.) ens. common.(quar.) .
tots)
Holders of rec. May 12
•154 May 1
First and second pref. (guar.)
-U. B. deposited deducted from net demand deposits In the general
Note.
May 2,
•62 94c tune 1 *Holders of rec. May 19
Hartman Corp.(quay.)
above were as follows: Average total May 2, $32.069,000; actual totals
*50c. May 2 "Holders of rec. May 20
Homentake Mining (monthly)
April 25, $32.070,000; April is, $34,562,000; April 11, $45.252.000.
232,067,000:
134 tune 1 'Holders of rec. May 20
•
Hood Rubber Products. pref. (guar.)
April 4, $48,135,000. Bills payable, rediscounts, acceptances and other liabilities:
'25c. tune 1 May 16 to May 31
Imperial Oil. Ltd.(quar.)
average for week May 2, $574,113,000; April 25, 2586,058,000; April 18, $319,266.Combustion Engineering (qu.) 50c. May 31 Holders of rec. May 18
Internat.
000; April 11, $622,394,000; April 4, 2606.457,000. Actual totals May 2.8583.714.Apr04,
*50c. tune 1 *Holders of rec. May 15
Internat. Shoe. pref.(monthly)
000; April 25, 2570,905,000; April 18, 2538,568,000; April 11, $628,828,000;
Langton Monotype Machine (quay.).__ •134 elay 3 Holders of rec. May 20
$627,739,000.
footings as follow:a
rune
Holders of rec. May 6
$2.50
Ludlow Mfg. Associates (guar.)
* Includes deposits in foreign branches not included in total
Holders of rec. May 16
Msnhattan Shirt, common (quar.)..... 1754e rune
National City Bank, $139,058,000; Chase National Bank, 211,718 000; Bankers
& Trust
Holders of rec. May 15
May Dept. Stores, common (quar.) . '1.21 lune
Trust Co., $18 831,000; Guaranty Trust Co., 285.141.000; Farmers' Loan banks in
Holders of rec. Aug. 14
'21.2' 'ept.
Common (quar.)
Co., $7,435,000; E ,ultable Trust Co., 565.116,000. Balances carried In
•134 Italy
'Holders of rec. June 15
Preferred (guar.)
foreign countries as reserve for such deposits were: National City Bank, $18,853,000:
Trust
4,134 Mt.
'Holders of rec. Sept.15
Preferred (quar.)
Chase National Bank, $2,539,000; Bankers Trust Co.. 51,493.000; Guaranty Co..
'Holders of rec. May 20
McCrory Stores corn.(In corn. stock) . '40c. June
Co., $3.897,000; Ferment' Loan & Trust Co., $7,435,000; Equitable Trust
'40c. June
'Holders of rec. May 20
Common B (In Common B stock)
not included.
$7,668,000. c Deposits in foreign brarushm
•134 June
'Holders of rec. May 7
Merrimac Mtg.. (quar.)
Holders of rec. May 156
Mid -Continent Petroleum, pref. (guar.) 134 lune
The reserve position of the different groups of institutions
May 1' 'Fielders of rec. May 8
2
.
Mfg. (quar.)
Newmarket
$3
fitly 1 Holders of rec. June 5
on the basis of both the averages for the week and the actual
NortIrrn Pipe Line
75e. rune 1 Holders of rec. May 15
Pacific Mills (quar.)
condition at the end of the week is shown in the following
lune 1 *Holders of rel. May 11
Pathe Exchange, Inc., pref. (guar.)... *2
two tables:
Phoenix Hodery, 1st & 2d pref. (quar.' •134 rune 1 'Holders of rec. May 26
134 rune 1 Holders of rec. May 15
Pittsburgh Steel. pref. (quar.)
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
104 tune 1 May 21 to June 1
Pittsburgh Terminal Coal. pref.(guar.)
AND TRUST rOMPA VIES
• 5254e rune It 'Holders of rec. May 16
Standard Oil (Indiana) (quar.)
$5
'une 2( 'Holders of rec. May 20
Standard Oil (Nebraska)
tine V Holders of rec. May 18
35e.
Averages.
Standard Oil of N. Y.(guar.)
*30e. lune It *Holders of rec. Jones 5
Truscon Steel, corn. (guar.)
*134 lune 1 *Holders of rec. May 21
Reserve
Cash
Preferred (guar.)
Surplus
Reserve
134 tune It Holders of rec. June 1
Total
in
Reserve
Upson Company. common
2
laly 1 Holders of rec. June 15
Required.
hams.
in t'ault. Depositories Reserve.
Preferred (quay.)
50c. 'mine 20 Holders of rec. May 29
Vacuum 011 (guar.)
50c. lune 21 Holders of rec. May 29
5
$
Members Federal
Extra
1
925 5,900,580
590,945.000 590,945.000 585.044,
Reserve Bank
Warner Bros. Pictures, class A (quar.)_. •3754( tune 1 'Holders of rec. May 20
134 May 20 Holders of rec. May
216,960
State Banks.
6,161,000 4,807,000 10,968,000', 10,751,040
Welch Grape Juice. pref. (quar.)
rune 30 Holders of rec. June 20
$1
-18,050
Trust companies'... 2,347.000 6,816,0009183000•1 9,181,050
(qmar.)
White Motor
•154 May It .Holders of rec. May 5
Whitman Mills (guar.)
rune 1 Holders of rec. May 20
Total May 2_ _
8.508.000 602,518,000 611,076,000 604.976,510, 6.099,490
Wurlitzer (Rudolph) Co.. pref. (quar.). 2
Total April 25._.. 8,812.000 591.248.000 600.090,000 594,262.710 5,797.290
Total April lg..... 8,893.000 581,635,000 590,528.000 585.931.330 4,596.670
From unofficial sources. t The New York Stork Exchange has ruled that stock
•
TOW Anr1111
9.111.000 581.460.000 591.575.000 585.075.210 5.499.790
until further notice. c The
will not be quoted ex-dividend on this erste and not
stock will not be quoted ex• Not members of Federal Reserve Bank.
New York Curb Market Association has ruled that
a This is the reserve required on the net demand deposits In the case of State banka
dividend on this date and not until further notice.
and trust companies, but in the case of members of the Federal Reserve Rank
a Transfer books not closed for this dividend. d Correction. e Payable In stock. Includes also amount in reserve required on net time deposits, which was as follows:
May 2,816,068,140; April 25.816.154.400; April 18, 216,119,660; April 11,515
,991.
1Payable In common stock. p Payable In scrip. h On account of accumulated
890; April 4, 515.867,120.
n Payable in Canadian fands.
dividends. m Payable in preferred stock
64
2372
THE CHRONICLE
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.
Cash
Reserve
Reserve
in
Co Vault. Depositories
Members Federal
Reserve Bank..
State Banks*
Trust companies*__ _
6.108,000
2,191.000
Total May 2
Total April 25___ _
Total April I8
Total April 11
rotas
Reserve.
a
RUM.
Reguired.
Surplus
Reserve.
$
599,087.000 599.087.000 598.745.400
4,476.000 10.584.000 10,685,700
7,245,000 9,436.000 9.406,350
[VOL. 120.
BOSTON CLEARING HOUSE MEMBERS.
341.600
--101,700
29.650
May 2
1925.
8.299.000 610.808,000 619.107,000 618,837.450
2139.550
8.880.000 604,393,000 613,273.000 593.230.940 20.042.060
9,478.000 560,520,000 569.998,000 584,594,130 -14,596,130
9.315.000 600,184.000 609,499,000 582.854,740 26,644,260
•Not members of Federal Reserve Bank.
•This ls the reserve required on net demand deposits In the case of State banks
and trust companies,but In the case of members of the Federal Reserve Bank includes
also amount of reserve required en net time deposits, which was as follows: May 2,
$16,112,310; April 25. $16,138,050: April 18, $16.188,870; April 11, 316.124.070.
Changes from
previous week.
April 29
192$.
April 22
• 1926.
$
Capital
65.800,000 Unchanged
65.800,000 65,300.000
Surplus and profits
87.091,000 Inc.
32.000 87,059.000 87,387.000
Loans, disc'ts & Investmente_ 902,735.000 Inc. 10,515,000 892,220,000 888,312.000
Individual depoeite.Incl. U.S.656.194,000 Inc 16,253,000 639.941,000 638,181.000
Due to banks
140.046.000 Inc. 8,101.000 131.945.000 137.579.000
Time deposits
18.5.220.000 Inc. 1,269,000 183,951.000 183,432,000
United States deposits
12,837,000 Dec. 299,000 13.136,000 13,918.000
Exchanges for Clearing House 30,082,000 Inc. 3,985,000 28,097,000 27,621,000
Duefrom other banks
115,457.000 Inc. 15,529,000 99.928.000 107,574.000
Reserve in Fed. Rm. Bank
78,389,000 Inc. 1.759,000 74,630,000 74,639,000
Cash In hank and F.R.Bank_
9,970.000 Dec.
228.000 10,198,000 9,776,000
Reserve excess In bank and
Federal Reserve Bank
8813)00 Inc.
29.000
852.000
969,000
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.
-The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows: return for the week ending May 2, with
comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
requirements for members of the Federal Reserve System
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differences from
May 2.
Previous Week. is not a part of legal reserve. For trust companies not memLoans and investmente
$1,103,388,100 Inc. $1,158,900 bers of the Federal
Reserve System the reserve required is
Gold
4,106,900 Dec. 261,600
Currency notes
21,770.100 Inc.
444,300 10% on demand deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New York- 102,5 4 7v0 Inc. 4,236 300
depositaries" and "Cash in vaults."
Total deposits
1,173,316,000 Inc. 12,153,100
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
oompanies in New York City, exchange and
U. S. deposits
1,112,459,900 Inc. 7.581,900
Reserve on deposits
172,341,100 Inc. 9,343,200
Percentage of reserve, 20.8%.
RESERVE.
-state Banks
- -Trust CamyaniesCash in vault*
331,750,000 15.76%
396,691.400 15.45%
Deposits in banks and trust cos_ _
12,052,900 05.98%
31.846,800 05.09%
Total
$43,802,900 21.74%
$128.538,200 20.54%
•Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on May 2 was $102,564,700.
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House Banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Leans and
Investments.
Week Ended-Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan 31
Feb. 7
Feb.14
Feb. 21
Feb. 28
Mar. 7
Mar 14
Mar. 21
Mar. ss
Apr. 4
Apr. 11
Apr. 18
Apr. 25
N.
9
Demand
Deposits.
'Total Cash
in Vaults.
Reserve in
Depositaries.
$
6,517.941,600
6.534.475.500
C502.799,000
6.449,153.600
6.400.877,800
8.382,661,100
6.349.571.900
6,356.838.800
6,364,862,900
6,344,910.100
6.339.319,300
6.282.558,300
6.238.906.800
6.283,140.300
6,247,899,000
6.267,984,100
6,346,753,200
A in; Ass Inn
8
5.790,937.000
5,819,488,501'
5.781.126,50v
5.693.929.300
5,605308,000
5,612,344,600
5,573.095,200
5.525,329.600
5,512,101.700
5,524.265,800
5.525.702.500
5,452,289,100
5,349.637.400
5,422,329.800
5,359,115,500
5.402.569.400
5,519,884,000
$
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
80.044.200
81.472.700
80,546.900
83,591.500
81,882.200
81,268,000
SAM tgnonn
RA 907 700
S
783.386.400
783.368.300
773.115,400
752.408.400
737,862.600
746.868,900
740,911.100
731.974.800
727.617.600
726.004.500
733.263,600
725.251,5011
707.162.000
722.106.500
708,755,7011
722,426,700
728.551,900
7.10 099 AAA
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated is thousands of dollars-that is, three ciphers (0001 omitted.)
Net
CLEARING
Capital.1 Profits.
EON-MEMBERS.
Nat. blot. Dec. 31
Week Ending State bks. Nov.15
May 2 1925.
Tr. cos. Dec. 31
Loans,
Discounts.
Investments.
rte.
Members of
fedi Res've Bank
Grace Nat Bank..
Average Average Average Average Average
$
10,652
47
3.834
692
4,992
Total
State Banks
Not Members of
Fedi Res've Bank
Bank of Wasb'n
Colonial Bank
Total_
Trust Company
Not Member of
Fetri Reeve Bank
klechanTr.Bayonne
Cash
in
Vault.
Reserve
Net
Net
with Demand Time
Legal Deposits. Deposits.
Depottortes.
1.
1.736
1.001
1.736
10,652
4
692
3,834
4,992
1,200
512
2.447
7,996
28,400
66
3.03
370
1,428
6,175
25,2
2,309
3,669
1.4
2.960
36,396
3,703
1,798
31,375
5,978
500
508
8,961
353
88
2,922
508
8,961
353
88
2,922
6,039
Grand aggregate_ _ _
2.900
Comparison with prey. week
5.205
56.00
+43
4,10
-7
2,578 *38,131
-HI +341
17,009
+7
Gr'd aggr.. Apr. 28
Geri al:mt.. Apr. 18
Gr'd &Bur.. API%
Geis aggr.. Apr. III
4,
5.205
5.2115
&MI
5.279
55.57
55.31
54.846
54.51
4,181
4.04
3.92
4,181
2.634
2.634
2,825
2.973
837.79
837.790
a37.379
a37,178
17.002
17.002
16,938
16,831
omitted.
emorrs of
Trion
F.R.Srsteo Companies
Capital
Surplus and profits
Loans,dIse'ts & Invest'ts._
Exchanges for Clear.Hous
Due from banks
Bank deposits.
Individual depot/its
Time deposits
Total deposits
U S deposits(not BRIJ__
Res've with legal depot/let/Reserve with F.R. Bank__
Cash in vault •
Total reserve & cash held
Reserve required
Excess tea Ar cash in vault
$41,841,0
125.548.0
815.445.0
36,488,0
105.567,0
140,003,0
592,964,0
91,902,0
824,869.0
$5,000.0
16,703,0
48,139,0
623,0
80,0
952.0
27,886,0
2.937,0
31,775,0
3,539,0
64,483.0
9.597.0
74.080.0
63,965,0
10.115.0
1,434.0
4,973,0
4,373,0
600,0
•
ern 25
1925.
1915
rota.
$46,8413
142,251,1
883,584,1
37,111,1
105,5973.
140,935,0
620,850.0
94,839.0
856,69,4,0
19,319,0
3,539,0
64,483.0
11.031,0
79,053.0
68.338.0
10,715.0
April 18
1925.
S46,8413
142,251,1
886,9303
37.4583
106,968.0
139,389,0
626,570,0
94.511,0
860,470,0
19,302,0
3.272,0
63,797,0
11,530,0
78,599,0
68,648,0
10.151.0
1146,841,0
142,282.0
865,586.0
38,244,0
124,275,0
130,455,0
630.273.0
92.688,0
873,416,0
21,479,0
3.076.0
65,054.0
11.906,0
80,036,0
68,619,0
11,417,0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business May 2, 1925 in
comparison with the previous week and the corresponding
date last year:
May 6 1925. Apr. 291925. May 7 1924.
Resources
Gold with Federal Reserve Agent
356.424.000 356,495.000 635,580,000
Gold redemp. fund with U. S Treasury_
8,728,000
9,940.000
5,424,000
Gold held exclusively agst. FM. notes 385.152.000
Goldsettlement fund with F. R. Board_ 161,799.000
Gold and gold certificates held by bank. 338.307.000
366,435,000
252,341.000
335.647,000
Total gold reserves
Reserves other than gold
954.423,000 975,403.000
35.123,000
24,072,000
865,258,000
34,301,000
Total reserve,
899,559,000
Non-reservo cash
15,280,000
Bills discounted
Secured by U. B. Govt. obligations- 87,595,000
Other bIlla discounted
42,172.000
641,184,000
157,993,000
176,226,000
989,546,000
14.252,000
999,475,000
12,889,000
65.893,000
21,805,000
51,738,000
15,205,000
Total bills discounted
BIlls bought In open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
129,767.000
83,186,000
87,698.000
57,590,000
66.943.000
10,5271000
12,376,000
103.397.000
2,448,000
12.461,000
79,197,000
1,963.000
1,202,000
51,779,000
16.010,000
Total U. 9. Government securities
Foreign loans on gold
118,221.000
2,835,000
93,621,000
2.835,000
69,011,000
Total e,arning assets
334.009,000
241.744.000
146,481,000
Uncollected Items
Bank premises
All other resources
137,923.000
16,594,000
6,581.000
140,265.000 121,593,000
16.579,000
14,696,000
6.348.000
5,314,000
Total reeouroee
..1,410,216,000 1,408,734,000 1,300,348,000
tAabilISlesFed. Res. noire in actual circulation
Depoelts--Member bank, reserve awl__
Government
Other deposits
334,326,000
839,677.000
5,254,000
17.551,000
Total deposits
Deferred availability Remo
Capital paid In
Surplus
All other liabilities
862,482.001) 861.223,000
115,835.000 113,537.000
31,509,000
31,492.000
58.749,000
58,749.000
3,315,000
3.440.000
Total liabilities.
340,293,000 349,757,000
840.804,000 743,049.000
5,422,000
2,226,000
14,997,000
13,218,000
758,493.000
100,153,000
29,909,000
59,929,000
2,107,000 •
1,410,216,000 1,408,734,000 1,300,348,000
Ratio of total reserves tat deposit and
Fed. Res note liabilities oomblned._-Contingent liability on bills purchased
for foreign correspondents
74.9%
82.4%
90.2%
11,522,000
12.743.000
6.133,000
8,039
500
Week Boded May 2 1925.
rem Ciphers(00)
Total
2.980
2,910
2.900
2.700
I
•United States deposits deducted 352,000.
gtlls payable. rediscounts. aol•epiancee and °that liabilities, $382,000.
Recess reserve. 3181.690 decrease.
CURRENT NOTICES.
-Brown Brothers & Company have ready for distribution
the 7th edition
of their booklet. "International Investments." which is the most complete
of
Its kind and contains descriptions of about 160 Foreign Govycnment,
Municipal and Corporation issues.
-Rutter & Co.. 14 Wall St., New York, have issued a special circular
on the Southern California Telephone Co. giving a study of its growth and
Its future relation to the Pacific Telephone & Telegraph system.
-The Lawyers Trust Co. has been appointed Registrar and Transfer
Agent of Preferred:andlOommonistockiof the HavangMotor Bus Corp.
2373
THE CHRONICLE
MAY 9 1925.]
Weekly Return of the Federal Reserve Board.
Thefollowing is the return issued by the Federal Reserve Board Thursday afternoon, My 7.and showing the conditicn
if the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
week last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the correspondingReserve Agents
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
wok appears on page 2356, being the first item in our department of"Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 6 1925
May 8 1925 April 29 1925 Apr. 22 1925. April 15 1925. April 8 1925 April 1 1925 Mar.25 1925 'Mar. 181925 May 7 1924.
i
g
$
$
s
$
$
$
$
$
RESOURCES.
0
'
1,584,821.000 1047098.000 1,583.377.000 1.554,000.000 1.513.503 000 1.588,385J 01.600.051.000 1,823,978,000 2,110.776,000
0016 wIth Federal Reeerve agents
39,755,040
48.00.5.000
54,6i'.000
51 e'0.000
14.419 IVI'l
59 429 000
50.639.0(6)
51,345.000
49.114.000
U.S. Treas.
Ciold redemption fund with
2,150.531,000
Gold held exclusively asst. F. R. notes 1.813.935.000 1.598.543.000 1,614.016.000 1008019,002 1,5u s,941,u0A, 1,04u,275.1100 1054.862.000 1.671.983.000
611,846,00'J 636,928.0410 632.337.000 037,000.000 692.776.000 615 359.000 619.409.000 624.265,000 601.766.000
Gold settlement fund with F. R. Board_
593,059.000 577.598.000 377,309,000
Gold and gold certificate(' held by bank,. 619,750.000 615.631.000 597,910,000 599.055.000 582,675.000 590,300,000
2045,531.000 2,851,102,000 2.844.283,000 2,844,483.000 2.839.382.000 2.845,934,000 2,867,330.000 2.873,846.000 3,129,606,100
141.691,000 142.009,000 141091.000 141,044.000 137,226,000 136.747,000 140,822,000 136,748.000 102,502.1u0
Total gold reserve.
Reserves other than gold
2,987,222.000 2,993,111,000 2,985.754.000 2,985.527.000 2,976,608.000 2082.681,000 3.008.152,000 3.010.594.000 3,232.108,000
Total reserves
51,243,000
56,031.000
58,501,000
51,673,000
54.215,000
55,757,000
58.630,000
54,538,000
53.388.000
Non-reserve cash
BIlls discounted:
181,615.000 167,556,010
Secured by U.S. Govt. obligations.... 208.269.000 215.871,000 219,920.000 206,132.000 192.800,000 204,186,000 214,570.000
202,333,000 184,114,000 192055,000 189.170,000 198,689.000 195,739.000 183,071,000 157,880.000 272,729,000
Other bills discounted
410,602,000 399,985,000 412,375,000 395,302,000 391,289.000 399,925.000 377.841.000 339,484,000 449,285.000
Total bills discounted
87,287,000
278,466,000 266,828 000 275,501.000 274,058.000 310,685.000 316,378,000 308.905.000 276,711,000
Bills bought In open market
U. S. Government securities:
18.353.000
79.260.000
81,898.000
81,942,000
82.631.000
84,896000
84.930.000
85.138.001)
85,227000
Bonds
265.527.000 241,980,001) 244,202,000 244.780.000 250,177.000 245,970,000 233.728.000 222.171.000 232091.000
Treasury notes
60,438,000
28.327.000 126.819.000
29.922.000
29,432.000
23,949,000
28.158.000
21,921,000
24.980,000
Certificates of indebtedness
Total U. S. Government securities_
Foreign loans on gold
LH other earning assets
375,714,001)
10.500.000
1,400,000
349.039,000
10,500,000
1 400,00J
353,031.000
10.500.000
1,400.000
357,832.000
10,500,000
1,652000
362,240.000
10,500,000
1,902,000
357,834,000
10,500.000
1.902.001
428.250.000
10,500.000
1.002.000
343,751,000
10.500,0(10
1,902.000
310082,090
51.000
838.505,000
Total earning assets
1,078,682,000 1,027,752.000 1.052.857,000 1,039.344,000 1,076,616,000 1.088.539,000 1040.699.000 1.058.847.000
28,000
5% roderm). fund aget. F. R. bank notes
758.592.000 566,611.000
Uncollected Items
601,598.000 592.804,000 671.528.000 786,206.000 802,618.000 607.198.000 802,247.000
66,541,000
58.775.000
58.816,000
58.883.0011
3.967.000
51
59,263.000
59.241.000
Bank premises
59,266.0011
59.283.000
23.730,000
20.491.000
20.710.000
20.863.000
20,998,000
22,257.000
23.378.000
22,286,000
22.715.000
ell other resources
4,848.537.00 4,949,205.000 4.790,022,000 4.807,607,000 4,787.125,000 4.959.330.000 4,768,640.0110
resources
Total
4,800088,000 4,749,755,000
LIABILITIES.
1,927,027010
1,882,971,000 1,683,880.000 1,687,690.004) 1,898.090.000 1,714.161,000 1.709.870.000 1.709.146,000 1.720.369.000
F. R notes In actual circniatton
338,0410
W. R hank notes in etroulation—net...
Deposits—
Member banks—reserve amount
2,180.024,000 2.134,562000 2.183,116,000 2,141.443,000 2.140.760,000 2,132,779,000 2,118,581.000 2,176.515,0001,953,532.680
18,381,000
8,128.000
29,379,000
34,377.000
21,878,000
37,027.000
30.454,000
27,059,000
Government
23,980,000
22,439,000
29064.000
36.309.000
28,501,000
24,340,000
29.476.000
24,184,000
25,764,000
28,333,000
Other deposits
'
1,994,352,000
Total deposit'
.0
2,232.337.000 2,187.385,000 2.217.754 0 0 2.207.946.000 2.188.978,000 2,195,657,000 2,184.289.000 2.211.005,000 500,211,000
Deterred availability Items
539,846,000 532.714,000 598,159,000 698,694,000 544.276.000 558.250.000 549,438.000 684.375.000 111,231.000
114,588.000 114.481,000 114,492.000 114,492.000 114,450.000
Capital paid le
115,226.000 115,207.000 114,693.000
220,915,000
217,837,000 217.837.000 217.837.000 217,837.000 217,837,000 217,837,000 217.837.000 217.837.000
liarplue
14.591.000
11.294.000
11.943.000
11,701.000
12,289,000
12.052,000
12,404,000
12,732,000
12,671,000
All other liabilities
4.768,665,000
Total thibilltiee
4,800,888,000 4,749,755,000 4,848,537,000 4.949,205.000 4.790.022,000 4.807,607.000 4.787.125000 4.959.330.000
Ratio of gold reserve(' to deposit and
79.8%
73 1%
736%
728%
72.8%
72.8%
72.8%
72.6%
73.8%
F. R. note liabilities combined
Ratio of total reserves to deposit and
82.4%
706%
76.3% '
764%
778%
78.4%
76.5%
76.3%
77.3%
F. R. note liabilities combined
Contingent liability on bills purchased
21,388.000
51,853,000
50,384.000
51,743,000
45,281,000
44,897,000
43.485.000
45,337.000
47,658,000
for forehru correepondeme
NM
1
5
1
$
8
8
$
1
8
Distribmion by klasurutea-000
37.309.
73.193.000
86.669.000
97044,000
80,433,000 106.137.000
92,293,000 100,059,000
117,490,000
1-15 deem 0010 nowint in open market
240.328.000
301,583.000 294009000 308.278.000 294042.000 289,091.000 296,809,000 288,426.000 249.721.000
1-15 days bills discounted
2,817.000
535.000 100.500.000
1.223,000
1,339000
1,391,000
542,000
1-18 days U. 6. certif. of indebtednees
61.000
2.000
2.000
2.000
2,000
2,000
1-15 days municipal warrants
24,895,000
57.817,000
54,769.000 • 55.777,000
60.478,000
58.833.000
16-30 days bills bought in open market..
0
54.128. 00
997 0
61, . 00
. .
56 847 000
45.882.000
24,882,000
21.070,000
22.587.000
24.867,000
26,847.000
24,528,000
23,587,000
16-30 days bills discounted
22,889.000
16-80 days U. S. certif. of Indebtedness
16-30 days municipal warrants
19.6 5,0110
92.273,000
92.773.000
85.048.000
88.501.000
86.608,000
81052,000
74.789.000
11-80 days bills bought In open market..
70.384.000
73,8.2.000
38.284.000
37,440.000
36.922.000
36,894.000
35,439.000
32,719.000
11-60 days bills discounted
38,079.000
40,693,000
12,059000
51-60 days U. 13. certif of indebtednew
51,000
1140 day, municipal warrants
55.970.000
00
5.0980
80.980.000
64.381.000
47,558.000
41,184.000
33.698,000
81-90 days bills bought in oven market..
32,881.000
3 .000
29 20
44,369.090
18.180.000
25,816,000
18.674.000
2.5,722000
21,294,000
22,234,000
24.087,000
01-90 days bills discounted.
23,857,000
943,000
01-90 days U. S. certif. of indebtedness
81-90 days municipal warrants
390,000
13.000
6.74
8.313.000
8,064.000
8.011,000
7,202.000
6,986,000
5.088,000
Over 90 days bills bought in open market
.0
4,625 00
11.558.000 36,544,000
12.549,000
14,554.000
14.915,000
16,880,000
26,618.000
20,223,000
21,580,000
Oyer 90 days bilis dh3counted
47.436.000
26.319.000
27.105.000
27.792.000
28009.000
26,817,000
22,558.000
24,418,000
21,880,000
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
Elderol Reserve Nolte—
2,000.009,000 2,000,885.000 2.017,175.000 2,025,381000 2020.173,000 2,019063,000 2,018.223.000 2.031.838,000 2,440,306,000
Outstanding
Held by banks
317,038,000 316,805,000 329,485,000 327,271.000 308.012,000 310.293.000 309.077.000 311.489,000 513,279,600
1.682,971.000 1,683,880,004) 1.687090,000 1,693.090,000 1.714.161.000 1.709,670,000 1,709.146000 1.720,369.000 1.927.027,000
In &meal circulation
0
Arnow) chargeable to Fed. Rea Again 2,993.562.000 2,999.734.00(1 3.005.446.000 3.007.407,000 3,008.943,000 3.005.024,000 3.009.108.000 301') 434.000 3.371.658 00
000
993,553.000 999,049,000 988,271,000 982,048.000 988.770.000 985,061.000 990,885.000 981.506.000 931,352.
at hautti r I FeJeral Reserve Agent
Issued to Federal Reserve Banks.— 2,000.009,000 2,000.685,009 2.017.175,000 2,025,361,000 2.020.173.000 2,019.963.000 2.018.223.000 2.031 838.000 2.440,30e000
Bow Secured—
By golf) and gold certificates
278,318.000 275.818,009 277,316.000 277016,000 274.918,000 274.916.000 275.416.000 275,416.000 335,864,000
By eligible filmier
435.188.000 453.487.000 453.798.000 471.381.000 504.670.000 431.578.000 418,172.000 407060.000 329.530000
Gold redemption fund
102.622,000 115.288,000 103093.000 117.518,000 107.181,000 109.528.000 110.274.000 110,794.000 114,397.000
With Federal Reserve Board
1,185,883,000 1,156,116.000 1.177,163.000 1.159,166.000 1,131.406,000 1.203.943.000 1,214,381,000 1.237,768,000 1.660.515,000
2.030.009,0002.000,685,00') 2.017.175.000 2,025.361.000 2.020.173.000 2.019,963.000 2.018.223.08)2.031.838.00n 2040,306,000
Tots/
Eligible paper delivered to
FR
4efor
659.899 OW
619 214
o(10 658.'161.0os
641.013.000
675.040.000
877.512 000
648.584.000
584.762.000
506,229,0e0
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OP EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE,OF BUSINESS MAY 6 1925
TWO Molest (00) omitted.
Federal Reserve Bonk of—
Baton.
RESOURCES
$
Gold with redeni Reserve Agents 190,441,0
7,296,0
Gold redo Nod with U.S.Tress
New York
POW
Cleveland. Richmond Atlanta 1 Chicago. St Limit. Minim* kan• Coo
001108
San Pros.
2'64°1
$
$
3
S
5
$
$
$
5
I
5
$
$
358,4240 140,129.0 108,921,0 40,504,0 131,537.0 135,489,0 43,733,0 54,595,0 55,851.0 39,025.0 208,172.0 1,564021,0
8,728.0 5,318.01 3,797.0 3,731,0 2,293.0 5,627,0 5,562,0
780.0 2,368.0 1.955.0 1.659,0
49,114,0
365,152.0 145047,01 172.718.0 44,235.0 133,830.0 141,118,0 49,295,0 55.375,0 58,219.0 40.980.0209.831,0 1,613.935,0
161.799,0 49,5490 70,348,0 18,195,0 15,318,0,118,901,0 18,363.0 13,979,0 43,958,0 20,685.0 37,614,0 611.848,0
22,41301
338,307,0
34,974,0 22,821,0' 9,739,01101,403,0 10,781,0 7,050,0 3047,0 9,778.0 28,609,0 619.750,0
—
271.544,0 885,258,0 217,409.0 278.040,0 85,251,0 158,887,0 361,420.0 78.419,0 76,404,0 105.422,0 71,423,0 276,054.0 2,845,5310
14,798,0
34,301,0 5.683.01 8,071,0 4,442,0 15,318,0 17,936,0 20.130,0 1,870,0 3,576,0 9075,0 6.115,0 141,691.0
.
288,340,0 899,559,0 223,072.0280,111,0 89,893.0 174 203,0!379,358,0 98,549,0 78,274,0 108,998,0 80,898,0 282,169.0 2,987,222,0
5.988,0
15,280,0 2.105,01 2,779,0 3,472,0 3.878,0 7,198,0 3,887,0 1,130,0 2,067,0 2,342,0 3064,0
53,388,0
Cold held ere' aget.F.R.notee_ 197,737,0
Odd (*Wet fund with F.R.1190 43,159,0
Gold and gold etfs. held by banks 30,648,0
• Total golf, reserves
Reserves other than gold
Total reserves
Ron-reserve cash
Bills discounted:
Eles by U S. Govt. obilgatio
Other bills diecounted
11,287.0
12,713,0
Tote bins discounted
But, bought in 01)00 market
U. S. Government securities:
Bonds
Treasury note.
Certificates or Indebtedneee
24,050,0
29,981,0
• Tn..18 (1,v$ 'cavities
21.155,0
87.595,0 20,059.0 28,065,0 11,819,0 2,331,0 21.474.0 5,500,0
42,172,0 12,035,01 15,070.0 33,843,0 17,214,0 22,585,0 11,600,0
1,853,0
8.311,0
5900 18,5060
3,534,0 19,799,0
208.269,0
202,333,0
129,767.0 32,094,01 43035.0 45,682,0 19,5450 44,059,0 17,100,0 6,597,0 8,164,0
83,186,0 24,844,0; 23.159,0 10094,0 10,849,0 37,141,0 9,155,0 15,472,0 10,240,0
4.124,0 38,305,0
6,640,0 17,805,0
410,802.0
278.468.0
8.738,0 10.821,0 8,733,0 3,118,0
8,403,0 13,500,0 11,3890 26.575,0
208.0 2,143.0
279,0 5,0114.0
85,2270
265,527,0
24,980,0
1.190,0
5,407,0
12,376,0 1,452,01 11.000,0
2081,0
15,101,0 103.397.0 23,051,0 23,274,0
3,393,0 •
2.448,0
203,0 5,668,0
1,437,0
1,905.0
43,0
1,579,0 21049,0
1,347,0 30,180.0
931.0 4,357,0
1,867.0
7.405,0
225,0
118.221.0 24.7011.0 39.1)12.0
3.385,0
3,857,0 56.186.0
9.297,0 17,345,0 26.484,0 20.401,0 34.755,0
375,714,0
2374
THE CITFtONTCLE
RESOCIU BB (r onUntlea)Two ciphers (. 0) emitted.
Pos cs.
Foreign loans on gold
Another earning assets
777,0
Total earning assets
17110ollecteditems
Slink Premises
Sllother resources
New York.
2.835.0
[Vac,. 120.
Cleveland. Richmond Atlanta. Chicago. St. Louts. MinneaP /Can. City
PhUa.
976.0
1.150.0
1,124.0
557,0
430.0
3
1,449.0
$
483.0
346.0
Dallas. San Fran.
420.0
250,0
368.0
735.0
Total.
10.500.0
1,400,0
75.963,0
52.834.0
4.190.0
51.0
334.009,0 83,570,0 107,360.0 59.798.0 34.681.0 138,835.0 36,035.0 39,760,0 45,538.0 31.533.0 89,600.0 1,076,682.0
137.923.0 56.474,0 55.816.0 51,016.0 28.639.0 78.352.0 33,075.0 12,643.0 36.880.0 22,494.0 35.452.0 601.598.0
16.594.0 1.122.0 7,573.0 2,446.0 2,780.0 8,099,0 4,121.0 3,049,0 4,200.0 1,833,0 3,276.0
59.283.0
258,0
401,0
636.0 2.895,0 1.221.0
6.851.0
332.0 3.045.0
22,715.0
578.0 1.1351,0 4.706.0
1
425.366,0 1.410.216.0 366.744.0 459,897.0 207,061,0 247,076.0 613.059.0 175.799,0 137.901,0 198,261,0 140,751,0 418.757,014.800.888,0
Totaireeourese
LIABILITIRS.
I R.notesin actualcirculation.. 212.657,0
Deposits:
Member bank-reeerveacct._. 134.175.0
Government
830.0
Other deposits
307.0
Totaldepoelts
Deferred availability items
Capital paid In
Surplus
all other liabilities
135.312.0
52.122.0
8.350.0
16,382.0
543.0
338.326.0 149.001.0 194.754,0
1
839.677.0 133.488.0 174.520.0
5.254,0, 2.746.0 2.842.0
17.551.0512.0 1.315.0
1
812.482,0 136.746.0 178,677.0
115,835.0 49.259 0; 49.917,0
31,509.0 11.1)9.0 12.956.0
58.749.0 20,059.0 22.462.0
3,315.01
496.0k 1.131.0
73,005.0 139,447.0 161.146,01 47.291.0 63.397,0 64.109.0 42.801,0 197,037,011,682.971.0
64,907.0 68.928.0 334,646.0. 79.339.0, 49.282.0, 85,973.0 59,381.0 155.708,0 2,180,024,0
1,434,0 2,501.0 1,176.01 1,334.01 1.694.01 1,451,0 1,127.0
23,980.0
1.591,0
199,0
213.0 1,297.0 1,058,0.
293.0
673.0
202.0 4,713,01 28.333.0
66,540.0 71.642,0 337.119.0 81.731,01 51,269.0 88.097.0 60.710.0 162,0i2.012,232.337.0
49,042,0 21.741.0 87.126.0 31.174.0 11.486,0 32.265,0 24.739.0 35.146.0 539.846,0
5,987.0 4.009.0 30.426.01 5.104,0 3.245.0 4,336.0 4,233.0 8.170.01 115.226.0
15,538.0'
,
11.701.0 8,9500
9.971.0, 7.497.0 8.977.0 7,592.0 15.071.0 217.837.0
786.0
687.01 1.704.0
528.0, 1.007.0
477.0
676.01 1.321.0. 12.071.0
Volallftbilitles
425.366,0 1,410,216.0 366.744.0 459,897.0 207,061.0 247,076,0 613,059,0 175.799,0 137,901,0 198,261.0 140,751,0 418,757.04,800,888,0
Memoranda
/115110 of total reserves to deposit
and F R note liabilities combleed. per cent
64.3
76.6
78.1
82 3
74.9
82.5
76.1
76.4
68.3
71.6
78.2
78.6
76.3
GOntIngent liability on bills our• fo.pIpp PtIPTPPPOTO t• 3,426.0
.
11.522.0 4,308.0 4.957.0 2,455.0 1.899,0 6,393.0 2,131.0 1,529.0 1.853.0 1.621.0 3.243,0
45.337.0
4 PA rEtlitslr
n411131
'Nogg al. nit8Eit
,
4Ge•srs• Accoursrs AT Cl.,081; OP BUSINESS N1 5Y 6 1925.
Boston New York PhUa
Berens Agent at-
Cleve
1
Richm'd Atlanta Chicago
Ss. L.
Minn. R.CUp Dallas 1Sas Fr.
$
$
314.540 46,600 45.701 22.254 61.510
464.341 188.757214.134 86.888 160.306
Total.
$
1
269.307 25.660 23.637 28.123 21,572 69,700 913.553
171,016 53.542 66.280 72,445 47.866 232,956 2,000.009
186.6931 6.000 8.780
5.0(10
23,723 1(1.740 10.141
2.209 4.037
141.030 123,349 150,020 33.295 122,500
107.917 48.623 45.213 46,384 28.769
86.5321 2.794. 19.666
9.0591
632
12 975 13.052
16,0111
____ 276,310
4.845 2.758 1,043 3.491 3.014 17.977 102.622
130.644 28.000 40.500 52.360 25,000 190.195 1.185.883
35.527 9.809 11,685 16.594 8,841 24.784 435.148
45.338 15.145 10,234
1.637 1,347 28,794 224.702
513.903 1.333.784 426.904 493,634 205.089 382.754
656.677147.889166.431 174.650 119,151 564.4065.218.273
Est amount of Federal Reserve notes received from
i
I
I
Comptroller of the Currency
302.42'31 732.8811235.357 259.8341 109.142 221,816
'411stera1 received from .0old
192.441 358,424 140.129 168,9211 40,504 131.537
Federal Reserve BanklEllidble paper
54.031 194.479 51.422 64,879 55.443, 29,401
1
440.3231 79.202 89.917 100.5681 69.4381302.656 2.993,562
135.489 43.733 54.595 55.851 39,025 203,172 1,564.82
80.865, 24.954 21.919 18.231 10.688 53,578 659.890
Resources(Is Thousands of Dollars)
Mural Reserve notes on hand
60.950
Federal Reserve notes outstanding
241.478
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
27.803
Gold redemption fund.
13.641
Gold Fund-Federal Reserve Board
149.011
Eligible Paper( Amount required
51.037,
lEtoese amount held
2.9941
Total
Total
546.900 1,333.784 426.903 493.634 205.089382.7541 656.677 147,889 166.431 174.650 119.151564.406 5.218.273
Federal Reserve note/ outs ending
Federal Reserve notes held by banks
241.479 454.341 188.757 214.134 86.888 160.306
24.821 1 126.015 39.756 19,380 13,833 20.859
212,657
Federal Reserve notes In actual circulation
171.016 -53.542 111.285 72.445 -47.866 232, - 2.0011,009
-1756
9.870 6.2511 2.883 8,3361 5,065 35.919. 317.038
161,146 47.291 63.397 64,109 42,801 197,037 1,682.971
333,323 149,001194,754 73,005 139,447
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources;
the liabilities of the 736 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the stateinent
of Dee. 19 1 917, published in the "Chronicle" of Dec. 29 1917, page 2523 The comment or the Reserve Board upon the figures
for the 'ateet meek appears in our Department of "Current Events and Discussions," on page 2353
I. Data for all rep ...rine member banks In e*ch Federal Reserve (list...let at close of bunness April 29 iars
Pederaldleserve Utstrict.
Boston
Somber of reporting banks
Wane and (Recounts. grow
Secured by IT S Gov't obligations.
Secured by stocks and bonds
All other loans and discounter._
New Yon
42
Phila. ,
leorlana Richmond Atlanta
5;
76
73
3
S
8,445
83,64:,'
281.770 2.250.141
652.510 2.575.390
S
12,30;
331,17:
364,92;
S
19,040
449.328
746,422
942,725 4,909.182
9.469
39.88
72,950 600.18
21.417 138,551
7,899 208,963
3.242
55.34
195,949 1.139,977
310,921 2.212,90)
10
36
Chicago
flume c pliers Mel omitted.
St. Louis Minneap. /(an. Ottp
100
Dallas. San Fran
Total
33
3
6.261
127.005
353,527
25
3
$
$
7.668
31,880
11.790
79,724 711,825 172,001
379,529 1.194.117 303.791
71
49
S
2,864
59,079
176,892
3
3,781
108.840
320,047
S
3,085
71.000
223.016
711,407 1,214,790
487.753
466,921 1.937.822
487,582
238,835
432,668
297,101 1,105.501 12,232,292
9,567
52,20.
22,351.
13.261
6,06258.33;
31.803
153.033
44,838
44,350
8.877
354,229
24,833
35.905
11.456
1,664
513
63,133
12.749
23,535
19.778
12.095
2,546
101.087
7.176
24.936
11.335
18,562
3,682
39.083
9.358
47,230
18,685
16,265
3,185
74,787
361,795
637,730
137.504
Total loans ana investments
1,253,651 7,122.09011,073,20 1,852,520
teserve balances with F. R Bank_
87,079 757,807
120,621
81,38
3asb In vault.
20.741
30.918
15,43
,
get demand deposits
850,134 5,751.61t
758,051 990,84
rime deposits
342,191 1.193,49: 173,893 721,398
1
9overnment deposits
13,272
31,355
46,31::
25,515
Mils mule & redisc. with V R Bk
Secured by U.S. Gov't obligation,
4,025
19,018
48,390
5,761
All other
9.727
6,424
13,767
6,928
tankers' balances of reporting member banks In F. R. Bank cities:
Due to banks
121,410 1,090,652 175.168
49,202
rlim frnm hank.
00401 int 520;
07 al:
ol 76)1
625,257
38.876
14.107
348,554
195,180
9,873
Total loans and discounts
Investments
U.S. pre war bonds
U. 8 Liberty bonds
U.S.Treasury bonds
U S. Treasury notes
lg 5 Treasury certificate;
Other bonds,stock! and securities
,
TotalInvestments
14,842
13,013
5.158
2,147
2.834
44,590
17,872
166,536
63.577
87.588
9.080
420,867
82,584
765.520
171,790
104.775
659.372
45,781
7,532
396,864
203.351
12,713
343.610
24,146
6,096
214,011
103,593
2.513
602,178
53.975
13,029
472,642
138,140
4,935
738
$
$
10,179
200.013
232,455 4,878.309
832,872 8,153,040
18,212
17,180
8,657
9,054
3,284
20,209
24.448
220,215
132.050 1,339,354
57.366
453,186
25,525
447.384
17,049
115.709
195,668 2.607,916
71,596
169.510
549,505 2.703,342
38.801 225.114
11,293
53,305
319,462 1,686,204
197,163 945.708
9,273
28.970
70
452,106 5,483.744
373,697 1,557,612 18,716,036
30,303 103.705 1,607.983
10,469
21.841
282.713
269,262 756,258 12,813.923
94,036 755,182 5,0113,339
7.115
17,586
209.433
4,362
18,119
1,954
8.711
21,745
3,501
1,234
4.537
1,900
337
1,501
1,243
82
998
29,579
13 752
18,403
14.270
376,692
107.484
81,225
21.398
50,157
19 281
97.000
41.161
28.852
21.808
17,895
9,230
127,587
83,527
90.000 2,214,24
53.884
597.60
2. Oyer Of rem ttttt 5 member Minium In New To k City. Chicago and for whole, num ry.
lumber of reporting banks
LOOMS and discounts gross:
Swatted by U Ft Govt obllitatlow
Secured by stocks and MOOR --All other loans and diseounts._.
Total loans and discount/L.__
investments:
U. S. pre-war bonds
U.S. Liberty bonds
U. S. Treasury bonds
U. 8. Treasury bonds
U.S. Treasury certificates
Other bonds,etneke and securities
keporting Member Banks in N Y. CUP
AU Reporting Member Banks.
Reporting Member Bangs la Chieaml
I pril 213 1925. April 22 1925. April 30 1924. April 29 1925. April 22 1925. April 30 1924 I aril 291925. A pril 22 1925. April 30 1924.
65
65
755
738
738
6;
46
46
48
$
3
$
3
$
3
$
3
$
213,615,000
78,744,000
200,913,000
71,152,000
198,188,000
76.415,00(
24,212,000
24,862,000
24,904.000
4.878,309.030 4,801.328,000 3,972,900,001 2,010,153,000 1,952,700,000 1,493,351,001 528,801,000 519,887.000 448,886,000
8,153.010,000 8,121,624,000 7,931,746,006 2,288,702.0002.231,628,000 2,248,349,001 679,851,000 683,155,000 663,569,000
13,232,292,000 13.130.140,000 12,121,281,000 1,357,602,000 4,255,478,000 3,818,115,001 1,232,807,000 1,227,904,030 1,137,339.000
271,915,000
220,215,000
220,104.000
1,339.351,000 1,314,903,000 1,095,447,001
69,728,001.
453,183,000
463,830,000
660,281,001
447,374.000
468,455,000
101,037,00C
115,699,000
118.782.000
2,907,918,000 2.889,431,000 2,336,466,001
29,159,000
505,437,000
152.128,000
192.036.000
53,830,000
880,835,000
28,500,000
510,689,000
159,133,000
205.780,000
54,181,000
848,193,000
39,634,001
453,478,000
18,000.001.
300,508,001
24,059,001
632,893,006
1,933,000
81.565,000
27,001,000
61.748,000
3,773,000
198,629,000
1,933,000
84,880.000
27,583,000
64,315,000
3,988.000
200.042,000
4,192,000
50,001,000
4,706,000
76,106.000
13,569,000
167,771,000
Total investments
5,483,744,000 5.505,508.000 4,531,877,000 1,793,455,000 1,806,566,000 1.471572,00C 374,649,000 382,741,000 317,245,000
Total loans and investments.. 18,713,033,000 18,635,648,000 16,658,138,00C 1,151,057,000 6,032,044,000 5,289,687,00( 1,607.516,000 1,610,645,000
1,454,584,000
swerve balances with F. It banks
1.607.683,000 1,632.467,000 1,451,687,001 701,552,000 713,077,000 835,690,001 159,813,00(1 163,467,000 152,876,000
Dash In vault
63,618,000
238,509,000
63.132,000
282.318.000
282.713,000
60.685,009
27,535,000
27,683,000
27,078,000
Set demand deposits
11,438,931,000 5,203,690,000 5,103,539,000 4,513,839.00( 1,120,632,000 1.114,883,003 1,028,86)1,003
12.813,923,000 12.764,742.000
nme deposits
5.0 )3,339,000 5,014,103.000 4,288,324,000 821.315,000 824,971,000 659.426,001 462,843.000 463,352,000 374.058.000
3overn men t deposits
33,000,000
206,855,000
209,433,000
36,000,000
203,954,000
49,707,001
15,988,000
15,988,000
12,361,000
811Is payable & rediscounts win
Federal Reserve Banks:
Iteoured by TJ. S.Govt.oblIgattoris
80,463,000
33,390,000
47,690,000
149.333.000
127.567.000
1.250.000
1.760,000
3,565,000
11,158,000
Another
123,790,000
13.263,000
98.613.000
83.527,000
3,083,000
25,947,000
185.000
619,000
2,364,000
Total borrowingsfrom F R bk..
211.094,000
247,946,000
204,253.000
46,653,000
73,637,000
4,333.000
1,945.000
11,777.000
5,929,000
2375
THE CHRONICLE
MAY 9 1925.]
-•_
iganiters' %azettt
Wall Street, Friday Night, May 8 1925.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 2366.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended May 8.
Sates
for
IWeek
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest. i Highest.
per share.s per share.
2935 May 2934 May
Feb 594 Mar
3
May
Apr 99
86
56
Jan 5815 May
Apr 7131 Apr
70
Jan
234 Ap
4
394 Apr 835 Jan
May 75
May
75
7394 Apr 7634 May
134 Ja • 33.5 Mar
Par. Share $ per share. $ per share.
Railroads.
5 2935 May 7 2934 May 7
50
Beech Creek
100 4% May 7
BrunswTerm&Ry8ec100
May
800 95
May 4 99
Buff Roch & Pitts pf..100
4 57% May 8 58% May I
Canada Boa thern_ _._100
15t 70% May 6 7031 May 1
Cleve. & Pittsburgh_15
106 3 May 6 3 • May
Duluth So Sh & Atl_ .100
May(
5
10
May 6 5
10
Preferred
May)
10 75
MaY 5 75
Green Bay & West. _.10
10 76% May 7 7634 May
III Cent Leased Line.10
2)5 May :
201. 2 • May
100
Iowa Central
M StP&SSMlease
May 63
58% May 1 58
May
100 30 58
line Mrs
143
Apr155
May
300 145
May 145
Nash Chatt & St L..100
6
6
700 5% May
33-4 Ap
May
Nat Rye Mex 1st pref 100
May
Ja 175
May 175
160
71.4 165
50
N Y Harlem
May: 85
May 285
85
10 285
May
NY & Railways part ctfs
9% May
400 93( May
934 May sg
Pr tr etfs
Jan 102
May • 100
02
5 102
May
N Y Lack & West._ _100
3935 May • 3934 May 443.4
300 39% May
100
N Y State Rys
77
100 7835 May . 78% May
Jan 7835
No them Central ... 50
29: 14035 May
May: 139
(1
Jan 141
Pitts Ft W &Chi pref 100
2.700 17% May : 17J4 May I 1735 Mar 2434
Reading rights
Feb
Mar
May
Feb
May
May
May
Apr
Apr
May
Jan
Exchange at Paris on London, 93 francs : week's range. 92.60 francs high
and 93.40 francs low. The range for foreign exchange for the week follows
Cables.
Sixty flays. Checks.
Sterling. Actual4 82 1546 4 857-16 4 85 11-16
High for the week
48474
4 84 st
48134
Low for the week
Paris Bankers' Francs
524
5 1734
52334
}Ugh for the week
5 18H
5 1774
5 1174
Low for the week
Germany Bankers' Marks
23.81
23.81
High for tho week
23.81
23.81
Low for the week
Amsterdam Bankers Guilders
40.21
39.75
40.19
for the week
High
0 13 0 0
p.
4 er$1, 0
39.67
Low for the week
025c.
Domestic Exchange„-Chicag.o, par. St. Louis4.01151
discount. Boston. par. San Francisco, par. Montreal, $.3125 per
$1.000 premium. Cincinnati. par.
United States Liberty Loan Bonds and Treasury
-Below
Certificates on the New York Stock Exchange.
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
5.IMay 6.1May 7.IMay 8.
Daily Record of U. S. Bond Prices. May 2.1May 4. May
1
1Blith 101 001 1019,2 101.00 101.00 101.00 10099n
eirat Liberty Loan
.2 10099n
1002.as 100.22 10091., 10099.2 100-9
334% bonds of 1932-47...4 Low
(
(1n 10041,3 100 in 100"n
(Close 10025n 101 1:: 100
(First l4')
33
69
69
113
65
62
Total sales 15 51.000 units
_
Converted 4% bomb) of !High
_
1932-47 (First 4s). ___1Low
'Close
Total sales In 51,000 units .
-1W 1024; 102V
-Converted 434% bonds 'High 1024; 102In 10/4; 102
102112
.2 102In 1021
of 1932-47 (First 44401 LOW 1021n 1021n 1029
(
102 n 1021 nn 102 at
(
(
(
Close 102 ss 102 n 1029.1
14
10
10
133
6
Tani tales in 81,000 units..
Second Converted 4 g % High
borate of 1932-47 (Pimp Low
'Close
Second
Total sales in 81,000 units.
_
'High
Liberty Loan
Second
4% bonds of 1927-42.___4 Low
I Clues
(Second 4a)
Total sales fa *1 ,4100 units
-13t; 1014.; 10141;
- -1isi 101-1i41 101 .
101
Converted 434% bonds tH Pp)
(
,
3 101 11st 101 3 101101 101 n 101',,101I
1 LOW 1011(
of 1927-42 (Second
(
(
(
1011(st 101 at 101 sr 101•-• 101 ss
(Close 101"rt
43(s)
515
289
180
83
158
162
Total sales in $1.000 units..
[High 102.00 102.00 101.4 1011(st 101"rs 101"t1
Loan
Third Liberty
101":: 101"12 101"ti
% bonds of 1928.- (Lew - 101I•tt 101(In 1J1(93
(
(
(Close 101", 101"n 101 .3 101 In 101"si 101"n
(Third 4 Si el
117
266
256
143
132
72
Total sales in SI,000 anus.
:2
(High 1021(n 1020 102"., 1021(st 1021(as 102"al
Fourth Liberty Loan
.2 10210,2 10211,2 102In 102In 102(ss
bonds of 1933-38._I Lon 1029
434%
(
(
. 10211.2 1029t. 1021(ss 102 st 102 as
[Ciao. 10219
(Fourth 44e)
85
294
274
357
828
166
Total sales in $1.000 units
., 103",, 105"n 105"n 105"st
(High 10529
Treasury
1051(ts 105"st
41.0w 1051•4 1031In 10350n
494s,1947-62
iCloee 105(en 1051(n 103"11 10518n 105"n
23
14
56
49
7
Total sales in $1,000 unity
-6s;
(
(
101"ss 101"n 1012*ar 101 iss 101 in 101
4s 1944-1954
(
how_ 101IIn 101"ss 101 271s 101" 101 su 101"11 •
(111 101"as
101"st; 101
I Close 101"ts 1011(st 1011(at
106
239
2321
25
225
29
Total sales in $1.000 units...
Industrial & Misc
Apr
1 3.15 10 'May
1134 May 8 934 Apr 12
Ahumada Lead
Feb
74
Jar 06
May
May 7 161
American Bank Note_51. 200 170
200 5554 May
Feb
61.
16
May 5 5334 Jat 56
Preferred
1135 May 8 9734 API 1114 May
May
Am Car & Foundry new. 10.100 99
200 97
Jan
May 7 951-4 Fel 97
May
47
Am-La F Fire Rug pf 101
Jan
100 92
May 4 92
May
100
42
Amer Piano prat
Apr
1134 May 513834 Am 5034 Feb
Amerimn unuff....__1ry
20014034 May
Apr
100 100
May
100
40
May 6 983-4 Ma 100
Preferred
Jan
'
IC 4 May 2 10534 MI. 110
Am Type edrs pief.lot
10010534 May
May
Ma 221.4 Mar
1054 May 2 20
Armour of Illinois A..25 7.000 20
st. Ap'
35 May
•is May 4
its Apr
Barnsdall Carp rights._ 18,500
)535 May 4 95
Ap 9834 Feb
Bayuk Bros 1st pref_11 0 100 9535 May
9
100 29
Ja 343.4 Jan
May 8 28
May
Booth Fisher 1st pf..110
•11,600 3634 May
.735 May 2 335-4 Ma 103.4 Jan
Briggs Mfg
Jan
Brun-Balke-Collender. • 14,900 2785 May
1334 May 2 2734 Ma 46
IS
800 10534 May
Kg
May 7 86
Bush Terminal
Fe 10 Apr
8,500 5134 May
Childs Co
.434 May 8 497-4 Ma 16 34 Mar
Apr
101
Deere dc Co prof
1634 May 6 8234 Ja 17
634 May
100 9
Mar
100 9934 May
•935 May 5 9935 Ma 02
Devoe-Rayno 1st pf-100
1084 May 5 9634 Ma 0334 Apr
Dodge Bros Prof recpts.• 0,600 9785 May
.3.700 2434 May
Class A
574 May 7 2434 Ma 1534 May
May
rfi
12,200 7335 May
May 8 7335 Ma 76
Pre temp ctfs
935 May 7 1734 Ar 194 May
EPP Pr & Light etfs____. .51406 2134 May
i434 May 5 100
7,80010234 May
MI )435 May
40% paid
1535 May
1535 May )10035 Mr
Full paid
1,60010334 Ma)
Jan
100 9
May 4 9
9
Ar 15
May
Emerson-Brant pref_101
May 5 97
17
1734 Air
200 97
May
AT
Essex Cott M 1st plf..101
• t1,80( 67
Apr
•835 May 'i 6034 Fe 70
May
Fisher Body new
301 10335 Mt y
134 May 7 10134 Mar 10454 Jan
Franklin-Simon pref.10(
10011934 May
1934 May 1 119
Gen Baking Co pref._ _ _ •
JariP2034 Apr
May
4935 May 1 107
201.109
Ar 113-4 Jan
-.101
Cit West Sugar Pref.
1435 Feb
10010334 May
May f 100
44
Hayes Wheel pref___1(14
Ja
Apr
2
300 86
Heime(G W)
Ma 13
May 4 66
17
May
Jan
10(
19 238
Ingersoll Rand
May
May 4 1934 M. 19
18
235 Mar
104. 50
Al
0 May 7 40
lot Agricul prior pref.101
May
osi Feb
201. 108 May
Internat Paper, pref.10(
F.
May 1 03
)9
Mar
15
3 May 1 1135 Fr
301 113 May
Jones & L Steel, pref.10t
JD
401. 100 May
K C l'ow AL Lt, 1st pref..
0 May 1 99
4534 Mar
Kresge(SS)Co. pref.101
1334 May
101 .1334 May
334 May: 1034 Mt
Jan
.3
Js
101 8975 May
Kresge Dept St's, pf _101
4935 May 1 88
Feb
1.1
Kuppenh Amer
Mt a
5 May 1 25
101 25
May
134 Apr
Long Bell Lumber A_
934 May , 454 Mt
801 484 May
934 May
204 934 May
McCrory Stores B ads_
93.4 Me
934 May 2
Mar
9
Mt
66
835 May
Mackay Cos, pref....100
May
r8
lig May
7735 Al
May
Motors B
8334 May
Maxwell
.7,700
034
39 May
19 May
074 Mr
A certificates
4,300 079-4 May
:935 Apr
2635 Al
935 May
Mid-Continental Petrol. .5,401 2834 May
100 604 8034 May
171.4 May
Preferred
8334 Al
1714 May
Mt
09
1234 May
101 1234 May
Montana Power, pref.100
234 May
931 Apr
Al
• 3,901 1834 May
1875 May :. 18
Wheel
Motor
Jan
47
Al
1134 May . 82
101 8335 May
Mullins Body, pref._100
.235 Mar
• 4.001 35
0 May 1 3294 Al
May
Murray Body
1534 Apr
Al
30
Nat Distill Products...• 15,50 33 May . 085 May
Feb654 May
20 1534 May 4 6535 May : 52
NN&H Ry.0&ELMO
May
May 6 85
7834 Slur 85 Slay
201 84
Onyx Hosiery, pref...100
1034 Apr11134 May
10 11194 May 511134 May
Owens Bottle, pref. _100
May : 1735 May 1835 Apr
Paige-Detroit Mot Car_• 3,404 1734 May 6 18
Apr
243-4 May 28
• 1,004 2434 May 4 2535 May
Penick & Ford
Jan
4034 Mar 53
Porto Rican-Am Tob 100 20 4154 May 8 4144 May
4334 Jan 475-4 Feb
10 4435 May 5 4434 May
Prod & Ref Corp pref _50
Mar
93
Apr 95
May
50 9334 May 5 94
PS Elea & Gas pref .100
Feb
May • 11434 Mar 120
May 5 117
201 17
Ry Steel Spring pref_10
Feb
May 70
63
May
May 2 63
101 63
Rels(Robt)& Co let pH°
601 454 May 4 47-4 May
Russia Insurance rights
434 Apr 5 May
May
Shattuck (F G)
1,804 4934 May 5 51
401.4 Mar 5434 Apr
Mar
201 10234 May 5 103 May' 1001.4 Jan 103
Simmons Co pref._ _ .100
May • -5034 Mar 533-4 Feb
Stand Gas& Elec pref.50 1.204 5134 May 8 53
May : 69
Apr
May 70
May 8 69
10( 69
Stand Plate Glass pfd 100
Mar
Symington temp ctfs_ -•11,301 1734 May 5 1835 May 1 103.4 Jan 19
2034 Mar 2334 Jan
• 2,101 2194 May 8 2235 May
Class A
May I 55
Apr 310
May 5 301
Jan
121 ;00
Tex Pac Land Trust.100
May 5 6935 May : 609-4 Jan 8134 Mar
United Cigar Stores_ _.25 5,901, 66
' 181.4 Apr 23
May
Jan
201 1884 May 7 19
United Paperb'd Co.100
Apr 45-4 Mar
May 4 4
May •
100
4
4
11:9
U 23 Express
Feb
• 104 5274 May 5 5235 May . 5135 Mar 56
US Tobacco
Apr 126
Feb
Ward Baking class A...• 301 11735 May 411734 May . 116
38,601 3714 May 4 4534 May ' 3734 Ma
% Slav45
Class B
100 60( 9994 May 4 9994 May 1 0434 Feb10034 A! e
Preferred
304 103-4 May 7 1035 May 4 994 ApIl 14
Jan
West Elec Instrument...*
May
Jan
• 1 .401, 21.4 May 5 22
1934 Mar '23
Cho. A . .
-The above table includes only sales of couponi•
Note.
bonds. Transactiors in registered bonds were:
.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c
•No par value.
-Sterling exchange ruled firm and
Foreign Exchange.
higher, though on a greatly reduced volume of trading.
The market was without new feature. In the Continental
exchanges, strength and activity w. r ) reported in guilders,
Norwegian and 'Danish crowns and Spanish pesetas; the
remainder of the markot was in neglect.
To-day's (Friday's) actual rates for sterling exchange were 4 82140
,
482 7-16 for sixty days. 4 84744334 84 15-16 for checks and 4 84340
4 853-16 for cables. Commercial on banks sight 4 8474e4 84 13-16.
/(
)4
sixty days 4 803-404 80 11-16, ninety days 4 7934 5 803-16 and documents for payment (sixty days) 4 804404 80 15-16. Cotton for payment 4 84%04 84 13-16 and grain for payment 4 843404 84 13-16.
To-day's (Friday's) actual rams for Paris bankers' francs were 5 1351
19405 20
8 1494 for long and 5and shortfor short. German bankers' marks are not
bills. Amsterdam bankers' guilders were
yet quoted for long
$9.74039.75 for long and 40.10040.11 for short.
10129.2 tO 10199
10291. to 101102
%
..
1010 to 1012
.13 3d 4%s
1002912 to 10091
1011(st to 101(10, 19 4th 4)(s
.1
1019.2 to 1019 11 Treasury 45
3 15t3358
13 1st 43111
11,3 2d 4%s
Maturity.
Star. 15 1926. _
Om 15 1925_
dept. 15 1926...
June15 1025_
int.
Rate.
1%%
485%
4 Si 00
44°t
Maturity.
Asked
Bid.
101Iit
1911%
1111 11.
Ilm.t.
in I..,
II 014
Dec
Mar
sept
1 lee
i.e.
kale.
15 1927... 43400
1.5 1927.... 4 808
IS 1925___ 254 7.
a
15 1925._
Bld.
A+ked.
1024,
10210
Wile
100
10ns
102h,
100
1001u
New York City Banks and Trust Companies.
AU ortee.x &Aiwa per Mare.
414, ; on
Fruit. Co. Bid
*'k
Panics
-A .Y. Mu 3,12 ompnw;;.b.._ fitif , Ad
Banks
America •„..- 2118
Amer Etch - ;580
Amer Union*. 143
60,1
flowery'
wayren 170
l
Insets Born*. 250
Bronx Nut_ ISO
Bryant Park' Pe.
Butch & Drov 158
Capitol Nat..1 1410
ren t Merean. 770
Phase. ...... 413
390
150
:::
___
___
___
200
275
417
060 1010
Hanover
480 495
Harriman
075
Manhattan* - 172
94ts•11 & Met_ 895 402
Mutual*
Nat American
Nations. City 435 441i
.
19 1
New Netho
455 465
Park
125
Penn Exch._ 114
.
Pori Morris_ 190
Public
Seaboard .Seventh Ave- 115 125
0 _35
42
Standard ____ 3101 4
4 ra i.
2, r
1ta:
150
14
24 4 20
United State••
Wash'n tits*. 300
C.nu
142
297
i
"Ili"; Irlthetlxr 200
Chelsea Exch•
302
21.1
Lhetnical ....1145 655
Coal & Iron-276 240
.
C111011Ittl --- 54'0
350 3.55
ier -n w el ttelt h; 31'0 304
Continental.. 2'0 230
Own Exch... 468 45
C4runotitan•_ 155
260
East River._ •
: 32
Fifth Avenue 173
g)
1 295 3:
75f
p42475 2.50
First
Garfield
180
170
Gotham
:44 ::g
g y k y
;.n
On ool liand. 195
450
n
Finn4640
Mechanles'• - 22I
Slontauk• __ 21)_
320
Nassau
275
00
Pe.1111.
....shorn' 175
)
veo York
American
Bank of N Y
tt ['rum Co 575
tankers Trust 440
Bronx Co Tr. 185
:antral Union 739
305
Emigre
Kmmanie Tr. 255
Farm I. & Tr 142
Fidelity Inter 2 41
300
Fulton
taranty Tr 321
Irving BankCoionthls To 243
Lawyers Tr..
Mutual(Wes1cheater) ..
N V Trust.. 113
Title Go & Tr 525
U Slut & Tr 135
United -ttap.815-5
Weetches Tr. 3110
irr”orlys
Itrookit 4. Tr. 710
Situp. Counts r..411)
ttmoiract tire, am,
r19.)
People's
565
465
195
313
2)9
(47
250
305
325
247
116
540
916
1625
730
'400
362
155
ivittend. (t) New stuck.
• Banks marked with (• are State Panics. (s) Ex-4
r) Ex-rig )1
New York City Realty and,Surety Companies.
Mar..
.411 prtau &Ala,. to.
1 Bid
Alliance WIty, 125
Amer Surety-1 135
Bond & Itt G. 240
lawyers %Iran 206
Lawyers Title
A' Guarantee 230
Ask
140
245
2119
235
Mtge Bond..
Nat Surety.
N Y Title&
Slortgage.
U S Casualty
T• TM..I:stAr
Aid
128
207
342
32.t
227
Bid
Realty Adam
(Itklyni corn 205
Int pre(
1.0
2d prof.
347
81
335 woocheerer
23:
Tub.* To 235
458
135
211
Ask
210
98
84
CURRENT NOTICES.
-Brown Brothers & Co. have ready for distribution the 7th edition Of
their booklet "International Investments." which is the most complete of its
kind and contains descriptions of about 160 Foreign Government. Municipal
and Corporation issues.
-Prince & Whitely have prepared for distribution to investors, brief
analyses on Northern Ohio Traction & Light Co. and Northern Ohio Power
Co.
-Frost & Co.have removed their offices from 7 Pine St. to 115 Broadway
Phone, Rector 0777.
2376
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FIVE PAGES.
For sales during the week of stock* usually Inactive. see
Preceding Page.
RI011 AND LOW SALE PRICES
PER :WARR
PER SHARE
-PER SHARE, NOT PER CENT.
Sales
STOCKS
Range for Frar 1925.
Range for Precious
for
NEW YORK STOCK
On baste of 101)
-share lots.
Monday,
Year 1924.
Tuesday,
Wednesday Thursday,
Friday,
the
EXCHANGE
May 4.
May 5.
May (1.
May 7.
May 8.
'Peek.
Lotrest
lItyhest
Lowest
Highest
$ per share $ per share 8 per share $ per share
$ per share $ per share Shares
$ per share 3 Per share $ Per share $ per share
Railroads,
Par
2212 24
243 2.5
4
2412 2412 25
26
2712 32
3312 347
8 5,900 Ann Arbor
100 22 Feb 17 347
535g 56
8May 8
5512 56
12 Apr
Dec
55
5512 55
55.14 56
5912 59)2 60'2 8,700 Do pref
100 .40 Mar 24 6012May 8
118 1183 11834 120
4
25 Mar 46% Dec
119 1193 119 1203 119 1197 1173 119
4
8
4
20,800 Atch Topeka & Santa Fe_ 100 11614 Jan 16 12772 Mar 2
95
95
95
9718 Jan 1205 Dec
95
91 9i 2
4
95
95
9434 9434 951 4 955
8 1,600 Do pref
100 9213 Feb 17 96 Apr 20
434 5
5
8612 Jan 9658 Dec
512
53
2 512
53, 5
51
53
4
512 534
9,250 Atlantc Birm & Atlantle
5
100
3 Jan 14
16012 16012 162 16314 16234 16378 162 4 16312
712 Mar 6
8
15 Feb
5 Dee
16212 165
16234 163
6,300 Atlantic Coa,t Line RR__ _100 14714 Jan 16 166 Mar 3 112
7518 7512 7512 7718 7614 77
Jan 15214 Dec
763 773
4
4 771 4 7814 773 78
41,200 Baltimore & 0Mo
8
100 71 Mar 30 8414 Mar 6
.6314 637
8 63 8 6312 6314 6312 .63
5218 Apr 847 Dee
3
8
64 .6314 64
64
64
1,000 Do pre/
•3914 405 *3914 40
100 627 Apr 21 6612 Jan 6
3
8
664 Apr 6612 Der
*3914 40
3914 4014 413 4112 *3914 40
2
800 Bangor dr Aroostcok
*8818 937 .8814 93 .91
50 3514 Mar 23 4214 Jan 15
8
394 Dec 44% Dec
93 .91
93 .91
93 .91
93
Do pref
4114 4134 413 4172 4134 4214 4132
100 90 Feb 19 9412 Jan 5
86
4
Jan 95 Nor
4218 413 4112 41
8
41'8 10,800 Bklyn Man)] Tr v t e___No par 3518 Jan 5 45 Feb 10
78
78 .7812 80
1312 Jan 4178 Dee
7914 80 .7912 80 .79
80
7912 79,
Do pref v 1 o
80
2
No par
727 Jan 2 8154 Mar 14
3
485 Jan
4
755 Dee
4
88
9238 8818 8912 87
88
84
86
81
83
8112 83
3,12 Buffalo Rochester & Pitt* 100 48 Apr 2 923
144 14514 144 14414 144 14414 14414 1453
8May
40 Mn, 685 Dec
8
4 14314 14412 142 1423
4 7,60t Canaelan Pacific
100 13612 Mar 30 1525 Jan 1. 1424 Mal 15613 Nov
•280 290 *280 290 "284 290
8
285 287 *280 290
280 290
301 Central RR of New Jersey_ 100 265 Mar 30 321 Jan
923 9334 9334 9412 94
4
199 Mat 295 Dee
94 8 94
9452 9318 937
,
8 9318 9312 5.901 Chaim eake & Ohio
100 8914 Mar 30 98 4 Jan II
•1065 10718 1073 1073 .1063 108 *10614 108
8
5
675 Feb 984 Dee
4
4
4
4
*10612 108
10612 108
101
Do prof
100 10514 Apr 14 109 Feb24
6 4 63
,
8
618 63
9913 Jan 10918 July
2
6
614
434 5
434 514
47
8 512 6,90( Chicago & Alton
100
35 Apr 24 105 Feb 8
8
8
34 Apr
93
8 97
1012 Dec
8
5
924 9%
812 912
7 4 812
73
12 812 10,501
4 812
Do pref
8
0148 152 "145 155 "140 152 '141
100
518 Apr 23 1912 Feb 21
818 May
19% Dee
152 *141 155 '145 155
CCC & St Louts
•3134 3212 3112 32
100 146 Apr 7 16412 Feb 11 100 Apr 15014 Nov
31
3114 31
3212 3214 3314 33
34
7,400 Chic & East.111 RR
•44
101
293 Mar 30 3618 Nf ar 13
4
46
"44
21 May 88 Dee
45
*44
45
45
487
8 48
50
49
50
Do prat
4.001
1058 103
100 40 alto 30 57% Jan 2
4 107 11
8
37 May 62% Dee
105 11
,
1073 1178 1134 1212 1214 123 29,70(. Chicago Great
4
Western__ 100
2338 237
9 Jan 2 15 Feb 7
8 2314 243
117 Nov
4 Apr
8 2312 24
3
24
2512 247 2614 2638 275 35,900
8
Do pref
8
434 478
100 1914 Mar 30 323 Feb 6
434 47
8
47
2
1012 June 313 Nov
3
43
4 48
5
412 48
41 2 47
8 8,406 Chicago Mlle & St Paul_ _.100
814 83,
34 Apr 20 164 Jan 7
814 812
107 Oct 183 Nos
8
4
83
8 812
83
813 87
8 87
8% 854 12,600
Do bref
61
100
5318 5214 53% 62
7 Apr 20 2812 J n 7
1814 Oct 3218 Nov
527
5314 553* 54
5534 54% 55
49,200 Chicago dr North Western_ 100 47 Apr 14 754 Jan 12
010412 10712 1053 1053 1053 1053 10512 1053 *105
4
MN Jan 755 Dee
4
4
4
4
4
10512 105 10514
900
Do pref
44
4434 4414 453* 4412 455* 4412 47
100
4
Jan 1143 Dee
4
453 4612 4612 483. 84,100 Chicago Rock 10 & Pacific _100 1013 Apr 14 117 Mar 6 100
4
957 957
4018Mar 30 54I4Mar 3
96
9612 "9512 9612 9614 9612 9614 9612 96% 97
2112 Feb 50 Nov
1,800
Do 7% preferred
8612 8612 86% 87
100 92 Jan 2 99% Feb 21 • 76% Feb 973 Der
8714 8714 87 87
4
87
87 4 8714 877
,
8 1,900
Do 6% preferred
.347 38 .3478 38
100 82 afar 30 891 Mar 3
4
:
*347 38 '36
8
6553 Jan 8712 Nov
38
*36
38 "36
38
Chic St Paul Minn & Om __100 3318 Apr 22 5912 Jan 13
.76
84 '74
85 "73
29
Jan 5712 Dee
85
80
80 '79
84 "77
84
100
Do pre}
6212 427
100 7314 Apr 21 108 Jan 13
6214 6214 617 62
8
6814 Apr 94 Dec
617 6212 62 62
8
'6012 62
1,400 Colorado & Southern
•6012 61
100 4418 Jan 6 6513 Apr 18
*6012 61
'6012 61
20
Jan 49 Nov
61
62
*61
62 '61
62
60(
Do let pref
100 60 Mar 26 84 Feb 9
50 Jan 654 Dec
•58
59 .58
59
59
59
60
GO
300
Do 2d pref
15112 15234 1513 15212 150 15112 14912 1503 .5912 6112 *5912 6114
100 64 Jan 21 603 Apr 17
4
4
45
Jan 59 Nov
150 15014 149 14914 5,700 Delaware dr Hudson
132 132
100 13312Nlar 30 155 Apr 6 10412 Mar 1395 Dee
133 13412 135 136
8
13512 136
13534 136
13554 1353
4 3,400 Delaware Lack & Western. 50 125 Mar 30 1443 Jan 13
3914 393
8 38
3914 387 387
8
8
e 3988 40
3912 4014 393 393
8
4 2,300 Deriver Rio Or & West pref 100 361251ar 24 60 Jan 12 11034 Feb 14953 Dee
2834 2834 2914 293
8 2914 2912 287, 303
42 Dec 4312 Dec
2 30
303
8 3018 303 16,600 Erie
8
3813 3818 3812 383
100 2712 Mar 30 34 Feb 24
2 3772 3812 3818 393
2054 Jan 355 Lug
3
4 39
3912 3812 301 1 15.50
Do 1st pref
0
*353 383 *363 373
100 3512 Apr 27 467 Jan 2
4
2
8
4
2858 Feb 494 Dee
4 3714 3714 38
383
8 38
38
*3712 39
Do 2d pref
700
100 35 Apr 24 4354 Jan 5
623 63
4
623 633
4
8 6212 6314 6212 633
2518 Jan 4614 Dee
8 62 8 6318 6278 63% 12,000 Great Northern prof
7
2878 293, 293, 297
100 60 Apr 24 713 Jan 8
8
534 Mar 75 Dec
297 3012 303 3012 30
8
303
8 30
3014 11,600
Iron Ore Properties_.No Par 273 Apr 22 403 Jan 19
2812 2834 2878 31
3
8
26 May 394 Nov
31
32
3182 327
g 33
335
8 3212 34
31,100 Gulf Mob & Nor
•9868 6111•8 9412 05
100 23 Mar 30 34 May 8
114 Apr 2912 Dee
95
9614 97
9714 9612 9712 97
973
8 6,400
Do pre?
100 8912Mar 30 10112 Jan 10
30
3018 30
3114 31% 3218 313 3212 313, 32
60
Jan 98 Dee
4
317 3214 24,200 Hudson & Manhattan
100 213 Mar 18 32125lay 6
4
67
6714 6712 68
205 Nov
8
68
2914 Dee
6914 70
70 '68
70
685
8 1,500
Do pref
6S'z
100 6413 Feb 18 70 Slay 6
•112 113
113 114
574 Oct 6478 Dee
1137 1137 11378 1143 11414 1147 211218 11218 6,900 Illinois Central
8
4
8
100 111 Mar 31 1195 Jan 7 10014 Mar 1177 Dee
"111 117 *111 11712'112 117
8
8
111 117
114 114
115 115
320
Do pref
100 11212 Apr 23 119 Jan 7 104 Mar 11714 Dee
•7214 74
7212 7212 '7214 73
7214 7214 7112 7112 72
500
Do RRSec,SeriesA_ _ 1.000 705 Jan 6 74 Apr 17
72
•2312 24
8
2334 243
64
Jan 73 Dee
4 24
243, 24
2414 '2312 24
24
24
1,100 Int Rya of Cent America 100 18 Jan 8 2514 Apr 28
•6212 6514 "63
114 July
6514 *6212 65 '6212 65
1812 Nov
*6212 65
Do Prof
*62 2 65
,
100 5912 Jan 2 65 Apr
2031 203
4 21
4414 May 63 Nov
21
2012 2114 20
20
1912 1912 1914 193
4 3,000 Interboro Rap Tran v t c 100 1312 Mar 23 3412 Feb 25
343 343
8
8 3312 3412 333 34
9
124 Jan 3914 July
4
333 3514 34 2 3514 343 35
4
,
14,200 Kansas City Southern
8
100 28 8M ,35 5958 Feb 24
57 J:tr 10 4012 F 21
,
•5734 58, .58
4
51 5 a48.; 4153 Dee
17,4 m
4 .
5814 58 58
5814 5812 58
58 .57
5812
Do pref
500
100
77
7714 7714 783
5912 Dee
4 77
773
773 7914 785, 7934 7812 8012
4
Lehigh Valley
50 69 Mar 30 825 .190 10 83912 Apr 85 Dee
8
!h 10 11034 1103 1125, 112 11258 •11112 112 11112 11212 11114 11114 25,600 Louisville & Nashville
4
3,100
100 106 Jan 16 11714 Mar 2
8753 Jan 109 Deg
"6814 75
*68
75
*7012 78
*7012 78 .72
783 '7212 75
4
Manhattan Elevated guar_100 65 Slur 21 100 Jan 14
3814 3912 3812 3812 3912 393
42 Jan 85 Deo
4 395* 40
4012 41
4178 42
Do modified guar
1,200
1011 32% Mar 23 6114 Feb 9
•812 912
9
914
3013 Jan 51% July
934
954
912 10
10
10 14 10
10
2,300 Market Street Ry
100
714 Mar 11
101 Jan 2
.30
684 Mar
33 '30
1312 Jan
33, *31
2
3533l 3314
35
*31 35300 Do pre(
100 20 Jan 13 34 Slay 8
"48
50
49 49
20
%et 42 Dee
4912 50
515,
50
3312 52
56
3
4
54% 6,600
31
Do prior pref
100 4314 Nlar 20 56 May 7
'21
41 Nov
23
23
23 '21
7111 Jan
24
24
24
24
25
2412 2412 1,500
Do 2d pref
100 16 Mar 19 2412 Apr 25
'212 234 •212 23
14 Star 30
Jan
25
4
8 25
8 *213 23
4
4 '212 23
25, 23
4
700 Minneap At St L
100
211 Jan 5
4 Mar 6
"3212 3412 *3212 35
Da Jan
4
3412 35 '35
Jan
40 '36
40 '35
38
300 Minn St Paul & 55 Marle_100 305 Apr 4 5814 Jan 14
8
.42
52
2814 Mar 5313 Dee
*46
50
*4712 50
49 49
.48
50
4812 4812
Do pre?
200
100 40 Mar 30 71 Jan 9
50 June 75 Dee
35 3514 343 3512 347 353* 3518 363, 3512 368 3512 3612
4
8
53,600 Mo-K an-Texas RR_ _No par 2814 Jan 2 404 Mar 4
1012May 34% Deo
8318 8312 83
83% 833, 84
837 8412 837 8414 8312 8414 13,200
8
8
Do pref
100 743 Jan 2 8754 Feb 5
4
35 35
294 Feb 753 Dec
3414 3512 3518 36
4
357 37
3614 3714 3612 3712 15,100 Missouri Pacific
100 305 Jan 5 41 Feb 6
3
954 Jan 3414 Nov
7812 783
4 781 7912 785, 79
"
79 12 8114 8012 82
8118 8212 42,600
Do pref
100 71 Mar 30 834 Feb 9
Jan 74 Dee
29
214 214 *23, 25
23
8 23
212 23
213 25, 2,400 Nat Rya of Mex 3d pref.. A00
23, 25
8
17 Apr 3
8
24 Jan 12
•12218 1227 12214 12214 12212 123
118 July
8
3 Deg
12212 12212 123 123
1233 1233, 1,100 New On Tex & Me,
8
101 11314 Feb 21 1233,May 8
93% Feb 12112 May
11718 1183 1173 11812 1175, 11834 11712 1183 11742 118
1165, 117
4
4
8
55,700 New York Central
100 114 Mar 30 12454 hill 13
99% Feb 11954 Dee
•125 12512 12512 126
126 12612'125 12614 1253 1253 125 125
4
4
800 N Y C & St L Co
100 120 Mar 30 1374 Feb 24
7212 Feb 128 Dee
907 91
8
'9118 9112 91
9112 '91
9112 9114 915
9118 91% 1,100
Do prof
100 8312 Jan 6 924 Mar 3
83 Slay 93% Sept
303 317e 3112 3214 315, 325
, 315, 32% 3214 323
4 3214 3231 55.800 NY N U & Hartford
100 28 Mar 24 363
8Nlar 2
,
141 Jan 3314 Der
23
2514 2418 2434 2314 233
4 24
2412 2378 247
2312 2412 15,900 N Y Ontario & Western._,100 205* Apr 4 2718 Jan 7
16 May 2814 Nov
28
30
3012 2912 311
29
3112 327
3114 32
3114 3112 14.200 Norfolk Southern
1(10 217 Apr 22 34 May 1
3
1212 Apr 29 Nov
1303 1313 1307 132
4
4
8
1305, 13114 131 13112 1303 130% 13012 131
,
7,200 Norfolk dr Western
100 12312 Mar 30 13453 Mar 20 10212 Jan 13314 Dec
*75
77
•76
77 '76
77
77
77
7718 7718 77
Do pre:
77
500
100 7512 Jan 8 79 Apr 3
721 Feb 801 Juno
4
,
807 615, 61
8
4 613, 6131 608 6212 615, 623
613
8 6112 6218 12,400 Northern Pacific
1001 5814 Apr 25 713 Mar 6
4
477 Mar 73 Dee
7 44
4334 4312 437
435,
43
4312 4414 4314 437
172
12:4 8 V 4 16,789 Pentraylvanla
1
33
50 4212 Apr 9 487 Jan 5
8
16
424 Jan 50 Dee
16
4
173 18
1812 1812 *18
1812 1712
Peoria & Eastern
700
100 133 Apr 30 2078 Jan 12
4
94 Mar 2212 Nov
64
64
*64
65 .64
6512 65 6512 65
6614 65 65
1,200 Pere Marquette
100 623 Mar 30 72 Feb 25
4
4013 Mar 73 Dee
'79
80 '79
80 '79
80
79
79
*773 80
4
80
Do prior prat
100 7812 Apr 15 84 Jan 16
80
200
7112 Apr 8512 Aug
*673 69
4
69
69
*6812 69
69
69
"60Ia 70
70
Do pref
70
300
100 6812 Apr 16 753 Jan 10
4
2
67 67, 67 2 6814 6712 6818 673 6934 69
60
Jan 77 Aug
,
4
695
69 695 11,400 Pittsburgh & West Va_
100 63 Star 19 73% Jan 2
38
78% 788 80
78
Jan 7514 flee
79
797
8 7914 8034 791 803, 783 797 53.000 Reading
8
4
8
60 6914 Nlar 30 8214 Jan 6
3918 39
39
617 May 7912 Dee
8
3912 *383 3914 383 39
4
*3812 39
Do 1st pref
3818 2,900
38
50 357 Mar 18 397 Apr 29
8
8
4112 4112 4112 417
34
8 4178 417
Oct
Jan
413 4212 42
4
4214 42
42
3,800
Do 2d prof
50 3614 Mar 18 434 Jan 6 63318 Jan 861s Jon
•45
49
487 5018 5114 52
5114 5114 *4638 4812 *46
56
800 Rutland RR prof
50
100 42 Apr 24 6278
743 7512 7514 7734 77
32
Jan 66 Nov
79
7918 81
78% 8014 7814 7912 106,400 St Louie-San Franclaco.... 1(10 5712 Jan 16 81 Jan 9
8112 8112 82
May 6
1918 Apr 65 Dee
8312 8312 84
825, 83
8418 8334 833
84
Do pref A
4 1,900
100 70 Jan 20 8418May
4718 4714 4738 4712 4714 477
4253 Jan 8212 Dee
8 4712 4934 4934 4934 4934 50
8,500 St Louis Southwestern__ 100 4412 Mar 30 53 4 Mar 7
3
2
7118 7118 7112 717
33
Jan 85% Dee
8 7112 7212 7213 723
8 725 725
8 723, 723
Do Prof
8 1,400
100 7012 Jan 19 75 4 Mar 11
3
2612 267
577 Jan 74 Nov
8 263 283
3
3 2814 3014 304 3212 3012 34
4
33
3518 162,800 Seaboard Air Line
100 203 Jan 16 3518May 8
3
4334 4414 44
4518 45
2418 Deo
4614 4614 4712 453 48
614 Jan
4
4634 48
Do pref
60,700
100 35 Mar 30 48 Slay 7
10258 103
1414 Jan 4512 Deo
1025 1035 1023 1033 10212 1035 1025 103 4 1025, 103
,
8
8
4
,
8
36,400 Southern Pacific Co
,
100 985
8Mar 30 1084 Jaa 9
9214 95
8512 Mar 10512 Nov
94
9512 9534 963
8 9414 9554 935 94
8
935 9413 65,900 Southern Railway
8
100 775 Jan 2 963
8
8May 5
08718 8712 87
8738 8634 87
3813 Jan 79% Dee
8614 8614 8638 8612 857 86% 3,000
Do pref
8
100 83 Jan 2 9254 Feb 25
7
5214 523
7 53
4 52
5212 537
53% 5514 537 543
664 Jan 85 Dee
5312 545 29,700 Texas dr Pacific
100 4314 Jan 27 585 Mar 13
4
'912 1012 10
10
19
"10
Jan 48% Dee
1014 '10
1012 '10
1014 *10
200 Third Avenue
1014
100
712 Apr 17 1454 Jan 12
'6212 64
6312 64
6412 6412 64% 6414 647 64% *6414 647
854 May
1812 July
500 Twin City Rapid Transit 100 58 Jan 22 6612
8
Mar 7
3913 sot 66
Jan
138 139
139 13978 139 13912 13618 13958 13612 1373, 13612 138
18,100 Union Pacific
100 13314 Apr 24 15314 Jun 10 1265, Mar 1513, Dee
737 74is 744 747
738 74
8 7414 75
74
Do pref
743
4 7412 75
3,800
100 72 Jan 30 76 Feb 26
27
27
284 2812 2814 2834 2812 2812 2814 293
70 Mar
7613 Aug
287 29
7.400 United Railways Invest
8
100 1814 Nfar 19 293
65
65
4MaY 77I ',pr41 Dee
65
p
6912 68
6912 6834 71
69
Do pref
71
69
7,100
71
100 4812 Mar 23 71 Apr
1003 1013 10212107
4
4
267%
111 11314 112 114
111 114
9,600 Virginia Railway & Power-100 6418 Jan 14 114 May 24
10712 111
213 2212 23
4
0
235
Feb
36
8 235 2412 245 2638 2554 273
8
8
8 263 2714 140,300 Wabash
3
100 1912 Mar 30 27%MaY 7
63
633
8 635, 6478 643 6518 65% 6612 66
10'4 Jan 62760424431 July1 e°
I e
D
Do pref A
6712 6618 673 91,600
100 553 Jan 20 6712May 7
4
'3712 38
43
Jan
34
4314 44
44
46
46
'46
48 '46
Do prat It
48
400
100 3812 Jan 21 44 Mar 12
1212 13
1314 135
2212 Jan 42% 1100
8 1314 1312 1312 137
8 1314 137
Western Maryland
8 14
1514 28,100
100 11 Mar 24
17% Jan 9
197
19
8 193 197
4
83 June 1614 Dog
4
8 1912 1912 1912 2033 20
/
Do 2d pref
2212 7,300
205, 21
100 16 Mar 27 2614 Jan 9
Nf
437 445
8 44
8
4434 4112 437
1514 May 2614 I
D
)
8 43
44
4314 443
8
4 423 433 20,700 Western Pacific
4
100 2114 Feb 17 55 Mar 11
8 91
9212 933
143 Jan 367
4
9314 91
8
9114 *91
92
91
Do pref
9212 913 92
3,700
8
100 8412 Jan 6
8 137 1412 1314 13,4 1312 14
1312 143
8
Jan
574 2.n 8442 De0
8
eo
1312 1414 14 , 143 16,300 Wheeling & Lake Erie Ry_.100 1034 Mar 31 100 Mar 11
4
1012 Jan 7
25
26 2 26
,
27
25
26
26
2612 26
Do pref
263
6,600
8 2634 28
100 22 Apr 2 3153 Jan 7
1414 Jan
3212 Dec
eaturday,
May 2.
22.7.
Industrial & Miscellaneous
64% 643 '65
6712 "65
4
•125 133 •125 133 *125
95 .92
95
•91
•92
1514 1512 1512 1512 15%
4
54
523
4 523 533
'52
•Bid and asked echoes.
66 '65
133
129
95 .92
1512 15
5'.
,
33a
66
65
129 "129
06 '92
1512 1512
511
51
,
a Ez-dIVIdend.
88
132
95
15 4
3
cl'
.
1
0 Hz-rights.
68
67
130 130
*92
95
*1512 153
4
all. 551.
1,700 Abitibi Power & Paper_No par 62
300 All American Cables
100 119
Adams Express
100 90
1,800 Advance [tamely
109 13
3.701
13 ,
(
lOn
47
Jan 8 68 May 7
Jan 6 130 May 8
Apr 16 10314 Jan 9
Apr 11
17 Mar 13
Feb It 507
2May 7
61 Dec 64 DIM
9612 May 12212 Des
7312 Jan
9312 Dec
6 June 164 Deo
281, ja ao 64
Dee
New York Stock Record-Continued-Page 2
2377
For sales during the week of stocks usually Inactive, see second page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
May 2.
Monday,
May 4.
Tuesday,
M zy 5.
Wednesday. Thursday,
May 7.
May 6.
Friday,
May 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100
-share tots
Lowest
Highest
PER SHARE
Range for Prestotit
Year 1924.
Lowest
Highest
Per share $ per share $ Per Share
per share $ per shwa Shares. Indus. & Miscall. (Con.) Par
8034 Jan 30 111% Feb 26
6714 Jan
8
101 10212 1003 1021s 10,000 Air Reduction, Ine____No par
1 :
141 Ia
412 May $ 9312D
:
8
s
127 1314 13
133 14,900 Ajax Rubber, Inc____No par 10 Mar 19 14 Jan 3
eb
.05 Doc
.15 Jan 2
Jan 14
10
Alaska Gold Mines
ar
78 Jan
1 Jan 6
214 Mar 27
10
Alaska Juneau Gold Min
2
2% 218
1% 21s - 2.300
2
218 2%
2%
2
2
2
85 Mar
4
8 86% 8513 8714 873 19,100 Allied Chemical & Dye_No par 80 Mar 30 9312 Mar 3
8
865 873
8514 8513 8513 86,2 8613 87
Apr
100 117 Jan 9 120 Feb 26 110
Do prat
11934 11914 .1193* 1197
8 8,000
4
4
4
•11913 1193 1193 1194 1194 1194 1194 1193
4158 May
100 7112 Jan 5 86% Mar 13
8 803 82
80% 824 19,100 Ana-Chalmers Mfg
4
797 807
4
4 733 80
753
7812 78
78
87177'
90
Apr 10 1 Dee
100 10314 Jan 3 107 Jan 20
Do pref
100
106 106 .105 107 905 107 *105 107 .105 107
.105 106
8
7% Apr
17', July
Amer Agricultural Chem 100 1312 Mar 19 217 Feb 11
1918 1918 1913 2912 8,500
12 197 20
2)
8 20
8
207
2014 20
20
1834 Apr 4958 Jan
3612 Mar 23 557 Feb 10
100
Do pref
8 5118 52,
4
4 53% 5114 5014 52% 15,400
8 5214 5319 513 525
52 525
36 Mar 4912 Feb
100 363* Mar 15 43 Jan 7
600 American Beet Sugar
40
4
393 40
40
39% 31% .10
40 .39
.39
3918
39
88% Oct 83 Dec
100 8014 Jan 19 8715 Jan 6
Do pref
100
81
St .82
84 .82
*82
82
82
*8012 81
.8012 84
2214 Apr 38% Jan
.No par 26% Mar 24 5412 Jan 3
15,200 Amer Bosch Magneto.
2914 2912 21% 30
2512 29
4 32% 3312 31 18 33
313
29
78 Apr 102 Dee
10613 107
10312 10712 4,400 Am Brake Shoe & F.___No par 9014 Mar 30 109 May 5
10712 103
105 10514 1054 1054 105 109
10
100 10712 Jan 12 11014 Mar 7 10414 July 163,2 Mac
Do pref.
11014 -- *1104 -- .11014 -*110 11214 *110 11214 *IR) 112
957 Apr
100 15318 Jan 18 184 May 8
13313 14318 2b1:265 American Can
4
181 147
8
8
8
8
1767 1817 181 1413 1813 1333* 1313 133
Oat
Jan 119
100 115 Jan 29 11914 Mar 9 109
Do pref
900
4
8
11812 11312 11812 11812 11812 11812 11814 1183 1181 11818 11814 11814
200 American Car & Foundry..100 192 Jan 5 23214 Mar 611 15313 Apr 20014 Dee
100 12014 Apr 2 12512 Feb18 11334 Apr 125 July
Do prof
500
124 12514 125 125 ..15- 125t; 125 125
923 12512 *12314 12512
2138 Mar 25 Sent
8
400 American Chain. class A___ 25 223 Apr 22 27 Feb 14
8
*
4 227 23 .234 2113 .2314 21% 233* 233 .2314 2312
4
223 223
1434 Apr 407 Dee
No par 37 Jan 27 62 Apr 14
4 5212 515,503 American Chicle
543
52
5113 53
52
50
55
5318 5314 49
5112 Feb 9312 Dee
10(1 94 Jan 5 107 May 8
Do Pref
100
107 107
99 107 .102 107 .103 107 .103 107 .10312 107
.
23 Sept 39 Dee
No par 37 Jan 7 5312 Apr 18
Do certificates
630
50
*49
50
50 .49
4813 50 .4312 5313 .49
55
*51
Oet
7
312 June
64 Jan 22
514 Mar 17
54 512 1,100 Amer Druggists Syndicate_ 10
512 512
54 512
513 53*
53
8 54
51
8
51
4
Apr 1643 Dec
88
100 125 Apr 27 166 Jan 2
3,900 American Express
8
13412 13712 137 1397 1343 14012 136 13314 134 131
4
133 134
Apr 7 39 Jan 7
8
33 7 3514 313* 3818 37
8
334 365 334 3513 373 59,100 Amer & For'n Pow new_No par 2714
3412 33
No par 87 Jan 8 94 Feb 19
Do pref
4 4,500
4
14 8813 833
8512 8914 893* 8918 844 8918 8312 8153 831 8)
9212 Mar 1324 Wei
1143* Apr 7 12718 Jan 7
Do 25% Paid
--------1.900
121 12514 .122 126
125 126
•120 12434 .120 125
9113 Apr 133 Dee
125 Jan 6 128 Jan 7
Do full Paid
_.
714 Apr 14% Del
14 Jan 14
813 Mar 31
709 American Hide dr Leather_100
1- 1
;
7
3
;
T
;
4;
94
a
'9
-i 1l4 -- -3- -;P 4 -1 --OT2 -13 --Ois -17- - 7 -1 -i6- -16; --.
k
8
5012 Jan 723 Dee
100 59 Mar 31 757 Jan 14
Do pref
67
4
4
6712 83% 66% 673 633* 2,803
8
6614 663 .663 6712 67 67
73 Aug 96 Feb
4May 7
100 83 Mar 18 1103
19,793 American Ice
10512 10314 10314 103
1014 1104 107 107
4
103 105
1063 110
7312 Nov 83 Feb
8
100 7412Mar 17 827 \fay 7
Do prof
2.010
81
81
81
82
81
79
4
823 82% 82 82
82
•78
173* Mar 35% Nov
5
*35
3512 3514 35% 351 337
8
8 3513 3513 314 353
8 337 3114 2,200 Amer International Corp_ _100 3218 Mar 30 41 Feb 15
1214 Jan
10 May
10 1114 Jan 2 14 Jan
8 1212 12% 123* 1318 123 127
8
8 7,600 American La France F E
127 1314 1278 1318 123 127
4
4
4
135 May 283 Dee
100 20 Mar 25 304May 6
9,200 American Linseed
30
213* 293* 3018 294 3014 29
274 27% 277 2914 25
8
Apr 533 Dee
30
8May 7
100 63 Jan 2 713
Do prof
714 7118 7113 71 14 7114 71 18 713* 70% 7114 3.100
8
697 69% 70
7018 Apr 10934 Dee
8
American Locom new __No par 10412 Jan 5 1447 Mar 6
21,900
120 12912 1203 122% 1214 12312 12213 12114 123 121
120 121
4
100 11812Mar 20 124 Feb 16 11614 Apr 12012 Sept
Do prof
122 122 .120 ____.120390
120 123
•11612 119 .118 120
3334 June 54 Dee
8
No par 4534 Mar 30 533 Jan 2
930 American Metals
4614 4712 43
.4614 4713 4614 43'
1.
8
4312 •463 4413 .477 44 2
4
100 111 Mar 30 11612 Jan 8 10714 Apr 11512 Dee
Do prat
•110 1143 .110 1114.112 115 .111 115 *111 115 'Ill 115
4
9414 Apr 136 Dee
25 89% Jan 3 105 Jan 17
9214 9214 9212 934 93
9378 024 927
9214 9212 1,500 American Radiator
.9112 92
7712 Nov 83 Oot
100 77 May 7 84 Jan 13
700 Amer Railway Expre01
•7712 793 *7712 78
4
77
7712 7712 7714 7712 77
774 77
Jan 43 Dec
25
American Republica__ no par 48 Jan 8 8614 Jan 17
59 .45
59 .49
63
53 .45
59 .46
.46
65 .45
8
57 Apr 1014 Nov
8 Jan 2 594 Mar 12
5112 3,400 American Safety Razor.... _100 367
56
56
53
55
5614 51
55
5112 513* 56
51
1018 Oct 15% Feb
1018 Apr 28 1412 Feb 28
1012 10% 1014 103* 1012 1012 .
8 2,100 Amer Ship & Conlin __No par
103
1012 1012
1018 10,2 1014
5713 Jan 10038 Dee
8
14,100 Amer Smelting & Reflning_100 903 Mar 30 1063* Feb 10
9138 9334 91
93
9212 9412 9314 91% 9114 954 913* 95
8
Jan 1075 Dee
96
100 10512 Jan 5 1'1058 Feb 5
Do pref
107 10714 10712 1073* 1074 108 .10312 19912 21063 10614 1,000
4
•1051.3 107
3312 Apr 49 Dee
2,400 Amer Steel Foundries___33 1-3 46 Jan 30 5414 Mar 4
4813 4313 4318 4312 4312 4313 43 8 49
3
49
.
4912 491 4912
100 108 Jan 7 112 Apr 18 10114 Apr 10914 Nov
Do pref
300
110 110 ,.109 11018 *109 110'2 .110 11012 110 110
110 110
Oct ais4 Feb
38
14
1
,
i 15
)g ,74 :La?,
0
63% 6318 6113 63% 633 20,000 American Sugar Refining 1(
4
617s 6214 6/4 634 6112 6313 61
Oct 99% Feb
77
trail; 8
Do prof
2.500
97
97
4 97
9712 .9634 93
984 953
97 1 97
.10512 107
6% July 2812 Jan
Feb14
6 May 6 2112
100
8 7341
73
91 35,100 Amer Sumatra Tobacco
8 75
73
8 8
7
73
8
73
8
6
712
6
Jan
2213 Sept 69
100 28 Apr 27 56 Feb13
Do prof.
36
8
345 5113
,
4 3312 35 I 3212 333
353
32
8 29 4 324 29
,
3814 Dec 4312 Jae
Amer Telegraph dr Cable__100 4014 Jan 8 47 Feb 25
42 .41
42 .11
42
42 .4113 42
*41
42 .41
.41
4
100 1304 Jan 2 13412May 7 12118 June 1341 Dec
137 13714 13714 138
4
1373 13313 133 13313 14,600 Amer Telep dr Teleg
5
13614 1363 136% 137
8May 7 1385 Mar mg% Noy
50 85 Feb 17 941
9318 927 943 z9014 92
93
11,000 American Tobacco
8
927 93
931
92
921 927
Apr 10612 July '
,
100 10412 Jan 5 1067 Apr 28 101
Do pref
900
8
3
•10514 10512 .10514 10512 105 8 10519 10513 10511 10614 10614 1063* 1081
Nov
Do common Class B____50 8412 Feb 17 9378Nl11Y 7 13514 Mar 16338
8
925 17,300
8
4 9214 924 923 92'8 9212 937 291
4
8 913 923
923
9112
Type Founders-100 103 Apr 22 11214 Jan 2 106 Sept 115 Sept
400 American
4
10318 10412 .101 109 .10112 109 I
.101 10734 .101 1073 103 103
40 Feb 144 Dee
4 .2
0 34 J
2
100 05,2 3an 13 53 May 8
26,100 Am Wat Wks & El
5314 5218 551
5214 51
5112 53
8 4912 514 51
504 527
8912 Mar 101 Dee ,
100 100 Jan 9 103 Feb 18
Do 1st pref(7%)
400
4
1013 1013 10253 10214
3
4
100 100 i.101 1013 •101 10l39'101 103
66 Feb 102 Nov
103% Apr 30
Do partic p1(8%) ---400
8
•10118 1017 1017 102 01 102 102 .10118 102 .1 1 18 102 .10118 102
5114 Sept 78% Jan
100 344May 6 644 Jan 6
3134 3678 3613 37% 367 373 48,400 American Woolen
8
4
353 39
3914 3341 3718 33
90 Oct 102% Jan
100 6912May 6 9818 Jan 20
no pref
7413 763 12,800
8' 75% 7614 7014 7714 6912 75
737 757
7519 757
7 July
112 Apr
712 Jan 31
212 Apr 2
47
47
5
44 412
414
514
4
412 414
4
412 2.600 Amer Writing Paper Pre! 100
7 Mar 1214 Dee
718 Apr 30 1212 Jan 9
25
73
4 *74 712 2,500 Amer Zinc. Lead & Smelt
73
734 818
714 .7
714 74
.7
714
8
24 June 367 Dee
8May 1 39 Jan 9
25 217
Do pref
900
2618 27
28
25 .25% 28 .26
25
*25
2618 27
27
2813 May 4814 Dee
17.609 Anaconda Copper Mining__50 3514 Apr 21 48 Jan 3
36% 3638 357 364 363* 373
8 3 4 374 364 373
63
3 3013 37
2812 Dec 29 Dee
12 33
600 Archer, Dan'Is MidI'd_No par 26 Jan 7 354 Feb 131
33
32
333 .32
32
.32
33
33
3314 •
33
32
90 Dec 9112 Dee
100 9012 Jan 5 9713 Apr 20
Do pre(
200
9712
97 97
9712 .96
94
•97
9712 9712 9713 .96
O96
834 June 94% Deo
& Co (Del) Pref.__100 9018 Mar 31 97 Feb 14
7
7
,
90 2 9)
904 904 904 0014 903* 9
*9014 91
0
014 9 7 93 8 1.300 ArmourConstle&Covtc No par
Jan
6 Oct 15
8 Jan 5 1212 Jan 28
1,700 Arnold
9
9
9
9
918 914
9
0
938 938 .9
21
Jan 10412 Nov
79
00
t
18
1
1 gg 11 , Jan
189 196
18514 188
4.400 Associated Dry Goods
19734 1954 19714 19714 •190 197
193 200
8312May 94 Nov
ir65 N y
2 81'ar 1
l
Do 1st prof
200
*33
9)
9713 98
•
99
*9713 9813 913
98
08
98 .93
4
Jan 1023 Dee
89
100 101 Jan 2 10814 Feb 7
Do 21 pref
•
10412 10612.101 106 *10113 10112.10113 106 .101 106 .131 106
2712 July 34% Feb
25 32 Mar 30 3912 Feb 2
12,700 Associated oil
3614 354 36
36
3614 363
4 357 36% 35'8 3613 35% 363
23 Del'
1034 Ma
4
az 1, ,
.
7g 473 21,100 Atl Gulf & WI SS Line____Igg i? tn g g4N11y 6
8 4614 4512 464 473
4514 473* 4614 467
4
443 46
4 46
3112 Dee
712811 Julya
Do pre(
4.300
4614 4434 451
4618 46% 4618 47
8
4612 461 46% 45
46
1404 Jan
100 9512 Jan 2 117% Feb 5
31
7,390 Atlantic Refining
10434 105
105 10513 105 10312 1073 1083 1067 1074 .10513 1083
4
4
Oct 118 Feb
100 11312 Jan 8 11514 Mar 19 108
Do pref
200
.114 11514 *114 11514 .114 1154 11514 11514 11514 11514 .11413 1151
5434 Feb
47 AP
No par 47 Apr 14 5212 Feb 24
Atiaa Powder new
41:11
49 .47
4934 .47
4934 •47
4
*4713 493 .47
493 .47
4
82% Feb 93 flea
94 Jan 9
•9212 91 .9213 94100 92 Jan 14
8
.92
•9212 91
934 9314 9314 .923 91
1118 Jan
5 Jun
918 Feb 16 13 Apr 28
No par
prefTack
p
4.101 Atlas
4 1112 113
4
1214 113 124 113.1 113
8 1214 1258 12
1218 123
3313 Dec
8 T4
2 3
2,390 Austin, Nichols&Covt cNor[o ' 3
233 231
25
.24
2412 25
2134 2314 2414 2312 21
24
91 Nov
Prof.
Do
300
90
90 .89
90 .89
89
90 .8912 9014 911
'
90
92
812 Jan
314 Feb 26
113 Nov
18 Jan 7
*212 234 .213 23
200 Auto Knitter Hosiery_ _No par
8 23*
*23
4 23
23
4 .21, 3
4
212 23
8
1043 Ma 134% Dee
,
4
8
1114 11338 11134 1133 1123 1143 11314 115% 113% 11513 1127 1143 81,500 Baldwin Locomotive Wka_100 107 Mar 30 146 Feb 26
4
s
100 109 May 1 116% Jan 31 11012 June 11712 Nov
Do prat
500
10912 10912.110 1104 110 11014 .110 11014
1
.109 11014 .109 110
14 Feb 2312 Dee
25 21 Mar 24 30 Mar 3
8 2212 223* 8,300 Barnsdall Corp. Class A
2214 22
22
2234 2212 2318 02213 23
2212 227
10 Jan 1712 Dee
25 1614 Apr 22 23 Feb 8
Do Class 11
1712 1712 1713 1712200
1813 .18
•17
1813 •173 1312 .1713 18
4
2312 Nov 39 Dec
8
No par 35 Jan 5 497 Mar 4
Barnet Leather
•321.2 34 .3212 40 .3212 34
*3213 40 .3213 40 .3212 40
Jan
3912 May 59
No par 39 Apr 23 5314 Feb 14
800 Bayuk Cigars. Inc
4
4
40 40
4012 4013 4012 4013 4012 403
4 4012 40.3 403 403
4434 Apr 724 Dee
20 60 Mar 23 74% Jan 10
6514 8514 2,500 Beech Nut Packing
67
66
63
67
4 6612 69
677 68
664 663
100 3854 Mar 23 5313 Jan 13
4 Oct 6218 Feb
37
3912 4038 393* 403 17,200 Bethlehem Steel Corp
4014 41
41
40
8
8
395 40
4014 41
Co cum cony 8% Pref....100 109 Mar 13 11612 Feb 8 10114 Apr 11014 Fab
112 112
112 112
112 112
500
112 112
•111 112 .11113 112
8912 June 97 Feb
10094 Apr 28 102 Jan 31
8
95
8
400
943 917 *91
95
4
95
.943 95
*91
913* 9113 *94
7is Jan
34 June
% an 0
7 Jan 16
3 j 2
,
5
37 4
34
11 S4a4
No
413 43*
8
43
4 514 4,400 Booth Fisheries
8 43
43
418
418 418
4111
•414 512
6 Aug
14 Nov
8 238 .1% 23
8
155 •112 218 .14 214 .13
100 British Empire Steel
155
8 25
•13
30 Aug 54 Max
4
100 30 Jan 5 333 Feb 25
n
It prof
30 .27
30 .27
30 •_.__ 30 ._ _._ 30 .____ 30Do
027
8
157 Jan
5 Nov
712 Apr 25 1114 Feb 24
100
712 *714 712
Do 2d pref
.758 8
200
712 73
,
4 *712 8
*714 7 2 4.714
100 12053 Jan 2 133 Jan 7 10714 June 1244 Dee
s 9,300 Brooklyn Edison, Inc
13014 132
13013 1317
8
12812 1287 129 1304 130 1307 1303a 131
4
5632 Apr 823 Dec
No par 7512 Feb 17 833
4NlaY 7
8 8514 81l. 853
8118 893
4 87
8434 67,100 Bklyn Union Gas
8214 8212 833* 83
*82
39 May 7812 Dee
7914MaY 1
100 6413 afar 31
75
75
754 7714 75
75
77
75
5.100 Brown Shoe Inc
7712 74
76
76
84 June 994 Dec
100 96 Mar 25 101 May 2
Do prof
200
100 100 .97 105 .100 105 .100 105
101 101 *100 105
95 Dec 11212 Jun*
No par 9213 Feb 11 1(15 Slay 8
2,400 Burns B rothers
100 10112 10112 105
4
993 100
100 100
4
993 9978 100 100
8
193 Feb 29 Nov
17 Mar 31 2312MaY 7
23
23
21
22
2312 2334 25
21
22
21
Do new C1113.413 com No pa
4
8.500
203 21
95% Mar 1)918 May
9318 Jan 10 9718 Apr 16
IQ
8 9118 9718 .
Do Prof
9418 9713
•94% 9718 *9118 97, •9118 0718 .9418 97, •
8
4
623 Nov 8712 Oct
81
81
8012 8012 •79
8114 81,4 8114 .79
1.000 Burroughs Add'g Mach_No par 85 Jan 3 8214 Mar 15
81
81
81
34 June
,
9 4 Dee
3
8 4 Jan 2
55
414 Mar 31
513 53
8 2,400 Blitte Copper A, Zinc
5
4
555 53*
513 53
4 54
53
34
4 34
5
17 AD
8
253 Dee
1812 1818 1818 .18
1812 •18
4
100 173* Apr 28 283 Jan 3
1812 .18
1312
200 Butterick Co
18 .18
18
May 2512 Dee
14
612Nlay 5 2414 Jan 9
84 834
612 83
818 8% 14,300 Butte & Superior Nlining___10
9
4
912 958
912
74 81 2
1 Nov
238 Jan 12
414 Jan
3
12 Apr 25
5
500 Caddo Cent Oil & Ref __No pa
8
5
5
4
3
8
5
4
3
"a
"8
"8
Apr 1064 Dee
SO
12,700 California Packing
10112 10712 106 10834 10612 10712 10712 10814 10712 108
No pa 10012 Jan 27 110 Feb 21
104 104
1912 July 294 Feb
25 23% Jan 2 32% Mar 7
8 29
4
293 30,300 California Petroleum
2912 30,
4 294 3013 29% 3012 2918 257
8
295 30
9212 July 107
Jan
100 100 Jan 2 11618 Apr 8
Do prat
900
1121* 112 8 11212 11212 .112 113
,
113 114
8
1127 113
•112 113
212 May
434 Feb 19
2i2May 8
1(
8
258 23
8 2,700 Callahan Zinc-Lead
212 25
8 23
25
4
24 253
234 214
5% Jan
4
4 23
23
4
413 Mar 583 Dec
1(
1,600 Calumet Arizona Mining
45 Apr 22 58 Jan 7
48
4812 484 43 4 43
4
4512 .47
48
3
4734 477
8
477 477
No par
le Mar
Case (J I) Plow
114 July
1318 May
12% Apr 27 184 Jan 5
2.
- . 2 13
13 - 1,300 Calumet & Hecht
19% Dee
3.
15 4
1353 135s 15 -131-1112 - 2 -134 '1313 137
14 Mar 35 Dec
8
24 Mar 18 307 Jan 23
27
600 Case Thresh Machine..._10
30
3013
31
30 .
3012 .30
3014 .30
30
30
30
101
7212 Apr 27
60 Mar 11
70
414 May 77
100 •Do pref
71
70
72 .70
.70
71
72 .70
Jan
7012 73 .70
•
93 Mar 21% Dee
183
100 144 Mar 28 2134 Feb 7
4 1,900 Central Leather
4
163 •16
8
17% 167 1718 *16
1614 1814 16
16
16
100 4514 Mar 24 66 Feb 7
5178 3,600
Do prat
2914 Mar 584 Dec
4
513 557
567
* 5112 54% 51
51
54
514
534 54
3112 Jan 5 4713NIar 11
539
Ribbon Mills...No pa
3714 38
9
2134 Apr 354 Nov
1,000 Century
5
4014 .3812 40 .3313 3912 3714 38
3913 391
9512 Jan 3
10
Do pref
99 •96
99
99 •96
*9512 09 .96
99
99 .98
*96
9512 July
55 2
43% Mar 24 9814 Jan 14
2
4334 473
8 47
4714 9.400 Cerro de Pasco CopPer.No pa
40 4 Mar 563 Do
3
4614 4614 468 4(334 47
4
453 4614 46
4
4034 Mar 24 484 Mar 2
43
44
4313 4314 4313 4212 424 4214 4212 1,900 Certain-Teed Products_No pa
8
247 June 4412 Dec
44
*4314 44
8
3112 344 343
3,700 Chandler Motor Car. __No par 2812 Jan 22 375 Apr 6
267 Nov 68% Jan
8
3412 3412 3412 3518 3134 344 3412 3514 34
Pneumatic Tool_ .100 8014 Mar 19 98% Jan 3
9318 9213 93
7,800 Chicago
4
79% May 100% Dec
8418 90's 894 9I34 913 9314 9214
881
86
Chic Yellow Cab tom etf No par 48 Mar 18 55 Jan 3
50 •48
50
8
497 .44
39 may 8112 Apr
53 .44
8
497 •48
•47
4814 53
.
25 3013 Mar 37) 374 Jan 2
8,703 Chile Copper
3212 32% 3213 323
32 3212 323 32% 3212 327
s
255 Ma
8
3
33 8 Deo
3218 321
5 19 Apr 23 234 Feb 9
2013 21
1953 20
2018 2018 *2014 2114 •
801 Chino Copper
19
19
15 Ma
20
29 Dee
•19
100 5812 Mar17 7134 Jan 12
63 .62
63
301 Cluett,Peabody & Co
6334 621 1 61 .62
634 .65
55
Oct 7512 Jan
•6212 (14 .63
a Ex-rigtite.
a Ex-dlvidend.
•Bid ar d asked Prices; 00 Sales on this day
$ per share $ per share 5 per share S per share
10112 103
10214 1037 10112 101
101 102
8
8
1314 127 1314 127 13
1318 13
13
4
13 1.114
2
,
,n j
1,,,yip .i,..„Ir.. i4 771 Mar
ro,r
)
New York Stock Record-Continued-Page 3
2378
Fee soles dories the week of stock. 44.44a, y Inactive. see third
page preceding.
RICH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
eaturrkiy,
May 2.
Morvlay.
May 4.
Tuesday.
May 5.
'gales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PEN SHAHS
Range for Year 1925.
On basis of 00
-Mare lots.
PEA &IAN'S
Range far Previa**
Year 1924.
Wednesday. Thursday,
Friday,
May 6.
May 7.
May 8.
Lowest
I
Highest
Lowest
Highs*,
i$ Per share $ per share $ Per share $ per share 3 per share 5 per share Shares. Indus.
& Miscall. (Con.) Par
per share $ per Mare
per share $ per sham
10411 10712 10714 10814 10712 1033 10778 103
8
1073 10818 1067 107% 19,700 Coca Cola Co
4
No par 80 Jan 6 1083
8May 5
Apr 8318 Dec
61
354 353
4 344 38
34% 353
: 38
3714 3614 383 373 393 23,200 Colorado Fuel & Iron
4
4
100 3214 Apr 21 4814 Jan 13
*47
24% Feb 544 Aug
4712 *47
47 4 .47
4734 47
,
47
47
48
*4714 48
300 Columbian Carbon v t c No par 45 Mar 24 5134 Jan 8
6112 625
393 Sept 55% Jan
4
8 6114 625
8 6112 6212 62 6314 625* 657
65
6618 11.600 Col Gas dr Elec
No par 453 Jan 21 1363
4
8May 8
10518 10518 10514 10514 10514 1053 1053 1053 106
33 Mar 48 Dec
4
4
4
106 *10614 10612 1,400
Do Ore?
100 10414 Jan 5 1117 Jan 26 10314 Dec 105 Dee
•563 60
8
*563 60
8
*563 60
8
*533 60
8
*563 60
8
*563 60
8
Comm. Invest Trust__No par 50 Jan 2 87 Feb 16
]
•102 103
303 May 68 Nov
10234 10234 *102 103 •IO2 103
8
103 103 *102 1033
4
Do Ore?
200
1110 102 Mar 19 11161: Jan 19
9613 9713 100 101
93 May 103 Nov
10013 10312 100 103
*90 100
1,800 Commercial Solvents A No par 81 14 Apr 27 19.) Jan 29
5
'2 97
9714 983
4313 Jan 13114 Dee
4 9313 100
10312 1033 •90 103
4
97
97
*90 100
1,300
Do "B"
No par
RI Apr 27 189 Jan 29
27
2714 27
Jan 1294 Deo
33
283
293
4 28
8 283 29% 23
4
28% 27
2312 37,300 Congoleum Co new._ _ No par
4.27
2 34 43
312 *3
25 Apr 29 1318 Jan 2
32% May 66% Feb
312 *3
314
318 34
3 4 *3
,
100 Conley Tin FollstampedNo par
2% Feb 16 17 Feb 141
*271 28 •2713 28
:
7 May 1414 Deo
/
1
4
*2814 2834 28
287
8 23 4 3012 314 333
3
4 9,400 Consolidated Cigar. _. No par 2812 Jan 2 333 May 8
4
•84
113 Mar 30 Nov
8
88
*84
85
*88
83
87
87
*87
88
88
801
Do pr.?
1,600
.100 79% Jan 2 894 Feb 14
513 53
Jaa
4
54 513
59 3 Apr 84
,
4% 53
8
43
4 518
514 57
518
rl, 9,700 Consolidated DistrIb're No par
938 Feb 19
318 Jan 7
334 Dee
7914 7913 7913 803
4 Jan
4 80% 833
4 8318 813
4
4 833 813
3 8313 81 100,300 Consolidated Om (NY) No par 74 18 Mar 30 8414May 6
318 314
80% Jan 7978 Deo
34 318
3
27
31
27
27
3
3
25* 12,800 Consolidated Tex t ile
No par
514 Jan 7
27 Mar 19
8
84% 6514 655 6614 265
2% Apr
Jan
8
8
65% 657 67
8
661 6713 6914 6712 41,0)0 Continental Can. Inc No par 6012 Mar 30 897 Jan
8
*109 11012 11013 11012 109 100
2
431a Apr 6958 Dee
10) 10914 II() 110 *10) HO%
14
600 Continental Insurance
25 103 Jan 5 121113 Jan 2"
9
8918 Apr 1094 Deo
94
918 93
8
94 93*
94 93
10'2 101s 11 128.200 Cont'I Motors tern et ts_No pa
4 10
814 Jan 2 11 May 8
8% Dec
6
APr,
35% 3634 3618 374 36
365
8 3614 365
8 3572 35121 3514 357 25,403 Corn Products Rent: w 1
_25 3514M.iy 8 41% Feb 25
*121 12212'
3113 Jan 43% Nov
3121 12212 12214 12214 *12112 123 *12112 123 *12113 123
Do Ore?
103
11814 Jan 7 12312 Mar 25 11518 Apr 1233 Aug
4
Cosden & Co
No 1()
pa, 2618 Mar 30 35% Feb 2
)
2253 Sept 404 Feb
Do Ore?
__
8.3 Jan
_
90% Feb 10
66 - 7
80 Dec 95 Feb
472 a91 8
1
igt - - -6
133
4
/3 4
-691 4
;
- 1 25.0)0 Crucible Steel of AmerIca..1
8112 mar 30 79% Jan 17
1111
092
48 May 76 Dee
93
*92
93
*92
93
93
93 4 9212 93
3
92
93
1,0)0
Do pre?
91 MW 8 98 Jan 15
1114 1114 105* 1114 *104 11
86 May 98 Dee
107 11
8
108 115* 1124 114 4,100 Cuba Cane Sugar
No 10
3)
1 :,
10% Apr 29 14% Feb 9
18 Feb
485* 4913 49
1013 Oct
5114 50
493 5112 5114 53
4
51
51
513 15.300
4
Do pre?
474 Apr 31 825 Feb 26
8
28
535 Apr 71% Feb
8
28
28
2814 2714 277g 27
23
23
2312 23
241
8 9,100 Cuban-American Sugar__ It
27 My 0 3312 Mar 3
387 Feb
2814 Nov
4
*9614 97
96
9814 9512 9513 *95
97
*98
97
9714
Do pre(
530
97
10(
03 2M iv 5 101 Mai 13
.
Jan 10014 Nov
•434 47
98
413 434
412 413 *413 434
412 413
1,400 Cuban Dominican Bug-No ear
47
8 5
412%1 iv 4
84 Feb
6% Feb 27
44 June
436
393 *3612 39 .3712 383 *3613 373
4
4
4 3613 3512 *3612 373
4
Do pre?
103
100 38'2V1 ky 7 444 Jan 6
38 Dec 52 Feb
•64
6513 *64
67
67
68 1 69
69
*63
70 •68
8
Cushmait's Sons
70
No Par 62 Mar 30 73 Jan 19
5613 Aug 783 Sept
4
*5412 55
533 5513 54, 55
4
3
51
54
537 51
8
5112 5118 3,100 Cuyatnel Fruit.
No par 50 Feb 17 53 Apr 11
741: Jail
4518 Nov
212 212 *2
218
214 213 *218 212
213 213
214 212 1,103 Daniel Boone Woolen Mills.25
14 Apr 23
7% Jan 9
Nov 3214 Mar
2918 2912 295 30% 293 3012 305* 325* 3134 33
8
4
32, 335 23,230 Davison Chemical v t o_No par 27% Apr 33 49% Jan 23
8
3818 Nov 694 Jan
0205 225* *205 223* *20% 228 •204 2213 *20% 225* *234 225*De
8
8
Beers Cons M Ines_ _No par 2014 Mar 18 2418 Jan 28
1814 Jan 2214 Dee
•1155 11612 116 116
8
11612 11612 11614 1163 116%118l3 11614 1.167
8
:
933 Detroit Edison
10( 110 Jan 5 119 Mar 7 101 14 Jan 1153 Dee
•133 14
4
1313 1334 1312 133
133* 137
133 133
4
133 1334 2,030 Dome Mines. Ltd
par
No
123 Apr 14
4
Jan 19
113 Nov
4
18
2014 Jan
16
16
1614 16% 1718 17
17
13
5,6301 Douglas Pe •tin
17
17
14 Feb 16 19 Mw 8
9%
•107 10712 10712 10713 10712 10712 .10714 103 *10713 103 I 17 108
Duquesne Light 1st pret....liar 105 Jan 7 10713 Apr 11 10011 Jane 18 Dee
1'107,2
No p a
Mar 108 4 Sept
1033 109
4
191 8 1087 1081* 10)8 10) 10) 4 1034 10314 1034 1013
35
,
8
7
3
4 6,100 Eastman Ko
Kodak Co.__.No par 1034 Mar I
..
_ No
118 Jan 19 1044 Apr 114% Noy
1412 1413 ii
1413 145* 14% 1418 143
8 143* 1413 1418 114 1.500 Eaton Axle A S 'ring...No Par
1(14 Feb 13 18 Jan 3
83 Sept 244 Jan
4
14513 146 1 14513 148
14713 148141 1477 1434 14514 147
8
147 143
11,600 E I du Pont de Nem & Co...101 13414 Jan 5 154 Mar 4 112
May 142 Dee
*98
97
9612 9612 *9618 974' *964 974 9613 9813 9612 9612
Do Ore? 6%
300
101
94 Jan 23
85
96 Dee
AP
7
6312 64
4 623* 63 8 6312 635
8 63
634' 6018 6113 631 63% 4.601;b Elee Storage Battery...No Par 6014 Mar 30 9712 Mar 4
703 Jan 3
4
504 May 86 Dee
•8
812 *8
81
84
230, Elk Horn Coal Corp
2 *3
51
74 Felt 17 1013 Jan 22
Dec 14% July
11
•114
13
4
1,
4
114
113 112 *113 9
41 *113 13
600, Etherson-Brantinitharo Co 100
4 *112 134
24 Jan 3
1 18Mav
78 June
34 July
66 1 *6512 67
66
*653 67 .66
4
67 1 68
6813 66
66
5301 Endleott-Johntion Corp__ 5( 63% Apr 2 72 Jan 9
65% May 73% Dec
•1135* 114
1133 1133 •11234 114 *11234 114 *11234 114 *1123 114
8
8
2001 Do prat
4
It))) 11213 Jan 21 1163 Feb 16 10514 June 115
4
1638 163* 163* 183
Jan
8 17
18
18
1812 18
18
1712 1712 1,6001 Exchange Buffet Corp_No
1513 Apr 8 197 Jan 3
8
18 Dec 2413 lug
•112 3 2 *113 31
,
*112 313 *2
3131 *112 313 *113 3t2
1 Falrbanka Co
25
214 Mar 27
3 Jan 5
2 Dec
44 Jan
353* 355* 3513 351
36
36
353 357
3514 353
4 353 3534 1.8001 Fairbanks Morse
4
No pa
324 Jan
383 Mar 12
4
251: May 34 Dee
98 8 100 I 10314 10214 10112 10213 1038 101% 99% 1031
3
7
4 9) 1003 53,800 Famous Players-Lasky_No pa
4
9014 Feb 17 1031 Mar 2
:
81
Jan 9813 Dee
10734 1073 1073 108
4
4
1077 1084 10314 10814 10314 10313 *10814 109
8
1,400
Do Ore? (8%)
10378 Feb 17 110 Jan
87% Jan 10813 Deo
155 155
154 15412 154 1553 158 168
4
16213 163
163 161
8,600 Federal Light & Trite_ _Nol a 11413 Jan 3 163 May 7
(
p )(
744 May 1224 Dee
•1513 1613 1614 1614 *1512 1612 153 153 •15,
4
4
300 Federal Mining & Smelt'g_1(1(
3 164 *1513 1613
1514 Mar 13 25 Jan 19
518 Apr 2434 Deo
54 1 *5214 54
*52
*525 54 I 523 523
8
4
4 53
53
51
*53
200
Do prat
10(
4912 Mar II 8414 Jan 15
4113 Jan 6413 Deo
163 163
0160 163
16314 1633 163 163
41
161 162
161 161
800 Fidel Phen Fire Ins of N Y..25 1471: Jan 6 16614 Jan 12 118 Mar 148 Dee
145* 145* *1412 15
1412 14% 15
15
1412 1412 15
15
700 Fifth Ave BUS tem ctfe_No pa
12 Jan 8 15 Apr 7
94 Jan
13% Jan
Fisher Body Corp
No pa 239 Jan 2 280 Jan 12 163
Jan 240 Deo
74 - 1114
- 3
11
; 141* 14
-- -3 -141 -11 3 -1 418 - - -1- -14;
3 - -1- .
14 3 25,300 Fisk Rubber
No par
1013 Mar 24 154 Apr 20
54 Jun
1378 Dee
08512 86
• 851 85 4 865* 86%' 86
: 3
86
86
86% 1.300
8613 86
Do 1st prat
100 754 Jan 16 871: Apr 30
3818 July 88 Dee
828 833* 83
835* 833 834 83
8
8313 83% 84
823 83o 5,700 Fleischman Co
4
No par 75 Mar 19 mil, Jan 2
444 Jan 904 Nov
1107 111 I 1103* 11213 11214 11314 111 1123 1103
8
3111 14 110 1111 10,400 Fornication Co
:
4
No pa
90 Jan 8 113145l Mr 5
3
68 3 Jan 945 Dec
,
11
143
12141 113 124 12
4
145* 15 4 14
153
8
3 1413 155 133.100 Freeport Texati CO
3
NO pa
8 Mar 18 151
4MaY 6
712 Sep
13 8 Jan
7
1018 10141 1012 107
8 1018 103* 1014 11
1018 1012 " 9% 1012 3,700 Gardner Motor
par
Jan 2 1614 Mar 2
No
413
7 Jan
34 Oct
4514 457 045
49
4513 46% 47
4818 *463 48
4
4712 48 12,500 Gen Amer Tank Car
11)0 443 Apr 27 584 Jan 10
354May 53 Dee
4
9814 98 98
497
*97
99
*97
99
*97
*97
99
99 •' 100
Do pre?
100 934 Feb 16 99 Jan 19
92 Fe
9912 Dec
50 4 51% 51
3
53% 52
533
4 5218 53
524 53
5114 5214 24,000 General Asphalt
1110 4212 Mar 30 633 Jan 2
4
31% AD
63% Dee
•904 9212 907 9212 94
8
94 .92
94
*92
91
94
*92
Do Ore?
300
.10(
8812 Mar 17 100 Jan 2
714 Apr 100 Deo
130 135 *130 1353 1345* 13434 *132 1344 *131 138
*129 130
800 General Baking
No par 121 Mar 7 1473 Jan 2
4
Jan 160 Sept
93
85
863
4 8412 855* 8711 88
8813 89
89
89
893
8914
4 3,700 General Cigar Inc
100 8412May 4 1111% Mar 4
8214 Apr 98% Dec
•10434 109 *1013 109 *1033 109 *1043 109 *1043 109 •1013 109
4
4
4
4
4
Do prat
100 105 Jan 3 111 14Mar 12 10114 Ma 106 Dec
•103 109 *104 109 1.1043 109 *104 109 *104 109 •101 109
4
Do debenture
270 27234 26813 27112 27013 27534 27214 2774 277 23112 27914 23214 46,100 General Electric pref.-118) 10612 Apr 21 10912 F eb 25 100 AP 109 Dec
100 22714 Feb 17 320 Jan 2 1934 Jan 322 Dee
1118 1114 1114 1114 1118 1114 1118 1114 1118 11% 1118 1114 5,200
Do special
10
11 Jan 2 113
101: Apr 114 July
8klaY 7
7 745* 74
7312 74
7312 7414 73
74 4 734 742
3
744 75 60,500 General Motors CorP__No par 84% Jan 5 79 1.0)10
55% Oct 667 Dec
8
*91
9213 .91
93
*91
93
*91
93
93
93
_ -Do prat
100
10
90 Feb 13 944 Jan 21
93 Dee
80 Jun
4.9112 924 92
92
*91
924 *91
9213 *9112 93
•89
*93- ;
921
Do deb stock (6%) .10
100
8812 Apr 21 94 Jan 13
934 Dee
8018 Jun
4
4
1063 1063 1063 10634 1063 107 I 10612 1063 1063* 1063 1063 106% 2,800
4
4
4
Do 7% Ore?
4
4
100 102 Jan 5 1087 Feb 2
8
951s July 1034 Dee
515* 5218 52 523
515* 52
4 5213 5318 5134 523
4 5113 5214 41,400 General Petroleum
25 42 Jan 16 5712Mar 3
45 Aug
38% Jun
*4334 4413 433 44
4
45
451
46
*42
46
*44
52
52
500 General Refraotorles___No par 43 Apr 28 58'8 Jan 14
55
31 Jun
Jan
*4812 497
50
49
5012 503 *4912 5913 *50
4
50 4 1,600 Gimbel Bros
,
5322 •50
No par 47 Mar 16 57 Jan 13
474 Jun
64% Dee
10114 10314 *103 105 *103 105 i•103 105 *103 105 *103 105
Do pref
100
100 10214 Mar 14 10514
Jan 107 Sept
99
29
29
29
293* 2834 294 2914 2912 2912 3113 3212 313 10,700 Ginter Co temp ctts___No par, 223 Feb 13 3013 Jan 20
8
4
Apr 16
21 Dec 27% Nov
8 205* 22
2112 225
2112 2213 203 2113 204 213
4
8 20% 21
73,900 Glidden Co
No par; 1212 Mar 19 233
8 Jun
8May I
15 Nov
*3814 39
3814 3814 39
397 397
403
8
8 40
2,900 Gold oust Cor v t a_ No par!
40
4012 *39
284 Apr 43% Nov
1
14 5114 19,500 Goodrich Co e F)____No par 37 4 Mar 3 42% Jan 2
531z 533
53
5414' 53
54 2 53
,
533
4 53
53
63
i
3123 Jan 5 5512 Apr 6
17 Jun
38 Deo
*97, 98 *973 98
4
9712 975* 9713 9712 9713 9713 9713 9713
Do pre/
700
100 92 Jau 3 99 Apr 16
7014 May 92 Dec
95% 9614 9614 97
967 97
9618 9858 9614 97
963* 97
6,000 Goodyear T & Rub pf v t 0 1110
M18 Jan 6 101 14 Mar 6
Jan 90% Dee
39
1037g 101
*1037 101
104 101
101 104
8
Do prior prat
1037 1037 *103 101,2
600
100 103 Ap. 27 10714 Mar 8
884 Jan 1084 Dec
1313 135 133* 14
134
8
•14
14
15
134 14, •1312 1422 1,500 Granby Cona Min Sin & Pt 1)01 13 Ma, 30 2114 Jan 14
8
124 Apr 217 Dec
8
Gray & Davis, Inc... No par
414 Jan 2
74 Jan 3
94 Jan
213 Oct
9413 9413 9412 943
4 914 91.4 9118 9.14 -94F4 95 - 915* Iffs _ Ti.(515 Great Western Sugar tetra Cl? 25 91 Jan 16 9914
1Mar 3
8314 Oct 96% Dee
•12,12 1212 1213 1212 1212 1212 1213 1212 *1213 13
•1212 13
500 Greene Calmilen topper. _ lot) 1134 Mar 19 1914 Jan 2
..
10 May 217: Dec
*458 5 I •4511 5
*43
4 5 I
45
43
4 .413 5
5
5
900 Guantanamo 8ugar___
..No par
45
8May 6
813 Jan 5
47 Nov
8
le Feb
693 7012 7912 7112 713* 7212 723 733* 73
4
4
75% 7713 13.700 Gulf States 141eel
735
1110 674 Mar 24 119.: Feb 5
82 May 8914 Feb
•2713 28 I 2818 30
30 18 31 I 2)4 3013 •30
3
30 4 5.700 Hartman CorporalIon..No par
,
3914 *30
2532 Apr 24 3712 Jan 7
31 Sept 44% Feb
3412 341z 343 343
4 315 3613 36
8
3613 36
36
9,300 Ilayea Wheel
3513 36
No par 30 Mar 14 434 Jan 3
3214 May 527 Feb
8
44612 47 I •4613 47
4613 463 •4612 47
4
*4612 47 .
200 Hoe(R)& Co tern etts_No par 45 Apr I
464 47
48% Jan 9
484 Dec 51% Dec
4414 4414 .4413 46
4112 44 1 413 454 4413 413
4
1,500 liceneitake 51111Ing
1011 43 Jan 2 50 Jan 12
4 44% 45
35 July 6613 Jan
g
357 5357
36
36
36
33 63
36
36
2,500 Ilouseh Prod , Inc,tem at No par 3418 Jan 6 37% Jan 21)
364 36
38
313 Apr 38 Nov
3
80
6012 61
6112 617 62% 624 623
4 61
6112 633 6212 6.200 Houston Oil of Tex tem etts.100 59 Apr 22 85 Ian 29
4
Apr 8213 Feb
61
614 52 I 51
5213 513 527
8 5113 523
4
8 517 523
4 52% 543 57,100 Harlem) Motor Car...
4
.No Pm
31/84 Jai 5 543
,
4MaY 8
201 May 36 Dec
:
164 1614 16
164 1614 168
1614 16
4 1613 163
1414 Mar 18
4 4.600 Hupp Motor Cur Corp.._ Ill
1612 168
19.4 Jan 5
114 May 18
Jan
Hydraulic Steel
No par
I
Jan 5
12 Jan
1 14 Jon 8
2% Dee
7's 712 • ,
Do prof
712
7 8 713 *74 713 *713 712 -;111113 *710
100
100
6 Jan 5
33 May 10 Dee
4
7 Apr 20
%
2512 26 1 2518 2614 261s 27141 263 273
4
8 2614 27
263 273* 53,800 Independent (911.4 Oae_No par
8
63 Sept 11314 Dee
Mt Jan 5 33'z Mar 8
4
•175 18
8
•16
1612 *1614 1612 16
16
830 111,11811 Niotocycle
16
Na par
13 Mar 24 20 Jan 3
1612 16% 163
4
154 June 2514 Feb
8
75
83, *73
77
4 814
7% 818
8
83
4,100 Indian Refining
3
512 Jan 2 103 Feb 6
111
734
73
4
8
33 Apr
4
74 June
•
75
8518 075
854 .75
8518 •76
Do Ore?
85 •75
85 .75
1130 77 Mar 24 95 Jan 7
85
60 Mar 75 Deo
7 39% 40 40
383 334 *333 387
4
4
8 33
3,000 Inland Steel
par 383
40
4‘tov 1 50 Feb 2
NO
40
391 4012
311
:May 483 Nov
4
10714 10714 *107 103 *107 1073 *107 1073* *107 1075* *107 1073
Do lire?
8
100
100 10413 Apr 13 III) Jan 22 101 14 Jan 1073 Deo
4
227g 227
8 2212 23 I 2318 263
4 21
243
8 235* 2114 23% 23% 3,600 Inspiration Cons Copper. 20 2214 Apr 22 3234 Jan 12
224 Feb 33% Dee
103* 11321 105 114 1058
intermit AgrInul- --- .-No Mu
2
118 11
1114 1052 107
74 Jan 7 13.: Feb 5
2 105* 103* 1,600
3 June
9% Jan
121 12113 1215* 12178 •121 12112 *120 121 *12012 12112 12
800 lilt itudlietia Machineti.NO Par 110 Mar 30 125 Feb 9
8
83 Apr 1187 Dee
15* 1215
3
62
623
4' 82
62181 62
6312 63 635
1
.No par 52 Jan 5 617
8 623 615
8 61 61, 9,230 1 ntermiihnuil Cement.
8MaY 8
4034 Apr 5913 Noy
3 3638! 36
36
363* 35
3614 3518 36
4
317 377
8 33
33% 47,600 Inter Coil,liiiii Engine..No par 313 Jan 21 44 Mar 6
22 Mar 39 Dee
10714 10714 107 10714 2 107 10712 1073, 103
10)) 9618 Mar 25 11072 Jan 23
107 107 4 1063 107,
3
4
2 5.500 International Harvester
Jan 1101 Dec
78
:
'1l5'2 1151 1157 1 155* 011512 116
Do lire?
300
116 116
1110 114 Mar 3 117 May 17 106 Feb 11513 Nor
117 117 *11514 1154
•1112 11%1 12
3.500 Int Mercantile Marine....11)0
1113 1134
121g
12,
4 12
11
1152 11
t
6% Jan
1033 Apr 13 14% Feb 5
15% Dec
4278 427
4234 4413 43
Do tire?
4318 4334 4213 43
437
3918 Mar IS 52% Feb 5
423 16,6)0
4
100
423*
2813 Mar 47% Deo
298 3)
12 30
305
8 2)3 304 2914 30
2)8 217
1
2) 2)4 41.090 International Nickel (Thal _25 2414 Mar 18 3014 Apr 24
14
1112 May 2718 Dec
3
096
97 I *98
97 I .96
Do pre?
lail 94 Jan 8 991: Feb 6
97 I 96
300
*9614 9)
97
97
96
754 May 95 Nov
563 573
4
41 56% 5734' 58% 5914 573 5')
24 27.200 International Paper
1
5718 53
100 4814 Mar 19 62 Jan 13
564 57
3412 Apr 60 Dee
747 747
743 7512 7513 77 I 7713 7713 775* 773 •76
4
Do stamped Ore?
2,400
77
100 71 Mar 9 77i2May 6
8
621: Mar 747 0.21
8
132 1351g 135 136 •131 132 I 133 133
609 International Shoe
No par 108 Feb 2 136 May 4
*136 133
137
Apr 119 Nov
73
•1175g 11914 •119 11914 *119 1193 011738 1191 *117% 1193 313612 119
4
Do pref
100
4
119
100 119 Apr 18 12053 Feb 28 11514 May 1194 Dee
893 893
893 8914 894 907
8
8 90
9312 9313 91
934 9133 16.500 Intermit Telep & Teleg....1061 8712 Apr 3 978 Feb 19
4
Feb 94 Dee
66
•23
35 •22
25 •22
Intertype Corp
21 .22
23
No par 22 Apr 9 284 Jan 5
23
*21
*19
23
241 Dec 3211 Mar
:
Invincible 011 Corp____No par
151: Jan 2 223 Jan 9
3
1013 July
187 Jan
8
i(116
Iron Products Corp
82 Jan 2 105 Feb 10
Wci" '72 90
10
3913 Apr 100% Dee
•18
19
1813 1813 •184 19
1812 1812 1813 1813 1313 1812
500 Jewel Tea, ltie
100 1818 Mar 30 21% Feb 26
18% Apr 2314 Jac
*108 108
10734 1073 .10712 110 *10713 110 •10712 108 •I0713 108
mg 10218 Up 19 110 Feb 25
100
Do pre
78 Mar 106 Deo
•814 me *4E04 PL
1001 0 wiles 00 31315 .lav s lex-dividend 3 Par vIIa °Imaged from 31,10 10 154) and Prim on gnat oasts beginaltut June 3. a
0
Ex-rights.
201
J
New York Stock Record—Continued—Page 4
2379
preceding.
For sales during the wood of at cies usually Inactive. see fourth page
PER SHARE
PER SHARE
Range for Previous
Range for Year 1925.
STOCKS
Sates
--PER SHARE, NOT PER chwr.
HIGH AND LOW BALI PRICES
Year 1924.
-share hrs.
On basis of 100
NEW YORK STOCK
for
EXCHANGE
ths
Tuntaag, Wrriarsday Thu 'ass, 1 Prtaas.
y
Iftwurtfa,
Monday,
Lowest I Highest
Htorost
Lowest
Week.
May 8.
May 6. 1 M ty 7.
May 5.
May 4.
Nay 2.
per share
Per snare $ per shard $ Per share
Miscall.(Con.) Par
$ per share $ Per share $ per share $ per share $ per share $ per slwre Shares. Indus. &
1434 Sept 2712 Jan
8
600 Jones Bros l'ett. Inc,stpd_100 16 May 1 217 Feb 3
17 .1612 1634 •1814 1834 1814 1814 *1614 1612 1812 1612
17
1
/
4
213 May 524 Dee
No par 42 Jun27 594 Mar 3
Jordan Motor Car
4912 474 48141 4738 4912 8,600
47
4718 47
47
4
1
/ 4714 48
47
14 May
Jan
1
38 Apr 24
1 14 Jan 28
10
100 Kansas & Gulf
12
*3*
12I
2
*3
2
3
8
*3
8
3
5*
*3ti
12
4
1
/
•
1
/
1614 Aug 384 Jan
4
2514 2,200 Kayser (J) Co vi o_ __No par 183 Mar 17 274 Jan 8
8 2434 25 I *2434 2512 25
253
254 28
2512 257
3 25
77 Aug 10213 Feb
No par 83 Mar 30 90 Jan 13
Do 1,1 pref.
9012 *8618 90
*88
90 90
*6618 91
90
*88
*83
91
Jan
934 June 35
25 124 Mar 24 1734 Jan 3
5,500 Kelly-Springfield Tire
4 163 17
8
1812 1812 1812 1678 161* 174 164 1638 1612 163
Jan
33 June 88
100 41 Mar 25 511$ Apr 20
Do 8% prat
700
3
47 4
48 ' 48 48 1 48
48
50
*48
51
*49
49
49
40 June 784 Jan
100 43 Mar 25 53 Feb 4
Do 6% pref
52
52
*43
*43
52 "43 62
*48
52
52 *48
*48
78 May 104 Des
100 83 Mar 28 101 Jan 13
Kelsey Wheel. Inc
95
95
*89
*89
95
95 •83
*88
96
*85
96
*88
4
8
341 Jan 573 Del
No par 4812Mar 30 57 4 Jan 13
3
4912 49 497
8 495* 5914 4918 493
4 49
4914 23,403 Kennecott Copper
8 48
8
477 483
8
43 Jan
4
/
11 Oct
4
/
11 Jan 9
314 Feb 5
214 238
238
214 212 4,000 Keystone Tire & Rubb-No oar
238
8 212
23
214 2 8
3
214 214
524 May 8814 Dee
No par 72 Apr 21 87 Jan 3
700 Kinney Co
75
373t2 7512 7513 77
75
77
*75
78
73 *75
77
100 355 Apr 28 632 Mar 24 28713 Jan 47514 Dee
300 Kresge(85)Co
375 375
37712 37712 *375 38514 375 375 .375 335 *370 330
$
4212 Nov 827 June
3.400 Kresge Dept Stores ____No par 3112 Jan 21 4534 Jan 7
38
*37
31
35
3412 3512 35
35
*34
35
34 34
Jan 113 No
79
1,100 Laclede Gas L (41 Louis)-.100 11014 Jan 5 178 Mar 31
160 160
160 160
165 166 *155 163
14
18914 18) 16712 189
8 May 1718 Jan
15 Feb 8
4
/
---No par 111 Feb 20
1,400 Lee Rubber & We14
1
/
14
1414 1338 133
4 134 133
4 14
14
1334 1334 14
7112
50 Mar 684 Dee
2,603 Liggett & Myers Toll new_ 95 57 Mar 25 1911 Feb 8
4
4
1
/ 63)) 633 633
$
12 63
6312 6)
61
60
•59
60
Mar 3 1147
$July 121 June
100 1181* Jan 16
Do prof
400
4
.1161 120 *117 120
4
1173 1174 1174 1171s'118 120 I 119 119
8
487 Mar 6812 Dee
Mar 27 7034 Feb 6
25 5512
Do "13” new
3
7
2 8,100
7
*53l1 53 8 53 $ 5712 5312 5112 55 4 813
4
7
*5312 53 8 583 59
88 June 71 Del
8
743 Jan 14
Mar 3i
6114
No par
2.800 Urns Loo Wks
64% 84
64
64141 64
615
6414 64
3' 603 6 141 65 65
15% June 25 Dee
4
1
/
par 22 Feb 17 29 Apr 28
1 28
3
4
1
/ 287 21,900 Loow's Incorporated—Ns par
3
28 2 293$ 2834 294' 2812 29 I 233 231
4
3
28 2 29
4
83 Jab
513 Apr
918 Apr 8
6 Jan 28
No
77g 7* 4,900 Loft Incorporated
8
8
8121
8 141
8
8
2
3
83
7
.4 8
8
50 Mar 84 Nov
100 77 Feb17 9718 Mar 7
2.500 Loose-Wiles Biscuit
85
7
85% 8512 83 8 8614 8612, *85
84
1184
85
8512 8538
8
333 Dec 404 July
8
25 3014 Jan 24 377 Jan 13
Lorillard
36 1 351 353 16,200
4
3414 341
4 3412 3512 354 3138 35
4 313
34
100 10818 Feb 27 112 Jan 12 112 Nov 117 Feb
Do pref
230
4
103% 1044 *1033 10114 *10312 103
•1034 110 *103 110 *103 110
4
233 Feb 3
par
1438 mar 3I
8 1712 174 17
3
17 4 1314 1734 133
12 19.930 Loulalana 031 temp ctfa_No par 311 Feb 17 55 Mar 4
17
173
1718 173
2 17
17 Oct 3814 Dee
4
No
Steel
12,030 Lwil,,tn
8
33
8 3712 3934 377 3112 375* 33% 37
371$ 377
3712 373
Jan 119 Aug
1110 114 Mar 20 118 May 8 107
200 Mackay Companies
113 113 113 113 c111712 1191
4
*11614 118 •11613 118 *1165* 118
2
7534 Apr 1187 Dee
No par 117 Jan 16 15512Mar 8
123,609 Mack Trucks. Inc
8
149 1513 1495* 15312 153 1555*
14712 1501 14312 1513 14334 153
954 Jan 10714 Dee
100 104 Jan 27 10918 Feb 18
Do 1s5 prat
109
010712 1031 *10734 1031 •10734 10312 "103 10312 *108 10312 19412 19312
87 Apr 1014 Del
100 99 Jan 2 104 Feb 27
Do 2d pref
1,000
8
$
1017 1017 102 102
102 •101 102
102 102 *101 102 •10012
93 Oct 115 Deo
137 Feb 9
118 Jan
Do 2d pald
May 7112
Jan
- 3,200 Macy(R II) & Co.Inc-No par 6912 Mar 11 844 Jan 10 59 June 451 Dec
6E8 81 7814 Wig
—
4
/ Dee
2818
4414 Jan 2
No par 34
12,800 Magma copper
4
4
1
/ 3912 4013 393 4014
8
3 3334 404 391 40
3813 334 3312 337
18 Mar 4113 Dec
(H R)& Co-No par 233* mar 30 3712 Jan 23
3
23 8 23% 15,70 Mallinson
3
23 4 2914 2412 29
8 2711 23 4 2314 29
2712 277
3
784 July 93 Dee
92 Apr 15
100 81 Mar I
Do pref
200
*1014 92
92 *90
9114 90 90
90
92 •
9011 9012 .90
4
45 July 893 Mar
6312 Feb 26
100 50 Jan
Manati Sugar
60
*18
60
50 I *43
50 *47
43
50
50 •
*48
*43
78 Oct87 Mar
4
100 793 Mar 30 82 Feb 9
I)o pref
k
83
*30
82
•80
82
82 "80
*797 82 '
80
7
*79 3 82
4
3314 Mar 494 July
4213 Feb 16 59 Mar 10
8 3,100 Mash Elea Stipp tem ctts No pa
s
513 *5312 513
2 51
5'3
*51
52
524 5414 5312 513
52
Jan
2612 Dec 44
3
25 2014 Mar Hi 30 4 Jan 3
2,500 Manhattan Shirt
23 I 2118 213
8 2114 25
23
23
2314 2314 23
2318 23
2634 Dec 3112 Dee
Mar 8 4912 Apr 24
4534 4514 4614 11.709 Manila Electric Corp_No par 2612
474 45
46
43
46
47
453 463
47
4
4
4
1
/
24 Oct3713 Jan
3,803 Maracaibo 011 Expl---No par 2514 Apr 2 3512 Jan 31
4
263 27
27
4 27
12
4 27 273
263 263
4 26% 2714 274 273
4
29 May 42 Feb
No par 31) Mar 17 4614 Jan 31
7
3
4034 395k 40
4
1
/ 33 4 40 $ 119,500 Mariand 011
7
37 $ 3314 384 393
4
3 3912 401$ 40
8 Jan 173 Mal
4
1
/
No par 10 Mar 13 123, Jars 22
Marlin-Rockwell
4
1
/
8
e
$
*1118 12
*1118 1214 •1118 123 •1114 123 *1114 123 •1114 12
3118 Nov 374 Jan
_No pa
254 Mar 24 374 Jan 7
7
28 31 2.500 Marlin-Parry Corp._ _
293* 2312
8 29
29% 297
8
8 293 3038 2912 30 I 29% 297
2
293 May 552 Dec
51 Jan 6 74 Apr 18
Mathleson Alkali %Vicstemcsf5(
7114 5.500
7212 71
$ 71
7212 7234 717
72
8 7112 72
7112 723
38 Apr 8418 Des
8
Motor Class A...100 743 Jan 27 Ill Apr 20
8
10714 1011 1075* 1084 10138 1014 11,500 Maxwell Motor Chow RHO pa
107 103
10612 103
4
10514 107
334 Jan 27 91 May 5
101$ Apr 394 Deo
4
8912 8612 8318' 863 8318 195.500 Maxwell
86
8318 854 8338 83% 8314 91
4
824 Apr 115 Deli
Stores...54) 101 Mar 23 1113 Jan 2
Department
4
1 July
105 10712 1054 1074 105 10$3 101% 105 I 101 10512 7.900 May
10112 105
88 Oct 106,
79 Mar 17 9412 Jan 13
2.200 McCrory Stores Class It 'To pa
4 8338 87
814 813
81
81
83'± 841
835
*82
* 838* 81 '
1
/
144 Dec 184 Jan
16 Jan 2 1813 Feb 24
4 1,200 McIntyre Porcupine Mines_
173
8 17
* 167 167
8
8
•167 17 I 163 167
17
Dee
17
4
183
• 3 17
9014 Apr 101
9712 Apr 21 101 Mar 17
200 Metro Edison Power pf Nn pa
4
•933 100
3
3
9313 9313 *973 9314 93 4 93 4 •93 100 *9812 100
4
15 Sept 19 Dee
Jan 3 224 Feb 8
2012 1.100 MetrisColdwyn Pictured pf _27 18
204 2014
2 0 •20
2014 20141 20
20 201
4
*193 20
141s Jan 2534 Sept
Seaboard 01I—No par 11 12 Mar 17 2212 Jan 6
4
1
/ 161211.600 Mexican
3
4
1
/ 187 17
4
4
163 1712 17
8 1638 1741 183 17
173
20 May 25 Aug
818May 8 2444 Jan 13
10.400 Miami Copper
84 8%
5
84 8 81
83* 838
814 81
Ws Ws
1 Aug
3
67 Ja14
4
/
11 Jan 13
48 Apr 16
41 2,900 Middle States Oil Corp --- 10
3
4
3
4
3
kr
8
3
31i
4
8
.5
4
3
58
34
9113 June 98 Noy
pref.--100 98 Jan 2 10512 Mar 3
200 Midland Steel Prod
4
3
4
*10014 1003 100 4 1003 *10112 102 I 102 102 *103 104% *1034 104
2312 Oct 3414 Feb
50 29 Feb 2 3014 Jan 10
Midvale Steel
6114 June 744 Dec
100 64 Apr 17 8614May 8
821± 8614 169,100 Montana Power
4
693 73 4 -7311
4
3
7014 7112 70 70
214 May 4812 Dee
4
1
/
30 41 Mar 30 55 Jan 13
8
4 5114 5218 5114 517 80.700 Monts Ward & Co Ill corp.
5112 525* 5112 523
527
4 50
50 503
1712 Oct2712 Feb
4
No par 223 Mar 19 2712 Apr 14
4
1
/ 5,100 Moon Motors
2513 25
2512 2514 254
25 18 2512 2514 2512 25
24% 25
914 Feb
6 May
91$ Jan 2
6 .May 4
Coalition_No par
814 84 19,200 Mother Lode
8
6% 67
64 638
614
612 638
618
6
6
9 Mar 1814 Dee
1411 Feb 2 2112 Feb 20
700 Mullins Body Corp _..No par
18
1812 134 1818 18
184 •13
1812 1812 18
1812
1118
2913 July 3914 Jan
No Par 304 Apr 23 34 Jan 23
600 Munaingwear Co.
4 3112 311±
4
313 313
311 32
8
*3112 32 I 317 317
*314 32
9612 Apr 204 Dee
Par 19312 Jan 6 38812 Apr 18
600 Nash Motors Co
4
357 3593 355 355 *345 352
363 363 ' 362 362
364 364
4
1
/
104 Nov
•
9814 Jul
100 10344 Jan 21 106 Feb 28
Do pref
400
105 105
10412 106 *10434 105 I 105 105 I•105 106 .10438
34 Oct 104 Jan
7
7 2 Jan 13
414 Mar 24
100 National Acme stamped....10
4 512
4 512 '
*43
4 514 *43
43
.44 512 •5
5
5
514
5014 Mar 7714 Saps
25 65 Apr 29 75 Jan 2
Biscuit
3.500 National
4
663 67
4
663 67
4 66 4 66% 6612 67
3
87
8714 6614 663
1284 Dee
100 12312 Mar 11 127 May 6 12013 -la
Do pref
100
•127 123
4
1251
4— •12514 ___,•12514 127 I 127 127 .127
44 June 704 Des
100 6512Mar 5 78 Jan 28
8 7214 72% 7,700 National Cloak & Suit
8
8
693 701
8 714 7214 717 73% 725* 733
*69 70
s
9112 Ma 1007 Deo
99 Jan 13 104 Jan 29
100
Do pref
300
4'100 102
1013 1013
4
100 10112 •100 10112 10112 10112.100 1013
4
3018 Apr 444 Deo
29
517 5218 5138 524 5112 521
8 5214 534 13.800 Nat Dairy Prod tern ctteNo Par 42 Jan 2 544 Apr
4 513 52
514 513
3614 Oct 43 Jan
Department Stores No Par 354 Jan 2 43 Mar 12
8 413* 411
414 41% 413 4134 414 4112 1.200 Nat
4134 4134 415* 413 •
4
1
/
92 June 101 Deo
100 96 Apr 15 102 Jan 2
Do pref
9712
500
9712 *97
9712 97
4
9713' *97
4
*963 9712 983 9712 *97
3012 Aug 64 Dee
2,600 Nat Distil Prod pitern Mt No par 8212 Jan 8 6814 Feb 21
66
8
3
8 86 4 6741 864 8614 654 657 "65
66
664 8614 677
184 Sept 4473 Jan
8
25 Apr 30 367 Jan 21
700 Nat Enarn & Stamping--100
*28
30
2912
30
4
*2914 3012 293 3014 30
30 •28
28
•
Jan
67 Sept 89
100 80 Apr 30 8934 Jan 12
Do pref
100
83
"75
83
80 •73
*75
81
80 •74
80 "78
130
100 1384 Apr 27 16678 Jan 9 1234 Apr 16914 Aug
3
1394 142 *1424 14412 145 148 4 147 14711 •143 14712 1,500 National Lead
4141 145
118 Mar 4 11113 May 118 Sept
100 118 Jan 5
Do prat
100
117 117 *117 117%
8
•11611 11814 *117 11814 *11612 1177 •11812 117
5418 Oct 7212 Feb
8
613 Apr 2 71 Jan 29
4
1
/ 62% 1,8,00 National Supply
3 82
6312 z63
3
3
63141 8218 8212 8212 633
63 $ 63 8 63
8
117 Jan 1834 Des
2
163 Jan 7
4
8
8 12
1218 1214 1214 123
12 * 124 12 4 3.400 Nevada Consul Copper-- 5 113 Apr 27
12
12
8
,
117 12
3618 Apr 67 Dec
4May 1 5612 Jan 3
468 4714 5,200 NY Air Brake tern otts-No par 423
43
4338 4334 4414 444 468
4314 4312 4312 43
4714 Jan 57 Del
No par 81 Mar 19 67 Jan 7
7 *5212 53
Do Class A
600
5212 5212 52
*5212 53
5212 52% 527 527 •52
une 37 Dee
82
4
4
/
4,000 N Y Canners temp ctfs_No par 313 Mar 30 391 Apr 18
3
35
35
35
35
36
36
3612 *3514 36
6
3
36
35
Jan 3713 May
19
100 18 Mar 24 31% Apr 14
4
700 New York Dock
8
2712 27
2712 2714 263 263
27
267 27
3
*264 27 4 *27
4118 Feb 854 May
67 Apr 13
100 5213 Jan 1
pref
Do
*8312 66 .6212 6512 *6212 651
66
4 63 654 "63
8312 853
•
4
42 Sept 47 May
58 Feb 24
57
57
4
563 57
5714
400 Niagara Falls Power___No par 45% Jan
•__ _ 57
27 June 29 Sept
29 Jan 2
25 28 Jan
Do pref new
3
700
3
s
3
•28 3 2812 •28 8 284 2812 2812 234 2812 *28 8 2812 2814 283
22 Jan 45 Dee
10 414 Jan
503
sMaY 7
495* 4824 50% 4912 50 125,100 North American Co
4812 494 48
4612 47 2 4778 487
,
4
1
/ Jan 5014 July
43
Jan
Mar 4
4643
49
Do pref.
7
4 48 8 487
8 483 485
48 4 483
s
4 484 444
1,500
4834 49
3
48% 483
94 Dee
7 Apr
8 Jan 1
104 Jan 30
918 91
8
•9
3
9 2 93
912
912 *912
400 Nunnally Co (Tbe)--..No Par
912 912 •9
4
1
/
8 001
74 Feb 28
44 Mar
*512 6
612 *512 612 *512 6
Sliver Min new No pa
512 Jan 2
*512
100 Ontario
*512 6
512 51
18 May 30 Jan
23 Mar 2
No par 1838 Jan
Onyx Hosiery
2512
2434 *234 2434 *2318 2434 •2318 2512 •24
3
8
11223 24 4 •23
29 Dee
18 Fe
254 Jan 1
4
1
/
29 Feb 27
2778 28
4
4
8 273 273 *273 28
3
27 4 277
2
1,600 Orpheum Circuit, the
273 273
4
1127% 273
92 Dee
1
/
884 Jun
4
1
/
50 87 Feb 2 11812 Apr 17
114 115
115 11512 115 11512 2.500 Otis Elevator (k)
114 1143g'114 115
1144 115
$
117 Jan
814 Nov
97 10
3
117 Jan 31
Nova'
8 Marl
97 10
1012 10
10
10
10
10
6.400 Otis Steel
9% 10
4
Oct 743 Mar
44
664 Feb 2
100 5014 Mar 1
Do prat
57
4
*553
3
*55 4 57
5514 5538 *55 4 57
3
3
*55 4 57
500
61
564 5
3914 May 4714 Jan
8
4234 Mar 1
507 Jan 3
2
8
4
463 475* 47
47 4 483 47
8,900 Owens Bottle
3
47% 47
473* 467 477
47
904 Jan 105 Dee
3
100 10212 Jan
109 4May 7
10612 1061 10514 1054 10614 10614 1065* 1093 10814 109,
4
106
2 3,100 Pacific Gas & Electric
106
4
7 Apr 103 Jan
97
93
512 Apr 1
1014 Feb 5
9% 912 1.500 Pacific Mall Steamship—.
10
10
3
9 4 93
2
912 9,
9% 10
45 Apr 5814 Feb
No par 5214 Mar 30 6514 Jan 31
573 584 5714 5814 52,700 Pacific Oil
4
4
3
577 58 8 5712 594 581 59
5714 581
re may 1612 Dee
3
233 Apr 8
10 15 Jan 1
4
203 207
8
207 2212 47,300 Packard Motor Car
201 21
2012 21
4
203 211
*
20% 207
:
4May 8
1
/
109
891 Apr 1024 Dee
100 10214 Jan
1093 1093 *109 4 110
3
Do pref
2
1097 109%
4
8
200
•109% 110 •1093 111 •1095* III
4414 Feb 65 Deo
7
50 84 Jan
837a Mar 3
7714 78 8 7638 773
3
763
8 753 77
765* 77
76
23,000 Pan-Amer Petr & Trane
7512 761
4
1
/
4114 Feb 64 Dec
844 Mar 3
3
63 $ Jan
Do Class B
4
8
774 784 773 794 7712 78 2 763 78 4 150,000
,
,
764 771
761
76
112 Sept
418 Jan
538 Feb 28
3 Jan
4
4
*334 414
•312 414
312 37
% 3% 1,600 Panhandle Prod & Ref _No par
3
3
*3 4 4
34 July
14 Des
113 Jan 1
4
/
11 Feb 11
Parish & Bing stamped_No par
8 178
17
2 17
4
*15
/
8 I% "11 11 •15
*13
4
/
1% *13
8
*13
3512 Jan 10
24 Sept 353 Des
4
2812 2812 2714 28 4 2714 2714 3,100 Park & Tilford tern etts_No par 2718May
2712 29
,
2712 2713 273 28
1814 Nov 304 Jan
8
263 Jan 2
4
134 1318 1314 1314
50 123 Apr 2
*1314 15
400 Penn Coal & Coke
1318 1318 131 *124 15
12
4
14 Oct
44 Jan
3 Jan 9
14 Mar 31
2 13
13
13*
St'l vte No par
2 112
13
112
8
13
112
1% 112 7,700 Penn-Seaboard
V% 1%
9234 Apr 11912 Dec
11412 116
115 11512 2.900 People's0 L & C(Chic)_ —100 112 Jan 16 121 Feb 11
115 115
114 115
114 11514 114 114
8
427 May 57% De,
7,800 Philadelphia Co (Pittab)... 50 5112Mar 18 5973May 7
8 5711 59
3
7
14 554 55% 553 55 3 5514 597
3
8 547 55
$
547 547
4214 Jan 47
Jan
4712 471 "4712 48
ho 4512 Jan 8 4712 Mar 3
Do pre:
500
464 4614 4634 47
*4612 47
4.36l2 47
3412 Ma
5414 Dee
381
384 391 13,000 Phila.& Read C & I ...No pa
4MaY 6 5212 Jan 9
373
3814 3734 3914 38
3835 3812 384 3812 38
35 Mar 523 July
$
4
1
/
48 Feb 13 5012 Jan 23
*38
40
*3814 40 .38
40
Certificates of 1nt_No pa
40
*38
40
*38
40
•38
44 May 88 July
60 Apr 3 9018 Jan 12
Phillips-Jones Corp—.No pa
4
1
/ 621
80% 63 *60% 621 *60
8
*603 63 .
6038 64
•6038 63
11 Jul
4
2334 Jan
14
144 141
3.700 Phillip Morris & Co, Ltd_ __10 123 Mar 19 1614 Jan 5
8 14% 1412 14
1414 143
1414 141
14
14
4
1
/ Oct 4212 Apr
28
8
39% 407
NO Par 3614 Mar 30 483 Feb 2
2 4038 40% 39% 40% 39% 401 63,100 Phillips Petroleum
8
8
2 397 403
403
40
81g May 16 Dee
8
3
14% 15 2 1518 171 45,000 Pierce-Arrow Mot Car-No Par 107 Mar 30 173 Apr 20
3
1412 1412 14% 1412 1518 14% 151
14
4
1818 May 54 Dee
100 43 Mar 24 803 Apr 20
3 26,600
Do pref
5418 58
8 5314 55
563
55% 567
8 55
3
53 4 56
54
52
9412 96
No par 85 Mar 18 99 Apr 20
Do prior prat
*9312 95
594 June 95 Dec
500
*9314 95
95
*93
94
93
94
e93
34 Feb 5
2
4
13 Jan 2
2
25
1% 2
112 Apr
412 Jan
5,100 Pierce 011 Corporation
I% 2
1% 2
4 13
13
4 184
13
32 32
100 254 Jan 2 40 Feb 26
Do prof
313 313
20 Mar 36
400
Jan
35
*33
5
*3312 3
331 •3112 35
33
544 Jan 2
814 Feb 5
634 67
4 7
63
612 63
24.000 Pierce Petrol'm tern ctfe-No par
448 Oct
6% 6%
3
5 4 Deo
612 63
612 638
100 374MaY 2 5412 Jan 13
414 414 2,500 Pittsburgh Coal of Pa
4012 401
40
8
477 Dec 8334 Mar
39
38
38
3712 3714 381
3714
100 80 may 4 99 Jan 5
811
Do pre!
82 82
81
3,000
8112 811
811
9472 Aug 100 Apr
81
81
80
8012 82
100 94 Mar 26 10213 Jan 8
9712
97% 973 •
100 Pittsburgh Steel prat
97
2 96
95
*95
97
*95
Jan 103 Aug
97
*95
97
*95
39
38
100 30 Apr 27 83 4 Jan 17
354 351
3
400 Pitts Term Coal
39
*34
39
*33
39
8
587 Dec 634 Dec
*34
39
•35
*80
100 81 Apr 30 88 Jan 6
83
83
Do pref
*80
83
83 •80
*80
83
83 Dec 873 Dec
4
831 .80
*81
124 Mar 24 18
3
4 15 4 16% 21,000 Pittsburgh Utilities pref_1
153
14
4May
1
/
4
133 133
133 133
8
4
1
/ Jan 167 Dec
9
4
•1312 134 133 133
1234 Mar 20 15 Jan 15
14% 15
Do pre certificatee-1
14
4,200
15
4
133 133
4
133 133
1312 131
1112 Feb 164 Dirt
133
*13
4
11612 1171 1153 11812 11512 11512 4,500 Post'm CerCo Inctem cttNo pa 934 Feb 18 118 Apr 17
4
1
/
4813 Apr 10312 Des
115 1177 11714 118
115 115
-----12
Do 8% pret temp ette....10 115 Feb 3 117 Jail 13 110 Feb 117 Oct
on 62ii
No
ao
ao
ao
•Bld and asked prices, go sales on thls day.
x Ex-dividend.
a Ex-new rights.
No Dar.
a 133-1.181186,
2380
New York Stock Record-Continued-Page 5
Put sates during the week of stocks usually inactive, see fifth page
preceding.
•
HIGH AND LOW SALE PRICES
-PER WARE, NOT PER CENT.
Saturday.
May2.
Monday,
,
reaWednesday,nesgaylTIjrsly,
Aay
May
I t:y
fay
Sale,
for
th e
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PFIR SO A RE
Range for F3ar 1925.
On bast, of 1,
-share lots
PER SHARE
Range fur Preview
Year 1924.
Friday,
May8.
Lowest
11155est
Lowest
IlIgheet
$ Per share $ per share $ per share $ per share S per share $ per share Shares. Indus. & Minced.
(Con.) Par $ per share $ per share S P
*5312 55
54
, share $ per share
7
55
54
56
56
56
55
55
*5512 56
1,900 Pressed Steel Car
100 521- Mar 30 69 Jae 23
*82
39 Aug 62 Jae
83
82 82
82
82
84
84
*83
Do pref
81
8318 834
500
100 82 May 4 9213 Jan 3
24
24
2313 234 24
67 Aug 90 Feb
243
8 2414 25
2414 243 *213 213
8
8
8 1.900 Produeent & Refiners Corp. 50 22 Mar 30 323 Feb 3
3
6712 683
4 68 683
223 Apr 43/3 J80
4
4 684 683
4 6813 71
7013 71 14 70
707 23.300 PubServCorp of NJ new No Par 625 Mar 30 723 Mar 12
8
4
10013 10012 *997 1003 *100 1007 .10018 10013 10013
39 Mar 70 Dec
8
8
8
Do 7% Prof
300
1110 99 Jan 7 102 Jaa 27
•110 1113 *110 1113 *110 11138'110 11133 •11014 1004 *100 101 13
8
9613 Mar 101 18 Dee
8
8
Do 8% pref
1113 •111 1113
8
100 1085 Apr I 11218 Jul 28
8
•133 134
9914 Apr 115 Dec
133 134
13313 1353 13514 13712 137 139
4
13814 139
8,900 Pullman Company
100 129 Mar 30 1513 Jan 3 11313 Apr 1513 Dee
4
40
4012 4014 403
8
4 4018 403
4 4313 4913 41
427
8 41
417
8 5,400 Punta Alegre Sugar
3913 J811 2 4714 Jan 7
2612 27
373 Dec 674 Star
203 27
8
4
27
273
4 277 2812 233 237 22738 233 33,000 Pure 011 (The)
8
8
8
8
25 253 Apr 17 334 Feb 4
3
•103 104
20 June 3014 Dee
10312 10313 *103 104 *10312 105
10312 10312 *10313 105
Do 8% pref
200
100 10213 Jan 5 10014 Feb 2
5712 593
8 557 5813 5514 5613 5518 5714 5514 554 551 5614
92 Jan 10514 Dee
8
8
113.500 Radio Corp of A mer___No par 483 Mar 27 777 Jan 2
3
8
*504 51
957 Oct 687 Dot
5012 5012 *5013 51
8
8
*5013 51
*534 51
Do pref
5114 5012
50
50 494 Jan 5 54 Feb 4
124 124
454 Oct 50 Dee
123 12413 124 1263 125 12934 12612 1263 12713 128
4
4
3,500 liana ay Steel Spring
100 12213 Feb 17 1413 Jan 5 1(16
4
*3814 39
*37
Jan 13713 Dee
39
*3713 30
*377 39
8
373 37 3 *374 3712
,
8
100 Rand Mines, Ltd
No par 337 Jan 7 3c04 May 1
8
•113 117
4
3() Jan 3313 Nov
8 1113 117
8
113 1212 1238 1238 1212 123
4
4 1212 123 11.
4
601 Rae Coramildated Copper_ 10 113 Apr 22 173 Feb Ii
3
8
653 6612 663 635
4
9 Mar
1713 Dee
4
8 63
687
8 66
68
6234 6613 613 65
8
13.200 13, mington Ty pewriter___ 100 4634 Jan 27 723 Mar it
•101 105 *101 105
4
3214 Jan 5413 Dee
10013 105 *102 105 *102 105 *101 104
Do 1st pref
100 10(1 Jan 2 105 Apr21
•107 110 *10- 111 *10, 110
9014 July 993 Dee
4
111 110
10'178 110 *10714 110
400
Do 2.1 pref
1011 10)4 Mar 30 11313 Apr 20
133 14
3
9013 May I10 Dee
137 14
8
1312 14
1512 1514 1614 147 1513 15,200 Rat:
14
8
11031e Steel
No par 1313 Star 30 2314 Jan 13
74 June 2314 Nos
4 4234 4334 4314 4412 44
8
423 433
4434 4418 453
8 4314 4414 10,009 Rep..bilo Iron & Steel
4218 Apr 30 6433 Jan 3
•804 89 •8612 89
42 June 633 Dee
3
*8612 88
*863 88
DI, pret
3
•863 88
8
*86 8 8)
,
86 Apr 22 95 Jan 13
1313 14
82 Juue 95 Mar
12
1312 1212 127
8 123 13
4
123 13
4
10,70) Reynolds Spring
1233 13
No par 12 May 4 18 Jan 5
747 744 747 75
3
94 May 223 Jan
4
8
747 75
8
747 754 7514 7512 7.33 7512 7,413 Reynolde(R J) Tob Class B 25
8
8
7233 Mar 24 783 Feb 111
•12034
3
613 Mar 794 Dee
3
_ _ •121 123 *121
____ 121 121 *12034 ____ 121 121
Do 7% pref
293
100 1197 Jan 8 122 Apr 29 11514 Mar 121 June
3
9318 9412 *93
95 .93
95
93
93
*9 112 95
500 Roasia Insurance Co
9212 9212
25 91 Apr 24 9712
4912 5018 493 4978 493 5014 5914 503* 491 503
86 Mar 06 Sept
8
8 50
503 17,900 Royal Dutch Co(N Y sharea)- 4814 Mar 21 5733 Feb 20
3
Jan 31
4714 4818 48
403 Sept 5913 Feb
8
49
4734 484 43
4,3
4 43,8 49
43
4812 10,300 St Joaepb Lead
10 3934 Feb 17 5113 Star
22
6618 663
Jan 457 Deo
8
2 6618 6713 6714 6873 67
674 6613 6612 66
664 7,100 Savage Arms Corporation_100 6213 Apr 9 1083 Mar 14
8
*1094 110
323 .1an
8
887 Dec
110 110
8
11014 11.014 11018 1104 11014 11112 1103 1103
4
4 4.400 Schulte Retail Storee__No par 10312 Apr 21 1167 Feb 3
8
•111 11212 •1115 11213 *11138 1124 11 .33 3137 8113. l 112 2 *1113 11212
9
8
983 14Pr 12014 Aug
4
8
,
8
200
Do prat
100 110 Jan 6 115 Feb 10 105 May 11234 Deo
164 16512 1643 16914 167 168, 16813 1713 16314 17114 16712 16814 32,200 Sears, Roebuck
4
4
4
& CO
100 14713 Mar 30 1727 Jan 13
8
783 May 165 Dec
4
____ .... .
Seneca Copper
No par
18 Feb 20
1 8 Jots 5
,
it May
614 Jan
*53
4 614
*53
3
4 64 *5 4 64
5s
,37 -;ti- - -1- -;
8
4
200 Shattuck Arizona Copper_ 10
6- - - 6
'4
514 Apr 22
77 Jan 3
8
*4018 42 •395 4112 317 397 •kure 4113 4014 40,4 *4013 413
4
8
Apr
8 Jul!
8
8
4
400 Shell Transport & Trading. £2 397
8May 5 454 Jan 30
24
33
Jan 42 Dee
243
8 2418 213
4 2111 244 2413 217
8 2412 243
4 2412 213 27,200 Shell Union Oil
4
No par '2213 Jan 6 283 Feb 1
4
3
•993 1001 *9 13 10014 100-, 10312 1003 10934 1003 101 .101 1013
:
2213 Dee
4
153 July
4
4
500
4
Do pref
100 9913 Jan 2 10113 Jan 24
,
914 Jan 9913 Dee
2318 23 , 23
23
233 237
8
8 2314 2314 23
233
4 227 2313 27,000 Simms Petroleum
8
10 1912 Mar 17 263 Jan 12
4
3512 3514
35
103 Jan 24 Der
8
353 36
8
3534 363
4 36
3613 364 3613 14,500 Simmons Co
No par 314 Mar 17 3813 Feb 6
191 1913 19
4
22 A In 27 Dee
19
101z 2014 20
2014
1912 20
193 193 40,700 Sinclair Cons oil corp_No par
8
4
17 Jan 6 237 Feb 2
3
83
15 July 274 Jan
83
8213 83
•8312 87
•84
87
•337 87
8
*84
87
3001
Do pref
100 783 Jan 2 9418 Feb 3
4
2934 25
245 2511
8
75
Ort 90
243 2614 2614 267
4
Jan
8 253 263
4
8 254 2612 54,7001 Skelly 011 Co
25 2134 Mar 30 3013 Feb 3
081 2 83
8212 8213 827 84
1718 July
8
29
Feb
8414 85
843 863
4
4 814 8612 6,500 Slos -Sheffleld Steel A Iron 100 8014 Mar 30
,
97 Feb 5
52 May 847 Dee
8
*64
•64
70
•64
70
69
*6713 69 .67
69
•67
South Port,, Rico Sugar._ _ 100 62 Jan 6 73
69
Mar 2
1834 19
58 (let 954 Mar
1853 1918 19
2013 2014 21
193 207
4
8 194 20
26,200 SPIcer Mfg Co
No par 1513 Feb 17 21 Slay 6
8
945 95
733 June 20 Des
96
96
9618 9618 •96
98
*9553 92
97
97
Do met
500
100 92 Apr I 9718
467 4738 461g 4718 4634 473
8
7/1 July 9814 Dee
8 4634 4714 47
5214 5018 5112 103,400 Standard Gas & El Co_NO Par 4014 Jan 2 521 Apr 30
4Stay 7
3113 May 4138 Doe
060
6912 *66
6912 .66
6912 *66
6913 *66
*66
69
69
Standard Milling
100 6618 Feb 17 744 Star 2
844 8413 8113 8518 85, *34
8413 .84
•84
8412 *84
30, May 733 Dee
4
3
8
87
300
Do pref
100 81 Jan 20 8518May 7
70 July 85 Mar
584 59
585 5914 5312 5914 59
8
594 584 5938 5814 583 15.800 Standard 011 of California_ 25 5638 al ar 30 674
4
Feb
5513 Apr 6813 Jan
413 4218 42
4
4213 4213 4318 43
433
4 4312 437
8 43
433 89.490 Standard 011 of New Jersey 25 383 Mar 30 4713 Feb 2
8
8
3
33 May 4214 Jan
118 11814 11.814 11838 *1184 1133 11814 1184 1183 11838 2,100
118 118
8
8
Do pref non-voting_ -.100 1163 Jan 31 119 Feb 24
4
11534 Mar 11918 Ang
1113 1218 1112 1112 12
12
1113 12
1118 12
2,300 Stand Plate Glass Co__No par 10 Feb 11
1113 12
16 J81116
1313 Oct 3514 June
6312 6312 633 6313 63
8
6313 6312 3,700 Sterling Products
633
4 6314 6312 6312 64
No par 624 Mar 25 63 Jan 23
5513 Apr 6512 Nov
6512 69
673 6913 6814 70
4
7012 713
4 6914 703
4 6913 71 18 39.200 Stewart
-Warn Sp Corp_No par 55 Mar 18 777 Jan 3
8
4813 July 1007 Jan
*6412 6512 647 667
8
8 67
8
6718 68
63
34 68
637
8 67
6714 2,200 Stromberg Carburetor.No par 61 Mar 18 793 Jan 3
4
5412 May 847 Jan
4518 4512 4514 4573 4514 457
s
3 454 46
4514 46
2455 451 80.900 Stubelfr Corp(The) new No par 4114 Jan 28 464 Jan 2
8
8O' May 464 Dee
•112 115
115 115 *112 115 •112 114
114 114 *1083 114
200
Do pref
4
100 112 Mar 13 115 May 4 1097s Nov 116
038 934
Jan
93
8 0
4
93 10
9 3 94
,
8
8 4,500 Submarine Boat
912 94 .94 95
No par
813 Apr 27 12 Mar 6
6 Nov
413
4
4
121 Dea
4
8
418 43
8
438 413
43
8
8 43
44 43
8 3,400 Superior Oil
No par
4 Mar 18
613 Feb 9
233 Jan
*20
20
20
818 Aug
223 *20
4
22
20
21
.20
22
*20
22
600 Superior Stl
Steel
100 20 May 1
414 JR1110
23 JelY 35 Deo
*6
7
7
8
*6
7
*6
712 *6
012 *6
100 Sweets Co of America
612
57 Mar
50
8
114 Jan 7
13 Sept
4
3 Jan
13
13
*13
1313 •13
1313 •13
13, •13
4
13,4 13
13
300 Telautograph Corp____No par
113 Mar 30 15 Feb 7
4
614 June
143 Dec
4
94 9 3
94 913
,
93
2 912
95
8 93
8
93
8 93
8
94 912 7,700 Tenn Copp & C
No par
73 Apr 1
8
94 Jan 31
6 4 Mar
,
444 444 4434 447
93 Jan
4
8 443 4512 4518 4513 4
8
, 45,
14,300 Texas Company (The)..,.. 25 425 Jan 5 49 Feb 2
4 4412 45
4
373 June453 Jas
1074 10853 10712 10812 10613 1074 1073 109
3
8
10712 10812 10653 1073 21.200 Texas Gulf Sulphur
4
10 9713 Feb 17 1133 Mar 13
4
5714 Apr 110 Dec
1512 1514 153
143 1514 15
4
15
153
8 145 1518
4
8
1434 1514 31,000 Texas Pacific Coal & OIL._ 10 1113 Jun 5 23% Feb
6
8
Oct 154 Feb
134 13614 137 1383 139 13913 135 140
8
138 140
4,200 Tidewater 011
138 138
100 122 Mar:))) 152 Feb 27 11614 Oct 151
4134 4218 414 423
8 413 4218 4134 4214 4178 4218 417 4218 21,200 Timken Roller
Feb
4
3
Bearing_No Par 373 Mar 18 4413 Feb
4
3113May 41
76
753 753
8
76
4 754 754 7512 757
Jan
8 7.53 764 753 76
4
8.600 Tobacco Products Corp._.100 70 Jan 2 8012 Star 13
4
4
Apr 733 Dee
52
977
8 973 977
4
.97
8
8 977 98
8
977 98
8
977 98
8
973 974 1,500
4
Do Class A
100 934 Jan 2 9913 Apr 24
4
8314 Mar 9313 Oct
4
4
44
418 414
418 412
438 412
43
8 514 77.300 TranacT1041tematnew No par
373 Jan 2
513 Jan 12
*2512 2718 •2513 2718 •2518 2712 •2512 2712
33 Apr
4
*2512 26
26
26
614 Jan
100 Transue & Williams St'l No Par 2512 Mar 31 35 Jun 10
283 Oct 3518 Jan
4012 4012 40
8
405
8 393 393
8
4
4 393 394 40
404 403 404 1,400 Underwood Typew
4
25 3818 Mar 28 42
3618 Sept 43
42
42
42
.40
42 14 42 4 42
Jan
43
,
44
44
543
44
1,000 Union Bag 6c Paper Corp_ _100 36 Apr 1 453 Jan 15
4 Apr 20
3313 Sept 645 Feb
12
12
8
*3
,
2
8
3
8
33
3a
3
8
8
*3
3
12
3
8 1,700 Union 011
8
No par
.21 Jan 3 1 00 Feb 28
4 Feb
4
364 3634 363 3738 37
377
8 37
3818 3714 373
3 Apr
3
4 3712 3712 14,800 Union Oil, California
25 3618 Apr 27 433 Feb 5
3
.1221 124
35 Nov 39 Nov
.
12313 124 *124 12614 .12418 127 *124 127
300 Union Tank Car
100 11813 Jan 17 12814 Feb 27
•1164 11712 11638 1163 •1161z 1174 11718 11718 *11612 117
94
8
Jan
1163 1163
4
300
4
Do pref
100 1133 Feb 18 11718May 6 10614 Feb 1324 Sept
3
26
25 .25
25
25
25
11634 July
25
2513 25
25
4
•243 2513 3,100 United Alloy Steel
No par 244 Mar 31 367 Mar 4
1197 1197 120 120
8
8
8
20
1203 12012 12012 12112 1203 1207 12012 121
3
Oct 37 Feb
4
2,000 United Drug
8
100 1107 Feb 4 12312 Apr 16
8
•533 54
4
71 May 12153 Dee
54
54
54
54
54
54
*54
541 *54
5413
.
400
Do 1st pref
50 52 Jan 16 5412 Jan 12
*20812 212
4613 May 53 Dee
212 212 *210 212
212 212
21014 21114 *21012 212
400 United Fruit
100 2044 Mar
3 2814 30
8
8
287 2914 283 293
Jan 22413 Alit
29
313
8 3112 323
4 303 3112 15,800 Coll/areal Pipe & Rad__No par 2612 Apr 31 231 Jan 3 182
2
27 504 Feb 11
13 July 48 Dec
*6853 7112 7034 703
713 733
4 7113 72
4
4 74
743
4 7214 7314 2,900
Do prat
100 6612 Apr 27 94 Feb I I
1493 11'2
4
149 1543 15413 159
4713 Oct 79 Dec
4
1553 16012 153 161
4
151 155 '9,200 If S Cast Iron Pipe & Fdy...100 13114 Apr
22 250 Feb 11
Feb 1694 Dec
64
•100 102 *10013 102 *10012 102
1013 1024 •100 103 *100 103
4
200
Do Prat
100 10013 Apr
817 Jan 10414 Oct
32
8
4
32
3214 3213 313 32
3112 3218 313 32
4
32
3,400 US Distrib Corp tem ctf No par 3018 Feb 29 11213 Feb 27
31
17 39 4 Jan 17
3
2111 May 42 Dee
•130 150 .130 150 *130 150 *130 150 *130 150 *130 150
Do Prof
100 130 Mar 9 154 Jan 8
98 July 168 Dee
2913 29
4
293 30
293 293
4 29
4
293
8 2834 264 283 287
4
8 2,300 US Hoff Mach Corp v tc No par 23 Jan
163 Mar 2433 Oro
3
8714 885
8 8618 8712 88
8 8718 90
8814 887
871
. 865 893 73,900 U 8 Industrial Alcohol.,,,100 76 Mar 3 34)14 Apr 21
8
8
19 90 May 4
61 13 May 8714 Dee
31107 109 *107 109 *107 109 •10712 108 •10711 108 *1074 108
Do pref
100 105 Jan 29 10813Stay I
Jan 1063 Dee
98
4
4
142 14312 14218 14412 142 144
1383 13912 1393 1447 14214 145
8
8
25,900 U S Realty AC IMPrOV.L.- 100 11413 Mar
30 145 Slay 5
90 June 14312 Des
142 142
100
Do pref
100 12214 Jan 2 142 May 4 100 June 143 Dee
-464 -if 40,4 414 -W2 -4i- -414 117- 40* 4212 4238 44 50.490 United States Rubber
8
100 3313 Mar 30 4433 Feb 5
4278 Jars
2213 May
963 963
8
8
3
8
9514 95 8 953 96
4 967 97
9672 9712 97 984 4,700 Do 1st pref.
100 923 Mar 30 9813May 8
4
6612 May 957 Dee
8
8
337 34
8
34
337 3438 34
34
343
8 3312 3313 3312 335
8 2,500 IT S Smelting, Ref 41, min
60 30 Feb 17 39 Jan 7
1812 Star 4113 Dee
44
*44
•4414 4412 4414 4414 44
*44
45
45
*44
45
2,000
Do pre:
50 44 Apr 16 4612 Jan 5
3713 Mar
UN Dee
115 1153 1153 11614 11512 11613 11518 11618 109,500 United States
1144 115
1143 115
4
8
8
Steel Corp...100 1123 Mar 30 1293 Jan
3
9414 June 121
8
Dee
4
8
23
4
4
*123 124 512214 1223 *1223 12213 12213 1223 12218 12213 12214 12212 4,500
Do pent
10( 12218May 7 1265 Jan 26 1183 Feb 123 July
8
8
80
87
87
86
*89
00
8718 8712 *8613 83 .86
87
500 Utah Copper
10 82 Mar 19 92 Jan IS
Jan 8104 Dee
64
102 10212 07 1017 10018 10912 11014 12112 116 12713 11613 1223 24,200 Utah Securities
8
4
100 414 Feb 17 12712Slay 7
163 Jan 46 Dee
3
253 2612 253 2712 2714 2714 27
4
2
2612 253 26
•26
4
2718 5,400 Vanadium Corp
No par 255
8Slay 4 314 Jan 3
1913 June 3313 Feb
•16
194 *16
•16
17
17
17
17
•16
1913 •16
100 Van Raalte
1913
No par 17 May 6 2112 Jan 3
153 Oct 3318 Jan
4
61
*60
61
6714 *60
62
*60
67 4 •60
,
6714 *60
100
67
Do 1st pref
Apr
53 Sept 80
Jan
453 45
8
43
4
8 434
453 43
412 43
4
45
8 45
44 412 2,800 Virginia-Caro Chem.._No 100 60 Slur 1 6513 Jan 5
8
par
218
44 June 104 Jan
5 Apr 17
23
72 1718 17% 17
8
183 184 1818 1838 174 17
18
4,900
17
18
Do Prof
5
100
812 Jan 5 208 A Pr 17
213 June 3414 Jan
13
13
3 *13
3
3 2
•13
24
214 .1,
,
4
4
*13
8 17
8 *138
178
100
Do "B"
No par
1 Jan 17
212 Apr 18
% Jun(
7 Jan
1318 1318 133
1314 133
8 1318 1318 13
8 13
8 1318 133
5,800 Vivadou (V) new
13
No par
714 J811 13 153 Apr 15
43 July
4
4
1513 Jan
163
8 16
1612 16
163 163
8
8 16
1614 157 1633 9,800 Waldorf System
164 16
8
No par 153 Mar 23 194 Jan 3
4
14 A a, 20 Nov
52
52
52
52
*51
52
*52
35
*51
5318 *52
53
Weber & Hellbr, new_c No par 51 Apr 17 52 May 5
200
4
4
*1212 123 *1213 123 •1212 123 *1213 123 *1213 123 •
4
4 1213 123
4
Wells Fargo
4
1 1213 Jan 5 13 Jan 31
Oot 124 Nov
5
8
8
8
011613 1164 •11612 1167 1167 1167 *11611 117 4115b, 117 *11513 117
100 Western Elea 7% pref
100 11314 Jan
1167 Apr 22 11133 Apr 117 July
8
8
132 1324 13133 1324 131 14 I317 13112 13313 13212 1327 132 1327 10.600 Western Union Telegraph100 11614 Jan
3
8
2 135 Apr 23 105 May 118114 Dec
9918 9918 9913 100 2 100 10213 •100 102
99 2 99 4 9914
,
)
•99
2,100 Westinghouse Air Brake
Jan 111
84
Dec
8 7012 7314 717 723 35,900 Westinghouse Eke & Mfg_ 50 97 Apr 9 11378 Jan 7
8 6813 713
6812 684 683
68
4 6813 687
8
4
50 664 Mar 28 84 Jan 3
5518 May 75 May
•823 87
*8112 83
83
83
4
*8112 87
•8113 85
*8113 85
100
Do 1st pref
50 794 Mar 30 86 Jan 5
72
Jan 82 Deo
8
8
1127 1127 116 120
122 125
.113 117 .112 11712 •113 117
2,200 West Penn Co
No par 105 Mar 2 125 May 8
4713 Jan 127 Dec
•9413 9512 95
49413 9512 95
9512 .9412 9512
95
95
95
200
Do 7% pt tem ctf new_100 94 Apr 3 97 Feb 1
8713 Apr 97 Dec
265 265
8
8 263 27
4
3
8 2613 2612 263 264 2612 27
3,100 White Eagle 011
2613 263
No par 254 Mar 31 3134 Feb 2
2318 May 293 Feb
8
6318 6212 63 4 9,000 White Motor
4 62
4
6112 6218 613 62
623
62
8 624 633
,
50 5718 Mar 30 76 Jan 13
*12
3
8
5013 Apr 7213 Dee
*12
53
*1233
*13
Iss
*13
4
3
3
3 7,300 Wickwire Spencer Steel_ No par
8
38 Jan 30
133 Jan 10
34 Oct
Jan
Ii
Do Prat
100 187 Feb 24 32 Jan 19
8
24 Dec 24 Doe
"16T8
1Bs 2114 312,i6O WIllys-Overland (The)
1638 1833 188 19
-16Ts -113* -1614
94 Jan 26 2114May 8
5
64 May
1414 Jan
9412 9712 23,700
9312 95
9013 91
91
907 93
91
8
Do pref
•9013 91
100 7214 Jan 28 9712Slay 8
6113 May 88
Jan
•614 612
612 7
6
613 *54 6
3,900 Wilson & co. Inc
618 64
618 7
No pa/
3
53 Apr 28 1334 Mar 7
418 Slay 28
Jan
21
214 22
23
2314 2338 1,100
*21 18 314 '21
21 13 21
Do pref
•20
100 18 Apr 24 60 Mar 7
11
Aug
7218 Jan
8
8
126 1274 1257 1267 34,000 Woolworth Co(F W)
8
8
122 1237 1243 12613 12612 12813 12518 127
25 11214 Jan 28 12812May 5
7213 Apr 1263 Dec
4
4418 4614 46
8
4712 47
4714 4412 4612 4313 447 16,900 Worthington P & M
4414 45
100 4214 Apr 27 793 Jan 2
4
234 June 81
Dec
48113 8413 .8113 8413 *81 13 8412 •8111 8412 •8llz 8412 81
81
Do pref A
100
100 79 Apr 6 88 Jan 9
68 July 8913 Dee
72 •69
*68
4.674 69
60
69
70
70 •69
664 661 1
200
Do pref B
100 65 Apr 7 7634 Feb 11
5813 Jan 754 Dee
8 21
213
2013 217
8 203 21 12 207 2113 2112 '2212 16,600 Wright Aeronauttcal___No par
8
4
8
207
20
16 Mar 30 233 Jan 2
8
94 May 233 Dee
3
4
4
493
493 493
487 484 *483 4934 49
4 493 4934 •493 50
4
4
8
700 Wrigley (Wm Jr)
4
No par
1512 Mar 30 527
3
35 Apr 463 Deo
7
4
36
•313
3613 *3514 3613 *3514 36
36
35
35
1,900 Yellow Cab Mfg tern ells_ 10 3313 Feb 18 42 Feb 3
3
35
5
Jan
32 Nov 854 Mar
644 66
66 .66
64
67,
674 *66
600 Youngstown Sheet & T No par 63 Star 27 7812 Feb 13
4 6514 6514
*61 I* 65
593 Oct 72 Dec
4
•gig &ad &toted afloat no sake an this day. x Ex-dividend. c New stock on the basls of 1 new share for throe
old shares.
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
2381
changed and prices ars non, and inrerest"—exceot for income aml defaulted bonds.
Jan. 1 1909 the Exchange method of quoting Sandalcas
BONDS
N. Y. STOCK EXCHANGE
Week ended May 8.
r1
Price
Friday
May S.
Week's
Range or
Last Sale
EL'
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week ended Stay, 8.
t
z
Prize
Friday
May S.
Week's
Range or
Last Sale
Rang.
Since
Jan. 1.
31.
Hith
High No. Low
Ask Low
B16
High
11108 No. Low
Ask Low
fild
4 10014 103
U. S. Government.
10114
)
A 0
Panama (Rep) 5348 tr recta-1M J 1
8
977 102%
99l Sale
31
100
First Liberty Luau
Peru (Rep of) ext1 88
,
42
JD 100,10 Sale 100,, 101 0 510 100'744 OP.., Poland (Rep of) g 65
66% 79
9
67%
8
31.4% 01 1932 1947
1940 A 0 67 Sale 665
0
101 0 011,
0
,
0102. 221011,42 Mar'25 J 1) 101,,
95 96
9512 979
Conn 4% of 1932-47
Ext'l et g 8s Interim recta.1950 J J 95 Sale 95
0 ,
,
.1 D 102142 Sale 10210 102 0 186 101, 02 0 Porto Alegre (City of) as__ _1961 J D
Nig
94
2
9412
414% of 1932-47
Cony
01,00
0
101100.1021, 101.0.1 Apr'25 ---- 101
JD
16 109 112
101 3
122
094
9:
1; 111
Ed cony 4q7,, of 11132-47
911 A
Queensland (State) eat e f 78 19 t O 19412 Sale :01
3 10112 10512
104 Sale 103%
104
Second Liberty Luan—
.1
-year 138
25
1002. 01"U
,
,
101 0 101 22Mar25 _
98
MN 101
94
47
16
da of 1927-1942
1946 A 0 9512 Sale 95
Grande do Sul 8a
0
0
Ni N 100100 Sale 1017 1011, 1282 1002042 011,32 Rio de Janeiro 25-yr 8 1 Fle_1 4
93 0711
9412 35
9412 Sale 94
Cony 414% of 1927-1942
.
1
Rio
96
92
e
5
169233214
93 8 34
Third Liberty Loan
25-yr esti 88
799 19110 102
0
41
M S 101,, Sale 1012, 102
84% of 1928
Sale
10212 30 100 103
Rotterdam (City) external 681964 M N
12, 103 105
104
Fourth Liberty Loan
1948 j 1 1C4 Sale 103%
El Salvador (Rep) 83
0 02".2
10
,
,
AO 102 42 Sale 102 22 102. 2069 1011, 05,10 Sao Paulo (City) a f 8s
97 101
434% of 1933-1938
9914 23
1952 MN 983 Sale 983
0105,10 137 104.80 0422,
1947-1952 AO 105..0105w% 1051,
,
100% Sale 100
100% 26 100 103 4
Treasury 4 y8 a
tiottn
San Paulo (State) ext at 85_1936
0
"
D 101,042 Sale 101 31101 2, 932 I 2
1944-1954
14' 9912 100%
8
995 Sale 9913
10018
Treasury 48
1950
I
External 8 f 8s w
343
100 ,4 00.
1003°04 pr'25
D
Registered
8612 74, 8214 91
1942 J J 8614 Sale 85
_ Seine (France) ext 78
- 9712 Oct'24
_1961 QM ____ 97
84 90
Panama Canal 3s gold _
86
712 S l
4
873 235
Serbs. Croats & Slovenes 88_1962 M N 837 sale 8314
86%
82
Stele end City Securities.
8
837
1936 Nt N
10112 14 1003 1011.3 Solssons (City)6a
.
10338 35 103 104%
8
N V CitY-41 44 Corp stock_1960 M 18 10113 ____ 10118 Jan'25 _
1939 3 D 1035 Sale 1C312
10014 10014 Sweden 20-year 68
M 8 --------10014
9812 10018
Registered
9972 223
loan 554e Inter ctN '54 NI N 993 Sale 9934
External
1961 m 9 10318 ____ 1023, Apr'25 ____ 10114 1023,
8
dila Corporate stock
1137 Sale 1137
11418 33 113 117
4
10314 10 102 10314 Swiss Confedern 20-yr 8188 1940 J .1 102 Sale 10112 102
9812 103
1972 A 0 10314 1033 10314
72
41181. Corporate stock
A 0
Govt ext
8
4
1966 A 0 10318 1033 1023 Apr'25 ____ 1(1114 1023 Switzerland 58 loan 015448._1946 NI
12
6414 68
he Corporate stock
68
68 Sale 6714
1012
8
196% 10(17 Tokyo City
8
1971 .1 0 10712 10814 1067 Feb'25 _
97 100;
12
a Corporate stock
yi
100
8
Trondhlem (City) exti 6%8.1944 3 1 HO Sale 99%
Feb'25 ____ 1057 107
8
12 10614 110%
119
4
4145 Corporate stock _July 1967 4 J ____ 1077 107
1083
4
4
2 10612 107, Uruguay (Republic) ext 88_ _1946 F A 1083 Sale 1093
10714
1965 1 D ____ 1073 10714
3 108% 1114
8
10914
1093 Sale
434, Corporate stock
1945 A 0
Zurich (Clty of) 8 f 88
1073 10714
9 10534 1°7
10714
4
1963 M 8
£3-4s Corporate stock
•
4
98
093
4
993 Mar'25 ____
998
1959 M N
4% Corporate stock
Railroad.
983, 98%
•
M N --------981, Mar'25 ____
4
Registered
Apr'25 ____ 1003 10114
____ 101
4
3
983 993 Ala Gt Sou 1st cons A 511_1943 4 D 101
4
8
1013
9914 -_-_ 993 Apr'25 ____
1958 M N
4% Corporate stock
Ala Nlid let guar gold 58-1928 NI N 10012 1015 10153 Apr'25 ____ 101
98 100
Apr'25 ___..
4
1957 M N 093 __ __ 100
84
82
14
84
4% Corporate stock
1946 A 0 84 Sale 83
4
9818 983 Alb & 8u8q eOnv 33-0
4
983 Mar'25
1956 51 N 9914
8112 8312
I
Corporate stock
8314
4%
9814 9514 Alleg & West lot g 43 gu_ 199s A 0 8314 Sale 8314
94
91
NI N --------9814 Feb'25 ._ —
Registered
63 Apr'25 ____
1942 M S
4
4
983 983 Alleg Val gen guar g 48
4
983 Mar'25
1955 m N 9914
6314 72
7238 162
4% Corporate stock
Ann Arbor 151 g 40. _July 1995 Q I 7112 Sale 6712
977 98
Jan'25 ____
8814 92
Ni N --------98
253
Registered
3
92
Ateh Top dr ((Fe— GPO g 43_1995 5 0 92 Sale 90 4
1063, 107
4
104 84
, 8812 8934
,
414% Corporate etock__1957 NT N 1063 1 712 1067 Apr'25 ---- 111518 1063
'24
8 Apr4 5 ____
..i4i4
Registered
4
____
4
614% Corporate stock__1957 M N 1063 10712 10613 Apr'25 ____ 105 103
Adjustment gold 4s. _July 199!. Nov
M N --------105 Feb'25
8234 8412
RegLstered
8412 52
8418 Sale 8418
July 1996 M N
Stamped
8912 90.2
9012 Apr'25 ____
8
797 8023
a si% Corporate etk_May1954 mi N 9012
7912 ____ 8012 Apr'25 ____
NI N
Registered
1.1013
90
1
9012
9012
9013
81% 8414
8
841:
83,
,
83182 I::: 83142
33
D 83 .
34% Corporate stk _Nov 1951 NI N
1(19r.
Cony gold 48 1909
102% 10414
10_•
101
84,142
83
New York State Canal lui-4s1961 .1 4 --------1020, 5A,parr:2255
1955 J D
Cony 4s 1905
1111%
%
11
881182
1942 1 .1
1
2
48 Canal
Cony it 43 Issue of 1910..A960 I D 84 Sale 8313 Feb'25
1 11234 11414
1964 1 3 --------11414 • 11414
98 100
9914 99; 99%
2
4
993
4 148 Canal Rapt
East Okla Div 1st g 48_1928 M
____, 103 103
--------103 Feb'25
48 Il Igh WRY 110111 registerd 1958
8
Rocky NItn Div 1st 4e_ _ _1965 .1 J 865 ____ 87
4 112%
4
8
6
84 82%
Highway improv't 4348_1963 m 5 --------1123 Mar'25 ____ 1113 7612
1
8
8734 15
5
9
8812
84
.1 ,8%2 89
Trans
-Con Short L let 48_1958
7612
1991 .1 .1 6414 ____ 7612 Feb'25 -___
92 0538
9138 9 1
25
Virginia 2-3a
5
. _ 1_0
95
Cal-Ariz 1st & ref 4 As"A-1962 M
9
8
8814 ____ 913 Jan
M El
Registered
88% 92
Foreign Government.
9
9102
01 10314 Atl Knoxv & Cm Div 48.__.1955 M N 9112 Sale 9112
102131
1927 F A 10214 Sale 10214
Argentine (Govt) 78
Apr'25 ____ 10214 103
10214_ 103
813
All Knoxv & Nor Isle 58-1946 J
21
86 1 611 11 86
Argentine Treasury 5a.__1945 ivl 8 86 Sale 8412
96%
95
9534 - - 9618 Apr'25 ---6312
9,14 Atl & Chart A L lot A 4348_1944 J .1
95
9634 167
8
,
Sinking fund 68 Ser A _ _1957 NI S 963 Sale 9614
15 102 103 3
3
,
104%8
14
038 _3 0 ,3
1st 30-year 58 Series B___1944 J J 1033 8 _1_ _ 10334
4
94% 963
8
9653 228
Exit Gs ser II temp _ _Dec 1958 .1 D 963 Sale 96
Line lot con 4e_h1952 54 5
4
9318 973 Atl Coast
97 i 293
1943 .1 D 97 Sale 9413
94'2
05
6
32 189% 1(48
Austrian (Govt.) s(7s
107
1930 M N 10634 107 107
-year secured 75
10
10812 103 107 11014
8
4
907 933
8
4
033
Belgium 25-yr ext a f 734a 5.1945 .1 D 1083 Sale 108
1964,4 D 9312 Sale 3312
Genera' unified 434s
8
s
4
10712 66 1063 1093
1911 F A 10712 Sale 1063
20 year 1188
24
Ws 89
89
994 Sale 8834
L N col) gold 4s___Oct 1952154 N
9412
92
9334 ill
4
4
6148 Interim rcts_1949 m 4 933 Sale 923
78% 80
26 yr ext
79
78% 7914 6858
LI% 22
19483 J
Atl&Danv let g 48
245
833, 88
86
1955 J 3 86 Sale 843,
4
823 7012
8
Exile 1 68 Inter rets
, ld 4s
.1 6812 6878
1948
22 10818 1131
113
1945 M N 10913 Sale 113
7813
75
Bergen (NorwaY)8188
7812 14
98
Atl & lad let g guar 48...-1949 A 0 7812 Sale 7612
95
977
55
8
A 0 993 __ __ 973
9S13 9912
-year sinking fund 68
99 May'25 _ __ _
25
19413 .1 99
2
108 111, A & N W Ist gu g 58
10913 40
1945 54 N 109 Sale 10814
8
997 10018
Berne (City of) s 1 Sa
r.25 11
9
1 100
9
11)253 J 997 Sale , A,
2
8
923 93, Bait & Ohio prior 334s
9312 139
1947 m N 9312 Sale 9213
a
99% 993
Bolivia (Republic Of) IN
July 1925 Q J
Registered
4
853
80
79
843
8
8
8
5
8 4 9214
85 8 ,4
1
Bordeaux (City of) I5-yr 68.1934 NI N 84.8 Sale 827
88
9214 120
1st 50-year gold 4a_July 1943 A 0 9112 Sale 90
9518 90
123
97
1941 1 D 9612 Sale 96
88
Brash U EL external 8.2
July1948 Q J
Registered
8034 8434
70
81
1952 J D 8018 Sale 8018
75 (Central I(y)
8
1933 M S 033 Sale 1.13
-year couv 430
10
1055
6 10312 10712
1055
4
: 9358
53' 90
89
89% 73
9378 256
73-4,(coffee seem) £ (flat). 1952 A 0 1053 Sale
Refund & gen 58 Series A_1995 J D 8912 Sale 883
9512 9712
9612 41
229 100 104
Buenos Aires (City) ex 163451055 J J 9612 Sale 96
104
8
1948 A 0 1035 Sale 1023
let g Sa Int cgs
10 10013 1(02%
8
1007
3
58..1926 A 0 100 4 1007 1605
10312 130 10218 10312
Canada (Dominion of) g
1929 J J 103 Sale 10278
10-year 6s
10112 103
22
153
1931 A () 10214 103 102
4
8 1037 384 1003 103%
65
Ref & gen Os ser C temp_ _1995 J D 104 Sale 1027
10318 155 102 1033
1929 F A 103 5,,1e 1021
4 0
993 9 4
10
-year 53411
993 ____ 9934 Apr'25 ____
P Jet dt M Div iota 3S48_1925 MN
68 10134 104
104
1952 m N 164 Sale 10314
833, 9014
65
9014 35
983,
P LE& W Vs Sys ref 46_1941 M N 89 Sale 8812
98
4
98
1954 J J 0712 9734 9712
9013 100 8
3
Carlabcd (City) 8 I 8a
10018 30
997
8
997 100
Southw Div 1st gold 33.4s.1925 J J
10914 113 10614 10914
4
88% 76
48
Chile (Republic) esti of 84_1911 F A 10812 ___. 1073
76
Tol & Cln Div 1st ref 4e A.1959 J .1 76 Sale 7412
, 5 102 10312
8
1926 A 0 1027 Sale 1C212 1027
External 5-year 8180
(303, 81
Feb'25 __
61
cir Stu'. let gu 38_1989 J D 6212 63
103
Battle Cr
9834
60
103
1942 NI N 10112 Sale 101
-year extl 78
9218 9311
20
J J 0318 ____ 9314 Apr'25 ___.
Beech Creek let gu g
41 10614 109
4
1948 NI N 1083 Sale 1073, 109
87
-year 8 188
85
7814 8112,
26
65
8,
6
8
3
413 4612 Beech Cr Ext lot g 33-45.__.1951 A 0 775 ____ 81%2 Mar22 ___i
8
4612 37
1951 ./ D 4012 Sale 443
Chinese (Ilukuang Ity) 58
10443 D
11012 45 10934 11114 Big Sandy 181 4e
733,
1945 A 0 11018 Sale 11018
Christiania (Oslo) of 811
67
11
71
7212 703
1955 F A 72
9512 99% 13 & N Y Air Line 1st 4s
3
4
993 IOW 993
5
99
1954 M 5
30-year 8188
93 93
93 Apr'25 ____
9914 100 0 1 Bruns & W 1st gu gold 4a_ 1938 J J 9312
1001s 28
8
Colombla (Republic) 6348...1927 A 0 100 10012 997
10213 Apr'25 __ 10118 10212
10012 103
8
9414 977 Buffalo 11 & 1' gen gold E8 1937IM
9734 63
Copenhagen 25-year of 5345_1944 j 1 9712 Sale 97
8012 8812
8814 604
1957'M N 8712 Sale 87%
9511 98
Consol 4549
7
98
9712
98
1944 M 11 97
Cuba (54, 01 1904
,
85 4
82
M N 8213 ____ 823, May'25 ____
9318 97
Reglatered
6
97
Eater debt 5s 1914 Rer A._1949 F A 97 Sale 96
,
99 11 1004
1934 A 0 1001 101 10014 Apr'25 ____
Burl C R & Nor 1st 5s
87
84
7
8613
A 8614 Sale 86
1949 F
External loan 43-4o
9603 993 Canada Sou cons gu A 58-1962 A 0 1033, ____ 1023, 1127s 24 1001i 102%
4
9911 41
1953.1 J 9914 Sale 9834
5348
8
1167s 36 115 117%
9814 11/1.2 Canadian North deb of 783_1940 J D 1167 Sale 11612
9912 28
Czechoslovak (Repub of) 844.1951 A 0 9912 Sale 99
4
11814 26 118 1183
118% Sale 1177g
1946J
97; 1003
4
20-years f deb 6548
66
99
Stay
Oink fund 88 Sec B Int M13.1952 A 0 99 Sale 9814
79
8012 166
8014 Sale 8018
Par lty deb 4s stock_ 3
3
13 109 1105 Canadian
110
4
Danish Con Ntunicip as"A".1946 F A 110 Sale 1093
1932 M
Carb & Shaw 1st gold 4s
5 10813 111
1946 F A 10918 Sale 10913 1091
83
Series II a 1
19383 D
Caro Cent 1st con g 4s
82
1
101% 101 34 48 109 111
4
194.5 A 0 1103 Sale 10
Denmark external 8 I 841
933
8 1:
783
0
21
5 190 101%
00 4 s-a_- 8 11 2
0_a 5s3 ' 711 71
- ! 70044 13 1(99313
9913 103
Caro ClInch & 0 1st 3-yr 68.19383 D 17034 182111 -_ 111093184
1013 Sale
1942 J
-year 68
20
10816 48 105% 10818
4
11)52 J D 1073 Sale 1078
let & con g Os ser A
12 ____ 1023 Apr'25 -._ _ 101 1023,
3
Dominican Rep Con Adm s 15358 F A 163
84
84
Jan'25 ____
1981 J D 85% 8712 84
& Ad 1st go g 48
9412 Cart
8 24, 92
933
Custom Administr 5%8_ _1942 M 9 9314 Sale 1 9314
8
741 7j12
8
7912
Cent Branch U P lot g 0_1948 J D 7712 7910 7712
10214 250' 98% 193
1947 J .7 102 Sale 10112
Dutch East Indies ext 68
8418 69
14
667e
67
65
1961 J J 66
10213 2071 98% 1023, Cent New Eng 1st gu 48
1962 M S 10218 Sale 10112
-year 68
40
,
97.4 98 2
Reorg 4%8_1930 M S 9814 9912 9814 Apr'25 ____
9314 9914 Central Ohio
9914 101
1953 Id S 9914 Sale 983,
-year ext 534s
30
1
4
3
4
923 093 Central of Ga 1st gold 5s....p1945 F A 1013, ____ 1023 Feb'25 ____ 101% 102 4
9934 86
1953 M N 993 Sale 9812
-year ext 5345
30
9914 1013,
10112 15
1945 M N 10112 Sale 10114
4
983 1043
Consol gold Ls
8
10112 146;
French Repub 25-yr ext 83..1945 NI 5 10112 Sale 1007
9914
93
9913 Apr'25 ____
MN 09 10012
Registered
8
975 392, 93 10112
20-yr external loan 7148...1941 .1 D 9714 Sale 1 97
31 10113 104%
104
June 1929 J D 104 Sale 10113
10-year seen('6s
927
9014 653' 86
External 78011924 temp..1949 J D 90 Sale 88%
99 10212
4
10218 27
1959 A 0 10213 Sale 1013
Ref & gen 5348 tier B
8512 91
17
87
Finnish Mun L'n 614(3 A.. _1954 A 0 8612 Sale 8613
8414
84
4
833 -- -- 8414 Mar'25 ____
Chat t Div pur money 648.1951
8614 91
1
8612
1954 A 0 8614 8714 8612
Series B
External 61.48
9938 109
__ 99% Apr'25 _ _.
Mac & Nor Div let g 58_1946 J J 9934
8314 87%
4 29
863
1945 51 5 86% Sale 86
Flnland (Rep) ext 69
100% ___ 100 Dec'24 _ __ _
1946 J J
Mobile Division 58
94
9412
7
94% 94
9418
.1950 M S 94
External s 1 78 1st ate.
-5
8
.
2 -9 - - -9 96%
POh
2
953 98
937
4
9402 1360
,
913 95 2 Cent RR & B of Ga coil g 58_1937 MN
3
German external loan 78 rcts _1949 A 0 943 Sale
1 10718 109
109
___ 109
1987 .1 J 109
;
4
10734 391 1047 1073 Central of NJ gen gold 58
01 11501 & Ire](UK of) 5142_1937 F A 10712 Sale 10734
10714 10812 1077 Apr'25 ____ 10814 10814
81987 Q
Registered
105 Mar'25 _
istered105 105
Reg
86% 8912
8912 157
1949 F A 8918 Sale 88%
4
1929 F A 1173 Sale 1173, 11778 293 115% 117% Cent Pee let ref gu g 4s
-year cony 534e
10
9512 96 2
,
Apr'25 ____
____ 96
81929 J D 06
Mtge guar gold 3SO_
8
1157 Mar'25 -___ 11512 115%
I
Registered
85% 8712
8712 11
87
Through St L 1st gu 48_1954 A 0
89
92%
4 53
3
903
1952 M N 9058 Sale 897
Greater Prague 73-4e
11012 ____ 11212 Feb'25 ____ 11212 117%
,
1 Charleston & Savannah 78 1936 1
86
166
83
88
1984 M N 86 Sale 8412
Greek Govt 78 Int rad
98% 1003,
100% 101 10014 Apr'25 ____
32
94
91; 9404 Ches & Ohio fund & Print 58_1929
1952 A 0 94 Sale 9313
LIMB (Rei/oldie) 68
1939 M N 1023, 103 1013, 103.4 22 10134 103%
let consol gold 68
303
Sale 871,3
89
87
90.2
HungarY (Kingd of) of 7346_1944 F A 89 Sale
8
90% 907 101 Nov'24 ___ _
1939 M N
Registered
9912
9913 170
983, 9913
9914
52
-i 7- -91
91
.
i8
Ind Bank of Japan 6% notes 1927 F A 8312 Sale 8212
8
1992 M S 905 Sale 90
General gold 4 3.48
8313 334
81
8313.
1931,..1 J
Japanese Govt £ loan 48
11
85% 8814
8814
8653 ____ 8714
1992 M
Registered
9414
90
9414 16003
1954 F A 0334 Sale 91%
30-year s f 6148
;
8
943 973
9738 253
97
20-year convertible 4340_A930 F A
8704 65
8312 8714
Oriental Development 65_1963 M El 87 Salo 8512
,
10 25 4_
73,3 5 . 71_ 1017 10914
8
0_471_4
1946 A 0 19 .
30-year cony secured 5s
85
72
80% 8612
-year 65_ _1934 M N 85 Sale , 8234
Lyons (City of) 15
10314 10614
A0
Registered
8513
8412 49
SO
4
Marseilles (City of) 15-yr 68_1934 M N 8413 Sale 5213
9712 993
9814 Mar'25 ____
9814 100
1940 J J
Craig Valley 1st g So
5
2113
197 24
Mexican Irrigation 434e------443 M N ____ ____ 2118
8214 83
83 Mar'25 ____
Potts Creek Branch 1s1 48 1946 J J
24
23
24
Jan'25 ____
19431_ __
Assenting 8 f 4 Sill
8
8312 843,
.1 3 8412 ____ 845 Apr'25 ____
45
R & A Div 1st con g 48_1989
4512
ii
Feb'24 ____
Mexico (li 8) exti 5s of'99 £ 1945 Ci J -3ii4 - - 45
1989 .1 J
2d consol gold 45
32% 41
3918 143
38 Sale 3713
1945
AseentIng 5s of 1899
977
_:7 8 97%
977 89
Warm Springs V lat g 58..1941 M S 93% 9812 79 May'25-9 _-_
2
36
3712
3712
3712
Assenting 5s large
6
4
10
62
66
1949 A 0 _86_ S_a_N_ 6 12
Chic & Alton RR ref g 38
5
1912 25
2214
1954 J D 2713 383 22%
deb 48 of 1904
Gold
6012 6013
.5
Jan6'5234
_
A 0
Registered
2218 Sale 2112
2212 43
181/ 2413
Assenting 43 of 1904
;
__
581 62;
61 May'25
Certlfs dep stpd Oct 1924 Int
____ ____ ____2612 Jan'25
Assenting 48 of 1904 large
8
61
627 6212 Feb'25
60% 8212
Certif dep stmpd Apr 1925 Int
22 May'25 -_-_-_-_
IP 2412
6
55;
Assenting 4s of 1904 small
5312
5418
4414 5814
__1950 .1 J
1-5 -':2T2 -ii3; 2412 2412 10 23 2412 Railway Mat lien 3 _ coup...... 52% Sale 5234 523 186 45 5534
Assenting 4s of 1910
54
7
2912 94
Ctfs dep Jan '23&sub
2218 365
2713 Sale 277
assenting 4e of 1910 large
85% 8518
81 4 86
8534 19
,
24% Sale 24%
26
187
2013 28% Chic Burl & Q—Ill Div 33.4g 1949 J J 85
email__
843 8434
Assenting 45 of 1910
J J 8012 ---- 84% Apr'25 ____
Registered
42 May'25 ____
4012 42
3612 43
Trees 8801 '31 assent(large)'333
1949 J .1 93 Sale
41
8818 9412
!Mans Division 4s
43
38
41% 52
393
Small
8
8
095
100
1927 M N 997 Sale 9394
29
99 100
Nebraska Extension 4s
913
93
4
93
92
23
88
1952 J D 92
Montevideo 78
9214
1958 M 8 9113 Sale 9112
8818 9214
8
General 48
10614 38 1023 107
4
-0_1972 M 8 10614 Sale 10512
Netherlands 68 (flat price
M 8
893 Feb'25
4
4
893 893
Registered
4
8
10418 282 101118 10413
68 (f(al) 1954 A 0 ----j ---- 1033
-year external
30
48
1
1971 F A i52- 4Sale9-7- 10113 10214 21 10012 10214
111% 85 11014 11312
let & ref 5s
1940 A 0 111 Vale 111
47 4
Norway external sr 8a
4712
3
46
83
997 105
9712 10014 Chic City & Conn Rys 58_1927 A 0
1943 F A 9912 Sale 9912
en! 65
-year
20
A
10714
1071
993 172
1 10514 1071
4
9712 1 0 ( Chicago A East III 1st Os. _1934 m 0 10718 .sla 10718
1944 F A 9912 Sale 9914
-year external 68
7/0
20
7684 685
Inotn enl gan na 1ng
4.
R
741.
7418 79;
997
mu
,
07
59
4
1)152 A 0 993 Sale 9912
-year esti 89
30
8 g5ti..-.1. a Duo Jan. 5 Due July. 8 Due Aug. y Due Nov. a Option sale.
8
.
ide
g
.-J
1
4
8 %
81
2382
N
BONDS.
Y. STOCK EXCHANGE
Week ended May 8.
New York Bond Record -Continued -Page 2
Price
Friday
May 8.
Veek's
Range or
Last Sale
13
Range
Since
Jan, 1.
BON.25.
N.Y.STOCK EXCHANGE
Week ended May S.
•
h
Price
Friday
May 8.
Peek's
Range or
bast Sale
13
Range
Since
Jan. 1.
Rid
.40 Low
Hie; No. Low
High
Chlo & Erle let gold 5e
1982 MN 10C12 Sale 997
Bid
4te Low
Nwn No. Low
10018
g
9912 1003, Erie & Pitta gu g 330 B____1940
7
1110
Chicago Great West lilt 46_ _1959 M
j j 8438 __ 84
6418
Jan'25
643 896
593 053
8
84 84
,
4
8
&flee C
Chic Ind & Loulav-Ref 68_1947 J j 109 Sale 62 2
J 8438 ____ 84
14 ---- 110 Apr'25_ - 10914 III
Oct'24
Fla Cent & Pen 181 ext g 59 1931
Refunding gold 5/2
1947 J
J 100
100
____ 100
Jan'25
100
1 9912 10014 Consol gold be
um
- 100 100
Refunding 4s Series C
1947
194:1
9912 993 9912
4
9912
87 Apr'25
5
853 87
4
38880 ow.
Florida Raw Coast 1st 4 Hs_ 1959
General bs A
a n 9112
1986 M N 91,
935 Apr'25
8
2
90
2
9018
87
9018
Is) & ref 58 Series A
General 68 B
May 1966 .1
11)74
1033 Sale 10278 1033
8
95 2 8
4 17 11114 10384 Fla Weal & Nor 78 Series A_ _19:14 Nt S 9514 Sale 9514
,
8
Ind & 14)ulsville let gu 48_1956 J
N 1147 Sale 11112
8
at
7814
1154 221 1(12 8 1115
7718 79,2 Fondu Johns & Olov 4 Sig__
5
79
9: :
4
32 4 5438
Ohle lud & Sou 50-year 411-.1956 J J 873 _793_ 79
.1952
8 __
6918 31
88
8618 88
1
644 73
8
Fort SI U I) Co be g 430_1941 • N 69 Sale 6718
Chic L S & Cam let 4 Hs--1969 J
.1 .1 894 9014 895 Apr'25
934 ---- 933 Apr'25 _
8
4
93, 935 Fl W & Den C let g 514s
89% 89%
2
4
CM & Puget Scl 181 go 4a___1949
1961 1 0 1043 ____ 10434 Apr'25
4
4412
4312 684 Fi Womb & Rio Or
4412 92
101% 104%
Oh M & Si P gen it 413 Ser A.e1989 J J 79 Sale 4414
let g 45_192s
9513
Sale 7711
9512 10
79 I 36
704 79
9212 96%
Frem Elk & Mu Val ist 611_1933 y j 9413 96
General gold 3 He Fier 1.1 e1989 J
A 0 10712 1081 10914 Apr'25 -- 108 10934
3
6641
4
6214 663 G II & S A NI & P let be
190,9 1100140,1.1
4
Gen 430 Series C. May 1989.1 .1 664 ---- 6618
1931 M N 10014 10912 10014
86 Sale
10014
7718 86 4
1
8614 132
,
2d extene fie guar
Gen Sr ref Series A 434g. _a2(114 A 0 4612 Sale 8518
1031
J 007 100
8
994 Apr'25 ---4313 64
47 I 218
Gate Hums & Henri Ist 58_1933
Gen ref cony Ber B 5e_a2014 F A 47 Sale 4514
94
Al)
i
94
444 585 Genesee River 151 s f 5a
46
2
474 65
8
9012 95
lit See tis
1957
1934.J J 10214 10212 102
10
93 Sale
10334 32 1641 104
9612 10212 Ga & Ala Ry hat eons 59.„()1945
111212 66
::
6
00 6
Debenture 4 Hs
J J 95
1932.7 D 47 Sale 4618
957 94
8
44
8 18
947
99 102:
9318 99 4
4712 151
6164 Ga Caro & Nor 1st eta g 56 _1929
Debenture 48
.9 9912 997 9912
1925j D 4714 Sale 4612
8
46
473 254
9912
8
1
7812 Georgia Nlidland 181 3a
25
-year debenture 48
1946 A 0 65
1934 .1 j 46
653 6114
4
654
44
4
5
4714 85
5614 Gouv & 014wegatch 58
Chic & Mo Riv 1)1v be___1926 .1 j 974 4612 443
1942 1o 993 ---- 9834 Feb'25
4
941s 99
99
8
32
8
Or R & 1 exi 1st Int g 414a
Chic & N'tvest Ext 48..1886-1926 F A 9912 98, 977
1941
14
9934 99
9912 51
8
983 101118 Grand Trunk of Can deb 78.1941) J j 9514 9612 9) Apr'25
94 114
Registered
1886-1926 F A 985 9914 89%
8
A 0 1165 Sale 1163
8 1163
8
845 99%
8
4
4 25
895
8
15-year f es
General gold 330
1936
s 1077
1987 m N 7414 743 7312
8
7338 11
108
7318 75
32 1% li 8
06
4
Great Nor gen 78 Series A 1936 M J 1085 Sale 10734
Registered
8 Sale 10812 10912 135
_
72
Q V
72 Feb'25 - 7214
181 & ref 414s Series A
General 48
1961 J J. 9112 Sale 913
1987 M N 83 Sale 825
8
92
84
8
8112 86
43
48
General 530 Series 13
Stamped 48
1052 • J. 101 Sale 1004 101
1987 m N 83 Sale 8212
12
26 ,1:4 119:61:261
83
82 85
10151 119214
11 9012
81
: rI 3
8
2
General as Series C
General 58 stamped
1973
J 93% Sale 9358
1987 M N 10238 Sale 1324
94
101 18 1043
48
10314
4
Sinking fund flis
1879-1929 A 43 10412 105 10414 Apr'25 _ 63 104 10412 Green Bay & West deb etre
724 76
76 Apr'25
72
76
Dehenturee (ifs "B"
Registered
g
A 0 103 105 103
4
1434 61
2 103 104
1212 163
103
9
Greenbrier Ry 151 gu 45___.194( Feb 1414 147 14,
Sinking fund 5e
1879-1929 A 0 10018 _ _ _ 10012 101112
8
863 Apr'25
4
1 10014 10034 Gulf & 51 1st ref & t g bs__81952 SI N 865
86 804
Registered
1879-1929 A 0 91)12 101 100
I .1 1004 ---- 9913 101
Nis int
10
100
5 100 IOW, Harlem H &
Ches let 45..1951
Sinking fund deb 5e
993 103
4
813
99 100
84
4
4
100
10
80 84 •
993
4
Hocking Val 1st cons g 4343 199t M N
Registered
1 1 984 Sale 994
193 " 1 99 1110 1.1 Mar'25 _
3
193
:1M N
91
101 MI
8
88 3 8s
9
, 91
Registered
10
1491
-year secured 7e g
j 88
j
8978 88 Mar'25
107 10712 1063
4 118
12 105 11218 H & T C 1st g int guar
1937
15-year secured 6 He g___ _1936 at
110 102 100 Apr'25
1093 Sale 1087
4
:
8 110
60 107 11212 Houston Belt & Term let 58 1937
994 19: 7
9996.1 ,85
0:
-let h ref g be
J 98 Sale 9713
e2fi37 J
9112 102
94 Sale 9278
9818 25
9414 190
Houston E& W Tex lat g 5e 1933 M N 1004
Ohle R I & P-Railsoas gen 481988
1 843 8512 844
____ 100
4
Jan'25 -8134 83
8218 853
4
1st guar 58 red
193:1 M N 10018
Registered
J J 823 Sale 823
8
-- 997 Jan'25 _
8
82
83
8
83
997 997
8
8
9
Housatottle Ry eons g 56.__1937
Refunding gold 48
1934 A 0 88% Sale 873
9413
9412
8314 894 Bud & Manhat 5s Series A_.I957 NI N 9412 93
2
4
8
897 670
Registered
F A 91 Sale 903
IA 0
4
863 Apr'25 _
863 80.4
4
4
86 94 2
921 9 1314
1
914 138
Adjustment Int.
re
.1957 A 0 76 Sale 7434
Oldest L& N 0 gold 5a____19131
11) 10112
10234 Apr'25
76
628
674 70
_ _ 10112103
1111nole Central let gold 45_11)51 J J
Registered
1.1 1) 1(11
924
925
111112 Jan'25 _
9114 9158
8
101 1z 103
1951 J J 8734 -___ 9012 Apr'23 • 1
Gold 314e
ItegiMered.
1951
I) 7912 ____ 793 Jan'25
8
__
793 79 8
8
9012 9012
9
1st gold 314e
Memphis Div 181 g 4g
1951 J J 843 -___ 83 Apr'25
1951 .1 0 8412 8512 8512 Apr'25
s
834 857
8
8111. 83 4
3
Registered
OS, LA P 1st cons g ba
j .1
84
83 83 Mar'25
1932 A 0 101 18 102 10114
10114
83 83
1 101 18 103
Extended 181 gold 3He_ _.
1951 A 0 844 --__ 8212
Registered
IA 0 101138
1003 Jan'25 _
8
8
_
8
1 1903 1003
8012 824
Regimens]
19.51 A 0
Chic St PM &Ocone6s1030J is 1034 10412 103
8112 June'24
8
_
10312 33 1023 10812
lst gold 5,sterling
Cons fie reduced to 3148-193 J D 9212 94
1951 at S 64
72
0
9212 Apr'25 _ _ _
924 9212
_
62 62
Collateral trust gold 4a__ 1952 A 0 87.4 Sale 62 Feb'25
Debenture be
19311M S 9212 Sale 9212
873
8
9212 10514
873
8
3
8618 88
98
34
Registered
Stamped
8
A 0 835 87
8538 Apr'25
95
9712 9612
8
96
993
8580 85%
9612 16
let refunding 413
Ottle T H & So F.aat let 5a 19601.1 D 8218 Sale
1955 SI N 92 Sale 9114
92
95
8018
75
88
8213 218
8212
924
Purchased lines 3348
Inc gu be
1952 J J 824
Dee 1 1960 M
823 Apr'25
8
7212 Sale 67%
55
733
783 6314
733 543
4
4
8
Registered
Chic Un Flta'n let gu 4348 A 1963 J
3 1
83
9312 Sale 9214
83
10
4
913 933
79
4
83
934 19
Collateral tried gold 4a
1953 SI N 85 Sale 843
let 5e Series B
1963.2 1 1123 Sale 10218 1023
4
85
8
30
83
4
4 28 100 11123
boll!
Registered
Guaranteed g 55
1944 .1 0 993 Sale 9918
'31 N
82 Mar'25
103.2 1. 619
81
4
12
993 167
97, 90
8
4
4
R010(1001 56
Ist 6 Hs Series C
1955 Nt N ion"
19632 .1 1163 118 1161 1
10618
10618
,
8
5
1167
6. 116, 118
8
15
-year secured 530
1934 ▪ .) 10212 1027 Mils
°hie & WOO Ind gen g 68...p11132,Q NI 10512 ___ 105%
8
1023
4 11 102 1033
4
4
2
Apr'25 _ _ _1 1053 11153
15-year secured 6 He 9...1936 j J 111 18 11112 III
Consol 50
-year 48
1952-2 J 801, Sale 79
Apr'25
10012 11112
802 223
.70.3 0(11,
Cairo Bridge gold 48
195 J
loth ref 512$ ser A temp-1962 M S 9914 Sale 9814
8934 91
893 Apr'25
4
8 4 8934
78
73
0
9934 60
4
9718 993
Litchfield Div let gold fis 195 • D
Oboe Okla & Gulf eons 59__.1952 M • 10018 11)1
73
J
73
1
10018
994 190.4
1On:18
Lotilsv Div & Tenn g 334s 1115. 3
Cm n I-1 & 1) 2d gold 4 Hs___ .1937
81
8214 81
82
J
17
93 9412
12
92 2 -- 9312 Apr'25
,
Omaha Div let gold 38...1115 F A 734 -___ 7318 Apr'25
C St I. & C 1st it 45
/1936 Q F 913
771 82
4
0
1 73
93 Apr'25
913 93
8
St Louis Div & Term g 38.195 3 .1
Registered
81936 Q F
724 Apr'25
91
913 91
91)13 91
Apr'25
4
Gold 33-45
CID Lel)& Nor gu 48 g
1.15
j 813 ____ 813
4
1942 SIN 8712
71s4 8
82
8912 Apr'25
9
5
8718 8912
7258
2
Springfield Div let g 3 Hs. 195 j J 824 Sale 8274
Cin S & CI cona 1st g 5e_ _ _ .1928 .1 .1
8
2
9978
797 824
827
8
_ _ 994
8
997
8 23
993 997
4
8
Western Lines let g 4s.....195 P A
Cleve Cin Ch & St I. gen 48.1993.1 0 834
8111 84.4
88
88
10
8012 88
8312 23
83,
4
Registered
195 F A
20
-year deb 4148
1931 .1 J 9812 Sale 08
84 Apr'25
98.34 II Central & Chic
96
84
87
983
4 44
St I.& N 0
General be Serie,. B
1993 J
101 1 1
8
_I 9912 1013
10112 Apr'25
Joint 1st ref 544 Series A
196. J D 997 Sale 9912 1136
Ref & impt 6a Series A
8
1929 J
140
9611 100
10314 10312 111314
103 104
1(1312 21
Ind III & Iowa 181 545
1951 J J 904 9112 9013
6f4 Series C
1941
.1 111414
1
9013
8712 902
_ 10413 10412
4
1 1033 1074 Ind Union Ity gen 58 Ser AI965J
100 101 1007
be Series I)
19632
8
6
9812 Sale 9
100,
4
9878 189, 9413 9572
84
Gen & ref 513 Serite 11 _____ 1965 J J 1110
Cairo Div let gold 4a
1939 J J
91) _ _
891 91
90
,
90
2
In) & Grt Nor Is) 6s Ser A 11152 .1 J 10312 Sale 100 Mar'25
f.7.12 W t M Div let g 48. _1991 J 1 81
10312 104
38 :04 9
8212
1 904 11 199380 112
1100 1180
80
8212 8114
1
8212
8
Adjustment 6s. Series A__1952
Bt L Div let coil Ira g 48...1990 NI h
7
AP.*1
2 8 987
74
743
81 18 84.3
66
8212
83
3
Stamped
Bur & Cu) Div lilt g 4s
Arrl 768
1940 M S 8912 ____ 8912 Apr'25
67 67
883 80
8
'3 Int Rye Cent Amer 1st ba___1972 at N 73
W W Val Div 1st 48.....1940
i 134 : 6713 APC
S e 78
S
J 863 88
873 873 Iowa Central
8
4
4
4
873 Jan'25
_
925 72
1st gold 58....l938
C C & 1 gen eons g 68
60 4 6212 6013
1934 1 J 1073 -- -- 108
3
6212 30
57
65
4
108
16 1074 103
Certificates of deposit____
_
Clev Lor & W con let g 58_1933 A 0 10 4 1017 102
4004 102.4
613 ---- 603 Apr'25
4
4
8
0
Apr'25 _
Refunding gold 48
1951 M S 2112 Sale 203
01 & Mar Ist gu g 434e
1935M5 9678
8
21 12
2
8934 8934
19% 264
964 97
97 May'25 James Frank & Clear let 431959 .1 I)
Cleve & Mahon Vall g be
1938 J J
9814 993 Ka A &
4
983 ____ 9918 Apr'25
89
8
8
10
86% 89
G R 1st gu g 5a__193s J J 11101. ____ 883
CI & P gen Ku 4 He Ser 8_1942 A 0
(10 Nov'24
8412 Aug'24
_
Kan St M 1st gu g 48
1990 A 0
aeries A
1942.7 J
991, 99's
2
9913
80 84
0958
7
2d 20
-year 58
Series C 3148
1927 J
1191 Sale8 1(1414
8184
1948M1'.
85' 80
8 '8 1114%
8
8 12
8
8512 May'25
EC Ft SAM cons g 68.....192s MN 16314
Series I) 334e
19511,F A
111312 10314
082 111
9
103,4 151 19 2 1008 li
4
84
853 K C Ft S & M Ry ref g
808011
853 Mar'25
4
43_1936 A 0 88 Sale 857
Cleve Sher Line let gu 434e_1961!A 0 974
66
88
954 98 • K C &
973
973
4
18
4
R & B 1st gu 58_1929 A 0 994 9912 100 8 101)
Cleve Union Term 5343
1972,A 0 10618 1063 1116
27
8
10712 13 1044 107.2 Kansas City SOU tat gold 36_1951)
A 0 7318 Sale 73
Ist s f ba Ser B
1973.41 (I 101 10112 1003
nut 1014
:
313
74
7012 74
4 101 12 51
Ref & impt
Apr 1950 J J 92 Sale 903
Coal River Rt. let gu
I) 8412 86
8314 815. Kansas City 5s
4
88814 9213%
9214 74
8412
85
5
Term lot 41_1960 J J 817 Sale 8514
Colorado & South let g 48-1929 F A
8
imps 983 Kentucky
983 Sale 9812
4
853
I'll's
8
4
983
4 21
Central gold 44_1987 J
864 Sale 864
Refunding & exten 4149_1935 M N
943 Sale 94
864 37
9058 9512 Keok & Dea M
84
4
863
4
9512 114
5s ctf
8
C,o1 & 11 V lat ext g 48
1948A 0 8612 87% 863 Apr'25 _
8612 893 Knoxville & Ohio let dep_1934 A 0 843 ____ 86 Nov'24
,
4
g 63....1925 J .1 100 10012 100 Apr'25
Col & Tol let ext 48
1955 F A 833
100
4
_ 8414 Apr'25
4
8414 84, Lake Erie & West let g
58..1937 J J 10018 Sale 10018
Conn & Passum Riv let 4a..1943.A
10018
6 6 116 :
9 1:: 1 0 .3-4
9
2
78
6
0
84
814 Jan'25
81 8 51 3"
,
2d gold ba
1941 J .1 95
9512 9518
Cuba RR let 50
9518
8312 874 Lake Shore
1
-year 5911-1952 J
864 864 88
87
7
gold 31411
1997 1 1) 7912 80
7912
lst ref 714e
1936.1 D 10314 10412 104
80
29
7 : 881
7 7 7:
61
8
0
104
2 1024 106
Registered
1997
13 7712 ____ 7812 Apr'25
Cuba Northern Ry 1st 58_1968 J .1 9112 Sale 91
9314
89
91,
2 67
Debenture gold 4.8
19214 M S 985 Sale 983
8
8
Day & Mich let cons 434a...1931 J J
9712 98%
8
96
983
9712
4
9814
9780
971 2 18
25
-year gold 48
1931 M N 97 Sale 063
8
1943 M N
97
Del& Hudson 1St& ref 43
37
8812 92
91 12 Sale 903
9112 64
4
Registered
1931 M
8
-year cony 58
30
1935 A 0 10612 Sale 10614
8
10712 150 101 14 1063 Leh Val Harbor Term Ss.,1954 F N 9412 ____ 957 Jan'25
A
10218
10218 10 10; 10971.2
15
1937 hi N 1017 Sale 1013
9534051s 952712
9 1
-year 5148
2
8
1017
2
8 32 101 103
Leh Val NY lat gu g 430..1940 J J 9718
18
9714 Apr'25
-year secured 71;
1930.7 I) 10818 Sale 108
10
1085
8 17 107 110
Registered
1940
J
Jan'25
1936 F A
D RR & Bdge let 101 4s g
93 9
98
9334
94
8
3
94
94
94
2
Lehigh Val (Pa) cons g 49_2003 M N 807 Sale 113
8
8612
8118 34
Den & R G--Ist cons g 46_1936 J .1 847 Sale 835
8
82 8514
8
8412 376
Registered
M N 784 Apr'25
Cowl gold 4148
857 8912
1936.7 J 88 Sale 863
8
7:
88
173
88
4
4
General cons 4348
2003 M N
ni oi,;10
ot
Improvement gold 5e
1928
D 9812 Sale 9818
26
95
99
983
4 56
Lehigh Val RR gen 5e Series.2003 M N 10114 Sale on
9loll,
88
Farmers L & T dep rots for
8% 91
Lob V Term Ry 1st gu g 58_1941 A 0 10218 ____ 1004 10114 21
10178 Apr'25
10112 102%
lst & ref ba
70
Aug 1 1955
4514 6014 6112 Feb'25
59
Registered
1941 A 0 9949934 Nov'24
Bankers Tr Co ctfs dep
Leh & N Y 1st guar gold 413_1945 M S
80
59% 6912 Lex & East 1st 50-yr
Agent to June IS '23 agree -- 57
2 -Ws -ill
63 60
Jan'25
Se go_ _1965 A 0 1(16 Sale 108653
8331
4 1064
Stamped
2 103% 1963
4514 67 623 Feb'25
56, 71.134 Little Miami 45
8
4
4
1952 M N 84 --__ 84 Apr'25
Am Ex Nat Bk etre Feb '22
8314 84
604 604 Long Dock consol g 68
603 Feb'25
8
1935 A 0 10838 ____ 108 Apr'25
Am Ex Nat Bk Ws Aug '22
1077 108
8
597 Dee'24
8
Long laid 1st con gold 58_731931 Q J 101
____ 1014 Apr'25
591, Sale 585s
Den & R 0 West 511
993 1015
1955MN
4
8
60
63f) "ii 5534
let C011801 gold 413
111931 Q J 101
.. 94
94
Dee M & Ft D 1st gu 4s
394 47
94
1
1935
J 463. Sale 4512
9412
47
21
General gold 4s
1938 J D 893 - 3 98091 Mar'2514 878 12
9 4 90;4
0
11 Temporary ctfs of deposit
4538 453
8
4614 47
453 Apr'25
8
Gold 4:3
1932 J D
9
Des Plaines Val let 4 Hs___1947 M N
1431, 93.2
4
89718 90
9 8 9014
95
9612 9312 Feb'25
Unifled gold 48
1949 M S 033 .4 8412
8 4 S 43 9
, 810 ,
Del & Mack-tat lien g 48-1995 J D 7312 Sale 7314
8412
9
9
2
8214 844
73 73,
2
7312 22
Debenture gold be
1934, J D
Gold 4s
66
6
954 98
1995
67,
2
65
684 65 Apr'25
20
-year p m deb be
1937 M N 91
Det Riv Tun 434e
91
8718 91
37
1961 M N 9318 9312 9212
91
93 8
,
Guar refunding gold 4s__1949 MS 85 Sale 89
9318 13
Sale 84
Dul Missabe & Nor gen 5s.._1941 J J 10214
85
95
82 85
102 104
104
Apr'25
Nor Sh B 1st con g gu 59.01932 Q
0912 Sale 99
Dui & Iron Range 1st 5a
9912
5
1937 A 0 1013
5
10012 10212 Louisiana At Ark 1st g 5s_ __1927 M J
988010080
1015 May'25
8
4
993 100
4
Dui Sou 131517re & Atl g 5e..1937 J J
993 Apr'25
4
100 10111
9 12 5 2
9
1
821s 90
fi47
Lou &Jeff Bdge Co gu g 413_1945 MS 861
8712 18
8
East Ry Minn Nor Div let 49.'48 A 0 -90i8 92
854
86
22
83 87
907
88
8
907 Louisville & Nashville be___1937 MN 10218 13458
907
3
8
2
8-- 1043
East Tenn reorg lien g 5e
4 1043
4
1
10018 1014 1014
9914 101 14
1938 M
unified gold 48
101 14
1
1940 J J 954 Sale 9478
East T Va & Oa Div g 5s1930 J 1 997 ---- 1003 Mar'25
9512 29
100 101
917 954
9
8
4
Registered
1940.7'
Cons let gold 58
913 Dee'24
4
1956 M N 101 18 10112 10078
8
101
Collateral trust gold ba
5 1003 101
1931 MN 101 1O1t ION
Elgin Joliet & East 1st g 59_1941 M N 101 14 Sale
2 fails 103
8
10-year secured 78
10114
1013
9 101 1023
8
1930 MN 1067 107 106
8
El Paso at S W lat 58
1965 A 0 10012 .......
107
9938 1003
91% 27 10584 20712
3
1st refund 51.48 Series A 2003 AO 11:67 108
5
8
Erie let consol gold 78 ext 1930 M S 10812 Sale 10012 10012
1067
8
1073
4 10414 10819
4
1st & ref te Series B
10812 10834 42 107 1083
2003 AO 105 Sale 10414 105 4
let cons g 4s prior
7212
1996 1 .1 714 Sale 703
21 1014 105 4
3
70
4
72
254
let & ref 434s Series C
2003 A0 95 Sale 94
Registered
gm 6812
95
1996 J
95
92
95
N 0 & M 1st gold 138
6812 Mar'25
1931)'.7 1047 Sale 1044
$
let oonsol gen lien g 4a 1996 J J
1047
58
2 10414 1047
3
8
643 Sale 6214
613 604
4
2d gold 68
643 316
4
1930• J 10414 1057 10338 Dee'24
Registered
8
1996 1 .1
Paducah & Mem Div 48..1946 FA
6214 67
6214 Feb'25
Penn coil trust gold 48...1951 F A 953
8914 Feb'25
- .
6612
4 9 2
954 98
6
St Louie Div 25 gold 38_1980 M
1
953
4
4
623 6378 63
9014----year cony 48 Ser A 1953 A 0 6614 - - -1- 953
8
50
64
12
6112 64
6714 73
Sale 654
6212 69
L&N&M &M Istg4148.1945 MS
do Serie@ B
Mar'25
1953A 0 6614 Sale
96
69
9714
60
L& N South joint M 4s
6614 57
1952• J 86114 Eiale- 83 4
Gen cony 49 Sweet D_1953 A10 73 Sale 65%
9 2
4
97718
8112 8412
8 2 21
7112
8
695 754
Registered
73, 118
4
July 1952 Q J
& Jersey let s f 6a
Brie
1955 J J 104 Sale 10312 104
10112 10614 Loulav Cm & Lex gold 4148_1932 M N -551.
29
8 litife- 974 jan9 8
7
9
2 -Ws -fig
9 2,5
.
Due Jan. 5 Due Feb e Due June
e Due May. 11 Due July
1Due Aug. n Due Sept. 0 Due Oct. p Due Dec. a
Option sale.
Febl
71%
New York Bond Record -Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week ended May 8.
S
t
2E
Prtre
Fridge
May 8.
1Yeek's
lemifle Of
ban Sale
Range
Since
Jan. 1.
BONDS
N. V. STOCK EXCHANGE
Week ended May 8.
2383
Price
Week's
Rang.
Friday
Range or
t
Since
May 8.
Last Sale
Jan 1.
Rld
441 Low
High No. Low
High
Bid
Mahon Coal RR lot 58
As* bow
1934 .1
High No law
4
.1 1013 103 10118
Hill
99 101 14 9 y Fhisq & W lit ref 58____1937 2 j 71
Manila RR.(South Lines) 48 1939 MN 613 6212 613 Mar'25
Sale 70
4
71
20
4
62
fin 76
6
5912 62
26 gold 4345
1937 F A 5918 663 6414 Mar'25 ..-let 4s
1959 MN 9)
4
6113 65
6512 Apr'25
6314 0
General gold 66
512
1940 p A 58
Manitoba Colonization 5e_ 1934 1 1) 9812 9914 9814 Apr'25 _
7 60
59
Apr'25
60 66
____
973 1011
4
Terminel 1st gold 15e.....1943 isi v 95
Mao B & N W 18t 330_1941 3 3 823 ____ 04 Mar'25 _ _ _ _
98
9312 Apr'25
8
823 84
93 94
8
NY %Velem& li let 8er I 4340 851 4 i 61 4 Sale 6
1_'4r 1 l 8 7
Michigan Central fis
;
l
1931 M
8312
3
673 269
4
10312
101
Feb'25 _
I0073 101
597 704
3
Nord Rye f 6 He w 1
Registered
1931 tJ M 10914 ____ 59 Dee 24 ---8213 45
7912 8414
Norfolk Sou lot & ref A 58_1961 F A 79 Sale 753
4.
1940 3 J
91
__ 9114 Mar'25 - 794 212
71134 7913
iiii "ill, Norfolk & SOU let 1101t1 58_1941 Al N 943% ____ 9011/ Mar'25
Regletered
1940
__ __
893 ---- 8612 Sept'24 - 4
Norf At West gen gold 68____1931 FA N 10618
943 964
4
L & let gold 3He
108
19 3,1 s 773 ____ 77% Apr'25 - - -.
01
4
1114154 los
improvement & eel fle.....la1 F A 1077 -_-- 108 • Apr'25
2 A
let gold 31.4e
1952 M N 8518
1083 Apr'25 ____ 108% ins3
8
843 Apr'25 4
85
81
8
New River let gold
0 10713 ____ 108 Mar'25
-year debenture 48
20
9712 98
973
...-- 106 1031
8
9758
9612 98
7
N & W Ry lot cons g 48._ _1996 4 0 92 Sale 913
Mid of N J 1st ext Se
192 A (3 90
1940 0
9
8
92(8 20
9113 88 Mar'25 88 924
88
93%
Registered
1996 4 0 8112 89
Milw L S & West Imp g 56_1929 F A 109
86
Jan'25
_
10014 Apr'25 --- 100 4 100
85 86
,
Dly'l let lien & gen 140.194 42 2 9) 9113 90
%
Mu & Nor let ext 4 He(blue)1934
14
n 873 Sale
4
9113 72
94
4
6
,
8814 92
8512 94
19
-year cony 613
1929 Ns s 13114 Sale 130
Cons ext 4346 (brown)_1934 323 86 Sale 873
13134 80 12612 134
85
875' 14, 82% 9112
8
Focal) C & C Joint 48_1941 3 0 9112 92
Mil Spar & N W lei gti 48 .1947 M
88 88 12 88
91121
2
4
88 I
81 864 81138 Nor Cent gen & ref 5s A____1974 m s 10212 1025 9112
91
6314
M11w & State L let Cu 334e 1941 J
8 10214
10214,
1 1014 102%
8612 July'25
North Ohio lot guar R 58_
___1945 A 01 864 89
& Si Louis let 7s
1927 1 I) 101 103 100
8712'
4
Apr'25
9- - .t-2,
- 3 , ,
848
88
94
- -81.101 -. Nor Pacific. prior lien 48--1997 0 2 83 Sale 8712
let C0111401 gold M
1934 MM 5912 61
845
8
8518 110
59(8
60 I 15
83% 8611
Registered
let & refunding gold 4a
1949 M S 215 Sale
83 Apr'25
8
8
8214 841
2214 3
1
193 20
6
4
General Veil gold 38
aj: 7: il
11 9 4
194
Ref & ext. 50-yr Ser A _1992 Q F 1012 Sale 213
6012 6)8 6014
7
605
8 78
1313
1512 22
1312 21.4
60 62
Registered
1,851 P & SS NI con g 45 Int gu '38 J 3 84% 853 8412
-----093
4
593
4
1
4
Fl 591s
8514 34
5915 60
F
8412 90
Ref & Impt 4148 ear A____21147 3 jl 8312 8112 83 8 May'25
let none 5s
2
1938 J 3 953 Sale 953
3
8
8
9512 15
83% 8712
Registered
10-year roll tried 6
I 2I
_ _ _193 i Ni 5 103 1034 10314
83 4 Feb'25 ___ _
3
853 85%
4
10312 50 1412 8 1 1814
.172 1)42
.
Ref & imie fis ser 13
let & ref 68 t3erles A
loa- gr-31-e- 1053
1946
4 10614 154 105% 10872
3 10112 Sale 101114
10912 16 100 103
Ref & impt Meer C
25
-year 5148
21147 j .1 9314 9613 937
2 47 j 2
9
1949 M S 86 Sale 843
963
8 19
4
95 4 977
86
37, 8334 9012
3
0
Ref & impt Sc ser132 ____ 963 9.34
let Chicago Term s f 45...1941 '34 11
8
9612 15
4 9212.... 9212 Dee'24 _ _I
95 4 98
3
St Paul & Duluth let fas N: 1 13 F, 10912 ___ 9914 Mar'24
MSSM&A let g 4eInt gu _1926 I
4
17
003 100 10118
3
IOWA
11 -is li 1(14518
i
let moan! gold 48
MIselesippl Central let 5e_ _1949 1 3 9318 937 94
1908 2 TV 8438 87
8414 Jan'23
8
Apr'25 -- - -1
94
91
Nor Par Term Co let g 88._ 193 32 2 1093 ___ 10912 Apr'25
Mo Kan & Tex-let gold 4a 1990
8
I) 84% Sale 834
____ ieifi 10913
8
843 110
8114 848 No of Cal guar g 58
1938 4 0 10312 ____ 10314 Mar'25 ____ 102
Mu-K-T ER-Pr I 58 Ser A. 1962
2
J 941 Sale 94
95(4 206
10314
951. North Wercomen let 8s
86
-year 4e Serlee 15
40
1 11:3(1 j3 100
943 m s
____ 1.033 Apr'25 ___ _ 1033 104%
1962 J J
4
783 Sale 777
4
80
8
4
147
71 14 83
0,1& I. Cham 141 gu 45 g.--194S 3 2 7212 Sale 7214
101
-year Sc Series C
7312
1932 • J 103'2 Sale 10312
5
7112 7313
10312 34 101 13 11414 Ohio Conn Ry 48
Cum adbset 5e Ser A Jan 1967 • 0 87 Sale 857
8
877 1498
8
0190 River RR 1st 553
76 4 89
3
Missouri Pacific (reorg Co)
1936 2 0 102
____ 101334 D17;23 --31.
99 8
14
8
101s
General gold 58
let & refunding 5e Ser A...1965 F A 89 Sale
1937 A 0
99 Apr'25 __ _ _
99 lte)
873
89
172
8
83
89
Ore & Cal let guar
let & refunding 5s Ser C...1926 F A 10) Sale 10(118
1927 3 2 10114 Sale 10118
14
10118 39 1003 1917
10114 22 100 101 14 ()re 1111 & Nay eon 160
8
5
let & refunding Se Ser 0 1919 F A 111 14 Sale
448
1946 2 08913 12
8912 9114
8814 8912
1013 234
1003
4
4
99 102 . Ore Short Line-let cone g 58.'48 J 3 107 Sale 89
'
,
General le
1975 M S 6614 Sale 6412
106
107 i 30 11.33 11.7
8
6638 1543
6212 6618
Otter COTO SS
Me Par 3.1 7s ext at 4%
1946 2 .1 107 Sale 106
_1938 • N 84%
107
16 103% 107
Guar refund 48
Mob & llir prior lien g 56___1945 J 3 99 2 1- 6 _ 8714 Mar'25 -192,1
9714 57
0 98.8 Dee'24 _ 8454 89% Oregou-Wash 141 h ref 45_1961 1 0 9714 Sale 97
96% 977
8
Mortgage gold 4s
1945.13 7912 82
J J817 Sale 83
8
81 , 227
81% 84
.1Mobile & 0100 new gold 6e 1927 J 0 192 ....._ 7812 Apr'25 -- -fri- -i8 2 l'aettle Coast Co 151 g 5/3
1946 J 0 91
927 93 Apr'25
s
1023
10312
4
82
94
8 WA 113
,2 Pa" RR of Nlo Ist ext it 48_1938 F A
let PX1e15,1.1 gold 64.--51927 Q .1 122
913
4
92 i 14
0012 wag
10213 Apr'25 - - -2(1 extended gold 58
General gold 4s
1938 3 J 0012 100
1938 515 894
9913
99t2
5
93
Apr'25
9814 9912
192 19
Padueah & ills 1st s 1 4 He_1955 1 .1 913 9814 9314 Apr'25
814 904
Montgomery Div let g 513_1917 F A
4
8
993
_ 9934 May'25
9412 95 1
8
4
11%4 1, 8
99
% etle-elx.yreortz13117ed, RR 68
P
sI
St Louie Inv 58
1927 1 D 99% Sale 997
195% F A
76 Sale 75
7012 8 %
997
8
3
5
0
Mob & Mar let ea 1 4e
1958 \I 5 81 Sale 84
1991 34 5 851 4 95
81 I 95
78
9
8
85
Feb'25
8014 89
84-. 85
Parts-Orleans RR 8 1 78
Mont C Jet au g its
1954 M 5 8113 Sale /33
1937
110%_
110% Feb'25
8312 19
8012 90
.
8
1103 1103 PaUllsta Ry 78
let guar gold 5e
1942 M S 98% 99
19:17 .1 1 1113 Id% 1013 Apr'25
4
98,
4
4
97 100
98%1
9
iiii Is 1118
PennsylvaniaN
M & E let en 330
RE-eons 1 49 1943 M
20041 .1 D 81 Sale 80
9212 Sale 9213
91
43
17
81
763 81 14
91% 96
4
COUSOIROld 48
Naehy Chat' & St L let Es. _1928 A
1945 M N
923 Sale 9418 May'25
4
10112 Sale 10113
10158 44 HMI. 102
48 stamoed
N Fla & S let )01 IL 58.
----I 861e 94%
May 1 11345 M I%
1937 F A 101 104 101 Mar'25
91's 93,3 923 Apr'25
4
9012 93
o
1007 101
COO/401 43413
Nat Ry 01 Mee pr lien 414s .1957
1960 p A
99 8 UM
,
993
8
100 1 18
33 Sept'23
9814 100
General 4148
July 1914 coupon on ......
(4
19653 1) 93 Sale 933
8
937 168
8
19
Apr'25 93
95
39
19
General 5s
Assent a f red June coup on
19683 D 1)1 12 Sale 10112 1027
1618 1714 1714
8, 83 lel% 103%
1814
9 . ! 24
14 _2 .
2 .
3
10-year eeeured 7s
Guaranteed 70-year 148_1977
1930 A 0 10812 Sale 198
1083 1 88 10712 110
4,
8718 July'23
15-year secured 6348
April 1914 coupon on
1936 F A 11012 Sale 1103s 1103
41 53 109% 11112
18 May'24
40-year gold 58
Gen et 48 assenting red .
1964 M N
9712 Sale 97%
15
187 1714
973 208
41
1714
97% 98$4
1 -1:1:1- t, Pennsylvania Co2
Nat RR Ni ex prior lien 4 4s 1926 J J
3812 June'23
_ -- Guar 3348 roll trust reg A.1937 M 5
July 1914 coupon on...........
4
843 Dee'24
25 July'24 - Guar 3 Hs roll trust Ser B.1941 F A
Assent with July '24 coup on
8114 8414 8314 Apr'25
3914 31 May'25 --- -ici- -ii1-2
29
831j
83
Guar 331s trust etre C_1942 J 0 8214 84
let consol 48
1951 - A- 6
8218 Apr'25
28
A pr'24 - - 8214 824
____ ---Guar 3348 trust Ws D
April 1914 coupon on
1944 J D
82141
8214
30
&I
5
Jan'25 - - - 8312
Guar 15 -year gold 48_1931 A 0 9538
-25
*went with Apr 1924 coupon
-163 18
4
18
1
173 May'25 - -4
9414 95%
93151
Guar 4s Ser E
tl
1952 M N
Naugatek RR let 45
8114 87
1954 M .I
7318
8618 Apr'25
85
66 May'23 - - 86%
Peoria & East 1st con S48_ 19 1: A pr
New England cone 68
94
9
79
1945 J
797 79
8
9414
79
7712 71474
1
9512 Feb'25 --fi i iiiiii:3
i l-i2
Income 45
Colead
3214 333 333
1945 .1 J
8
81
8
333
831 787 Dee'23
8
2
8
3138 3812
____ ---- Peo& Pekin Un 1st 534e
1974 A t
NJ Jour Le guar let 4e. _ _ _1986 F A
9912 100
823 86
9918
8
993
4 22
83 Sept'24
99 100 8
3
•Pere Marquette let Ser A 68_1956 J 2 100 Sale 9934 100% 46 9738 10014
NO& NE tat ref & imp 4 He A '52 J
9 08 Sale 897
9(118
3
86
9 8
6
let 48 Ser B
1956 3 2 84 Sale 837
New Orleans Term let 4s...1953 .1 3 82 8 8418 8314
,
84
27, 813 8.5
8
84%
3
8014 8 18 Phil& Bait & W 1st g 48
4
()Texas & Mexico let 6e-1925 J 1 10318 101 10918
1943 Ni N 94 Sale 94
N
94
1
101 18
927 94Is
8
171 101118 l',." ',
Gen 58 Series 13
Non-corn income 5s
1974 F A 146 8 102 8 10613 10612
:
9 1 3 475 41
1935 A (
9718 Sale 9614
1 104 1063
4
9714 163
924 97 4 Philippine 1W let 30-yr at 4s 1937 .1
,
8
let 60 Series 11 temp
1954 A 0 97 Sate 96
433
8 40
9718 86
40
90% 9/18 Plt,e Creek regeld us
443g
2932 I 0 10772 _ _718 10513 Mar'25
Series A temp__ 1954 A 0 1113 Sale 101 18
let 5
9 18 8 ._
8
8
10112 79
10511 10615
98 10112 PCC&Stl.gu43413A
N & C Bilge gen gu 4 He ....I945 J
1940 A 0
93's _ _
97
97
4
4
96
991e
93% 9338
Belles B 434a guar
NYB&MBletc0885a.....1935 A 0 9934 101 1 933 Apr'25
1942 A 0 967 ---- 963 Apr'25
a
4
993 May'25 _ _
4
90 963
4
9914 100
Series C 43-4s guar
1942 M N 94 4 --__ 9612 Mar'25
N Y Cent RR cony deb 68..1935 M N 108 Sale 10718
,
109
69 206% 11714
9612 964
serial 13 4,4 guar
RegIstered
1945 M N
M N
117 10618 Apr'25
91 Mar'25
_
89 4 9114
3
106 11612
Series E 334e guar gold_1949 F A 9114 ---- 9114 Mar'25
Coneol 4s Series A
1998 F A
8512 Sale 8518
4
853 112
9013 9114
828 86'1
4
Series F guar 45 gold
Ref &'met 4 SO "A"
1953 J D 9114 ---- 894 Nav'24
2013 A I) 9212 Sale 92
92% 52
8878 92,2
Series G 4s guar
Re( & ImPl 58 Series C__2013 A 0 102 Sale 1013
1957 M N 9114 ---- 9012 Feb'25
4
10214 310
'Ws
99 10214
Series B 45
Registered
190(1 F A 91 12 ____ 92
A 0
10118 Apr'25
92
1
91
92
9912 102
Series I cons guar 4346_1963 F A 9514 967 9514
Y Central & Hudson River
8
96
95
6
9618
Series J 41.48
Mortgage 3148
1964 MN 9418 -__ 9413 May'25
1997 J
783 79
4
783
8
7912 13
9412 944
75
7913
General 58 Berle@ A
Registered
1970 J 13 997 Sale 9912 100
1997 J
7818 9112 7818
7818
62
2
9812 101
74
75'e Pitts & L Erie 2d g 55
Debenture gold 4s
a1928 A (3 1001e 1007 997 Mar'25
1934 M N
95% Sale 947
8
8
9534 73
997 101
s
9314 96
Pitts McK &1' let RU 8e
Rtafletered
1932 J J 1047 ___ 105 Dee'24
M N
8
9213
9214 Mar'25 9214 923
4
26 guaranteed
30
-year debenture 48
103
1942 3J
91 18 9212 9118
____ 983 Aug'24
4
915
8
1
91
92
% Pitts Sh & L E let g 511
Registered
6590 A 0 1003 _ _ 10038 Mar'25 __
1944
3
4
93 Feb'25 100': l01i
93 93
let consol gold 58
Lake Shore coil gold 3Hs_1998 F A
1943 J J 10018
77 Sale 77
4
Jan'25
101 101
77 3 16
,
743 774 P1118 9' & Ash lot cone 68_1927 MN 10014 101, 101
4
Registered
1998 F A
753 7614 75%
8
__-- 100
Jan'25
76
16
100 100
74
7
6
let gen 45 series A
Cent coil gold 330_1998 F A
1948 J 0
Micb
76% _ _
77
77
75
2
87 87
7738
let gen 58 !meet' B
Registered
19412 F A 101
1998 F A
7512 80
87 Apr'25
3
754 Apr'25 -.10014 102
754 752 Providence Secur deb 48._1957 M N 5118 102 101
NY Chic& St L let ft 48..--1937 A 0 943 Sale 94%
___ 57
8
57
28
943
8
1
634 57
91
9438 Providence Term let 45
Registered
1958 M S 813 ---- 8)) Sept'24
1937 A 0 91 18
8
89
Jan'25 __-- _89
89
Reading Co gen gold 45
-year debenture 44
1997 J J 95
26
1931 M N
1412 Sale 9412
953 9412
4
943
953
4
4 14
16
9312 96
927 96,
8
4
Registered
SdOeSeriesAflC
1931 M N 10312 Sale 103%
J --------- 947
8
10312 29 10212 10414
947
9412 9514
1
Jersey Central con 13 46
Ref 634e Series A
1974 A 0 9613 Sale 90
1951 A 0
963 465
4
8918
937 9634
898 11
4
88
96
Gen & ref 4348 Ser A
1997 J J 9 12 B93491e 94
N 1' Connect let gu 434e A.1953 F A
89
5
9214 927 923
8
4
1
93
95
58
9214 95
90
93
Riehtti & Dany deb 5sstpd 1927 A 0 10014
N Y & Erie ist ext g 4s.... 1947M N
92
89
---- 10012 Apr'25
Apr'25 -89
89
993 10012
4
Rich & Meek 1st 6 48
86 ext. gold 430
19331M S 9314
1948 M N 7612 --- 75% Feb'25 __ __
96 May'24 -7412 7614,
-. .- -,,, 4 Melon Term Ry let gu 5s__ _1952 1 J 1001
eo
,.4th ext gold 58
1930,A 0 10014
% 101 10018 May'25
99 Mar'24 - -1004 101
16
71 Rio Grande June 1st gu 58 1939 J D 9
5th ext gold 40
192(4 3 I) 98
414 -- -- 95%
9714 Dee'24 -.-- ...-- --- - Rio
951s
1
92 s 963
3
8
Grande Sou let gold 4e__1940 J J
1946 M N
N Y & Green L gu g 58
6
90
8
7 Apr'25
91
A pr'24 -91
9213
6
7
Guaranteed
2018)M N
1940 J J
N Y & Harlem g 3 He
7918 82
757 Feb'25 -7 Dee'24 ____
8
757 7814 Rio Grande West let gold
3
42_1939 J J 8538 86
NY Lack & W 1st & ref 58-19731M N
931k11318512
984 Nov'21 -86
46
1973M N i-OOT8
1949 A 0 7412 Sale 7313
let & ref 4 He
10012 Feb'25 -- i6411- ii362-4 R Mtge & coil trust 48 A
75
64
711a 75
4
I Ark & Louis let 4348_1934 M S 8818 Sale 8714
NYLE&WIlat 7sext
1930 MS 10618
10713 Apr'25 8814 284
85
Ms
106 1074 Rut-Canada let gu g 48
1943 J
1949 J .1 73
Dock & Inlet 58
10018
7314 7314
7314
1
997 Mar'25 e
7314 74
9944
Rutland 1st con g 434e
1932 F A
1941 J .1 843 85% 84%
9978 101
N Y & Jersey ist 58
4
993
4
8618
993
4
6
8.54 86%
6
993 1191g% St Jos & Grand lsi R 40
5
1947 J J 774 793 7712
N Y & Long Branch gen g 4s 1941 M S 9117
8
4
9014 Dee'24
81
14
7512 81
---- --- St Lawr & Adir let g 55
1990 J .1 9314 9523 9518 Feb'25 ____
NYNH& Hartford
94
9538
2d gold 65
1996 A 0 102
1947 M
Non-cony deben 411
65
____ 101
67
664
Jan'25 _ -- 101 101
1
6612
61
68
St L & Cairo guar g 4s
Registered
1931 J J 9412 955 95
M S ___ 67
8
80
9514
Jan'25
4
60
94
953
2
60
St L Ir M & S gen con g 58 1931 A 0 997 100
Non-cony deben 334e-1947 M
2
5712 62
61
997
10018 61
61
1
6553 61
9914 1003
2
Unified & ref gold 48
1929 J J 954 Sale 95%
Non-cony deben 3 318--1954 A 0 5513 563 60
4
951
07
5614 11
55 60
913 96
4
Registered
J ---------93 Apr'25 ____
1955 J J 63
Non-cony deben 48
647 63
41
65
9112 93
60
65
RN &0 Div 1st 5 48
1933 M N 8918 Sale 8812
1950 M N 6314 Sale 63
Non-cony deben 48
897 266
631
12
6518 St LM Bridge Ter gu g 56
66
837 897
8
8
1930 A 0 9912 10014
Cony debenture 3 413---1956 J J 553 5712 56
4
66
13
99 8 101112
3
56, 5912 St L44 San Fran (reorg 00)461950 J J 7712 Sale 10014 Apr'25
8
1948 J J 893 Sale 88
Cony debenture es
4
70%
78 1423
897 111
71
8614 92
78
Registered
J J --------7412 Apr'25
Registered
J J
8712 Apr'25
7412 7412
83, 90
4
Prior lien Ser B 55
1950 3 J 9214 Sale 9114
1940 A 0 91 Sale 9014
Collateral trust 68
91t 133
6 8514 92%
9238 -389
9012 93 2
901k
,
Prior lien Ser C 5s
19283 J 103 Sale 10238 103
Ta European loan dollare_1925 A 0
9912 Mar'25
97 10014
27 101% 103%
Prior lien 5345 Ser D
1942 J J 9912 Sale 99
100 Mar'25
78 European loan trance. 1925 A 0
991 132
93% 9912
90 11
10%
Cum adjust Ser A 0s___51955 A 0 91% Sale 90
Debenture 4e
1957 M N 59 Sale 5518
09
533 60 2
9238 550
4
68
,
04% 92%
Income Series A 65
51960 Oct
1930 F A
8738 Sale 8418
Cone Ry non-cony 4s
44
88's 1443
Apr'23
76% 8813
StLouls & San Fran Ry gen 193 '31 J J 1143 1057 1043
1954 J J 6314
4
Non-cony 48
a
4 105
6312
631
2 "Ei- "ii2 104% 1054
General gold 58
1931 J J 1003 Sale 100% 1003
4
Non-cony deben 48-1955 J J 63
65
63
63
2
4
2 100% 101
02 64
St Louis& SF RR cons 48.19903 .1 903 ____ 8412 Dec'24
J 63
8
Non-cony deben 413__1958
64
63
63
1
62 64
Souther Div 1st g 68_ _1947 A 0 993 ____ 9738
68...A927 A 0 10058 ____ 10012 Apr'25
8
N Y & Northern let g
Dee'24
100 10012 St L Peo &N W lot gu 58_1948 J .11 104
1.7 y 0& W ref let g 4s_June 1992 M S 70 Sale 68
____ 10312
10312 --io Rd'ioil;
701
87
65
7012 81 Louie Sou let gu g441
1931 M 5
19553 D 65
General 48
663 6313
4
661
9
63 6914 St L S W let it 40 bond et15_1989 M N 934 _--- 933 Apr'25 ---9238 9378
Registered
J
83
0818 ____ 65 Apr'25
8338 82
83
65
100
65
80
83
26 g 4s Income bond etfa.p1989 J
1942 A 0 87i5
N Y Prey & Boston 48
747
8612 Feb'2
8
78
8618 864
14
725 78
5
Congo] gold 48
1932 .11 D 9038 Sale 8938
0 85
Putnam let con gu 43
/ .103 A
N Y&
87% 8714
8714
2
9013 173
8214 8714
85 8 9012
3
let terminal & unifying 68_1952 .1 1 8812 Sale 87
Ny&RBIstgold68
1927 M S 100 101 100
Feb'25
8812 84
100 100
St Paul & K C Sh L let 4346_1941 F A 86 Sale
81% 884
84
8614 383
80
St Paul E Gr Trunk 41.40..,.1I)47 J 3 9312
8614
94
9113 Apr'25
9113 9812
•Due Jan. 6 DUe July. V Due Nov. e Option sale.
t
--
2384
BONDS
N V STOCK EXCHANGE
Week ended May S.
New York Bond Record-Continued-Page 4
Price
Friday
May 8.
Range
Since
Jan. 1.
Werra
Range or
Lan Sala
BONDS
N. V. STOCK EXCHANGE
Week ended May 8.
13
E
Price
Friday
May 8.
Week's
Range or
Lam Sole
Range
Since
Jan. 1.
Ilisb
High
Ask Low Ilion No, Log
Bid
Mob No. Low
Ask Low
Rid
MI
44
106
51
504 Sale 501.1
1930 J
9414 9614 am Writ Paper e f 7-68
5
9614
9514
St Paul Minn & Man 0-. 1933 J A gbh _
43 661
4
5114 10
Temp Interchangeable rife deli.
1074 11912
5014 Sale 5014
1933J A 10818 10934 10814 Apr'25 -let control g de_
gma 1014
4 1004 278
Anaconda Cop Min 1st Cs .1953 FA 997 Sale 993
1
9512 100
100
4
65 reduced to gold 4413- _ 1933 J J 993 ____ 100
994 104
316
1938 FA 1013 Salo 1004 102
IS-year cony deb 7e
4
97% 98
1933
9912 974 Apr'25 99
Registered
94 1004
105
97
97 Sale 94
3
92 4 9512 Andes Cop M in deb 7a 25% pd '43 j
Mont ext lst gold Is
7
D 92 8 9412 94 May'25 ---1937
914 94%
3
92
Antilla (Comp Azuc) 734n 1939
j 92 Sale 9112
92
92
Jan'25 - Registered
3D
4
931
91
7
.
88 895 Ark & Meth Bridge& Ter5a_1964 MS 9214 Sale 914 • 9214
8912 Apr'25
4
Pacific ext guar 4a___ -_1940 J J 863 88
90
86
73
89
Armour & Co let real eat 4101939 JD 89 Sale 88
5' 8 100 102
1015
2
St Paul Union Depot 5s____1972
J 1015 Sale 101%
94
91
92 12 111
8
923 Sale 92
84% Armour A Cool Del 510_1943 j
81
84%1 78
s
$ A & A Pam let go g 4a__1943
J 847 Sale 8312
',
4 10125 103
4
Associated OH temp fla
10214 1024 10234 1123
4
1935 M
4
8
Santa Fe Prep & Phen M___1942 MS 1003 ____ 1003 Feb'25 -.- 1003 101
97% 98%
1
4
Atlanta (las 1. 1st 58
983
1947 J 1) 983 --__ 984
4
Bay Fla & West 1st g (le___1934 A0 1083 111 111 Mar'251--- 1074 111
26
18
26 Mar'25
27
Atlantic Fruit 75 Ws dep_1934 JO 21
1014 Nov'24 --8
1934 *0 1015
r '1st g 5s
22
22
Jan'25
397 22
Stamped ills of deposit
87,-176.
7
90 I
90
Scioto V & N
ist gu g 4e_1989 MN 89% 90
97% 9
912
81
Atlantic Tlefg deb Fa
4
1937
994 21
74
.11 994 993 994
6
81
Seaboard Mr I Ine g ite
1950 *0 St Sale 81
4 102 1054
103
103
92 loildw LOCO Worke let 59_1940 MN 103
874
254
8212
1950 *0 8112 Sale 7814
Gold 4e etamped
17 103 1064
1937 ii 106 16 2 104% 105
- 616
/ 73 83% Hareem'(Coup Al)748
8:1Z'1t
•trt 1040 PA 83% Sale 79
Adjustment 5.
8012 7114 Burostial I Corp s Icons8% A1931
10518 30 10212 10514
1054 Sale 105
7
8
1059 *0 71 Sale 692
Refunding 4e
5
1941'
Bell Telephone of Pa Ss
84% 95
443
J 1024 Sale 10112 102% 89 1004 1023
95
let & cone Pa Series A.__lOts
S 9412 Sale 9312
1926
10012 23 10014 10114
.1 10014 Sale 104114
7
83 e' 8825 Beth Steel let ext 8168
4 16
873
3
AB& Brim 3e-yr let a 4a.dl033 MS 8812 88 4 871z
9312 97
go% 101
4 34
953
1942 MN 9412 Sale 94
len & ref 59 guar A
4
Seal rand & Roan tat 5a
1926 .1 1 1004 1003 100 Apr'25 -.92%
90
9112 88
30-yr p m & iwp s I 5a____193( ii 9112 Sale 9012
4
2 1024 1033
4 103341
4
& N 5 Is cons gu g 5e ......1936 F A 1033 Sale 1033
7
934 9 4
Cims 30-year 68 Series A 194. PA 944 Sale 9312
94% 106
_ 10618 May'25 -- 103 1064
7
Can one goat 50-Jr fa .A963 A 0 1.
85 894
38
C011830-y. ar 510 Series B 1957 FA 87 Sale 853
87
,1
8714
84
8714 46
85%
RU in C
49J D 8512 87
704 85
81
8 14
Mann Fish riv de). f(4_1926 *0 77% Sale 7712
775
81
Jan'25 81
3D
eglertered
97 100
gm, 973 Brier IIII Steel 1st 51 e1912*0 994 Sale 99
9912 31
4
4
0712 94
Irt7le 96%
2 yeti, cony 4.
,
June 1929 M S
.
68 751
9
72
7175
74
99% 1024 Wu ay & 7th Av Sat cg 53_1943 Jo 72
16
101
4
20
-year cony 5a.
1934
D 1003 11 2 1004
4
673 751a
9
72
Clf.
4
4
717
dep snood Dec '24 int
7211 74
4
10012 St le 1003 Apr'25 -- 100 1003
1944 M
20- ear g
8
905 93%
6
1941 J J 93 Sale 93
93%
Brooklyn City RR fis
22
8414 88
88
8
Sao Fran Terml lst 45_1950 A 0 875 Sale 867s
994 10112
j 1002 Sale 10118 10112 92
83 851 Italy n Edison Inc gen 58 A1949
,
---_ 8312 Mar'25
Itr fa-Awed
A 0
3 104 1064
105%
1930'.3 10525 Sale 105
General fie Series B
-___ 10314 Feb'25 ---- 103 10314
Bo Far of Cal
-Cu g Is...... 1927 M N
8
1043 Nov'24
1940 Jo
General 78 Series I)
94% 944
- 9412 Jan'25 -- - J J 93.
So Par Conet let gu g
8214 8825
Bklyn-Man R Tr See fle____196S J' I 71 Bale 8612
3
- 4
4
873 923
465
8818 92
92
;1.
Bo tar BR let ref 4s...
1955 J .1 9118 S e 9112
817, 71
1
64
68 10014 10312 1481)11 (bit Co & Sub con gtd 55'41 MN 6312 65 , 64
103
J J 103 Sale 102
Southern- let eon.
80 80
80 Feb'25
gg
1941 .33 727
99%
let 5s
94% Apr'25
J D
Regis'err d
90 Nov'24
Brooklyn Rapid Trans g 58_1945 A0
8
735 t0
359
80
Dave" r, & gen
A 0 7912 Sale I 79
au, A. SUM,
I 96 June'24
Trust certificates
127 103 107
107
7-1 v.1021 &
1956 A 0 10612 Sale 106
.
6a.
--5615 __..1 81 Dec'24
1st refund cony gold 4a _2002
1956 A 0 111 Sale 1093
4 111% 180 106% 1113a
Develop .1, gen 6 4e_
---10912 Sept'24
994 10014
3-yr 711 secured notes_ __1021
Apr'25 --10018
lac., Ills 121 414e-58_1996 J J
_ 120 Mar'24
Certificates of deposit
884 18
8514 8712
86% 87
101-861a
St 7 nulls Div 1st g 4a
1051.3
121 121
121 Apr'24
.
Ctfe of deposit stamped
8514 16
54
82% 8
4
Mob & Ohio roll tr g 0_1938 345 8514 Sale I 843
8112 54425
ii1 FA 8434 Sale 83
844 26
1004 102
Bklyn Un El Mt g 4-56
BO rar & Oa lert est 5451
1929 M N 102 103 ;102 Apr'25 -8112 86
7
4
%
84
4-58
FA 843 Sale 84
1950
Stamped guar
84
8314 1
84
Spokane internat. let g 58_1955 J
844 86
8
4
853
994 1011a
5
Bklyn I n Clam 181 cons g fre 1945 MN 100% Sale 100% 10114
1, 961 955
.
98
Term Assn of St L let g 410_1939 A0 96's.... 98
5
166 163 4
_ 155 Mar'28
1032 MN
10-yr cony deb 7s
-1 100 101
Apr'25
1944 F A 1004 162 101
1st cons gold be
1 1074 110%
13514110
lst lien & ref Its Series A__1947 MN 109% 111 110
8218 85
1953 J .11. 85 Sale , 833
Oen refunds f g 41
4
1
914 931
1932
____ 92 May'25
D 91
Buff & Soso Iron 8 f 5s
4
963 98
855
pr; ,2 126
A 1422 -113
98
9712 9812
1943 J
Tex & N 0 con gold 55
4
873
84
1952 *0 8912 Sale 87% Apr'25
s
ggi 102% Bush Terminal 1st0
Texas & Par 1st gold 56
2000 J 14 10214 Sale 102
864 384
J 8914 Sale 89
1955
8912 14
Conrad fat
90 Dec'24 2000 Mar 90 IOU
2d gold income 58
93 8 99
1
4
9102
Building 56 guar tax ex_ 1960 *0 97 Sale 9614
9714 10
99121 ' 7
99
La Div B L ist g 5a
J 9912 Sale 99
1931
98 101
16
8
1937 MN 1007 Sale 10012 101
gm.10014 Cal G & E Corp 5s
1
99
8
Tel Par-Mo Pee Ter 548
-1964 M S 9918 997 99
10314 24 10014 1034
gel. 101
Cal Petroleum 634s temp_.11)33 AO 103 Sal: 103
100 Apr'25 -Tor & Ohio Cent let go 58_1935 .1 J
924 964
0212 10
Canraguey Sue let ala 7e_1942*0 9211 Sale 924
99% 100
9912 100
99% Apr'25 -Western Div let 858
1935 A 0 100141
93 4 994
12
98
8
983 99 4 Canada SS Lines 1st coil 8578'42 MN 98 Sale 98
3
General gold 5a
9812 Apr'25 -1935 .1 D 9812 99
1 10014 10114
4
4 1003
1003
Cent Dist Tel let 30-yr 5s
30 30
1943 JO
_
Apr'25
Toledo Peoria & West 48_ 1917 .1 J 2714 317 30
97
94
1
94
94
8
937 95
1931 FA 101s
gmi 997 Cent Foundry Intel 65
_
8
4
Tol St LA W pr lien g 3Ms 1925 J .1 993 997 994 Apr'25
4
1003 122
9725 10025
Cent Leather let lieu sI 66_1945'.3 100 Sale 100
8218 86
41
8 28
8
1950 A 0 855 Sale 85% D8853 . 10
-year 8081 4a
60
4 110 114
_
1941 MN 11018 112 1104 11114
Central Steel tle
s
1167
1931 J J 9614
Tel W V & 0 gu 445 A
984 100%
5
J 10018 10018 10012
97
Ch 0 1- & Coke lat gu g 58_193:
97
Jan'251-- -&Mee B 4 Me
9618 -___ 97
1933 J
75% 88
1927 FA 7918 Sale 76%
5
7712 43
8914 895 Chicago Rya let 50
89% Jan'251 Series C 4a.
1942 M S 8912
, 1067a 277 105 1114
1932*0 10625 Sale 1551
8612 Chile Copper fle Ser A
84's
Apr'25'
4
873 86
1946 .1 13 86
T a,'& Bull lat g 48
9812 10112
Chain Goa & Elec 1st & ref 58 641 *0 10012 1017 10112 10112 20
gips' 11
88
Ulster & Del la; cone g 58_19215 J I) 874 8812 88
4
8
1961 A0 1033 10312 10314 1034 16 1004 1033
510 Ser B due Jan 1
3
50 a 62
52%, 9
4
let refunding g 4a
1952 A 0 523 Pale 52
9412 Clearfield 1111 Coal let 49_1940 J J 8014 871
002
9412 89
Union Pacific ler g
1947 J J 93% Sale 03%
tifis II •
6118
2 2917 384
Colo F & 1 Cogent f 5e___1943 FA 91
8918 93
6
6 15
4
923 Apr22i
Registered
J J
80 834
4 33
813
140
9812 99% Col Indus lat & coil 118 gti---1934 PA 8112 Sale 8112
3
1927 .1 J 9918 998 9918
-year rimy 41
20
82 82
82 Feb'25
98
FA
Registered
'25'
Ja.,
Registered
.1
20 1004 1014
8 101
Columbia 0& E 1st 55
1927.3 J l00% Sale 1007
844 90
89121 52
89'sl 89
lat & refending fa
5200h M S 8812
56 100 1014
4 101
1044 107
Stamped
1927.3 J 1005 101 1003
61
107
4
s
let lien & ref Se
5200ti M S 1063 Sale 1063
94 12
Jan'25
12
14
9
103% 26 10312 104% Col & 9th As In au g 5s--1993 MS
4
10
-year perm secured 6a_ _1924..) .1 1035s 1033 103%
984 994
1
9914
9214 924 Colunibus Gas let gold 5a_.1932 J J 9914 ____ 9914
U N J RR & Can gen 4e___1944 M
9253 -_ 92% Feb'25
4
/
711 76
32
76
76 Sale 7312
- 1014 1014 Conitnercial Cable lot g 0_2397 Q J
Utah & Nor gold 94
1926
J 10014 10058 1014 Jan'25
98 994
17
99
3
Commercial Credits f 6.1
1934 M N 98 4 9914 98%
5
let extended 48
1933.3 J 93 5____ 93 Aug'24'
9758 1011s
53
4
Commonwealth Power 6s
1947 IS N 1013 Sale 1004 101
__-- "
iis;
Vendetta cons g 4e Se: A
1955 F A 884 __ 86% Feb'25
4 10114 1044
10212
8852 80% Computing-Tab-nee s f 6s...1941
10214 11212 102
_
86% Apr'25
Cooled 48 series Ft
1957 MN 86%
.
901 904
8
Conn Ity h L 1st & ret g 4 Ma 1951
.1 915 9312 9012 Mar'25
Oct'24
20
Vera Cruz & P lat gu 410_1934 J J
89
924
1
91
Stamped guar 4 Ms
91
8
915 93
1951 .11
20 Dec'24 _
Jut) 1914 coupon on
90
81
2 425 Cons Coal of MO 181 & ref 56_1950 J D 83 Sale 81
s 70
833
41- 3
' 2412 Jan'25 -_-Are, ntIng ins 4 Me
99% 10014 Consol Oas(N Y)deb 510..1945 F A 103 Sale 1024 10312 729 10114 10312
1926 m s 10018 ____ 10014
Verd V I & W lat g Se
1011141
4
117 1004 104
6 1004 10012 Cowed Pr & Ltg 1st 610_1943IS 8 104 Sale 10212 104
_ 10012 11012r
10012
Virginia Mid Series E 5a__1926 NI
874 924
88$4 10
0912 9912 Coot Pap & Bag MIlla 610_1944 F A 8814 Sale 8812
5, Series F
9912 Jan'25 _
4
1931 J J 973 100
4
941 1004
s 11
4 1007
8
1017 Sale 993
2 100 11012 Consumers Gas of Chic gu 591930 J
100141
C metal 58
1936 M N 10014 ____ 10014
904 97
934 101
147
97
Consumers Power let 5a
4
1952 M N 963 Sale 953
Apr'25
Vs & gloothw'n let gu 511_2003 J J 100 101 101
1931 IS N 100_ _ 9014 July'25 _ _ _ _
7
3
91
102121 52 8414 921z Corn Prod Refg nf g514
lsr nous 50-year 541
1958 A 0 8912 Sale 8912
e
lOOts 1023
98 100 4
_
3
let 25-years 158
0238
1934 m N 101 1 - 10214 Apr'25
10038 477
Virginian let 55 Series A1961 M N 100% Sale ' 997
80
74
10014 10112 Crown Cork 44 Seal Cs
7612
1943 F A 7611 77
7612 15
Wabash let gold 58
1939M N 10114 Sale 101
93% 98
95%
2
3
4
24
97
. Cuba Cane Sugar cony 7s.,..1930.3 J 954 95 4 953
944 97
2d gold 58
1939 F A 97 Sale 9612
9914 102%
46
Cony deben stamped 81930 J J 100 Sale 994 100
944
0658• 721
9614 Sale 9512
Ref s f 54e ser A temp__ .1975 M
15 1074 110
4
933 93% Cuban Am Sugar let cull 88_1931 M 8 10712 Bale 10712 108
Feb'25 _ _
Debenture B 6s registered_ 1939 M S
4
963 9812
7712 83% Cuban Dom Sur) let 710_1944 M N 9714 Bale 97
9712 73
7
8
837 83 8 Apr'25 _ _
let lien 50.yr g terui 4a1984 j j 80
97 100
10
s
99,e 1007 Comb T & T lat & gen 64; _1937 J J 9934- 9912 100
Det & Ch ext 181 g 6a---.1941 J J 10114 10112 100% Apr'25 _815„, 854 Cuyamel Fruit let 68 init8' 99 99
99
ctfa '40 A 0 99 21 99
19
5
85
85 , 85
J 84
Dee Moines Dry 181 g 46_1939
15 96%
4 23, 92
967
4
5
763 Den Gell & EL lat&ref f g 58'51,M N 954 Sale 947
4
74
4
753
76141 754
1941 A 0 75
On. Div 1st g310
76 82
10
77
Dery Corp(DC)7e
1942 M S 77 Sale 76
8412 86
34
86
8
1941 M S 854 857 85%
Tol & Ch Div g 48
4
993 1024
101
2
Detroit Edison let coil It 5e_1933
J 101 - - 101
77% Oct'24
Warren let ref gu g 310-_2 8 Q
,4
1000 F
101
10114 68, 9912 1014
101
1st & ref 541 Series A_July 1940,M
8418 Jan'25
8112 84
Wash Cent let gold
99% 25, 97% 99%
8v. 8512
1949,A 0 994 Sale 994
Gen & ref be Series A
6
824
82
11145 F A 824
Wash Term 1st gu 310
23' 106% 1094
4 108
5
1077 Sale 1073
let & ref 6s Series 13...July 1940M
89% 8933
-year guar 45
1945 F A 89% ---- 89% Mar'25 -let 40
881a 935
4
17
91
95 4 96
% Det United 1st cons g 410_1932 J J 90% 9114 90%
3
9612 Mar'25
W Min W & N W let gu M.1930 F A 9612
9412 9912
974 674
8318 6714 Dodge Bros deb Os lot rcta_1941 MN 96% Sale 961s
4
663 549
4
1952 A 0 663 Sale 644
West Maryland 1st g 4s
82
884
5
8612
99% 10012 Doid (Jacob) Pack let 641_1942 M N 8612 Sale 8014
-_
1037.3 J 10012 101 10012 Apr'25
West N Y & Pa 1st g 513
4
685
50
52
1
7912 8218 Dominion Iron & Steel 514_1939 J J 5114 52 52
2
8014
4
813 8018
1943 A 0 80
Gen gold 48
4
883 91%
9014 29
4
8934 Sale 893
19423
Donner Steel 7s
45
45
45 Feb'25
Apr 1 1943 Nov 3514 46
Income g 55
904 94%
94% Apr'25
9014 95% du Pont(El) Powder 4 Me 1936) 13 9412 -947 126
4
Western Pao let r3er A 56.-1946 M S 943 Sale 9412
Sale 10712 1073 112 10194 10812
4
8
4 10314 50 1004 1041s duPorsdeNemours&Co 710 1931 IS N 10712
1946 M 8 1025 103 1023
B 68
10718
83% 46
814 83% Registered & coil fie_ .1499 114 N 105r-14 Sale 105% Jan'25 56 1071a 1074
'361 .1 J 85% Sale 82
Want Shore is,, 48 guar
8
1045 107
10614
J
4
70 8114 Duquesne Lt tat
Apr'25
80
2361 J J 517
Registered
12 104 106
101%
1st coil trust 5348 Series B_1949 J J 10534 Sale 10514 10511
4
1926 A 0 1003 10118 1004 Apr'25 -- 10012 101
Wheeling & 1. E 151 g 55
5
1043 160 103 1067
104 Sale 10314
gas.
East Cuba Sue 15-yr a I g 73411'37 M S
Apr'25 - _
'9eeling Div let gold 58_1928 J J 9914 997 101
33
90% 94
1
9214
__
4
993 9951 Ed El 1111315n 1st con g 48....1939 J J 9214 -- 9214
4
993 Mar'25
7%
7
9112 _
(193 OF
10114 102%
Est rr & Impt gold 5s
-- 102% Mar'25
991
7212 Ed Elec III let rouse 5e__ .1995 J
88
7212 46
7112
72
efunding 410 Series A 1966 M S
871
8714 88
14
2- 4
Mee Pow Corp(Germany)&Ms'50 M S 8712 873- 874
6
7
72
8
1949 M S 763 Sale 7412
RR 1st consol 4s
9825100
98% 98% Apr'25
1925 J D
8314 6712 Elkhorn Coal6% notes
32
6
2 81 42
1365
1942.3 D 66% Sale 65
Wilk & East lat gu g 5a
974 104
4
Empire GLuil & Fuel 710-A937 M N 1033 Sale 10314 103% 268
102 10'24
19381, D 10212 10314 10214 Feb'25'__
9984 1004
WIII & 8 F let gold ba
1001
1932 M 8 99% Sale 99%
82% 8712 Equit Gas Light 55
3
8212 8312 82 4 Mar'25
1960 J J
Winston-Salem S B let 4s
96
88
5
9412 9312
941
Federal Light & Tr let 58_1942 M S 94
7812 81
78% 67
1949 J J 78% Sale I 7812
9614 10212
Wle Cent 50-yr lat gen 4a
29
10212 Sale 102
1021
1942 M
lat lien 13e stumped
1
82% 87%
85
85% 85
Sup & Dot dly & term tat 4e'36 IS N 85
1939 J D 1024 Sale 11218 10214 18 101 10?
Federated Metals a 5 7s
INDUSTRIALS
4 108 11854
111% 112 11078 111
1941 M
8712 Flak Rubber 1st s f 89
85
8514 15
Adams Express coil Ira 48..1948 M 8 86 Sale 85
784 79
1
78 Sale 78
78
9412 10212 Ft Smitb Lt & Tr 1st g 55_1936 M
Ajax Rubber let 15-yr 55 8.3_1936 J D 10212 Sale 10012 1024 39
8914 96
35
92
% Framerie Ind & Des 20-yr 710'42 J J 91% Sale 914
312 6
4
612 6% Apr'25
1925 M
Alaska Gold M deb C. A
1034 10612
N 1044 106 10612 Apr'25
1942 M
13% Francisco Sugar 710
4
4
4
1
/ 64 Apr'25
7
1926 M
Cone deb fle Series B
984 9812
9812 Feb'25
984 1014 Gas & El of Berg Co cone& 551949 J D 991
101
1928 A 0 994 ____ 100
Ain Agile Chem 151,58
10274,
9 101 108
1939 A 0 102 4- - - 10212 1021
Gen Asphalt cony 6s
388
4
8 101
9 4 101
1941 F A 100% Sale 997
lat ref f 714e g
4
4
1041 1061
4
96% 993 General Baking let 25-yr 6s.1936 J D 10518 10514 10518 Apr'25
37
99
A 0 99 Sale 974
American Chain deb s f 139._1933
83 84
1942 F A 83% 85% 84 Apr'25
914 94
Gen Electric deb g 334s
40
94
An. Cot 011 debenture 56_1931 M N 94 Sale 94
7
105% 11 1014 106 4
1952 M
1054 10512 10514
Debenture 58
10012 10812
4
s 107
1936 J J 1063 Sale 1067
Am Dock & Impt gu 65
10 100 10214
1017
Gen Relr let a I g 6.1 Ser A-1952 F A 100 Sale 100
98 100
9914 15
Am Mach & Fdy f (te
1939 A 0 6914 Sale 99
934 944
16
8
7
93
German Gen Elec 78 terop..1945 J
9112 97
4
933 937 93%
9612 29
Am Republic Corp deb 69_1937 A 0 9612 Sale 96%
1947.3 J 105 Sale 10478 106
63 1004 106
9512 99 • Goodrich Co 610
121
99
Azn Sm & R 1st 30-yr 5e serA 1947 A 0 99 Sale 98
a
1217 203 119 1207
10712 32 103% 1084 Goodyear Tire & Rub lst s f 1941 M N 1204 Sale 120
10712 Sale 1064
1st NI (is series B
305 108% 109%
d1931 F A 10834 Sale 108% 109
-year e f deb g 8a
10
9912 10412
4 39
4 1023
102% Sale 1013
Amer Sugar Ref 15-yr 6s___19 2 A
47
193
95 100%
9818 97% Granby Cone M Sec P con Os A'28 M N 9912 _
10018 Mar'25
97% 148
Telep & Teleg coil It 42_1929 J J 974 Sale 97
Am
93% 9 12
1928 M N 100
____ 9812 Mar'25
8
Stamped
90% 92%
4
91
Convertible 4s
1936 M S 90% Sale 91
3
95 10014
1925 M N
991
9912
Cony debeature 88
944 116
5
95
20
-year cony 410
1933 M S 95 Sale 94%
96
92
1932 F A
934 Apr'25
12 95
Gray & Dave 7s
63 100 102
102
80
-year coil ti 58
1946.3 D 101% Sale 101%
8714 9112
65
897
944 974 Gt Cons El Power(Japan)79.1944 F A 8912 Sale 88's
9712 1075
35-yr 5 f deb 58 temp
1960J J 9714 Sale 95%
997 lulls
3
1034 186 101 10314 Great Falls Power 1st a f 6a 1940 MN 10114 10112 10114 1014
8
1943 M N 1034 Sale 1027
20 yearn I 6 Ma
1
85
1
83 8 86
1952.3 J 8512 ____ 85
24 123 1314 Hackensack Water 48
131%
7
l025 I' A 13132 Sale 130
-year convertible fle
28
864 873
87
90
4
88
4
P gen fie A 154 M
873
ort. oat. Havana El Os
Dl
00
Am Wat Wka & kleo 54-1934 A 0 957 Sale 11514
r
8
5
a Due May. •Due June, 3 Due July. 8 Due Aug. 8 Option sail.
New York Bond Record-Continued-Page 5
BONDS.
N.Y.STOCK EXCHANGE
Week ended May 8
11
Price
Fridag
May 8.
Week's
Range or
Last Sale
11
BO
Ask Low
High No
Saran& Elec consol R 53_-_1952 F A 94
954 93 Apr'25 --Hershey Choe lat 5 f g 65......1942 m N 11:312 Sale 10312 103
/ 27
1
4
Hoe(R)& Co let 13 Ha temp.1934 A 0 1013 192 1013
4
4 10218
9
Holland-Amer Line as (fla1) 1947 84 N 8613 Sale 833
4
864 87
Hudson Co Gas let g 5s._1941) M N 10018 --- 995
8 100
17
Humble Oil& Refining 5143_1932 .7 .1 10112 Sale 10113 10218 89
Illinois Bell Telephone W._
p) 10033 Sale 100
10012 187
Illinois Steel deb 4148
955 Sale 9518
8
96
83
Ind Nat Gas & Oil te
1936 m N 9012 93
9138
9138
2
Indiana Steel Ist 55.
1952 M N 1023 104 103
4
103
14
Ingersoll-Rand 181 ra
1935 3 3 993 101
4
9914 Feb'25 ---Interboro Metrop colt 4148 1956 A 0 11
13
11
Apr'25
Ctf dep stpd aestd 16% sub.__
612 __-- 1012 Mar'25
interboro Rap Tran 1st 56_1966 3 1 6613 Sale 65
-.6578 197
Stamped
645 Sale 6414
8
655 327
8
10
-year, as
1932 Cu
6913 Sale 69
6914
11
10
-year cony 7% notes...1t132 M S 883 Sale 873
3
4
883 247
4
Int Agee Corp let 20-yr 58_1932 m N 71
73
7213
73
5
Stamped extended to 1942... M N 69 Sale 67
16
69
Inter Mercan Marine 51 5s. 1941 A 0 89 Sale 8812
893 137
4
International Paper 56
1947j j 93 Sale 887
8
9013 131
181 & ref 5e B
1947 j 3 ------84 Mar'24 ._ _.
Jurgene Works ae Ora price)_1947 3 .1 991 Sale 963
/
4
4
'9912 184
Kansas City Pow & Lt 8e...1952 M S 99 Sate 9813
993 125
8
Kanaaa Gas & Electric 613._ 1952 m 5 1013 Bale 100
8
101 13 42
Kayser & Co 7s
1942 F A 103 Sale 10212 103
8
Kelly-Springfield Tire 89_1932 M N 9913 Sale 9813 10013 185
Keystone Telep Co let 5s...1936 3 .1 86
87
1
86
86
Kings County El & P g 54_1937 A 0 1013 ......_ 1015
8
8 10158
1
Purchase money Os
1997 A 0 11714 11913 11714
11714
2
Kings County El let g 48_1949 F A 7618 80
78 Apr'25 .- _
.
Stamped guar 43
1949 F a 75
78
75
76
1
Kings County LlyntIng 58_ 1054 3 3 97
974 97
1
97
614e
1984j I 10614 --_- 10614 11614
4
Kinney Co 7348
1938 3 D 10713 10814 1074 10713
2
Lackawanna Steel 6.8 A_ -.IMO M S 93 Salei 93
933
4 46
Lac Gas Lot St t. re...text 13e 1934 A 0
8 39
Coil & ref 5Hs Series C
1953 F A, 101 18 Sale 10014
191, 143
s
Lehigh C & Nay s f 4 Hs A _ _1954 3 3 9814 100 I 9713 Apr'25 -_ _
Lehigh Valley Coal let g 58_1933 3 3 100 4 101 101
3
Apr'25 --- let 40 year int red to 4%.1933 1 J ---------8933 Elopt'24
Lex Ave & P F let gu g he. 1993 M 6 4113 ......- 411 Apr'25....I
/
4
Liggett & Myers Tobacco 7a. 1944 A 0 11812 119 11812 1194
71
Registered
A 0 ____ ___11734 Apr'25
as
1951 F A 993 100 4 9954 1001 12
4
,
/
4
Lorillard Co (P) 7s
1944 A 0 11514 116 115
11513
3
Reglatered
A 0 --------115 Mar'25 --__
64
9714 151
1951 F a 9714 Sale 9612
LonisvUle Gas & Electric 58.1962 MN 98 Sale 954
OS
145
'
tsouley Ry let con 533
1930 j .1 91
94
93 Mar'25 -Lower Austrian Hydro-Elee Co
-let 8 f 814s
/
1
8512 70
1944 F A 854 Sale 8518
Magma Cop 10-yr cony g 7e..1932 J )119 Sale 1144 11912 130
Menet! Sugar 7141.
1942 A 0 1110 191
9912 10014 22
Idanhat Ry(N Y)cone g 48.1990 A 0 6114 Sale Nig
6112 45
2d 4a
54
54
3
2013 3 D 5312 54
Manila Electric 7s
8
8
1912 M N 19213 Sale 10238 1023
Manila Elec Ry & Lt sr Se...1953 M S 89
893 91 May'25 -4
Market St Ry 78 Series A _1940 Q 3 9912 Sale 973
3
993 153
4
Maxwell Motor 51 78
Jan'25 -- __
1934 M El_ _ 105
Metr Ed let & ref g as Ser B_1952 F A 104f4 gnle 104
11413
5
let & ref 5s Serbs C
/
4
91533 J 94 Sale 941
0418
3
Metropolitan Power 66
1983.3 D 10318 Sale 1023
4 10318
2
Met west Side El (Chic) 45_1938 F A 71
75
7112
7112
2
Mild-Cont Petr 1st 6 Hs
/
4
1940 M S 971 Sale 951/4
Midvale Steel &0cony s f 501936 M S 9118 Sale 001
4
Maw Else Ry & Lt cons 1581926 F A 16014 Sale 10014
1003
8
3
Refunding & eaten 4148-1931 J J 9513 Sale 9513
9512
7
General re A
/ 971
1
4
1951 J D 9812 98
/
4
9833 33
1st Bs II
8
1961 J D 903 Sale 884
9034 110
let & ref g 13s Series C
1953 M 8 102 Sale 100
10218 76
Milwaukee Gaa Lt let 49_1927 M N 094 993 987
8
9914
6
8
Montana Power tat 6a A
1943 J 1 997 Sale 99
8
/ 1005
1
4
8 37
Montreal Tram let & ref 56.1941 J J 974 Sale 9614
973
8 25
Morris & Co let a f 4148_ _.1939 J J 83 Sale 823
4
8313 32
Mortgage-Bond Co 45 Sec 2_1966 A 0 77
81:
7718 Mar'25
10 -year as Series 3._ 1932 J J 954 9712 96 May 25 --25
Murray Body 1st 614e
1934 J D 974 9714 971
/
4
9714 14
Mu Fuel Gas Is :u 1 52- 1947 51 N 964 98
/
1
065
8
97
7
Mut Un gtd bonds eat 4%._1941 M N 993 101
4
99 Apr'25
Nassau Elec guar gold 48
1951 J J 60
61
60
60
4
Nat Enam & Stamps 1st 58 1929.3 D 9914 ---- 993 Apr'25 -4
National Acme 714s
,.1931 J 13 8213 Sale 81
83
16
Nat Starch 20
-year deb 58_1939 .1 1
-- 993 Fcb'25
4
National Tube 1st 53
1952 M N 1013 1024 10113 10212 10
4
984-997
8
1
8
Newark Consul Gas te
1948.3 D 1004 ___ 997
New England Tel & Tel 56.-1952 J D 10013 Sale 10014 10013 18
N Y Air Brake 1st cony 68..1928 M N 10313 104 104
104
1
-year 1st g 46..1951 F A 80
82 80
N Y Dock 50
80
3
4
N Y Edison 1st & ref 614s A.1941 A 0 1143 Sale 114
115
76
temp. 1944 A 0 10034 Sale 10033 1004 313
1st lien & re' 531B
/
1
8
NY Gas El Lt & Pow g &LARS J D 1023 Sale 10212 1027
8
6
Purchase money it 48
1949F A 8812 Sale 88
8312 17
N Y L F.41Weat C &RR 5461942 M N 10012 ____ 0012 Apr'25
NY Munic Ry let a f 58 A 1968 3 .f 8053 _ -- 8112 Apr'24
8
NY Q El L & P tell 5.3....._1930 F A 1003 Sale 1003s
1003
8
2
19423 J 495 ____ 484 May'25 --_
8
/
1
NY Rye 1st R E & ref 48
Certificates of deposit
51 Sale 493
8
.51 I 66
.Jan 1942 A 0
414 Sale
80
-year aril Inc Se...
418
412; 26
50 Sale
Certificates of deposit
4
4121 46
1961 M N 994 ____ 994
994
1
VI Y & Rich Gas 1st 1313
NY State Rya let cons 430_1962 M N 6714 Bale 66
6714 71
RegisteredM N --------63 Apr'25 19(12 M N 90 Sale 89
series 11
let con 645
90
8
NY Steam let 25-yr 68 Ser A 1947 M N 101 Sale 10012 10114 20
8
NY Telep 1st & gene f 4)4e 1939 M N 975 Sale 9713
973
4 46
-year deben a f 68_._Feb 1949 F A 110 Sale 10934 110
80
33
-year refunding gold 88.1941 A 0 1074 Sale 10712 1083 100
8
20
8 1004 16
Niagara Falls Power 1st 58_11132 J J 10012 Sale 1003
/
1
Jan 1932 A 0 10512 1053 10511 1053
4
Ref & gen 68
4
3
/
1
Niag Lock &0 Pow let 58-1954 M N ____ ____ 1094 Apr'25 --__
1955 A 0 985 Sale 9811
8
98
/ 64
1
4
1st & ref 58 ser A w I
1958 F A 109 Sale 1097
/
1
4
Refunding 135 &ilea A
8 1094
/
1
2
1952 MS 101 Sale 101
1C214 65
Nor Amer Edison (is
1044 38
Secured g f g 614s Ser B-1948 M 8 10414 Sale 104
96 __ 7_7
.
Nor 01210 Trac & Light Os I947 M 8 96 Sale 9512
4
98
60
Nor States Pow 25-yr 58 A__1941 A 0 98 Sale 963
A 0 --------11314 Jan'25
Registered
l3 Sale 10414
1047
8 10
let & ref 25-yr as Ser B___1941 A 0
Northwesen Bell T let 713 A_1941 A A -___ ____ 1074 Jan 25
8
W T lst fd g 410 gtd_1934 J J 955 0712 95 Apr'25 ____
North
1114
1
Ohio Public Service 748 A 1948 A 0 11118 Sale 11113
4
4
7
let & ref us series B . .. 1947 F A 1083 Sale 10818 1083
4
23
Ohio River Edison let 68_1948 J .7 1013 Sale 10112 102
1944 F A 9713 Sale 97
973
8 34
Old Ben Coal let 68
8
994 100
59
Ontario Power N F let 68-1943F A 1(,05 101
Ontario Tranamiasion 54_---1945 MN 994 ___ 9918 Apr'25
1941 F A 993 Sale 98
4
993
4 47
(KW Steel 8a
/
1
4
95
111
1st 25-yr 51 1 720 Ser 13..1947 F A 95 Sale 92
/
1
973
4 78
Pacific 0& El gen & ref 5e...1942,3 J 974 Sale 964
994 21
Pao Pow & Lt Istiref 20-yr 58'30,F A 994 Sale 99
19373 .1 10133 Sale 1003
4 1013
8 14
Pulite Tel & Tel lat 58
1952 MN 973 Sale 964
4
973 153
4
Ref M 5s series A
1061 47
/
4
-Amer P 42T Ist 10-yr 76 1930 F A 106 g 107 4 10514
Pan
IM N 1124 Sale 1093
4 112 1287
/
1
4
Cool s f 64 1934 temp
_... 95
944
95
11
Park-Lox se leasehold 6140_1963,J
1- 8
Pat& Passaic G & El cons 5a 1949M 8 997 10013 9918 Apr'25
1Z,1
SD: 12
I
a Ma Jan. 4 Due April.
y Due Dec. s Option 'sale.
Range
Since
Jan 1.
BONDS
N. Y. STOCK EXCHANGE
Week ended May 8.
it
.
tan.
2385
.3
Friday
May a.
&l ngsor
a
./
Last Sale
21
Low
RIO
924 94
103 105
1001 1034
8
79 8714
984 100
994 10218
97 111013
92 4 96
3
8712 9214
10114 103
9914 99,
4
10
11
104 104
593 7421
3
59
734
6184 80
85
95
67
73
6212 79
/
1
4
88
91 12
8713 901e
ftasG
Stowe
Ion 1
BM
Ask Low
High No Low
ROI
PeoP Gas & C 1st cons g(16-1943 A 0 10918 110 107
1083
4 16 19
7 1833
Refunding gold as
1947 M S 97.3 Sale 97
943 .74
4
5
97 2
,
Philadelphia Co coil Cr 68 A_1914 F A 1045 Sale 1045
3
8 1043
4 37 1011 10
/ 1
4
I5
-year cone deb 6)4s...
.1938 M 5 99 Sale 9714
934 99
43
99
Phlla & Reading C &I ref M.1973 J J 10018 10078 1004 1001 18
/
1
/
4
993 11:1'4
4
Pleree-Arroa Mot Car deb 881943 M 13 9912 Sale 9137
8
91
98'
9814 402
Pierce Oils 158
1931 J • D 10812 1063 107 May'25 --- 10238 1 7
4
Plitabury 1.151111s 20-yr 134_1943 A 0 1015 10178 10112
8
9938 112
3
10152
Pleasant Val Coal let g 6 f 58.1928 J .1 98
99
974 Apr'25 ---97
581
.
Poeah Con Colllerfes let et 5131957 J J
923 9334 9213 Apr'25 ---„,
4
924 94
Port Arthur Canal & Ilk 138 1953 F A 993 101 10012 101 I
4
3
9913 101 Portland Elec Pow 1st fis B.1947 MN 967 9714 974
8
9712 46
9612 97 .
Portland Gen Else let 58_1935 J 1 994 ____ 9914 Apr'25 ---_
9841 91 .
,
Portland Ry let & ref 56_1930 MN 943 9514 9414
8
5
95 i
92
13 9612
Portland Ity Lt & P let ref 581942 F A 89 Sale 89
5.414 unit
9018' 19
1st] & ref (Is ser B
4
1947 M N 97 Sale 963
974; 44
94
9912
let & refund 714s Per A..19411 M N 106 Sale 106
106 ,
5 10513 107
Porto Rican Am "rob 1391931 M N -...... 1027 10312 Mar'25 ---. 10312 106
8
Pressed Steel Car 5s
8
1931 J 1 95 Sale 947
9324 97
9514 11
Prod & Bets? ga(w1th war'nts)'31 3 0 112 114 112 May'25 -___ 104 11533
Without warrants attached... J D 11014 111 11012 May'25 _-_ 110 111
Pub Serv Corp of NJ gen 58.1959 A 0 1044 105 1045
/
1
8
1045
8 13 1044 10
511
88
9912
4
Secured g tle
99 , 221
1944 F A 99 Sale 973
95 99
953 993 Pub fiery Elec de Gas 1st 53431959 I. 0 103 Sale 102
3
4
1033
4 60
98 1t333
/
1
4
1st & ref 510
9814 10133
103 4 83
1914 A 0 103 Sale 10118
995 168
8
10113 1037 Pub Sera El Pow & 1.tg 88_1948 A 0 105 Sale 10411 1054 33 10212 1044
3
90 1003 Punta Alegre Sugar 78
4
4 1054 33 102 107
1937 J J 10513 Sale 1043
/
1
4
/
1
4
82
87
90 I 23
Remington Arms 613
8812 62
1937 M N 90 Sale 8812
10012 1013 Repub I &S 10-30-yr 5881_1940 A 0 9514 Sale 941
4
/
4
9514
6
934 95 4
3
11412 118
9114 12
Ref & gen 5148 ser A.._1953 J J 914 9114 9114
903 94
4
75
78
8834 37
RIMS Steel 1st 78
1955 F A 8812 Sale 8813
8813 9
0
744 783 RobbIns & Myers s f 7s
/
1
4
66 I
644 734
1
1952 1 D 66 Sale 6418
/
1
89 10114 Rocheater Gas & El 7s ser B_1946 N1 S 11014 11014 11014
1104
3 110 11012
8
103% 10614
105
8
Gen Mtge 5 Hs series C__ _1948 151 S 1045 Sale 1043
2 10311 105
10814 1081 Roch & Pitts Coal & Iron 58_1946 M N 913 ____ 90 Aug'24 .__
/
4
.
8
89 8 943 Rogers-Brown Iron Co 7s
2
4
4
1942 M N ..... 663 66 May'25 _ __ i
6
8
5 8,
.sig 93
4„
9814' 10018 St .108 Ely 1.1 H I & Pr 58_._1937 M N 90
9112 91
91
_
9514 10115 st Joseph Stk Yds 1st 4%811930 J .1 951 ____ 9511 Apr'25 ---/
4
9512 Ws
95 4 98
3
St L Rork Mt & P58 etmpd_ I 955 .1 J 8012 8114 81
81
100 101
7
7
418 1111
1:
1
Feb'25 ____
8
St Louts Transit 5.3
1924 A 0 705 ____ 81
9878
964 96
t3a on ,,b
.
2
1937 1 J 95
95 97
-33:2 -- st Paill Clty Cable 5a
- - - 43
92 Sale 92
9214 29
92 924
/
1
Wits(Germany) 78'45 F A
7.
Saks Co
116 120
1 104 1075
106
1942 M 5 106 10614 106
2
1173 1173 San Antonio Pub Ser 66
4
4
8 102
8
18
1952. J .1 1013 __ _ 1013
9913 102
973 101.7 Sharon Steel Hoop let 85 Ber A 'el M 9 107 10714 107
4
8
10712
7 105 4 10712
7
1144 117% Sheffield Farms 64e
/
1
4
1942 A 0 106 107 10612 Apr'25 .- -- 105 107
93
Sierra & San Fran Power 58_1949 F A 93 Bale 9214
115 115
18
90 93
9514 973 Sinclair Cons 01115-year 78_1937 M 9 913 Sale 9114
4
8
92 8 134
5
88 SS
9 33 98
0
1st In toll rras C with warr1927 J D 108 Sale 10613 10914 391 104 4 117
3
93 93
1st Ilen 65 Ser B
8712 94
19342 D 87 Sale 85
-Is
82 8 90
3
/
1
4
1005 181
8
Sinclair Crude 011 3-yr as A 1928 F A 10012 Sale 10014
9914 101
851 8812
/
4
10012 11 10016 10013
3-yr 0% notes B Feb 15_1928 F A 10012 Sale 10018
113 13278 Sinclair Pipe Line 58
1942 A 0 8514 Sale 8413
82
8514 77
84
114
4 11112 418 10.6 120a1
Skelly 00 014% notes
1927 A 0 11114 Sale 1083
/
1
4
5713 180_2
22
4
Soutb Porto Rico Sugar 7.3_ _1941 J 0 10454 105 10413 195
7 102 10614
8 10114 61
Sonth Bell Tel & Tel let e f 561941 J J 10118 Sale 1007
51
50
99 10114
9714 1025 S'west Bell Tel let & ref 55_1954 F A 1001 Sale 997
3
8
8
10012 358
9618 100
/
1
4
4
e
C
52
232:tttng rrtaI Wg e ower
1
28s
1947 J J 953 Sale 9 ,
8712 100 ,4ri h, olotPr g 3
3
5
92
98
17
9313 97
4
1948 M N 9712 ____ 9712 Apr'25 ____
965 974
8
105 10514 Stand Gas & El deb g 646..1933 51 1.3 12512 Sale 11513 1263 282 1(1612 126 4
4
3
10113 10412 Standard Milling let 55_ _ _1930 M N
4
99 4
3
993 Sale 993
4
6
994 1004
8
9112 9618 Steel & Tube gen s I 7sSer C 1951 J J 10712 Sale 10712 1075
8 12 105 108
1003 11/1
8
9612 96 Apr'25 ..-.
Sugar Estates (Oriente) 74_1942 M S 96
954 974
7014 80
984 97 Apr'25 ---Superior 011 Isle? 79
1929 FA-I 96
97
99
9514 975 Syracuse Lighting let g 58_1951 .1 D 9978 ____ 100
.
100
2
974 100
/
4
874 011 Tenn Coal Iron & RR gen 58_1951 J J 1011 102 1023 Apr'25 -___ 10
/
4
8
0351(1233
100 101,2 Tenneasee Cop Ist cony (is_ _1925 MN 101 10138 101
Apr'25 ---- 100 102
4
10114 54
95
9534 Tenneasee Flee Power let 66_1947 1 D 1001 Sale 10014
.
9914 10211
5612 73
94
95% ThIrd Ave let ref 45
1960 1 J 5612 Sale 5312
51
5818
841 903
/
4
4
4
AM Int 53 tax-ex N Y_ __a1960 A 0 38 Sale 373
3814 79
3414 45
/
1
4
8
98 4 102, Third Ave Ry 1st 155
3
8
19373 j 933 9534 94 May'25 .- - 933 96
8
9614 991 Tide Water 011 10-yr 810_1931 F A 1031 Sale 1031 10312 29 1023 104
/
4
/
4
/
4
4
975 1005 Toledo Edison 1st 78
8
3
4 110
24 10813 110
1941 M 5 110 Sale 1093
/
1
4
94
964 Toledo Tree Lt & Pr6% notes'25 F A 10014 Sale 19014
10014
/
4
7 . 1001 WIN
7813 841/4 Trenton G & El 1st g 5s
/ Apr'25 ---- , 98
1
4
_ 98
1949 M El
98 4
7
77
7713 Twenty-third St Ry ref 53_1962 J .1 99-- - 66
5918 61
Fen'25 __-. I 65
/ 70
1
4
95 964 (Indented of London 4145-1933 3 J 903 ..... 9013 Apr'25 _.-. I 89
/
1
4
/
1
8
9013
97 9 /
8
1
4
/ ____ 89 Apr'25 ..._ 1 864 89
1
4
Income 64
19483 J 87
954 97
Union Bag & Paper let M 89_1942 NI N 9534 Sale 9513
4
3
9534 2 ;
977 99
3
Union Elec Lt & Pr let g 58.1932 M 5 101 10114 161
101
1933 M N 10014 Sale 993
57, 63
2
4 10013 93 ; " 100
Ref & ext 55
91%14 0139
4
4
let g 5133series A
98
993
4
4 10313 172 100 10312
19543 3 103 Sale 1003
80
94
Union Eley Ry (Clac) 54_1945 A 077 763 Apr'25 ---4
75
774
994 10113 Union 011 let lten 4 f Se__ 193l 1 3 1.05_.,_ 100
Apr'25 ___
9933 10033
1003 11024
4
30-yr as Ser A
1034 30 102 1041
May 1942 F A 10334 104 1034
/
1
4
8
9812 100
Union Tank Car eoulp 7s....1930 F A 10414 ____ 1044 113412
4 10313 1061
4
9933 10033 United Drug 20-yr 6.3_0ct 15 1944 A 0 10313 Sale 102
/ 10318 47 1004 104
1
4
104 1041 United Fuel Gas let of 6s..._1936 .1 J 100 Sale 99
/
4
/ 10014 39
1
4
98 101
Red toe Se Pitts issue 1926 M N 993 Sale 993
p ys
4
31
4
100
99 1021
/
4
112 115
99
/ 9914 995 Apr'25 ---1
4
8
9914 10018
9 % 1007 Un1ted Rys St L 1st g 48__1934 J J 69
773 81 3 U n8111d
98
70
te m
694
6911
8
894 7 4
4
10013 1031 United SS Co 15-yr 69
/
4
1937 MN 93 Sale 93
/
1
4
934 17
91
95
/
1
4
Ali
9192 United Stores Realty 20-yr (te '42 A 0 1033 Sale 10314
3
1034 58 10211 105
10013 10033 13 9 Rubber let & ref 5e ser A 1947 J J 8612 Sale 864
87
412
85 .871
4
10-yr 714% sec notes
1930 F A 10618 Sale 10512 1061 43 10412 1074
/
4
Ifi fail; U 8 Smelt Ref AM cony 68.1928 F A 101 14 Sale 101
/
1
4
10114 35 100 8 102
3
45
5412 U El Steel Corplcoupon.„d19133 MN 1064 Sale 1053
8 1063e 259 10414 10 3
64
42
/ 54
1
4
13 f 10-60-yr 5slregIstered_311963 MN 10513 Sale 10513 10512 11 1037 1054
3
413 6
Utah Lt & Trac let & ref 5s 1944 A 0 8912 Sale 86
/
1
4
893
4 94
8.318 2-924
37
8 55 Utah Power & Lt 1st 5s._ 1944 F A 964 Sale 9513
4
/
1
963
4 53
91
/
4
9912 100
-- _ 9855 Mar'25 ---- 984 961
Utica Elec L & Pow ist s f S.3_1951) 3 3
/ 9a6
1
8
64 684 Utica Gas& Elea ref &ext ra 11157 J J 9912 100
99759912
9911
2
984 99
/
1
4
133
63
Victor Fuel lat 8 f 5,4
1953 3 .1 555 60
8
553 Apr'25 .--8
53
Ws
88
97
VII-C1111) Chem lot 7s
/
4
19473 D 911 Sale 913
3
9214 200
73 93'
074 10112
Certificates of deposit
92 Sale 89
/
1
4
92
7113 92
14
4
95
973
Certificates of deposlt stmixl .--- 87 Sale 8512
/
1
4
873
4
3 68 8811
1077 110
8
714s with & without war._1937 J D 64 Sale 6143 8312
10614 1083
8
Certifa of dep with warrants ---- 6212 ____ 58 Apr2.5 __7
1
4 _
8 2 ! 42 3 5612
9411 2 9463 2
:
10018 1024
Centre of dep without trim ...__ 63 Sale 63
63 --__
10314 1004 Va Iron Coal & Coke lst g 58 1949 M 8 90
914 91
Apr'25 ---90 4 95
3
1041 110
/
4
Va Ry Pow 1st & ref 55
4
1943.3 J 973 9814 974
98% 44
9314 983
3
9812 98
/ Vertientes Sugar let ref 78_1942 J D 92 3 Sale 92
1
4
3
93 ' 33
10418 110
Warner Sugar Refit) 1st 78_1941 J D 953 Sale 9413
954 13
4
8978 991/
964 10214 Warner Sugar Corp 151 78_1939 J J 8035 813 79
/
1
81
8
11
1 4 1r
118
113
100 10412 Wash Wat Power s f 54_1939 3 .1 10012 101 101
/
1
4
101
9218 9813 Westehea Ltg g 5sstmod gtd 1950.3 D 1007 ____ 1004 Apr'25
8
--_98 192
93
98
West Ky Coal let 73
/
4
4
1944 M N 102 1023 1011 10214 32 10913 10234
9314 9314 West Penn Power Ser A 59._1946 M 8 983 Sale
4
94
9918
103 10714
let 40
-year as Serial C
1958 1 D 1054 Sale 1054 10 8 21 104 107
9884
/
1
963'
/
1
7
/
1
4
/
1
4
/
4
1073 1071
8
1st 78 Series D
1946 M 8 1967 Sale 1081 10714 34 10534 1074
/
4
8
/
1
945 95
8
1st re Serial E
108 11213
1st 54s Serlee F
1 9 . M O 10812 8 11_ _ 1071'3 11 411
9 11 A S 93 ." 9 93 8
5
8
.
: 1 31. 1(3 4 12
5
9 4 10012
973 985$
8
84
1
1073 11118 West Va C & C let 61
3
1950 1 J 91 Sale,91
9812 103
Western Electric deb 513
1944 A 0 10012 Sale 10018
10012 217
9634 99
Western Union coil tr cur 54_1938 J J 1015 Sale 10113 10134 13
8
98 100
Fun ear e as estate g 4%8_1950 M N 954 Sale 943
13.yd & rei i tate
4
96
30
97
9918
936 F A 11012 Sale 11013 112
7 102814 1 12
98913 191
/
4
9514 1001 Weatinghouae E & m 7s
1931 MN 10714 Sale 10614 107
/
1
4
913
19020633142 II:003742
894 9514 WIckyrire Spen Steel 1st 74_1935 J J 80 Sale 79
1:4
1
83
76
934 973
4
79
Certificates of deposit
80 10012
79
1080012 14
98
9934 WIllys-.Overland a f Otis.._ .1933 M 5 10013 Sale
9918 1013 Wilson & Co 1st 25-yr a I' 133 1941 A 0 984 Sale
3
974
9813 86
9 5 88
51 8 772
9212 978
7812 98:2
5
4
Registered
93 F •
10413 106%
10-year cony s f 6s. - _1928 J D 7214 Sale 7111
73 -i.i.
103 11853
Certificates of def oalt
9412 97
10-yr cony s f 7149
p1931 F A 7112 N.738 ;I
(
7
4
%
7
A1/
53
731
/
4
96
gals
Certificates of deposit
717 Sale 71
8
7134
5
Winchester Arms 7 He
1941 A 0 10134 Sale 1014 101
99
/ 126 100 174 4
1 30
41
8389%11 72
: 4
Young'n Sheet & T 20-yr 115-1943 3 3 987
8 Sale 984
954 93
181
BOSTON STOCK EXCHANGE-Stock Record seetTt'age
2386
,
91011 AND LOW SALE PRICES-PP.'? 8 1 ARE, N07' PER CENT.
Satrerday.
May 2.
Monday,
Tuesday.Wednesday. Thursday,
May 4. I May 5. I May O. I May 7. I
Friday.
May S.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
100
41
6431808100 1* Albany
158 158 *157 1583 153 159
4
159 159 *157 1583 156 15712
100
332 Boston Elevated
77
12 78 I 7712 7812
78
78
777 78
8
7712 78
78
78
6 Do pref
1111)
*9412 95
*9412 ____' 9412 9412 *9412 95
100
-12
55, Do 1st pref
ii.3
11I 1 - -I .....- 1 - --1*110 112
112 112 *____ 112
112 112
100
103 DO 24 pref
1
9812 9312
•98
9812 98
94
1198
98 '
198
984 93
1110
16
16
16
1514 1614 16
153 153
4
4 1512 1512 1,334 Boston & Maine
1612 16
100
25 Do pref
16
16
1116
20
1117
20 I ---- ---____
18
18 i *17
2312 2412 --------1,531 Do Series A lin pret.„100
2434 23
24
2114
2312
24
243
4 23
36
38
37
38
3712 3314 --------267 Do Series El 1.1t pref,.100
37
1137
39
37
lig)
233 Do Series C 1s1 pref
31
33
3412 34
34
3212 3212 34
333 34
4
1,077 Do Series 13 1s8 pref._.101)
49
47
49
*47
47
50
48
50
*43
50
100
______ Boston & Providence
_ 11169
____ *161
582 East Mass Street fly Co 100
.
_- -- -3133
if *31
1130
33
30
33
3012 3012 31 ______
Do 1s1 pref
101)
6712 *____ 6712
•____ 6712 *__ 6712 *_ _ 6712
-______
Do pref B
61
61
1169
61 I 1160
745 Do adjustment
391;
3912 3)12 3912 39 -40
4112 404 4112 40
41 1 39
1 0641
(°
)
0
23 Maine Central
____
25
2'
*25
26
25
25
2512 2512 *25
100
3 8
I
/
1
*1158 3 ?Is 3112 -3212 324 3212 3214 - - 5- 1,555 NY N II & Hartford
*303 3114 *3112 32
4
78
*71
7618 --------16 Northern New Hampshire 100
78
78
78
78
*76
79 •7/
112 11212 --------102 Norwich & Worcester pret_100
112 112
109 110 *109 110
1033 111
4
130 Old Colony
100
10312 10312 *103 104 *10312 10112 103 10312
11104 105 *104 105
100
75 Rolland pref
50
47
48
5112 5112 *5014 53
55 Vermont & Massachusetts_ 100
93
93
93
93
98
93
93
93
*92
Miscellaneous
318 33
8 1.700 Amer Pneumatic ServIce„.25
318 314
24 34
25
8 258
258 23
4 3
4 *23
50
/
1
1712 1712 1712 1734 1712 1712 1712 1914 1914 194 1914 1912 1,015' I/o pref
4
4
/
1
4
8
8
136 13614 13614 1367 1367 13714 13718 1373 137 13314 1373 13338 2,733 Amer Telephone & Teleg 100
0
i
o fa T
,
1,471AnTskellreN fg
63
6312 6612 66
62 62
613 613
4
4 6112 63
62 62
74
74 I 73
73
74
1171
*71
72
72
*71
71
71
An Metal Construe, IngiV.ppla;
e. a 1)
00
____ *11
*14
•14
/
4
No pa*
503 Atlas Taek Corp
- 1114 I114
8
4
*12
1212 1214 123 *1218 1212 *113 12 1 111
1013oston Conn Gas Co pref 100
_ _ 1073 1073
4
____ *1073
*107
4
/
1
4
•1073
4
4
4
*1073 ---- *1073
4
!Boston Mix Pet Trus__No par
10
633 Connor (John T)
22:2 23
4
2312 *223 234 2212 2212 *2214 2234 2212 21
22
320 Dominion Stores, Ltd__No par
35
35
*32
*32
3212 3212
33
32
*33
35
100
Da pref A
___ •96 _ _ _1 *96
____ *98
*96
10
134
13
4 *112 2
13
4 212 1,815 Ef1S1 Boston land
13
4 13
4
13
4 13
4
13
4 13
4
5
4
4
4
4 I
645 Eastern Maimfacturing
312 4
*312 4
*312 4
*312 4
25
7
.
3
4 5214 5314 5112 52 2 53 4 514 5912 53 8 6.975I Eastern SS Lines, Inc
50
5212 5112 523
1,423 Do Ore
No par
38
37 37
33 33
33
3814 38 38
38
3712 38
*91
76 1st preferred
_95 95
91
__
94
•92
*92 _
10
1 1 10
0
201 2)112 2)1 201
20418 2 3- 1 048 Ernson Electric Illum
- 4
01
200 201
200 201
200 201
10
Elder 114 18 Co (V t c)
*31 4
/
4
*33
8 4
*33
23 4
4
*314 4
*31
Eleo __IOU
3412 *31
3412 *31
-50 Galveston-Houston
4
4
3412
*3212 3412 323 323 *31
Oar dner Motor
No par
*1153
4
100
Georgia fly h Elec
**ii6i4
1153
1153
11534
Do 5% non-corn pref..100
*7812 ____ *7812 ----I *781
2- *7813 .
2:iii Gillette Safety P azor _No par
6
6314 *7812 - 2 ; 4 6812 _ 6514 031--Lio,
3 6
4
3
7
657 65 8 653 65 4 65 4 - - -14 67 8
215 Greenfield Tap & Die_ ___ 25
12
*12
1212 12
12
*1112 12
*113 1214 12
4
No nor
50 Hood Rubl er
52 I *52
58
56
52
*52
56 .52
56 .52
Intern:,t cement Corp Ne par
*62
63
63
63
*6212 6312 *82
*6112 6212 *62
International Products_No Par
•____
112 •____
1
*.50
1 I 11.50 1
*.50
1
_ 100
109 Do pref
7
7
7
*5
•5
7
*5
Kidd r, Peabody Acceptance
60 Corp Class A pref
9012 9012 *9012 92
9012 9312 *9012 92 I *9012 92
1
236 Libby, NIciNelll h Libby_ 103
712
7
7
7
7
I *7
7
7 I •7
20
Lincoln Fire Insurance
7014 5 - - - 7014 -r
•
7014 •_-__ 7014 *_ _ _ 7014 11 _ _
25
.67 1.oew's Theatres
12
*12
1214 *12
1214 12
12
1212 12 2 _ -11
113 1134 12
4
I00
72) Massachusetts Gas Cos
70
/
1
893 7014' 704 7012 7014 7012 7014 7014' 7014 7014 70
4
20) Do pre!
•68
6612 *68
6534 66
66 12 6612
6612 66
66
655 66
8
;(0 )
m
0
• 117 Mergenthaler Linotype
183 183
181 182
182 182 *181 183
18112 182
183
•
180
1,595 Meslcan Investment. Inc_ 10
__
4 1212 13
123 123 -- 4
4
113 1212 1214 12-53 *1214 123
4
1111)
525 Mississippi River Power
4212 43
4312 -45
4212 4234 43 43 I 43 43
43
42
100
10 Do stamped pref
93
93
93
*91
93
91 2 *91
,
91
2
•
90
10
418 412
414 43
2
414 414
-- -- 1,343 National Leather
414 4141
414 414
400 New England 011 Corp tr ct1s.
Ds
Ds
112
1
114 *1
•1
1
1110
200 Do pre/ (tr Ws)
*812
812 9
912 212
9 I
912
*8
9
118
4 2,252 New England Telephone BM
997 10012 100 1003
8
9958 100
4
8
9934 995 10012 993 100
99
3,109 Olympia Theatres, Inc_No per
2512 26
263
8 2512 2512, 2512 2614 2514 26
26
120 Orpiteurn Circuit, inc.__
*2712 2814 -. - 6
4 6
6
274 277
8
4
273 273 *2712 2812 *2714 28
4
100
892 Pacific Mills
594 60
5
60
58
50
59
59
56
59
59
120 Reece Button Hole_
1712 *1612 1712
17
17
17
17 11 _ _ _ _ 17
17
1
Reece Folding Machine
*214 212 *214 212 *214 212 *214 212 *214 212
Simms Magneto
20* 563.20
_
•
.20 *.20
•
100
283 Swift h Co
1093 110
4
10912 110
4 uo
H O no
*10912 no
i
1694 no
2
641 Torrington
49
49
4
*4613 4714 *4612 4714 4612 4612 *463 4714 5 4714 43
Union Twist Drill
7
7
7
*
2
880 United Shoe Mach Corp
4
4134 42
413 413
4
454 42
4 413 42
4134 42
4134 42
2
556 Do pref
27
1127
28
*27
2712 27
*2714 28
4
273 28
4
273 28
2212 2212 2,050 Ventura C1818111 (511 Fields.. S
2212 23
23
23
8
2
2318 223 227s 227 23
23
275 waldorfSysinc.new ab No Da
16
1612 16
1012 1618 1614 *16
8
163 *16
*16
555 Walt!) Watch CI B com_No pa
17
1714
17
17
1612 161. *1612 17
17
*16
100
250 Do pref trust at!,
29
2812 2812 *2812 2912 29
*2812 2) *2812 29
*2812 29
10
50 Do prior pre:
____
*76
76
76
. .76 --__
*76 --_- *75
476 Walwortb Manufacturing_ 2
18
*1714 18
18
18
1718 1712 18
17
17
50
6
4
8 453 4614 4514 4 '- 2,800 Warren Broa
4
4614 453 467
46
4
453 46
453 48
4
50
85 Do 1st pret
4212 4212
*4212 43
*4212 43
43 1 4212 43
43
43
*41
50
Do 2d pref
4512 *43
4512 *43
4512
4512 *43
4512 *43
•43
Mining
*.26
.50
*1,
4
13
8
104 1018
4
293 293
4
1312 14
•.15 .25
2112 2112
•.04 .07
/
1
4
312 3
1
•.50
1
•.75
•1734 18
*112 2
126 127
9612
*95
1112 12
•13
8 134
•.75
1
13
4
•114
11
/
4
*118
*114 112
*.60 .80
114
114
*32714 29
193 193
4
4
•.20 .25
•---- 28
58
*42
514 512
*life 114
*.50 .90
18
/ 183
1
4
4
*412 47
s
*1112 1212
*21
22
*33012 32
'.55 .75
11.25 .75
11.26
.501 •.26
.50
X
*life .20' •15 .4 112
114
10
1012 10 4
10
3
29
28 4 307
3
8
29
8
8 1312 135
1312 135
.20 .20
*.15 .25
4
2112 203 22
21
11.04 .07 11.04 .07
312 312
312 312
1
.75 .75 •.50
*.75
1
1
*.75
18
18
18
18
112 *112 2
*114
12612 128 *12612 12
812
95
9412 9412 95
13
/
4
8
115 111 12
4
8 13
*13
8 134 *13
1
11.75
1
•.75
1
114
13
4
*114
11
/
4
13
4 *14
*118
*114 112 *114 112
•.60 .80 11.60 .80
114
112
114
28
28
28
1912 19 4 20
3
.20
*.20 .25
28 *____
•42
58
*42
41,13'e
47
8 5
.90
1
.95
*.51 .90 11.51
183
4
•183 20
4
414 438 *414
*113 1212 *1134
4
21
21
21
2912 3012 2912
.65 .65
.55
*.25 .75 11.25
.60 11.25 .50
20 •____
.20
138
PA 13
4
*i
10
1012 1012 10
4
31
303 3112
30
1312
1314 1312 13
•.20 .25 *.20 .25
2114 2112
2112 22
•04 .08 41.04 .07
*312 4
*312 4
.90 .90
1
*.50
1
1
*.75
*.75
*1734 18
4
*173 18
*112 2
*112 2
127 12712 129 129
4
91314 *9412 96
*95
123
4
4
123 123 *12
4
8
13
8
11
/
4
13
8 13
1
11.75 1
11.75
112
118
14
*14
4 *118
13
4
*118 13
*13
s
4 *113 14
13
1.80 .80
11.60 .80 '
+.25
114
114
29 •z28
1912
20
.20
.20
28
1142
58
47
8
5
.95
.99
.90 '.51
1912 *1912
412
5
4
1212 *113
4
2214 213
x30
32
.55 11.55
.75 11.25
114
114
14
2812
28
29
1912 1912 1912
20 11.20 .25
28
28
*42
50
58
47
2
43
4 47
8
1
.90
1
.90 11.57 .90
1912 1912
20
412 *414 5
4
1212 *113 1212
2114 2112
22
31
31
32
.50 .56
.75
.75 11.25 .75
. 6 .•i
7
-F.;3 -I- 0
. 6 .65 ---- -6
;:66 -r
I- --- 64 VA
614 6
/
1
4
618 84
64 614
614 614
.59 .60 11.55 .60 •.55 .66 ..58 .65 *.58 .65
•.40 .60 11.40 .60 11.40 .65 11.35 .60 11.25 .60
.17 •.20 .30
1.15 .25 .
.15 .15 *.15 .25 '
*10 .25 *.10 .25 11.10 .25 *.10 .25 11.10 .
'Bid and asked prices; no sales on this day. 3 Ea-rights.
.4.
15
Adventure Consolidated- 2
2
Algonaah Mining
2
760 Arcadian Conaolldated
320 Arizona Commercial
10
3,990 Bingham Mines
25
2,020 Calumet Or Heels
1
100 Canion Hill Gold
25
833 Copper Range Co
1
Davis
-Daly Copper
310 East Butte Copper Mining_ 10
25
aneo
105 Franklin
25
ek Consolidated
1
128 Hardy Coal Co
25
Helvetia
1
600 island Creek Coal
1
25 Do nref
25
985 Isle Royal Copper
5
55 Kerr Lake
25
15 Keweenaw Copper
25
370 Lake Copper Co
25
La Salle Copper
5
Mason Valley Mine
25
100 Mass Consolidated
25
880 Mayflower-Old Colony
1
*10 4 2014
1:4
25
155 Mohawk
2814 2814
5
317 New Cornelia Copper
1,100 New Dominion Copper
10._
____ _2_8
New River Company
Do pref
100
50
*42
2,065 NipissIng Mines
5
5
5
15
Its
118 2,175 ojortwhaBy
N ib Butte
25
Mining
3
11.57 .75
25
170 Old Dominion Co
*183 191
4
310 Park City Mining & Smelt_ 5
Pd Crk Pocahontas Co_NO par
*1114 1
3
2 113
25
470 Quincy
2112 2212
485 St Mary's Mineral Land... 25
31
31
10
115 Shannon
*.50 .75
25
11.25 .75
25
______ Superior
120 Superior & Boston Copper_ 10
-;:613
5
Mining
614 6
/ 6.370 Utah-Apex
1
4
1
530 Utah Metal & Tunnel
.55 .55
Victoria
25
..55 .60
25
670 Winona
.15 .15
25
Wyandot
'.10 .20_
b Ex-dtv. and rights. z Ez-div. SEX-stock div.
.20 .50
•
•.25 .50
114
114
10
10
3012 3114
13
1314
*.20 .25
21
21 1s
•.04 .07
31z 3
/
1
4
1
*.50
.75 1
.
1714 173
4
•112 2
127 129
96
*94
1212 1212
4
*138 13
.75 .75
13
4
118
12
4
*114
178
*112
.55 .55
Range for Year 1925.
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
Lowest
Highest
156 Feb 18
7514 Mar 17
97 Jan 16
109 Mar 31
94 Mar 20
10 Apr 17
11 12 Apr 24
17 Apr 27
29 Apr 27
25 Apr 25
3512 Apr 25
167 Feb 26
3') May 4
6.5 Feb 2
57 Ian 23
39 May 6
25 Mar 26
28 Mar 30
70 Feb 111
100 Jan 13
Pa Jan 2
4514May I
87 Feb 24
18434 Jan 7
86 Jan 2
97 Jan 3
11412 Jan 16
102 Jan 9
204 Feb 26
20 Feb 25
30 Feb 26
40 Mar 4
36 Fen 25
55 Feb 26
172 Jan 16
39 Feb 11
71 Apr 3
6212 Jan 12
43 Mar 10
3712 Jan 29
361, Feb 25
79
Apr 9
11212May 7
105 Mar 12
6312 Jan 2
93 Jan 16
1457 Mar
8
7134 Aug
874 Dec
107 Dec
92 Sept
812 Jan
Jan
12
13 June
174 Jan
16 Feb
Jan
23
43
Jan
18 May
5312 Jan
43 May
28 May
25 June
14
Jan
82 Jan
Jan
80
724 Jan
34 Mar
Jan
70
164 Deo
85 Dee
961 May
/
4
11614 JIM
10114 Dee
2514 Noy
267 Nov
8
3714 Nov
48 Not
41 Nov
42 Nov
172 Nov
384 Dee
71 Dee
6111 Nay
484 Dee
3712 Apr
33 Dee
/
1
4
81 Nov
108 Nov
212Mar 25
44 Jan 7
1612 Mar 25 1934May 7
tan 2 13 4511W 8
83
13"
6112May 6 77 Jan 13
76 Jan 15
71 Mar 11
14 Jan 16 15 Feb 25
97 Jan a 13 Apr 28
8
103 Jan 17 1073 Apr 13
4
1 Nov
12
Jan
121 June
5712 Oct
Oct
69
13 Aug
6 June
100 Dee
05 Dec
2018 Dec
244 May
84
Jan
2 Sept
Oct
4
Jan
38
3418 Jan
5512 Jan
16311 Jan
212 Jan
13 Jan
3 Sept
/
1
4
11314 Mar
79 Aug
5512 Oct
1218 Nov
48 Mar
41
Apr
.10 Feb
.25 Feb
414 Dee
2014 Dee
1344 Dee
83
Jan
79 Aug
Feb
16
1014 Jan
108 Jilly
Jan
.20
2818 Mar
35 Sept
884 Dee
3 Feb
812 Feb
85 mar
/
1
4
40 Feb
93 Mar
21344 Dee
5 De0
41 D 0
64 Jan
11612 Sept
Jan
80
5812 Oct
157 Jan
8
60 Dee
59 Nov
3 Deo
14
Dee
98 Nov
64 Nov
9318 Noy
20 Jan 26
2814 Jan 30
2312MaY 2
35 Feb 13
112 A pr 30
313 Apr II
42 Mar 9
35 Jan 15
89 Jan 3'
200 Jan 5
3 Feb 2
/
1
4
323 Apr 25
4
4 Jan 8
5
5 4 Feb 27
7412 Apr 15
5712 Jan 2
1112 kpr 28
52 Mw 6
5212 Jan 5
.35 Apr 1
5 Apr 29
3 Jan 2
4
63 Jan 24
55 Pell 13
34145Iw 4
9, M w 7
20734 Apr 21
54 Mar 16
38 Jan 7
la Apr 4
11 .34 Feb 27
793 Feb 27
4
7,112 Apr 18
1514 Jan 24
5412 Jan k
6214 A pr 30
2 Jan 3
1012 Jan 9
8211 Jan 6
614 Apr 16
70 Mar 18
11 12 Feb 17
63 Feb 3
634 Jan 9
167 Jan 7
812 Apr 4
36 Jan 2
874 Jan 10
4 Apr 22
20 Feb 9
53 Apr 7
4
99 Apr 2
19 Mar 18
4
253 Jan 16
55 Apr 14
154 Feb 24
/
1
214 Apr 9
Jan 8818 Dec
80
92 Apr 14
84 Dee
4 June
9 8 Jan 7
3
Jan 71 Nov
70
7104 Mar 2
9 Mar 13 Dee
137 Jan 5
8
Feb
88 Nov 81
75 Mar 6
Jan
62 June 70
6712 Feb 14
186 Mar 5 150 Apr 172 Dee
8
183 Ian III
4
812 Jan 173 Feb
19 Feb 3614 Dee
45 May 8
Jan 90 Sept
80
93 Apr 21
5 Nov
/
1
4
2 Apr
83 Jan 13
4
54 Apr
14 Jan 8 .50 Dee
6 Dec 31 14 Ma,
912May 7
98 Dec11512 Jan
107- mar 8
O,
2638May 2
214 Dec22 8 Del
3
Jan 2812 Dec
14
29 Mar 3
8918 Oct87 Feb
814 Jan 13
112 Jan 17 July
4
18 Apr 3
218 May
3 Jan
23 Jan 8
4
10
Oct 40 Feb
120 Feb 6 100 June 118 Dec
3512 June 52 Dee
51 Jan 14
5 Dec 10 Feb
74 Jan 23
34
Jan 4334 Dec
45 Feb 14
2458 Feb 284 Nov
28 Jan 16
1914 Oct 27
25 Feb 24
Jan
/
1
4
134 Apr 20 Nov
19 Jan 3
612 Jan 1018 Feb
1714May 6
14 June 234 Feb
29 Apr 28
7612 Apr 1
8212 Dec 73 Feb
4
1512 June 22 Feb
203 Jan 3
48 Mar 6
295 Jan 393 Nov
8
4
43 Feb 7
345 Apr 41 Jan
4
48 Mar 2
38 Mar 42 Jan
10914 Apr 22
4512 Apr 13
7 Mar 4
41 14 Mar 19
2612 Jan 13
194 Jan 3
153 Mar 15
4
8 Jan 6
17 Jan 3
14
65 Jan 6
17 M ar 11
37 Jan 2
375 Jan 10
8
4012 Jan 17
.15 Feb18
.10 Mar 3
1 18 Mar 24
pli mar 28
283
4May 5
12iis Apr 22
.20 May 5
2018 Apr 22
.04 Mar 4
312 Mar 25
.40 Jan 7
.75 Apr 8
1714May 8
112 Jan 6
121 Mar 28
9412May 4
972 Apr22
11 Apr 4
/
4
.75 Jan 29
1 Apr 11
114 Apr 27
11 A p r 23
/
4
.50 Apr 8
1 Apr 4
257 Apr 21
2
18 Mar 30
20 Apr 2
25 Apr 2
54 Jan 12
4
/
1
4May 7
.90 May 17
35 Apr 22
1814 Apr 22
414May 5
103 Apr 1
4
19 Apr 22
2812 Apr 21
50 May 1
.25 Jan 26
.25 Jan 2
3 Jan 10
15 Feb 6
/
1
4
3614 Feb 11
1878 Jan 2
.70 Jan 5
33 Jan 10
.78 Feb 8
614 Jan 2
11 Jan 24
/
4
13 Feb 6
4
23 Jan 24
312 Feb 5
140 Feb 5
4Mar 9
983
2012 Jan 7
1131e Feb 4
114 Jan 10
3 Jan 2
23 Jan 10
4
2 Jan 13
/
1
4
11 Jan 2
/
4
8 Jan 2
41 Jan 13
25 Jan 2
85 Feb 18
25 Apr 2
60 Jan 3
8 Jan 10
/
1
4
314 Jan 14
114 Jan 10
27 Jan 10
5 12 Feb 19
144 Jan 24
394 Jan 10
48 Jan 12
14 Jan 9
2 Jan 3
214 Jan 27
2 Jan 5
.75 May 1
34 Jan 2 8714 Jan 23
.43 Jan 43 98 Jan 29
114 Jan 31
35 Apr 16
10 Mar 3 48 Jan 7
.15*.10v 3 14 .21 Feb 11
I Aseesament paid. g Price
.15 Dec .51 Dee
.10 June .25 Dee
5 June
34 Dec
8 Jan
113 Dee
14 June 311 Dec
/
4
135 May 197 Jail
8
8
.37 Nov
3 Feb
1812 June 83 Dec
/
1
4
.30 Dec .70 Mar
314 July
8 8 Dee
7
.40 May
1
Jan
.30
Oct
2 Jan
1912 Dec 2812 Jan
.30 May
2 4 Dee
8
944 Apr 142 Nov
90 June 100 Sept
12 June 224 Dec
112 Mar
24 Feb
.50
Jan
114 Nov
.90 Apr
3 Dee
/
1
4
.70 June
8 Dec
11 Oct
/
4
2 Deo
/
1
4
.50
Jan
11 Aug
/
4
6 July
80 Apr
2312 June 41 Dee
1612 Jan 25 8 Dee
3
.40 Dec
2 Apr
/
1
4
35 June 40 Mar
5712 Dec 75 Mar
630 Dee
044 Jan
83 July
178 Oct
8
1 Nov
.40 June
15
Jan 2814 Dec
518 Feb
312 Jan
1034 July 1512 July
/
1
14 June 344 Dec
20 June 49 Dec
112 Sept
.30 Apr
.25 July .75 Dee
214 Deo
Jan
.90
24 Dee
.25 Aug
/
1
4
3 Dec
17 June
8
.14 June .70 July
1 Aug
.15 Apr
.13 Feb .71 July
.10 July .25 July
on new basis.
MAY 9 1925.]
THE CHRONICLE
Quotations of Sundry Securities
All bond prices are end
except where marked
Outside Stock Exchanges
I.
Standard 011 Stocks Per 814. tart. 1
Railroad Equipments Per Cl. Basis
Anglo-Amer.cau (311 uew ..C1 *247 1 2518 Al lout IV C00.l1 lane tia
5.25 5.00
Atlantic It...filling
lot) 10512 1363
Equipment6 4s
4
5.00 4.75
Preferred
WU 11417 11612 Rail linore & Ohlo 65
5.35 5.05
Borne Seryuiser Co
IOU 200 210
Equipment 414s A 58_
5.00 4 An
Buckeye Pipe Line Co.__ 50 .5912 60 Buff 1111,1 A I'll ts equip es
5.00 4.75
25 .57 1 60 Canedlan Paelfle 4146 & fis. 5.05 4.81)
Chesebrough Mfg new
Preferred
100 114 115 Cent rid 11.1t of N J 6s
5.25 5.00
Continental 011 new
25 *25 I 2514 Chisiapeake & Ohio 68
5 30 5.115
.83e 83c
Rights
E11111111110111 6148
5.10 4.85
Creeeent Pipe Line Co.. 50 .1012 1112
Equipment 5s
5.011 4.75
Cumberland Pipe Llue...11)0 145 146 Chime" BurlFe Quincy 138
5.25 5.00
Eureka Pipe Line Co_ ___Iuu 76 1 79 Cleleaste & Eamtern III 83.48. 4.50 4.1(1
Galena Signal CM coin__ lou 54 1 55 Chicago & Nor,II West 63_. 5.35 5.05
Preferred old
100 112 114
Equipment 6148
5 15 4.91)
Preferred new
10t 102 104 Chic It I A Pae 4 gs A be_ 5.15 4.90
Humble 011 & Ref new
25 *493 493
8
4
Equipmeni
5.55 5.25
Illinois Pipe Line
luu 143 143 Colorado & Sorel hern 6a
. 5.45 5.20
Imperial Oil
25 *143 145 D.da ware S, 11111181111
5.25 5.00
New when Issued
I •31% 3114 Erie 433* A 5s
5.35 5.05
Indiana Pipe Litre Co_ bu .703.1 72
i'Slllli)Ill,lliI hg
5.50 5.20
International Petroleum.(1) *2403 2414 Orem Nor.hern 68
5.35 5.10
Magnolia Petroleum.._ _lut) 139 140
E11111pment 5s.
5.00 4.75
National Transit Co. 50 . 22
2212 Ilifektfig Valley 58
.
1
12
5 05 4.110
,
New lurk Transit Co_ iou 61.1
64
Equipment 65.
5.40 4 80
Northern Pipe Line Co.,.100 83 84
Central 4148 & 58_
9.95 4 70
Ohio Oil new
25 .6312 6614
Errolonnott ries
5.25 5 00
Penn Mez I ad Co
36
25 *34
Etrurntneril 7s F. 6 4s
5.05 4.80
Prairie cut a Gas new... 25 *5312 5412 K811+1W1121 Li Mlehigan
5 45 5.20
Prairie Pipe Line uew
Iuu 119 121
)
F.qultiment 44s
5.20 5.00
Solar Refining
luu 214 217
Kansas City Southern 54s
5.35 5.05
Southern Pipe Line Co..luu 813 82
4
Louisville A Nashville 68__
5.25 5.00
South Penn oil
luu 167 168
Equipment 64*
5.00 4.75
Soul hwest Pe Pipe Linea 10u *67
611
Mlehlwan Central rres & lis
5.20 4.95
Sleuthed Oil (Califuruia) 25 .
388 59
Minn iii P & S St NI 414. Fe rur 5.30 5.00
Standard 011 tludiamt)._ 25 .645 6474
8
Equipment ft 413 & 78
5.35 5 00
•3312 18 4 Slitemerl Kansas & Texas Rs 5.65 5.35
Susteleru On thunsam
133
20
.4
Standard 011 (Rent ueky) 25 .11812
Mie.ouri Paelfe. .1. 5. 4f,
5.65 5.25
Stadelerti till (Nebraska) luir 241 246
Momie & Ohio 4 4.1 & re
5.00
80
Standard 01101 New Jer. 25 *4312 435 New York Central 4
8
348 & 5. 4.90 4.70
Prelerred.
100 118s 118
Equipment es
'
5.25 5.00
Standard Oil of New 1 ork 25 *433 441
4
F.iiiiipment 78
5.115 4 85
Standard till (Ohio)....to. 346 349
Norfolk A Western
4.8)) 4.60
Preferred
100 119 121
Nor.hem Paelfle 7g.
5.15 4.90
41413.itm
Swan A Finch
17
18
Peeler Prue Emmen.. 7s..
5.10 4.90
Union tank Car Co
100 124 127
Pennevivarila RR eat Se& Be 4.90 4.75
Preferred
liar 11612 1171 Plum & lake Erle
5 10 4.90
Vacuum Oil new
26 .8814 881
Equffonent 6
8
5.60 5.20
Washiugion Oil
35
10 *30
Refuting Co 44* ,& 58
4.71 1.50
Other OR Stocks
St Loeb.& Sari Franeleen fte
Si
1.90
Atlantic Lubus 011
(:, *3 1 314 Seaboard Sir Line 5148 & 6s
5.6
3.25
Preferred
10 Southern Peelfle Co
60 *7
4.8
1.50
449
Gulf Oil new
25 *3812 40
Efpopment 78
6 Of 1.85
blouutalu Producere_ to .647 6.5 Po 'them Re 4148 &
6..1
1.80
bs___
MeAleah Eagle uti
5 *4 1 5
Equipment gs
5.4, ill)
National Fuel Gas
Itei 111 114 l'otedo 5. ohm Central 68._
5.3 Ito
Salt Creek C1).011
10 *713 77 Union Paretic 78
5.0. 1.80
Salt Creek Prooneers___ 10 .2612 2 4
63
Public Utilities
Tobacco Stock,
Amer Gas A Lieu new _(I) .81 1 83
Mimes's..(near common 100 75
77
(1) .87
6% pref flew
88
Preferred
97
99
Deb ths 2014
MAN
9612 9712 ..... MI/v.11111e
Fdry...19111 165 185
11 1 4
Amer Light & True coni. 0./0 173 175 Britleh-kmer Tither ord. el *28
2 4
83
Preferred
____
luu
Bearer
el *28
2
84
62 63
Arne* Power A Lt common.. 95I tifeeriat reh of CI Ft & Frertl 231: 24
80
luu 88
Preferred
Int Cigar Machinery. .110.
75
...
80
mks 95
Deb tie 2016
96
lohrestrt T01 , & Met.lot
1 1111
65
_ hIweA,alrew, & Forbes.,
Artier Public OBI cont...luu 74
159 162
7% prior preferred.....100 sr If
Preferred
10. 100 103
4% panic pref
luu 77
_ Mengel Co
45
48
101
etesoelated Gila A El pi_(1) 52 a Port0 Rif-an-Amer Tob..1111
40
45
Secured gold ii 1. '64 .1.10 102 Itel
1'fIlVer.81 Leaf Tub corn 100
38
42
Macketoue 1
/alli&E tann fa •79
81
Preferred
89
111t
91
Carolina Pow A Lt emu__ 410 423
Y1111111C (J 8) Co
10( 127 132
Cities oervIt.* Co cora__ .11111 178 182
Preferred
loll 103 106
New snook
3712
20 .37
Preferred
luu 821s 82
Rubber Stocks (Clenelana)
Preferred II
lu 0011 1.3 Mar lire & 10111 (son
10
Preferred 0-13
WO *77, 4 7814
Preferred
3
30
Clued Service liaakersSimree •19
-- FtresroUe'Ire & nuts own ler
l20
Colorado Power common Wu 3312 -15
8% preferred
:
1)10 981 99
96
Preferred1u0 93
7
preferred
luo 9614 98
Conew'ir h pow Corp cum(r),•124 125 .ielferal Tire& Rub
*240 :45
001L1
Preferred
e2
WO 81
Preferred
100 10112 103
.1
modyear lire & It CO111,11111 3012 3014
Bk. t,.',, A Blur • Peel _lop 102 1o4
Mee lio.fd a se occur ____. 633 643 ki1n4V.r TA R of Cal. pf 1011 931; 94
8
4
icy Securities
*15
16
(I)
Line
Omani Tire & Rub nun.
4 314
tI1 •23
Lehigh Power Seetirltiee (i) *117 119
I-referred
100 18
22
munensime My Pow Mill IOU 42 - _ __ silller Rubber
IOU 122 125
Preferred
93
91
iu
Preferred
11.10 10(1 103
I. iret 011101 5* 1951
JA.1 9914 100
Mettawk Rubber
1011 30
35
S F g deb 78 1935 MAN 10212
Preferred
68
75
Not Puwer A Lt. cono___(;) *294 297
seiberling Tire & Rubber (I) *24
2312
Preferred
1:3 1 *9812 100
Preferred
191 103
Income 78 1972
.150 r1))012 1o2
Awliu.liarl
com, o.
l"
North Slates Pow eotil._199 115 117
Preferred
100
Preferred
100 97 100
45
,
Nor Term Elm Cu corn Wu 40
Sugar Stocks
69 Caracas segar
Preferred
Jou 64
50
412
Pbellle U. El lel peel 1uu
&
9314 94'4 Ceti] Ai/Mill-. 8111tilf COIll 21 .8212 8312
16
Power Sevorttlem 10111
Fajardo Sugar
03 •14
lie 115 116
40
up •36
devote) preferred
I'eul.ru,i ..fear Ref corn
48
52
94
Cull true( via I 4/19....JA ii 'go
Preferred
82
101
90
80
eg
Damien June 1949...1.etA .77
sugar. lue_ft
8
51
Sound Pow A Li 100 4e
Puget
Preferred
45
100 41
)
Imo 83 86 Roil mtigaf L10111 m01 1
6% p reIerr.1
38
•
43
7% preferred
Ifiti
Preferred
93
97
let & ref 64e 11/49..J&I, 9.02 100
Cealrld Sugar._ _ I:::
90 125
54
tu halal &War 170111111R.
Republic lty A Light-. lull 03
102 104
71
pm 78
Preferred
New Notereero Sugar. _
86
10f
00
Uet•Illa Sim Cori) 111101
South Calif Erltatto cow. Hifi 111712 ...8.2
112 3
Sugar cum.__(2 *IOU 103
RIO 118
8% pref. rred
30 , W Preferred
Standahrl OA Li 7% Pr le lull
IVO 102
11r *A 1 11., Sugar hafetes iirlente p1 101) 90
Tentinseee Rice Power
95
(I) •7712 80
1s Ilh warranter
demerit preferred
96 100
41
Weiner° Power Corp.- liar 40
91
Industrial8,Misarli
Prefer:ed....
IOU 89
92
AIM:Ile/01 111.rilW/1111.- 1110
8712 89
West bliesourl Pr 7% pfr .. 90
14111;141CA &
132 134
Short 1 elm securities
4
Cup Slit,68'29430 10314 1033 /11Irut 11. ve) Cif Hew
Anaeoffila
18
ill .16
9312 93
Preferred
.
Federal Sue Ref 68'33 MA.N
450 *32
58
4
et, Company com.....(tp .147 149
}lucking Valley 6s 1926 MA8 10012 1003
Preferred
(s lug 112
o):
8 31
K C Penn RY 64 . J&J
- -1 8
25
puny
1926 10 -3 102 t'elheo.fl C
35
61411
lo13
4
82
Preferred
85
Lehigh Pow See 68 '27 1.& A
115 117
Sluire-Sheff SA1 611 '25 FerA 10112 102.4 Ciotti. Company pref.
10512 106
Powder
Ii, .Herculs
, 106
169
U 6. Rubber 7148 1930 FAA
Ion 105 107
Preferred
Joint Stk Land Bk Bonds
Chic Jt SO( 14 ilk 50 WM 10214 10314 I ifiernationfri Silver pref lou 107 110
10212 10312 leiegh Valley Coe' Sales SO •78
80
6s 1952 mu 1932
10212 104
102 108
rheips !lodge Corp
Ils 1963 opt 1933
10412 10012 Royal Baking Pow corn 1 1
1:):0:: 141 145
645 1951 opt 1931
10112 11/214
101 103
I referred
41ts 1952 opt 1932
100 101 ISinger Manufacturing
100 235 240
4118 11)521.111 1932.
10034 101'''
opt 1934
4149 1964
10112 10414
414* 1963 upt 1933
Vac Coast of Portland. Ore
2
Jet...I 10252 1037
68 1964 opt 1934
.
par value tr Basle 4 Purchaser also pay,' accrued dividend.
NO
*Per share.
Flat price. I Last dale. Is Nominal. r Ex dividend. v Er•r Otte
!New stock.
•
Canadian quotation. e Ex-intereet.
Sale prim.
°Ex-stock dividend
2387
Boston Bond Record -Trarsactiors in bonds at Boston
Stock Exchange May 2 to May 8, both inclusive.
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Bonds-
Amer Tel & Tel 4s_ _ _ _1929 9714 97% 974
Atl Gulf & W I SS L 531959
69
694
Chic Jet Ry &II S Y 551940
9814 99
Ebla.ss St RR ser A 4155'48
694 6914
Series B 55
754 764
1948
Hood Rubber 73
1034 1034
193.
914 92.:
IC C Mem & Birm 48_ _193,
1921
Mass Gas 414e
984 9815 984
bliss River Power 5s.1951
98
99%
New England Tel 5s_ .1934 100% 100(4 10014
Savannah Electric 5s_ _1952
92
92
99
194s
994
Swift & Co 5s
148 150
Warren Bros 734s...193
100% 100%
Western Tel & Tel 53 1935
.
,13% ti6
Wickwire Spen Steel 781935 66
Range Since Jan. I.
Low,
High.
51.000 964 Jan 974
32.000 63
Jan 704
17,000 96
Feb 99
3.000 64
Jan 72
5,000 70
Jan 78
4,000 101% Jan 10314
3,000 91
Apr 92(4
3.000 97% Feb 98.4
19,700 91% Jan 99%
10,000 9954 Jan 101
1,000 92
May 92
18.000 974 Jan 9)14
4.000 123
Jan 150
1.000 99
Jan 10014
6,000 65% May 7914
May
Mar
Apr
Feb
Mar
may
Jan
Mar
Apr
Jan
May
Feb
May
Feb
Mar
Philadelphia Stock Exchange.
-Record o' transactions
at Philadelphia Stock Exchange, May 2 to May 8, both
inclusive, compiled from official saks lists:
Stocks-
,,rtaal
sows
for
Last Week's Rangt
ofPrices.
Sale
Week.
Par. Price. :ow. Hijh •hare.'.
Alliance In5urance
11
Amer Elec Pow, pref._ _10.
American Gas of N J __.101
American Stores
•
Bell Tel Cool Pa. pref _
.
Brill (J G) Co, pref. ,.l01
__
51
Cambria Iroi
Congoleum Co, Inc
Cense! Tree of N J _ _ __IOC
Elienlohr (Otto). pref.
..101
Elec Storaee Battery_ .101
Giant Pottland Cement_50
Preferred
50
Insurance Co of N A _ _ _ _11
Receipts full paid
Lake Siperim Corp_ ___1015
5(
Lehigh Navigation
Lehigh Valley
51
10
Lit Brother.
151Thehill Sr ScheY1 Hay- -51
Penn Cent Light & Pow_ .'
Pennsylvania RR
50
Pennsylifinla Sall blfg..5e
Phila & Read Coal & iron_ •
Philadelphia Co(Pit LS)
Preferred (eumul6%)
-50
'25
Phila Electric of Pa
2.5
Preferred
•
Phil: Insulited Wire
Phila R tpid Transit _ _ _ _5(
Philadelphia Traction...EC
At.
Phila & Western
511
Preferred
51
Reading Company
Scott Paper Co. pref...10)
Tone-Belmont Devel- _I
1
Tonopah Mining
Union Traction
50
5.
United Gas Impt
'0
Preferred
VI,:tory Park Land Inipt.1,
.
Warwick Iron & Steel. _11
N'Vest Jersey &Sea Shore_51
50
We tmoreland Coal
York Railways, pref._ _ _51
Range Since Jan. 1.
Low.
33: 374
96
15
4,40' 135
8,15: 45(4
14' 1074
5 96
125 38
877. 264
10 353.4
100 84
541 6134
34 174
46
III
1,920 464
2,404 494
4'
2,121
6,377 80%
74%
541
22
1.93
51
It
2C 60
3,17(
42(4
34' 70
38(4
21
50
50
50
100 101
1574 166
164
:
551! 5314 55 1
109 109 0.
100 100
_
3
94 39'
2714 291.'.
41
41
41
84
84
____
____
63
641:
31
____
30
53
6134 52
564 544 57
541. 524 5431
43
4
5
924 881 921 3
4
,
____
7614 791.
224 22%
.....51(4 514
614 62
62
43(4 4413
7234
724 70
384 381.
Jan
Jai
Jar
Jar
Mai
Jat
Mai
Apt
Mat
Mai
Apt
Jar
Jar
Fel
Apt
Apt
Mar
Jai
Apr
Jar
Jai
Apt
Ma)
Ma)
High.
50
1044
'2174
67(4
110
100
40
41
43
851:
7014
32%
52
70
544
74
100
81
231:
52(4
644
4814
85%
52
Mar
Apr
Mar
Mar
Mar
Feb
Jan
Feb
Mar
Feb
Feb
Apr
Apr
Jan
May
Feb
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Jan
.
38%
384
44%
____
16
____
____
394
90
58
4
64
36
____
354
4614
38
37(4
46
444
58%
15g
36
79
974
9-16
4
391.4
47
5'
39% 11,16:
391.
32:
46
41
451.
1.61'
59
15
1,271
161.
41
36
Si)
51,t
1
9734
22(
9-11
2% 16,581
3934
1.12,
sve 9134 25,31
574 58
1.41
4
4
2'5,
6
64
211
36
36
4:
45
43
12e
3534 36
2.;
Bonds
89
93
Amer Gas& Elec 53._ .2005
192; 165
163 167
Amer Gas NJ 75
73
73
Consol Trac N J 1st 55.193 .__
62
61
Elm it Peop tr ctfs 45.194.
6234
General Asphalt 6s_ _ .193' 102% 10214 10214
Keystone Tel 1st 5s _ _ .1035 804 8834 87
LakeSopcdsof dep 581924 .
17
17
9814 99.,
Lehich C A N row 41413'5) .
Reghtered 4(4s...,!954 ...._
984 944
Lehigh Val Coal 1st5e.193 ._ _ _
10034 101
Peoples Pass tr etfs 45.194
65(4 65 ,
6514
1
Phila Co cons &stpd 551951 ._ _ _
9534 96
196( 100.4 1004 10034
Phila Eleetric 5s
lit 54
196. 1024 1014 10214
196.
Small 53
10114 1011:
1947'
5148
105% 106
105(4 11)634
19511
53.4s
63
1941 10714 1074 1074
Spanish-Amer Iron 65_1927
101
101
67.3 67.1
United Ry5 gold tr MT 45'4' ..
$2.50)
11.801
1,001
8,70.
7,001
4.001
3.00(
10,00,
COO(
7,001
1,00.
23.001
14,0111
73,401
1.001
12,000
12,001
7,001
2,00
1 on(
45
3714
374
46
40
57
15
354
744
96
4
14
3914
794
56%
4
8
:to
43
354
87
136
73
60
100
821:
17
96
984
1001:
65
934
99
1004
100.4
10314
1044
106
101
61
Apt 47
Mar
Aot
4744 Feb
Api 45
Feb
Ma) 51% Jan
Jai
51
Mar
Apt 6334 Mar
Ma: 184 Jan
Jar
37
Mar
Mat
82
Jan
Jar
98
Mar
Jai 15-16 Feb
Mai
2% May
Mar
Mm
44
Mai 9614 Mar
Mal 584 Mar
Apr
4
Apr
71: Jan
Al',
Mar 40
Jan
Ma) 57
Jan
Fel. 364 Jan
ApI
Jar
blw
Fel
Jai
Jalu
Jai
Jar
May
Mat
Ma
Jai
Ma
Jar
Jan
Jan
Fet
Jar
Jai
III
93
215
7854
65
103
87
17
994
9834
101
70
96
1001:
10214
1014
106
10634
1074
May
Mar
Mar
Mar
Mar
Apr
Jan
May
May
May
Jan
May
Apr
May
May
May
May
Mar
101 si Jan
1374 Feb
• No par value.
Chicago Stock Exchange.-Rocord of transactions at
Chicago Stock Exchange Mny 2 to May 8, both inclusive,
compiled from official sales I.sts:
Stocks-
Sates
Last Week's Rang, for
Sale
ofPrices.
Week.
Par. Pr-Le. 'AUL
11138 Shares
Range Since Jan. 1.
Low.
All America Radio Cl A..: 1914
194 21
1,580 1914
American Pub Sere pref 101
93
91
93
451, 89
Amer Pub CBI pref
.10(
25 75
8514 8514
American Shipbuilding_10C
___
15 49
504 504
Prate.red
100
87
250 8534
87
Armour A Co(Dell pref 101
98'
9
900 90
034 9134
Armour A Co pref
101 8514
85
86
85), 84
Clmmon el A v t e. _21
20
3,010 191:
20
2014
Common el B v t e_ _21
51
12
12
1114
Armour Leather
l'
114
314 3%
314
Balaban A Katz v t c__ _21
6314 21.935 501:
6134 53
Preferred
100
100(4 100...
50 95
Beaver Board v t e B._ ..•
41: 434
200
44
Preferudeertificates.100
24
t
24
24
Bendlt Corp class A _ _ .11
.
28
274 28
776 24
Borg & Beck
• 264 26
264
1.865 244
Bridgeport Machine Co..•
934
81: 91,
1,175
84
Central III Pub Serv pref.. .
8734 88
150 84
Chic City & Con Ry Pt ish'
Si
4
Si
1.250
4
34 31: 1,550
Preferred
•
314
Chicago Fuse Mfg Co.....' .
2944 3014
25 28%
Chicago Rys part ctf ser 1
5;
11
4
Comonwealth Edison_101, 1341. 13354 135
m
2;125 1304
Consumers Co
2C
34 34
195
4
Preferred
100
30
30
50 30
Continental Motors
1034
914 1034 30.660
84
Crane Co
25 55
51
55
651 51
•-
------
"- "-
--- ---
May
Mat
Api
Apt
Jill)
Mat
Apt
Mal
Apt
Ma)
Feb
Jan
Ma)
Ma)
Mai
Mai
Apt
Jar
Apr
API
Mal
Mal
Apr
Jan
Mar
Jan
May
pr
High.
36(4
934
854
60
89
964
94
24
15
54
63(4
1004
7
394
36
284
934
91%
134
914
39%
2
139
34
4914
1074
70
_
118
Feb
Mar
May
Jan
Feb
Feb
Feb
Feb
Feb
Jan
May
May
Apt
Jan
Jar
Fet
May
Mal
jar
Jar
ADI
Mal
Jar
May
Jar
May
Fet
_.
Ye
2388
THE CHRONICLE
....a.,
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Pa. Price. Low. High. Shares.
Cudahy Packing Co__ _100 9734
Daniel Boone Wool Mills 25 -_ _ _.
Deere& Co pref
100
Diamond Match
100 120
Eddy Paper Corp (The)...
Elec Research Lab
' 16
Evans & Co,Inc, cl A-._ _5 26
Fair Co (The)
• 3334
Preferred
100 .
Foote Bros(G & M)Co_ •
•
Gill Mfg Co
Godchaux Sugar
•
Coward Co (H W)
.
Great Lakes D & D.5_100 12034
Hammermill Paper Co_ _10
Preferred
101)
Hibbard, Spencer, Bartlett & Co
26
Hupp Motor
11 1634
Hurley Machine Co
.
Illinois Brick
100
Illinois Nor Utilities pf_100
Kellogg Switchboard__ _ _25 4034
Kraft Cheese Co
' 6574
2
Kup'heimer & Co (B), In(
preferred
101 100
La Salle Ext Unto (HO_ _ 1(
1634
Libby,MeN & Libby,newl(
7
McCord Radiator Mfg A.
•
McQuay-Norris Mfg
Middle West Utilities_..,-.• 89
101
Preferred
97
Prior lien preferred _100 1048
4
Rights
134
Midland Steel Products-• 40
Midland Util prior lien.10C 9934
Morgan Lithograph GO..' 4734
National Leather
0
Niter Corp con par A w I a
Omnibus pref A NY I___100 9434
Voting trust ctfs w - a.• 15
I
Philipsborn's, Inc, tr otti
100
Preferred
Pick (Albert) & Co
10 1934
t. 53
Pines Winterfront A
• 117
Pub Serv of Nor Ill
Pub Sery of Nor 111_5_100 11734
100 9554
Preferred
101 106%
7% preferred
. 101
Quaker Oats Co
101 104
Preferred
,
Real Silk Hosiery Mills_11 553
10 1734
Reo Motor
21 24
Ryan Car Co(The)
Standard Gas & Eleetric_. 503
5( 5234
Preferred
-Warner Speedom • 70
Stewart
101 110
Swift & Company
1` 283.
Swift International
2: 45
Thompson (J R)
Union Carbide & Carbon.. 68%
United Iron Works v t 5_51
United Light & Power
Common el Awl a----" 5735
Common cl B w 1 a__ _ _' 69
Preferred cl Awl a____. 86
Preferred cl B WI a-- - -* 50
United Paper Board _ _10( ____
2( 1563
U S Gypsum
953.
U S Stores Corp pref_101
Unlv Theatres Cone elA.: 423
Utilities Pow & Lt cl A..' 26
° 183
*Vesta Battery Corp
" 14;
Wahl Co
Wanner Malleable Cast'gs"
Ward(Montgomery)&Co 1(
5134
10* 116
Preferred
* 111%
Class A
Wolff Mfg Corp
113
Wolverine Portland Cem 1(
' 50
Wrigley Jr
3534
Yellow Cab Mfg el B _1(
Yellow Cab Co,Inc(Chic)" 49
Bonds
Chicago City Ry 585_5192;
Chic City & Con Rys 5s'2;
Chicago Railways 58_1927
Commonw Edison 58_1942
Cudahy Pack ist MF 58'9
Swift ,5 ('n 1.-t f v yq 141
97
98
2
234
9634 9634
119 120
1734 1734
16
20
2531 26
3234 3334
10434 105
13
13
534 6%
8
8
29
30
12034 125
29
29
108 108
Range Mace Jan. 1.
Low.
Jan 108% Feb
515 79
734 Jan
I% At
735
Jar 9734 Apr
20 83
Apr
240 11534 Feb 122
Jan
Apr 25
25 15
900 15
Mar 3734 Jan
570 2334 Mar 30% Jan
9,405 31% Apr 3534 Mar
Mat 10931 Mar
120 104
Apr 1634 Mar
100 12
Jan
4
210
634 May
Mar
9
3
Jan
200
170 2634 Jan 3034 Mar
1,115 94% Jan 129% Apr
Apr
Apr 29
100 29
May
Feb 108
100 105
15
6,845
1,010
799
62
1,195
1,9215
68
1434
4134
28
85
39
3534
2531
1934
5234
11634
11634
9531
10634
9934
104
5534
1734
24
4634
52
65
109%
2634
45
67
3
85
100
17
2,300
734
560
260
3834
14
21
1,911
9234
9734
53;
104%
543
2
15,000
40
1,661
370
9934
4934
3,22:
4%
381
40
190
95
140
15
2,662
3,200
2534
100
20
335
53
1,150
11734
375
117%
181'.
9534
40
107
106
100
1,05C
16:
104
5834 9,010
1774
1,552
2434
450
52
2,925
523-4
ICC
7134 60,110
11034 13,107
2834 4,30:
45%
825
6834 6,701
3
10
9834
15
634
3734
13
8234
9134
98
134
3234
9834
42
437
90
1434
31
25
1934
5134
10734
108
92
10434
95
10234
48
1434
21
4034
50
553.4
109%
2534
45
65
34
5334
63
8434
49
1834
154
9534
42
2534
15
1434
22
5034
116
110
731
1134
48%
34%
4831
59
69
86
53
183
1593
953
43326
183
,
16
22
53
116
III
8
123
50
3634
49
73
16
4634
28
90
3934
6534
100
15
7
3831
14
89
9634
103
134
,
3834
98%
4534
4%
90
94
1431
763;
4834
75
4734
7734
10034
92%
9934 99
73
1634
48
2934
91
4134
6734
High.
7434
1934
56
3034
92%
48
70
Feb
Jan
Jan
Apr
Apr
Jan
Mar
Mar 100
Mal
17
Apt
934
Apt 42
Mat
1734
Feb 10234
Jar 9831
Jar 104%
Apt
2
Jar 42
Apt 10094
Mat 4934
Apr
6%
Apr 4134
Jan 9534
Apr 1734
Jar
131
Apr 34
Apr 2334
Apr 74
Jan 118
Jar 11834
Jar
96
Jar 10734
Apr 400
Jar 105
Mat
753-4
Mar . 2234
Mar 33
Jar. 52
Jan 5334
Mar 77%
Apt 12034
Apt 36
Jan 48
Mar 7331
5
Feb
Feb
May
Jan
Feb
Jan
Mar
Mar
May
May
Mar
Mar
May
Jan
Apr
Feb
Mar
Jan
Jan
Jan
Jan
Apr
Apr
Apr
Mar
Mar
Feb
Feb
Mar
Jan
May
Feb
Jan
Feb
Jan
Apr
Feb
Jan
Jan
Mar
Mar
Mal
Jar
Apr
Jan
16,321
4434
18.. 49
391
81
5,3315
42
1834
10(
3,781 112
25 9534
08: 3934
1,671
2234
70(
14
1,941
1434
1015 22
9,151- 41
50 112%
37) 110
511
5%
110
11
3,7415 4634
3,271 3294
1,5I1 48
Mar 59
May
Jar
69
May
Apr 8634 Feb
Jan 53 May
Apt 2234 Feb
Feb 15934 May
hiss
9734 Jan
Jan
Mat 53
26
Jan
Mar
Jan
Mar
24
Ma: 2314 Feb
2434 Feb
Jar
5534 Jan
Mar
May
Am 116
Mw 123
Jan
Jar
10% Mar
Apt
14 6 Jan
,
Jar
5234 Feb
Jan
Feb 43
Mar 55% Jan
7834 $55,000 74
4834 21,001 46
1,000 7734
7734
101% 4,000 100
6,000 91
93
9934 22,000 98
Apr 8434 Mar
Mar
Apr 63
May 8534 Feb
May 10934 Apr
Adr 9334 Feb
Jan 9934 Apr
•No par value.
-Record of travsactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange M. y 2 to May 8, both inclusive, compiled from official sales lists:
Stocks-
Sates
Yriaat,
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High Shares.
Ana Vitrified Prod, com_50
50
Preferred
Am Wind Glass Mach_ -100
100
Preferred
631
Arkansas Nat Gas, com_10
534
Carnegie Lead & Zino--- -5
100
Colonial Trust Co
Commonw'th Trust Co_100
Diamond Nat Bank_ -100
Duquesne Light, pref__100 108
Duquesne Nat Bank_ -5100
Indep Brewing, pref....50
Jones & Laughlin, preL _25
25
Lone Star Gas
Merch Say & Trust Co-100
Nat Fireproofing, (tom_ _50
50
Preferred
Ohio Fuel Corp
25 3134
Oklahoma Natural Gas_ _ 25 293,4
Pittsburgh Brew,cam-50
234
Preferred
50
8
Pittsburgh Coal, oom__ICO 41
Pittsb & Mt Shasta Cop_ _1
Pittsburgh Oil& Gas
5
634
Pittsburgh Plate Glaas_100 280
Pittsburgh Trust Co_ _100
Salt Creek Cons OR
10
7%
San Toy Mining
1
Stand Plate Glass, pr p1
Preferred
100
Stand San'y Mfg, eom__25
Tidal Osage
10
U 5 Glass
23 16%
Wesrhouse Air Brake_ -50
West Penn Rys, pref. _ _100
Bonds
Fritts SArrn" & r•onn 5s_1931
No par value.
•
2034 21
87
13734
8834 89
95
95
6
034
5% 6
191 19134
215 215
350 350
108 108
215 215
7
7
111% 113%
3834 3934
60
60
1334
13
3234 333,4
3134 3234
293-4 2974
234
2
8
8
3934 41
50
55
654 634
278 280
220 220
734 774
4c
4c
92
92
70
70
108% 109
934 10
16% 16%
99% 101
91
91
fig
700
355
425
50
3,018
7015
67
10
2
83
21
400
2:
1,240
14
711
570
4,0515
350
2515
2915
131.
2,000
538
491
10
2,211
2,000
50
50
191
120
10
569
10
9814 54.000
Range Since Jan. 1.
Low.
1934
85
88
94
534
4
190
200
350
10534
210
4
11134
32
60
1134
313-4
31
26
134
6
3934
Sc
6%
257
220
734
4c
92
70
102
83.4
13
97
89
96
Jar
May
Jan
Apr
Apr
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Jan
Jan
May
Jan
Jan
Apr
Jan
Mar
Mar
May
Apr
Apr
Jan
Jan
Feb
Feb
Apr
Apr
Feb
Jan
Apr
Apr
Apr
Mar
High.
23
89
100
110
8%
834
200
215
350
108
215
734
114
40
65
1434
353-4
3434
3134
234
8
54
95
831
295
220
9
130
98
79
136
1334
2034
113
95
Jan
Feb
Mar
Feb
Feb
Mar
Feb
May
Apr
May
May
Apr
Mar
Feb
Feb
Feb
Jan
Feb
Feb
May
Apr
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
9834 May
fVot. 120.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange May 2 to May 8, both inclusive, compiled from official lists:
Stocks-
Friday
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares,
Amer Wholesale, pref_.100
A rmstrong-Cator. 8%pf100
Arundel Corp, new stock." 24
..50
Allan Coast L(Conn).
50 119
Baltimore Trust Co
100 19
Baltimore Tube
•
Benesch (I), corn
50
Century Trust
Ches & Pot Tel of Balt_100 112
Commercial Credit
• 2334
2: 2434
Preferred
2' 25
Preferred B
' 38
Congo!Gas,E L & Power_
100 106%
634% preferred
100
7% preferred
100 124
8% preferred
Consolidation Coal_ _ _ _100 3634
' 112
Eastern Rolling Mill
100
8% preferred
50 9534
Fidelity & Deposit
Finance Co of Amer, pf..5215
Finance Serv, Class A _ _ _10 1854
9%
10
Preferred
Ga Sou & Fla, 26 pref_ _100
Houston Oil pref tr ctfs_100 80
Manufacturers Finance_25 53
2' 24
let preferred
25 2234
2d preferred
25
Trust preferred
Maryland Casualty Co-25 95
Merril & Min Tr Co__ _10(1
Monon Val Trac, pref_ _ _25
Mortgage & Acceptance_ •
Mt V-Woodb Mills v t r.I00
100 6534
Preferred v t r
New Amsterd'm Cas Co..10 4434
Penna Water & Power_100 143
silica Gel Corporation.... 15
Union Trust rights
United Ry & Electric___50 18
U S Fidelity & Guar--50 192
Wash Halt & Annap___ _50
50 1234
Preferred
Bonds
Bait Spar P & C 430_1953
Balt Traction 1st 5s_5_1929
Consolidated Gas 58_51939
1954
General 434s
Cons G,E L & P 4%051935
1949
Series A 6s
Consol Coal ref 4348_51934
Davison Sul & rhos(03.1927
Elkhorn Coal Corp 6s51925
1931
Fairmont Coal 5s
Georgia & Ala cons 55_1945
Ga Caro & Nor let 514_1929
Lexington (Ky) St 5s-1949
Macon Dub & Say 5s_1947
Mary'd Elec By lst 58.1931
Monon Val Trac 585_51942
Newp N & H Ry 5,35_51949
United El L & P 4348_1929
United Ry & Elec 4E35_1949
1949
Income 45
1934
Funding 5s
1949
6s
Va Mid 5th series 5s. 1921
Wash Balt & Annap 5s 1941
arm.5. xvputoo SY
100ft
85
96
96
40
40
23
2434
165 165
117 119
19
19
40
40
122 122
112 112%
2334 2334
2494 2433
25
2554
3554 38
106% 10734
110% Ill
124 12434
38
36
105 112
113 115
9434 9535
26
26
1894 19
93-1 934
75
75
80
80
53
5394
24
2454
2254 2354
22
22
94
96
135 136
22
22
1554 1594
11
11
63
6534
4454 4454
131 143%
12
153,4
634 831
1634 1854
190 192
534 6
11
1235
58,000
85
85
9934 9934 5,001
loom 100%
9734
99
9734
9234
8134
91
88
6931
5134
7034
9594
20
24
6,391
21
1115
350
32
10
'215
706
301
44
2,384
21i
11
101
27:1
08
61
20:
25
240
321
22
9
27
45
183
21
2,014
119
61
100
17
595
1,095
3,398
860
28
3,335
73
411
205
9431
97
1073-4
92
99
9734
.9734
9434
9934
923-4
8134
95
90
88
9834
69
4934
70
94
10034
5831
102
9434
9731
107%
92
99
97%
98
9454
9934
9235
8134
95
91
88
9814
697*
5154
70%
9534
10034
5934
102
Range Since Jan. 1.
Low.
9234
,
36
2034
160
11134
19
3834
106
110%
2234
24
243-4
32
105
109
122
36
103
111
89
26
nisi
9
67
78
53
24
2234
22
8234
115
2034
1334
934
55
4234
12634
12
694
1534
179
534
11
Jan
Apr
Mar
Jan
Feb
Ma3
Jar
Jar
Jar.
Mar
Apr
Apr
Jar
Apr
Mar
Mal
May
Apr
Apr
Jan
Apr
May
Jan
Jan
Apr
May
Feb
Apr
May
Apr
Jan
Jan
Jan
Apr
Mar
Jan
Jan
May
May
Apr
Jan
Apr
May
May
85
9994 Apr
Jan
9234 Jan
933-5 Mar
104% Jan
Apr
92
9834 Jan
9734 Apr
9634 Apr
9234 Jan
993-4 Feb
Jan
92
7534 Jan
95 May
8834 Jan
May
88
9894 Jan
6854 Apr
Apr
49
Apt
69
Apr
93
993-4 Jan
Apr
58
Ma•
109
Loou loo
1,000
9,001
7,1100
5,000
7,000
16.000
12,000
5,000
1,000
5,000
5,000
2,000
2,000
1,006
3,0011
35,000
25,000
9,100
11,000
1,000
10.0015
1 000
High.
9834 Mar
57
Jan
2431 May
170
Mar
Apr
121
Jan
32
40 May
May
122
11234 Feb
Jan
26
2534 Jan
2634 Jan
38 • May
10754 Mar
Mar
111
Mar
125
Jan
72
Feb
115
Jan
120
9534 May
2634 Jan
-1934 Jan
934 Apr
75 May
Jan
97
5634 Feb
Jan
25
2434 Feb
Feb
24
May
96
Mar
136
2234 Jan
1534 Mar
Jan
15
Jan
66
Feb
45
14334 May
Jan
22
834 May
195-4 Jan
19831 Jan
8% Feb
1994 Jan
,
8894
9934
10035
9434
9734
10731
98
9934
100
9831
95
9934
93
81%
9734
,
92
88
9834
7034
5234
74
96%
10034
663-4
109
Feb
Mar
Jan
Feb
May
May
Feb
Feb
Jan
Jan
Feb
Mar
Mar
May
Mar
Feb
May
Jan
Jan
Jan
Jan
Jan
Jan
Feb
May
* No par value.
St. Louis Stock Exchange.-R4cord of transactions at
St. Louis Stock Exchange May 2 to M y 8, both inclusive, compiled from official sales lists:
Stocks-
glat Sales
Priam/
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Par,
Bank Stocks100
144 144
Boatmen's Bank
211 211
First National Bank_ _100
Nat Bank of Commerce 100 14634 14634 14734
Apr 1483.5 Mar
1 143
May
15 205
Jan 211
11 14354 Jan 15034 Feb
Trust Company Stocks
100
Mercantile Trust
13 398
398
Street Railway Stocks
United Rys pref ctf of dep.
Mar 400
Feb
7
Feb
434
10
Miscellaneous Stocks
47
47
American Credit Indem_25
•
2234 23
Motor
Berry
•
44
44
-Clymer Co
Best
41
•
4134
Boyd-Welsh Shoe
100 100
100
Brown Shoe pref
93
95
Certain-teed Prod 181 pf100
3934 40
E F Bruce
96
96
Emerson Electric pref _ _100
'
Ely & Walker Dry Gds_25 2354 2334 24
10234 102%
100
1st preferred
35
35%
•
Fulton Iron Works
32
32
•
Huttig S & D
10034 1003-4
100
Preferred
7
7%
Hydraulic Press Brick_100
100
897 9034
Preferred
• 13734 128 138
International Shoe
11934 120
100
Preferred
4234 4634
Johansen Shoe
145 145
Johnson-S. & S. Shoe_ _ _ _'
31
32
F Medart
55
50
Iklo Portland Cement___25 53
9834 9934
100
Nat Candy
• 44
4334 4434
Pedigo-Weber Shoe
110 110
Rice-Stix D CI let pref_100
42
4234
Scullin Steel pref
100 42
•
41
41
Securities Inv
36
37
3734
Skouras Bros A
Southwest Bell Tel p1_100 10934 10931 110
• 4134 36
4134
Wagner Electric
8234 83
Wagner Elec Corp pref_100
14
205
10
205
3
12
130
10
190
10
120
80
100
150
520
892
50
575
5
350
2,563
85
630
1
285
25
1,180
113
1,689
55
3634
21
4234
40
9834
7
38
96
2231
102
35
3134
100
6
81
115
11734
40
118
30
4134
95
40
107
3734
41
36
10396
2634
8234
Jan
Apr
Feb
Apr
Jan
Jan
May
May
Jan
Jan
May
Mar
Apr
Jan
Jan
Feb
Mar
Mar
Jan
Apr
Feb
Mar
Mar
Jan
Mar
May
May
Mar
Jan
May
60
24
46
5054
10034
95
40
101
25
103
43
40
102
834
95
138
12054
5234
145
3434
55
107
4534
110
45
4434
3734
11031
50
83
Jan
Feb
Jan
Jan
Mar
Feb
May
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
May
Mar
Jan
May
Feb
May
'Jan
Jan
May
Feb
Jan
Apr
Mar
Feb
May
Mining StocksGranite Bi-Metallic
1,000
25o
Apr
400
111
May
39c
10
Street Railway Bonds
E St Louis & Sub 5s_1932
United Railways 4s_ _ _1934
art 0Prtlfleatpq nf dpnivalt
•No par value.
434
398
6931
_
40e
8454 8134 $1,000
35.000
6935 70
fig
RA
8 000
434 Jan
8454 May
6934 Mar
AA
May
8611aFeb
Jan
74
7334 Jan
MAY 9 1925.]
THE CHRONICLE
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from May 2 to
May 8, 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.
w
0
.
.
.
W
OP
w
. W.o . o
.
.. 10. au .
WW
w . woccww o ow...&WW WOWW
w
wob,Vee .). ..o00...wWl4..w.
0
o
co1"oa..o..00- 3."-.1 .
.
0
c4;.W14- bw10o
w
,..,
WW.W
22
46
59
8954
12834
3234
2111
1254
4%
755
1834
154
47
73
934
1054
4234
4
534
1154
434
134
2534
60c
F.+
2034
4434
56
854
12554
30
1934
1134
4
654
1755
1%
46
7
731
10
40
4155
63-4
4
1
23
60e
o w.w
8055 8311
8755 8734
834 10
15134 17334
5934 6435
8754 8854
2634 29
51
51
3355 3355
55
55
31
3434
3155 3555
2534 2534
4
455
2514 2514
2034 2234
12
12
8534 8534
39
39
99 101
4855 50
28
29
85e 980
13554 1353-4
4534 4734
31c Sic
146 149
70
71
110 11.1
18
20
46
47
5154 5151
945
9
2834 2834
75
80
8
834
11
1234
135 141
5134 60
10434 1043.4
97
9934
96
99
434 534
342 425
8034 8034
1414 1634
1455 1634
2334 2434
21
2234
115 116
8334 91
178 183
3534 3734
8134 8234
73.4 734
1734 1854
2434 2534
1%
154
134 135
11655 129
8134 8234
33
41
3534 3834
11734 12034
2555 2734
98
93
1934 20
3755 40
3634 37
25
26
96
96
15
1954
63
67
23
25
2155 22
123 126
2434 27
1334 1334
1334 15
334 4
700 70e
16
1755
2334 25
10314 104
6155 66
45
49
1434 16
49
4955
3034 3334
85
85
3055 3034
478 480
19
1935
78
8155
734 1034
10
12
26
2634
80
8454
8434 90
o
ol... - ol. Iowol4w w=bm
ww"mm.
--0^.".."- .-0O.1 00 .' ,4
40
•z
.F
1 888888RFFFPgFRgFFEFFFP* g?8FSgE.'8189 9F-VES8RET,S;189
-8FFE128Fg888M428882ggFR828ggggtn;888Vg8888g88@n888888888ggg98F888t888 88S
57
72
814 634
50
50
-laao,
Indus. & Miscellaneous.
Adirondack P & L com_100 72
Allied Packers,com
•
Prior preferred
100 50
Amer Gas & Electrie
Common
• 8134
Preferred
•
American Hawaiian SS_R
955
Amer Lt & Trao. rem._ Ifln 17334
Amer Pow & Lt corn new.• 6216
101
Preferred
8815
Amer Rayon Products_ __* 27%
Amer Rolling Mill corn ...21 -----'
Am Steel Found new w L•
American Stores
• 55
Am Superpow Corp,CI A.• 3434
• 3454
Class B
25
Prior preferred
American Thread pref.__ _5
455
25
A pco Mfg class A
Arizona Power com_ _ _ _100
Armour & Co (Ills) comB25 12
100 8534
Preferred
•
Artloom Corp, corn
100 101
Preferred
Assoc Dry Goods new w I. 50
Anon (1 ,tr E Class A.._.• 283-4
• 90e
Atlantic Fruit & Sug-Atlas Portland Cement_100
• 4755
New w I
Boissonnault(G) Co
•
Borden Co common_100 149
Corn new (ex-etk diV)-an
Preferred
100 110
Botany Cons!dills, com_ _• 20
Class A
50 4634
Brazilian Trac, L oh P100
Bridgeport Machine com.•
955
lint-Am Tob ord beat.
.l 2
834
Brooklyn Borough Gas. •
10
Bmoklyn City RR
Brown & WIII Tob el B.10 12
Bucyrus Company corn 1011 140
Buffalo Gen Elm new corn• 5954
Burroughs Add Mach rif100 .
Canada Dry Ginger Ale A • 9934
Class B
• 99
Car Ltg & Power corn_ _ .25
554
Carolina Power & Light 100 410
Celluloid Co, pref
100 8034
CentTeresa Stigar corn_ .10
Centrifugal Pipe Co-p ___• 15
Chapin-Sacks Inc
• 2434
I.
Chatterton & Son
2234
Childs Co, prat, new_ _.100 115
Chrysler Corp w I
• 8734
fillies Servioe, com____100 183
New when Issued
20 3734
Preferred
100 8234
Preferred l3
10
Bankers shares _._ • 1714
Cleveland Automobliecom• 2434
Colombian Syndicate__ .
134
Com'w'th-Edison Co _100
Com'wealth Pow Corp__ • 12854
Preferred
100 824
Warrants
40
Oons Gas.K L&P Balt new• 33
Continental Baking,00mA• 11034
Common B.
• 2634
8% preferred
100
Continental Tobaceo____• 1934
• 3954
Coty. Inc. w 1
• 3654
Cuba Company
Cuban Tobacco v 10__ioo 2515
Cudahy Packing
Curtiss Aeropl & M corn_ .• 1854
Preferred
100 67
Curtiss Acropl Assets Corp 25
De Forest Radio Corp___• 22
Del Lack & West Coal_50 126
1Dodge Bros Ine,CI A w 1.•
• 1334
Doehler Die Casting
DubllierConder& Rad new* 1434
3%
Duplex Cond & Rad v t ti,..•
•
Du Pont Motors. Inc_
• 16
Durant Motors, Inc
Dus & Co, Inc. Clam A..
E". Rom & Share,pref 104 10334
Elm Bond & ,itare See. .• 84
rUi• 4734
Rise 1 n.est without war'
• 16
Elee Ry Securities
Eureka Vac (leaner__ • 4934
Federal 1.1 & Tr new er L15 3234
New preferred
Federated Metals Corp •
Ford Motor Co of Can 104,
Franklin (II II) Mfg corn.'
78
Preferred
41
Freed Elsemann Radio_ _.•
• 1054
Freshman(Cbm)CO
• 2634
Gabriel Snubber w I
•
General Gas & Elm, corn.
Convertible preferred..* 8754
Cen'l Outdoor Adverg In
Common v t 0
•
Class A
Georgia L,P & Ry.cem.100
.68%
Safety Razor_Gillette
Glen Alden Coal.
3034
Goodyear Tire h R.00m10(
Orennan Bakeries Inc__ • 2055
Grimes(D)Ra & Cam Rec*
435
Hall Switch & 818, com_106
Happiness Candy Si el A.•
Hazeltine Corp
•
Hayden Chemical
• ,
Horn & IIardart Co
Imperial Tob of Canada_.5
9
Rubb. loi
Intercontinental
Ink Concrete Ind Fdrs shr• 1054
non-vot p1... 42
Inter Match
• 4234
lot Utilitim class A
• 10
Clara 13
Inter Ooean Radio Corp. •
154
•
Jones(Jos W)Radio Mfg.
• s23
KelvInator Corp....
. lo
Keystone Sotether
0 o1.-WX
Stocks-
Friday
Sales
Last Week's Range for
Sale
or Prices.
Week.
Par. Price. Low. High ihares.
o
Week Ended May 8.
Range Since Jan. 1.
Low.
33
5
50
Feb
Apt
Mar
6834 Feb
8334 Apr
834 May
Jar
137
1894 Feb
84
Apr
2654 May
50
Apr
37
Apr
44
Jan
26% Mat
2734 Mar
2434 Feb
354 Jan
2434 Jan
1755 Jan
1134 Apr
81
Apr
38
Apr
9834 Apr
Apr
46
2534 Mar
80e
Jan
130
Mar
4455 Apr
310 May
133
Jan
68
Mar
106
Jar
18
May
4335 Mar
4935 Apr
434 Feb
2534 Jar
54
Feb
Jan
8
10
Jan
121
Jan
50
Apr
Jar
103
Apr
90
Apr
80
155 Jan
300
Feb
8034 mo
500 Apr
Mar
10
1634 Jar
12
Fe1
11334 Jar
7534 Apr
175
Mar
Mar
35
81 1
4 Ian
735 Mar
1734 Mar
1934 Feb
600 Jan
133
Jan
108
Apr
7934 Jan
2534 Feb
3134 Jan
108
Jan
2134 Jan
91 4 Jan
1934 May
3734 Apr
3514 Apr
6% Jab
80
Jan
13
Feb
55
Mar
18% Mar
1834 Ma,
119
Apr
2334 Apr
10
Apr
1234 Mar
34 Mar
50
Apr
15
Feb
204 Apt
10154 Am
5534 Apr
40
1ar
1234 Mar
49
Mar
28
Apr
85
May
3034 Ma)
462
Mar
1614 Apr
76
AP,
7
API93.3 Mar
26
Apr
80
Jan
80
Jar
2034
4154
31%
57%
117
2434
1555
9
354
61
4
1554
1)6
48
634
554
7
373.4
41
635
84
131
1854
49e
High.
72
10
67
May
Feb
Jan
8314 May
8834 Mar
131
4 Feb
17334 May
674 Jan
89
Jan
29
May
57
Jan
3854 May
5634 Mar
36
Jan
3634 Jan
2634 Mar
434 Feb
2634 Mar
2434 Feb
15
Feb
943-4 Feb
5334 Mar
111134 Ma*
50
May
30
Apr
I 44 Mar
140
Mar
4734 Mar
355 Feb
15415 Mar
733-4 Apr
111
May
21
Jan
4834 Jan
521
4 Apr
915 May
2834 Apr
80
Mar
934 Feb
1234 May
Mar
142
60 May
10534 Jan
Apr
100
Apr
100
515 May
May
425
97
Jan
Jan
61e
2754 Jan
2434 May
2234 may
117
Feb
May
91
412
Feb
Feb
43
8234 Feb
754 Feb
2134 Feb
2534 May
24 Feb
136
Mar
129
May
8234 May
50
Jan
Mit§ May
125
Mar
2934 Mar
99
mar
2634 Jan
40
MAY
4055'Mar
26
Mar
10815 Feb
1934 May
e7
May
25
May
34
Feb
130
Feb
27
May
2034 Jan
3534 Jan
17 Jan
134 Jan
21
Jan
33
Feb
104
Mar
9114 Feb
49
May
16
May
no% mar
3335 may
85
May
42
Feb
524
Feb
1934 may
83
Apr
3334 Jan
28
Jan
2734 Apr
8134 May
00
May
Ma, 2434
Ma) 47
Jan 6834
Jan
7054
bet, 138
Jan
3514
Mar 214
Mat 193-4
555
Jab
Jar,
754
Mar 61 44
Apr
8
Ma) 583-4
Mar
755
954
Jar,
Mar 1234
Jan
433-4
May 4655
Ma) 17
Mar
14
May
9
Feh 8014
Jan
134
Feb
Apr
Mar
Apr
Mar
mar
may
Jan
Feb
Jan
Jan
Jan
Mar
May
May
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
2389
Friday
Sales
Industrial and
Lest TVeek's Range for
Miscellaneous Stocks
Sale
ofPrices.
Week
(Concluded).
Par. Price. Low. High. Shares.
Kraft Cheese
25
Landover Holding Corp A 1
Lehigh Coal & Nay
50
Lehigh Power Securities...*
Lehigh Valley Coal Sales 50
Leh Valli Coal Mfg new..
Libby, McNeill & Libby_10
lately Rarllo ch Storm .•
Marconi WireiTel of Can_l
Marron! Wire) Tel of lend
McCrory Storm Corp warr_
Mengel (In
100
Meaahl Iron CM
Middle West Utilities com•
Prior lien stock
100
Preferred
100
Midvale Co
•
Moore Drop Forging el A.•
Motion Picture Corp
•
mIlSie Master Corp
Nat Power & Light. corn •
Preferred
National Tea
•
New Mex & Ariz Tend_ -1
N Y Rye new yard° rots w I
Preferred w I
N Y Telep 654% pref..100
Nick81 Plate corn, new. WI.
Preferred, new, w I
Nizer Corp Class A w I._ _•
Northern Ohio Power Co.'
No States P Corp,com_100
100
Preferred
Nor States Pow Del warnts
•
Omnibus Corp v t c
Oppenhetru. Collins & Co_•
•
Pathe Exchange Ine el A.
Penna Water & Power_100
Power Corp of NY.corn.'
Power Securities coin. •
Pratt & Lambert. lee_
•
Pro-phy-lac-tic Br corn __•
Purity Bakeries class A_25
Class II
•
10
Pyrene Mfg
Reid Ice Cream Corp coin•
100
Prefaced
Rem 4oiselessTypew,C1 A•
100
Preferred
.
10
Reo Motor Car
5
Repetti. Inc
Rosenb'm Grain Core Pf 50
Nova Radio Coro is etre •
Royal Typewriter, corn. *
Safety Car Heat & Ltg_100
•
St Regis Paper corn
Seagrave Corp. corn
Selberling Rubber, coin_ •
Serv. El. Corp. Cl A. er
Sierra Pac Elec, com_ -100
Silica Gel Corp.rem. v t e.•
Sou Calif Edison corn_ _100
7. preferred Ser A__ 100
7
61 pref. Series B._ _ _100
7:
Southern Coal & Iron_ _ -5
Ereastern Pr & Lt com__•
Southw Bell Tel.7% p1.100
•
Spear & Co
Preferred
100
Standard Motor Constr_10
Stand Publishing Cl A..25
•
Stuts Motor Car
Swift & co
100
15
Swift International
Tenn Elee Power. corn- -•
•
Second preferred
Thertniodyne Radio
•
Thompson(RE)Radio vto•
Tob Prod Export Corp....'
5
Tower Mfg Corp
Trumbull Steel, corn_ _25
Union Carbide & Carbon
United G & E corn new_ _10
United Lt & Pow coin A •
•
Preferred Class B
.1
United Profit snarling
United Shoe Mach,com_25
U S Lt & Ht Corp. com_10,
10
Preferred
Universal Pictures
Utilities Pr .8 Lt el A.....•
Victor Talking Maebine100
•
Ware Radio Corp
Warner Bros Pict, corn_ •
Warner Bros net cl A..10
5
Wayne Coal
Western Pr Corp, cons.100
Preferred
100
Wbite Rock Mtn SPgs com•
Vol tr etre for corn stock
Wlekwlre.-fpencerSi com _5
Wilson & Co (new) w I....
Class A w I
Preferred w I
Yellow Taxi Corp N
Rights.
Borden Co w 1
Middle West Utilities
St Regis Paper
Former Standard Oil
Subsidiaries
Anglo-American oil_ .41
Buckeye Flee Lino
50
Chesebrough Mfg
25
Preferred
100
Continental 011 vtow I.
Crescent Pipe Line
25
Cumberland Pipe Line.100
Eureka Pipe Line
100
Galena-Signal Oil. corn. too
Old preferred
100
Humble Oil & Refining-25
Illinois Pipe Line
100
Imperial 011 (Can) new...
Indiana Pipe Mae
50
Magnolia Petroleum_ _IOU
National Transit_ ___12.50
Northern Pipe Line___ 100
Ohio 011
25
Penn Mex Fuel
25
Prairie Oil & Gas
25
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
100
Southern Pipe Line
100
So West Pa Pipe Lines_ _10
Standard Oil (Indiana)_ _25
Standard 011(Kansas)_ _25
Standard 011 (Ky.) ...25
66
2054
11855
3755
7
835
46
4951
90
105
9654
68
1736
934
295
265
834
86
84
3954
1154
114
17
1434
48
144
43%
45
39
1034
1734
4
40
log
16
15
9234
Sc
7234
20
2554
7
2855
5954
7855
734
63.3
334
734
6854
3234
5754
51
2455
26
77
1635
250
4054
3155
3134
44
14
3134
71
2
134
194
25
59
25
14555
55
113
49%
144
3194
71
140
2234
8254
66
54
119
167
8131
6455
33%
66
66 ' 100
16% 2035 3,300
90
93
800
108 121% 22,000
78
79
650
37
40
8,000
7
7
100
814 9
4.900
1% 1%
400
8% 8%
200
46
46
100
42% 4915 1.990
2% 2% 1 300
89
93
5,250
103% 105
610
9654 9654
10
24
24
200
65
68% 5.300
17
1755
600
955 934 2,700
27814 302
9,570
9855
98
40
243 267
315
7
9% 14,600
28% 28%
325
9
955
400
112% 112%
100
85
8634 3.900
8314 8454
1,500
3934 4034 2,000
754 12% 225,600
109 117
1,4,20
9634 97
110
9% 1954 18.820
14% 1555 2,700
4135 413(
100
4355 46
775
132 145
780
40
43% 3,700
1455 1555
400
43
4334
300
3854 40
200
4354 45
500
3555 39
2,400
lost 11
800
3815 3834
300
92
92
1J0
3954 40% 1,200
107 110
930'
1754 17% 2,700
510 51c
5ool
48% 49
200
554
4
600
23
23
100
10735 112
100
40
4134
500
13% 14
1,900
2215 25
200
10% 1154 1,600
16
200
16%
1254 15%
900
10755 10754
130
20
10654 106%
9254 93
890
4c
60 66.000
6954 7655 11,100
10934 10954
10
20
21
400
9055 91
400
435 4%
100
25
25% 2.800
7% 3.100
6
109% 110
360
2654 28% 3.900
58
60
3,500
77% 78%
325
8
7
1.800
63.4 63.3 1,400
3% 3% 1,300
734 7%
200
1814. 18%
209
6834 3.000
3116
6,100
53% 58% 8,200
49% 51
430
755
7
700
4154 41%
100
80o 820
200
215 2% 1,400
2434 2515
500
2555 28
9,700
73
78
560
10
10%
300
15
15
200
16
17% 5.400
25c 25c
1,000
3455 41
20,500
90
90
40
30
31% 2.400
29% 31% 5.500
355 4% 9,800
13
14% 5.800
3035 32% 3,900
71
72
1,300
12% 13
400
2
1%
155
2
7,200
2% 18,300
155 4,300
Range Sines Jan. 1.
Low.
High.
Apr
Apr 68
66
814 Jan 2054 May
May
May 93
90
Feb 12134 May
82
78 May 87
Jail
33
Mar 5034 Jan
64 Apr
913 Jan
9
754 Jan
Jan
116 Apr 1 11-16 Mar
ft 55 Apr
Jan
10
43
Jan
Mar 55
Jan 5114 Mar
50
41.4 Jan
24 Apr
824 Feb 10254 Mar
May
9834 Jan IllS
91
Jan 9(135 Apr
24
Jan 2834 Jan
6354 Mar 681.4 May
17
Mar 1834 Apr
8% Mar 213,4 Jan
1844 Feb 302
May
95
Jan 99
Mar
230
Jan 267
May
634 Jan
1154 Feb
2834 May 2834 May
May
93-3 May
11014 Jan 114
Feb
8254 Mar 904 Feb
8154 Mar 8734 Jan
37
Apr 41'4 trw
636 Mar 1234 May
10255 Jan hi
May
Feb
9434 Feb 99
6
Feb l9'4 May
1414 Apr 1734 Jan
Feb
403.4 Mar 48
42)4 Mar 495.4 Jan
127
Jan 145
May
83
Jan 46
Mar
1354 Apr 26
Jan
40
Feb 44
Apr
3814 May 44
Jan
35
Apr
15
Mar
34
Mar 33
May
92
Mar 101.
Feb
35
Jan
Jan 43
92
Mar 101
Feb
37
Mar 46
Mar
9654 Mar 110
Apr
1554 Apr 23
Mar
51e
Jan 750 Mar
4734 Feb 4934 Feb
4 May 144 Jail
20
Feb 23 May
10734 May 121
Feb
36% Apr 4134 May
13
Mar 1454 Jan
2294 May 25 • May
934 Apr 1134 Mar
16
May 2034 Jan
1255 Mar 21
Jan
10154 Jan 108
AOC
Feb
10494 Mar 107
88
Jan 93
Apr
4c May
100
Jan
5254 Feb 765-4 May
10614 Mar 1io
May
May 284 Feb
20
9014 May 943.3 Apr
34 Jan
533 Mar
25
May 271; Feb
6
Apr 10
Jan
109
Mar 120
Feb
2534 Apr 3535 Jan
484 Feb 61
APT
73
Jan mg May
814 Mar 2334 Jan
84 Mar 25
Jai
534 Jan
354 Apr
5
Mar 2434 Jan
1854 May 1934 Feb
65
Mar 7334 Feb
25
Feb 38
Jan
4454 Mar 58% May
41
Jan 51
May
,
83.4 Jaw 115.4 Mai
4134 Apr 4546 Jan
750 Jan
134 Jan
154 Jan
255 Jan
24
Mar 285.4 Feb
Apr
2234 Mar 26
65
Jan
Mir 106
9
Mar 4014 Jan
14
Feb 16% Feb
1434 Apr 1734 May
25o May 55e
Jan
30
Mar 41
May
8616 Jan 923-4 Apr
18
Feb 3134 May
16
Jan 31)(Ma y
354 Apr
73,4 Jan
1116 Apr 15
Aar
2634 Apr 85
Apr
71 May 7514 Ape
12
May 33
Jan
13.4 Apr
1% Apr
1
May
24% 2555 9,700 18
5855 60
390 58%
64% 66% 3,500 48%
114 114
20 110
24% 25% 60,100 21%
11
11
100 10
140 146
310 132
77% 78
130 77%
54
56
700 54
10854 113
60 108
4815 5055 18,900 4216
14315 14555
180 127
29% 3135 9,500 271(
71
73
170 69%
135 140
755 130%
2255 22%
200 22
•8255 82%
20 81%
64
66
2,700 624
36
36
100 3314
53% 5555 8,500 50%
119 12255
1,830 106
213 217
90 202
167 175
1,110 139
8135 82
190 81
6754 8714
10 65
634 6414 58,800 594
30% 3415 4.000 aost
11755 11835 3,400 114%
Jan
May
Jan
Mar
Mar
Feb
Mar
May
Apr
Apr
Jan
Jan
Mar
Apr
Apr
Apr
Jan
Mac
May
Mar
Jan
Jan
Jan
Apr
Mar
Mar
Apr
Mar
254 Mar
2% May
1% May
284
72
6634
114
31%
15%
150
96
65
113
50)6
15434
33%
84
159
25%
88
75%
44%
65%
126
254
197
103
84
70
4,6
12434
Apr
Jan
May
Apr
Feb
Feb
Feb
Jan
Feb
Jan
May
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
2390
Standard 011 (Neb).
Standard 011 of N V._.21
Stand 011 (Ohio) corn..Ilk
Preferred
100
Swan &Finch
100
Vacuum 011
2
,
Range Since Jan. 1.
High.
Low.
Apr 270
Al" 4854
Jai 369
Jar 123
Mar 27
964
Jai
40 240
241 245
42% 4414 17,100 41
44
316 318
110 338
318
118 120
120
80 1174
1714 1714
90 16
884 85% 8915 9,700 8034
Other Oil Stocks.
Allen 011
50o 600
Amer Maracaibo Co
8
754
7
Arkansas Nat Gas
I.
64 64
654
Atlantic Lobos 011 com___ •
2% 3
3
Carib Syndicate
4
4
4%
Creole Syndicate
1
12% 12% 13
Euclid 01
9134
93c 95c
Gibson(MCorp
215 314
314
Gilliland 011 corn v t c... •
2% 2%
Preferred v t c
25
25
25
Glenrock Oil
15c
15c
IC
15c
Gulf 011 Corp of Pa
6434 6414 67
International Petroleum..• 24% 24
24%
Kirby Petroleum
.314 354
Lago Petroleum Corp
•
5% 641
,
5%
Latin American Ott
90
53
,
144
Livingston Petroleum__ •
1
1
1
Margay 011 Corp
klurland Oil of Mexico
344 4g
4
I
Mexican Panuro Oil. .1,
600 60c
Mountain Produeers____ It
2114 20% 2134
Nat Fuel Gas
113% 1134 114
New Bradford nil
54 514
5%
64 634
New England Fuel Oil w I
9
9
New York 011
22
.
32
32
Ohio Fuel Corp
2
peer OP Corp
1
1%
•
2134 234
23
Pennock 011 Corp
254 27
Roo *sank (i11
2
Royal Can Oil Syndicate
1% 1%
114
Ryan Consol Petroleum_
5% 634
' 554
Salt Creek Consol 1)11. 1,
73.4 714
Salt Creek Producers.2654 25% 2634
Savoy Oil
1% 1%
914 94
Tidal Osage 011 vot stock.'
35
31%
Tide Water Oil, new, WI.
9
104
10
United Cent Oil Corp.._.
414 4%
414
Venezuelan Petroleum
Si 6
WIleov flu & flan
6
454 4%
WOOdley Petroleum Co
Sc
5c
"Lal&Gaa
1
1,000 413o
25.900
2%
1,700
5
300
2%
5.100
3%
8%
5.160
1,800 87c
11
4
24,200
100
13-4
100 25
1 000 15c
2.700 034
21,700 2214
1,600
2(4
70 500
5
20
46 000
3.900 750
5.000 50c
1%
3,100
200 60e
24.600 18%
40 106
3%
1,700
100
634
100
84
400 31
500
1
3.500 1754
500 16
17.900
990
1 300
3%
614
1.300
9,900 24
154
100
9
200
SOO 35
234
5.000
13 400
31.4
7,400
5%
100
334
Sc
3,000
AP(
Jai
Ain
Ma,
Ma,
Jet
Ja,
la(
Ap,
Ma:
Ap:
Ma
10(
56 00(
2,00,
21,401
201
21,001
2,10
20
2,00(
1,66
4.00
17.10
4,00
76,00
8,00
1.0122.01.
15,01
12 01
3,61
61
500
7e
15c
34
3%
400
214
14
ge
814
30
144
To
5o
lc
50
20
7c
130
t214
1354
Ma:
Jo,
Ma,
Fel
Mat
Ja,
Ma
Ma.
AP
Jo
Alt
Ji,
is
Ja.
Ja.
Ac
Ap
Ma
1,71
61
72,61
IL
2,0t
15,0t
21
1201,
Al'
Jr.
is
Ap
Ap
M1
Mt.
is
Ma
Ma
1,7,
12,0.
1.15
1,0.
It
41
154
me
Si
14
lc
2c
134
7C
1
414
75e
1.5o
£5s
2
lo
200
Sc
20
to
241
40
80
1%
8%
520
22c
2
Iris
10c
2054
tic
.30o
134
2
14c
20
15
Mc
7934 515,01
91% 16.01
12,0,
91
10754 10,01
10134 5,00
5001.
94
97 220,01
114 36,01
9534 105 00
95%1 73 00
102%
9434 , 73,001
103%1 3,061
1u355 1300,
10/3-4 213 001
5,00(
93
1023.4 72,001
JO.
Fe)
Ja,
Jar
Jai
Ja'
AP,
Jto
Jai
fat
Ma!
Fel
Ma
Fei
Jai
Ms.
Ale
Jai
Jar
Jai
Ma!
Fet
Ma!
Jai
Jal
API
Ma
Jaz
Jan
Feb
Jan
Mar
Jan
Feb
700 Apr
8
Apr
814 Feb
Jan
4
454 Feb
14% Apr
Jan
97e
334 Feb
3% Mar
25 May
27c Feb
Feb
71
28% Feb
5% Jan
7% Apr
Apr
Ile
1 4 Feb
1% Mar
4 54 • Feb
1 11. Feb
21% Mar
122
Mar
5% Mar
74 Apr
Mar
10
34% Feb
114 Feb
Jan
25
32% Jan
Apr
2
914 Mar
84 Mar
274 Apr
3% Jan
1534 Feb
3524 may
1044 May
4% Apr
74 Jun
Mar
7
7o Feb
11111olog Sto,ksAlvarado Min &
_2(
*Mona Globe Copper
Calumet &Jerome Cop Co.
Can Ii.C diver
Chief Como! Mining
1
Cuipo Extension
.....
Consol Copper Mines__ 1
Continental Mines Ltd_ _15
Cortez Sliver Mines
Cresson Cons cold M&M
Diamond B1 Butte Reorg I
Engineer Gold Mines,Ltd f
Eureka Crowns
Forty-nine Mining
Goldfield Consol Mines...1
Golden State Mining.
Ille
Gold Zone Divide
HarmillInvide
10e
newt)orne Mines Inc.. 1
25.
Beets aiming
Bollinger r'nuriol G M....._5
Howe Sound Co
New sot trotts•
Jerome verde Devel
Kay Copper CO
1
Kerr Lake
5
Knox Divide
10c
Lone Star Conseil
Matson Valley Mines
5
511e
National Tin Corp
New Jersey Zino
100
Nipissing Mines
Ohio Copper
Yunnan rurcupine Miningl
I
Plymouth Lead Mintz
Premier Gold Mining. Lull
100
Red Hills Florence
Red Warrior Mining
1
Rochester Silver Corp
1
San Toy Mining
Silver Dale Mining
South Amer Gold & Plat__ I
Spearhead Cold Mining.21
Standard Silver-Lead
1
Teck Hughes
Tintic Standard Mining.
Tonopah-B(Imont Deedl
Tonopah Divide
Tonopah Extension
Tonotah Mining
Trinity Copper
United Verde Exuma..
US Continental Miners..
Unity Gold Mines
UL.h Apex
:Veneer, Lopper Mining
Western Utah Copper._ _
White Caps Extension .
Yukon Alaska trust ctfs_
Yukon ()old Co
Fot. 120.
THE CHRONICLE
Friday
Sales
Former Standard Oil
Last Week's Range for
ofPrices.
Subsidiaries
Sale
Week.
(Concluded)
Par Price. Low. High. Shares.
500
220
434
960
2%
48
370
80
18c
15
14%
16
2%
Sc
54
800
29c
36c
254
20
60
IC
8c
12c
11
,
Mc
22c
21,
31,
lOc
100
64
34,
153.
500
210
170
354
334
88c
215
154
90
34
3c
48
140
250
40
6o
40
70
18c
14%
1414
50c
270
19c
4%
3%
96c
234
1,54
9c
3%
40
57
15c
40c
5c
Sc
50
80
200
15
14%
1534 16
14 134
211 2%
1% 1%
le
lc
30
15.4
144
90 I lc
181 184
4%
750 80c
290 300
330
21
,
20
2c
25c 260
6c
6c
40
40
lc
lc
234 2%
90
Sc
120 13c
liii 134
914 914
530 540
240 220
2%
2
234 314
10c 110
22% 2344
100 100
50c 50o
64 614
3% 434
140 14c
30
30
1554 154
400 400
9,2t
6.11‘.
3.0t
57,01
6.(it
2,0t
2.0‘
1,0t
2.0t
9,01
It
420.
3,01
3,0,
It.
2.01
4,:21
15,0(
4,0.
5t
4,01
At.
Ma
2% Mar
Feb
Mc
260 Mar
454 Jan
3Isis Feb
96o May
Feb
4
114 Apr
253 Feb
Fen
4
Jan
se
May
57
430
Feb
Apr
370
80 Mar
Jan
100
Jan
80
230 Apr
230 Apr
1614 Feb
154 Jan
Fe
Al
,
Jo
Ja
Fe'
AP
Ja
Fe
Ma
Fe.
Ja
it.,
Fe,
Ap
Ma.
May
Ma
May
AP
Jai
Ma
Jan
Jol
May
A pr
Jan
Feb
21%
2
2%
134
30
so
2%
18c
'99
654
14
520
a5o
254
30
480
140
70
40
314
90
30c
14
914
85c
390
3412
3%
25c
2914
16c
77e
834
5
250
40
16
50c
Feb
Apr
May
P00
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jun
Apr
Feb
Feb
Mar
Jan
Feb
May
Jan
Jan
Mar
Jan
Jan
Apr
Feb
Jan
Jan
Feb
74
ri4
91
.00%
10154
9631
95
103
Mar
Mar
Mar
Jan
Apr
Jan
Jan
Mar
8454
9454
9134
10714
10234
101%
9734
114
Feb
Feb
Mar
M 7
J
Feb
Feb
May
(g154
95
to0
80
102%
102 g
103
98
11.034
Jan
Mar
Jan
May
Jan
Jai
Apr
May
May
9514
95%
10234
9834
104
10314
10734
98
103
Feb
Mar
Apr
Apr
Feb
Jan
May
May
Apr
Mb
Bonds (Concluded)
-
Friday
Last Week's Rang, Sales
for
of Prices.
Sale
Price Gaze. ilea Week.
Belgo-Can Paper 68_ .1945
Bell Telep of Can 55_195: 993
Beth Steel equip 713....193: 103%.
Canadian Nat Rya 7s 193,
1910
4348
Chic R & Pao:345..192
Cities Sem( 78 Ser B...1966
1170
Cities Service 7a Ser C.II)'
Niles Service 7sSer D 196r 101%
Cities Serv Pr & Lt 68.1944 93%
Cons(I E L & P Balt195)
61 s Series D
4
194)
,
65
1951 103
514s, Series E
1941 86
Conan! Textile 8s
1932 93
Cuba Co Re
Cuban Telephone 7301941 107%
Cudahy Pk deb 5548_193' 911
1941
55
193(
Deere & Co 71'4e
1947 10534
ter City Gas 6s
I/etroit Edison Rs._ 193. 1165
I ltinlopT&R of Am 78 194: 1023
825,
Est RR of France 75 _195.
193
Feileral Sugar as
(lair (Robert) Co 75 19T 100
Galena-Signal 011 7s 1931
(teneral Petroleum 65 192> 1013
Grand Trunk Ry 61
4s 193.
Gulf Mob& Nor RR 5%8.51
193:
Cull 011 of Pa 61
11,nal Rubber 74...... 193
internal Paper Rs w 1.195! 96
Kan City Term Ry 534e '2
Krupp (Fried) Ltd 7e 192'
Lehigh Power Seeur (11( 192r. tom%
1 11,07. MeN & 1.11, is. 193 i 1035
.
Liggett Winchester 78_194:
Manitoba Power 7s _11141 1028
Missouri Pa,' RR 55..192'
195
62( Series E
Morris &
74
4s .--193 1013.)
National Leather Rs..192
91
New On)Pub Serv 55 .195.
N Y Railways 6s w
Nor States Pow 348_193: 111
193: 101%
64% gold moat
Ohio Power 5s Ser B._1952 953.
Oklahoma (Sa.& ElSa 19:.,
Pennok 011 Corp 6s_ _ .1921
9734
PCIIII Power & Light 5s '5.
195:
97
5m eeriest)
info
Phiia Elsetrls 54
, 99
Phila Rap Transit thi_ _19
193: 100%
.
1
Pure )11 Co 6 1 4
Shawsheen Mill, 7s...1931 1001.
Siemens & Halske 78_.1921
193: 96
75
ElosSheff St a 1 65_192.
193
Solvay & Cie 61
South Calif E•liaon 55.194. 96
Stand Oss & El 645-195 1321
4
194
Stand Milling 514s
Stand Oil of N Y 65411.193
963
.193'
St.,, (i11 5345
963:
Swift & Co 5s..Oct 151931
955
Thyt4ten(Auit)1&SW 78 '3(
Tidal(Nage 011 is. .193
904
Toho El Pow (Japan)7s'5
,
Trans-Ci n. Mental 0117:4'3 100
193: 96
Union oil Cal 5a
United 011 Prod 8,,... 19:1
United Ryaof Hay 745193 1093.
US Rubber Ser 45_192 101
Serial 634% notes...192 1015.
Serial 614% notes_ .192, 10134
Serial 634% notes .192' 1003,
,
Serial 64% notes_ .193 100
935
Serial 634% notes.. 192
935
Serial 64% notes_ .193
975,
Serial
% notes...193:
97
Serial 654% notes..193
Serial 634% notes__ 193! 965.
965
4
Serial 6 1 % notes_ .193*
Serial 634% notes..193' 9651
Serial 634% notes_ .193) 96
, 953,
Serial 654% notes_ _193
96
Sethi!64% notes_ _194(
193 1053i
,
Vamilim 011 78.
193'
Valvoline 011 68
98
Webster Mills 63.45_193
99%
9854
1034
111%
93%
10144
163
117
10044
93
991,
991
1033(
1111
93%
1013163
1134
,
10234
944.
3,001
91.00(
23,001
16,00(
4.00(.
3 001
10.001
03 00(
112.00(
03.0141
11044 1104
5 00(
107% 10734
1.004.
103 10334
2 00(
16 00(
854 86
91% 93
74,011
5.001
107 1013913-4 921 33 00(
93
8.001
94
23 001.
104% 1115
105 1055, 65.00(
11414 1161 '23,00)
101% 103
41.001
82% /3 194,001
18 001
93
95
994 100
10 001
104% 1041
6 00(
10154 1011 24 001
10334 10,1 11 001
100% 1003 90 001
99 1011 1000)
103 103
5.001
96
961, 90 001
10134 102
31 001
92% 923, 61 001
10111 1013 16.004
37 001
1034 104
1.00(
1074 1071
102% 1021. 12 001
.32,004
100% 101
100% 10151 372.001
101% 1025 26.10.
101 1013' 6 001
117001
90
91
2834 243, .8.001
106 1163 189 00t
101121 1011, 63 00(
9354 955. 93,001
5 000
95
95
10036 10034
2 00t.
96% 975, 50 000
9634 973. 65,00(
100 100
5,00(
99
99
6 00(
100 101
59 001
100% 101
55,00(
934 933 17.001
96
96
30 001
101% 102
7.00.
103 1033, 27 00t
95% 96
35 001
123 1313 1 0 001
96
96
1.00(
107% 107% 30 001
9644 97
93.00.
9644 96,4 05,001
95
974. 155 01(
105 104
1.00I90
904 52 001
100 100
11.001
96
96
8,001
31
31
31.001
109% 1094. 14.00(
101 1014, 11.001
101 1014.. 32 0(11
10041 10134 33 00(
100 1015, 25 00(
9934 1003'. 30 001
9344 99
12 001
97
934. 31.00(
9651 97% 21,001
9614 97% 28.001.
96% 97% 29.01.4.
95% 97
35,000
95% 96% 44.001
95% 961: 50.001
9554 9654 34,003
95% 965. 39,001
88.001
10534 106
1.001
1014 1043
93
98% 26,001
Range Since Jan. 1.
High.
Low.
9754
9744
103
10834
924
100%
1504
In
98%
92
Jan
Fe)'
Mat
Jar.
Jar
Jar
Jot
Jan
Jan
Fe)'
99%
99%
104%
11234
9444
101%
1784
128
1064
94%
May
May
Jan
Ayr
Jan
Jan
Feb
Feb
Feb
Mar
10854 Ja 1 1104 May
104 14 Jut. 107% May
101% Jai 103% Apr
Jail
Am
95
80
Mar
98
914 MaY
J811 10754 Apr
106
1eb
95
'.934 J1•1
Apr 94 May
90
Feb
j111
105
(04
10234 Jai 106
May
110% Jai ii744 Mar
1004 Jar 10454 Jan
784 AP, 8814 Feb
Mar
99
92%
102% Feb
99
10414 j81 105% Feb
i 0054 Jai 10134 Feb
Mar
1054 Jai 109
9914 AP, um% May
9814 Jai 10154 May
Jai 1(13941 Apr
102
Mal 964 A pr
95
10154 klal 1024 Jan
92
API 994 Jan
1011% Ma. 1(1114 Mar
Jai 104 May
102
10734 Ja, lusg Jan
Ain
984 Jut 103
May
99% Ala ed.
100% May 1014 May
9851 Jab 1044 Feb
Jam
Apt 102
101
May
91
864
28% May
2811 Ma:
.0554 Jo' 116% May
.1414 Mar
9914
954 May
19
Mar
Ma. 95
95
Mar
Jar 100
97
91% May
Jai
93
95
Apt 0744 May
A Pr
API 100
99
Mar
Ma, 99
99
9734 Jo( 1014 Apr
Jan
1)10
API 104
984 API 9914 Feb
API 96% Feb
96
Jan
Jai 102
101
Jai 10314 May
100
May
91
jai
92
10654 Jut 1354 May
95% Ma, 90M Mar
Feb
1064 Jai 1118
Jan
97
9514 Jai
9644 Feb
is,
94
May 994e Fen
95
Jar 104% Jan
103
May
9054 Mar
90
A or
9914 AP' 100
9644 Mar
9514 Mat
3544 Jan
Jai
28
Jan
1013.4 Ma, 110
Wog Apr 102% Mar
Mar
1004 Apr 102
100% Apr 102% Mar
99% Apt 101% Mar
Apr
99% AM
Mar
97% Apr 100
Ma, 9944 Mar
97
96% Apt 98% ?Aar
9614 Mai 98% Mar
96
API 984 Mar
9554 Apr 9844 Apr
Mar
98
95% Mal
95% APT 97% Apr
97% Apr
954 May
Mar
954 May 98
10534 Apr 107% Jan
Mar
104
Jar 106
9734 Mal 10354 Jan
Foreign Government
and Municipalities
94%
Bogota (Colombia)85 194.
98
Gratz (City) Austria 8s '5.
99
Denmark (Klux) Os .197.
80
French Nat Mail SR 78194.
Indust Mtge lik of Milo.
1st at eon f 7s... 1944 93%
93
Medellin (Colombia) 8s '4F
NetherIntain( KIng.I)1.1. II'7 106
131,
Russian Government.loli
i29'
191
634e etre
192
13'4
5.34a
8wIrseriand I;no stye 192 10114
'4
External 50 notes to,, inn '-
93%
97
9316
7954
95
93
991:
80%
924
93
10514
134
12
13%
101%
tnn,
4
9311
93
103
1344
125.
13%
10114
0014
93
97
984
7734
Ma
, 9734 Jae
Mar
May 98
Feb
Ma, 100
Jan
AP, 91
64,001. 9214
98
10 00'
22 001 1(1214
134
2.001
12
21.001
1334
2 001
3^ (10) 101
'4,') c inn4
Jae
Ma, 95
98
Jan
Jai
Mat 107
Feb
17% Feb
Jat
Feb
17
May
1714 Jan
Ma:
Jan
Jo' 102
7
,4 inn
324,00(
44 Out
56.001
60,00(
lasted on i he Stock Exch.tuge this week, where
• No par value. k Currettlon.
additional transactions wl 1 be found. o New at ick. a Option sale. to When
issued. z Ex-divldend. y Ex-rIghts z Ex-stock dividend.
Bondi
,
Allied Pack eons deb 68'5
19:.
Pas. Serlee B
Alpine Montan St 75_ _19..
Aluminum Co of Am 7s .5
191.
Amer Beet )-ugar135_ 19:Amer G & E deb 65..201
Anierlean lee 79
Amer!,an I ower & Light
68014 without warr 201
13s, new
Amer Polling M11169 _193
Amer Sumac Tob 7%8.192
AmerIcan 'Ihread 88..192/.
Anaconda Cop Mln Rs. 192
,
Andlan Nat Corp 68...1941
Without warrants
Assoc Gas & Elec 64s 1954
Aiemerl Simmons Hardwart
84411
191%
Manful° Fruit 86
All G & W 188 L 56..1959
Bait 32 Ohio SW Div 5s'50
Beaver Board Co 88 1935
Beaver Products 7145_1942
91
.0154
97%
97
112
784
91
91
1073-4
10154
97
9644
109
95%
95
1112(4
92
103%
1034
1064
95
95
102%
80
10334
103%
104
93
10234 10054
83
204
Us 34 6834
98% 98%
93
1064
31,004. 81
83
2054 26.010 18%
69)4 60.000 62
994 564,000 98
94
22.000 /38
1064 5,000 1064
Feb 8444 Mar
Mar
Jan 27
Jan 7054 Mar
994 May
Ap
Jan
Jan 96
May 106 .May
CURRENT NOTICES.
-Cronwall & Co., Chicago. announce that Horace J. Elliott, Clinton
A. Young and John A. Bassett have become associated with their company.
-Guaranty Trust Co. of New York has been appointed co-registrar of
the common stock of the Gabriel Snubber Mfg. Co.. Cleveland. Ohio.
-P. M. Delano. broker in bonds and unlisted stocks, announces the
removal of his office from 2 Rector St. to 5 Nassau 8t., New York.
-Leslie, Banks & Co., accountants, announce the removal of their
oMce friim 50 Church St. to 7 Dey St., New York City.
-Cullen & Drew announce that William F. Pelton Jr., formerly with the
Chase National Bank. has Joined their sales force.
-Noah MacDowell Jr. is now associated with the New York Stock
Exchange firm of H. N. Whitney & Sons.
-Kenneth C. Kennedy has become associated with the Philadelphia
office of Kelley, Drayton & Converse.
-Kearns & Williams announce the removal of their offices from 81
Broadway to 32 Broadway.
ituiestutent and
r
aiXriatgutenigute.
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the fourth
week of April. The table covers 13 roads and shows 1.34%
decrease from the same week last year.
Fourth Week of April.
1925.
I
140.851
377.328
.755.506
3 839.000
139.159
2.392.000
13(1.400
14.764
243 570
506.978
2.252.941
00
4.797.208
534.276
Ann Arbor
Buffalo Rochester & Pittsburgh_
Cana dian National
Canadian Pacific
Duluth So Shore & Atlantic_
Great Northern
Georgia & Florida
Mineral Range
Minneapolis & St. Louis
Mobile & Ohio
-San Francisco
St. Louis
St. Louis Southwestern
Southern Ity. System
Western Maryland
--
Total (13 roads)
Net decrease (1.36%)
1924.
I Increase. Decrease.
138.980
377.061
5.959.318
4.271.000
195.626
2.212.562
137.689
16.074
242.505
523.616
2.175.518
605.9,9
4.659.318
479.0371
21.643.981 21.944.283
1.871
267
203.812
432.000
6.467
129.438
7.289
1.310
1.365
16.6.38
77.423
36.279
137.890
55.239
403.493
703.795
300.302
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
9/Ask.
lot week January (16 roads)____
2d week January (16 rpads)_
ad week January (16 roads)
4113 week January (IR roads)
1st week retire:try (16 ruads)--2d week February (16 roads)._
3.1 week Pol.cuarv I I',,;...
4th week February
roads)__
let week NI arch (16 reads)
2nd week March (16 rum's)
3rd week March (111 malls)
4th week March (1(1 mills)
jet week Aprli 6 roads)
9,1 week April 16 roads)
•Itt week A pell 16 roads)
Ith week April (14 roads)
Previous
Year.
Increase or
Decrease.
%
15.199.517 15.542.805 -313.288 2.20
15.731 316 16.3 8.703 -577357 3.84
0
16.863.185 I 7.375.859 -512674 2.91
22.784.700 23.080.725 -296.025 1.29
16 660.351
.' 1
. -536.234 3.11
17.244.48S 17.670.268 -425.783 2.40
- I - 3 -'t I* *
II
16.957.292 19.300.312 -2.343.050 12.13
16 523 7n 1 18.225 8.12 -1.7112.078 933
18.002 499 19.134.428 -1.131.929 5.91
16.9.10.753 17.960.532-1.019.779 567
23.153.22g 21.130.fIR6 -976.858 4.04
16.570.808 17.191.3411 -620.533 3.58
16.381.924117.347.429; -962.505 5.55
18 280 in 16.784 973' -465 563 2.77
21.643.981 21.944.283 -300.302 1.36
2391
-Grossfrom Railway- -Net from Railway- -Nei after Taxes
1924.
1924.
1925.
1925.
1925.
1924.
$
Eih...S
Nevada Northern
March
84.449
86,773
35.917
31.250
42,842
20.774
From Jan 1_
246,084
254,587
93,686
62.257
102.308
123.077
Pullman Co
March
6.270.012 5.609,417
573,008
262,402
868.053
487,893
From Jan 1 18.242.096 17.158,720 2,658,034 1.790,785 1,766.498 1,046,551
Richmond Fredericksburg & Potomac
March
1,179,966 1.081.663
469.466
399.083
307.611
365,537
From Jan I_ 3.222.112 3,058,421 1.214.044 1,048.501 1.022.885
876,213
San Antonio & Aransas Pass
514,213 12.230
March
523.774
17.120 -28.639
1.108
From Jan 1_ 1,518.693 1.474.471 88.542
84.221 -118.163
34,537
San Antonio Uvalde & Gulf
16.803
5.428
123.839
112.834
8.757
12.875
March
358,583
89,695
60.045
78,220
49,681
From Jan 1_
402,629
Southern Pacific
AllantIc SS Lines
March
936.855 1,003.411 -10.781
91.706 -25.291
79.772
From Jan 1_ 2,769,272 2,986.569 -297,011
216.962 -341,234
181,002
Southern fly
Georgia So & Fla
415,554
136.535
95.056
112.261
76.903
March
470.286
479.090
304,035
401.088
246,85 :
From Jan 1_ 1,450.208 1,239,400
Northern Alabama
137.400
69.285
55.548
63.160
46.511
March
139.797
410.134
170.629
192.933
155.254
172,816
From Jan I_
382.728
Spokane International
30.926
38,789
25.697
33.030
96.360
106.094
March
73,585
268,496
284,930
82.180
90.899
66.530
From Jan 1_
Spokane Portland & Seattle
167.945
238.630
155.135
229.748
March
. 617.458
685.856
521,929
737.385
337.258
559.940
From Jan 1. 1.744.993 2,002,596
Staten Island R T
-303
1.237
14.763 -13.813
212.560
March
224.642
24.169 -61.909 -25,121
From Jan 1_ 623,752
810.284 -15.127
Union Pacific
St Joseph & Grand Island
48.447
40.995
35.132
57.583
M arch
275.726
277.000
169.715
137,917
219.421
177.865
From Jan 1. 825.148
830,546
Western Pacific
121.035
48.439
200,756
131.430
March
977.201
966.767
202.492
122,731
From Jan 1_ 2.908.817 2.758,870
439.830
372.373
Western Ry of Alabama
81.384
March
306.718
268,006
100.162
78.895
82.852
From Jan 1_
832,906
794,109
240,343
221.925
194.523
180,124
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
We also give the following comparisons of the monthly ELECTRIC railway and other public utility gross and net
totals of railroad earnings, both gross and net (the net before earnings with charges and surplus reported this week:
-Gross Earnings--Net Earnings
the deduction of taxes), these being very comprehensive, they
Current
Previous
Previous
Current
Year.
Year.
Companies.
Year.
Year.
include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Brazilian Tr,L & P. Ltd _Mar 2.344.123 2.240.271 1.345.927 1.406.727
Gross Earnings.
Net Camino*.
Mouth
1925.
1924.
Increase or
Decrease.
1925.
1924
Increase or
Decrease.
7.041.676 6.568.990 4.123.762 4.076.269
From Jan 1
Mar 1.922.142 1.823.418 1.818.599 1.766.223
Cities Service Co
12 mos ended Mar 31 _17,788.491 .16.611.787 17.042.532 16.136.533
663.915
735.260
*104.721
New York Rys Corp _March
*9.787
*972.329
9 mos end March 31-___ 6.036.186 6.733.977
*135.806
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
Companies.
87.158
Asheville Power & Mar '25
•34.728
5.972
28.758
'24
Light Co
80.830
*30.520
5.974
24,546
-Percentage of Increase or decrease In net (or above months has been
Nets.
12 mos end Mar 31 '25 1.090.446
*450.397
70.635
379.762
January, 20.73% inc.: February, 4.77% dec. In January the length of road
'24 1.000.331
*902.997
64.800
338.197
covered was 236.149 miles In 1925, against 235,498 miles in 1924; In February, Boston Kiev fly
Mar '25 *3.031.904
878.706
666.750
211.956
236.642 miles, against 236.031 nines.
24 *3.076.060
730.870
655.092
75.778
Carolina Power & Mar '25
*176.496
52.817
123.679
'24
Light Co
206.531
*143.695
35,352
108,343
Net Earnings Monthly to Latest Dates.
-The table
12 mos end Mar 31 '25 2.890.940 *1.525.970
534.246
991.724
'24 2,396.607 *1.140.896
388.189
752.707
following shows the gross and net earnings for STEAM
Mar '25
Citizens Trac Co
89.507
37.547
12.110
25.437
railroads reported this week:
'24
& Sub
85.270
42.307
11.008
31.299
-Gross from Railway- -Net from Railway- -Net after Tares
12 mos end Mar 31 '25
978.981
417.916
137.969
279,948
'24
994.732
1925.
446.932
1924.
125.918' 321.014
1925.
1924.
1925.
1924.
$
$
Havana Elec fly, Mar '25 1.250.775
$
$
5
*636.286
$
89.754
546.532
Lt & Pow Co
'24 1.180.322
American fly Express
*594.931
91.487
503.444
3 mos end Mar 31 '25 3.812.139 *1.982,234
January. _12,091,828 12,780.758
_
269.433 1.712.801
250.907
265,026
84,938
78.561
'24 3,557.515 *1.804.208
275.030 1.529.178
Birmingham & Atlantic
Atlanta
Mar '25
192.927
460.680
March
*93.166
54,106
433,289
57.716
35.450
56,092
43.278
43,317 Idaho Power Co
'24
194.566
From Jan 1_ 1.362.075 1,205,472
*96.561
63.452
33.109
148,184
104.702
108,629
66.312
12 mos end Mar 31 '25 2.812.194 *1.450.426
749.015
701.411
Canadian National
'24 2,579.439 *1.435.416
776.502
658.914
Chic Det& Canada Gr Tr Jct.320.961
267.76.5
March
327,493
*113.657
155,202
958.180
193.585
55.477
141.203
184.875 New Bedford Gas & Mar'25
Edison Light Co
*98.009
'24
295,171
829.860
827.913
487,530
From Jan 1_
949.744
448,009
48.265
445,519
422,790
12 mos end Mar 31 '25 3.646,667 *1,363.695
9613.649
750.046
Canadian Pacific Lines in Maine
'24 3.595.163 *1.265.053
9582.148
682.905
306.153
92.594
355.929
March
127,189
81.594
118,189
Mar'25
859,378
350.208
189.668
From Jan 1_
986,067
245.215
299,806
69.335
120.333
212,215
268,806 Penn Central Lt
& Power Co
'24
301.883
153.872
65.569
88.303
St Louis
Chicago Peoria lt
12 mos end Mar 31 '25 3.824.115 1.950.337
820.980 1.129,357
99,551
111.913
March
4,152
5.380
936
1.863
'24 3.437.602 1.584.391
523.444 1.080.947
318,849
332.231
19.210
From Jan 1_
13,895
8,948
3,351
Sou California
Mar '25 1.821.961 1.146.125
406,969
739.156
Colorado & Southern
Edison Co
'24 1.780.649
423.043
157.447
580.490
847,019 1.018.848
March
86,654
187,414
22;986
124.655
12 mos end Mar 31 '25 21.739.660 9.690.195 4.970.209 4.719.986
538,244
580.384
From Jan 1_ 2.900,720 3,155,582
347,145
391,700
'24 21.287.025 11.083.463 3.902,748 7,180.715
Western
Denver & Rio Grande
Tennessee Bloc
Apr '25
970,284
9265.053
463.098
198.045
2,317,032 2,354,266
519.688
March
431.079
351.269
283,289
Power
'24
772.662
9229.628
367.615
137,987
862,970
From Jan 1_ 7.248,574 7,179,557 1,368,069 1,172,479
867,588
12 mos end Apr 30 '25 10,087,551 4,791,496 92.925.292 1.886.204
Erie
'24 9,268,701 4.388.171 92,630.648 1,757.523
York
New Jersey Ss New
Utah Power &
Mar'25
*446.621
177.308
809,341
269.313
130,733
133,023
12,581
19,574
8.827
March
15,759
Light Co
'24
772.580
177.479
*426.930
249.451
378,488
23,840
48,399
13,050
37,214
From Jan 1- 381,330
12 mos end Mar 31 '25 9,419.564 *5.108.833 2.133.558 2,975.275
Georgia
'24 8,889.205 *4,601.721 2.098.551 2,503.170
524,026
540,195
125,685
107,804
112,911
99,745 Yadkin River
March
Mar '25
180.341
*87.882
34.684
33,198
238,334
293.509
200,207
272,057
From Jan 1- 1,496,528 1,491,338
Power Co
'24
135.152
*68,232
34.599
33,633
12 mos end Mar 31 '25 1.990.790 *1.055.373
Gulf& ship Island
415.212
640.161
303,015
99.787
73,554
321.808
73,281
50,092
March
'24 1,911.638 *1.028.195
412.661
615,534
902,862
311,137
271,807
226,280
192,848
From Jan 1- 939,145
•Includes other income. g Includes depreciation.
Kansas City Mexico& Orient
137.352 -78,246
232,995
-7.177 -88.844 -13,793
March
431,587
713,292
46,956 -15,238
15,998 -31,765
From Jan 1_
K C Mex &0of Texas
134.515
249,941
44,293 -20.467
37,108 -24,470
March
483.050
22,449
827.689
247,227
226,040
10,410
From Jan 1_
Louisiana fly & Nay
292,207
33,052
-1.408
313,605
13,191 -19,408
March
Financial Reports.
-An index to annual reports of steam
877,874
40.421
83,708
3.276 -13,621
From Jan 1- 896.200
railrc ads, street railway and miscellaneous companies which
Louisiana Ry & Nay of Texas
100,398
4,792
118,303
4,829
1,020
792 have been published during
March
the preceding month will be given
318,171
35,251
14.987
23,442
2.987
FromJan 1- 339,958
on the last Saturday of each month. This index will not
Midland Valley
142,380
390,623
104,837
87.974
356,980
125,888
March
392.423
399.320
342.006
349.952 include reports in the issue of the "Chronicle" in which it is
From Jan 1- 1,087.543 1,114,821
Missouri Kansas Texas of Texas
published. The latest index will be found in the issue of
521,140
238.284
442.161
1,851,057 1.475,744
190,085
March
880,977 May 2. The next will appear in that of May 30.
From Jan 1_ 5,842,973 4,732,472 1,451.142 1,013,063 1.286.897
$
Jan.. 483,195.642 187.329.225 + 15,866,417 101.1)22,458 33.680.754 +17.341.704
Feb.. 454.009.669 478.451,607 -24.441.9:18 99,46(1.389 104.441.895 -4.981.506
FINANCIAL REPORTS
2392
THE CHRONICLE
Southern Pacific Company.
(41st Annual Report-Year Ending Dec: 31 1924.)
On subsequent pages of this issue will be found• extended
extracts from the report of Mr. Julius Kruttschnitt, Chairman of the Executive Committee, together with the income
account and the balance sheet as of Dec. 31 1924.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1924.
1921.
1922.
1923.
Average miles of road__
11,396
11.142
11,151
11,106
Passenger Traffic
carried. No__ 15.319.208 16.538,453 16,662.262 18.240.774
Rail pass.
Rail pass. carried I mile_1841391,408 1946415.712 1812334,.770 1823478,3.52
Av. rec, from each pass_
$3.52
$3.58
$3.32
23.38
Av. rec, per pass, per in.. 2.931 eta.
3.321 as.
3.106 eta.
3.046 eta.
Recta. per rev. train mile
$2.52
$2.19
$2.36
$2.37
Freight Traffic
Tons carried rev. freight 54.283.524 53.472.860 44,070.166 38.206.878
Tons carried co.'s freight 10.214,257 10.926.517
7.922.404
8,240.349
Tons carr. 1 m., all fgt_ _14790498242 14792294317 12175370192 11565777342
Av.reed from each ton_
$4.50
$3.84
33.49
$3.38
Av.per ton p. m.rev fst
1.704 eta.
1,397 as.
1.563 eta.
1.437 eta
Rects.per.rev.train mile.
$5.62
$6.10
56 64
$5.50
Net tons per train, all fet
641.25
617.74
576.54
603.60
Tons per loaded car-all
23.31
23.17
24.10
23.18
The usual comparative income account was given in
V. 120, p. 2263.
•
BALANCE
SHEET DEC. 31 SOUTHERN PACIFIC CO. AND TRANSPORTATION SYSTEM COMPANIES COMBINED.
1924.
1923.
1922.
Assets$
$
$
Investment in road and equip._1,258,253.731 1,116,385,552 1,064.914.308
Improvs. on leased rail. prop._
193.510
369.058
4,46.3.538
Sinking funds
18,375 660
18.229.257
17,471.158
Deps. in lieu of mtge. prop. sold
893.057
18,196.850
74.975
Miscellaneous physical prop.__
16.914,246
16,983.459
14,630,728
Invests. in affiliated companies
Stocks
297,401.875
288.380.943 281.342,00
0
Bonds
154,409,544
149,366.436
143,460.538
Other stocks and bonds
56.968.034
9.187,717
10,151,70?
Notes
28,922.468
29.994.056
29.441,9f6
Ad va,,ce,
155.342.620
135.859.994
128.900,8 5
Other inv stments
20.603.883. .
. . ,
Cash
26,033.638
20,453.478
23.030,463
Demand loans and deposits
12.831
3,013.869
4,590.224
special deposits
317.580
306.962
305.042
Loans and bills receivable
688.902
103,332
127,562
Traff. and car serv. bal. rec.__
2,757.169
2,812,344
2.689,561
Net bal. rec, from agts & cond.
3,107.897
3,613.854
4,001.614
Miscellaneous accts. receivable..
7.492.251
7,177,481
7.822,608
Material and supplies
30.496.820
35.889,293
29,781.719
Interest & dividends receivable.2,516.947
2,540.989
2,7.77.041
Rents receivable
237,668
5.833
239,580
Other current assets
493,034
198,575
335,719
Deficit in guaranteed income
26,120,156
Working fund advances
277,039
140,473
142.998
Insurance, &c., funds
25,360
25,360
25.360
Other deferred assets
12,022.097
14,476.234
13,505,428
Rents & insur. prem. paid in adv
131,541
155,630
179,979
Discount on capital stock
3,988 600
3.988,600
3,988.600
Discount on funded debt
1.870,482
1,721.182
1,793,919
Other unadjusted debits
11,332.362
17.102.218
13,331,048
Total
2,113,746,933 1.934,513,605 1.887,719,875
Liabilities
Capital stock
do Trans. system companies
Premium on capital stock
Funded debt
Non-neg. debt to affil. cornp__ Traffic and car serv. bal. pay...
Audited accts and wages payLoans & bills payable
Miscellaneous accts. payable__
Interest matured unpaid
Dividends matured unpaid_
Funded debt matured unpaid
Unmatured dividends declared_
Unmatured Interest accured_ __
Unmatured rents accrued
Other current liabilities
Deferred liabilities
Liability for provident funds
Tax liability
Insurance and casualty reserves
Operating reserves
Accr, depre. of road and equipOther unadjusted credits
Add'ns to prop. thro inc. & sur.
Fund, debt ret. thro Inc. & sur..
Sinking fund reserves
A pprop. sur. not spec. invested
Profit and loss
Total
-V. 120, p. 2263. 2266.
372.380,906
382.254.900
6,304,440
657.045,368
37.718,421
5,113,950
15,691,578
50,000
1,365.573
4.118.339
5,670,766
20.713
600.000
5,300,334
90.020
1,481.313
1.445,317
18.774
14.561.817
2.906,704
80,231.407
130.466.147
7.452,271
25,844,110
14.375.028
3.818.178
337.420.557
344,380.906
346,832.900
6.304,440
592,983.056
31.750,993
5.587.830
17,829.659
344.380.906
346.832.400
6.304.440
572.502.166
26.237,628
5,433.696
15.206,336
1,276,375
4,070.854
5,253.499
13,714
1,311,645
4.478.052
5,256.730
24.714
4,818,790
324,895
2,100.416
338.069
4,758,551
310.805
1.436.856
83.144
13.104.531
2.631.702
3.439.391
68.075,554
120.603.469
6.179,493
25.234.995
14.182.549
3.818.178
313.377.346
9.790.760
2,28.5.782
6.318.107
64,351,595
132.135.019
1.671.198
24,673.802
13.218.245
3.818.178
294.899.110
2,113,746,933 :
1 934,513,605 1.887,719.875
Chicago St. Paul Minneapolis & Omaha Ry. Co.
(43rd Annual Report
-Year Ended Dec. 311924.)
The remarks of President William H. Finley, together
with a comparative income account and balance sheet and
traffic statistical tables will be found under "Reports and
Documents" on subsequent pages.
-V. 120, p. 2265, 2008.
Seaboard Air Line Railway.
(Annual Report
-Year Ended Dec. 31 1924.)
The remarks of President S. Davies Warfield, together
with comparative income account and balance sheet for 1924,
are given under "Reports and Documents" on subsequent
,
pages.
TRAFFIC STATISTICS YEAR ENDED DECEMBER 31.
1921.
1922.
1924.
1923.
Average miles operated..
3,563.21
3,576.11
3,576.11
3,571.19
No. of tons carried_
9,878.529
15,427,627 14,995,016 12,379,096
No. of tons carried 1
m_2782272547 2627222.274 2250338.257 1858505.148
No. of tons one mile per
mile of road
' 521.581
629,270
779,088
734.659
Average haul per ton,...
188.14
181.79
180.34
175.21
Avge. rect. per ton p. rir_
$1.571
$1.422
$1.392
51.376
No.of passengers carried
4.478,329
3.939,254
3.534.863
4.205.053
No. pass. carried 1
mile..278,360.026 292.740.830 256,165,272 280.511.052
No. Pass. carried 1 mile
per mile of road
78 724
77.946
71.632
81.860
Avgo.dist.carr.each pass.
62.64
65.03
78.75
69.62
Avge. amount rec'd from
each passenger _ _ __,
$2.17816
52.77502
$2.56129
$2.26850
Av.rec. per pass. per in.. 3.524 eta. 3.536 eta. 3.488 cts. 3.477 eta
[VOL. 120.
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenues1921.
1922.
1924.
1923.
Freight
838.293.401 836.574.384 831,998.052 529.205,390
Passenger
9,754.522
8,936.217
9,809.309 10.349,864
Mail
1,076,019
1.109.555
1.213,019
1.207,878
Express
1,130,680
2,045.575
2,251.396
2.303.766
Other transportation,.....
509.960
428.700
596.505
533.523
Other than transport'n
1,168,361
1.160.949
1,220.540
1.279.695
Total oper. revenues.. 853,384,173 852,249,110 $45,679,048 $42,844,933
Operating ExpensesMaint, of way & struc
5 0
0
37.846.670 56,972,362
Maint. of equipment..... 9,367,209
432:
8,947,037
Traffic
1.460.462
1,478.277
1.713.306
1.642.467
Transportation
19,974.912 20.317.381
Miscellaneous operations
544,133
465,441 1817IA? 20M181
General
2.004.681
2,026,814
Transp. for investment_ Cr.63,277
Cr.29.243
$1:1N:P1
.7
V.18:114 k71gg
Total oper. expenses_ 441.387.634 $40.342.259 $36,222.884 537.024.801
Net operating revenues_$11.996.538 $11.906.851 59.456.164 $5,820.132
Taxes
1,862.057
2,442.535
2,124,235
2,204.054
Uncollectible railway rev
36,014
17,808
3.776
12.314
Operating income
$9,536,196 $9,690,482 $7.338,153
Other Income
Joint facility rent income
98,057
113.459
131.421
Inc. from lease of road
73
1.278
86
Dividend income
413.034
49.409
67.456
Inc.from funded securs_
197,048
214,427
212,374
Income from unfunded
securities & accounts_
88,096
170.987
39.943
Miscellaneous
153.244
237,951
144.843
53.922,061
71,956
x1,474,579
644.037
552,599
78,306
177.447
Gross income
,
$10,669,572 510.338,660 $7.930,686Cr$6,920 985
Deduct
Hire of equip.
-Dr. bal_
$412,865 51,644.548 $2,991,975 $1 735 730
. .
Joint facility rents
195.91$
219.068
207.874
219.392
Interest on funded debt_ 5,572.736
6,269.716
5,328.356
5,395.019
Int. on equip. oblig'ns
180,580
249.192
990.702
679,742
Rent for leased road,.......59,569
59,364
58,865
59,068
Miscellaneous
85.846 Cr.226,952
93.740
68,510
Net surplus
53.332.077
Int. on Adj. mtge. bonds 1.250,000
Annual allotment of discount securities
253,134
0
$2.272,374loss$1002617 loss$2 3.369
yCr.208.333
625.000
252.939
155,613
139,171
Surplus for year
$1,828.943 81,394.441 df$1,158.230 def$224.207
x Includes $1,473.279 accrued additional compensation applicable trs
period of Federal control. y Reversal of Nov. and Dec. 1920 accrual.
GENERAL BALANCE SHEET DECEMBER 31.
1924,
1923.
1924.
Assets$
2
Ltabtlittes-$
Inv. In road and
Common stock_ 37,019,100
equipment _ - -209,537,783 206,027,428 Pref.4-2% stock 23,894,100
Sinking funds_
1,074
1,032 Pref.6% cap.stk
37,300
Depos. in lieu of
Equip. obliges.. 17,191,000
mtg.prop.sold
149,255
1,024,206 Mtge. Ws.prop.
MIsc.phys.prop.
863,610
835,944
companies -- 33,659,000
In MM.cos.:
S. A. L. bonds__ 84,892,500
Stks., pledged 3,468,956
3,088,654 Sec. & Treas. of
Stke.,unpledg.
257,691
299,639
U.8.
-Note.. 14,957,400
Bds.,pledged _ 1,224,554
916,158 Director-General
Bds.,unpledg_
99.156
407,552
of RRs. notes. 2,000,000
Notes
1,349.403
741,905 Non-negot. debt
Advances,.,.,.,. 5,257,861
4,266,948
to affird cos__ 1,114,110
Other invest'ts.
844,456
317,854 Loans&bIlis pay.
500,000
Cash,.
3,115,230 4,921,791 Traff.& car serv.
Special deposits.
855,272
1,059,568
bal. payable,.,. 1,068,720
Loans & bills rec.
42,339
43,575 Aud. acc'ts and
Traffic and car
wages payable 5,276,250
3
service balance
Misc.acc'ts pay.
922,984
receivable_ _ _ 1,392,179
.
1,224,276 Int.inat'd unpd.
7127
Net bal. recetv'le
Div. mat. unpd_
9
from agents &
Funded debt ma258,297
conductors _ .. _
190,617
20,750
tured unpaid_
Indivls & cos
1,486,600
1,630,801 Unmet. int. accr 2,136,576
U.S. Governm't
259.930
259,151 Unmat.rents ace
25,428
Other companies
0th. curt. Habil_
203,007
for claims,...,.,.
88,816
131,894 Oth.def'd Habil_
517.783
5,088,110 By. tax accruals
Materials& BUPP 4,322,995
674,837
53,692
3,302 Oper'g reserves_
Int. & dive. ree_
5.617
3,868 Accr. dep.equip. 5,771,619
Rents receivable
490,366
0th. curr. assets
314,302 Res.for outstdg.
65,031
49.170
Work fund advs.
stk. prop.cos_
19,426
348,184
474,948 0th. unadl. cred 2,049,443
0th. def'd assets
400,500
Add'n to prop'?
Rents prepaid__
71,385
102,924
through Inc.&
Ins. prem. prep.
surplus
355,872
Discount on fun4.425,127
4,587,540 Fund. debt ret'd
ded debt
266,473
386,775
Claims in susp_
through Inc.&
3,938
surplus
Other unadjus1,496,791 Profit & loss sur. 8,482,779
ted debits.... _ 1,526,746
1923.
$
37,019,100
23,83
3%0
17.338,0
00
03
8
33 653:5
:
Inv.
14,557, 00
4
2,000,000
420,382
32,560
961,476
5,276,064
6
ga 44
.1
129,500
2,124,254
33,288
241,265
380 307
.
1,:12;E:
4,653,231
19,526
1,587.782
280,382
3,896
7,398,970
242,512,721 239,913,486
Total
242,512,721 239,913,486
-Accumulated and unpaid Interest on Adjustment mortgage
Note.
(income) bonds amounting to $3,333,333 and payable out of future income
or otherwise, or at the maturity of the bonds, is not comprehended in the
above balance sheet.
Guaranty.-The company is liable as a guarantor of the following:
2100,000
Athens Terminal Co. let Mtge
-Seaboard proportion 1-6 of.. 1.940.000
Birmingham Term. Co. let Mtge.
-Payments
474.204
Fruit Growers Express Co.
-1st Mtge
7,000,000
Florida Western & Northern RR. Co.
1,000,010
Georgia & Alabama Terminal Co. 1st Mtge
-Seaboard proportion 1-3 of..,.,.
400,000
Jacksonville Term. Co. 1st M.
100.000
Jacksonville Term. Co. 1st & Gen. M.-Seab. proportion Si of,.
of.. 3.100.000
Jacksonville Term. Co. Ref.& Ext. M.-Seab.proportion
1.529.000
Macon Dublin & Savannah RR. 1st Mtge
_
550,000
Raleigh & Charleston RR. Co. Prior Lien & Congo!. Mtge's_
Ricnmond-Washington Co. Coll. Tr. M.-Seab. proper. 1-6 of.. 10,000.000
185,000
Savannah & Statesboro By. Co. let Mtge
-Note
150.000
Southeastern Investment Co.
750.000
Tampa & Gulf Coast RR. Co. 1st Mtge
-Payments
250.000
The Seaboard Bay Line Co.
The Seaboard Bay Line Co. notes to Secy. of Treasury of U.it__ 3,925,000
of....
217.000
Wilmington Ry. Bridge Co. Cons. Mtge.-Seab. proper.
-V. 120, p. 2143, 1745.
Taal
Chicago & North Western Railway Co.
(65th Annual Report-Year Ended Dec. 31 1924.)
The remarks of President W. H. Finley, together with
comparative income account and balance sheet as of Dec. 31
1924, will be found under "Reports and Documents" on subsequent pages.
GENERAL STATISTICS FOR CALENDAR YEARS.
1922.
1924.
1923.
1921.
53,207,915
48,607,124
Toris revenue freight,.,.,... 52,158,316
39,227,758
Tons freight per ton mile.8.290,312.710 9,248,615,383 7,579,553,676 6,775,908,481
32,409,398
33,004,205
Passengers carried
33.828,207
35,885.709
1,097.745.118 1,122,116.027 1,078,240,761 1,184,674,220
Passenger miles
Revenue per ton per mile
1.249 cts.
1.223 eta.
1.329 eta,
1.412 ots.
2.630 eta.
2.708 eta.
2.706 eta.
Rev, pass. per mile
2.851 611.
-V. 120, 9. 2265, 2142.
MAY 9 1925.]
THE CHRONICLE
Chicago Burlington & Quincy Railroad Co.
(71st Annual Report-Year Ended Dec. 31 1924.)
• The remarks of President Hale Holden, together with a
comparative income account and general balance sheet, will
be found on subsequent pages.,
•
RESULTS FOR CALENDAR YEARS.
Operating Revenues-.
1924.
Freight traffic
392.223.413 585,202.379 5681 671..907
. 2
1923.9 2
Passenger traffic
10,851.180 11,650.941 10,586,625
Transportation of mails_
876,645
764,796
822,373
Trans. of express
1,183.615
1.278,851
1,110,261
Miscellaneous
2.898.696
3.021.2532.377,973
Total oper. rev._
3108033,448
(;1975.79 - 5
- - 8 83,511,561
Operating Expenses
Main. of way & struc_ _315,551.838 $12.847.570 510.558.138
Main. of equipment _ __ _ 30,116.566 28.693,866 22.530.747
Traffic
1,173,219
1.040.339
942.913
Transportation
33.127,514 33.725.951 29,831,398
Miscellaneous oper._
431,926
418.951
330,381
General
2,521.742
2,248.921
1,953,360
Trans. for invest.
Cr.141.102
Cr.85.822
Cr.28.908
382:781.702 5787889.776 56 .118.030
Total oper. exp.
6
Net operating revenue_ 425,2.51.746 $23,086.021 $17.393,531
Railway tax accruals... 4.628.463
4,6 9 3 5
8 :294
2 7
7
Uncollec, ry. revenues
160,206
3'3°1.'213
11
1
Railway oper. Inc..
.$20,463,076 518,369.351 514.081,127
rents (net)_ - 52.748.747 52,155,899 51.331,416
Equipment
Joint facility rents (net)Dr.1,318.903Dr.1.389.894Dr.1,002,213
2393
1921.
887.3 7.885
6
11.739.627
797.740
684.564
3.098.044
$83.687.953
TRAFFIC STATISTICS FOR CALENDAR YEARS.
$12.170,021
1924.
1923.
1922.
1921.
20,023.122
Average miles oper9.401
9,407
9,394
9,393
800.618
Operations31,427.435
Rev. pass. carried.. 18,084.733 18.502.145 18.735.077 19.836.081
363.458
Rev, pass. carr. 1 m. 909.302.489 967.096.799 941,748,451 999.701.152
1.983.073
Rate per pass. perm.
2.917 eta.
2.954 eta.
3.014 eta.
3.141 eta.
Cr.164.650
Rev. freight (tons). 42,778.294 43,483.603 39 176.051
36,116.089
$66,603.077
Rev. freight 1 mile_ 12287747.806 12690384.346 11754595.862 10554788,351
$17.084.881
.975 cts.
Rate per ton per mi.
.996 cts.
1.033 cts.
1.163 Ms.
Av. tons per tr. mile
647.80
611.68
628.82
591.09
20.709
2'682'160
Earns. p. pass. tr. m.
$2.06
$2.13
$2.16
$2.26
Barna. per fr't tr. nt.
$6.31
$6.09
514.382.012
$6.49
$6.87
Oper. rev, per mile_
$17,293
5206.053
$18,217
517.656
$17,961
D7
.927.139
GENERAL BALANCE SHEET DEC. 31.
Net ry, oper. income.$21,892,920 $19,135.356 514,410.330 $13.660.926
1924.
1923.
1924.
1923.
Inc. from Other SourcesAssets
Liabilities$
5685,547
Road & equip3-562,090,209 552,540,559 Capital stock___170,839,100 170,839,100 Int,from invest. & sects $1,710.108 $1.348.630 51.216,290
175,972
867.418
1.262.213
Inv. in affil. cos.
435,203
Funded debt_._212,300,000 202,756,000 Miscellaneous
Stocks
31,387,416 31,389.083 Non-negot. debt
Gross income
823.779,000 321.351304 516.888.833 914.781,677
Bonds
1,562,123 1,592,671
to Mill. cos_
27,138
Deduc.from Gross Income
6,904,445 6,179,165 Tref., &c., bals_ 2,547,733 2,525,868 interest on debt
Notes
311,263,067 $11.991,208 $9,995.942 39.691.402
6,089,199 5,876,535 Accts. & wages_ 10,369,280 9,713.042 Rentals, leased roads,
Advances_.
95,633
Spec. depos..dre.
92.088 Matured interjoint tracks, &c
194,417
139.995
163.069
133,605
Other invest'ts. 9,633,843 1,835,070
est. &c
1,033,299 1,038.494 Loss on C.& O.grain ele_
15,793
23,328
19,019
19,289
Misc.phys.prop.
923,375
941,796 Miscell. accts._
698,509
204.653
217.443
654,383 Miscellaneous
187.133
744.780
Accr'd int., &c_ 1,946,717 1,749,840 Preferredv
Dep. for mtged.
(634 %)816,302(634)816.302(1%1204.070
24,609
prop.sold__
24,102 Accrued taxes.. 8,651,467 6,736,699 Common div,
(4%)2,619,500(4)2.591.032(4)2.511.264(2)1.255.632
17,048,439 9.777,131 Insur. reserves._ 1,518,788 1.415,981
Cash
Total deductions
$15,113.733 315.779.308 513.080.497 511,844,707
26,916
35.265 Oper. reserves
Loans& bills rec.
1,253,649 1,845,439 Net income
38.665.267 35.572.096 $3.808.331 32.936,969
Mat'ls & suppl. 17,187,629 23,402,768 Other cur?. liab:
359,756
1,071,365
48.106
GENERAL BALANCE SHEET DECEMBER 31.
Int. & dive. rec.
Deferred Habil
84,830
111,795
Bal. from agents 1,819,166 2,214,547 U.S. Govt.liab.
1,295
8.176 [Excluding stocks and bonds owned by the C. & 0. Ry. of Indiana and of
74,466
815,42'
Other cur, a sets
deprec 66,756,043 63,361,259
the C. & 0. Equipment Corporation.]
&c., bats- 2,009,987 1,541,851 Unadjusted,&c.,
1924.
1924.
1923.
1923.
Misc. accounts- 5,647,285 5,882,540
accounts__
3.775,868 4,222.316
AssetsLiabilities
$
Disc't on fund.
Add ns to prop_
300,559
223,124 Inv. in road and
Common stock_ 67,265,725 55,426,725
4,347,965 3,943,332 Funded debt redebt
equipment...314,956,619 320,655,945 6Si% cum.cony
372,203
Deferred charges
tired
377,687
43,458,368 43,162,438 Secure. of prop'y
Pref. stk."A" 12.558.500 12,568.500
Other unadjust.,
Sink. fd. res'ves.
196,873
196,873
& contr'd
1st Pref.stock__
3,000
3,000
&c., accts._ _ 4,985,980 4.180,395 Profit and loss_ _145,161,722 141,009,422
cos. pledged.. 17,224,887 13,714,001 2d Pref. stock__
200
200
U. S. Govt. deOth.inv.pledged
385,000
385,000 Common(C.&0.
ferred assets_
Cr.408
Securs. Issued or
Ry.of Ind.)_ _
1.200
1.200
assum..pldgd_x67,329.001 62,274,001 Funded debt..
.188,019,524 130,402,624
Total
671,278,996 652,641,596 I Total
671,278.996 652,641,596 Inv. phys. prop504,080
446,905 Equip. tr. oblitr.
-V.120, p.449.
Special funds &
and contracts 46,622,800 $1:913.600
funded debt
1st Ilen & imp.5s 66,842,009 66,842,000
The Hocking Valley Railway Company.
issued & res. _
98,225
96,482 Loans and bills
Impts. on leased
payable
2,855,743
40,000
(26th Annual Report
-Year Ended Dec. 31 1924.)
railway prop_
36,653
40,716 Traffic balances
661,971
534,473
6,327,136
5,411,615 Vouchers az payOn subsequent pages will be found the text of the annual Cash
rolls
report, signed by President W. J. Harahan, together with Cash dep.to pay 2,612,718 2,172,402 Unpaid wages 8,792,15S 5,602,085
int. & dive_
62,297
109.579
Misc.accts. pay.
balance sheet as of Dec. 31 and the results for the calendar Cash dep.-U.S.
490,699
436,887
Govt. loan for
Matured int. &
year 1924.
add'ns& ben_ 3,325,515 8,487,394
dive. unpaid_ 2.546.581 2,109,634
GENERAL STATISTICS FOR CALENDAR YEAR.
Matured mtge.&
Cash dep.-Spec
1924.
1923.
fund for add'ns
see. debt unpd
1922.
1921.
1$,174
7,174
Revenue coal and coke
U.S. Governm't
& bettls, new
carried (tons)
16,412.043 13,546,468
working Habil
9.694.416 10.798.443
equip.&maint.
7.000,000
Other rev.frt. car.(tons) 3,889.525
3,884,980
2.975,441
of equip.res._ 8,044,117 3,262,184 0th. work. lista.
1,494,682
467
45,229
Av. rev, per ton per mile 0.555 eta. 0.618 eta. 0.663 eta. 0.645 eta. Cash dep.to pay
Unmatured int.
1.259 eta.
Other per mile
1.291 eta.
1.306 eta.
2,083,157
equip.tr. prin. 2,781.931
and rents....3,174,200 2,911.011
1.738 eta.
Passengers carried
506,735
648.485
12,000
3,000 Taxes accrued
701.319
2,364,323 2.373,673
1,022.177 Misc. cash depos
Pass. carried 1 mile
26.068.051 32.305.564 31.107.670 37.370.739 Loans & bills rec.
247.640
76,066 Accr.depre'o3.449 Ms. 3.448 eta. 3.460 cts.
Rev. per pass. per mile
3.398 eta. Traffic balances 3,940,254 2,813,560
equipment
17,150,014 15,591,825
Rev, freight tons carried 20.301,568 17.431,448 12.670.357 12.703,175 Agents & conduc
1.339.157 Sundry accounts 4,677,115 4,984.104
417,656
Rev,tons carried 1 mile_2259716,943 2043870,203 1484625,674 1570395.171 Misc, accts. rec_ 2,637,745 2,211,888 Add'ns to prop.
Rev, per ton per mile.-- 0.665 eta. 0.742 eta. 0.784 eta. 0.759 eta. Oth.work.assets
43,151
27,063
through inc.&
Oper. rev, per mile
550.043
$50.387
$39.723
7,495,272 10,840.335
surplus
$40.254 Mat.az suPP..
25.024.192 24,941,997
A comparative income account was published in V. Secur. In tress- 11,397,111 13,726,501 Res.inv.in sink- 437.214
unpledged _
ing funds_ _
239,363
120, p. 2263.
Deferred assets:
Insur.dz casualty
BALANCE SHEET DEC. 31.
Unmatured int.,
reserve
151,794
121,634
1,160,271 Funded debt rediv. & rents__
178.816
1924.
1923.
1924.
1923.
1,408,447
833,851
Advances
tired through
Assets$
Liabilities-5
889,902
496,738
income & surp
303,219
378,826
Road & equipm1.57,820,428 55,315,448 Capital stock
11,000,000 11.000.000 Special deposits_
454,923
360 997 Profit and loss
Securities of affil.,
1st Cons. M.434:3_16,022,000 16,022.000 Cash dr secur._ _
balance
35.642,051 29.003,807
1st M.C.& H.V.48 1,401.000 1,401.000 Sundry accts.._ 3.591,006 3,004,224
• &c., cos.:
Stocks pledges_ _
108,089
108,089 let M.Col.dz To1.4a 2.441,000 2.441,000
485,764,989 456,578,053
Total
Total
485.764 989 456,578,053
Bonds pledged_. 300,000
300,000 Five-year notes...
7,500,000
Misc. unpledged 196,653
196,653 10-year coll. notes_ 1,665.000 1,665.000
x Includes First Lien & Impt. 5% Mtge. bonds, $66,842,000.
(pledged)
Oth.inv.
175,000 6-year coll. notes. 700.000
Note.-Comnany is also liable as guarantor of the following securities:
Gen.M.6% bds_ _10,653,000 11,820.000 2
-year secured notes6,000,000
Western Pocahontas Fuel Co. Coupon 5% notes, due 1919 sad
Time drafts & dep. 500,000 1,620,000 Gm.M.6% bonds
1921 (3500,000 each year). owned by this company
51,000.000
Dem'd loans & dep 250.000
200.000
not out (contra)12,801,000 11,820,000 Ches. & Ohio Grain Elev. Co. let Mtge.4% bonds, due 1938- 820,000
424,526 3,159,289 Equip, trust oblig. 8,186,055 6,368,000 Richmond-Washington Co. Coll. Trust Mtge. (C. & 0. proporSpecial deposits_
& bills rec..
26.000
Loans
Miscel. acc'ts pay_
tion 1-6) 4% bonds due 1943
129,963
10.000,000
170,126
4.275,767 1,683,462 Traffic balances
Cash
863,491
471,881 Louisville & Jeffersonville Bridge & RR. Co. bills payable (C.&
Inventories
1,138,725 1,752,498 Vouchers & wages_ 1,080,960 1,022,523
0. proportion 1-3) 6% notes due 1931
147.000
547,463 Miscellaneous
Traffic balances._ 729,466
19,310 1,801,224 Louisville & Jeffersonville Bridge & RR. Co. Mortgage (C.& 0.
39,236
Agents' balances
proportion 1-3) bonds due 1945
45,237 Matur.int.,d1v.,&c 415,370
4,500,000
377,882
acc'ts reedy 406,115
Unmatur, interest
Western Pocahontas Corp. 1st M.43.4% bonds due 1945
370,732
Misc.
750,000
Miscellaneous
23,136
34,837
dividends, &c__ 272,766
97.000
315,488 Western Pocahontas Corp. Ext. M.No. 1,41t% bonds due 1945
Securities in treas.
Taxes accrued.... 771,206
51.000
899,740 Western Pocahontas Corp. Ext. M.No.2,414% bonds due 1943
(eopiedged)
2,474,500 1,206.500 Insur.& casual. res
500,000
78,850
71,804 Norfold Term. & Transp. Co. let Mtge.5% bonds due 1948- _
Accrued deprec'n_ 4,286.154 4,142,841 -V.120, p. 2142, 174.4.
Adv. to proprlet'y
58,929
57,791 Operating reserves 126,300
dz con. cos_
155,261
Special depos. with
Deferred items_ _ _ 460,838
420,768
Norfolk Southern Railroad.
335,f92 U. S. Govt. def'd
trustee(mtg.fd.) 1,170,693
1.029,320
837,700
Deferred itemsliabilities
(15th Annual Report
-Year Ended Dec. 31 1924.)
700,423
U.S.Gov.defassets
442 Approp. surplus
:588,424
540,609
Pres. G. R. Loyall, Norfolk, Va., April 15, wrote in subst.:
Profit and loss_ ...12.336,895 10,459,243
Results.
-Freight revenue for the year increased 9141.746 or 1.93%.
81.624,583 79,766.812 Total
Total
81.624,683 79,766.812 Volume of traffic for the first 8 months was unusually large and freight
x Includes in 1924 additions to property throw.h income since June 30 revenue for those months exceeded that of the same period of the preceding
-the greatest in the history of the company up to that time
-by
1907, $288,967: funded debt retired ttwough income and surplus, $138,757 year
appropriated surplus against contingent liability for freight claims, 513,405: $416,831 or 8.83%. However, commencing with Sept. and continuing for
the remainder of the year, due chiefly to smaller fall crops and lower prices as
and other reserves. 5145.295.-V. 120. p. 220. 2008.
compared with the heavy yield and high prices of the year before, there was
a marked decline in traffic, and the increase of the first eight months was
Chesapeake & Ohio Railway Co.
almost overcome by the decrease of the last four. This decrease extended
into the year 1925.but as this report goes to press there has been an improve(47th Annual Report-Year Ended Dec. 31 1924.)
ment in car loading, and with the harvesting and marketing of the spring
The remarks of President W. J. Harahan, together with and summer crops it is hoped there will be a material improvement.
Passenger
year decreased
income account and balance sheet, will be found under principally ifrevenue for the the increased use$225,830 or 15.26% caused
the
not entirely bk
of automobiles, both public
"Reports and Documents" on subsequent pages.
and private. Railway operating revenues decreased 394,725 or 1.01%, and
operating expenses were reduced $193,549 or 2972%. Net income increased
TRAFFIC STATISTICS, CALENDAR YEARS,
334.171 or 9.13%.
1924.
1923.
1922.
Taxes.
-Taxes increased 552.614 or 11.46%. Since 1920, with an increase
1921.
2,556
2,553
Avge. mileage operated_
2,549
2.545 of 19% in operating revenue, there has been an increase of 103% in taxes.
-A reduction of $276,774 was made in t''• funded
.Rev. coal & coke carried
Funded Debt.
41.747.672 35.377,871 28,526,039 24.074.459 to the payment of Equipment Trust and other notes •.uring debt due
(tons)
during the
9.400.386
0th.rev. fgt. car?.(tons) 11,917,940 12,571.623
7,418,628 year and the redemption of let & Ref. bonds through funds available in the
51.718
$1.777
31.811
Avge.rev. per rev. ton
52.139 sinking fund of that mortgage. The amount of funded debt outstanding at
Av.rev. per ton per mile
the end of lye year was 516.890,644, the smallest since 1914.
Advances totalling $230,558 were made to subsidiary companies during
from all rev. freight_ - .00646 eta. .00657 cts. .00687 eta. .00737 eta.
7,430.827
6,654,126
No.of passengers carried 6,845.756
7,950,673 the year.
312,427.518 334.582.773 304,221,296 331513,000
-The sum of $404,360 was expended during
Additions & Betterments.
One mile
3.038
2,795
2,724
' 3.259 the year for additions and betterments.
' Per mile of road
$1.59
$1.57_31.59
Electric Power& Light Lines.
Avg. rev. from each pass
$1.48
-Extensions were
3.482 eta. 34 cis.
3,541 eta. lines to serve 150 additional customers. A high made to power and light
eta
Av.rev. Per Pats. Per m- 3.473 eta.
tension transmission iliac,
542.272
$39,948
$32.761
532,872 was constructed from Bayville power house to Diamond Springs, a distance
Oper. rev, per mile oper_
$9.881
- $9.044
$6,823
Netpper.rev. p. m.oPer
56.711 of 3.6 miles.
__
2394
THE CHRONICLE
-YEAR ENDED DEC. 31.
TRAFFIC STATISTICS
1923.
1924.
931.45
931.88
Average miles operated
Passenger Traffic
1.947.473
1.655.224
Number of passengers carried
47,637.852
40,794.869
Number of passengers carried one mile
51.144
43.777
No. of passengers carried one mile per mile of road
24.46
24.65
Average distance carried each passenger
75.977
75.748
Average amt. received from each pass. (cents)
3.106
3.073
Average receipt per pass. per mile (cents)
3.633.423
3.879.356
Number of tons carried
433.074.318 413.037.669
Number of tons carried one mile
443.435
464.732
Number of tons carrie I one mile per mile of road
113.68
111.64
Average distance hauled each ton
2.024
1.932
Average amount received from each ton
1.781
1.731
Average receipt per ton per mile (cents)
94.44
96.96
Net oper. rev, per train mile (cents)
'
YEARS.
OPERATING STATISTICS AND REVENUES FOR CALENDAR
1921.
1922.
All Lines (incl. Electric) 1924.
1923.
Freight revenue
97.491.901 $7.354.159 96.469.657 95.946.352
1.632.955
1.476.853
1,479.62.5
Passenger revenue
1.253.794
249.975
289.818
302.730
Mall and eacprem
294.915
227.513
176.589
250.139
All other transportation_
247.314
Total oper. revenue_ 99.291.928 99.385.613 $8.412.957 *8.016.795
1.228.318
1.182.612
1.216.135
Maint,of way & struct._ 1.211.210
1.213.1:32
1.296.602
1.501.127
Mains, of equipment__ 1.381.759
265.325
262.024
285.639
Traffic
285.528
3.653.781
3.498.665
3.749.054
3.693.876
Transportation
391.951
3.55.493
373.679
316.752
Miscellaneous
Total oper. expenses__ *6.912.095 97.125.645 96.595.435 $6.752.509
Net rev, from ry. oper__ 12.35981') 92.261.008 91.817.522 $1.304.286
366.434
403.849
462.965
520.688
Tax accruals, Ste
1937.812
Total oper. Income... 91.839.145 91.798.043 $1.413.673
$24.474
$49.596
Deduct-Misc. oper'us_ _
140.980
$281.496
9401.817
9405.246
Equipment rents
24.597
23.802
25.618
21.570
Joint facility rents
1747.801
Net oper. income.,.. 91.411.328 11.367.528 $1.058.779
-YEARS ENDED DEC. 31.
INCOME ACCOUNT
1924
Toml
1923.
Den ic.
Steam.
Operating Revenue$210 864 17.495.904 $7.354.159
$7.281.040
Freight trains
1,479.625
1.253.794
176.275
1.077.520
Passenger trains
545.966
535.441
65.240
470.201
Miscellaneous
6.902
6.789
6.789
Joint facility
Total oper. revenue__ $8.839.549
Operating ExpensesMaint. of way & struct-- 11.158.011
Maint. of equipment.- 1.333.580
271.305
Traffic expense
Transportation expense_ 3,473.478
Miscellaneous operat't,s_
328.998
General expense
9452.379 19.291.928 $9.386.653
Total operating exp.... $6.561.412
12.274.117
Net rev, from oper _
491.182
Less-Ry. tax accruals._
8.771
Uncollectible ry. rev_ _ _ _
$366.683 16.932.095 87.125.645
$81.606 $2.359.813 92.261.008
$459.167
$511.787
20.400
3.798
8.906
136
$55.179 11.213.230 11.216.135
1.501.127
1.381.759
48.179
286.528
281.639
15.223
3.749.064
3,693.826
220.348
7.765
8.346
8.348
365.914
348.406
19.408
961.161 S1.839.145
Net operating income_ 11.773.983
COMPARATIVE INCGME ACCOUNT FOR CALENDAR
1922.
1923.
1021.
Net operating Income-- 91.839.145 91.798.043 91.364.302
Other IncomeCr. 1.179 Cr. 697.440 Cr. 548.766
rfire of equipment
12.014
12.165
11.466
Joint facility rent income
7.976
12.669
10.481
Misc, rent income
7.959
7.772
9.391
Misc.non-oper.phys.prop
9.846
10.532
11.317
Dividend income
5.110
3.758
3.878
Income from funded 9(428
Income from unfunded
24.847
25.562
14.900
securities and accts. _ Income from sinking and
19.329
14.570
13.210
other reserve funds....
49.459
136
Miscellaneous Income.._
$685.299
$783.769
$76.661
Total non-oper. Inc'me
91.915.805 92.581.812 12.049.601
Gross Income
Deductionsfrom Income
S830.264
9407.425 11.107.318
of equipment
Hire
35.815
37.084
3. .735
Joint facility rents
159.054
158.116
158.116
Rent for leased roads_ _ 1.389
1.175
1.201
_ .._
Miscellaneous rents.
873.499
874.614
871.558
Interest on funded debt7.466
10.590
6.503
Int. on unfunded debt._
Amortization of discount
24.237
20.281
20 851
on funded debt
8.825
3.063
7.885
Misc. Income charges_ _ _
91.798.043
YEARS.
1921.
1913.379
Cr. 567.187
12.770
11.734
9.405
12.145
13.640
12.293
13.492
21.401
$674,069
11.587..447
$708.167
37.367
160.366
1.377
884.400
37.027
24.720
57,697
FOL. 120.
subnormal stocks, in the corresponding period last year stocks in the
field were excessive, necessitating a greatly curtailed production schedule.
Both sales to dealers and sales to users have been influenced by the
fact that the Chevrolet divisions Introduced a new model at the beginning
of the year and. as Is usual with the introduction of a new model, it was
Impossible to bring production up to the point of meeting sales demand
during this period. The Chevrolet division is now running at capacity
and Is even under those circumstances unable to closely meet the demand
for the new model.
The corporation's sales for the second quarter will be substantially in
excess of sales for the first quarter ond this will, of course, reflect like
Improvement in earnings.
Cash and Government securities aggregated $100.916.156 as of March 31
1925 and has at this date increased to approximately 5125.000.000 and
con.pares with 329.399.991 as of March 31 last, at which time the corpor-a
tion had 815.000.000 In bank loans outstanding, whereas at the present
time it has no Indebtedness whatever except Its current accounts payable.
CONDENSED CONSOL.INCOME ACCOUNT.3 MOS.ENDED MAR.31.
1925.
1924.
Sales
Sal of cars and trucks
-units:
Retail deliveries by dealers to users_
9
92 696
1133.
140.786
135.883
General Motors salts to dealers....
215.550
176.258
155.432
Net sales
-value
62.560
S143.971.7445178.046.2593158.6
Profit from oper. & investments, after
all exp. Incident thereto. but before
depr. of real estate. plants Sr teluip.326.315.502 328.261.034 827.532.965
3 986 6.11
Prov. for depr. of real est. plants & et' 4 259 071
3 560 223
Net, profit from oper. & in vestls. _S-12.05.) .121 $24274394 823.972.741
-Provision for en.pl tyees' bonus
Less
653.000
1,194.000
604.000
Amt. due Managers Securities Co_
604.000
653.000
.
Empl savings & investment fund 636.026
466,173
586.385
Spec. pay to en pl. under stock
subscription plan
18.100
152.615
165.037
Interest on notes payable
2 625.0(10
2.670,000
8
2 00 000
Federal and foreign income taxes
Net Income
$14.015.046 $19.554.753 $19.477.532
Gen. Motors Corp. pre par. rf net Inc.517.811.239 319.400.956 $19.406.123
547.377
576.303
Debenture dirs. at rate of 7%
912.015 ' 911.965
Debenture divs, at rate of 6%
44.184
7% Preferred stock dividends
1.8.11.343
34 833
242 751
242.581
Preferred dividends at rate of 6%..._
IT:90.360 31.731.069 $1.70E924
Total dividends
Amt. earned on Common stock.- s$15,900)379 117,669.887 117.754.199
$3.42
$3.43
Earned per share on Common
$3.08
• If the Oen. Motors Clem s equity In
the undivided pro:fits ef Fisher Body
Corp. (60%) and General Metros
7.)
Acceptance Corp.(100, were incl.
the amount earned on the Common
16.993.129 20.997.393 21,033,428
stock would be
SURPLUS ACCOUNT.
1924.
1923.
1925.
Surplus at the beginning of period.. _x82,110,929 120.699,300 89,936,863
Add'n arising from excess over $111 per
sh. of no par value Common stock
354.308
Issued for employees' bonus
Amount earned on Common stock,
15.900./379 17.669.887 17.704.199 .
as per income account
98.011.808 1:38.369.187 107 995.370
Total
-Cash dive, paid on Corn. stk.. y7.741 802 y6.193.074 y6.154.468
Less
x 90 270.006 132.176.113 101.840.902
Surplus at end of period
x In recapitalizaing Common strck issued under charter amendments
adrpted In June 1924. 151.615.990 et surplus account was capitalized,
rhus reducing surplus account and increasing Common stock account by
his amount. y In 1925, $1 50 per share: in 1924 and 1923, 3pc. per share.
-V.120. p. 2275.
Pacific Gas 8c Electric Company.
(19th Annual Report-Year Ended Dec. 31 1924.)
The remarks of President W. E. Creed are cited on
subsequent pages, together with the comparative income
account, balance sheet and numerous statistical tables. A
comparative income account was given in V. 120, p. 2013.
CONDENSED CONSOLIDATED BALANCE SHEET DEC. 31.
1923.
1924.
1923.
1924.
Liabilities
Assets
Plants & props_249,178.252 219,020,176 Common stock
outstanding_ 42,805,932 35,630,885
Disct. dr exp, on
capital stork. 9,104.812 8,587,300 Preferred stock
1,219,461
outstanding_ 54,464,412 54,299,084
love tments_ _ 1,355.850
Stock of subsid.
Trustees of sinkcos. not owned
18,553
174.011
18,775
228.507
ing funds__ __
8,779,321 10,234,619 Fund. debt (see
Cash
P.U.CompenNotes & accts.
dium, p. 1921_153,357.300 129.592.600
4.771,986 4,519,884
receivable_ _
4,983.996 4.704,338 Accts. payable. 2,041.556 2.323.815
Matlx &
712.149
839,663
Conl-trn. funds_ 2,705.847 1,152.275 Divs. payable__
2.199.470 2,343.255
222,420 AAeccerr:
436.143
Stk. subscr. rec_
Int., &c
3,470,852 3,516,128
6,784
37,455
Accr.int.on inv.
Res,for renewals
Cash for red, of
& replarem'ts 17,062,384 15.310.074
4.407
18.848
notes
DLoct.& expense 8.148,977 6,824.412 Other reserves__ 3,991.333 3.982.027
9,760.960 9,271.605
297.755
264.968 Surplus
taxes,&c
Uncap.
11.507.281 92.207.642 11.940.549 31.911.120
Total deductions
Net income year ended
$109,051 def$323.674
$408.521
$374.350
,
Dec. 31
BALANCE SHEET DEC. 31.
1923.
1924.
Liabilities1923.
1924.
Assets$
$
$
$
16,000,000 16,000,000
Road & equiret__*31,927,322 32,010,812 Capital flock
19,296,645 19,573,419
Funded debt
Real est. not used
292,943
116.071 Traffic, &c., bah_ 222,243
178,104
__in operation._
742,425
Vouchers & wages. 650,114
Impts. on leased
Total
290,002,638 257,000,176
290,002 e38 257,000,176
Total
88,401
85,772
171.974 Notes payable....
161.871
property
2270.
19,177 -V.120, p. 2013.
13,648
payle
104,918 MISC. accts.
54,812
Leased rail, &c_ _
Coupons, &c., due
Securities of under80.150
48.100
International Railways of Central America.
lying & other cos 5,248,062 5,398,461 __and unpaid....
57,094
42,352
350.657 Agents' drafts....
Invest. In affil. cos 570.448
(Annual Report-Year Ended Dec. 31 1924.)
615,210 Accrued interest,
450,911
Cash
294,592
289.450
rents, &c
79.575
47,525
-YEARS ENDED DEC. 31
Defoe. with trust_
CONSOLIDATED INCOME ACCOUNT
4,674
10,620
327.911 Taxes accrued, &e
Sinking funds.... 359,986
1921
1^23
78.857 Deferred & unad36,902
Notes receivable__
15.120,571 $4,271.923
22,113 Railway operating revenues
22,113
1ixted accounts.
376.649
MLse, accts. reedy 394,084
2.392.198
2.816.024
61,868 Railway operating expenses
49,071
72,523 - 88,237 Reserves
Balance from agts_
209,672
137.092
187,681 Railway tax accruals
542,713 UnadJus. credits_ 129,305
Materials, &c.... 590,128
734,957 Grants in ald of
Unexting'd disc't_ 703,131
Railway operating income
12.094.874 11,742.633
324
constr
10,760
12,137
Accrued income__
40.028
Net income from miscellaneous operations
83.722
U. S. Government
Other deferred,&c.
38.610
20.082
11,646 Interest, discount and exchange received
deferred Hahn's_
431.949
335,384
Items
4,283,374 4,003,531
Surplus
Gross income
8.679 11.810.271
82.10
9798,440
$789,031
41,143,131 41,439.714 Interest, on bonds and notes
Total
41,141 1/1 41 439.714
Total
7.504
Amortization of discount
7.504
a Includes road, 826.655.730 and equipment, $5.397.543 less deprecia- Income applicable to Occidental RE.: Min. list...
578
49
and $487.962 general expendition reserve. $1,153.914; balance, $4,783,629
turcs.-V. 120. p. 1455, 827.
Net Income
91.402.094 11,050.979
Sinking fund reserve
S29.333
x500.000
General Motors Corporation.
Dividends, Preferred stock
500.000
-3 Months Ended March 31 1925.)
(Quarterly Statement
The report for the first quarttr of 1925 says:
after
The net earnings for the first quarter of 1925 were $17,811,239:
deducting Preferred dividends there remained 115.900 879 for the Common
stock, et trivalent to $3 08 per share on the 5,161.599 shares outstanding
or at the annual rate of $12 32 per share. This compares with $3 42
per share Uw the first quarter of 1924 and $343 per share for the same
pericd of 1923.
It will be noted that sales to dealers in the first quarter of 1925 were
substantially 20,000 cars in excess of sales to users whereas in the first
quarter of 1924 such excess was a ibstantlally 75,000. This was occasioned
by the corporations' production policy adopted a year ago of keeping its
manufacturing program in cbse harmony with the trend of sales to consumers. It is evident, therefore, that the corporation enters the second
quarter of the year, which is the period of heaviest retail demand, with
Balance, surp/us
3872,761
Previous surplus
1,017,976
Ins, reserve discontinued as all properties are now
covered by ins. policies
$550.970
1,279,568
82,441
Total
11.890.737. 11,912. 88
9
20.012
Deduct unexting. disc. on securities
20.012
Sinking fund res, amt. at Dec. 31 1923
52.730
Res, against investment in Subs
100.000
Back dive. on Pref. stock (85i %) discharged in
875,000
13-year 6% Notes
-December 31
Balance at Credit
81.717.995 $1.017.976
-year 6% Dividend
x Of this amount. 8250,000 (or 236%) was paid in 13
Notes and $250,000 (235%) in cash.
MAY 9 19251
TAT: C'FFRONTCILE
CONSOLIDATED BALANCE SHEET DECEMLER 31.
1924.
1323.
1924.
1923.
Assets
Liabilitiesg
g
Road & equipm't_59,327,513 58,213.0°
1ommon stoek___30,000.000 30,000 000
Inv. In Mill. cos_ 964,675
935,18
referred stock...10.000,000 10,000,000
Other investments. 148,138
14,02
lovt. grants
4,126,857 4.083,857
Sinking fund for
'angled debt
15,916.019 14,822,745
1st Mtge. bonds
87.201
52.731 Mortgage payable_
25,000
Cash
2,107,384
373.09' VOtPS payable..
483,733
503.224
Traffic. &c.. bal.
811 stec'ts & wages nay 344.404
215.105
Agts. & conduc'rs_ 151.113
143.049 Int.& diva. mard_
139,884
130.203
Remit. In trans.__
156,843
139,775 Interest scented
125,766
115,806
Equity in underDue from Guatewriting Salvador
ma'ss
- 1,275,000 1,275.000
991.6r/
loan
In. int. Occ. RR.
490
5.294
Marla & supplies_ 690.721
590.9t
"vest. reserve.__ 238,891
125.271
MIscell. accounts. 57 1,0 8
871.2o Mimell amounts_
'
5.032
Govt. of Guatem'a 2,397.522 1,9663e
Nis liability
109,864
135 651
260,80' teemed depreen. 1,908 5
Other Governm'ts_ 290.336
01 1,11r5.881
Mug. on fund. d't 7110 246
234.10/ nt, due tr. Gnat_ 315.586
310,092
Other unadj. deb_ 465,089
176,64; qtber uneal. cred- 29
140 061
0,863
Deferred 110
8 118
81
200 000
Profit & loss
1,505.198 1.017.076
Total
68.098.861 64.963.290 Total
68,1198,861 64,963390
z "Net consideration due from Govt. of Guatemala under terms of settlement of May 22 1923."
NoPes.-a The International Rye. Co. of Central America is entitled to
receive the following subvention not mentioned In above balance sheet:
From the Govt. of Guatemala. $7.500 U. S. gold per kilometer for approximately 90 kilometers.
b The company Is constructing 193 TOIleS of additional railway
and for this purpose has entered ir to contracts for construction and material
payable over an estimated period of 4 years. from Dec. 31 1924.
c Contingent Liatrifity.--nuarantee of principal of 648 sheers
Preferred stock of the Guatemala Tramway. Light & Power (In. at $100
per share, on liquidation or dissoietion of that company, in addition to
guarantee of dividends thereon at the rate of 6% per annum.
-V. 120. 111.
1323. 1199.
Anaconda Copper Mining Co.
(Annual Report-Year Ended Dec. 31 1924.)
2395
The electrolytic plant at Great Fars produced 1543 0,301 pounds zinc,
0
5.433.330 Pounds of zinc in dross, and residue from which there were recovered 23.810.201 pounds lead. 1,8°2,097 Pounds copper. 3.628.862.52
ounces silver and .5,603.687 ounces gold. The capacity of this plant was
Increased to 180.000.000 pounds ner annum.
Miscellaneous Products.
-(1) Lutrbsr.-The sawmill at Benner rut
80,000,879 ft. of!umber and purchased 3.320.758 ft.. of which 40.390.370 ft.
were shipped to 'ha denartments of the company. 31.680.08e ft. were sold
commercially. 374.811 ft. were used at the mill for repairs and construction,
and 2.720.570 ft. were supplied to the factory for manufacturing, or a total
disposition of84.174.786 ft.: decreasing the stocks of finished lumber on hand
by 853.149 ft.•. making a stock on hand at Dee. 31 1.24 of 63.6281,460 ft.
(2) Coal.
-At Diamondville. Wyo. 472.44n tons of coal were produced.
280,111 tons were shipped to other departments of the company. 156.409
tons were sold commercially. and 35.n2f1 tons were 'used at the coal mines.
At Washoe, Mont., 199.065 tons of coal were produ
70.607 tons were
shipped to other departments of the company, 126.063 tons were sold
commercially and 1,404 tons were usod at the coal mines. A t Sand Coulee,
Mont.. 21.179 tons of coal were produced, 15.010 tons stepped
other
departments of the company. 5.158 tons were said commerdally. to 102
and
tons were used at the coal mines.
(3) Arsentc.-As a by-product of copper smelting operations. 11,196.409
rounds of arsenic were produced, of which 11.018. 6' pounds "em refined.
1,
During the year 5.
020,961 pounds were Rom at an average price of 9.4c.
per pound. Of this amount 118.817 pounds were crude and 5,802.144
pounds wirme refined.
(4) Sulphuric Acid.
-The sulphuric eel plant at Anaconda produced
'
,
46.396 tons of sulphuric acid averaging 60 deg. Baume. Th1s was supplied
to various departments of the company.
(51 Af
-Development of the new conperclad shingle has been
,tal Roofing.
continued successfully, and a plant at Rutherford, N. J.. was completed
and Is now being extended. It is estimated that production will reach
300 squares per day by the end of this ram-. Sale and distribution of these
shingles In the United States and the Dominion of Canada is tinder the
manaaeartent of the Plintkote Co.. which owns the basic patents for
Strip shingles unon which the cooper is deposited and which, because ofthe
its
established position in the roofing business and widely distributed sales
organization. Is equipped to h indle the business efficiently and economically.
Butte Anaconda & Partite Railway Co.
-The railway transported 5.3816.961
tons of ore and other freight. and 32.028 passenaers. The arms revenues
wo-e S1.723.291; rental and miseellannotts receipts. S2R.n8S: operating expenses, $1,340.1363: taxes. Interest and the rental of leased lines. 8240.7813
net In, ome. $150,634.
International Smelting Co.
-On Jan. 27 1°22 this company loaned the
Utah Consolidated Mining Co. S1.300.000. taking a mortemsse on the pronerties of that company, located in the Riwtham, Utah, mining district. This
was done to permit appeal by the mining company from judgment of the
U. S. District Court awarding to the Utah Apex Mining CO. title to certain
ore bodies and damages amounting to $1.274.233.3. As n result of confirmation of Judgment by the higher court. the Utah Consolidated was unable to
meet its obligations, its stockholders failed to enter into a plan of reorganization that was submitted by the company. A receiver was appointed and
the property sold under foreclosure proceedings March 31 1024. The mines
and equipment were purchased by the Utah-Delaware Mining Co., all the
stock of which is owned by International Smelting Co. The concentrator
was purchased by the International Smelting Co. and has been remodeled
for the treatment of zinc ores.
The American Brass Co.
-The output of manufactured products of the
various plants established a new record of 50.749.6113 pounds of copper,
brass and nickel sliver, the manufacture of which was distributed among the
various plants as follows: Ansonia. 140.679.858- Buffale, 53.218.057: Hastings. 8)'.009,6.0: Kenosha. 74.134.185: Torrington. 53.833.156: Water
bun' 00.376,739: Toronto, 10.507. 80.
0
ThM copper wire mill at Kenosha was completed, and the first wire drawn
on April 171924. The tube mill at Torrington was practically reconstructed
during the year. although kept in operation continuously. At Buffalo
the old casting shop buildings were reconstructed and a modern metal
storage, weighing out system and electric melting furnace equipment were
installed and placed in operation.
The demand for Anaconda products has been greatly increased by more
extensive advertising: as an Instance, the sale of"Anaconda" brass pipe was
96% in excess of 1923 output and more than six times 1920 sales.
South American Cmnpanies.-W ith the exception of a small amount of
work in advancing the Pedernales tunnel, on the La Dip, water line, a dietance of 475 ft., and the obtaining of data relative to the available water In
Pedernales Lake. the property of the Andes Copper Mining Co. at Potredimes. Chile, was on a shutdown basis.
In the development of mining plans it was found possible to eliminate
certain small zones of low-grade material included in the ore body.
Recalculation of the ore reserve on this basis gave a tonnage of 137.400.000
assaying 1.51% coPPer•
There was no change in the condition of the Santiago Mining VOA affairs.
(Signed: John D. Ryan, Chairman: Cornelius P. Kelley, President.)
RESULTS FOR CALENDAR YEARS.
3
1924.
3
1923.
192.
21.
ReceiptsSales of metals and manufactured products_.-157.657.107 171.282.400 123,501.639 31.097.214
Royalties. Arc
5.989.510
7.232.771
5,973.915
2,016.017
Income from investm'ts,
in sundry companies
6.692.276
6.386.346
46,078
120.026
Sales of mdse, and rev.
from P. S. companies_ 2.821.285
2.919,180
2.302.0.39
Metals & mfd, products
In process and on hand 46.645.598 46.402.343 43.672.793 17.817.364
Total receipts
218.805,776 234,223,136 175.496.462 51,050.621
Disbursements
Metals In process and on
hand Jan. 1
46.402.343 43.672.792 17.817.364 36.516.880
Cost of mdse.sold. &c
2.171.563
2,433,772
1.584.546
5.337.189
Mfg.exp., incl. selling.- 56.111.300 74.662.321 76.280.221
1.250.676
Mining, &c., expense_ _ _ 341,881.198 43.324.427 31.6.59.0501 3.786.077
Reduction expenses--1 5.119.254
Ore purchases
48.601.217
569.193 34.814.516
3.957.200
Adm. exp. & Fed'i taxes 1.893.190
1.147.767
1.842.644
1.220.362
Depreciation,&c
4.231.422
3.822.894
2.988.044
2.135.401
Total deductions
201.292.233 215.633.167 167.006,134 59.323.039
Balance
17.513.543 18.589.969
8.490.078 def8.272.418
Int.. Incl, disc, on bonds 10.806.001
9.830.294
4.020,344
3.108.268
Exp. during shutdown_
930.494
5.680.503
Dividends
(154 %)2,250.000(6)9,000.000
The report, dated New York, May 4, says in gikgtance:
Copper Production and Consumption.
-The year 1924 established a high
record for both production and consumption In the world's copper industry.
It is estimated that production exceeded 3,000,000m00 pounds and that
consumption exceeded production by appmximately 80.000.000 pounds.
The domestic consumption reached an approximate total of 1.472.000.000
pounds, nearly 100.000,000 pounds In excess of that of the prior year.
Exporta from North America and South America also metelmti a new record,
aggregating 1.130.000,000 pounds. an increase of nearly 300,000,000 pounds
over that of the previous ear.
Notwithstanding a balanced position as between production and consumption, owing to the intetblvely active competition of the large selling
agencies both at home and abroad. the price ruled at an exceedingly low
figure throughout the year. the average as reported by the "Fngineering end
Mining Journal-Press" being 13.024c. per pound, compared with 14.421c.
for the preceding year. Company did not sell copper exs opt in manufactured form In domestic trade during the year, as its entire output aside
from exports was taken by Its manufacturing plants at Great Falls and those
operated by the American Brass Co.
R sults.-Orma income from sales and royalties for the company amounted
,
to $1116.467.902 for the mar. Operating profit and Incorm from Investments amounted to 821.744.965. Net profit. after deducting all charges,
depreciation. bond discount. Am., amounted to 96.710.215.
Corporate Transactions.
-During the year the more Important corporate
transactions were:
Purchase of Davis-Daly Copper Co.
-The purchase by company for
$3,000,000 of all or the physical property and assets of the Davis-Daly
Copper Co. This company, which owned 200 acres of mining ground in
the heart of the Butte district toaether with other outside Wising claims,
had been engaged In expensive litigation with the company over
ship of a large number of veins and ore bodies. As a result ofthe ownerthe
transaction, all litigation was settled and in addition to clearing title above
to the
ore bodies in question, this company accutired a large area of undeveloped
mining ground which may contain additional veins and ore bodies.
Acquisition of Entire Stock of Butte Anaconda
Pacific IN.
-During the
year company I' "'chased for S1.000.000 all shares of the Butte
Anaconda
& Pacific R.1 el I by outside interests, and now owns all the issued
stock
of this corpnratam. The accounts of the railway company are. therefore,
Included in the consolidated statement at the end of this report.
Andes Copper Mining Co.
-With an Increasing ennsureption of copper
and prospects that this growth will continue. It was deemed necessary
to
finance this large subsidiary that it might he placed upon an
basis. The Andes Copper 'Mining Co., therefore. Issued and operrting
sold $40 000.000 Convertible 7% Pebentures. maturffig Jen. 1 1943.
debenture IR convertible at any time Into 44 shares of stock. Fach $1.000
This fund is
estimated to amply cover cost of constructing the metallurgical plants
with
all necessary water and power lines, townsite. railway eettipment, development of mine for daily production of 12300 tons sulphide and 7,500 tons
oxide ore, working capital for the completed property and for other
corporate purposes. It Is anticipated that construction of the plant for
treatment
of sulphide ore to produce 117.000.000 pounds copper annually, will require
from 2 to 2 Si years. The plant for treatment of oxide ores; should be completed two years later, Increasing output of copper, as estimated.
0.548.000 pounds per year. Operating cost has been estimated at to 10
per pound. and, with the higher price, which should prevail with 13.672c.
creasing demand. should show the company a satisfactory profit the inon Its
Investment In this enterprise.
Mines Investment Corporation.-This company, all of the stock of which Is
owned, Increased Its holdings of stock of the lrespiratien Consolidated
Copper Co., purchrusing 65.700 shares at a cast of $LAM .305. The
Investment (hula. now owns 363.000 shares of the Inspiration Co. Mines
out of a
total Issue of 1.181.967 shares.
Construction.
-During the year. In addition to renewals, replacements
repairs, there was expended by this company and its subsidiaries,
and
the
sum of $4,578,390 upon new plants and plant extension.. The principal
items covered were a new wire mill at Kenosha the rebuilding of the casting
shop at the Buffalo plant, the enlargement of the zinc plant at Great Palls
and the remodeling of the concentrator acquired from the Utah Consolidated
Mining Co. at Tooele. Utah.so as to adapt it to the treatment of zinciferous
ores.
Copper Department.
Balance. surplus
-(1) Wines.
-The mines of the company produced
$4,457,542 def$240.325 $3.539,240df17,061.189
during the year 3,092.151 tons of ore. 6,654.26 tons of precipitates were
BALANCE SHEET DECEMBER 31.
produced from the water pumped from the mines.
(2) Concentrator and SwIter.-At the concentrator there were treated
[Including assets and liabilities of subsidiary companies.]
3079.178 tons of ore, 78.752 tons of copper tailings. and 55.880 tons of
1924.
1923.
sine-silver tailings.
1924.
1923.
AssetsAnaconda Reduction Works treated for all companies 3.312.775 tons
g
LiabilitiesThe
$
of ore. Of the total amount. 3.017.417 tons of ore were produced by the Mines & mining
Capital stock__150.000.000 150.000,000
claims, land.
M in.int.in subs. 2,014,113 2.045.218
mines of the companY. 212.319.48 tons of ore were either purchased from or
titc
129,375,265 125,672.944 Secured gold bds 16.933.000 1
treated for other companies, 19.659.05 tons of material were shipped from
6,938.000
Buildings.
First mtge. 69..105,481.000 106,981,000
the old plants at Anaconda and Great Falls, and 63,379.42 tons from the M rhinery. ma&c..117,609,951 105,422.847 Butte Ana.&Pac
Falls zinc plant.
Great
Invest. In sundry
There were produced 238.823,149 pounds of fine copper. 8.383.591.44
Ry. let M.5s. 2.874.000
companies
98.441.423 98.831,466 7% debentures. 50 000 000
ounces silver and 37.688.8112 ounces gold. Of this production 238.247.038
7,263.674 7,850.034 Notes payable__ 1.000.000 50.0001)00
pounds fine copper. 8.345.841.35 ounces silver and 37.683.812 ounces fold Cash
1.015.998
Markerle secure 9332.106 8,408.082
were produced for your company.
payable_._ 2,250.000 2,250,000
-The copper refinery at Great Falls produced during the Material & supp.
Accts. & wages
(3) Refineries.
& prep'd exp. 18,859.538 18,742.837
payable
year 209,966,554 pounds of cathodes, of which 202.877.392 pounds were
15.095,218 11,235.976
etals in proint. & taxes acer
melted into shapes at that point. The Raritan Copper Works at Perth
cess. At
46.645.598 46.402.343 Reserve for de- 5,433.422 5.3132.037
Amboy. N. J.. refined 406.548.498 pounds fine copper, 20,037,558.48
Acets receivable 19,429,769 21,131.530
ounces silver and 117.520.023 ounces gold.
preciation.___ 34,447.512 30,459.238
-The mill at Great Falls rolled Into rods 107,- Deterred chges.,
(4) Rod and Wire ‘4111.
Surplus
74,520.665 70.051,449
,Scc
12.791,606 13.866.933
931.230 Pounds of copper. 40.101.844 pounds of rods were drawn into wire
of which 15.559.986 pounds were made into strand.
Total
459.748.931 446.338.916
-(1) 4rnes.-The Butte Mines of the company proZinc Department.
Total
459.748,931 446,338.916
duced 59.665.92 wet tnns of zinc ore.
Note -HI order to comply with
-The plants at Anaconda and Great Falls for the purpose of computing the Government income tax requirements
(2) Zinc Reduction Works.
depletion, an additional
rested 599.275 tons of ore and other zinciferous material. Of this amount mining property as of March
1 191:3 has been recorded on valuation of the
t8.229 tons were produced by mines of the company and 541,046 tons of company, but for the sale
of uniformity the result of those the books of the
bre and concentrates.were purchased.i
entries has been
omitted from the current statements.
-V.120. p. 1883. 1588.
2396
Minneapolis St. Paul & Sault Ste. Marie Ry.
-Year Ended Dec. 23 1924.)
(Annual Report
Pres. C. T. Jaffray reports in substance:
-The gross earnings, operating expenses, fixed charges, surplus
Results.
&c., are as shown in the following condensed statement: Ry. System.
Soo Line. Wis. Cent.
$28,724,694 $19,220,666 $47,945.360
Gross earnings
38.813.855
15.552,552
21,261.303
Operating expenses
$3.668.114 $11,131.505
$7.463.391
Net earnings
1327.018
318.094
808.924
Income from other sources
$3,986,208 812,258,523
38,272.315
income
Total
12,237,697
4.809.824
7.427,873
Fixed charges, taxes, &c
$20,825
$844.442 4[8823,616
Addition to surplus
Freight Revenue for the system during 1924 was 837,349,105, a decrease
number of
of $255,085. or 68%. compared with previous year. while the
tons of revenue freight carried one mile showed a decrease of 3.1%,
During the first 7 months of 1924 freight revenue decreased 82.738,408.
camp of
compared with the same period in 1923. The failure of the grain early
1923, and resulting contraction in many lines of !Rosiness during the the
months of 1924, seriously affected the amount of traffic. During the
period there were many bank and commercial failures throughout
Northwest, and business conditions generally were very unsatisfactory.
During the last five months of 1924 freight revenue increased $2,483.323,
excompared with a..0 same period in 1923. The grain crop of 1924 was
This
cellent, and the grain traffic movement showed a large increase.
condition crowded into the last five months of the year the movement of
tonnage
50.45% of the total revenue ton miles moved for the year. which moveresulted in 50.19% of the total freight revenue. This unbalanced 1924
not conducive to operating economies. During the year the
ment was
from
there was a decrease of $627.645 in earnings on iron ore shipped for this
Cuyuna Range. Business conditions in the steel Industry account same
from the Gogebic Range were practically the
decrease. Shipments
as in 1923.
Passenger Revenue was $6,575,906. a decrease of $1,090.852, or 14.2%.
compared with previous year. The larger part of this was in local passenger
revenue, directly attributable to bus service and the U e of privately-owned
automobiles. To offset this loss passenger service ..as reduced wherever
possible. Had the reductions, which were made during the year, been in
195,966 passeneffect throughout the year there would have been a saving of passenger trlin
ger train miles. As it was, there was a saving of 71.294
miles. or 1.4%.
Milk Revenue was 8673.508. an increase of 818.967. or 2.6%, compared
with previous year. The territory west of Minneapolis showed an increase
of 829.721, while in the territory between Minneapolis and Chicago there
was a decrease of $12.753. The decrease was due to market conditions
in the East.
-Maintenance of way and structures expenses increased
Expenses.
$414,901. This increase is explained by such items as the following: Increased rates of pay amounted to 868,490: ballasting of 127 miles of track
as compared with 32 miles during the previous year caused an increase of
$168.400: 75 miles of the 127 miles ballasted was on the Wisconsin & Northern Ry., which hhd never been ballasted prior to its acquisition in 1921.
During the year 1.876.253 ties were renewed as compared with 1.769.181
during the previous year, at an increased cost of $138,718. There was an
increase of $76.000 over the previous year in the charges to maintenance
on account of retirement of old structures.
Maintenance of equipment expenses decreased $19,700, or .2%,compared
with previous year. although there was an increase in the charges to this
account of $102.731 due to increased rates of pay.
Transportation expenses decreased 81,312,749. or 6.5%. Total tons
hauled one mile (which includes weight of cars as well as freight) increased
207.434,000 tons, or 2.56%. Ratio of transportation expenses to revenues
ratio
was 39.56. compared with 41.10 in 1923. This was the lowest
since 1917.
advances in all departments during 1924 caused an inWages.
-Wage
crease in the pay-roils of 3493.833.
There was a decrease of $894,091 In income from "hire of equipment"
used conas compared with 1923. Throughout 1923 our equipment was
railsiderably on other lines, yielding substantial rentals: but in 1924 theother
less business, resulting in less loading of our equipment to the
roads did
part of the year
lines, and its more prompt return. During the latteraccumulate our own
prospects for a large grain crop made It necessary to
cars in the West and call on other lines for cars to be used for loading to
points off our line.
-There was a net increase during the year of
Indebtedness Outstanding.
87,125.600.
-On Jan. 17 1924
Acquisition of Wisconsin Central Ry. Minority Stock. agreement with a
the Minn. St. P. & S. Ste. Marie Ry. entered into an
committee representing the minority stockholders of the Wisconsin Central
the outstanding
Ry., whereby the Minneapolis company agreed to buy $43 25 per share,
of
minority Common stock of the Wisconsin Co. at a price notes at par, and to
-year 53.i % gold
and to issue in payment therefor its 25
pledge as security for these notes all of the shares of stock received. with
stock
This agreement required the deposit of 95% of the outstanding agreement
the
certain trustees prior to April 1 1924 in order to make deposited, the
required number of shares having been
operative. The
with
Minneapolis Co. entered into a trust agreement as of March 1 1924
to which it issued
the Bankers Trust Co. of New York, as trustee, pursuant
in exchange for $7.808.800 of stock
-year 53. % gold notes
$3.375.300 25
redemption of these
so deposited. The trust agreement provides for the
annually, beginning March 1 1930.
notes at face value in fixed amountsof the Wisconsin Central Ry. consists
The total outstanding Common stock
159,088 shares.
of 181.263 shares, of which the Minneapolis Co. now ownsWisconsin Central
Bonds of Wisconsin Central Ry.-On April 15 1924 the
of New York,
Ry. entered into a trust agreement with Equitable Trust Co.5.45% Secured
,
'
as trustee, under which it issued and sold 86.000,000 3-year
Wisconsin Central Ry. 1st
gold notes. secured by a pledge of $8.000,000
placed in the treasRef. Mtge. bonds. These bonds had been issued and the rate of interest
&
ury of the company from time to time as 4% bonds,
5% by the
specified in the mortgage. This rate of interest was raised to the Minneand
joint and several agreement of the Wisconsin Central Ry.
on the bonds pursuant to
apolis St. Paul & Sault Ste. Marie Ry., placed
on April 1 1917 bea contract to that effect which had been entered into
New York,as trustee.
tween the two companies and the Empire Trust Co. of notes secured by the
Payment of principal and interest of the 88.000,000
These notes were
bonds was guaranteed by the M. St. P. & S. S. M. Ry.
Ry. with funds
issued for the purpose of providing the Wisconsin Central
Wis., and
to pay for an extension of its ore dock at Ashland.
with which
additions and betterments to its property and
to meet the cost of various
S. S. M. Ry.
from the M. St. P.&
to repay advances which it had received the year there was expended for
-During
Additions and Betterments.
$1.977,283. There
additions and betterments to road a net amount of
to equipment a net amount
was also expended for additions and betterments
of $641,100.
-In 1917 the Wisconsin Central Ry.comExtension of Ashland Ore Dock.
Ashland, Wis., having a
pleted a fireproof reinforced concrete ore dock at
increased ore tonstorage capacity of 52.500 tons. In order to handle the the construction
nage offered to it the Wisconsin Co. in Feb. 1924 began$1,400.000. to be
dock at an estimated cost of
of an extension of the above
of the dock
completed about April 1 1925. This will double the capacity expended
and give a total storage capacity of 105,000 tons. There was
$1,211,767 during 1924 on this project.
-S. C. Commission issued Its
Tentative Valuation.-During the year the I.
assets of the
tentative valuation as of June 30 1916 of the property and The tentative
M.St. P.& S. Ste. M.Ry used for transportation purposes. 8104,674,000.
valuation as of that date was placed by the Commission at the value of
On the basis of the Commission's tentative valuation, plus
used for transsubsequent additions and betterments, and property notvalue of its outportation purposes, the company's assets exceed the par$8,000,000. The
about
standing stock and bonds and other liabilities by
company COntenda..hOwever, that it is entitled to an increase in the tentative
valuation made by the Commission and has filed its protest to that effect
with the Commission.
The tentative valuation of the property of the WISCOSSIS Central Ry.
on these
(V. 120. p. 1455) and the Central Terminal Ry. Co. was servedand comcompanies as this report was going to press, too late for analysis
ment herein. The aggregate cost to the two companies of the valuation
work up to Dec. 31 1924 amounted to $444,912.
[VOL. 120.
THE CHRONICLE
-The large crop of 1924 and
.800 Line.
Improvement in Conditions Along.
the high prices obtained for the same have made a decided improvement
in conditions along the Soo Line. The repeated crop failures of previous
years. on top of low prices obtained for what was harvested, caused a very
severe business and agricultural depression in our territory. Many farmers
were so discouraged that they made no effort to retain their farms, so that
the number of foreclosures and vacant farms was constantly increasing.
However, these conditions have changed as a result of the 1924 crop and
business is now improving. Farmers were able, in many cases, to meet
their past due interest and taxes, and to pay their bills to merchants: and
merchants in turn were able to pay their bills and again go into the market
a
for goods. During this crisis in our agricultural territory there has beenin
heavy increase in diversification, so that in a few years the conditions
will become more nearly stable, and less dependent upon
the Northwest
small grain crops. If the harvest of 1925 should be a normal one, I believe
that the agricultural and business conditions in the Northwest will have
definitely turned the corner.
GENERAL STATISTICS FOR CALENDAR YEARS (S00 LINE ONLY).
1921.
1922.
1923.
1924.
3.240
3,326
3,322
3,321
Miles operated
1.764.028
1.580.239
1.468,914
1.149.424
Passengers carried
Pass. carried 1 none_ _115.829,953 135.817.310 133,273,855 140.169,914
Av. rev, per pass. p. mile 3.237 cts. 3.292 cts. 3.279 ctn. 3.455 cts.
8.393.798 6,486.214
9,861,041
9.190.149
Freight carried, tons_
Tons carried 1 mile_ _1,996,459,859 1990014,774 1806379.971 1431020.422
1.180 cts. 1.388 cts.
1.105 cts.
Av. rev, per ton per mile 1.126 cts.
INCOME ACCOUNT FOR CALENDAR YEARS (SOO LINE ONLY).
1922.
1921.
1923.
1924.
$22.471.773 $21,983.382 321,316.638 319.146.851
Freight
4,369.799 4.843.143
4.470,881
3,749,244
Passenger
644.412
818.015
631,216
665,004
Mail
494.852
685.625
555.083
583,299
Express
639.393
731.830
796.547
809,939
Miscellaneous
417.154
545.034
518.004
445,432
Incidental
$28.724,694 $28,937.095 $28,266,940 $26.185.804
Total
Maint. of way & structs_ 84,380.515 $4,063,621 $4,404,692'$5,134.837
5.991,282
4,534,255
5.178.479
Maint. of equipment_ _ _ 5.168,457
373.241
430.828
402.694
448.627
Traffic expenses
Transportation expenses 10,424.027 11,422,034 11,589.080 11,909.087
164.748
182.758
147,315
140.323
operations
Mis2e11.
778,080
731.709
724.888
741,248
General expenses
75.418
25.380
49,947
41.894
Transp. for invest.-Cr.
$21.261.303 821.889.104 $21.777.900 824.325,915
Total
$7.463.391 87.087.990 $6.489.011 $1,859,888
Net operating revenue
1.903,103
2,136,706
1.835,826
Railway tax accruals_ _ _ 1,984.752
income $5,478.639 85.212,365 34,352.334 def$43.214
Railway oper.
Non-Operating Income
8274,173
Hire of equipment
169.967
Joint facility rent income
18,544
Dividend income
346.240
Miscellaneous income_ _
Gross income
Deduct
Hire of equipment
Joint facility rents
Miscell. tax accruals_ _ _ _
Int. on mortgage bonds_
Int. on eq. obit., leased
line certifs., &c
Amort. of disc. on fd. dt.
Miscell. income charges_
$754,755
139.507
335,853
319.793
$450.612
169,127
357.088
639.192
$6,287,563 $6,722,328 85,902,041
$1,572,804
8920,885
167,312
18,634
403.132
13.419
11.727
14.240
302,084
Cr.59,917
4,001,838
294.741
46.195
3.848.590
302.900
69.484
3.810.317
246,275
53.278
3,188.945
1,072.060
78.773
34.045
1,156.522
82.492
38.940
1,111.912
88.168
10.487
1,181.926
77.018
297.520
$499.046def$3472,158
Net inc. transf. to P.&L. $844.441 $1.241,429
-The profit and loss account to Dec. 31 1924
Profit and Loss Account.
shows: Credit balance Dec. 31 1923. 815.354.393: net income for year ending Dec. 311924, $844,441: profit and loss additions for year 1924. $46.311;
profit and loss deductions for year 1924. 8362.569: balance credit Dec. 31
1924, 315.882,578.
-In 1921 company paid dividends of 7% each on both the Pref.
Note.
and Common stock, amounting to $2.646.714. In 1922 dividends of 4%
on both classes of stock were declared, aggregating $1.512,408, but payment
was withheld until Oct. 1923 pending court decision (V. 118, p. 2564).
In Dec. 1923 paid 4% on both classes of stock aggregating $1,512,408.
"800" LINE BALANCE SHEET DEC. 31.
1923.
1924.
1924.
1923.
Assets
Road & equip_x129,683,142 129,624,654 Common stock. 25,208,800 25,206,800
50,498 Preferred stock.. 12,603,400 12,603,400
Sinking funds__
272,265
Funded debt_ __ 90,457,300 87,147,000
&cur. of prop'y
10,347
10,290
affil.,&c.,cos- y30,128,163 24423,749 Govt. grants_ __
Equip. tr. oblig. 6,505,000 7,192,000
Time drafts and
2,500 hi. Bt.P.& S.S.
deposits
Marie Ry.4%
793,956
823,812
Misc.phys.prop_
leased line etre 11,246,000 11,238,700
506,236
1,667,029
Cash
Special depoeits_ 1,703,600 2,054,512 Non-negot. debt
to still. cos_ __ 1,294,877
71,016
5,786
Loans&blllsrec.
Loans& bills pay 1,714,585 2,805,000
Unmatured divi87,357 Trafficoitc.,bals. 1.250,117 1,033,882
87,411
dends, &c
336,351 Vouch. & wages 2,493,786 3,361,652
300,651
Other investm't.
368,624 Tax liability.... 1,826,519 1,547,523
387,318
Traffic,&c.,bals_
986,833 Int., &c., due__ 1,681,062 1,782,412
808,556
Bal. front agents
518,032
574,044
Material & supp. 4,890,363 5,241,717 Int. accrued,&e.
642,193
654,351
217,494 Misc. accts., dm.
271,418
Other curr.assets
131,117
154,347
938,131 1,171,382 Insurance res've
Misc. accounts_
591,366
0th. unadl. cred
422,681
Other deferred
12,986
12,986
108,619 Otlr. def'd items
168,298
debit items_ _ _
3,210,282 Add'ns to prop'y
W.C. Ry. Co_
thr. inc.& stir.
149,401
171,506
Unadjust. debits 2,071,964 1,003,740
Fund, debt ret.
59,000
thr.inc.& stir.
Sink, fund res__
17,966
Profit and loss_ 15,882,576 15,354,393
Total
174,207,971 171,159,522
174,207,971 171,159,522
Total
x After deducting reserve for eon pment depreciation. $8,386,229.
companies include as of Dec. 31 1924.
y Securities of affiliated,
$128,000: W. 0. Ry. Co. equip. contracts.
stocks, $23,222,237; bonds, &c.,
$2,167,768: advances, $3,670,910; W. Ry. Co .00., 8939,248.-V. 120.
p. 2266.•
Havana Electric Railway, Light & Power Co.
-Year Ended Dec. 31 1924.)
(Annual Report
The text of the report, signed by President F. Steinhart,
together with the income account and balance sheet, will be
found under "Reports and Documents" on subsequent
pages.
INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
1924.
1922.
1923.
$14,357,901 813,458.064 812.910.707 812.882,853
Gross earnings
7,376,344
Oper. expenses & taxes. 7,433,585 6,571,341
6,308.968
$6,924,316 $8,886.723 86.601.739 85.506,309
Net income
122,767
189.053
339,886
396,270
Miscellaneous income_ _ 7,264,002 87.282.993 86.790.792 85,629.076
Total net income
$1,088,950 81.117,166 31,087.008 81,009,011
Fixed charges
1,258,709
1,258,813
1,258,602
1,258,607
Preferred diva. (6%)
896.871
896,849
986,612
896,619
Common diva.(6%)
1.923.879
Deprec. & counting. res. 3,240.638
3.350,388 2.900,000
Balance, surplus
8779,200
$660,233
8648,522
$540.606
MAY 919251
THE CHRONICLE
BALANCE SHEET DEC. 31.
1924.
1923.
1924.
1923.
Assets$
$
Liabilities$
$
Prop., plant& eq.a66,283.398 64,654,818 6% pref. stock _..b20,976.587 20.976.697
Investments
1,586,977
665,517 Common stock__c14.943.221 14,943,646
6,676,392 5,753,252 Funded debt
Cash
20,781,742 21,277,891
Accts.& notes roe_ 2.716.057 2.569,716 Mtge.on real est_
100,000
100,000
Ilat'isotc.,on hand 1,658.320 1.723.372 Accts. payable
315,707
259,971
Mans In transit
55,123
39,845 Divs.& int.unpaid 153,780
133,921
Empl. retire. fund
234,023 Accr. Int. on bonds 245,579
293.342
Other funds
968
304 Empl. retire. fund
234,023
!tour. paid in adv.
52,599
67,265 Consumers'& other
deposits
803,906
775,699
Res.for tax.&cont. 2,435,095 1,606,163
Special reserve._ _ 522,952
522,952
Res.rve for deprec.10,975,628 8,510,368
Total(each side) _ _79,029,834 75,708.111 Corporate a irpltri_ 6,775,638 6,073,437
a Properties, plant and equipment as per balance sheet Dec. 31 1923.
$64,654,818: net additions during year, $1,628,580. b Authorize
d 210.000
shares 6% CUMUI. Pref. stock, pi.r value $100 each issued and fully
209.787 shares; less 21.13 shams held in treasury. c 150,000 sharespaid
par
value $100 each, less 567.79 shor-c hem In treasury.
-V. 118, p. 2431.
GENERAL liN‘EsTMENT NEWS.
STEAM RAILROADS.
Ann Arbor Railroad.-Serurities Authorized.
-
Cane Belt Railroad.
-Bonds.
-
-S. 0. Commission on April 23 authorized the company
The I.
to issue
one reaistered 1st Mtge 6% Gold bond, series A. in the denomination
of
$1,000,000: said bond to be delivered to the Atchison,
Railway in satisfaction of a like amount of indebtedn Topeka & Santa Fe
ess for advances for
capital purposes.
Central Argentine Ry., Ltd.
-Notes
Offered.
Adolph Lewisohn & Sons, New York, are
vertible Gold notes due Feb. 1 1927 at 10034 offering $350.000 6% Conand interest to yield about
5.95%•
The notes are a direct obligation of the company, a British
corporation,
and are authorized and outstanding in the amount of 515.000,0
cipal and interest are payable in New York in United States 00. Pringold coin.
cannot be redeemed below 102 and are convertibl
They
e
solidated ordinary shares of .00 face value. These sharesat par into conare now paying
dividends at the rate of 7% and in the past they have
prices substantially above par so that these notes have frequently sold at
possibiliti
vance in market price not usually found in short term securities.es for adCentral Argentine Railway operates a system
railways, substantial
portions of which are double tracked, comprisinof 3,304
g
miles of track
radiating from Buenos Aires. It serves the most densely
populated section
a the country and reaches the principal cities of the Republic.
The company operates under a perpetual government concessio
n and,
under terms of a supplemental contract running to 1947, it
charge such rates that will return 6.80% on the investment as is entitled to
recognized by
government. This valuation at the•present time
the
is in excess of $250,000.000 or nearly 2Si times all fixed obligations. Tariffs
are collectible
in gold assuring freedom from any danger of depreciated currency.
.-A summary of earnings for the past three
Earnings
years ending June
30 (converted into dollars at rate of $4.86) is as follows:
1924.
1923.
1922.
Gross operating revenue
$55,209,828 $51,787.280 545,890.851
Income available for interest
14,994,479 17,031.568 10,335.295
Fixed charges
4,417,234
5,647.951
4,244.417
Times earned
3.39
3.02
For the past 5 fiscal years fixed charges were earned on an average of 2.44
3.09
.
times -5r. 116, p. 2006.
Chicago Burlington & Quincy RR.
-Tender
s.
The New England Trust Co., trustee. 35 Devonshire St., Boston.
Mass.,
will until May 15 receive bids for the sale to it of C.
Extension 4% bonds, due May 1 1927, to an amount B. & Q. Nebraska
sufficient
$294.410, at a price not exceeding 110 and int.-V. 120. p. 449. to exhaust
Chicago, Milwaukee & St. Paul Ry.-Sought
aid
-In response to inquiries relating of
C. Commission.
to
possible assistance to the St. Paul Railroad through the Commission the Secretary of the Commission issued the following
statement April 25:
Mr.IL E. Byram,Pres. of the St. Paul, had a conference with Division
4
of the Commission, at that time composed of Commissioners Meyer, Eastman and Potter sometime early in the autumn of 1924. Mr. Byram exr
ed his solicitude regarding the general St. Paul situation and inquired
Whether it would be possible for the Commission to make a loan to his company either out of the contingent fund or out of the revolving fund. He also
anted to know whether the Commission would be willing to recommend to
he Secretary of the Treasury the substitution of certain collateral for other
collateral now on deposit with the Treasury because from the standpoint
of
government security the collateral to be substituted Mr. Byram thought
bedlist as good as what is now there and from the commercial standpoint
point of the company the collateral to be released would be very much more
wo
useful.
Division 4 advised Mr. Byram that the amount of money in the continsmall and none of it was at present available for the
gent fund wasrespect
making of
loans• With Byrainto the revolving fund provided by the transportation
was advised that his applications had been
act. 192. Mr. already made and that there
existed no statutorygranted in
loans
full the loa
authority
or makifurther loans. This left only one possible source of relief through
fhe Commission open to the St. Paul; namely, the substitution of collateral.
respect to this Mr. Byram was told that the Commission would be disVith
posed to do everything within its power to aid the St. Paul road,
substitution of collateral would be given most careful considerationthat the
wheka
k
Colorado & Southern RR.
-Annual Report.
-
Calendar YearsOperating revenues
Expenses
Taxes, &c
1924.
1923,
1922.
512.866,947 $12,675,913 $13,196.2
$10.139.487 $11,154,293 $10,894.637
65
767,423
782,490
833,514
Operating income._,,$1,960,038
$739.130 $1.468.058
Other income
2,573.286
2.680.834
1.693.016
Gross income
$4,533.324 33,419.963 $3.161.074
Interest, rentals. &c
$2.768,635 $2,583,704 $2.326.315
Dividends
680,000
680.000
680,000
Surplus
$1,084,690
$156,259
$154,759
-V.119, p. 2406.
1921.
$13.223.220
110,523.890
766.616
$1.932.714
1.95.5.241
$3.887.955
$2.337.800
680.000
$870.155
Eldorado & Santa Fe Railway.
-Bonds.
-The
Car Surplus.--Class I railro ds on April 22 had 344,198 surplus
,
cars in good repair and immed ately available for service, accordingfreight
to reports filed by the carriers with the Car Service Division of the American
Railway Association. This w..s an increase of 1,150 cars
reported on April 15. Surp'us coal cars in good repair onover the number
April 22
173.455, a decrease of 4,461 ars within approximately a week while totaled
surplus
box cars in good repair tot-led 126.031, an increase of 7,237
during
period. Reports also showed 20.258 surplus stock cars, a decreasethe same
of
number reported on April 15, while there was an increase 2 242
under the
of 242
during the same period In the number of surplus refrigerator
cars, which
brought the total for that class of equipment to 15.842.
-No car shortage is being reported.
Car Shortage.
Repair of Freight Cars.
-Freight cars in need of repair on April 15
190,165 or 8.2% of the number on line, according to reports filed totaled
by the
carriers with the Car Service Division of the American Railway Associatio
n.
This was an increase of 3,748 over the number reported on April 1, at
which
186.417 or 8.1%. Freight cars in need of heavy repair
time there were
on
April 15 totaled 144,874 or 6.3%,an increase of 1,545 compared with
April 1.
Freight cars in need of light repair totaled 45.291 or 1.9%,
an increase of
2.203 compared with April 1.
Locomotive Repair -Class I railroads on April 15 had
12.066 locomotives
in need of repair. 18.8% of the number on line, according
the carriers with the Car Service Division of the Americanto reports filed by
Raifway Association. This was an increase of 455 over the number in need of repair
on
April 1, at which time there were 11.611 or 18.1%. Of the total number,
6.528 or 10.2% were in need of classified repairs, an increase compared
with
April 1 of 183, while 5.538 or 8.6%
were in need
increase of 272 within the same period. Serviceable of running repairs, an
locomotives in storage
on April 15 totaled 6.591. an increase of 350 compared with the number
of
such locomotives on April I. Class I railroads during the first half
of April
repaired and turned out of their shops 32.819
3.918 under the number repaired during the lastlocomotives, a decrease of
half of March.
Mattels Covered in "Chronicle" May 2.
-Senator Couzen's criticism of
management of Pennysivania RR.
-Reply by President Rea.
-2227.
-S. C. Commission on April 23 authorized the company
The I.
(1) to issue
not exceeding $1.000.000 5
-Year 6% notes, to be sold at not less than
and interest, and (2) to pledge $2,000,000 of Improv. & Ext. Mtge bonds 95
as
collateral security for the notes. (See offering of notes
in V.120, p. 1322)V. 120, p. 2142, 2265.
2397
definite proposition might be made in the form of
an application on the part
of the St. Paul road. No such
sion had no further conference application was ever filed and the Commiswith Mr. Byram. Whether or not the directors of the St. Paul road were in a position to
avail themselves effectively
of this possible source of relief we are not
advised. Division 4 did not and
naturally could not make any promises to Mr.
Byram in ths absence of a
specific application.
The United States Trust Co.of N. Y.has
Convertible Gold Bonds.of 1912.-V. 120. resiened as trustee of the 43i%
p.2008. 1744.
I.
-S. C. Commission on April 21 authorized
registered 1st Mtge 6% Gold bond. series A,in the the company to issue one
denominat
000; said bond to be delivered to the Atchison. Topeka & ion of $3,500.Santa Fe Ry. in
satisfaction of a like amount of indebtedness for
advances for capital
purposes.
Great Northern Ry.-Ahondonrnent of
Branch Line.
The I.
-S. C. Commission on April
company to abandon a branch line of 20 issued a certificate authorizing the
railroad extending from a point in its
main line passing track at Windham in a southwest
also from a point in the branch line designated erly direction 4.70 miles;
33 southwesterly 2.36 miles. The total mileage as survey station 202 plus
is 7.06 miles, all in Judith Basin County, Mont. proposed to be abandoned
-V.120. p. 326.580,576.
Missouri Pacific RR.
-To Redeem
All of the outstanding First & Ref. Mtge. Bonds.
have been called for payment Aug. 1 at par 5% Gold bonds. Series "0,"
Trust Co.. 140 Broadway. New York City. and interest at the Guaranty
-V. 120. p. 2262.
Mobile & Ohio RR.
-Preliminary
Earnings.
Calendar Years1924.
1923.
1922.
Total oper. revenue_ _ _419.464.381
1921.
820312.416 $17,878,005 $18,190.180
Net over taxes
3.532.155
3,289,496
3,250.909
1,325,983
Net, incl, other income_ 3.653.421
3.441,869
3,372.558
2.289.054
Interest. rentals, &c_
1.572.250
2.313,901
2.353.597
2,087.348
Dividends paid
421.176
421,176
240.671
240.672
Balance, surplus
51.659.894
$706,792
$778.289 def$38.996
-V.119,p. 2283.
Northern Central Railway.
-Listing
The Philadelphia Stock Exchange has authorize d
Gen.& Ref. Mtge.5% Gold Bonds, Series A,dated the listing of 58.300,000
March 11924. maturing
March 1 1974-V. 120. p. 1087, 1583.
Northwestern Pacific RR.
-Abandonment of Branch
Line.
The I. S. C.Commission on April 21 authorized
as to interstate and foreign commerce, a part ofthe Company to abandon,
a branch line
extending from a point about s
-mile southerly from Duncan of railroad
Mills in a
general westerly direction to the end of the branch
of 2.46 miles, all in Sonoma County, Callf.-V. at Markham,a distance
120, p. 206.
Peoria & Eastern Ry.-No Interest on Income
Earnings for 1924.
-At a meeting of the directors Bonds
Feb. 26
the following resolution was adopted:
Resolved, That the statement of earnings, expenses
income for the 12 months ended Dec. 311924.showing and deductions from
a deficit of 5293.910.
to which should be added expenditures for
additions and betterments
road. during 1924. 5218,729; proportion for year
1924 of charge for Champaign Elevator resold for $140.000,
S10.000; total, $522,639; less Peoria as per agreement, final installment.
& Pekin Union Ry, bonds
57.500: balance due C. C. C. & St. Louis Ry,
retired.
for year 1924, 5515.139.
which, together with $904,234. the balance
due the C. C. C.& St. Louis
Ry. on operating account as of Jan. 1
1924,
company of 51,419.373. be, and the same is makes a total owed that
hereby, approved: and the
directors have ascertained and hereby
and income applicable to the payment declare that there are no earnings
of interest for the year 1924 upon
the income bonds of the company:
Statement of Income and Deductionsfrom Income,
for Calendar Year 1924.
[Statement submitted to trustee of income
bonds by C. C.C.& St. I.. By.]
Railway operating revenues
$4.671.714
Railway operating expenses
3,996.516
Net revenue from railway operations
$675.198
Railway tax accruals
$199.200
Uncollectible railway revenues
Equipment rents
202
-net
481.333
Joint facility rents
-net
58.607
Total
$739.343
Net railway operating deficit
864.145
Non-operating income
59.593
Gross income (loss)
$4.552
Deductions
17.964
Net deficit
522.516
Interest on bonds and notes
a405.260
Deficit
5427.776
Deduct
Income from operation of Springfield Div.
& St. L. Ry.Co.as per agreement, being due from C. O. C. &
an amount equivalent
to 4% interest on $5,000.000 purchase
Springfield, Ohio, to Indianapolis, Indmoney lien covering line.
$200.000
Interest on P. & P. U. Ry. Co. Debentur
Interest at 6% on $52,295 balance due e bonds
2,438
C. C. C.& St. L. Ry. Co. as of Jan. 1P. &. E. Ry. Co. from
1924
3,138
Deficit
Adjustment for Year.
-(a) Debits
-Loss on retired road and $222,200
equipment, $73.839: miscellaneous.
$88; total debits. $73.927.
(b) Credits--Unrefundable overcharg
es,$2,076; miscellaneous,
$141; total credits, $2.217
Dr.71,710
Deficit
Balance due C.0.C.& St. L. Ry. Co. on
oper. acct. Jan. 1 1924- $293.910
Add-Proportion for 1924 of charge for
5904.234
Champaign elevator
resold for 5140.000 as per agreement
Expenditures for additions and. bettermen
10.000
ts
-road-during 1924 218,729
Total deficit
Deduct P.& P. U. Ry. Co. debenture bond
$1,426.873
retired
7,500
Bal. due C.C.0.& St. L. By.Co. on oper.
acct. Dec.31 '24_651.4
Accrued depreciation, equipment and property
19,373
replacement account held by C.C.C.& St. L. Ry.Co.as of
Dec.
a Interest on (1) 88,500,000 First Cons. Mtge. 31 1924..,,. c$756.070
5942.5001. B.& W.Ry. First Pref. Mtge. bonds, bonds, 4%. $340.000; (2)
4%.837,760;(3)
0. I. & W.Ry. First Pref. Mtge. bonds, 5%.
$25,000; (4) 850.000 $500.000
C. C. C.& St. L. Ry. Co..5%.$2,500.
note due
b The correctness of the balance due the Big
Four ($1,419.373) has not
been audited by the minority interests. In
May 1922 the Peoria & Eastern
Ry. was free of floating debt.
c This is a cash fund for replacement
P. & E. and held by the "Big Four." It of equipment belonging to the
is not a bookkeeping item.
Fin. 120.
THE riHRONICLE
2398
Income Account Years Ended December 31.
1922.
1923.
- 1924.
Revenue53.598.814 53,413.467 53.086.693
Freight
761.172
781.929
745.266
Passenger
193.377
205.977
192.699
Mail and express
95.911
99.455
97.366
Other revenue
29.075
44.392
25.914
Incidental
12.670
16.342
11.653
Joint facility
The new company was organized August 5 1924. to take over and operate
the railroad property purchased by Curtin and his associates, who. Incidentally, are stockholders in the Pardee & Curtin Lumber Co. The price to
9
be paid by the company is $8 .500. to he represented by 8e5 shares of
common stock par $100 per share. Curtin. as trustee, will retain the
-V. 118, p. 2825.
coal properties.
Total railway operating revenue___ $4,671.714 $4.561.564 $4,178.898
Expenses
5640.018
$802.116
$930.785
Maintenance of way and structures__
1.049,956
1,139.942
1,062.264
Maintenance of equipment
66,407
62.102
67.908
Traffic
1,717.970
1,848.676
1.786.608
Transportation
809
Miscellaneous operations
129.048
136.611
153.683
General
135
6.062
4.733
Transportation for Investment-Cr
Total railway operating expensee__ $3,996.516 $3.981.386 53,604.343
574.555
578.178
675.198
Net revenue from railway operations_
206.751
177.896
199.200
Railway tax accruals
496
493
202
Uncollectible railway revenue
390.146
441.377
481.33:1
Equipment rents (net)
62.264
63.641
58.607
Joint facilities rents (net)
564.144
265.640
$105.230
315.401
$201.496
$210.170
Cr.178
400.832
43.981
$212.134
322
401.086
25.817
Net deficit
Sinking and other reserve funds
Investment in physical properties
$216.768
5.432
$234.466
5.375
238.363
$215.092
5.425
28.409
Net railway operating deficit
Non-operating income
x400.565
17.698
$248.926
$478.202
$222.200
Balance. deficit
Mtge.
x Includes 537.760 interest on I. B. & W. By. First Pref. on P.& 4s:
E.
Prof. Mtge. 58: $335.040 int.
$25.000 int. on 1.0. & W. By. First
Ry. First Cons. Mtge. 4s: 52.500 itit. on C. C. C. & St. L. Ry. Co. 5%
on Central Grain Elevator 5% bonds.
note: 5195 int.
Balance Sheet December 31.
1923.
1924.
1923.
1024.
$
$
LiabilitiesAssets
9,991,200 9.994.200
Inv. In rd. dr equip.19.969.655 19,574.920 Capital stock
5,000
3,000
12,992 8tk. liab. for cony..
13,316
Finking fund Inv_
Mortgage bonds_ 9.818.500 9.823.500
Misc. phys. prop8,127 Ineon e bonds_ __. 4,000.000 4,000.000
8,425
erty Investment.
Non-negorle debt
Inv. In MM.cos.:
964.237
to affIliattd cm. 1,469,373
125,000
125.000
Stocks
5,042.500 5,050.000 Funded debt m-Bonds
1.000
1.000
tured unpaid__ _
1.334
1,334
assets__
Deferred
334,942
Ac r. depr.(equip.) 306,720
Detire't dr deprec'n
960.597 A dd us to property
756,070
of equipment_ _
through income
620 823
Profit.& loss deficit 914.993
and surplus.... 1,059,085 1,0e8.933
161,982
Total (each side) 26,831,294 26,353,792 Sink, fund reserves 167,415
-V. 120. p. 2009.
Pere Marquette Ry.-Balance Sheet Dec. 31.-
1923.
1924.
$
$
AssetsRoad & equip_ _133.406.405 128,861.730
Leased property
655,563
improvenets. 709.415
217.181
31.468
Dep.In Iln. mtge
9.443
14.794
MIscell. prop...
Inv.affII. cos._ 8,077.116 8,045.679
140
140
Other invest_ _ _
5.283.462 4.512.065
Cash
U. S. Tr. notes
600.000 3,004,453
and certif.. _ _
570
1.380
Special deposit_
73.415
22.961
I.'ns & bills rec.
279.269
260.006
Due from agents
Misc. accts. rec.. 1.002.585 1.277.758
Malls & Kipp._ 3,682.254 4,523.272
71.682
63.084
Int. & dive. rec_
200.472
155.470
Other assets. _ .._
88.869
107.432
Deferred assets_
Unad.i. debits_ 1.020.796 1.037.068
1924.
8
LiabilitiesPrior Pei. stock 11,200.000
Preferred stock. 12.429.000
Common stock. 45.046.00(1
_
Funded debt_. 53,394.000
.. ...
L es & bills pay.
Traf. bats. pay- 1.513.014
Accts. & wages
2.266.349
payable
418.501
Mlse.aec'ts pay.
Int. mord unpd. 1.059.640
450.460
Divs. mat. unpd
9:1.333
Unmat.div. dec.
259.530
Unmat. Int. acer
Uumatured rents
124.369
accrued
136.222
Other curr Ilab.
240.124
Deferred Habits_
sUnadj. credits_ 10.280.735
P. & L. surplus. 15.417.492
512.7.30810 513.266.424 511.476.610
52.318.966 $2,009.208 $1,658.923
948.715
1,021.306
1,112.267
28.23929.548
27.711
4.593.644
5,326.539
5,357.813
42.314
41.759
41.310
175.689
241,718
238.326
Total railway operation expenses.._ 59.096.414 58.668.770 $7.448.834
4.027.776
4,597.654
3.614.397
Net revenue freieht ry. operation
1,198.665
1.311.412
1.069.033
Railway tax accruals
13.841
1.478
10.344
Uncoil, railway revenues
52.515.020 $3.284.764 52.815.269
Railway operating income
loss:35.669 loss32.109
Net revenue from miscell. operations_ loss32.567
2.141
2.311
1.107
oper. property_ __
Taxes on miscell.
52.521.346 $3.246.782 52.781.018
Total operating income
2.951.284
3.187.347
3.388.182
Total non-operating Income
53.909.527 56,434.129 $5.732.303
Gross Income
155.338
199.685
159.874
-debit balance._
Hire of freight cars
128,150
180.547
171,907
Rent for locomotives
7:16
153
train cars
Rent for passenger
624.493
1.019.967
901.006
Joint facility rents
803.581
822.342
812.211
Rent for leased roads
605.861
581.324
1.051.426
Miscellaneous rents
75.724
72.633
142.336
Miscellaneous tax accruals
1,798,006
1,758.663
1,781.554
on twined debt
Interest
497
9.432
1.808
Interest on unfunded debt
10.157
9.808
16.022
Amortization of inset, on funded debt
13.588
14.353
14,336
Income charges
Miscellaneous
133.964
212.852
217.408
Inc. appl. to sink., reserve funds
$630,637 $1,509,370 51,382.208
Income balance
-V. 119. p. 1954.
.-Bonds Sold
Western Pacific PP.
A block of 54.000.000 1st Mtge. 5s. due March. 1946, recently offered
for sale by the company, has been purchased by the Western Pacific It it.
120. p. 1879, 1745.
Corp.. a holding company, whose bid was
1583. 1455, 1324.
whs.-V.
,-Purchases Bonds.
Western Pacific RR. Corr .
-V. 120. p. 1879, 1745.
western Pacific RR. above.
See
PUBLIC UTILITIES.
1923.
$
11,200.000
12.429.000
45.046.000
54,078.000
33.000
1,455.848
Chicago Street Railway Men Ask 1I'm e I nricase.-ChIcago's surface lines'
conductors and notoni.en ask restoration of 1922 contract, which gave them
-"Wall t. Journal." May 6. p. 14.
n.aximunt of 8u cents an hour.
2.957,795
276.995
1,055.520
450.460
93.333
278.175
-Annual Report.
American Pow.& Light Co.(& Subs.).
1923.
1924.
Years Ended Dec. 31$42.078 837 $31.799.862
G ress earnings of subsidiaries
17,562,926 12,948,297
Net earnings of subsidiaries
Gross earnings et Amer. l'ow. & Light Co. Incl.
balance from eperations of sub. cis. applicable
to Amer. Pow. & Light Co. (after renewal and
7.688.275 5,153.673
replacement appropriation)
407.390
489.129
m
Expenses of Aerican Power & Light Co
716.965
834.477
Interest and discounts cf American l'ow. & Lt. Co..
844.425
1.060.109
Preferred dividends
1.626.651
2.027.196
Common dividends
136.278
119.947
Combined undistributed income
311.062
9.006,416 -V. 120. p. 1324.
13.930.800
American Superpower
134.328.770 152.858.629
154.328,770 152.858.629 Total
Total
x Comprises tax liability, accrued depreciation of equipment and other
credits.
unadjusted
A comparative income account was published In V. 120. p. 2143.
-The
-San Francisco ky.-Annual Report.
St. Louis
pamphlet report for the year 1924 has just been issued.
The usual comparative income account and balance sheet
will be found in V. 120, p. 948. The report will be cited
-V. 120, p. 1878.
further fully another week.
-New Trustee.
Seaboard Air Line Ry. Co.
The company In an advertisement says:
deeds of
"Pursuant to the power and authority contained in two certain as the
Trust. dated Jan. 2 1890. and June I 1891. known, respectively,
and the main line 2nd mortgage, made by and be1st extension mortgage
and the
tween the Florida Central & Peninsula RR. Co. of the one part,
was
Atlantic Trust Co., as trustee, of the other part, which latter company Co.
on June 24 1903. by the Metrepolitan Trust
duly succeedid as trustee
successor to the
Line
of the City of New York. the Seaboard Air herebyRy., as
consttute and appoint
Florida Central & Peninsular RR.. does
York, trustee. In
the Chatham Phenix National Bank & Trust Co. of New
-V. 120, p. 2143, 1745.
and stead of the Metropolitan Trust Co.
the place
-Kuhn, Loeb &
-Bonds Sold.
Southern Pacific RR.
Co. have sold at 91 and int., yielding over 4.55% to maturity,
Jan. 11955.
$6.425.500 1st. Ref. Mtge. 4% Gold bonds, due by endorsement
guaranteed
The principal and interest of these bonds are
by the Southern Pacific Co. on April 22. authorized the company (1) to
C. Commission
The 1. 8.
June 30 1927. as
the
time,
pledge and repledge. from time to notes, to (2)including the best terms
to sell on
collateral security for short-term at such or
price or prices as will yield the
in any event
available, but not
all or any part of 55,425,500 of
purchaser in excess of 5.1% per annum, p. 327.
-V. 120,
1st Ref. Mtge. 4% gold bonds.
-Bonds.
Gulf Coast PR.
Tampa &
the company to procure
The I. S. C. Commission on April 21 authorized
Mtge. 5% gold bonds of
authentication and delivery of $434,000 of 1stAir Line Ry. as collateral
1953. and to pledge them with the Seaboard -V. 96. p. 1425.
security for certain loans made to the company.
West Virginia Midland Ry.-Acquisition & Construction of Line.
a certificate authorizing the
The I. S. C. Commission on April 25 issued
extending from Holly
Company (a) to acquire and operate a line of railroad
County. a distance
Junction, Braxton County. to Webster Springs, Webster
by it of
of 30 miles. all In the State of West Virginia, and the construction easterly
an extension of this line of railroad from Webster Springs in an Leathervillage of Berge°, at the mouth of
and southeasterly direction to the
wood Creek, a distance of 11.7 miles, In Webster County.
was
le The property which the company proposes to acquire and operate
May,
formerly owned and operated by the West Virginia Midland RR. In
by order of
1920, the property was placed in the hands of a receiver, and was ordered
he Circuit Court of Braxton County, dated Dec. 19 1923. it
order
told at auction. sale to II. B. Curtin. trustee, being confirmed bywhich
the court dated July 25 1924. The price paid was 5150.000.
3.211 acres.
ofcluded the coal underlying tracts aggregating
in
1923.
1924.
$12.171.621 $12,622.321 $10,906,969
13.352
859.120
980.109
939.792
302.831
336.006
380.603
Total ry. oper. revenues
Maintenance of way & structures
Maintenance of equipment
Traffic
TrarsportatIon-rall line
Miscellaneous operations
General
$85.101
297.236
Gross Income
Rent for leased roads
Int, on funded and unfunded debt.Other deductions
-Annual Report.
Terminal Railroad Assn., St. Louis.
1922.
Calendar YearsRevenues
Switching
Special service train '
Incidental
-Dr
Joint facility
53.277.364 $1,558,242
Corp. (Del.).-Pref. Stock Offered.-Benbright & Co., Inc., are offering at $95 per share
and div. to yield over 6.30%, 35,000 shares 1st Prof. stock
(no nor volue). Curnular;ve divs. of RB ner share per nneurn.
and assets over any
Dividends payable Q.-.1. Preferred as to dividends
other stock of the corporation. Rid., all or part, at any time upon 60
days notice at $110 per share and dies. Transfer agent, Central Union
Trust Co. of New York. Registrar, New York Trust Co., New York.
Under the present Federal income tax law (Revenue Act of 1924) dIvideeds
on this stock are exempt from the normal tax and are entirely exempt from
all Federal ineonie taxes when held by an Individual whose net income,
after all deductions. Is 51(1.000 or lees. Dividends when received by
corporations are entirely exempt from all Federal income taxes.
Data from Letter of L. K. Thorne, President of the Corporation.
-Organised in Delaware Oct. 26 1923 with broad powers to
Company.
acquire and hold securities of electric power and light companies, to construct, operate or lease power stations and transmission lines and to act
as fiscal agent for electric power and light properties.
Corporation has acquired as diversified permanent investments common
stocks of a number of successful and progressive companies in the electric
light and power business. The primary source of its earnings Is the dividends on these stocks. In addition, It has received fees in connection
with the underwriting of offerings of additional stocks of certain of the
companies in whicn it Is interested, and has sold at substantial profits
certain of its holdings. The company Is fundamentally interested in the
development of the electric power and light Industry as a whole, and is
particularly interested in the development through interconnection of large
power systems along so-called "superpower" lines. It does not aim,
however, to control or operate any of the companies in which it has an
Interest.
-Proceeds from the sale of this 1st Pref, stock will be used
Purpose.
for the acquisition of additional interests in certain electric light and power
companies.
Holdings.- Corporation owns substantial interests in the following companies. Its policy is In no case to own more than 15% of the outstanding
Common stock of any one company. Public Service Corp. of N. .1.,
Commonwealth Power Corp., Tennessee Electric Power Co., Electric
Power & Light Corp.. National Power Sc Light Co., Brooklyn Edison
Co.. Inc., United Light & Power Co., Detroit Edison Co.. Republic Rye.
& Light Co., American Power & Light Co., Southeastern Power & Light
Co., Edison Electric Illus.. Co. of Boston. American Light & Traction Co.
It also has smaller holdings In several other companies.
pon Completion of this Financing).
Capitalization
Authorized. outstanding.
100.000 shs. 35.000 abs.
1st Preferred stock (no par value)
300.000 shs. 140.000 she.
Panic. Preferred stock (par $25)
600.000 shs. 173.000 sits.
Common stock (no par value) Class A
750.000 shs. 448.778 shs.
Common stock (no par value) Class B
corporation has no funded or floating debt and its assets (at curThe
rent market prices) after giving effect to the receipt of the proceeds of this
issue exceed $22,000.000.
The l'artic. Pref, stock bears cumulative dividends at the rate of 7%
per annum. In any year in which more than 51 per share is paid on the
Common stock, the Panic. Prof. stock is entitled to receive 1% additional
(making a total of 8% for such year). Class A and Class B Common stocks
are alike in all respects except that the Class B stock has the sole voting
power. There are also outstanding 301,222 option warrants, which were
issued to the original subscribers at the time of the organization of the
corporation and which entitle the holders thereof to subscribe to a like
number of shares of the Class 13 Common stock at $10 per share.
MAY 91925.1
THE CHRONICLE
Earnings-42 Months Ended-
Dec. 31 '24. Mar.31 '25.
Income from all sources
Expenses
Taxes, incl. reserve for income tax
$1.522,040 $2,096,227
14,213
13,835
125,564
138,673
Balance applicable to dividends
$1,382,640 $1,943,341
Ann. div. requirements on 35,000 shs. of let Pref. stock
210,000
The above statement of income. including cash profits and underwriting
fees, for the 12 months ended March 31 1925 shows, after the deduction
of expenses and taxes, a balance available for dividends equal to more than
nine times the annual dividend requirements of this issue of 1st Pref. stock.
These earnings do not include the considerable enhancement in market
values of the present holdings of the corporation during the period, nor
do they reflect the income to be derived from the investment of the proceeds
of this issue. The above expenses do not include commissions paid on the
sale of the Partic. Pref. stock.
Directors.
-B. C. Cobb, W. M. Elm*, George E. Hardy, Frank T.
Hulswit, Alfred L. Loomis, Thomas N. McCarter, Sidney Z. Mitchell,
Randal Morgan, William Spencer Murray, George Roberts, Horace S.
Scarritt, Richard Schaddelee, Ray P. Stevens, Henry L. Stimson, Landon
K. Thorne. Percy S. Young.
-V. 120, p. 1324.
Androscoggin Electric Co.
-Notes Offcred.-Coffin &
Burr, Inc., are offering at 100 and int. $500,000 5
-Year 6%
Gold coupon notes.
Dated May 1 1925: due May 1 1930. Principal and in (M. & N.)
2399
Consolidated Statement of Earnings and Expenses 12 Months Ended.
Gross revenue (incl, other income)
Operating expenses, maint. & taxes
Interest and Other Deductions
Mar. 31 '25. Dec. 31 '24.
810,849.098 $8,901,968
7,200,419
5,859,524
1.707,692
1,298,390
Balance available for divs.& retirement reserves 81.940,987 81,744.054
Annual dividend requirements on Preferred Stock
outstanding including this issue
828,636
Managentent.-Company is controlled by the Middle West Utilities Co,
120. p. 1201, 209.
Chicago Rapid Transit Co.
-Annual Report.
Calendar Years1924.
x1923.
Gross operating revenue
Non-operating revenue
318.565.185 317,990.782
210.747
155.524
Total earnings
Total operating expenses
Taxes, city compensation, &c
Rentals
Int. on mtge. debt and equip. obligations
Interest. other
Amortization of discount
Dividends on Prior Pref. stock
318.775,932 818,146,306
a13,759,650 12,953.493
1,407,459
1,406,132
467,714
449,549
2,244,1671 2.184,549
1369.6101
25.955
74,733
Surplus for year
8726.642 $1,152,581
payable without deduction for and with refund of normal Federal income Other profit and loss credits
232.030
tax up to 2% in Boston. Denom. $1,000. Red. on any int. date after
1925 as a whole only on 30 days' notice in 1926 at 102 and hit, and thereSurplus, unappropriated
$958.672
after at premiums reducing 34 of 1% each year. Legal investment for
a Total operating expenses includes $239,609 credited to retirement
savings banks in the State of Maine.
reserve. b No interest declared or paid on Adj. Deb. bonds. x Results
Issuance.-Autherized by the Maine P. U. Commission.
of operations of predecessor companies.
Company.
-Does directly the entire commercial electric light and power
Comparative Balance Sheet.
business in the cities of Lewiston and Auburn, Me., and vicinity. PopuDee.31 '24 Jan.31'24
lation, 53,139. Company also owns a high-speed interurban electric
Dee. 31 '24 Jan.31'2
Assets
railway connecting these two cities with Portland, located on private
right-of-way throughout its 30 miles, and with trackage rights at the Road & equip,_ _ _88.713,595 87,637,907 Prior Pref.stock__ 3,362,086
terminals. It is of a high grade of standard steam railroad construction Misc.phys. prop__ 2,002,504 1,983,397 Common stock_ _20.329.500 20,329.500
Sinking fund
181 1.029,219 Funded debt_ _ _ _145,528,000 48,715,000
graded to a 4% maximum and equipped with catenary overhead.
Company owns hydro-electric plants of 10,987 h. p. capacity, one of Depos. in lieu of
Adj. Deb. bonds._18,563,000 18,563,000
mtg. prop. sold_ 593,195
which, on the Androscoggin River just above Lewiston. has a present
Current liabilities_ 1,839,143 2,425.478
653
Accr. hit. & rents_ 519,471
capacity of 9,200 h. p. and is capable of further development to 18,000 Adv.to attn. cos
880,364 Accr. tax liability_ 1,260,202 1,336,786
Ii. p. In addition to the hydro-electric plants the company's steam plant Sundry sec. owned 317,351
Cash
2,144,0771
in Lewiston has a present installed capacity of 8,000 h. p.
nerd liabilities_
582,236
553.783
Special deposits_ _ 94.1491
Reserves
Capitalization3,375,746 5,362,357
Authorized. Outstanding. Loans & notes rec.
62,6711 3,734.570 Other unadj. ere& 300,588
Common stock (controlled by Central Maine Power
7,017
Misc, accts. rec__
848,5591
Corporate surplus. 958,672
126,691
Co.)
81,500,000 81.500.000 Mat'ls & supplies_ 597.2281
Preferred stock 6% Cumulative
500,000
500,000 Other curr. assets_
32,4131
6% notes due May 1 1930 (this issue)
1.000,000
500.000 Prepd.rents& Ins_
73,227
29,914
Androscoggin Elec. Co. let & Ref. 5s, 1934
5,000,000
2.946,500 Discount, exp. on
Lewiston & Auburn Elec. Co. let 5s, 1939
Closed
1.200.000
funded debt__ _ 1,048.8261
'Earnings-Years Ended Feb. 28.
0th. unadj. debits 100,114) 2,124,240
Tot.(each side)-96,618.649 97,419,611
1924.
1925.
x In addition to the funded debt above stated, 54,245.000
Gross earnings
$986,493 81.009.772 mortgage bonds and $383.000 of equipment obligations are of divisional
Operating expenses and taxes
pledged under
558.483
559.539 the company's mortgages: $1.256,000 divisional mortgage bonds are held
in a sinking fund, and $53.000 divisional mortgage bonds and $46,000
Net earnings
$428.010
$450,233 equipment obligations are held in the company's treasury.
Annual interest charge on above bonds and notes
237,325
On Feb. 1 1925 the company had 15,746 stockholders, including subscribers to stock not paid for in full or issued.
-V. 120. p. 2010.
Balance
8212.908
-V. 120, p. 1200.
Cleveland & Eastern Traction Co.
-Sale.
Arkansas Central Power Co.
The property was sold April 20 by Robert D.Beatty,special commissioner
-Annual Report.
appointed by Common Pleas Judge Ruhl. for $42,200. Carl W. Brand,
Calendar Years1921.
1922.
1923.
1924.
Gross earns, from oper__ $2,014,851 81,951,643 $2,057,458 82.125,798 acting for the bondholders, purchased the road. The road discontinued
service April 1.-V. 120. P. 1325.
Oper. exp., incl. taxes... 1.278,813
1,258,660
1,332,744
1.314.752
Net earns, from operOther income
$736,038
$692,983
8724,714
7.502
8811.046
10,808
Total income
Int. on bonds & notes_
Other int. & deductions
Divs. on Pref. stock_
Renew.& replacem't res.
$732,216
262,419
14,239
52.500
164,809
$821,854
297.709
15.296
70,000
189,941
Balance, surplus
-V. 119, p. 2284.
8238.249
3248.908
Associated Gas & Electric Co.
-Offers to Acquire Stock
of Manila Electric Corp.
See Manila Electric Corp. below.
-V. 120. p. 2266, 2144.
Bell Telephone Co. of Pennsylvania.
-Earnings.
Quarter Ended March 311925.
1924.
1923.
Gross
Net after taxes
Total income
Interest and rentals
Preferred dividends
Common dividends
Balance, surplus
-V. 120. p. 954, 581.
812,302,461 810,770,107 810,080,289
2,825.334
1,838,132
2,110,213
3,206,203
2,214.825
2,644,313
1,131.276
968,237
1.056,849
316,630
220,180
1.600,000
1,200,000
1,200,000
$158.297 def$173,592
$387,466
Brooklyn City RR.
-Chairman Resigns.
Frank Lyman,
who has been chairman of the board of
resigned. George W. Jones, Vice-President & Treasurer, hasdirectors has
a director. The vacancy in the chairmanship of the board been elected
has not yet
been filled.
The directors have declared a quarterly dividend of 20
the outstanding Capital stock, payable June 1 to holders cents a share on
of record May 15.
A like amount was paid March 2 last.
-V.120. p. 2145.
Cincinnati Gas & Electric Co.
-To Issue
Bonds.
The Ohio P. U. Commission has authorized the
company to issue
$3,500,000 Prior Lien & Ref. Mtge. 40
-Year 6% Sinking Fund bonds to
finance improvements contemplated in the budget for
this
are to be delivered to the Union Gas & Electric Co. which year. The bonds
under lease, to pay 80% of the cost of the contemplatedholds the property
improvements.-V. 120, p. 1746.
Central Illinois Public Service Co.-.-Pref. Stock Offered.
-W. C. Langley & Co., New York and Old Colony Trust
Co., Boston are offering at $88 per share and divs. to yield
over 6.80%, 7,000 Shares Cumul. Prof. (A. & D.) Stock
(no par value). Dividends $6 per share per annum.
Redeemable at $110 per share
and dive. Dive payable -J. Under the
present Federal income tax law (revenue Act of 1924) Q.
stock are exempt from the Normal tax and are entirelydividends on this
exempt from all
Federal, income taxes when held by an individual whose net income
after
all deductions is 810,000 or less. Dividends when received by Corporations
are entirely exempt from all Federal income taxes.
Data from Letter of Marshall E. Sampsell, President of the Company.
Company.-Supplies. without competition of like service, 235 communities with electric power and light, 10 communities with gas, 11 with
water,6 with heating and 6 with street railway service. Company operates
in the central and southern portions of the State of Illinois in which are
located some of the best agricultural and coal producing lands of the middle
west. Population of territory served estimated 500,000.
Capitalization Outstanding with Public As of March 31 1925.
(Including
Present Financing.)
Cities Service Co.-Debenture Bonds Sold.
-A. B.
Leach & Co., Inc.; Federal Securities Corp.; H. M. Byllesby
& Co. and Pearsons-Taft Co. have sold at 91 and int., to
yield about 6.65%, $10,000,000 Ref. 6% Gold Deb. bonds.
Dated May 1 1925: due Jan. 1 1966. Principal and int. (M. & N.)
payable in New York and Chicago. Denom..$1,000, $500 and $100c5
.
Callable all or part on any int. date on 30 days notice at 104 on or before
May 1 1962. and thereafter at 1% less each year or part thereof, plus
int. in each case. Penna. 4
-mills tax, Conn. 4-mills tax, Mass, income
tax on int. up to 6%. Maryland 4)4-mllls securities tax, and California
tax up to 4 mills refundable. Int 'payable without deduction for Federal
normal income tax not exceeding 2%. Chatham Phenix National Bank
& Trust Co., trustee.
Data from Letter of Henry L. Doherty, President of Company.
-Owns directly or indirectly a majority of the Common stock
Company.
of each of more than 60 public utilities comprising a large and successful
system of electric light and power, manufactured and natural gas,
heat.
water, ice and street railway companies, and of more than 40 companion
representing an important system of oil production, distribution, refining
marketing.
and
The public utility properties comprise a diversified group operating in
19 States and the Dominion of Canada, serving a population of more than
3.000.000 in over 600 communities, including such important cities as
Toledo and Sandusky, Ohio; Denver, Colo.; Kansas City and St. Joseph,
Mo.; Kansas City and Topeka, Kan.; Danbury, Conn., and numerous
others. These companies, having an installed capacity of over 600.000
h. p., sold in 1924 more than 1,000,000,000 k. w. h, of electric energy for
light and power, and distributed in excess of 50,000.000,000 cu, ft. ofmanufactured and natural gas.
The principal oil properties produce daily about 25,000 barrels of crude
oil, and operate more than 900 miles of pipe lines and eight refineries.
The reserves of oil and gas lands are among the largest under any single
management in the United States. They are located in
called the Mid-Continent field in Kansas, Oklahomawhat is commonly
and Texas, and
the natural gas business is conducted principally in Kansas, Oklahoma
and Missouri.
Purpose.
-Company will enter into an agreement that at least 310,000.000.
Cony. Debentures a the company and (or) funded
companies, issued and outstanding in the hands of the debt of subsidiary
public as
1925, shall be retired during 1925. To the extent necessary the of Jan. 1
proceeds
of this issue will be used exclusively for this purpose.
Earnings.
-Net earnings, after all taxes, for the 12 months
31 1925 applicable to Debenture interest and reserves, were ended March
817.042.531.
equal to more than 6% times the annual interest charges of 82,499,838 on
the company's present funded indebtedness, including these Debenture
bonds, but before giving effect to the application of the proceeds of this
issue.
Such net earnings for the six calendar years 1919 to
more than 6% times the above interest charges on 1924 incl., averaged
the company, and in no year during this period werethe funded debt of
they less than five
times such interest charges.
• The earnings applicable to the company from public
Including natural gas operations, for the year 1924 wereutility properties,
811,559,318.
Sinking Fund -Indenture will provide
per annum, operating $62,500 quarterly for a sinking fund of $250,000,
beginning May
fund is to be used for the retirement of Debenture bonds 1 1926. This
purchase, if obtainable, at not exceeding par and int. of this issue by
so purchased must be cancelled. Any quarterly sinking All such bonds
fund amounts
which are not so applied at the end of any quarter
revert to the treasury of
the company.
Capitalization Outstanding with Public (Including this
Issue),
Refunding 6% Gold Debenture bonds (this issue)
Convertible Gold Debentures, Series A, B,0, D and E
$10,000,000
Cumulative Preferred stock 6%
x26,895,415
Cumulative Preference stock 6%
80,308.046
Common stock (including scrip since redeemed)
5,674,420
x The indenture will provide that no Debentures
70,812 036
of these
creasing this aggregate principal
amount, will be issued to series: inthe public
While any of the Ref. 6% Gold Debenture bonds
are outstanding. -
Preferred stock. $6 Cumulative
138,106 shs.
stockCmn
122,135 shs.
let Mtge. & Ref. Gold Bonds
814.195.000
Underlying Divisional Bonds (mortgages closed)
Listing.
14,920,000
Serial Gold Notes
4,400.000
There have been substituted on the Boston
The Company has jointly and severally with the Interstate Public Service the763,720 shares Common
Stock
stock (par $100), 3,818,600Exchange list for.
Co. guaranteed the payment of principal, interest,
sinking
83,000,000 1st Mtge. Sinking Fund Gold Bonds of and Indiana fund of the company having amended its charter changing thesares (par $20).
the
par value from
Hydro- $100 to $20 per share, and thereby issuing five
Electric Power Co.
shares of new par for each
share of old par value.
2400
THE CHRONICLE
Earnings for March an': 12 Months Ended March 31.
-Month of March- 12 Mos. End. March 31.
1925.
1924.
1924.
1925.
Gross earnings
31,922.142 31,823.418 $17,788,491 316,651.787
Expenses
515,254
63.543
745,960
57,195
Int. & disct. on debs_ _ _
156,321
2,447,475
1,916.240
161,318
Dividends, Pref. stock_ 429,864
422.712
5.007.513
5.140.069
Net to Corn. stk. & res 81,272,414 $1.182,194 $9,986,222 $8,681,546
Total surplus and reserves, 349.187.574.-V. 120, p. 2267. 2137.
!e%
l
Columbia Gas & Electric Co.-Exchanae Privilege.
-
The company extends to the holders of Its 1st Mtge. 5% bonds due
Jan. 1 1927. an opportunity to exchange them in amounts aggregating
$1,000 and multiples thereof for an equal principal amount of 3
-Year 5%
Gold notes, dated May 1 1925, due May 1 1928. plus a cash payment to
the bondholder of $10 per 31,000 of bonds exchanged,and with adjustment
of accrued interest.
[V L. 120.
of scrip but all dividends on the stock represented by scrip will be payable
to the first registered holder of the stock.
The stockholders on April 28 approved a plan to change the authorized
85.000 shares of no par value Common stock, of which 77,125 shares were
outstanding, to 1.000.000 shares of the par value of $15 each and that there
be issued in exchange for each outstanding no par value Common share
five shares of the new Common stock, par $15. Dividends of 31 in cash and
75 cents in 6% Pref. stock were paid on the old Common shares of no par
value, from April 1 1924 to April 11925, inclusive. (Compare V. 120, D•
702).
The directors also declared a regular quarterly dividend of 31 50 per share
on the Preferred stock of no par value, payable June 1 to holders of record
May 15. This stock was recently issued In exchange for 6% Preferred stock
of $100 par value, share for share.
-V. 120, p. 2267.
Georgia Light, Power & Rys.(& Sub. Cos.).-Report.anter-Company Items Eliminated.I
Calendar Years1924.
1922.
1923.
1921.
Gross earnings
Treasurer Edward Reynolds Jr. further states in part:
31,951,774 31,912.673 31.681.421 31,671.090
993.461
983.215
The holders of 1st Mtge. 55' bonds will therefore receive an equal Oper. expense and taxes_ 1.170,654
1,063,158
188.833
191.082
principal amount of 3
191.095
200.886
-Year 55' Gold notes and a cash payment of $26 67 Int. of subs(Pd. to pub.)
265,230
268,118
276.107
268.052
Per 31.000 bond, being the adjustment of the respective prices and the Int.chs.(G.L.P.&Rys.).
177.000
165.000
accrued interest on the two issues. These notes are part of an authorized Deprec., etc. reserves_ _ _
126,000
108.000
issue of 325.000.000, of which 310.000,000 have recently been sold to the
Balance
$150.056
3295.012
$105.003
public at par, yielding 5%.
$30.993
28,948
28.823
This offer remains open until and incl. May 29, after which time the Div.of subs.(pd. to pub.)
27.454
24,156
company expressly reserves the right to change the terms of this offer Div. on Pref. stk. (G.L.
P. & Rys.)
30,000
30,000
if it should decide to extend the period. Bondholders desiring to make
30,000
30,000
this exchange should forward their 1st Mtge. 5% bonds, with coupons -V. 119. p. 2760.
due July 1 1925 and thereafter attached, to Guaranty Trust Co. of New
Georea Ry. & Power Co.
-New Subsidiary Co.
York, 140 Broadway, N. Y. City.
The company has organized the East Georgia Power Co. a subsidiary.
$105.000 of 1st Mtge. 5% Gold Bonds Called for Payment.
- with an authorized capitalization of 35.000.000. The new company will
Certain of the let Mtge. 5% Gold bonds. due Jan. 1 1927, aggregating operate between Augusta and Toccoa. Oa.
-V. 120. p. 2238.
$105.000 have been called for redemption July 1 at par and int, at the
Great Northern Power Co., Ltd.
Irving Bank-Columbia Trust Co., 60 Broadway. N. Y. City.
-Interest Defaulted.
-V. 120.
The company, according to a Toronto dispatch, has defaulted on the inp. 2145. 2010.
terest due May 1 on its outstanding 7% bonds. Company at latest reports
Columbus Delaware & Marion Elec. Co.
-Inc. Acct.- had $850.000 bonds outstanding and $2,000,000 Capital stock. See V. 115.
Yrs. end.
Surp.
Gross Op. Exp.
p. 2587.
Pref.
Net
Int. c%
Dec 31
Earns. & Taxes. Earns. Disct. Deprec. Divs. for Yr.
Harlem Valley Electric Corp.
-Par Value Changed.
1918 _-__ 3663.190 3479.927 3163.263 398.699 331.659 345.500 87.405
The company has filed a certificate at Albany, N. Y., changing the par
1919 --_- 848.972 617,383 231.589 98.493 44.883 47.712 40,501
-V.120, p. 1089.
1920 ---- 1.048.714 801.969 246.745 115,454 32,196 58.618 40.477 value of its 1,000 shares of stock from $100 to no par value.
1921 ___- 1.069.422 741.191 328.231 195,569 32.482 72.391 27.789
Illinois Bell Telephone Co.-FIxpenditures.-1922 __-- 1.081.896 711,276 370,620 246.894 29.833 69.969 23.924
1923 ____ 1.194.101 813,783 380.318 264.182 25,075 69.895 21.166 in The directors have approved the expenditure of 32.455.241 for new plants
Chicago and $907,718 in Illinois
1924
69,895 11,285 362.959. Expenditures authorized sooutside of Chicago. a total of $3.1.202.788 805,743 397.045 290.258 25.607
far this year for new plants total
Over 891% of the net earnings for the calendar year 1924 were derived
$10,441,895.-V. 120. p. 1881.
from the sale of electric light and power.
Balance Sheet Dec. 31.
Assets1924.
1923.
1924.
Ltablittles1923.
Property accts_ $6,602,946 $6,424,563 Capital stock
82,198.400 82,200.000
Sinking fund
3.491,000 3,537.000
37,628
37,764 Funded debt
Investments
23,155 Current liabilities_ 1,361,148 1,199,738
26,855
Cash
80,014
62,415
2,461
2,197 Accrued liabilities..
Special deposit,.., 108,445
15,664
17,140
108,352 Deferred liabilities
Accts.receivable
198.702
67,542
179.458
60,709 Reserves
Mat'is & supplies_ 181,280
188,268 Capital surplus and
Unad1. debita____ 479,714
150,083
157,250
520,421
profit & loss_
Total
S7.484,669 57.383.429
-V.120. p. 2145.
Total
17,484,689 $7,303,429
Columbus, Newark & Zmesyille Electric Ry.-
Hearings In connection with the sale of the poroperty begun Apr. 30 in
Federal court at Columbus were continued until May 9. The Columbus.
Newark & Buckeye Lake Traction Co. was sold to Howard Cooper Jones.
Philadelphia, and the Columbus, Newark and Zanesville Traction Co. to
James Collins Jones, Philadelphia. early in Feb. by Special Master Searles
Morton.
-V. 120. D. 955.
Connecticut Power Co.
-Annual Report.
Calendar Years1921.
1922.
1924.
1923.
Gross earnings
32,039.457 31.994,932 31,759,323 31,499,153
Oper. expenses & taxes_ - 1.306.839
1.151.680
933.403
1,366.339
Int.. amortiz. charges
and rentals
239,552
208.702
212.950
210.779
Preferred dividends_ _
76.942
75.000
75.000
75,000
Common dividends
203,458
70.000
120.000
143,222
Balance, surplus
-V. 119, p. 460.
3239,268
$199,592
$203,941
$181,198
Dayton (Ohio) Power & Light Co.
-Annual Report.
Calendar YearsOperating revenues
Operating expenses
Net earnings
Non-oper. revenues_
Total income
Interest charges
Sinking fund
Other charges
Preferred dividends
1924.
1921.
1922.
1923.
35.756.407 35.105.314 34,535.303 34,183.953
3,564,090
2.876.694
3,057.640
3,297,199
-
32.192,317 31,808.115 31.477.664 $1,307,259
14.099
11,817
41.244
61.215
32.206.416 $1,869,330 $1,518,908 31,319.076
551.897
506.400
552.538
554.641
164.610
103,070
109.731
109.740
533.771
155.623
460.307
289,464
334.377
217.583
245.168
267.454
Balance
4621.761
$336.400
$322,007
3477,187
x Before deducting in 1924 3122,120(4%)dividends paid on the Common
stock. Dividends have been paid on this issue since 1.919.-V.120 p.1088.
Diamond State Telephone Co., Phila.-Rigl ts,&c.---
The Common stockholders of record May I were given the right to subscribe on or before May 8 for 3500,000 additional Common stock at par
($25) in the proportion of one share for each 4 shares of Common stock held.
The stockholders on April 9 increased the authorized capital stock from
32,500.000 to $3.000.000, and created and authorized an issue of 3500.000
of Preferred stock.
The increase of the Common stock is not a matter of outside interest, as
all of the stock, excepting the directors' qualifying shares, is owned by the
Bell Telephone Co. of Pennsylvania. The Diamond State Telephone Co. is
the Bell System Co.furnishing telephone service in the state of Delaware.
V.84, p. 628.
Indiana Bell Telephone Co.
-New Director. etc.
W. S. Gifford of New York. President of the American Telephone &
Telegraph Co.,has been elected a director to succeed the late C. H.Brownell.
The directors on Apr. 23 approved a 1925 budget estimate of $2,500.000
to be expended for improvements and betterments, particularly for toll
lines.
-V. 120. p. 2012, 2268.
Indiana Electric Corp.
-Stock Increased.
-
The company has increased its authnrized capital stock from 33,000,000
Common and $2.750.000 Preferred to 34,000.000 Common and $33,750,000
Preferred stock.
-V. 119. p. 2761.
Indiana Power Co.
-Notes Offered.
-Hill, Joiner & Co.
Inc. are offering at 99 and interest, yielding over 5%%,
$1.000.000 3-Year 514% Gold notes.
/
Dated Feb. 11925;due Feb. 11928. Interest payable F.& A.in Chicago
or New York without deduction for.Federal Income taxes now or hereafter
deductible at the source not in excess of 2%. Denom. 81.000 and $500 c*.
Red.all or part at any time on 30 days' notice at the following prices and int..'
101 to Feb 11926: on and from Feb. 1 1926 to Feb. 1 1927 at 100%;on and
after Feb. 1 1927 at 100. Company agrees to reimburse the holders of these
notes. if requested within 60 days after payment, for the Penn. and Conn.
4-mills taxes, and for the Mass. income tax on the int, not exceeding 6%
of such interest per annum. Continental & Commercial Trust & Savings
Bank, Chicago. trustee.
Issuance.-Authorlzed by the Indiana P. S. Commission.
Cmnpany.-An Indiana corporation. Now owns and operates an extensive group of public utility properties supplying, without competition, electrical energy for lighting and power purposes to 30 communities located in
one of the richest agricultural sections of the Central States. Water service
Is also supplied to 2 cities. In addition to the territory served direct company also now supplies all of the electrical energy requirements to other utilities, serving 32 tributary communities. The population served, directly
and indirectly, is estimated at 125.000. The principal electric generating
station of the Company, now 23.000 K. W.capacity, is located on the White
River in the heart of the Indiana coal fields, thus assuring at all times an
adequate supply of good fuel at reasonable cost.
Capitalization Outstanding with Public.
7% Cumulative Preferred stock
$1,697.000
Common stock
1,200.000
Underlying Divisional Bonds (mtge closed)
1,957,000
1st & Refunding Bonds (mtge closed)
600,000
1st Lien & General Mtge and S. F. bonds
2.440,300
-Year Gold notes (auth 33.000.000)
3
1,000,000
Purpose.
-Proceeds will be used for redemption of 8% Gold Notes of the
company, for reimbursing the treasury for expenditures made and to be
made on account of additions and improvements to the property, and for
other corporate purposes.
-12 Months Ended Dec. 31 1924.
Statement of Earnings
Gross earnings
$1,177,126
Operating expenses, maintenance and taxes
587,439
Net earnings
$589,687
Annual int. total funded debt, outstanding in hands of public,
including these notes, requires
$3379.692
Management.
-Company is controlled by the Middle West Utilities Co.
-V.120. D. 1746.
Indianapolis Water Co.
-Earnings.
-
Calendar Years1924.
1923.
1922.
1921.
Operating revenues
$2,141.953 31,840.971 $1,696,564 $1,550,306
Operating expenses
611.446
535.724
479,942
436,080
Taxes assigned to oper._
421,722
338.800
311,464
245,784
-Bonds Paid.
Depreciation
138,749
East Penn. Electric Co.
89.610
83,158
87,206
The 3289.000 6% bonds of the Schuykill Elec. Ry. Co., due Feb. 1 1925.
Net oper. income__
$970.036
$876.837
were paid off Mar. 1 1925 at office of the trustee, Real Estate Trust Co.,
$785.284
3817,952
Non oper. income
27.728
25,531
22,661
Phila.-V. 120, pp 2267.
28.034
•
Net earnings
Eastern Massachusetts Street Ry.-Lowell Buses.
$997,764
$807.945
$902,368
3845.986
432.801
The Lowell-Boston Motor Coach Line, operated by the Eastern Massa.- Interest
384.619
285.847
285.743
2,898
chusetts St. Hy. Co. since Oct. 1 1924 ceased operations May 5. This deci- Penn. State tax refund
1.702
1,436
1,327
20,372
sion was reached by the public trustees after a series of conferences with Amortiz. of bd.disc.18,401
6,274
6,300
Cr. 539
counsel who have advised the trustees that the failure of Mayor
inn of Misc. deductions
1,502
3,774
1,807
Federal income tax
Cambridge to sign the license unanimously voted by the Cambri e City
39,015
Council renders illegal further carriage of passenger for hire on this line.
Net corp. inceme
$542,232
Since May 1 when the Cambridge license exoired by its own limitation, the
$473,871
$493,872
$550,809
motor coaches have been operating without charge to passengers for the sole -V.120, p.828, 330.
purpose of saving whatever legal rights the public and the street railway comInterstate Power Co. (Del.).
pany might have in the circumstances and the Eastern Massachusetts Street
-Incorporated.
o
Ry.Co. was guaranteed against loss in the cost of such free operation by one
Incorporated in Delaware Apr. 20 1925 with an authorized capital of
200,000 Pref. shares (no par) and 100,000 Common shares (no par). See
f its principal stockholders.
-V. 120. p. 2011, 1326.
also V. 120, p. 2268.
Federal Light & Traction Co.
-Dividends of 20 Cents in
Cash and 15 Cents in Common Stock Declared on Common Shares.
The directors on May 6 declared the quarterly cash dividend of 20 cents
per share on the Common stock. An extra dividend of 15 cents per share
was also declared on the Common stock, payable in Common stock.
loth dividends are payable July 1 to Common stockholders of record June 15
No certificates of Common stock will be issued for less than one share.
For fractional shares scrip will be issued and will be exchangeable for stock
at the New York Trust Co., 100 Broadway, N. Y. City, in amounts aggregating $15 or multiples thereof. No dividends will be paid to the holders
„,
Interstate Rys.-Listing.The Philadelphia Stock Exchange has authorized the listing of 2,000
additional shares no par value Common stock, issued May 1 in payment of
stock dividend of 1-25th of a share on the outstanding 50.000 shares Common stock, to holders of record April 15, making a total of 52,000 shares of
no par value stock listed at May 2 1925.-V. 120, p. 1881.
Interstate Street Railway.
-Organized.
The Department of Public Utilities has fixed the total capital stock of
Interstate Street Railway. formed to take over property of the Interstate
MAY 91925.]
THE CHRONICLE
2401
Consolidated Street Ry., which was recently purchased by Gardner F. New York Railway Co., dated as of July 18 1924. which shall be reported
Wells and Albert W. Hemphill. at $300.000. The Department declares as New York Railways new. Issues of the new company admitted follow:
that this value does not exceed the fair cost of replacing the property. Approximately 184.830 authorized shares of Preferred stock having such
See Interstate Consolidated Street By. in V. 120. p. 1202.
par value as may be determined; approximately 90,200 authorized shares of
Common stock having such par value as may be determined; participating
Long Island Water Corp.
-Bonds Sold.
-Marshall Field, receipts representing pro rata interest in assets to be held for liquidation.
Glore, Ward & Co., have sold at 98% and interest, to yield and approximately $21,000.000 of 6% Income bonds. All securities when,
as and if issued under reorganization plan.
5.60%, $3,000,000
First Mtge. 53/2% Gold bonds.
due 1955.
Series
Dated May 1 1925: due May 1 1955. Interest payable M. & N. at
Guaranty Trust Co., New York, trustee, without deduction for normal
Federal income tax not to exceed 2%. Denom. $1.000 c*. Redeemable.
all or part, on the first day of any month upon 60 days' notice at
on
or before May 1 1950, and thereafter at a premium decreasing 1%105
every
12 months until maturity, plus interest in each case. Penn. and Conn.
4 mills taxes and the Mass. income tax of 6% refunded.
Capitalization Outstanding upon Completion of the Present Financing.
First Mortgage 5%% Gold bonds, Series due 1955
53.000.000
First Preferred stock (Preference value)
532.000
Second Preferred stock (Preference value)
437.000
Common stock (no par value)
20.000 shs.
Data from Letter of J. H. Pardee. President of the Corporation.
Company.
-Recently incorporated in New York as a successor to the
Queens County Water Co., which was incorporated in
Company
serves a rapidly growing section of the City of New York,1884. large terriand a
tory adjacent to the city, including, among others, Lynbrook, Valley
Stream, and the closely connected towns of Lawrence, Cedarhurst, Woodmere and Hewlett. Company's pumping and distributing system, consisting of a large number of wells. 2 pumping stations and appro:dmately 260
miles of mains, supplies one and a half billion gallons annually to
this
rapidly growing territory.
Security.
-Secured by a direct first mortgage on the entire physical
erties of the company. Additional bonds (other than for refundingproppurposes, par for par) may be issued only to the extent of 80% of
the net
expenditures for permanent extensions, enlargement and
May 11925. of and to the properties. provided net earnings additions after
for
tive calendar months of the 15 months immediately preceding12 consecushall have
been equal to at least 1H times annual interest charges on all
bonds outstanding, and fo rhe issuance of which application first mortgage
is then made.
Property Values.
-The sound value of the physical properties of the
corporation is in excess of 55,000.000.
May 31
Cal.Year
Earnings Years Ended1922.
1923.
1924.
1924.
Gross revenues
$452,332 5492,330 $527.071 5567.857
Oper. exp., maint. and taxes
(except Federal income tax)
201.780
207.069
223,909
226.737
$250.552 $285,261 $303,162 $341.120
Interest on total mortgage debt
165.000
Balance available for depreciation, Fed'I income taxes, &c_ _
$176.120
Manila Electric Corp.
-Stockholders Offered 63.% Debentures in Associated Gas & Electric Co.for Their Holdings.
-
A plan has been presented for the reorganization
whereby Associated Gas & Electric Co. offers to acquireof the coporation
such shares of the
Capital stock as may be deposited with Chase National Bank,57
Broadway.
N. Y. City, and to issue in exchange therefor.its 6%% Interest
Bearing
Convertible Debenture obligations at the rate of $50
principal amount
thereof for each share of stock of Manila Electric Corp. deposited.
The
agreement of Associated Gas & Electric Co. is subject to the
condition
such shares pi' Manila stock so exchangeable are to be deposited that
on or
to holders registered in the United States. and
before May 15, as
May 15
as to holders residing without the country. The Associated
Co. may from time to time extend the period within which Gas & Electric
this offer may
be accepted and may acquire any shares deposited within the period as
extended.
The stock of the principal individuals and companies who have been
active in the management,supervision and control of-the enterprise from
the
beginning has been acquired by the Associated Gas & Electric Co.
for the
purposes of the proposed plan of reorganization.
When the shares so deposited are taken by Associated Gas & Electric
Co..
stockholders will receive promptly the 6%% Interest
-Bearing Convertible
Debenture Obligations, bearing interest from the last previous
date for the stock of the Manila Electric Corp. at the rate of $50 dividend
principal
amount for each share deposited.
The 6%% Interest-Bearing Convertible Debenture Obligations of
Associated Gas & Electric Co. will be the direct obligations of that company,
fully registered, bearing interest at the rate of 6 % per annum.
quarterly. They will bp redeemable at 105% and interest, and will payable
be convertible after five yearS. and at any time at the option of
company, into
one share of the $7 dividend series Preferred stock of Associated Gas &
Electric Co. for each $100 principal amount, with adjustment for
interest
and dividends.
The $7 Dividend Series Preferred stock of Associated Gas & Electric
will be of equal rank with its $6 Dividend Series Preferred stock andCo.
its
Original Series Preferred stock. It will be preferred over the Class
A
stocks of Associated Gas & Electric Co. both as to dividends and and B
assets.
and will be entitled to cumulative dividends at the rate of $7 per share per
annum, payable quarterly, and to a preference as to assets of $100 per share.
will be non-voting and redeemable at $105 per share and dividends.
The return per share of Manila Electric Corp. stock, at the present
dend rate, is V 50 per annum. If stockholders make the exchange,divithis
return will be increased to $3 25 per annum and, upon the subsequent
conversion of the interest
-bearing obligations into $7 Dividend Series
Preferred stock of Associated Gas & Electric Co.. to $3 50 per annum, an
ultimate increase of 40% over the income they are now receiving.
-V. 119.
p. 2647
.
Marconi Wireless Telegraph Co. of Canada, Ltd.
To Change Name.
company proposes to change its name to Canadian Marconi Co..
The
Ltd.
-V. 120, p• 211.
Market Street Ry., San Francisco.
-City May Have
Company at a Fair Price.Pres. Mason B. Starring is quoted as saying that if the city of San Francisco desired to purchase the property at a fair price, the opportunity should
be given to the city to do so. "As I now understand it, San Francisco
seems irrevocably committed to municipal ownership, and I have no desire
to run contrary to the wishes of the community," he said.
-V.120. p.2147.
1452.
National Public Service Corp.
-Consolidated Earning
Statement.
12 Months EndedGross earnings, including other income
Operating expenses, maintenance and taxes
Feb. 29 '24. Feb. 28 '25.
89.763.365 $10.489.632
6.164,659
6,290.415
Net earnings
$3.598,706 $4,199,216
Prior charges of sub. cos., incl. bond int., Pref. div., deprec.,
minority interest. &c
2.668,290
Interest on 30-Year 6%% Gold bonds, $390.000: Preferred div.
requirement. 5295,169
685,169
Amortization of bond discount
166.583
Annual div. requirements on 135,000 shs. class "A" stock
at 51 60 Per share
216,000
Final balance
$463,173
-Balance available earnings to National Public Service Corp.from
Note.
subsidiaries, after all charges including maintenance and full provision for
depreciation is equal to 3.92 times annual interest requirements on total
outstanding 30-Year 6%% Gold bonds, or 2.23 times total annual bond
interest and dividends on 7% Pref. stock. Distributal net after all charges,
which include maintenance depreciation, Preferred stock dividend, bond
interest and amortization, available for Class -A" stock equal to $5 per
-V.120, p. 1747, 1459.
share,or 3.14 times the SI 60 dividend requirement.
-Admitted to Curb.
New York Railways Corp.
The New York Curb Market has admitted to trading the stocks of the
new company to be formed in accordance with reorganization plans forthe
Trustee.
-
The Guaranty Trust Co.. 140 Broadway. N. Y. City, will act as trustee
of an authorized issue of 521.000.000 40
-Year 6% fncome Gold bonds.
due Jan. 1 1965.-V. 120, p. 2270.
New Bedford Gas & Edison Light Co.-Rarnings.Calendar YearsTotal operating revenues
Total operating expenses
Taxes
1924.
1923.
$3.542.557 $3,649,818
1,861.699
2,026,459
399.756
368,339
Net operating Income
Non-operating income
51,281.102 51,255.021
1.928
8,335
Gross income
$1.283.030 51.263.356
Interest on bonds, notes, etc
Amortization charges
Depreciation
5303.709
8.222
295.873
$276.275
7,363
288.593
Net income
-V. 118. p. 1673.
5
675.227
5691.135
Niagara Lockport & Ontario Power Co.
-Merger.
The Bryant Power Co., Cambria Power Co.. Livingston-Niagara Power
Co.. Western New York Electric Co., Seneca Transmission Co.. Olean
Electric Light & Power Co. have been merged with Niagara Lockport &
Ontario Power Co.
-V. 120, p. 1882. 2012.
North American Co.-EarnivoR.For the 12 months ended Mar. 31 1925. the North American system's
gross earnings amounted to $81,930.010: while net earnings were $33.008.927. the largest gross and net earnings in the history of the comnany.
Accompanying the statement of earnings is a booklet. "A Record of
Growth and Achievement." This booklet tells graphically what the company is doing and how the North American System is serving its customers.
The 1925 Washington Transportation Survey.
-Under this
heedier the eomnanv snvs:
Unified transportation in the nation's capital has been sought by citizens
and public officials for several years. Several independent companies operate street railways and buses in Washington as separate systems.
At the last session of Congress. a merger of street railway companies was
authorized, which, it effected, will permit through-routing, universal transfers and operating economies.
The North American Co.. having an investment in the transportation systems in Washington and desiring to assist in solving the traffic problems of
the National Capital, has agreed to have made at a cost not to exceed
$50.000 a complete survey and study which may be the basis for improvement in the traffic transportation situation there, as well as a guide for the
country as a whole.
The survey will be made by McClellan and Junkersfeld, Inc., Engineers,
in co-operation with and under the direction of the District Conunission.
Assurance of co-operation has been given by all of Washington's transportation companies.
In a word • the survey is to be a comprehensive diagnosis of the complex
traffic problems, forming a basis for various traffic experts' recommendations as to permanent remedies, to the end that Washington may have cheap,
safe and expeditious transportation.
Because the District Commission has jurisdiction over all public utilities
as well as over the city government, it is expected that a particularly wellco-ordinated transportation plan may be worked out after the facts have
been assembled; a plan that may serve as a model for other metropolitan
cities.
The "Washington Star" of Apr. 24 1925 correctly stated the present position of The North American Co. when it said: "The North American Co. is
neither for nor against a merger at this time. Company is frankly interested
and desires to have the facts impartially determined so that it can base its
future actions thereon."
Actual work of the survey was begun April 30. Engineers estimate that
about 90 days will be required for the task.
Earnings
-12 Mcmths Ended Mar. 31 (Incl. Sub. Cos.)
1925.
1924.
Gross earnings
581.930.010 577.377,079
Operating exp.. maint.and taxes
51.015.952 49,129.411
Net income from operation
Other net income
$30.914,058 528.247,668
2.094.869
766,772
Total
Deduct: Interest charges
Preferred dividends of subsidiaries
Minority interest
Reserves for depreciation
Dividends on N.Am.Preferred stock
533.008.927 529.014.440
510.349.780 $9.347,795
2.735.365
1,977,279
1.162.321
1,017.474
7,980,074
7,342.605
1.494.950
1.144,791
Div. on N. Am. Corn., paid in cash
Div. on N. Am. Comm., paid in Corn. stock_
59,286.437 $8.184.495
1.206,891
a 2,885.470 b 1.948.260
Susplus
56.400.967 $35,031.344
Total to depree. res.. and to surplus after all div.- -$14.381,014 $12,373,948
a Underwritten on basis giving stockholders option of receiving; 8,125,198 15 cash in lieu of dividend stock. b Underwritten on basis giving stockholders option of receiving $3.892.517 cash in lieu of dividend stock.
Electric output for the 12 months amounted to 2.410.057.859 kilowatt
hours, an increase of 191.866.723 kilowatt hours, or 8.65%. During the
same period 45.802 electric customers were added, 654.842 being served on
Mar. 31. 1925.-V. 120. p. 1586. 1320.
Northeastern Iowa Power Co.
-Notes Offered.-Priester3
Quail & Cundy, Inc., are offering at 99% and hit., yielding
4
53 %,$200,000 One-Year 532% gold notes.
Dated May 1 1925: due May 1 1926. Principal and int. (M. & S.)
payable at American Trust Co.. Davenport. Iowa. Redeemable at any
time on 30 days' notice at 100% and int.
Company.
-Does an exclusive electric light and power business and
furnishes electricity to about 75 communities in WInnesheik. Clayton,
Fayette, Buchanan. Delaware, Bremer, Chickasaw, Howard and Mitchell
counties, all located in northeastern Iowa and in Mower County. Minn.
The principal communities in which the company operates are Independence,
Sumner, West Union, Osage. Elkader, Calmar. Clermont. Fayette, Volga.
Hawkey& Arlington, Strawberry Point. Greeley, Elgin, Lawler, Edgewood Lamont, Elma, Lime Springs, Riceville. Greene, Dunkerton. Wauoma and Marble Rock. Population of territory served, 100.000.
Company operates 7 hydro-electric power plants and within a few weeks
:rill have the 8th hydro-electric plant in operation at Mitchell, Iowa.
Company owns 2 auxiliary steam stations, 2 undeveloped water power
sites, and has long term reciprocal contracts for the purchase and sale of
electrical current with other nearby utility companies.
Company owns about 600 miles of high tension transmission lines, the
distribution systems in 71 communities, and serves 4 additional communities at wholesale.
Capitalization Upon Completion of This Financing.,
Mortgage bonds
51.679,000
Gold notes (including this Issue)
300,000
Preferred stock
949.300
Common stock
1.000,000
f Earnings Year Ended March 31 1925.
Gross earnings
$545,220
Operating expenses, maintenance, taxes. &c
049.207
Total bond interest charges
100,740
Interest on notes
17,000
Balance
$178,272
-V. 120, p. 88.
2402
THE CHRONICLE
Northern Indiana Power Co.
-Stock Increased.
The company has increased its authorized Common stock from $5,000,000
to $6,000.000.-V. 119, p. 2763.
[VOL. 120.
San Diego Electric Ry.-To Issue Stock.
-
The California RR. Commission has authorized the company to issue, at
not less than par, on or before Oct 11925,$2,948,000 of Common stock, and
to use the proceeds thereof to acquire a similar amount of outstanding 1st
Oklahoma Gas & Electric Co.
-Bonds Called.
Mtg. 5% bonds, or to exchange same with Oceanic Steamship Co.. holder
All of the outstanding Shawnee Lighting Co. 1st mtge. 5% gold bonds, of said bonds.
-V. 119, p. 326.
dated Jan. 1, 1906, have been called for payment July 1 at 105 and interest
Sixth Avenue RR.
at the Central Union Trust Co., 80 Broadway, New York City.
-V. 120,
-Capital Reduced.
2013.
p.
The company has filed a certificate at Albany, N. Y., decreasing its
authorized capital stock from $2,000.000 to 81.700,000.-V. 119, p. 2180.
Olean Electric Light & Power Co.
-Merger.
Southern California Edison Co.
See Niagara Lockport & Ontario Power Co. above.
-V.120, p. 2149.
-To Offer Stock.
To enable company to carry out in part its estimated $25,000,000 conOttawa Electric Ry.-To Increase Loans.
struction program for 1925, the California RR. Commission on April 30
A bill authorizing an increase in the borrowing powers of the company, approved two proposed stock issues totaling $11,500,000.
'in order to carry out its obligations to the Corporation of the City of
Under the Commission's authorization the
issue
Ottawa, Canada. to make certain extensions and additions to its proper- $1.500,000 of 7% Series "A" Preferred stock, company proposes toSeries
and 310.000,000 6%
ties.' was approved on April 22 by the Committee of the House of Commons "B" Preferred stock. The proceeds are to be used to pay off expenditures
.
on Railways, Canals & Telegraph Lines.
-V.119, p. 2763.
amounting to $5.883.693, which have been made by the company up to
Feb. 28 and against which
Otter Tail Power Co.
-Notes Offered.
-Kalman, Gates, balance of the present issue no securities have beenaissued thus far. The
will be applied toward $25,000,000 program
-V. 120, p. 2270.
White & Co., St. Paul, recently offered at 101 and int., to outlined for this year.
yield 53 %,$330,000 5
-Year 6% gold notes.
4
Union Gas & Electric Co., Cincinnati.
-
Dated Jan. 11925; due Jan. 11930. Red. at any time before maturity,
upon 30 days'notice; at 102M and int. during 1925. the call price reducing
% for each subsequent calendar year. Interest payable J. & J. at the
Merchants Trust & Savings Bank, St. Paul, trustee. Denom. $1.000 c*.
Company agrees to pay interest without deduction for any normal Federal
Income tax, not in excess of 2
Company.
-Provides electrical service to more than 100 communities in
Minnesota, South Dakota and eastern North Dakota, having a total
population of more than 77,000. Among the cities served are Fergus Falls,
Ortonville and Breckenridge. Minn.;Jamestown, N.D.,and Sisseton, S. D.
Property includes both hydro-electric and steam plants,and over 1,000 miles
of transmission lines. All of the property is well built and efficiently
operated and maintained. See also V. 120, p. 2021.
Pacific Gas & Electric Co.
-Quarterly Earnings.
Three Months Ended March 311925.
1924.
Gross operating revenue
$12,203,234 $11,001,408
Net earnings
4,956,808 4,379.966
Bond interest and discount
1,919.835
1,684,982
Reserve for depreciation
962.957
906.721
Net income
Preferred dividends accrued
Common dividends accrued
$2,074,015 $1,788,263
816,214
808,659
844.479
712,220
Surplus
-V.120, p. 2270, 2013.
$413,322
$267,384
Philadelphia Company.
-Tenders.
-
See Cincinnati Gas & Electric Co. above.
-V. 119, p 3012.
Utah Power & Light Co.-Consol. Bal. Sheet, Dec. 31.
[Including Western Colorado Power Co. (Inter-CoMpany
Eliminated)].
1924.
1923.
1924.
Assets
$
Liabilities-Plants, leaseh.
Pref. stock 7%. 18,056,400
dc securities_ _ 82,330,912 78,636,828 2d Pref.7% stk. 1,000,000
Cont., cont. adv
804.392 1,829,569 Common stock_ 30,000,000
Cash
851,960
$783,730 Funded debt__ _ 36,847,000
Adv. to MM.cos 2,538,937
868,944 Notes & Loans
Notes receivable
5,002
3,263
Payable
Accts.receivable 2,175,960 1,524,075 Div. declared_
333,487
Mat. de Supplies
760,410
746,270 Adv. from attn.
Prepaid Accts._
34,263
40,530
cos
Trust funds_ _
2,360,060 Accts. payable_
621,762
Prog. Co. notex30,000
30,000 Consume'depts.
458,945
Utah Lt.de Trac.
Accrued accts.- 1,123,885
Co.bds.¬es
Frog Co. note
x30,000
(See Contra)
.x13,872,000 14,022,000 Utah Lt.& Trac.
Unamort. disc.
Co.bds.denotesx13,872.000
comm. & exp. 4,187,314 3,984,137 Reserves
2,722,724
Deferred debits_
16,034 Surplus
12,777
2,537,723
Accounts
1923.
$
14,556,400
1,000,000
30,000,000
36,847,000
603.500
272,237
680,500
551,329
502,198
1,064,050
30,000
14,022,000
3,113,436
1,602,729
Total(ea.slde) 107,603,927 104,845,381
x Guaranty (see contract).
The usual income account was given in V. 120, p. 2271.
Utah Light & Traction Co.
The Guaranty Trust Co., trustee, 140 Broadway, New York City, will
-Balance Sheet, Dec. 31.until May 12 receive bids for the sale to it of First Ref. & Coll. Trust Mtge.
1924.
1923.
1924.
1923.
0% Gold bonds, due Feb. 1 1944, Series "A," to an amount sufficient to
AssetsLiabilities$
$
$
$
exhaust $182,825,at a price not exceeding 105 and interest.
-V.120. p.1748. Plants 4,Invest_ 22,905,800 22,150,168 Capital stock-- - 1350,875 1,150.875
Cash
166,080
172,894 Funded Debt
Portland (Ore.) Electric Power Co.
-Common Stock- Adv.to Mill. Co
50,000 (Held by Pub):
Utah Lt.& Pr.5s
746,000
746,000
holders Sue to Prevent Payment of Back Dividends on Non- Notes & loans
receivable._
1,500 Utah Lt.& Pr.48 1,113,000 1,113.000
Cumulative Second Preferred.
Accts.receivable
165,773 Cons. Ry tic Pr.
166,735
114,389 55
1,000
In a letter to holders of the second preferred and common stock of the Mat. & Supplies
106,253
1,000
company, Pres. F. T. Griffith says:
Prepaid Accts._
4,117
6,589 Utah Lt. & Ry.
The U. S. Cast Iron Pipe & Foundry Co. has been involved in litigation Trust funds..._
9,991
5e
486.000
486,000.
4.991
In New Jersey relating to dividend rights of its non-cumulative preferred Funds dep. with
Utah Lt.& Tr.& 12,471,300 12,471,300
trustee for red.
stockholders and of its common stockholders and recently two of the cases
• Utah Lt.& Tr.8s 1,401,000 1,401,000
of Consol. Ry.
have been decided by Court of Errors and Appeals of that state. Similar
Adv. from still.
& Pr. Co.,5%
978.944
questions are presented in considering the respective dividend rights of
1,793,937
cos
let Mtge. bd.
the holders of the non-cumulative 2nd pref. stock and common stock of
1,000
1,000Notes d, Loans
150,000
the Portland Electric Power Co. The directors have deemed it wise, and Unamort. disc &
Payable
expense
In fact necessary, for their own protection, to have important questions
75,215
79,973
177,749
189,886 Accts. Payable_
relating to this matter judicially determined in order that each of said two Deferred debits_
441,856
507.056
3,478
Accrued Accts._
93,951
classes of stockholders may be given the dividend rights to which they are
75,881
Tickets outstand
entitled. In order to raise these questions the directors declared dividends
1,778,969 1,788,004
Reserves
Total(ea.side) 23,541,202 22,857,189 Surplus
upon the second preferred stock in addition to the regular quarterly divi1,940,969 1,955,284
% for 1920; % for 1921; % for
dends upon said stock, as follows:
The usual income account was given in V. 120, p. 2271.
1923.
Utilities Coal Corporation.
The common stockholders claim that the 2nd Preferred stockholders are
-Annual Report.
not entitled to any dividends for any one of these three years,this proposition
During the year 1924 the mines of the corporation produced and sold
being based upon the fact that the dividends upon the 2nd Pref. stock are 463,274 tons of coal as compared with 461.650 tons in 1923. In addition
not cumulative. The first dividend upon that stock was paid on Dec. 1 coal was purchased for resale in the amount of 264,732 tons as compared
1923, and amounted to 13i %. Since that date these stockholders have with 199,556 tons in the previous year.
received regular quarterly dividends at the same rate.
Comparative Income Account for Calendar Years.
One of the common stockholders, acting for himself and all other common
1924.
1922.
1923.
stockholders who will join him,has filed a bill in equity against the company Gross
earnings
$1,339,364 *1.431.349 $1,262,254
and joined as defendants three of the 2nd Pref. stockholders as representa- Operating expenses and taxes
924,997
1,036.641
951.675
that class. The bill asks for an injunction to restrain the payment of
tive of
these dividends. Upon the filing of the bill a temporary injunction was
Gross income
$337.257
8387.689
8394,708
granted. The issue presented represents a controversy between these two Deduct-Int. & other fixed charges
16.407
90.500
95.745
classes of stockholders. Representatives of both classes are before the
Provision for deprec.and depletion_
70.747
69,470
69.571
court and their respective arguments will be fully presented. The company
declaration and payment of dividends will be bound by the decision.
In the
Netincome available for dividends- $227.719
$250,103
$229,392
Any stockholder of either class has the right to intervene and be made a
- Balance Sheet as at Dec. 31 1924.
party to the suit, if he so desires.
finally decided, these dividends recently declared for
Until this case is
Assets
Liabilities
the years 1920, 1921 and 1923 upon the 2nd Pref. stock will not be 'paid, Prop.,plant & equipment.$2,260.615 8% Cumul. Prof. stock_ - $500,000
and if the common stockholders prevail, the dividend resolutions will be Sinking Fund deposits_ ___
448 Com. stock (10,000 she.,
annulled. If, on the other hand, the 2nd Pref, stockholders prevail, the Bond discount & expense
no par)
300,000
In process of amortiza'n
dividends will be paid in due course to the extent justified by the decision
99,671 1st M.7% Gold bonds..-- 1,125,000
This litigation does not involve the regular quarterly dividends of lh% Prepaid insurance
2,900 Notes payable
2,200
-V. 120, p. 1587.
Sundry deferred charges
now being paid upon the second preferred stock.
3.557 Accounts payable
106.868
Cash and working funds
76,839 Dividends payable
10,000
Company.
Queens County Water Co.
-Successor
U.S. Treas. bonds & notes 126,481 Accrued taxes
60.989
Notes receivable
5,000 Accrued interest
See Long Island Water Corporation above.
19.445
Accounts receivable
185.838 Accrued royalties
4.731
Materials and supplies_ _ _
76,405 Sundry current liabilities_
-Reduces Par Value.
6,666
Salem (Mass.) Gas Light Co.
Res.,depr., depl. &miscell 512,455
The Massachusetts Dept. of Public Utilities has authorized the company
Capital stuplus
82,531
-V.
to reduce the par value of its capital stock from $100 to $25 a share.
Total (each side)
$2,837,754 Earned surplus
106.869.
120, p. 1748.
This company is a subsidiary of the Commonwealth Power Corp.
Telephone Co.-Pref. Stock Offered. V. 118, P. 1149.
- Santa Monica Bay
-Bonds Offered.
-M. H. Lewis & Co. and Citizens National Co., Los
West Ohio Gas Co.
-Halsey, Stuart
Angeles are offering at 100 and int. $125,000 7% Cumulative &
nc. are offering at 100 and int. $1,000,000 1st &
Pref. (A. & D.) Stock.
Ref.
Co.,NItge. 6% Gold Bonds, Series "A."
-J. Red. all or part on any div. date at $105 and
Dividends payable Q.
diva. Issuance authorized by the California Railroad Commission.
Company.
-On Jan. 1 1925. acquired the property and business of the
Santa Monica Bay Home Telephone Co., which predecessor company was
organized over 20 years ago. Present company operates in the cities of
Santa Monica. Ocean Park, Venice, Sawtelle, Westwood, Brentwood,
West Los Angeles, Ocean Park Heights, Playa Del Rey, Calif., and contiguous territory. Company at the present time serves its territory from
two exchange buildings, serving 8,826 telephones, and from the proceeds
of the sale of this Preferred stock will erect another exchange building to
serve West Los Angeles, Westwood and adjacent territory.
Authorized. Outstanding.
Capitalization$500,000 $140,500
Underlying Liens-(Closed)
909,00
0
10,000,000
1st & Ref. Mtge. Sinking Fund Gold Bonds
125,000
1,000,000
Preferred Stock
650,000
1,000,000
Common Stock
Earnings 12 Months Ended Dec. 31.
1924.
1923.
1922.
$302,395
Gross earnings
$231.547
$191,437
135.035
Oper. Exp. & taxes
106,167
85,152
61,565
Interest on funded debt
24,513
21,480
$105,794
Balance
$100,866
$84,805
Annual dividends on Pref. stock (incl.
8.750
this issue)
Bal. for depre. & Coin. divds.----V.120, p. 332.
$84,805
$100,866
Dated Dec. 1 1924; due Dec. 1 1954. Interest payable J. & D. at office
of Halsey, Stuart & Co., Inc.,in Chicago and New York, without deduction
for the Federal income taxes not in excess of 2%. Denom.$1,000,$500
and $100 c*. Red. all or part at any time on 30 days' notice to Dec. 1 1953
at 107M and int, less g for each full year elapsed after Nov. 30 1924, and
subsequent to Nov. 30 1953. they will be red. at 100 and int. Company
will agree to reimburse the holders of Series A Bonds, if requested within
60 days after payment, for the Penn. and Conn. 4
-mills and Maryland
4M-mill taxes, and for the District of Columbia personal property taxes
-mills per dollar per annum, and for the Mass. Income tax
not exceeding 5
on interest not exceeding 6% of such interest per annum.
Issuance.
-Authorized by the Ohio Commission.
Data from Letter of Chairman Samuel lnaull, Chicago, Dec. 15.
Company.
-An Ohio corporation. Is a consolidation (V. 120, p. 455)
of the properties of the companies heretofore engaged in supplying natural
and artificial_gas to Lima,0., and natural gas to the neighboring towns of
Cridersville, Wapakoneta, St. Marys and Celina. The systems have been
interconnected and unified operation of the same services makes possible
the distribution of the economical mixture of natural and artificial gas.
Population served approximately 75,000.
Company owns a modern and complete carburetted water gas manufacturing plant, with a daily generating capacity of 4,000,000 cu. ft. This
plant is capable of supplying the total demand of all customers of the
company for both natural and manufactured gas. Approximately 80 miles
of high pressure transmission mains and over 170 miles of low pressure
$97,044 distribution and service lines are owned, as well as ample tank storage
facilities and other auxiliaries necessary in the distribution of gas in the
2403
T H 114 CHRONICLE
MAY 91925.1
communities served. Such natural gas as is used is purchased under
satisfactory terms from a neighboring public utility company.
Capitalization Outstanding in Hands of Public.
Capital Stock
$300,000
Class A 7% Cumul. Pref. stock
450.000
Class B 7% Cumul. Pref. stock
75.000 shrs.
'
(no par value)
Common stock
1st & Ref. Mtge.6% Gold Bonds, Series A,(this issue)_-_ 1,000.000 the
Purpose -Entire proceeds will be used toward the acquisition of
properties of the constituent companies.
Consolidated Statement of Earnings 12 Months Ended Dec. 1 1924.
$177,842
Net earnings before depreciation
Annual int. on Funded Debt upon completion of this financing
$60,000
will require
-Outstanding Common stock except directors'
Management d Control.
qualifying shares, is owned.or controlled by the Midland lJtillties Co.V. 120,
-Annual
Western Power Corp. (& Subs. Cos.).
-Dividend Disbursing Agent.
American Linseed Co.
The Equitable Trust Co. has been appointed Dividend Disbursing Agent
for the Preferred stock.
-V. 120, p. 1883, 2014.
Report.
Common Shares-Annual Report.
[Inter-Company Items Eliminated.]
1923.
1924.
Years Ending December 3197.599.664 $7,123,970
revenues
Operating
2,913,979 2,359.031
Operating expenses and taxes
$4.685.685 $4,764,939
104.956
83,814
Profit from operations
Other income credits
$4,769.499 $4,869,895
Gross income
Income Charges
132.000
187,500
income tax 1923
Federal
502.453
528.018
Renewal and replacement reserve
185,763
216,240
Miscellaneous charges
2,513,945
2,553,451
Bond interest
Deductions and Additions150,000
150,000
Divs. Cal. Elect. Gen. Co. Pref. stock
461.468
516,238
G. W.P. Co. of Cal. Pref. stock
495,406
442,293
Western Power Corp. Pref. stock
Additional reserve for renewals and replacements
1,207.623
for prior years
42,021
108,253
Miscellaneous deductions from surplus
7.743
6,661
Miscellaneous additions to surplus (Cr,)
$143,868 def$882,742
for the year
Surplus
5.431,670 6,314.411
Surplus at beginning of year
American Motion Picture Corp.
-Receivership.
Thomas Baskerville has been appointed receiver by Judge Winslow of the
U. S. District Court upon the complaint of John E. Edgerton, a creditor for
$25,000. Liabilities, $367.761; assets. $847,162. The company was
formed in 1922 under the name of the Church Motion Picture Corp. with
a capitalization of $3,000,000 of preferred and 30,000 shares of common
stock of no par value.
-Receiver Discharged
American Packing & Provision Co.
James Brennan, receiver, after tendering his final reports and accounting
has been discharged by Judge Tillman D. Johnson. While in the hands of
Receiver Brennan the property was sold for $900,000 to a group of Ogden
business men. Bonds to the amount of $600,000 were issued to take care of
-see V. 119, p. 813.
indebtedness
-Changes Par
American Pneumatic Service Co.
Value of
The stockholders have voted to change the par value of the Common stock
from $25 to no par value.
Combined Income Account Years Ended December 31.
1923.
1924.
Income from Sales and Installations on Rental
$602,749 $455,771
The Lamson Co (see below)
Mail tube Income (less amortization of rehabilitation
51.148
65.462
cost and interest on notes)
9668,212 $506,919
Gross combined earnings
$2,245
Interest on American Pneumatic Service Co. bonds_ . $1.734
Maintenance of Boston. Chicago and St. Louis Mail
47,409
Tube companies and expense of parent company....... 42,222
150,871
111.944
Depreciation mail tube companies
20,432
50,000
Reserve for Federal income tax
Dividends paid:
16
20
Minority Lamson stock
105,000
105,000
First Preferred stock
126.577
158,221
Preferred stock
954.369
9199.070
Balance. surplus
The combined surplus account Dec. 31 1924 shows: Surplus Dec. 31 1923.
8792.176. and
$5.761; Add surplus Dec. 31 1923, sinking fund reserve.
balance from income. year 1924, as above,9199.070; total surplus. 8997,007;
Deduct
-Charges to surplus, reserves for additional Federal taxes of prior
95,575,538 $5.431,669 years and other unusual expenses,$183,521; balance Dec.31 1924. $813.4811.
end of year
Surplus at
The Bank of America, 44 Wall St., N.Y. City, will until May 25 receive
Income Account of Lamson Co. for Years Ended December 31.
bids for the sale to it of 30-Year 61.i% S. F. Secured Gold debentures,
1921.
1922.
1923.
1924.
Series "A," dated Dec. 11924. to an amount sufficient to absorb 8230,000 Income from sales and
-V. 120. p. 584. 213.
,
at prices not exceeding 105 and interest.
installations on rental_ 94.628.282 94.086,726 $3,487,374 $4.249.282
Cost of sales and oper'g
3.789,387
3.178.725
Installations on rental 4,042.937
3,650.905
INDUSTRIAL AND MISCELLANEOUS.
-On May 1 Arbuckle reduced list prIcefrom 5.70(41.
Refined Sugar Prices.
5.75c. to 5.60c. per lb. On May 5 Arbuckle again reduced price to 5.50e.
per lb. Practically all refiners
per lb. and Revere quoted 5.600.list prices remain unchanged. are acceptOn May 7
ing business at 5.600. although
McCahan reduced price 10 points to 5.70c. Arbuckle on the same date
5.60c. per lb.
advanced price 10 points toSale of Ethyl Oasoline.-Ethyl Gasoline CorporaManufacturers Withdraw
and General Motors,announced that effection, subsidiary of Standard Oilsale of its product.
-"New York Times,"
tive May 5 it would suspend
May 5 p. 23
.
R.
Textile Workers at Warren.-hr.I. Strike.-Carders demand 10% wage
week basis, but will accept present scale
increase if mill continues on 54
week basis. Plant superintendent refused request
If mill runs on 48-hour as result.
-"Boston News Bureau," May 8. p. 15.
operatives are idle
and 300
U. S. Government
Matters Covered in "Chronicle" May 2.-a Action by contracts.
-Action
out of war time
against Bethlehem Steel Corp. growing -Defense of Charles M.Schwab,
Bethlehem Steel against Government.
by
p.2224.
-Off List.
Abangarez Gold Fields.
Stock Exchange, Apr,
By vote of the Governing Committee of the Boston
were stricken from the llst, the
Preferred shares
28 1925. the Common anddissolve.
company having voted to
-Annual Report.
Alaska Juneau Gold Mining Co.
1922,
1921.
1923.
1924.
Calendar YearsGross recovered geld, silver and lead values-_
$797,075
81.519,312 91.173,078 $1,025,879
Bullion
362,800
341,698
238,176
536.470
Concentrates
Total
Total oper. costs & exp
92.055.782 $1,514,774 91,388.679 $1,035,251
1,366,538
1.544,857
1,203.986
1.796,288
$22,141 def$168.736
$259.494 def$30,083
13
"
et
-tf. lrf . 831.213.
-Tenders.
American Chicle Co.
New York City, will unThe Guaranty Trust Co.,trustee, 140 Broadway,Chiclet Co.6% Sinking
for the sale to it of Sen-Sen
bids
til May 8, receive due 1929. to an amount sufficient to exhaust $50,147,
Gold bonds,
Fund
-V. 120. p. 2150. 1206.
and interest.
at a price not exceeding 1073
American Cigar Co.-Consol. Bal. Sheet, Dec. 31.
[Consolidated with Companies All of Whose Stock is Owned.]
1924.
1923.
Liabilities1923.
1924.
AssetsPreferred stock_ _ _10,000,000 10,000,000
Real estate, mach.,
Common stock_ _15,000,000 15,000,000
&c., less deprec.
150.000
150,000
(afterdeducres.) 2,814,090 2,765,668 Prov. for pref. dlr. 800,713 1,032 657
.
pay_
Bills
Brands, Pats.. &a_ 3,315,885 3,315,685 Tax & accts.
338,321
309,676
reserves
tobacco, dtc. _11,309,319 12,878,574
Leaf
529,053
2,804,573 2,710,874 Res.fordeprec.,&e. 155,605
Bonds & stocks- 5,169.850 2,743,823 Surplus
5,353,734 5,220,835
Cash
750,422
U.S.Treas. notes_
:3,062.067
Due from cos._ _ _ .x2,121,176 4,170.087
Rills & accts. rec._ 4,160,356
Total (ea. slele)_31,769,728 32,270,865
75,664
74,879
Prepaid Ins., &c__
in which it, directly or
Amounts owing to this company by companies
of the stock.
Indirectly, owns part
in V. 120, p. 1206.
usual comparative income account was given
The
-Earnings.
American Hide & Leather Co.
1923.
1922.
1924.
1925.
Quarters End. Mar.31. 8316,136
$261,719 loss$49,511
844.275
note)_
Net earnings (see
68.664
61,130
67.495
62,482
Depreciation _
Extra income from insurance on plants de495,000
stroyed by fire
$200,589 def$118.175
$471,779
9253,654
Balance
after charging repairs, interest on loans,
from
Note.-Results taxes.operations p. 2150, 1883.
-V. 120,
and reserves for
-May Omit Dividend.
American-Hawaiian SS. Co.
San Francisco states that though the quarterly dividend
A dispatch from been formally passed by the directors of the company
not
has
of 15 cents been sent shareholders that such action undoubtedly will be'
last distribution was 15
notice has
board meets next month. The
taken when the made on April 1 last.
cents per shareby President Cook says that the company has been paying
the hope
A statement
practically since the war inbusiness that the
conditions
its dividends out of surplus
stable, but that general
shipping business would become
shinning business will
the activity predicted in the
remain unsettled and
expected.
not be as great as
expenses, for the year ended Dec. 311924, was $361,667
Net loss, after
dividends amounting to 8300,000. net deficit for the year
After paying
p. 77.
was $661.676. V• 119.
Operating income___
Interest & disc. earned__
9585.345
28.962
$435,825
31.875
$308,649
34.775
$459,894
34,974
Gross income
Interest
Dividends
$614,307
11,558
298.567
8467.700
12,419
238,854
$343,424
2.237
119,714
8494,868
25.793
120,000
$349.075
$221.473
$216.426
9304.182
Surplus for year
67n
The surplus account Dec. 31 1923 shows: Accumulated surplus to De
1923. 82.402,371; surplus for year 1924, $304.182; surplus Dec. 31 1924,
82,706.553.
There have been substituted on the Boston Stock Exchange list in place of
the 199,891 shares (par $25) Common stock, the same number of shares of
-V. 119. p. 2650.
Common stock without par value.
-Bonner,
-Stock Sold.
American Rayon Products Corp.
Brooks & Co., New York, have sold at $22 per share 50,000
shares Common stock (no par value).
Transfer agent, New York Trust Co. Registrar, Bank of New York
& Trust Co.
-Authorized and outstanding,110.000 shares. No bonds,
Capitalization.
Preferred stock or bank loans.
Data from Letter of Edward Nufer, Vice-President of the Co.
Company.-Incorp. in Delaware in April 1925. Organized to take over
the business and properties of the following companies: Knitted Textiles
Corp., Banner Silk Knitting Mills, Vary Knit Co., Elites Knitting Mills,
Atlas Knitting Mills, Artsilk Knitting Mills, Crystal Mills. The new
company will maintain the respective plants of the consolidated companies
in New York, New Jersey and Pennsylvania.
Companies absorbed have been individually prominent in the Rayon
products industry for many years. They have engaged in the manufacture
of Rayon knit goods and it is estimated that the new company will yoroduce
about 50% of all this class of material made in the United States. Through
this consolidation the combined companies will operate more efficiently
and economically; operating as a unit under one management, their overhead will be greatly reduced. This consolidation will assist materially in
stabilizing prices in this industry, due to lessened competition.
-The Rayon (artificial silk) industry has shown a phenomenal
Industry.
development until, at the present time. It ranks third in production among
the textiles of the world, preceded by only cotton and wool,and outstripping
natural silk in 1924 by more than 10.000.000 pounds. Due to the solidly
entrenched position of the company as one of the largest producers of
Rayon knit goods in this country, their future and development is closely
linked with the development of the Rayon industry.
-Directors have signified their intention of placing this stock
Dividends.
on an annual dividend basis of $2 per share, payable quarterly, beginning
August 1925.
Listing.-Application will be made to list these shares on the New York
Stock Exchange.
Earnings.
-Over the period of the last three years, from income statement compiled by Ernst & Ernst, net profits of the consolidated companies, after all deductions, including depreciation and adjustments of nonrecurring charges and Federal taxes, at the present rate, have been as
follows:
1924.
1923.
1922.
$433,129
$377,023
$391,466
Earnings for the last three years of the combined companies, after all
deductions, including depreciation and Federal taxes, at the present rate,
averaged $400.539. In 1924 net earnings were $433,129. or $.3 93 per share.
It Is conservatively estimated, based upon net earnings for the first quarter
ofthis year,that the company will earn over $6 per share for the year 1925.
Balance Sheet April 11925.
Liabilities
Assets$208,739 Accounts payable
Cash
$175,180
349,881 Capital stock and surplus
Accounts receivable
Merchandise inventory__ - 790,257 (110.000 shares, no par
value)
11,367
Lease deposit & accr. int_
3.098.169
Land, bldgs.. mach.,&c__ 1,898,169
Total (each side)
14.936
Deferred charges
$3,273,349
American Sumatra Tobacco Co.
-Receivership.
Receivers were appointed May 7 by Federal Judge Goddard for the
company, in an equity action instituted by Harding, Tilton & Co., a (ranitor with a claim of $14,400. It was said that the proceeding was friendly,
that its purpose was to effect a reorganization and that the company was
"amply _solvent." The receivers appointed are former Federal Judge
Julius M.Mayer. Robert H. Gay and George W. Spitzner.
In view of the present disability of the company to deal with its proprties
as a trust fund, so that its creditors might be paid, the Court enjoined all
proceedings on the part of creditors to collect through
The following statement was issued by Louis Leopold,
President of the company, to explain the appointment of the
receivers:
A balance of $2,650,000 5
-Year 7 % Gold notes matures on June 1 next.
The company is amply solvent, having practically no indebtedness apart
2404
THE CHRONICLE
from these notes and having current assets consisting of cash in banks, bills
and accounts receivable and merchandise inventory at cost, aggregating
nearly $3.500,000. The fixed assets of the company
estate holdings in various cities and plantations andcomprise valuable real
equipment in several
tobacco-growing States which stand on the books at upward of $8,000,000.
It is apparent that there are ample resources from which the notes will ultimately be paid in full, with interest, leaving a substantial basis for reorganization.
In spite of the apparently strong current asset position of the company,as
above indicated, the directors have been unable to provide for
of or to refund the maturing notes,due largely to the restrictive the payment
provisions in
the company's charter. The company was incorporated in Georgia in 1910,
and the charter, among other restrictive
any satisfactory security for a refundingprovisions, prevented the giving of
loan without the unanimous consent of the preferred stockholders.
After having unsuccessfully exhausted
efforts to raise sufficient moneys
to meet or to refund the maturing notes all and leaving the company with
due
sufficient working capital to carry on
business, the directors consented
to an equity receivership as essential its order to protect the rights of all
in
interests. It is hoped to effect a satisfactory reorganization of the company
which will relieve it of its present cumbersome charter restrictions and
properly finance its future operations.
-V. 120, p. 1330.
[voL. 120.
offered for subscription at $48 75 and div., the purchaser of
each three shares of Prof. stock being given an opportunity
to purchase one share of Common stock at $30 per share (par
$25).
Preferred dividends payable Q-F. Red, all or part on
at $55 and div. Transfer agent, Lancaster Trust Co., 30 days' notice
Lancaster, Pa.
Registrar, Farmers Trust Co.. Lancaster, Lancaster, Pa. Free of Penn.
State tax. Dividends not subject to the present normal Federal income tax.
CapitalizationAuthorized Outstanding
Common stock( par $25)
$425.000 $425,000
7% Cumulative Preferred (par 250)
600,000
400,000
10
-Year 655% Sinking Fund Gold notes
600,000
Business.
-A Pennsylvania Corporation. At present time the600,000
largest
manufacturer of mouse and rat trap in the world becomes, also, the largest
manufacturer ofsteel traps, through the acquisition of the United States and
Canadian steel trap department of the Oneida Community, Ltd. This
business, established in 1850, produces
for years manufactured 80% of all the Millions of traps annually, and has
traps in America. The plants are
located at Lititz, Pa.. Oneida, N. Y., and Niagara Falls, Can. The plant
at Oneida, N. Y. will be dismantled and a new steel constructed plant will
be built at Lititz, Pa. Company sells to practically every large wholesale
Committeefor 5-Year 71 % Sinking Fund Conv.Gold Notes.
4
The committee (below) at the request of the holders of a large amount of firm in the United States, and also has a very fine export business.
the above notes, have agreed to act as a committee to represent and protect
Condensed Balance Sheet, Mar. 1 1925 (After Financing)
•
the interests of the holders of the notes, Chase National Bank,57 Broadway,
AssetsLiabilities
N. Y. City, will act as depositary.
Cash
$203,443 7% Preferred stock
$400,000
The committee is advised that the notes constitute the only indebtedness Accounts receivable
22,992 Common stock
425,000
of consequence of the company and that the company has quick assets in Inventories
319,000 Surplus
225,480
excess of the notes without resorting to its fixed assets which are carried on
Total fixed assets
686,044 634% Sinking Fund Gold notes 600,000
its books at upwards of $8,000,000. It would seem, therefore, that the Trade marks & good will
285.000 Sundry current accounts
5,000
notes should ultimately be paid in full, principal and interest.
Deferred & amortized charges_ 139.000
The committee is also advised that while the quick assets of the company
exceed the notes, their payment with these assets would leave the company
$1,655,480
Total
31,655,48
without sufficient working capital to carry on its business, and that inasmuch
as new money could not be raised without a reorganization,on account of the
Armor Plate & Non-Shatterable Glass Corp.restrictive provisions in the charter of the company, the directors consented
Indictments.
to an equity receivership in order to protect the rights of all interests.
Sealed indictments by the Federal Grand Jury, opened April 14, named
In view of the appointment of receivers for the company, and in order
that the committee may be in a position most effectively to represent the eight defendants as having swindled investors out of more than $1,000,000
noteholders and protect their interests, the notes should be deposited by inducing them to buy stock in a concern which they represented to be
promptly with the depositary. The notes must be accompanied by the profitably engaged in the manufacture of bullet-proof glass. Prosecutor
Maxwell S. Mattuck, who obtained the indictments, said that ground was
June 1 1925 coupons.
Committee.
-Robert L. Clarkson, Chairman (V.-Pres. Chase Securities prepared for the swindle in 1920 when the Bankers' Protective Appliance
Corp.), New York: Paul Buhl* (V.-Pres. Federal Securities Corp.), Chi- Corp. was formed. This was followed in 1923 by the organization of the
cago: C. R. Ford (Tucker, Anthony & Co.), New York: J. Sanford Otis Corp., the Bullet-Proof & Non-Shatterable Glass Co. and the Armor Plate
(Asst. V.-Pres. Central Trust Co. of Illinois), Chicago; John H. Stewart & Non-Shatterable Glass Corp.
Of the eight defendants one has not yet been located, and a bench warrant
(Hambleton & Co.). New York: A.0. B. Steel (Graham, Parsons & Co.),
New York, with Karl A. Panthen, Sec., 61 Broadway, N. Y. City, and was issued for his arrest. The other seven are Adolphe Topper, Samuel
L. Krantz, Harry L. Gold, Irving Sass. Abraham A. Lichtman, John S.
Rushmore, Bisbee & Stern, counsel.
Concannon and David Greenwald-V. 118. p. 313.
Preferred Stockholders' Protective Committee.
The following, at the request of the holders of a large amount of the
Armour & Co., Ill.
-Decree Fully Suspended.
Preferred stock, have consented to act as a committee to represent and
The New York "Times." May 2, had the following:
protect the interests of the holders of the Preferred stock. Holders are
"Ten years of agitation on the part of the Department of Justice to
asked to deposit their stock not later than July 1 1925 with Central Union prevent an alleged food monopoly by
the 'Big Five Packers'
-namely.
Trust Co.. 80 Broadway, N. Y. City, depositary•
Armour & Co., Swift & Co.. Wilson &
Morris & Co. and the Cudahy
Committee.
-Joseph F. Cullman, Jr., Chairman (Cullman Bros., Inc.); Packing Co.
-went for naught May 1 in Equity Court at Washington
Co..
Theodore G. Smith (1st V.-Pres. Central Union Trust Co. of New York); when Justice Jennings Bailey signed
Henry M. Sperry (V.-Pres. First National Bank). Hartford; Maurice Feb. 27 1920, under which the packers an order suspending the decree of
have
Wertheim (Hallgarten & Co.), with F. Wolfe, Sec. 80 Broadway. N. Y. in the provision business except as it relate released 90% of their holdings
I to meat.
City, and Cohen, Cole & Weiss, counsel, 61 Broadway, N. Y. City.
"Because the Department of Justice, which force I consent to the decree,
V. 120, P. 1330.
failed to take into consideration the property rights of growers and producers
whose products were marketed by the packers, it
now
Anaconda Copper Mining Co.
-Federal Tax Question.
- the pacicers guilty of violation of the anti-trust lawwill force have to prove
them to Km
to
their activities.
A letter dated May 4 to the shareholders says:
"The order suspending the consent decree was presented by Frank J.
There has been some publicity regarding Federal income tax matters of Hogan. counsel
for the California Co-operative Canneries, which had a
the copper companies, including this company, in connection with the
contract with
investigation of the Senate Committee into the administration of the This contract Armour to Co. to take 51% of their output until Jan. 1 1929.
was not considered when the consent decree was forced on
Bureau of Internal Revenue. The following statement is submitted:
the packers by Attorney-General Palmer.
In Feb. 1920 an exhaustive investigation of the taxes paid
"The Armour and Swift groups demanded that the decree be vacated
pany was conducted, after which, upon the submission of allby this comthe facts in entirely, on the ground that
connection with the business of the company and its accounts, the Treasury been convicted of violation it was confiscatory and that they had never
of the anti-trust laws.
Department made necessary findings and reached an agreed final settle"The Court refused to vacate the decree, but the packers have won a
ment of this company's taxes for the year 1917 and previous years. The victory with the suspension.
The Department of Justice, through Herman
taxes for 1918 were also disposed of subject to the final ascertainment of J. Galloway, Assistant
Attorney-General, will have to go back more than
the 1919 deductible loss. The entire issue now presented is as to whether five years
for evidence of violations of the anti-trust laws.
valuations for subsequent years will be disturbed because engineers, who
"Attempts were made by Mr.
participated in the original valuation and who determined the basis of grocers to modify the suspension Galloway and counsel for the wholesale
order and have it affect only the canneries
valuation, or their successors in office, have changed
opinions re- and
garding certain factors which enter into the valuation. their is no ques- and Armour & Co., but Justice Bailey declined to consider such a proposition
There
ordered the decree suspended in its entirety. Armour & Co. are now
tion as to the honesty, fairness and finality of the original valuations. As permitted
to handle all sorts of canned goods.
Secretary Mellon has publicly stated.
"There is nothing in the suspension which forbids other packers, who had
"Taxes for 1917 and 1918 were assessed and paid by the companies on the contracts similar to that of
Armour with the canneries from re-engaging in
basis of these valuations and the companies were informed that
valua- the food business in addition to handling meats."
-V.120. p. 2272. 2151.
tions were final. . . . The original valuation for 1917 and the
1918 was
made by competent authorities and was an honest expression of judgment.
Art Metal Construction Co., Jamestown, N. Y.
The taxpayers had considered their taxes for 1917 and 1918 closed and
Results for Quarter Ending March 31.
arranged their finances accordingly. To reopen them at this late date
would have upset an entire industry. The Department. therefore, took the
1924.
1925.
position that the 1917 and 1918 taxes having been finally settled and paid. Shipments
21,567.045 $1,901,546
it would not extend the revaluation to these years, but would commence Cost of goods shipped
1,394,167
1,729,940
Estimated taxes
with the year 1919, for which year and subsequent years taxes had not yet
21,000
29,000
80,143
been determined. It was felt that the Department should not substitute Dividends
80.143
its present judgment for the honest judgment of those officials of the prior
Available for surplus
$71,735
$62,462
Administration who were formerly in authority in the Treasury and who had
Earnings for the quarter include an estimated profit based on uncompleted
finally closed the cases for 1917 and 1918.
It is the unanimous opinion of counsel for this company, as well as of contracts, and is subject to any adjustment that may be necessary on
-V. 120. p. 1331.
counsel for many of the other large producers who have been consulted in completion of these contracts.
regard to the matter, that under the law and regulations the valuations
Artloom Corp.
-Initial Dividend.
arrived at are final and cannot be disturbed. It is the belief of the officers
An initial quarterly dividend of 1 3s % on the Preferred stock. payable
of this company that it has paid all the taxes that can be fairly claimed
and that when the Department is in a position to consider and close the June 1 to holders of record May 20. For offering see V. 120, p. 1208, 1750.
subject for years subsequent to 1918. there will be no substantial change
Atlantic Gulf & West Indies Steamship Lines (Incl.
in the amount of taxes which have been paid by the company. [Signed,
John D. Ryan, Chairman; Cornelius F.
-Annual Report.
President.]
-V. 120, P. Subsidiary Companies).
1883, 1588.
Calendar Years1924.
x1923.
Operating revenue
$27,714,302 $25,288,202
Animal Trap Co. of America.
-Notes Offered.
-Jay N. Total operating expenses
, 24,351,959 23,417,112
Schroeder & Co., Lancaster, Pa. recently offered at 98 and
interest to yield 6.70%,$600,000 10-year 63/2% Sinking Fund
Gold notes.
Dated Feb. 1 1925; due Feb. 11935. Free of the Penn.4 mill tax. Denom. $1,000,$500 and $100c5 Callable as a whole or in part on 30 days'
notice, or for the sinking fund at: 105 after April 11926, 104 after April 1
.
1927, 103% after April 11928. 103 after April 11929; 1023i after April 1
1930, 102% thereafter. Lancaster Trust Co., Lancaster, Pa.,trustee.
Security.
-This issue is a direct obligation of the company and constitutes
the sole funded debt of the company. The notes will be issued under a
trust indenture which will provide that no mortgage (except purchase money
mortgages) shall be placed on any part of the company's property unless the
notes are retired by the proceeds thereof or are equally secured under such
mortgage.
Earnings.
-Average annual net earnings for the past 16 years,from 1909
to 1924 incl. averaged $170,664. Annual interest charges (this issue),
$39.000. Balance, $131,664.
Net earnings therefore averaged over 4. times the interest charges. It
4
1
is conservatively estimated that earnings will run approximately $275.000
for the coming year, due to certain savings in operating expenses, made possible under the concentration of the business, and changes of operation by
the management.
Sinking Fund.
-A sinking fund of not less than 20% of net earnings, after
depreciation, taxes and interest charges and Preferred stock dividends, will
provide for the calling of these notes by lot at call prices.
Purpose.
-Proceeds will be used in part to acquire all the property and
assets of the United States & Canadian Steel Trap Dept. of the Oneida
Community, Ltd., and to provide funds for the redemption of the outstanding bonds of the Animal Trap Co., and the purchase of the 7% Cumulative
Preferred stock of the company (par 2100), now outstanding, and to provide
working capital, and funds for the erection of a large additional plant, adjacent to the present factory at Lititz, Pa.,on ground owned by the Company.
Offering of Preferred and Common Stock.
-An issue of $400,000 7% Cumulative Pref.(A. & D.) Stock (par $50) was also
Net operating income
Other income
$3.362,343 $1,871,089
401.302
462.688
Grow; income
Interest, rentals, &c
$3.763.645 $2,333,778
2,408,804
2,475.127
Net income for year
3
1. a9
m4il
w5y,o8r4k0
3 4
x For comparative purposes the operations of the Ne
V.
eCuba
SS. Co. and its subsidiaries are excluded for the year 1923.-V. 120, P.
1092, 586.
(M. H.) Avram & Co., Inc.
-Stock Offered.
-
M. H. Avram & Co. Inc., Engineers, announce a new offering for the
development of new departments and for the expanding of facilities in general. The capitalization will be 4.000 shares Participating Preferred stock
(Par $100) and 10.000 shares of Common stock without par value. Preferred stock will carry a preferred dividend of 10% and is convertible into
common at the holder's option on the basis of share for share. This issue
is being offered in units of 4 shares Preferred stock and 1 share of Common
stock, at a price per unit of $400.
Barnsdall Corp.
-Earns. Quarters Ended March 31.Grosssales and earnings from operations
Producing and operating expenses
1925.
8
1444
$3.222,285 $2,92 ,021
1,494,927
2,141,922
Net earnings
Other income
$1,080,363
3,077
$953,093
3.395
Total income
Interest charges
Federal taxes
Depreciation and depletion
$1,083,440
lagAg
$956,488
6
17 : 38
13 0
Net income
-V.120, p. 2272, 2014.
333,416
294,198
$550,150
$470.650
MAY 9 1925.]
THE CHRONICLE
Baltimore Tube Co.
-Annual Report.
Calendar YearOperating profit
Depreciation
Preferred dividends_
Amorti of def'd chge, &c
Balance, deficit
1924.
$145,482
169,574
14,360
1923.
1922.
1921.
8327,734 loss$251.077 loss$378.618
168,998
169,849
157,135
30,625
9,360
29,371
29,592
$38,452 sur$149.376
$450,296
$595,970
Beatrice Creamery Co.(& Subs.).
-Annual Report.
Consolidated Income Account
-Fiscal Year Ended Feb. 28 1925.
Total income from all sources
41.556.784
Res,for deprec., $434,977: res. for Fed. taxes, $112,000: total_
546.977
Pref. divs.(7%)$245.000: Common diva.(10%)$612,000: total
857,500
2405
$200,000 1st Mtge 6% Serial Coupon bonds. Safeguareed
under the Straus plan.
Dated Apr. 1 1925: due 2 to 13 years. Interest coupons payable A-0
at offices of S. W. Straus & Co. Callable at 103 and interest. Federal income tax of 2% paid by borrower.
The land upon which the new building will be erected is located at 2637
Boston Boulevard, Detroit, Mich. with a frontage of approximately 150 ft.
on Boston Boul. and a depth of approximately 106 ft. The building will be
an attractive, modern,4-story apartment structure, with an exterior of face
brick trimmed with Bedford stone. It will contain 8 four-room, 31 threeroom and 16 two-room apartments, each with bath. The interior will be
finished in birch and white enamel. following the most approved, modern
design for first class small apartments. A wide court will assure light and
air for all apartments. The building will be equipped with passenger elevator service, incinerators, laundry drying equipment, and the highest grade
of modern plumbing and electrical fixtures.
Balance. surplus
$152.307
x After deducting all expenses incident to operations, incl. those for
ordinary repairs, and maintenance. int. and exp. pertaining to the disBritish Columbia Fishing & Packing Co., Ltd.
-Report.
tribution of the company's products.
Calendar Years1924.
1923.
1922.
1921.
Consolidated Balance Sheet.
Profit on operations__ $129,154 def$125,114
$22,415
$314
Feb. 28'25 Feb. 29'24
Feb. 28'25 Feb. 29'24 Prov. for depreciation__
90,000
Assets$
$
Liabilities$
$
Prov. for accrued taxes_
13,540
Real estate, bides.
Preferred stock_ __ 3,500,000 3,500,000 Dividends paid
128,754
& plant
5,281,450 5,512,547 Common stock_ _ _ 6,125,000 6,125,000
Investments
1,855,169 1,968,403 Notes & accts. pay. 771,486
900,901
Balance, surplus
$25,614 def$125,114
$22,415 de:3128.440
Cash
491,855
362,472 Reserves
192,410
222,681 -V. 113, p. 734.
Accts.& notes rec.. 2,553.048 2,290,281 Surplus
1,011,017
858,709
Int.receivable_ _ _ _
1,644
2,083
Bullard Machine Tool Co.
-Common Stock Offered.
Inventories
1,287,284 1,419,590
Deferred charges_ 129,463
51.914
Tot.(each side)_11,599,913 11,607,291 Shields & Co., New York, are offering at $173/i per share
-V.119. p. 2765.
33,400 shares of Common stock of no par value.
Beaver Board Cos.(& Subs.).
-Annual Report.-
consot. Income Account-Cal. YearsNet profit of Beaver Products Co., Inc., & subs....
General expenses of Beaver Board Cos
Interest on 8% Gold notes
1924.
$717,417
35,042
370.512
1923.
$438.898
47,061
370,504
Net profit
-V. 120, p. 1884.
$311.863
$21,333
Beaver Products Co., Inc.(& Subs.).
-Ann. Report.
-
consot. Income Account-Cal. Years1924.
1923.
Gross profit after deducting expenses incident to
operations. incl. those for repairs & maintenance $4,447,507 $4.147,953
Other income
221,513
208.502
Total income
$4,669.020 84,353.455
Administrative, selling and general expenses
2,836.366
2,815.185
Interest on bonds
220,576
239.147
Interest on notes payable
6.749
11,834
Amortization bond discount and expense
46,875
46,875
Premium on bonds redeemed
19,638
8.950
Adjustment of sterling exchange
13,378
Provision for depreciation and depletion
798,397
761,687
Provision for Canadian profits taxes
23,000
17,500
Net profit
$717,418
$438,899
.-v. 119. p. 2650.
Bethlehem Steel Corp.
-Sale of Stock to Employees.
-The
company, in its publication "Bethlehem Review," dated
Apr. 22, said in part:
"Under the second annual offering of the Employees' Saving &
Stock Ownership Plan. 22,372 employees applied for a total of 46.818 shares
of the 7% Consul. Prof. stock of the corporation. Although the number
of shares applied for was slightly less than under last year's plan, the number of employees applying for stock showed an increase of 2,450 over last
year. The plan calls for payment within a maximum of 22 months so that
purchasers of stock under the plan will have completed payments and will
receive their certificates in Feb. 1927, unless payments are made in advance
and completed before that date. Under this year's price of $100 per share,
the amount to be deducted from earnings will be $89.51 a share, allowing
credit for regular dividends and for the special payments amounting to $3
per share for the first 2 years. This does not include the $12 special payments which will be made during the following 3 years to those remaining in
Bethlehem's employ and holding the stock."
Campany.-Located at Bridgeport, Conn. Was established in 1880 and
incorporated in 1894. It hasshown a steady growth and a constant improvement in its products. To-day, it ranks as one of the foremost companies in
its line. The basic factor upon which the business was founded and has
prospered is the manufacture of machines to eliminate the use of skilled
labor and to reduce the use of common labor to a minimum. Company
manufactures a complete line of vertical turret lathes, boring mills and
mult-au-matic machines. used in the manufacture of railroad equipment.
trucks, automobiles, electrical equipment and machine parts of every description. The machines manufactured by the company are adaptable to
and used, in some way, in practically every line of business where steel is a
factor of production.
Company also does a substantial foreign business with the larger foreign
manufacturing concerns. Company owns a thoroughly modern plant. independently appraised two years ago at $3.518.642.but which is now carried on
the books at $2,287,966. This plant, constructed in 1918, is complete from
foundry (for castings) to finished machines, and so laid out as to allow an
uninterrupted flow of work with absolute control and minimum cost of
operation.
Earnings.
-Net earnings after all charges, including Federal taxes computed at present rates and after payment of preferred dividends,for the past
8 years have averaged $2 80 per share of Common stock. Net earnings for
1923 amounted to $7 31 per share and for 1924 to $3 75 per share of Common
stock. Sales for the first two months of 1925 are in excess of sales for the
same period of 1924.
Dividends.
-Company expects to put the common stock on an annual
dividend basis of $I 50 per share in the near future.
Purpose.
-Proceeds used to take up Preferred stock.
Condensed Balance Sheet Dec. 31 1924.
Assets
Liabilities
Cash.
$267,263 7% Cumul. Pref. stock
$676,000
Marketable securities
320,286 Corn. stk. (66,600 sh. no par
Accts rec. (less reserve)
133,996
Materials & supplies
912,764 let Mtge 614%
1,450,000
Securities owned
25,166 Accounts payable
35,119
88,049
Deposits with bond trustee__ 180,417 Accrued salaries, wages,etc..
52,259
Plant,equip., etc., less deprec. 2,287,567 Royalties & COMM1138101123
Patents-lees depreciation
66,480
Deferred & prenald items
239,719 Total (each side)
$4,433,658
-V. 116, p. 81.
Bunte Brothers,Chicago.
-Notes Offered.-The Foreman
Trust & Savings Bank, Chicago, are offering at prices ranging from 100 and interest to 100.90 and interest to yield
to 6%,according to maturity, $1,500,000 Serial 6%
Action by United States Government against Bethlehem Steel from 53.inotes.
Corp. Growing Out of War-Time Contracts-Action by Bethlehem SecuredMar. 1 1925: due serially $100,000 each Mar. 1 1926 to 1924 Incl.
Dated
Against Government-Defense of Charles M. Schwab.
-See Principal and interest (M. & S.) payable at the Foreman Trust & Savings
trustee.
under Current Events and Discussions in "Chronicle," May Bank, Chicago, including Red. all or part on any interest date on 30 days'
notice until and
Mar. 1 1930 at 103 and int.: after Mar. 1 1930 up
2, p. 2224-26-V. 120, IL 2151.
to and including Mar. 1 1935 at 102 and interest and thereafter at 101 and
interest. Denom. $1,000,$500 and $100c* Normal Federal income tax
Bingham Mines Co.-ConsoI. Inc. Acct.for Cal. Years.
- up to 2% paid by company.
Company.
-Is the outgrowth of the old firm of Bunte Bros. & Spoehr,
[Including Eagle & Blue Bell Mining Col
which started business in 1876. Company has shown phenomenal growth
1924.
1923.
and now ranks as one of the leading candy manufacturers in the world.
$1.105,374 $1,371,082 Plant, located at 3301-3359 Franklin Boul., Chicago. has 450.000 sq. ft. of
723,224
919,051 floor space and represents one of the finest types of modern faclories. The
110,147
114,546 buildings comprising the factory, together with the land which is owned in
fee simple, have an appraised sound value of $2,616.297.
Net operating gain
$272.003
$337,485
Security.
-A firstlien on all the land, buildings and equipment. After deLess
-Outside interests (Eagle & B. B.Min.Co.)....
302
1,589 preciation, the sound value of the property pledged under this mortgage, as
appraised as of Jan. 31 1925, is $4,175,718 or over 2.75 times the total
Bingham Mines Co. net gain and equity (before
amount of this issue of notes.
depreciation and depletion)
$271,701
$335,896
Earnings.
-Earnings for the year 1924 after Federal income taxes and all
-V. 120. p. 1093, 457.
other charges were $480,323, or over 5 times the maximum annual interest
charge on this issue of notes, and over 231 times the annual maturity and
-Annual Report.
Bird & Son, Ltd.
maximum annual interest charge. For the 3
-year period ended Dec. 31
Calendar Years1924.
1923.
1922.
1924,the earnings have averaged $470.543 or over 5 times the maximum an$55,492
Net profits (after taxes & deprec.)_-861,718
$82.480 nual interest charge and
2.4
Preferred dividend
(7%)28,000
(7)28,000 (33i)14.000 annual interest charge. over the times the annual maturity and maximum
For
same period, before interest and Federal
taxes, the annual earnings have averaged $664.465, or
the maxiBalance, surplus
$27,492
$33,718
$68,480 mum annual interest charge and over 3.4 times the over 7 times
annual maturity and
-V. 118, p. 2576.
maximum annual interest charge.
Purpose.
-Proceeds will be used: (1) to retire $700.000 7% notes of the
Black & Decker Manufacturing Co.
-Bonds Called.
Sixty-six 1st Mtge. S. F. 8'Z Cony, gold bonds, dated Dec. 1 1920, company, which mature July 11925,and (2) to eliminate current bank loans
and increase working capital.
-V.120,P. 1332.
have been called for payment June 1 at 1043i and int. at the Maryland
Trust Co., trustee. Baltimore, Md.-V. 116. p. 1897.
Gross earnings
Operating expenses, Federal taxes, &c
Mine development
Blanchard-Zanesville Mining Co.
-Bankruptcy.
Involuntary bankruptcy proceedings have been filed in Federal court at
Columbus against the Company by James M. McNeill and Lewis Roser of
Pittsburgh and the Fairmont Mining Machine Co. of Fairmont, W. Va.V. 118, p. 435.
Bohn Aluminum & Brass Corp., Detroit (& Sub.).
Rush Terminal Co.
-Recapitalization Plan A pproved.-
The stockholders on May 6 approved the plan whereby each present
share of Common stock will be exchanded for one share of new 7% Cum.
Prof. stock and 2 shares of new no par Common stock. See also V. 120.
p. 2015, 2152.
Results for Three Months Ended March 31.
1924.
192.5.
Total gross earnings
$2,160,054 $2.066.078
Total operating expenses
1,094,048
1,170,767
Taxes
321.981
323.079
Depreciation
43,243
Interest on bonded debt, &c
272,398
272,137
Sinking fund
40,461
Consolidated Balance Sheet Dec. 31 1924.
Assets.
Liabilities.
$51.700
Land, bldgs., mach'y, &c-$3,066,712 Preferred stock
30,001 Common stock & surplus_x3,035.243
Patents St Good-will
109.759 Notes payable
700,000
Cash
y343,758
Cust'rs' notes & accts. rec- 748,093 Accts. pay. & accr. expBalance,surplus
$351,665
$336,353
1.433.406 Dividends ipayable
84.951 -V.120. p. 2152, 2015.
Inventory
23.450 1st Mtge. 7% bonds
1,500.000
Sum. val. of life insurance
claims.. _ _ _
41,690 Reserve for contingencies..
15.000
Misc. acc'ts &
Calumet & Arizona Mining Co.
-Production.
1,423
Miscell. investments
Month ofApril.
March.
February. January.
65.158
Prepaid taxes, ins.. c
Copper output
_ 5,196.000 3,416,000
3,068,000
3,788,000
210.958
Total (each side)
$5,730.651 -V. 120, p. 1751, 1208.
Organization expense_
(lbs.1_x Represented by 335.669 shares of Common stock of no par value.
Federal income tax.
-V. 119, p. 2765.
Canada Steamship Lines Ltd.-Resign/7(ion,cfcc
y Incl. prov. for 1924
.7. W. Norcross has
-Receivership Hearing but remains a memberresigned as Vice-President and Managing Director,
(Daniel) Boone Woolen Mills, Inc.
of the board of directors and of the executive comThe hearing of the motion of state receivers for the Company to have the mittee. W. H. Coverdale takes over the duties of managing director in
assets of the Company turned over to them by the Federal Receiver has been addition to the presidency. Fred. W. Brown has been elected a member of
adjourned until May 4.-V. 120. p. 1751. 1463.
the London Advisory Committee to succeed the late Viscount Long. -4-A
Mr. Coverdale states that business
-Bonds Of- year has shown an improvement overfor the first 3 months of the present
Boulevard Court Apartments, Detroit.
the corresponding period of 1924.120, p. 1463.
-S. W. Straus & Co. are offering at par and interest
fered.
2406
THE CHRONICLE
Canadian Manhasset Cotton Co. Ltd.
-Annual Report.
Calendar Years1924.
1923.
Calendar YearsGross profits
$176,902 $323,283 Oragnization exp
Adm. & sell expense-- 80.884 93,352 Interest received
Interest
12,000 11,985
Depreciation
49,321 54,883
Net profit
-v. 110, p. 1645.
1924.
1923.
810,215
Cr.575 Cr.1,347
$35,271 $154,192
Canadian Northern Prairie Lands Co. Ltd.
-Report.
Calendar YearsTotal income
Oper. exp., taxes, &c.._.
Res, for contingeneies
Dividends(10% p. a.)
Balance surplus
-V. 111. p. 297.
1924.
$241,682
65,640
15.000
150.000
1923.
$242.192
70,684
75.000
150.000
1922.
$247.085
65,680
25.000
150.000
1921.
$275.973
68.852
25,000
150.000
311,042 def.$53,492
$6,405
$32.121
Canadian Westinghouse Co., Ltd.
-Annual Report.
Years end. Dec.311924.
1923.
1921.
1922.
Earns, from mfg. oper__ $2,501,758 $2,208,883 31.776,154 $2.236,936
Adm., selling & general
expenses, taxes, &c___ 1,023,303
884.569
769.389
818,795
Other income
Cr.62,914
Cr.69,159
Cr.33.833
Cr.69,836
Depreciation
246,000
212,000
253.000
200.000
Dominion taxes
136,000
120,000
85,000
157.000
Donation to pension fund
20.000
40.000
Dividends paid
743,290
742,790
741.790
593,932
Balance. surplus
$396,079
5349,590
$148,263
$278,683
-V. 120, p. 90.
Chemical Foundation, Inc.
-Government to Appeal.
-
Attorney General Sargent announced April 21 that the Government
would carry the Chemical Foundation case to the U. S. Supreme Court on
appeal from the Circuit Court of Appeals at Philadelphia, which affirmed a
lower court ruling against the Government's contentions
-V. 120, p.1752.
Columbia Graphophone Co., Ltd., England.
-To
Issue Pref. Stock-Acquires Interest in American Co.
-
[VOL. 120.
Federal taxes have averaged for the past 5 years over $77,000, and for
1924 were $135,319. The earnings for 1924 reflect only in a small measure
the recent large capital expenditures of the company. These expenditures
Include the cost of equipment for the new gravel plant at Ferrysburg, Mich.,
one of the largest plants of its kind on the Great Lakes. This plant was in
only part time operation last year. The capital expenditures also include
the cost of a new vessel the "Sandcraft," which was also in only part time
operation last year, and which will make possible a very large increase in the
company's business. With the full time operation of both of these capital
assets during 1925 the net earnings of the company for the current year are
estimated at $190,000. This estimate includes part time operation of a new
vessel similar to the "Sandcraft" now under construction and to be delivered
to the company about July 1. For 1926 with full time operation of all of the
company's new capital assets, the net earnings of the company are estimated at $275,000.
Creamery Package Mfg. Co.-Bal. Sheet Nov. 30.1924.
1923.
1924.
1923.
Assetslb
Plant, mach'y,etc._ _2,740,966
Timber lands
192,290
Patents
748,853
Inventories
2,826,261
Cash
668,515
Investments
7.971
Bills & accts. rec_ _ _ _1,377,851
Prep'd. ins., etc
23,003
Liabilities$
$
$
2,793,682 Com.stk.& sure._ _x6,958,379 6,868,644
192,290 Preferred stock
275,000 275,000
749,879 Accounts payable_ __ 98,266 588,249
2,952,541 Bonds payable
360,000
1,007,966 Res. for taxes, im507.972provements.&c_1,240,361 1.720,541
1,607,001 Acer'd insurance,&c. 13,704
32,174
33,277
Total
8,585.710 9,844,608
Total
8 585,710 9,844,608
x Represented by 155.000 shares of Common stock of no par value.
V.119, p. 1399.
Cudahy Packing Co.
-Packers Decree Suspended.
See Armour & Co. above.
-V. 120, p. 1885.
Cunard Steamship Co., Ltd.
-Annual Report.
-
Calendar YearsGross earnings
Exp., interest, deprec.. taxes. Sac
1924.
E3.191.414
2,797.446
1923.
£8,627,753
8.236.586
1922.
£8,313,316
7,918.729
Net profit
£391,167
£393.968
£394,587
An offering was recently made in England of 300,000 7% cumul. Pref. Preference dividends
135,000
135,000
135,000
shares, par Ll each.
Dividends on Ordinary stock
222,810
222.810
334,215
-To repay loans from the company's bankers contracted for the
is Purpose.
purpose of acquiring an important interest in the Columbia Phonograph Co.,
Balance, surplus
£36,158
£33.357 def£74.628
Inc. of New York-the successor of the original American Company (see -V. 120. p. 1464.
that company in V. 120, p. 1333), and to restore the cash resources of the
Davis Coal & Coke Co.(& Sub. Cos
company temporarily applied in such purchase.
.).-Annual Report.
Capitalization oft 'r ins FinancirgCalendar Years
Authorized Issued
1924.
1923.
600.000 ordinary shares of 10 shillings each
$2,418,647 55,032.299
£300,000_ £200.000 Sales
300,0007% cumulative pref. shares of £1 each
300.000 Oper. costs, selling & general expenses, taxes, &c.._ 2,642,927
300,000
4,478.792
30,068
The company, in an advertisement in the London "Stock Empl. group life insur. & industrial relation activ's_
Depletion, deprec., royalties and amortization
135,241
251.120
Exchange Gazette" says:
Loss from operations
la The directors are of opinion that this purchase, which was made on
$389,589prof$302,386
favorable terms, should prove of considerable benefit to the company, both Net income from other sources
249.054
342.311
directly and indirectly, and should materially contribute towards the Profit and loss credit adjustments
22,522
10,638
development of the company's business.
Loss before interest
The net assets of the company (without taking into account goodwill,
$118,013prof$655,335
matrices (including musical rights), patents, copyrights, furniture, and fit- Interest on bonded indebtedness
72,517
74.773
tings, all of which stand in the books of the company at the nominal value Provision for Federal taxes, contingencies, &c_
91,447
of El) are avalued at £399,418. To this must be added the proceeds of this Dividends declared
325,665
325,623
issue (subject to the expenses of issue), £300,000. Making the total assets
Deficit to profit and loss
(exclusive as aforesaid), £699.418.
$516,195 sur$163,493
Since the purchase by British interests in 1922, the net profits earned by -V. 118, p. 2955.
the company, after making allowances for depreciation and management
Detroit Railway & Harbor Terminals Co.
expenses (including directors' remuneration. etc.), have been as follows:
-Bonds
for the 15 months ended Mar. 31. 1923. £56,689; for the 12 months ended Sold.
-Howe, Snow & Bertles, Inc.; Spencer Trask & Co.,
Mar. 31, 1924, £76.367.
The accounts of the company, based on the figures to Feb. 28,show (sub- the Detroit Co., Inc.; Keane, IIigbie & Co., and Peirce,
ject to audit) that the profits for the year ended Mar. 31, 1925, will be con- Fair & Co. have sold at 100 and int. $3,750,000
63/2% 1st
siderably in excess of E100,000.
Columbia Phonograph Co., Inc., of New York.
English Company Acquires Interest in Company.
See Columbia Graphaphone Co., Ltd., above.
-V. 120, p. 1333.
Columbia River Packers Assoc. Inc.-Bal. Sheet, Dec.
31 1924.
Assets
Liabilities.
Plant & equip., &e.(less depr.)82,905,541 Common stock dr surplus_ _ _ _x$2,482,017
Cash
400,892 1st Mtge 7% bonds
1,250.000
Accounts receivable
105,847
12,264 Accounts payable
Inventory
463.099 Accrued ins.,taxes.etc
114,879
Fishermen's accounts
140,316 Deterred liabilities
31,781
Notes receivable
29,364
Prepaid charges
83.984,524
33.048
Total (each side)
x Represented by 17,540 shares of no par value.
-V. 119, p. 2414.
Confederated Home Abattoirs Corp.-Sold.Stockh)Iders represented by Harry F. Faber, Altoona, on April 18, purchased at receivers' sale the plant, equipment and inventory of the company, a meat-packing plant, for $250,000.
(John T.) Connor Co.
-Sales.
Fire Weeks EndedMay 2 1925. May 3 1924.
Sales
$1.516,713 31,578,736
The total number of stores now in operation are 535, against 453 a year
ago.
-V. 120, p. 2153.
Consolidated Cigar Co.-Earnings.Quar. End. Mar. 31Net profits after expense,
Interest, &c
-1r. 120. p. 2273. 1209.
1925.
$283,046
1924.
$191,586
1923.
5154.961
1922.
$112,545
Mtge. (Fee) Sinking Fund Gold bonds.
Dated May 11925. due May 11945. Denom. 31,060. 5500 and $100 C.
Principal and interest (M. & N.) payable at Detroit Trust Co., Detroit.
trustee, and Central Union Trust Co.. New York, without deduction of
the normal Federal income tax up to 2%. Company agrees to refund the
present personal property tax of Connecticut, Pennsylvania and Maryland
and the Massachusettsincome tax not in excess of 6% per annum. Red.
all or part on any interest date on 30 days' notice at 105 and interest for
the first ten years; less X of 1% each year thereafter, plus accrued interest,
until maturity.
Security.
-This issue is a direct obligation of company and is secured by
a first (closed) mortgage on its entire property. Independent appraisers
and Detroit Trust Co. have placed the following values on the land, buildings and improvements, such values having been approved as specifically
provided in rulings of the Commissioner of Banking; the land at 33.552,050;
the buildings at $4,530.000, or a total valuation of $8,082.050. The
amount of this issue constituting less than 50% of the appraised value of
the property, these bonds will, in the opinion of counsel, qualify as legal
investments for Michigan savings banks, upon completion of these buildings.
The completion of these buildings, free and clear of all liens, is further
provided for by a surety bond, Issued by the Fidelity & Deposit Co. of
Maryland. Insurance, covering loss by fire, to the full insurable value of
the property, as well as full coverage of liability and use and occupancy
insurance, has been provided for.
Monthly Sinking Fund Payments -Sinking fund, commencing May 1
1927, provides for monthly payments sufficient to redeem the entire issue,
at or before maturity, at not to exceed 105 and interest during the first 10
years; less X of 1% each year thereafter, plus interest, until maturity.
$1,750,000 7% Convertible Debentures Sold.-Tho same
bankers have sold at 100 and int. $1,750,000 7% 10-Year
Convertible Sinking Fund Gold debentures.
Dated May 1 1925, due May 11035. Denom. $1,000. $500 and $100 ca.
Principal and interest (M. & N.) payable at Security Trust Co., Detroit,
trustee, and Central Union Trust Co., New York, without deduction of
Consolidated Naval Stores Company.
- the normal Federal income tax up to 2%. Company
-Bonds Called.
agrees
All the outstanding 3708.600 1st Mtge. 7% 8. F. Gold bonds, due Dec. present personal property tax of Connecticut, Pennsylvania to refund the
and Maryland
15 1926 to Dec. 15 1930 incl. of the Consolidated Naval Stores Co. and and the Massachusetts income tax not in excess of 6% per annum. Red.
Consolidated Land Co. have been called for payment June 15 at the Harris all or part upon any interest payment date on 30
days' notice at 105 and int.
Trust & Savings Bank, Chicago. Ill, at par and interest together with a
Security.
-This issue
direct obligation of company,
is secured
premium of of 1% for each year or fraction thereof intervening between by a (closed) mortgage is aits entire property, subje t onlyan I $3,750.000
on
to
-V. 119. 6X% 1st (Closed) Mtge. Sinking Fund Gold
June 15 1925 and the respective dates of maturity of the bonds.
bonds. After deducting
p.2651.
the first mortgage bond issue of $3,750,000 there remains an equity of
$4,332.050
-Bonds Offered. $250.000. for this issue, exclusive of net quick assets of approximately
Construction Materials Co., Chicago.
Monthly Sinking Fund Payments.
-The Tillotson & Wolcott Co., Cleveland, are offering at
-Sinking fund, commencing may 1
1927, provides for monthly payments sufficient to redeem the entire issue,
4
par and interest $750.000 1st Mtge 61 % Gold bonds.
at or before maturity.
Dated Apr. 151925:due $75.000 each Oct. 1926 to 1935. Denom.$1.000,
Conversion Privilege.
-These debentures are convertible, at the option
$500 and $100. Red. at 102. Int. payable (A. & 0.) at Cleveland Trust of the holder, at any time after two years from date of issuance and prior
Co., Cleveland, Ohio. without deduction for normal Federal income tax up to maturity (or date of redemption if called for payment before maturity)
Personal property taxes of any State under any present law, not in into the 7% Cumulative Preferred stock of the
to 2%.
company, at $100 per share.
excess of 5 mills in any case refundable.
one share of no par value
Company.
-Is engaged in the production, sale and distribution of gravel Cumulative Preferred stock. Common stock accompanying each share of
building and for
and sand for building construction. street paving and road
Data From Letter of Pres. Wm. J. Hogan, Detroit, May I.
use by foundries and railroads. Company is the largest producer of sand in
the Middle West and is also extensively engaged in the making of sand fills
Company -Came into existence as a direct result of insistent demands
for the raising of low lands and for the reclaiming of submerged land adja- from railroads, steamship companies, city officials, committees of the
cent to the shores of the Great Lakes and tributary waterways. In this Detroit Board of Commerce, manufacturers and merchants, and there is
branch of the business the company is the leader, having a decided advan- indisputable evidence at every hand that the facilities of the company will
tage over its competitors.
serve to supply one of the greatest actual needs of Detroit and surrounding
Business was started at Gary.Ind.in 1906 as a partnership by M.Sensibar territory. An exhaustive survey reveals that a large proportion of the
& Son, with a capital of $100. In 1910 the business was incorp. as the commodities used in Detroit and its suburbs has actually -been first shipped
United States Sand Co. with a capital of $25,000. of which one-half repre- by water to Cleveland. Chicago and Toledo and then re-shipped by rail
sented new capital paid in in cash. In 1918 the present company was incor- to Detroit, because of the lack of any water terminal facilities in Detroit.
porated with a capital of $200,000. Beginning two years ago the company The survey further indicates that at least twice the space provided by the
began making extensive additions to capital assets, which, including those first unit of Detroit Fly. & Harbor Terminals Co. can be profitably used
to be made during the first half of the year 1925, will aggregate close to in a water terminal containing adequate dock and rail facilities, general
31.500.000. Approximately one-half of the cost of these capital expendi- merchandise storage space, cold storage space, offices and show rooms for
tures is provided by the proceeds of these bonds and the rest nag already sales and manufacturers' representatives.
been provided by the company principally through the sale of preferred stk.
The site of the company is the most desirable in Detroit for a terminal
Earnings.
-For 14 years the company has never failed to make a profit in warehouse, and the only available large tract combining all facilities for
Any single year. Its net earnings available for interest, depreciation and water and railway transportation. On the waterfront, in the heart of the
X
MAY 9 1925.]
THE CHRONICLE
manufacturing district and with direct access over private right-of-way
to all railroads in Detroit, this land, totaling 12 acres, with 1,100 ft. on the
harbor front and on Jefferson Ave.. is valued at $3,552,050 by the Detroit
Trust Co.
On this site, which is large enough to permit construction of three additional units, the company is erecting the largest, best-equipped and most
modern terminal warehouse in Detroit. The building will be 8 stories in
height with 900,000 sq. ft. of floor space, including 200,000 sq. ft. of cold
storage space. The completion of this first unit, with separate power
plant, transfer building, docks and sidings, is guaranteed on or before
March 31 1926, but architects, engineers and general contractors expect
completion by Dec. 1925.
The Buhl interests, who will be the largest stockholders in the company
and whose other interests include Buhl Stamping Co., Buhl Malleable Co.,
Buhl Sons' Co.and the Buhl Building, have owned'this land for over 50 years.
-Moores & Dunford, Inc., warehouse engineers of New York,
Earnings.
estimate earnings as follows:
Gross income
$1,864,012
Operating expenses, repairs, maintenance, vacancies
586,401
Balance for fixed charges and dividends
$1,277,611
Interest on 635% 1st Mtge. Sinking Fund Gold bonds
243,750
Balance
31,033.861
Interest on 7% 10-Yr. Cony. Sinking Fund Gold debentures
122.500
Balance for dividends
$911,361
Dividends on $1.930,000 7% Cumulative Preferred stock
135,100
Balance for Common stock
$776,261
The estimated net earnings are in excess of twice the maximum interest
and sinking fund requirements on the total funded debt.
Gross income of $1,864,012, as estimated by Moores & Dunford, Inc.,
Is based upon 70% of the gross space available for general warehouse storage,
60%, of the gross space available for cold storage and 50% of the capacity
for handling water shipments.
CapitalizationAuthorized. Outstanding.
6 % 1st Mtge. Sinldng Fund Gold bonds
$3,750,000
$3,750,000
-Year Conv. Sink. Fund Gold debentures- 1,750,000
7 10
1.750.000
7 0 Cumulative Preferred stock
4.000,000
1,930.000
Common stock (no par value)
200,000 abs. 171.300 she.
-National Terminals Corp., William J. Hogan. Pres.. will
Management.
operate the company. National Terminals Corp. successfully operates a
hain of large terminals in Chicago, Detroit. Cincinnati and Indianapolis,
and this company will have the full benefit of a national organization
handling consignments from the big manufacturers and shippers on a
"national service basis." It is believed that business immediately available
from manufacturers and shippers, who now have contracts with National
Terminals Corp. should be in excess of the capacity of this first unit of
Detroit Ry. & Kerber Terminals Co.
Directors.
-Detroit Railway & Harbor Terminals Co. directors includes:
Wm. J. Hogan. Pres. National Terminals Corp.; Arthur H. Buhl, Pres.
Buhl Land Co.; Lawrence D. *Buhl. V.-Pres. & Treas. Buhl Land Co.:
Franz Kuhn, Pres. Michigan Bell Telephone Co.: Mason P. Rumney,
V.-Pres. Detroit Steel Products Co.: H. S. Covington, V.-Pres. National
Bank of Commerce; Huston Rawls, Howe, Snow & Bertles, Inc.; Carlton
M. Higbie, Keane, Higbie & Co.: Albert Kahn; Frank E. Blumenthal
(Secretary of company).
Dodge Brothers, Inc.
-Shares Separated.
Separate certificates are now available for the Preference and Class A
Common shares, and these issues were traded in separately on the New
York Stock Exchange May 7.
Interim receipts for the Dodge stock are now exchangeable at the Central
Union Trust Co. for allotment certificates which have been made immediately exchangeable for separate Preference and Common stocks in ternporary form. All syndicate selling restrictions are now removed. Dillon,
Read & Co., syndicate managers, notified syndicate members May 6.
In the original prospectus provision had been made for keeping the allotment certificate representing one share each of Preference and Common
stock tied up for one year, the purpose being to afford ample time for
thorough distribution before the split-up of the two stocks. However, the
influence of the Dodge name was so great that distribution of the $160,000,000 securities has been completed within four weeks, probably establishing
a new record in American financial operations.
A statement submitted to New York Stock Exchange by Dodge
Inc. shows net income of Dodge Brothers (old company) forBrothers
quarter
ended March 31 1925, as follows:
Operating profit
$6,343,544
Other income
323.009
Gross income
$6.666,553
Charges
375.000
Federal taxes estimated
786,444
Balance
85.505.109
Profit from real estate sales
564.054
Net income
$6,069,163
Dividends
6,000,000
Surplus
$69,163
Profit and surplus
22,449,034
The American Exchange National Bank has been appointed Transfer
Agent for the Common Class "A" stock. (See also V. 120. p.
1885.)
Directors.
-The following directors have been elected:
Theodore H. Banks (V.-Pres. American Exchange National Bank), New
York; George W. Davison (Pres. Central Union Trust Co.), New York;
Clarence Dillon and Edward G. Wilmer (Dillon, Read & Co.): Horace E.
Dodge,Jr., Detroit; Bernard A.Eckhart (Pres. B. A.Eckhart Milling Co.).
Chicago; Herbert Fleishhacker (Pres. Anglo & London Paris National
Bank), San Francisco,' Frederick J. Haynes (Pres. Dodge Bros., Inc.);
R. P. Lamont (Pres. American Steel Foundries), Chicago; Hunter S. Moreton (Blair & Co., Inc.); Harry V. Popeney (Sec.& Treas., Dodge Brothers,
Inc.); Henry M. Robinson (Pres. First National Bank), Los
Angeles;
Reeve Schley (V.-Pres. Chase National Bank); Arthur T. Waterfall (V.-Pres.
Dodge Bros.), Harrison Williams, New York.
Sale of Stock in Michigan Disapproved.
The Michigan State Securities Commission has disapproved the sale o
the Preferred and Common stock in Michigan. It authorized the sale of the
875.000,000 6% Debenture notes. The Commission held that the assets
upon which the stock was based were of the actual value of $27,000,000.
It refused to recognize the good will of the company as an asset upon which
dock could be based. The Commission estimated the total assets of the
company were $102,000,000.-V. 120. p. 2274. -
Dome Mines, Ltd.
-Gold Production.
Apr.'25. Mar.'25. Feb.'25. Jan.'25. Dec.'24.
Month ofGold prod. (value). _$354,972 $356,084 8345.478 $351,301 $361,507
__Nr. 120, p. 2153, 1886.
-
(David) Eccles Co.
-Bonds Called.
All of the outstanding 21,975,000 1st Mtge. & Collat. Trust 7% Serial
Gold bonds, dated June 1 1922 have been called for payment June
and interest together with 1% for each year or part of year to elapse 1 at 100
between
June 1 1925 and date of maturity of bonds. See also V. 120, p. 1209.
Estey-Welte Corp.
-Stock Offered.
-McCown & Co.'
New York and Philadelphia, are offering at $27 50 per
share, 45,000 shares Class A stock (without par value).
2407
the Class A shares, mortgage any or its capital assets, nor create any
funded debt, without the consent of not lees than 66 2-3% of each class of
Stock. Dividends exempt from normal Federal tax. Registrar, Guaranty
Trust Co., New York. Transfer agent, Chatham Phenix National Bank &
Trust Co., New York.
CapitalizationAuthorized. Outstanding.
Class A stock ino par value)
150,000
200,000
Cla.ss B stock no par value)
100,000
100,000
Listing.
-It s expected that application will be made in due course to
list this stock on the New York Stock Exchange.
Data from Letter of George W. Gittins,President of the Corporation,
dated April 22.
Compang.-Incorporated in July 1922 in New York. Owns the entire
capitalization of the Estey Piano Co.. established in 1869, the Welts
Mignon Corp., established originally in Europe in 1832, and subsequently
In .America in 1865, the Estey Co. of Phila., established in 1874, and the
Welte-Mignon Studios. Inc., New York, established in 1908. Coincident
with this financing, the corporation will acquire a majority of the stock
in the Hall Organ Co. of West Haven, Conn. The latter company was
established in 1898 and has been in ccntinuous successful operation since
that date. The principal business of these companies is the manufacture
and sale of grand and uptight pianos, player pianos, the world-famous
Welte-Mignen reproducing piano, the Weite reproducing organ, and the
Hall organ for churches, theatres and public institutions. The businesses
of this corporation are world wide, the products being sold in every State
in the Union and in nearly all commercial foreign countries.
Plants.
-The properties owned by the subsidiary companies are extensive,
well-located and modern in every respect. Eetey Piano Co. operates one
of the largest and best equipped plants in the industry, located at 112-124
Lincoln Ave., N. Y. City, and the Welte-Mignon Corp. owns and operates
a modern factory at 297-307 E. 133d St., N. Y. City, with a combined
floor space in excess cf 150,000 sq. ft. The Hall Organ Co. owns and
operates a complete and modern factory for the manufacture of pipe
organs at West Haven, Conn., which will have, after completion of present
contemplated extensions, a floor space cf 50,000 sq. ft. In addition to
these plants the corporation operates a large retail establishment in Phila.
Assets.
-After giving effect to the present financing, the corporation's
consolidated balance sheet as of Dec. 31 1924 shows net tangible assete,
after all liabilities and reserves, of $3,486,178; and not quick assets of
$1.574.587. These assets are exclusive of very valuable good-will and
world-famous trade-marks and copyrights.
Earnings.
-Net earnings from operations for the calendar year 1924, on
the basis of new capitalization, were 8343.037. Similarly stated the earnings
of the corporation since its organization were: For the six months ended
Dec. 31 1922. 394,990, and for the year ending Dec. 31 1923. $280,857.
The additional working capital provided by this financing should reflect
itself in a substantial increase in earnings over 1924.
Dividends.
-Have been paid regularly on the capital stock of this corporation and it is the intention of the management to recommend to the
directors that quarterly dividends be inaugurated on this stock on July I
at the rate of $2 per year.
-V. 116, p. 3000.
(The) Fair (Department Store), Chicago.
-Sales.
Month of AprilNet sales (approx.)
-V. 120. p. 1886.
1925.
1924.
$2,362,000 $2,202,000
Increase.
8160,000
Federal Food Stores, Inc., Brooklyn, N. Y.
-Receiver.
Former County Judge William R. Bayes was appointed receiver April 18
by Federal Judge Campbell. Company operates approximately 200 chain
groceries in Brooklyn, Queens and Long Island.
First Mortgage & Bond Co., Miami, Fla.
-Bonds
-West & Co., Biddle & Henry, Colonial Trust
Offered.
Co., Philadelphia, and Century Trust Co., Baltimore, are
offering at 100 and int. $1,000,000 1st Mtge.6% Guaranteed
Gold Bonds, Series "B."
Dated April 11925, due April 1 1930. Principal and interest A. & 0.
(first coupons payable Oct. 1 1925). payable without deduction for the
normal Federal income tax up to 2% at Century Trust Co.. Baltimore.
.
trustee. Denom. $1,000. 4500 and 4100 c5 Callable all or part by lot
on any interest date on 30 days' notice at 102 and interest.
-Each mortgage securing these bonds guaranteed as to principal
Guaranty.
and interest by the Maryland Casualty Co., Baltimore, Mi.
Securite.-Direct obligation of the company and secured by first closed
mortgages, created by the Miami Real Estate Co., with capital and surplus
of 35,340,000. The properties securing these mortgages are fee simple,
centrally located in the business district of Miami, and have been given an
average value by three independent realtors at $1.930.833.
-Net earnings, after taxes, from the above buildings, upon
Earnings.
completion of improvements, are at the rate of $114.400 annually, or
over 1% times the interest on these bonds.
Pei
-Bonds Uffered.49 West 37th St. Realty Co., Inc.
Frederick Southack & Alwyn Ball Jr., Inc., are offering at
100 and int. $1,125,000 1st Mtge. 6% Sinking Fund Gold
bonds.
Dated April 16 1925; due April 15 1940. Interest payable A. & 0.
without deduction for normal Federal income tax up to 4.7. Company
o
agrees to reimburse the holders hereof for the Conn. and Penn. 4 mills
taxes, and for the Mass, income tax on the int. not exceeding 6% of such
int. per annum. Denom. $1,000. $500 and $100c*. Red., all or
on any int, date on 30 days notice as follows On or before April 15
.
1932. at 105; thereafter, but on or before April 15 1936.at 103,and thereafter
at 102 and int. Principal and int. payable at the office of American
Trust Co., New York, corporate trustee. Chas. H. 'Frismen, individual
trustee.
Data from Letter of Jacob Dorf, President of the Company.
Location c% Propertg.-Company owns in fee a plot of land situated on
37th St.. between 5th and 6th Ayes., N. Y. City, having a frontage of
103 ft. and a depth of 98 ft. 9 in. On this site the company will erect a
modern 17-story store and loft building, having a total rentable area of
approximately 150.000 sq. ft. The floor layout will be most flexible.
permitting units of any desired size.
This property is located in the heart of the mid-town business district.
and is one of the few desirable store and loft building sites available in
the neighborhood. The property is advantageously situated, being only
five blocks from the Pennsylvania Station and seven blocks from the Grand
Central Station. The district is well served by various transportation
lines.
-Bonds will be the direct obligations of the company, and
Security.
will be secured by a closed first mortgage lien on the land and completed
building. The land and completed building have been independently
appraised by S. Osgood Pell & Co. and Wm. Kennelly. Inc., at $1.755,790'
and 41.730.000, respectively. On the basis of the lower of these appraisals,
the bonds will be outstanding at the rate of approximately 65%.
Upon completion of the building, the corporation will take our rent
insurance in amount equal to at least $225,000, assuring sufficient income
to provide for the prompt payment of interest and sinking fund charges
in case of fire.
-Net earnings after liberal allowance for vacancies, have been
Earnings.
estimated at $158.736, a sum equal to over 234 times the maximum annual
interest requirements of these bonds, and to over 13i times the maximum
annual interest and sinking fund requirements.
-Commencing Sept. 1 1928, and each March 1 and
Sinking Fund.
Sept. 1 thereafter, in addition to the redemption of any bonds redeemable
at the option of the corporation, the corporation will pay to the trustee
the sum of $17,000 to be used as a sinking fund for the purchase of bonds
in the open market at not exceeding 100 and int., or, if not so obtainable.
then for the retirement of bonds at par and int., callable by lot on the
next succeeding interest date.
Has priority over Class B stock as to both assets and dividends. Fully
participating, non-callable. Priority dividends at the rate of $2 per
French Battery Co., Madison, Wis.-Notes Offered.
share per annum on the Class A stock, when and as declared, shall be
payable quarterly. Dividends on Class A stock are non-cumulative. Paine, Webber & Co. are offering at par and int. $750,000
priority dividend on Class A stock shall have been declared 5
After the full
-Year Convertible 63.% Gold notes.
and provided for, then both Class A stock and Class B stock shall be enDated April 1 1925, due April 1 1930. Intermit payable A. & 0. in
titled to receive equal amounts per share in all further dividends. Class A
without deduction for normal Federal income tax up to
2%.
stock shall not be entitled to vote-the sole voting power being vested Chicago 31.000, $500 and $100 c*. Red,
Denom.
all or part at any time on 30
in Class B stock. Class A stock has priority in liquidation over Class B days' notice at 105 to Jan. 1 1926, the premium
thereafter decreasing
share-after which both classes share equally.
stock up to $55 per
Company 1% for each succeeding year. Massachusetts income tax up to 6% reagrees that it will not authorize or issue any shares having priority eve
funded. Harris Trust & Savings Bank of Chicago. trustee.
2408
THE CHRONICLE
Convertible.
-Notes may be converted at the option of the holder into
the 8% Pref. stock and the Class "A" Common stock upon the following
basis: For each $1,000 of notes either 10 shares of the 8% Preferred stock
or 5 shares of the 8% Preferred stock and 10 shares of the Class "A" Corn.
stock. Notes shall not be entitled to receive fractional shares of the
Preferred stock. If called for redemption, the notes may be converted up
to a date five days before the date fixed for redemption.
Data From Letter of J. H. Ramsay, President of the Company.
Company.
-Manufactures batteries and flash lights and is one of the
largest companies of its kind in the country. It also acts as a distributing
agent for the Federal division of the National Lamp Works. The manufacturing plant of the company, located in Madison, Wis., is fully equipped
to take care of every phase of the company's business and is advantageously
located both with regard to obtaining raw materials and for the distribution
of the finished products.
Purpose.
-Proceeds will be used for additional working capital and for
other corporate purposes,including additions and improvements to the plant
Earnings for the Year 1924.
Gross profit on sales before depreciation
$1,092,462
Depreciation of plant property
51.771
Selling and general expenses
736,441
Net profit
Other income-discounts and interest earned
8304,250
10.115
[VoL. 120.
(W. T.) Grant Co. (Mass.).
-April Sales.
-
Sales for April were $2,328,708, an increase of 22% over April 1924.
Sales for the first 4 months of 1925 totaled $7,952,579, an increase of over
23%.-V. 120, p. 2017, 1335.
(Geo.) Hall Coal & Shipping Corp. of Montreal.Merger.
The company announces a merger with the Glen Lines,Ltd.,and the Glen
Steamship Co. of Midland, Ont. The business will be conducted under the
old name of the Geo. Hall Coal & Shipping Corp.
The combined assets of the new company exceed $5,500,000, and embrace
35 full canal-size freighters, coal derricks and fueling docks at Montreal,
Prescott and Ogdensburg, and retail distributing yards in Montreal.
At a recent meeting of the Directors, the following officers were elected:
Jas. Playfair, Pres.; Frank A. Augsbury, Vice-pres.; Jas. A. Richardson,
Vice-pres.; Frank M. Ross, Mgr, Dir.; Nelson W.Howard, Treas.; Albert
Hutchinson, Sec.; Chas. E. Buchholz and Robert L. Roberts.
(Marshall) Hall Grain Co., St. Louis.
-Acquisition.
-
See Kehler Flour Mills Co. below.
Hanna Paper Corporation.
-Merger.
-
See St. Regis Paper Co. below.
Hill Manufacturing
Co.
-Bonds Offered.
-Beyer
&
Net income (avail, for payment of in & Fed,income tiaxes)_
$314.365
A
Sinking Fund.
-Indenture will provide that as a sinking fund company Small, Portland, Me., are offering at 981 and int. to yield
on or before April 11926, and on or before April 1 of each year thereafter, 6.70% $1,250,000 1st (Closed) Mtge. Convertible 10-year
shall pay to the trustee out of the net earnings of the company for the 634% Gold Bonds.
preceding calendar year (as defined in the indenture) the sum of $50,000,
Dated May 1 1925; due May 1 1935. Interest payable M.& N. without
or 10% of the net earnings, whichever is greater.
deduction
Capitalization
Authorized. Outstanding. tax not in for normal Federal income tax not exceeding 2%. Mass, state
excess of
5
-Year Convertible 63.6% notes (this issue)
81,000,000 $750,000 a whole only on any6% refundable. Denom. $1,000 and $500. Red. as
Preferred stock 8% Cumulative ($100 Par)
x1.500,000
379.600 holders have right to int. date at 115 and int., and in that event, bondconvertinto stock for a period of 90 days after call
Class "A" Common stock (no par value)
None
x10,000 shs.
Class "B" Common stock (no par value)
20,000 shs.
13,312 for redemption. Merchants National Bank of Boston, Trustee. Legal
x Sufficient shares of Pref. stock and all of Class "A" Common stock for Maine Savings banks.
Date from Letter of Charles Walcott, Treasurer of the Company.
are reserved for the possible conversion of this issue of notes.
Company.
-Established in 1852
in Mass. in 1923. ManuGilman Fanfold Corp., td.
-Preferred Stock Offered.- factures sheeting, shirtings, twills,and reincorp.goods, poplins and coutils.
dress
A. E. Ames & Co., Ltd., Montreal, are offering at 100 and The sheetings are sold and ticketedcottonthe well-known brand of "Semper
with
Hem," which has been in use since 1852, and other products under the more
div. $750,000 7% Cumul. Convertible Preference stock.
recent brands "Ifillco" and "Hill Jeans." Plant located at Lewiston, Me.,
Dividends payable quarterly. Preference shares may be converted into is equipped with
Common shares, par for par, at any time at the holder's option. Transfer Company owns a 88,416 spindles and 2,095 Draper automatic looms.
new hydro-electric plant of 2,700 h. p. which is nearly
agent, National Trust Co., Ltd. Registrar, Toronto Celeral Trusts Corp. sufficient for
capacity requirements. Since Jan, 1 1921. $1.603,634 has
CapitalizationAuthorized.
Issued.
been expended in improvements which have greatly increased the producPreference stock 7% Cumul. Cony. (this issue)._
$750,000
$750,000
plant.
Common stock
1,000,000
1,000,000 tive efficiency of the by a first closed mortgage on all of
Security.
-Secured
company's real
Data From Letter of S. J. Moore, President of the Company.
estate, buildings and machinery, including water rights at Lewiston, Me.,
Company.
-Is the outgrowth of many years' experience in the production and in addition the company agrees that in the event of the sale of its stock
of business forms. Company has been incorp. under the Ontario Companies in the Union Water Power Co., the proceeds of the sale shall be held subject
Act and acquired as of March 31 1925 the fanfold multiple record business to the mortgage. A recent valuation, compiled by competent engineers,
of A. S. Gilman Printing Co. A. S. Gilman, Vice.
-President, originated shows land, buildings and water rights to be worth $2.185,478 and machinery
Fanfold Systems, which are printed sets of forms in a continuous multiple $2,208,294, a total of $4,393.772. These properties are carried on the
strip ofpaper, printed, numbered, perforated and folded in perfect registra- balance sheet at only $2,514,853.
tion. Company's regular customers number approximately 3,000. repreConversion.
-Bonds are convertible, at the holders' option, at the rate of
senting many of the largest corporations on the continent. These include 25 shares of common stock for each $1,000 in bonds, and to protect this
60 railroads and a large number of the principal banks, manufacturing and right of conversion stock dividends will be prohibited during the life of the
merchandising corporations, and government departments. Among these bonds, and any rights offered to stockholders to subscribe to new stock
are the New York Central RR., Pennsylvania RR., American Railway must also be offered to the holders of the bonds to the same extent as if the
Express Co., United States Steel Corp., Western Union Telegraph Co., bonds had been converted.
General Electric Co., Eastman Kodak Co., John Wanamaker, Sears
Earnings.
-Net earnings after interest and depreciation 'charges, but
Roebuck & Co., Guaranty Trust Co., National City Bank, New York before Federal taxes, for the 10 years 1915 to 1924, including the loss of
Life, Ford Motor Co. Standard 011 Co., Canadian National Rys. More over $500.000 incurred during 1924, averaged $234.000 a year. This is
than 60 banks in New York City use Fanfold forms.
'
equal to 2.8 times the interest requirements on the 1st Mtge. Bonds.
Company's plant of steel and brick modern type construction is located During the first 3 months of 1925, the mill has run at approximately 75%
at Niagara Falls, N. Y., adjoining the paper mill of International Paper of capacity production, and has earned all interest charges before depredCo., which supplies 90% of the paper used. An addition of similar construc- ation.
tion, made necessary by the rapid increase in the company's business, is
Sinking Fund.
-Beginning with 1926, an annual sinking fund is provided
now being completed. Company owns trade-marks covering the words consisting of 15% of the net earnings of the company, but in no event less
.
"Fanfold." "Tiefold," and "Superfold." The efficiency of the machinery than $25,000 annually, which shall be used to purchase and retire bonds at
and equipment and the availability of raw material provide exceptional a price not in excess of 105 and accrued interest. If bonds are not purchasfacilities for economical manufacturing.
able at this price, the money will revert to the company.
Earnings.
-The average net earnings for the past three years have been
Dividends.
-During the ten year period 1915 to 1924 inclusive, cash
$121.114, which is at the rate of 16% on the Preferred shares. Results for dividends have averaged over 8 % a year on the stock then outstanding.
the first quarter of 1925 indicate that the net profits for the year will be No dividends are now being paid on the common stock.
-V. 120, p. 2276.
at least $150.000, or 20% on the Preferred stock.
2018.
Glidden Co., Cleveland.
-April Sales.
Month of Apri;Sales
Compare V. 120,
1925.
1924.
$2,295,550 $1,958,110
Increase.
$337,440
p. 2017.
Gore Bros., Inc., Los Angeles.
-Bonds Offered.
Banks. Huntley & Co. and M. H. Lewis & Co.,Los Angeles
are offering at 100 and int. $340,000 1st (Closed) Mtge.
6347‘, Sinking Fund Gold Bonds.
Dated March 11925; due March 1 1940. Principal and int. (M., S.)
k
payable at Title Guarantee & Trust Co., Los Angeles, Calif. trustee.
Callable all or part on 35 days' notice, at 105 and int. Normal Federal
income tax not to exceed 2% paid by company. Entire issue is payable
at 105 and int. through the operation of a sinking fund. Exempt from
California personal property tax. Denom. $1,000 and t500.
-Was incorporated in California, in 1922. Owns valuable
Company.
business property in the City of Los Angeles, securities, etc.. showing a net
worth in excess of $1,500,000.
-Direct first closed mortgage on fee property located on the
Security.
Southeast corner of Washington Boulevard and 'Vermont Avenue, being
approximately 269x130 ft. in size; also property on the Northeast corner
of Twentieth Street and Vermont Avenue, being 150x130 ft. in size; the
total property being about 419x130 ft. This property is the entire Vermont
Avenue frontage in this block, excepting approximately 150 ft. owned by
the Lyon Fireproof Storage Company.
There will be erected immediately on this property a store and office
building. The combined value of the property securing these bonds will
be in excess of $882,000. Leases to reliable tenants, covering practically
the entire building, have been signed. These leases will be assigned to the
Trustee for the protection of the bondholders.
-Tenders.
Grace Steamship Co.
The Grace National Bank. 7 Hanover Square, N. Y. City, in an advertisement, says: "We desire to purchase $250.000 of Grace Steamship
Co.6%, Marine Equipment bonds (First Mortgage), of the following series:
Series F maturing Dec. 1 1925. Series G maturing Dec. 1 1926, Series H
maturing Dec. 1 1927, Series I maturing Dec. 1 1928, Series J maturing
Dec. 1 1929, Series K maturing Dec. 11930.
"Sealed proposals for the sale of all or any part of said bonds will be
received until May 15. Payment for accepted bonds will be made on
-V. 117, p. 2547.
May 20, with interest accrued to that date only."
Granby Consol. Mining,Smelting & Power Co., Ltd.
Earnings for Three Months Ended Mar. 31Value copper produced
Operating costs, including overhead
Operating income
Miscellaneous income
1924.
1925.
$1,292,735 $1,172,942
835,730
1,040,148
5252,587
15,254
$337,212
54,386
$391,598
Totalincome
8267,840
71.435
Less accrued bond interest
71,880
Net income
$320,163
$195,960
The above net income is after all interest and other charges and credits,
but before depreciation and depletion. Combined production from smelter
and concentrator aggregated for the first quarter of this year 8,887,751
pounds of copper, at an average operating cost of 11.53 cents.
Charles Booking succeeds H. S. Monroe as a director.
-V. 120. 13•
2017. 1754.
-Sales.
(F. & W.) Grand 5-10-25 Cent tores, Inc.
1925
-April
-1924
5637.736
$553,738
-V. 120. p. 1887. 1210.
Increase. 1925
4 Mos.-1924
$1,840,742
$83,9981$2,063.541
Increase.
$222,799
Hotel McAllister, Miami, Fla.
-Notes Offered.
-Mortgage & Securities Co., New Orleans are offering $1,300,000
1st Mtge. 6% Serial Notes.
•
Dated April 15 1925. Due serially 1926 to 1935. Principal and int.
(M.& N.) payable at Mississippi Valley Trust Co., St. Louis, Mo., Trustee,
and at Interstate Trust & Banking Co., New Orleans, La. Subject to call
on any int. date on 60 days' notice at 103. Denom. 51,000. 5500 and $100.
Normal Federal income tax up to 2% to be paid by company.
Security.
-These notes are a direct obligation of the McAllister Hotel
Co., which owns the Hotel McAllister, and are secured by a first mortgage
on fees, leaseholds and buildings in the business section of Miami, appraised
as follows: Ground, $950.000; Leasehold, $125,000; Buildings, $1,575,000;
Furniture and Equipment, $300,000; Total, 32.950,000
Earnings.
-Earnings for the past 6 years are officially recorded as
follows: Season 1919-1920. $101,877; 1920-1921, $137.965; 1921-1922,
$148.536; 1922-1923. 5184,017; 1923-1924, 8190.008: 1924-1925, 3235,000.
Purpose.
-Proceeds will be used to retire present outstanding indebtedness
and for the purpose of providing construction of an additional 211 rooms,
giving total accommodations of 531 rooms. There will also be constructed
4 additional stores on Flagler St. facing Royal Palm Park and new 2 story
kitchen and servants' quarters. In addition, an arcade will be built on the
first floor, running through the building from Bay Shore Drive to Third
Avenue and from Flagler Street to the intersection of the Bay Shore Arcade.
This will give room for 31 stores.
Indian Refining Co.
-Guaranty, &c.
See National Steel Car Lines Co. below.
-V. 119, p. 2061.
International Cement Corp.
-Quarterly Report.
3 Mos. End. Mar. 31. 1925:
1924.
1923.
1922.
Gross sales, less discount,
allowances, &c
$3,131,625 $2,431,957 $2,184.773 $1,693,310
Cost of sales
1,509,353
1,202,455
894,559
1,050,846
Depreciation
171,355
182,501
195,097
179,633
Manufacturing profit_ 51,450,917 $1,047,002
Selling, adm.& gen. exp.
573.434
504,079
$954,293
400.501
$603,654
343,745
Net profit
Miscellaneous income_ti_
Int., res.for Fed. tax, c
5553,792
Cr.6.771
100,353
5259,909
Cr.10,360
7%449
$877,483
Cr.8,0I4
171,558
5542.923
Cr.195
101,106
Net to surplus
x$713,938
$197.820
$442,013
$460,210
x The net to surplus of $713,038 after allowing for accrued Pref. diva.
Is equivalent to $1 64 per share for the quarter on 400,000 shares of Common
stock outstanding.
-V.120. p. 2262, 2156.
International Nickel Co.
-To Change Fiscal Year.
-
The stockholders will vote June 16 on changing the company's fisca
year so that it will conform to the calendar year, and on changing the date
of the annual meeting to the third Tuesday of March instead of the third
Tuesday of June.
-V. 120. p• 710.
Iowa Packing Co., Des Moines, Iowa.
-Sale.
-
See Swift & Co. below.
-V. 116, p. 1768.
Isham Garden Apartments, New York City.
-Bonds
Offered.-Robjent, Maynard & Co., and Clark Williams
& Co., New York are offering at prices to yield from 6% to
63'2% according to maturity, $750,000 1st (Closed) Mtge.
634% Serial Gold Loan.
Dated May 1 1925; due serially May 1 1926 to May 1 1937. Legal for
the
Investment of Trust Funds under the laws of the State of New York.
MAY 91925.]
Principal and int.(M.& N.) payable in New York at American Trust Co.,
New York, trustee. Denom. $100, $500 and $1.000 c*. Red. on any int.
date on 30 days' notice at 105 and int. up to and incl. May 1 1927 and thereafter at the rate of 34% less each year until and incl. 1933, and thereafter
at 102. Int. payable without deduction for any normal Federal income
tax not in excess of 4%. Payment of the Penn. and Conn. 4-mills tax,
Maryland 4 -mills tax and the Mass, income tax, not to exceed 6%.
refunded.
Location.
-The location of Isham Garden Apartments at 215th St. near
Broadway is most favorable for residential purposes. It is situated on a
large plot of high ground, the equivalent of almost an entire city block.
overlooking the Hudson and is almost surrounded by Isham Park. one of
New York City's most attractive smaller parks. This apartment house is
composed of two attractive buildings of high-class brick and stone construction. There are 190 apartments with 584 rooms. The average rent per
room is approximately $23.50 per month.
-Security-This loan will be secured by a closed first mortgage on land
and buildings owned in fee. This land and buildings have been appraised
as follows: Fenimore C. Goode. $1.147.500: J. Romaine Brown Co.,
41,197.600 These amounts are both over 150% of the amount of this loan.
The titles to the property are to be insured by the New York Title &
Mortgage Company. The mortgage provides for protection by insurance
satisfactory and payable to the Trustee while any part of this loan is
outstanding.
Jewel Tea Co., Inc.
-Sales.
First 16 Weeks of YearSales
-V. 120, p. 1212, 1097.
2409
THE CHRONICLE
1925.
$4,342,265
1924.
$4,182,042
Increase.
$160,223
Kehlor Flour Mills Co., St. Louis.
-Sale
A despatch from St. Louis states that a deal whereby the Marshall Hall
Grain Co., St. Louis, Mo., acquired by purchase the elevators, mills and
trade mark possessions of the Kehler Flour Mills Co. was closed April 20.V. 115. D. 1329.
Kennecott Copper Corp.
-Complaint Dismissed.
-
The courts in interpreting the Clayton Act have stated clearly and without
qualification that those administering or enforcing this Act have nothing
to do with the purpose or motive that may have caused one company to
absorb the other by purchase of its stock, but only with the "effect." In
the Aluminum company case (supra), the Court says:
"For these reasons and others it is persuasively urged that the arrangement was not a device intended to get around the Clayton Act but was a
plain business transaction having the twofold object of relieving one party
from a difficult business situation and enabling the other party to meet
more effectively the demands of war. With these matters, we surmise,
we have no present concern. They have to do with the motive for the
transaction. We have to do only with the 'effect' of the transaction:
and with its effect only as it may'substantially lessen competition . . . or
. . or tend to create a monopoly. '
restrain commerce
The case now before us was brought under the Clayton Act which Act
was intended to supplement the Sherman Act and had for its purpose in this
particular the giving of power to the Commission to prevent the absorption
of one competitor by another where the effect would be to substantially
lessen competition between the acquiring and the acquired corporations,
rather than wait for action on the part of the Government under the Sherman Act when the monopoly had attained its full flower.
The Commission has functioned to the point where it has refused to issue
a complaint against the Kennecott Corporation. Had such a complaint
issued, the Kennecott Corporation would undoubtedly have filed its answer.
Issue would then have been joined. Testimony would have been taken,
witnesses examined and cross-examined, and the whole matter with all
available information submitted to the Commission for its decision. As
the case now stands, the Commission has made an investigation through its
examining force, all of whom having to do with it have recommended the
issuance of a complaint. The matter was then submitted to our Board of
Review, the members of which unanimously recommended the issuance of
a complaint under Section 7 of the Clayton Act.
Since, in my opinion, the enforcement of Section 7 of the Clayton Act is
one of the most, if not the most. important duty laid upon the Commission,
and since there can be no question in view of their producing capacity, and
the sale by the two companies of 20% of the copper used in the United
States, that public interest is involved. I am constrained to dissent from the
action of the majority in refusing to issue a complaint and try this case.
-V. 120, p. 2156, 1755.
On April 15 1925 Commissioners Van Fleet, Hunt and Humphrey, a
majority of the Federal Trade Commission, voted to dismiss the applicatioy for a complaint against the corporation, which was charged with
acquiring the stock of the Utah Copper Co.. in violation of Section 7 of
-April Sales
.(G. R.) Kinney Co.. Inc.
the Clayton Act. Section 7 forbids the purchase of stock "where the effect 1925
-April
-1924. Increase, 1925-4 Mos.-1924 Increase.
of such acquisition may be to substantially lessen competition between the $1,921.923
$60,870[$5,259,555
31,861.053
34,782.252 $477,303
corporation whose stock is so acquired and the corporation making the -V. 120, p. 2019, 1888.
acquisition, or to restrain such commerce in any section or community.
or tend to create a monopoly of any line of commerce.'
(John H.) Kirby.
-Notes Offered.-Lacey Securities
Commissioner Huston Thompson in a dissentirg opinion, Corp., Chicago, Whitney-Central Trust & Savings Bank,
concurred in by Commissioner Nugent, says:
Interstate Trust & Banking Co., ortgage & Securities Co.,
The majority voted not to issue a complaint. They have based their Marine Bank & Trust Co., kew Orleans,
and Fidelity
dismissal upon an opinion and recommendation of the Chief Counsel of
the Commission, who contends that the purchase of the stock of the Utah National Bank & Trust Co., Kansas City, Mo., are offering
Company by the Kennecott Corporation had "not been used to bring at prices ranging from 100 and int. to 100.82 and int., to
about a substantial lessening of competition."
In December 1924 the Kennecott Corporation had acquired 74% of the yield from 51/2% to 6%, according to maturity, $4,000,000
outstanding stock of the Utah Company. Both companies were then 1st Mtge. Collaterally Secured Serial 6% gold notes.
engaged in producing and selling copper
in inter-State commerce.
Taking 1922 as a normally productive year, and because it was prior to
the acquisition of said stock control, we find that the Kennecott Corporation and its subsidiaries had a productive capacity, of 159.827.000
pounds and sold 126,453.000 pounds in domestic markets. The Utah
Company and its subsidiaries had a productive capacity of 108.541.000
ppunds and sold 62.093.000 pounds in domestic markets. Their combined
capacity was 268,368.000 pounds and their combined sales were 188,546,000
pounds. The two companies sold, in the United States. about 70% of
their production. This was about 20% of the country's total consumption
of copper. At that time 85% of the production of the two companies and
their subsidiaries was being sold through the same agency, namely the
Guggenheim Brothers of New York City. The other 15%, being the
product of the Mother Lode Co., a subsidiary of the Kennecott Corporation, was being sold by the American Smelting & Refining Co.
In the United States there are about 12 copper selling agencies through
which practically all copper produced on the American Continent is sold.
It is asserted by the Kennecott Corporation that, these agencies compete
with each other in the sale of copper. Companies selling through any
agency may withdraw at any time and sell individually or through another
agency. In a statement to the Commission the Kennecott Corporation,
on page 36 of its statement, said:
"Thus within three years the product of the companies which once sold
through the smelting company (American Smelting & Refining Co.) were
divided between five agencies . . . all of which compete with one
another in the sale of copper."
There i , according to the record in this case, a certain competitive
situation existing between companies even when selling through the same
agency. as each company participates in every sale according to the ratio of
its available copper to the total of the other companies, but any company
may withdraw its copper temporarily from sale or name a minimum price
below which it will not sell. One company may hold its copper at a certain
minimum price. Another company may be willing to take leas and thus
gets the business.
It is obvious that all of the competition that existed or that might exist
within the selling agency between these two companies, was wiped out
when the Kennecott Corporation purchased 74% of the
company's
.capital stock.
Moreover, since the Mother Lode Co., a subsidiary of the Kennecott
Corporation, sold its ore through the American Smelting & Refining Co.
agency, and hence, according to the Kennecott Corporation, was in active
competition with the output of the Utah company which was sold through
the Guggenheim agency, the said acquisition eliminated all possibility of
real competition between the Utah company and the Mother Lode company,
the subsidiary of the Kennecott Corporation.
The majority, adopting the language of the Chief Counsel of the Commission, says: "There should be no straining of the law regarding elimination of possible competition or potential competition. Possible competition or potential competition may mean many things. If the section is
construed to mean something that can be imagined or something that can
be conjectured. then . . . the statute would be invalid. Under such
circumstances it does not require much to bring anybody into competition
with somebody under some circumstances, if you are left free to conceive
the circumstances. This in itself is sufficient to show that Congress never
intended such an application of Section 7."
The misapprehension indicated in this statement of the majority lies in
the fact that there was both actual and potential competition destroyed
through the consolidation of these companies. What there was of actual
competition has already been referred to. The potential competition was
ever present and probable. According to the Kennecott Corporation, the
respective companies could have withdrawn from the same sales agency and
become competitors for the business of the consuming public.
If the position of the majority were carried to its logical conclusion, then,
whenever any two or more companies. no matter bow large, want to combine they can evade the provisions of the Sherman, the Clayton and the
Federal Trade Commission Acts by Joining a single selling agency. Having
thus reduced the competition between each other, as heretofore described.
one can then purchase the stock of the other and go scot-free, so far as the
anti-trust laws are concerned.
It cannot be asserted with the support of any legal authority that since
the combination here in question sold about 2C% of all the copper consumed in the United States that the question of the destruction or prevention of potential competition between the companies is unimportant. In a
very recent case supporting an order of the Federal Trade Commission. the
United States Circuit Court of Appeals for the Third Circuit said:
"As we are not called upon to determine whether the Aluminum company
Is a monopoly within the definition of the Anti-Trust Law, we limit our
decision to the question whether, within the policy of the Clayton Act,
the transaction comes within the definition of the section. In this we are
of opinion that it does, and that its effect upon actual competition as well as
in destroying potential competition in a way later to make actual competition impossible was substantially to lessen competition between the corporation whose stock was acquired and the corporation making the acquisition.''
The majority has also adopted the following language of the Chief Counsel':
"The facts here show that the controlling purpose of the Kennecott Corporation, in acquiring control of the companies, was to extend its business
and by increase of production protect itself In the way of an increase in
net earnings for the stockholders and not to stifle competition Or Create a
monopoly or control the market."
Dated April 1 1925, due semi-annually from Aug. 1 1926 to Feb. 1 1931.
Principal and int. (F. & A.) payable at Whitney-Central Trust & Savings
Bank, New Orleans, trustee, or Illinois Merchants Trust Co., Chicago.
Denom. $1.000 and $500 c*. Callable on any int. date upon 60 days'
notice in order of maturity. at 102 on or prior to Feb. 1 1928. at 101 Si from
Aug. 1 1928 to Aug. 11929, incl., and at 101 thereafter. Borrower agrees
to refund normal Federal income tax up to 2%•
-Notes will be an obligation of John 11. Kirby. who schedules
Security.
a net worth of over $13,000.000 in addition to collateral pledged under the
notes, and will be specifically secured by deposit with the trustee of $5,000.000 Kirby Lumber Co. 1st Mtge. 6% Sinking Fund gold bonds due
July 16 1938. The par value of bontls or cash deposited must at all times
equal at least 125% of notes outstanding. These bonds are secured, in the
opinion of counsel, by a first mortgage (except as to purchase money notes.
aggregating $1,800,000, in favor of Houston Oil Co. resting on a part of
the property), on over 400.000 acres of fee lands, and standing timber
estimated by Lemieux Bros. & Co. of New Orleans to carry over 2.000.000,000 ft. of pine and 90C.000.600 ft. of hardwood timber, appraised by James
D. Lacey & Co. at 322.300.000 and 13 saw mills. 285 miles of railroad and
logging equipment, carried on the statement of the company. after depreciation, at 34,778.135. The total amount of this bond issue outstanding
on Jan. 2 was 39.366.700. which, together with the outstanding purchase
money notes, aggregated $11,166,700, of which the bonds pledged hereunder
are a part. The assets pledged. therefore, under the bonds securing this
note issue amount to over $2,400 for each $1.000 bond.
Business.
-John H. Kirby is President and principal owner of the Kirby
Lumber Co., which was established by him in 1901. He is one of the
pioneers in the lumber industry, and has been associated with it for approximately 40 years. Kirby Lumber Co. is one of the largest producers of
lumber in the Southwest, its mills having an annual productive capacity
of over 300.000.000 feet.
-Earnings of the company for 6 years ending Dec. 31 1924.
Earnings.
available for sinking fund and interest charges, have averaged 32.640.233
per annum. Net earnings for this period after depletion and prevision
for purchase money note interest. but before depreciation, Federal taxes
and interest, have averaged 31.391.305 or more than twice the interest
requirements on the First Mortgage bonds outstanding as of Jan. 2 1925.
-Mortgage securing the Kirby Lumber Co. bonds requires
Sinking Fund.
the company to pay into the sinking fund the sum of $5 per 1.000 ft. for
lumber manufactured from timber under the mortgage and $6 per 1,000 ft.
for any timber pledged under the mortgage which is sold. Through the
operation of the sinking fund there was retired from July 16 1923 to March 31
1925, 32,528.900 par value bonds, or at an annual rate of 31.480,320 per
annum. Funds received through the retirement of bonds, pledged under
this note issue, are to be used for the payment of the next maturing notes.
the surplus, if any, to be used to retire additional notes hv calling same
in order of maturing at the callable price.
-V. 120, p. 2277.
-Balance Sheet Dec. 31.Kirby Lumber Co.
1924.
1923.
1924.
1923.
Assets8
S
Liabilities$
$
Cash
653,297
458,476 Notes payable_ __ _ 925,773
146,225
Purchased bonds
33,789
Accounts payable- 301,312
186,986
Bills receivable. _
. 280,602
38,932
485,828 Unpaid wages_
Acc'ts receivable__ 742,778
940,584 Accounts payable
Interest accrued_
for surveys, die_
34,400
5,388
4,778
Inventorjes
26,124
1,619,393 1,614,892 Miscellaneous
Notes reedy. from
894,064
Accr.taxes & int_ _ 614.285
timber sales._
84,759
178,798 Current note pay't 150,000
Other assets
35,197
932,870
669,654 Timber pd.for,&c.
Redemption fund_
1,288
45 Timber our. notes. 208,317
Real est. (not used
Adv. dep. on timIn operation)_
3.386
ber sold
120,454
Securities owned.
100,000 Houston Oil Co.__ 1,800,000 2,250,000
Timber and timber
Southw. Lum. Co.
lands
x16,203,761 17,306,403
of New Jersey- 100,000
100,000
Real estate, mill
Dividends payable
1,622
sites, ecc
71,879
67,364 1st mtge. 6% s. I.
Mills,trains,equip9,366,700 10,379.600
bonds
ment, die
4,706,256 4,085,723 Deferred income
919,160 1,142,720
Derd charge items 141,534
152,617 Common stock_ _ _ 5,000,000 5,000,000
Preferred stock_
7,900
36,100
Surplus
6,080,819 5,913,646
25,477.593 26,1'85,617 Total
Total
.
25,477,593 26,185,617
x Land.453 acres, at 33 38. $1,530.564; timber.3,C04.828.768ft. at $4 88
per 1,000.-V. 118, p. 1919.
.-A p-il Sales
(S. S. Kresge Co.
Increase.] 1925-4 Mos.-1924.
1925-April-1924.
37.369.780
$8.150,225
-V. 120, p. 2156, 1888.
Increase.
3780,4451328,919,825 325.720,669 33,199,156
-April Sales.(S. H.) Kress tic Co.
PeriodMonth of April
4 months ended April 30
-V,120, p. 1888, 1212.
1925.
1924.
$3,412,057 $3,012,854
12,352,047 10.240,949
Increase.
$399.203
2,111,098
2410
THE CHRONICLE
Lee Rubber & Tire Co.
-Earnings for Quarter.
3 Months Ended March 31Net inc. after exp., int., deprec., &c_
-V. 120. p. 1467, 1336.
1925.
1924.
$5,374 der$112,217
1923.
$52,554
Library Bureau, Boston.
-Soles
-New Officers
Sales for the quarter ended Mar. 31 1925 were about $2,160,000, or approximately $85,000 below the same quarter of 1924, with earnings proportionately less.
Three additional vice-presidents have been elected as follows: W. R.
Washburn. in charge of production; It. G. Clarke, in charge of sales and C.
H. Cobb, in charge of finance and accounts.
-V. 120, P. 1097, 836.
Ludlum Steel Co. Watervliet, N. Y.
-New Director.-
A. G. Boesel of Noyes & Jackson has been elected a director.
'
-V.120. p.
1888, 1212.
McCrory Stores Corp.-Divs. Payable in Stock.
The directors have declared regular quarterly dividends of 40c. a share
on the Common and Common B stocks, payable in Common and Common B
stock at the price of $40 a share on June 1 to holders of record May 20.
On March 2 these dividends were paid in cash, but previous to that time
were generally paid in stock.
Sales for Month and Four Months Ended April 30.
1925
-April
-1924
Increase.11925-4 Mos.-1924 Increase.
$2 255a 13 $2.086,711
$168,4021$7,743,891
$6.888,288 $855,603
-Y.120.p. 1888.
[VOL. 120.
The building is about 50% completed. It will be of the most modern
design,embodying every appointment to make it the finest exclusive theatre
building in St. Louis. The theatre will have a seating capacity of approximately 4.000. and arrangements are made for two stores on the Grand Boulevard and Morgan St. frontage. As of May 11925,$800,000 has been spent
by the owners in the acquisition of the ground and carrying on construction
work to its present stage.
Lease.
-The property is under satisfactory lease at an annual rental of
$100,000 per year, which is more than sufficient for the service of this loan,
including the interest and serial installments. The lessee is the GrandMorgan Theatre Co., which is owned and controlled Jointly by stockholders
of the Metropolitan Theatres Corp. and the Orpheum Theatre & Realty
Co., all of whose stock is owned by the Orpheum Circuit, Inc. This lease
has been assigned to the trustee under the mortgage for the benefit of the
bondholders.
Monthly Sinking Fund Plon.-The mortgage provides for the payment
each month by the Metropolitan Theatres Corp. of an amount equivalent
to one-sixth of the semi-annual principal and interest requirements, except
that during the last year the monthly deposits need not exceed those of the
previous year.
Midvale Steel & Ordnance Co.
-Tenders.
The Guaranty Trust Co. of N. Y., as trustee, will until May 15 receive
bids for the sale to it of 20
-Year 5% Cony. S. F. gold bonds, due March 1
1926, to an amount sufficient to absorb $770,154, at prices not exceeding
105 and int.-V. 118. P. 2313.
Minnesota & Ontario Paper Co.
-Bonds Offered.
Mack Trucks, Inc.
-Earns.for 3 Mos. Ended Mar. 31.- Halsey, Stuart & Co., Inc., Minnesota Loan & Trust Co.,
First Trust & Savings Bank, Illinois Merchantf; Trust Co.,
1925.
1924.
1923.
1922.
Net profits after deprec.,
Brown Brothers &•Co., Continental & Commercial Trust &
maint.,repairs and est.
Federal taxes
$1,754,869 $1.430,308 $1,514,933
$255.198 Savings Bank, Bond & Goodwin, Inc. and Old Colony
x After allowing for dividends on the 1st and 2d Pref. stock the balance Trust Co. are offering at prices ranging from
98 and int. to
Is equal to $4 33 a share earned on the 339,730 shares of Common stock 99%
and int. according to maturity, $16,000,000 1st Mtge.
outstanding.
Sinking Fund6% gold bonds, Series "A."
Balance Sheet as 0/ March 31.
1925.
1924.
Assets$
Cash
3,770,897 3,801,882
Receivables
13.202,457 8.791,166
Inventories
18,858,763 16.833,914
Bal. due from empl 1,526,674 1,495,363
Investments
182,378
Real estate, plants
and equipment_ 11,090,735 8,701,848
Deferred charges
384,572
120,053
Good-will, patent
rights
2,434,865 2,386,565
-V.120, p. 1467. 1336, 1320.
1925.
Lie1101leo$
Current liabilities. 4,298,009
Reserve for taxes. 996,349
Reserve for contingencies
1,047,590
Capital stock
18.149,214
Surplus
26,960,179
1024.
2.775,700
1,063,800
1,085,083
17,869,700
18,836,508
Total(eachside)51,451,341 41,630,791
We Majestic Building, Miami, Fla.
-Bonds Offered.
-Fletcher-American Co. and Meyer-Kiser Bank, Indianapolis,
are offering at par and interest $600,000 636% First Mtge.
,
Real Estate bonds. «snsse lis-Ps•P 330psitts4041116$31v
Is Dated treb. 2 1925: due Feb. 1 1927 to 1935. Denom: $500 and $1,000.
Interest payable F. & A. at Meyer-Kiser Bank. Indianapolis. Sol Meyer
and Geo. C. Forrey, Jr.. trustees. Callable prior to maturity at 102 and
interest. Payment of interest and principal on these bonds is unconditionally guaranteed by L. T. Highleyman and Jerry Gelatis, the owners of the
Common stock of the Majestic Co.
These bonds are secured by a closed first mortgage on real estate owned
in fee simple, ocated in the heart of the business district of Miami. Fla.,
upon which is being erected a 17-story fireproof, steel, oralithic stone and
concrete office building of the most modern design. The Miami Real
Estate Board has valued the ground at $250,000 and the building upon completion will represent an actual investment In excess of $850,000. making
a total valuation of the property securing these bonds of $1,100,000.
Immediate occupancy of the entire building is assured by the number
of applications already received for space in the building. Income from the
building based on less than customary rentals is estimated at $245,000 per
annum. Operating expenses, including a 10% allowance for vacancies, are
estimated at $94.500 per annum, leaving estimated net income of $150,500
or almost four timse the maximum interest charge on these bonds.
Mayfair Land Co., Detroit, Mich.
-Bonds Offered
.Fenton Davis &Boyle, Detroit, are ofering at 100 and int.,
$260,000 First Mtge. Serial and Sinking Fund 06% Gold
bonds.
Dated March 2 1925; due semi-annually March 11928 to March 1 1935.
Tax exempt in Michigan. American Trust
Detroit, Mich.• trustee.
Principal and interest(M.& S.) payable at office of trustee. Redeemable.
Co.'
.
all or part, on 30 days' notice at 102 and interest for period ending March 1
1927: 101 and interest from March 1 1927 to March 1 1931, and 100 and
interestfrom March 1 1931 to the final maturity. Interest payable without
deduction for normal Federal income tax up to 2%. Denom. $1,000 and
$500.
The property mortgaged to secure this issue of bonds, consisting of
approximately 89
ie
ranR
g e LacaaecatronGrandRiverA
u
junction
ivejvenuecono.ne.bub n
village of Redford, fronting 780 ft. on Grand River Ave. and extending
north across the Six Mile Road. This property is subdivided into 514 lots.
Bonds are secured by a first mortgage on the 514 lots, and by an assignment to and deposit with the trustee of all land contracts now made and to
be made. 249 lots in the subdivis:on have been sold at a list price of
3679,985, and the balance due on these land contracts as of March 2 1924
was $432,909. Payments made against the purchase price, approximating
35%, indicates the substantial quality of the land contracts now on hand.
The sales price of the remaining 265 lots is $327,160. In addition the company has executed a deed of all of the mortgaged property to the trustee
for the further protection of the bondholders.
The appraised value of the property as made by two officers of the
American Trust Co., Detroit, Mich., is $717,973.
..e
Mengel Co., Louisville, Ky.-Earnings.Three Months Ended March 31Gross profits
Interest
Depreciation
1925. _
$440,22
8
88.707
138.884
1924.
3371,740
89.471
158.335
Dated April 11925; due serially April 1 1930 to 1935 in amounts varying
from $600,000 to $1.000.000 and $10.900.000 April 1 1945. Interest
payable A. & 0. without deduction for Federal income taxes now or hereafter deductible at the source, not in excess of 29'. Princpial and int.
payable either in United States gold coin at the office of Minnesota Loan
St Trust Co., trustee, Minneapolis, or at the offices of Halsey, Stuart & Co.,
Inc., in New York and Chicago, or in Canadian gold coin at the offices
of Dominion Bank in Toronto, Montreal, St. John, Winnipeg and Vancouver. Denom. $1,000, $500, $100.
Data from Letter of E. W. Backus, President of the Company.
Company.
-Operating manufacturing plants direct and through subsidiaries at International Falls, Minn., and Fort Frances and Kenora, Ont.
Ranks among the largest newsprint paper manufacturers in the world.
Modern ground wood,sulphite and paper mills are owned and in connection
therewith extensive hydro-electric and hydraulic power generating plants:
also a sulphate (Kraft) pulp mill, Insulite mill, saw and planing mill plants,
box,crating and shook factories, railroads and logging spurs and equipment.
The timber supply in Minnesota and Ontario contiguous and tributary
to the mills embraces a forest area of approximately 50.000 square miles
and contains an almost Inexhaustible supply of spruce pulpwood and other
paper-making woods, while the actual holdings in Minnesota and Ontario
are reliably estimated to contain sufficient pulpwood to keep the paper
mills, including the contemplated additional capacity, in operation for
over fifty years and the sawlog timber to keep the saw mills in operation
over 25 years.
Security.
-These bonds, together with any hereafter issued under the
restrictions of the mortgage, will be secured by a direct or collateral first
lien on all the physical property now owned or which may be hereafter
acquired by the company and on all physical property owned by its principal subsidiaries.
Assets.
-The balance sheet, as of Nov. 30 1924. giving effect to the present financing, and the recent appraisals of the company's fixed property
discloses net tangible assets after deducting all liabilities except these bonds
and net current assets of $60.741,459 and $12.033.980. respectively.
Earnings.
-Average annual net earnings of the company during the 5 years
and 11 months period ended Nov. 30 1924, as certified by independent
auditors, were $2,737.541 (after depletion, local taxes and liberal charges
for maintenance and repairs, but before interest, depreciation and income
taxes). These earnings include no return on over $12.000.000 expended or
being expended on properties to be presently in operation. Maximum
annual interest charges on these bonds require $960.000. For 1925, net
earnings, as above, are estimated at approximately $4,000.000.
Sinking Fund.
-In addition to the serial maturities the mortgage will
provide for a sinking fund which will retire and cancel, either by purchase or
redemption, principal amounts of the bonds due April 11945. sufficient to
retire all of such bonds by maturity.
-V. 120. p. 2277.
Mitchell Motors Co.
-Government Tax.
-
The Federal Government it is stated has accepted $85.000 in settlement
of claim for $600,000 on war contract refund.
-V. 118, p. 1277.
Mortgage Insurance Corp.
-Certificates Sold.-Blyth,
Witter & Co. have sold $500,000 Insured 1st Mtge 6% Gold
Certificates, Issue No. 5. Prices: First 5 maturities at 100
and int. yielding 6%. Balance of maturities at prices to
yield 63/
3%,accrued int. to be added.
Dated May 1 1925: due serially (M. & N.) from Nov. 1 1925 to May 1
1935. Principal and interest(M.& N.)payable at Pacific-Southwest Trust
& Savings Bank, Los Angeles. trustee. Denom. $1,000, $500c*. Red.
as a whole but not in part on any int. date at par and int. and a premium of
of 1% for each unexpired 6 months or portion thereof, but not exceeding
105 and int. Exempt from Calif. personal property tax. Legal investment
for Calif. Savings banks, trust companies and insurance companies.
These certificates represent actual ownership in 140 individual insured first
liens aggregating over $500,000 and deposited with the trustee. The deeds
of trust constitute first liens on improved and productive Calif. real estate
appraised at $1,068,000, more than twice the face amount of the liens.
Payment of principal and interest of each deposited lien is insured and
guaranteed by the Mortgage Insurance Corp. which has a paid-up capital
and surplus of $300,000 and fully qualifies under the California Mortgage
Insurance Act. Company has outstanding $2,500,000 of these certificates
Including the present issue, which is the company's fifth issue since incorporation. Monthly amortization of the deposited first liens will provide
funds to retire these certificates. V. 120, p. 1213.
$123.934
$212,637
Net profits
Motor Products Corp.
-To Redeem Half of Pref. Shares.
Unfilled orders as of May 1 1925 are more than $2,000.000, which is.
The corporation announces that it plans to redeem on June 15 next onegreatly in excess of unfilled orders as of May I 1924.-V. 120. p. 1889.
half of its outstanding Preferred shares at $50 per share and dive. The
corporation intends to deposit with the Empire Trust Co.. 120 Broadway,
Metropolitan Chain Stores, Inc.-Sales.1924.,
Increase. N. Y. City, on or before June 13 1925, the amount of moneys required for
1925.
Period-the payment of the redemption price of the Preferred shares to be redeemed.
$22,041
$617,729
$639,770
Month of April
147,349 -V. 120, p. 1098. 966.
1,981,823
Four months ended April 30
2,129,172
-V. 120, p. 2020, 1889.
h Metropolitan Theatres Corp.(Orpheum Circuit Man-Bonds Offered.-Waldheim-Platt &
agement), St. Louis.
Co., Inc., St. Louis, and Stern Brothers & Co., Kansas
City, Mo., are offering at par and interest $800,000 6% First
(Closed) Mtge. Serial Real Estate Gold bonds.
Mullins Body Corp.
-Report
-3 Mos. End. March 31.
Sales
Cost of sales
Not
stated
3749..438
611.210
3772..388
691,671
Gross profit
Admin.. selling and general expense
Interest and discount (net)
$176.020
80.575
1,181
$138.229
61,788
8,228
$80,717
46,138
127
$94.264
9,832
$68,213
1,248
334.453
90.096
3104.096
2.207,989
$69,460
1,992,022
Cr.1.279
$124,548
1,976,808
nTr
.ted May 1 1925: due semi-annually from Nov. 1 1926 to May 11935.
Interest payable M.& N.at Mississippi Valley Trust Co.,St. Louis, trustee.
Net profit
Redeemable on any interest date at 102 and interest on 60 days' notice. Add-Miscellaneous income
Corporation assumes the payment of the normal Federal income tax not in
excess of 2%.and also agrees to refund upon application the 235 mill securiTotal
ties tax to residents of Kansas. Denom. $1.000, 3500 and $100.
Surplus Jan. 1
Security.
-These bonds are s3cured by closed first mortgage on ground, Adf. of ins. written off
situated at the southeast corner of Grand Boulevard and Morgan St.,
St. Louis, Mo., and improvements being erected thereon. The improveTotal
ments now under construction consist of a thoroughly modern fireproof Deduct adjustments, &c
building of steel and concrete construction, to be known as the St. Louis Dividends paid
Theatre, having an appraised valuation as follows: Land,$450.000; building.
at contract cost. $1,200,000; total, $1,650,000.
Surplus March 31
$2,312 086 $2,062.761 $2,101,358
17.983
10_,11
10,322
19.400
19,320
19,400
$2.272,854 $2,025,378 $2,071,634
.1925.]
31A.y 9
THE CHRONICLE
Comparative Balance Sheet.
LiabilitiesMar.31'25 Dec. 31'24
Mar.31'25 Dec. 31 '24
Assetsplant.&c.$2.487,403 $2,519,130 8% Corn. Pf.stk_ _ $964,000 $966.000
RI.est..
500.000
500,000
1,921 Common stock.. _ _
299
Prof.stk.skg.fund
100,000
95,000
85,210 Notes payable_ ___
85,210
Pats. & goodwill.
127.572
21,463 Accts. pay.& accr. 174,454
111,905
Cash
20,760
517,788 Accrued taxes....
11,091
Accts.receivable _ .. 432,562
86,643 Due to empl. on
23,939
Notes receivable-.
1,232
Lib. Loan subs_
Stk.subscrip.from
Due to officers
100,000
officers & empl_ 145,505
621.959 Res've for disc. on
Mdse. Inventory__ 757,717
4,876
5,254
Pref.stk. purch_
54,966
55,966
Invest'ts (at cost).
2,68
22,039 Other assets
22,146
Deferred charges__
2,272,854 2,207,989
Surplus
Total
$4,122,653 $3,931,118
$4,122,653 $3,931,118
Total
x Common stock, no par value. 100,000 shares declared in accordance
-V. 120. p. 713.
the laws of New York State.
with
-April Business.
National Cash Register Co.
The company reports that April business amounted to 52,947.100.V. 120. p. 2020, 1594.
2411
North Butte Mining Co.
-Annual Report.
-
Calendar YearsIncome from copper,silver and gold__
Income from miscellaneous
1924.
1923.
1922.
5105.298 $1,494,842 $1,772,004
1.892
Total income
Deduct
Mining and development
Freight on ore
Concentration, smelting, freight, refining and selling expense
General expenses and taxes
Lessors' ore contract
Arizona expense
Shutdown expense
$107,190 $1.494,842 51.772.004
$977,530
27,671
42,663
68.891
150.017
12.910
$983,378
30,711
568.550
93,533
619.026
129,794
20,213
Deficit
5167.322
5192.655
sur$9.094
No mining was done by the company during 1924 and the mines will
remain closed down until there is a decided advance in the price of
copper
metal.
The exploratory and development work which was being carried on at
Superior, Ariz., was discontinued and the options to the mining claims surrendered in October.
-V. 118, p. 2448.
National Firenroofing Co.
-New Chairman
1701 Locust Street Apartment Hotel), Philadelphia.
Bonds Offered.
-Greenbaum Sons Investment Co. are offering at par and interest $2,900,000 First Mtge. Real Estate
National Steel Car Lines Co.
-Equip. Trusts Sold.
- Gold bonds.
Freeman & Co. and Bond & Goodwin, Inc., New York,
Dated April 1 192.5; due send-annually April 1 1927 to April 1 1935.
interest (A. & 0.) payable
/
have sold at prices to yield from 43 4 % to 6%, according to Principal and4-mill tax and 4% 'Federal at Groenebaum Sons Investment
Co. Penna.
tax paid by bormaturity, $1,500,000 6% Equip. Trust Gold certificates, rower. Trust deed provides for monthlynormal incomeGreenebaum Sons
deposits with
Series dH." Unconditionally guaranteed both as to prin- Bank & Trust Co. to cover maturing interest and principal installments.
Redeemable
cipal and divs. by endorsement on each certificate by the and 51.000. on 60 days' notice at 103 and interest. Denom. $100. $500
Secitrity.-Secured by a first closed mortgage on land located at 17th St.
Indian Refining Co. To be issued under the Phila. plan.
Sidney S. Heckert has been elected Chairman of the board to succeed the
-V. 120, p. 967.
late William L. Curry.
and northwest
and on new high-grade 20-story
Dated Juno 11925: payable semi-annually in serial installments. 5100.000 and basement,corner of Locust St. Phila.,fireproof
apartment hotel building of
construction, designed
each, Dec. 1 1925 to Dec. 1 1932, both Int. Denom. $1,000. Both prin. in the Italian Renaissance style of architecture.
The value of the land.
and diva. are to be paid without deduction of the normal Federal Income building and equipment, all comprising
tax not in excess of 2% per annum and the company agrees to reimburse mortgage, is conservatively estimated part of the security for the first
at $4.510.000.
the Penna. State tax not to exceed 4 mills annually upon application.
Income.
-Gross annual income, allowing for 10% vacancy, estimated at
Red., all or part, on any div. date at 1013 and dive. Certificates and
dividend warrants (J. & D.) payable at the office of New York Trust Co., 5725.580, and expenses at $241,860. leaving a net yearly income of $483.720.
which is near.y three times the maximum annual interest charges on the
New York. trustee.
issue, reduced
-These certificates are to be secured by a first lien on 1.830 entire All earnings semi-annually by substantial serial payments of princiSecurity.
of the property comprise additional security for the
comprising practically all of the cars used in the distribution pal.
steel tank cars
bondholders.
of the products of the Indian Refining Co. and subsidiaries. During the
past 12 months Coats & Burchard, engineers and appraisers, have inspected
Pacific Car & Foundry Co.-Pref. Stock Offered.
and appraised all the tank cars to be pledged under this trust, and have
valued this equipment at In excess of 52,500,000, or over 166 2-3% of Ernst & Co., New York, are offering at 9834 to yield 7.10%,
total certificates to be issued. As an additional safeguard, the com- $300,000
the
Cumul. Pref. stock. This stock was purchased
pany has agreed to deposit rentals with the trustee monthly in anticipation
privately and represents no new financing. A circular shows:
of each semi-annual! maturity.
-V. 120. p. 1756.
Capitalization Authorized and Outstanding.
Preferred stock, 6% (5100 par)
New Cornelia Copper Co.
-Production.
$500,000
Preferred stock, 7% ($100 par)
Month of1.700,000
April.
March.
Feb.
Jan.
Copper output (lbs.)
36,000 she.
6,335,821 6,489,000 6,063.428 6,906,512 Common stock (no par) controlled
-Company is
Control.
by the American Car & Foundry Co.
-V. 120, p. 1756. 1213.
Comnany, with its predeccors, has a record of successful operations
extending back to 1905. Its plants, located at Seattle, Wash. and Port-Loses Suit Against Government.
New River Co.
land. Ore., are among the largest abd best-equipped shops on the Pacific
'
The United States Circuit Court of Appeals at Richmond, Va., has Coast and manufacture standard railway equipment; bridge-building,
reversed the decision of the Federal District Court in the suit of the Wkite mining and contracting equipment: and logging and other equipment
subsidiary of the New River Co.. against the Government. suited to the industries of the dajacent territory. Company numbers
Oak Coal Co.,
In the winter of 1923 the White Oak Coal Co. was awarded $899,054 among its customers the Union Pacific, Southern Pacific, Northern Pacific
damages against the Navy Department, representing the difference in and St. Paul railroads; such electric companies sa the Portland Light &
between the market and what the Navy allowed the coal company on Power Co. and Stone & Webster; The Yosemite Valley Lumber Co. and
bituminous coal requisitioned during the period from July. 1919. to April, others.
C
-For the period of the last 534 years, which includes two
Earnings.
1921. The Government appealed this decision and the Court of Appeals
2279.ppeal it is said will be taken to the years of extreme industrial depression in general, earnings have averaged
has just found in its favor. Further a
-V. 120, p
.
U. S. Supreme Court.
over 3 1-3 times dividend requirements on this issue. For the last two
years earnings have averaged 634 itmes such dividend requirements.
1922 to Juno 30 1923 amounted to $5.191.294: for
N. Y. & Honduras Rosario Mining Co.
-Annual Report. Sales for year July 1 to June 30
the year July 1 1923
1924, 58,439.940, and for the six months
Calendar Years1924.
1923.
1922.
1921.
ended Dec. 31 1924, 53.553.853. Net earnings for year 1923. $710,224
Operating income
$1.367.881 $1,368.882 $1,025.595
$444.011 net earnings for year 1924, $886,256.
Operating expenses, &c_
765,108
756,855
669,236
570,882
Balance Sheet as of Dec. 311924.
Assets.
Net profit
$602.773
$612.027
$356.358 1055$126.871
Land, bldgs., mach'y, &c.. $936,261 Capital stock
Other income
47,950
46,007
$2.203,600
56,141
46,306 Cash
531,925 Wages payable
12.307
279.805 Accounts payable
Total income
$650,724
$658,035
$412.499 loss$80.565 Notes receivable
79.151
Accounts receivable
182.471 Taxes accrued & payable_
Miscellaneous expenses_
23.523
20,409
23,939
145,888
30,303 Inventories
800,695 Due railroads for material
Reserve for depletion, &c
199.955
200,945
162,828
73.552 Other assets
36,092
supplied
Federal income tax
39.873
41,176
1,375
Surplus
Dividends
300,000
300,000
150,000
324.929
60.000
Total
52.767.250
Total
Surplus
$87,373
595,505
52.767.250
$75,732 def5244.420
-V. 120, p. 2020.
Sinking Fund.
-A sinking fund is provided. commencing May 1 1925
sufficient to retire in three years the entire outstanding amount of 6%
Preferred stock, leaving the 7% Preferred stock a first charge on all the
(Geo. E.) Nissen Co., Winston-Salem, No. Caro.
properties and assets of the compahy.
Notes Offered.
-Robert Garrett & Sons, Baltimore, are
offering at prices to yield from 5% to 5.75%, according
maturity, $200,000 6% Serial Gold notes.
to
Dated April 27 1925: due $50.000 each Jan. and July 1 1926 and 1927.
Denom. $1,000. Principal and int. (J. & J.) payable at Safe Deposit &
Trust Co.. Baltimore, trustee.
Pref. Stock Offered.-Durfey & Marr, Nash & Co., Raleigh,
No. Caro.• First National Trust Co., Durham, and R. S.
'
Dickson ctz Co., Goldsboro, No. Caro., are offering at 100
and int., $350,000 7
Curnl. Sinking Fund Pref. a. & d.)
stock.
Callable after three years at $115. Divs. payable Q.
-J. North Carolina
corporation, and all local, State, and normal Federal income taxes paid
by the company. Transefr agent. First National Trust Co.. Durham,
Caro.
No.
Capitalization.
8% Serial notes (1926-1927)
5350: 80
200 0 0
73i% Cumul. Sinking Fund Pref. (par Von)
Common stock (par $25)
Compang.-For 138 years builders of the famous "Nissen" 705,000
wagon,
known for its unexcelled endurance. Business continually operated since
1787. Plant, modernly equipped, covers 37 acres in the City of WinstonSalem.
-Company's net earnings two years ending Dec. 31 1924,
Earnings.
based on the number of wagons manufactured and actual cost per wagon,
shows an average of $159,207 per year, which equals more than
534 times
the dividend requirements on the Preferred stock, after deducting all
interest charges on present outstanding obligations.
Purpose.
-TO provide funds for the completion of the organization which
is incorporating the business heretofore personally owned by W. N. Nissen;
to provide additional working capital to care for increased production.
-W. N. Poindexter, Pres.; Chas. D. Ogburn, Treas.; John
Directors.
R. Baker, Sec.; Thomas Maslin, Cary K. Durfey, 0. 0. Efird, E. W.
()Manton, Geo. W. Edwards, W. II. Watkins, J. A. Nading.
Pacific Mills, Lawrence, Mass.
-Reduces Dividend.
The directors on May 4 declared a dividend of
of 1% on the outstanding 540.000,000 Capital stock, par $100, payable June 1 to holders of
record My 15. Dividends at the rate of 6% per annum (1349i quarbeen paid from Feb. 1 1923 to Feb. 1 1925, incl,
terly) had
get profit for the first quarter of 1925 approximated $461,000.-V. 120.
p. 713.
Pan American Petroleum & Transport Co.
-Earnings.
Period End.,A pril 30- 1925-A pril-1924.
1925-4 Mos.-1924.
Gross earns. (approx.).- $9,228,000 55,592,009 537.448,000 $20,724,000
-V. 120, p. 2021, 1757.
Park City Mining & Smelting Co.
-Earnings.
-
Calendar YearsOre sales
Int., dive. & sundry receipts
1924.
1923.
1922.
51,916.033 51,816.086 51,216,446
37,865
40.243
20.024
Total receipts
51.953.898 $1,856,329 51,236,470
Deduc -Mine &
acct,..ore exp.,&c 1,124,717
966,753
631,669
Gen, exp., taxes & legal exp
180,577
121.642
95.055
Dividends
525,611
459,900
87,600
Balance. surplus
$122,993
$308.034
$422.146
-V. 119, p. 83.
Park Fire Proof Storage Co., Chicago.
-Bonds Offered.
-Caldwell, Mossor & Willaman, Chicago, and Henry C.
Quarles & Co., Milwaukee, are offering at 100 and int.
$600,000 1st Mtge. 6
Sinking Fund Gold bonds (closed
mortgage including fee).
Dated April 1 1925. due April 1 1935. Int. payable A. & 0. without
deduction for normal Federal income tax not exceeding 2%. Principal
and interest payable at Chicago Title & Trust Co., Chicago. trustee.
Red.
all or part on any int. date upon 30 days' notice at 102 and int.
Denom.
51.000. $500 and $100 c*.
Northern Insurance Co. of Moscow.
-Receiver.
Data From Letter of Pres. Win. M. Le Moyne, Chicago, March
28.
Receivers have been appointed for the Northern Insurance Co.of Moscow,
Companti.-Business has been established
Russia by Federal Judge Francis Winslow in an equity suit brought by over 25 years. The location of its propertiesand in successful operation
in rapidly growing sections
Albert I. Hostin. The receivers appointed are: E. Bright Wilson and of Chicago has assured constant increase in
business and the enhancement
Wendell P. Barker. The Northern Insurance Co. is a Russian corporation
value of its real estate.
licensed to underwrite fire and transport insurance in New York and other in Security.
-Bonds are secured by closed first
States. Its assets in this State totaled about $500,000, of which the sum of now or hereafter owned, including all land mortgage on all the property
owned in fee simple
$200,000_1s on deposit with the State Superintendent of Insurance.
improvements thereon. This property has been conservatively and the
_ appraised
in excess of $1.270.000. representing a value of double the
amount
& Judd Mfg. Co., New Britain, ;Conn.
-Ac- loan. As additional security, the company carries fire insurance of this
on its
buildings covering the full amount of this Issue of bonds.
quires Assets of Trani & Hine Mfg. Co. of New Britain.
Sinking fund.- here will be deposited with the trustee,
-V. 119, p. 1073.
See that company below.
30 1925, monthly payments aggregating $50,000 per year beginning April
for the payment
2412
THE CHRONICLE
of bond interest and the retirement of bonds by purchase or redemption
by lot.
Earnings.
-Net earnings available for the payment of interest, depreciation and Federal taxes for the year ending Dec. 31 1924 were $72,364, or
nearly twice the maximum interest charges.
Penn Albert Hotel, Greensburg, Pa.
-Bonds Offered.
First National Bank, Sharon, Pa., and S. M. Vockel & Co.,
Greensburg, Pa., are offering at prices ranging from 100
and int. to 100.93 and int., to yield from 53.% to 6%
4
according to maturity, $500,000 1st (Closed) Mtge. 6%
Serial Gold bonds.
[VOL. 120.
the Hospital Association may issue not to exceed $33,000 additional bonds,
but nor more than $500,000 of bonds can be outstanding at any time. The
building is now approximately one-half completed, and when finished will
cost, including the site and equipment, approximately $1,000.000, according
to information given by the hospital authorities. The construction contracts have been let to responsible contractors who will furnish bond sufficdent to insure its completion. Sufficient fire and tornado insurance, made
payable to the trustee, will be carried for the protection of the bondholders.
Pure Oil Co.
-Annual Report.
Years Ended mar.31- 1924-25.
1923-24.
1922-23.
1921-22.
Gross earnings
$104,397,303 $87,432,424 $69,153,736 $60,722,417
Oper. exp., taxes, &c_ _ _ 84,441,313 68,250,558 57.693,197 51,779,290'
Operating income --$19,955,991 $19,181,866 $11,460,538 $8,943,127
Federal taxes
255,083
Interest on notes, &c
1,671,019
247,672
741,346
906,259
Amort.disc, on ser. notes
215,755
834.034
Depletion etc
}7.477,0291 3,775,379 3,036,844
3,174,988.
Depreciation
2.824.729
2,331.633
3,019,244
Preferred diva.(cash)
1,668,890
1,667.693
1,427.755
1,291,180
Com.divs.
_ _ _ (6%)4.263,591 %)
(6 4544885(8)5,162,839(8)4,034,941
Com. divs. (stock)
(cash)(5%)987,875
Surplus
84,620,378 $5,162,921
,580,238df$4,522,202
Previous surplus
49,279,739 44,806,309 46,414,482 52,151,758
Premium and discount_
Cr.126,816
Total surplus
$53,900,117 8513,269.230 $44,834,244 $47,756,372
Surplus adjustments_
771,577
989,491
65,835
27.935
Inv.loss on finished oil_..
1.276,053
Profit & loss surplus_ _$53,128,541 $49,279,739 $44.806,309 $46,414,482
-V. 120, P. 1469, 714.
Dated April 1 1925. due serially April 1 1926-1945, inclusive. Tax free
In Pennsylvania. Free of normal Federal income tax up to 2%. Union
Trust Co. of Greensburg, Pa., trustee. Legal investment for trust funds
In Pennsylvania. Principal payable at office of trustee. Interest payable
(A.& 0.) at office of trustee, or Union Trust Co., Pittsburgh, Pa. Denom.
$1.000 c*. Red. all or part on 30 days' notice on any int, date at 1023
and interest.
Property.
-The Penn Albert Hotel is located at Greensburg, Pa., In the
heart of the business district. fronting 109 ft. on Harrison Ave. and 100 ft.
on Pennsylvania Ave., with a depth of 160 ft. The hotel was opened to
the public on Jan. 29 1923, is 12 stories in height and is modern and up-todate in every respect. It contains (in addition to a number of store rooms)
lobby, lounge, large dining-room, cafe, kitchen, roof garden and ballroom;
200 guest rooms, all with bath, and 18 two-room apartment suites.
Security.
-The bonds will be secured by a closed first mortgage on the
land, building and equipment, valued by the American Appraisal Co. at
$935,500. The bonds outstanding represent less than a 53% mortgage
on the appraised valuation.
Earnings.
-From Jan. 29 1923 (date of opening) until Dec. 31 1924,
net earnings-after all deductions, including repairs and maintenance,
insurance and taxes, but before depreciation-amounted to $117.908,
Regal Shoe Co.
-Balance Sheet Dec. 31.or a yearly average of $61,517. This amount is over twice the interest
charges on the entire issue, and is more than the maximum annual payment
Assets1924.
1923.
Liabilities1924.
1923.
and interest. With the addition now under construction, it is conservatively Real est. &
Preferred stock_ _ _82,029,800 $2,029,800
estimated that on the same basis the net earnings this year will exceed
mach., equip.,
Common stock__ _x2,000,000 y2,500,000
$90.000.
impts., &c
$633,594 $624,376 Accounts payable_
63,725
13748
Purpose.
-Proceeds will be used to retire existing mortgages and to Advanced exp. &
Adv. by tenants,
provide funds for an addition to the present building.
deferred charges
49,160
48,925 reserved for city,
Good-will
2,500,000 2,500,000
State & Fed.tax,
(J. C.) Penney Co., Inc.
-April Sales.
Cash
558,340
323,350
&c
129,465
108,884
Increase.
1925-4 Mos.-1924.
1925
-April
-1924.
Increase. Notes & drafts rec.
1.555 Res. for Fed. tax.
Accts.receivable_ _
35,912
40,160 (prey. years)- _.
$7,240,189 $5,961,371 $1,278,8181$21,477,416 $17,892,816 $3,584.600
96,000'
96,000
Sundry accts. rec_
9,704
-V. 120, p. 1891, 1213.
9,996 Accr. pref. stk. div
35,522
35,522
Merchandise inv'y 1,269,424 1,447,107 Surplus
951,380
355,028
Balance Sheet December 31.
Advance payments
5.458
Life insurance_ _
1923.
1924.
1923.
1924.
78,317
73,727
5
$
I LiabilitiesPrepaid ins
Assets21,482
44,093
Furn. & fixtures__ 1.984,787 1,498,037 Preferred stock_ _ _ 2,226,300 2,390,600 Mtge. note reedy_ 144,500
148,500
1,939,446 1,742,099 Common stock_ __ 9,244,500 7,413,500 Due fr. Regal Shoe
Cash
14,947,036 13,863,835 Accts. payable_
1,880,020 1,733,107
Co.. Ltd., open
Merchandise
account
Govt. secur., &c 3,532.760 1,019,611 Federal tax reserve 1,033,960
978,143
918 Total(each side)_$5,305,892 $5,262,708
Empl.notes rec'le. 1,451,973 1.054,445 Res.for fire losses_ 350,363
258,483
x Represented by 25,000 shares of no par value. y Represented by
Surplus
9,488,655 6,504,037 25,000 shares of $100 par value.
Accts. receivable,
-V 118, p. 3088.
49,843
adv., &c
317,795
Riordon Co., Ltd.
Inv. in sub. cos_
50.000
50,000 Total(each side)_24,223,798 19,277,870
-Distribution to Bondholders.
-The
The usual income account was given in V. 120, p. 1213, 1891.
bondholders protective committee, W. Eugene McGregor,
,
6
Pond Creek Pocahontas Co.
-Debentures Offered.
- Chairman (Harris, Forbes & Co., Inc., Boston) in a notice
Hayden, Stone & Co., are offering at 100 and interest, to the holders of Riordon Co., Ltd., 1st Mtge. & Ref. 8%
Gold bonds, dated Dec. 1 1920, says:
$1.250,000 10-Year 7% Convertible Gold Debentures.
Under date of March 2 1925
Dated May 11925; due May 11935. Principal and interest (M. & N.)
payable in Boston. Denom. $1,000 and $100 c*. Callable, all or part, on
any interest date at 110 and interest. Interest payable without deduction
for normal Federal income tax up to 2%. Mass. income tax up to 6%.
Conn. and Penn. 4 mills taxes, Maryland 44 mills securities tax refunded.
The First National Bank, Boston, trustee.
Authorized. Outstanding.
Capitalization-Year 7% Cony. Gold Debentures (this issue)-- $1,250,000 $1,250,000
10
Capital stock (no par value)
x200.000 abs. 125.000 shs.
,
x Reserved for conversion o Debentures 75.000 shares
-Owns in fee 2.500 acres of virgin coal lands in the heart of the
Company.
Pocahontas field in West Virginia, estimated to contain over 25,000,000
tens of recoverable coal, which property, upon completion during 1925 of
development work and equipment, whould have an annual output of at
least 750.000 tons.
Company also owns the entire Capital stock of By-Products Pocahontas
Co. which controls by favorable lease 600 acres of coal lands in the same
field, estimated to contain over 5,010,000 tons of recoverable coal. This
property produced 173,000 tons of coal in 1924. Additional equipment is
being installed which should increase its output to at least 250.000 tons per
annum.
These properties are in a non-union field and, with improvements completed, should have an annual output of not less than 1,000,000 tons of the
well-known "Pocahontas Smokeless" coal, the highest grade bituminous
coal in the world.
Earnings.
-Production costs should be equal to the lowest in the field
and conservatively warrant expectation of an average profit in normal years
of at least 50 cents per ton on an output of 1,000.000 tons, or 8500,000,
which is nearly 5Y, times the maximum interest charges ($87,500) on this
Issue of debentures, and about 3.4 times the combined maximum interest
and sinking fund requirements. In years of good coal business a considerably better profit should result.
Management.
-The management and sales organization are identical
with those of Island Creek Coal Co.
-Debentures are convertible into Common stock on the basis
Convertible.
of six shares of such stock for each $100 debenture, which is the equivalent
of $16 2-3 per share.
Listing.-Application will be made to list these debentures on the Boston
-V. 120, p. 1596.
Stock Exchange.
the committee announced its adoption of'
a plan contemplating the sale to Canadian International Paper, Ltd., of
all the property and assets purchased by the committee at the liquidation
and foreclosure sale of the properties of Riordon Co.. Ltd., held in Montreal
on Sept. 8 1924, and of all other assets of the committee. Under the
provisions of the deposit agreement under which the committee is acting,
the plan has become effective and binding upon each holder of a certificate
of deposit issued thereunder.
Under the plan holders of certificates of deposit will receive for each
$1,000 of such certificates of deposit:
-$1,000 principal amount of International Paper Co.
(a) For Principal.
-Year Sinking Fund Mtge. Gold bonds, bearing interest from Dec. 1
8% 30
1924, or carrying a cash adjustment of interest from that date at the rate
of 6% per annum; and
(b) For Unpaid Interest.
-S200 par value of International Paper Co.
7% Cumul. Pref. stock, carrying dividends from Dec. 1 1924, or a cash,
adjustment of dividends from that date at the rate of 7% per annum.
There will be no expense whatever to the bondholders ID this connection,
as all expenses in foreclosing the mortgage and selling the property have
been otherwise provided for.
It is anticipated that the new securities will be available for distribution
in about two months, and all certificate of deposit holders will receive a
notice at that time requesting them to transmit their certificates to the
depositary for cancellation and exchange for the new securities.
At the present time, out of the $5,930.000 of these bonds sold to the
public, there remain $51,500 of bonds which have not yet been deposited
with the protective committee, and provision has been made to continue
accepting these bonds for deposit (with the Dec. 1 1921 and all subsequent
coupons attached) up to and including June 1 1925. These remaining
holders, if they do not deposit their bonds, will receive only a small amount
of cash from the proceeds of the sale of the property, which took place in
Montreal on Sept. 8 1924. Bonds may be deposited with First National
Bank, Boston, Mass., depositary, or with the Harris Trust & Savings
Bank, Chicago, agent of the depositary. (See also International Paper
-V. 120. p. 1214.
Co. in V. 120, p. 1211f)
(The) Roosevelt, Boston, Mass.
-Bonds Offered.-American Bond & Mortgage Co. is offering at par and interest for
all maturities except those of 1927 and 1928, which are offered
-8à1. Sheet Dec. 31.- at a price to yield 6%, $575,000 First Mtge. Serial WA%
Porto Rican-American Tob. Co.
- - Gold bonds.
1923.
Liabilities1924.
1924.
1923.
Asses-
Dated April 81925:due semi-annually April 1927 to 1935. Int.(A.& O.)
and principal payable at offices of American Bond & Mortgage Co., Inc.
Callable at 102 and interest. Normal,Federal income tax up to 2% paid
by The Roosevelt, Inc., when claimed. Penn. and Conn. 4 mills tax, New
Hemp. income tax up to 6% of the interest, refundable. Corporate trustee, American Trust & Safe Deposit Co.(of Chicago). Individual trustee.
Harold A. Moore. Commencing April 28 1926, on the interest, and Oct. 27
1926 on the principal, The Roosevelt, Inc., agrees to pay monthly to the
American Bond & Mortgage Co., Inc., 1-6 of the interest and principal payTotal
$9,972,060 ments due during each succeeding six months, except that during the six
$9,q
23.665
89,363,665 $9.972,060
Total
months ending April 8 1935, no monthly installments of principal will be
- paid.
comparative income account was given in V. 120 .p. 1213:
The usual
These
-Shipments of Crude Oil (Bbls.).- owned inbonds will be secured by a direct closed first mortgage on the land
Prairie Pipe Line Co.
fee having a frontage of 80.38 ft. on Huntington Ave., by 227.37
1925-4 Mos.-1924.
-Month-1924.
Period End. Apri130-- 1925
ft. on Bryant St. by 129.33 ft. on Fencourt St., Boston, on plot irregular,
3,747.013 18,103,628 14,853,550 for an aggregate land area of 25,274 sq. ft., and "The Roosevelt" houseCrude oil shipls (bbls.)- 4,415,855
-V. 120, p. 2022, 1338.
keeping apartment building to be erected thereon. The total security upon
- completion of the building is appraised at over $890,000.
Hospital Association of Colorado.
Land, buildings,
machinery,&c--$1,863 565 $1,962.616
.
3,477,535 3,551,823
Inventory
Acets & bills ree_ _ 1,565,440 1,874,808
542,053
480,157
Cash
355,074
342,429
Investments
Good-will, &c_ _ _ _ 1,500,000 1,500,000
185,686
Deferred charges_ _ 134,239
Capital stock
$6,310,250 $6,283,150
173,579
12,253
Scrip
8% Sk Fd.bonds- 1,750,500 1,990,000
365,363
146,089
Aca'ts
72,805
112,038
Accr. int., tax,, &C
payable_Deprec'n reserve
741,729. 737,816
310,114
Surplus
330,038
Presbyterian
Rossia Insurance Co. of America, Hartford, Conn.
-Lorenzo E. Anderson & Co., Stix & Co., and
Bonds Offered.
Mississippi Valley Trust Co., St. Louis, are offering, at To Increase Stock-Rights-Acquires Reinsurance Co. capital
The stockholders will vote June 1 on increasing the authorized
prices to yield from 5% to 6%, according to maturity, stock from $1,200,000 to $1,600,000, par $25. It is proposed to offer
stockholders of
$500,000 First Mtge.5% Serial Gold bonds.int. • 60 days' thethe additional record June 6 the right to subscribe on or before July 3
on
for
$400,000 capital stock at $75 per share, lathe proportion
Denom. $1,000, $500 and $100. Callable at 101 and
notice. Principal and interest (A. & 0.) payable at the St. Louis Union of one new share for each three shares held.
Trust Co. United States National Bank, Denver, trustee.
President C. F. Sturhahn, April 25, says in substance:
The Presbyterian Hospital Association of Colorado was incorporated in
The
of the First
1920 for the purpose of carrying on the general hospital work of the Presby- Co. of company has purchased the capital stock Connecticut.Reinsurance
Hartford, which was organized in 1912 in
Its capital
these bonds by
terian Church in the Synod of Colorado. The issuance of
in first-class securities totaling more than
the Hospital Association has been approved by the Synod of Colorado, and net surplus alone, invested the
First Reinsurance Co. has required
resolution, pledged its unqualified sup- $1,200,000. The purchase of
which at the same time, by proper
approximately $1,200,000,
Vo it: rleeting every obligation assumed in establishing the Presbyterian recommended an increase inin consideration ef which the directors have
rV a .
the Rossia's capital funds.
The acquisition of the First Reinsurance Co. is decidedly attractive as
Association of Colorado,
This loan, incurred by the Presbyterian Hospital
and in addition affords the company the much-desired
Is secured by a first mortgage on the new Presbyterian Hospital of Colorado, an investment, transaction of
other profitable forms of reinsurance which
ocated in Denver, together with any additions which may be constructed in facilities for the
-T .115. D. 878.
he future. Upon compliance with express requirements of the mortgage. cannot be transacted under a fire insurance charter.
THE CHRONICLE
Ar 91925.]
Royal Typewriter Co., Inc.-Consol. Bal. Sheet Dec. 31'24
[Including domestic subsidiaries.]
1924
Assets.
Liabilities.
$1,807,659 Preferred stock
Real estate, equip., &a
5,664,993 Common stock (no par)
Patents, good-will, dee
668,663 Accounts, &c., payable
Cash
1,208,754 Notes payable
Accounts receivable
Drafts dr trade accepts. rec.217,812 Accrued interest, dte
Inventories
1,543,614 Accrued Federal & State taxes
Inv. in for. subs.(not consol.)
574,127 7% Deb. notes
Prepaid commissions, dte.___
49,886 Res. for contingencies, dre
Surplus
1924
$3,769,750
3,357,725
174,143
100,000
84,907
90,329
1,000,000
101.547
3,057,107
Total
$11,735,508
Total
511.735,508
Contingent Liabilities.
-(1) Payment guaranteed up to £15,000 of bank
overdrafts of foreign subsidiaries. (2) Unused balance on letters of credit,
25,050.-V. 120. p. 1101.
Ryan Consolidated Petroleum Corp.
-Annual Report.
For the year ending Dec. 31 1924 net profits were $284,410, without
allowing for depreciation, depletion and drilling expense.
Consolidated Balance Sheet December 31.
1924.
Assets1923.
1924.
1923.
Oil dt gas prop's_ _ _56,202,307 56,102,761 Capital stock__ __:$3,176,242 $3,171,202
Warehouse mat'l__
45,260
46,029 Purchase oblig'ns_
49,001
59,004
Cash
273,326
284,409 Acc'ts payable,&c.
53,218
34,177
Notes & acc'ts rec_
38,034
43,353 Deferred accounts.
1,716
Deferred accounts.
4,686
4,343 Heave for depr'n_ 400,091
326,957
Storage oil
47,873
Res've for deplet'n 2,768,232 2,487,848
Surplus & earnings 164,703
399,992
Total
$6,611,487 $6,480,895
Total
$66,611,487 96,480,895
x Represented by 295,624 shares, no par value.
-V. 118, p. 2191.
St. Charles Hotel Co., Atlantic City.
-Bonds Offered.
F. J. Lisman & Co. New York and Barclay, Moore &
Philadelphia are offering at par and int. $1,850,000 63/2%
1st Mtge. 20-year Sinking Fund Gold Bonds.
Dated May 11925; due May 11945. Callable all or part for the sinking
fund at 105 and int. on any coupon date on 60 days' notice up to May 1
1935. thereafter at ;5% less each succeeding year. Sinking fund will retire
minimum of 50% of this issue by maturity. Denom. 81,000. 2500. Company agrees to pay int, free of the normal Federal income tax not exceeding
2%. Company., also agrees to reimburse holders of bonds if requested
within 60 days after payment, for the payment of the Penn., Conn.. Maryland, Mass. and Kentucky present personal property or income tax. Int.
payable M. & N. at Franklin Trust Co.. Philadelphia, trustee, and at
office of F. J. Lisman & Co., N. Y. City.
Capitalization Outstanding After Completion of Present Financing.
6;5% 1st mtge. bonds (auth. 23,000.000)
$1,850.000
71 Pref. stock, cumulative after 1926
450,000
Common stock (no par value)
10,000
Purpose.
-To refund existing mortgage indebtedness of 21,200,000. shs
and
to finance $660,000 required for improvements and building of 13 story
extension with 88 rooms. Of this amount 2200,000 has already been
advanced in 1924 out of earnings and current assets.
-First and only mortgage on real estate, building
Security.
Improvements of the Company all owned in fee. This property and all
consists
of an entire block front of 202 ft. on the Boardwalk, Atlantic City between
St. Charles Place and New Jersey Avenue. The property which is only
three blocks north of the Steel Pier is centrally located. It consists of the
original Hotel St. Charles and a modern fire-proof 13 story hotel, fronting
on the Boardwalk, occupying together a lot 75 ft. on the Boardwalk and
424 ft. on St. Charles Place. together with the adjoining lot, fronting 127 ft.
on the Boardwalk and 284 ft. on New Jersey Avenue, which is improved
with stores on the Boardwalk front only.
The property has been appraised by the Manufacturers Appraisal
at $2,955.000. the ground alone having been valued at 21.875.000. Co.
Sinking Fund.
-The sinking fund is to be $25,000 per annum commencing
one year hence, payable semi-annually to the Trustee until Nov. 1927,
first payment Nov. 1926 and 850,000 per annum thereafter, plus 10% of
surplus earnings over and above interest charges, depreciation, sinking
funds and taxes. If bonds are issued beyond 21,850,000 the sinking fund
is to be increased to the extent of 1%% per annum previous to Nov. 11927,
and 3% after Nov. 1 1927 proportionately to the additional amount of
bonds issued. Sinking fund will retire minimum of 50% of this issue by
maturity.
-For the 6 years ended April 1 1925, the company's
Earnings.
net
earnings averaged about 2182.000 per year. There were spent for betterments on the property during 1924 over $200.000. The result of 1924
expenditures will accrue during the current fiscal year when the
net is
expected to be over 2200.000. These results are after paying
undeveloped but very valuable piece of real estate, as above taxes on an
mentioned.
The 13 story addition referred to above will, according to expert's report,
bring up the total net earnings to over $425,000 which will be 33. times the
interest charges (on total issue $1,850,000) $120,250.
St. Louis Rocky Mountain & Pacific Co.
-
2413
limits, which, according to the report of independent engineers made In.
1920, are estimated to contain over 2,000,000 cords of pulp wood. This
company owns and operates plants which are adequately equipped for the
efficient handling, preparing and loading of pulp wood. In addition,
domestic timber land holdings of St. Regis Paper Co. consist of over 112,000
acres located in the Adirondack Mountains.
Company and its stockholders own over 66 2-3% of the Common stock
of the Power Corp. of New York.
Capitalization7% Cum. Pref. stock, par $100 (incl. this issue)-__ Authorized. Outstanding.
$5,000.000 $2,000.000
Common stock (without par value)
Earnings 12 Mos. End. Dec. 31 1924 (Incl. those 400.000shs. 347,600shs.
of Hanna Paper Corp.).
Gross revenue
29.967,277
Operating expenses, maintenance and local taxes
8,256,759
Interest and Federal taxes
148,902
Depreciation
506,818
Balance available for Preferred dividends
21,054,798
Pref. div. requirements on total outst. Pref.stock (incl. this issue) 140,000
Balance available for Common dividends
The balance available for Preferred dividends is over 735 times 8914,798
dividend requirements on the entire Cum. Pref. stock presentlythe annual
outstanding, after all charges, including depreciation and Federal taxes.
Company began on April 1 1925 to receive cash dividends from its holdings of Common stock of Power Corp. of New York at the rate of
annually. This amount alone is sufficient to pay the dividend$266.423
requirement on the Preferred stock 1.9 times.
Purpose.
-Is being issued to acquire the Pref. stock of the Hanna Paper
Corp., which will be merged with St. Regis Paper Co., and for other corporate purposes.
Sinking Fund.
-5% of the annual net earnings of the company after
provisions for depreciation, taxes and payments of dividends on the Pref.
stock must be used to retire and cancel Pref. stock by purchase on the
market at not to exceed 2110 a share, or by redemption by lot upon any
dividend date on 30 days' prior notice at $110 a share and unpaid accrued
dividends.
-V. 120, p. 2158, 1892.
Serv-el Corp.
-Refrigerating Machine Orders.
-
It is announced that orders for refrigerating machines received during the
first quarter of the year by the corporation amounted to $750.000. Delivery
In the first quarter increased 50% over the final quarter of 1924.-V.
120,13
1597.
Sheffield Farms Co., Inc.
-Earnings First Quarter.
[Including Louvain Construction Corn.'
1925.
1924.
$12,509.365 210.727.981
7.214,552
6,156.744
4,556.519
3,969.680
Net sales
Cost of goods sold
Operating expenses
Other income
8738.294
34.054
$601,556
39,104
Net income before depreciation and Fed. taxes
Fed. Income tax three months (estimated)
$772.348
95,791
8640,660
35.000
Balance
-V.120, p. 1597.
$676,557
$685,660
Shell Union Oil Corp.
-Annual Report.
[Including income of Wolverine Petroleum Corp.. suceessor to Central
Petroleum Co.from May 1 1923.1
Calendar Years1924.
1923.
1922.
Gross income
x$50,984.588 $38,909.833 $19,324,808
Investment income
2,120,824
Miscellaneous income
678,951
Total income
$50,981,584 838,909,833 822,124,583
Depletion, depreciation, &c
826.060.516 $20,626,750 $12,141,232
Provision for contingencies
1,200.000
Provision for income tax
387,000
Prop. appl.to min.stkholders in subs.
361,334
223.926
Addl approp.for spec. res
6,000,000
Net income
Previous surplus
Total surplus
Preferred dividends(6%)
Common dividends
818.562.738 816.859.156 $9.596.351
12,005,507
4,846.351
830,568,245 $21,705,507 $9,596.351
21,147,890 $1,200,000
2750,000
($1)10.000,000($1)8500.000(50)4000,000
Balance, surplus
$19.420,355 812.085,507 $4,846,351
x Including a half interest in the Income of Comar Oil Co., and profit
on sale of investment in Union Oil Co. of Calff.-V.120, p. 968.
(Isaac) Silver & Bros. Co., Inc.-Sales.-
PeriodMonth of April
Four months ended April 30
See also V. 120, p. 2159.
1925.
8380.393
1,104,109
1924.
8302.951
874,075
Increase.
$77,442
230,034
The Chatham Phenix Nat'l Bank & Trust Co., 149 Broadway, N. Y. C.,
Simmons Co.
will until May 19 receive bids for the sale to it of 1st 5% 50-yr. Gold Mtge.
-Sales for First Quarter.
bonds dated July 1 1905 at a price not exceeding par and interest to such an
It is announced that sales for the first quarter were $954,725, an increase
amount as shall not exceed 221.527.
of 1.7% over the same period last year.
-V. 120. p. 1339, 714.
Results for Quarter Ended March 311925.
1924.
Swift & Co.
Gross earnings
-Packers' Decree Fully Suspended.
$564,087 $653,136
Expenses. taxes, &c
See Armour & Co. above.
406.979 507,840
Interest, &c
Pres.
64,882
53,816 Bailey Louis F. Swift says: "With reference to recent decision of Justice
Depreciation and depletion
in
54.261
60.881 operation the Supreme Court of the District of Columbia suspending the
of the so-called consent decree, Swift & Co. does not intend
Net income
$37,964 $30,598 to resume the handling of grocery lines prohibited by the consent decree."
Income Account for Calendar Years.
Company Buys Des Moines Packing Plant.
The company on May 4 bought at receivers' auction, the plant of the
1924.
1923.
1922.
1921.
$2,557.767 22,952,806 $33,896,958 23,595,330 Iowa Packing Co. The purchase price was 8405,000.-V. 120. p. 1470.
Coal and coke sales
1,886,429
Costs, expenses, &c
2,596,396
2,758,840
2,852,910 1340.
Gross rev.from oper-Other revenue
$671.338
101,255
$356,410 $1,138,118
148,145
55.105
2742.420
115.626
$504,555 $1,193,223
Gross rev. (all sources) 8772,593
$858,046
Deduct int. charges, &c.. y$314,895
$348,773
8493,969
2419,401
216,146
Res've for deprec'n, &c218,426
219,720
50.000
Pref.div.5% non-cum
50.000
50.000
50,000
(1%)100,000 (3)300,000 (4)400,000 (5)500,000
Common dividends__Balance, surplus
$91,552 def$194,218
$330,828
075
$1,041,908 $1,655,822 41,849.840 def$331.
Profit and loss surplus
$1.851.877
x After deducting $10,026 (net) depreciated value of equipment written
off, sold or replaced. y Including Federal taxes.
-V. 119, p. 2771.
St. Regis Paper Co.-Pref. Stock Offered.
-E. H. Rollins
& Sons and F. L. Carlisle & Co., Inc., are offering at 9934
and div., to yield over 7%, $1,260,100 7% Cumulative
Pref. (a. & d.) stock.
Thatcher Mfg. Co. Elmira, N. Y.
-Dissolution Upheld.
The United States Circuit Court of Appeals, at Philadelphia, in decision
'
handed down April 15, ordered th ecompany. bottle manufacturersato divest
itself of the ownership of three other companies: The Essex Glass Co. of Mt.
Vernon, O.: the Travis Glass Co.of Clarksburg, W. Va., and the Lockport
Glass Co. of Lockport. N. Y.
The decision upholds the Federal Trade Commission which had ordered
the company to dispose of the properties, which were acquired in
claiming their operation was in violation of the Clayton Anti-Trust1920.
Act.
The company, however, refused to obey the Commission.
-V.115, p.554.
Tide Water Oil Co.
-Par Value Changed-Earnings.
-
The stockholders on May 6 changed the authorized Capital stock from
1,000,000 shares, par $100, to 4,000,000 shares of no par value. Four new
shares of no par value will be issued in exchange for each share of stock now
outstanding.
The stockholders also approved a plan formulated by the directors for
the issue of 80.000 shares of Capital stock of the company from time to
time, to any or all of its employees and employees of subsidiary companies.
3 Months Ended March 311925.
1924.
1923.
Gross earnings
$15,158,006 $13,251,415 $10,963,636
Expenses
12,099,943
9.577,114
9,291,855
Operating income
83.058,063 83.674,301 $1,671,781
Other income
85.698
153,198
446,073
Total income
83.143.761 $3.827,499 $2,117,854
Depreciation and depletion
1,405,981
1,403,349
993,851
Minority proportion
Dr.12,017
Dr.1.751
Dr.1,843
Federal taxes
217,223
250,000
Dividends
504,429
500,020
Surplus
81,028,145 81,675,881 $1,125,846
-V. 120. p. 2159. 1599.
•
-J. Red., all or part, on any div, date upon 30
Dividends payable Q.
days' notice, at 110 and diva. Guaranty Trust Co. of New York, transfer
agent. Bankers Trust Co., New York, registrar. Pref. stock has full
voting power.
Data from Letter of R. B. Maltby, Vice-President of the Company.
Company.-Organized in New York State in 1899. Is one of the largest
producers of paper in the Eastern United States, having an annual output of
over 140,000 tons of various grades, consisting of directory, catalog, newsprint, manila wrapping, packers' wax and grease-proof paper.
The properties are located in northern N. Y. State. a region advantageous
for the conduct of the business by reason of its abundance of water power
and its proximity both to the source of raw materials and to the great markets of Eastern United States. Manufacturing plants are situated at
Defend. Black River, Norfolk, East Norfolk, Norwood and Raymondville.
Company controls large resources of pulp wood. In Canada, a subTimken Roller Bearing Co.
-Extra Dividend.
sidiary, St. Regis Paper Co. of Canada. Ltd.. owns in fee or has a contract
An extra
to purchase in the Province of Quebec, 168,934 acres of freehold timber ing Capital dividend of 25 cents per share has been declared on the outstandstock, no par value, in addition to the regular
quarterly dividend
2414
THE CHRONICLE
of 75 cents per share, both payable June 5 to holders of record May 19.
Like amounts have been paid quarterly since Sept. 5 1923.-V. 120, p.
1340. 715.
Tonopah Mining Co.
-Annual Report.
Calendar YearsNet earnings
Dividends
Depreciation,&c
1924.
1923.
1922.
1921.
$407.212
$519.026
$615.055
5339.148
(15%)150,000 (15)150,000 (30)300.000 (10)100,000
154.444
296,455
315.061
Balance, surplus
$102.768
loss$7
$72,571
$239.148
Profit and loss, surplus_ $3.241.490 $3,374.518 $3.301.947 $5,025,431
x After deducting loans to subsidiary companies in prior years determined
to be uncollectible and charged off, $235.797. Compare also statement for
6 months ended Dec. 31 1924 in V. 120, p. 2159.
Traut & Hine Mfg. Co., New Britain, Conn.
-Sale.
The stockholders on April 24 approved the sale of the company's plant,
equipment and good will to the North & Judd Mfg., Co. of New Britain,
Conn., for $280,000 cash and the assumption of the $215.000 outstanding
bonds.
-V. 117. p. 1787.
Union Oil Co. of California.
-Tenders.
The Equitable Trust CO. of N. Y., trustee, will until May 14 receive bids
for the sale to it of 1st Lien 5% 20
-Year Sinking Fund bonds, dated Jan. 2
1911, to an amount sufficient to exhaust 51,130,058.-V. 120, p. 1894.
United Cigar Stores Co. of America.
-Director.
Robert J. Whelan has been elected an additional director.
-V. 120, p.
1341, 1216.
United Drug Co.
-Consolidated Balance Sheet.
Mar. 31 '25. Dec. 31 '24.
F
Assets$
$
Real est. de bidge.
(owned in fee)__ 5.723,605 5.633,339
Bides. & impts. to
leaseholds
4,519.233 4,348.098
MacIfy, turn., AM_ 10,504,531 10,349,666
Stock In oth,cos_ a27,009,419 13,732,649
Trade mks.,pat'ts.
formulae, &c__b22.793.689 22.793,689
Cash
2,756.800 3.725,385
Notes & acc'ts rec_ 7.747,353 7,190,771
Merchandise
15,940,393 14.861.691
Advances and suspease accounts__ 1,135,794 1,095,405
Mar. 31 '25. Dec. 31 '24.
Liabilities$
$
Capital stock:
1st Preferred___29.356,700 16,321.900
2d Preferred.... 127.300
146,300
Common
36,746,600 36,474,800
Stks. of sub. cos
800.700
800,700
Subset.. to Com.stk
4.900
Real estate mtges. 1,029.000 1,029.000
514-yr. 8% notes. 2,002.000 2.009.500
20-yr. 6% bonds_12,500,000 12,500.000
Cur.acc'ts payable 3.758,803 3.461,202
Notes pay.by subs. 650,000
650,000
Reserves
c 5,832.575 5,261.000
Surplus
5.327.143 5.071.391
Total
98,130.822 83.730,694 Total
98.130.822 83.730.694
a Stock holdings in other companies (incl. Liggett's International Common). b Trade marks, patents. formulae, processes. leaseholds and goodwill. c Including $4.900.841 reserve for depreciation on fixtures and
leaseholds.
-V. 120. p. 2281. 1341.
Utah-Ida ho Sugar Co.
-Bonds Called.
All
the remaining outstanding $5,000,000 1st Mtge. Serial 7% Gold
bonds, dated July 1 1920, have been called for payment July 1 at 101 and
interest at the Bankers Trust Co., 16 Wall St., N. Y. City. Holders may
present their bonds for payment any time prior to July 1 at the trust
company or at the office of Walker Brothers, bankers. Salt Lake City,
Utah, and will receive 101 and interest less 4% discount to the date of
redemption.
-See also V. 120. p. 1341, 2159.
[VOL. 120.
Wilson & Co., Inc.
-Deposit of Preferred Shares.
Lewis L. Clarke, President of the American Exchange National Bank,
who is chairman of the committee representing the Preferred stockholders
of Wilswr& Co., Inc.. announced on May 8 that approximately half of the
Prefdee&I stock- has already been deposited. The letter points out that
under the reorganization plan Preferred stockholders who deposit will
receive for each share of Preferred stock 13i shares of new Common stock
without the payment of any assessment and without being required to
purchase any new securities. The letter further says in part:
"In the opinion of our committee the shareholders will realize much more
if the plan is made effective than if there is a liquidation under the decree
of the court. With the very large portion of the bank indebtedness capitalized, the debentures capitalized, the sinking fund payments formerly
required in connection with the debentures entirely eliminated, the receivership terminated, the company in strong position to compete vigorously
and aggressively with its largest competitors, the future is hopeful for the
shareholders. Ultimately, those who exchange their stock under the plan
and hold it, ought to suffer but little, if any, loss from their original investment."
See also Armour & Co. above.
-V. 120, p. 2025, 1906.
Wisconsin Lime & Cement Co., Chicago.
-Bonds Ofered.-Central Trust Co. of Illinois, Chicago, are offering
at 100 and interest $750,000 1st (Closed) Mtge. 6% Serial
Gold bonds.
Dated Apr. 1 1925; due serially Apr. 1 191-1940. Interest payable A.&
0. without deduction for any taxes except Federal income tax in excess of 2%
Red. on any int. date in the inverse order of maturity at 100 and int. plus a
premium equal to X% for each year or fraction thereof by which the regular
maturity is anticipated, with a minimum call price of 101. Denom. $1.000
and $500 and $100 c.*. Central Trust Co. of Ill., Chicago, trustee.
Data from Letter of Joseph Hock, Pres, of the Company.
Corn pony.-Incorp. Apr. 7 1900 in Illinois. Is one of the largest distributors of a diversified line of building materials in Chicago, or in the Middle
West. The
-original capital was 5100,000, which has since been increased to
an authorized $1,000.000, of which $939.375 has been paid in.
Company's 11 yards, of which 8. with a total area of 1,239,172 sq. ft. are
owned in fee, have been carefully selected with reference to switch track
facilities and adaptability as building material and coal distributing centers.
The real estate with the exception of one yard recently acquired is improved
with substantial brick buildings and the yards are equipped with the most
modern and complete equipment for handing the various materials in which
the Company deals.
The Crystal Sand and Gravel plant, which the company purchased
and equipped during 1924. is regarded by experts as the largest and most
efficiently equipned plant of its kind in the Chicago district and the Middle
West. Its ownership furnishes the company its own source of supply in
sand and gravel In a short, low rate haul, and should result in a substantial
Increase in earnings.
Purpose.
-To call and retire $220,000 outstanding 1st Mtge 7%,to reimburse the company for expenditures made in the acquisition and development of additional plants and facilities, and for general corporate purposes,
Net earnings after all charges. Including depreciation hut before Federal
Taxes and interest: 5186.897. 1922: $193.440, 1923: $304.753, 1924. The
maximum annual interest requirement on this issue is $45.000, and has been
earned during the last 3 years an average of 5 times. Earnings similarly
stated for the last 5 years, including a loss of $72,527 due to general business
depression in the year 1921, have averaged 33 times the maximum annual
,
1
interest requirement.
-V.109, p. 1615.
(F. W.) Woolworth Co.
-April Sales.
Vacuum Oil Co.
-Extra Dividends of 50 Cents.
1925
-April
--I924.
Increased 1924-4 Mos.-1924.
Increase.
The directors have declared an extra dividend of 50 cents a share in addi- 518.890.316 $17,258,497
tion to the regular quarterly dividend of 50 cents a share on the outstanding -V. 120, p. 1906. 1216. $1,631,8191$64,863,172 $58.729,761 $6.133,411
Capital stock, par $25. both payable June 20 to holders of record May 29.
Like amounts were paid on March 20 last.
During 1924 the company paid the following extra dividends: On Dec. 20,
CURRENT NOTICES.
$1; on Sept. 30. 25 cents: on June 20. 25 cents: and on March 20, 25 cents.
Total distributions, including extras, made in 1924. amounted to 53 75 per
share,compared with a total of$2 5() per share paid in 1923.-V. 120. p.1759
-Adams & Peck,20 Exchange Place, New York,specialists in guaranteed
- stocks, are distributing a circular entitled "Two Merger Suggestions'
Vesta Battery Corp.
-Report for Year Ended Dec. 31.
which contains an analysis of two railroad stocks and the deductions which
Net sales $1,616.564. 1924: 51.850,589, 1923: 51.850.710. 1922.
Net profit for 1924, before Preferred dividends, amounted to $26,212. may naturally be drawn in the circumstances. This firm is also distributing
After paying Preferred dividends of $25.594. the company added $618 to a quotation sheet on guaranteed railroad stocks and the preferred and
its surplus account.
common stocks of other roads.
Balance Sheet Dec. 31.
H. W. Doremus, formerly senior partner of the advertising agency
1924.
1923.
1924.
Assets1923.
7% Pref. stock__ 5328,100 5431,100 of Doremus & Morse, for many years specialists in financial advertising,
Plant, machinery,
250,000 has become associated with Rudolph Guenther-Russell Law, Inc. Mr.
4294,554 $323,391 Common stock___ y250,000
trucks, &a
47,172
81,766 Doremus was one of the pioneers in
90.000
90,000 Acc'ts payable__ .._
Investments
the development of advertising in
108,607
58,284 Accrued, wages,
Cash
17.761
15,923 Wall Street. having been one of the organizers of Doremus & Co. in 1903
164,177
taxes & insuece.
Notes & acc'tsree_ 147,245
281,313
280,695 and its first President.
228,746
366,678 Surplus
Inventories
56,954
55,194
Deferred charges
-Martin J. Mallet° and Horace E. Hoffman, both formerly with
Total
$924,346 $1,059.483 Robjent, Maynard & Co., announce the formation of a co-partnership to
$924,34R 51.059,483
Total
deducting 52133.148 for depreciation. y Common stock repre- transact a general investment business under the firm name of McHale,
z After
sented by 30.000 shares of no par value.
Hoffman & Co., with offices at 115 Broadway, New York.
-The balance sheet appearing in our issue of April 4, Page 1759. Is
Note.
-Frank A. White, also formerly with Robjent, Maynard & Co., an-V. 120. p. 1759.
that of the Vulcan Detinning Co.
nounces that he will
Victory Park Land & Improvement Co. Inc.-bistiva. securities with offices conduct a trading business in foreign Government
at McHale, Hoffman & Co.
The Philadelphia Stock Exchange has authorized the listing of 5650.000
-Donald D. Horton, formerly associated with the Philadelphia News
capital stock (par $10). now being issued In exchange for the 5325.000 outof the Railways Co. General, dissolved, represented Bureau, Philadelphia, has recently become the Philadelphia representative
standing capital stock
by 32,500 shares (par $10) on the basis of 2 shares of Victory Park Land & of the Niagara Envelope Manufactory, Buffalo, N. Y., with offices in the
Improvement Co. Inc. stock for each share of Railways Co. General stock
outstanding, with authority to add to the list 10.000 shares additional upon Drexel Bldg.
official notice of issuance and payment in full, making the total amount ap-Milliken & Pell of Newark, N. J., speciall Is in Standard Oil securities,
plied for 5750.000.-V. 119. p. 2892.
are distributing a brief review of the present state of the oil industry with
-New Control.
special consideration of the pipe line stocks. Copies will be furnished
Vitagraph Co. of America.
-V. 116, p. 2019.
on request.
See Warner Bros. Pictures, Inc., below.
Warren R. Palmer, formerly of Palmer. Hayes & Co., Inc., is now
-Balance Sheet.
Vulcan Detinning Co.
The balance sheet appearing in our issue of April 4. page 1759, under associated with T. Hall Keyes & Co., 111 Broadway, New York, where
'Vesta Battery Corp..' Is that of the Vulcan Detinning Co. The usual he will continue to conduct an originating and wholesaling business.
comparative income account was given in V. 120, p. 1759. 1471.
-The Shawmut Corp. of Boston announces the appointment of James
-Initial Dividend.
Gould as Vice-President in Charge of their New York office at 14 Wall St..
Warner Bros. Pictures, Inc.
dividend of 37M cents to succeed H. C. Sykes, Vice-President, who has
The directors have declared an initial quarterly
resigned.
per share on the outstanding Class "A" Convertible stock (par $10),_ payFrank A. Carlton and Robert J. Koeppe, formerly associated with
able June 1 to holders of record May 1 (see offering in V. 120. 1)• 970)•
J. S. Bache & Co., Chicago, wish to announce the formation of Carlton,
Acquires Control of Vitagraph Co. of America.
Koeppe & Co., 108 South La Salle St., Chicago.
President Harry lvf. Warner on April 22 said: "We have bought the
It is not an amal-Charles B. Reilly, formerly with the Guaranty Co. of New York,
controlling interest of the Vitagraph Co. of America.
Bros.
gamation. Vitagraph passes absolutely into the hands of Warnertaking is now associated with Churchill & Thompson in their trading department.
are
Heretofore we lacked personal touch with the exhibitors. Wethrough its
-H. B. Dufief & Co. announce the removal of their offices to the
over Vitagraph to distribute our future product over the world
planned for this
offices. We will go ahead with the work Vitagraph hasplayers and their Prudence Bldg., 331 Madison Ave., New York.
year, finishing their pictures. taking over their contract
W. A. Harriman & Co., Inc., is distributing to those interested a
other contracts.'
and the Vitagraph. Inc.,
P. The officers of the Vitagraph Co. of AmericaWarner, Pres.: Samuel E. condensed stament setting forth the French railroad situation as developed
now are: Albert E. Smith. Chairman; Albert
from the most recent earnings available.
Warner, Vice-Free.; Herman Starr, Treas.: Abel Cary Thomas. Sec.:
-Harrison, Smith & Co. of Philadelphia and New York announce the
A. I. Siegel, Ass. Treas.; Walter Donyon, Controller; Samuel E. Morris,
Gen. Mgr.
removal of their Philadelphia office to 1515 Locust St. and a change in their
-V. 120. p. 970.
telephone number to Spruce 7100.
-Earnings.
fr Wheeling Steel Corp.(& Subs.).
%WO
-Harris, Forbes & Co. announce the removal of their Newark offices
Income Account for Quarter Ended Mar. 311925.
$2,114,087 to larger quarters in the Kinney
Net after-Tederal taxes
Bldg., located on the same floor as the
1,266,303
Depreciation, &c.. $834,003: interest, $432,300
662,862 previous offices.
Pref. A diva., $98,870; Pref. B divs., $563,992
-Gilbert Eliott & Co. announce that R. N. Anderson, formerly with
$184,922
the Bankers Trust Co., is now associated with them in their bank stock
-V. 120, p. i639.
department.
Whitman Mills Boston.-Reduces Dividend.r The directors have declared a quarterly dividend of 14%, payable
'
May.15 to holders of record May 5. The previous rate was 2% quarterly.
-V. 119, p. 707.
-Percy H. Bates,formerly of F. E. Calkins & Co.and P. C. Wil nerding,
formerly of Wilmerding & Co., are now associated with Keane. ingble
& Co., Inc.
1
THE CHRONICLE
MAY 9 1925.]
geports puand
2415
e
Rocumnts.
SOUTHERN PACIFIC COMPANY
AND PROPRIETARY COMPANIES
FORTY-FIRST ANNUAL REPORT- YEAR ENDED DECEMBER 31 1924.
The rate of return upon the book value of road and equipNew York, N. Y., April 30 1925.
ment of your lines has been as follows:
Stockholders of the Southern Pacific Company:
To the
3.36i
Year 1921
4.29
1922
Your Board of Directors submits this report of the opera4.81
1923
3.99
and affairs of the Southern Pacific Company and of
tions
1924
for the fiscal year ended Decem4.11%
Its Proprietary Companies
Average for the four years
ber 31 1924.
The decrease in net railway operating income of $6,491,TRANSPORTATION OPERATIONS.
445 69, or 11.89%, shown in table of "Transportation OperaThe following table shows the Net Railway Operating tions," may be accounted for as follows:
51,967.000
Increase in average wage rates
2,769,000
Income of the Southern Pacific Transportation System for Increase in prices of fuel
240,000
Increases In prices of other materials
the year 1924 compared with that for the year 1923:
Year Ended
Dec. 31 1924.
$4.976,000
Per
Total Increase in prices of labor and material
Cent. Increase in charges for depreciation and retirement of equipment- 1.671.000
56.647.000
+54.29 .48
Total
+ Increase
-Decrease
11,476.41
1. Average miles of road operatedRailway Operating Revenues
193.692.957 66 -7.522.885 33 3.74
2. Freight
56.566.134 41 -5.971.827 55 9.55
3. Passenger
-48,908 30 .42
11,649.054 20
4. Mail and express
+612.18880 8.98
7.430,606 91
transportation
5. All other
-495,539 69 7.13
6,459,204 58
6. Incidental
+5.317 14 3.02
181.099 06
7. Joint Facility-Credit
74,946 04
-15,904 69 26.94
8. Joint Facility-Debit
Except for the above, net railway operating income would
have shown an increase over previous year despite a decrease of $13,437,559 62, or 4.64%, in railway operating revenues, the effect of which was overcome by a reduction in
expenses for maintenance, by greater efficiency in the use
of fuel, and by better freight train loading.
Total railway operating rev9.
275,904,110 78 -13,437.559 62 4.64
enues
The revenue tons carried one mile by the principal railroads of the country decreased nearly 6% below the unpreceRailway Operating Expenses
10. Maintenance of way & structures 39,367.717 42. -2,253.991 71 5.42 dented volume handled during the previous year. Notwith47,213,237 71 --3.659.391 17 7.19
11. Maintenance of equipment
in revenue tons
86,580,955 13 -5,913,382 88 6.39 standing an increase of 20% in 1923 over 1922
12. Total maintenance
+161,621 57 3.18 carried one mile by your lines, the year 1924 shows an in5,239,730 72
13. Traffic
-50.11263 .05
99,119.567 71
14. Transportation
-261.38056 5.99 crease over 1923 of more than 1%, a shrinkage on the lines
4,105,406 25
15. Miscellaneous operations
+719,744 85 8.29
9,399,613 62
16 General
west of Ogden and El Paso having been more than offset by
17. Trg:gartation for investment
1,893,944 79
-384,216 76 38.05
an increase on the lines east of El Paso, but a smaller ratio
of the tonnage consisted of high-class commodities and the
18. Total railway operatingex203.051.328 64 -5.727,726 41 2.74
penses
freight revenue of the system was nearly 4% less than dur19. Net revenue from railway opera72,852.782 14 -7.709,833 21 9.57 ing the preceding year. The revival of trade that appeared
tions
of the year came to an end in March and
-642,84067 3.13 at the beginning
19,867,104 43
Railway tax accruals
20.
+55,945 95 63.15 was not resumed until after the election in November. In
144.538 87
21. Uncollectible railway revenues
an early
22. Railway operating income_ _ _ 52.841,138 84 -7.122,93849 11.87 the Pacific States the decline was aggravated by
-763,16884 13.71
4,802,215 18
23. Equipment rents-Net
x62,492 06
+131,676 04 67.82 frost, an unusual deficiency of rainfall and an outbreak of
-Net
Joint facility rents
24.
hoof and mouth disease which materially reduced shipments
25. Net railway operating income_ 48,101.415 72 -6,491,445 69 11.89
of farm and animal products, resulting in a shrinkage of
•For the purpose of comparison,the 1923 figures were restated to include
the operations of the El Paso & Southwestern System companies for the manufactured products purchased by the farmers, orchardmonths of November and December 1923. However, in the Combined
Income Account of this report, the 1923 figures used for comparison corre- ists, and the public generally. Permits granted for building
spond to those reported in the 1923 annual report. x Credit.
In Los Angeles and vicinity aggregated $50,000,000 less than
Transportation operations for the last four years compare during the preceding year, which resulted in a substantial
as follows:
decline ii the movement of lumber and other building mate1921.
1922.
1923.
1924.
rials. Reductions in the rate on citrus fruits and copper
$
S.
$
$
Operating revenues__ --275,904,111 287,204.635 262.519,169 269,494,365 bullion, which were not in effect during the whole of the pre100
107
97
102
Relative to 1921 (100).
Operating expenses__ _ _ _203,051,329 207,166.588 193.664,456 212,572,262 vious year, accounted for a loss of nearly $1,000,000 in reve96
100
91
97
Relative to 1921 (100).
73.77
72.13
78.88 nue. The average rate per ton mile was therefore reduced
73.59
Operating ratio, per cent
Net revenue from railway
operations ________ 72,852.782 80,038,047 68,854,713 56,922.103 from 1.44 cents to 1.40 cents, with but a slight increase in
121
100
141
128
Relative to 1921 (100).
revenue tons carried one mile.
,
Railway tax accruals. __ 19,867,104 20,365,328 18,859.356 15,539,469
121
131
100
128
While the decrease in revenue passengers carried one mile
Relative to 1921 (100).
operating
Net railway
income -----------48,101,416 54,228,023 46,222,846 35,946,791 by the principal railroads of the country approximated 5%
129
151
100
134
Relative to 1921 (100).
below the preceding year, the decrease on your lines was
Traffic units (ton miles
2%, the average revenue earned per passenger mile
nearly 514
passenger
plus 3 times
miles) thousands- ___ 20,400,662 21,044,120 18,012,411 17.451,417 on all class one railroads of the country. being 2.978 cents,
103
121
100
117
Relative to 1921 (100).
and on your lines 2.931 cents. The principal shrinkage in
There was little change in general conditions in 1924 from passenger revenue was on the lines west of El Paso and rethose of 11)23, indicating that railway operations are becom- flects the same unfavorable conditions in California that
ing more stabilized following the abnormal conditions after resulted in a redaction of freight revenue, in addition to
the end of Federal Control in 1920. As has been stated in which the rate reductions ordered by the Interstate Comreports for previous years, the Transportation Act of 1920 merce Commission to, from, and between points in the States
provides that rates shall be so adjusted that carriers as a of New Mexico, Arizona and Nevada became effective early
whole or in groups designated by the Interstate Commerce in the year (equivalent to more than $1,300,000 per annum),
Commission shall earn an aggregate net railway operating which accounts for 22% of the total shrinkage of passenger
income equivalent to a fair return upon the aggregate value earnings and represents a loss of net revenue. There were
of the railway property held for and used in the service of no important conventions on the Pacific Coast last year to
-continental travel, but of the total decline in
transportation; and that the Interstate Commerce Commis- create trans
sion, pursuant to authority delegated to it by said Act, has passenger earnings 59% consisted of strictly local business,
fixed upon 5%'A as such fair return. Notwithstanding the which was due to reduction of travel resulting from the
heavy volume of traffic handled by your lines and the unfavorable crop and business conditions and to the steadily
marked gain in operating efficiency, as indicated by the increasing competition of motor vehicles that is no longer
above tabulation, the relationship between rates and the confined to short distances. A reduction of more than 7%
prices of labor and material have not yet permitted your in incidental revenue, which includes revenue from excess
lines to earn a fair rate of return prescribed by the Com- baggage, dining cars, restaurants, etc., was the natural resuit of olminished travel.
mission.
[VOL. 120.
THE CHRONTCLE
2416
Competition of the Panama Canal steamship lines for
freight traffic is acute and has now extended to the transportation of passengers.
As a result of the unfavorable conditions above described,
the total operating revenue of your lines was 4.64% less than
during the preceding year.
Maintenance of Way and Structures decreased $2,253,991 71, or 5.42%. The property was maintained quite up to
the Company's usual high standard. Materials used in repairs and renewals during the past four years compare as
follows:
Year Ended
Dec. 31 1924.
Disposition of Net Income
25. Income applied to sinking and
other reserve funds
1,203,379 18
26. Income appropriated for investment in physical property
191,307 62
-181.040 70 48.62
27.
-142,844 94
Total 'appropriations
1,394,686 80
birege'.
ncrec
C tit.
P
ee
+38,195 76
3.28
9.29
28. Income balance transferred to
credit of profit and loss
34.359,728 77 -8,655,221 76 20.12
29. Per cent earned on average
amount of outstanding capital
stock of Southern Pacific Company:
(a) Railroad income
x
•(b) Other income
a
8.03
2.21
-2.18 21.35
-.52 19.05
-2.7020.87
(c) Total
10.24
MATERIAL USED IN REPAIRS AND RENEWALS.
* Includes $2,174,471 86 representing entire net Income for the year
1922.
1921.
1924.1923.
New steel rail, trkmiles_
286.16
427.43 from operation of Houston & Texas Central RR. Co., although about 24%
453.37
401.03
Ties, number
3,969.255 3,952,581 4,022,549 4,721,542 of the capital stock of said company is now held by the public, as explained
Ties, number per mile
251
296 In another part of this report. x In arriving at the figures for per cent of
244
222
Tie-plates, number
5,093,818 3.866.090 4,112.875 railroad income and per cent of other income on outstanding capital stock
4,730.991
847,817
341,416
Piling, lineal feet
611.528
378,742
Lumber, feet b.m
25,339,077 21.417,664 22,958,492 23.557,715 (line No. 29). an estimated apportionment of net Income (line No. 24) Wall
made by allocating to railroad income, as nearly as possible, the items
Charges for depreciation and retirements • increased relating solely to that class, and to other income the items relating solely
to that class, the remaining
$1,671,017 18, or 28.26%, reflecting the effect of equipment classes on an estimated basis. items being apportioned between the two
additions at market prices far higher than those of former
years. Equipment maintenance otherwise decreased 11.02%,
transportation service locomotive mileage decreased 4.39%,
car mileage remaining practically the same as in previous
year.
Traffic expenses increased $161,621 57, or 3.18%.
Transportation expenses decreased $50,112 63, or 0.05%.
Higher wage rates to transportation employees caused an
Increase of $1,158,000, and higher prices of fuel an increase
of $2,769,000, a total of $3,927,000. Otherwise, transportation expenses would have shown a decrease of $3,977,000, or
4%. Train mileage decreased 2.63%, passengers carried one
mile decreased 5.40%, and ton mileage of freight was practically the same as in previous year. Passengers carried per
train decreased 4.15%, as maintenance of adequate service
for the public prevented greater reduction of train mileage
to meet the decline in passenger traffic. Tons of freight carried per train increased 3.81%.
Economy in the use of fuel became more important than
In 1923 because of the advance in prices of fuel oil used by
locomotives. It is gratifying to observe that steady improvement in the use of fuel has been obtained during the year,
the saving resulting from the economical use of fuel in 1924
compared with 1923 amounting to 1,714,020, and in 1924
compared with 1913, to $9,159,850.
Miscellaneous Operations decreased $261,380 56, or 5.99%.
General Expenses increased $719,744 85, or 8.29%, the
largest item of increase being $546,867 45 in Relief Department expenses incident to the group life insurance plan
placed in effect January 1 1924, as announced in last year's
annual report. The first year's operations under this plan
have fully met all expectations and the low cost of this insurance has been reduced by a substantial dividend, which
has been shared pro-rata by participating employees and by
the Company.
Railway Tax Accruals decreased $642,840 67, or 3.13%.
this being the first reduction in taxes enjoyed since 1918.
INCOME ACCOUNT.
SOUTHERN PACIFIC COMPANY AND TRANSPORTATION
SYSTEM COMPANIES, COMBINED.
(Excluding offsetting accounts.)
Year Ended (÷)Increase. Per
Dec. 31 1924. (-)Decrease. Cent.
Operating Income$
1. Net railway operating income_ _ _ _48,101,415 72 -6,126,60776 11.30
Non-operating Income
2. Income from lease of road
90.657 50
+2,51390 2.85
8. Miscellaneous rent income
1,110,185 30 +100.53276 9.96
4. Miscellaneous non-operating physical property
261,024 16
-39.43655 13.13
5. Separately operated properties
Profit
-16.888 75
2,787,676 69 -1,655,49331 37.26
6. Dividend income
7. Income from funded securities
Bonds and notes-Affiliated and
3,042,240 85 -741.532 94 19.60
other companies
8. Income from funded securities
Investment advances-Affiliated
2,809,817 75 +548.221 52 24.24
companies
9. Income from unfunded securities
1,084,931 21
+575.655 27 113.03
and accounts
10. Income from sinking and other
925,102 29
+37,529 75 4.23
reservefunds
385.440 01
+304,390 51 375.56
11. Miscellaneousincome
12.
Total non-operating income---12,497,075 76
13.
Gross income
-884,507 84
6.61
60,598,491 48 -7,011,11560 10.37
Deductions from Gross Income
14. Rent for leased roads
-6,13976 2.57
232,967 88
15. Miscellaneous rents
-18,267 39 2.40
743,735 04
16. Miscellaneous tax accruals
130.092 39 -412.474 82 76.02
17. Interest on funded debt-Bonds
and notes
21,978,827 27 +1,838,21336 9.13
18. Interest on funded debt
-Nonnegotiable debt to affiliated cos
7.46
+77,247 61
1.112,35535
19. Interest on unfunded debt
392,904 72 +295,781 97 304.54
20. Amortization of discount on
funded debt
-3,82574 5.00
72.736 96
21. Maintenance of investment organization
+4,899 99 20.96
28,275 80
2 Miscellaneous income charges_ _ _ _ 152,180 50
+11.515 88 8.19
23. Total deductions from gross
Income
24,844,075 91 +1.786,951 10 7.75
24.
Net income
*35.754,415 57 -8,798,066 70 19.75
1
NON-OPERATING INCOME.
The increase in the account of Miscellaneous Rent Income
is due, principally, to increase in ground rent received from
industrial concerns.
The increase in the account Income from Funded Securities
-Investment Advances is the result of crediting to income this year past due interest on investment advances to
Affiliated Companies earned by such Affiliated Companies
during the year, such interest being taken into the income
account of Southern Pacific Company only when it has been
earned, as explained below.
Of the increase in the account Income from Unfunded Securities and Accounts about $233,000 represents interest received on proceeds from the sale of Equipment Trust Certificates deposited with Trustees, and the remainder represents increase in. interest on company's own funds used for
construction.
The increase in the account Miscellaneous Income is due,
principally, to the amount received by Southern Pacific Company from the other joint owners of the Associated Pipe
Line (the Associated Oil Company and the Pacific Oil Company) to equalize the use of such pipe line.
DEDUCTIONS FROM GROSS INCOME.
The decrease in the account Miscellaneous Tax Accruals
Is the result, principally, of including in that account last
year, taxeF on certain property which, under the regulations
of the Interstate Commerce Commission are included this
year in Railway Tax Accruals.
The increase in Interest on Funded Debt
-Bonds and
Notes is made up principally of $1,110,083 representing the
difference between a full year's interest in 1924 and the
amount of interest accruing in 1923 on the $23,100,000 of
Equipment Trust Certificates
-Series F, issued in December 1923; of $541,450 representing interest accruing during
the year on Equipment Trust Certificates-Series G, issued
In May 1924, of $245,000 representing interest accruing during the year on the $29,400,000 of Twenty-Year 5% bonds
Issued in connection with the acquisition of the El Paso and
Southwestern lines; and $45,256 interest accruing during
November and December 1924, on bonds of El Paso & Southwestern lines held by the public; less $104,177 representing
decrease In interest on account of Equipment Trust Certificates retired during the year.
The increase in Interest on Unfunded Debt represents,
principally, interest on deferred payments for terminal property acquired during the year.
The dividends paid for 1924 were appropriated from the
profit and loss surplus and therefore do not appear in the
income account. Payments for 1924 amounted to $20,943,094 32, compared with $20,663,094 32 for 1923. The increase
of $280,000 represents the proportion of dividends for November and December 1924 on the $28,000,000 of capital stock
issued in connectim with the acquisition of the El Paso and
Southwestern lines. The figures for both this year and last
year include $240, representing dividends on stocks of Trans-portation System Companies held by the public.
The Southern Pacific Company does not take into its income account interest on advances to Affiliated Companies
for the construction and acquisition of new lines until the
principal of such advances, with interest, has been repaid
either in cash, or in stocks and bonds of such companies, the
interest included in the cost of such new lines being the
amount authorized to be charged thereto under the regulationa of the Interstate Commerce Commission. All other
interest due from Affiliated Companies (including both in-
2417
THE CHRONICLE
MAY 9 1925.]
terest on advances and interest on bonds of such companies terms of the trust, all certificates were guaranteed by the
owned by Southern Pacific Company) is taken into the in- Southern Pacific Company.
On June 20 1924 the Executive Committee of the Southern
come account of the Southern Pacific Company only when
Pacific Company authorized the issue of $28,000,000 of capit has been earned by the Affiliated Companies.
ital stock, and $29,400,000 of Twenty-Year Five Per Cent.
CAPITAL STOCK AND FUNDED DEBT.
(Collateral Trust) Gold Bonds, to be issued in exchange for
On May 1 1924, to provide for the construction and acqui- stocks, bonds and indebtedness representing the control of
sition of new rolling stock, an equipment trust, known as the El Paso & Southwestern System of railroads, as more
"Southern Pacific Equipment Trust, Series G," was created, fully explained in another part of this report. The said
and an issue of $17,640,000, par value, Five Per Cent. Equip- stock and bonds were issued on October 31 1924. The bonds
ment Trust Certificates authorized, all of which were issued are dated May 1 1924 and are payable May 1 1944, with interduring the year. The certificates are dated May 1 1924 and est at the rate of 5% per annum, payable semi-annually on
mature serially in lots of $1,176,000 on May 1 of each year April 1 and November 1. The trustee under the indenture
from 1925 to 1939, both inclusive. In accordance with the is The Hanover National Bank of the City of New York.
BALANCE SHEET SOUTHERN PACIFIC COMPANY AND TRANSPORTATION SYSTEM COMPANIES, COMBINED,EXCLUDING
OFFSETTING ACCOUNTS.
LIABILITIES.
ASSETS.
Dec. 31 1924.
Increase +)or
Decrease (—).
Stock—Dec.
311924.
Capital stock of Southern Pacific Co_ _ 5372.380.905 64
Capital stock of Transportation Sys382.254.900 00
tem Companies
Investments—
Investment in road and equipment _ _ _51,258,253,731 59 +5141.868,17994
Improvements on leased railway prop_
193,510 02
—175,548 15
Sinking funds
18,375,660 14
+146.403 03
5754.635,805 64
Total stock outstanding
Deposits in lieu of mortgaged property
sold
893,057 42
17,303,793 00
Miscellaneous physical property
16.914,246 58
—69.212 31 Premium on capital stock of Southern
Investments in affiliated companies:
Pacific Co
56,304,440 00
Stocks
297,401.874 87
+9.020,931 32
Total
3760.940.245 64
Bonds
154,409,543 89
+5.043,107 64
StocksjCost inseparable
56.968,034 11
+47,780,317 37
Bonds J
Long Term Debt—
Notes
28,922,467 79
—1,071,588 52 Funded debt =matured:
Advances
155,342,61977
5659.636,543 42
+19.482.625 63 . Book liability
ether investments:
Less held by or for companies
2.591.175 00
Stocks
1,589,872 01
+22,580 00
Bonds
16,435.005 38
Actually outstanding:
—21.513.817 68
Notes
1,620,708 10
Southern Pacific Co
5203.181.960 00
+63,403 21
Advances
132,942 24
Transportation System Companies 453.863.408 42
—47.717 10
Miscellaneous
825,355 26
+618.515 55
Total funded debt
$657,045,368 42
Total
$2,008,278,629 17 +5183.864.38693 Non-negotiable debt to affiliated companies:
Current Assets—
Open accounts
37.718,421 01
Cash
$26.033,638 23
+55.580,159 97
Demand loans and deposits
Total
12.850 59
5694,763,789 43
—3.001.01826
Special deposits
317.579 81
+10.61791
Loans and bills receivable
Current Liabilities—
688,901 90
4-585.569 94
Traffic and car-service balancesreceiv.
2,757.168 87
550.000 00
—55,175 68 Loans and bills payable
Traffic& car service balances payable..
5.113.950 37
Net balance receivable from agents
and conductors
15,691.577 60
3,107.896 68
—505.957 36 Audited accounts and wages payable..
Miscellaneous accounts receivable_ _ _ _
1.365.572 87
7.492.251 34
—330.356 97 Miscellaneousaccounts payable
4.118.33941
Material and supplies
30,496,819 64
—5,392.473 92 Interest matured unpaid
Interest and dividends receivable_ _ _ _
5,670.766 45
2,516,947 08
—24,042 10 Dividends matured unpaid
20,713 92
Rents receivable
5,833 33
—233,746 55 Funded debt matured unpaid
600.000 00
Other current assets
198,575 06
—137,144 10 TJnmatured dividends declared
Umnatured interest accrued
5.300.333 78
90.019 61
Total
$73,628.462 53 —53.503,567 12 Unmatured rents accrued
1,481.313 31
Other current liabilities
Deferred Assets—
Total
Working fund advances
539,502.587 32
$140.473 20
—$2,525 17
Insurance and other funds
25,360 00
Other deferred assets
Deferred Liabilities—
14.476,23387
+970,805 49
Liability for provident funds
$18,774 31
Total
1,445,317 17
514.642,067 07
+3968,280 32 Other deferred liabilities
Unadjusted Debits—
Rents and insurance premiums paid in
advance
Discount on capital stock
Discount on funded debt
Other unadjusted debits
Securities issued or assumed—
Unpledged*
Pledged*
Total
Total
5155,630 45
3,988,600 00
1.721.181 94
11,332,362 35
—$24.349 04
—72.73696
—1.998.68582
2,488,425 00
102,750 00
$17.197,774 74
—52.095.771 82
Grand total
+564,062,312 66
+544.968.200100
+19.094.11266
+$64.062,312 66
+5.967.427 75
+570.029.74041
+550.000 00
—673.87961
—2,138.081 22
+89.19764
+47,48563
+417.267 32
+7.000 00
+600.000 00
+481.543 53
—234.87540
—619.102 94
—51,773,44505
+518.774 31
+1.107,24820
+51,126,022 51
2.221,83684
78.009.570 41
130,466.146 99
+51.457.28664
+275.001 63
—3,439.391 10
+158.16644
+11.997,68662
+9.862,677 58
5228.166,07549
Total
Total corporate surplus
52.113,746.93351 +5179,233,32831
+563,422,000 00
514.561.81757
2,906,703 68
Corporate Surplus—
Additions to property through income
and surplus
Funded debt retired through income
and surplus
Sinking fund reserves
Appropriated surplus not specifically
invested
Grand total
+35,422.000 00
+$63,422,000 00
$1.464,091 48
Unadjusted Credits—
Tax liability
Insurance and casualty reserves
Operating reserves
Accrued depreciation—Road
Accrued depreciation—Equipment.._ _
Ocher unadjusted credits _ a
Total appropriated surplus
Profit and loss—Balance
Increase (-I-) or
Decrease(—).
+528.000.000 00
+520.311,42781
$7.452.270 92
+51.272,77733
25,844,110 29
14.375,028 12
+609,114 80
+192.479 50
3,818.177 83
551,489.587 16
337.420.556 99
+52.074,371 63
+24,043.211 00
5388.910.144 15
+526.117,582 63
52,113,746,933 51 +5179.233,32831
•Excluded from total assets, and a corresponding amount excluded from outstanding funded debt, in accordance with regulations of the Inter-State
Commerce Commission.
a Represents, principally, interest on advances to affiliated companies, which has not been taken into income account. See last paragraph under
beading 'Deductions from Gross Income."
ROAD AND EQUIPMENT.
During the five years 1920 to 1924, inclusive, the expenditures of the Southern Pacific Company and its Transportation System Companies, for extensions and branches, new
equipment and additions and betterments have aggregated
195,310,007 26, as follows:
Extensions and Branches
Equipment
Other Additions and Betterments
Total
$10,688,172 42
105.598,590 46
79,023,244 38
5195,310 007 26
During the same period the companies have retired bonds
held by the public, of an aggregate par value of $33,842,019.
This addition to the road and equipment, and the reduction
of outstanding funded obligations, the whole aggregating
229,152,026 26, was accomplished by the issue of securities
(equipment trust certificates and equipment notes) aggregating only $58,554,000, the remainder being provided for
out of the proceeds from the sale of the California Oil properties and from accumulated surplus.
The foregoing does not include the Southern Pacific Company's one-half of new equipment purchased by the Pacific
Fruit Express Company during the said five-year period,
the total cost of which was $52,616,736 79, of which $15,800,000 was provided for by equipment trust certificates sold to
the public, the remainder being provided by the parent companies.
The ocean-going passenger and freight steamer (the "Bienvine") mentioned in last year's report, was completed during the year, and, under provisional acceptance, started
on
her maiden voyage on January 3 1925. While docked
at
New Orleans on March 19 1925 for replacement of a
damaged shaft, the vessel was partially destroyed by fire;
a survey is being made to determine the extent of the
damage.
She is fully covered by insurance.
A new freight steamship, the "El Oceano,"
built during
the year, was launched at Kearny, N. J., on
February 14
1925. She is expected to enter the service
between New
York and Galveston during the month of April.
The vessel
2418
Tab CHRONICLE
has a deadweight cargo capacity of 7,170 net tons and will
be the largest freight carrier in the line. Of three new ferry
steamers ordered during the year for the new automobile
ferry service between San Francisco and Richmond, Cal.,
established to accommodate the increasing trans-bay automobile traffic, one, the "El Paso," was placed in service December Si 1924, and the other two, the "New Orleans" and
"Klamath," have been placed in service since the close of the
year.
The steamships "Excelsior" and "Chalmette," which were
operated for many years between New Orleans and Havana,
were sold and delivered to purchasers on February 1 1924
on account of the continuous loss attributable to the low
average freight rate between New Orleans and Havana and
the high cost of operating these steamers.
ACQUISITION OF CAPITAL STOCK OF INDUSTRIAL
DEVELOPMENT AND LAND COMPANY AND OF INDUSTRIAL TERMINAL RAILWAY COMPANY.
The Southern Pacific Company has acquired all the outstanding capital stock of the Industrial Development and
Land Company and of the Industrial Terminal Railway
Company, California corporations, which own approximately
thirty-seven and one-half acres of real estate in the City of
Los Angeles. This real estate adjoins property owned by
the Southern Pacific Company and is a very valuable addition to the Company's holdings of terminal real estate in
Los Angeles.
NATRON CUT-OFF.
In last year's annual report mention was made of the
plans for completing the gap in the Natron Cut-Off, involving the construction of 107.78 miles of main line and 29 miles
of sidings over the Cascade Mountains between Kirk and
Oakridge, Oregon. All the right-of-way has been acquired
and contracts have been let for the construction of the entire
line. At the close of the year, 45.06 miles of the main line
and 10.39 miles of sidings had been completed, of which 36.84
miles of main line and 9.77 miles of sidings extending from
Kirk toward Oakridge, and 6.07 miles of main line and .62
mile of sidings extending from Oakridge toward Kirk, were
placed in operation during the year. Of the 62.72 miles of
line still to be completed all the right-of-way has been
cleared, 31 miles have been graded ready for ties and rails,
and the grading and tunnel work on the remaining 31.72
,miles is progressing.
DOUBLE TRACKING CENTRAL PACIFIC -BETWEEN
OAKLAND AND OGDEN.
Of the 52.50 miles of second track on the line between
Oakland and Ogden, mentioned in last year's report as being
under construction, 18.49 miles of track were completed during the year, while at the close of the year 8.44 miles additional had been graded ready for ties and rails, and 9.29
miles of grading. were nearing completion. This work involves the construction of eight new tunnels having an
aggregate length of 14,192 feet, and the enlargement of existing tunnel No. 13 having a length of 862 feet. *The estimated
cost of this work is $9,290,000, of which amount the stun of
$3,854,000 was expended during the year. When completed,
a continuous double track will be in use for 249 miles out
of San Francisco.
The paired track arrangement, mentioned in last year's
annual report, under which the Southern Pacific and the
Western Pacific are to operate their tracks between Alazon
and Weso, Nevada, as a double track railroad, thus giving
each company the benefit of double track service for 178
miles between such points, was placed in operation on August
1 1924 and have proven very satisfactory.
ACQUISITION OF CONTROL OF THE EL PASO &
SOUTHWESTERN SYSTEM THROUGH STOCK
OWNERSHIP AND LEASE.
Pursuant to an order of approval and authorization from
the Interstate Commerce Commission, the Southern Pacific
Company acquired control, on October 31 1924, of the El
Paso & Southwestern system of railroads. This system extends from Tucson, Arizona, to a connection with the Chicago, Rock Island & Pacific at Tucumcari, New Mexico, with
various branches aggregating 1,139.90 miles. At the same
time, in like manner, it also obtained control of the Nacozari
Railroad Company, a subsidiary of the El Paso & Southwestern ir the Republic of Mexico, which extends 77 miles
from Agua Prieta to Nacozari. The control thus effected
consists of the acquisition of all the capital stock of the El
Paso & Southwestern Railroad Company and of its sub-
[Vor., 120.
sidiaries and of the lease of the physical properties thereof
in the United States. That is to say, stock ownership gives
this Company corporate control, and by leases it has operating control. The leased lines are being operated as a part of
our Pacific System.
The consideration paid for such control was $28,000,000
of the capital stock of the Southern Pacific Company, received at par, and $29,400,000 of its 20-Year 5% Collateral
Trust Gold Bonds. These bonds and stock were issued in
exchange for the capital stock of the railroad companies
owning the El Paso & Southwestern System lines and other
assets and bonds. As will be pointed out below, under the
heading of General Remarks, this Company expects from
control to realize very substantial savings in operating ex•
penses, interest, taxes, etc.
CONSTRUCTION OF ADDITIONAL LINES BY ARIZONA EASTERN
RAILROAD COMPANY.
At the same time that this Company was authorized to
acquire control of the El Paso & Southwestern System the
Arizona Eastern Railroad Company, all of whose stock except directors' qualifying shares is owned by Southern Pacific Company, was authorized by the Commission, in a connected proceeding, to construct certain lines aggregating
172.50 miles, viz.: a line extending from Picacho, Ariz., on
the Southern Pacific Railroad, to Chandler, Ariz., on the
Chandler Branch of the Arizona Eastern (50.50 miles) ;
branch from a point on the above line near Gila River to
Florence, Ariz. (7 miles); and a line extending from the
western terminus of the Arizona Eastern's Hassayampa
Branch at Hassayampa, Ariz., to the main line of the Southern Pacific Railroad near Dome, Ariz. (115 miles). The
work of constructing these new lines was begun October 1
1924. It is expected that the work will be completed within
the time limit fixed by the Commission's order, which was
December 31 1926.
LEASE OF ARIZONA EASTERN RAILROAD AND PHOENIX $ EASTERN
RAILROAD BY SOUTHERN PACIFIC COMPANY.
The lines of the Arizona Eastern Railroad Company and
the Phoenix & Eastern Railroad Company, comprising about
382 miles, all in the State of Arizona, which constitute
branches from points on the main line of the Southern Pacific Railroad, have been operated heretofore by the Arizona
Eastern Railroad Company as a separate unit of the general
Southern Pacific Transportation System. To bring about
operating economies and increased efficiency, this Company
applied to the Interstate Commerce Commission in November 1923 for authority to lease these lines. By an order effective November 8 1924, this authority was granted. Accordingly, the authorized lease was made on the effective
date of the order, and the lines of the Arizona Eastern and
of the Phoenix & Eastern have since been operated as a part
of the Pacific System of this Company.
GENERAL REMARKS UPON THE FOREGOING ACQUISITION OF
CONTROL, NEW CONSTRUCTION, AND LEASES.
•
The new construction and union of the El Paso & Southwestern lines with the Southern Pacific lines will avoid the
cost of constructing a second line between Dome, Ariz., and
El Paso, Texas, a distance of 544 miles. The necessity for
this double tracking was imminent, since the traffic between
the points named was becoming more than could be economically or efficiently handled over a single track; but the
purposes of such a second track will now be served by the
lines of the El Paso & Southwestern and the new lines to be
constructed, which together will provide a second track for
all except 55 miles of the entire distance between Yuma and
El Paso, and with more favorable grades and alignment.
The inclusion of El Paso & Southwestern lines in our system, in connection with the new construction, will also place
Phoenix, the capital of Arizona, on the main line; provide
service for the rich irrigated Salt River Valley, and shorten
already existing hauls to important sources of traffic. The
cost of the new construction is estimated at $14,138,000; the
cost of the double tracking avoided thereby is estimated at
$25,672,000.
Without enumerating in detail the advantages of the acquisition of the El Paso & Southwestern lines, of the new
construction, and of the unified operation through the leases,
we estimate that, in addition to enjoying the net income of
the El Paso & Southwestern properties, which has
averaged
$3,000,000 per annum for the last ten years, and the net in
come from additional traffic derived from the new
line
through Phoenix, the Southern Pacific will profit by the
large annual savings in administration and operating
ex.
penses and other economies to result from the
unification,
3IAY 9 1925.1
THE CHRONICLE
2419
tunnels), 35.71 miles of grading had been completely ready
for ties and rails, 32.49 miles of grading were nearing completion, and 15.00 miles of right-of-way had been cleared
ready for grading. Since the close of the year the three
tunnels mentioned above have been substantially completed,
and track laying on a stretch of about 60 miles, which is
free from high bridges and tunnels, is progressing. No part
of the new line has been ballasted, as the best ballast is
it is reached ballasting
LITIGATION BETWEEN SOUTHERN PACIFIC COM- ahead :if the rails, but as soon as
will be started at Tepic and pushed rapidly to keep pace with
STOCKHOLDERS OF HOUSPANY AND MINORITY
the track laying. At the end of the year 4,262 men were emTON & TEXAS CENTRAL RAILWAY COMPANY,
ployed upon this construction.
OF PRESENT HOUSTON
PREDECESSORS
The Alamos Branch was reopened for traffic on June 1
& TEXAS CENTRAL RAILROAD •
1924 and the Tonichi Branch on December 24 1924.
COMPANY.
In the annual report for 1922 mention was made of the
The reorganization of the Houston and Texas Central
fact that the Mexican Government had taken the position
Company, which took place In 1889, has ever since
Railway
that the unpaid portion of subsidy provided for in the conthat date been the subject of attack by minority stockholdcession under which the line south of Navojoa was built will
ers. The first six suits were successfully defended; but in
all structures characterized by Govsuit," the plaintiffs were not become due until
the seventh, known as the "Bogert
ernment engineers as "temporary" shall have been replaced
on October 5 1916, decreed to be entitled to receive from the
with permanent structures. Fully. 95% of the bridges that
Southern Pacific Company the same proportion of the stock
revolutions have been reCompany that were destroyed in the various
of the new Houston & Texas Central Railroad
placed with permanent structures to meet Government
they owned in the old. In order to obtain the new stock
specifications. Furthermore, for the past two years, as they
they were, however, required to reimburse the Southern Pahave required renewal, temporary piers in river and stream
cific Company for their proportion of the reorganization
crossings have been replaced with masonry or cylinder piers
This decree was based upon the finding that by
expenses.
and culverts with concrete, steel or rubble masonry.
the reorganization the Southern Pacific Company had acThis has made a great improvement in the condition of
quired the stock of the new Company on more favorable
and it is the intention to have this
plaintiffs. This decree the line south of Navojoa,
terms than had been offered to the
States portion of the line conform reasonably closely to the Governwas so modified by the Supreme Court of the United
ment's requirements as to permanent structures by the time
that the plaintiffs were required, in order to obtain their the entire line is open for through traffic, about the summer
proportion not
• proportion of the new stock, to pay a like
of 1926, and to conform to them completely within ten years
only of the reorganization expenses but also of the debts of
thereafter, or 1936. Under its concession $1,034,167 of subthe Southern Pacific Company,
the old Company due to
period. By vention in American money will become due on completion
which the latter had lost in the reorganization
of the gap from Tepic to La Quemada, and $3,512,698 Amerthis modification the amount payable by the plaintiffs was ican money will become due when all
structures between
accounting proceeding
more than doubled. In an ancillary
Orendain and La Quemada and between Tepic and Navojoa
Instituted by the plaintiffs it was held that in all inter- shall have been replaced in permanent form.
company dealings since the reorganization the Houston &
During 1924 the gross income (after deduction of operatTexas Central Railroad Company had been fairly treated ing costs) of Southern Pacific Railroad Company of Mexico
the Southern Pacific Company. On December 20 1924 a
by
amounted to $1,192,956 44. Excluding interest accruing to
final decree was entered, and pursuant thereto, two days
Pacific Com- Southern Pacific Company and Southern Pacific Railroad
later, the plaintiffs received from the Southern
Company, and the annual charge for amortization to provide
pany 24,219 shares of stock in the Houston & Texas Central
a reserve for the retirement of the investment in the proptherefor $60.021 per share.
Railroad Company, paying
erty at the expiration of the life of the concession, under the
provision of the Mexican law, the deductions
OF THE OREGON AND appropriate
CONTROVERSY ARISING OUT
from gross income amounted to $256 84, which would leave
CALIFORNIA RAILROAD'S LAND GRANT.
.
a net income for the year of $1,192,699 60, or the equivalent
This is an accounting suit brought in 1917 by the United of 2.56% on the investment (excluding
interest) of the
States seeking to offset against the compensation of $2 50 Southern Pacific Company and the Southern Pacific Railfor the unsold lands, moneys reper acre,'.clue the Company
road Company in the property.
ceived by the Company, in excess of $2 50 per acre, by reaThe total miles of road operated at December 31 1924 was
son of past sales, leases and otherwise, as well as taxes 1,248.76; and the average mileage operated during the year
voluntarily
levied since the forfeiture decision in 1913 and
was 1,197.40, compared with 1,131.31 for 1923.
paid by the Federal Government to the State of Oregon.
report was issued this case was being
GENERAL.
When our last year's
heard in the United States District Court of Oregon. Since
The dividends for the year on the capital stocks of the
then the hearing has been concluded and the case submitted Southern Pacific Company and its Transportation System
upon oral argument and printed briefs. A decision by the Companies held by the public amounted to $20,943,094 32, as
District Court may be expected at any time.
follows:
Dividends on capital stock of the Southern Pacific ComSOUTHERN PACIFIC RAILROAD COMPANY OF
•
pany:
MEXICO.
1% per cent paid April 1 1924
$5,165,713 58
Mention was made in last year's annual report of the 1% per cent paid July 1 1924
5,165,713 58
5,165,713 58
agreement dated March 2 1923 between the Southern Pacific 134 per cent paid October 1 1924
5,445,713 58
Railroad Company of Mexico and the Mexican Government, 1% per cent payable January 2 1925
under which the Railroad Company, in partial settlement of
Total Southern Pacific Company
1120,942,854 32
its claims, received notes of the Mexican Government aggre- Dividends on stocks of Transportation System Companies
held by the public
240 00
gating 13,600,000 pesos, payable at the rate of 2,400,000 pesos
annum. , During the year all maturing notes, together
Total dividend payments for the year
$20,943,094 32
per
with the interest thereon, were paid; and additional notes
The total taxes for the year amounted to
519,867,104 43
and cash were received from the Mexican Government coyUnder the pension system put into effect January 1 1903
ring the remainder of the Railroad Company's claims after
adjustments agreed upon with the Government, except cer- there were carried on the pension rolls at the end of the
tain claims for transportation, aggregating about 856,000 year 1,480 employees. The payments to pensioners for the
pesos, which are still pending.
year amounted to $758,643 89, equivalent to 6% per annum
As stated in last year's report, your Mexican Company on an investment of $12,644,064 83.
agreed with the Mexican Government to complete the 103The Board gratefully acknowledges its appreciation of the
mile gap in the main line between Tepic and La Quemada; loyal and efficient services rendered by officers and emand to rehabilitate the Alamos and Tonichi Branches which ployees during the year.
had been badly damaged by revolutionary forces.
By order of the Board of Directors,
On the gap in the main line 17.08 miles of track nad been
JULIUS KRUTTSCHNITT,
convicted to December 31 1924 (when Mick laying was temChairman of the Executive Committee.
porarily suspended awaiting the completion of three short
and it may also regard as gain the annual net amount of
Interest, taxes, and maintenance which will be saved by
avoiding the construction of 544 miles of second track. We
believe that these combined savings will nearly equal the
annual interest on the collateral trust bonds and the dividends, at current rate, on the capital stock given in exchange
for the El Paso & Southwestern properties.
2420
THE CHRONICLE
[VoL. 120.
PACIFIC GAS AND ELECTRIC COMPANY
NINETEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1924.
an increase during the year of $5,130,051, or 13%. The principal factors contributing to this increase were:
(a) Normal growth of a permanent character, measurable
by (1) The net addition of 51,816 customers, exclusive of
those taken over in the acquisition of other properties; (2)
Increase of 134,791,000 kilowatt-hours, or 11.2%, in electric
Increase. Decrease. sales; and (3) Increase of 1,602,683,200 cubic feet, or 11.7%,
1923.
1924.
(1) Gross Operating Revenue$44.451,586 $39,321,535 $5,130,051
in gas sales.
Deduct—
(2) Operating and Adminis(b) The inclusion of earnings of acquired companies agtrative Expenses
20,944,947 15,584.323 5,360.624
Taxes
$107,209 gregating approximately
3,922,678 4,029,887
$170,000 more than the correspond4) Maintenance
496,516
2.946,463 3.442,979
)Uncollectible Accounts &
ing figure in 1923.
47,213
Casualties Reserves_ __
389.008
436.221
(c) Two increases in gas rates, effective February 22 and
$28,203,096 $23.493,410 $4,709,686
(6) Total Deductions
March 5 1924, respectively, and averaging about 8.65c. per
(7) Net Earnings from Operations
420,365
16,248,490 15,828.125
$166,374 thousand cubic feet.
650,207
483.833
(8) Add Miscall. Income—
These increased rates were authorized by the Railroad
..$16,732,323 $16,478,332 $253.991
(9) Total Net Income..
(10) Bond Interest ChargeCommission of California in conformity with the plan insti96,447
able to Operation__ 6,262.264 6,165,817
tuted by it in August 1921, under which gas rates are auto(11) Balance
$10,470,059 $10.312,515 $157,544
matically adjusted, within thirty days, to conform to the cost
(12) Bond Discount and Ex52.829
331,464
384.293
pense
of oil to the Company. After this policy was established,
$10,085,766 $9,981,051 $104,715
(13) Balance
(14) Reservefor Depreciation 3.057,417 3,224.757
$167,340 there were three downward revisions averaging about 15.7c.
per thousand cubic feet, and three upward revisions averag$7.028,349 $6.756.294 $272,055
(15) Surplus
(18) Dividends Paid on Preing about 13.3c. per thousand cubic feet.
3.244,608 3.103.847
ferred Stock
140,761
This arrangement, so obviously fair to both the Company
(17) Balance
$3,783,741 $3,652,447 $131,294
and its customers, has given a very desirable stability to the
(18) Dividends Paid on Common Stock (8% Cash
net returns of the Company from its gas business, and has
in 1924 and 634% in
729,625
3.040.123 2,310,498
1923)
encouraged your management to proceed vigorously with its
$598.331 development through creative sales efforts and the expendi$743,618 $1,341,949
(19) Balance
Income and Surplus Accounts certified by Messrs. Haskins ture of large amounts of new capital for the expansion of
facilities for its production and distribution.
& Sells appear on subsequent pages.
(d) Increased use of electric energy for irrigation inCUSTOMERS.
duced !")y the drought experienced in California in 1924.
The net gain in active meters during 1924 was 53,582, mak(e) Addition of about $140,000 to gross revenues due to
ing the total at the end of the year 763,617. In addition, one
additicnal day's operations, 1924 being a Leap Year.
2,400 subscribers were being served from the telephone sysThe following table shows the various sources of gross
tem of the California Telephone & Light Company, a sub- operating
revenue, the amount contributed by each departsidiary corporation. In the ten years to December 31 1924 ment in
comparison with the preceding year, and the perthe net addition of customers was 384,912, or 101.6%. Of centage each department
contributed to the total gross for
these, 242,998, or an average of 48,599 per year, were added the year:
In the last five years, and 141,914, or an average of 28,383
SOURCES OF GROSS OPERATING REVENUE.
per year, were added in the previous five-year period, the
gain in the last half of this ten-year period exceeding that in
PerCent of
Whole
the first half by 101,084.
+
San Francisco, Cal., April 1 1925.
To the Stockholders:
Your Board of Directors submits herewith a statement of
the affairs of the Company and its Subsidiary Companies
for the year 1924.
•
CONSOLIDATED INCOME ACCOUNT.
r5)
1924.
No. of Customers at Dec. 31.
/n 1924. In 10 Yrs.
.
1923.
Net Gain.
1924.
1919.
1914.
Gas Customers
Electric Customers
Water Customers
Steam Customers
365.396
378.751
18.864
606
269.870
235,719
14.587
443
220,360
148.957
9.051
337
21.706
30.795
1,054
27
Total Customers_
763.617
520,619
378,705
53,582 I 384,912
145,036
229.794
9,813
• 269
Increase. Contribu—Decrease. ted by each
Department.
Electric Department
$26,684,097 $24,066,783 +$2.617.314 60.0
Gas Department
15,757.335 13,240,655 +2.516,680 35.5
Water Department
744,176
750.480
+6,304
1.7
Street Railway Departml
746,320
783.075
—36.755
1.7
Steam Sales Department_
412,688
418.736
—6.048
.9
Telephone Department.100.666
68,110
+32,556
.2%
Total
$44,451,586 $39,321,535 +$5.130.051 100.00%
ANALYSIS OF INCOME ACCOUNT.
Following is a brief presentation of'the more important
factors affecting the income and outgo of the Company's
operating departments during the year 1924. (For convenience, the items of this analysis are numbered to correspond with the items in the income account above.)
A more extended retrospective view of the growth of
business in each department is afforded by the following
table covering the period from 1919 to 1924. Except for very
slight recessions in the last two years in the Street Railway
and Steam Departments, which together, however, yielded
only one-fortieth of the Company's gross revenue, it shows
(1) GROSS OPERATING REVENUE.
an unbroken record of expansion from year to year. ElimThe $44,451,586 of Gross Operating Revenue achieved in inating such extraneous factors as the taking over of other
1924 establishes a new maximum in the Company's unbroken properties, this table also indicates that the largest normal
record of growth over the past nineteen years. It represents growth was experienced in 1924:
GROWTH OF GROSS OPERATING REVENUE, BY DEPARTMENTS,
Electricity.
Gas.
Street
Railway.
Water,
Steam.
14,474,884
21,577.909
22,502,192
23,774.223
24.066,783
26.684.097
9,933,334
11,161,682
12,570.042
12,861.214
13.240.655
15,757.335
671,105
753,028
779,009
798.430
783.075
746.320
540,607
638,336
699.198
730,043
744,176
750.480
Gain in 5 years
S12.209.213
$5.824.001
•Sierre leased properties included. a Part of year.
$75.215
$209,873
Year—
1919
1920
1921
1922
1923
1924
Increase
Each Year.
Telephone.
Total,
318,442
351,005
389.033
429,652
418,736
412.688
a$68.110
100.666
25,938,372
34.481,960
36.939474
38,593,562
39.321.535
44,451,586
08.543,588
2,457,514
1.654,088
727.973
5,130.051
$94.246
$32,556
$181513214
21R.513.214
The sale of electric energy for power purposes constitutes
(2) OPERATING AND ADMINISTRATIVE EXPENSES.
about 46% of the Company's entire electric business. The
following table shows the extent to which the primary inExpenditures classified as "Operating" increased by
dustries of the State are being served with power and the $5,222,810. General and Administrative Expenses were
subincreasing use to which it is being put in every branch of stantially the same as in 1923. The Increase in operating
these activities;
expenses was occasioned:
2421.
THE CHRONICLE
MAY 9 1925.]
(a) To the extent of approximately $2,500,000 by extraordinary expenses, temporary in their character, incurred
chiefly in the operation of steam plants to supply the deficiency In the output of hydro-electric plants occasioned by
drought conditions.
Owing to sub-normal precipitation during the usual season
of rain and snowfall, the hydro-electric companies of the
State during the greater part of 1924 were compelled to operate under conditions which have had no parallel in the history of the industry, and are not likely to occur but once in
a generation. In the case of your Company, increased demands aggregating 134,791,000 kilowatt-hours, or 11.2% of
last year's electric sales, aggravated the problem. These
demands were particularly pressing in the agricultural sections where irrigation became more than ever an imperative
necessity.
By extraordinary efforts, for which the organization deserves the fullest recognition, and, sparing no expense where
our service, vital to the people and industries in Northern
and Central California, was at stake, your Company was
able to go through this critical period without curtailing
deliveries of electric energy to any of its customers, without
lowering its service standards, without refusing any new
business offered and, by the strictest economy and the deferment of expenditures not essential to the service or immediately necessary, without impairment of its financial position, notwithstanding the fact that no increase in rates to
offset the heavily increased costs was asked for.
With less than 40% of the normal water supply available
for plants operated in part from storage, we were fortunate
In having a large and constant output of power available
throughout the dry period from our three stream flow plants
In the Pit River basin. These plants,,with an installed capacity of 127,364 h.p., will be augmented by July 1 1925 by a
fourth with an installed capacity of 108,579 h.p. Additional
plants will still further develop the power resources of the
Pit River with its remarkable evenness and continuity of
flow, and should go far in insuring against the rather remote possibility of a repetition of the 1924 experience.
Beginning with heavy rains hi the latter part of October,
the water situation has been restored to normal, as indicated by the fact that in the first quarter of 1925 energy
generated in our plants by water was 80.6% of the total, as
against 60.2% in the same quarter in 1924.
(b) To the extent of $1,930,000 by increased prices of oil.
As already explained, the increased cost occasioned by these
higher prices was, with respect to gas manufacture, offset by
increased revenues derived from increased gas rates.
(c) To the extent of $793,000, constituting the remainder
of the increase in operating costs, by the added expenses
normally following the much larger volume of production
and distribution in 1924 and of service to 53,582 additional
customers.
The ratio to gross of all ordinary operating expenses, including maintenance, taxes, etc., but excluding the temporary expenses occasioned by the drought, was 57.8% in
1924, as against 6.0% in 1913. There was no substantial
change during the year either in the average cost of labor or
of materials, with the exception of oil. The average monthly
wages paid to all employees was $145 38, as against the average rate of $14284 in the preceding year. Our index of the
cost of material and supplies shows average prices to have
been 3.6% less at the close of 1924 than at the close of 1923,
but still 59% above pre-war levels.
(8) TAXES.
tive equipment was charged directly to the cost of operating
the Company's automobiles and trucks.
Combined maintenance and depreciation reserve amounted
tb $6,003,880. The following table, covering the past ten
years, is illustrative of the Company's policy of maintaining
Its properties at the high physical standard necessary to give
adequate and uninterrupted service. In these ten years
maintenance expenditures aggregated $21,907,730, and
amounts set aside from income for depreciation $26,621,753,
a total of $48,529,483, or at the average rate of $4,852,948 per
year. These provisions for upkeep absorbed 16c. of every
dollar of operating gross during this period.
MAINTENANCE AND DEPRECIATION IN THE TEN YEARS TO
DECEMBER 31 1924.
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
Depreciation
Reserve.
Total Upkeep
Provision.
$970,886
1,125,115
1.207,121
1,170,841
1,748.483
2,740,639
3,437,673
3,117.530
3,442,979
2,946,463
$1,380.000
2,050,000
2,250.000
2,700.000
2.500.000
2.788,302
3.069,078
3,602,199
3,224,757
3.057,417
82,350,886
3.175,115
3.457.121
3,870.841
4,248,483
5.528,941
6,506,751
6,719.729
6.667,736
6,003.880
$21,907,730
Year.
$26,621,753
$48.529.483
Maintenance
Expenditures.
% of Operacing Gross.
12.4
17.0
17.4
17.1
16.3
16.0
17.6
17.4
16.9
13.5
(5) UNCOLLECTIBLE ACCOUNTS AND CASUALTIES RESERVES.
These reserves are appropriated from current revenues
and cover in part losses, such as those from uncollectible accounts, which are practically determined within the year
and require no substantial accumulation to cover future
losses. It was found possible to reduce the reserves of this
type of $47,213 in comparison with 1923. The fire insurance
reserve, covering a liability increasing with the increasing
value of the property subject to the fire hazard, was increased by a balance, after all losses, of $101,293, and at the
close of the year stood at $487,303. The accumulated balance in all of these reserves at the close of 1924 was $565,555.
(7) NET EARNINGS FROM OPERATION. (8) MISCELLANEOUS
INCOME. (9) TOTAL NET INCOME.
Notwithstanding the greatly increased cost' of operation,
page 8 [pamphlet report], net. operating income amounted to
$16,248,490, an increase of $420,365 in comparison with 1923.
Additional net income from non-operative sources came to •
$483,833, a decrease of $166,374. This decrease was chiefly
due to the discontinuance, in a large measure, of the sale of
gas and electric appliances by the Company, in order to secure the more effective co-operation of the large number of
regular dealers in such appliances in the Company's territory. While this Eiolicy may appear to involve some sacrifice
of profit, the loss is insignificant in comparison with the increased usage of gas and electric energy obtained from the
additional appliances connected to the Company's distribution systems through the efforts of these dealers.
Total net income from all sources, representing the balance available for the payment of interest charges, depreciation :11).1 dividends, aggregated $16,732,323, or $253,991 in
excess of the 1923 Jesuits. In view of the greatly increased
volume of new business and of the large amount of new
capital invested during the year, this increase is relatively
Considering, however, that the conditions which COM
pelled a temporary increase of $2,500,000 in operating expenses have now disappeared, the correct view to take is
that the benefits to which the Company is entitled from the
additional business and the additional capital investment
were, through unavoidable circumstances, merely deferred,
and shoul i be realized under the present normal conditions.
The ability to show any increase at all in net income in the
face of the worst operating conditions in seventy years is
evidence of the fundamental soundness of the Company's
position, of the resourcefulness of its organization, and of
the stabilizing influence of its diversified sources of revenue.
Taxes, including Federal Income Taxes payable in 1925,
amounted to $3,922,678 in 1924, as compared with $4,029,887
In the preceding year. The smaller charges in 1924 resulted
from a decrease of $134,557 in the amount payable to the
United States Government, supplemented by a small de(10) BOND AND OTHER INTEREST. (12) BOND INTEREST
crease in franchise and ad valorem taxes. $2,835,800, or
AND EXPENSE.
three-fourths of all taxes, assessed on the basis of 7.5% of
Interest charges to operating account came to $6,262,264.
gross receipts from the sale of gas and electricity, was payDuring the past ten years similar charges have never been
able to the State of California.
earned less than twice, and in each of the last two years
(4) MAINTENANCE AND DEPRECIATION.
were earned two and two-thirds times. In 1924, a year of
Maintenance charges aggregated $2,946,463, and were unusual difficulty, :here remained a record balance of $10,$496,516 less than in 1923. As a partial offset to the extraor- 470,059 after the deduction of interest expense from net
dinary operating expenses induced by drought conditions, earnings. Interest charges are being earned by these wide
maintenance expenditures were reduced to the minimum con- margins, largely as the result of the investment in the propsistent with good service and avoidance of any impairment erties of the proceeds of $51,643,079 of Preferred and Common Stocks sold during the past ten years and of the conof the property.
The amount set aside for depreciation was $3,057,417, a sistent adherence for many years to the policy outlined under
decrease of $167,340. In addition, depreciation on automo- "Conservation of Assets" of retaining in the business a rea-
Mg.120.
THE CHRONICLE
2422
sonable proportion of surplus earnings. The bonds of the
Company have had an assured investment position for many
years, and the cumulative effect of these conservative financial policies is apparent in the readiness with which it is
able to dispose of new issues at prices available only to
public utilities of the highest credit. Its bond issues are now
held by 40,000 to 50,000 investors, among whom are numbered some of the most important financial institutions in
the United States.
(15) SURPLUS. (18) DIVIDENDS.
The surplus of $7,028,349 remaining after the deduction of
all prior charges and reserves is the balance of net income
available for the payment of dividends—the wages of the
capital pur into the business by the Company's 32,000 stockholders.
Dividends on Preferred Stock at the established rate of
6% absorbed $3,244,608 of this surplus, these dividends being
earned by a margin of $3,783,741,or $131,294 more than in 1923.
Cash dividends upon the Company's Common Stock were
continued at the rate of 8% per annum, and amounted to
$3,040,123, leaving a final and, under all the circumstances
surrounding the year's operation, reassuring balance of
$743,618 to be carried to undistributed surplus.
CONSERVATION OF ASSETS.
In the nineteen years of the Company's corporate life, the
balance of earnings after the deduction of operating and
maintenance costs, taxes and interest charges, amounted to
$100,865,583. Of this amount, $40,209,000, or 39%, was
paid out in cash dividends and an almost equivalent amount
of $39,990,000 was used to retire bonds or was retained in the
business. In addition, $19,509,000 was expended for the renewal, replacement or rehabilitation of inadequate, wornout
or obsolete property, this expenditure being In addition to
maintenance charges aggregating $31,891,612 during the same
period. Additional details are contained in the following
tables:
CONSERVATION OF ASSETS.
Gross Revenue.
Including
Miscellaneous
Income.
Maintenance,
Operating
Expenses and
Reserves.
$8,947.162
11,342,140
12,657.305
13.491,288
14.044.596
14.604.609
14.651.786
16.094.514
17.100.534
18.778,446
18,941.427
20.118.990
22.870,194
26.309.671
34.985.791
37.509.707
39.204.605
39,971.742
44,935,419
$4.139.233
5,978.967
6,517.930
7,211.517
7,538.461
7,697.370
7,808,592
8.655.044
8.170.874
8.356.148
8.586,318
10.351.452
11.247.391
14.287.089
20.898,531
21.013.190
19.726.663
19.463.523
24.280.418
$283.886
247.262
274.789
320.059
382.880
516,702
622.969
676,163
743.047
849.445
972.565
1.253.239
1,782.939
1.962.038
2,559.109
3.265,895
3.690,213
4.029.887
3,922,678
$4.524.043
5.115,911
5.864.586
5,959,712
6,123.255
6.390,537
6.220.225
6.763.307
8.186.613
9.572.853
9.382.544
8.514.299
9.839.864
10.060.544
11.528.151
13.230,622
15.787.729
16.478 332
16,732.323
$2.784.908
2.854.264
3.021,722
2,988.521
3.006.256
3.254.133
3.476.078
3.794.222
4.071.432
3.819,676
3.660.976
3.898.169
3.881,542
4.012.240
4.511.251
4,797.782
5,148.614
6.165 817
6.262.264
$1.739,135
2.261.647
2,842,864
2,971,191
3.116,999
3.136,404
2,744,147
2.969,085
4,115,181
5,753,177
5.721,568
4.616,130
5.958,322
6.048,304
7,016.900
8.432.840
10.639.115
10.312 515
10,470,059
$426.559.926
Year.
3221.928.711
828.355.765
$176.275.450
$75.409.867
$100.865.583
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
Disposition of Balance.
To Retire Bonds
Reinvested in the Property
For Replacements and Rehabilitation
Cash Dividends
Other Purposes
Net Earnings
Before
Depreciation.
Tabs.
Interest
Balance.
Another important piece of work of the year was the en$17,576,000 largement of the storage capacity of Lake Fordyce, water
22,414,000 from which is used for the operation successively of four
19,509,000
plants in the South Yuba chain of power houses. Prior to
40,209.000
a capacity of 20,136 acre
1,157,000 this undertaking, Lake Fordyce had
feet. This was increased to 26,500 acre feet in 1924, and will
$100,865.000 • reach its ultimate capacity of 46,800 acre feet, representing
Total
RESERVES.
Reserves at December 31 1924, after charging off realized
losses, stood as follows, compared with December 31 1923:
Description of Reserves.
Dec. 31 1924. Dec. 31 1923.
+ Increase
— Decrease.
$17,062,383 64 $1531007353 +$1,752,310 11
For Depreciation
Insurance and Casualty
+10.14075
510,660 35
520,801 10
Funds
Uncollectible Accounts Re—74,99 01
119,751 80
44.753 79
serve
Reserve for Earnings in
so__
1.820,134 09 1.820.134 09
Litigation
Reserve for Northern California Power Co. Consolidated,Plant Adjustments
—834 22
andAccrued Depreciation 1,650,398 63 1,651,232 85
$21.098.471 25 $19.411.852 62 +$1.686,618 63
a total increase of 26,664 acre feet, upon completion in 1925.
The Company's new general office building at 245 Market
Street, San Francisco, work on which was begun in 1923,
and actively prosecuted throughout 1924, is nearing completion.
Other important items of construction work are listed on
a subsequent page.
On February 1 1924, the Company acquired, by means of'
exchange of stock, the properties of the Amador Electric
Light & Power Co., Sutter and Amador Water Co. and lone
Water Co., operating comparatively small distribution systems in Sutter and Amador Counties.
The year's expenditures brought the total investment in
plants and properties at the close of the year up to $249,178,252. The value of your properties exceeds this figure by
many millions of dollars.
The Plants and Properties Account, at the close of the
previous fiscal year, stood at
$219,020,176 03
Gross Expenditures for additions, betterments and improvements during the year
PLANTS AND PROPERTIES.
1924,amounted to
$31,696,522 42
Of which there was charged to Operating
Gross construction expenditures aggregated $31,696,522 in
Expenses through the medium of Deprecia1,538.446 83
1924, or an average of more than $100,000 per working day.' tion Reserve
BALANCE SHEET ITEMS.
Work proceeded actively throughout the year on the Company's major development program on the Pit River and
Pit Plant No. 3, planned for an installed capacity of 108,579
h.p., has now reached a stage which assures its completion
by about July 1 1925. As this is a project of large magnitude, the fact that it absorbed less than one-fourth of the
total construction expenditures of the year, affords some
conception of the extent of the remainder of the development
program necessitated by the Company's increasing business.
When it became apparent to your management that
drought conditions would materially curtail hydro-electric
output, it was decided to increase the capacity of our Sacramento steam station through the installation of an additional
turbine of 16,757 h.p. capacity. By June 17, or within less
than five months after this decision was reached, the new
plant was ready for operation. Considering the fact that
the engineering designs for this installation had to be fully
worked out, and that the turbine, boilers, condensers, transformers and other auxiliary apparatus had to be manufactured in the East and transported across the entire continent, the completion of the work within less than half the
time that would ordinarily have been allotted to it, is an
outstanding achievement of your Company's organization,
with due credit also to the manufacturers and railways that
so effectually contributed to its accomplishment.
Leaving Balance carried to Plants and Properties Account- 30.158,075 59
The total of which at Dec.31 1924 stood at
$249,178,251 62
In the nineteen years since its organization, at which time
It took over extensive properties with a corporate existence
dating back to 1852, the Company has increased its plant
account by $176,398,418 through construction and the acquisition of additional properties. Upwards of $109,800,000, or
62% of this total, has been added in the last six years.
Year—
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
Total
* Decrease.
Other Properties
Construction.
Acqufred.
$3,860,243 84 $13,820,125 00
3,674,474 69
47,861 17
2,099,996 91
1,746,705 64
66:6124e
593.766 29
2,879,158 45
4,768,949 31
2.248.521 31
404,285 15
7,495,763 69
389,208 36
7.406,415 80
4.181 50
2,733,949 35
120,478 44
2,089,447 17
12.681 31
3,658.426 33
1,797,061 50
2.781,53008
*6,40591
1.818,70432
3,181,909 23 11,556,299 37
1,21060
10.600.208 89
333 00
18,040,060 51
1,132,581 99
16,422,278 07
862,952 37
17,906,346 12
220,579 37
29,937,496 22
Total.
$17,680,368 84
3,722,33586,
2,099,996 91
1,837,338 10
3,472,924 74
7,017,470 62
7,900,048 84
7,795.624 16
2,738.130 85
2.209.925 61
3,671,107 64
4,578,591 58
1.812,29841
14,738,20860
10,601,419 49
18,040.393 51
17.554,86006
18,769.298 49
30,158.075 59
$176,398,417 90
$1411.581638 62 $35,816,781 28 .
2423
THE CHRONICLE
MAY 9 1925.]
CAPITALIZATION.
quently retired through exchange for Pacific Gas and ElecThe total face value of all securities outstanding in the tric Company First Preferred 6% Stock.
These additional bond issues were offset by the retirement
hands of the public at December 31 1924 was $250,627,644,
$31,105,075 during the year, divided as fol- of $1,295,300 par value of divisional bonds.
an increase of
The resultant net increase in the Company's funded debt
lows between secured obligations and junior issues:
outstanding in the hands of the public was $23,764,700.
Dec. 31 1924. Dec.311923. Increase.
Bonds(average interest rate 5.4%).3153,357,300 3129,592.600 323,764,700
•
SINKING FUNDS.
165,328
54,464,412 54,299.084
Stock (6%)
Preferred
Common Stock (8%)
42,805,932
35,630,885
7,175,047
3250,627,644 3219.522,569 331,105.075
Total
The continued maintenance of a conservative relationship
between capitalization and property values is indicated by
the fact that in the ten years ended December 31 1924 the
former, taken at its full par value, increased $120,448,744,
while the net increase in tangible assets, taken at cost and
after deducting all realized depreciation, aggregated $134,824,270. These figures serve to demonstrate the practical
results, during a single decade, of the Company's policy of
"conservation of assets" as outlined on page 12 [pamphlet
report], which is largely responsible for the preponderance
of physical values over capitalization. As shown by the following table, the net cost of additional property in this tenyear period exceeded by $60,735,000 the net increase in
funded debt, by $25,072.000 the combined increase in bonds
and preferred stock, and by $14,375,000 the total increase
In bonds, preferred stock and common stock.
Net Cost of Additions to Plants and Properties, after deduc3122,134.179
tion of all realized depreciation 1914-1924
12,690.091
Increase in Net Current Assets
$134.824.270
Total Increase in Net Tangible Assets
74.089.000
Increase in par value of Funded Debt
Excess of Cost of Added Tangible Assets over increase in
360.735.270
par value of Funded Debt
35,663,112
Increase in par value of Preferred Stock
Excess of Cost of Added Tangible Assets over increase in
$25.072,158
par value of Funded Debt and Preferred Stock
10.696.632
Increase in par value of Common Stock
Excess of Cost of Added Tangible Assets over increase in par
value of Total Capitalization, created through re-invest$14,375,526
ment of Surplus and Reserves
A sound relationship between capital and property values
is important, but it is even more essential, and, with an expanding property, of particular concern to security holders,
that earnings keep pace with the expanding capitalization,
making reasonable allowance for the periods of adjustment
that are bound to occur. The following table should be convincing on this point, and, taken in connection with the preceding table, carry ample assurance to the investors in our
securities that the Company's development, rapid as It may
appear to be, is not only proceeding along sound economic
lines, but is adding to the safety of their investments.
Increase
1924.
1914.
in 10 Yrs.
Net Income available for Bond Interest_$16,732,323 $8,186,613 $8,545,710
6,262,264 4,071,432 2,190,832
Bond Interest Expense
Margin over Bond Interest
$10.470,059 $4,115.181 $6,354,878
Per Cent earned on all Bonds outstanding at close of respective years
10.32%
10.89%
.57%
Net Income available for Preferred
Stock Dividends, after depreciation $7.028,349 $2,645,666 34.382.683
3.244,609
614,983 2,629,626
Preferred Stock Dividends Paid
Margin over Preferred Stock Dividends
$3.783,740 $2,030.683 $1,753,057
Cent earned on all Preferred Stock
ntstanding at close of respective
12.90%
14.07%
years
*1.17%
Net Income available for Common Stock
Dividends,after depreciation
$3,783.740 $2,030,683 $1,753,057
Per Cent earned on all Common Stock
outstanding at close of respective
8.83%
6.32%
years
2.51%
Per Cent earned on Total Capitalization outstanding at close of respec__
6.87%
6.28%
.3 %
tive years, before depreciation__
Pel;
•Decrease.
FUNDED DEBT.
Two issues of First and Refunding Mortgage 5%% Series
"C" Bonds were sold during the Year, one of $12,500,000 in
May 1924 and another of like amount in August 1924. These
issues were offered to yield 5.78% and 5.64%, respectively.
At the times of these sales, the average cost to public utilities
throughout the United States of bond capital measured by
the net yield to investors was 6.20% and 6.11%, respectively.
The lower rates which your Company was able to command
means a saving of approximately three million dollars in
interest charges over the life of its bonds, and affords a concrete measure of the value of the Company's sound credit
position.
California Telephone & Light Company's 6% bonds of the
par value of $200,000 were issued in reimbursement for construction expenditures unon the properties of this subsidiary.
These bonds were, in turn, delivered to your Company in payment of advances and are held in its treasury.
Amador Light & Power Company 6% bonds to the amount
of $60,000 were assumed in connection with the purchase of
that company's properties. The entire issue was subse
In conformity with sinking fund provisions contained in a
number of its mortgages your Company in 1924 purchased
bonds of underlying issues aggregating $1,453,500, at a cost
of $7,10844 less than their redemption price at maturity.
As in preceding years, all payments into sinking funds during 1924 have been considered as a part of the Company's
depreciation reserve and as having been included in the
revenue deductions made for that purpose.
The condition of sinking funds is summarized.in the following table:
December 31
Additions
December 31
Character of
During 1924.
1923.
1924.
Sinking Fund Assets—
Bonds of Company—at par_ _$19,931,790 00 318.434,29000 31,447.500 00
Cash and Accrued Interest78,561 54
137.568 25
216,129 79
-not yet invested
320.147,919 79 $18.621,858 25 31.526.061 54
Total Assets
Net Annual Interest Saving
3981,371 50
$908,026 50
$73.345 00
The $19,931,790 par value of bonds held in Sinking Funds
at the close of 11P24 were acquired by the following means:
From Revenues
In Exchange for overlying bonds
From proceeds of sale of Common Stock
318.397.590 00
493.000 00
1.041,200 00
*19.931,79000
PREFERRED STOCK.
No Preferred Stock was sold directly to the public during
1924. A small amount was, however, issued for other purposes as follows:
Exchanged for Original Preferred, effecting the complete retirement of that issue
Issued for California Telephone and Light Company Stock
Issued for Stock of Amador Electric Light and Power Company
Issued in paymentfor properties of Sutter and Amador Water
Company and lone Water Company
Total Increase during year
COMMON STOCK.
$24.702 50
225 00
99.500 00
65.000 00
3189,427 50
The Company's Common Stock having, in the judgment
of your Board, reached a well-secured position, both with
respect to earnings and the equities underlying it, an initial
offering of $5,000,000 par value was made as of July 9 1924
at the price of $93 per share. Within three weeks 3,793 Individual subscriptions, aggregating 7,175,100, and averaging
nineteen shares per subscriber, had been received. Your
Board thereupon authorized the issuance of an additional
$5,000,000 to be applied to all subscriptions that had been
received by Aug. 1. The remainder of this block, amounting
to $2,824,900, has since January 1 1925, been sold at the price
of $100 per share to 3,405 subscribers, or an average of eight
shares per subscriber. The cost of selling this 10,000,000 of
stock• was about five cents per share.
The success attending this, our initial offering, of Common
Stock demonstrates that it has established itself as a popular and readily salable medium of investment, available for
financing in future such a proportion of the Company's requirements for new capital as may be consistent with the
maintenance of a well-balanced capital structure and the
securing of combined bond and stock capital at the lowest
average rate. The plan of obtaining 60% of these capital
requirements from bond sales, 20% from Preferred Stock
sales, and 20% from Common Stock sales, appears to your
Board sound and thoroughly practical. On this basis, future
Issues of Common Stocks to provide 20% of the funds required to carry forward even so large a construction program as that of 1924 should be sufficiently limited in amount
to permit of their ready absorption without retarding the
tendency of this stock to reach a price level consistent with
its merit and thus becoming an even more advantageous medium of financing than at present.
The steady absorption of both the Preferred and Common
Stocks and the broadening market for these issues is reflected in constantly decreasing average holdings. In the
ten and one-half years which have elapsed since your Company initiated the customer-ownership policy, which has
since been almost universally adopted by public utilities
everywhere, the average number of shares owned by each
preferred stockholders has decreased from 79.5 to 25.9, and
in the case of the common stock from 162.3 shares to 39.6
shares. The average amount of both classes of stock held
by each of the Company's 31,859 partners at December 31
1924 was 30.5 shares, compared with 130.9 shares on June 3
1914. The following table records the qoUrse of this movement in each class of stock:
2424
TNT" CHRONICLE
[Vol.. 120.
HYDRO PLANTS.
H.P.
H.P.
16,756
Alta, Placer County
2,681 Halsey,Placer County
Bullard's Bar, Yuba County.. 10,891 Inskip, Tehama County-- - 8,043
Date4,021
Centerville,Butte County_
1914 (June 3)
8,579 Kilarc, Shasta County
Coal Canyon,Butte County.. 1.340 Lime Saddle, Butte County- 2,681
1914 (Dec. 31)
Coleman, Shasta County...... 20,107 *Phoenix, Tuolumne County 2,513
1915
"
Colgate, Yuba County
1916
"
20,878 Pit No. 1, Shasta County- 93,834
5,362
Cow Creek, Shasta County... 2,011 South, Tehama County
"
1917
De Sabla, Butte County_
"
1918
17,426 Spaulding No.1, Nevada Co- 5,027
Deer Creek, Nevada County.. 7.373 Spaulding No.2,Nevada Co- 1,340
1919
"
Drum,Placer County
1920
"
50,268 *Spring Gap,Tuolumne Co-- 10,054
Electra, Araador County
1921
"
26,810 *Stanislaus, Tuolumne Co--- 45,576
8,378
Folsom,Sacramento County_ 4.022 Volta, Shasta County
1922
"
Hat Creek No, 1, Shasta Co 16,756 Wise, Placer County
16,756
"
1923
Hat Creek No.2, Shasta Co_ 16,756
1924
"
426,239
Total Hydro
At the close of the year 15,621, or 53.3% of the Company's
STEAM PLANTS.
stockholders owned ten shares or less, and 95.7% owned not
H.P.H.P.
23,459
85,7911Sacramento
to exceed 100 shares each. This is exclusive of stock being San Francisco
Oakland
44,906 *North Beach(San Francisco) 36,193
COMMON STOCK.
Total
Average Holdings Average Holdings
Average Holdings
per Preferred
per Common
Stockholder.
per Stockholder.
Stockholder.
130.9 shares
79.5 shares
162.3 shares
,.
108.9 "
68.9 "
165.0
..
69.7
37.7 "
159.3
70.1
40.2 "
147.1
..
67.4
146.6
38.7 "
67.6
146.4
39.0 "
4.
68.6
42.6 "
149.1
112.246.3
29.1 "
„
39.9
27.6 "
87.4
33.2
23.6 "
82.2 "
33.6
24.7 "
75.1 "
30.5
25.9 "
39.6 "
purchased on the installment plan by 2,549 employees.
CURRENT ASSETS AND LIABILITIES.
Following the policy pursued fon many years, a strong cash
position was maintained throughout the year. Average
monthly cash balances during the last three years have exceeded 10,000,000, and at the close of 1924 were $11,485,168.
Current liabilities, consisting of ordinary accounts payable,
meter and line deposits, and interest and other charges
accrued but not due, amounted to $8,541,541 at the close of
the year. After deducting this figure from current assets,
which aggregated $28,925,780, there remained net working
assets of $20,384,239. The Company for many years has had
no floating debt.
A saving of $89,962 was effected during the year by taking
advantage wherever possible of cash discounts offered for
the prompt payment of bills.
CURRENT ASSETS AND LIABILITIES.
December31 December31 Inc. (-I-) or
Current Assets:
Dec.(-).
1924.
1923.
Materials and Supplies
$4,983,996 $44,704.338 +8279,658
Bills and Accounts Receivable
(Less Reserve for Uncollectible
Accounts)
4,771,987 4,539,883
Due on Stock Subscriptions
222,420
436.1
Underlying Bonds bought in advance for Sinking Funds
-161.000
439,000
278,000
General and Refunding 5% Bonds
issued against Construction_ __ _ 1,000,000
1,000,000
Cash
+98.274
11,485.168 11,386,894
Interest accrued on Investments.._
-30,671
37,455
6,784
Other Investments
1,219,461
+238,989
1,458,450
Advances to Construction Account, including Construction
+72,130
Materials and Supplies
4,505,252 4,433,122
tm:121
,
$28,925,780 827,982,573
+8943.207
Current Liabilities:
Accounts Payable
82,041,556 $2,323,815
Drafts Outstanding
596.451
457,015
Meter and Line Deposits •
847.773
731.017
366,033
Unpaid Coupons
464,516
1,705,871
Interest Accrued, but not due__ _ _ 1,818,304
Taxes Accrued, but not due
2,189,470 2,343,255
712.149
Dividends Declared
839,663
-$282.259
139,436
116.756
+98.483
+112.433
-153.785
+127,514
Total Assets
Total Liabilities
Net Working Assets
88,541,541 88,895,347
-$353,806
820,384,239 819.087,226 +81,297.013
REPORT OF FIRST VICE-PRESIDENT AND GENERAL
MANAGER.
Following is a brief description of the more importantr
Items of new construction completed and placed in operation
during the year:
March 16th-Bullards Bar Power House. leased from the Yte3a Rive
Power Company, paralleled with system, adding another hydro-electric
plant to the Company's system.
-Newark high tension steel transmission tower line of
April-Claremont
30 miles placed in service.
June 9th-Radio tran-staitting and receiving apparatus from Oakland to
Pit River Power plants, 250 miles, placed in service.
Juno 17th-12,500 K.W. capacity steam turbine placed in service at
Sacramento.
August 7th-New steam heating station known as Station "T" placed in
service on Stevenson Street In San Francisco.
August 20th-New 12-toot gas generator added at San Rafael.
September 6th-50,000 cubic foot relief holder erected at Marysville.
September-Gas connection made to the distributing system of the city
of Santa Clara.
September 3th-New 16-foot improved oil gas generating set completed
at Station "B," Oakland.
October 30th-New 3,000,000 cubic foot gas storage holder completed
at San Jose.
November 8th-Fifteen-foot improved oil gas generator installed at
Sacramento.
November 10th-Drum afterbay completed giving greater peaking
facility on the South Yuba System.
December 5th-Tunnel 4.01 miles long and 19 feet in diameter holed
through on Pit No. 3 Development.
December 22nd-New 15-foot improved oil gas generator completed at
San Jose.
December 24th-Two 18-foot improved oil gas generators placed in
service at Potrero Gas Plant, San Francisco.
December 24th-New 3.000,000 cubic foot storage holder placed in
service at Sacramento.
-New 3,280,000 cubic foot gas holder placed in service
December 31s4
at North Beach Station,San Francisco.
Total Steam
190,349
Total Hydro and Steam
* Leased properties.
616.588
Electric service is furnished to 289 cities and towns in
California with a combined population of 1,740,780. Of
these communities 244, with 1,543,459 inhabitants, receive
direct service, and the remaining 45 cities and towns, with
a total population of approximately 200,000, are being supplied indirectly.
At the beginning of 1924 the normal hydro-electric output
of the Pacific Gas and Electric system, exclusive of plants
leased, was approximately 815,000,000 kilowatt hours annually, with an effective peak capacity of 175,000 h.p. With
the completion in the summer of 1925 of Pit No. 3, this capacity will have been more than doubled in five and one-half
years. The hydro output after this plant is placed in operation, will be in excess of 1,700,000,000 kilowatt hours annually, and the peak capacity approximately 350,000 h.p.
The major part of this increased productive capacity has
been effected by the construction of new hydro plants on Pit
River. The Company now has three plants in operation on
this stream, Hat Creek No. 1, Hat Creek No. 2 and Pit No. 1,
and a fourth, Pit No. 3, is nearing completion. The combined
output of these four plants will aggregate 812,000,000 kilowatt hours annually, or practically equivalent to that of the
entire system in 1920. These developments constitute only
40% of the potential resources which the Company controls
on Pit River, it being estimated that the projects still to be
constructed will produce nearly 1,200,000,000 kilowatt hours
annually, and that the peak capacity will be in excess of
250,000 h.p.
This supply of power from the Pit River region constitutes
a most valuable resource, as it can be produced at low cost
and is absolutely dependable, since the water supply is not
seriously affected in years of drought.
In addition to its undeveloped resources on the Pit River
the Company also owns or controls potential power developments on many of the main Sierra streams of Northern California. Including any proposed projects which have been
carefully investigated, it is conservatively estimated that
there is available for development another 150,000 horsepower. If this be added to the undeveloped Pit complement .
of 250,000 h.p., the total undeveloped hydro resources owned
or controlled by the Company total about 400,000 h.p., assuring for many years to come an ample supply of power capable
of economical development.
GAS DEPARTMENT.
The year 1924 was an exceedingly active one in this Department, both from the standpoint of volume of gas produced and distributed, and the amount of construction work
undertaken to provide for the greatly augmented demand.
The increase in sales of 1,602,683,200 cubic feet, or 11.72%,
represented a record with respect to both volume and percentage of growth. Following is a statement of sales in the
various divisions during the year 1924:
PlantSales in Cu.Pt.
Territory Served.
San Francisco (2 plant)
18 cities and suburban__ 7,621.596,600
Oakland
9 cities and suburban_ -- 4,726,333.700
San Jose
2 cities and suburban.._ 620,323.500
Fresno
Fresno
646,242,700
San Rafael
12 cities and suburban... 366,865,000
Santa Rosa (now served from San
Rafael
2 cities and suburban__ 36.920.400
20,822,300
Napa (now served from Vallejo)
Napa
Vallejo
Vallejo
160,092,400
Chico
Chico and suburban_ _
61,546,100
Grass Valley
2 cities and suburban_
27,807,000
Sacramento
4 cities and suburban_-_ 804,523.400
Marysville
2 cities and suburban_-71,040,900
Colusa
19,921,700
Colusa
Oroville
Oroville
31.847.100
Red Bluff
Red Bluff
18.094,200
Redding
Redding
25,154.600
Willows
18,345,000
Willows
ELECTRIC DEPARTMENT.
The Company retained its relative position among the
electric utilities of the country, ranking second in the United
States In its output of hydro-electric energy and fourth in
the output of power generated in both hydro-electric and
steam electric stations. It now operates 27 hydro-electric
plants with a combined capacity of 426,329 horsepower, and
Total Sales in Cubic Feet, 1924
15.277,477.500
4 steam electric generating plants with an installed capacity
The new generating equipment placed into operation this
of 190,349 horsepower, the aggregate installed capacity of year has a total daily capacity of approximately 50% of the
all plants, as detailed in the following table, being 616,588 total installed capacity for the entire Pacific Gas and Elechorsepower:
tric system at the end df the year 1916.
2425
T HM CHRONICLE
MAY 9 1925.]
3. Co-operation with Dealers and Civic Organizations.—
The Company is ceaselessly engaged In research and exwith the California Electrical Bureau and
the endeavor still further to improve (a) By contact
perimental work in
Societies.
developments Gas Appliance
existing processes of gas manufacture, and
(b) By affiliation with Chambers of Commerce and other
along these lines are showing very encouraging results.
business and civic organizations, and co-operation in their
activities.
REGIONAL GAS SYSTEMS.
4. Appeal to Public.—By a consistent program of institudevelopments which your Com- tional and sales advertising; and by demonstrations at fairs
One of the most important
pany has carried forward in its gas business within recent and trade expositions.
5. Educational Trips to Company Properties.—Affording
years, and upon which it is still engaged is the interconnecconcerning
of cities opportunities for securing first-hand information
tion, by means of high-pressure mains of a number
the Company's plants and other facilities.
and towns distributed over comparatively wide areas, but
The Service Sales Program has demonstrated its effecnevertheless susceptible of being supplied from a single gen- tiveness in cementing relations between the public and the
erating plant. This development, within the narrower lim- Company, and it is expected to continue the program in 1925
its imposed by physical conditions, parallels in a measure and further to expand its usefulness.
Gas Sales.—Sales per consumer showed a material inand has much the same economic basis as the now very
crease during the year, averaging 42,960 cubic feet during
familiar practice of interconnecting electric systems, in the 1924, as compared with 41,340 cubic feet in the year 1923.
creation of which your Company was a pioneer and is at This increase in average individual consumption, a result
present an outstanding example. One of its objects has of the development of new appliances and processes for the
been to cheapen the cost of gas by concentrating its manu- utilization of gas, is important, the additional revenue from
facture at the larger and more favorably situated plants, this source alone being estimated at approximately *550,000
in 1924.
and abandoning the smaller and less efficient plants. Four
Electric Sales.—Creative electric sales were not stressed
such plants have already been discontinued. Those that are in 1924 because of the curtailment of hydro-electric power
and production, to which reference has already been made. More
In service are accessible to cheap water transportation
of such size and assured of such continuity of operation as active efforts in this direction will be made in 1925.
GENERAL.
to make for the greatest possible economy.
Litigation covering Company's rates in the City of San
Another object of this regional development has been to
for
broaden the market for gas by making it available in com- Francisco during the years 1913 to 1917 has been pending
being carried in the
of sufficient size to support isolated plants. several years, a reserve of $1,820,134
munities not
Company's balance sheet to provide for a refund of litigated
The completeness of this development on your Company's revenues collected during this period in the event of a decisystem may be inferred from the fact that 94% of its gas sion adverse to the Company. The judgment of the District
sales in 1924 and 58 of the 69 communities served by it with Court of the United States for the Northern District of Caligas were made or are located in the regional systems just fornia, deciding these cases in favor of the City, was reversed
by the United States Supreme Court on June 2 1924 and the
referred to.
cases remanded to the lower court. Aside from the substanPUBLIC RELATIONS AND SALES.
tial sum of money involved, the judgment of the Supreme
The Service Sales Program of the Company was brought Court is of very considerable importance, as it finds that
to full development during the year 1924. This program anything less than a 7% rate of return would be confiscatory,
forms the basis of a definite continuous effort upon the part questions of the sufficiency of the value assigned by the
Master in Chancery to certain patent rights owned by the
of the entire organization to merit, win and hold the good- Company through which manufacturing costs have been
will of the public at all times, and at all points of contact. greatly reduced, and questions also the adequacy of the
The program consists of:
allowance made for obsolescence to existing plants by reason
1. Appeal to Employees.—(a) By encouraging their aid
of the introduction of the improved processes covered by
In bringing to the attention of the proper departments any these rights.
complaints regarding service or any new business prospects
Another case of importance was that of Leon P. Lowe vs.
coming to their notice in their daily contact with friends,
Pacific Gas & Electric Company, involving certain gas patacquaintances or the public.
which was also decided in favor of the Company in the
(b) By keeping constantly before them the desire of the ents,
of the United States for the Northern District
Company to adjust courteously, promptly and fairly all com- District Court
of California.
plaints from consumers.
It is a pleasure to express once more our appreciation of
(c) By educating them regarding the policies of the Comthe fine spirit of loyalty and co-operation which has charpany in dealing with its consumers and the general public.
Company's organization throughout the year.
2. Appeal to Consumers.—By means of lectures regarding acterized the
,FOR THE BOARD OF DIRECTORS,
Company activities given before luncheon clubs, women's
W. E. CREED, President.
clubs and various other organizations.
PACIFIC GAS AND ELECTRIC COMPANY AND SUBSIDIARY COMPANIES.
CONSOLIDATED BALANCE SHEET DECEMBER 31 1924.
ASSETS.
Plants and Properties
$249.178.251 62
Discount and Expenses on Capital Stocks
9.104.811 86
Investments
1.355,849 97
Trustees of Sinking Funds(excluding Company Bonds in
Sinking Funds):
Cash
$86.888 05
Accrued interest on bonds held in sinking
funds
141,618 97
LIABILITIES.
Capital Stocks of Pacific Gas and Electric Company,
Stocks Subscribed for but not Fully
Including
Paid:
First Preferred Capital Stock
$54.464,411 91
Common Capital Stock--$74,502.798 33
Less—Owned by Subsidi31,696,866 66
ary Company
42,805,931 67
Total trustees of sinking funds
Cash in Hands of Trustees for Redemption of Notes
Matured
Current Assets—
Cash
$8.779.321 48
Notes receivable
$69.761 84
Accounts receivable
4,7.6,978 44
Total Capital Stocks
$97.270,343 58
Capital Stocks of Subsidiary Companies not held by the
Pacific Gas and Electric Company and Unpaid Dividends
18.775 34
thereon
Funded Debt:
Pacific Gas and Electric Company Bonds.$111.542,000 00
Bonds of Subsidiary Companies
41,815,300 00
228,507 02
4.407 50
Total
$4,816,740 28
Less reserve for doubtful ac44,753 79
counts and notes
Total Funded Debt
Current Liabilities—
Accounts Payable
Drafts Outstanding
Meter and Line Deposits
Dividends
Bond Interest Due
Accrued Interest—Not Due
Accrued Taxes—Not Due
Remainder
4,771.986 49
Installments receivable from subscribers to
First Preferred and Common Capital
436,143 29
stocks
Construction Funds in hands of trustees of
2,705,846 79
First and Refunding Mortgage
4,983.996 11
Materials and Supplies
6,784 01
Accrued Interest on Investments
21.684.078 27
Total Current Assets
Deferred Charges—
Unamortized Bond Discount and Expenses_$8,148,977 33
Prepaid Taxes and Undistributed Suspense
297.754 72
Items
Total Deterred Charges
8.446,732 05
Total Current Liabilities
Reserves—
For Northern California Power Company
Consolidated Plant Adjustments and
Accrued Depreciation
$1,650,398 63
Depreciation
17,062,383 64
Insurance
520.801 le
For amounts charged during 1913, 1914,
1915. 1916 and 1917 to Consumers in
excess of rates allowed by City Ordinances
1.820.134 09
Total Reserves
Surplus
Total _
$290.002,638 19
153,357.300 00
$2,041,555 88
457,014 88
731.017 55
839.663 10
464.516 25
1,818.303 99
2.189,469 73
Total
8.541,541 38
21,053,717 46
9.760,960 43
$290,002,638 19
WE HEREBY CERTIFY that, in our opinion, the above
We have audited the books and accounts of the Pacific
Gas and Electric Company and subsidiary companies for the consolidated balance sheet is correct.
San Francisco, April 1 1925.
HMUCENS & SELU3.
Year ended December 31 1924 and
[vol.. 120.
THE CHRONICLE
2426
CONSOLIDATED STATEMENT OF INCOME AND PROFIT AND
LOSS FOR THE YEAR ENDED DECEMBER 31 1924.
644,451.586 69
Gross Operating Revenue
Expenses—
$2,946,463 08
Maintenance
Operating, Distribution and Administration
21,333,954 78
Expenses
3,922,678 42
Taxes
3,057,416 54
Depreciation
31,260,512 82
Total
Net Operating Revenue
Miscellaneous Income
Gross Income
Deduct—
Interest on Bonds
Miscellaneous Interest
$13,674,906 49
Grosg Surplus
Less Net Profit and Loss Charges
516,299,954 52
254,262 65
Surplus before Deducting Dividends
Dividends—
On Preferred Capital Stock (6%)
On Common Capital Stock (8%)
$16,045,691 87
$7,620,199 06
20.255 26
$7,640.454 32
1.378.190 71
$6,262,263 61
Remainder
Amortization of Bond Discount & Expenses 384,293 42
.
6,646.557 03
Total
$3,244,608 74
3,040.122 70
6,284.731 44
Total
$9,760.960 43
Surplus, December 31 1924
$13,191.073 87
483,832 62
Total
Less Interest charged to Construction
$7,028,349 48
9.271,60506
Net Income
Surplus, January 1 1924
PACIFIC GAS AND ELECTRIC COMPANY AND
SUBSIDIARY COMPANIES.
CERTIFICATE OF AUDIT.
We have audited the books and accounts of the Pacific
Gas and Electric Company and subsidiary companies for the
year ended December 31 1924 and
WE HEREBY CERTIFY that, in our opinion, the above
consolidated statement of income and profit and loss is correct.
HASKINS & SELLS.
San Francisco, April 1 1925.
GROSS EARNINGS.
1906
S 8.947.162
1907
11.342,140
1908
12,657,305
1909
13,491,288
1910
14,044,596
1911
14,604.609
1912
14,651,786
1913
16,094.514
1914
17,100.534
1915
18.778,446
1916
18.941,427
1917
20,118,990
1918
22,870,194
1919
26,309,671
1920
34,985,791
1921
37.509,707
1922
39,204,605
1923
39,971,743
1924
44,935419
HAVANA ELECTRIC RAILWAY LIGHT & POWER COMPANY
ABSTRACTS FROM THIRTEENTH ANNUAL REPORT OF THE DIRECTORS FOR THE YEAR ENDED
DECEMBER 31 1924 FOR SUBMISSION AT THE ANNUAL MEETING OF THE STOCKHOLDERS
CALLED FOR MAY 21 1925.
To the Stockholders:
Your Directors beg to submit their Thirteenth Annual Report.
The Gross Earnings for the past five years were as follows:
1920.
$11,477.937 27
1921.
512.882.65256
1922.
$12,910,707 17
1923.
813,458,063 95
A condensed statement of the results of the operations during the same five years is:
Gross Earnings
Operating Expenses and Taxes
1924.
$14,357,901 12
1922.
1921.
1920.
511,477,037 27 512.882.652 56 812.910.707 17
6,308.968 10
7.376.34365
6,448.451 78
513.458.063 95
6.571,34072
1924.
314,357,901 12
7,433,585 10
1923.
Net Income
Miscellaneous Income (Net)
55,029.485 49
47,783 85
55,506.308 91
122.766 56
56,601.739 07
189.052 87
86.886.723 23
396.270 51
$6,924,316 02
339,686 14
Total Net Income
Interest Charges
85,077,269 34
968,759 31
65,629.075 47
1,009,011 33
56.790.791 94
1,087.007 54
57,282.993 74
1,117.166 21
57,264,002 16
1.088.94978
$4,108.510 03 54,620,064 14
Net Profits from Operation and Miscellaneous Income
Out of the Not Profits from Operation and Miscellaneous Income for the year under review, namely
there has been set aside as Reserve for Depreciation and Contingencies
t5.703,784 40
56.165,827 53
$6,175,052 38
Leaving a Balance of
The Balance at Credit of Profit and Loss Account January 1 1924 was
Total
The following disposition was made thereof:
Miscellaneous Accounts written off, net______________________________________________________________________________________
. Amortization of Discount and Expenses on Funded Debt
Provision for Sinking Fund in respect to English Bonds of Compania de Gas y Electricidad de la Habana
Provision for Sinking Fund in respect to the Consolidated Mortgage Bonds of the Havana Electric Railway Company
Provision for Sinking Fund in respect to the General Mortgage Bonds of Havana Electric Railway, Light & Power Company
Dividends paid during the year (6% on the Preferred Stock and 6% on the Common Stock)
Balance carried forward to 1925
Total
$8,175,052 38
3.240,638 12
$2.934,414 26
4,092,568 67
57,026.982 93
$31,113 82
46,485 90
17,400 00
144,286 84
156,983 34
2,155,213 53
.
4 475,409 50
97.028.982 93
4
MAY 9 1925.]
THE CHRONICLE
2127
HAVANA ELECTRIC RAILWAY, LIGHT & POWER COMPANY.
(Incorporated Under the Laws of the State of New Jersey, U. S. A.)
BALANCE SHEET DECEMBER 31 1924.
ASSETS.
Properties, Plant and Equipment, as per
$64,654.817 76
Balance Sheet Dec. 31 1923
1.628,580 36
Net Additions during Year
$66.283.398 12
Investments (At Cost)
1,586,976 60
Current Assets:
$6.676,392 22
Cash in Banks and on Hand
Accounts and Notes Receivable after
providing for Bad and Doubtful Debts
2,716,056 94
Materials, Merchandise and Supplies on
Hand
1,658.319 67
Materials in Transit
55,123 40
11.105.892 23
Special Cash Funds
967 99
Deferred Assets, Charges. &c.:
Insurance paid in advance. &c
52.58 86
Capital Stock of Havana Electric Railway,
Light & Power Company
$17.542 00
Held in Reserve in respect of the following:
Capital Stock of Havana Electric
Electric Railway Company.
Outstanding:
To be exchanged for Capital
Stock of the Havana Electric
Railway, Light & Power Co.$14,840 00
apital Stock of Compania de
Gas y Electricidad de la
la Habana, Outstanding:
To be exchanged for Capital
Stock of the Havana Electric
Railway. Light & Power Co. 2,702 00
17.542 00
LIABILITIES.
Capital Stock:
Authorized:
210,000 Shares 6% Cumulative Preferred Stock.
par value $100 each_ _- -521.000,000 00
150.000 Shares Common
Stock, par value $100
each
15,000.000 00
$36,000,000 00
Issued and fully paid:
6% Cumulative Preferred
Stock:
209,787 Shares, par value
$100 each
$20,978,700 00
Less: Held in Treasury
21.13 shares, par value
$100 each
2,113 00
520.976.587 00
Common Stock:
150,000 Shares, par value
$100 each
$15,000,000 00
Less: Held in Treasury
567.79 Shares, par value
$100 each
56,779 00
14,943,221 00
$25.910,808 00
Funded Debt:
As per Schedule attached hereto
Mortgage on Real Estate
Current Liabilities:
Accounts Payable
Dividends and Interest due but unpaid___ _
Accrued Interest on Bonds
Consumers' and Other Deposits
Reserve for Taxes and Contingencies
Special Reserve
Reserve for Depreciation
Corporate Surplus:
As per Schedule attached hereto
579,029.833 80
20,781,740 74
100,000 00
$315.706 74
153,780 44
245.578 62
716,065 80
803,905 97
2,435.094 66
522.952 51
10.975,628 51
6,775,637 61
$79.029.833 80
Approved:
P. STEINHART. President.
We have verified the above Balance Sheet as at December 31 1924, and
the accompanying Profit and Loss Account for the year ended at that
date
with the books of the Company and. subject to the sufficiency of the
Reserve for Depreciation, we certify that, in our opinion, they correctly
set forth,
respectively, the financial position of the Company as at December 31
1924. and the results of the operations for the year.
Edificio do la Lonja No, 511-14.
DELOITTE, PLENDER, GRIFFITHS & CO.,
Havana, Cuba, March 25 1925.
Auditors.
CORPORATE SURPLUS—DECEMBER 31 1924.
Profit and Loss Account—Credit Balance at Dec. 31 1923_ _
_$4,092,568 67
Add—Net Profit for the Year 1924. as per Profit and Loss
Account
2,538,144 36
Railway
Light & Power
Department. Department.
Total.
Deduct—Reserve for Depreciation
$509,602 97 $1,981,035 15 52.490,638 12
Reserve for Contingencies
153,455 54
596.544 46
750,000 00
$663,058 51 $2.577.579 61 $3.240,638 12
36.630.713 03
Deduct—Dividends Paid:
On Preferred Stock:
5530.900 54 52.063,827 58 $2.594,728 12
May 15 1924, on $20,976,697
at 3%
$629,300 91
Add—Interest on Deposits
5251.012 22
Nov. 15 1924, on $20,976,687
Income from Securities
21.611 39
at 3%
629.300 61
Rents
37,750 87
Other Miscellaneous Income
51.258.601 52
29.311 66
On Common Stock:
$339.686 14
May 15 1924, on $14,943,546
at 3%
$448,306 38
Deduct—Miscellaneous Acets written off, net 531.113 52.934,414 26
Nov. 15 1924. on $14,943,521
82
Amortization of Discount and Expenses on
at 3%
448,305 63
Funded Debt
46,485 90
896.61201
Provision for Sinking Fund of Thirty-seven2,155.213 53
Year English 5% Mortgage Bonds of
Compania de Gas y Electricidad de la
Profit and Loss Account—Credit
Habana
Balance at Doc. 31 1924
17.400 00
34,475,499 50
Provision for Sinking Fund or Consolidated
Mortgage 5% Gold Bonds of Havana
Funded Debt Retired Through Income and
Electric Railway Company
and Surplus:
Provision for Sinking Fund of General Mort- 144,286 84
Consolidated Mortgage 5% Gold Bonds of
gage 5% Sinking Fund Gold Bonds of
Havana Electric Railway Company
Havana Electric Railway, Light & Power
51,215.000 00
Thirty-Seven Year English 5% Sinking Fund
Company
156,983 34
Mortgage Bonds of Compania de Gas y
396.269 90
Electricidad de la Habana
220,883 27
Net Profit for the Year. Carried to Surplus
General Mortgage 5% Sinking Fund Gold
Account
Bonds of Havana Electric Railway. Light
$2,538,144 36
& Power Company
621.000 00
SCHEDULE OF FUNDED DEBT DECEMBER 31 1924.
2,056,883 27
Sinking Fund Reserves:
Consolidated Mortgage 5% Gold Bonds of
Consolidated Mortgage 5% Gold Bonds of
Havana Electric Railway Company, dated
Havana Electric Railway Company
February 11902. due February 1 1952
58,237,111 09
General Mortgage 57 Sinking -Fund Gold $153,950 67
Less: In Treasury
946.941 09
Bonds of Havana Electric Railway, Light
& Power Company
57,290,170 00
89,304 17
6% General Consolidated Obligations of Compania de Gas y Electricidad de la Habana.
243,254 84
called for redemption on Juno 15 1917
Corporate Surplus, carried to Balance Sheet
3.100 00
$6.775.63761 Fifty-Year 67 Mortgage Bonds of Compania
de Gas y Electricidad de la Habana, dated
1904, due 1954
53.998.00000
Less: In Treasury
96 00
CONDENSHD PROFIT AND LOSS ACCOUNT FOR
THE YEAR
3.997,904 00
Thirty-seven-Year English 5% Sinking
ENDED DECEMBER 31 1924.
Fund Mortgage Bonds of Compania
Railway
Light &Power
de Gas y Electricidad do la Habana,
Department. Department.
1906
Total.
£104,300 $504,116 73
Gross Earnings from OperaLess: In Treasury
89,700 433,549 99
tions
55.924,606 26 $8,433,294 86 514.357,901
12
Operating Expenses
i:14.600
3,952.872 56 2,588,636 57
70.566 74
6,541,509 13
General Mortgage 5% Sinking Fund Gold
$1,971,733 70 $5,844.658 29
$7.816,391 99
Bonds of Havana Electric Railway, Light &
Power Company. dated September 1 1914,
Deduct—Taxes. U. S. A
$74,579 50 $290,000 00
due September 1 1954
$364.579 50
510.828.000 00
90,123 43
la Taxes, Cuba
434,000 00
524.123 43 Less—Deposited with Trustee under
Trigo Annuities
3,373 04
Sinking Fund
3,373 04
5621,000 00
Interest
609.698 68
479.251 10
Deposited with Cuban Government 52,000 00
1,088,949 78
In 'Treasury
735.000 00
5777.774 65 $1,203,251 10 51
,981,02575
1,408,000 00
MR
51.193.959 05 $4,641.407 19 $5,835,366
,
420.000-00
24
$20.781740 74
VoL. 120.
TN 114 CHRONICLE
2428
CHICAGO BURLINGTON & QUINCY RAILROAD COMPANY
-FOR THE YEAR ENDED DECEMBER 31 1924.
SEVENTY-FIRST ANNUAL REPORT
Chicago, January 2 1925.
To the Stockholders of the Chicago Burlington & Quincy
Railroad Company:
The following is the report of your Board of Directors for
the year ended December 31 1924:
MILEAGE.
MILEAGE OF ROAD OPERATED ON DECEMBER 31 1924.
Operated
under
Lease or
Contract.
Total
Mileage
Operated.
86.88
392.87
1,684.99
1.370.48
259.54
23.36
1,122.70
134.38
2,859.37
258.52
228.51
694.82
38.50
120.37
75.08
.91
15.05
14.31
49.45
22.72
.45
.53
29.64
431.37
1.80536
1,445.56
260.45
38.41
1,137.01
183.83
2,882.09
258.97
229.04
724.46
4,359.92
9,029.54
367.01
9.396.55
Line Owned.
State.
Colorado
Illinois
Iowa
Kansas
Minnesota
Missouri
Montana
Nebraska
South Dakota_
Wisconsin
Wyoming
Total
Branches
Main Line and Spurs.
213.98
968.77
372.13
12.81
22.18
648.75
134.38
1.411.29
48.88
228.51
607.94
4.669.62
178.89
716.22
998.35
246.73
1.18
473.95
1.448.08
209.64
Total.
CAPITALIZATION.
CAPITAL STOCK.
Number of
Shares.
1.708,378
Scrip
Miles of
Road.
Colorado....__
Illinois
Iowa
Kansas
Minnesota___
Missouri_ _ _ _
Montana_ __ Nebraska ___
South Dakota
Wisconsin__
Wyoming'_-
392.87
1,684.99
1,370.48
259.54
23.36
1,122.70
134.38
2,859.37
*260.75
Rate.
Amount.
10%
3170.837,800 00
1,30000
7 65
317,083./ 00
Total
3170.839.100 00
Scrip totaling $40000 was exchanged for full shares during the year.
Total par value of stock remained without change.
FUNDED DEBT.
In Treasury.
Nominally
Issued.
I Actually Issued
and Reacquired.
Actually
Outstanding.
Interest Accrued
During Year.
38.641,43946
3212.300,000
$1.166.000
39.873.000
Funded debt actually outstanding increased during the year 39.544,000.
$10,000.000
This increase was in bonds issued and sold
Less:
Equipment Notes matured, paid and canceled--$404,000
52,000
Bonds purchased and canceled
456.000
39,544.000
LINE OWNED.
State.
Dividends Declared during the Year
Total Par Value
Authorized and
Outstanding.
Second
Track.
.48
491.08
245.27
ACCRUED TAXES.
Third Fourth Yard Track
Track. Track. ez Sidings.
44.99
5.84
2.27
112.58
32.70
129.82
228.51
3.66
69432
&R4
4* nni 77 1 ()In AO 472R
Tr.t.si
* Includes 2.23 miles owned but not operated.
154.37
1,186.85
360.35
25.81
41.19
446.68
50.67
790.93
77.19
76.74
255.84
Total.
547.72
3,413.75
1,976.10
285.35
66.82
1,681.96
18r.05
3,683.00
337.94
435.07
954.32
3.466.62 13.567.08
COMPARATIVE STATEMENT OF INCOME, YEARS
•
ENDED DECEMBER 31.
1924.
Colorado
Illinois
Iowa
Kansas
Minnesota
Missouri
Montana
Nebraska
South Dakota
Wisconsin
Wyoming
Other States
$421,496 99
2,263,076 57
1.103,88439
182,241 44
42,415 13
494,360 58
151,053 65
1.906.49067
221.912 76
497,992 50
660,932 74
975 52
1923.
$437.874 94
1.868.653 38
1,058.665 71
122,371 64
57,901 68
521.330 37
147.170 39
2,176,00000
203,880 26
479,837 47
505,482 46
131 61
Increase (-I-) Or
Decrease (-)•
-316.37795
+394,423 19
+45.21868
+59,869 80
-15,486 55
-26,96979
+3.88328
-268,50933
+18,032 50
+18.155 03
+155,45028
+84388
37.946,832 94 $7,578,299 94 +$368.533 00
Total States
'
United States Government_ 32.695,742 84 $1,689.754 93 +31.005.98791
Grand Total _ _ _ _ _ _ _ _ _ _ _ S10.R42.R7R 75 10.211R.R34 57 +31.374.520 91
% of
% of
141.0ger•
Ry.Oper.
INVESTMENT IN ROAD AND EQUIPMENT DURING
Rev.
1923.
Operating Revenues.
Railway
Rev.
1924.
THE YEAR.
$
%
$
%
126,433,098 13 73.82
Freight
New Lines Additions
73.63 119,773.873 05
and
and
28,569,830 88 16.68
Passenger
16.30 26.522,641 75
Total.
Extensions. Betterments.
Account4,242,408 35 2.48
Mail
2.64 4,294,717 60
Cr.$2.121 98 3134,731 42 $132,609 44
Engineering
4,442,387 40 2.59
Express
2.66 4,321.328 29
54 42Cr1.102,396 15Cr1.102,341 73
purposes__
3.05 4,961.483 55 --All other transportation.... 4,412,431 25 2.58 Land for transportation
10,846 10 2,288.169 69 2.299.015 79
2.798.801 02 1.63 Grading
Incidental
1.52 2,467,91641
Cr.190 68 Cr.2,118 37
Cr.1,926 69
.22 Tunnels and subways
371,703 77
Joint facility
332.917 33
.20
Bridges, trestles and culverts_ ___Cr.10,738 57 1,656,020 54 1,645,281 97
1,785 23
1.785 22
100.00 162,674.877 98 Total railway oper. revenues-171.270.668 80 100.00 Elevated structures
187,762 76
186,033 96
1.728 80
Ties
Railway Operating Expenses.
320.206 92
318,120 82
10
2,086
Rails
11.93 19.413.916 56 Maint. of way and structures 21.984,557 03 12.84 Other track material
529.846 27
535.501 43
Cr.5,655 16
21.38 34.786.169 62 _Maintenance of equipment- 40.654.33 51 23.74 Ballast
323,841 14
5.234 97
318,606 17
1.65
2,815,004 27
Traffic
2,877.617 90
1.77
40.834 04
33,764 00
7,070 04
and surfacing
63,395,808 20 37.01 Track laying
Transportation
35.54 57,810,257 64
18,999 24
19,606 86
Cr.607 61
1,716,368 53 1.00 Right-of-way fences
1,670,213 94 __Miscellaneous operations
1.03
Snow and sand fences and snow
4.318.010 52 2.52
General
2.59 4.217.049 42
139 96
139 96
sheds
Cr..50 Cr.816,490 89 Transp. for invest't-Credit_ Cr.593.705 50 Cr. .35 Crossings and signs
4,627 04
174.084 36
128,711 40
287 33 1.651,99546 1,652.282 79
73.74 119,958.734 19 Total railway oper. expenses_134,290,378 56 78.41 Station and office buildings
Cr.44 90 Cr.6.588 15
Cr.6,633 05
Roadway buildings
2E7.26 42,716.143 79 Net rev,from railway oper'ns 36,980,282 24 21.59 Water stations
1'58,883 37
158,883 37
8,998 32
8.996 32
Fuel stations
9,268,054 87
-Railway tax accruals_
10.642.575 78
Cr.82 42
214.786 17
Shops and enginehouses
214.868 59
57.456 37
75.473 68 Uncolloctible railway revenue
Grain elevators
62,277 74
62,277 74
Wharves and docks
31.998.094 33 _Railway operating income_ 27,654,771 00
Cr.3,922 77 •Cr.3,922 77
Telegraph and telephone lines
Cr.120 92
76,375 32
76.496 24
Non-Operating Income.
Signals and interlockers
Cr.175 87
308.846 06
309,021 93
593,161 45
Hire of equipment
601,936 98
plant buildings
Power
6,41774
6.417 74
612,915 71
570.443 05 _Joint facility rent income_
Power transmission systems
730,307 43
6.14085
6.14085
601,838 77 _Miscellaneous rent income
Power distribution systems
37,943 92
37.943 92
1,429,225 48 Dividends & miscall. interest 1.729,257 30
5.19941
_Miscellaneous income_
83,024 26
Power line poles and fixtures
5.97777
5,977 77
Underground conduits
696 85
696,85
3,286.468 54 _Total non-operatingincome- 3.670,841 30
Miscellaneous structures
68,340 16
68,340 16
Paving
19.445 84
19,445 84
31.325,612 30
Gross income
35.284.562 87
Roadway machines
46.548 24
46,548 24
Roadway small tools
10.036 97
10.036 97
Deductionsfrom Gross Income.
Assessments for public improve1,766,285 34
Hire ofequipment
ments
201.550 01
2.583.282 01
201,55001
1.728.99602
Revenue and operating expenses
1,845,089 03 -Joint facility rents_
153.810 66
Miscellaneous rents..
21 94
during construction
175,705 41
21 94
8.256.488 34
Other expenditures
1.396 11
-road
8.641.439 46 __Interest on funded debt_
1,396 11
29.905 62
423,577 64
Shop machinery
28.521 91 -Interest on unfunded debt_
423,57754
13
99,597
128.166 36
Power plant machinery
108.705 25 Amort. of disc, on fund. debt
128,166 36
2,000 00 Miscellaneous Income charges
Total expenditures for road--- 411.877 73 $7,990,845 58 38.002,72631
13,384 734 07 Total deduc. fr. gross income 12,035,083 11
Steam locomotives
$84,003 27
$84,003 27
-train cars
Freight
28,742.112 32 Net railway operating income 25,365,566 80
1.062.783 12 1,062.783 12
473.153 96
Passenger-train cars
(See table bot of page 31,
473.153 96
pamphlet revolt.)
Cr.38 40
Motor equipment of cars
Cr.38 40
25 84
Floating equipment
25 64
19.290.529 19
Netincome
Work equipment
21.899,82880
Cr.97,299 68 Cr.97.299 68
8,522 77
Miscellaneous equipment
8,522 77
Disposition of Net Income.
Total expenditures for equipment
289.409 67
31,531,150 68 $1,531,150 68
ginldng funds
293,930 48
17,083,735 00
Dividends
17,083.765 00
Interest during construction
515.772 77
315.772 77
17,377,695 48 _Total approp'ns of income- 17.373,144 67
Total general expenditures
$15,77277
$15,77277
4,522,133 32 Income balance transferred
Grand total
1,917.384 52
$11::877 73 39.537,772 03 39.549.649 76
to profit and loss
MAY 9 1925.]
THE CHRONICLE
EQUIPMENT.
Number
on
Dec. 31
Class of Equipment- 1923.
Steam locomotives
Average
tractive
power all
Number locomotives
on
& average
Dec. 31 capacity all
1924. freight cars
Lbs.
1.969
36,214
Number
added
during
year.
Number
retired
during
year.
4
13
1
4
1,250
737
2
----
368
10
257
1,431
3
47
2
7
30,048
1,423
7.316
27,123
333
3.306
773
76
1.994
2,125
70,398
1.978
Freight-train cars:
Box cars
30,415
Flat cars
1,429
Stock cars
6.323
Coal cars
27.817
Tank cars
336
Refrigerator cars
3,353
Caboose cars
773
Other freight-train cars
83
All classes offreight
train cars
70.529
Passenger-train cars:
Coaches
706
Combination passenger Cars
150
Other combination cars 102
Dining cars
53
Parlor cars
14
Baggage and express
cars
271
Postal cars
53
Other passenger-train
cars
28
8
1
12
6
37
Special train:
Freight, loaded
Freight, empty
Caboose
Passenger
Other passenger train_
Tons.
41.61
307
36
17
Work service
Freight Service
Tons
-revenue freight_ _
" -non-rev.freight
61
40
29
1,862
25
17
21
57
86
57
125
4,676
All classes of cars in
service
76,650
2,112
2.290
Increase(+)or
Decrease
(-).
4,122.070
1,544,847
2,992
2,295.617
1.066.062
2.068
+1,826.453
+478,785
+924
36.155
991,907
36,942
959,604
-787
+32.303
1.089
210,963
2.908
163.486
-1,819
+47.477
6,910.023
4.526.687
+2.383.336
205,601
12.474
15.681
78,809
289.338
17.250
23.776
112.988
255
--83.737
--4.776
--8,095
--34,179
--255
312,565
443.607
-131,042
964,204.141
1,018.376.558
-54.172,417
1,335.860
2.089.620
-753,760
42,778,294
8.249.377
43.483.603
11.631.481
--705,309
--3,382,104
2,722
All classes of company service cars_ 4,744
1923.
51,027,671
55.115.084
-4.087,413
Ton miles:
Revenue freight
12.287,747.806 12,690.384.346 -402,636,540
Non-revenue freight.. _ 1.873,146,894 2.675,987,454 -802.840,560
Total
14,160,894,700 15,366,371.800 --1,205.477.100
1.398
2
34
2
1
1924.
" -total
28
All classes of passenger train cars1,377
Total
Total transportation
service
149
112
49
14
1
Total
703
2
2
10
ITEMMixed train:
Freight, loaded
Freight, empty
Caboose
Exclusive work equipment
Passenger
Sleeping, parlor and
observation
Other passenger train_
2429
76,472
Company service cars:
Officers' cars
31
Ballast cars
1.896
Derrick cars
27
Steam shovels
18
Wrecking cars
21
Other company service
cars
2,751
Floating equipment:
Steamboats and tugboats
Barges, car floats and
canal boats
Other floating equipment
Totalfloating equipment
3
10
2
15
1924.
1923.
9,407.23
9,401.41
Train-MilesFre1ght-ordinary
-light
18,274,380
164.149
20,091,220
199,106
" -total
Passenger•
Mixed
Special
18,438,529
17.965,981
707.248
15,734
20.290,326
18,013,261
641.001
24,494
37,127.492
38,969.682
516.381
645,908
"
18,443.837
740.623
814.570
20,297.818
820.092
994.169
" -total
19,999,030
22.112,079
Total transportation service
Work service
Locomotive-Milesfreightrlnclpal
el er
Passfmgeri inci
r
l elperpal_
_
"
-light
17,911,295
228,843
397.146
17,927,831
253,164
471,126
"
-total
18.537,284
18,652.121
707.362
6,391
6.682
641.068
5,287
6,851
720,435
653.206
15.734
2.096
551
24,494
2,357
804
18,381
907,844
27.655
894,498
8,358.542
630,742
9,167.747
616.341
-total -- -
8,989,284
9,784.088
Total transportation
service
49.172,258
52.123.647
883,014
1.090.289
514.234,556
305.110,385
552,356,649
320.015,342
819.344,941
872,371,991
17,278,357
19,043.446
ln
: ei er
Mil ed trt4n =Kr pcipal_ _
t
" -light
-
" -total
Special-principal
--1411
"
total
Train switching
Yard switching-freight..
-passenger
.•
Work service
Car-Miles
Freight train-loaded _
" -empty--Sum of loaded and
empty
Freight train:
Caboose
Exclusive work equipment
Total
passenger train:
Passengers
Sleeping, parlor and
observation
Dining
Other
Total
18,502.145
967.096.799
-417,412
-57,794,312
Averages Per Mile of Road
Freight-train miles
1.960
Passenger-train miles_ _ _
1.910
15
11 ixed-train miles
75
Special train miles
2
Transportation service
train-miles
3,947
Work-train miles
55
Increase(+)or Locomotive-miles
-transDecrease
portation
5.227
Freight service ear-miles..
89,775
+5.82 Passenger service carmiles
12,721
Freight revenue
$12.732 11
-1,816,840 Passenger service train
-34,957
revenue
$3.97265
Operating revenues
$17.292 54
--1,851.797 Operating expenses
$12,75176
--47,280 Net operating revenues_ _
$4,54078
i-66.247 Ton-miles:
--8,760
Revenue freight
1,306.203
All freight
1,505.320
Passenger-miles
-revenue
96.660
-1.841.590
Averages Per Train-Mile
-129.527
Loaded freight car-miles:
Freight trains
27.89
Mixed trains
-1.853.981
5.83
-79,469 Empty freight-car miles:
Freight trains
-179.599
16.55
Mixed trains
2.18
-2,113,049 Ton-miles:
Revenue freight
647.80
All freight
--16,536
746.55
--24.321 Passenger train car-miles:
Passenger trains
--73,980
6.59
Mixed trains
1.70
-114,837 Revenue passenger-miles
50.12
Freight revenue
$631
+66,294
+1.104 Passenger service train
revenue
--169
$206
Operating revenues
$438
+67.229 Operating expenses
$323
Net operating revenues_ _
$1 15
-8.760
-261
Averages Per Locomotive-Mile
-253
Train-miles-freight tr's
0.92
Car-miles-freight trains
-9,274
41.93
+13,346 Train-miles-pass. trains
0.97
Car-miles-pass. trains_
6.39
-mixed tra's
-809.205 Train-miles
0.98
-mixed trains _
+14.401 Car-miles
9.59
Train-miles-special tra's
0.86
-794.804 Car-miles--special trains
17.00
Averages Per Loaded
Freight Car-Mile
--2,951.389
Ton miles:
Revenue freight
-267.275
23.71
All freight
27.32
Freight revenue
10.23106
-38,122,093
Averages Per Car-Mile-14.904,957
Passenger
Passenger-miles
-revenue
12.59
-53,027,050 Passenger revenue
20.36732
Miscellaneous Averages
-1,765.089
Miles hauled:
Revenue freight
-317,668
287.24
Non-revenue freight- _
227.07
--55,109,807
All freight
277.51
Miles carried-rev. pass
50.28
Rev, per ton of freight. _
12.79988
-1.809,519 Rev,per ton-m.offreight
S0.00975
Revenue per passenger
$1.46658
+342,974 Rev, per passenger-mile20.02917
+35.418 Operating ratio
73.74%
+116,223
2
STATISTICS OF OPERATIONS.
ITEM
Average mileage of road
operated (miles)
18,084,733
909,302,487
Revenues & Expenses
Freight revenue
$119,773,873 05 $126.433.098 13 -26.659,225 08
Passenger revenue
26,522.641 75 28,569,830 88 -2,047.189 13
Passenger service train
enue
37,371.618 20 38.810.585 13 -1.438.96693
Operating revenues
$162,674.877 98 $171.270,660 80 -28.595,782 82
Operating expenses
119.958,734 19 134.290.378 56 -14.331.64437
Net operating revenues 242,716,143 79 $36.980,282 24
+$5,735.861 55
3
10
Passenger ServicePa.ssengers carried-rev_
Passenger miles-revenue
1,968,913
2.286,581
838.592.211
893,702.018
42,840,791
44,650,310
28.371,448
5,144.230
42,032,873
28.028,474
5,108.812
41.916,650
118.389,342
119,704,246
(-).
-1,314,904
2.158
1,916
68
3
--198
--6
4,145
69
--198
--14
5.544
95,457
--317
--5,682
12.864
$13,44831
--143
-171620
$4,12817
$18,217 55
$14.28407
$3,933 48
-415552
-$92501
--11.532 31
+160730
1,349.838
1.634.475
102,867
--43.635
--129,155
--6.207
27.23
3.58
+.67
+2.25
15.77
1.66
+.78
+.52
611.68
740.66
+36.12
+5.89
6.65
1.76
53.14
$609
--.06
-0.6
-3.02
+1.22
$213
$440
$345
$0 95
-20.07
-$0.02
-20.22
+10 20
0.92
40.42
0.97
6.42
0.98
6.93
0.89
16.04
-0.03
22.88
27.79
10.22795
+0.83
-0.38
+20.00311
13.13
10.38796
-0.54
-20.02064
291.84
230.06
278.81
52.27
22.90760
10.00996
$1.54414
20.02954
78.41%
-4.60
-2.99
-1.30
-1.99
-2.10772
-10.00021
-20.07756
-$0.00037
-4.67
+7
--4
+1.51
+2.66
-0.03
+0.96
•Includes 54,686 motor-Car miles in 1924 and 85.430
motor-car miles
in 1923.
A comparison of tonnage with 1923 by commodities handled shows the following:
CAPITALIZATION.
CAPITAL STOCK.
The Capital Stock outstanding remained without change
during the year.
$170,839,100
Of the total amount outstanding
in
$1,300 was represented by fractional stock scrip convertible,
multiples of $100, into full shares. This scrip is not entitled
to vote or to receive dividends until so convertedl
Dividends paid during the year and charged to Income for
the year were:
$8.541.875
8,541.890
5% on $170.837.500
June 25 1924.
December 26 1924.5% on 170.837,800
$17,083.765
Total charged to Income for the year
FUNDED DEBT.
On December 31 1923 the Funded Debt outstanding in the
$202,756,000
hands of the public was
During the year 1924 the following changes were made:
By issuance of First and Refunding Mortgage 5%
Bonds. Series A, maturing February 1 1971_ __ _610,000,000
By the purchase of Nebraska Extension Mortgage
$52,000
Sinking Fund Bonds of 1927
By the retirement of Equipment Gold Notes
404.000
matured January 15 1924
458,000
$9,544,000
Total addition
in the
On December 31 1924 the Funded Debt outstanding
$212,300,000
hands of the public was
GENERAL OPERATIONS.
REVENUES.
Total Operating Revenues for 1924
Total Operating Revenues for 1923
$162,674.877 98
171,270,660 80
Decrease
58,595,782 82
5.02%
The decrease was made up as follows:
Decreased $6,659,225 08 5.27%
Freight
7.17%
Decreased 2,047,189 13
Passenger
2.73%
121,059 11
Decreased
Express
601,361 55 6.95%
Increased
Other Transportation Revenues
181.08678 29.84%
Decreased
Demurrage
7.75%
188.584 27
Other Incidental Operating Revenues__Decreased •
$8,595,782 82 5.02%
Total Decrease
deThe decrease in freight revenue was due to a general
the year
crease in business during the first seven months of
prevailing
resulting to no small extent from the uncertainty
al elecduring this period as to the outcome of the Presidenti
agricultural distion. In addition, conditions prevailing in
all of
tricts during this period and throughout practically
of buying
the preceding year resulted in a curtailment
very
power in the communities we serve which restricted
of manufactured products. In the
materially the movement
advanced
autumn, with the marketing of the new crop at
conditions at once improved, but it was then
prices, business
year.
Impossible to make up the ground lost earlier in the
Notwithstanding the conditions prevailing the first seven
months of the year, the tonnage originating on the system
recIncreased 1.6% and compared favorably with previous
Tonnage received from connections decreased
ord years.
reve8.8% and contributed largely to the decrease in freight
products
nue. Tonnage of manufactured and miscellaneous
and
decreased 5.4%, a decrease in the movement of iron
manufacsteel products, furniture, autos and miscellaneous
of
tured products being partly offset by a heavy movement
which exceeded that of any previous
refined oil and cement
of
year. Products of forest decreased 11.27%. Products
decreased 3.54%. With one or two exceptions, all
mines
The movesub-classes of products of mines show decreases.
the
of clay, gravel, sand and stone, however, was
ment
There was a reduction of 7.42%
heaviest in our history.
to the deIn the tonnage of bituminous coal handled, due
generally and also the fact that In 1923,
cline in business
shutdown of
which was the year following the five-month
an
in 1922, production ran ahead of consumption in
mines
stocks of coal, which had run
effort to build up the depleted
addition
very low on account of the suspension in 1922. In
undoubtedly our commercial tonnage from
to these factors,
not been
Illinois mines In 1924 would have been larger had it
inroads which have been made in our territory durfor the
easting the past year by the non-union coal from mines in
the
ern and western Kentucky and West Virginia. Although
s coal in the State of Illinois deproduction of bituminou
creased 14.4%, the tonnage we handled from this territory
decreased only 1.5%. The above decreases, however, were
offset to some extent by an increase of 8.31% in the tonnage
of farm products handled, the movement of which was the
largest in the history of the railroad. The average distance
each revenue ton was hauled decreased 1.58% and the average revenue per ton mile decreased 2.11%, these two factors
also tending to reduce the freight revenue.
[VoL. 120.
TEN CHRONICLE
2430
Products of Agriculture
Animals and Products
Products of Mines
Products of Forest
Manufactured Products
Less-than-carload tonnage
Total tonnage
Increased
Decreased
Decreased
Decreased
Decreased
Increased
724,486 tons 8.31%
5.293 tons 0.17%
643.750 tons 3.54%
296.521 tons 11.27%
5.40%
487.910 tons
3.679 tons 0.22%
Decreased 705,309 tons
1.62%
A comparison of carloads shows:
Total Cars (all commodities) in 1924
Total Cars (all commodities) in 1923
1,392.061 cars
1.432.331 cars*
2.81%
40,270 cars
Decrease in 1924
in transit.
* Due to change in the method of counting cars of grain milled
comparethe 1923 figures have been restated in order to place them on a
live basis with those for 1924.
The decrease in passenger revenue was due to general
business conditions prevailing throughout the year. We
carried 417,412 less revenue passengers than in 1923 and the
average distance each passenger was carried was 1.99 miles
less than in 1923. Owing to the extensive development
taking place in our suburban territory, there was a very
substantial increase in suburban traffic. Our long haul traffic was not as heavy as during the preceding year and the
short haul business is steadily decreasing due to the continual increase in the use of the automobile.
The relatively small decrease in express revenue was the
result of increased economy on the part of the Express Company and continued co-operation on the part of the railroads.
Had it not been for these factors the decrease in revenues
would have been much more noticeable than that shown
above. The increase in Other Transportation Revenues was
distributed among a number of accounts.
Demurrage collected showed a heavy decrease compared
with 1923 due in part to decreases in the volume of business
handled, but more particularly to the fact that the consignees were much more prompt in releasing cars than has
been the case at any time since the period of Federal Control.
The decrease In Other Incidental Operating Revenues was
composed of a number of small decreases in the various
items classed under this heading, practically all of which
fluctuate with the freight and passenger business handled.
OPERATING STATISTICS.
Tons of revenue freight carried, 1924
Tons of revenue freight carried. 1923
Decrease
Revenue tons one mile. 1924
Revenue tons one mile. 1923
42.778.294
43.483,603
705,309 1.62%
12,287.747,806
12,690,384,346
Decrease
Revenue tons per train mile. 1924
Revenue tons per train mile, 1923
402,636,540 3.17%
647.80
611.68
Increase
Revenue tons per loaded car, 1924
Revenue tons per loaded car. 1923
36.12 5.91%
23.61
22.88
.73 3.19%
.975
.996
Increase
Average revenue per ton mile (cents), 1924
Average revenue per ton mile (cents), 1923
Decrease
Average distance hauled per revenue ton (miles),
1924
Average distance hauled per revenue ton (miles),
1923
2.11%
291.84
4.60 1.58%
18,084.733
18,502,145
Decrease
Revenue passengers carried, 1924
Revenue passengers carried, 1923
417.412 2.26%
909.302,487
967,096,799
Decrease
Revenue passengers carried one mile. 1924
Revenue passengers carried one mile. 1923
Decrease
Average distance carried, revenue passengers, 1924_
Average distance carried, revenue passengers, 1923Decrease
.021
287.24
57,794,312
50.28
52.27
5.98%
1.99 3.81%
EXPENDITURES (OPERATING).
6119,958,734 19
Total operating expenses, 1924
134,290,378 56
Total operating expenses, 1923
Decrease
$14,331.644 37 10.67%
The reduction in operating expenses was the result of
economy in all departments. Both the ratio of the cost of
conducting transportation of 35.54% and the total operating
ratio of 73.74% were the lowest for any year since 1917.
The reduction shown in operating expense under 1923 was
$5,735,861 55 greater than the reduction suffered in operating revenues for the same period. The reduction was general In all classes of expenditure, a fair example being the
decrease attained in the cost of locomotive fuel which Was
reduced $2,809,169 98, or 17.98%, although the decrease in
the average price of coal puchased was only 6.40% and the
decease in total train miles amounted to 4.73%.
.
A statement of operating expenses Is shown in detail on
pages 40 to 44 rpamphlet report], inclusive.
MAY 9 1925.]
2431
THE CHRONICLE
EXPENDITURES (CAPITAL).
Passenger Station, Davenport, Iowa.
On the property of the Davenport Rock Island and North
There was expended during the year 1924, chargeable to
Western Railway Company a line owned jointly by the
Capital Account:
88.002.726 31 Chicago Milwaukee & St. Paul Railway Company and ourFor Road
1,531,150 68 selves, the construction of a new passenger .station and
For Equipment
15.772 77
For General
trackage in connection therewith has been undertaken at an
89,549,649 76 estimated total cost of $165,23200.
Total
Chicago Union Station.
Bridge Replacements.
This important project, undertaken by the Chicago Union
Station Company in 1916, is now nearing completion. It
comprises a commodious new station, designed to furnish a
maximum of comfort and convenience to passengers and
Includes necessary increased trackage, train sheds and platforms, interlocking plants, power plant, railway mail building, reconstruction of viaducts, and elevation of Canal
Street. It is expected that the new station will be ready for
service early in 1325.
Reconstruction of Platte River Bridge at Oreapolis, Nebraska, mentioned in report for last year, was completed at
a total capital cost of $242,750 31, of which $113,840 44 was
expended in 1924.
Among the larger items, the following bridges were replaced in permanent form:
Bridge 386.82 at Maiden Rock, Wisconsin, Plate girders
Bridge 38.47 at Corbett, Wyoming, Steel trestle
Bridge 640.73 at Arvada, Wyoming.Plate girders
Capital Cost.
$35.621 40
51.905 53
83,19273
The usual program of replacement of temporary pile
trestle bridges either in kind or in permanent form, was
carried out during the year. There was expended on this
In connection with the new Chicago Union Station project, account during the year $942,185 90, charged to capital acit was necessary to replace the existing inadequate freight count.
McKinley Street Subway, Casper, Wyoming.
houses at Harrison Street with modern, up-to-date, and conIn order to provide more convenient access to a growing
handling facilities. This work is
veniently located freight
district of Casper a concrete subway was constructed at
now in service and substantially completed, and includes a joint expense of city and railroad company at McKinley
outbound freight house, a two-level inbound freight Street at a total cost of $113,002 58.
two-level
house and necessary house tracks, team tracks, paving, etc.,
Automatic Block Signals.
In connection therewith. The new inbound house was placed
There were completed and placed in operation during the
April 9 1923 and new outbound house on Dein service on
year on important lines of heavy traffic, 27.16 road miles of
cember 1 1924, capital expenditures for 1924 being $1,468,- automatic block signals and 9.97 road miles were under con420.14. Elevation of Canal Street from Harrison to Polk struction to be completed early in 1925, the total capital
Street was completed, at a capital cost to this company of expenditures for the year being $92,612 46.
$349,847 13, of which $159,196 62 was expended in 1924.
Automatic Train Control.
Galesburg Steel Car Repair Shop.
In pursuance of orders received from the Interstate Commerce Commission, installation of automatic train control
For some time it has been evident that special facilities between
Creston and Pacific Junction, Iowa, 58 miles of
for current rebuilding of steel coal cars would be needed, and double track and 24 miles of single track has been underconsiderable study it was decided to locate a special taken. The Sprague System of intermittent induction conafter
repair shop at Galesburg, Illinois, that terminal being cen- trol has been adopted and a 20-mile experimental section
trally located with regard to coal traffic. Construction of between Creston and Corning, Iowa, was ready for inspecthis shop with necessary trackage was undertaken during tion by representatives of the Interstate Commerce Commission on December 1 1924.
the year and completed at a capital cost of $265,430 35.
The total estimated cost of entire installation between
Flood Damage in Illinois.
Creston and Pacific Junction, including locomotive equipIn July and August excessively heavy rainfall occurred in ment, is $145,988 00, of which $31,347 43 was expended in
1924.
the vicinity of Galesburg, Illinois, damaging the line between
Aurora Interlocking Plant.
and Rushville, Opheim and Lynn, Galesburg and PeBuda
In connection with track elevation project and new passenoria, and the West Havana Branch. Replacement cost was ger station at Aurora, an electric interlocking plant of 115
$76,437 36, of which $9,733 26 was chargeable to Capital working levers was installed and placed in service at a capital cost of $133,321 16.
Account.
Chicago Freight Terminals.
Low Grade Line, Frederick to Vermont, Illinois.
•
Rail Replacement.
Construction of this freight line, mentioned in report for
There was laid in main track of main and branch lines
last year, was nearing completion at the end of the year and during the year, 148.05 miles of new 90-lb. and 100-lb. rail
will be placed in service early in 1925. The sum of $2,050,- and 134.75 miles of second-hand rail, at a capital cost of
67794 was expended in 1924 upon this important improve- $256,684 40.
Improvements and Additions to Equipment.
ment.
Denver Joint Team and Coach Tracks.
New rolling stock was delivered during the year as folInadequacy of existing facilities made necessary the build- lows:
1 Gasoline Railway Passenger and Baggage Motor Car.
ing of extensive team tracks, and this work is nearing com5 steel Combination Mail and Baggage Cars.
pletion. These facilities are used jointly with ,the Colorado
20 Steel Underframe and Steel Sheathed Baggage Cars.
and Southern Railway Company and its tenant, the Atchison 1,000 Steel Underframe Single Deck 36 ft. 60M Stock Cars.
Topeka & Santa Fe Railway Company. In connection with
There were built in our shops at Aurora, Illinois:
250 Steel Centre Sill Single Deck 36 ft. 80M Stock Cars.
this project it was necessary to construct new freight car
repair yard and enlarge the coach yard near the round house
In addition to the above, orders were placed for the folin order to accommodate the Colorado and Southern Railway lowing new equipment to be delivered in 1925:
Company, as their coach yard was displaced by the new
500
48 ft. 50
-ton Mill Type Gondola Cars
500
50 ft. 50
team tracks. This project will fill a long felt need and
-ton Automobile Box Cars.
1,500
40 ft. 40
-ton Automobile Box Cars.
should result in greatly improved service at that point.
Application of Schmidt Superheaters to 11 Class R4, R-5
Total estimated cost of this work is $314,989, of which $256,232 14 was expended in 1924, $243,978 66 being charged to and S-1 locomotives, in order to modernize old types, was
undertaken and work on 5 R-4,4 R-5 and 2 S-1 was completed
capital.
Line Changes in Wyoming.
at the end of the year.
Lengthening of tanks on 60 M-2-A locomotives to increase
These changes referred to in last year's report, consisting
of eight miles of relocated line between Bonneville and capacity to 12,500 gallons was undertaken and work on 26
Schoening and twelve miles Schoening to Lysite, were com- was completed.
Application of feed water heaters to 50 locomotives was
pleted during the year except for a portion of the permanent
bridge replacement work which will be completed early in undertaken and completed during the year.
There were 58 Franklin Driving Box Wedges applied to
1925. The total cost, including charges to operation as well
as capital, of this work to date is $2,272,722 18, of which Class M (2-10-2) and Class 0 (2-8-2) type locomotives during the year.
$1,210,506 05 was expended in 1924.
Franklin Butterfly type fire doors were applied to 94
Locomotive Terminal Improvements.
locomotives during 1924.
stall addition to roundhouse at Edgemont, South
Five
Two Class 0-2 (2-8-2) type engines were converted to
Dakota, was completed at a capital cost of $8,120 83.
0-2-A engines in 1924.
improvements to power plant at Havelock shops
Extensive
Twenty new single rail and eight double rail steel frames
were completed at a capital cost of $53,789 86.
were applied to Class S-1 and S-2 engines during conversion
Locomotive Water Treating Plants.
to S-1-A and S-2-A in 1924.
There were 4 Class R-2 (2-6-2) freight engines
Modern treating plants were erected at the following
converted
to Class G-8 switch engines in 1924.
places:
Eisberry, Mo.
During 1924 arch tubes were applied to 228
East St. Louis Ill.
Machens, Mo.
North St. Louis, Mo.
Radial Buffers applied for the purpose locomotives.
of preventing
Keokuk, Iowa. (2)
Old Monroe, Mo.
Gibson, Neb.
derailment of locomotive tanks on Class S-1 and S-2
Louisiana, Mo.
(442)
Scottsbluff, Neb.
Hannibal, Mo.
were applied to 15 engines during 1924.
Louisville, Neb.
La Grange, Mo.
Application of steel centre sills to 1,000 freight
cars was
at a capital cost of $122,522 51.
undertaken and 362 applied by the end of the year.
[VOL. 120.
THE CHRONICLE
2432
Application of steel ends to 500 box cars was undertaken
and 369 completed.
. Application of cover plates to 2,500 steel centre sill freight
cars was undertaken and 1,426 were completed.
Ratchet type hand brakes were applied to 354 gondola cars
in 1924.
VALUATION.
The Valuation work of the Interstate Commerce Commission has been largely that of revision of preliminary engineering, land and accounting reports and such revisions
have not yet been completed. There has been a further
gradual reduction in Valuation expense other than that necessitated by the preparation of Addition and Betterment
reports under Valuation Order No. 3, and the restoration of
such of these records as were destroyed by General Office
fire in 1922. The total expenditures charged to Valuation
for the year were $223,190 74. This amount was divided
as follows: 61% to Valuation Order No. 3, 3% to support
of the President's Conference Committee, and 36% to all
other Valuation woik. The total expenditures charged to
Valuation were $3,676,202 40. This includes the expense of
preparing the returns to all Valuation Orders as well as completion reports and all other records specified in Valuation
Order No. 3. It is expected that the Commission will complete the tentative valuation during the coming year.
A follow-up trip was made to inspect the fifty-eight pure
bred sires traded to Colorado farmers from the Pure Bred
Sire Special train operated in 1923. It was found that all of
the sires were being exceptionally well cared for, and that
a great deal of community interest has been aroused in the
production of a better quality of live stock by the use of
these pure bred sires.
PENSION DEPARTMENT.
The pension plan has been in operation three years; evidences of appreciation from retired officers and other employees continue to be received, and It is gratifying to learn
also of their active participation in matters affecting the
general welfare of the Company.
During the year 191 employees were added to the retired
list, and 80 died, making a total on the roll December 31
1924 of 843.
The total amount disbursed during the year was $504,021 29.
RELIEF DEPARTMENT.
During the year 1924 the Relief Department paid out $247,06940 in death benefits. and $342,257 95 in disability benefits, a total of $58,32735.
At the end of the year there were 32.673 members in the
Relief Department carrying death benefits totaling $27,250.500.
INDUSTRIAL.
The Relief Department has been in existence nearly 36
During the year 1924 the general industrial development years. and has disbursed In payment of death benefits
of the territory served by the Burlington shows a healthy $5445,583 41 and in payment of disability benefits $10,621,condition. There were constructed and extended during the 000 09. a total of $16.267.483 50. Benefits are about equally
divided as between sickness and accident.
year, industrial tracks as follows:
Following herewith is the report of the Comptroller.
New Tracks. Extensions.
On Lines East of the Missouri River
22
43
By order of the Board of Directors.
On Lines West of the Missouri River
4
22
HALE HOLDEN, Preadent.
Total
26
65
The number of new industrial leases made during the year
GENERAL BALANCE SHEET, DECEMBER 31 1924.
also reflects a gradual expansion in business throughout our
ASSETS.
territory, there being a total of 391 new industrial leases Investments:
executed and 275 new industries located. During the same
Investment in road and equipment:
Road
$441. 86.044 03
period 25 existing industries made material additions to
9
Equipment
118. 24.89.3 69
9
their plants.
General expenditures
1.179.280 84
In all our territory reports indicate improved business
—$582.0
,10.208 66
Deposits in lieu of mortgaged property sold
24.008 62
along commercial lines, with many new mercantile concerns
Miscellaneous physical property
923,375 16
Investments in affiliated companies:
established. The activity in new residential building, as
Stocks
$31. .416 14
397
well as building for business and commercial use, has been
Bonds
1.5(12.123 5
7
Notes
very pronounced. This is particularly true with respect to
5. 04.444 84
9
Advances
6,089.199 24
the development In our suburban territory.
44,943.183
AGRICULTURAL.
Higher prices for farm products resulted in continued improvement in the farmer's financial condition and greatly
Improved his outlook during the year. Very little land
changed hands by purchase, but 3,405 inquiries for farming
opportunities were received. Three hundred ninety-six persons flied on 156,865 acres of Government land in the Newcastle, Buffalo and Douglas land districts, in Wyoming, as
compared to 420 in 1923, 1,3.30 In 1922, and 1,800 in 1921.
Six hundred forty-nine carloads of emigrant's effects were
received on the Alliance, Casper, McCook, Sheridan and
Sterling Divisions, as compared to 988 last year. A new
booklet advertising opportunities in the Big Horn Basin,
Wyoming, was issued and distributed; 19,000 follow-up letters and 23,000 pieces of literature were sent in response to
inquiries.
Special attention was given to the promotion of diversified
farming, the use of better seeds, dairy development, the
value of pure bred sires, extension of corn growing In Wyoming, and sweet clover in the semi-arid sections, improvement of irrigated pastures, and development of certified
seed potato industry. Seven carloads of dairy cattle, two
carloads of feeder cattle, 18 carloads of feed and seed, and
66 head of pure bred sires were purchased for farmers. The
corn acreage of the Big Horn Basin wasextended to 8,000
acres, as compared to 3,000 acres in 1923, and 1,500 acres in
1922; and a very successful Corn Show was held. This development has increased shipment of dressed turkeys from
500 pounds four years ago to 20 carloads in 1924, and there
has been an increase in the number of lambs fed, and in the
dairy industry. A sweet clover demonstration was made on
a blow-out In the sand hills of Nebraska which prevented
sand drifting on the tracks and increased pasture production.
A Pure Bred Dairy Sire Special train was operated in
ebraska, from which 31 pure bred dairy sires were traded
to farmers for 31 scrubs, sight unseen, all trades even. This
was a co-operative effort to eliminate the scrub. The railroad furnished a twelve-car special train to carry the live
stock, exhibits and speakers. The State Agricultural College furnished educational exhibits and lecturers. The live
stock breeders of the State contributed the pure bred sires,
conservatively valued at $6,000 00, receiving for their pure
breds $609 85, the selling prices of the scrubs on the market,
and charged off the difference in this unequal trade to advertising and promotion. One trade was made at each of 31
towns; 71.000 people attended the demonstrations and saw
the exhibits. Fifty-four written requests for pure bred
dairy sires, and orders for six carloads of dairy cows were
secured. Special bulletins showing the value of the pure
bred sire were issued. One hundred thousand pieces of literature were distributed. Over 18,000 column inches' of
newspaper publicity on the campaign was collected.
Other investments:
Stocks
Bonds
Notes
Miscellaneous
79
$254.010 00
9.054.533 16
325,024 94
275 00
9.633.843 10
Total Investments (capital assets)
$617,615.219 23
Current assets:
Cash
817.048.434 25
Time drafts and deposits
95.633 59
Loans and bills receivable
26.015(42
Traffic and car-service balances receivable 2.009.987 58
Net balance receivable from agents and
conductors
1.819.166 09
Miseellanenes accounts receivable
5.647.284 85
Material and supplies
17,187.629 48
Interest and dividends receivable
48.105 87
Other current assets
74.465 83
Total current assets
Deferred assets:
Working fund advances
Other deferred assets
Total deferred assets
Unadjusted debits:
Insurance premium paid in advance_
Discount on funded debt
Other unadjusted debits
Total unadjusted debits
Grand total
43.957.628 36
• $31.857 78
340.345 75
372.203 51
$140,073 76
4,347,964 62
4.845.906 53
9,333.944 91
3671.278.996 01
LIABILITIES.
Caral stock:
ommon Stock
$170,839,100 00
Long term debt:
Funded debt unmatured
$223.339,000 00
Less bonds held in Treasury
11.039,000 00
Total long term debt outstanding
212,300,00000
Non-negotiable debt to affiliated companies
27,13790
Total capital liabilities
$383,168.237 90
Current liabilities:
Traffic and car-service balances payable_
Audited accounts and wages payable..- — $2.547,732 85
10,369.280 12
Miscellaneous accounts payable
.509 21
Interest matured unpaid
1,027,699 50
Funded debt matured unpaid
5,60000
Unmatured interest accrued
1,946.716 68
Other current liabilities
359,756 41
Total current liabilities
16,355.294 77
Deferred liabilities:
Other deferred liabilities
384.830 33
Total deferred liabilities
84,830 36
U. S. Government deferred liabilities
1,29491
Unadjusted credits:
Tax liability
$8,651,466 74
Insurance and casualty reserves
1,518.788 28
Operating reserves
1.253.649 58
Accrued depreciation—Equipment_ -_ _ 66,756,042 64
Other unadjusted credits
3,775,868 37
Total unadjusted credits
81,955.81501
Corporate surplus:
Additions to property through income and
surplus
$300.558 91
Funded debt retired through income_ _ -- 43,456.368 42
Sinking fund reserves
196.873 36
Profit and loss
145,161.721 80
Total corporate surplus
Grand total
189,115,522 49
$611.278,996 01.
MAY 9 1925.1
THE CHRONICLE
2433
CHICAGO AND NORTH WESTERN RAILWAY COMPANY
SIXTY-FIFTH ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 31 1924.
COST OF LABOR.
During the year all the railroads in the United States
The Boa id of Directors submits herewith its report of the granted increases in rates of compensation to various classes
operations and affairs of the Company for the year ending of employees, with the result that the total annual wage
December 31 1924.
increase to your Company will be approximately two million
Average mileage of road operated,8,462.83.
dollars. Wages now stand at 57% above the wage level as
Revenues:
Operating
paid by your Company in 1917, the year preceding Federal
Freight
3103.516.754 39
Passenger
28.872.654 95
control.
Other Transportation
14.248.012 04
FREIGHT RATES.
Incidental
2.817.16237
8149.454.583 75
With increases in general taxes of approximately 200%
Operating Expenses (80.65 per cent of Operating Revenues) 120.536.645 08
since 1913. tile year imediately preceding the outbreak of
Net Revenue from Railway Operations
328,917.938 67 the World War, and in special assessments of 300%, and In
Railway Tax Accruals (6.26 Per cent of
wages of 57% since 1911, the year preceding Federal ConOperating Revenues)
$9.348 841 71
UncollectIble Railway .Revenues
63.521 45 9.412.363
I trol of railroads, and with the average cost of materials and
16 supplies far above pre-war levels, it Is important
that our
Railway Operating Income
819.905.575 51 stockholders give consideration to the general level of freight
Equipment and Joint Facility Rents—Net Debit
2.721.524 65 rates in the territory in which this Company operates as
comNet Railway Operating Income
316.784.050 86 pared with rates during the pre-war period.
Non-Operating Income:
For the United States as a whole, the average freight rate
Rental Income
$866.535 69
Dividend Income
per ton per mile in 1924 was 51% higher than in 1911 and
1.977.534 00
Income from Funded Securities
17.735 33
56% higher than in 1917. In the Western District, however,
Income from Unfunded securities and
Accounts, and Other Items
in which your Company operates, the average rate per toll
575.522 26
3.437.32728 per mile in 1924 was only 29% higher than in 1911 and 40%
Gross Income
820.221,378 14 higher than in 1917, while in the Eastern District the averDeductions from Gross Income:
age rate per ton per mile in 1924 was 77% higher than In
Rental Payments
819.031 49
1911 and 70% higher than in 1917, and in the Southern DisInterest on Funded Debt
12.333.590 57
Other Deductions
197.431 91
I trlet the average rate per ton per mile in 1924 was 38%
12.550.053 97 higher than in 1911 and 50% higher
than in 1917.
Net Income
In 19:0 the Interstate Commerce Commission, in the case
37.671.324 17
Dividends:
731 ou Preferred Stock
known as Ex l'arte 74, granted increases in rates which were
81.567.650 00
4% on Common Stock
stated :is producing increases of 35% in the Western Dis5.806.10000
7.373.750 00 trict, 10% in the Eastern District and 33 1-3%
as between
Balance Income for the Year
3297.574 17 districts. The actual result, however, was to grant an increase In the Western District which amounted to only
GENERAL REMARKS.
29.5%, and in the Eastern District of 30%. This increase in
FREIGHT BUSINESS.
rates was immediately followed by a series of reductions, as
During the year your Company handled 8,290,312,710 tons follows:
of revenue freight one mile. This was a decrease of-10.36%
January 1 1922, reductions on all grain and grain prodfrom the revenue freight toils one mile handled in 1923. The ucts and live stock, averaging 18%.
gross revenue reel ved from freight business in 1924 was
June 19 1922, reduction of 10% on iron ore and all classes
8.5% less than the revenue received in the year 11)23.
of traffic not included in the grain and live stock reductions
PASSENGER TRAFFIC.
of January 1 1922.
May 15 1923, additional reduction of 9 cents per ton on Iron
The gross revenues from passenger traffic were 0% less
than the revenues from the same class of traffic in 1923. The ore.
The result of these reductions in rates during the years
increased use of motor vehicle has wade serious inroads upon
the short haul passenger traffic. It Is interesting to note that 1922 and 1923 applied to traffic actually moved during the
since 1916 the number of Intra-State passengers has de- years 1923 and 1924, reduced the revenues of your Company
creased 56%, and that during the same period the number as follows:
of registeied motor vehicles in the nine States in which your 1923
$16.059.389 92
Company operates has increased by 158%. The manage- 1924
14.477.314 23
ment has made every effort to develop the long haul passenIn addition to the foregoing, the Interstate Commerce
ger business, with the result that the decrease In number of Commission in 1924 issued an order reducing the express
passengers carried has been offset to some extent by an in- rates in the Western District, effective March 1 1925, which
will be directly reflected in the gross revenues of your Comcrease In the average distance traveled by each passenger.
Notwithstanding the efforts to increase long haul passen- pany.
After giving effect to the various reductions that have
ger business, it remains true that the motor vehicle has made
serious inroads upon gross passenger revenues, and conse- taken place since 1921, we find that the net result is to leave
rates in the Eastern District 23% higher than the rates as
quently t.pon the net from this class of business.
The figures given above are exclusive of commutation they existed prior to the increase In 1920, and in the Western
District but 10% higher. When the Western District, howpassengers.
GENERAL BUSINESS.
ever, is divided as between the roads composing Western
All business combined in 1924 produced a gross revenue of Trunk Lines and located in the Northwestern Region, and
0.84% less than in 1923. To meet this situation, however, the roads in tile Southwestern Group, we find that those in
the Northwestern Group are on an abnormally low
operating expenses were reduced 9.03%, with the result
basis.
that
net revenues from railroad operation were increased 3.58%. The average rate per ton per mile in the Southwestern Group
By reference to the Comparative Statement of Income is approximately 1.304 cents, while for those in the NorthAccount shown on another page, it will be observed that the western Region, which are exclusively In the Western Trunk
Line Group and which include the mileage of your
surplus, after all fixed charges, including dividends, In
the
Company,
year 1024 was less than in 1923, due largely to (a) increase the average rate in 1924 was only 1.12 cents per ton per mile.
In taxes, (b) decrease in non-operating income, and (c) in- This unequal treatment with relation to freight rates is
reflected in the average returns of the railroads in
crease in interest on funded debt.
the
various districts.
TAXES.
For the United States as a whole, the average
return for
Taxes have become a very serious burden upon all railthe yea: 1924 was 4.35%. In the Eastern
District it was
road companies. In 1924 the taxes of your Company con4.58%; in the Southern District it was 5.20%,
and in the
sumed 6.20% of operating revenues. In 1913, the year before
Western District it was 3.87%.
the outbreak of the World War, your Company paid in taxes
Your officers, in common with those
representing other
$3,705,159 80: In 1924 taxes amounted to $9,348,841 71. Your carriers
In this territory, have heretofore and
are now exertofficers have felt that your railway property has been un- ing every
effort with those regulatory bodies clothed
justly discriminated against in the matter of assessed valua- the authority
with
of making rates, to correct this
abnormal situtions in several of the States, and on this account has ap- ation, but the
matter is set forth somewhat in detail
pealed to the courts where the validity of such valuations so that our
stockholders may be fully advised in the herein
has been drawn into question.
premises. It is important that every
stockholder should realize
Studies taken from the census reports show that with the that,
notwithstanding the great increase in
"railroad cost of
exception of electric railways, steam railroads pay the living," as
hereinbefore explained, average
rates per ton
largest percentage of their net income for taxes as compared per mile in this
Western District are only 29%
with any other class of industry or business, including that they were in
higher than
1911, and only 10% higher
than they were prior
of agriculture.
to the general increases granted in
1920.
growing burden is that of taxes levied by way of
Another
In the interest of the public,
dependent in large
Special assessments for municipal, county and State im- for its
measure
prosperity upon efficient
provements. These have increased almost 300% during
transportation, as well as in
the the interest of the owners of railway
last eight years.
securities, it is imperative that there be no further
reductions in rates, but
that, on
To the Stockholders of the
Chicago and North 1Vestern Railway Company:
2434
T H Pi CHRONICLE
[Vol,. 120.
the contrary, increases be granted, to the end that railway which is a new station, two miles west of Elmhurst, serving
credit be sustained and progressive railway improvement a new community recently established there.
Beresford, South Dakota.—A new passenger and freight
and development be permitted to go forward.
station of brick and stucco construction, 23 x 124 feet on conCONSTRUCTION AND MAINTENANCE.
crete foundation, was provided at this place on account of
Milwaukee, Wisconsin—Grade Separation on the Madison former facilities having been long since outgrown.
Division.—The elimination of grade crossings in the southPell Lake, Wisconsin.—A new frame and stucco station
west part of the City of Milwaukee on the Madison Division building, 20 x 50 feet, was built at this place, which is a new
in compliance with an order of the Railroad Commission of town composed of summer homes.
Wisconsin and which has been referred to In previous annual
Escanaba, Michigan.—Ore Dock No. 6.—This ore dock was
reports, was completed September 1 1924. Ten grade cross- built in 1903 of timber construction and after twenty-two
ings were eliminated. A new station building of brick con- years of service had reached a point where it could not ecostruction and a new paved team yard at Layton Park were nomically be longer used without rebuilding. It is now being
built in connection with this general improvement.
reconstructed. The new dock will be made three feet higher
Chicago, Illinois—Ogden Avenue Extension.—The City of and somewhat wider than the old dock.
Chicago has been engaged for some time in opening up an
Ashland, Wisconsin.—Ore Dock No. 2.—The outer 1,250
extension of Ogden Avenue from where it formerly ended at feet of this dock was destroyed by fire on January 16 1924.
Randolph Street, about one-quarter of a mile east of Ashland This loss was covered by insurance. The dock was rebuilt
Avenue, northeasterly to Lincoln Park. This extension in kind and equipped with electrically operated hoists and
crosses the main line of your Company at four places. At a door opening devices which it did not have before. All work
point where it crossed the old line of the Galena Division was completed by the beginning of the ore handling season.
the tracks were elevated and subway provided and a portion
Beatons, Michigan.—A branch line extension, eight miles
of the work of elevating the grades provided for by the ordi- in length, is being constructed on the Ashland Division from
nance in this district, was carried out. A reinforced con- a point three miles east of the station known as Turtle.
crete structure 108 feet in length carrying three tracks was Authority was obtained from the Interstate Commerce Combuilt. Work was commenced on it in August 1923 and com- mission for the construction of this line by a Certificate of
pleted in 1924. In addition to this crossing it also crosses Convenience and Necessity. This line will serve a territory
the west approach to the Passenger Terminal, the north not otherwise served by railroad in which there is a large
approach to the Passenger Terminal and the old line of the amount of standing timber which will now be cut and marWisconsin Division near the old Sangamon Street subway. keted.
Subways are required at each of these three places. The
Chicago Shops.—Four 500 H. P. water tube boilers were
one on the west approach was completed in 1924 and work installed in the Power House at the Shops and a six-inch,
is in progress on the two subways required for the north high pressure, steam line was run from the Power House to
approach to the Terminal and for the old line of the Wis- the Car Shops and a 2,500 cubic foot capacity air compressor
consin Division. The cost of the subway and elevation of was installed in the Power House. Alternating current
the Galena Division tracks was borne by your Company. motors were installed in the Car Department Shops to reThe cost of the other three subways underneath tracks pre- place direct current motors and steam driven machinery.
viously elevated, was borne by the City of Chicago. .
NEW EQUIPMENT.
Mayfair, Illinois—Track Elevation.—The work of track
Durin.r the year arrangements were made for the construcelevation and elimination of grade crossings in the vicinity
's
of Mayfair and Jefferson Park, started in 1916 under ordi- tion and acquisition of the following new equipment:
Passenger Equipment
nance of the City of Chicago and suspended in 1917, was
24 Steel Vestibule Passenger Coaches.
resumed during the year and portions of subways retaining
23 Steel Baggage Cars.
3 Steel Combination Baggage and Mail Cars.
walls and the construction of paving of street diversions
Freight Equipment
were carried out.
1.000 Box Cars.
Proviso Yard,Illinois.—Rearrangement of Main. Tracks.— 1,000 Automobile Cars.
500 Stock Cars.
The main tracks of the Galena Division have heretofore
500 Flat Cars.
run straight through the middle of the Proviso Yard, sep200 Refrigerator Cara.
arating it into two parts, a condition which had become a
These cars were purchased for delivery in 1925, the freight
handicap in the Operation of this large terminal facility. To ears to be
remove this disability and make possible contemplated im- June 30. delivered by March 31 and the passenger cars by
All of this equipment is to be of modern type in
provements in this yard, two new main tracks were con- every
particular and of large capacity, and will be sufficient
structed to the south of this yard. The new tracks were to fully
offset all retirements of old equipment that have
equipped with automatic signals.
been made since the last previous acquisition of new equipElmhurst to West Chicago, Illinois—Additional Track.— ment.
The construction of a third track between Elmhurst and a
GENERAL.
point two miles west of West Chicago, a distance of approxiMaintenance of way was continued during the year on the
mately 16.2 miles, referred to in the last annual report, was
completeci. Necessary revisions in station facilities at in- basis of expending the full amount essential to maintain the
tervening stations and at the interlocking plant at Elmhurst property in first class condition.
In the aggregate, a total of 3,051,507 new track ties were
were made and a new interlocking plant at the junction of
the Freeport line with the main line at West Chicago was Inserted It'. the replacement of old ties removed. The larger
proportion of these were treated, the balance being white
provided.
Chadron—Long Pine, Nebraska—Grade Revision.—On the oak and cedar.
New rail totaling 46,000 tons was put in the main track in
main line of the Black Hills Division between Chadron and
Long Pine, a distance of 192 miles, grade reductions were renewal of worn rail. Most of this rail was of 90 and 1004b.
*made at five points where 1% grades of one mile or more in section and replaced rail of lighter weight which in turn was
length existed which controlled and limited eastbound re-laid in branch lines and sidings releasing older and
freight train tonnage. These points were respectively, four lighter rail which had become worn out.
Bridges and structures were adequately maintained. As
miles ea:4 of Rushville, one mile east of Eli, three miles east
of Cody, four miles west of Valentine and two miles west of shown elsewhere, replacements of temporaxy structures with
permanent work was continued. Maintenance expenditures
Arabia.
Sterling, Illinois.
--At this point a highway bridge was on equipment were reduced proportionally with the smaller
built across the Rock River at First Avenue by the State. requirements of the year due to less business and less use of
Anticipating a large increase in traffic across the railway at locomotives and cars.
PENSIONS.
this street, the public authorities of the City urged upon the
During the year 169 employees and officers were retired
Company the desirability of a separation of grades. After
negotiations, an ordinance was passed by the City and an from active service and granted pensions by the Company.
agreement entered into providing for a subway at this loca- Of these retirements, 79 were on account of employees having
tion. In order to make it possible, extensive changes in reached the age of seventy and 90 were on account of emstation facilities were essential. The passenger station Was ployees having suffered permanent physical disability.
On December 31 1924 there were 1,347 retired employees
moved eastward, approximately one block, placed upon a
new foundation and modernized. The freight station was receiving pensions. The average monthly pension in force on
moved westward one block and enlarged by the addition of that date was $38 34. The amount paid in pensions during
a two-story, 40 x 40
-foot brick building for office purposes. the year was $594,011 82, an increase of $55,906 10 over the
Additional tracks were provided and a rearrangement of amount paid in 1923.
Since January 1 1901 the effective date of the Pension Sysexisting tracks was carried out which will make it possible
to handle the business at this place to the better satisfaction tem, pension payments made by the Company have amounted
of the public.
to $5,868,474 21.
FEDERAL VALUATION.
West Allis, Wisconsin.—A new passenger station 16 x 44
feet, of brick and stucco construction, was built at this place.
No important development has occurred during the year
The old station was moved, remodeled and enlarged for use in the matter of the valuation of your Company's property
as a freight house. The business of the company had out- by the Interstate Commerce Commission. The Bureau of
grown existing facilities.
Valuation is continuing its work, but owing to reductions
Waukegan, lllinois.—A new passenger station 27 x 93 feet, that have been made in the personnel of this department of
of brick construction, was built at this place. This facility the Commission, as well as to the concentration of its efforts
replaced a brick structure 28 x 58 feet which was built in upon the work of completing valuations of the properties of
1889.
other railroads whose earnings are thought to be subject to
Villa Park, Illinois.—A new passenger station 17 x 46 feet. recapture, considerably less progress was made last year
of frame and stucco construction, WAS built at this place, than was made in the years prior thereto. The work of the
MAY 91925.]
2435
THE CHRONICLE
Bureau on the valuation of your property requires continued
co-operation on the part of your Company.
Under a provision of the Valuation Law, the Commission
is required to revise valuations from time to time to bring
them up to date and the Commission is requiring the preparation and recording of a large amount of data to be kept
currently for its use in future revisions of the valuation.
There is a large amount of detail involved and a considerable
permanent force is made necessary by reason of the Commission's orders in this respect.
The expenditure for valuation purposes during the year
1924 was $174,615 90. This is $15,358 59 less than was expended in 1923. From the commencement of this work up to
December 31 1924 $2,710,783 40 has been expended upon it
by your Company.
Cost of Rails:
New steel rails
Usable and re-rolled rails
or
incl(
Dec.(-).
1924.
1923.
$1,424,391 44 12.032,169 83 +1607,778 39
1,291,950 26 +243.64302
1.048.307 24
52.472,698 68 13.324,120 09 +5851,421 41
Less credit for old rails and
1.726,610 29 2,548,874 70 +822,261 41
other items
Net charge for rails
Cost of Ties
Cost of Ballast
Cost of Other Track Material
Roadway and Track Labor
and Other Expenses
$746,088 39
3,807,268 63
343,599 60
1,077.952 05
$775,245 39 +529,157 00
4.225,267 30 +417.998 67
242,495 88 -101,10372
1.322.750 92 +244,798 87
9.808,897 29
9185,531 25 -623.366 04
Total Charges for Roadway
515,783,805 96 $15,751,290 74 -$32,515 22
and Track
Other Charges Account Maintenance of Way and Structures were as follows;
1,303,140 23 -174,251 43
Bridges, Trestles and Culverts 1,477.391 66
798.963 89
666,77830 -132,185 59
Road Crossings, Fences. Etc_
753,832 57 -75.792 06
829.624 63
Signals and Interlockers
MILES OF RAILROAD.
Buildings, Fixtures & Grounds 2,368.835 57 2,017,159 56 -351.67601
-4.687 23
162,479 41
157.792 18
The total number of miles ofrailroad owned December 31 1924
Wharves and Docks
-4.34542
1,009.395 84 1,005.050 42
Was
8.387.57 mild Superintendence
457.523 73
402,712 04 • -54.811 69
In addition to which the Company operated
Roadway Tools and Supplies
501.297 09
+21.054 00
under Trackage Rights:
Sundry Miscellaneous Charges 480,243 09
In Peoria, Illinois
•2.02 miles
(Peoria and Pekin Union Railway)
Total Charges Account
Maintenance of Way and
Churchill to Ladd. Illinois
2.80
$23,368,263 78 $22,559.053 13 -$309,210 65
(New York Central Railroad)
Structures
Broadway Station, Council Bluffs, Iowa. to South
The above charges for Maintenance of Way and Structures
Omaha, NeOrasica
8.73 0$
(Union Pacific Railroad.)
for the current year amount to 18.72% of the total Operating
Blair to Omaha. Nebraska
24.70 40
Expenses, as compared with 17.64% for the preceding year.
Elroy to Wyeville. Wisconsin
22.79 40
In Sioux City, Iowa
2.28
MAINTENANCE OF EQUIPMENT.
(Chicago St. Paul Minneapolis and Omaha }Cy.)
Sioux City to Wren.Iowa
11.64
The charges on account of Maintenance of Equipment for
(Illinois Central Railroad)
the year ending December 31 1924, compared with the preIn Republic. Michigan
.30
(Chicago Milwaukee & St. Paul Railway)
75.26 " ceding year, were as follows:
Increase (+) or
Total Miles of Railroad Operated December 31 1924_ _ _ _8,462.83 miles
Decrease (-).
1924.
1923.
Locomotives
$15.551,616 09 $13.463.360 05-$:.088,256 04
The above mileage is located as follows:
-229,013 43
Passenger-Train Cars
2,806.085 45 2.577.072 02
15,169.957 40 12.252.774 89 -2.917.182 51
In Illinois
824.53 miles F-eight-Train Cars
-96,874 00
420,823 70
Work Equipment
51 .697 70
Wisconsin
2,213.09 "
-54.361 10
Shop Machinery
473.081 65
527.442 75
Michigan
516.94 "
+57.030 14
Superintendence
1.042,231 12 1.099.261 26
Minnesota
650.30 "
-9,938 85
Sundry Miscall. Charges
305.031 24
295.092 41
Iowa
1,634.09 "
North Dakota
14.28 "
Total Charges Account
South Dakota
1,230.45 "
MaintenaLce of EquipNebraska
1,100.80 "
ment
$335,920.061 75 530,581,465 98 -$5.338,595 77
Wyoming
278.35 "
The above charges for Maintenance of Equipment for the
Total
,- -8.462.83 miles
current year amount to 25.37% of the total Operating Expenses, as compared with 27.11% for the preceding year.
FREIGHT TRAFFIC.
The details of Freight Traffic for the year ending DecemTRANSPORTATION EXPENSES.
ber 31 1924, compared with the preceding year, were as folThe charges on account of Transportation Expenses for
lows:
the year ending December 31 1924, compared, with the preDecrease
-- ceding year, were as follos 923.
1
:
1923.
Amount.
1924.
PerCt.
1924.
Decrease.
143,400,937 14 140.941.302 34 -12.459.63480
Labor
14.241,853 23 11.482,776 50 -2,759,076 73
Fuel for Locomotives
1923.
1924.
-Dec. Supplies and Miscellaneous
8.865,820 21 8,077,406 96
-788.413 25
Items
Tons of Revenue Freight'Carried.. _ _ _
58.207.915
52.158.316 -10.39
Tons of Revenue Freight Carried One
Total Charges Account
Mile
9,248.615.383 8,290.312.710 -10.36
Transportation Expenses$66.508.610 58 $60.501.485 80 -16.007.12478
Average Revenue Received per Ton
$1.94291
11.98466 +2.15
Average Revenue Received per Ton
The above charges for Transportation Expenses for the
per Mile
1.223 cents 1.249 cents +2.13
Average Distance Each Revenue Ton
current year amount to 50.19% of the total Operating ExWas Hauled
158.89 miles 158.95 miles
+.04 penses, as compared with 50.19% for the preceding year.
Mileage of Freight and Proportion of
Mixed Trains
20,282,667
18,645,485 -8.07
CAPITAL STOCK.
Average Number of Tons of Revenue
and Non-Revenue Freight Carried
The Capital Stock and Scrip of the Company held by the
per Train Mile
548.71
J29.53 -3.50
Average Number of Tons of Revenue
Public has been reduced $25,080 00 during the year, as foland Non-Revenue Freight Carried
lows:
per Loaded Car Mile
24.64
23.49 -4.67
Average Freight Revenue per Train
By the purchase of Common Stock Scrip
$8000
Mile
25.009 00
$5.58
$5.55 -.54 By the purchase of Special Stock
Freight Revenue_ 3113,092,825 75 $103,516,754 39 59,5,76,071 36
8.47
125,080 00
PASSENGER TRAFFIC.
The Capital Stock authorized by the Company is Two HunThe details of Passenger Traffic for the year ending December 31 1924, compared with the preceding year, were as dred Million Dollars ($200,000,000 00), of which the following had been issued to December 31 1924:
follows:
Held by the Public
Decrease
-- Common Stock and Scrip
5145,156.263 82
1923.
1924.
Amount.
PerCt.
22,395.120 00
Passenger Revenue-530,390,660 14 $28.872.654 95 $1.518.005 19 4.99% Preferred Stock and Scrip
Total Stock and Scrip held by the Public
1167.551.38382
1923.
1924.
Held in Treasury
Revenue Passengers Carried
33.004,205
32.409,398
12,343.377 15
Revenue Passengers Carried One Mile.1.122.116,02/ 1,097.745.118 -1.80 Common Stock and Scrip
-2.17
3,834 56
Average Fare Paid per Passenger
92.081 cents 89.087 cents -3.25 Preferred Stock and Scrip
Average Rate Paid per Passenger per
Total Stock and Scrip held in Treasury
2.347.211 71
Mile
2.708 cents 2.630 cents -2.88
Average Distance Traveled per ReveTotal Capital Stock and Scrip. December 31 1924-- 5169.898,595 53
nue Passenger
34.00 miles
33.87 miles -.38
Mileage of Passenger and Proportion
FUNDED DEBT.
of Mixed Trains
18.904.478
•
18,489,321 -2.20
Average Passenger-Train Revenue per
At the close of the preceding year the amount of Funded
Train Mile
$2.19
1260.170,80000
$2.17 -.91 held by the Public was
The above amount has been decreased during the year
ending December 31 1924 by Bonds and Equipment Trust
MAINTENANCE OF WAY AND STRUCTURES.
Certificates redeemed, as follows:
The total Operating Expenses of the Company,for the year M.L.S.& W.By. First Mortgage (Michigan Division), 6% (including 13.00000
ending December 31 1924, were $120,536,645 08; of this
unpresented and transferred to "Current
amount $22,559,053 13 was for charges pertaining to the
51,281,000 00
Liabilities")
6.00000
Maintenance of Way and Structures. Included in these C.& N. W.By. Sinking Fund of 1879,5%
0.& N. W.By. Sinking Fund Debentures
charges is a large part of the cost of 85,275 tons of steel rails,
of 1933, 5%
216.000 00
the greater portion of which was laid in replacement of Minnesota & Iowa By. First Mortgage.
334% (including 51.000 00 unpresented
rails of lighter weight in 638.30 miles of track; also the cost
and transferred to "Current Liabilities")
1,904,000 OC
C.& N. W.Ry. Equipment Gold Notes of
of 3,051,507 new track ties.
1920,
664.900 00
The charges for Maintenance of Way and Structures also C.& N.6% By. Equipment Trust CertifiW.
cates of 1922,5%:
include a portion of the cost of ballasting 6.00 miles of track
Series M
$345,000 00
with gravel, and 44.62 miles with cinders; the erection, in
Series N
317,000 00
place of wooden structures, of 47 new steel bridges aggre662,000 00
gating 4,135 feet in length and containing 2,037 tons of bridge
Total Funded Debt Redeemed
4.733,90000
metal; and the replacement of other wooden structures with
Beg'.
masonry arch and box culverts and cast-iron pipes, the open$255.436.900 00
And the above amount has been increased by'Bonds
ings being filled' with earth. The length of wooden struc- during the year ending December 31 1924 as follows: sold
C.& N. W.By. General Mortgage Gold of 1987,5%.sold
tures replaced by permanent work aggregates 9,665 feet.
to reimburse the Company for past expenditures made
The charges on account of'Maintenance of Way and Strucfor construction and in redeeming underlying bonds_ _
3.150,900 00
the year ending December 31 1924, compared with
tures for
Leaving Funded Debt held by the Public,December 31
preceding year, were as follows:
the
1924
$258,586.900 00
[Vol- 120.
THE CHRONICLE
2436
BONDS IN THE TREASURY AND DUE FROM TRUSTEE.
At the close of the preceding year the amount of the Company's unpledged Bonds and Equipment Trust Certificates
$19,931,000 00
in the Treasury and due from Trustee was
The above amount has been increased during the year
ending December 31 1924, as follows:
C.& N. W.Ry. General Mortgage Gold Bonds of 1987, due
from Trustee, in exchange for bonds redeemed during the
1,278,000 00
year
Other bonds redeemed during the year exchangeable for
C.& N. W.Ry.General Mortgage Gold Bonds of 1987. viz.:
$6,000 00
C.& N.W.By. Sinking Fund of 1879,5% -,,, 0. & N. W. By. Sinking Fund Debenturesof
216,000 00
1933, 5%
222,000 00
0.& N. W.Ry. General Mortgage Gold Bonds of 1987, due
from Trustee on account of Construction Expenditures
1,000,000 00
made during the year
C. & N. W. By. First and Refunding Mortgage. 5%, due
from Trustee in exchange for bonds redeemed during the
1,904.000 00
year
0. & N. W. By. quipment Trust Certificates of AM,
1,560.000 00
5%, Series P issued
C.& N. W.By.Equipment Trust Certificates
of 1920. 635%, matured and canceled:
,
Series L
C.& N. W. Ry. Equipment Trust Certificates
of 1923, 5%, matured and canceled:
Series0
187,000 00
412,000 00
5,349.000 00
Total Bonds and Equipment Trust Certificates in the
Treasury and due from Trustee December 31 1924,
$20,546.000 00
unpledged
The following bonds owned by the Company are pledged
as security for the C. & N. W. Ry. 10-Year Secured Gold
Bonds and C. & N. W. Ry. 15-Year Secured Gold Bonds:
C. & N. W. Ry. General Mortgage Gold of 1987, 5%
C. & N. W. By. First and Refunding Mortgage, 6%
$20,500,000 00
15,000,000 00
$35,500,000 00
Total December 31 1924, pledged
LANDS.
During the year ending December 31 1924 11,547.09 acres
and 1 town lot of the Company's Land Grant lands were sold
$25.895,000 00 for the total consideration of $511,416 75. The number of
And the above amount has been decreased during the year
acres remaining in the several Grants December 31 1924
ending December 31 1924, as follows:
amounted to 217,669.95 acres, of which 17.439.59 acres were
0. & N. W. By. General Mortgage Gold
under contract for sale, leaving unsold 200,230.36 acres.
Bonds of 1987, 5%, sold to reimburse the
Company for past expenditures made for
Acknowledgment is made to all officers and employees of
and in redeeming underlying
construction
their loyal and efficient co-operation and service.
83,150.000 00
bonds
0.& N. W.By.Equipment Trust Certificates
Appended hereto may be found statements, accounts and
of 1913. 4)4%. matured and canceled:
statistics relating to the business of the fiscal year and the
485.000 00
Series E
115,000 00
Series F
condition of the Company's affairs on December 31 1924.
O.& .4. W. Ry. Equipment Trust Certificates
By order of the Board of Directors.
of 1917. 5%, matured and canceled:
422,000 00
Series CI
W. H. FINLEY, President.
40C.00000
Series H
Chicago, April 22 1925.
178.000 00
Series I
COMPARATIVE GENERAL BALANCE SHEET.
(8.387.57 Miles)
ASSETS.
Dec. 311924.
Investments.
Dec. 311923.
$483.180,303 34 Investment In Road and Equipment_ __ _ $491.943.941 15
1.037.344 17
977,954 29 Miscellaneous Physical Property
2,585,262 02
2.592.446 78 Investment in Affiliated Companies:
Other Investments:
10,337,152 29 Capital Stock of Chicago St. Paul Minneapolis & Omaha By. Co. (149,200
10,337.152 29
Shares)
3,910.575 93 Preferred Stock of Union Pacific Rail3.910,575 93
road Company (41.715 Shares)
368.493 43
335.115 65 Miscellaneous
8501,333.548 28
$510,182,768 99
Total Investments
Current Assets.
$12,678.992 47
822,055.632 88 Cash
680.489 86 Traffic and Car Service Balances Re530,241 36
ceivable
2,790,918 72 Net Balance Receivable from Agents and
2,362.445 98
Conductors
3.772,39259
4.466,457 11 Miscellaneous Accounts Receivable
13.941.088 29
14.847,27853 Material and Supplies
449.502 46
411.677 84 Other Current Assets
845.252,454 94
85,427 49
3.080.394 96
2,347,131 71
19.931.060 00
35.500 000 00
550.863,954 16
833.734.663 15
Total Current Assets
Unadjusted Debits.
Advances account Equipment Purchased
under Trust Agreements
Other Unadjusted Debits
Capital Stock and Scrip, C. & N. W.By.
Co., Held in Treasury
Company Bonds Held in Treasury and
Due from Trustee:(See statement, page
42. pamphlet report).
Untied Red
Pledged
82.514,284 28
2,347,211 71
20,540,000 00
35 500 000 00
$60,907,495 99
Total Unadjusted Debits
LIABILITIES.
Capital Stock.
Dec. 311924.
(See statement, page 23. pamphlet report)
$167.551,383 82
$167,576,463 82 Held by Public
2,347,211 71
2,347,131 71 Held in Treasury
Dec. 31 1923.
Total Capital Stock
8169,923,595 53
29,657 75 Premium Realized on Capital Stock
Total Capital Stock and Premium... $169,928.253 20
8169,953.253 28
Long Term Debt.
(See statement, page 42, pamphlet report)
$258.586.900 00
5260.170,800 00 Funded Debt Held by the Public
Funded Debt Held in Treasury and Due
from Trustee:
20,546.000 00
19.931,00000
Unpledged
35.500.000 00
35.500,000 00 Pledged
83.762,490 04
8,149,141 32
438.422 25
876,984 59
12.988 20
2,961,11250
2,311.755 79
309.068 69
Current Liabilities. ,
Traffic and Car Service Balances Payable
Audited Accounts and Wages l'ayableMiscellaneous Accounts Payable
Interest Matured Unpaid
Dividends Matured Unpaid
Unmatured Dividends Declared
Unmatured Interest Accrued
Other Current Liabilities
34,680,336 82
1.764.731 73
Unadjusted Credits.
Tax Liability
Balance Premium on C.& N. W. Ry.5%
General Mortgage Gold Bonds of 1987- Accrued Depreciation-Equipment
Other Unadjusted Credits
$43.056,363 24
$60,016.577 48
5604,824.928 13
Total Assets
3607.449.957 38
$3,548,693 03
5,752,718 91
385,578 06
833.467 34
9,60920
2,325.169 13
190.351 02
$13.045.586 69
Total Current Liabilities
$18,821.963 38
86,008,194 CO
603,100 69
3314.632.900 00
Total Long Term Debt
$315.601.800 00
$6,344,590 00
537.565 36
38,150,073 59
1.217.233 54
846.249,462 49
Total Unadjusted Credits
Corporate Surplus.
52,281.526 65 Additions to Property Through Surplus_ _
Profit and Loss
57.735.05083
8607,449.957 38
8169,898.595 53
29.657 75
Total Corporate Surplus
$2.389.869 16
58.578.85651
860.968.725 67
Total Liabilities
8604.824.928 13
COMPARATIVE STATEMENT OF INCOME ACCOUNT.
Increase (+) or
Year Ending
Year Ending
Decrease (-).
Dec. 311923.
Dec. 31 1924.
Operating Revenues:
$113.092 825 75 S103.516.754 39 -89,576.071 36
Freight
30.390.660 14
28 872.654 95 -1.518 005 19
Passenger
+289,723 07
14 248.C12 04
Other Transportation 13.958 288 97
-167,027 84
2.817.16237
2.984.190 21
Incidental
Total Oper. Revs_.$160,425.965 07 $149,454,583 75 -810,971.381 32
Operating Expenses:
Maintenance of Way
-809.21065
and Structures_ _ _ _ 823.368.263 78 822.559,053 13
Maintenance of Equip30.581.465 98 -5,338.59577
35.920.061 75
ment
-4"0.08094
2.047.150 99
2.007.070 05
Traffic
66,508,610 58 60,501.485 80 -6.007.12478
Transportation
+88.31831
975.496 41
887,178 10
Miscell. Operations
+58,624 63
4,142,007 70
4,083,383 07
General
Transportation for In-2,97900
Cr.270,014 93 '
Cr.267.035 93
vestment
Total Oper. Exp._$132,507,531 40 $120.536.645 08 -811.970.88632
Net Rev.from Railway Operations_ $27.918,433 67 828.917,938 67
Railway Tax Accruals_ _ 89.277.408 66
Uncollectible Railway
Revenues
64,13327
89,348,841 71
+8999.505 00
+871,43305
63,521 45
89.412,363 16
Railway Oper.Income 818,576.891 74 $19,505,575 51
Equipment & Joint Facility Rents-Net
Debit
2,721,524 65
2,733.516 77
+8928,683 77
5961.770 70
2.798,83400
18.527 43
757,074 22
Total Non-operat$4,536.206 35
ing Income
Gross Income
Year Ending
Dec. 311924.
3566.535 69
1,977.534 00
17.735 33
-792 10
075.522 26
,
-$95.235 01
-821,30000
--I81,551 96
83.437.327 28 -81.098.87907
520.379,581 32 820,221,378 14
Deductions from Gross
Income:
Rental Payments_ _ _ _
521.346 17
Int. on Funded Debt.. 11,440.568 71
Other Deductions_ _ _
180.198 46
Increase (+) or
Decrease (-)•
-$158,203 18
819.031 49
12,333.590 57
197,431 91
-82.314 68
+893,021 86
+17.233 45
Total Deductions_.$1164211334 $12.550,053 97
+5907.94063
Net Income
38.737.467 98
17,671.324 17 -$1.068,143 81
-611 82
+570.821 23
Year Ending
Dec. 311923.
Non-Operating Income:
Rental Income
Dividend Income_ __ _
Income from Funded
Securities
Income from Unfunded Securities and
Accounts, & Other
Items
Total
$ 9,341.541 93
Net Railway Operatating Income
$15,843.374 97 816.784,050 86
Dividends:
On Pref. Stock (7%)- 51.567.65000
On Corn. Stock (4%) 5.806.100 00
Total Dividends__
87,373.750 00
$1,567.650 00
5.806.10000
$7.373.75000
-11.992 12
+$940,675 89
Balance Income for the
Year,carried to Profit
and Loss
31,363,717 98
$297.574 17 -51.066,143 81
MAY 9 1925.]
2437
THE CHRONTGLE
CHICAGO SAINT PAUL MINNEAPOLIS AND OMAHA RAILWAY COMPANY
FORTY-THIRD ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1924.
To the Stockholders of the Chicago Saint Paul Minneapolis
and Omaha Railway Company:
The Board of Directors submits herewith its report of the
affairs of the Chicago Saint Paul Minneapolis and Omaha
Railway Company for the year ended December 31 1924.
Operating Revenues:
Freight
Passenger
Other Transportation
Incidental
$20.019,001 88
5.709.095 60
1,808.625 27
379.013 65
Total Operating Revenues
$27,915,736 40
Operating Expenses (79.49 per cent of Operating Revenues).. 22.189,823 72
Net Revenue from Railway Operations
$5,725,912 68
Railway Tax Accruals (5.79 per cent of
Operating Revenues)
$1,615.939 66
Uncollectible Railway Revenues
13.072 29
1,629.011 95
Railway Operating Income
Net Rental Deductions
$4.096.900 73
687.911 62
Net Railway Operating Income
Noy-Operating Income:
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and
Accounts, and other items
$3,408,989 11
Gross Income
Deductions from Gross Income:
Interest on Funded Debt
Other Deductions
201,745 46
251,061 99
$3,660,051 10
$2.578.398 33
44,d4,53
Total Deductions from Gross Income
Net Income
Disposition of New Income:
Dividends
5% on Preferred Stock
Balance Income for the year
2,623.142 86
$1,036,908 24
562.965 00
$473.943 24
GENERAL REMARKS.
OPERATING REVENUES.
will be observed from the data contained in this report
that the total operating revenues declined 1.58% from what
they were in 192.3.
The total decline in freight revenue as compared with 1923
was 27-100 of 1%. The total decline in passenger revenue
as compared with 1923 was 6.58%.
The entire decline in passenger traffic was in the short
haul business and is almost entirely accounted for by the
more general use of motor vehicles. To meet the loss in
short haul traffic your company is bending every effort to
Increase its long haul passenger business. There was a
slight Increase in long haul passenger business, but not suf•
ficient to overcome the loss resulting from the increased use
of•motor vehicles.
It
FREIGHT RATES.
Your company carried more net tons of freight one mile
in 1924 than in 1923, but the gross revenue, as stated, was
less. This situation is due largely to rate adjustments that
have been going on since 1921, with the net result that in
1924 the average•rate per ton per mile had decreased 15%,
and the average rates applicable throughout the year 1924
were 35% higher than in 1911, whereas the average for all
the railroads in the United States as 51% higher than 1911.
The railroads composing the Western Group have been
treated less favorably with relation to rates than those in
the Eastern Group, notwithstanding the latter have the
greater density of traffic. After giving effect to the various
reductions that have taken place beginning with 1921, we
find that the net result is to leave rates in the Eastern District 23% higher than the rates as they existed prior to the
increase in 1020, and in the Western District but 10-/o higher.
When tha Western District, however, is divided as between
the rot Is composing Western Trunk Lines and located in tho
Northwestern region and roads composing the Southwestern
Group, we find that those in the Northwestern Group are on
an abnormally low basis. While we do not have the exact
figures for all the railroads in the two groups for 1924, yet
it is safe to say that they are on substantially the same relative basis as n 1923. In 1923 the average freight rate per
ton per mile in the Southwestern Group was 1.364 cents,
while in the exclusive Western Trunk Line Group, which includes all the mileage of your company, it was only 1.12
cents per ton per mile.
It is unnecessary to call attention to the fact that cost of
operation in the Northwestern region is greater than in the
Southwestern region. Your officers feel that the rate structure in the Northwestern region is abnormally low and unfair to the carriers serving this territory, not only when
measured by the intrinsic value and cost of the service rendered, but likewise when compared with average rates prevailing in other regions, keeping in mind traffic density.
No effort has been spared to bring about equitable adjustments, but future action of regulating authorities remains
problematical.
Dr. M. 0. Lorenz, Director of the Bureau of Statistics of
the Interstate Commerce Commission, summarizes the situation in the following language:
Notwithstanding increased tonnage and decreased gross.
revenue, sour company lowered its operating expenses by
$1,326,323 65, or 5.64%, as compared with 1923. This was
accomplished in large measure by decrease in the cost of
fuel, and by.Increasing the number of net tons per car and
per train and the number of train miles per hour. Maintenance of equipment costs were reduced 10.62%, whereas
maintenance of way costs were slightly higher than in 1923.
Equipment and ways and structures have been well maintained and are in excellent condition.
TAXES.
Taxes have grown to be an enormous burden upon the
revenues of your company. In 1924 they consumed 5.79%
of the total revenue.
DIVIDENDS.
$40.680 83
8,635 70
Total Non-operating Income
"The increase in operating exwnses and taxes per ton mile in each
district (Eastern. Southern and Western) is very marked, while the net
railway operating income available for capital charges shows on the same
unit basis no increase in any district, and in the Western District a very
marked decline.
EXPENSES.
Owing to the lack of income from operations due to the
low rate structure, high wage scale and excessive taxes, your
Board of Directors found it necessary to pass the dividend
upon the common stock and to reduce the dividend upon the
preferred stock from 7% to 5%.
CONSTRUCTION AND MAINTENANCE DURING THE
YEAR 1924.
Construction expenditures during the year were again
confined almost entirely to Additions and Betterments incidental to renewal work, and expenditures made upon the
order of some State authority. The following were the prin- •
cipal items of work carried out during the year:
Duluth, Minncsota.—An umbrella shed 568 ft. long, 8 ft.
wide, was constructed over the north platform of tile passenger station, serving the Pullman sleepers. Construction is of
cast iron posts with timber superstructure and asphalt
roofing.
Hudson Shops, Wisconsin.—Boiler room of the power plant
was remodeled, with construction of cinder pits, floor and
foundation for new boilers, coal hopper under track, elevated
concrete coal and cinder bills. New boilers were installed
and a 175-ft. radial brick smokestack with.6-ft. flue erected.
Harlington, Nebraska.—The freight and passenger station
which was destroyed by fire was replaced with a fireproof
station 24 ft. by 94 ft., equipped with hot water heat. A
brick platform 280 ft. long with concrete curb was constructed.
Mitchell, South Dakota.—The four-stall engine house
which was severely damaged in a windstorm was improved
by a 17-ft. extension of the stalls and 14-ft. extension of the
pits, whicl• were brick paved.
Draper and Loretta, Wisconsin.—Station facilities were
abandoned at Draper and depot buildings moved to Loretta.
Oakdale. Minnesota.—In accordance with an order of the
-span pile and timHighway Commission of Minnesota, an 8
ber bridge 120 ft. long was constructed to replace grade
crossing with Trunk Highway.
Water Tanks.—Water tanks, consisting of wooden tubs
on steel towers and concrete foundations, were erected at
Elroy and Altoona, Wisconsin, St. Paul Shops, St. James and
Luverne. Minnesota. and Oakland, Nebraska. These were in.
replacement of tanks worn out, except at Oakland. where a.
new tank replaced the tank abandoned at Craig, Nebraska. .
Wells.—New wells were drilled at Emerson and Wynot,.
Nebraska, 100 ft. and 320 ft. deep, respectively.
• During the year the following important bridges were.
constructed:
Comstock. Wisconsin.—Bridge 96. A 5 span pile bridge 68 ft. long wa
replaced with a in ft. concrete arch 28 ft. long.
Drummond. Wisconsin.—Bridge 322. Piers of the 60 ft. through plate
girder span were converted into abutments with concrete and the two
approaches which were respectively a 16 span pile bridge 213 ft. long
and a 5 span pile bridge 69 ft. long, were filled.
Radisson. Wisconsin.—Bridge 3-93. A 2 span through Howe truss
240 ft. long and a 5 span pile bridge 66 ft. long, were replaced with two
75 ft.. and one 80 ft. deck plate girder spans on concrete piers and abut
men s.
Cornell, Wisconsin.—Bridge H-78. A 22 span pile bridge 341 ft. long
was replaced with a 14 ft. concrete arch 94 ft. long.
Mankato Minnesota.—Bridge 419. A 16 ft. concrete arch 137 ft. long
VMS constructed to replace 12 spans of pile bridge aggregating 161 ft. in
length, under main and yard tracks.
Madelia. Minnesota.--ttridge 519. A single span iron through truss
125 ft. long was replaced with two SO ft. deck plate girder spans on concrete
piers and abutments, and the approaches which were respectively a 4 span
pile bridge 54 ft. long and a 10 span pile bridge 138 ft. long were filled.
Ashton, lowa.—Bridge 718. A 17 span pile bridge 228 ft. long was
replaced with three 65 ft. through plate girder spans on concrete piers and
abutments.
Riverside. South Dakota.—Bridge P-270. A single through Howe
span 120 ft. long was replaced with two second hand 84 ft pony truss
steel
truss spans on concrete piers.
Riverside, South Dakota.—Bridge P-271. A single through Howe truss
span 100 ft. long was replaced with a second hand pony steel truss span
84 ft. long on concrete piers.
•
MILES OF RAILROAD OPERATED.
The total number of miles ofrailroad owned Dec.31 1924
was_1,679.60 miles
In addition to which the Company had trackage rights as
follows:
Northern Pacific Railway (Superior, Wis.. to
Rice's Point, Minn.)
1.59 miles
Great Northern Railway (St. Paul to Minneapolis, Minn.)
11.40 "
2438
Minneapolis and St. Louts Railroad (Minneapolis to Merriam. Minn.)
27.00
Illinois Central Railroad (Le Mars to Sioux
City. Iowa)
25.20
Sioux City Bridge Company (bridge across
Missouri River and tracks at Sioux City.
iowa)
3.90
Chicago and North Western Railway (Sioux
City to Sioux City Bridge Company's track))_ .50
Total Miles of Railroad in Operation December 31 1924
The above charges for Maintenance of Way and Structures for the current year amount to 16.75% of the total
Operating Expenses, as compared with 15.53% for the preceding year.
MAINTENANCE OF EQUIPMENT.
The charges on account of Maintenance of Equipment for
the year ended December 31 1924, compared with the preceding 3-ear, were as follows:
69.59 "
1.749.19 "
The above mileage is located Its follows:
in Wisconsin
in Minnesota
in iowa
in South Dakota'
in Nebraska
TotaL
777.55 miles
473.01 '•
102.04 "
88.20 "
308.39 "
1,749.19 "
In addition to the foregoing, the Company owned 183.03
miles of second track, located as follows:
in Wisconsin
in Minnesota
in Nebraska
Total
Fora. 120.
THE CHRONICLE
Increase(+)or
Decrease (-).
1924.
1923.
Locomotives
32,458.260 65 32,164,413 49 -4293,847 16
Passenger-Train Cars
474,923 45 -19.89731
494.820 76
Freight-Train Cars
2,366.915 84 2,099.665 23 -267.250 61
Work Equipment
-5,16899
42,225 82
47,394 81
Shop Machinery and
98.001 97 -22,162 90
- 120,164 87
Superintendence
+1,777 67
154,371 20
152.593 53
Sundry Miscellaneous Charges+3,025 15
41.392 42
38,367 27
Total Charges Account Maintenance of Equipment_ _ _$5.678,517 73 $5,074.993 58 -$603.524 15
The a bcve charges for Maintenance of Equipment for the
. 157.09 miles
24.23 "
current year amount to 22.87% of the total Operating Ex1.71 "
penses, as compared with 24.14% for the preceding year.
183.03 "
TRANSPORTATION EXPENSES.
FREIGHT '
TRAFFIC.
The Transportation Expenses of the Company for the year
The details of Freight Traffic for the year ended Decem- were $12,037,511 04, or 54.25% of the total Operating Exber 31 1924, compared with the preceding year, were as fol- penses. Of this amount $7,458,847 10, or 61.96%, was for
lows:
labor; $3.318,971 04, or 27.57%, was for fuel for locomotives,
Decrease
- and 1,259,692 00, or 10.47%,
was for supplies and miscellaAmount. P.Ct.
1924.
Freight Revenue
$i0,01 ,017 19 $20,019,001 88 855,015 31 .27 neous items.
3
.
• Percentage
The total decrease in the charges, as compared with the
of Inc. (-1-)
1923.
1924. orDec.(-1• preceding year, was $781,155 50, distributed as follows:
Tons of Revenue Freight Carried- 10.511.198
10.567,741 +.54
Tons of Revenue Freight Carried
One Mile
1 612.951.567 1,638.715.336 +1.60
Average Revenue Received per Ton_
$1.90977
$1.89434 -.81
Average Revenue Received per Ton
per Mile
1.222 cents -1.85
1.245 cents
Average Distance Each Revenue Ton
was Hauled
153.44 miles 155.07 miles +1.66
Mileage of Freight and Proportion of
Mixed Trains
4,652,918
4,010,559 -1.05
Average Number of Tons of Revenue
and Non-revenue Freight Carried
per Train Mile
433.70
448.57 +3.43
Average Number of Tons of Revenue
• and Non-revenue Freight Carried
per Loaded Car Mile
23.39 +2.90
22.73
Average Freight Revenue per Train
Mile
$4.99 +.81
$4.95
PASSENGER TRAFFIC.
The details of Passenger Traffic for the year ended December 31 1924, compared with the preceding year, were as
follows:
-Decrease----Amount. P. Ct.
1923.
1924.
Passenger Revenue • $6,110,998 64 $5,709,095 60 3401.9C304 6.58
Percentage
of Inc.(4-)
1923.
1924. orDec.(-)
2.448.454 2,243.655 -8.36
Revenue Passengers Carried
Revenue Passengers Carried One Mlle 175.108,637 163.277.532 -6.76
Average Fare Paid per Passenger
32.49586
$2.54455 +1.95
Average Rate Paid per Passenger per
Mile
3.496 cents 3.497 cents +.20
Average Distance Traveled per Revenue
Passenger
71.52 miles 72.77 miles +1.75
Mileage of Passenger and Proportion of
Mixed Trains
3,599,170 3,613,713 +.40
Average Passenger Train Revenue per
Train Mile
$2.14
$2.02 -5.61
MAINTENANCE OF WAY AND STRUCTURES.
The total Operating Expenses of the Company for the
year ended December 31 1924 were $22,189,823 72; of this
amount $3,717,698 76 was for charges pertaining to Maintenance of Way and Structures.• Included in these charges
are $163.234 43 for steel rails, $731,197 21 for ties, and the
cost of re-ballasting 25.37 miles with cinddrs, also part cost
of replacing 5,287 feet of wooden bridging with permanent
work.
During the year 6,557 tons of new steel rails and 3,811
tons of usable steel rails were laid in track, a greater portion
of which replaced rails of lighter weight; 584,144 ties of all
descriptions were laid in renewals.
The charges on account of Maintenance of Way and StructUres for the year ended December 31 1924, compared with
the preceding year, were as follows:
Decrease in amount charged for labor
Decrease in amount charged for fuel for locomotives
3 7 73
571.77 2
7 .454 7
Decrease in amount charged for supplies and miscellaneous items 131.923 86
$781.155 50
CAPITAL STOCK.
There has been no change since the close of the preceding
year in the Capital Stock and Scrip of the Company.
The Company's authorized Capital Stock is Fifty Million
Dollars ($50,000,000), of which the following has been
Issued to December 31 1924.
Outstanding:
Common Stock and Scrip
Preferred Stock and Scrip
Owned by the Company:
Common Stock and Scrip
Preferred Stock and Scrip
818.559.086 69
11.259,85909
829,818.945 78
82.844.206 64
1.386.974 20
Total Capital Stock and Scrip. December 31 1924
4.231.180 84
334,050.126 62
FUNDED DEBT.
AAt the close of the preceding year the amouin or-Ifunded
Debt was
.--$47.167.600 00
The above amount has been decreased during the year
ended December 31 1924 by Equipment Trust Certificates
redeemed, as follows:
Chicago Saint Paul Minneapolis and Omaha
Railway Equipment Gold Notes, 6%, redeemed
$156,800 00
Chicago Saint Paul Minneapolis and Omaha
Railway Equipment Trust Certificates of 1917.
Series"A."7 redeemed
110,000 00
Chicago Saint Paul Minneapolis and Omaha
Railway Equipment Trust Certificates of 1917.
Series "B, 7%,redeemed
95.000 00
361.800 00
Leaving Funded Debt Outstanding, December 31 1924..-846.805,80000
ADDITIONS AND BETTERMENTS.
Additions and Betterments to the property of the Company for the year ended December 31 1924 were as follows:
Expenditures for Road:
Widening Cuts and Fills
380.607 03
Rails and Other Track Material
149,557 76
Bridges, Trestles and Culverts
202,827 93
Additional Yard Tracks and Sidings
34,955 34
Station and Office Buildings
66,360 74
Water Stations
45,472 18
Shop Buildings and Enginehouses
100,396 97
Other Items
52.810 30
Total
$732.988 25
Expenditures for Equipment:
Improvement of Equipment
518.124 99
Total Expenditures for Road and Equipment
$1,251,113 24
The credits to "Investment in Road and Equipment" for
property retired during the year ended December 31 1924
were as follows:
Retirements of Road
$197.692 02
Retirements of Equipment:
1 Locomotive
810.520 20
122,359 60
Increase(+)or 197 Freight Train Cars
Decrease (-).• 53 Company Service Cars
1923.
30.117 23
1924.
Cost of Rails:
Other Items
$307,453 16 $314,672 21 +37.21905
287,863 64
New steel rails
167.545 77
121,589 39 -45.95638
Usable rails
Total
450,860 67
3474,998 93 $436,261 60 -$38,737 33
Total Retirements of Road and Equipment
648.552 69
Less value of old rails and other
334,798 06
273.027 17 -61.77089
items
Net Additions to "Investment in Road and Equipment"- 8602,560 55
.
$140,200 87 $163,234 43 +323.033 56
Net charge for rails
' LANDS.
731,19721 +61.22180
669.975 41
Cost of Ties
8.12462
13,620 88
+5.49626
Cost of Ballast
During the year ended December 31 1924 583.70 acres of
177,229 92
179.153 36
+1 923 44
Cost of Other Track Material__ _
3995,530 82 31,087.205 88 +391.67506 the Company's Land Grant lands were sold for the total consideration of $4,844 50. The number of acres remaining in
Roadway and Track Labor and
Other Expenses
+6,061 24 the several Grants
1,284,462 51 1.290,523 75
Total Charges for Roadway and
Track
32.279.993 33 $2,377,729 63
Other Charges Account Maintenance of Way and Structures
were as follows:
Bridges, Trestles and Culverts
236.590 68
291.080 47
Road Crossings, Fences, &c_ _ _ _
149,854 28
157,148 84
Signals and interlocking Plants_
49.889 93
45,948 17
Buildings. Fixtures and Grounds 423,361 96
375.520 98
Docks and Wharves
10.145 95
2,80829
Superintendence
185.760 85
176,580 99
Roadway Tools and Supplies_
65,639 23
55,676 15
Sundry Miscellaneous Charges
211.100 00
276,530 31
Total Charges Account Maintenance of Way aid Structures
13.653.661 28 $3,717.698 76
December 31 1924 amounted to 58,825.91
acres, of which 7,405.75 acres were under contract for sale,
+397,736 30 leaving unsold 51,420.16 acres.
Your Board desires to express its appreciation to the officers and
employees of the Company for the interest they
-54,48979
-7,294 56 have displayed in its affairs and their conscientious endeav
+3.941 76 ors to bring about improvement in the service.
-47.84098
Appended hereto may be found Statements and Accounts
+7.337 68
+9.17986 relating to the business of the Company for the year, and the
-9.963 08
+65.430 31 conditba of its affairs on December 31 1924.
+864.037 48
By order of the Board of Directors.
W. H. FINLEY, President.
Chicago, Illinois, April 21 1925.
COMPARATIVE GENERAL BALANCE SHEET.
(1,679.60 Mlles.)
ASSETS. •
InvestmentsDec. 31 1923.
31 Investment in Road and Equipment
287,508.451
502.217 75 Miscellaneous Physical Property
405,248 43 Investment in Affiliated Companies
6,440 69 Other Investments
$88.422,358 18
Total Investments
Dec. 311924.
$88,111,011 86
508.869 89
410,584 34
8.398 60
$89,038,864 69
Current Assets
$1.117.584 66
11.566.367 06 Cash
84,642 16
68.800 42 Traffic and Car Service Balances Receivable_
524,464 47 Net Balance Receivable from Agents and
525,469 11
Conductors
960.828 98
1.120,132 62 Miscellaneous Accounts Receivable
2,239,278 05
2,250.873 16 Material and Supplies
1.00G 00
1.00000 Other Current Assets
15.531.637 73
24,928,802 96
Total Current Assets
Unadjusted Debits
$119,465 89
2142.790 21 Discount on Funded Debt
2,844,20664 Common Stock and Scrip. C. St.P.M.& 0.
2.844.206 64
Ry. Co., Held in Treasury
1,386,974 20 Preferred Stock and Scrip, C. St.P.M.& 0.
1.386,97420
Ry.Co.. Held in Treasury
634 09 Consolidated Mortgage Bond Scrip Duefrom
634 09
Central Union Trust Company
679.609 26
755,001 98 Other Unadjusted Debits
65,129.607 12
899.083.603 03
Total Unadjusted Debits
Total Assets
LIABILITIES.
Capital Stack (See statement above).
Dec. 311923.
78 Held by Public
129.818,945
4.231,180 84 Held in Treasury
834.050,126 62
Total Capital Stock
$503089008
898.998.557 73
Dec. 31 1924.
$29,818,945 78
4,231.18C 84
$34.050.126 62
Long Term Debt (See statement, page 33
Ipamphlet report]).
246.805,896 00
$47,167.600 00 Funded Debt Held by the Public
634 09
634 09 Scrip Owned by the Company
247,168,234 09
Total Long Term Debt
$46.806.434 09
Current
$1,100,249 25 Traffic and Car Service Balances Payable_ _
1.847.009 00 Audited Accounts and Wages Payable
131,933 12 Miscellaneous Accounts Payable
67,251 00 Interest Matured Unpaid
97 00 Dividends Matured Unpaid
391,075 50 Unmatured Dividends Declared
444.103 17 Unmatured Interest Accrued
1,500 00 Funded Debt Matured Unpaid
23.986.218 04
2475,271 15
203.639 14
6.180,072 30
218.502 49
87.077.485 08
Total Current Liabilities
Unadjusted Credits
Tax Liability
Premium on Funded Debt
Accrued Depreciation-Equipment
Other Unadjusted Credits
Total Unadjusted Credits
Corporate Surplus
81,192,19538 Additions to Property Through Surplus
5.609.343 82 Profit and Loss
2(k/301,539 20
$99,083.603 03
2439
THE CHRONICLE
MAY 9 1925.]
Total Corporate Surplus
Total Liabilities
2885.622 05
1,864 723 70
128,682 47
62,363 50
7250
439,149 50
1.50000
83.382.11372
$629,302 54
171.406 76
6,612.158 02
187.46575
37.600.333 07
21.200.426 61
5,959.123 62
87.159,55023
$98,998,557 73
COMPARATIVE STATEMENT OF INCOME ACCOUNT.
Operating RevenuesFreight
Passenger
Other Transportation
Incidental
Year Ended Increase (+) or
Year Ended
Dec. 311923. Dec. 31 1924. Decrease (-)•
-$55,015 31
$20,074.017 19 $20,019,001 88
-405.90304
6,110.998 64 5,709.095 60
-1.176 55
1,809.801 82 1.808.625 27
+10,597 04
379.013 65
61
368,416
Total Operating Reve$28,363,234 26 *27,915.73640
nues
-$447,497 86
Operating Expenses
Maintenance of Way and
13.653.661 28 $3.717,698 76
Structures
Maintenance of Equipment 5,678.517 73 5,074,993 58
392,245 88
421.396 40
Traffic
12,818,666 54 12.037,511 04
Transportation
154.358 10
144.966 36
Miscellaneous Operations
876.754 97
850,631 55
General
for InvestTransportation
Cr.51,692 49 Cr.63,738 61
ment-Cr
+864,037 48
-603,524 15
-29,15062
-781,155 50
+9.391 74
+26.12342
-12,046 12
TotalOperatingExpenses$23,516,147 37 $22,189,823 72 -81.326.32365
Net Revenue from Rail84.847.085 89 85.725,912 68
way Operations
$1,598,503 23 $1.615.939 66
Accruals
Railway Tax
Uncollectible Railway Reve13.072 29
12,202 66
nues
81.610.705 89 83.62901195
Total
+1878.825 79
+817.43643
+86963
+818.30606
----Railway Operating In$3,236.381 00 14,096,900 73
come
+1860,61973
687.911 62
+480.44572
Net Railway Operating
92.028,915 10 $3,408.989 11
Income
+8380,07401
Equipment and Joint Facility
-Net Debit
Rents
207,465 90
Non-Operating Income
Rental Income
Dividend Income
Income from Funded Securities
Income from Unfunded Se
entities and Accounts
Other Items
Total Non-operating Income
Gross Income
840.429 08
37.489 43
$62,814 17
40.680 83
+822.40509
+3,191 40
7.14394
8.635 70
+1,491 76
66.531 06
86.112 81
59.055 87
79.855 42
-7,475 19
7-6.257 39
2251.061 99
8237.70632
$3,266,621 42 $3.660.051 10
+8393.429 68
+113,355 67
Deductions from Gross
Income
81.592 16
Cr.$694 80
Rental Payments
Interest on Funded Debt_ _ 2.602.156 34 2,578.398 33
'6.48203
2.390 36
Interest on Unfunded Debt
37.670 34
38.646 53
Other Deductions
22,642.448 43 22.623.142 86
Total Deductions
-819,305 57
$624,172 99 21,036,908 24
+8412,73525
8562.965 00
-2225.186 00
Net Income
Disposition of Net IncomeDividends
On Preferred Stock 7%
In 1923 and 5% in
2788.151 00
1924
On Common Stock
463.917 50
214% in 1923
Total
31 252 086 50
Balance Income or Loss
for the Year Carried
to Profit and Loss_Def.$627.895 51
+82.28696
-23.758 01
+3.141 67
-976 19
-463.91750
3562 965 0)
1689 1e350
$473.943 24 +81.101.83875
THE CHESAPEAKE AND OHIO RAILWAY COMPANY
-FOR THE FISCAL YEAR ENDED DECEMBEn :31 191?4.
FORTY-SEVENTH ANNUAL REPORT
FINANCIAL.
Richmond, Va., March 31 1925.
To the Stockholders:
During the year 1924 your Company purchased the folThe Forty-seventh Annual Report of the Board of Direc- lowing locomotives and cars:
tors, for the fiscal year ended December 31 1924 is herewith
50 Light Type Mikado Locomotives.
50 Heavy Type Mikado Locomotives.
submitted.
-ton Automobile Box.Cars.
1,000 40
5,500 5714-ton Steel Hopper Bottom Gondola CoalrOars.
The average mileage operated during the year was 2,555.7
600 5734-ton Hopper Bottom Roger Ballast Cars.
15 All Steel Express Cars.
miles, an increase over the previous year of 3.0 miles. The
4 All Steel Dining Cars.
mileage at the end of the year was 2,555.0 miles, an increase
100 8
-wheel Steel Superstructure Caboose Cars.
-wheel. Locomotive Cranes.
-ton, 8
5 25
of 2.1 miles over mileage on December 31 1923. See sched4 Jordan Composite Spreaders.
ule on page 12 [pamphlet report].
at an approximate cost of $22,600,000. Equipment Trust,
RESULTS FOR THE YEAR.
Series "V," was created during the year, under which 5%
Operating Revenues
8108,033.448 35
Equipment Trust Certificates were issued to the aggregate
(Increase 26,057.650 67. or 5.94%)
Operating Expenses
82.781.702 76 principal amount of $18,000,000, an amount sufficient to
(Increase $3,891,926 30, or 4.93%)
Net Operating Revenue
125.251.745 59 provide approximately 80% of the total cost of the above
(Increase 22,165,724 37, or 9.38%)
Taxes and Uncollected Railway Revenues
4,788.669 37 mentioned equipment. These Certificates are dated July 1
(Increase 871,99939, or 1.53%)
Railway Operating Income
$20,463,076 22 1924 and will be due July 1 1939, and provide for annual
(Increase 22,093,724 98. or 11.40%)
Net Equipment and Joint Facility Rents
1.429.844 25 payment of $1,200,000 on July 1 of each year, commencing
(Increase 8663.839 88, or 86.66%)
Railway Operating Income
Net
121,892.920 47 with 1925.
(Increase 12.757.564 86, or 14.41%)
All of the above mentioned equipment with the exception
Miscellaneous Income
1.886,08007
(Decrease $329,968 15, or 14.89%)
of
Total Gross Income
$23,779,000 54
4 AU Steel Dining Cars.
(Increase 92,427.596 71, or 11.37%)
-ton Automobile Box Cars.
449 40
Rental and Other Payments
414.862 78
(Increase 834,097 20, or 8.95%)
Income for year available for interest
$23.364,137 76
(Increase 82.393.499 51. or 11.41%)
Interest (48.21‘y, of amount available) amounted to
11,263.067 14
(Decrease $728,140 59, or 6.07%)
Net Income for the year
112,101,070 62
(Increase $3,121,640 10, or 34.76%)
634% Cumulative Convertible Preferred Stock, Series A
Dividend-two of 334% each. aggregating •
816.302 50
Net Income equivalent to 16.78% of Common Stock outstanding
$11,284,768 12
Common Stock Dividend-two of 2% each, aggregating._
2.619.500 20
devoted to corporate purposes
Remainder,
$8.665,267 92
11 All Steel Express Cars.
636 Steel Gondola Cars.
were delivered to your Company prior to December 1 1924.
The program of Additions and Betterments and improvements which were financed in large part by the issuance
of preferred stock, which was referred to in annual reports
for 1922 and 1923, was nearly completed during the year.
Of the $12,558,500, all but approximately $2,500,000 has been
expended up to December 31 1924. Those few pieces of
2440
TEEM CHRONICLE
work which were not completed as of the end of the year
will be completed during 1925.
During the year there was issued $142,000 of 5% First Consolidated Mortgage Bonds to reimburse your Company for
6% Mortgage Gold Bonds of 1922 of like aniount which were
retired on July 1 1922.
Reference is made on page 8 of your annual report for
1923 to the final settlement with the Director-General of
Railroads covering operations during the period of Federal
Control, in which it was stated that the Director-General
had agreed to fund the indebtedness for Additions and Betterments made to your property during the period of Federal Control to the extent of $9,200,000, thus releasing to
your Company $2,200,000 in cash. Notes amounting to
$9,200,000 00, due in 1930 and bearing interest at rate of 6%
Were issued during the year for this indebtedness.
In accordance with Trust Indenture dated April 1 1916
between your Company and Central Union Trust Company,
of New York, 5% Convertible Secured Gold Bonds are convertible into stock up to April 2 1926, at $90 per share. During the year these bonds, amounting to $1,656,000, were converted into Common Capital Stock to the par value of
$1,840,000. This increases the amount of Common Capital
Stock outstanding as of December 31 1924 to $67,265,725.
The changes in funded debt in the hands of the public during the year were as follows:
Retired.
4 per cent Big Sandy By. First Mortgage Bonds
$28.000 00
4 per cent Coal River By. First Mortgage Bonds
30.000 00
5 per cent Kanawha Bridge and Terminal Co. First Mortgage
Bonds
5,000 00
4 per cent R. & S. W. By. First Mortgage Bonds
6.00000
5 per cent Convertible Secured Gold Bonds
1,656.000 00
Equipment Trust Obligations
3.290.800 00
Decrease
$5.015,800 00
Increase in obligations shown under funded debt on balance sheet of December 31 1924 were as follows:
Increase.
5 per cent Equipment Trust Certificates-Series "V"
*18.000.00000
5 per cent First Consolidated Mortgage Bonds
142.000 00
Secured Obligations account final settlement Federal Control Period
9.200.00000
Increase
$27,342.000 00
GENERAL REMARKS.
Branch Line Extensions during the year have •been as
follows:
Huntington Division in West Virenla-Colcord to
Jarro, W.Va., Clear Fork Extension
95 Miles
Logan Division-Island Creek Railroad-Second
Whitman Creek Extension, Mine No. 14 to Mine
No. 20
2.66 Miles
Trace Fork Branch. Holden to Mine No. 21
2.32 Miles
5.93 Miles
Hinton Division-Raleigh, W.Va.,abandonment of a
portion of Glade Creek and Raleigh Branch
.78 Miles
Huntington Division in West Virginia-Sovereign,
W. Va.. retirement of Spruce Fork Branch
3.03 Mlles
3.81 Miles
2.12 Miles
maldng the total increase
Additional Second Track Mileage put into operation during the year, as follows:
Logan Division-Stollings„ W. Va., to McConnell, W. Va
1.76 Miles
Third Track Mileage increased by:
Huntington Division in Kentucky-Remainder of
track East End of to West End of Ashland, Ky_ _4.46 Miles
Less mileage reported In 1923 Annual Report
2.39 Miles
making total increase in Third Track of
2.07 Miles
[Vol.. 120.
403,629 miles, an increase of 13.3%. Revenue ton miles were
14,267,551,136, an increase of 10.1%. Ton mile revenue was
6.46 mills, a decrease oil 1.7%. Revenue per freight train
mile was $7 435, a decrease of 4.5%. Revenue tonnage per
train mile was 1,150 tons, a decrease of 3.0%; including Company's freight, the tonnage per train mile was
1,205 tons, a decrease of 3.1%. Tonnage per locomotive mile, including Company's freight, was 1,087
tons, a decrease of 2.0%. Revenue tonnage per loaded car
was 38.7 tons, a decrease of 1.8%. Tons of revenue freight
carried one mile per mile of road were 5,582,639, an increase
of 9.9%.
There were 6,845,756 passeng-ers carried, a decrease of
7.9%. The number carried one mile was 312,427,518, a decrease of 6.6%. Passenger revenue was $10,851,179 57, a
decrease of 6.9%. Revenue per passenger per mile was
3.473 cents, a decrease of 0.3%. Number of passengers carried one mile per mile of road was 127,558, a decrease of
6.7%. Passenger train mileage was 5,659,594, an increase
of 1.7%. Passenger revenue per train mile was $1.917, a
decrease of 8.5%; including mall and express it was $2.281,
a decrease of 7.7%. Passenger service train revenue per
train mile was $2.342, a decrease of 7.3%.
Operating Expenses increased $3,891,926 30, or 4.9%.
Transportation Expenses decreased $598,437 32, or 1.8%.
Ratio of Transportation Expenses to Operating Revenues
was 30.7% in 1924 and 33.1% in 1923. Revenue ton miles
increased 10.1%.
Roadway, Track and Structures were maintained in general good condition throughout the year.
There were 39,601.5 tons of new rail ($13,920.7 tons 130-1b.,
25,623.8 tons 100-1b., 57.0 tons 90-1b,) equal to 231.6 miles of
track used in renewal of existing track.
There were 1,177,673 cross ties used in maintaining existting tracks, an increase of 45,780.
There were 800,239 cubic yards of ballast (354,877 cubic
yards stone) used in maintaining existing tracks, a decrease of 83,971 cubic yards.
The average amount expended for repairs per locomotive
was $9,515 26, an increase of 11.2% over 1923; per passenger train car $1,815 97, an increase of 1.1%; per freight
train cars $204 59, a decrease of 11.4%. The increase in the
average amount expended per locomotive was due to the increased business, requiring more intensive use of locomotives
and improvement in the general condition of motive power,
and also to the application of new fire boxes to 142 locomotives given general repairs during the year. In 1923 only 69
of the locomotives given general repairs had new fire boxes
applied.
In addition to the equipment shown on page 5 [pamphlet
report] as purchased during the year, which equipment was
covered by Equipment Trust, Series "V," there was purchased and put into service:
-ton Wrecking Cranes.
2 150
8 Air Operated Side Dump Cars.
2 Scale Test Cars.
-ton Caboose Cars.
25 30
the net cost of which was $187,286 93.
During the year, 1.2 miles of new second track was conThe Equipment Inventory, as of December 31 1924, was
structed between Stollings and McConnell, which, together
as follows:
with .56 mile of existing side track converted into second
Increase. Decrease.
Locomotives owned
70544 track, made a total of 1.76 miles of new second track put in
Locomotives covered by Equipment Trust
300
-lig
operation on the Logan Division.
1,005
74
The following sections of second track started either durPassenger Train Cars owned
2
368
Passenger Train Cars covered by equipment Trust 105
4
ing the current year, or the previous year, were practically
completed at the end of this year:
473
6
Freight Train and Miscellaneous Cars owned--- -30.750
Freight Trains Cars covered by Equipment Trust23,291
Total
54.041
2,341
4,071
1,730
The changes during the year in the accrued depreciation
Balance to credit of account Dec. 31 1923
815.591,825 16
Amount credited during year ended Dec. 31
1924. by charges to Operating Expenses_ _ 43,449,164 74
LeS8--
Accrued Depreciation on equipment retired
during same period
1,890,976 18 1,558.188 56
Balance to credit of account Dec. 31 1924
$17,150,013 72
1923
1924
Operating Revenues
were
$108.033.448 35 $101,975.797 68 Inc. $6,057,650 67
Operating Expenses
were
82,781.702 76 78.889,77646 Inc. 3,891.926 30
Net Operating Revenues were
25,251,745 59 23,086.021 22 Inc. 2,165,724 37
Operating Ratio
.8%
77.4% Dec
76.6%
The revenue coal and coke tonnage was 41,747,672, an increase of 18.0%; other freight tonnage was 11,917,940, a
decrease of 5.2%. Total revenue tonnage was 53,665.612
tons, an increase of 11.9%. Freight revenue was $92,223,41253, an increase of 8.2%. Freight train mileage was 12,-
Between Robbins and Gregg. on the Northern Division, 1.52
miles of new second track, together with 2.11 miles of existing
side track converted into second track
Between Hampton and Lockwood, on the Big Sandy Division, 3.63 miles
4.5 miles of new second track, together with 3.1 miles of
existing side tracks converted into second track
Between Buffalo Tunnel and Amder on the Big Sandy Division, 7.6 M• ila
6.4 miles of new second track, in addition to 3.9 miles of
existing side tracks converted into second track
Between Fergo and Shelby. on the Big Sandy Division. 2.8 miles103 M• iles
of second track, together with one mile of existing side track
converted into second track
At Newport News, Va., a 1,500-car storage yard was built;
.8 m
at Raleigh, W. Va., two aditional yard tracks were built; two
100
-car yard tracks were constructed at Sproul and two 100car yard tracks were constructed at Whitesville on the Coal
River District; three 100-car yard tracks were constructed
at Taplin on the Logan Division, ten 100-car yard tracks
were constructed and put in operation at Russell, Ky., and
numerous sidings were built and existing sidings extended
to hold the longer trains now being operated.
Bridges were strengthened and rebuilt to handle the
heaviest power at the following points: Westham,
MAY 9 1925.]
Bridge No. 92; Reusens, Va., Bridge No. 1511-A; McDowell,
Va., Bridge No. 2925; Dearien, Keeneys Creek Branch,
Bridge No. 32; Kaymoor, W. Va., Bridge No. 4026; Huff
Creek Branch, Bridge No. 79, and four bridges between
Dayton and Bellevue.
-ton reinforced concrete coalAt Whitesville, W. Va., a 500
ing station and cinder conveyor was constructed; at Covington, Va., a 75-ton frame coaling station and cinder conveyor
was constructed, and at Robbins, Ohio, a 200-ton frame coaling station.
At Montgomery, W. Va., and at Pikeville, Ky., modern
brick passenger stations were built, and at Huntington,
W. Va., an important extension was made to the storeroom.
Tonnage signals were installed on the Alleghany District
to allow heavy tonnage freight trains, under control, to proceed up Alleghany Mountain without stopping. Lenses were
changed in all signals to give better indication and conform
to latest practice.
At Alleghany, Va., and Hinton, W. Va., new 115-foot twin
span turntables were installed.
A large program of water station improvements was undertaken. Some of the more important works which were
completed are as follows:
Pumping stations and water treating plants were installed
at Edginton, Ky., So. Portsmouth, Ky., Maysville, Ky., Foster, Ky., Stony Point, Ky., Peach Creek, Taplin and Ranger
on the Logan Division, Brushton, Whitesville and Sproul
on the Coal River District, and Wheeler and Robbins on the
Northern Division. At Hurricane, W. Va., Olive Hill, Ky.,
and Morehead, Ky., steam pumping plants were replaced
with oil burning engines and pumps. 50,000-gallon steel
tank was constructed at Skelton on the Piney River and
Paint Creek Branch; 150,000-gallon steel tank was constructed at Raleigh, W. Va.; and 100,000-gallon steel tank
and pumping station was constructed at Strathmore, Va.
The water station at Russell, Ky., was improved by the construction of additional storage tank of 700,000 gallon capacity, the replacing .of electric driven triplex pumps with
electric driven centrifugal pumps and the construction of
an intake pump and valve well.
Flood lights were installed at Fulton, Va., and Russell,
Ky., to furnish better lighting facilities for these yards.
At Covington, Va., the reduction of "Paynes Grade," a
distance of 2.3 miles, between Covington, Va., and Steele,
Va., from 0.4% ascending eastbound and 1.13% ascending
Westbound to level grade, which will increase the tons per
train in both directions, was completed and put in operation.
Huntington, W. Va., undergrade crossing at West 14th
Street was completed and put in operation.
Clifton Forge, Va., new freight terminal is being built,
consisting of a receiving yard and classification and forwarding yard for eastbound business. The receiving yard will
include ten 100-car tracks and a thoroughfare track, and the
Hump will be doubled track with scales in each track. The
classification yard will include a car rider track and twenty
tracks each to hold one hundred-car trains. This project
will cost about $3,500,000. Very satisfactory progress was
made during 1924 and the work should be completed and
put in operation about April 15 1925.
At Ashland, Ky., extensive iwprovements have been made,
including additional tracks on Front Street, which provide
two freight mains from the east end of Ashland to the west
end of Ashland: the two present tracks through the centre
of the town to be continued in use as passenger main tracks,
construction of yard and other tracks and 200-ton track
scale, and a third main track between Ashland and Russell,
Ky., and passenger station with division offices above, costing approximately $2,500,000. These improvements were
practically completed during the year, except the new passenger station, which should be completed and put in operation
during the summer of 1925.
Many improvements were undertaken during the year
which have not been completed. Some of the more important
projects are:
-track float bridge with
Newport News, Va., replacing 2
-track float bridge with additional tracks and crossovers,
4
which should be completed In the early part of 1925.
Morrison, Va., construction of seven large storage warehouses for export business. Six of these warehouses are
completed and the seventh warehouse should be finished in
the early part of 1925.
Lynchburg, Va., new interlocking plant at N. & W. crossing, which is being constructed jointly by the C. & 0. and
2441
THE CHRONICLE
N. & W. Railways, and which should be completed in the
early part of 1925.
Gauley, W. Va., passing siding for 100-car trains, which
should be completed in the fall of 1925.
Combined freight and passenger depots at Betsy Lane
and Wolf Pit, Big Sandy Division, which should be completed in the early part of 1925..
Richmond, Va., "Strengthening foundations of Richmond
Viaduct; rebuilding seven bridges on Pond Fork Branch;
five bridges on the Dingess Run Branch; four bridges on the
Georges Creek Branch; six bridges on the Rum Creek
Branch and filling and strengthening numerous trestles on
the Chicago Division, all of which work should be completed
in the early part of 1925.
At Gladstone, Va., new water station, with 150,000-gallon
steel storage tank, is being constructed; at Staunton, Va.,
150,000-gallon steel storage tank is being constructed; at
Huntington, W. Va., water treating plant and pumping station is being constructed and at Russell, Ky.,a 500,000-gallon
storage tank and supply line is under way. These improvements should be completed in the early part of 1925.
Among the new industries established along your line during the year were the following:
8 Manufacturers of Farm Implements and Farm Products.
22 Manufacturers of Lumber and Lumber Products.
101 Manufacturers of Mineral, Metal and other products.
Your Directors acknowledge the great appreciation of the
Company for the faithful and efficient services of its officers and employees.
By order of the Board of Directors.
W. J. HARAHAN, President.
0. P. VAN SWERINGEN, Chairman.
•
FOR YEAR ENDED DECEMBER 31 1924 AND COMPARISON
WITH YEAR ENDED DECEMBER 31 1923.
Inc.
( or Per
1924.
1923.
Dec.
Cent.
Operating Revenues$
$
$
Freight traffic
92.223,412 52 85,202.379 50 +7.021.033 02 9
1t2
Passenger traffic
10,851,179 57 11.650.940 65 -799,761 08 6.9
Transp'n of malls_
876.645 02
822.373 50
+54.271 52 6.6
Transp'n of express
1.183.614 79 1.278.850 52
-05,23573 7.4
Miscellaneous
2,898.596 45 3.021.253 51 -122.657 06 4.1
+)
(-).
Total oper. revs
108,033,448 35
Operating ExpensesMaint.of way & struc. 15.551.83821
Maint. of equipment_ 30,116.565 97
Traffic
1,173,219 35
Transportation
33427,513 91
Miscellaneous oper'ns
.431.925 68
General
2,521,741 75
141,102 11
Transp.for invest.-Cr
101.975.797 68 +6,057.650 67
5.9
12.847.570 43 +2.704,26778 21.0
28,693.865 61 +1.422,70036 5.0
1040.339 42 +132.87993 12.8
33.725.951 23 -598.43732 1.8
418.950 60
+12.975 08 3.1
2,248.921 51
+272,820 24 12.1
85,822 84
+55,279 77 64.4
Total Oper. Exp_ _ _ 82,781.702 76 78.889.776 46 +3.891.926 30 4.9
76.6%
77.4%
-.8%
Net oper. revenue_ _ - 25.251,745 59 23.086.021 22 +2,165.724 37 9.4
Railway tax accruals_ 4,628,463 42 4.687.394 06
-58.93064 1.3
Uncollectible railway
revenues
160.205 95
29.275 92 +130.930 03 447.2
Railway oper. inc 20,463.076 22 18.369.351 24 +2.093.72498 11.4
Equipment rents(net) 2.748.746 98 2,155,898 70 +592.84828 27.5
Joint tacit. rents (net) 1,318,902 73 1,389,894 SS
+70,991 60 6.1
Net railway oper.inc.21,892.920 47 19,135,355 61 +2,757.564 86 14.4
Income from Other
Sources
Income from investments and accounts 1,710.108 32 1.348,63039 +361.47793 26.8
Miscellaneous
175.971 75
867,417 83 -691.44608 79.7
Gross income
23.779,000 54 21,351,403 83 +2.427.59871 11.4
Deductionsfrom Gross
Income
Interest on debt
11,263,067 14 11,991,207 73 -728,140 59 6.1
Rentals, leased roads,
joint tracks, &c_
194,416 65
139,994 92
+54,421 73 38.9
Loss on C.& O. Grain
Elevator
15.792 86
23,327 78
-7.524 92 32.3
Miscellaneous
204.653 27
217.442 88
-12.789 61
5.9
Total deductions.... 11.677.929 92 12.371.973 31
-694,04339
5.6
Net Income
12,101,070 62 8.979.430 52 +3,121.640.10 34.8
Amount to Credit of Profit and Loss December 31 1923.....$29.003,807 39
Amount of Net Income for year ended December 31 1924,
transferred to profit and loss
12.101.070 62
$41,104.878 01
Deduct
Dividend No.47 of2% paid July 1 1924
-Common Stock
$1,308.294 00
Dividend No.48 of 2% payable January 1 1925
-Common Stock
1.311,20820
Dividend No. 4 of 334% paid July I 1924- % Cumul. Convertible Preferred Stock 408,151 25
0%
Dividend No.5of3X% payable January 1 1925
-6)4% Cumul. Convertible Preferred Stock 408,151 25
$3,435,802 70
Discount on Converted Common Capital Stock $184.000 00
Discount on Equipment Trust Obligations,
Series"V"
392.945 17
Depreciation prior to July 1 1907 on Equipment
Retired during the year
308,139 50
Depreciation prior to July 1 1907 on Equipment
Retired during the year
308.139 50
Appropriation f Surplus to Sinking and Other
Reserve Funds
12,000 00
Settlement of Accounts between the C. & 0.
Ry.Co.and the Con.& Cinti. Elevated RR.
Transfer and Bridge Co. from Feb. 1
and
1889 to Dec. 31 1917
845.577 33
Sundry Adjustments
84.362 80
5.262.827 50
Balance to Credit of Profit and Loss, December 31 1924.435,842,050 51
2442
[Vol.. 120.
THE CHRONICLE
THE CHESAPEAKE & OHIO RAILWAY COMPANY.
GENERAL BALANCE SHE ET, DECEMBER 31 1924.
ASSETS.,
(Excluding Stocks and Bonds owned of The C.& 0. By. Co.of Indiana and of The C.& 0.Equipment Corporation.)
Property Investment—
Cost of Road
$226,747,260 98
Cost of Equipment
118,209,357 89
$344,956,618 87
Improvements on Leased Railway Property
36,652 91
Securities of Proprietary, Affiliated and Controlled Companies—Pledged—
Stocks
$15,004,665 19
Bonds
2.220,002 00
$17,224,667 19
Other Investments—Pledged—
Bonds
385,000 00
Securities—Issued or Assumed—Pledged—
Bonds.
67.329,001 CO
$84.938,668 19
(Includes First Lien and Improvement 5% Mortgage Bonds $66,842,000 00. See Contra.)
•
Miscellaneous Investments—
Physical Property
Special Funds, and Funded Debt Issued and Reserved—
R. & S. W. Ry. Co., First Mortgage Bonds—Reserved for Construction
Potts Creek Branch—Cash
504,079 75
$40.000 00
58,224 55
98,224 55
85.640,972 49
8430.534,244 27
Working Assets—
Cash in Treasury
Cash in Transit
$5,162,973 44
1,164,163 15
Cash Deposit—Equipment Trusts "U" and "V" Funds
*Cash Deposit—Preferred Stock, Series "A" Proceeds
Cash Deposit—Special Fund for Additions and Betterments, New Equipment and Maintenance of
Equipment Reserve
Cash Deposits to pay Interest and Dividends
Miscellaneous Cash Deposits
Loans and Bills Receivable
Traffic Balances
Agents and Conductors
Miscellaneous Accounts Receivable
Other Working Assets
$6,327,136 59
2.781.030 83
3.325,515 C2
8.044,11660
2.612.718 43
12.000 00
247,640 27
3,940 253 99
417.656 08
2,637,745 53
43,150 66
$30,389.864 00
7,495,271 92
Material and Supplies
Securities in Treasury—Unpledged—
Stocks
Bonds
•
Deferred Assets—
•
Unmatured Interest, Dividends and Rents
Advances to Proprietary. Affiliated and Controlled Companies
Advances, Working Funds (Fast Freight Lines, &c.)
Special Deposits with Trustees, Various Mortgage Funds
Cash and Securities in Sinking Funds__ ,
Cash and Securities in Insurance Reserve Fund
Sundry Accounts
$5,606,937 23
5,790,173 56
11.397,11079
$178,815 78
822.570 25
11.281 05
889.902 10
303.219 28
151.703 54
3.591.006 32
5.948.498 32
55.230.745 03
Total
•Represented in part by U. S. Government Treasury Notes.
$485,764,989 30
LIABILITIES..
Capital Stock—
Common
63i% Cumnlative Convertible Preferred Stock—Series "A"
First Preferred (To be retired under plan of Feb. 23 1892)
Second Preferred (To be retired under plan of Feb. 23 1892)
Common—The Chesapeake and Ohio Railway Co. of Indiana
.
Funded Debt—
General Funding and Improvement 5% Bonds
Convertible 4%% Bonds
First Mortgage, R. & S. W. Railway, 4% Bonds
First Consolidated Mortgage, 5% Bonds
First Mortgage, Craig Valley Branch, 5% Bonds
First Mortgage, Greenbrier Railway, 4% Bonds
First Mortgage, Warm Springs Branch, 5% Bonds
First Mortgage, Big Sandy Railway, 4% Bonds
First Mortgage, Paint Creek Branch, 4% Bonds
First Mortgage. Coal River Railway, 4% Bonds
First Mortgage, C. & 0. Northern Railway Co., 5% Bonds
Convertible 5% Secured Gold Bonds
First Mortgage, Potts Creek Branch, 4% Bonds
First Mortgage, Kanawha Bridge & Terminal
5% Bonds
Co..
First Mortgage, Va. Air Line Railway, 5% Bonds
First Mortgage, R. & A. Division, 4% Bonds
Second Mortgage, R. & A. Division, 4% Bonds
General Mortgage, 414% Bonds
Secured Obligations—Account Final Settlement Federal Control Period
Secured Obligations to U. S. Government
Secured Obligations to U. S. Government
$67.265.725 00
12,558.5C0 00
3.000 00
200 00
$79,827,425 00
1,20000
$79,828,62500
1929
1930
1936
1939
1940
1940
1941
1944
1945
1945
1945
1946
1946
1948
1952
1989
1989
1992
1930
1931
1932
Equipment Trust Obligatioys and Contracts
3,698.000 00
31,390,000 00
819,000 00
30.000.000 00
650.000 00
1,641.000 00
400.000 00
4,137,000 00
539,000 00
2,498.000 00
1,000.000 00
36,417,500 00
600.000 00
441.000 00
900.000 00
6.000.000 00
1.000.000 00
48,616.000 00
9.200.000 00
6,738,523 97
1,334,500 00
S188.019,523 97
46,622,800 00
234,642.323 97
First Lien and Improvement 5% Mortgage Bonds not in hands of public (see Contra)
Working Liabilities—
Loans and Bills Payable
Traffic Balances
Audited Vouchers and Pay Rolls
Unpaid Wages
Miscellaneous Accounts Payable
Matured Interest and Dividends Unpaid
Matured Mortgage and Secured Debt Unpaid
Other Working Liabilities
Deferred Liabilities—
Unmatured Interest and Rents
Insurance and Casualty Reserves
Taxes Accrued
Accrued Depreciation—Equipment
Sundry Accounts
1930
66,842,000 00
$2,855,743 11
561,970 06
8,792.158 50
62.297 32
490,598 94
2,546,579 65
18,174 17
486 54
$15,328,008 29
S3,174,200 10
151,703 54
2,364.323 15
17.150.013 72
4,677,115 27
27,517,355 78
42,845,364 07
Appropriated Surplus—
Additions to Property through Income and Surplus------------------------------------------ $25,024,192 69
437,213 78
Reserve Invested in Sinking Funds
303,219 28
Funded Debt Retired through Income and Surplus
Profit and Loss—Balance
$25,764,625 75
35,842,050 51
Total
This Company is also liable as a guarantor of the following securities:
Western Pocahontas Fuel Co. Coupon 5% Notes. Due 1919 and 1921 ($500,000 each year), owned by this Company
The Chesapeake and Ohio Grain Elevator Co., First Mortgage 4% Bonds due 1938
Richmond-Washington Co. Collateral Trust Mortgage (C. & O. prop'n 1-6) 4% Bonds due 1943
Louisville and Jeffersonville Bridge Co. Bills Payable (C. & 0. prop'n 1-3) 6% Notes due 1931
Louisville and Jeffersonville Bridge Co. Mortgage (C. & O. prop'n 1-3) Bonds due 1945
Western Pocahontas Corporation, First Mortgage 414% Bonds due 1945
Bonds due 1945
Western Pocahontas Corporation, Extension Mortgage No. 1, 435
Western Pocahontas Corporation, Extension Mortgage No. 2, 4).4
Bonds due 1946
Norfolk Terminal and Transportation Company First Mortgage 5% Bonds due 1948
61,606,676 26
$485,764,989 30
$1,000,000 00
820,000 00
10,000,000 00
147,000 00
4,500,000 00
7511,000 00
97,000 00
51,000 00
500.000 00
MAY 91925.]
THE CHRONICLE
2443
THE HOCKING VALLEY RAILWAY COMPANY
TWENTY-SIXTH ANNUAL:REPORT-FOR THE YEAR ENDED DECEMBER 31 1924.
Columbus, Ohio, March 17 1925.
To the Stockholders:
The Twenty-sixth Annual Report of the Board of Directors,
for the fiscal year ended Dec. 31 1924, is herewith submitted.
The average mileage operated during the year was 348.57
miles, the same as the average mileage operated during the
previous year. The mileage at end of the year was 348.57
miles. See schedule on page 10 [pamphlet report.]
RESULTS FOR THE YEAR.
Operating Revenues
(Decrease $120,003 65, or .68%.)
Op'erating Expenses
(Decrease $848.686 54. or 6.05%4
817,443,398 75
13.178.502 58
Net Operating Revenue
(Increase $728,682 89. or 20.61%4
Taxes and Uncollectible Railway Revenue
(Increase $144.667 74, or 13.45%•)
$4.264.896 17
Railway Operating Income
(Increase $584,015 15, or 23.73%4
Net Equipment and Joint Facility Rents
(Increase $479.997 13, or 7,097.92%4
$3,044,845 29
Net Railway Operating Income
(Increase 81,064,012 28, or 43.36%.)
Other Income
(Increase $367,259 10. or 126.83%4
Total Gross Income
(Increase $1,431.271 38. or 52.17%4
Rentals and Other Payments
(Increase $3.546 56, or 4.36%4
$3,518,079 92
Income for the year available for interest
(Increase $1,427,724 82. or 53.63%4
Interest (43.03% of amount available)
(Increase 820.480 66, or 1.18%4
Net Income for the year
(Increase 81.407,244 16. or 152.49%4
Dividends paid during the year:
Two dividends of 2% each, aggregating
$4,090,041 25
1.220,05088
and (d) $1,740,000 face amount of equipment trust obligations to provide approximately 80% of the funds for the
purchase of 1,000 automobile box cars of 40
-ton capacity.
There were also issued $981,000 face amount of Six Per
Cent. General Mortgage Bonds, Series A, maturing January
1 1949, of which $933,000 face amount were pledged as
security for the $700,000 Six-Year Six Per Cent. Collateral
Note mentioned above, and the remaining $48,000 face
amount are held in your Company' treasury.
An analysis of the property accounts will be found on
pages 14 and 15 [pamphlet report], by reference to which
it will be seen that additions and betterments were made
during the year to the net amount of $2,504,979 57, of which .
$366,604 83 was added to cost of road, and $2,138,374 74
was added to cost of equipment.
During the past sixteen years your Company's net addition to property accounts has been as follows:
Equipment
Additions and Betterments
$11,674.454 32
9.103.712 42
473,234 63
656,817 20
$4.174,897 12
84,855 87
1,759,956 83
$2,330,084 42
8439,980 00
Balance, devoted to improvement of physical and other
$1,890,104 42
assets
$20.778.166 74
GENERAL REMARKS.
The equipment in service December 31 1924 consisted of:
Locomotives owned
Locomotives held under equipment trusts
Total
Passenger train cars owned
Freight train and miscellaneous cars owned.
Freight train cars leased under equipment trusts
Freight train cars under special trust
Total freight train and miscellaneous cars
123 Decrease
30
153
61
8.158
3.500
47
11
Decrease
11
Decrease
11
Decrease 1.268
Increase 638
11.705 Decrease
630
The changes during the year in accrued depreciation of
equipment were as follows:
Balance to credit of account December 31 1923
$4.142.840 85
Amount credited by charges to operating expenses $722.526 55
Charges to account, for:
Accrued depreciation on equipment
retired during year-11 locomotives, and 2,275 freight, passenger
$564,619 37
and work cars
Accrued depreciation on cars changed
14.600 33
in class during year
$579.219 70
RETURN ON PROPERTY.
Less: Adjustments of accrued depreciation on cars retired in previous
The following table shows the amount of return to your
6 86
years--Cr
579.212 84
Company, from transportation operations only, upon the
143.313 71
investment, of your Company and its subsidiary comBalance to credit of account December 31 1924
84.286.154 56
panies, in road and equipment at the termination of each
Approximately .94 miles of yard tracks at Parsons were
year of the five year period ended December 311924. The
completed and placed in service.
road having been operated in January and February 1920
New twin span turntable, 115 feet long, was installed at
by the United States Railroad Administration, the ComParsons, replacing turntable 100 feet long.
pensation payable by the Government has been used for
New engine washing plant was erected and an additional
these months in lieu of the operating and other items correash conveyor installed at Parsons.
sponding therewith:
1924.
1923.
Net Railway
*Investment in
Per Cent. (4,jgr6tt1;7 R veenties wee 517 6
in 7
1
?
p Reev nues werre 414
19
..ggg
Dec.$120.003 65
Road and
Operating
of
Year Ended December 31- Equipment.
858.770.547 47
1924
56,259.783 15
1923
54.911.418 04
1922
54.639.199 60
1921
53.663,884 23
1920
Average
$55,648,966 50
Income.
83,518.079 92
2.454.067 64
2.245.066 96
1.560.741 26
1.838.466 71
82,323,284 50
Return.
5.99
4.36
4.09
2.86
3.43
4.17
*Does not include Material and Supplies and Cash on hand.
FINANCIAL.
The changes in funded debt shown by balance sheet of
December 31 1924, as compared with December 31 1923,
consisted in the payments of (a) $573,173 38 on equipment
trusts, and (b) $7,500,000 face amount of Five-Year Six
Per Cent. Secured Gold -Notes (releasing $9,600,000 face
amount of Six Per Cent. General Mortgage Bonds, Series A,
which had been pledged to secure these notes, and upon
this release, $7,500,000 face amount of these bonds were
pledged fro secure the new issue of $6,000,000 Two-Year
Notes, mentioned below, the remaining $2,100,000 face
amount of these bonds being placed in your Company's
treasury); and in the addition of (a) $631,228 10 equipment
agreement dated May 15 1920 (original amount $757,151 51
less $125,923 41 payments made prior to January 1 1924),
(b) $6,000,000 face amount Two-Year Five Per Cent. Secured Gold Notes (secured by 87,500,000 face amount of
Six Per Cent. General Mortgage Bonds, Series A),(e) $700,000 face amount Six-Year Six Per Cent. Collateral Note
(secured by $933,000 face amount of Six Per Cent. General
Mortgage Bonds, Series A) to the Director-General of
Railroads, which represents the funding of the net balance
of all accounts and claims arising out of Federal control, to
which reference was made in the annual report for year 1923,
2
inc. 728,682 89
Operating Ratio
75.6%
4.3%
Tons of Revenue Freight
One Mile
Carried
2.259,716,943 2,043,870.203 Inc. 215,846.740
Revenue Train Load
Tons
1,454
•
1,501 Dec.
47
Revenue Tons per Loaded
Car
46.6
44.7 Inc.
1.9
The revenue coal and coke tonnage was 16,412,043 tons,
an increase of 21.2%; other revenue freight tonnage was
3,889,525 tons, an increase of 0.1%. Total revenue tonnage
was 20,301,568 tons, an increase of 16.5%. Freight revenue was $15,021,470.34, a decrease of 0.9%. Freight
train mileage was 1,553,881 miles, an increase of 14.1%.
Revenue ton miles were 2,259,716,943, an increase of
10.6%. Ton mile revenue was 6.65 mills, a decrease of
10.4%. Revenue per train mile was $9.667, a decrease of
13.2%. Revenue tonnage per train mile was 1,454 tons,
a decrease of 3.1%; including Company's freight, the
tonnage per train mile was 1,481 tons, a decrease of 3.5%.
Tonnage per locomotive, including Company's freight, was
1,251 tons, a decrease of 2.9%. Revenue tonnage per
loaded car was 46.6 tons, an increase of 4.3%. Tons of
revenue freight carried one mile per mile of road were
6,482,821, an increase of 10.6%
Coal mines located on your Company's lines shipped
1,322,039 tons of bituminous coal during the year, a decrease of 57.7%. Tonnage of coal and coke received from
connecting lines was 15,090,004 tons, an increase of 44.8%.
Tonnage of freight other than coal and coke increased 0.1%
over 1923. Average revenue per ton on coal originating on
line decreased from $1 34 in 1923 to $1 08 in 1924, due to
shorter haul, whereas the average revenue per ton on coal
received from connecting lines was approximately 61 cents
2444
[Vol. 120. - -
THE CHRONICLE
in both years. The decrease of 0.9% in freight revenue,
notwithstanding the increase of 16.5% in revenue tonnage,
was caused by the increased tonnage of coal from connecting
lines carrying lower average revenue per ton and the decrease of 26 cents per ton on coal originating on line.
Transportation Expenses were $5,344,105 37, an increase
of $124,851 83, or 2.4%, whereas Operating Revenues decreased 0.7% and revenue ton miles increased 10.6%.
The ratio of Transportation Expenses to Operating Revenues
was 30.6% in 1924 and 29.7% in 1923. The decrease in
the total operating ratio from 79.9% in 1923 to 75.6% in
1924 was caused principally by decreased expenditures for
Maintenance of Equipment from $6,476,071 61 in 1923 to
$5,337,945 73 in 1924, a decrease of $1,138,125 88, or
17.6%. The increase in Transportation Expenses of 2.4%
was due to the increase of 16.5% in tonnage of freight
handled and 10.6% in revenue ton miles. There was an
increase in net credit for Equipment Rents of $494,843.
There were 506,735 passengers carried, a decrease of
21.9%. The number of passengers carried one mile was
26,068,051, a decrease of 19.3%. Passenger revenue was
;898,983.63, a decrease of 19.3%. Revenue per passenger
per mile was 3.449 cents. The number of passengers carried
one mile per mile of road was 74,786, a decrease of 19.3%.
Passenger train mileage was 626,410, a decrease of 1.3%.
Passenger revenue per train mile was $1.435, a decrease of
18.2%; including mail and express it was $1.796, a decrease
of 16.9%. Passenger service train revenue per train mile
was $1.852, a decrease of 16.8%. Reference was made in
last year's report to the decrease in the number of local
passengers carried and in the revenue therefrom due to
the establishment of motor bus lines and increased use of
private motor cars. In 1924 there was a further decrease
of 24% in the number of local passengers carried and 22.1%
in the revenue therefrom due to the same causes. There
was a decrease of 12.4% in the revenue from through passengers.
There were 142 tons of new 130-lb. rails, equal to .70 track
miles, and 5,649 tons of new 100
-lb. rails, equal to 36 miles,
used in renewals of existing main tracks.
There were 270,263 cross ties and 44,113 yards of ballast
used in maintaining existing tracks, an increase of 16,742
cross ties and an increase of 2,267 yards of ballast.
The average amount expended for repairs per locomotive
was $9,673 17, a decrease of 0.6%; per passenger train car
$1,757 86, an increase of 10.1%; per freight train car $142 18,
a decrease of 42.0%.
On November 19 1924 agreement with the Inter-State
Commerce Commission was reached by which your Company received $453,630 97 from the United States Government in full and final settlement covering the so-called
Guaranty period March 1 to August 31 1920. This amount
is included in the General Income Account for the year 1924.
Appreciative acknowledgment is hereby made to officers
and employees for their efficient service during the year.
By order of the Board of Directors:
W. J. HARAHAN,
President.
0.P. VAN SWERINGEN,
Chairman.
GENERAL BALANCE SHEET, DECEMBER 31, 1924.
ASSETS.
TABLE 3.
Property Investment
Cost of Road
Cost of Equipment
$35,216.379 95
22.604.047 75
$57,820,427 70
Securities of Proprietary, Affiliated and Controlled Companies-Pledged
Stocks
Bonds..
$108,088 66
300,000 00
408,088 66
Securities of Proprietary, Affiliated and Controlled Companies-Unpledged-Stocks
Bonds
$201 00
196.451 80
196.652 80
Securities
-Issued-Pledged
General Mortgage 6% Bonds,(see Contra)
10.653,000 00
$69,078.169 1O
Working Assets
Cash
Demand Loans and Deposits
Time Drafts and Deposits
Special Deposits
Loans and Bills Receivable
Traffic Balances
Agents and Conductors
Miscellaneous Accounts Receivable
Other Working Assets
$4,275,766 81
250,000 00
500.000 00
424.526 44
26,000 00
729,466 01
39.236 24
406,115 29
23,135 70
Materials and Supplies
Securities in Treasury-UnpledgedStocks
Bonds
-see Contra)
(Includes $2,148,000 00 General Mortgage 6% Bonds
Deferred Assets
Advances to Proprietary, Affiliated and Controlled Companies
Advances, Working Funds
Insurance paid in advance
Cash in Sinking Funds
Special Deposit with Trustee-Mortgage Fund
-see Contra)
(Includes $595.054 72 Equipment Obligations
Cash and Securities in Insurance Reserve ftnd
Other Deferred Debit Items
$6.664,246 49
1,138,725 33
$500 00
2,474.000 00
2,474,50000
$58,929 06
7,456 06
963 82
650 74
1.170.693 29
78,850 55
941,398 78
2,258,942 30
12,546,414 12
$81.624,583 28
Total
LIABILITIES.
Capital Stock
Funded Debt
First Consolidated Mortgage 4% Bonds
First Mortgage C. & H. V. R. R. 4% Bonds
First Mortgage C. & 'I'. R. R.4% Bonds
Ten Year 6% Collateral Notes
Six Year 6% Collateral Note
Two Year 5% Secured Gold Notes
Equipment Trust Obligations
-see Contra)
(Includes $595,054 72
General Mortgage 6% Bonds, not in hands of public, (see Contra)
Working Liabilities
Traffic Balances
Audited Vouchers and Wages Unpaid
Miscellaneous Accounts Payable
Matured Interest, Dividends and Rents Unpaid
Funded Debt Matured Unpaid
Other Working Liabilities
611,000,000 00,
1999 $16,022,000 00
1948 1.401,00000
1955 2.441,00000
1931-1932 1,665,000 00
1930
700.000 00
1926 6,000,000 00
$28,229,000 00
8,166,054 72
36,395,054 72
$47,395,054 72
12,801,000 00
1949
Deferred LiabilitiesUnmatured Interest. Dividends and Rents Payable
Taxes Accrued
Insurance and Casualty Reserves
Operating Reserves
Accrued Depreciation-Equipment
Other Deferred Credit Items
E863,491 09
1,080,960 40
129,962 87
413,370 00
2.00000
19,310 35
$2,509,094 71
$272,76583
771,206 14
78,85055
126.299 66
4,286,154 56
460,83841
5,996,115 15
Appropriated Surplus
-Additions to Property through Income since June 30 1907
Funded Debt Retired through Income and Surplus-------------------------------------------------Other Reserves------------------------------------------------Appropriated surplus against conifnierifliability for frelifii Clain;
E586,423 92
Profit and Loss-Balance--------------------------------------------------------------------------------------- 12,336,894 78
Total
8,505,209 86 •
$288,966 66
1.
9038756
145,295 11
13.405 25
12,923,318 70
$81,624,583 28
MAY 9 1925.]
THE CHRONICLE
2445
SEABOARD AIR LINE RAILWAY COMPANY
ANNUAL REPORT—FOR THE FISCA L YEAR ENDED DECEMBER 31 1924.
20 new Mikado type locomotives,
Baltimore, Md., April 10 1925.'
10 new Mountain type locomotives,
6 new all steel express cars.
To the Stockholders and Security Owners
6 new all steel passenger and baggage cars,
Of the Seaboard Air Line Railway Company:
6 new all steel baggage and mail cars,
10 new steel underframe caboose cars,
The President and Board of Directors submit the follow2 new double power gas and electric motor cars.
80 new steel underframe caboose cars (except for rebuilt trucks),
of the affairs of the Company for the year ended
ing report
1 rebuilt all steel business car,
December 31 1924:
1,000 rebuilt steel underfrarne, with steel ends, box cars.
The Company's equipment program begun in 1922, involvINCOME ACCOUNT.
FOR THE YEAR ENDED DECEMBER 31 1924, COMPARED WITH ing the purchase of new locomotives and equipment and the
YEAR ENDED DECEMBER 31 1923.
rebuilding of freight cars was continued in 1924. At the
1924.
Increase.
1923.
Railway Operating Revenues.$53,384.173 10 $52,249,110 36 $1,135,062 74 close of the year of a total of 19,620 Company's freight cars,
Railway Operating Expenses_ 41.387.634 17 40,342,259 48 1,045.374 69 5,726 were purchased new since May 1922 and 9,575 cars
Net Revenue from Railway
have been rebuilt since that date, making a total of 15,301
Operations
$11.996,538 93 $11,906.850 88
$89,688 05
Railway Tax Accruals
2,442,535 36 2,204.054 28
238,481 08 cars purchased new or rebuilt since May 1922, 78% of the
Uncollectible Railway Revenues
17,807 62
12,314 20
5,493 42 total number of Company's cars. The acquisition of the new
and rebuilt equipment is favorably reflected in the fact that
Railway Operating Income. $9,536.195 95 59.690,482 40 *$154.286 45
Equipment Rents—Dr
412,865 06 1,644,548 31 *1,231.683 25 at the close of the year only 2.91% of the Company's freight
Joint Facility Rents—Dr
109,816 51
87,970 68
21,845 83
cars on line were in unserviceable condition awaiting reNet Railway Oper.Income. $9.013.514 38 $7.957.963 41 51,055.550 97 pairs.
Other Income
516,756 60
1,035,318 48
518.561 88
At the close of the year only 14.4% of the Company's locoGross Income
$10,048,832 86 $8,474,720 01 $1,574,112 85
Rents and Other Charges
115,342 69
8.247 59 motives were awaiting repairs, 9.1% being in need of class'.
107,095 10
Applicable to Interest
$9.933,490 17 $8,367,624 91 $1,565,865 26 fled repairs and 5.3% requiring minor running repairs.
Fixed Interest Charges
6,601.412 68
Annual Allotment of Discount
on Securities
253,134 09
Interest Adjustment Mortgage
(Income) Bonds
1,250.000 00
6,095.245 36
506,167 32
GENERAL REMARKS.
Business conditions in the territory served by the Sea625.000 00
625,000 00
board Air Line Railway are generally prosperous, and conNet Income
$1.828.943 40 51,394,440 74 $434,502 66
tinued business and agricultural activity is indicated for
•Decrease.
1925. The development in Seaboard territory is marked.
FUNDED DEBT.
During the year $5,554,000 First and Consolidated Mort- While in sections of the South the boll weevil continued to
gage, Series "A," Six Per Cent. (6%) Gold Bonds, due 1945, affect the cotton crop, 1924 produced the largest number of
were delivered to the Company by the Trustee of the First bales since 1914. The South is now profiting by the extenand Consolidated Mortgage, in reimbursement of the Treas- sion of diversification of crops. The production of vegetables
ury for expenditures, under the provisions of the mortgage. for Eastern and Western markets by Florida, the Carolinas
Of these bonds, $5,107,500 were pledged with the Secretary and other Southern States is rapidly increasing. This class
of the Treasury under the provisions of loans received from of long haul tonnage presents continued opportunities to this
the United States under Section 210 of the Transportation railroad, as does the production of citrus fruits in Florida.
Act, and the balance of $446,500 were held in the Company's The extensive program of highway building in the several
Southern States is contributing tonnage to the railroad in
Treasury at the close Of the year.
During the year $6,420,000 Refunding Mortgage Four Per hauling roadway materials and to the rapid growth and
Cent. (4%) Gold Bonds, due 1959, were delivered to the development of the rural sections. There is a steady increaseCompany by the Trustee of the Refunding Mortgage, under in manufacture of cotton goods in the South, now the centre
the provisions of said mortgage, and were pledged under the of this industry.
Gross revenues increased $1,135,062 74. Freight revenues,
Compauy's First and Consolidated Mortgage, as therein proincreased $1,719,017 57. The number of revenue tons carvided.
Under Equipment Trust Agreement, Series "W," Philadel- ried during 1924 was 15,427,627, an increase over the prephia Plan, referred to in 1923 Annual Report, there was vious yew: of 432,611 tons, or 2.9%. The number of tons of
revenue freight carried one mile increased 6%, there being
issued and delivered during 1924 $1,620,000 principal amount
a corresponding increase in the number of revenue tons carof 6% Equipment Trust Certificates payable in twenty-seven ried one mile per mile of road.
semi-annual installments of $60,000 each on the 15th day of
Passenger train revenue decreased $526,142 19. The deJune and the 15th day of December in each year, commenc- crease in passenger train revenue was caused largely by the
reduction in local passenger train mileage through disconing June 1C 1924 and ending June 15 1937.
Since the close of the year Equipment Trust Agreement, tinuing a large number of local trains non-productive in net
revenues. There should be a large, steady increase in the
Series "X," Philadelphia Plan, dated January 1 1925, has long haul through passenger business,
especially in the winbeen entered into with Bankers Trust Company, as Trustee, ter months. The tourist movement from the East and Midand $3,390,000 principal amount of 5% Equipment Trust Cer- dle West to Florida and other portions of the South is greatly
tificates 7ere issued and delivered thereunder on January 26 Increasing and will continue to increase in the recognition
1925. Said certificates are payable in thirty semi-annual that no other section of the United States presents such
Installments of $113,000 each, maturing July 1 and Janu• opportunity for development and recreation.
The increase of $1,045,374 69 in operating expenses is
ary 1 in each year, beginning July 1 1925 and ending Janu- accounted for by increased expenditures for maintenance of
ary 1 1940. The equipment to be acquired under this Trust $1,294,479 35. Transportation expenditures decreased $342,468 49, notwithstanding substantial increase in freight trafis hereinafter enumerated.
Equipment Trust Certificates aggregating $1,755,000 ma- fic. The transportation ratio was 37.42%, compared with
tured during the year and were taken up; $12,000 were pur- 38.89% in 1923 and 40.86% in 1922. The number of revenue
tons per train mile increased 3%. Substantial savings were
chased during the year prior to maturity.
effected in transportation expenses through favorable fuel
contracts and economies in the use of fuel.
EQUIPMENT.
The acquisition of new equipment and the furtherance of
Of the equipment reported in last year's report as con- the Company's rebuilding program inaugurated in 1922 retracted for and undelivered, the following was received and suited in large reductions in equipment rents during thd
year. The net amount paid for equipment rents in 1924 was
put in service during the year:
$412,865 06, a reduction of $1,231,683 25 as compared with
8 new all steel combination mail and baggage cars,
new all steel dining cars,
1923 and a reduction of $2,579,109 60 as compared with 1922,
2
1 new all steel business car.
the year in which this Company suffered the most as a result
25 new steel underframe caboose cars,
rebuilt steel underframe and upperframe, ventilated box cars,
'of the under-maintenance of its equipment during Federal
225
56 rebuilt steel center sill, reinforced ends, box cars,
control.
932 steel underframe flat cars (new except for rebuilt trucks),
For some time it had become apparent to the President of
241 rebuilt all steel phosphate cars,
289 rebuilt wooden flat cars,
this railroad that the State of Florida presented unusual
leaving 58 rebuilt all steel phosphate cars contracted for an 1 opportunities for development by railroad, and that the position of the Seaboard Air Line Railway in that State was not
undelivered at the end of the year.
The following additional equipment to be acquired under sufficiently assured to delay the extension of its lines in
directions. The Seaboard was not receiving
the
Equipment Trust Series "X," dated January 1 1925, has various business
originating in territory to which it was
share of
been contracted for, to wit:
justly entitled and the development of Florida was retarded
252,938 81
195 28
2446
THE CHRONICLE
because a the lack of railroad facilities between the two
coasts of its peninsula, long apparent to the President of the
Seaboard If Florida was to attain Its full measure of prosperity. Accordingly, as early as 1913, your President began
Investigations in respect to the construction of a cross-State
railroad in Florida to connect the East and West Coasts in
the public interest and to provide the Seaboard Air Line
with entrance to territory revenue which it was clearly entitled to receive. It was not alone the purpose to construct
a cross-State railroad, but at the same time to give through
connection at Coleman on the Jacksonville-Tampa main line
with Eastern and Western points.
The European War beginning in 1914 necessitated the temporary abandonment of these plans. Federal control of the
railroads further deferred the undertaking, as it necessitated
financing the rehabilitation of the Company's equipment,
which Ind been grossly under-maintained during Federal
control. The financing of the cross-State railroad proposed
was necessarily most difficult not alone because of the fact
that no new construction of moment had been Inaugurated
by the railroads since Federal control, but Seaboard credit
had been affected during the progress of, and because of the
condition of the property incident to, Federal control.
Satisfied of the necessity as early as possible of beginning
the work mentioned, the Florida Western & Northern Railroad Company was incorporated and the construction of 23S
miles of railroad was begun, to finance which $7,000,000 of
that Conmpany's First Mortgage 7% Sinking Fund Gold
Bonds, Series "A," due May 15 1934, guaranteed by Seaboard
Air Line Railway Company, were issued and sold. At the
date of the submission of this report the 204 miles of main
line between Coleman and West Palm Beach, Florida, is in
operation for both freight and passenger service, and the
construction of the Gross-Callahan cut-off, approximately 13
miles, ;:t the vicinity of Jacksonville, Florida, which will
shorten the mileage and result In substantial saving of time
in the movement of through passenger trains and perishable
freight business, is nearing completion. The Valrico cut-off.
11 miles. will shorten the distance across the State and Is
now under construction.
. The Florida Western & Northern Railroad Company has
been leased by the Seaboard Air Line Railway Company for
a period of 999 years. This new cross-State line of the Sea-
[VoL. 120.
LIABILITIES.
Capital Stock
Common Capital Stock Is$40,041.000 00
sued
Less:
$3,021,600 00
Pledged as Collateral
300 00
In Treasury
$37,019,100 00
Preferred 4-2% Capital Stock
$25.000.000 00
Issued
Less: Pledged as Collateral 1.105.900 00
23,894.10000
Preferred 6% Capital Stock
$2,273,100 00
Issued
Less:
2,235,000 00
Pledged as Collateral
800 00
In Treasury
37.300 00
Total
Funded Debt UnmaturedEquipment obligations___ _$28.332.687 47
Less:
Pledged as Collateral- $9,302.687 47
1.839.000 00
In Treasury
Mortgage Bonds Proprietary
538,608.000 00
Companies
Less: Pledged as Collateral 5.949,000 00
S. A. L. Railway First Mort539.775.000 00
,Z8
as Collateral
560,950.50000
17.191,000 00
32.659,000 00
gage
S. A. L. Railway Refunding
565.181.000 00
Mortgage Bonds
Less:Pledged as Collateral 45.831.000 00
12,775,000 00
19,350,000 00
S. A. L. Railway Company
First and Consolidated
Mortgage Bonds,Ser."A"$54,303.000 00
Less:
Pledged as Collateral _ 426.078.500 00
457,000 00
In Treasury
27.767.500 00
ncome Bon
Ids:
S. A. L. Railway Adjustment Mortgage
25.000,000 00
Bonds
Miscellaneous Obligations:
Secretary of Treasury ofUnited States
14.957.400 00
Notes
Director-General of Railroads, United
-Note
2.000.000 00
States
151.699.900 00
Total
1,114,110 41
Non-Negotiable Debt to Affiliated Companies
Current Liabilities
$500,000 00
Loans and Bills Payable
1.068,72009
Traffic and Car Service Balances Payable
Audited Accounts and Wages Payable:
Audited Vouchers Unpaid $3.P03.363 48
1.372.886 10
Wages Unpaid
5,276,249 68
board constitutes the only through line to both the East and
Miscellaneous Accounts Payable:
West Coasts anti Central Florida to and from the East and
Individuals and Companies $736.003 50
122.061 78
Agents Traffic Drafts_ _ _ _
West, and the short line over the Seaboard's own rails from
64.918 72
Claim Authorities
Richmond. Virginia. The construction of this new mileage
922.984 00
will add materially to the revenues of the Seaboard Air Line Interest Matured Unpaid:
3700.355 75
Funded Debt
Railway.
Equipment Trust ObligaThe Directors desire to express appreciation to the officers
12.432 89
tions
712.788 64
and employees of the Company for their loyal support, co- Dividends Matured Unpaid
9 00
operation and efficient service.
26.750 00
Funded Debt Matured Unpaid.,
Unntatured Interest Accrued:
S. DAVIES WARFIELD, President.
$1.842.323 67
Funded Debt
Equipment Trust Obliga292,968 64
tions
-GENERAL BALANCE SHEET. DECEMBER 31 1924.
TABLE NO.2
1.28333
Unfunded Debt
2.136.575 64
ASSETS.
25.428 55
Unamortized Rents Accrued
Investments
203.007 15
Other Current Liabilities
Investment in Road and Equipment:
$168,702.765 94
Road
10,872.512 65
40.262.270 41
Total
Equipment
572.747 24
General Expenditures
Deferred Liabilities
3209.537.783 59
517.782 58
Other Deferred Liabilities
1.074 02
Sinking Funds
149.255 30
Deposits in Lieu of Mortgaged Property Sold
Unadjusted Credits
863.610 27 Accrued Taxes
Miscellaneous Physical Property
08
5674.837
Investments in Affiliated Companies:
5,771,619 16
Accrued Depreciation-Equipment
$3.408.956 34
-Pledged
Stocks
Reserve for Outstanding Stock of Proprie257.601 23
Stocks-Unpledged
19,426 41
tary Companies
1,224.554 23
-Pledged
Bonds
*2,049,443 06
Other Unadjusted Credits
99.156 00
Bon ds-Un pledged
882.999 92
-Pledged
Notes
8,515.325 69
Total
466.403 60
Notes-Unpledged
Corporate Surplus
5.257.861 44
Advances
Additions to Property through Income and
11.657,622 76
$355.872 35
Surplus
Other Investments:
Funded Debt Retired through Income and
$400.026 00
-Fledged
Stocks
3.938 10
Surplus
85.546 82
Stocks-Unpledged
8.482.778 82
-Surplus
Profit and Loss
9,850 00
-Pledged
Bonds
8.000 00
Bonds-Unpledged
8.842.58927
Total
29.386 00
Notes
311.647 38
Advances
$242,512,720 60
Grand Total
20
844.456
Accumulated and unpaid interest on Adjustment Mortgage (Income)
$223,053,802 14 Bonds amounting to 33.333,333 34 and payable out of future income, or
Total
Current Assets
otherwise, or at the maturity of the bonds, is not comprehended In the
$2.084.620 07
Cash with Treasurer
above balance sheet.
1,030.610 18
Cash in Transit
x Does not include any part of 3400,000 rental due Florida Western &
3.115.23025
Northern Railroad Company May 14 1925.
Deposits-Cash with Fiscal AgenSpecial
855.272 08
cies and Trustees
* Includes $1,331.286 89 Operating Reserves, reported in previous years
42.338 68
Loans and Bills Receivable
as Operating Reserves, but in accordance with Order of Inter-State Com1,392.179 15
Traffic and Car Service Bala nces Receivable
merce Commission are now reported as Other Unadjusted Credits. This
Net Balances Receivable from Agents and
Company is liable as a Guarantor of the following Securities and Obligations:
258,297 50
Conductors
$100.000 00
Athens Terminal Company First Mortgage
Miscellaneous Accounts Receivable:
Birmingham Terminal Company First Mortgage-Seaboard
Individuals and Companies 11,486,599 91
1,940.000 00
proportion 1-6 of
73
259.929
United States Government
474,204 34
Fruit Growers Express Company-payments
88.815 78
Other Companies for Claims
Florida Western & Northern Railroad Company First Mort1.835.345 40
7.000.000 00
gage
4,322.994 92
Material and Supplies
1,000,000 00
Georgia and Alabama Terminal Company First Mortgage_
53.691 72
Interest and Dividends Receivable
Jacksonville Terminal Company First Mortgage-Seaboard
5.617 00
Rents Receivable
400,000 00
proportion 1-3 of
490,366 47
Other Current Assets
Jacksonvilie Terminal Company First and General Mortgage
100,000 00
-Seaboard proportion )1 of
12,371.333 17
Total
Jacksonville Terminal Company Refunding and Extension
Deferred Assets
3,100.000 00
Mortgage-Seaboard proportion Yi of
$49,170 24
Working Fund Advances
Macon Dublin & Savannah Railroad Company First Mortgage 1,529,000 00
348,183 63
Other Deferred Assets
Raleigh & Charleston Railroad Company Prior Lien and Con550,000 00
solidated Mortgages
397,353 87
Total
Richmond-Washington Company Collateral Trust Mortgage
Unadjusted Debits
10,000.000 00
Seaboard proportion 1-6 of
Rents Paid in Advance
4400,500 00
185,000 00
Savannah & Statesboro Railway Company First Mortgage
Insurance Premiums Paid in Advance
71.385 18
150,000 00
Southeastern Investment Company-Note
Discount on Funded Debt
4,425.127 13
750,000 00
Tampa & Gulf Coast Railroad Company First Mortgage
Claims in Suspense
266.473 23
250.000 00
The Seaboard-Bay Line Company-Payments
Other Unadjusted Debits
1,526.74588
The Seaboard-Bay Line Company-Notes to Secretary of
3,925.000 00
Treasury of United States
6,690.231 42
Total
Wilmington Railway Bridge Company Consolidated Mortgage
217.000 00
Seaboard proportion 34 of
Grand Total
$242,512.720 60
2447
THE CHRONICLE
MAY 9 1925.]
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-WOOL
-ETC.
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME.
The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, In a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, May 8 1925.
COFFEE on the spot was dull and lower. At one time
No. 7 Rio was 193.c.,• No. 4 Santos 22 to 223/2c.; fair to good
Cucuta 21 to 2204 Honda 24% to 25c.; Medellin 2514 to
26c. Cost and freight offers were rather scarce. Prompt,
%
shipment Santos Bourbon 3s at 223c.• 3s-4s at 213/sc.;
grinders 7s-8s
4s-5s at 21.10c.; 6s-7s at 18c.; 7s at 19
%
at 163/2c.; part Bourbon or flat bean 3s-5s at 2014 a 215 c.;
4s-6s at 213/sc.; 6s at 2014c. Rain damaged not soft drink
7s-8s at 16c.; 8s at 163jc. Rio 7s at 16.75c. a 17.15c.
Futures simply collapsed here and in Brazil on enormous
selling. Buyers continue to fight the market. The consumer
resists. He is playing a waiting game. He is convinced that
presages further success in
his success in this policy thus far,
the future. As for sellers it was `Sawequi peut." On the
6th inst. alone prices fell to 40 to 57 points. A report that
the Sao Paulo government had bought 278,000 bags on the
Santos Exchange had only a temporary effect. On the 7th
inst. prices broke some 70 to 90 points on large selling.
Here quotations touched the lowest of the season. It had
been supposed that the market was in better technical
shape. Theoretically it was but for all that the selling
whether for long account or for short account or for both was
large enough to send prices crashing down to new "lows."
Wall St. and Brazil were supposed to be selling. There was
a small rally at first but it was short lived even after a recent
decline of 115 to 135 points. The drop recently is now over
150 points. Trading on the 7th was estimated at 167,000
bags and September led the decline.
World's visible supplies of coffee as of May 1 were 5,335,000
bags,a decrease of 54,000 bags for the month of April according to G. Duuring & Zoon of Rotterdam. E. Laneuville of
Havre made the world's "visible" May 1 5,254,000 bags,
or a decrease of 71,000 bags for April. World deliveries for
10 months to the end of April were put at 17,780,000 bags
by this authority as against 18,684,000 bags in the corresponding period of a year ago. In other words the world's
deliveries are nearly 1,000,000 bags smaller thus far this
season. That is eloquent of the widespread opposition to
high prices for coffee due as it is believed to manipulation by
the Brazilian government. And despite the recent decline
the price of No. 7 Rio here is still over 4 cents higher than a
year ago. Meanwhile the cost and freight business even at
the recent fall in prices is unusually small for this time of the
year. Usually it is large at the opening of May. Now
everybody is afraid to buy on a falling market. Mild
coffee still competes sharply with Brazilian. Besides there
is the widespread use of substitutes. Even large coffee
On the other hand some
interests have advised their use.
think the decline is going too far. Supplies in consuming
markets are believed to be small. A sharp demand it is
assumed would be apt to cause a sudden and pronounced
upturn in prices. Visible supplies in the U. S. are after
all steadily decreasing. Not everybody will use substitutes
for coffee; far from it. They want and will have the real
thing. Meanwhile stocks in warehouse are only 307,582
bags, while afloats amount to 209,700 bags; total in sight
517,282 bags compared with 767,866 bags a year ago. Rio
stocks have fallen to 165,000, and some declare that in the
interior of Brazil they are now nearing the vanishing point.
Few believe this is true. To-day coffee was irregular. After
making a new "low" it rallied sharply; in fact some 35 to 75
points ending at a net rise for the day of 10 to 35 points, after
estimated transactions of 171,000 bags. Cables were lower,
but the technical position was what told to-day. The market
acted oversold. Also a Sao Paulo dispatch said that the
government would buy 1,000,000 bags of options at 40$425
or equal to 21.850. cost and freight, New York. It was also
cabled that there would probably be a general strike of
coffee workmen on Monday. Rumors that the Brazilian
government was selling in New York were denied. Rio
was down 275 to 475 reis and Santos 150 to 1225 reis. Firm
offers were at new low levels; Rio No. 7, 1640 santos; No. 4
/
and No. 5, 19 to 193 0. Some cables said that the Brazilian
government was holding about 220,000 bags. Final prices
here show a decline for the week of 75 to 86 points.
14.65c.1December c13.13(g113.15
spot (unofficial)_18 Mc.1July
12.60
.621March
15.8018eptember_13.52 ©13
May
-Prompt Cuban raw has been rather steadier of
SUGAR.
late with futures higher and refiners' business somewhat
better. Cuban, 214 to 29-16c. c. i. f. Refined, 5.50 to
5.80c. That is about2cents lover than a year ago. Cuban
raw is about 1%c. lower than then. Wall Street has been
covering freely with rains reported in the provinces of
Havana and Pinar del Rio as well as elsewhere. They may
I
.
greatly interfere with the grinding of (sane. On the 6th
inst. futures advanced 8 to 13 points. In the middle of the
week Cuban and Porto Rican afloat and for early shipment
was obtainable at 4.27e.c.i.f., or 2140.cost and freight basis.
The sales were 37,000 bags of Porto Rican raw sugars for
the second half of May shipment at 4.27c. c.i. f., or 23/sc.
basis for Cubas, and 22,000 bags Porto Rican raw sugars.
also for the second half May shipment, at 4.27c. c. i. f., or a
23/sc. cost and freight Cuban. United Kingdom markets
were noticeably depressed. There were sellers for June at
12s. 3d., and 12s. 43/sd., while bids were 125, equal to 2.42c.
f. o. b. Cuba. British refiners announced a reduction of 6d.
A European cable reported that Czecho-Slovakian beet
sugar sowings were slightly larger than a year ago. There
was a decrease of 14,000 tons in meltings of sugar by United
States Atlantic refiners for the week ending May 6, to 64,000
tons, but their stocks on hand increased about a like amount.
Atlantic receipts in the past week were 78,696 tons, against
92,265 in the previous week, and 65,955 in 1923; meltings,
64,000 tons, against 78,000 in the previous week, 66,000 in
1924 and 72,000 in 1923;total stock, 187,227, against 172,531
a week ago, 177,225 in 1924 and 220,260 in 1923.
The receipts at Cuban ports for the week ending May 4th
were 199,477 tons against 183,062 in the previous week,
95,500 in the same week last year and 105,049 in 1923;
exports 92,554 tons against 115,211 in the previous week,
72,739 in 1924, and 107,801 in 1923; stocks on May 4th
1,158,245 tons against 1,051,322 a week previous; 940,715
last year, and 753,403 in 1923. Centrals grinding 174 against
181 in the previous week, 115 in 1924 and 55 in 1923. Destinations of exports were: United States, Atlantic ports 43,871
tons; New Orleans 15,677; Galveston 6,880; Chile 1,250;
Canada 7,300; Europe 17,576. Havana cabled: "Rain in
Oriente province." Later prices were steadier at 2 9-16c;
for Cuban raws. Futures declined at first on the 7th inst.
partly owing to an estimate of the Cuban crop at 5,000,000
tons. Some refiners who had been selling at 5.50c. raised
their prices to 5.60e. Included in the sales of raw sugars
were 2,240 tons Philiphines due May 20 at 4.33c. c.i.f.
Cables reported sales of Cubas, 4,000 tons, June shipment,
at 12s 43'2d, c.i.f. United Kingdom; 6,000 tons, June
clearance, to Holland, at 12s 6d c.i.f.; 6,000 tons,.June
clearance, to Holland, at 12s 6d c.i.f.- 2,000 tons San Do'
mingos, prompt loading, 12s 4%d. British refined advanced
6d. Today prices were irregular for futures closing 2 points
lower to 2 higher with transactions of 39,300 tons. Refiners
bought something like 100,000 bags of Cuban and Porto
Rico, the latter at 23/s cents. Refined was quoted up to
5.60 and 5.70 but this tended to check business. Today's
cables reported a cargo of Cuban late June and early July
shipments sold at 12s 6d. British refined was 3d lower.
Continental cables said there was an anxiety to sell, in those
markets. Final prices on futures show a little change for
the week. May is 3 pts. lower, and prompt raws the same
as about a week ago.
2.70c.1llec.
Soot (unofficial)_ _ 2%c.1July
2.57c.18eptember_ _.2.824j)2.83IMarch
May
218985%.
2.81(ii)2
-At the London auction sale on May 4 Russians
TEA.
are supposed to have bought 1,500,000 pounds. It strengthi
ened prices for Indian tea. Prices for Assam pekoes and
orange pekoe black leaf teas were fully one American cent
higher than a week ago. Of a total of 28,500 packages of
Indian tea placed on the auction block some 25,000 were
sold. Medium pekoes sold within the range of is. 414d.
and is. 63/d.; fine orange pekoes, is. 7d. to Is. 63/sd.; fine
pekoes, Is. 7d. to 2s. 4d.; medium orange pekoes, Is. nid.
to Is. 8d., and fine orange pekoes at is. 83/sd. to 2s. 43./sd.
In London, on May 5, higher prices ruled at an auction sale
of Ceylon. Demand was good. No additional production
of this quality will be available for three months. That explains the firm prices for fine pekoes, medium orange and
fine orange. Of 21,000 packages offered, some 18,000 packages were sold. In London on May 6 the tone was steady
and 17,800 packages of Indian teas were offered and some
17,000 packages were sold. Medium pekoes sold at is.
23./sd. to Is. 63/s(1.; fine pekoes, Is. 7d. to 2s. 3d.• medium
orange pekoes, Is. 3d. to Is. 8d.; fine orange pekoes, Is.
83/sd. to 2s. 6d.
LARD on the spot advanced. Though the demand was
not especially good the spot prices naturally expanded to a
rise in futures. Prime western early in the week was 15.85
to 15.95c.; Middle Western 15.70 to 15.80c.; city lard, in
tierces, 1514 to 15%c.; in tubs, 153/ to 153.c.
Compound, car lots in tierces, 13% to 13%c.; Refined
Continent, 16%c.; Smith America, 173/sc.; Brazil, 183/sc.
Futures advanced early in the week despite lower Liverpool prices. For hog, news was bullish; packers bought and
shorts covered and there was a fair amount of new speculative buying. The technical position was also stronger after
2448
THE CHBONICLE
the recent drastic liquidation. On the 6th inst. prices advanced owing to higher English quotations, bullish hog news
and covering of shorts. But a reaction later carried prices
down to a point but little above the previous closing as
Eastern longs said Packers sold. To-day on the spot lard
was firm with a fair demand. Prime Western 16.60c.;
refined, 17e: South American, 17.75c.: Brazilian, 1R.75c.
[VOL. 124
230,000 tons, it will make 463,688 tons for 1925. As to
prices the London market has set the pace. New York has
simply followed suit in the rapid and stirring advance.
May-June sold at 5034c. Later it fell a little below ribs.
when offerings increased. Prices reacted especially on the
distant deliveries. Spot and May and June alone were
wanted. Offers of July at 4734c. and July-September at
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. 463 0. did not
/
tempt buyers on the 7th late in the day.
Sal.
Mon.
Wed. Thurs.
Fri.
Tues.
May delivery
London on the 7th inst. was active, excited and higher by
ets_14.90
15.12
15.62
15.82
15.70
15.77
dellvery
July
15.45
15.45
15.92
16.02
15.97
15.97
134d. to 134d. on spot and nearby, and %d. and %d. on
September delivery15.72
16.17 • 16.25
16.30
15.72
16.27
PORK has been in moderate demand; mess, $37; family, deliveries beyond June. Crepe rose 1%d. on spot and 34d.
$35 50; fat back, $35 to $38. Beef quiet but steady; mess, on October-December. Standard plantation sheets were
$19 to $20; packet, $19 to $20; family, $20 to $24; extra quoted as follows: Spot, 2434'd.; June, 233,4d.; July.-Sept.,
-Dec., 19%d.; c. i. f. was firm; May-June,
India mess, $35 to $36; No. 1 canned corned beef, $2 75; 213jcl.; Oct.
4
No. 2, six pounds, $17 50; pickled tongues, $55 to $65 shipment, 233 d.; July-Dec., 2034d.; buyers c. i. f. New
nominal. Cut meats steady; pickled hams, 10 to 24 lbs., York; direct shipment from Singapore. At Singapore on the
193 to 213o.; pickled bellies, clear, 6 to 12 lbs., '.63c. 7th in an active market prices advanced 34 to Wid. for spot
4
%
Butter, creamery, lower grades to high scoring, 3734 to 43c. and near deliveries. Prices were as follows: Spot, 223d.;
-Dec., 19
Cheese flats, 18 to 2634c. Eggs, fresh gathered, medium May-June, 22d.; July-Sept., 2034d.; Oct.
New York quotations on the 7th were: Plantations: First
to extra, 28 to 33c.
3
latex crepe, spot, 49% to 503(c.; May, 49% to 503O.;
OILS.
-Linseed has been in rather better demand and
steadier than it had been. Larger sales in some cases have June 49 to 493/20.; July-Sept., 4634c.; Oct.-Dec. 433i;
'
been made to linoleum manufacturers and deliveries are ribbed smoked sheets, spot, 50 to 5034c.; May 50 to 5034c.;
%
steady to paint makers on old contracts. Boiled oil sells a June, 493 to 49%c.; July, 4734c.; July-Sept., 463 ; Oct.
Dec., 433/2c.
little more readily. The business however is mostly for
HIDES were quiet here with Laguayra 2134c.; Maracaibo,
prompt delivery. There is very little buying ahead. Short
car lots $1.03; tanks, 970;in less than car lots, $1.06. Cocoa- 21c.; Bucaramanga, 25c. 900 flint San Domingo sold at 18c.
nut oil, Cochin Coast, 83c.; Spot in barrels, New York for heavy and 16c. for light weights. Santa Marta, 23c.;
103 to 1034c. Corn Crude tanks 143c. nominal; barrels Savannilla, 22c. River Plate fell sharply with sales reported
spot 12c.• Edible 13c.; Olive $1.20 to $1.25. Soya bean, of some 50,000 at $39 or equal to 16 11-16c. Of this total
crude tanks 11%c. nominal. China wool, spot N. Y. 13c. the United States it is said took 22,000. City packer were
Lard prime 1734c.; Cod domestic 61 to 63c. Spirits of tur- quiet at 14c. for native steers and 133/2c. for butt. In
• pentine 97c. Rosin $8.50 to $12.50. Cotton seed oil sales Chicago big packers hides were active at 1334c. for extreme
today including scratches 7,800 bbls. Crude S. E. $9.50. light native steers and light native cows. Branded cows
brought 13c. Colorado steers 133/2c. and butt branded
Prices clored as follows:
May----c_10.80§10
.90 I August_ _c_11.12 ®11.15 October..c_11.07§11.10 steers 14e. Independent April all weight native cows and
June
10.80 11.00 September_11.36©11.38 November_10.35 10.70 steers 13%c., but buyers
hold aloof. Calfskins were quiet.
• July
10.99 11.00
December -10.36 10.38
First salted Chicago city skins, 20c. Packers talk 24c. with
PETROLEUM-Gasoline has advanced in the mid conti- tanners bidding
21c. Kipslcins slow at 17c.; first salted
nent field. United States Motor Gasoline has been in fair Chicago city
skins, 16c. Country hides 143/c. for choice
I
demand from the Texas and Gulf Cos. At' New Orleans, extreme weights;
top is 14c. bid. Buff weights 1134c. for
United States Motor was held at 12c.,.an advance of 34c. good. All
weight country 11%c. selected, delivered,
For 64-66 gravity the price remained at 143 c. The price
%
at local refineries was 12c. to 1234c. in tank cars delivered though many ask 12c. for choice.
OCEAN FREIGHT.
-Sugar freights have been weak.
for United States Motor in bulk and 133 to 133/2c. in tank
cars delivered to the trade. Steel barrels to garages remained Cargo trading has of late been quiet. Later there was a
at 20c. Keroserie was in rather better demand for export fair demand for grain and oil.
CHARTERS.
-Coal, Hampton Roads to Pernambuco,
and 53(c. was paid it seems for a cargo of prime white for Cuba to United Kingdom-Continent, 17s. 6d.; steamer. at $3 90: sugar,
1.178 tons net,
prompt, round trip
Scandinavia. Water white was 63/Ic. at New Orleans and prompt. Hampton West Indies, at $1 25; steamer, 2,903 tons net, coal,
Roads to Montreal. 90c.; steamer. 3.194 tons net, round
7 to 73‘c. here. In tank cars to the trade the quotation was trip United States and South America, 95c.; steamer, 2,748 tons net, sugar.
83c.; tank wagon, 13c. Bunker oil showed a downward June, Cuba to United Kingdom-Continent, 178.6d.; steamer. 2,339 tons
net, sugar, same.
1,348 tons net, sugar,
in London;
tendency and $1. 75 for grade "C" is a quotation which it is grain. Montreal toMay; steamerFinland. at 2134c., 22c. fixed2234c.. first
three ports.
and
intimated is shaded now and then, Diesel, $2.30. Gas oil has half June. Cuba to United Kingdom-Continent,4.500 tons sugar.at 178.6d.;
been steady at 53 to 53/2c. New Orleans for 26-28c. Gulf. first half June, sugar, Santo Domingo to Montreal, at 17c.; steamer. 1.107
tons net, prompt, round trip West Indies. $1 20: steamer,
tons net.
Lubricants lave been steady with a light demand; Penn. May crude oil. United States Gulf to North Hatteras. at 4,366 American
20c.;
tanker, 4,083 tons net,fuel oil, May, United States Gulf to Hatteras, about
600 s.r., 2434 to 2534e. nominally, at New York. New 23c.; American tanker. 4,044 tons net, clean, May-June. San
Diego to
York refined export prices: Gasoline, cases, cargo lots, U. S. North Hatteras, 78c.: American tanker. 5,143 tons net. same; American
tanker, 5,165
steamer, 2.625
Navy specifications, deodorized, 29.15; bulk, per gallon, steamer, 3,161tons net, same; Danishwith alternative tons net and British
tons net, grain, each
15.00; export naptha, cargo lots, 17.75; 62-63 degrees H range, either one or the other for oats at 3s., Montrealoption to Continent
to Dantzig, rate for
• 19.00;66-68 degrees 20.50; kerosene, cargo lots, cases, 16.90c. the one allocated to voyage to Continent range, not disclosed.
COAL has been very dull and the Pittsburgh Coal Co. has
Petroleum, refined, tanks, wagon to store 13c.; motor gasoline, garages (steel bbls.), 20c.; single tank cars, delivered shut down five more mines. Operations in that district
New "York, 133/2c. Later the Standard Oil Co. of New generally are at a low stage. At the West there is little
York met the Texas Co.'s cut of 2c. in Greater New York as demand except for screenings. At the Northwest docks the
well as at New England points. No change was reported in supply is large. At Hampton Roads spot trade is slow.
the Standard Oil Company of New Jersey's territory. The There is a moderate contract business in bituminous. Anprice in steel barrels, delivered to the local garages, is now thracite is more active in the domestic trade at New York
18c. a gallon. Gasoline in bulk was at 12c. for United States at steady prices.
TOBACCO has been firm with a moderate business.
in motor, in tank cars at the refinery. Jobbers were doing
little. Mid-Continent gasoline was firmer and United There is nothing like general activity. New Java tobacco
• States motor lie. At New Orleans the price is 12c. Kero- is found to be of satisfactory quality. New Porto Rico
sene was quiet and weaker; water white at local refiners at tobacco is said to be selling at high prices. New Sumatra
tobacco has been in fair demand and steady. In general,
6% to 7c.
Pennsylvania
13.30 Bradford
$2.02 the demand for tobacco has still been confined to small lots
$3.40 Illinois
Corning
1.95 Corsicana,light_ - 2.00 Crichton
1.70 to supply immediate needs, but
the outlook for business is
Cabell
2.05 Lima
1.55
2.23 Plymouth
2.00 not considered unhopeful. A petition in bankruptcy, filed
Somerset, light.-- 2.30 Indiana
2.03 Mexia
Wyoming
2.00 Princeton
Calif., 35 & above- 1.85 in Federal Court to-day against the American Sumatra
2.02
Smackover,27 deg. 1.30 Canadian
1.75
2.63 Gulf, coastal
2.00 Wortham
Powell
2.00 Tobacco Co. seeks the appointment of a receiver, declaring
2.00 Richland
Buckeye
3.15 Eureka
3.25
the $17,000,000 firm insolvent.
Oklahoma. Kansas and Texas
Mid-Continent
COPPER has been quiet and rather weak at 13.50c. for
$1.00
Under 28 Magnolia
$1.35
Below 30 deg
1.55
31-32.9
1.55 exportf. a. s. New York. Producers quoted 13%c. delivered
30-32.9
5
2.25
1.80 in the Valley but buyers shied
39 and above
33-35.9
at this price. Germany has
2.00
Below 30 Texas Co
1.35
36 and above
bought to some extent with'some sales also to England,
1.80 Caddo
33-35.9
1.70 France and Italy. But such as it
2.35
42 and above
Below 32 deg
was the German demand
1.85
2.05 was the most noticeable. There was no semblance of ac38 and above
RUBBER has risen 1 to 3%c. to the highest prices in 5 tivity. London prices have latterly shown somewhat of a
years in an active and excited market. It was due to a downward tendency. On the 7th standard copper fell 2s.6d.
sharp decrease in the supply, the result of the curtailment of at London to £59 17s. for spot and £60 17s. 6d. for futures.
output according to the plan of the British Restriction Com- The sales were 200 tons of spot and 1,300 tons of futures.
mittee, whereby the production was automatically restricted Spot electrolytic was unchanged at £63 10s.; futures fell 5s.
whenever the price averaged 15d. to 18d. per pound, or about to £63
TIN has dropped sharply, spot selling down 2 cents, to
30 to 36 cents. Meantime the world's consumption steadily
increased. The United States in 1925 it is estimated will 54c. At that price a good business was reported in Straits
use 340,000 tons out of a world's consumption of 490,000. tin. Futures sold at 43 to 43%c. Welsh tin plate was dull.
Tire manufacturers, boot and shoe makers and. druggists' That was considered the secret of the weakness in pig tin.
sundries take the bulk. Production under restriction is Yet on the 6th inst. London prices advanced £1 10s., to
326,000 tons with 15,000 tons permitted per quarter under £242 15s. for standard on the spot and 15s. on futures,
special allowance. Prices rise with curtailed production, reaching £244 15s. Straits spot rose £1 to £248, 5s. Eastern
and allowing for the maximum increase of 10% each quarter, c.i.f. London advanced £2, to £248 5s., with sales of 250
production for 1925 for the restricted areas may be 233,700 tons. It was considered a rather curious situation, New
tons. With the Dutch East Indies and others producing York weak and London rising.
2449
TIM CHRONICLE
limr 9 1925.]
Victoria.
New South Wales. 804 bales; greasy merinos, 16 to 3350. to 2754d.;
prices latterly 7.45 966 bales; scoured crossbreds. 17 to
greasy merinos. 15
LEAD his been in fair demand with
149 bales: greasy merinos,
South34d.•.
with 7.80c. obtained at New greasy crossbreds, 1034 to 12d. , 13 to Australia,
1955d. New Zealand. 4.610 bales;
to 7.50e. at East St. Louis
14 to 2555d.: greasy crossbreds
level the tone has scoured merinos. 20 to 434.; scoured crossbreds, 16 to 32d.: greasy merinos,
York, and some asking 7.85c. On this
merinos. 31 to 47.1.; greasy
The American Co.was still 955 to 1655d. Cape Colony, 880 bales; scoured to 13d.; Falkland Islands.
latterly been called steadier.
merinos. 10 to 1954d.: greasy crossbreds, 854
decline in London. In London, 3,497 bales; greasy merinos, 12 to 2254d.; greasy crossbreds, 8 to 18d.
quoted 7.75c. desnite some
6d.,touching £32 28.6d.;fuIn London on May 6, 9,178 bales were sold at falling
spot lead fell on the 6th inst.75s.
tubes of 300 tons on the prices, as follows:
tures dropped 10s. to £31 10s. with
, 15 to 2855d.•. greasy
New South Wales, 988 bales: Scoured crossbredsQueensland,
spot and 1,100 tons of futures.
merinos, 12 to 284.: greasy crossbreds, 8 to 10d., 25 to 3055d. 118 bales:
Victoria.
scoured crossbreds
has at times been rather firmer of late at 6.95 to scoured merinos, 35 to
ZINC
3855d.•.
some cases 6.9234e. 1.186 bales: scoured merinos,32 to 3855d.: scoured crossbreds, 20 to 2550.;
6.973ie. at East St. Louis, though in
crossbreds, 855 to 2055d. South
s greasy merinos, 12 to 29d.: greasy 9 to 19c. West Australia, 772 bales:
than recently. Exporter
Australia, 70 bales: greasy crossbreds,
was accepted with larger sales
London advanced greasy merinos, 1134 to 28d.; greasy crossbreds. 7 to 2055d. Tasmania,
bought 6.90c. Bears special sold at 7.10e.
5.787 bales:
rose 127 bales: greasy crossbreds, 1655 to 22d. New Zealand, 32d.: greasy
3d on the spot; futures
scoured merinos, 20 to 4455c1.; scoured crossbreds, 15 to
on the 6th inst. 2s 6d to £34, 6s
700 tons of merinos. 1355 to 29501.; greasy crossbreds, 8 to 194. Falkland Islands.
to £33, 3s 9d. Later 350 tons on spot and
is 3d
138 bales: greasy crossbreds, 14 to 17d.
futures.
In London on May 7 the wool trade decided to end the
been dull and more or less depressed.
PIG IRON has
series of Colonial wool auctions on Thursday May 14,
ania waskquoted at $20 to $21 and Buffalo present
Eastern Pennsylv
g the series to five selling days and the quantity to
Buyers hold off fearing they may be found to curtailin
at $19 to $20.
by 45,000 bales; originally, 135,000 ()ales was
a falling market. Meanwhile the output be offered
have bought on
At the sale on the 7th prices were unsettled
ed.
April 25 blast furnaces stopped and the out- catalogu
decreases. In
tne withdrawals were heavy. The market therefore
only 3,258,958 tons, against 3,564,247 in and
put in April was
als were particularly
114,975 was still unsatisfactory. The withdraw
25 to
March; that is, 108,632 tons daily in April, against
of crossbreds, which have fallen in 45 days some
It is insisted that $20 was recently accept- large
daily in March.
Bradford's trade came to a halt. Wool in 4 months
-Eastern Pennsylvania, waiving the differen- 30%.
ed for No. 2 ex
In London on May 7, 11,496 bales were
from Philadelphia, it is said, for has fallen 40%.
tial. There is an inquiry
steadily declining prices. Prices were as follows:
crossother parts of Pennsylvania there is a sold at
4,000 tons. From
New South Wales, 1,453 bales: scoured merinos. no sales; scoured
wants, it seems, breds. 20 to 32d.; greasy merinos, 1,5 to 304.; greasy crossbreds. 9 to 22d.
demand for small lots. Massachusetts
32 to 59d.; greasy merinos, 16
and New York some low Queensland, 2,027 bales: scoured merinos, Victoria, 950 bales: scoured
5,000 tons for the third quarter,
greasy crossbreds. 85/ to 23d.
a whole, the to 28d.; 29 to 424.; scoured crossbreds, 1255 to 37d. South Australia.
merinos.
phosphorous iron. But taking the trade as
26 to 464.; scoured crossbreds, 18 to 25d.;
are watching for a turn in the tide, 921 bales: scoured merinos, greasy crossbreds, 10 to 16d. West Australia,
times are quiet. Many
greasy merinos, 15 to 2655d.;
to 21d.
yet no signs of its approach.
1.381 bales: greasy merinos. 14 to 28d.•, greasy crossbreds, 12
but there are as
Zealand. 2.385
d Tasmania. 316 bales: greasy merinos, 20 to 30d. New 1555 to 34504
STEEL shows no signs of emerging from the prolonge
merinos. 26 to 4455d.; scoured crossbreds. Cape Colony,
bales:
t reports greasyscoured 1255 to 28d.; greasy crossbreds, 8 to 1855d.
merinos,
dulnass and there are the familiar and persisten
. 28 to 38d.;
there to facilitate business. 1.083 bales: scoured merinos. 30 to 45d.; scoured crossbreds
of reduced quotations here and
1155 to 224.: greasy crossbreds. 854 to 19344. Falkland
in April is consideree greasy merinos.
Islands, 980 bales: greasy crossbreds, 10 to 18d.
The falling off in the Rig iron output
, it
Sir Arthur Goldfinch, Director of War Materials during
significant of the sluggishness of the times. It presaged
nt as to the pro- the World War, and an authority on wools, was quot d by
was believed, a somewhat similar stateme
correct. the London "Daily Mail" as de laring that the wool surplus
out to be
duction of steel ingots, and this turned
Steel Institute reported a is very small compared with the average consumption but
The American Iron Sr
which is a
if
decrease of 14 , 70 from the production of March,
that, owing to the surplus, something like a panic is now
of steel consumption show occurring. The Melbourne correspondent of the "Daily
sharp drop. Two important lines
and there ip
brokers
much less active,
Telegraph" reports that a council of Australian wool
a decline. Oil well drilling is
Some of the freight car 'unanimously resolved that it was desirable to suspend all
a less demand for oil country goods.
it is said that
it was
le,
wool sales throughout Australia until July 1, and
shops have been letting men go. Meanwhi
have sold
eastern Pennsylvania bars, plates and shapes
• actually decided that there should be no sales in Australia
in
with plates especially de- for a week. Albury, New South Wales, cabled that the New
in some cases at as low as 1.90e.
among these throe. But sheets have dropped $2 South Wales wool sales had been postponed, owing to the
pressed
it is stated. There Has unsatisfactory London market. Brisbane, Australia cabled,
per ton both in the East and West,
and shapes up
ed
May 6,that the local wool sales had been abandon
an effort at times to put bars, plates
been
as to the feasiIn Boston
2.10c., but there is noticeable skepticism
of the collapse of prices in the English market.
to
to
some expect the London sales to be discontinued, owing
bility of such a move at this time.
that 70% th: dulness of trade and the downward inclination of prices.
,
WOOL has been dull and declining. The fact
the Australian sales had been withof the recent offering at
, Australia,
drawn had a bad look; also the fact that Adelaide
for May 8 had been
cabled on May 2 that the wool sales fixed
Friday Night, May 8 1925.
y uncancelled owing to the falling prices and a generall
of course, that
THE MOVEMENT OF THE CROP, as indicated by our
settled condition of the market. It means,
depressed. Consumers
telegrams from the South to-night, is given below. For the
the woolen goods industry is still
or quite double,
balk at high prices for clothing still nearly
ending this evening the total receipts have reached
the ending of the war. week
the pre-war level, nearly 7 years after
against 64,025 bales last week and 50,632 bales
prices fall. Some South American spot 45,115 bales,
Week by week
week, making the total receipts since Aug. 1
at low prices, even at 2 cents or more below the previous
wools have sold
bales, against 6,268,909 bales for the same
Buying at country points seems to have 1924 8,812,735
cost, it is said.
showing an increase since Aug. 1 1924
cents has been paid, it seems, and that was period of 1923-24,
ceased. Forty
bales.
l on May 1 at the local wool sales 3,047 of 2,543,826
top. In Liverpoo
bales of Peruvian wool were
bales of River Plate and 2,909
. Fri. Total.
Mon. Tues. Wed. Thurs
Sat.
Receipts atwere unsettled.
offered, but buyers bought little and prices
737 1,004 10,734
1,025 2,032 3,224 2,712
m has swung too far on the decline Galveston
Some think the pendulu
----8,931
____ 9.372
---441
the consumer is grim and is not at all interest- Houston
857 10,947
1,301 2,620 2,472 2,282 1.415
New Orleans_ _
in prices. But
516
20
211
108
-__61
116
Mohair is slow. The Kerrville accumula- Mobile
ed in theorizing.
235
235
at 55c. and 70c., respectively, for grown Pensacola le
203
203
tion is reported sold
Jacksonvil
158 3,856
388
749
820
rail and water shipments of wool from Savannah
581 1,160
The
and kid hair.
402 3,256
300 1,566
711
15
262
1 1925 to April 30 1925, inclusive, were Charleston
213
37
38
Boston from Jan.
44
33
61
n
the same period Wilmingto
141) 1,199 5,092
9'70
493 1,280
1,010
Norfolk
54,297,000 lbs., against 68,636,000 lbs. for
691
691
from Jan. 1 1925 to April 30 1925, Baltimore
last year. The receipts
lbs.
inclusive, were 109,372,500 lbs., against 116,842,000
Totals this week- 4,295 6.883 8.551 7,154 13.426 4,806 45.115
Boston nominal prices:
the same period last year.
for
The following table shows the week's total receipts, the
fleeces: Helaine, unwashed, 48 to 50c.,• 5i-blood
Ohio and Pennsylvania ood combing,47 to 48c.: fine unwashed.45 to 56c. total since Aug. 1 1924 and stocks to-night compared with
49 to 50c.;"5-bl
combing,
unwashed, 47 to 48c.: 34-blood
year.
Michigan and New York fleeces: Helaine
34-blood combing, 47c.; 34-blood combing, 46 to 47c.; last
combing, 47 to 48c.; 45c. Wisconsin, Missouri and average New England:
unwashed,44 to
fine
Stock.
1923-24.
1924-25.
ood, 46 to 47c.; 34-blood. 45 to 46c. Scoured basis:
Half-blood, 47c.; 55-bl selected. $1 25; fine 8
-months, $112 to $1 15.
Receipts to
-months,
Texas. fine 12
$112;southern,
This Since Aug This Since Aug
May 8.
northern,$1 20©$1 23; middle country.$110 to22;fine and fine
California,
1924,
1925.
Week. 1 1924. Week. 11923.
Oregon, eastern, No. I staple, $1 20 to $1
$1 05 to 51 07.
$1 20; eastern clothing. 51 00 to $1 05; valley
15
medium combing, 1. toTerritory-Montana and similar: Fine staple
10,734 3,567,276 8,337 2,775,505 197.167 104,963
10.
Galveston
No, 1, $1 05 to
1,134
18.606
19
62,126
-blood combing,$110 to $112' 55-blood combing, Texas City
choice, $1 23 to El 5. 55
Helaine, $1 25 to $1 28; Houston
476 1,031,666
9,372 1,722,563
5,1-blood combing, 85 to 87c. Pulled:
90 to 95c.;to El 25; a supers, $1 05 to $1 10. Mohair: Best combing,80 to Port Arthur,&c_
$1 20carding, 70 to 75c.
AA,
10,947 1.836,237 19.894 1.222,226 167.708 114.095
New Orleans
85c.; best
agency dispatch from Mel- Gulfport
59,236
2,413
516 146.513 3.829
4,285
London cabled that a news
Mobile
11,477
10,447
235
an wool interests fearing a sharp Pensacola
bourne said that Australi
3.875
421
203
3,550
2,533
Jacksonville
prices were considering whether the May sales Savannah
6,261 376.581
23,820
3,856 613.194
37.054
fall of
539
880
130
37
be canceled or sharply curtailed. The in- Brunswick
shall not
3,256 252,082 1,198 181,396
15,147
23,003
More than 50,000 bales have already, Charleston
dustry is in bad shape.
Georgetown
469 119,439
213 133,132
withdrawn from the May sales and that the Wilmington
25.601
10,114
it is said, been
5,092 375,887 2,162 396.211
65.888
54.313
disposal exceeds 350,000 bales. Bris- Norfolk
quantity awaiting
N'port News, Sec_
22,190-- - _
cabled May 6: The local wool sales have New York
9,182 177,073
75.482
bane, Australia,
35,083 1.465
36.370
1,799
6,463
it was announced to-day, because of the Boston
181
30,871
691
24.935
been abandoned,
1,216
Baltimore
1,488
prices in the English wool market. In London Philadelphia
1,045
1.324
3,489
3,788
collapse of
fell 15 to 25% from previous sales. Some
0.,
45.115 8.812.715 44.272 6.268.90e RR', rina . .....
on May 5 prices
Totals
as follows:
11,069 bales were sold,
COTTON.
11
2450
THE CHRONICLE
[Vol.. 120.
In order that comparison may be made with other years, weekly Government report on Wednesday had not a few
we give below the totals at leading ports for six seasons:
features of an unfavorable kind. Progress over most of the
belt was poor to fair at best. The plant needed higher temReceipts at- 1924-25. 1923-24. 1922-23. 1921-22. 1920-21. 1919-20.
peratures for germination and growth. Still, this fell flat.
11,299 On Wednesday itself there was a break from the early high
69,203
28.261
Galveston_ _ _ 1 n.734
8.150
8.337
2.234
Houston
2,536 of some
1,332
9 372
3.551
476
55 to 60 points, both here and in New Orleans. In
23,247
22,987
New Orleans_
26.486
10,947
9,427
19.894
2.012
Mobile
869 fact, New Orleans showed more weakness than New York.
2.762
2,245
3,829
516
22,935
Savannah _
11,278 Cotton disregarded a sharp advance in the stock market
13.918
3,856
5,544
6,261
Brunswick _
500
400
108
616 that day, which advanced, indeed, for the fifth consecutive
5.747
8,148
Charleston ,.!cc
4,254
1,198
3.256
386 day.
3,072
Wilmington._
2.624
134
213
469
Also, it ignored a very sharp rise in grain. The
2,002
7,402
Norfolk
10,024
791
5,092
2.162
27
38 trouble was that trade was dull in cotton goods in Worth
N'port N.,&c_
1.702 Street, Fall River and Manchester. There was some talk
2,162
All others_ _ - 30.058
1.128
1.646
1.129
Tot, this week
54.213 of curtailment in the yarn mills of the South as imminent,
45,115
35.332 124,013 138.041
44,272
unless there should be a marked improvement in business.
Since Aug.1_ _ 8,812,735 6,268,909 5,429,875 5,277.984 5,496,245 6,425,498
Furthermore it was stated that Fall River mills were runThe exports for the week ending this evening reach a total ning on an average of only about 50%, whereas a couple of
of 48,206 bales, of which 11,794 were to Great Britain, months back they were supposed to be operating at 70%,
4,110 to France, 8,877 to Germany, 8,634 to Italy, 8,350 to Some of the mills in Fall River are running only two to three
Russia, 3,030 to Japan and China and 3,411 to other destina- days a week. And there was depression in the wool trade
tions. In the corresponding week last year total exports that was not without some effect in the cotton trade. Since
were 41,664 bales. For the season to date aggregate exports January the decline in the price of wool has been some 15 to
have been 7,372,769 bales, against 4,960,218 bales in the 30%. Some 70% of the offerings in a series of sales have
same period of the previous season. Below are the exports been withdrawn. On the 6th inst. it was announced that the
.
Brisbane auction sales of wool had been canceled. Some
for the week:
believed that the London sales, which began on the 5th inst.,
Exported to-would be suspended because of the pronounced depression
Week Ended
in the wool and woolen business. American woolen stock
Japan&
Gel- .
May 8 1925.
Great
on the 6th inst. declined some 414 points at the Stock ExExports from- Britain. France. many. Italy. Russia. China. Other. Total.
3,030 1,492 15,637 change. This did not escape observation and was remarked
-- -_
3,656 7,459
Galveston
____
8,931 as an unfavorable factor. Moreover, for some time past the
_----5,465 3,466__
Houston
769 11,664
__ - _
2,545
---- 8:350
__
_ _ __
New Orleans_ _ _ _
------------300 2,011 general trend of commodity prices at home and abroad has
300
701
710
Mobile
been back towards the pre-war basis. Only labor costs have
Pensacola
637
Savannah
kept up the prices of many commodities. Not long ago
3,805
Charleston
------------50 1,525 Lowell cotton manufacturers were discussing the feasibility
1,4ib
Norfolk
--------800 3,839 of lowering wages.
500 1,175
1.255
109
New York
Nothing has come of it as yet.
22
Boston
Meanwhile, the exports of raw cotton in this country have
11,794 4.110 8,877 8,634 8,350 3,030 3,411 48.206 recently
Total
been falling off. They still make a good showing,
1,200 • 6,367 11.034 41,664 but the pace is slower. It is noted that the quantity on ship8:_
5.057 3.412 14.594_ _
Total 1924
385
__ __ 14,505 5,387 51,269 board at such
Total 1923
2.790 1,522 18,680
ports as New Orleans and Galveston has latterly fallen below the total for the corresponding dates last
Exported toFrom
year. That was something new. And the spot markets at
Aug.1 192410
Japan&
GerMay 8 1925. Great
the South on the whole have shown less activity. At times
Total.
Exportsfrom- Britain. France. many. Italy. Russia. China. Other.
there has been very heavy selling here of July, not only by
Galveston..... 732,080 396,840 557.131 154,885 22,250 330,102 191.687 2,684,975 home interests, but also for Liverpool account. Liverpool
Houston...... 538,553 315,891 .03,899 142,751 46,800 94,831 139,934 1,682,663
----------------16,7
94 has been selling in reversing straddles at the narrowest dif8,03s
8,760'..-_
Texas city__
9
2741 06,754 157995 8 2786 1 3839 109431 1,229,889 ferences seen here thus far this year. But there were other
New Orleans 462,339 79,
79,486
--------1,818
415
800 34,733
41,720
Mobile
1,567 interests selling July. They were supposd to be American
------------60
___
51
1,451
Jacksonville..
8,883 and Japanese concerns. One theory was that they were
------------325
821 1,141
6,588
Pensacola
____ 24,600 10,529 458,720
Savannah...... 194,507 8,731 214,433 5,920
____ 28.900 15,827 210,766 selling out July because of the slowness of the sale of the
211 72,600___
93,217
Charleston
------------91,563 New York stock. The certificated supply here is some 160,____ 42,347 16,350
32,866
Wilmington.
40^0 2300 217,197
____
___
435 98,979
111,483
Norfolk
00 bales and about 100.000 bales of it have been inspected
--- 16,501 57,443 396.65
7
143,153 36,231 97,862 45,467
New York
11,583
--------5,641
100
y Government officials and only about 2,000 of it pro165
5.677 .
Boston
318
Baltimore__
6,668 nounced less than % of an inch, the legal length of staple.
211
i55 --------639
52
5,628
Philadelphia_
507
55,156 Still it does not sell. It is supposed that for this reason some
------------15,7
44
37,605 1.300
Los Angeles_
23,811
____
---------------- ---600
23.211
San Diego
5 111,962 have been selling out July. Whatever the reasan, the fact
----------------111,957
SanFrancisco
84,111 Is indisputable that July has at times lagged rather con152
83,959
Seattle
spicuously behind the rest of the list. Finally, the general
2,438,843 841,17C 1738573 I24.01C 158,831 835,033 736,298 7,372,769
Total
,
sentiment in the cotton trade is bearish. It is believed that
1133261 159,850 49,359 560,273 532,643 1,960,218
Tota11923-24 1,568,961 155,861
he cotton crop got a good start east of the Mississippi and
290 151,498 529.811 1,143.630
Tota11922-23 1,235,551 562.027 825.798 438,651
also in some sections of the central belt, and if Texas and
NOTE.-Ezyorts to Camsda.-1t has never been our practice to Include In the ,
Oklahoma for a time labored under the disadvantages of a
above table exports of cotton o Canada. the esaon being that virtually all the '
cotton destined to the Dominion comes overland and It Is Impossible to get returns •prolonged drought and a late start, this drawback has been
the same from week to week, while eports from the customs districts ,
concerning
largely overcome by the breaking of the drought in both
however. '
on the Canadian border are always very Wow In coming to hand. In view, say that I
States. So that the prospects in most sections of the Southof the numerous inquiries we are receiving rega ding the matter, we will
the exports to the Dominion the present season have ,vest are now considered promising. In any case there has
for the month of March
.
been 21,242 bales. In the corresponding month if the preceding season the exports
were 12,664 bales. For the eight months ending Mar. 31 1925 there were 153.775 Ibeen a steady • stream of selling. At times much of it has4
bales exported. as against 116.954 bales for the corresponding six months of 1923-24.
ome from Wall' Street. As to 'the local element, they are
addition to above exports, our telegrams to-night also I lmost unanimously bearish.
In
On the other hand, there are not wanting those who think
give us the following amounts of cotton on shipboard, not
1 he decline has gone too far. They believe too much has
cleared, at the ports named.
1been assumed as to the final outcome of the crop. They
On Shipboard, Not Cleared for1think the first week of May is entirely too early to Jump at
Leaving
I onclusions as to whether the crop is going to be a large one
CoastOther
GerGreat
,r a
Stock.
Total.
small one. May, and especially June, are apt to be deMay 8 at- Britain France. many. Cont'nt. wise.
8.200 5,800 10,000 4,500 35,391 161,776 I eptive. The real test comes, as everybody at all fainiliar6.891
Galveston
721 38,738 128.970 1 ith cotton culture knows, in July and August. And many
21,916
4,319 3,984 7.798
New Orleans
17,520
300 6,300
_--_
3,500
-_-_
2,500
Savannah
14,858 I oubt very seriously whether the South will have the ex289
289
____
__-_
_ -,
Charleston__
1,805 1 raordinary good fortune with the weevil that it had last
- 608_
bUo
1
.08
Mobile
65.888
----- - -- - -- - - -Norfolk
'ear. The acreage is undoubtedly the largest on record. It
509 9.500 201,363 2
1.500 3,000
3.500 1,000
Other ports*.._
is still estimated at anywhere from 43,000,000 to 44,000,000
17,318 13.684 18.598 34.916 6,310 90,826 592,180 I cres. But proverbially it is one thing to plant and another
Total 1925353.694
Total 1924.... 24.421 10.538 22.640 23.887 3.457 83.943
8898 4.207 8502 8.122 9 275 36 894 371.484 1thing to reap. At the present time the temperatures over
Total 1923_
_
ery much of the belt are too low. It is true that this can
*Estimated.
delivery for a time was easily be corrected and in the ordinary course of nature
Speculation in cotton for future
soon will be. But there
quite active on the liquidation of long accounts and a good least, by frost in various has been some slight damage, at
parts of the belt and what the vast
deal of selling for the short side by Wall Street, local and
other interests. Prices have broken some 160 points from cotton region of the South now needs is seasonable temperathe recent high. Back of all this was more favorable crop tures. The weekly Government report on the 6th inst. made
it plain enough that these have not recently prevailed. The
advices. These were due largely to very beneficial rains in
parts of Texas, including the southwestern and western sec- map has shown day after day temperatures here and there
tions. Considerable rain has also fallen in the northeastern, throughout the belt down in the 30s and 40s. Of course
northern and northwestern parts of that State. Also, there this is not growing weather. Even maximum temperatures
has been some in the central section, though evidently not have often been too low. As the year advances naturally
enough. In the main, however, the trend of the crop news weather conditions will become more favorable. Meanwhile
from west of the Mississippi River has been favorable, even the trade keeps on buying. The May delivery has gone to
if the temperatures most of the time have been lower than a premium of eight points over July, after selling recently
could be desired at this time of the year. Moreover, it was at 36 points under July. This has happened in spite of May
disappointing to the friends of the market to find that notices for some 125,000 bales. And it is believed that ultinothing of a bullish nature counted. For instance, the mately there will be a good market for the New York stock.
It is in strong hands. And at the same time it is said there
is a larger short interest in spot cotton for May shipment.
Certainly May has been conspicuously firm at times, when
other months were quite as noticeably depressed.
On Thursday there was a decline of some 40 to 50 points,
owing to good rains in Texas and considerable selling by
Liverpool, Chicago, Wall Street and the Southwest. Liverpool showed decided weakness, falling some 65 to 75 American points, although the spot sales there on that day as well
as to-day were 10,000 bales. But there was a disposition to
sell in the English market on the reports of beneficial rains
in various parts of the belt. Moreover, there was some
heavy American selling there. Manchester reports were of
dull trade and more or less weak prices. Before the close
there was a rally, however, here, owing to covering of shorts.
The tendency has been to overcrowd the short side. May
delivery showed a certain relative strength and went to a
premium over July of 10 points, whereas at one time only a
week or so ago it was at a discount of 36 points under July.
Japanese interests, it was again said, will ship out about 15,000 bales from the New York stock. To-day there was a
firmer tone in much of the trading. It was said to be too
cold and wet in the Southwest. The Trinity River has been
out of its banks for two days. The Weather Bureau issued
a flood warning for parts of Texas. Big Southern mills are
Inquiring about the New York stock. Southern stocks are
rapidly disappearing. It is believed that the mills at the
South will have to turn to New York and New Orleans for
cotton. Little Rock reported heavy price fixing. Spot markets have been resisting the decline in futures. The strength
of the spot situation is considered the most encouraging feature. Moreover, the persistent cold weather at the South
made some of the shorts uneasy. And the trade bought July
quite freely. It has had orders in the market daily to buy
on the scale down. On the other hand, Texas had beneficial
rains in the central, western and southwestern sections, not
to mention the northwestern and northeastern. The precipitation in the central section of that State amounted to
4
1 to 1I/ inches. It was needed. May notices amounted to
4
5,000 bales to-day and May for a time was inclined to lag
behind other months. Later it rallied. Worth Street was
dull and weak. Fall River's sales of print cloths for the
week amounted to only 40,000 pieces. The great mass of
operators in cotton as well as the purely mercantile element plainly leans to the idea that the chances favor a big
crop and lower prices this year. Later on to-day much of
the advance was lost, and in fact May closed at about 4
points lower for the day. For the week the decline has been
104 to 118 points. Spot cotton closed at 23.35c, a decline
for the day of 10 points, with a loss for the week of 105
points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Range Since Beginning of Option.
Option for
Range for Week.
May 1925._ 22.87
June 1925_
July 1925_ 22.78
Aug. 1925__ 23.00
Sept. 1925__ 23.50
Oct. 1925__ 22.69
Nov. 1925_ 23.35
Dec. 1925_ 22.76
Jan. 1926.. 22.40
Feb. 1926.. 22.69
Mar. 1926.. 22.59
April 1926..
May 7 24.24 May 4 21.72
22.55
May 7 24.36 May 4 21.40
May 7 23.60 May 6 22.45
May 5 24.20 May 2 21.80
May 8 24.01 May 2 21.50
May 5 23.35 May 5 23.35
May 7 24.15 May 2 22.76
May 7 23.82 May 2 22.40
May 8 22.69 May 8 22.69
May 7 23.61 May 4 22.59
Sept. 16 1924 29.16
Sept. 11 1924 25.55
Sept.16 1924 27.50
Oct. 24 1924 25.78
Oct. 15 1924 25.68
Nov. 1 1924 25.71
May 5 1925 24.40
May 7 1925 25.72
May 7 1925 25.45
May 8 1925 24.53
May 7 1925 25.05
MARKET AND SALES AT NEW YORK.
Spot
Market
Closed.
Futures
Market
Closed.
Quiet, 25 pts. dec.. Barely steady_ Quiet, 20 pts. dec. Barely steady_ uiet, 10 pts. dec... Barely steady__
Quiet. 30 pts. dec__ Easy
Quiet. 15 pta. dee__ Steady
Quiet, 5 pts. dec... Barely steady
Total.
SALES.
Spot.
Cantr't, Total.
.645
111.2 111.§66
2.000 2.000
300
300
3.000 3.000
116,500 116,500
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 or1v.
Continental imports for past week have been 132,000 bales.
The above figures for 1925 show a decrease from last week
of 233,427 bales, a gain of 1,024 920 from 1924, an increase
of 1,117,597 bales from 1923,and a falling off of 953,816 bales
from 1922.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night,and the same items for the
corresponding periods of the previous year-is set out in
detail below:
Movement to May 8 1925.
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
May 2.
July 28 1924
Oct. 2 1924
Aug. 6 1924
Mar. 4 1926
Mar. 3 1925
Mar. 3 1925
Dee. 27 1924
Mar. 3 1925
Mar. 3 1925
Mar.26 1925
Apr. 20 1925
1025.
1924.
1923.
1922.
May 8bales_ 878.000 565.000 649.000 903.000
Stock at Liverpool
1,000
___
3.000
at London
Stock
128.000
66.000
59,000
59.1306
Stock at Manchester
651.000 709.000 962,000
1 009.000
Total Great Britain
2.000
35,000
Stock at Hamburg
93.000 310,000
277.000 126.000
Stock at Bremen
115.000 102,000 153,000
20 .000
Stock at Havre
10,000
6.000
16.000
15 000
Stock at Rotterdam
84.000
63.000 104,000
102.000
Stock at Barcelona
26.000
20.000
43,000
66,000
Stock at Genoa
2,000
2,000
2,000
3.000
Stock at Antwerp
10.000
10,000
12,000
12.000
Stock at Ghent
694.000 361.000 341.000 626.000
Total Continental stocks
1.69 .000 1,032.000 1,050.000 1,588,000
Total European stocks
103,000 102,000
146.000 161,000
India cotton afloat for
Europe_..
American cotton afloat for Europe • 54.000 252,000 125,000 325,000
66.000
63,000
57.000
Egypt,Brazil,&c.,afloatforEurope 105.000
156,000 229.000 290,000
133.000
Stock In Alexandria, Egypt
916.000 908.000 749,000 1,184.000
Stock In Bombay. India
663.006 437,637 406.378 890.414
Stock In U. S. ports
Stock in U. S. Interior towns_._ 469.707 420.213 540.812 898,218
27.360
1.200
U. S. exports to-day
Total visible supply
4.3 9.713 3.425.050 3,271.196 5.367.992
Of the above. totals of Anterican and other descriptions are as follows:
American
bales_ 675.000 302.000 332.000 516,000
Liverpool stock
42.000
37,000
111,000
71.000
Manchester stock
Continental stock
5
92.000 263.000 270.000 543,000
125.000 325,000
254.000 252.000
American afloat for Europe
683.005 437,637 408.378 890,414
U. S. port stocks
469.707 420.213 540,812 898,218
U. S. Interior stocks
_ _ _ __
27.360
1:200
U. S. exports to-day
Total American2.784.713 1.747.050 1.713.190 3,241.992
East Indian, Brazil, &c..
203.000 263.000 317.000 387,000
Liverpool stock
17,000
3.0001,000
London stock
22.000
83.000
15.000
.
17.000
Manchester stock
71,000 102.000
92,000 118.000
Continental stock
63.000
146.000 161.000 103.000
India afloat for Europe
66.000 290.000
105.000
57.000
Egypt. Brazil, Ac.. afloat
1 3.000 156,000 229.000 1,184,000
Stock in Alexandria. Egypt
16.000'l 908,000 749.000 981,000
Stock in Bombay. laInd
1.615.000 1.678.000 1.558.000 2.126.000
Total East India, &c
9
.784.713 1.747,050 1.713.190 3,241,922
Total American
4.3 1..3 3,425.050 3,271.190 5,367.922
Total visible supply
14.084.
11.58d.
17.374.
Middling uplands, Liverpool.... 1 .62d.
20.15c.
25.30c.
23. 5c.
31.70c.
Middling uplands, New York
16.80d. 20.254.
Egypt,good Sakel, Liverpool..._ 35 35d. 25.10d.
13.00d.
24.00d. 18.254.
Peruvian. rough good. Liverpool_ 20.75d.
Set. Mon. Tues. Wed.
11.50d.
16.554.
14.154.
11.40d.
s Fri.
Broach, fine, Liverpool
24.15 23.95 23.85 23.55 Thur. 23.3i Tinnevelly. good, Liverpool
11.50d:
11.80d.
15.05d. I2.65d.
23.40
Mail 2 to May 8Middllng upland
Saturday___
Monday ___
Tuesday --Wednesday_
Thursday __
Friday
2451
THE CHRONICLE
MAY 9 1925.]
Monday,
May 4.
Tuesday, Wednesday, Thursday,
May 5.
May 6.
May 7.
Towns.
Ship- 1Stocks
menu. May
Week. Season. Week.
8.
Friday,
May 8.
178 52,875
kia., Birming'..
Eufaula
13 19,557
Montgomery.
8 82,210
May
63 64,110
Selma
Range._ 23.90-24.24 23.64-23.77 23.52-23.62 23.25-23.73 22.87-23.33 2.96-23.34
16 63,181
23.67-23.70 23.59-23.60 23.25-23.30 23.12- 3.08- krk., Helena
Closing- 23.91Little Rock
444 205,353
June
Pine Bluff _-- 16,677 126.059
- - -- - - -- - Range._ - - ____
3,885
Closing_ 23.96 -23.73 -23.60 -23.24 -23.0523.08 ---- 3a., Albany__ _
204 51.271
Athens
July
2.126 220.962
Atlanta
23.98-24.36 23.73-23.90 23.60-23.75 23.23-23.80 22.78-23.23 23.00-23.28
Range..
Augusta
1,045 225,549
Closing. 24.02-24.04 23.8023.62-23.64 23.23-23.28 23.04-23.06 23.08-23.09
154 74.394
Columbus_ -August- .
Macon
633 47,641
- - - - -23.50.23.50 23.40-23.60 23.00-23.00 23.05-23.05
Range-139 47.310
Rome
Closing_ 23.90 -23.65 ----23.52 -23,17 -23.0023.00La., Shrevepo
800 100,800
Sept.
Miss.,Columb
_ _- 37,014
Range.. 24.20-24.20- - -23.50-23.55-----Clarksdale
26 111.940
Closing_ 23.86 -23.56 -23.48 -23.17 -22.9522.97 ---Greenwood
21 134,872
October
48 37.627
Meridian_ -Range.. 23.67-24.01 23.37-23.56 23.18-23.37 22.90-23.43 23.53-22.91 22.69-22.95
Natchez
____
41,253
Closing- 23.68-23.70 23.38-23.40 23.26-23.29 22.95-22.99 22.75-22.77 22.77-22.80
3 31,591
VicksburgNov.2 33,117
Yazoo City
Range-22.86 ---- Mo., St. Louis_ 6,669 722.294
Closing- 23.78 -23.49 -23.37 -23.05 -22.85615 69.151
N.C.,Gensboro
Dec.14
8,164
Raleigh
23.88-24.15 23.59-23.75 23.42-23.58 23.15.23.62 22.78-23.13 22.91-23.14
Range_ _
5 218,301
Closing- 23.88-23.90 23.60.23.61 23.48-23.50 23.15.23.20 22.95-22.98 22.96-22.98 Okla., Altus _
312 154.633
Chickasha
Januarii58 139.889
Oklahoma
.
Range_ _ 23.55-23.82 23.23-23.4523.05.23.20 22.83-23.28 22.40-22.78 22.55-22.78
4,361 221,242
23.23-23.27 23.11-23.12 22.83-22.84 22.52-22.53 22.60-22.62 S.C.,Greenvill
Closing_ 23.5613.264
--Greenwood.February1,903 1.258,371
--- - - - -- - -- - 22.69-22.69 Tenn.,Memph
Range..
943
Nashville._ _
. ____
22.73 ---Closing_ 23.65 -23.33 -23.21 -22.93 -22.6671,387
---Texas, AbileneMarch
26 23.201
Brenham....
23.43-23.61 23.24-23.40 23.03-23.4922.59-22.94 22.80-22.93
Range..- - 376
34,372
Austin
22.86Closing_ 23.74 -23.44 -23.32 -23.03 -22.89724 193.956
Dallas
April
17,396 .692,515
Houston
-- - -- -- - - Range. - 93,508
Paris
- - -- - - -Closing - - -- - 14 65,709
San Antonio_
255 158,367
Fort Worth..
Range of future prices.at New York for week ending
May 8 1925 and since trading began on each option.
,
r....1
Movement to May 9 1924.
Receipts.
An .r.nyna al '1,520
397, 1,288
158 1,584
18 7.359
1.765' 3.712
4971 1,686
1,713 5.383
17.7111 7.647
10 2,475
1.280 10,705
3,997 19,926
3.582 32.806
846 2,700
736 8,141
1,250 6,504
200 3,100
____
940
617 3,275
1,366 7.907
365 3.013
____
105
136 1.016
434 1,401
7.033 4,975
2,006 11.789
____
367
282 3.868
951 1.745
2,436 3,328
5,359 32,266
_ _ _ 4.416
12:319 32,635
27
120
____
235
31 3,698
287
450
1,129 3.827
31.311231.815
11
87
251
781
2,494
632
on' 44 lnq ,,,, den
,
Receipts.
Week. Season.
Ship- 'Stocks
ments. May
Week.
9.
32,149
9,394
49,691
33,394
14,615
110.923
60,391
2,073
43,182
147,090
184.012
77.083
28.926
29,546
112.800
19.187
78.417
97.483
20,690
31,130
17,156
19.304
537,131
60.377
11.264
119,099
98,473
62.196
145.417
10.752
880,788
2,456
3,900
8.975
3,739
2,807
11,666
16,216
2,083
9,434
15,474
18,994
10,015
4,678
3,756
13,100
1.564
14,539
21,889
2,082
3,152
2.479
5,940
7.763
10,608
193
15,885
4.664
8,262
14,962
10,291
13,305 58.70
-
--__
63,534
40 26.447
61
39,796
470 122,832
7,9823,425,708
505 77,234
__ . 49.416
25 90,286
5,21:
501
-632 4,091
7,520 68.181
500
101
513
_
-ii3 1,081
801
25
274
51
____
118
1,000
____
169
2.261
1,052
768
681
25
_ __
____
76
94
43
13
22
5
3,655
561
____
137
19
11
1.500
___
9.977
-
1,223
82
1,595
457
407
968
2,500
____
498
4.681
1.720
571
1,015
50
700
---546
2,514
111
101
602
579
4.480
1,770
____
973
133
349
5,000
35
.. rs- qn ....,.., ................ -- -_- .__ _..
, ,
4:',.7:)8 420.213
2452
The above total shows that the interior stocks have decreased during the week 40,939 bales and are to-night
49,494 bales more than at the same time last year. The
receipts at all towns have been 28,657 bales more than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
1925
1924
1923
1922
1921
1920
1919
1918
[Vol. 120.
THE CHRONICLE
23.35c. 1917
30.50c. 1916
26.05c. 1915
20.15c. 1914
12.95c. 1913
41.30c. 1912
28.75c. 1911
27.250. 1910
19.950.
12.90c.
9.85c.
13.00c.
12.00c.
11.80c.
15.65c.
15.25c.
1909
1908
1907
1906
1905
1904
1903
1902
10.90c.
10.55c.
11.90c.
11.80c.
8.15c.
13.800.
11.15c.
9.62c.
1901
1900
1899
1898
1897
1896
1895
1894
8.060.
9.88c.
6.25c.
6.38c.
7.75c.
8.31c.
6.81c.
7.25c.
OVERLAND MOVEMENT FOR ,THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland mov ment for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
----1924-25---Since
Week. Aug. 1.
7,033 691,798
930 251,820
68
34,278
511
47,691
4,734 210,522
6,759 424,295
-4923-24-Since
'Week. Aug. 1.
4.480 557.041
3.120 181.820
119
20.074
287
25.168
3.299 178.887
7,925 382.240
Total gross overland
20,035 1,660,404
Deduct Shipments
Overland to N. Y., Boston, &c_.. 691
91,637
Between interior towns
23,174
443
Inland, &c.,from South
16,707 607,361
19,230 1,343,230
May 8ShippedVia St. Louis
Via Mounds,&c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total to be deducted
1,646
721
8.988
71.923
22.873
583.531
17,841
722,172
11,355
678.327
Leaving total net overland •-__ 2,194
938,232
7,875
664,903
Canada.
The foregoing shows the week's net overland movement
this year has been 2,194 bales, against 7,875 bales for
the week last year, and. that for the season to date the
aggregate net overland exhibits an increase over a year ago of
273,329 bales.
•Including movement by rail to
-----1923
-24
-1924-25
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to May 8
44.272 6.268,909'
45,115 8.812,735
Net overland to May 8
664,903
7.875
2,194
938,232
Southern consumption to May 8A00,000 3,425,000
76,000 3,299,000
Total marketed
147.309 13,175,967 128,147 10,232.812
Interior stocks in excess
160.930
*40,939
287,461 *23,115
Excess of Southern mill takings
over consumption to April 1
326.053
____
626,290
Came into sight during week_-106.370
Total in sight May 8
--_- 14.089,718
105.032
Nor. spinn's's takings to May 8-- 22,753 1,759,907
24,100
10,719.795
1.649.953
*Decrease.
Movement into sight in previous years:
Week1922 -May 11
-23
Bales. I Since Aug. 1119,77311922 -May 11
-23
Bales.
10.503,241
WEATHER REPORTS BY TELEGRAPH.
-Reports to
its by telegraph this evening indicate that generally temperatures have been somewhat too low for germination and best
development of the cotton plant. The latter part of the
week there have been many local showers, which, it is expected, will prove very beneficial. Planting has made good
I rogress and chopping advanced satisfactorily with stands
of early planted cotton mostly good.
Texas.
-There have been many beneficial rains in this
State during the week and much cotton has been planted,
but the growth of the early crop has been slow and its general condition is poor to fair.
Mobile, Ala.
-There were numerous local showers on one
day in the interior, which have been very beneficial, but more
rains are badly needed. Cool nights have retarded early
cotton and delayed seed germination.
Rain. Rainfall.
1 day 0.06 in.
3 days 2.14 in.
1 day 0.06 in.
1 day 0.06 in.
dry
3 days 4.24 in.
1 day 0.30 in.
dry
1 day 0.73 In.
1 day 0.98 in.
1 day 0.04 in.
dry
dry
1 day 0.57 in.
1 day 0.42 in.
dry
2 days 5.38 in.
1 day 0.08 in.
1 day 0.12 in.
dry
1 day 0.06 in.
1 day 0.61 in.
dry
(lalveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
1 fenrietta
Eerrville
Lampasas
Longview
1 ualcionggdoches
N
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Okolona. Miss
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville. Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston. S.0
Greenwood
Columbia
Conway
Charlotte, N.0
Newborn
Weldon
Memphis
1 day d7.01 in.
dry
dry
dry
1 day 0.42 in.
dry
dry
dry
dry
dry
1 day 0.03 in.
1 day 0.36 in.
1 day 0.25 in.
dry
dry
dry
1 day 0.10 in.
1 day 0.12 in.
1 day 0.08 hi.
dry
1 day 0.25 in.
1 day 0.24 m.
dry
1 day 0.23 in.
1 day 0.05 in.
dry
2 days 0.04 in.
Thermometer
high 78 low 64 mean 71
nigh 88 low 50 mean 69
high 90 low 48 mean 69
high 84 low 54 mean 69
high 80 low 52 mean 66
high 89 low 54 mean 72
high 900 low 48 mean 69
high 88 low 43 mean 68
high 90 low 42 mean 66
high 83 low 53 mean 68
high 91 low 46 mean 69
hign 83 low 41 mean 62
high 86 low 52 mean 69
high 87 low 47 mean 67
high 88 low 52 mean 70
low 50
high 87 low 52 mean 70
high 90 low 44 mean 67
high 91 low 42 mean 67
high 86 low 41 mean 64
ea
high 86 low 43 mean 65
high 88 low 38 mean 63
high 91 low 42 mean 67
high 82 low 44 mean 63
high 88 low 42 mean 65
high 87 low 42 mean 65
high 83 low 37 mean 65
ea
mean 71
high 86 low 44 mean 65
high 84 low 43 mean 64
high 86 low 38 mean 62
high 87 low 38 mean 63
high 82 low 47 mean 65
high 83 low 49 mean 67
high 73 low 42 mean 58
high 85 low 48 mean 67
high 80 low 46 mean 74
high 86 low 43 mean 65
high 86 low 46 mean 66
high 83 low 54 mean 68
high 85 low 39 mean 62
high 86 low 46 mean 66
high 87 low 42 mean 66
high- 82 low 51 mean 66
w 44 mean 84
4
high 83
low
high 87 low 41 mean 64
high 79 low 41 mean 60
ea
high 86 low 42 mean 64
high 84 low 42 mean 63
high 81 low 44 mean 83
The following statement we have also received by teleQUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for graph, showing the height of rivers at the points named at
middling cotton at Southern and other principal cotton 8 a. m. of the dates given:
May 8 1925.
May_9 1924
markets for each day of the week:
Feet.
Feet.
Closing Quotations for Middling Cotton on
Week Ended
May 8.
Saturday
24.75
Galveston
24.35
New Orleans_
Mobile
24.05
Savannah
24.11
Norfolk
24.13
Baltimore
Augusta
24.25
Memphis
24.25
Houston
24.90
Little Rock_
24.20
Dallas
24.30
Fort Worth........
Monday. Tuesday. Wed'day. Thursd'y. Friday.
24.65
24.15
23.80
23.90
23.88
24.25
24.06
24.00
24.70
24.20
23.95
24.05
24.55
24.05
23.60
23.72
23.75
24.25
23.88
23.75
24.55
24.00
23.80
23.85
24.25
23.65
23.30
23.35
23.50
24.25
23.63
23.75
24.20
23.75
23.40
23.45
24.10
23.45
23.15
23.25
23.50
23.75
23.50
23.25
24.00
23.65
23.30
23.25
24.10
23.50
23.15
23.33
23.75
23.75
23.50
23.25
24.00
23.70
23.30
23.25
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
May 2.
Way
ruly
3ctober
December_
ranuary
March_
Tone
!pot
lntinna
Monday,
May 4.
Tuesday, Wednesday, Thursday,
May 5.
May 6.
May 7.
Friday,
May 8.
23.77-23.78 23.64 -23.31 -23.34 -23.17-23.20
24.9524.11-24.12 23.90-23.91 23.75-23.76 23.37-23.41 23.20-23.22 23.24-23.27
23.37-23.38 23.08-23.09 23.95-23.96 22.57-22.60 22.38-22.42 22.44-22.46
23.44-23.46 23.15-23.18 23.05-23.06 22.68-22.69 22.48-22.50 22.54-22.58
22.50-22.52 22.55-22.57
23.06 bid 22.6823.45-23.47 23.1923.20 bid 23.08 bid 22.70 -22.51 bid 22.60 bid
23.43Quiet.
Ofoolly
Steady.
Steady.
Steady.
Siteksuly
Rtandv
Atintdv
Quiet.
SitmdV.
Steady
Steady
-The Indian
INDIAN COTTON CROP ESTIMATE.
cotton crop for 1924-25, according to the April official
estimate, amounts to 5,069,000 bales of 478 pounds which
is an increase of 58,000 bales over the February estimate and
agrees exactly with the December estimate says a report
made public by the United States Department of Agriculture
on April 24. The 1924-25 acreage is placed at 26,461,000
acres, which is 12% more than in 1923-24.
COTTON ACREAGE DECREASED IN BRAZIL.
The Brazilian cotton acreage for the current crop is
estimated at 1,573,000 acres as compared with 1,966,000
for the preceding year, according to a cable to the United
States Department of Agriculture from the International
Institute of Agriculture made public on April 28. Estimates
previously .received on production amounted to 605,000
bales of 478 pounds for the current year as compared with
only 575,900 bales for 1923-24.
New Orleans
Orl
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
3.2
15.3
11.4
17.4
22.2
11.8
25.9
15.3
19.8
37.1
RECEIPTS FROM THE PLANTATIONS.
-The fo
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Reeinyts as Ports.
Week
encll
1925 1924 1923
geb.
13_ 204,982101.244
20._ 167,066 78.924
27._ 159,418 69,338
Mar.
6... 199,633 69.374
13._ 185.061 43,809
20.. 148.871 50,871
27._ 100.249 49,733
Apr.
3._ 109.150 55,370
10... 74.709 60.709
17_ 74.512 69,435
24_ .10,632 58,54
May
1__ 64,025 64,783
8.... 45,115 44,272
Stocks at Interior Towns.
1925
1924
1923
Receiptsfrom Plantations
1925
1924
1923
83.0791,199,953 884,918 1,017.58 156,924 87,972 10,888
83,536 1,170.855 823,836 943.6691137,968 17.842 9.640
96.3261,130.368 789.313 876.948118,931 34.815 29.605
83,369 1.048.699
82,005 969.348
68,644 1393,950
62,634 837,776
736,133
696.682
662.025
623.832
835.175 117,964 16,194 41,596
800.678 105,710 4,358 47.508
775.517 73.473 22,214 43,543
742,998 43.67. 11.540 30,115
63,854
34,990
34.681
35,743
588.349
555.542
517.534
486,199
690.62
615,834
631.756
604,340
753.817
708.223
630.689
594,768
28,589 510,646 443.328 572.660
35,332 469,706 420,213 540,812
25.891
29,115
10.304
14,711
17.887 11.481
29.902 10,199
67
31.427
28.821 10,436
21,912
4,176 21,157
5.420
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1924 are 9,121,069 bales;
in 1923 were 6,358,129 bales, and in 1922 were 5,499,603
bales. (2) That although the receipts at the outports the
past week were 45,115 bales, the actual movement from
plantations was 4,176 bales, stocks at interior towns
having decreased 40,939 bales during the week. Last year
receipts from the plantations for the week were121,157
1--Ing and for 1923 they were 5,420 bale:
,
WORLD SUPPLYfANDITAKINGSTOT'' COTTON.The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period
T H Ii CHRONICLE
MAY 9 1925.]
2453
GALVESTON-To Genoa
-May 1-Maddalena Odera, 3,209._ Bales.
May 1-West Harshaw,4,050
7,259
To Bremen
-May 1-West Hematite, 1,050_May 1
-Cody,
1,690
2,740
Season.
Week.
Week.
Season.
To Rotterdam-May 1-West Hematite, 53May 1-Cody,
200_ ..May 1-Egypt Meru, 1.239
1,492
3.520,382
4,545,302
Visible supply May 1
To Naples
,
-May 1-West Harshaw, 200
200
2,190,493
2,024.671
Visible supply Aug. 1
To Hamburg
-May 1-Egypt, 916
916
American in sight to May 8___ _ 106,370 14,089,718 105,032 10.719.795
To Japan
-May 1-Rozan Maru, 1,350---May 6
-Ethan
95,000 3,025,000
53,000 3.007.000
Bombay receipts to May 7
Allen,1,680
3,030
5,000
414,000
15.000
543,000
Other India ship'ts to May 7_ _
-May 7
-Alexandrian, 4,463
4,463
1,400 1,400.000
6.000 1,254.600 HOUSTON-To Liverpool
Alexandria receipts to May 6
To Manchester
-May 7
-Alexandrian. 1,002
1,002
8,000
398,000
9,000
1
339,000
Other supply to 1/lay 6_5_9_ _
To Havre-May 7
-Niagara, 3.466
3,466
-April 22
-West Islets, 22
22
4,761.072 21,517,211 3,708,414 17,888,066 BOSTON-To Manchester
Total supply
CHARLESTON-To Liverpool-May 4-Magmeric, 3.111
3.111
Deduct
To Manchester
-May 4-Magmeric, 694
694
4.399.713 4,399,713 3,425,050 3,425,050
Visible supply May 8
MOBILE
-To Bremen
-Ma 2-Afoundria, 701
701
To Antwerp-May 2-Around.ria, 100-- May 4
-West Hico.200 300
361,359 17,117.498 283.364 14.463,016
Total takings to May 8_a
To Havre
-May 4
-West Him, 300
300
263,959 12.303,498 192,364 9,826.416
Of which American
To Liverpool
-May 7-Coahoma County, 610
610
97,400 4,814,000 91,000 4.636,600
Of which other
To Manchester
-May 7-Coahoma County, 100
100
4, Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
-May 4
-West Pool, 1,475
NORFOLK
-To Bremen
1,475
a This total embraces since Aug. 1 the total estimated consumption by
To Rotterdam-May 5
-West Inskip. 50
50
Southern mills, 3.425,000 bales in 1924-25 and 3.299,000 bales in 1923 - PENSACOLA-To Havre
-24
-May 7
-West Hike, 235
235
takings not being available-and the aggregate amounts taken by Northern SAVANNAH-To Liverpool
-May 6-Magmeric,477
477
foreign spinners. 13,692.498 bales in 1924-25 and 11,164,016 bales in
and
To Manchester
-May 6-Magmeric,60
60
1923-24, of which 8,878,4.8 bales and 6,527,416 bales American.
b Estimated.
Total bales
•
48.206
Cotton Takings.
Week and Season,
1923-24.
1924-25.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1924-25.
1923-24.
1922-23.
Since
Week. Aug. 1.
May 7.
Receipts at
-
Since
Week. Aug. 1.
Since
Week. Aug. 1.
95.000 3,025,000 53,000 3,007,000 80,000 3,075,000
Bombay
For the Week.
Exports.
Bombay
1924-25 _
1923-24 _ _
1922-23 -Other India
1924-25 _
1923-24 __
1922-23 _ _
Total all
1924-25 _1923-24 _
1922-23 __
Since August 1.
Great
Great Conti- Japan&
Britain. neat. China. Total. Britain.
1,656
Continent.
Japan &
China.
Total.
41,000 51,000 469,0001,460,0001,980,000
25,000 135,000 794,000 1,312,0002,241,000
77,000 103,000 551,500 1,710,5002,365,000
26,000
23,000
13,000
1,000, 4.000
3,0001 12,000
5,000 73.000 341,000
15,000 119,000 424,000
4,000
9,000 152,000
414,000
543.000
18,000 179,000
1,000 30,000 15,000 46,000 124,000 810.0001,400,0002,391,000
____ 40,000 254,000 1,218,0001,312,0002,784.000
5,000, 35,
22,000 64.000 76,000 165.000 766.0501,710.5002.641.550
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
Big!, StantDensity. ord.
Liverpool 30o. .45c. Stockholm
Manchester .30o. .450. Trieste
Antwerp .35o.
500. Flume
Ghent
4234c. .57140. Lisbon
Havre
.35o. .50o. Oporto
Rotterdam .40e. .55e. Barcelona
Genoa
.40o. .55c. Japan
Oslo
.500. .600. Shanghai
high dialedHigh BoumDensity. ard.
Density. ard.
.500. .65e.
.50c. .65e. Bombay
___
.45c. .80o. Gothenburg ___
.400. 550.
.45c. .600. Bremen
.50e. .65c. Hamburg .45e. .60e.
.60e. .750.
.75c. .90c. Piraeus
.750. .900
.40c. .550. Salonica
.62140. .7740
.6734e. .82140
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Arr. 17.
Sales of the week
17,000
Of which American
13,000
Actualexports1 000
Forwarded
55 010
Total stock
937 000
Of which American
734 90)
Total imports
63 010
Of which American
31,009
Amount afloat
176.901)
Of which American
114,000
May 1.
40,000
31,000
Apr. 24.
38,000
31,000
80:000 ' 71:000
937,000 904,000
729,000 688.000
40.000
80.000
10,000
59.000
144,000 175,000
89,000
75,000
May 2.
50,000
38,000
3,000
65,000
878,000
675,000
52,000
40.000
165.000
61.000
According to the foregoing, Bombay appears to show an
The tone of tho Liverpool market for spots and futures
increase compared with last year in the week's receipts of each day of the past week and the daily closing prices of
Exports from all India ports record an increase spot cotton have been as follows:
42,000 bales.
of 6,000 bales during the week, and since Aug. 1, show a
Spot.
Saturday. Monday, Tuesday. Wednesday. Thursday. Friday.
decrease of 390,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
May 8.
1924-25.
1923-24.
Rec.eipta (cantars)This week
1:11•••••:. A,,Y i
7,000
7.080.984
30,000
R.277.4OR
85,000
RA00 StAk
Since
Since
Since.
Week Aug. 1. Week. Aug. 1. Week Aug. 1.
Exports (bales)-
--- 182,436
To Liverpool
5.000 212,996
To Manchester, &c
To Continent and India _ 9,000 333,077
_ 117,462
To America
-_.._, ___........
7,000 197,434
____ 184.225
7,250 327.631
____ 102.576
215.522
_ _ - 155,699
8,550 279.287
____ 203,550
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarns is quiet. Demand for both India and
China is improving. We give prices to-day below and leave
those for previous weeks of this and last year for comparison.
1925.
32r Cot)
Twist.
d. a. d
jam d.
2414 16 7
13 22%
2234 (4 24% 17 2
20
24 17 2
27 23
Mar
24% 17 3
6 2314
24% 17 2
13 2354
2414 17 2
20 23
24% 17 2
27 22%
April
17
3 22% (4 24 17 1
1
24
10 22%
22% 0 23% 17 1
17
23% 17 1
24 22
May
2234 16 6
1 2114
2234 164
8 21
Futures.
Market 3
opened 1
Quiet.
1924.
328 Coy
Twist.
s. d. d. d.
017 2 13 28 25%
017 4 13.66 24%
017 5 13.94 24%
d.
2634
26
26
834 lbs Shirt- Corn
6508, Common Mid
to Finest.
UpTs
e. d
a. d. d.
19 0 190 3 17.74
18 4 018 7 17 65
17 7 018 2 17.18
A fair
business
doing,
12.84
13.04
6,000
12.64
8,000
8,000
A fair
business
doing,
A fair
business
doing.
A fair
business
doing.
12.86
12.54
12.62
8,000
10,000
10,000
Steady
Quiet Bar. ste'dy Steady
Quiet
18 to 23pts 10 to lints 1 pt.dec.to 33 to 4Opts 5 to 7 pts
advance.
decline. 10 pts.adv decline.
decline.
Steady Bar. sted'y Q't buteVY
Market, I Steady Q't butst'y Steady
4
(2 pts. adv.27 to 33pts 3 to 9 pts 5 to 18 phi 31 to 38pte.6 to 9 pts.
P AS
Itn2ntqd.
, decline
decline
advance
decline, advance.
Prices of futures at Liverpool for each day are given below:
Sat.
NZte.-A cantar is 99 lbs Egyptian ha es weigh about 750 lbs
This statement shows that the receipts for the week ending May 6 were
7.000 cantars and the foreign shipments 14,000 bales.
814 fibs. SAW- Corn
lags, Common Mid
UpTs
to Finest.
Mid.I.TpFds
Sales
1922-23.
Good
demand,
Market, f
Good
12:15 i
P. M. 3 demand,
May 2
to
May 8.
Mon.
Tues.
Wed.
Thurs.
Fri.
12% 12% 12% 4:00 12% 4:00 1234. 4:00 1214 4:00 1234 4:00
p.m. p. m. p. m. p. m. p. m. p. m.p. m.p. m.p. m p. m.p. m p. ni,
d.
d.
d.
d. d.
d.
d.
d.
d.
d.
d.
d.
May
_ 12.8212.59 12.49 2.3912.46 12.56 12.64 12.2412.26 12.32 12.34
_ 12.87 12.64 12.54 2.4412.50 12.59 12.6712.2812.2912.36 12.38
June
July
_ 12.9512.74 12.64 2.5412.58 12.65 12.72 12.3512.3512.42 12.44
August
_ 12.92 12.71 12.61 12.5012.54 12.61 12.68 12.33 12.33 12.40 12.41
September ------ --12.8712.6612.50 2.4512.48 12.53 12.5912.2212.2212.2812.31
_l2.81 12.60 12.50 12.3912.41 12.4512.51 12.1412.14 12.21 12.23
October
November --------12.7212.52 12.43 12.32 12.34 12.37 12.4312.07 12.08 12.14 12.16
.... __ 12.7012.50 12.412.3012.3312.35 12.41 . ,12 06 12.13 12.15
ateember
.. 12.69 12.50 12.41 12.3012.33.
January
. 12.05112.06 12.12 12.14
__ __ 12.6912.51 12.41 12.31 12.34 12.34112.4012.0 12.07 12.12 12.14
February
March
... __ 12.69 2.51 12.42 12.32 12.35 12.35,12.4012.06 12.0812.13 12.14
April
_ __ 12.67 12.4912.40 12.3012.33 12.3212.38 12.0 12.0712.12 12.13
BREADSTUFFS.
Flour was quiet but firm with wheat early in the week.
Flour prices advanced at that time about 25c. with the
wheat situation regarded as bullish. But there was no ap017 6 14.37 24% 0 2634 17 7 018 2 16.76 parent increase in the business or any change in the general
26% 17 6 018 1 16 75 attitude of buyers, who continued to pursue the same cau@17 6 14.04 25
017 5 14.08 25 34(8 27 17 5 018 0 17 09
017 4 13.88 24%
2634 17 4 017 7 16.01 tious policy as in the past. In other words, they bought in
small lots only. The export business was small, though
©17 4 13.72 25%
27% 17 6 018 0 17.68
017 4 13.2327
29% 18 1 018 4 18.96 there was some inquiry. Some look for an increase in the
©17 4 13.39,26%
2814 18 3 018 6 18 35 foreign demand before very long, after a prolonged absten'017 4 13.40 2614
28% 18 4 ©19 0 17.70 tion from buying by Europe. It is believed that stocks of
2814 18 3 018 7 17.35 foreign consumers must have become in some degree de(8170 12.98 2634
64166 12.62 2534
28% 18 3 018 7 17.37 pleted. Prices advanced further later in the week, with
wheat rising and a fear of an unfavorable Government grain
-As shown on a previous page, the report on May 6. Trade, however, did not revive.
SHIPPING NEWS.
Wheat advanced with some of the European crop reports
exports of cotton from the United States the past week have
reached 48,206 bales. The shipments in detail, as made unfavorable, notably in western and northern parts, with
up from mail and telegraphic returns, are as follows: Bales. temperatures very low in southern Europe. Rains in sections of India, where harvesting is in progress, also had
-La Savoie, 109
109
igsvf YORK-To Havre-May 5
May 5-President
-Stuttgart, 250
some effect. What is more, the American farm reserves
-May 4
To Bremen
500 were stated by Murray at only 137,000,000 bushels,
Harding,250
against
-Villa Ada, 500
-May 5
500
To Naples
-Villa
5
675 173,000,000 bushels last year at this time. The advance in
To Genoa-May_4-Cabo Ada, 675250
Ortega',
250 this country, however, was not marked, and European
To Bilbao-May
and
-Antonio Lopez. 150
-May 6
150
To Barcelona
-West Arrow, 200
-May 7
200 Argentine markets were sluggish. Indeed, Liverpool on the
To Antwerp
4d. lower, owing to a lack of a de203 5th inst. closed % to 11
To Liverpool-Mav 1-Baltic. 203 1 052
May 4-Delillan
1,052 mand from millers and the fact that
1o
Argentina was offering
-Eastern Victor, 200
200
To Rotterdam-May 7 -May 1-Kirsten Maersk. 8,350_
--To Russia
wheat to Europe at lower prices. Buenos Aires was lc.
ORLEANS
NEW
-May 1-West Facook, 2,335
2.335 lower. American prices reacted.
8.331
To Bremen
It is true that the Ameri210
'To Hamburg-May 1-West Tacook, 210
-Brush, 769
769 can visible supply last week decreased no less than 3,499,000
To Rotterdam-May 3
2454
'nu; CHRONICLE
bushels, against a decrease in the same week last year of
1,320,000 bushels. That brought the total down to 45,590,000
bushels, against 51,401,000 a year ago. But this had less
effect than it might have had if the export demand at that
time had been sharp. It was not. On some days it amounted
to only about 200,000 bushels. On the 4th inst., it was true,
prices had advanced some 3 to 3%c., with Buenos Aires up
2 to Sc. and Liverpool 2 to 214d. higher. The world's shipments last week, it turned out, were only 10,670,000 bushels.
The quantity on passage fell off 6,856,000 bushels, bringing
it down to 71,080,000 bushels, as against, it will be remembered, about 90,000,000 bushels some weeks ago. But the
rise of the 4th inst. was followed by a decline. For Europe
persisted in holding aloof from the market. At the Northwest in this country the crop conditions were described as in
the main very favorable, even if rains would be desirable
there. Also, from the Southwest came more favorable crop
reports. Some, however, covered rather than take chances
on the Government report, which was.announced for to-day,
the 8th inst. For nobody needs to be reminded that the
progress of the American winter wheat crop this spring has
on the whole not been such as to warrant the expectation of
a yield as large as the last one. Prices on the 6th inst. ad/
vanced 31/ to 414c. on poor crop reports, light receipts and
covering of shorts. Also, however, there were reports of
export sales of 2,500,000 to 2,600,000 bushels, including 2,000,000 bushels or more to Spain, part domestic and part Manitoba. The United Kingdom and the Continent also bought.
The Far East bought on the Pacific Coast for the first time
in a long while. Considerable irregularity was shown on
the 7th inst., winding up at some decline. All the Northwestern markets dropped with the exception of Winnipeg.
Yet the cables were better than expected. In fact, Liverpool
2
1
/
/
closed 114 to 1%d. higher, with Buenos Aires up 2 to 3 c.
The foreign markets were braced by bad weather throughout Europe. And it looked, too, as though the Argentine
shipments this week would be very moderate, possibly about
1,500,000 bushels, against 2,131,000 last week. East Indian
exports were only 8,000 bushels. Moreover, in the United
States it was again cold and unseasonable so far as the
North and Northwest were concerned. Heavy or even killing frosts were reported there. At the same time there were
beneficial rains in the Southwest. And a private estimate
put the spring wheat acreage in this country at 20,489,000
acres, an increase of 15.3% over last year. On the other
hand, shorts were inclined to be cautious fearing a rather
bad Government report to-day. Export business was about
500,000 bushels, mostly Duluth spring and hard winter, for
England and the Continent. England cabled that nine cargoes of Australia wheat afloat had been sold to France. On
the Cth sales of 5,000,000 bushels of July were credited to a
Wall Street interest taking profits. About 300,000 bushels
more of spring wheat were bought at Minneapolis for Chicago all rail delivery on May contracts. This meant about
1,000,000 bushels bought so far. There is considerable
wheat, it is said, at Minneapolis that has been delivered
without billing. A London miller is said to be the leading
bull at Winnipeg. The Canadian wheat pool owns the cash
grain. Southwestern markets followed Chicago on May.
July was 11%c. under May on heavy profit taking. Complaints of Hessian fly damage are coming from parts of
Kansas, and a private estimate covering Texas, Oklahoma,
Kansas and Nebraska pointed to a prospective yield for the
four States of 168,000,000 bushels, against 289,000,000 last
year, Kansas being estimated at 98.000,000 bushels, against
157,000,000 last year. To-day prices advanced on strong
cables, liberal export demand, unfavorable crop reports and
covering of shorts. .Export sales were said to have been
1,000,000 bushels, part hard winter, but mostly spring.
Prices show a rise for the week of 6 to 9c. The Government
crop report was issued to-day and is given further below:
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_20234 20434 204 20834 20734 212
No. 2 red
CHICAGO.
T
BM-Y—CLOSING PRICES OF WHEAT FUTURES IN Thurs. Fri.
Sat. Mon. Tues. Wed.
16434 169
cts_159
16134 16031 166
May delivery in elevator
156
14931 153% 151
15434 153
July delivery in elevator
149
September delivery in elevator_---142 145% 14331 146 146
OF WHEAT FUTURES IN WINNIPEG.
DAILY CLOSING PRICES
Mon. Tues. Wed. Thurs. Fri.
cts_ 1
17234 17934 17734 17934
May delivery in elevator
17651
172
16634 171
16534
July delivery in elevator
139
1393.4 14231 14034 14334.
October delivery in elevator
[VOL. 120.
firmness of the cash markets were contributory factors in
the rise. Also, there was some talk to the effect that a little
export business had been done. Chicago wired: "Reports
that plans are under way to corner May rye and corn on the
Chicago Board of Trade were denied by President Frank I.
Carey and treated with smiles by brokers on the floor. The
fact that May corn is selling at 4c. discount under July, the
brokers pointed out, is an indication that no efforts are
being made to create a corner. If a corner were being attempted, they said, May corn would be selling at a premium.
George E. Marcy and other members of the Grain Marketing
Co., a farmers' concern, have been notified to appear before
the Chicago Board of Trade directors and present charges,
if they have any, to substantiate the statement given out by
E. F. Rosenbaum, one of its directors, that there is a corner
In May corn and May rye, and intimating that Arthur W.
Cutten is the leading holder of May contracts and has paid
for the grain. There was a decline on the 7th inst., with the
acreage estimated by one statistician at 108,642,000, an increase of 3,630.000 bushels. Also, the weather at the Southwest was considered better. Corn also sympathized with
wheat when wheat finally took a downward turn. There
were no striking features in the trading. Corn simply
echoed the bearish tone in wheat. To-day prices advanced
about 2c. on covering of shorts nad stimulated by the rise in
wheat. Also, there were reports of delay in planting. Interior receipts were small. Prices for the week show a rise
for the week of 3 to 6%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 mixed
cts_12531 12534 12754 133 13251 13331
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
.cts_10651 10534 10734 11334 112 114
May delivery in elevator
July delivery in elevator
_10934 10934 11134 11634 11454 11634
September delivery in elevator--109g 10934 11134 115 11351 115
Oats advanced with other grains, though the farm reserves were estimated by Murray at 351,000,000 bushels,
against 275,000.000 a year ago. Chicago's contract stock is
5,778,000 bushels, against 5,036.000 last week and only 2,514r
000 last year. But the visible supply decreased in the United
States last week 1,592,000 bushels, against 1,033,000 in the
same week last year. It is still formidable, however, The
total is 48,083,000 bushels. against 10,716,000 bushels a year
ago. Still, oats were carried forward with other grains,
,
especially corn. On the 6th inst. prices advanced 1 to 11 4c.,
the May delivery leading the rise and reaching a premium
/
of 14c. over July, whereas on May 1 May was lc. under July.
Export sales were reported at 200.000 to 300,000 bushels in
two days. On the 7th Inst. there were export sales of 400,000
to 500.000 bushels, with prices down in sympathy with the
decline in the other grain. Murray estimates the acreage
at 43,808,000 acres, an increase of 1,356,000, or 3.2%. The
10-year average yield per acre of oats is 32.5 bushels. To2
/
day prices advanced with other grain 1 to 11c., with export
sales reported of 300.000 bushels to 400,000 bushels. Chicago sold 300,000, including 180,000 to exporters. Final prices
show a rise for the week of 2 to 4c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
eta 543.4 6454 5434 5554 55
56
No.2 white
PRICES OF OATS FUTURES IN CHICAGO.
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
4374 4551 4454 45H
cts 4251 43
May delivery in elevator
45
45
4331 44
44
43
July delivery In elevator
4454 4534 4454 46
4354 44
September delivery In elevator
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
---- 5334 5434 54% 55
cts 54
May delivery in elevator
5534 ---- 553.1 56% 5531 5654
July delivery In elevator
5134
505 ---- 5051 5134 51
October delivery in elevator
• Rye advanced some 5 to 115c. early in the week on covering of many shorts after a decline in the morning. The
visible supply is now only 12,126,000, as against 20,374,000 a
year ago. This is a big difference from the statements which
for many months showed the 1925 stock noticeably larger
than at the corresponding date last year. May deliveries
under way at Chicago, it is believed, will be shipped out in
the course of the next few weeks. Some declare that rye can
be bought in the East to better advantage than in the West
or Northwest. But somehow rye is leaving this country in
considerable quantities. On the 6th inst. prices suddenly
ran up 6%c. in sympathy with the rise in wheat and because
of some demand to cover. Small lots were sold to Finland.
Germany was holding aloof pending the results of the settlement day on May 11. Reports at Chicago that a "corner" in
May rye was being organized were sharply denied by the
President of the Chicago Board of Tiade. The charge was
made by some people of prominence in the Western grain
trade who asserted that an attempt would be made to corner May rye as well as May corn. On the 7th inst. prices
dropped after an early advance. Profit taking broke the
market in sympathy with the decline in other grains. Chicago sold 300,000 bushels. Duluth reported that Chicago
people were loading a cargo of rye there for Chicago. Rye
trading on the 0th reached 2.125,000 bushels. There was no
export business in either rye or barley reported. To-day
prices advanced 2% to 3c. in expectation of a bullisn Government report to-day. •No export business was reported. For
the week there is an advance of 4% to 9c. The Government
report is given further below.
Indian corn advanced after an early decline. The rise in
wheat helped to put it up. Also, reports of cold weather,
excessive rains and delayed seeding. Moreover, Murray puts
the farm reserves at only 621,000.000 bushels, against 865,000,000 a year ago. Shipments from the interior it is belleved will be small for some time to come. Shorts covered
freely, with offerings at times anything but ample. Outside speculation was not large, but professionals were caught
short and caught napping as well. Yet the cash demand
was small. The technical position, together with bad
weather and a small movement of the crop were the outstanding features. The American visible supply decreased
last %seek 2,397,000 bushels, against 1,729,000 bushels last
year, leaving the total 23,379,000 bushels, against 17,978,000
bushels a year ago. On the 6th inst. prices advanced 3% to
51
kc. on a larger business. May led the advance. The May
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
situation was considered acute and attracted no small attenSat. Mon. Tues. Wed. Thurs. Fri.
delivery in elevator
Ct&1 1234 12334 12034 12531 124
127
tion. The cold weather at the West, the small receipts, the May delivery in elevator
July
11331 11734 11531 11831
10834 117
decreasing stocks, the absence of hedge selling, and the September delivery in elevator.... 10131 10731 10334 10931 10734 110
MA.Y 9 1925.]
THE CHRONICLE
The following are closing quotations:
motif/.
Spring patents
$8 60
Clears,first spring
7 75@
Soft winter straights__ 8 65
Hard winter straights_ 8 50
Hard winter patents__ 9 00
Hard winter clears_ _ _ _ 7 5'l
Fancy Minn. oatents.100)@
City mills
10 3Oea
89 01 Rye flour. patents___-86 SO® $7 50
8 25 Seminole No. 3,lb
6c
9 10 Oats goods
2 90® 2 95
9 5) Corn flour
3 10a 3 15
9 51 Barley goods
80) Nos. 2, Sand 4
450
10 65
Fancy pearl, Nos.2.3
10 86
and 4
7 50
GRAIN
.
Wheat,New York:
Oats:
No. 2 red, f.o.b
No. 2 white
212
56
No. 1 Northern
No. 3 white
182
51
No.2 hard winter.f.o.b____185
Rye, New York:
No. 2 f.o.b
134
Corn:
Bartel. New York:
,
No.2 mixed
1333(116®Ma
Malting
119
No.2 yellow
l34 l'
For other tables usually given here, see page 2370.
The destination of these exports for the week and since
July 1 1924 is as below:
Flour.
Ezportsfor Week
and Since
July 1:0-
Week
May 2
1925.
Barrel,.
United Kingdom_ 57.718
Continent
162,770
So.& Cent. Amer_ 40.945
West Indies
38,440
Brit.No.Am.Cols.
Other countries__ 5,030
Total 1925
Petted 1001
Wheat.
Since
July 1
1924.
Week
May 2
1925.
Corn.
Since
July 1
1924.
Week
May 2
1925.
Since
July 1
1924.
Barrels.
Bushels.
Bushels. Bushels. Bushels.
3,874,473
976.117 88,714,301
17,000
8,937.781 3,036,298 168,436,997
77,961
945,743
12,000
664,300
35,000 1,233,830
1,210.822
134.950
41,500 1,546,310
6,135
21,000
529,381
1.607,327
3,900
304,903 15,404,335 4,024,415 259,557,975
050 /71 IS AAA 002
2 771 nn' In4 na•T enn
76,500 2.900.001
2455
ARGENTINE FLAX AND GRAIN CROPS SHOW
CUT.
-A cut of nearly 7,000,000 bushels in the estimate of
the 1924-25 Argentine flaxseed crop is reported to the
United States Department of Agriculture by the International Institute of Agriculture at Rome and given out on
April 22. Production of flaxseed is now estimated at 45,076,000 bushels as compared with the January forecast of
51,966,000 bushels. The final estimate for the 1923-24
crop is 58,584,000 bushels. The Department of Agriculture
also says:
The estimate of the wheat crop is slightly below the previous estimate.
The revised figure is now given as 191.139,000 bushels against 191,433.000
bushels reported in January, compared with the 1923-24 production of
247.036,000 bushels.
The new estimates of oats, barley, and rye are somewhat above, the
forecasts of January 19. The oats crop Is placed at 53,462.000 bushels
against the previous forecast of 50.981.000 bushels for 1924-25 and the
final estimate for 1923-24 of 81.457,000 bushels. Barley production is now
estimated at 6,981,000 bushels against 6,889.000 bushels forecast in January
and compared with the final estimate for 1923-24 crop of 12.056.000 bushels.
The rye crop is estimated at 1,456.611 against 1.378.000 bushels in the
January forecast. The final estimate for the 1923-24 crop is 4,368,000
bushels.
NORTH AFRICAN WHEAT ACREAGE ABOVE
LAST YEAR.
-A preliminary estimate of the Algerian
wheat acreage received by the United States Department of
Agriculture from the International Institute of Agriculture
at Rome and made public on April 28, together with estimates
of French Morocco and Tunis, brings the total of the three
North African countries reported to date up to 7,570,000
acres against 6,920,000 acres for the same countries last
year, an.increase of 650,000 acres. The statement adds:
on, nnn In 1ln ono
The Algerian estimate of 3.407,000 acres for the current crop is slightly
below the estimate of 3,480,000 acres for the area harvested last year.
Increases, however, have been reported for both French Morocco and
Tunis which more than offset the decrease in Algeria.
Harvesting in these countries is now beginning and latest reports of
conditions are generally favorable. In some districts of Algeria the effects
of the drought remain, but in most sections conditions are satisfactory.
The conditions in Tunis and Morocco are average. Although it is too
early to forecast production, it may be safely assumed that, barring unusual
circumstances, the outturn will be considerably in excess of last year.
,
The barley acreage of Algeria amounts to 3,105,000 as compared with
1923-24.3,053,000 acres harvested in 1924.
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, May 1, and since July 1 1924 and 1923,
are shown in the following:
Wheat.
Corn.
1924-25.
Week I Since
May 1.
July 1.
North Amer_
Black Sea___
Argentina__
Australia __India
0th.Countr_
Total
1923-24.
Since
July 1.
1924-25.
Week
May 1.
Since
Jull 1.
Since
July 1.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
3,771,000375.689,000 370.136.000
26,000 1.084.000 12,102.000
3.280.900 42.904.000 238,000 26.982.000 30.214,000
2:131.000 117.963,000135,871.000 352,000142,754,000 8,371,000
4,752,000 98,780,000 60,186,000
16,000 35,048.000 12,432,000
1,840,000
1,439,000 15.234,000
10,670.000630,760,000623,459,000
616.000 172.258,000 141,260,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 2 1925, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
" afloat
• Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, MO
Peoria
Indianapolis
Omaha
On Lakes
GRAIN STOCKS.
Wheat,
0aU.
Corn,
bush,
bush,
bush,
407,000
608,000
131,000
23,000
1,048,000
456,000
207,000
4.074,000
194,001)
112,000
69,000
1,461,000
204,000
142,000
861,000
4,016,000 1,612,000 2,524,000
714,000
136,000
78.000
1,007,000
256,000
198.000
113,000
284,000
200.000
20,000
220,000
3,353,000 11,514,000 12,941,000
253,000
769,000 1,101,000
10,164,000
125,000 10,184.000
11,247,000
571,000 16,662,000
263,000
138,000
122,000
438.000
337,000
693,000
3,392,000 4,553,000
851,000
990,000
2,000
70,000
401,000
421,000
23,000
59.000
103,000
253.000
633,000
50.000
572,000 1,333.000
497,000
363,000
233,000
Rye.
bush.
223,000
380,000
58.000
1,231.000
88,000
25,000
1,063,000
Barley.
bush.
153,000
48,000
533,000
20,000
12,000
2,778.000
254,000
358.000
91,000
4,746.000
221,000
843,000 1,401,000
4,000
5,000
11,000
31,000
159,000
6,000
6,000
3,000
57,000
64,000
11,000
Total May 2 1925____45,590,000 23.379,000 48,083,000 12,126,000 2,760.000
Total Apr. 25 1925____49.089,000 20,773.000 49,675,000 13.756.000 2,783,000
Total May 3 1924____51,461.000 17,978,000 10,716,000 20,374,000
836,000
Note.
-Bonded grain not Included above: Oats. New York, 279.000 bushels;
Boston, 30,000; Buffalo, 1,077,000; Buffalo afloat. 578,000; Duluth, 45,000; total,
2,009,000 bushels, against 732,000 bushels In 1924. Barley, New York, 364.000
bushels; Boston, 89,000; Baltimore, 95,000; Buffalo. 1,009,000; Buffalo afloat,
480,009; Duluth, 59.000; Canal, 87,000; total, 2,183,000 bushels, against 149,000
bushels in 1924. Ti'heat, New York, 1,456.000 bushels; Boston, 120,000; PhiladelPhla, 1,287.000; Baltimore, 148,000; Buffalo, 2,905,000; Buffalo afloat, 889,000:
Duluth, 477,000; Toledo, 58,000; Canal, 91,000; On Lakes, 340,000; total, 7,771,000
bushels, against 11,052,000 bushels In 1924.
Canadian
1,674,000
Montreal
131,000 2,957,000
389,000
883.000
Ft. William & Pt. Arthur..27,661,000
9,822,000 1,883,000 3,405,000
5,078,000
Other Canadian
2,465,000
206,000
471,000
Total May 2 1926..._34,413.000
131,000 15.244.000
Total Apr. 25 1925_ _ _36,245.000
150.000 15,790,000
Total May 3 1924_ _33,344.000
59,000 10,055,000
Su mmarY
45,590,000 23,379,000 48,083,000
American
34,413,000
131,000 15,244,000
Canadian
2.469.000 4,759,000
2,177,000 5.075.000
1,927,000 2,565,000
12,126,000 2,760.000
2,469,060 4,759.000
Total May 2 1925-80.003,000 23,510.000 63,327,000 14,595.000 7,519,000
Total Apr. 25 1925-85.334.000 25,926,000 65,465,000 16,033.000 7,858,000
Total May 3 l924._...84,805.000 18,037.000 20,771,000 22,301,000 3.401,000
INDIAN WHEAT CROP SHORT.
-The Indian wheat
crop is forecast at 322,000,000 bushels compared with
364,000,000 bushels produced in 1924, according to a
cablegram received by the United States Department of
Agriculture from the Indian Department of Statistics and
tnacle public on April 24. The production reported is just
about sufficient for home requirements leaving little or no
grain for export. The Indian people, however, it is pointed
out are not dependent upon wheat as a food grain and should
good harvests be obtained for other grain crops such as rice
and millet, some Indian wheat may find its way to the
world markets.
AGRICULTURAL DEPARTMENT REPORT ON
CEREALS, &C.
-The report of the Department of Agriculture showing the condition of the cereal crops on May 1
was issued on the 8th inst. and we give below a general
summary for winter wheat and rye. The report in full by
States will appear next week.
On May 1, the area of winter wheat to be harvested for the United
States was about 32.813.000 acres. or 9.504.000 acres (22.5%) less than the
acreage sown last autumn and 3.625,000 acres (9.9%) less than the acreage
harvested last year, viz., 36,438,000 acres. The average harvested acreage
for the past ten years was 39,264,000 acres. The ten-year average abandonment to May 1 is 11.1%.
The average condition of winter wheat on May 1 1925 for the United
States was 77.0% of a normal, compared with 68.7 on April 1 1925. 84.8
on May 1 1924. and 85.2, the average condition for the past ten years on
May 1. A condition of 7'7.0% on May 1 1925 is indicative of a yield per
acre of approximately 13.6 bushels, assuming average variations to prevail
thereafter. The average yield per acre for the last ten-year period was
14.9 bushels. On the estimated area to be harvested (32.813.000 acres),
13.6 bushels per acre would produce 444.833,000 bushels, or 24.6% less
than in 1924, 22.2% less than in 1923, 24.2% less than in 1922. and 24.0
per cent less than the average production for the past ten years. The
harvested production in 1924 was 590,037,000 bushels, in 1923 571.959.000
bushels. in 1922 586,878.000 bushels, and 585.266,000 bushels, the average
harvested production for the past ten years. The final outturn of the crop
may be larger or smaller than the forecast given above, as developments
during the remainder of the season prove more or less favorable to the
crop than usual.
On May 1 1925 the acres of rye in the'United States standing and intended
for grain is estimated at 4.184,000 acres, compared vial 4.173.000 acres,
the harvested acreage in 1924. 5.171.000 acres in 1923. 6,672.000 acres in
1922, and 4.831.000 acres, the average harvested acreage for the past
ten years.
The average condition of rye on May. 1 1925 for the United States was
86.8% of a normal, compared with 84.0 on April 1 1925, 88.2 on May 1
1924, and 89.5, the average condition for the past ten years on May 1.
A condition of 86.8% on May 1 1925 is indicative of a yield per acre of
approximately 13.9 bushels, assuming average variations to prevail thereafter. The average yield per acre for the last ten-year period was 14.2
bushels. On the estimated area to be harvested (4,184,000 acres), 13.9
bushels per acre would produce 57.968,000 bushels. compared with 63,446,000 hushels, the harvested production in 1924. 63,077.000 bushels in 1923.
103.362.000 bushels in 1922, and 68,442.000 bushels, the average harvested
production for the past ten years.
WEATHER BULLETIN FOR THE WEEK ENDING
MAY 5.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending May 5, follows:
Warm weather prevailed in the Atlantic Coast States at the beginning of
the week,but it had become cooler in the interior, and after the first day cool
weather for the season persisted generally east of the Rocky Mountains.
There VMS a brief spell of warmth in the Northwest soon after the beginning
of the week, but this quickly gave way to subnormal temperatures.
There was considerable further rainfall in the Southwest early in the week
when heavy amounts were reported locally from southern Texas, while
showers were frequent in the Interior valleys and Middle Atlantic States.
Fair weather was the rule during the middle and latter parts of the week.
except that near the close widespread precipitation was reported from the
middle and lower Missouri Valley eastward.
Chart I shows that the temperature for the week averaged much below
normal throughout the central portions of the country and that it was generally cool east of the Rocky Mountains. The weekly means ranged from
8 degrees to 11 degrees below the seasonal average In Central and most
Southern States, but they were practically normal in the extreme Northeast.
West of the Rocky Mountains there was an excess in temperature, ranging
from 6 degrees to 8 degrees in most districts. In the eastern half of the country freezing was confined to the northern border sections, but was quite
general in the Northwest and in the Rocky Mountain States.
Chart II shows that rainfall was mostly moderate from the middle and
upper Mississippi Valley eastward and was light in the trans-Mississippi
States and in most parts of the South. though local heavy falls occurred along
the west Gulf coast. West of the Great Plains there was very little rain,
most stations receiving amounts too small for measurement.
The reaction during the week to cool weather, after a long period of
mostly abnormal warmth,checked the growth of tender vegetation throughout the central and eastern portions of the country. There were widespread
frosts in the northern half, extending into west-central districts, and,
because of the advanced state of vegetation, more or less damage was reported from many localities. In general, however,there was no widespread
serious harm from this cause.
Showers from the Ohio Valley eastward, while causing some interruption
to field work, were beneficial in supplying the soli with moisture, and
the
recent rains from the southern Great Plains southward have materially improved conditions in those sections. It has become much too dry, however,
from the lower Mississippi Valley eastward to the Atlantic Ocean,
which,
together with the unseasonable coolness, was decidedly
unfavorable. esnectally for germination of recently-planted seeds and growth of warm-weather
2456
THE CHRONICLE
FoL. 120.
situation has changed materially since the beginning of the
year. For instance, the precipitous drop in the prices for
raw wool which has demoralized the woolen trade, has also
had a tendency to restrict operations in other divisions of
the textile markets. Both jute and flax have dropped from
their high levels, while cotton has also declined, despite the
strong statistical position. Likewise, silks have failed to
advance, even though consumption has been abnormally high
and mill operations at capacity. Textile merchants were
inclined to lay much stress upon the talks of economy by the
President of the United States, theorizing that consumers
have misconstrued their meaning. The more thoughtful
ones, however, were convinced that more than talks of economy or other matters were at the bottom of the present readjustment of values and hesitancy of ordering throughout
the markets. In regard to the $6,000,000 rug and carpet auction, a large number of buyers were on hand to attend the
distribution of 92,000 bales of rugs and 6,500 rolls of carpetings by the Alexander Smith & Sons Carpet Co. Bidding
was steady and prices showed a decline of from 11 to 20%,
which was considered quite normal for an auction. Later
in the week prices showed an advance, bidding by the smaller
buyers being a feature. Independent companies opened their
new fall season the beginning of the week, naming prices
which showed a decline of from 7 to 10%. A large volume
of initial orders was reported to have been placed at these
openings.
DOMESTIC COTTON GOODS: A combination of declining raw cotton markets, and the weakness of foreign raw
wool tended to further unsettle sentiment in the markets for
domestic cotton goods during the week. Little change from
recent dulness in the staple lines was noted. Demand was
quiet and spotty, with inquiries at a minimum. Actual business continued to be confined to small lots covering immediate needs. As a rule, bids received in the gray goods division were at such low prices that agents would not transmit
The Weather Bureau also furnishes the following resume them to mills in a number of instances. Denims and other
of the conditions in the different States:
of the colored cottons displayed by a softening tendency, with
North Carolina.—Raloiah: Much cooler than preceding week: some
concessions. Wide
scattered local damage by frost in west and central and by hail in southeast. second hands offering more goods at
Beneficial showers and weather favorable for wheat, lettuce, strawberries, sheetings for domestic use were easier in some of the untender truck.
and peaches, but too cool for cotton, corn, tobacco, and
known brands
Cotton planting continues; tato-planted coming up slowly and chopping branded lines, and even various of the better
early under way.
were obtainable at substantial dieounts. The irregularity
South Caroltna.—Columbia: Abnormally cool; scattered rains insufprompted many factors to suggest that
ficient. Cotton and corn germination rather poor on account of cold, but of yarn prices has
some good stands; chopping cotton begun. Winter cereals fair: wheat mill stocks are larger than generally acknowledged. Howheading short and oats being cut for feed. Tobacco and sweet potato ever, in other quarters it was suggested that the sluggishtransplanting progressing. Tree fruits good. Minor crops fair. in many
ness was due to a lack of new orders. Contracts are beginGeorgia.'—Atlanta; Cool, dry, windy weather, with light frosts
counties; unfavorable for growth,and germination and progress during week ning to run out, which naturally leads to nervousness among
growth and germination
was poor. Planting cotton nearing completion;
poor. Chopping cotton and cultivating corn made fair progress. Sweet mill managers who are determined to sell their merchandise.
potatoes in beds fine, hut transplanting slow. Sugar cane doing well and Wherever stocks exist they are composed largely of staple
planting rice begun. Truck and pastures suffering and warm rains greatly
goods, as it is generally believed that manufacturers of
needed.
Florkla.—Jacksonville: Unseasonably cool; drought partially relieved novelties and fancies have not an overabundance of supplies
north. Cotlocally in central and south portions, but still acute west and
goods, such as
ton retarded west and north: fair progress central: chopping advanced. on hand. For instance, certain of the wash
Corn and melons made fair progress on lowlands: slow growth on uplands. printed or rayon mixed goods, continue in steady call. LikeTobacco seriously affected in some localities. Cane and peanuts fair to
percales were compara&Pod. Oats poor to failure on uplands. Citrus dropping; leaves wilting. wise, various of the voiles and new
Too dry to set sweet potato slips.
tively steady. A fair volume of orders was said to have been
Alaboma.—Montgomery: Unseasonably cool most of week: beneficial,
following the new prices rebut insufficient rains at close. Dry, cool weather unfavorable for all crops, placed for percales and prints
especially for germination and growth of cotton and corn. Oats, corn, cently named for June and July deliveries. Printers repotatoes truck, pastures, and fruits mostly fair to good, but showing bad
colorings and printings were gradually
effects of drought. Oats heading low. Minor crops in south mostly poor ported that the new
to fair. Stands of early-planted cotton mostly fair to very good. but increasing the consumer call for these fabrics. Print cloths,
recently-planted not germinated or mostly poor stands; planting well ad28-inch, 64 x 64's construction, are quoted at 7c., and 27-inch,
vanced in north portion.
Mississippi.—Vicksburg: Generally dry.with plentiful sunshine through- 64 x 60's, at 6%c. Gray goods in the 39-inch, 63 x 72's conwith slight frost damage north and
out. Cool Thursday and thereafter
4c.,
quoted at 11Y and 38-inch, 80 x 80's, at 12%c.
central portions. Progress of cotton mostly poor; numerous poor stands: struction, are
chopping begun. Progress of corn Poor and rain needed, but in excellent
WOOLEN GOODS: Owing to the unusually heavy demostly made poor progress.
cultivation. Gardens, pastures, and truck
Louisiana.—New Orleans: Mostly cool and dry, but rain close of preceding eline in the prices for raw wool at the London and Austraweek benefited all crops locally in southwest. Progress of cotton poor to lian auctions, buyers in the markets for woolens and woronly fair; chopping many localities; slight frost damage reported locally in
extreme northeast. Progress of corn fair, except where too dry; cultivating steds maintained an indifferent attitude. The rapidity of
in south. Potatoes poor to fairly good; transplanting sweets, except where the drop of about 30% in approximately four months has
too dry. Pastures, meadows,sugar cane, truck, and rice generally needing
demoralized the trade, and manufacturers have been unable
rain.
Texas.—Houston: Very cool with showers in all sections, but more rain to adjust themselves to the new conditions. The labor probneeded on lower coast and adjoining southwestern counties and extreme
west. Progress of winter wheat, oats, pastures, and minor crops good; con- lem was another factor tending to increase uncertainty, as
dition mostly poor. Rice favorably affected. Progress early corn very the present agreement expires about July. However, the
good and much planting during week. Moderate rains benefited cotton.
but growth slow on account of cool nights; much planted during week and settlement of differences at both Rochester and Chicago
chopping progressing well in south. Condition of early-planted cotton poor was taken to forecast an amicable agreement and a conto fair; insect damage slight.
mills taking
Oklahoma—Oklahoma City: Cool with frost in north and east, but no tinuation on the present basis. Aside from
other crops.
special numbers and novelties in colors, producers were
serious damage. Too cool for corn and cotton, but favorable for
cotton, but too cool for favorable germination;
Fair progress in planting
tempera- quiet. Garment manufacturers have found it difficult to
early-planted generally good stand, but slow growth account of low
generally fair;
tures. Progress of corn eNte,,,Ily poor; too cool and condition winter wheat place business, and the immediate outlook is one of the greatwell cultivated. Progress of
stand averages good and mostly
Oats, pas- est conundrums the trade has had to solve for years.
generally fair; condition poor to fair; heading on short straw.
tures, and mmor eters lap t good.
FOREIGN DRY GOODS: Although some importers reto only fair due to very •
Arkansas.—Little Rock: Progress of cotton poor
portion; stands poor
in the demand for linens, busidry soil and coolness; planting nearly completed greater localities and some ported a slight improvement
east and south; excellent elsewhere: injury by frost in few very good,except ness was not of sufficient proportions to induce encouragereplanting; germination slow where dry. Progress of corn
pastures. ment. Generally it was admitted that retailers had oversoutheast where too dry. Soil too dry for wheat, oats, meadows,
seeding well along; stocked before the Christmas holidays, and that they must
and truck, except northwest where very good. Rice
germinating slowly in south.
rainfall; too cool for therefore liquidate their novelty styles before they can come
ItP Tennessee—Nashville: Low temperature and light
mostly sufficient.
for any appreciable quantity of mermuch growth; light frost some localities. Moisture
advanced;stands fair, into the market again
Cotton fair to good stands; some chopped. Corn well wheat averages fairly chandise. Improvement was particularly noticeable in the
of winter
but cutworms bad. Progress and condition
potatoes. Straw- handkerchief division, but thus far conditions could not be
good. Fair progress transplanting tobacco and sweet
es yielding fair crop.
weather; showers considered as approaching normal. The situation in regard
Kenn/ay.—Louisville: Growth fair, checked by cool
and west hinbeneficial to bluegrass in east. Soil too wet locally central advanced and to the dress linen division has been the most depressing inof land; planting well
dered corn planting and preparation
Early wheat gen- fluence on the linen market. Although importers have
nearly finished on most itelsnes hut germination slow.
Tobacco plants extra found it necessary to attempt liquidation of stocks an hand,
erally good; late thickened considerably by stooling.
fine and a few transplanted in southwest. Pastures and gardens good.
they have been unable to move their goods even at the drastic
price concessions at which they have been offered. While
some in the market were of the opinion that the worst of the
THE DRY GOODS TRADE.
price slashing was noticeable in the low end grades, others
Friday Night, May 8 1925.
depressed in an efAside from encouragement derived from the favorable though the better qualities were being dull, with
buying
action of the rug and carpet auction, developments during fort to move them. Burlaps have ruled
are quoted at 7.45c.
the past week in the markets for textiles have been of a interest at a minimum. Light weights
most disappointing nature. It is no longer denied that the and heavies at 9.60e.
crops. The drought continued severe also in much of the far Southwest.
particularly in New Mexico and southern Arizona. Warm weather stimulated growth quite generally west of the Rocky Mountains, especially in the
Great Basin and far Northwest.
-:-.The cool, showery weather from the Ohio Valley
SMALL GRAINS.
eastward was beneficial to winter wheat and the crop made fairly good
growth. Both progress and condition of wheat continued very good in Missouri and in eastern and south-central Kansas, and growth was fair over
other western portions of the belt. Heads are beginning to show in southern
Kansas and plants jointing to the northern border of the State. The
general condition in Oklahoma, however, continued poor to only fair with
heads forming on short straw. Spring wheat grew slowly, because of the
cool weather, but the crop is generally looking well and making satisfactory
advance,though the cold was unfavorable in some Rocky Mountain sections.
Conditions were very favorable for this crop in the more northwestern States.
There was probably some damage by frost to early flax in the Central
Northern States, and rain would be beneficial in North Dakota; seeding is
and Wisconsin, but
well along. Oats need rain in parts of Illinois, Iowa,
this crop in general made satisfactory progress during the week: there was
some interruption by rain to seeding in the Northeast. Rice generally needs
• rain in Louisiana, but has been favorably affected by the increased moisture
in Texas: seeding is well along in Arkansas, but germination was slow.
CORN.—While there was sufficient moisture in the principal corn-producing sections east of the Mississippi River, the cool weather was unfavorable, especially for germination, and showers caused some interruption to
planting. In the upper Mississippi Valley, particularly in Iowa. it was both
too cool and too dry, and the early-planted was frosted in the southern
portion of that State. There was also slight frost damage in southern
Missouri, but no material harm was reported from the southern Great Plains,
though it was too cool in general for good results. The stands of corn average good in Oklahoma, with favorable cultivation, and the progress of the
early-planted was satisfactory in Texas where much was seeded during the
week. It was too dry and cool for this crop in the Southeastern States.
COTTON.—The abnormally cool weather that prevailed over the Cotten
Belt was unfavorable for germination and growth, while there was insufficient soil moisture in most central and eastern portions. Planting made
good progress and chopping advanced satisfactorily, with stands of earlyplanted mostly good. Generous rain is much needed in most sections from
Arkansas and Louisiana eastward and warmer weather in all parts of the
Belt.
Recent rains have been beneficial in Texas and much cotton was planted
during the week, but growth of the early crop was slow, and its general
germcondition was poor to only fair. There was insufficient warmth forArkanination in Oklahoma and complaint of both coolness and dryness in
sas, tnough planting was well along. In Tennessee stands are fair to good
and some cotton has been chopped, though growth was slow. Low temperatures and deficient moisture made unfavcrable weather for growth and
for germination of late-planted cotton in Mbssissippi. Alabama, Georgia.
and Routh Carolina and plants are coming up slowly in North Carolina.
There was some slight injury by frost reported in the central portions of the
-ss cot P-mortant. Conditions were favorable
belt, but e' is
for cotton in the more southwestern States.
MAY 9 1925.]
TTTE
2457
CHRONICLE
Vate anti Titg Pepartuxent
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
POT the
Month of
Four Months.
April.
392.664.263 3409.423,501
131,345,993 420,714,906
81,426,486 328.000,980
a137,176,703 429,237.993
88,104,218 292,561.134
66,194,759 240,267,877
52,713,484 158,952,753
14,999,882 90,130,471
*68,277,482 169,324,775
t86,899,155 206,902,393
26,402,049 171,261,251
y103,224,074 268,986,826
23,644,915 96,258,461
22,317,243 97,951,422
38,562.686 162,026,305
20,691,260 124,708,581
37,462,552 117,402,998
1908
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
For the
Month of
Four Months
April.
$21,426,859 $112,196,084
19,909,004 78,235,067
8,725,437 65,755,686
40,409,428 76,137,234
11,814,584 58,333,230
17,626,820 48,803,588
6,735,283 38,254,819
9,298,268 33,192,622
14,157,809 48,650,275
7,477,406 26,098,992
3.570,963 27,338,696
13,060,323 48,631,385
4,521,850 19,672,118
8,469,464 29,496,406
11,599,392 35,718,205
9,175,788 26,680.211
MUNICIPAL BOND SALES IN APRIL.
Sales of long term State and municipal bonds were of
:
smaller volume during April The amount disposed of
aggregates $92,664,263, a decrease of nearly $18,000,000
from the $110,793,218 awards made in March. The number
of separate issues sold during April was 623, made by 475
places against 603 and 419 respectively for March.
purchased
• A comparison of the bond sales for the month of April for •Includes $20,000,000 bonds sold by New York State and$3,000,000
by the Sinking Fund of New York City.
the last five years shows $92,664,263 for 1925, $131,345,993
a Includes 1.45,000.000 bonds issued by New York City at public sale.
z Includes $55,000,000 bonds issued by New York City at public sale.
for 1924, $81,426,486 for 1923, $137,176,703 for 1922, and
V Including $70,000,000 bonds sold by New York Clty—$65,000,000 at public
$88,104,218 for 1921.
sale and $5,000,000 to the Sinking Fund.
The larger issues of the past month may be summarized
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
as follows:
$4.000.000 41i% Buffalo, N. Y., bonds (consisting of twelve separate month's bond sales in detail. It will be given later.
issues) bought by a syndicate headed by the First National Bank of New
York at 102.565. a basis of about 3.93%.
$3,750.000 4% inapt. bonds of Philadelphia, Pa., purchased by the City
Sinking Fund Commission at public offering on a bid 101.597, a_basislof
about 3.86%•
$3.000.000 State of Michigan highway bonds sold to Dillon. Read sz Co.
of New York and associates at 100.009, a basis of about 4.06%. taking
$2,410,000 as 4s and $590,000 as 4s.
83,000,000 4% Chicago South Park District, Ill., bonds awarded to the
Guaranty Company of New York and associates at 99.32, a basis of about
4.09%.
83,000,000 5% school bonds of Los Angeles, Calif., City School Districts
sold to the Harris Trust & Savings Bank of Chicago and associates as
follows: $1,000,000 grammar school bonds at 105.17, a basis of about
4.57% and $2.000,000 high school bonds at 105.17, a basis of about 4.57%.
hospital bonds of Hudson County, N. J.,
A block of $2,419.000 4
awarded to a syndicate headed by the First National Bank of New York
at 103.37, a basis of about 4.20%.
An issue of $1,000,000 4 Si% Omaha School District, Neb., bonds
disposed of to the First National Bank of New York and associates at
100.79. a basis of about 4.205%.
$1,500,000 6% Colima County Reclamation District No. 108, Calif.,
bonds purchased by Carstens & Barks, Inc. of San Francisco.
Four issues of 4 % Grand Rapids, Mich., bonds totaling $1,070,000
bought by Eldredge & Co. of New York at 100.72, a basis of about 4.15%
Snohomish County, Wash., road bonds. 31.050.000 in amount, sold to
the National City Co. of New York and the First National Bank of Everett,
Wash., jointly, at 100.36 for 43.s.
$1,026,000 St. Augustine. Fla., bonds awarded to the Florida National
Bank of Jacksonville and Marx & Co. of Birmingham at 104.71 for 5s, a
basis of about 4.67%.
$1,000,000 Dyer County, Tenn.. road bonds sold to I. B. Tigrett & Co.
4s.
8
of Jackson and Caldwell & Co. of Nashville as 4.
81,000,000 Seattle School District No. 1 Wash., bonds awarded to Geo.
H.Burr, Conrad & Broom, Inc. of Seattle and associates as 444s at 102.14.
•
NEWS ITEMS.
Alberta-Saskatchewan (Provinces of).—Payments Made
by Some Towns on Defaulted Securities.—Conditions Existing
in Others.—According to information received from the
Dominion Mortgage and Investment Association, following
is the position of the various Alberta and Saskachewan towns
and municipalities in default:
ALBERTA
Bassano.—The board advises that coupons of original debentures falling
due during 1925 will not be met either by cash or refunding debentures.
but are to be held in abeyance until a plan of adjustment is arrived at.
Coupons of refunding debentures will, however, be met on their due dates.
Bow Island.—The board of public commissioners reports that debenture
payments falling due during 1924 were met by both the town and school
district and that payments for 1925 up to date have also been met.
Macleod.—The city and school district of Macleod being of the same
opinion as the debenture holders as to the plan of adjustment, the board of
public utility commissioners has now issued its recommendation. Debenture
holders have been requested to approve of same. As soon as the holders of
60% of the separate debts of the town and school districts are approved,
the Lieutenant-Governor-in-Council of Alberta will be requested to give his
assent, when the recommendation will become effective and debenture
holders given instructions as to forwarding their holdings for exchange.
Redcliff.—The board advises that coupons of original debentures falling
due during 1925 will not be met either by cash or refunding debentures.
but are to be held in abeyance until a plan of adjustment is arrived at.
Coupons of refunding debentures will, however, be met on their due dates.
Taber.—The board has not as yet set the date for inquiry, but it has
ordered the payment of a cash dividend of 10% on the principal outstanding
of the certificates of indebtedness and advice was given to the debenture
holders by the town.
Tolield.—The board of public utility commissioners reports that the
operations for the year 1924 resulted in a cash balance on hand of 810,135.
of which $5.000 has been invested, as a spegial reserve, in Provincial Savings
Certificates.
The recommendation of the board of public utility commissioners, dated
Aug. 2 1924, has now been approved by the holders of the necessary 60%
of the debenture debts of the town and school districts, and has been
assented to by the Lieutenant-Governor-in-Council, so that it is now
effective. The town has requested debenture holders to forward their
holdings for exchange in accordance with the terms of the recommendation.
Aside from the above there were also issued during April
• $1,000,000 5% bonds of the Government of the Philippine
Islands and $50,000 7% school bonds of the municipality of
• SASKATCHEWAN
Battleford.—At a meeting of the debenture holders of the town and school
Cordova, Alaska. The government issue was awarded to
districts of Battleford holders of over 51% of the separate debts involved
the National City Co. of New York at 102.68. Baillergeon, were present, and the committee was given power to continue negotiations
with a view to arriving at an agreement on the basis of an annual payment
Winslow & Co. of Seattle bought the municipal issue.
of $6,100 for 35 years, with the provision that this annual payment can be
increase in population,
loans during April were negotiated in the increased, at stated periods, in proportion to the on the revenues of the
Temporary
and that said annual payments be a first charge
amount of $98,229,500, of which New York City borrowed town and school districts.
Humboldt.—The committee is now in receipt of a letter from its solicitor
$77,300,000.
stating that the hearing of the certiorari proceedings in the Saskatchewan
Court of Appeal has been deferred until the May sittings of that court.
Long term bonds of Canadian provinces and municipalities
Melville.—The local government board reports that it has not as yet
the
were disposed in the amount of $15,209,913iduring April. received allwith debentures issued by Melville but that, at all events, it is
the distribution of the cash available and of the new debenproceeding
$3,740,000 5s of the Province of Alberta, $5,500,000 43s tures to be Issued in accordance with the terms of the agreement, to those
debenture holders who have forwarded their holdings to the board.
of the Province of Manitoba, and $2,000,000 5s and $902,600
Swift Current.—The city has requested the holders of certificates ofindebtedness to forward these to Swift Current to receive the
434s of the City of Montreal, Quebec, were the large Cana- of 3% in accordance with the terms of the agreement. 1924 cash payment
dian issues sold during the month. The Province of Ontario
Henderson County (P. 0. Lexington), Tenn.—
also successfully placed during April $20,000,000 3%% Modern Woodmen of World Filed Suit on $350,000 Road
The bills were bought by a banking syndicate Bond Issue of 1920; Not Modern Woodmen of America.—In
treasury bills.
our report in V. 120, p. 2181, saying that suit had been filed
headed by Blair & Co., Inc. of New York at 99.6533.
In the following we furnish a comparison of all the various on the $350,000 road bonds sold by this county in 1920, a
mistake occurred in the name of the plaintiff. Suit was
forms oflobligations put out in April in the last five years:
filed by the Modern Woodmen of the World of Omaha,
1924.
1923.
192 .
1922.
1921.
Neb., and not the Modern Woodmen of America. These
$
$
are two separate and distinct societies with no connection
Perm.loans(U. S.). 92.684,263 131,345,993 81,426,486 137,176,703 88,104,218
them.
...romp. loans(U.S.) 98.229,500 80,021,926 63,899.000 39,540,000 118,774,780 between
Can. loand(temp.). 20,000.000
Manitoba (Province of).—Bonds et Notes All Sold.—
250,000 2
Li.750,000 The First National Bank on behalf of its syndicate associates,
ds. U. S. Posses'ns 1.050,000 2,285,000
6,000.000 6,500,000
Gen.td.bds.,N.Y.C.
Bank of Montreal, Brown Brothers & Co. Redmond & Co
Canadian Ens(perm.)
and Kissel, Kinnicutt & Co., which recently offered $5,500,IL Placed in Canada_ 5.969,913 13,207,187 7,135,863 4,844,001 5,105,224 000 Province of Manitoba 2-year 4%% Gold Notes and 20
Placed UV.S___ 9,240.000 1,050,000 6,000,000 122,436,650 3,000,000
year 43.% Gold Bonds announces that the issue has all
227,153,676 227,910,106 158,461,3491310,248,254 224,234,222 been sold.
' Total
Massachusetts (State of).—Legislature Prorogued
by New yorkioity, $77,300,000 in April
• IncludesTtemporary securities Issued
in April 1923, $26,250,000 in April The 1925 Legislature was prorogued by Governor Fuller at
1925, $61,025,000 In April 1924, 654,276,000
12.52 a. m. May 2. The session convened Jan. 7. It is
1922, and 5112,474,000 in April 1921.
that the session just ended is the shortest held in over
The number of municipalities emitting permanent bonds statedyears.
forty
and the numb -r of separate issues mad)during April 1925
New York City.—Pension Bill Cutting the
were 475 and 623, respectively. This/contrasts with 419 Ages for City Employees to Retire Signed by Mayor Minimum
Hyland.—
1925 and;with 433 and1526 for April 1924.
and 603 for March
On May 7 Mayor Hyland signed the bill, originally passed
c )mparative purposes we adckithe following table,, by both branches of the Municipal Assembly (V. 120, p.
For
showing the aggregate of long-term issues for April and the 1917), reducing the minimum age of retirement of members
of the New York City Employee's Retirement System.
four months for a series of years:
2458
THE CHRONICLE
According to the provisions of the new law the minimum
age of laborers and unskilled workers is reduced from 58 to
53 years; the minimum age of mechanics and skilled workers
is cut from 59 to 54 years and the minimum age limit of
clerical, administrative, professional and technical workers,
including heads of departments is reduced from 60 to 55
years. Under the last classification a Mayor of New York
City it is said can be retired at the age of 55 and it is claimed
that Mayor Hyland would be eligible for retirement at
$7,000 to $8,000 a year.
Nova Scotia (Province of).
-Province of
-Note Sale.
Nova Scotia has awarded an issue of $3,500,000 3
-year 06%
Coupon Notes, dated May 15 1925 to a syndicate headed by
the First National Bank of New York. and including the
Bank of Montreal, Brown Brothers & Co., Kissel, Kinnicutt & Co. and Redmond & Co. at 100.066. Public offering
of the Nova Scotia notes is expected shortly.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ADONES COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Stock Yards
Station), Colo.
-we reported under the
-Correction.
-In V. 120. 13. 2054
above caption the sale of $5.000 school bonds to Peck, Brown & Co. of
Denver. This report is in error, as the bonds $3,000 in amt. were sold by
Adams County School District No. 1, Colo., to above named firm, notice
of which appeared in V. 120, p. 2054.
ALABAMA (State of).
-The 17,000.000 public road
-BOND SALE.
highway and briuge, Series D. coupe.) bonds offered on May 4-V. 120, p.
1787
-were awarded to the Ffrst National Bank of Birmingham as follows:
$3,000,000 as 4s and $1.000.000 as 4 Ks.
-I. B.
ALTON PARK, Hamilton County, Tenn.
-BOND SALE.
Tigrett & Co., of Jackson, and Caldwell & Co. of Nashville, jointly, have
purchased an issue of 135,000 5K% street and sewer bonds at 103.50.
ARLINGTON, Middlesex County, Mass,
-TEMPORARY LOAN.
A $100,000 loan, due Nov. 12, has been awarded to F. S. Moseley & Co. at
3.47% discount. Other bidders were Grafton Co.. 3.63% plus 81 75, S.
N.Bond & Co., 3.65% plushI 25.
ARMSTRONG INDEPENDENT CONSOLIDATED SCHOOL DISTRICT, Emmet County, Iowa.
-BOND DESCRIPTION.
-The $35,000
43 % refunding bonds awarded to Geo. M.Bechtel & Co. of Davenport on
April 20 at 101.45-V. 120. p. 2I84
-a basis of about 4.30% are described as
follows: Date June 1 1925. Denom. 11,000. Coupon bonds. Due June
1 as follows: $2,000, 1926 to 1935 incl and $3.000, 1936 to 1940 incl. Int.
payable J. & D.
ASHEVILLE, Buncombe County, No. Caro.
-BOND OFFERING.Sealed bids will be received until 4 p. m. May 18 by E. G. Thompson. City
Secretary, for the following 4K% bonds aggregating $1.760.000.
3550.000 school building bonds. Due April 1 as follows: 110.000, 1928 to
1931: 315.000. 1932 to 1935: 320.000. 1936 to 1945 and 125,000,
1946 to 1955 all incl.
520,000 public building bonds. Due April 1 as follows: 18,000, 1928 to
1932: $10,000, 1933 to 1939; 112,000. 1940 to 1949:315.000. 1950
to 1959 and $20,000. 1960 to 1966 all incl.
600,000 street bonds. Due April 1 as follows: 810,000. 1928 to 1942;
315.000. 1943 to 1953: $20.000. 1954 to 1961 and 325.000. 1962 to
1966 all incl.
90,000 refunding bonds. Due April 1 as follows: $6,000. 1928: $9,000,
1929 and 1930: $12,000. 1931 to 1933 and 115.000, 1934 and 1935.
Date April 1 1925. Denom. $1,000. Principal and interest (A. & 0.)
payable at the United States Mtge. & Trust Co.. New York City. The
bonds will be prepared under the supervision of the United States Mtge.
& Trust Co., New York. which Will certify as to the genuineness of the signatures and the seal impressed thereon. Legality approved by Chester B.
Masslich, New York City. A certified check upon an incorporated bank or
trust company for $35.200 payable to the City Treasurer is required.
-The
ASH GROVE, Greene County, Mo.-BOND DESCRIPTION.
$50.000 53 % water works bonds purchased by Kauffman, Smith & Co. of
St. Louis
-V. 120, p. 2184
-are described as follows: Date May 1 1925.
Denom. 11,000. Due serially 1931 to 1945. Interest payable (NI. & N.).
-SALE CALLED
ATHENS TOWNSHIP (P. 0. New Athens), Ohio.
OFF DUE TO LITIGATION-Due to litigation which arose the sale of
120,000 6% road bonds scheduled for April 25 was called off. John W.
Ritchey, Club Board of Trustees.
AVOCA SCHOOL DISTRICT (P.0. Avoca), Luzerne County,Pa.
-Sealed bids will be received until 7.30 p.m. May 29 by
BOND OFFERING.
John Tisalln, Secretary of District. for $85.000 4 Si% coupon tax-free school
-D. Due serially
bonds. Denom.11.000. Date June 11925. Interest J.
Dec. 1. A certified check payable to the District Treasurer for $1,000 req.
BAKERSFIELD SCHOOL DISTRICT, Kern County, Calif.
BOND SALE.
-The 1300.000 5% school bonds offered on May 4-V. 120,
-were awarded to the Anglo-London-Paris Co. of San Francisco
p. 2320
at a premium of $8,763. equal to 102.92, a basis of about 4.44%. Due
April 13 as follows: $11,000 in 1926 and 1927. $14.000 in 1928. $12,000
in 1929, $11,000 in 1930, 155,000 in 1931. $80,000 in 1932 and 1933, and
126.000 in 1934.
-PURCHASE
BARBER COUNTY (P. 0. Medicine Lodge), Kan.
% building
-The purchaser of the $20,000
BOND DESCRIPTION.
bonds reported sold at par in V. 120, p. 2184, was the Farmers' State Bank of
Hazelton. Date July 1 1924. Denom. $1.000. Coupon bonds. Due
serially 1926 to 1934. Interest payable (J. & J.). In above reference we
gave the interest rate as 4K % which was incorrect.
BEALLSVILLE SCHOOL DISTRICT (P. 0. Beallsville), Washing-Sealed bids until 7 p. m. May 11
-BOND OFFERING.
ton County, Pa.
will be received by Phillip F. Clark, Secretary Board of School Directors.
for $20,000 5% school bonds. Denom. $1.000. Date June 1 1925. Interest J. & D. Due yearly on Dee. 1 as follows: 12.000, 1928:13.000. 1929;
32,000, 1930; $3,000. 1931: $2,000, 1932: 33,000, 1933: 12,000, 1934, and
$3,000, 1935. Certified check for $400, payable to the School District,
required.
-BOND OFFERINO.-Sealed
BELLAIRE, Belmont County, Ohio.
bids will be received by Chas. P. Hoffman. City Auditor, until 12 m. May
% Street Cleaning Machine bonds. Denoms. $500 and
18 for 16.500 534
$125. Date Mar. 15 1925. Int. M. & S. Due $1,625 Sept 1 1926 to
1929 ind. Cert. check for 5% of the bonds bid for payable to the City
Treasurer required. The date of the above offering was incorrectly given as
Mar. 18 in V. 120, p. 2320.
-The Lumbermen's
-BOND SALE.
of BEND, Deschutes County, Ore.
Trust Co. of Portland has purchased an issue of $44,000 highway approval
bonds.
-On May 2
-BOND SALE.
BERKS COUNTY (P. 0. Reading), Pa.
the 11.000.000 4% "tax-free" coupon county bonds offered on that date
(V. 120, p. 2054) were awarded to the Berks County Trust Co. of Reading
at 101.38.a basis of about 3.90%. Date May 11925. Due yearly on May
1 as fo'lows:
$22,000, 1930 323000, 1931 324,000. 1932: $25,000, 1933; 326,000. 1934;
327,000, 1935 128,000, 1936 $29.000, 1937: 330,000, 1938; $31,000, 1939:
133,000. 1940 134,000, 1941 336.000, 1942; 137,000, 1943; 139,000. 1944:
141.000. 1945 $42,000. 1946 344,000. 1947: 146.000, 1948: 148,000, 1949;
150.000, 1950 353,000. 1951 355.000. 1952: 157.000, 1953; $59,000. 1954
and 161,000, 1955. Other bidders, all of Reading, were:
Premium
Premium
$5,170
Reading National Bank
512.1001 Colonial Trust Co
3,490
Farmers' National Bank_ _ _ 10.025 I Pennsdvania Trust Co.
Northeastern Trust Co
5.2001W. H. Newbold's Son & Co-- 3,015
1F1.,rn.t CountY,
BERTRAM INDEPENDENT .Ctifin'
-BONDS NOT SOLD.
Tex.
-DISAPPROVED BY ATTORNEY GEN-
prom. 120.
ERAL.
-The $15,000 school bonds scheduled for offering on May 1-V.
120, p. 2184
-were not sold as the Attorney General disapproved the issue..
BEVERLY HILLS SCHOOL DISTRICT, Los Angeles County,
Calif.
-BOND OFFERING.
in.
-Sealed bids will be received until 2
May 11 by L. E. Lampton, Clerk Board of Supervisors, for $100.000 5%
so.
school bonds. Date Aug. 11924. Denom.$1,000. Due Aug. 1 as follows:
35,000. 1945 to 1964 incl. Principal and semi-annual interest payable at the
office of the County Treasurer. A certified check for 3% of bid payable to
the Chairman Board of Supervisors is required. Assessed valuation of the
taxable property for 1924 is $21.259.810. and the amount of bonds previously issued and now outstanding is $387,000. Estimated population is
3,280.
-The
BIRMINGHAM, Oakland County, Mich.
-BOND ELECTION.
village commission passed a resolution calling for a special election on May
19, for the purpose of submitting a bond issue for $48,000 civic centre site
to the voters. The bond issue will probably call for bonds payable within a
period of ten years it is stated.
BLACK RIVER, Jefferson County, N. Y.
-BOND OFFERING.
Sealed
Sled bids will be received until 12 mMay 20 by M.A. Parkinson, Village
.
Treasurer, for $7,000 5% water works registered bonds. Denom. $500.
Date June 1 1925. Principal and semi-annual interest (F. & A.) payable
at the office of the City National Bank of Watertown. Due $500 Aug. 1
1929 to 1942. inclusive. Legality approved by Geo. H. Hooker of Watertown. Certified check for 2% of the bonds bid for, required.
BLAIRSVILLE SCHOOL DISTRICT (P. 0. Blairsville), Indiana
County, Pa.
-BOND SALE.
-An issue of $35.000 4 % school bonds was
sold to Lewis & Snyder, of Philadelphia, for $36,026 55, equal to 102.90.
BLOOMINGDALE, Essex County, N. Y.
-BOND OFFERING.
Sealed proposals will be received until 2 p. m. (standard time) May 18 by
Ralph Towne, Village Clerk, for $8.000 se er bonds, at not exceeding 5%
interest. Denom. $500. Date June 1 1925. Principal and semi-annual
interest (J. & D.) payable at the Saranac Lake National Bank of Saranac
Lake in New York Exchange. Due $500 yearly on June 1 from 1926 to 1941
incl. Certified check on a national bank or trust company for 5% of the
amount of bid, payable to the village of Bloomingdale, required. Bonds
may be registered or coupon as purchaser may prefer. Official advertisement states that there has never been any default by the village in payment
of any obligation and that there is no litigation pending or threatened regarding the issue of these bonds.
Financial Statement.
Assessed valuation of real property subject to taxation as same appears on
the 1924 assessment roll is $162,144. Bonded debt $11,700 (all water
bonds). Property is assessed at about 60% of its estimated actual value.
Tax rate for 1924 was $6.00 per $1,000. Population last census 350, estimated population now 450.
BLOUNT COUNTY (P. 0. Maryville), Tenn.
-BOND OFFERING.Sealed bids will be received until 1 p. m. May 25 by John C. Crawford,
County Judge, for $50,000 5% highway coupon (non-registerable) bonds.
Date June 11925. Denom.$1,000. Due $25,000 in 25 years and $25,000
in 35 years. Principal and interest (J. & D.) payable at the Chase National
Bank. New York. A certified check for 11.500 is required.
BOLIVAR, Tuscarawas County, Ohio.
-BOND OFFERING.
Sealed bids Will be received by J. 0. Peoples, Village Clerk, until 12 m.May
29 for $1,613 32 6% Canal St. Impt. bonds. Denom. $400 and one for
$412 32. Date May 15 1925. Interest M. & N. Due yearly on Oct 1
as follows: $400, 1926 to 1928 incl. and $413 32, 1929. Certified check for
10% payable to the Village Treasurer required.
BOSTON, Mass.
-BOND OFFERING.
-Sealed bids will be received by
John J. Curly, City Treasurer, until 12 m. May 12 for the following issues
of 4% registered bonds:
12,325,000 City Bonds. Due $155.000. May 1 1926 to 1940 incl.
470.000 City Bonds. Due 94,000 May 1 1941 to 1945 incl.
85.000 City Bonds. Due $ 17.000 May 1 1946 to 1950 incl.
75,000 City Bonds. Due $ 15.000 May 1 1. 51 to 1955 incl.
Denom. 31,000. Date May 11925. Principal and semi-annual interest
(Id. & N.) payable at the office of the City Treasurer. Bids may be for all
or any part of the issue. Certified check for 1% of the amount bid for,
payable to the City Treasurer, required.
-The
-BOND SALE.
BRAINERD, Crow Wing County, Minn.
$20,000 revolving fund bonds offered on May 4-V. 120, p. 2321-were
awarded to the Wells-Dickey Co. of Minneapolis as 4348. Date June 1
1925. Due June 1 as follows: $7,000 In 19z8, $3.000 in 1929 and $5,000
In 1930 and 1931.
-B. 3.•
BREMEN, Fairfield County, Ohlo.-BOND OFFERING.
Young, Village Clerk, will receive sealed proposals until 12 m. May 11 for
$2.000 534% coupon (village's portion) street impt. bonds. Denom. $200.
Date May 1 1925. Interest M. & N. Due $200 yearly on Nov. 1 from
1926 to 1935 incl. Certified check for 2% of the amount of bonds bid for,
payable to the Village Treasurer, required. Successful bidder must take up
and pay for the bonds within ten days from time of award.
BRENTWOOD SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny
% school bonds offered
-The 8150.000
County, Pa.
-BOND SALE.
-were awarded to Halsey, Stuart & Co. of
on May 6-V. 120. p. 2055
New York at 102.57, a basis of about 4.04%. Date April 1 1925. Due
yearly on April 1 as follows: $5.000 in 1928. 1929. 1931, 1933 and 1934;
35.000 1936 to 1947, incl.: 310.000 1948. $5.000 1949 and 1950: $10,000
1951, 35.000 1952 and 310.000 1953 to 1955. incl.
BREVARD COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 4
-The 8100,000 6% school bonds
-BOND SALE.
(P. 0. Titusville), Fla.
-were awarded to C. W. McNear & Co.
;
offered on May 4-V. 120.1 2I84
of Chicago at a premium of 10 860.equal to 110.86, a basis of about 5.06%.
Date April 1 1925. Due .000 1928 to 1942, 14,000 1943 to 1952, and
35.000 1953 to 1955.
-BOND SALE.
BRIARCLIFF MANOR, Westchester County, N. Y.
-On April 30 the following two issues of4K% coupon bonds,offered on that
-were awarded to Geo. B. Gibbons & Co., Inc. of
date
-V. 120, p. 2184
New York at 103.50, a basis of about 4.18%.
133,000 water extension bonds. Due 11.000 Apr. 1 1926 to 1958 incl.
6.000 fire apparatus bonds. Due 11.000 Apr. 1 1926 to 1931 incl.
Date Apr. 1 1925. Other bidders both of New York City. were:
103.067 Sherwood & Merrifield, Inc.-103.031
Cullen & Drew
BRIDGEPORT, Bridgeport County, Conn.
-BOND SALE.
-The
following 4 Si% bonds offered on May 4-V.120, p. 2320
-were awarded to
a syndicate composed of H. L. Allen & Co., Gibson & Leefe, both of New
York, and C. L. Austin, of Hartford, at 102.31-a basis of about 4.32%:
$500,000 sewer construction bonds, Series C. Due yearly as follows
$17,000, 1926 to 1954 incl. and 37.000, 1955.
150,000 library bonds. Due $5,000 yearly from 1926 to 1955 ind.
150,000 street extension bonds. Due 15.000 yearly from 1926 to 1955 incl.
Date May 1 1925. The other bids received were Harris, Forbes & Co.,
National City Co. and Old Colony Trust Co., 101.583; Estabrook & Co.
and Putnam Co., 101.107; Bridgeport Trust Co. and Curtis & Sanger,
101.5125; Eldredge & Co., 101.981; R. L. Day & Co., 101.789; R. M.
Grant & Co_,. 101.819: E. H. Rollins & Sons, 101.33; George B. Gibbons
and Keane, Higbie & Co., 101.838.
BRIDGETON, Cumberland County, N. J.
-BOND SALE.
-An
Issue of 145.000 434% water supply system, series "H" bonds has been sold
to the Bankers' Trust Co. of Atlantic City for a premium of $333 33 _equal
to 100.74, a basis of about 4.42%. Denom. $1,000. Date May 15 1925.
Interest semi-annual. Due 13.000 May 15 1927 to 1942 incl.
BRIDGEWATER, Plymouth County, Mass.
-BOND OFFERING.
H. E. Reed, Town Treasurer, will receive proposals until 3 p. m.May 12 for
the following 4% coupon bonds:
1350,000 "Water Loan Act of 1925- bonds, dated Mar. 1 1925, Payable
112.000 Mar. 1 1926 to 1945.incl. and $11.000 Mar. 1 1946 to
1955 incl. Being issued under authority of chap. 15, Law of 1925.
78,000 "School Loan Act of 1925" bonds, dated May 1 1925, Payable
$6,000 May 11928 to 1928 incl. and $5,000 May 1 1929 to 1940
incl. Being issued under authority of chap. 227, Laws of 1925.
Denom. $1,000. Principal and semi-annual interest (M. & N.) payable
at the First National Bank of Boston,Boston. These bonds are exemptfrom
taxation in Massachusetts and engraved under the supervision of and certified as to genuineness by The First National Bank of Boston; their legality
will be approved by Ropes, Gray. Boyden & Perkins, whose opinion will be
furnished the purchaser. All legal papers incident to these issues will be
filed with the above bank where they may be inspected at any time. Bonds
will be delivered to the purchaser on or about May 15 at The First National
Bank of Boston, Boston.
MAY 9 1925.3
THE CHRONICLE
Financial Statement, May 1 1925.
Net valuation for year 1924
55,244.196 00
Debt limit
152,111 52
Total gross debt, including these issues
505.750 00
Net debt
71,750 00
Present issues exempted from debt limit.
BRISTOL COUNTY (P. 0. Taunton), Mass.
-TEMPORARY LOAN.
-The Atlantic National Bank, Boston, with a bid of 3.60% was awarded
the $60.000 tuberculosis Hospital notes, payable May 5 1926. Other bids:
Grafton & Co., 3.86% plus $1.82: Old Colony Trust Co., 3.98% plus $1.75.
BUNCOMBE COUNTY(P.O. Asheville), No. Caro.
-BOND SALE.
The $1,000,000 road and bridge bends offered on May 5-V. 120. p. 2321
were awarded to a syndicate composed of the Detroit Co.and Guaranty Co„
both of New York, and Stevenson, Perry, Stacy & Co. of Toledo as 434s
paying a premium of $693 equal to 100.06, a basis of about 4.49%. Date
May 11925. Due May 1 as follows:$33.000, 1928 to 1956 incl. and $43,060
In 1957.
BRONXVILLE Westchester County, N. Y.
-BOND OFFERING.Jerry C. Leary, Village Clerk, until 7.30 p.m. May 19 will receive sealed
bids for the following issues of 4,34% coupon or registered bonds:
$107,000 street improvement bonds. Due yearly on May 1 as follows:
$7,200 1926 to 1935. incl., and $3,500 1936 to 1945. incl.
12,000 sewer and drain bonds. Due yearly on May 1 as follows: $600
1926 to 1935, incl., and $400 1936 to 1950, incl.
Date May 1 1925. Legality approved by John C. Thomsen
New
York. Certified check for 2% of the bonds bid for, payable to theof
Village
Treasurer. required.
BURNSVILLE, Yancey County, No. Caro.
-BOND OFFERING.
Sealed bids will be received until 11 a.in. May 11 by .1. P.Lyon,Town Clerk,
for $100,000 6% water supply system bonds. Date Apr. 1 1925. Denom.
$1.000. Due April 1 as follows: $2,000, 1928 to 1957 and $5,000, 1958 to
1965. The bonds will be prepared by Bray Bros. Co.of Greensboro. Prin.
and semi-annual interest payable at the Chase National Bank, New York
City. Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
A certified check for 2% of bid payable to the Town Treasurer is required.
BUTLER, Butler County, Pa.
-BOND OFFERING.
-Sealed bids will
be received until 9.30 May 12 by Joseph W. Parkins, Sup't of Finance for
$100,000 434% sewage disposal. Series B bonds. Denom. $1,000. Date
Apr. 1 1925. Int. semi-annual. Due $10.000 Apr. 1 1940 to
Cert. check for $1,000 required. These bonds were previously 141 incl.
scheduled
for sale on May 5 (see V. 120. p.2321).
CALIFORNIA (State of).
-BOND SALE.
-The $2,000,000 Soldiers'
Bonus bonds offered on May 1-V. 120. p. 2055
-were awarded to a syndicate composed of the First National Bank. Kissel. Kinnicutt & Co„ Eldredge
& Co., Redmond & Co., Detroit Co. Inc., Bank of Italy. Anglo-London
Paris Co. and Stevenson, Perry, Stacy & Co. as 434s at 103.169 a basis of
about 4.16%. Date May 11925. Due Feb. 1 as follows: 5127,000,
568.000. 1928; 571,000, 1929; $75.000. 1930: 578.000, 1931: 381.000. 1927;
1932:
585.000. 1933: 589.000. 1934: 592.000. 1935: 597.000. 1936:
5106.000. 1938; 5110.000. 1939: $116.000. 1940: $121.000, $102.000. 1937;
1942: 5132.000, 1943: 3138,000, 1944: 5144,000, 1945 and 1941; 5126.000,
542 000,
Legal opinion by McKinstry. Haber & Firebaugh of San Francisco. 1946.
Financial Statement.
Assessed valuation, taxable property. 1924
56.657,797,880
Total bonded debt, including this issue
97.121.000
Population (1924 estimated)
4,249.307
CAMBRIDGE CITY SCHOOL DISTRICT (P. 0. Cambridge),
Guernsey
County, Ohio.
-BOND SALE.
-The $18.000 5)4% school
bonds offered on March 2 (V. 120. p. 855) were sold to Breed. Elliott &
Harrison. of Cincinnati, at a premium of $673 25, equal to 103.74-a
of about 4.77%. Date March 5 1925. Due 52,000 yearly on Sept. 5 basis
1926
to 1934, inclusive.
CAMDEN COUNTY (P. 0. Camden), No. Caro.
-BOND OFFERING.
-R. L. Whaley, Chairman Highway Commission, will receive sealed
bids
until June 4 for $25,000 6% road bonds. Denom. $1,C00.
CANADIAN, Hemphill County, Tex.
-BOND SALE.
5% electric light plant bonds offered on April 4-V. 120.-The $65,000
p. 1788
awarded to the Branch-Middlekauff Co. of-Wichita at par. Date -were
Feb. 6
1925. Due Feb. 6 as follows: 51.000. 1930 to 1934 incl. and $2,000, 1935
to 1964 incl. This item appeared in V. 120, p. 2321, under the incorrect
caption of "Canadian, Calif.'
CARBON COUNTY SCHOOL DISTRICT (P. 0. Price), Utah.
BOND DESCRIPTION.
-The $70.000 4Si% school-building bonds purchased by Benwell & Co., of Denver, at 98.47-a basis of about
4.81%
V. 120, p. 1788) are described as follows: Date April 1 1925. Denom.
1.000. Due April 1 1945. Principal and interest (A. & 0.) payable at
ountze Bros.. New York City. Legality approved by Chapman,
Cutler
& Parker of Chicago.
Financial Statement.
Assessed valuation, 1924
526.989.140
Total bonded debt, including this issue
$854.000
Less sinking fund
24,932
Net bonded indebtedness
829,068
Population, 1920 Federal census. 15.539.
CAROLINE COUNTY (P. 0. Denton), Md.-BOND OFFERING.
Sealed bids until 2p. m. May 19 will be received by Walter S. Rutter, Clerk
Board of County Commissioners, for $21,000 4g(> "tax-free" road bonds.
Denom. $1,000. Date June 11925. Int. J. &
Due $3,000 yearly on
Dec. 1 from 1926 to 1931 incl. Certified check, hank draft or cash for an
amount equal to 5% of the par value of the bonds bid for required with each
bid.
CHARLOTTE SCHOOL DISTRICT (P. 0. Charlotte), Eaton
County, Mich.
-BONDS DEFEATED.
-At a special election held recently a 5350.000 bond Issue was defeated by a vote of 890 to 233, and it is
that another preposition will be put up to the voters in the near
F
future it is stated as it is imperative that something be done to remedy the
present unsatisfactory conditions.
CHICOPEE, Hampden County, Mass.
-TEMPORARY LOAN.
-The
Cabot Trust Co. of Chicopee has been awarded at 3.45% discount plus $1
premium the 5200,000 loan due Nov.25 offered on May 4-V.120, p.2321
Other bidders were: Old Colony Trust Co.. 3.48% PhIS 31 75
and Chicopee
National Bank, Springfield, 3.50% Plus 31 50•
CHURCH POINT, Acadia Parish, La.
-BOND SALE.
-The $50,000
6% public improvement bonds offered on April 28-V. 120, p. 1918
awarded to L. E. French & Co. of Alexandria at a premium of -were
equal to 102.49. Date April 1 1925. Due serially 1926 to 1945. $1,249,
CLACKAMAS COUNTY UNION HIGH SCHOOL DISTRICT
NO.
4(P.0. Molalla), Ore.
-BOND DESCRIPTION.
-The 580.01)05% school
bonds purchased by Ferris & Hardgrove of Portland at 102.40-V. 120, p.
2185-a basis of about 4.57%. Date Mar. 11925. Due Oct. 1 as follows:
313,000. 1929 to 1932 incl and 514.000, 1933 and 1934.
CLEARWATER HIGHWAY DISTRICT (P. 0. Greer), Clearwater
County, Idaho.
-BOND SALE.
-The Union Trust Co. of Spokane has
purchased an issue of $100,000 highway bends. Due in 20 years.
CLEVELAND, Cuyahoga County, Ohlo.-BOND OFFERING.
Sealed bids will be received at the office of W. J. Semple, Director of
Finance. Room 228. City Hall, Cleveland, Ohio, until 12 o'clock noon, on
May 15 1925. for the purchase of the following
4% or 4%% bonds.
$80,000 Public Bath House Bonds dated March4%.
1 1925. interest payable
March & September. Due Sept. 1 as follows: 53,000, 1926 to
1945 incl. and 54.000, 1946 to 1950 incl.
58,000 Public Bath House Coupon Bonds dated March 11925, interest
payable March & September. Due Sept. 1 as follows: $2,000
1926 to 1942 incl., and $3.000, 1943 to 1950 incl.
250,000 Cemetery Bonds dated March 11925. interest payable March &
September. Due Sept. 1 as follows: 513.000, 1926 to 1941 incl.,
and $14,000. 1942 to 1944 incl.
3.000,000 City's Portion Paving and Sewer Bonds dated April 1 1925,
interest payable April & October. Due $200,000 yearly on
October 1 from 1926 to 1940 incl.
1,000,000 Electric Light Bonds dated May 1 1925. Int. M. & N. Due
Nov. 1 as follows: $86,000, 1926 to 1930 incl.; and $67,000,
1931 to 1940 incl.
200,000 Public Comfort Station Bonds dated May 1 1925. Interest
M.& N. Due $8,000 yearly on Nov. 1 from 1926 to 1950 in cl.
585,000 Property's Portion Sewer Bonds dated May 1 1925. Int. M. &
N. Due $117.000 yearly on Nov. 1 from 1926 to 1930 incl.
ic
2459
Prin. and semi-ann. int. payable at the American Exchange. National
Bank, N. Y. City. Denote.. 51.000. Bonds are coupon in form but may
be exchanged for bonds,registered as to principal and interest at the request
of the owner.
A certified or cashier's check drawn on some solvent bank other than the
one bidding, for 3% of the amount of bends bid for and payable to the
order of the City Treasurer, must accompany each bid.
Bonds to be duly and legally executed but bidders shall be required at
their own expense to satisfy themselves of the legality.
CLEVELAND HEIGHTS SCHOOL DISTRICT (P. 0. Cleveland),
Cuyahoga County, Ohio.
-BOND OFFERING.
-Sealed bids will be
received until 12 in. May 11 by Charlotte D. Roche, Clerk. Board of
Education, for 5730.000 4)4% school bonds. Denom. 51.000. Date
Jude 1 1925. Prin. and semi-ann. Int. (A. & 0.) payable at the legal
depository of the Board of Education. Due yearly on Oct. 1 as follows:
531.000, 1926: 532,000, 1927 to 1929 incl..• 531.000. 1930:582.000. 1931 to
1934 incl.; $31,000. 1935; 532.000. 1936 to 1938 incl.•. 531.000. 1939;
$32,000. 1940 to 1942 incl.; 531,000. 1943: 532.000, 1944 to 1947 incl.:
and $31.000. 1948. Cert. check for 3%, payable to the above Clerk.
required.
CLERMONT,Lake County,Fla.
-BOND OFFERING.
-Stella Thompson, City Clerk, will receive sealed bids until 2 p. m.May 20 for 547,0006%
improvement bonds. Date Jan. 11925. Denom.$1.000. Due in 1 to 10
years. Principal and semi-annual interest payable at the American Exchange National Bank, New York City. A certified check for 52.500 is req.
CLINT CONSOLIDATED SCHOOL DISTRICT, El Paso County,
Tex.
-BOND SALE.
-The First National Bank of El Paso was awarded
on May 1 $35,000 5)4% school bonds at a premium of 52.050 equal to
105.85. Due in 20 years. Purchaser agreed to print the bonds and furnish
legal opinion. In our notice of offering V. 120. p. 2056
-we gave the
amount of bonds as 553.000 which was incorrect.
CLOVER, York County, So. Caro.
-BOND OFFERING.
-Sealed
bids will be received until 12 m. May 20 by S. M.Sifford, Town Treasurer,
for $75,000 street improvement bonds to bear interest at a rate not exceeding 6%. A certified check for $500 is required.
Cocoa V
d County, Fla.
-BOND SALE.
-The Florida National
'
Bank of Jacksonville and Breed. Elliott & Harrison of Toledo, jointly,
have purchased an issue of 5225.000 improvement bonds at a premitun of
$6,818 equal to 103.05.
COLORADO SPRINGS, El Paso County, Colo.
-BOND SALE.
The International Trust Co. of Denver has purchased an issue of 5200,000
light and power bonds at 101.83.
CONCORDIA PARISH (P. 0. Vidalia), La.
-BOND OFFERING.
Until 10 a. in. May 26 sealed bids will be received by B. C. Brown, Pres.
Police Jury, for 5150.000 5% read bonds. Denom.51,000. Due June 1 as
follows: $5,000. 1926 to 1929 incl.; 56.000. 1930 to 1932 incl.; 57.000. 1933W
1935 incl.; 58,000. 1936 to 1938 incl.:59.000. 1939 and 1940: 310.000. 1941
to 1944 incl. and $9,000 in 1945. A certified check for 234% of bid is req.
COOK COUNTY FOREST PRESERVE DISTRICT (P.O. Chicago),
-BOND SALE.
111.
-The 51.000 000 4% bonds offered on May 4-V.
120. p. 2321-were sold to Illinois Merchants Trust Co. of Chicago at
99.56. a basis of about 4.06%. Date Feb. 15 1925. Due $50,000 yearly
on Feb. 15 1926 to 1945 inclusive.
COOS COUNTY SCHOOL DISTRICT NO. 77 (P. 0. Coquille),
Ore.
-The Bank of Southwestern Oregon of Marshfiled
-BOND SALE.
has purchased an issue of 516.000 534% school bonds at 100.25.
CORAPOLIS SCHOOL DISTRICT (P. 0. Corapolis), Allegheny
,
County, Pa.
-BOND OFFERING.
-Sealed bids will be received until
7 p. m. (eastern standard time) May 26 by W. W. Holsinger, Secretary
(P.O. Box 564, Compel's). for $60.000 431% coupon school bonds. Denom.
$1.000. Date May 1 1925. Interest M. & N. Due $5.000 biennially
from May 1 1931 to 1945, incl., and 510.000 May 1 1947 and $10.000 May 1
1949. Certified check for $1,000. payable to the District Treasurer, required. Purchaser to pay for printing of bonds. Bonds are advertised
free of State tax.
CORTLAND, Cortland County, N. Y.
-BOND OFFERING.
-Sealed
bids will be received by Ralph H. Ames. City Chamberlain. until 8 p.m.
(standard time) May 19 for the following issues of 4)4% coupon or registered
bonds:
$78.000 Series A bonds. Due yearly on March 1 as follows: $5,000.
1928 to 1942 incl„ and $3.1100. 1943.
33,000 Series B bonds. Due yearly on March 1 as follows: 54.000,
1926 to 1928 incl., and 53.000. 1929 to 1935 incl.
Denom. 51.000. Date March 1 1925. Prin. add semi-ann. int. M.&
S.) payable at the U. S. Mtge. & Trust Co. of New York. Certified
check for 2% of the bonds bid for required.
CORTLANDT UNION FREE SCHOOL DISTRICT NO. 6 (P. 0.
Buchanan), Westchester County, N. Y.
-BOND SALE.-Geo. B.
Gibbons & Co. Inc. of New York have purchased $24,000 4_34% school
bonds at 100.947. a basis of about 4.31%. Denom, 51.000. Date May 1
1925. Principal and semi-annual interest
& N.) payable at the Westchester Co. National Bank of Peekskill. Due 53.000 May 1 1927 to 1934
incl. Legality approved by Clay & Dillon of New York.
COWLEY COUNTY SCHOOL DISTRICT (P. 0. Winfield), Kan.
WARRANT SALE.
-The Fidelity National Bank & Trust Co. of Kansas
has purchased an issue of 588,424 10 434% refunding school coupon warrants
at par. Date July 5 1924. Denom. $1,000. Due in 1944. Interest
payable (J. & J.).
COWLITZ COUNTY CONSOLIDATED DIKING IMPROVEMENT
DISTRICT NO. 1 (P.0. Kelso), Wash.
-BOND SALE.
-The $3.225,000
diking improvement bonds offered on May 5-V. 120. p. 2321-were
awarded to the Long Bell Co.ns 534s at 93. Due on or before Jan. 11943.
COZAD, Dawson County, Neb.-BOND SALE.
-The Omaha
Co. and the United States Trust (lo., both of Omaha, jointly, haveTrust
purchased an issue of $104,000 refunding bonds.
CRESTLINE, Crawford County, Ohio.
-BOND OFFERING.
Chance E. Dewald, Village Clerk, will receive sealed bids until 12 in.
May 15 for $3.200 534% Henry St. impt„ village's portion,
$500 and one for $200. Date April 1 1925. Int. A. & bonds. Denom.
0. Due yearly
on Oct. 1 as follows: $500. 1926 to 1931 Incl., and $200. 1932. Certified
check for $100, payable to the Village Treasurer, required.
CROOKSTON SCHOOL DISTRICT, Polk County, Minn.
-BONDS
VOTED.
-The voters authorized the issuance of575,000 high school building
bonds at a recent election.
CUMBERLAND, Cumberland County, Md.-BOND SALE.
-Harris,
Forbes & Co. of, New York have been awarded the 5100,000 5% General
Impt. bonds at a premium of 511.687 equal to 111.687, a basis of
about
4.28%. Due in 1951 to 1954 incl.
CUMBERLAND COUNTY(P. 0. Fayetteville), No. Caro.
-BOND
SALE.
-The 550,0006% school bonds offered on May 4-V.120,
were awarded to Stranahan, Harris & Oat's, Inc. of Toledo at a p. 2322
premium of
55.515 equal to 111.03.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
The following 434% water bonds offered on April 29-BOND SALE.
(V. 120.
were sold to Otis & Co. of Cleveland for $207,972 50, equal p. 2056)
to 101.45.
a basis of about 4.27%;
$138,000 County Sewer Dist. No. 3 bonds. Due yearly on Oct.
1 as
lows: 59.000. 1926; $10,000. 1927 to 1932, incl.: 59,000, fol1933.
and 510.000. 1934 to 1939. Incl.
52,000 County Sewer Dist. No. 5 bonds. Due $4,000 Oct.
1 1926 to
1938, incl.
15.000 County Sewer Dist. No. 1 bonds. Due $1,000
Oct. 1 1926 to
Date M 9 0 l9 .
1ay 1 inc1 .
4
25
BOND OFFERING.
-Sealed bids will be received by the
Commissioners until 11 a. m. Cleveland time (eastern Board of County
standard) May 23
for the purchase of the following 434% coupon
bonds*
$340.000 County Sewer District 1, Sewerage sewer and
Improvement 10 bonds
water
maturing on Oct. 1 as follows: 522.000 1926
• .
to 1930, Incl., n
$23,000 1931 to 1940. incl.
and
185,000 County Sewer District 1, Sewerage
Improvement 70, bonds,
maturing on Oct. 1 as follows: $12,000
1928 to 1935, incl., and
$13.000 1936 to 1940, incl.
143,000 County Sewer District 3, Sewerage
Improvement 300,
maturing on Oct. 1 as follows: $9,000
ds,
1926 to 1932, incl„and
beli
$10,000 1933 to 1940, incl.
2460
TILE CHRONICLE
[VoL. 120.
registerable as to principal. Legality approved by C. B. Masslich of
135.000 County Sewer District 5, Sewerage Improvement 500. bonds, New York City. A certified check for $700 is required.
maturing 89.000 on Oct. 1 from 1926 to 1940. both inclusive.
501, bonds,
FERGUS COUNTY SCHOOL DISTRICT NO. 44 (P. 0. Moore),
155,000 County Sewer Distrit 5, Sewerage Improvement
-Sealed bids will be received until 2 p. m.
-BOND OFFERING.
maturing on Oct. 1 as follows: $10,000 1926 to 1935. incl., and Mont.
May 25 by J. H. Morrow. Clerk Board of Trustees,for $11,900 not exceeding
$11,000 1936 to 1940, incl.
550,
117,000 County Sewer District 5. Water Supply Improvement 19 28, 6% school bonds. Denom. $595.
bonds, maturing on Oct. 1 as follows: $11,000 1926 to
FERGUS FALLS INDEPENDENT SCHOOL DISTRICT NO. 21
incl., and $12.000 1929 to 1935. incl.
Otter Tail County, Minn.
-The State of Minnesota has
-BOND SALE.
79,000 County Sewer District 5, Water Supply Improvement 551, purchased an Issue of $125,000 454% school bonds. Due July 1 as follows:
as follows: $7,000 1926 and $8,000
bonds, maturing on Oct. 1
$5,000, 1930 to 1942; $10,000 in 1943 and 350.000 in 1943.
1927 to 1935, incl.
-Sealed
-BOND OFFERING.
FORD CITY, Armstrong County, Pa.
Denom. $1,000. Date June 1 1925. Principal and semi-annual interest
check
,
(A. & 0.) payable at the office of the County Treasurer. Certified a the bids will be received until 7.30 p. m. /vial 20 by A. B. Mohney, Borough
Secretary, for $125,000 454% coupon (registerable as to principal) bonds.
on some solvent bank other than the one making the bid for 1%
amount of bonds bid for, payable to the County Treasurer required. Denom. $1,000. Date May 1 1925. Interest M. & N. Due 325,000 on
All bids
Bids may be made separately for each issue or for "all or none." Board of May 1 In each of the years 1935, 1940. 1945. 1950 and 1954. Certified check
for $1.000 required. Bonds are advertised free of State tax. An opinion of
must be made on a blank form furnished by Louis Simon. Clerk
bidder will be required to receive and Moorhead & Knox of Pittsburgh, Pa., approving the legality of this Issue
County Commissioners. Successful
pay for the bonds at the office of the County Treasurer as soon after the will be furnished the successful bidder.
•
The bonds.
award as notice Is given that the bonds are ready for delivery.the collection
-On
-BOND ELECTION.
FORT WORTH, Tarrant County, Tex.
together with Interest coupons, are Issued in anticipation of
May 29 an election will be held for the purpose of voting on the question of
of special assessments to be levied against the property specially benefited. Issuing $2,000,000 school bonds.
of the General Laws of the State of Ohio,
and are issued under authority
-TEMPORARY LOAN.
particularly for sewer bonds, Sections 6602-4, and for water bonds. 6602-20
FRAMINGHAM, Middlesex County, Mass.
!
of the General Code of Ohio, and In accordance with resolutions duly adopted The 2150,000 loan maturing Nov. 10 1925 offered on May 4-V. 120. ils
2322
by the Board of County Commissioners.
-has been awarded to Grafton St Co. at 3.62% discount plus $4.5
premium. Old Colony Trust Co. bid 3.70% plus $1 75.
Financial Statement April 29 1925.
$3.000.000,000 00
-BOND OFFERING.
Actual value of property (estimated)
FRANKLIN COUNTY (P. 0. Brookville), Ind.
2,081.633.310 00 -The $16,000 454% COUP0/1 Bernard Raver et al road construction bonds
Assessed valuation 1924. real estate
851,654,070 00 offered on May 4-V. 120. p. 2322
-were sold to the Franklin County
Assessed valuation 1924, personal
equal to 102.83, a basis
National Bank of Brookville for a premium of
32,933,287,380 00 of about 3.91%. Date April 6 1925. Due $453, every six months from
$400
Total
May 15 1926 to Nov. 15 1945 incl.
Bonds Outstanding for Bridges, Bldgs., Road Impts.,
8,540,000 00
Bridges and buildings
-BOND OFFERING.
FRANKLIN COUNTY (P.O. Columbus), Ohio.
-County-$4,007.307 10
Road bonds (Sec. 6929 G. C.)
,-Sealed proposals will be received until 10 a. in. (eastern standard time)
2,566,815 94
Assessment
6.574,123 04 May 16 by Opha Moore, Clerk Board of County Commissioners, for the
purchase of the following 4%% bonds:
Inter-Co. highway bonds(Sec. 1223 0.0.)
$10.000 Berrell Ave. road impt. bonds. Denom. 31.000. Due yearly on
$818,574 64
County
• Oct. 1 as follows: $2.000. 1926 and 21,000, 1927 to 1934 incl.
579.769 25
Assessment
38,900 Williams road impt. bonds. Denom. $1.000 and one for $900.
1.398,343 89
Due yearly on Oct 1 as follows: 35,000, 1926 and 1927: 34.900.
3,057.500 00
Sewer bonds
1928 and $4.000, 1929 to 1934 incl.
2,596,726 32
Watts bonds
26,000 Woodward Ave. road !rapt. bonds. Denom. 31.000. Due yearly
on Oct. 1 as follows: 52,000. 1926 and $3.000. 1927 to 1934 hid.
$22.166,693 25
Total bonded indebtedness
Date May 11925. Principal and semi-annual interest(A. & 0.) payable
$904,372 39
Cash value of sinking fund for debt redemption
1.200,000 at the County Treasurer's office. Certified check (or cash) on a solvent
1920. 963,469: 1925 (estimated)
Population
national bank or trust company for 1% of the par of the bonds bid for, payDADE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 2 (P. 0. able to the Board of County Commissioners. required. A complete tran-Sealed bids will be received until script of all proceedings had In the matter of authorizing, advertising and
-BOND OFFERING.
Miami), Fla.
June 2 by Chas. M. Fisher. Secretary Board of Public Instruction, for awarding the bonds will be furnished the successful bidder at the time of the
award,and bids conditioned on the acceptance of bonds bid upon only upon
$3,800,000 5% school bonds.
-At an the approval of said proceedings by the attorney of the bidder will be acDANVILLE, Pittsylvania County, Va.-BONDS VOTED. school, cepted and considered, and a reasonable time will be allowed the successful
the voters authorized the issuance of $950,000
election held recently
bidder for the examination of the transcript before requiring compliance with
court house, streets and sewers bonds by a large majority.
the terna of the official advertisement of the offering of the bonds or any
-Wayne bids made thereunder. Bonds will be delivered free of charge to any bank
-BOND OFFERING.
DAYTON, Montgomery County, Ohio.
Finance, will receive sealed bids until 12 m. (daylight designated in the city of Columbus. Purchaser must pay charges, if any,
G. Lee. Director ofDesaving time) May 25 for $500,000 454% bridge improvement bonds. Int. for delivery outside of the city.
nomination $1,000. Date June 1 1925. Principal and semi-annual
-BOND OFFERING.
FRANKLIN COUNTY(P.O.Columbus), Ohio.
at the fiscal agency of the City of Dayton in New York -Sealed bids will be received until 10 a. in. May 151 Opha Moore,
(M. & S.) payable
City. Due $20,000 yearly on Sept. from 1926 to 1950 incl. A certified Clerk Board of County Commissioners, for $62,500 4 % Chesterfield
Hacheck on a solvent bank for 5% of amount bid for, payable to E. E.may Road Impt. bonds. Denom. $1,000 and one for $500.
ate May 11925.
form, but
german, City Accountant, required. Bonds are coupon ininterest on pay- Prin. and semi-ann. int. (A. & 0.) payable at the County Treasurer's
-both as to principal and
be exchanged for registered bonds
office. Due yearly on Oct. 1 as follows: 57,000, 1926 to 1933 incl,• and
for each registered bond of one maturity. The bonds sold by the $6,500, 1934. A certified check for 1% of the bonds bid for, payable to
ment of $2
City
City of Dayton shall be delivered to the purchaser at the office of the1925. the Board of County Commis.sioners. required.
1
Treasurer or at a Dayton bank designated by the purchaser on June expense
-The $40,000
-BOND SALE.
GALION, Crawford County, Ohio.
will be furnished upon request and without
The successful bidder
-have been sold
with the opinion of Squire. Sanders and Dempsey of Cleveland, Ohio, that 54% sewerage bonds offered on May 6-V. 120, p. 2057
to the Herrick Co. of Cleveland for 341,626, equal to 104.06, a basis of
bonds are binding and legal obligations of the City of Dayton.
the
about 4.56%. Date April 1 1925. Due yearly on April 1 as follows:
DEEP CREEK SCHOOL DISTRICT (P.O. Visalia), Tulare County, $3,000 1926 to 1937, id., and $4,000 1938.
-The $11,000 554% school bonds offered on April 24
-BOND SALE.
Calif.
-Sealed bids (sopa-BOND OFFERING.
GARY, Lake County, Ind.
-were awarded to Blyth, Witter & Co. of Los Angeles at
-V.120, p. 2056
City Cona premium of $767 equal to 106.97, a basis of about 4.81%. Due April 7 as ratsly) will be received until 12 m. May 18 by Alice L. Johnson,
troller, for the following two issues of t% bonds:
follows: $500, 1930 to 1937 Wel: 31,000. 1938 to 1944 incl.
5100,000 sewage pumping station bonds. Date Apr. 30 1925. Int. A. &
DE SOTO COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1
0. 30. Due on Apr. 30 as follows: $20,000. 1936 and 1938 and
-Spitzer, Rorick & Co. of Toledo
-BOND SALE.
(P. O. Arcadia), Fla.
530.000, 1940 and 1941.
have purchased an Issue of $112,000 554% school bonds at 106.02. Due in
150.000 park bonds. Date May 151925. Interest M.& N. 15. Due on
30 years. Interest payable A.& 0.
May 15 as follows: 520,000, 1936, 1938 and 1939 and $30,000,
1940 to 1942 incl.
DE SOTO COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 13
-The Prudden Co. of. Toledo has
SALE.
Denom. $1.000. Principal and interest payable at any bank or trust
-BOND
(P. 0. Arcadia), Fla.
York City. Certified check for 254% of the
purchased an Issue of $30,000 554% school bonds at 103.21. Interest company in Chicago or New each Issue. Both issues have been approved
amount bid for required with
payable (A. & 0.).
& Oakley of Chicago.
by Wood
Financial.
DODGE CITY SCHOOL DISTRICT NO.1(P.O. Dodge City), Ford
-Sealed bids will be received until Assessed valuation for 1924
-BOND OFFERING.
3131,308,335 00
County, Kan.
1,102,500 00
m. May 28 by 0. F. Hite, Clerk of Board of Education,for $33,500 Total bonded debt including these Issues
7:30 p.
June 1 1925. Denom. $500. Due Water works bonds included in above
8,500 00
% coupon school bonds. Date
50.11263
81,000 in 1926 and 32.500 1927 to 1939, incl. Int. payable J. & D.
Amount of sinking fund now on hand
55,378
-5.300.000 Population. 1920 census
DOUGLAS COUNTY (P.O. Omaha), Neb.-BOND SALE.
80,000
(estimated)
-were awarded to the
highway bonds offered on May 5-V. 120, p. 2322 of $31,230, equal to Population,1925
-BOND OFFERING.
United States Trust Co. of Omaha as 55 at a premium
GEAUGA COUNTY (P. 0. Chardon), Ohio.
in Sealed bids will be received until 12 m. (central standard time) May 23
110.41, a basis of about 4.26%. Due Oct. 1 as follows: $100,000
by Ethel L. Thrasher, County Auditor, for $67,950 5% Coupon Section C.
1945 and $200,000 in 1946.
-Ravenna Road, Inter-County Highway No. 234 bonds.
DOWAGIAC SCHOOL DISTRICT (P. 0. Dowagiac), Cass County, Painesville
one for $950. Date May 1 1925. Prin. and semiDenom.
-The $350,000 4Si% school bonds offered on May ann. int.31.000 and payable at the County Treasurer's office. Due each
-BOND SALE.
Mich.
(A. & 0.)
Detroit Trust Co.of Detroit,
-have been awarded to the
4-V. 120, p.2056
months as follows: 32,950, April 1 1926; 33,000, April 11927; $4,000,
six
at a premium of $7,580, equal to 102.16. Date July 11925. Due 1926 to Oct. 1 1927; 34,000. April 1 and Oct. 1 1928; $3,000, April 11929; $4,000,
1945 incl.
Oct. 1 1929; 34,000, April 1 and Oct. 1 1930; and 33,000 on April 1 and
DISTRICT NO. 1 (P. O. $4.000 on Oct. 1 from April 1 1931 to April 11935. Cert. check for 10%
EAST BATON ROUGE PARISH SCHOOL
-BOND OF FERING.- Until May 27 sealed bids will of the amount of bonds bid for, payable to the County Treasurer, required.
Baton Rouge), La.
be received by the Secretary of Parish School Board for the following 5% The bonds will be delivered to the purchaser at the office of the County
Auditor, and the purchaser must take up and pay for the bonds within 10
bonds, aggregating 21,500,000:
• days after the date of sale.
31,000.000 school.
500,000 school.
-The State
-BONDS REGISTERED.
GIDDINGS, Lee County, Tex.
-BOND OFFERING. Comptroller of Texas Registered $46,000 6% water works bonds and
EAST CLEVELAND, Cuyahoga County, Ohio.
-F. D. Green, Director of Finance, will receive bids until 12 m. May 29, 345,000 6% sewer bonds on April 29. Due serially.
for the purchase of 2310,000 454% street impt. bonds, maturing In equal
GREENE COUNTY (P. 0. Jefferson), lowa.-CERTIFICATE
Instalments. Oct. 1 1926 to 1935.
-The $55,000 6% road certificates offered on Mar. 31-V• 120.
SALE.
-were awarded to Polk. Corley, Wheelock & Co. of Des Moines
EAST GREENWICH TOWNSHIP SCHOOL DISTRICT (P. 0. p.• 1652
-The $120.000 at a premium of $1,200, equal to 102.18, a basis of about 5.69%. Date
-BOND SALE.
Clarksboro), Gloucester County, N. J.
- March 2 1925. Due May 11934, optional after May 11925.
p. 2322
5% coupon or registered school bonds offered on May 5-V. 120, $674 97,
were solid to the First National Bank of Woodbury at a premium of
-The 344,000
-BOND SALE.
HAMILTON, Butler County, Ohio.
equal to 100.5.5. a basis of about 4.95%. Date Jan.[1925. Due $4,000 5%% Coupon, Mount Pleasant street impt. bonds, offered on April 30Jan. 1 1926 to 1955 inclusive.
-were awarded around May 6 to the Detroit Trust Co. of
V. 120, p. 2323
7.
ELKHART SCHOOL TOWNSHIP (P. 0. Goshen), Elkhart County, Detroit aft a premium of $2.406, equal to 105.46, a basis of about 4.340
-Martin H. Kinney, trustee, will receive bids at Date April 1 1925. Due $4,400 yearly on Oct. 1 from 1926 to 1935 Incl.
-BOND OFFERING.
Ind.
16 for
his office. No. 400 North Main Street. Goshen, until 2p. m. May yearly
COMMON SCHOOL
HAMILTON AND CORYELL COUNTIES
322,000 5% bonds. Denom. $500. Int. J. & J. 15. Due $2,000
-BONDS REGISTERED,
DISTRICT NO. 20 (P. 0. Hamilton), Tex.
for 11 years. Certified check for $1,200 required.
The State Comptroller of Texas Registered $1,500 6% school bonds on
-The $8.000 April 28. Due serially.
-BOND SALE.
ESKRIDGE, Wabaunsee County, Kan.
Kansas on Mar.5
5% electric light bonds registered by the State Auditor ofFund Commission
HARDEMAN COUNTY ROAD, DISTRICT NO. 1 (P. 0. Quanah),
-were purchased by the State School
V 120, p. 2185
-At a recent election the voters authorized the
-BONDS VOTED.
Tex.
at par.
Issuance of $600.000 road bonds.
FALLS CHURCH SCHOOL DISTRICT (P. 0. Fairfax), Fairfax
-BOND SALE,HARDIN COUNTY (P. 0. Savannah), Tenn.
-The $75,000 school bonds offered on May 1 The $150,000 5% highway bonds offered on March 7-V. 120, p. 857
County, Va.-BOND SALE.
-were awarded to the Citizens National Bank of Alexan- were awarded to Caldwell & Co. of Nashville at a premium of $6,750,
-V. 120,,p. 1919
dria as 4.0s at par. Date May 1 1925. Due Jan. 1 as follows: $1.000, equal to 104.50, a basis of about 4.55%. Due $6,000. 1 to 25 Years,
1941 to 1946 tad.;
-An
1928 to 1933 incl.: 82.000, 1934 to 1940 incl.; $3,000.
-BOND OFFERING.
HARRISBURG, Allegheny County, Pa.
34.000. 1947 to 1954 Incl. and 35,000, 1955.
Issue of 3330,000 4% City Bonds has been sold to the Mechanics Trust Co
FALLS CITY SCHOOL DISTRICT, Richardson County, Neb.- of Harrisburg at a premium of 32.475, equal to 100.75, a basis of about
BOND OFFERING.-Pred Brecht, Secretary of Board of Education, will 3.94%. Due 311.000 May 1 1926 to 1955 incl.
receive sealed bids until 7:30 p. m. May 15 for 3250,000 school bonds.
HARRISON TOWNSHIP RURAL SCHOOL DISTRICT, Mont-BOND OFFERING.-unts 7 p. m. (central
-BOND OFFER- gomery County, Ohio.
FAYE rTEVILLE, Cumberland County, No. Caro.
of Education,
7:30 p. m. May 18 by H. J. Mc standard time) May 21, Wilber G. Siebenthaler, Clerk, Board
-Sealed bids will be received until
ING.
bids. for $28,000 534% school bldg. bonds. Denom.
Bute, City Clerk, for $35,000 not exceeding 6% bridge bonds. Date will receive sealed
semi-ann. int. (A. &
11926. Denom. $1,000. Due March 1 1928 to 1962, incl. Prin- 21,000. Date April 20 1925. Prin. and $1.000 yearly on April 20 from
March
payblet
the City National Bank, Dayton. Due
cipal and interest (M. & S. payable in New York City. Coupon bonds
MAY 9 1925.]
'ME CHRONICLE
2461
-BOND OFFERING.JENKINTOWN, Montgomery County, Pa.
1027 to 1951 incl., except in each of the years 1934, 1942 and 1952, when
$2,000 become due. Cert. check on any solvent bank for $500, payable to A. C. J. Schabacker, Borough Secretary will receive sealed bids until
the Board of Education, required. D. W. & A. S. Iddings of Dayton, 8 p. m. May 25 for $70.000 4M% coupon borough bonds. Denom $1,000.
and Peck. Shaffer and Williams of Cincinnati. attorneys, have been em- Date June 1 1925. Due on June 1 as follows: $10,000 1930: 1935: 1940:
ployed to assist in the preparation of legislation concerning, and the issue 1945 and $15.000 1950 and 1955. Legality approved by Townsend Elliott
and sale of, these bonds and will certify to the legality thereof according & Munson of Philadelphia. Certified check for 2% of the amount of bonds
bid for, payable to the Borough, required.
to the official advertisement.
JERSEY SHORE SCHOOL DISTRICT (P.O. Jersey Shore), Lycom-The
-BOND SALE.
HARTFORD CITY, Blackford County, Ind.
-BOND SALE.- The Jersey Shore Trust Co. of Jersey
$11,500 5% coupon fire equipment purchase bonds, offered on May 1- ing County, Pa.
V. 120. p. 1791-were awarded to the Meyer-Kiser Bank of Indianapolis Shore purchased on May 1 the $35,000 43 % "tax free" coupon school
at a premium of $525. equal to 104.56. a basis of about 4.19%. Date Jan. bonds,offered on that date-V.120,p.2058-for 837.735 15.equal to 107.81,
15 1925. Due $500 every six months from July 1 1926 to July 1 1937 incl. a basis of about 4.05%. Date Apr. 1 1925. Due Apr. 1 1955. The following is a list of the bids received:
HARTSDALE FIRE DISTRICT OF THE TOWN OF GREEN.
Premium.
Premium.
-BOND OFFERING.
-Sealed bids Jersey Shore Trust Co__ __$2,735 15 West & Co
BURGH, Westchester County, N. Y.
52.513 00
will be received until 8 p. m. May 18 by John C. Strauss, Clerk (P. 0. F.. H. Rollins & Sons
2.45875
2.724 75 Fidelity Trust Co
for $67,000 4M% bonds. Denom. $1,000. M. M. Freeman & Co._ _ _ _ 2,670 15 Graham, Parsons & Co
47 Columbia Ave. Hartsdale),
2.32800
Date April 27 1925. Prin. and semi-ann. Int. (A. & 0. 27) payable at the Halsey, Stuart & Co
2,635 50 Glover & MacGregor
1,838 00
Scarsdale National Bank, Scarsdale. Due yearly on April 27 as follows: Stroud & Co.
2,61800 Warren Tyson & Co
1,57500
$6.000, 1926 to 1930 incl.: 57.000, 1931 to 1933 incl.: and $8,000, 1934 and Lewis & Snyder
2.601 10 7 H. Holmes & Co
1.55500
1935. A certified check for 5%, required with each bid.
1,70408
A.B. Leach & Co. Inc.__- 2,597 00 Bown & Co.,Inc
HATLEY CONSOLIDATED SCHOOL DISTRICT (P.0. Aberdeen),
JORDAN SCHOOL DISTRICT (P. 0. Salt Lake City), Salt Lake
-A. K. Tigrett & Co. of Memphis County, Utah.
-BOND SALE.
Miss.
Monroe County,
-An issue of $18,000 school bonds was
-BOND SALE.
en May 4 were awarded an issue of _$8.000 6% school bonds. Date May 1 purchased by the State Loan Commission at 99.44.
1925. Denom. $400. Due $400 May 1 1926 to 1945.
JOSEPH HIGHWAY DISTRICT(P.0. Grangeville),Idaho County,
HAWARDEN INDEPENDENT SCHOOL DISTRICT,Sioux County, Idaho.
-Sealed bids will be received until 4 p. m.
OFFERING.
-The $93,000 school building bonds offered on May 9 -BOND
-BOND SALE.
Iowa.
by the Secretary-Treasurer Board of Directors for 316.000 6% high-were awarded to the Geo. M. Bechtel Co. of
May 1-V. 120. p. 2323
11925. Due in 20 years optional after 10 years.
at a premium of $2,325, equal to 102.50. a basis of way bonds. Date Apr.
Davenport as 4348
KAUFMAN COUNTY IMPROVrMvNT DISTRICT NO. 12 (P. 0.
about 4.23%. Date June 11925. Due each 6 months as follows: $7,000.
-The State Comptroller of
-BONDS REGISTERED.
June 1 1930; $3.000. Dec. 11930: $2,500. June 11931: $1.500. Dec. 1 1931: Kaufman), Tex.
$2,500. June 1 1932: $2.000. Dec. 1 1932; $3,000. June 1 1933; 52.000, Texas Registered $47,000 6% levee Improvement bonds on April 27. Due
Dec. 1 1933; $3,000, June 11934: $2,000, Dec. 1 1934; $3,000. June 1 1935; serially.
$2,000, Dec. 1 1935: $3.000, June 1 1936; $2.500, Dec. 1 1936: 13.000,
-The
-BOND SALE.
KEANSBURG, Monmouth County, N. J.
June 11937: $2,500, Dec. 11937; $3.500. June 1 1938; 52.500. Dec. 1 1938: Keansburg National Bank and Boland & Preirn of New York, jointly,
$3,500. June 1 1939; $2,500, Dec. 1 1939: $3,500. June 1 1940; 13.000, purchased the $35.000 5M% coupon or registered water extension bonds,
$4.000, June 11941; $3.000, Dec. 1 1941; 14.000, June 11942;
Dec. 11940;
-at a premium of $887.50. equal to
offered on May 5-V. 120, p. 2058
$3,000. Dec. 11942; $4.000. June 1 1943: 53.500. Dec. 11943: Dec. 1 1938: 102.53. a basis of about 5.30%. Date June 1 1925. Due $1,000. June 1
$3.500. June 1 1939: $2,500, Dec. 1 1939; 13.500. June 1 1940: $3.000. 1927 to 1961 incl.
Dec. 1 1940; 14.000. June 11941: 13,000. Dec. 11941: $4.000, June 1 1942;
KENMORE SCHOOL DISTRICT(P.O. Kenmore). Summit County,
$3,000. Dec. 1 1942; 54.000. June 1 1943: 13,500, Dec. 1 1943: $3,500.
-The 816.0005% school bonds offered on May 4-BOND ,SALE.
Ohio.
Jttne 1 1944: 53.000, Dec. 1 1944; $2,000, June 1 1945.
TOWNSHIP, Franklin County No. Caro.
-BOND 120. p. 2058-were awarded to Assel. Goetz & Morelein, Inc. of Cincinnati
HAYESVILLE
at a premium of $16.177 equal to 101.10, a basis of about 4.70%. Date
'
-Until 2 P. m. June 1 sealed bids will be received by S. C.
OFFERING.
incl. The following bids
4 1925.
Holden, Clerk Board of County Commissioners, for $25,000 road bonds to May received: Due 82,000 Oct. 1 1925 to 1932
were
bear interest at a rate not exceeding 6%. Denom. $1,000. Due serially Assel, Goetz & oloerlein, Inc.
Cincinnati $16,177 00
In 30 years. Coupon bonds (non registrable). Legal proceedings to be N. S. Hill & Co
16,160 16
Cincinnati
passed on by Thos. W. Ruffin of Raleigh. Delivery of bonds on or about A. E. Aub & Co
16,134 00
Cincinnati
Aug. 1 1925. A certified check for $500 is required.
16,12600
Toledo
\V. L. Slayton & Co
16.114 00
-BONDS VOTED.
Cleveland
HAYWARD, Alameda County, Calif.
-The voters The Herrick Co
Cincinnati
16.096 50
authorized the issuance of 862.000 school building bonds at a recent election. Seasonsood & Mayer
16,080 00
Cincinnati
& Harrison
-BOND OFFERING. Breed, ElliottYork Co
HAZELWOOD, Waynesville County, No. Caro.
Cleveland
16.087 00
Milliken and
-sealed bids will be received until 8 p. m. June 1 by R. L. Prevost. Town Well, Roth & Irving
Cincinnati
16,0, 3 00
Clerk, for $10,000 6% water bonds. Date May 1 1925. Denom. $500. Ryan, Sutherland & Co.
Toledo
16.047 00
to 1947 incl. Principal and semi-annual interest pay- Stranahan, Harris & Oatis
Due $500 yearly 1928
Toledo
16,047 00
able in New York. Legal proceedings and preparation of bonds under the Otis & Co.
Cleveland
16,045 00
supervision of Bruce Craven of Trinity.
Columbus
16,016 00
Citizens Trust & Savings Bank
Cincinnati
16.014 40
-BOND Provident Say. Bank & Trust Co
HEMPSTEAD (P. 0. Hempstead), Nassau County, N. Y.
-Sealed bids will be received by Hiram R. Smith. Town
OFFERING.
KENNEBEC WATER DISTRICT (P. 0. Waterville), Kennebec
Sup'r, until 1 p. m. (daylight saving time) May 19, for $185.000 4g % County, Me.
-The $612,000 4% coupon refunding bonds
-BOND SALE.
coupon or registered Almshouse bonds. Denom. 81.000 and $500. Due offered on April 21-V. 120, D. 2058
-have been sold to Brandon, Gordon
$18.500 May 1 1926 to 1935 incl. Prin. and semi-ann. in (M. & N.) & Waddell of New York and Blodget & Co. of Boston at 98.519, a basis of
at the Bank of Rockville Centre, Rockville Centre. The bonds about 4.04%. Date May 1 1925. Due May 11950.
payable
will be prepared under the supervision of the Nassau County Trust Co.,
-BOND OFKINGS MOUNTAIN, Cleveland County, No. Caro.
Mineola, which will certify as to the genuineness of the signatures of the
-Sealed bids will be received until 12 m. May 21 by Chas. G.
officials and the seal impressed thereon, and the validity on the bonds will FERING.
be approved by Reed. Dougherty & Hoyt, Esqs., New York City. A Dilling, Town Clerk. for $60 000 5M % school bonds. Date May 1 1925.
certified check for 2% of the bonds bid for, payable to the Town,required. Denom. 51.000. Due $3.000. 1937 to 1956 incl. Principal and semiinterest payable in New York. Legal proceedings and preparation
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 13 (P. 0. annual under the supervision of Bruce Craven of Trinity. No. Caro.
-BOND SALE.
-The $15.000 of bonds
Valley Stream), Nassau County, N. Y.
-The Mer
KIRKWOOD, St. Louis County, Mo.-BOND SALE.
434% school bonds offered on April 23. were sold to Sherwood & Merrifield
Inc. of New York at 101.113, a basis of about 4.34%. Denom. $1,000. cantile Trust Co. of St. Louis has purchased the following 4M% bonds
Date May 11925. Int. M.& N. Due $1.000 May 1 1926 to 1940 incl. aggregating 555,000.
bonds.
-BOND OFFER $30.000 lighting onds $1
HENNEPIN COUNTY (P. 0. Minneapolis), Minn.
bonds.
ter b
$5oo ana.
2.5.000
ING.-The County Clerk will receive sealed bids until May 25 for the
,000. Due serially 1930 to 1945.
aggregating 8950,000.
following bonds
Financial Statement.
$250,000 poor house.
$100.000 road Assessed Valuation (1922)
$600.000 bridge.
:
5
84,605.761
160,000255 661
255
HILLSBORO, Hill County, TPx.-BONDS REGISTERED.
-The Total Bonded Debt
$40.000
State Comptroller of Texas Registered $25,000 5% water works bonds on Electric Light Bon
Waterworks Bonds
April 27. Due serially.
-BOND SALE.
-An
HONEOYE FALLS, Monroe County, N. Y.
Debt
55000
Village bonds has been sold to the State Bank of Honeoye Net Bonded
issue of $1,000
Net Bonded Debt Less Than 11‘% of Assessed Valuation.
Falls at 104. Denom. $500. Due July 1 1926 and 1927.
4.422
Population, 1920
-BOND SALE.
HUDSON, Middlesex County, Mass.
-On May 2
-BOND ELECTION.
KLEBERG COUNTY (P. 0. Kingsville), Tex.
Paine, Webber & Co. were awarded at 100.402, a basis of about 3.95%, an On May 23 an election will be held for the purpose of voting on the question
Issue of $10,000 4% coupon water main bonds offered on that date. of issuing $35,000 hospital bonds.
Denoms.5 for 51.000 and 10 for $500. Date Apr. 11926. Interest A.& 0.
KNOBS TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0. YadleinsDue yearly on April! as follows:$1,000, 1926 to 1930 incl. and $500, 1931 to
-BOND SALE.
-The $12,000 school
villa), Yadkin County, No. Caro.
1940 incl.
-were
to Prudden & Co.
bonds offered on May 4-V. 120, p. 2187
HUDSPETH COUNTY CONSERVATION AND RECLAMATION of Toledo as 5s at a premium of $51 53, equalawarded
to 100.42.
NO. 1 (P. 0. Sierra Blanca), Tex.
-BOND SALE.
-The
DISTRICT
LAFAYETTE PARISH SCHOOL DISTRICT NO. (P.O. Lafayette),
William R. Stoats Co. of San Francisco has purchased an issue of $700,000
conservation bonds. Date Aug. 1 1924. Denom. La.
-BOND SALE.-Sutherlin, Barry & Co., Inc., of New Orleans, and
67 reclamation and as
follows: 520.000. 1929 to 1937 incl.: $25,000. 1938 Fred Emert & Co., Inc.. of St. Louis. jointly, have purchased an Issue of
'
$1,000. Due Aug. 1
to 1942 incl.; 530.000. 1943 to 1948 inc.1..• $35,000, 1949 to 1953 incl. and $350.000 5% school bonds. Due $2,000 in 1928. $3.000, 1929 and 1930.
$40,000 in 1954. Principal and interest (F. & A.) payable at the National 84.000. 1931 to 1933; 55.000, 1934 to 1937: $6.000. 1938 to 1940: 17,000.
Bank of Commerce, Now York. or at the offices of the District at El Paso In 1941 and 1942;88.000. 1943 to 1945:$9.000. 1946 and 1947:810,000.1948
and 1949; 512.000. 1950 and 1951: 514.000. 1952; 316.000, 1953; 518.000,
Legality to be approved by Gibson, Dunn & Crutcher of Los Angeles.
1954: 520.000, 1955: 522.000. 1956 and 1957: 525.000. 1958: 527.000.
Financial And Other Statistics.
Aug. 4'23 1959, and 528,000. 1960. Prin. and semi-ann. int. payable in N.Y. City.
District organized
20.014 Legality approved by Horace S. Oakley of Chicago.
Total acres in district
Financial Statement.
Estimated value of land in district
$3.400.000
outstanding debt (this issue)
1700.000 Actual valuation, estimated
Total
Estimated value of land in District per acre
$170 Assessed valuation. 1924
2
0 440
580 9142
$1 :° 6 0
$35 Total bonded debt, including this issue
Total debt per acre
nded
Total acreage cultivated 1924
12.000
Population, 1920 Census. 12.855: estimated. 14.500.
14,000
Totalacreage2
LAKE PRESTON SCHOOL DISTRICT, Kingsbury County, So.
$1.500.000
Annual crop production (approximate)
-The $60,000 school bonds offered on April 28$2 65 Dak.-BOND SALE.
Max. annual charges for int. and retirement of bonds, per acre
-were awarded to the Wells-Dickey C.o. of Minneapolis
V. 120, p. 2187
-BOND OFFERING.
-The State as 4Sis at a premium of $56, equal to 100.09. a basis of about 4.49%
ILLINOIS (P. 0. Springfield), III
Treasurer will receive sealed bids until May 20 for 510.000,000 4% road Date May 1 1925. Coupon bonds. Due $4,000 yearly, 1931 to 1945 Ind,
bonds. Due 21 to 30 years.
-BOND OFFERING.
LAKEWOOD, Cuyahoga County, Ohio.
-PRE
-ELECTION SALE.- Sealed bids will be received until 12 m. (eastern standard time) June 1 by
IRON COUNTY (P. 0. Parowan), Utah.
Ashton-Jenkins Co. of Salt Lake City nas purchased an issue of $50,000 A. I. Kauffman. Director of Finance, for $35.000 5% park bonds. Denom.
The
4 % highway construction bonds subject to their being voted at a coming $1,000. Date June 11925. Principal and semi-annual interest (A. & 0.)
payable at the office of the above official. Due yearly on Oct. 1 as follows:
electkit.
53,000
53,000
-BOND SALE.
-B. J. Van $2,000 1926 and 1927, $3,000 1928, 82.000 1929 and 1930, 83.000 1931,
IRVINGTON, Essex County, N. J.
1934. $2,000 1935 and 1936.
1937,
New York have purchased the issue of 44% coupon or 82,000 1932 and 1933. and $3,000 1940. Certified check for 5% of
Ingen & Co. of hospital bonds offered on May 5-V.
the
82.000 1938 and 1939
120, P. 2323
-on
registered general
bonds, payable to the City of Lakewood, required.
5369,515.03, equal to 103.50, a basis of about 4.23% for $357.000 amount of the
a bid of
Date May 1 1925. Due yearly on May 1 as
LANDER COUNTY (P. 0. Eureka), Neb.-BOND ELECTION.
bonds ($369,000 offered).
May 15
follows; $9.000, 1927 to 1937 incl.; $10,000, 1938 to 1962 incl.;and $8,000, An election will be held onbuilding for the purpose of voting on the question
bonds.
of issuing $55,000 school
196 .
-NOTE SALE.
-Polk,
-BOND
LEE COUNTY SCHOOL DISTRICT(P.O.Fort Myers), Fla.
JASPER COUNTY (P. 0. Newton), Iowa.
-The $350.000 6% school bonds offered on May 6-V. 120. p. 1921
Corley & Wheelock of Des Moines have purchased an issue of $25,000 SALE.
Bridge Completion tax anticipation notes at 4%.
-were awarded to W. L. Slayton & Co. of Toledo at 110.63. Date April
Kellogg
-BONDS REGISTERED -The State 1 1925. Due 1928 to 1955.
JAYTON, Kent County, Tex.
-BOND
LEETONIA, Columbiana County, Ohio.
SALE.
Comptroller of Texas Registered $70,000 5M% water works bonds on
-The
$16,950 5% coupon sewage disposal plant construction bond, offered on
Due serially.
April 28.
-were sold to Seasongood & Mayer of Cincinnati
.
COUNTY (P. 0. Birmingham), Ala.
-BOND SALE.- April 30-V.120. p. 2059
JEFFERSON
.
for a premium of $221, equal to 101.30, a basis of about 4.78'7,, Date May
The following bonds, aggregating $1.500.000, offered on May 5-V. 120, 1 1925. Due yearly on Mar. 20 as follows: $1,500. 1926 to 1936 bad. and
-were awarded to Marc & Co. of Birmingham as 5s at a premium
P. 2058
of $122,000, equal to 108.13:
-BOND SALE.
19N1
LA37 , Winnebago County, Iowa,
-The $4,909
$500,000 hospital bonds.
5% electric lighting bonds offered on March 30-V. 120. P. 1511
-were
500,000 school building bonds.
awarded to Geo. M. Bechtel & Co. of Davenport at a premium of $85
500.000 court house and jail bonds
84LE
2462
THE CHRONICLE
equal to 101.77. a basis of about 4.68%. Date March 2 1925. Due $400
yearly on Nov. 1 from 1926 to 1937 incl.
-BOND OFFERLINCOLN SCHOOL DISTRICT (P.O. Lincoln), Ill.
-Until May 11 sealed bids will be received by Secretary Board of
ING.
Education for $150,000 5% school bonds. Date May 15 1925. Due
1927 to 1936, inclusive.
-At a
-BONDS DEFEATED.
LOGAN, Hocking County, Ohio.
recent election the voters defeated a proposition to issue $75,000 bonds
for improving the water works.
LONG BEACH CITY SCHOOL DISTRICT, Los Angeles County,
-BOND OFFERING.
Calif.
-Sealed bids will be received until 2 P. m.
May 11 by L. E. Lamp•ton, Clerk Board of Supervisors, for $350,000 5%
school bonds. Date March 1 1924. Denom. 51.000. Due March 1 as
follows: $35,000 in 1925; $.1.1.000. 1926 to 1950 incl.; and $10,000, 1951 to
1954 incl. Principal and semi-annual Interest payable at the office of the
County Treasurer. A certified check for 3% of bid payable to the Chairman
Board of Supervisors. Is required. Assessed valuation of taxable property
for 1924 is $205.821,980 and the amount of bonds previously issued and now
outstanding is $4,021,666. Estimated population is 104 700.
-The
-BOND SALE.
LONG BRANCH, Monmouth County, N. J.
two issues a
% coupon or registered bonds, offered on May 5-V. 120,
p. 2059
-were awarded as follows to Lehman Bros. and Ames, Emerich
& Co. of New York.
$518.000 ($530.000 offered) street and sewer bonds. for $530,013, equal to
102.31, a basis of about 4.47%. Due yearly on May 1 as follows:
$25.000, 1927 and 1928; $30,000, 1929 to 1943 incl.; and $18.000,
1944.
122,000 ($125,000) offered school bonds, for $125,013, equal to 102.46,
a basis of about 4.45%. Due yearly on May 1 as follows: $6,000,
1927 and $7,000, 1928 to 1943 Incl.; and $4,000, 1944. Denom.
$1,000. Date May 1 1925.
-Fred
-BOND OFFERING.
LOWELL, Middlesex County, Mass.
Rourke, City Treasurer, will receive sealed bids until 11 a. m. (daylight
savings time) May 12 for the following 4% coupon bonds:
540.000 "Sewer Loan 1925" bonds, payable $2,000 May 1 1926-1935, incl.,
and $1,000 May 1 1936-1955, incl.
105,000 "Permanent Paving Loan 1925" bonds, payable $11,000 May 1
1n6-1930, incl., and $10.000 May 1 1931-1935, incl.
65,000 "Macadam Pavement Loan 1925" bonds, payable $13,000 May 1
1926-1930, incl.
Principal and semi-annual interest (M. & N.) payable at the First
National Bank of Boston, in Boston. These bonds are exempt from taxation in Massachusetts and are engraved under the supervision of and
certified as to genuineness by the First National Bank of Boston; their
legality will be approved by Ropes, Gray, Boyden & Perkins, whose
opinion will be furnished the purchaser. All legal papers incident to these
Issues will be filed with said bank where they may be inspected at any time.
McINTIRE INDEPENDENT SCHOOL DISTRICT, Mitchell County,
-An election will be held on June 2 for the
-BOND ELECTION.
Iowa.
o
l
lg
igi iet ecre zestion of issuing $47,000 school bonds. F. X.
uver jo ! lth et
-BOND OFFERING.
McMINN COUNTY (P. 0. Athens), Tenn.
W. A. Latham, Chairman, County Court, will receive sealed bids until
12 m. May 25,for $85,000 5% highway bonds. Due in 30 years.
-BOND SALE.
MACOMB COUNTY (P. 0. Mt. Clemens), Mich.
The Citizens Savings Bank of Mt. Clemens has purchased $416.000 road
assessment district No. 1107 bonds as 4;is at 100.162. The following
bids were received:
Price.
Premium.
For 43 % Bonds100.162
$676 00
Citizens Savings Bank, Mt. Clemens
100.106
441 00
Detroit Trust Co.: Braun, Bosworth & Co
100.03
124 80
Stranahan, Harris & Oatis
For 4%% Bonds
100.59
2.45400
A. T. Bell & Co.: Benj. Dansard & Co
100.54
2,246 00
Stranahan, Harris & Oatis
100.313
1,302 00
Howe. Snow & Bertles
100.31
1,28900
Watling, Lerchen & Co.; Bumpus & Co
-The $20,000 6%
-BOND SALE.
MADISON, Madison County, Fla.
street paving coupon bonds offered on April 28-V. 120. p. 1241-were
awarded to -David Robertson & Co., Inc., of Toledo, at a premium of
$1.366. equal to 106.83. a basis of about 5.49%. Date April 1 1925.
Due April 1 as follows: $7,000 in 1945 and 1950 and $6,000 in 1955.
-The $17.000 6% improvement bonds offered on the
BOND SALE.
-V. 120, p. 1921-were awarded to Ryan. Sutherland & Co. of
same date
Toledo at a premium of $465. equal to 102.73, a basis of about 5.46%•
Date April 1 1925. Due April 1 as follows: $1,000 1926 to 1928, incl.,
and $2.000 1929 to 1935. incl.
-W.R.Winckler,
MADISON,Dane County, Wis.-BOND OFFERING.
City Clerk, received sealed bids until 2 p. m. May 8 for the following
coupon bonds. aggregating 4175,000:
$50,000 Memorial Stadium bonds. Due June 1 as follows: $3,000 1926
to 1935 and $2,000 1936 to 1945.
25,000 East Side Fire Station bonds. Due June 1 as follows: $2,000
1926 to 1930 and $1,000 1931 to 1945.
100,000 water works bonds. Due June 1 as follows: $5,000 1926 to 1945,
inclusive.
Date June 11925. Donom. $1,000. Purchaser to furnish blank bonds.
Principal and semi-annual interest, payable at the City Treasurer's office.
MAHASKA COUNTY (P. 0. Oskaloosa), lowa.-BOND SALE.
The White Phillips Co.of Davenport has purchased an issue of 577,0004 %
refunding bonds. Date May 1 1925.
-BOND OFFERMAHONING COUNTY (P.O. Youngstown), Ohio.
-F. A. Rolla, Clerk Board of County Commissioners, will receive
ING.
sealed bids until 10 a. m. May 14,for the following issues of 5% road 'rapt.
bonds:
$139,500 Inter-County Highway No. 82, bonds. Denom. $1,000, one for
$500. Due Oct. 1 as follows: 314.500, 1926: $15,000, 1927 to
1929 incl.: and $16,000, 1930 to 1934 incl. Enclose a certified
check for $7,000.
Inter-County Highway No. 83, bonds. Denom. 31,000, one for
20,900
$900. Due Oct. 1 as follows: 33.900. 1926: $4,000. 1927 to 1929
incl.: and 35.000. 1930. Enclose a certified check for $1,000.
53.750 Inter-Company Highway No. 469. bonds. Denom. $1,000, one
for $750. Due Oct. 1 as follows: $9,750, 1926: and $11.000,
1927 to 1930 incl. Enclose a certified check for $2,500. one for
25,400 Inter-County Highway No. 87. bonds. Denom. $1,000, to 1929
$400. Due Oct. 1 as follows: $44,000, 1926: 85,000, 1927
incl.; and $6,000. 1930. Enclose a certified check for $1,500. H.
Frank
Dated May 16 1925. Certified checks to be made payable to
Vegan, County Treasurer.
-BOND OFFERING.
MANATEE COUNTY (P. 0. Bradentown), Fla.
bids until
-Robert H. Rosesch. Clerk Circuit Court, will receive sealed $450,000:
coupon bonds,aggregating
10 a. m. May 22for the following 5A %
3350.000 road.
100.000 bridge.
and 30 years.
Date April 11925. Denom. $1,000. Due in 15, 20, 25America, New
the Bank
Principal and interest (A. & 0.) payable at Thomson,of
New York City.
John.C.
York City. Legality approved by
A certified check for 2% of bid is required.
DESCRIPMANSON, Calhoun County, lowa.-PRICE PAID BOND by Ring-The price paid for the $30.000 refunding bonds purchased of $461
TION.
-as 4SO was a premium
-V.120. p. 1922
helm & Co.of Des Moines
1 1925. Denom.
equal to 101.53, a basis of about 4.34%. Date Apr. 1926 to 1937 incl.;
v.000. Coupon bonds. Due Nov. 1 as follows: $1,000,
l
and interest
2.000. 1938 to 1944 incl. and $4,000 Apr. 11945. Principal
Legality
M.& NJ payable at the Iowa Loan & Trust Co., Des Moines.
approved by Chapman, Cutler & Parker of Chicago.
Financial Si""
$1,532,495
Actual assessed value of property. 1924
702.925
Moneys and credits, not included in the foregoing
42.000
including this issue
Total outstanding bonded debt,
1.409
Population (1920)
0. Stockton),
MANTECA GRAMMAR SCHOOL DISTRICT (P.
-The $60,000 5% school
San Joaquin County, Calif.
-BOND SALE.
-were awarded to the American
bonds offered on May 4-V. 120, p. 2325
Securities Co. of San Francisco at a premium of 52.527. equal to 104.21.
a basis of about 4.56%. Date May 1 1925. Due $2,000. 1927 to 1932;
53,000, 1933 to 1939; 34.000. 1940 to 1943; $5,000. 1944 and $6,000, 1945.
t1
[Vol,. 120.
-John M.
MARYLAND (State of).
-CERTIFICATE OFFERING.
Dennis. State Treasurer (P. 0. Annapolis) will receive bids until 12 m.
June 9 for the purchase of the following 43,$% certificates of indebtedness:
$300,000 "Bridge and Grade Crossing Loan of 1924." Due yearly on
June 15 a follows: $18.000 1928 Series "N". 318.000 1929
Series "0," $18.000 1I)30 ,
Series "P," $21,000 1931 Series "Q,"
$21,000 1932 Series 'R,' $21,000 1933 Series '5,' $24,000
1934 Series "T." 324.000 1935 Series "U." $24.000 1936 Series
"V," $27.000 1937 Series"W,"$27.000 1938 Series"X."$27,000
1939 Series "Y," $30.000 1940 Series"Z," and
1.500,000 "Lateral and Post Road Loan of 1924." Due yearly on June 15
,
,
as follows: $87,000 1928 Series "N," 390.000 1929 Series "0,"
396.000 1930 Series "P." 399.000 1931 Series 'Q,' $104.000
1932 Series "R." $109.000 1933 Series "S." $114.000 1934 Series
"T." $120.000 1935 Series "U," $125.000 1936 Series "V,"
3131,000 1937 Series "W." 3136.000 1938 Series "X," $142,000
1939 Series "Y' and $147.000 1940 Series "Z."
Ninety-one certificates will be of the denomination of 31.000 each,subject
sratien:stlprncip11,and
glgie pons
ItgMc,a3duieis92.nteUI.kj.ItAtssare
c
Tiv3eisuewhle
free from Federal income tax and from State, County and municipal taxation. Certified check on some responsible banking institution for 5% of
the par value of the bonds bid for, payable to the State Treasurer. required
with each bid. The certificates of Indebtedness awarded will be delivered
to the successful bidder or bidders, upon receipt of the amount of the
successful bid or bids June 15, at the office of the State Treasurer. The
constitutionality and validity of the Acts of Assembly authorizing the
issuance of the certificates of indebtedness have been favorably passed
upon by the Attorney-General of Maryland, who will also certify that all
necessary legal formalities prescribed for the certificates have been duly
complied with.
-R. F. De
-BOND SALE.
MASSENA, St. Lawrence County, N. Y.
Voe & Co. of New York have purchased the following 454% street bonds
offered on May 4-V. 120, p. 2187
-at 100.927. a basis of about 4.32%•
$22,000 Centre St. imprv. bonds. Due $2,000 June 1 1926 to 1936 incl.
11.000 Phillips St. Imprv. bonds. Due $1,000 June 1 1926 to 1936 incl.
Date June 1 1925.
-The
-TEMPORARY LOAN.
MELROSE, Middlesex County, Mass.
$200.000 loan. due 850.000 respectively Nov. 16, Dec. 15, Jan. 15 1926 and
-has been awarded to First
Feb. 15 1926 offered on May 4-V. 120, p. 2325
National Bank at 3.476% discount. Other bidders: F. S. Moseley & Co.,
3.52%; Old Colony Trust Co., 3.55% plus 51 25; Grafton Co. 3.69% Plus
$5.25.
-Until
-BOND OFFERING.
MIAMI COUNTY (P. 0. Troy), Ohio.
10 a. m. May 11 T. B. Radabaugh, County Auditor, will receive sealed bids
for $25,000 5% bridee bonds, Denom. $500. Date Apr. 11925. Principal and semi-annual interest (A. & 0.) payable at the County Treasurer's
office. Due $2,500 yearly on Oct 1 from 1926 to 19351nel. Certified check
for 5% of the amount bid, payable to the County Auditor. required.
-BOND
MILFORD SCHOOL DISTRICT, Oakland County, Mich.
ELECTION.
-May 9 is the date set for the election which will determine
whether or not a bond issue of $90.000 will be made.
-BONDS REGISMONTGOMERY COUNTY (P. 0. Conroe), Tex.
-The -State Comptroller of Texas Registered 3100,000 534%
TERED.
special road bonds on April 28. Due serially.
-Sherwood
-BOND SALE.
MONTICELLO, Sullivan County, N. Y.
& Merrifield, Inc. of New York have purchased $6,000 5% street paving
bonds at 101.11, a basis of about 4.66%. Denom. $1,000. Date July 1
1925. Prin. and semi-ann. int. payable at the National Union Bank of
Monticello. Due July 1 1926 to 1931 incl.
-The $2.000 6%
MORRAL, Marion County, °Mo.-BOND SALE.
-were awarded on
street Impt. bonds, offered on April 25-V. 120. p. 2187
that date to the Weil, Roth & Irving Co. of Cincinnati at 103. a basis of
about 5.44'7, Date Mar. 1 1925. Interest M. & S. Due $500 Mar. 1
1930 to 1933 incl.
-Harris.
MORRISVILLE, Lamoille County, Vt.-BOND SALE.
Forbes & Co. Inc. of Boston were the successful bidders on May 1 for the
-V. 120, p.
$185,000 4% coupon electric loan bonds, offered on that date
2187
-paying 98.23. a basis of about 4.17%. Date Feb. 1 1925. Due
yearly on Feb. 1 as follows: $10.000. 1931 to 1948 incl. and $5,000, 1949.
Other bidders were:
Prem.
Prem.1
$9635
Bond & Goodwin
397 461E. H. Rollins & Sons
-BOND SALE.
-Walter,
MURPHY, Cherokee County, No. Caro.
Woody & Heimerdinger of Cincinnati have purchased an issue of $20.000
6% street impt. bonds at a premium of $400, equal to 102. Purchaser
agreed to settle all expenses.
-BOND SALE.
-The
NEW CASTLE, Lawrence County, Pa.
$350.000 434% sewage disposal bonds offered on May 4-V. 120. p. 1793were purchased by the National City Co. of New York at 105.169 a basis
of about 4.06%. Date May 1 1925. Due yearly on May 1 as follows:
325.000. 1930: 310.000, 1931 to 1935 incl.; 315,000. 1936 to 1940 incl.;
and 320.000. 1941 to 1950 incl. Bonds, coupon in form are tax free to
holder. The following bids were received.
Premium.
Name of Bidder$15.500.00
The Union Trust Company of Pittsburgh,
17,906.00
Halsey. Stuart & Co., Philadelphia
17,080.00
J. H. Holmes & Co., Pittsburgh*
16,868.60
Graham, Parsons & Co.. Philadelphia
(a)104.93
A. B. Leach & Co., Inc.. Philadelphia
(a)104.696
The Fidelity Trust Company. Buffalo. N. Y
16,867.20
W. H. Newbold's Son & Co.. Philadelphia
17,325.00
Mellon National Bank. Pittsburgh
18,091.50
The National City Company. New York
16,765.00
Redmond Company.. Pittsburgh
* Offered to furnish bonds ready for execution if desired and deduct in
final settlement $110.
(a) Rate bid.
-R. I.
-BIDS.
-The following Is a
NEWPORT, Newport County.
list of the bids received on May 1 for the $170,000 434% refunding bonds,
maturing serially from 1926 to 1935 and the 8850,000 434% pavement
bonds, maturing serially from 1926 to 1942, awarded on that date
100.36
13 ..
Conover & Phillips of New York at 100.80, stated in V. 120, p. 2 26 toas
Estabrook & Co., Boston
Inc.. N. Y. C.
Geo. B. Gibbons & Co..
Aquidneck National Bank. Newport
Harris, Forbes & Co.. Inc., Boston
08 238
10 54
4
Merrill. Oldham Co.. Boston
100.19
Edmunds Bros., Boston
100.189
Co., Boston
National City
*100.04
Bled et & Co., Boston
99.632
Curtis & Sanger. Boston
99.52
* Plus $88. R. I. Hospital Trust Co., Prim., R. I., bid on $170,000, a
yield basis of 4.20 and on $50,000, a yield basis of 4.29.
-BOND SALE.
-The $60.000,000 451% Coupon
NEW YORK CITY.
(fully registerable) bonds, to provide for the construction of schools, offered
on May 5(V. 120. p. 2188) were awarded on that date to a banking syndicate
headed by the National City Co. and the First National Bank, both of
New York City, on a bid of 102.3197 for "all or none," a basis of about
4.045%. Coupon bonds in denomination of $1,000, which may be fully
registered. Dated May 1 1925. Principal and semi-annual interest
(M. & N.), payable in New York City. The $60,000,000 Is made up of
three separate series which mature as follows:
83.000.000 bonds, due $300.000 on May 1 1926 to 1935. inclusive.
9.000.000 bonds, due $600.000 on May 1 1926 to 1940, inclusive.
48.000,000 bonds, due $1,200.000 on May 1 1926 to 1965. inclusive.
Following the award of the bonds, Comptroller Craig made the following
announcement: "This Is the largest serial bond sale in the history of New
York. The price is the highest the city has received on any kind of bond
sale since 1909, when a small issue of 4% bonds was sold on a net yield
of 3.93."
The bonds were re-offered to investors at prices to yield from 3.25%
to 4.05%, according to maturity, and have all been sold. The banking
group making the offering, in addition to the National City Co. and the
First National Bank of New York, included the Guaranty Co. of New
York. Bankers Trust Co.. Brown Brothers & Co., Kissel, Kinnicutt & Co.,
Lee, Higginson & Co.; J. & W.Seligman & Co.. William R. Compton Co,
Lazard Freres. Redmond & Co.; Harris, Forbes & Co.; Remick. Hod et
& Co.; Dominick & Dominick, Ames, Emerich & Co.; F. E. Calkins &
MAY 9 1925.]
UTE CHRONICLE
Kean, Taylor & Co.: Eastman, Dillon & Co.; Clark Williams & Co.,
Eldredge & Co., American Trust Co.,0. D.Barney & Co.,the Detroit Co.,
Inc.; Folsom & Adams, Keene, Hight() & Co.; Coal & Iron National Bank,
Scholl° Brothers, George B. Gibbons & Co., Inc.; Robert Winthrop & Co.,
Graham, Parsons & Co.; F. H.Keech & Co., First National Co. of Detroit,
Foster, McConnell & Co.; Hodenpyl, Hardy Securities Corp.; Colston,
Heald & Trail; Roosevelt & Sons, National Commercial Bank & Trust Co.
of Albany, New York State National Bank of Albany, Bull & Eldredge
and Minsch, Monett & Co.
The following is a complete list of the bids received for the bonds:
Par of Amount.
53,000.000 59,000,000 548,000,000
AU
10
-Year
15
-Year
40
-Year
Price
or
NameBonds.
Bonds.
Bonds.
None.
Bid.
Chemical National Bank
(100.340
i to
1100.625
100.000
5,000,000
Robinson & Co
3,000,000
3,000.000
Kuhn. Loeb & Co.:i
9,000,000 48,000,000
Dillon, Read dc Co.:}
Kidder,Peabody & Co)
Salomon Bros.& Hutzler 3,000,0001
5 9,000,000
Hamlin & Co
1,000,000
Henry Clews & Co
.
1,000,000
National City Co
l
3,000,0001 9,000,000 48,000,000
Gruntal, Lilienthal Co..
500,000
Standard Bk.(The),N.Y
600,000
Standard National Corp
200,000
Chelsea Exchange Bank_ 1,000,000
John A. McCarthy di
Co.. Inc
500,000
1
100,000
I
100,000
Federation Bk. of N. Y-i
100,000
100,000
1
100,000
Chase Securities Corp.,
Blair & Co., Inc.,1
Speyer & Co., Hallgarten & Co., N. Y.
Trust Co.,Bank of the I
Manhattan Co.. Lehman Bros., Goldman,)
Sachs & Co., Laden-I
48,000,000
burg.Thalmann & Co.,(3,000,000
Hayden, Stone & Co.,I
9,000,000
J. S. Bache & Co.,13,000,000 9,000,000 48,000,000
Empire Trust Co.,The
Corn Exchange Bank,
Manufacturers Trust
Co.,Buffalo Trust Co.,
Hornblower & Weeks,
A.B.Leach Co.,Inc.,
Barr Bros.& Co.,Inc_
300,000
Mechanics Bank
of 300,000
Brooklyn
300,000
300,000
H. A. Metz, Inc
100,000
Bear, Stearns di Co__ _ 500,000
First Nat.Bk.,Brooklyn
200.000
First Nat.Bk.,Jamaica
250,000
Kings County Trust Co_
500,000
Co
Farson, Son &
500,000
Estate of F. H. Evans
8,000
Walter S. Reanikoff.
5,000
10.63,
*100.000
60,000.000 102.017
1101.2973
1101.5912
101.688
101.120
60,000.000 5102.3197
1100.000
103.074
100.575
100.575
101.0725
101.125
100.60
101.20
101.60
101.94
102.15
60,000,000 101.9038
101.953
100.48
100.48
*100.48
60,000,000 *10048
100.125
100.250
100.375
100.50
101.50
100.89
102.000
100.000
101.52
100.581
100.000
100.000
24,200,000 45,000,000 202,363,000 240,000,000
Grand total
5511,56300*
*For all or any part.
NEW YORK CITY.
-TEMPORARY LOANS ISSUED DURING
-During the month of April the City of New York issued
APRIL.
shortterm securities in the aggregate of 577.300,000, consisting of revenue bonds
and bills, tax notes and corporate stock notes:
Revenue Bills of 1925.
Rapid Transit,
Amount. Maturity._ __Int.rate. Date Is& Amount. Maturity.. _ _Int.rate.
$3,500,000 June 15, 1925 334% Apr. 14 $100,000 May 18, 1925 334% Date iss
Apr. 8
2,000,000 June 15, 1925 314% Apr. 15
41,000 June 15, 1925 334% Apr. 8
3,000.000 June 1, 1925
% Apr. 16
352,000 June 15, 1925 334% Apr. 8
6,000.000 June 1, 1925 334% Apr. 21
200,000 June 15, 1925 334% Apr. 8
6,000,000 June 8, 1925 334% Apr. 21
250,000 May 15, 1925 334% Apr. 21
3,000,000 June 22, 1925 334% Apr. 22
150,000 May 15, 1925 334% Apr. 21
10,000,000 June 18, 1925 33.4% Apr. 28
150,000 May 15, 1923 334% Apr. 21
100,000 May 15, 1925 334% Apr. 28
Tax Notes of 1925.
Stock.
$500,000 Sept.18, 1925 334% Apr. 8 $2,600,000 May 6, 1925 334% Apr. 6
150,000 June 15, 1925 334% Apr. 8
Corporate Stock Notes of 1925.
1,600,000 July 29, 1925 334% Apr. 14
Water Supply.
1,700,000 Ju1y-29, 1925 334% Apr. 15
$500,000 May 18. 1925 334% Apr. 8
250,000 May 15, 1925 334% Apr. 21
1,257,000 June 15, 1925 334% Apr. 8
150,000 May 15, 1925
% Apr. 28
350,000 May 15, 1925 33.4% Apr. 21
School Construction.
150,000 May 15, 1925 334% Apr. 28 $2,400,000 May 6, 1925 334%-Apr. 6
1,000,000 May 18, 1925 334% Apr. 8
Various Municipal Purposes.
3,000,000 May 28, 1925 334% Apr. 8
$400,000 May 18, 1925 334% Apr. 8
550,000 June 15, 1925 334%
450,000 June 15, 1925 314% Apr. 8 5,000,000 May 18, 1925 334% Apr. 8
Apr.
3,000,000 May 26, 1925 334% Apr. 8 1,000,000 May 18, 1925 33.4% Apr. 13
15
700,000 May 15, 1925 334% Apr. 21 5,000,000 May 18, 1925 334%
20
150,000 May 15, 1925 334% Apr. 21 2,000,000 May 15, 1925 33.4% Apr. 21
Apr.
500,000 May 15, 1925 334% Apr. 28 5,000,000 May 18, 1925 314%
2,000,000 May 21, 1925 334% Apr. 28 1,100,000 May 15, 1925 335% Apr. 27
Apr. 28
NORCATEER, Decatur County Kan.
-BOND SALE.
-The $40,000
43 % water works impt. bonds offered on April 29-V. 120, p. 2188
,
1
were awarded to the Columbian Title & Trust Co. of Topeka at
98.31.
Due in 1 to 30 years.
NORTHPORT,Suffolk County, N. Y.
-BOND SALE.
-The $110,000
street bonds offered on May 5-v. 120, p. 2326
-were sold to
Lamport & Co., Inc., of New York as 43.s at a premium of $41, A. M.
equal to
100.03, a basis of about 4.24%. Date Aug. 1 1925. Due $10,000 Aug.
1
1926 to 1936 inclusive.
NORTH ST. LUCIE RIVER DRAINAGE DISTRICT, St.
Lucie
-BOND SALE.
County, Fla.
-The William R. Compton Co. and
Little
& Moore, Inc., both of St. Louis, jointly, have purchased an issue of
1100.0006% drainage bonds. Denom. $1,000. Due $18,000 in 1946 and
$82,000 in 1947. Principal and interest (M. & N.) payable at the Continental & Commercial Trust dc Savings Bank of Chicago.
Legality
approved by Charles & Rutherford of St. Louis.
NORWICH, New London County, Conn.
-BOND OFFERING.Sealed bids will be received until 10 a. in. May 12 by Chas. S.
Town Treasurer, for $100,000 4}1% coupon school bonds.Holbrook,
Denom.
$1000. Date May 15 1925. Principal and semi-annual interest(M.&
N.)
pitiable at the Merchants National Bank, Boston. Due $15,000
May 15
1926 to 1945, inclusive.
OA}( CITY, Martin County, No. Caro.
-BOND OFFERING.
--3. H.
Johnson, Clerk, Board of Commissioners, will receive sealed bids
7 p. m. June 1 for 515,000 6% electric light bonds. Date June 1 until
Denom.$500. Due June 1 as follows: $500. 1928 to 1947 incl. and 1925.
$1.000,
1948 to 1952 incl. Principal and semi-annual interest payable in New
Legal proceedings and preparation of bonds under the
York.
supervision of Bruce
Trinity.
Craven of
OAKLAND HIGH SCHOOL DISTRICT, Alameda County, Calif.-Sealed bids will be received until 10 a. m.
BOND OFFERING.
May 18 by
Geo. E. Gross, Clerk Board of Supervisors, for $540,000 5% school bonds.
Date Jan. 1 1925. Denom. $1,000. Due Jan. 1 as follows: $10,000,
1929;
2463
$120,000. 1930 to 1933 incl. and 550,000, 1934. Interest payable J. & J.
A certified check for 2% of bid, payable to the Chairman of the Board of
Supervisors, is required.
Financial Statement.
Total bonded indebtedness to date
$2,421,000
Assessed value
$206.216,097
Population, 1920 census
216.000
OAKLAND SCHOOL DISTRICT, Alameda County, Calif.
-BOND
OFFERINO.-Sealed bids will be received until 10 a. m. May 18 by Geo. E.
Gro,Clerk Board of County Supervisors, for $1,040.000 5 0 school bonds.
ss
Date Jan. 1 1925. Denom. $1,000. Due Jan. 1 as follows: $112.000.
1932; $127,000, 1933 to 1939 incl. and $39,000. 1940. Interest payable J.
& J. A certified check for 2% of bid, payable to the Chairman of the Board
of Supervisors, is required.
Financial Statement.
Total bonded indebtedness to date
$3.382,000
Assessed value
$199,886,597
Population, 1920 census
216,000
OMAHA, Douglas County, Neb.-BIDS.-Following is a list of bids
received for the $800,000 coupon (non-registerable) street improvement
bonds, awarded on April 20 to a syndicate composed of Stevenson. Perry,
Stacy & Co. of,Toledo, the Detroit Co. of Detroit and Taylor, Ewart &
Co. of New York at 100.007,a basis of about 4.152%, as follows: $240,000
S5 4s and $560,000 as 43.s
-V.120, p. 2188.
Geo. H.Burr & Co
434% $20,241
Halsey, Stuart & Co., Inc., and E. H. Rollins
& Sons
434%
1,685
Merchants National Bank of Omaha and First
National Bank of New York
41.1%
2,880
1460.000 4
A.B.Leach & Co.and A. G.Becker & Co
340,000 4
800,000 4
3.936
800,000 434%
28,345
Guarantee Co. of N. Y.; Ames, Emerich & Co.,
and Omaha National Bank
434%
2,952
Peters Trust Co.; Illinois Merchant Trust Co..
and Harris Trust & Savings Bank
2.240
41,4%
James Wachob & Co.; Eldredge & Co., and 1475,000 4t,
Par
Wells
-Dickey Co
1325,000 435%
1800,000 434%
2,328
800,000 4).4%
30,166
William R. Compton Co. and Curtis & Sanger
800,000 4 %
4,021
464.000 4%
Par
336,000 4 %
Omaha Trust Co.; W.A. Harriman & Co., Inc.,
and Kean. Taylor & Co
3,416
43.4%
The National City Co.and the Northern Tr. Co_
2.552
First Trust Co.: Continental & Commercial Trust
& Savings Bank; Phelps, Fenn & Co., and 505,000
Par
Blodget & Co
295,000
0
800,000
3,E113
U. S. Trust Co
500.000
300,000 434V
88
800.000
3,056
p
First Trust Co.of Lincoln
110,000
0
690,000
%
--(IR
ORANGE, Franklin County, Mass.-TEUPORARY LOAN.
-The
Old Colony Trust Co. of Boston at 3.65% discount plus 51 25 premium
has been awarded a $200,000 loan, due Oct. 30.
ORANGE COUNTY (P. 0. Goshen), N. Y.
-BOND SALE.
-The
$150,000 4M '7', coupon school bonds offered on May 6-V. 120. p. 2326
were sold to Prendergast & Co. of New York at 106.66. a basis of about
3.98%. Date June 1 1925. Due 110,000 yearly on June 1 1935 to 1949
inclusive.
OSSINING UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Ossining), Westchester County, N. Y.
-BOND OFFERING.
-Sealed
proposals will be received by Percy H. Dowden, Clerk Board of Education.
on May 13 at 8 p. m. daylight saving time, at the Ossining High School
for the purchase of School District funding bonds. Bonds will be of the
denom. of $1,000, eacept one of the denom. of $400. will be dated May 1
1925, and will mature $7,000 on May 1 in each of the years 1926 to 1944
Incl. and $5,400 on May 1 1945. The bonds will bear hit, at the rate of
.
434%, payable semi-ann. on May 1 and Nov. 1 in each year. Both prin.
and int. will be payable in gold coin of the United States of America of or
equal to the present standard of weight and finesness at the office of the
Ossining National Bank in New York exchange. The bonds will be
coupon bonds, with the privilege of registration as to prin. and int. The
bonds will not be sold for less than par and in addition to the amount bid,
the successful bidder must pay accrued hit. at the rate borne by the bonds
from the date of the bonds to the date of payment of the purchase price.
All bidders are required to deposit a cert, check payable to the order of
Treasurer for 2% of bonds bid for, drawn upon an incorporated bank or
trust company. Checks of unsuccessful bidders will be returned upon
the award of the bonds. Int. at the rate borne by the bonds from the
date of award to the date of delivery will be allowed upon the amount of
the check of a successful bidder and such check will be retained to be applied
in part payment for the bonds or to secure the Board against any loss
resulting from the failure of the bidder to comply with the terms of his bid.
The successful bidder will be furnished with the opinion of Hawkins,
Delafield & Longfellow of N. Y. City that the bonds are binding and legal
obligations of the Board. The bonds will be prepared under the supervision
of the U. S. Mtge. & Trust Co., which will certify as to the genuineness
of the signatures of the officials and the seal impressed thereon.
OVID AND MIDDLEBURY TOWNSHIPS,Clinton County, Mich.BOND SALE.
-The State Savings Bank of Ovid has purchased 550.000
school bonds as 4)is at a premium of $1,026, equal to 102.05. The following
bids were also received.
Premium.
Price.
State Savings Bank, Ovid
$1,026 00 102.05
John Nuveen & Co
800 00 101.60
Detroit Trust Co
516 00 101.03
Bumpus Trust Co.; Whittlesey, McLean & Co.
411 00 100.82
E. E. MacCrone & Co
97 00 101.194
H.C. Spec & Sons Co
21 50 100.042
Hayden. Van Atter & Co.
discount 250 00
99.50
PALISADE SANITARY SEWER DISTRICT NO. 1, Mesa County,
Colo.
-BOND OFFERINO.-Sealed bids will be received until 8 p. m.
May 12 by J. W. Hoke, Town Clerk, for 539,000 sanitary sewer bonds.
to bear interest at a rate not exceeding 6%. Date June 1 1925. Due June
1 1940, optional after date of bond. A certified check for 2% of bid is
required. Valuation of property included in District is approximately
$610,000; bonded indebtedness 580,000; population approximately 1.000.
PALOS VERDES SCHOOL DISTRICT, Los Angeles County, Calif.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m. May 18
by L. E. Lampton, Clerk Board of Supervisors, for 1685.000 5% school
bonds. Date May 1 1925. Denom. $1,000. Due May 1 as follows:
$2,000. 1926 to 190,inclusive, and $3,000, 1,961 to 1965, inclusive. Principal and semi-annual interest payable at the County Treasurer's
certified check for 3% of bid, payable to the Chairman Board of office. A
Is required. The assessed valuation of taxable property for Supervisors,
1924 is 52,416,410 and the school district has no bonded indebtedness.
Estimated
population is 1,600.
PANHANDLE, Carson County, Tex.
-BOND SALE.
-Garrett & Go.
of Dallas recently purchased an issue of $35,000 6% electric light
bonds at a premium of $100 equal to 100.28. Date May 1 1925. coupon
Denoro.
$1,000. Due in 40 years. Interest payable M.& N.
PARMA, Cuyahoga County, Ohio.
-BOND OFFERING.
--Sealed
bids will be received until 12 m. June 4 by John H.
Clerk, for $88.886.66 534% coupon (village's share)Thompson, Village
State
r .
tt
No.8 bonds. Denom.$0and one for $386.66. Date July 1 Road I i
50
1925.
and semi-ann. int.(A.& O.) payable at the office of the
Village Treasurer.
Due 54.500 each six months from April 1 1926 to April
1 1935 incl. and
53.386.66. Oct. 1 1935. Certified check on a solvent bank
in Cuyahoga
County for 51,000. payable to the Village Treasurer.
must be taken up and paid for within ten days from the required. Bonds
time of award.
PARMELE, Martin County, No. Caro.
-BOND
-The 55.000
electric light and Rower coupon bonds, offered on May SALE.
were awarded to Dtutee, Niles & Co. of Toledo as 1-V. 120, p. 2188
6s at a premium of $5
equal to 100.10. a basis of about 5.98%. Date
May 1 1925. Due $500
yearly May 1 1927 to 1936 incl.
-Me
2464
THE CHRONICLE
PASADENA MUNICIPAL IMPROVEMENT DISTRICT NO. 1,
-The Leo G. MacLaughlin
Los Angeles County, Calif.
-BOND SALE.
Co. of Pasadena has purchased an issue of $210,000 54% improvement
bonds at a premium of $6,687.50 equal to 103.18. Date Jan. 1 1925.
Due in 1930 and 1943.
Other bidders were:
Premium.
$5,168.00
Wm. R. Staats Co
3,611.85
Banks, Huntley & Co
PENDLETON COUNTY (P. 0. Falmouth), Ky.-BOND SALE.
-were
The $150,000 5% road bonds, offered on May 2-V. 120, p. 2326
premium of $8,025. equal to
awarded to Poor dr Co. of Cincinnati at a
105.35, a basis of about 4.57%. Date May 1 1925. Due May 1 as follows:
$5,000. 1930 to 1945 incl.: and $7,000. 1946 to 1955 incl.
-BOND OFFERING.
PERTH AMBOY, Middlesex County, N. J.
Sealed bids will be received by Frank Dorsey, City Treasurer, until 2 p. m.
(daylight saving time) May 29 for the following issues of 4%% coupon or
registered bonds:
$150.000 School bonds. Denom. $1,000. Due June 1 as follows: $6,000,
1927, and $8,000, 1928 to 1945, inclusive.
48,200 Water, Series T, bonds. Denom.$1,000 and one for $200. Due
June 1 as follows:$2,000,1926 to 1948,inclusive,and $2,200, 1949.
36,500 Street improvement bonds. Denom. $1,000 and one for $500.
Due June 1 as follows: $4,000, 1926 to 1933,inclusive, and $4,500,
1934.
Dated June 1 1925. Principal and semi-annual interest (J. & D.) payable at the City Treasurer's office. It is required that the above sums be
raised and the bonds will be sold to the bidder offering to pay not less
than said sums and to take therefor the least amount of bonds commencing
with the first maturities, and if two or more bidders offer to take the same
amount of bonds then to the bidder offering the highest additional amount.
The bonds will be prepared under the supervision of the United States
Mortgage & Trust Co., New York City, which will certify as to the genuineness of the signatures of the officials and the seal impressed thereon, and
the validity of the bonds will be approved by Caldwell & Raymond, Esqs.,
New York City. A certified check for 2% of the bonds bid for required.
PINELLAS COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
-K. B. 0. Quinn,
-BOND OFFERING.
NO. 11 (P.O.Clearwater), Fla.
Clerk, Board of County Commissioners, will receive sealed bids until
and bridge coupon or registered
2 p. m. May 12. for 51,000.000 6% road
bonds. Date June 1 1925. Denom. $1,000. Due June 1 as follows:
510,000,1931 to 1935:$20.000, 1936 to 1940:$30,000. 1941 to 1945;$40,000.
1946 to 1950 and $100.000, 1951 to 1955. Principal and interest (J. & D.)
payable at the Seaboard National Bank, New York City. Legality approved
by Chester B. Masslich, New York City. A certified check for $25,000,
payable to above clerk, is required.
-Harris.
-BOND SALE.
PITTSBURGH, Allegheny County, Pa.
Forbes & Co.and the National City Co., both of New York,have purchased
the following four issues of 44% bonds offered on May 6-V. 120. p.
-for a premium of$30.082 50,equal to 102.96, a basis of about 3.99%:
2189
5255,000 public works bonds, 1925.
$390,000 funding bonds, 1925.
150.000 funding bonds,ser. B,1925. 255.000 water bonds, 1925.
All will be dated as of March 1 195 and each issue thereof will mature
in 30 equal annual installments on March 1 of each year. The bonds will
bear int. at the rate of44% payable semi-ann.(M.& S.) without deduction
for any taxes which may be levied thereon by the State of Pennsylvania
pursuant to any present or future law. The bonds will be coupon bonds
of the denom. of $1,000 and $500, exchangeable at the option of the holder
at any time for a registered bond or bonds of the same maturity and of the
denom. of $100 or a multiple thereof not exceeding the aggregate principal
amount of the coupon bond or bonds surrendered in exchange therefor.
Other bids submitted follow: Lewis & Snyder Co., Bank of North America
& Trust Co., and Stroud & Co. all of Philadelphia, $1,079,064; Union
Trust Co. of Pittsburgh, $1,078%455,• W. H. Newbold Son & Co. and
Edward B. Smith & Co. of Philadelphia, $1.077,824 17: Redmond & Co.
of Pittsburgh, Graham, Parsons & Co. of Philadelphia, and J. H. Holmes
& Co. of Pittsburgh, $1.077,157 41,• Mellon National Bank of Pittsburgh,
$1,075,011; A. B. Leach & Co. of Philadelphia, $1,071,777.
-The $70,000
POCAHONTAS, Tazewell County, Va.-BOND SALE.
-were
54% improvement bonds offered on April 15-V. 120. p. 1923
awarded to Walter, Woody & Heimerdinger of Cincinnati at a premium
of $1,160, equal to 101.65. Date April 11925. Due serially.
-BONDS AWARDED
POLK COUNTY (P. 0. Des Moines), Iowa.
-Of the $500,000 road bonds offered on May 1-V. 120,_ p.
IN PART.
2189-$450.000 were awarded to the Polk, Corley, Wheelock Co. of Des
Moines at a premium of $3,600 equal to 100.80.
-The $150,-BOND SALE.
POLK COUNTY (P. 0. Benton), Tenn.
-were awarded
000 5% coupon bonds offered on May 5-V. 120, p. 2189
to I. B. Tigrett & Co. of Jackson at a premium of $6,650, equal to 104.43.
Due in 35 years.
-TEMPORARY LOAN.PORTLAND, Cumberland County, Me.
The temporary loan of $300,000, dated May 7 and due October 5, offered
-was awarded to Fidelity Trust Company, of
2326
on May 4-V. 120, p.
Portland, at 3.46% plus $3.25 premium.
Other bidders were: 8. N. Bond & Company. 3.47%; Salomon Brothers
& Hutzler. 3.49 plus $3; Casco Mercantile Trust Co., Portland, 3.72%;
United States Trust Company, Portland, 3.68% plus $4 premium.
-The $1,000.-BOND SALE.
PORTLAND,Multnomah County,Ore.
000 4% water bonds offered on May 5-V. 120. p. 2061-were awarded
to Eldredge & Co. of New York and the Wells-Dickey Co. of Minneapolis
at 97.654, a basis of about 4.17%. Date May 1 1925. Due $50,000
yearly May 1 1936 to 1955. inclusive.
-BOND DESCRIPTION.
PORTLAND, Multnomah County, Ore.
The $189,000 44% bridge bonds awarded on April 28 to Halsey, Stuart
-are described as follows:
120. p. 2326
& Co. of Seattle at 103.02-V.
Date May 11925. Due $5,000, 1928 to 1934 incl.; $7.000. 1935 to 1948
incl. and $8,000, 1949 to 1955 incl. Principal and semi-annual interest
payable at the office of the fiscal agent of the State of Oregon in New York
City.
Folowing is a list of other bidders:
Rate Bid.
Name of Bidder102.809
Metropolitan National Bank
Freeman, Smith & Camp Co. and William R. Compton & Co.-- 102.583
102.573
A. B. Leach & Co
Western Bond & Mortgage Co., Peirce, Fair & Co. and Lumber102.481
men's Trust Co
Security Savings & Trust Co., Bond, Goodwin & Tucker, Inc. and
102.413
Hugh B. McGuire & Co
102.22
E. H. Rollins & Sons
101.91
Ralph Schneeloch Co. and Detroit Co
101.88
Harris Trust & Savings Bank
Conrad &Broom,Inc. and Ladd & Tilton Bank_ 101.59
George H. Burr,
101.53
John E. Price & Co., First Nat. Bank and Nat. Bank of Commerce 101.378
Balllargeon, Winslow & Co. and Barr Bros. & Co., Inc
-WARRANT DESCRIPPORT LAVACA, Calhoun County, Tex.
BrownTION.
-The $60,000 water works warrants purchased by the and are
-bear 6% interest
°rummer Co. of Wichita-V. 120. p. 2326
Date April 22 1925. Denom. $500. Coupon
described as follows:
warrants (non registrable) Due serially 1927 to 1945. Interest payable
(A. & 0.22).
-BOND DESCRIPTION. The
PRESTON, Jackson County, Iowa.
$14,000 4%
"part payment water company" bonds purchased by the
Geo. M. Bechtel Co. of Davenport at 102.32 (V. 120, p. 1794), a basis of
about 4.30%, are described as follows: Date April 1 1925. Denom. $500.
Coupon bonds. Due May 1 as follows: $1.000, 1936 to 1941 incl., and
52.000. 1942 to 1944, and $2,000 on Nov. 11944. Prin. and int.(M.& N,)
payable at the office of above named firm. Legality approved by H. N.
Rogers of Davenport.
Financial Statement.
$680,388
Actual assessed value of property. year 1924
31,164
Total debt,including this issue
Population, 670.
Price), Carbon
PRICE WATER CONSERVATION DISTRICT (P.O.
County, Utah.
-BOND OFFERING.
-Sealed bids will be received until
10 a. m. May 11 by E. S. Horsley, Secretary, Board of Directors, for
$250,000 6% water bonds. Denom. $1,000. Due 525.000, 1935 to 1944
incl. These bonds have been sold. The call for bids is only to comply
with legal requirements.
[Vol.. 120.
-BOND OFFERING.
RANDALL COUNTY (P. 0. Canyon), Tex.
R. L. Lester, County Judge, will receive sealed bids until May 11 for
$30.000 54% road bonds.
RAPIDES PARISH ROAD DISTRICT NO.5(P.O. Alexandria), La.
-Sealed bids will be received until 11 a. m. May 20
-BOND OFFERING.
by L. P. Whittington, Jr., Secretary Police Jury„ for $20,000 5% sub-road
district "A" bonds. Date Nov. 1 1924. Denom. $500. Due Feb. 1 as
follows: $1,000 1925 and 1926; $2,000, 1927 to 1932 incl. and $3.000, 1933and 1934. Principal and interest (F. & A.) payable at the office of the
Parish Treasurer at Alexandria. A certified check on an incorporated bank
or trust company for 5% of bid is required.
RAPIDES PARISH ROAD DISTRICT NO. 29 (P. 0. Alexandria),
-Sealed bids will be received until 11 a. m. May
-BOND OFFERING.
La.
20 by L. P. Whittington, Jr., Secretary Police Jury, for $42,500 road and
refunding bonds to bear interest at a rate not exceeding 6%. Date June 1,
1925. Due as follows: $1,500. 1926; 52.000, 1927 to 1929 incl.; $2,500,
1930 to 1932 incl.; $3,000. 1933 to 1935 incl.: $3,500, 1936 to 1938 incl.
and $4,000, 1939 and 1940. Legality to be approved by Caldwell & Raymond, New York City. A certified check on an incorporated bank or trust
company for 5% of bid is required.
-The Merchants
-BOND SALE.
READING, Middlesex County, Mass.
National Bank has been awarded $20,000 4% water bonds dated May 1 and
payable 1926 to 1935 at 100.62.
REDFORD TWP. UNION SCHOOL DISTRICT NO. 1 (P. 0. Red-A syndicate composed of*
-BOND SALE.
ford), Wayne County, Mich.
First National Co. of 'Detroit, Fidelity Trust Co. of Buffalo and Harris,
Small & Co.. Watling, Lerchen & Co.of Detroit. has purchased the $300,000
-as 4s at a premium of
school bonds offered on May 1-V. 120, p. 2327
53.650, equal to 101.21, a basis of about 4.117%. Date Feb. 16 1925.
16 as follows; $25,000. 1946: $50,000. 1947 to 1950.
Due yearly on Feb.
incl., and 875,000, 1951.
-BOND OFFER,RICH SQUARE, Northampton County, No. Caro.
ING.-M. E. Whitehead, Town Clerk, will receive sealed bids until May
12 for 513.0006% sidewalk bonds. Date May 11925. Due $1,000 yearly
1926 to 1938 incl.
-BOND
ROBERSON COUNTY (P. 0. Lumberton), No. Caro.
OFFERING.
-Sealed bids will be received until May 26 by E. J. Britt at
Lumberton for the following bonds, aggregating $235,000.
$100,000 44$ county home bonds. 85,000 44 road and bridge bonds.
50,000 44 0 school funding bonds.
-Sealed bids
-BOND OFFERING.
ROCHESTER, Beaver County, Pa.
will be received until 7.30 p. m. (eastern standard time) May 18 by John
H. Mellor, Borough Treasurer, for $20,000 44% coupon Borough bonds.
Date May 11925. Interest M. gr N. Due on May 1 as follows: SLOW
1937 and 1938; 82.000, 1940 and 1941: 83.000, 1942 and 1944 and $4,000.
1945 and 1947. Certified check for $200 required.
-Sealed bids will be received
-NOTE OFFERING.
ROCHESTER, N. Y.
by J. C. Wilson, State Treasurer, until 2:30 p. m. May 12 for 8300,000
municipal land purchase notes. Due eight months from May 15 1925.
at the Central Union Trust Co. of New York.
-BOND
ROCKY SCHOOL DISTRICT, Washita County, Okla.
-An issue of $20,000 school bonds was purchased recently by Walter
SALE.
B. Stephens of Hobart.
-BONDS SOLD
ROUGEMONT, Que.-NO BIDS ACCEPTED.
-No bids were accepted for the $14,000 5%
"OVER THE COUNTER."
20 year serial bonds offered on Apr. 25-V. 120, p. 2064. The bonds
instead were sold "over the counter."
RUSHVILLE UNION SCHOOL DISTRICT NO. 92 (P. 0. Rush-J. M. Nuveen & Co. of
-BOND SALE.
ville), Schuyler County, III.
Chicago have purchased the $35,000 5% school bonds offered on May 1V.
p. 2061-for $37,346. equal to 106.70, a basis of about 4.38%•
Due $3,500 May 1 1935 to 1944, inclusive.
120,
-Caldwell & Co.
-BOND SALE.
ST. ELMO,Hamilton County,Tenn.
of Nashville have purchased an issue of. $40,000 5%% street and sewer
bonds.
-BOND SALE.
ST. JOHNS COUNTY (P. 0. St. Augustine), Fla.
Walter, Woody & Heimerdinger of Cincinnati have purchased an issue of
bonds at a premium of $4.500, equal to 101.05.
$427.000 54% refunding
a basis of about 5.17%. Date May 1 1925. Due May 1 1944.
ST. LUCIE COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
-P.C. Eldred, Clerk
-BOND OFFERING.
NO.3(P.O. Fort Pierce), Fla.
Board of County Commissioners, will receive sealed bids until 2 p. m. May
19 for $50,000 6% coupon road bonds. Date Mar. 10 1925. Denom.
$1,000. Due Mar. 10 as follows: $1,000, 1927 to 1930 incl.: $2,000, 1931 to
1933 incl.; $3,000, 1934 to 1945 incl. and 84,000, 1946. Principal and interest(M.& S.) payable at the United States Mtge. & Trust Co., N. Y. C.
The bonds will be prepared under the supervision of the United States Mtge.
& Trust Co., New York, which will certify as to the genuineness of the signatures of the city officials and the seal impressed thereon. Legality approved
by John C. Thomson, New York City. A certified check for 81,000. payable to the Board of County Commissioners, is required.
-Sealed bids will be
-BOND OFFERING.
SALEM,Essex County, Mass.
received until 10 a. m. May 13 for 8120,000 paving loan 1925 A bonds, maturing 1926 to 1935 incl. and $20,000 paving loan 1925 B bonds, payable
1926 to 1030 incl., both issues dated Apr. 1 and bearing 4%.
-The issue of 5% coupon
-BOND SALE.
SALEM,Salem County, N.J.
or registered water works bonds offered on April 29-V. 120. p. 2062
was sold to H. L. Allen & Co. of New York on a bid of 535,43820. equal
to 104.26, a basis of about 4.48%, for $34,000 bonds ($35,000 offered).
Date May 1 1925. Due yearly on May 1 as follows: $1,000, 1927:
52.000. 1928 to 1943 incl., and $1,000. 1944.
SAN ANGELO, Tom Green County, Tex.-bOND SALE -S. E.
Jarrett & Co.of San Antonio were the successful bidders for the 8315.000 5%
improvement bonds offered on April 30-V. 120. p. 2189-paying a premium of $10,001 50 equal to 103.17. In our notice of offering we gave the
amount of bonds offered as $00,000, which was incorrect.
-The First
-BOND SALE.
SAN ANTONIO, Bazar County, Texas.
National Co. of St. Louis has purchased an issue of $6,500,000 5%% water
supply bonds at par. Due in 40 years.
-BOND OFFERING.
SAN DIEGO, San Diego County, Calif.
Sealed bids will be received until 11 a. m. May 18 by Allen H. Wright.
City Clerk, for the following 5% bonds, aggregating $890,000.
8500,000 El Capitan Dam bonds. Date Jan. 1 1925. Denom. $1,000 and
8500. Due serially.
390,000 Bonita pipe line improvement bonds. Date July 1 1923. Denom.
81,000. Due $10,000 annually for 39 years.
Legality approved by John C. Thomson, New York City. A certified
check for 1% of bid is required.
-BOND OFFERING.
SAN FRANCISCO (City and County of), Calif.
-J. S. Dunningban, Clerk Board of Supervisors, will receive sealed bids
until 3 p. m. May 25 for $1,000,000 5% Hetch Hetchy water coupon or
registered bonds. Date Jan. 1 1925. Denom. $1,000. Due $25,000
yearly 1930 to 1969 incl. Principal and interest payable at the office of the
Treasurer of the City and County or at the fiscal agency in New York.
Legality approved by John 0.Thomson, New York City. A certified check
for 5% of bid payable to above named official is required.
SAN JUAN (Municipality of), Porto Rico.
-BOND OFFERING.Sealed bids will be received until 10 a. m. May 26 by M. Gaetan Barbosa.
Municipal Secretary and Secretary of the Board of Award.for $785,000 6%
refunding and improvement Series B coupon bonds. Date Jan. 1 1925.
Denom. $1,000. Due Jan. 1 as follows: $45,000, 1927: 842,000, 1928:
89.000, 1929; 86,000, 1930; 883.000, 1931: 880.000, 1932: 876,000, 1933:
83,000. 1934; 102,000. 1935 and $99.000, 1936. Principal and interest
. & J.) payable in lawful money of the United States at the office of the
easurer of Porto Rico in San Juan or at the fiscal agency of the Municipality in New York City to be appointed hereafter. At option of holder. A
certified check for 27 of bid payable to the order of the Treasurer of San
0
Juan drawn upon an incorporated bank or trust company is required.
-BOND OFFERING.SARANAC LAKE, Franklin County, N. Y.
Sealed proposals will be received until 5 p. m. (daylight saving time) May
18 by Seaver A. Miller, Village Clerk, for the following 3 issues of bonds at
not exceeding 5% interest:
1J
MAY 9 1925.]
THE CHRONICLE
2465
$20.500 fire bonds. Denom. $1,000 and one for 8500. Due yearly on
TUSCUMBIA SCHOOL DISTRICT, Miller County, Mo.-BOND
April 1 as follows: $1,000, 1926 to 1945 incl. and $500. 1946.
SALE.-Simrall & Co. of St. Louis have purchased an issue of $12,000
11,800 sewer bonds. Denom. $1,000 and one for $800. Due yearly on 514% school building bonds. Date May 1 1925. Due $1,000 yearly
April 1 as follows: $1,000. 1928 to 1935 Incl. and 8800, 1936.
May 1 1926 to 1937 incl. Interest payable (M.& N.).
11,100 water bonds. Denom. $1,000 and one for $100. Due $2,000
TWEEDY SCHOOL DISTRICT, Los Angeles County, Calif.yearly on April 1 from 1926 to 1930 incl. and $1,100 Apr. 1 1931.
OFFERING.
-Sealed
Date Apr. 1 1925. Principal and semi-annual (A. & 0.) payable at the BONDLampton. Clerk Boardbids will be received until 2 p. m. May 11 by
L. E.
Adirondack National Bank, Saranac Lake, in New York Exchange. Bonds Date May 1 1925. Denom.of Supervisors, for $69,000 5% school bonds.
51,000. Due May 1 as follows: $1,000 in
may be registered or coupon, as the purchaser may prefer. Certified check 1926 and 112,000 1927 to 1960.
inclusive. Principal and semi-annual
on a national bank or trust company for 5% of the amount of bid, payable to interest payable at
the Village of Saranac Lake, required. The bonds were authorized by the 3% of bid, payablethe County Treasurer's office. A certified check for
to
voters at an election held on Mar. 17. According to official advertisement The assessed valuation the Chairman Board of Supervisors is required.
of taxable property for 1924 is $1.395.885, and the
there has never been any default by the village in payment of any obligation,
and that there is no litigation pending or threatened regarding the issue of amount of bonds previously issued and now outstanding is $500.
Estimated population is 950.
these bonds.
Financial Statement.
VESTAL COMMON SCHOOL DISTRICT NO. 2 (P. 0. Vestal),
Assessed valuation of real property subject to taxation as same appears on Broome County, N. Y.
-BOND SALE.
-On April 27 the $20,000 5%
the 1924 asser2sinent roll is $3,417,483.
school bonds, offered on that date (V. 120, p. 2063) were awarded to
Sherwood & Merrifield, Inc. of New 'York on their bid of 104.25. a basis
Bonded Debt.
Water bonds
$131.600 00 of about 4.58%. Date May 1 1925. Due yearly on Dec. 1 as follows:
Paving bonds assessed to abutting owners
38,550 00 $1.000, 1926 to 1930 incl. and $1,500. 1931 to 1940 incl. Other bidders
All other bonds
184,233 33 were:
Name of BidderRate.
Total indebtedness
104.18
$354,383 33 R.F. De Voe & Co., N. Y. C.
H. L. Allen & Co., N. Y. C.
No floating indebtedness;
103.87
Annual receipts for water rents
103.385
40,000 00 Fidelity Trust Co., Buffalo
Sinking fund to pay water bonds,about
---103.14
$20,000 00 Geo. B. Gibbons & Co., Inc., N. Y. C
100.616
Property is assessed atirom 25% to 40% of estimated actual value. Tax Parson, Son & Co., N. Y. 0.
rate for 1924 was $25 00 per $1,000. Population last census, 5,174. EstiVINTON, Roanoke County, Va.-BOND DESCRIPTION.
-The folmated population now 7.000.
lowing bonds purchased by the Wells-Dickey Co. of Minneapolis and Wachovia Bank & Trust Co. of Winston-Salem, jointly, at 100.01-V. 120, P.
SELAH SCHOOL DISTRICT, Yakima County, Wash.
-BONDS 2328-a basis ofabout 4.99%,bear 5% interest and are described as follows:
TO BE RE
-VOTED-TECHNICALITIES FOUND.
-The $75,000 school
$20,000 court house, jail and fire station.
building bonds voted at the election held on Apr. 4-V. 120, p. 1924-will 560.000 street paving
7,500 sewer
4,500 fire truck
have to be passed on again due to technicalities arising on the issue. The
8,000 water main
date of the new election has been set for May 18.
Date Jan. 11925. Due Jan. 1 1955.
SHELBY, Toole County, Mont.
-BOND SALE.
-The Drake-Jones
Financial Statement
-As Officially Reported.
Co. of Minneapolis has purchased the following 2 issues of 6% bonds ag- Official estimated value, real and personal property
gregating $65,000.
Assessed valuation, 1924
$3,50°"
970.279
$38,000 water works construction bonds.
$27,000 funding
Total bonded debt (including this issue)
150,000
Date May 1 1925. Denom. $500. Coupon bonds. Due in bonds. Less water bonds
1935.
$25,000
Interest payable J. & J.
Sinking fund
11,300
36,300
SPARTANBURG COUNTY (P. 0. Spartanburg), So. Caro.
113,700
-BOND Net Bonded Debt
DESCRIPTION.
2,779
-The 821,000 6% school bonds purchased by the Mont- Population. 1920 U. S. census
Population, 1925 estimated
gomery Trust Co. of Spartanburg at 104.76-V. 120. p. 2062-a basis of
,
3,350
about 5.60%. are described as follows: Date Jan. 1 1925. Denom.$1,000.
WAKE COUNTY (P. 0. Raleigh), No. Caro.
-CORRECTED NOTICE
Coupon bonds. Due Jan. 11945. Interest payable J. & J.
OF OFFERING.
-Sealed bids will be received until 12 m. May 11 by William
H. Penny,
SPRINGFIELD, Bristol County, Mass.
-TEMPORARY LOAN.- aggregatingClerk Board of County Commissioners, for the following bonds
$260.000:
The city treasurer has placed a short term loan of $500,000 with the First
5,0 road funding bonds. Due May 1 as follows: $4,000. 1928 to 1942
National Bank of Boston at a discount of $3,375. The loan is in anticipaincl. and 55.000, 1943 to 1965 incl.
tion of taxes and is due Nov. 13.
85,000 general county funding bonds. Due May 1 as follows: $2,000,
SPR1NGLAKE INDEPENDENT SCHOOL DISTRICT, Lamb
1928`to 1956 incl. and 53.000, 1957 to 1965 incl.
County, Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas
Date May 1 1925. Denom. $1,000. Coupon bonds registerable as to
registered $30,000 6% school bonds on April 29. Due serially.
principal only. Interest payable (M. & N.). Bidders to name rate of
interest. Legality approved by Reed, Dougherty & Hoyt of New York.
STOCKTON, San Joaquin County, Calif.
-BOND OFFERING.
A. L. Banks, City Clerk, will receive sealed bids until 5 p. m. May 11 A certified check or 2% of bid is required.
for the following bonds. aggregating $290.000:
WARREN, Trumbull County, Ohio.
-BOND OFFERING.
-Sealed
$250,000 5% municipal impt., 1924 issue. Date Aug. 1 1924. Due bids will be received by Frank S. Watters, City Auditor, until 12 in. May 18
Aug. 1 as follows: $44,000 in 1926: $52.000 in 1927 and for the following issues of 5% coupon bonds:
1928: $10.000, 1929 to 1938. and $2,000 in 1939. Interest 157.125 Purchase of real estate, city share. Denom. $1,000 and one for
payable F. & A.
$1,125. Due yearly on Oct. 1 as follows: $6.125. 1926; 16.000,
40,000 5S1% municipal impt., 1920 issue. Date Dec. 1 1920. Due
1927 to 1929 incl.; 55,000, 1930 to 1932, incl. and $6.000, 1933 to
Dec. 1 as follows: $9,000 in 1945: $24,000 in 1946, and
$7,000 in 1947. Interest payable J. & D.
1935 AtDrive No. 2 paving, property share. Denom. $1,000.
38,000 Crescl ci.
Denom. 11.000. Prin. and in payable at the City Treasurer's office.
Due yearly on Oct 1 as follows: $4.000, 1926 to 1929 inc1.85,000,
A certified check for 2% of bid, payable to the City Auditor, is required.
1930 and 1931 and $4,000, 1932 to 1934 incl.
gi
5,300 Crescent Drive No. 2 water mains, property share. Denom.
STOKES COUNTY (P. 0. Danbury), No. Caro.
-BOND SALE.
$1,000 and one for $1,300. Due yearly on Oct 1 as follows: $2,300
The $120.000 road improvement bonds offered on April 18-V. 120. p.
1926 and $3,000. 1927.
1656
-were awarded to A. T. Bell & Co. of Toledo as 44s at a premium
40,000 Widening TEast Market St., city share. Denom. $1,000. Due
of $1.633. equal to 101.36. a basis of about 4.66%. Due $10,000 yearly
yearly on Oct 1 as follows: $4,000. 1926 to 1940 incl.
1944 to 1955 ind.
3,500 West Market St. water mains, city share. Denom.11.000 and one
STOR f COUNTY (P. 0. Nevada), Iowa.
for $1,500. Due $1.500 Oct. 1 1926 and 52.000 Oct 1, 1927.
-CERTIFICATE SALE.
The Polk, Corley & Wheelock Co. of Des Moines has purchased an issue of
4,500 West Market St.sewer,city share. Due on Oct 1 as follows: $3,500
$25,000 road anticipation certificates.
1926 and $2,000, 1927. Denom. $1,000 and one for $1,500.
79,000 West Market & Buckeye Ste. paving, city share. Denom. $1,000.
SUMMERTOWN SCHOOL DISTRICT, Emanuel County, Ga.Due yearly on Oct 1 as follows: 58,000, 1926 to 1929 incl;
BOND OFFERING.
-Sealed bids will be received until 2 p. m.
$7.000.
1330 and $8,000, 1931 to 1935 incl.
by J. A. Dickey, District Secretary, for $30.000 5g% schoolMay 25
bonds.
90,000 Widening West Market St., city share. Denom. 11.000. Due
Date June 1 1925. Denom. $1,000. Due serially June 1 1926 to 1955.
yearly on Oct 1 as follows: $9.000, 1926 to 1935 incl.
SUMTER COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 6
52,000 Extending Water Works. Denom. $1,000. Due yearly on Oct 1
(P. 0. Bushnell), Fla.
as follows: $5,000, 1926 to 1929 id.; $6,000, 1930 and 1931 and
-BOND OFFERING.
-W. T. Eddins. County
Superintendent of Schools, will receive sealed bids until 12 m. May 19 for
$5,000, 1932 to 1935 incl.
535.000 6% school bonds. Date Jan. 1 1925. Denom. $500. Due Jan.
Date Apr. 11925. Principal and semi-zmnual interest (A. & 0.) payable
1 as follows: $3,500 in 1928 and $1,500, 1929 to 1949 incl. Principal and
semi-annual interest payable at the Hanover National Bank, New York at the office of the City Treasurer. Certified check for 5500 payable to the
City Treasurer required.
City. A certified check for 2% of bid is required.
Financial Statement (April 15, 1925)
Total assessed valuation for 1925:
SWEETWATER COUNTY SCHOOL DISTRICT No.7(P.O. Dines)
Real estate
-BOND OFFERING.
Mont.
-G. C. Davis, District Clerk, will receive
814,478,730.00
sealed bids until 5 p. m. May 16 for 575,000 5% school bonds. Date July Personal property
21.688,440.00
11925. Interest payable semi-annually.
Total valuation
566.167370 00
TALBOT COUNTY (P. 0. Talbotton), Ga.-BOND OFFERING.
Indebtedness
.1. A. Smith, Chairman Board of Education, will receive sealed bids until General bonded debt
$2.730.300.00
May 16 for $30,000 5% school bonds. Date May 1 1925. These are the Special assessment debt
1,408.415.00
offered for sale on May 2-V. 120, p. 2190.
bonds
This issue, city and property share
399,425.00
TENSAS PARISH SCHOOL DISTRICT NO. 4 (P. 0. St. Joseph),
Total debt including this issue
-BOND DESCRIPTION.
-The 560.0005 Si% school bonds purchased
La.
54.538.140.00
by Sutherlln, Barry & Co. and Watson, Williams & Co., both of New Tax rate
2.12
Water Works bonds and extension, including this issue
Orleans, jointly, at 101.91-V. 120. p. 1924-a basis of about
*$1.136,950.00
described as follows: Date Feb. 1 1925. Denom. $500. Due5.10% are Cash balance and investments in sinking fund
185,000.00
Feb.
follows: $500, 1926 to 1929; SLOW), 1930 to 1934; $1,500. 1935 to 1 as Population. 1910 census
11,081
1939;
82.000. 1940 to 1944; 12.500. 1945 to 1947; $3.000, 1948 to 1950; 53,500 in Population, 1924 census
38.000
*Self-sustaining.
1951 and 1952 and $4,000. 1953 to 1955. Principal and interest(F. & A.)
payable at the National City Bank, New York City. Legality to be
WASHINGTON SCHOOL TOWNSHIP (P. 0. Spencer), Owen
approved by Wood & Oakley of Chicago.
County, Ind.
-BOND OFFERING.
-Sealed bids will be received until
2 p. m. May 26 by Edward W. Ca.ssadv, trustee, for $16 450 5% coupon
Financial Statement.
Assessed valuation
school bonds. Denom. $658. Date May 1 1925. Principal and semi$2,846,653 annual
bonded debt, this issue only
Total
interest (J. &
60,000 $658 each 6 months J.) payable at the Exchange Bank of Spencer. Due
Population, estimated
from Jan. 1 1928 to Jan. 1 1940 incl.
4,200
Area of District
130,000 acres.
WASHTENAW COUNTY (P.O. Ann Arbor), Mich.
THAYER, Neosho County, Kan.-BOND OFFERING.
The Detroit Co.and Braun,Bosworth & Co. have jointly-BOND SALE.-H.
purchased
Minnich, City Clerk, will receive sealed bids until 4 p. m. May 11, M. assessment road district No. 1004 bonds as 43is at 100.106. The $59 000
for bids for 43
following
electric light bonds. Date May 1 1925. Denom.
,
818.000 4%
1% bonds were also received:
$1,000.
Due May 1 as follows: $2,000 In 1928 and $1,000, 1929 to 1944 incl. A
Premium.
Price.
A. T. Boll & Co
certified check for 2% of bid is required.
10
100.59
Benj. Dansard & Co.. Stranahan, Harris & Oatis_ _ _ $348 78
319
100.54
TIPTON COUNTY (P. 0. Covington), Tenn.
-BOND SALE.
- Howe Snow & Beetles18467
100.313
The $145,000 highway bonds offered on May 4-V. 120. yi. 2063
-were Watling, Lerchen & Co.. Rumpus & Co
182 90
100.31
sold as 43(s at a premium of $2,955. equal to 102.03. a basis of about 4.59%.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
Due $2,500. 1926 to 1935 incl.; $5.000, 1936 to 1945 incl. and 17.000,
-BOND
OFFERING.
-George E. Edie, County Comptroller, will receive
1946 to 1955 incl.
sealed
bids until 12 m. May 20 for the following 4% coupon or
TONKAWA, Kay County, Okla.
registered bonds,
-BOND DESCRIPTION.
-The aggregating 82,995,000:
following water and light extension bonds aggregating 570.000 purchased $1,120,000 county hospital. Due
June 1 as follows: $20,000 in 1926
hv the Branch-Middlekauf Co. of Wichita
-V. 120. p. 1370
and
-bear 5%
550.000, 1927 to 1948.
Interest and are described as follows:
920,000 county park. Due $20.000 yearly June 1 1926 to
810,000 electric light bonds.
1971.
530,000 court house. Due June 1 as follows: $5,000 in
water works bonds.
60.000
1926. and
525.000, 1927 to 1947.
Date Mar. 1 1925. Denom. $1,000. Coupon bonds. Due in 20 years.
181,000 Van Cortland Bride:0. Due June 1 as follows:
Interest payable (M. & S.)•
$1,000 in
a n. $10 e .1ane927a fal10wa
ay d Da00 . 1 1. a to l9 4
. 0
4.
138,000 11ghw
6.
h92
: $3,003 in 1926 and
TROY TOWNSHIP SCHOOL DISTRICT NO. 6, Oakland County,
1927 to 1935.
515,000.
-An issue of $100,000 4g% school bonds has
-BOND SALE.
Mich.
been
106.000 Bronx Parkway. Due June 1 as follows: $0,000 in
sold to Watling, Lerchen & Co.of Detroit. Date May 1 1925. Due May 1
1984
.
$15,000, 1985 to 1987. and 552,000 in 1988.
1955.
Date June 1 1925. Denom. $1,000. Prin.
County Treasurer's office. Legality approved and int. yoayable at the
TUSCALOOSA, Tuscaloosa County, Ala.
-BOND SALE..
by
-The & Longfellow of N. Y. City. A
certified check for 2%Hawkins, Delafield.
$175,000 public improvement bonds offered on May 6-V. 120, p. 20632
of bid is required.
were awarded to Ward, Sterne & Co. of Birmingham as 5s at a premium of
WELLESLEY, Norfolk County, Mass.
$100, equal to 100.05. a basis of about 4.98%. Date May 1 1925. Due $125 000 loan dated
-TEMPORARY LOAN.
-A
May 4 and maturing Nov. 23
May 11935.
has been
F. S. Moseley & Co. at 3.49% discount.
Other bidders were: awarded to
S. N. Bond
THE CHRONICLE
2466
[Vox.. 120.
HULL, Que.-BOND SALE.
-The $200.000 5% local impt. bonds
dated Nov. 1 1924 and maturing Nov. 1 1945 offered on April 28--V. 120,
p. 2191-were purchased by Nesbit, Thomson & Co., Montreal at 98.616.
Denom. $1,000. Int. M.& N. The following bids were also received.
97.536
Dyment & Co., Toronto
96.77
McLeod, Young, Weir & Co., Toronto
97.13
Matthews & Co., Toronto
96.26
C. H. Burgess & Co., Toronto
98.20
Wood, Gundy & Co., Toronto
98.00
Municipal Bankers Corp., Toronto
97.55
Credit Canadien Inc., Montreal
97.58
Bell, Gouinlock & Co., Toronto
98.27
Versailles. Vidricalre, Boulais, Montreal
98.09
Dominion Securities Corp., Montreal
96.02
Credit Angio-Francais Ltee, Quebec
98.08
Meade & Co., Montreal
-Wood, Gundy &
KITCHENER CITY, Ont.-DEBENTURE SALE.
Co. have been awarded $287,945 59 5% debentures at 99.64. The various
bids received were as follows: Wood, Gundy & Co., 99.64; A. E. Ames
& Co., Ltd., 99.599; Dominion Bank, 99.53; H. R. Bain & Co., Ltd.,
99.36; Municipal Bankers Corp., Ltd.. 99.334; Cochrane, Hay & Co.,
Ltd., 99.317; Waterloo Trust & Savings Co., 99.315; Murray & Co., 99.27;
McCoo, Padmore & Co.. 99.25; Matthews & Co., Ltd., 99.19: Frey. Mills,
Spence & Co.,99.143; Dyment, Anderson & Co.,99.11; MacNeitl, Graham
& Co.. 98.91; Dominion Securities Corp.. Ltd., 98.87; E. H. Burgess & Co.,
98.83; Gairciner. Clark & Co., 98.82; Bell, Goulnlock & Co., 98.78; R. A.
Daly 8: Co., 98.59.
-Tenders
LAVAL DES RAPIDES, Que.-DEBENTURE OFFERING.
were received until 5 p. m. May 8 for the purchase of the following bonds:
2
$10,000 53/% 20-year serial bonds in denominations of $500 each and
payable at Montreal and Cartlerville; $29,000 6% bonds maturing in 1956
-year bonds in denominations of $500 each
and 1957, and $2.500 53% 10
and payable at Montreal and CartiervIlle. J. A. Paquette, Clerk.
-H. R. Bain & Co. of Toronto
OWEN SOUND, Ont.-BOND SALE.
-year debentures
were successful tenderers for the 8400,000 issue of 5% 20
for the construction of a million-bushel elevator here, offered on May 4V. 120, p. 2329. The price was 99.79. Other prices bid were: Wood.
Gundy & Co., 99.66; Matthews & Co., 99.098: McLeod, Young, Weir
& Co.. 99.44; Goss, Forgie & Co., 98.78: R. N. Bird & Co., 98.03: Harris,
McK'een & Co., 98.51: Gairdner, Clarke & Co., 98.67: McDonagh & Co.,
98.62; F. W. Mills & Co. and Spencer dc Co.. 99.397: Municipal Bankers,
99.77; Hanson Brothers, 98.03: Bell, Gouinlock & Co. 99.28; Dyment,
Anderson & Co., 99.28: R. A. Daly & Co., 99.03; C. N. Burgess & Co.,
99.33; William C. Brent Co., 99.09; MacNeill, Graham & Co.. 99.27;
National City Co., 98.21; Dominion Development Corp., 97.55: McCoo,
Padmore & Co., 97.38; A. E. Ames & Co., 99.69.
-Tenders will be received
REGINA,Sask.-DEBENTURE OFFERING.
-year,
-year 818,400 20
until 11 a. m. May 19 for the purchase of $4.700 5
and $31,000 30
-year 5% debentures. Alternative bids are asked for bonds
payable in New York and Canada, and payable in Canada only. John E.
Snowball. City Treasurer.
-On April 27, Rene T. Leclerc, Inc.,
ST. JEAN, Que.-BOND SALE.
of Montreal, was awarded the $235,000 concrete pavement bonds offered
-year bonds bearing 5%
on that date (V. 120, p. 2064) at 98.83 for 10
interest. Denom. $100. $500 and $1,000. Date June 1 1925. Interest
-Harris. J. & D. Due June 11935. optional at any time.
EAST YORK TOWNSHIP, Ont.-DEBENTURE SALE.
MacKeen & Co., were the successful bidders for the $27.726, 53 %, 10
-Hanson Bros., ob
SMITH'S FALLS, Ont.-DEBENTURE SALE.
instalment bonds, paying 101.69. which is equal to a cost of5.15%. Tenders tabled the $17,970 5% 10
-year bonds at
-year and the 8172,577 5% 20
were as follows:
99.062. Tenders were as follows:
101.69
97.79
Harris, MacKeen & Co.
99.062 A. E. Ames & Co
Hanson Bros
101.61
97.36
Gairdner, Clarke & Co
H. R. Bain & Co
98.849 Harris, MacKeen & Co
100.59
97.313
R. A. Daly & Co
R. A. Daly & Co
98.08 Fry, Mills, Spence & Co
101.37
97.07
C. H. Burgess & Co
Bell, Gouinlock & Co
98.03 C. H. Burgess & Co
101.44
97.00
McDonagh,Somers & Co
Municipal Bankers Corp
97.844 Goes, Forgie & Co
101.54
Matthews & Co.
-An issue of
STAMFORD TOWNSHIP, Ont.-DEBENTURE SALE.
FOREST HILLS, Ont.-DEBENTURE SALE.-McCoo, Padmore & $14,350 township of Stamford, 5% 20
-year sidewalks and water work_
-instalment debentures has been awarded to Matthews & Co. on a bid of 99.37. The
Co. were the successful tenderers for an issue of $25,000,5%,30
debentures, the price paid being 99.25, which is equal to a 5.07% basis. bids are as follows:
99.02
Following is a list of the bids received:
Matthews & Co.. Ltd
99.37 Harris, Mackeen & Co
99.25
99.00
99.341 Imperial Bank of Canada
H. H. Bain & Co
McCoo, Padmore & Co
98.53
98.37
99.241 Bell. Gouinlock & Co
R. M. Bird & Co
McDonagh, Somers & Co
98.27
98.34
99.231C. H. Burgess & Co
Fry, Mills, Spence & Co
Municipal Bankers Corp
98.12
Matthews & Co
Dyment, Anderson & Co
99.13
98.07
Macneill, Graham & Co
-Wood. Gundy &
YORK TOWNSHIP, Ont.-DEBENTURE SALE.
98.07
Housser, Wood 8c Co
-installment trunk sewer, local imCo. have purchased 81,111,693 5% 30
97.81
C. H. Burgess & Co
provement and school debentures at 99.537 a cost to the township of about
97.62
Bell. Gouinlock & Co
5.05%. The complete list of bids is as follows: Wood, Gundy & Co.,
97.35
Gross, Forgie & Co
99.537; A. E. Ames & Co., Matthews & Co., 99.39; C. H. Burgess & Co.,
97.11
R. A. Daly & Co
99.16; R. A. Daly & Co.. 98.87; Dyment, Anderson & Co.. Macneill,
96.50
Mackay & Mackay
Graham & Co., and Fry, Mills, Spence & Co.. 98.831; McLeod, Young,
96.46
W. C. Brent & Co
Weir, Bell, Gouinlock & Co., Cochrane, Hay & Co.. 98.68; Goss, Forgie
96.17
Hanson Bros
& Co., 98.67.
96.11
Securities Corp
Dominion
& Co. 3.50%; Old Colony Trust Co. 3.59%, plus $1 25 premium; Grafton
& Co.1 3.61% plus $3; and First National Bank of Boston, 3.65%•
-BOND OFFERING.
WELLSVILLE, Columbiana County, Ohio.
Sealed bids will be received by Fred Eckfield, City Auditor until 12 m.
May 19 for the following issues of 6% coupon bonds.
$15.900 City's share Wells Ave. Impt. bonds. Denom. $1,500 and one for
$2.400. Due yearly on May 15 as follows: $2,400 1926 and
$1,500 1927 to 1935 incl.
53,000 Special assessment Wells Ave. Impt. bonds. Denom. $5,000 and
one for $8.000. Due yearly on May 15 as follows: $8,000 1926
and $5,000 1927 to 1935 incl.
Date May 15 1926. Int. M.& N. Certified check for 2% of the bonds
bid for, required.
-BONDS REGISTERED.
WESLACO CITY, Hidalgo County, Tex.
The State Comptroller of Texas on April 27 registered the following 6%
bonds aggregating $45,000:
$20,000 water works.
25,000 sewer.
Due serially.
-BOND
WESTMONT (P. 0. Johnston), Cambria County, Pa.
-H. P. Shomo Borough Secretary will receive sealed bids
OFFERING.
at 1.30 p. m. May 12 at 1106 First National Bank Bjilding Johnstown,
for the purchase of $10 000 5% fire fighting equipment bonds. Denom.
$500. Date May 1 1925. Interest M.& N. Due Nov. 11934. Certified
check for $200 payable to the Borough Treasurer required.
-BOND DEWEST PALM BEACH (Palm Beach County, Fla.).
SCRIPTION.
-The $55,222.85 6% special improvement bonds purchased
by the Well, Roth & Irving Co.of Cincinnati and the Florida National Bank
-are described as follows: Date
-V. 120. p. 2063
of Jacksonville. jointly
Mar. 1 1925. Denom.$1,000 except 1 for $222 85. Coupon bonds. Due
Interest payable M.& S.
serially 1926 to 1935.
-BONDS
WEST ST.PAUL (P. 0. St. Paul), Ramsey County, Minn.
-The proposition to issue $120,000 school building bonds
DEFEATED.
submitted to a vote of the people at the election held on April 21-V. 120,
-failed to carry.
P. 2063
-A
-BOND ELECTION.
WHITEHOUSE, Lucas County, Ohio.
special election will be held on June 6 to vote on the question of issuing
$22 000 water works system erection bonds. John L. Schmid, Mayor.
-The folWISNER, Cuming County, Neb.-BOND DESCRIPTION.
lowing 5% paving bonds, aggregating $126,000 awarded on April 27 to the
-V. 120, p. 2328.
Omaha Trust Co. of Omaha.
$38,500 Paving District No. 1 bonds.
25,000 Paving District No. 2 bonds.
7,500 Paving District No.3 bonds.
55,000 intersection paving bonds.
are described asfollows:Date June 11925. Denom.$1,000. Due in 10 yrs.
YUMA COUNTY SCHOOL DISTRICT NO.11 (P.O. Yuma),Ariz.
-At an election held recently the voters authorized the
BONDS VOTED.
issuance of $34,000 school building bonds.
CANADA, its Provinces and Municipalities.
We Specialize In
City of Philadelphia
38
/
31 26
48
4lAs
8
1
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42
58
4
1
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S 3
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51 28
Biddle & Henry
104 South Fifth Street
Philadelphia
Frusta Wire to New Yort
Call Canal 1437
BALLARD & COMPANY
Members Nets York Stook Exchange
HARTFORD
Connecticut Securities
NEW LOANS
NEW LOANS
$30.000
FINANCIAL
$85,000
AVOCA SCHOOL
DISTRICT
Avoca, Luzerne Co., Pa.
Summertown School District
Summertown, Ga.
Bonds.
4% COUPON BONDS
Sealed bids will be received until two o'clock
P. M.. May 25. 1925. for $30,000.00, Summer
town School District 53's, due June 1, 1926 to
June 1, 1955, interest payable June 1, annually
In New York. Bonds dated June 1, 1925, in
denomination of $1,000.00. issued to build and
equip a school house. Property of District
assessed at $500,000.00; total bonded debt including this issue $30,000.00; Poptilition 5,000:
area 115 square miles.
The District reserves right to reject any and
all bids.
J. A. DICKEY,
SECRETARY, SUMMERTOWN SCHOOL
DISTRICT.
I. W. Rountree, Atty..
Swainsboro, Ga.
Sealed bids will be received until 7:30 o'clock
p. m., MAY 29TH, 1925, by Avoca School District, Avoca, Luzerne County, Pennsylvania.
for 85.000.00 43. % coupon bonds, tax free,
dated June 1, 1925, denomination $1,000.00,
due December 1st of each year as follows:
$2,000.00. 1926 to 1929 inclusive, and $4,000.00
each year thereafter until bonds be 'gild. Interest payable in June and December. Each
bid must be accompanied by a certified check
made payable to the Treasurer of Avoca School
District in the sum of $1,000.00 as a guarantee
that the bonds will be taken and paid for at the
price bid. Proposals to be endorsed: "Proposals for Avoca School District Bonds." and
addressed or presented to John Tinilin, Secretary
of the School District of the Borough of Avoca.
The bonds will be sold to the highest responsible
bidder. The School District reserves the right
to reject any and all bids. Bids will be opened
at a meeting of the School Board at the High
School on Main Street. in the Borough of Avoca,
on May 29th, 1925, at 7:30 o'clock p. m.
JOHN TIMLIN,
Secretary of Avoca School District.
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