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Railway& Industrial Compendium
State & Municipal Compendium
VOL.121.
financialamide
Public Utility Compendium
Railway Earnings Section
Bank and Quotation Section
Bankers' Convention Section
SATURDAY,NOVEMBER 21 1925
NO.3152
4% is neither a high nor a low rate. Moreover, it is
to be borne in mind that the Reserve System never
had a discount rate lower than 4% until 1924. The
PUBLISHED WEEKLY
advance in discount rates that has been made is priTerms of Subscription—Payable in Advance
marily and fundamentally a proper move to bring the
12 Mos. 6 Mos
Including Postage—
$10.00
Within Continental United States except Alaska
$6.00
11.50
In Dominion of Canada
6.75 Reserve rate in closer contact with the market rates
Other foreign countries, U.S. Possessions and territories
13.50
7.75
from which it had moved away during the fifteen
NOTICE.—On account of the fluctuations In the rates of exchange.
remittances for European subscriptions and advertisements must be made months in which the 3 % rate prevailed; the in/
1
2
In New York funds.
creased discount rate just made in Boston has had
Subscription includes following Supplements—
COMPIIINDIUMS—
SICTIONII—
no apparent effect upon market rates."
PUBLIC UTILITY (semi-annually)
BANK •NDblooTATION (monthly)
RAILWAY EARNINGS (monthly)
RAILWAY & INDUSTRIAL (semi-ann.)
With this statement and the further assertion that
BEATS AND MUNICIPAL(semi-annually)
BANKERS' CONVENTION (yearly)
"there are no unhealthy tendencies yet visible in
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Transient display matter per agate line
45 cents business," he nevertheless asserted that something
On request
Contract and Card rates
must be done "to keep the financial atmosphere free
Camino Orrics—In charge of Fred. H. Gray. Western Representative.
208 South La Salle Street. Telephone Harrison 15616.
from poisons of speculative enthusiasm," and went
LONDON Omni—Edwards & Smith. 1 Drapers Gardens, London. R.0.
on to say, "it is not clear just what positive action
WILLIAM B. DANA COMPANY, Publishers,
the Federal Reserve Board can take to prevent an
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unhealthy speculation. The Federal Reserve System
Published every Saturday morning by WILLIAM B. DANA COMPANY. has nothing to do with the Stock Exchange directly,
President and Editor. Jacob Seibert; Business Manager, William D. Riggs;
Treas. William Dana Seibert; Sec. Herbert D.Seibert. Addresses of all. Office of Co.
but it is its duty to know the use that is being made
of the credit received from Federal Reserve banks—
The Financial Situation.
to see that it is available only for legitimate uses
The Federal Reserve Bank of Cleveland followed and that it is not utilized indirectly for the support
the lead of the Boston bank and raised its rediscount of unhealthy conditions." One could wish that Fedrate from 3 to 4%, effective Tuesday, and the di- eral Reserve "policy" during the last two years had
/
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rectors ,of the Philadelphia bank took like action been guided by these ideas.
This pronouncement by Dr. Miller was preceded
after the close of business on Thursday. There has
been no increase in the rates of the Bank of England by an even more emphatic and perhaps more widely
or the Federal Reserve Bank of New York. During heralded statement by Colonel Leonard P. Ayers, of
the week up to Wednesday night the stock market the Cleveland Trust Co., who, in an annual printed
was weak, or hesitant, awaiting the action of the forecast issued by his bank, pointed out that alNew York bank. On Thursday and Friday it showed though the business situation in the country was
recovery, but displayed weakness again at the final never better and is still improving, there were four
close on Friday, when Radio Corporation stock points of danger which indicated the near approach
dropped to the lowest figure of the year.
of the culmination of the present bull market in
The week has been an interesting one in the secu- stocks. His analysis pointed to (1) a building boom,
rities markets because they have been under the the greatest in any land at any time and now acceleinfluence of well-thought-out warnings in respect to rating. This, he said, has been caused by (a) a shortexisting or approaching dangers. In the movements age of construction during the war and post-war
of the week the market has endeavored to correct years, (b),the changes going on in our ciites on acsome of the very dangers that have been pointed out, count of automobile developments, (c) the advances
and the violence of the movements has been almost in standards of living, and (d) the easy credit situaas great as though the dire calamities warned of had tion. He thought that over-building was going on
actually happened. Dr. A. C. Miller, of the Federal generally and that the land boom in Florida was
Reserve Board, in a speech before the Commercial only the greatest accentuation of this general danClub in Boston on Tuesday made some Delphic utter- ger. (2) He pointed out that cars are now being
ances, but which, nevertheless, contained a note of manufactured in large quantities because quite rewarning. After remarking that "it is not the duty of cently new types of closed cars have been made availthe Federal Reserve System to undertake to regulate able at low prices, and the widely developed partial
stock or other speculation." he took occasion to make payment plan has made purchase possible with great
the pronouncement that it was well "to recall that numbers of people. He, therefore, foresees a slowthe Federal Reserve System was not established to ing down in automobile manufacturing, as these facprovide a life preserver for the speculator." Speak- tors are not likely to be equally operative in years
ing of the increase from 3 % to 4% in the discount to come. (3) He stressed partial payment plan of
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rate in Boston and Cleveland, he said: "Of course, purchase, particularly as applying to automobiles,
The Thronicle.
2442
THE CHRONICLE
but also to many classes of needs. He foresees the
contraction of these credit facilities because many
of the new financing companies are manned by promoters who are not practical bankers and because
money rates are likely to be higher. (4) The security
markets themselves. After pointing out that there
has been an over-speculation in stocks, he
stated that previous bull markets had been brought
to an end through three kinds of causes; namely (a)
rising interest rates, (b) doubt as to business prospects, and (c) the driving of stocks by speculation to
levels higher than their values. He believes that
this market is coming to an end through the third
cause.
Colonel Ayers was also very definite in regard to
the signal which would announce the end of the current market; namely, the next raising of the New
York discount rate.. This prediction, coming after
the traders of the country had been trained to expect
dire calamity with the raising of this rate, and when
for several weeks the market had been on the qui-vive
each Thursday as to whether the rate would be
raised or not, and backed up as he has been by several similar warnings from eminent bankers, has
been widely proclaimed throughout the country, and
has evidently had a very material effect.
It is never well, however, to be dogmatic in conclusions of this kind. The warnings are certainly
timely, but trade at large remains sound, and if the
warnings are heeded the evils feared may yet be
averted. The future depends upon the extent to
which the warnings meet with proper and adequate
response.
Merchandise imports into the United States in
October for the fourth consecutive month show a considerable expansion and are larger than in any October during the preceding five years. Exports also
show some increase for each of the four months beginning with June, but, as in September, October
merchandise exports are substantially lower than
they were in the corresponding months of 1924. The
movement of cotton to foreign ports from the United
States in October this year was exceptionally heavy,
and if allowance is made for the value of this movement, the foreign trade of the United States for October this year on the export side, does not make
quite as satisfactory a showing as in some of the preceding months, although in part this is due to the
very much smaller wheat exports last month than in
October 1924.
Merchandise imports in October were valued at
$375,000,000, and compare with $350005,000 for
September and $310,751,608 for October 1924. With
the exception of March, they exceed any preceding
month this year, and omitting only two months, are
in excess of every other month back to August 1920.
Merchandise exports last month were valued at
$492,000,000, these figures contrasting with $420,319,000 for September, but with $527,171,781 for
Oetober 1924. There have been only two months
(October and November 1924), since January 1921,
in which the value of merchandise exports has exceeded that of October this year.
The excess of merchandise exports over imports
last month was $117,000,000, while for October 1924
it was $216,420,173. Cotton exports in October this
year were 1,421,482 bales, in contrast with 752,324
bales in September and 946,506 bales in October 1924,
the value for October -this year, as set forth in the
[voL 121.
Government report being $176,183,900, in contrast
with $97,439,995 for September and $123,303,475 for
October 1924. Omitting cotton, other exports in
October this year were valued at $316,000,000 in contrast with $322,880,000 for September and $403,838,000 in October 1924. To a considerable degree the
decline this year of nearly 22% in these figures, as
compared with a year ago, is attributable to a very
much smaller movement of wheat in October 1925
than in the corresponding month of 1924, a total of
approximately 5,400,000 bushels of wheat exported
last month, as indicated by the statement of weekly
exports in October, valued at perhaps $8,000,000, contrasting with exports of 45,112,358 bushels in October 1924, valued at $68,276,503. Cotton exports for
this year to date exceed those for the ten months of
1924 by more than 43%, while values increased
in amount of not quite 25%. The heavy increase in cotton exports and the marked decline in
shipments of wheat to foreign ports, covering a period of two years, are perhaps unusual. Yet a loss in
other exports, particularly at this time seems surprising, especially in view of the fact that for the
nine months to Sept. 30 this year, exports other than
cotton show a considerable increase, a part of which,
covering the period back of the new grain season of
1925-26 is due to larger wheat exports. For ten
months of the present calendar year merchandise imports are valued at$3,454,656,039 and exports $3,995,167,727, an excess of exports of $540,511,688; these
figures contrast with $2,980,622,522, the latter the
imports of merchandise for the first ten months of
1924, and $3,651,662,531, the exports for the same
time, an excess of exports of $671,040,009. The increase in imports for the ten months this year over
last is $474,033,517 and in exports $343,505,196.
Both exports and imports of gold last month took
quite a jump, exports being $28,039,190, the highest
since February last, and contrasting with only
$6,784,201 in September, and imports, $50,740,649,
the highest since November 1921, and contrasting
with only $4,097,771 in the preceding month. For
ten months of this year gold exports amount to $232,311,992 and imports to $110,601,053, the excess of
exports being $121,710,939; during the corresponding period in 1924, gold exports were $15,284,478 and
imports $289,584,485, the excess of imports being
$274,300,007. Not since 1919 until this year have
gold exports exceeded imports. Silver exports last
month were $8,783,376 and imports $5,601,851.
The policy of the United States Government of not
cancelling European war debts, but of requiring their
payment on terms commensurate with the capacity
of the respective debtor Powers, appears to be meeting with general favor in the United States. To be
sure, there have been some enthusiastic champions
of cancellation, but there is every reason to believe
that they constitute only a small minority among
our citizens. Because of her unsettled financial situation and a natural desire to pay as little as possible, it was not surprising that the very easy terms
granted the Italian Government should have caused
France to look for, and perhaps expect, a more
favorable plan of settlement than the tentative one
for five years that was reached in Washington some
weeks since, but which was not accepted by the
French Government. In some Paris cable dispatches
it has been claimed that the French were even hoping
that their war debt to the United States would be
Nov.211925.1
THE CHRONICLE
2443
learned in official circles here to-day. If he remains
in office, Premier Painleve is expected to give first
consideration to the British debt, and to that end
will go to London next month, and only,following a
thorough 'preparation' via diplomatic channels will
Senator Henry Berenger go to Washington, with the
assurance of satisfactory prospects being held out
for a Franco-American arrangement." He added
that "it now appears that M. Berenger will not arrive in the American. capital as a special envoy or
ambassador, but in the capacity of representative of
the French Treasury."
The Italian war debt agreement was signed in
Washington last Saturday. In his account of the
event, the Washington correspondent of the New
York "Times" said: "The Italian-American debt
settlement agreement was signed at 11 o'clock this
morning by Finance Minister Volpi of Italy and
Secretary Mellon for the United States, and then
Count Volpi sprung a surprise by turning over to
the Treasury Department a check for $5,000,000 in
payment of the first installment in liquidation of the
war-time debt, although this payment is not due
President Coolidge was represented in Washing- until June 15 1926." He declared that "the Ameriton dispatches as believing that the terms granted to can officials found themselves in the unusual and
Italy were fair, both to that country and to the unexpected position of seeking a satisfactory excuse
United States. The Washington correspondent of to refuse payment of money by one of the debtor nathe New York "Herald Tribune" stated this in a dis- tions, but finally agreed to the transaction, after
patch to his paper on Nov. 13. He said that "Presi- Count Volpi explained that Italy was anxious to
dent Coolidge thinks that the $2,400,000,000 debt make the payment seven months in advance in order
settlement reached yesterday with the Government to add finality to the accomplishment of the Debt
of Italy is a fair one, not only for Italy, but also for Funding Commissions and as an 'earnest' of his
the United States. Admitting that the terms to Italy country's determination to make good on the conwere lenient in comparison with terms accorded some tract." It was made known, likewise, that "Count
other European debtors, the President holds that the Volpi also read to Secretary Mellon a message which
leniency in interest charges and in the matter of he had received from Premier Mussolini, expressing
small payments for the immediately ensuing years his gratitude to the American Debt Commissioners
was justified by Italy's depleted resources and her for their fairness in recognizing the necessity for
consequent low capacity as compared with other extreme leniency in the settlement of Italy's debt,
European debtors." He added that "in making and Secretary Mellon asked the Italian Finance Minknown the President's gratification over the agree- ister to send a congratulatory message to Signor
ment on what may be regarded as a fair basis for Mussolini in reply."
both Governments, the White House spokesman toIn an interview later the Italian Finance Minister
day said the President sought to emphasize Italy's made it known that the advance payment of $5,000,position by recalling that the war debt which Italy 000 is "effective only when the agreement is ratified
owes the United States and the debt which Italy by the legislative bodies of both Governments." Apowes to Great Britain almost equal the huge amount parently in explanation of this condition he was
of Great Britain's war debt to the United States, quoted as saying that "Italy does not want to exert
which at the time of the British funding agreement any pressure, but does want it realized that the neaggregated more than four and half billion dollars." gotiations have come to an end." As to loans that
Continuing he said: "Considering this vast obliga- might be sought in the United States by Italians, it
tion and also the great difference in the resources was reported by the New York "Times" correspondof the British Empire and Italy, the President thinks ent in Washington that "he emphasized the
fact that
it will be apparent to the world that Italy could the Italian Government intended to
supervise all renot meet the obligations upon terms which adhered quests made for loans by Italian
industries; that
strictly to those of the British funding agreement. none would be asked for except for the
development
That, in the President's opinion, is the most signifi- )f new productions, and then only ill
limited amounts
cant comparison that could be made. In some quar- which it was certain would entail
no obligations
ters this was interpreted as reflecting the Adminis- Italian capacity to pay could not
meet." In discusstration's view that Great Britain will not be dissat- ing the question of loans further,
Count Volpi was
isfied with the American-Italian agreement."
quoted in part as follows: "Count Volpi said he was
not yet in a position to discuss in detail the question
As to whether the French Government would diof Italy seeking private loans in the American money
rect its attention first to its war debt to the United market,
but that he was willing to make some obserStates or to Great Britain, the Paris correspondent
vations on that subject. Even before the debt fundof the New York "Hetald Tribune" said in a cable ing negotiations were
started, he said, a number of
message under date of Nov. 13 that, "regardless of
American bankers visited Italy and satisfied
themthe Italian debt funding operation in Washington,
selves, not as to Italy's great capacity to pay but
resumption of the French negotiations may not
be Italy's capacity to produce and develop. The Italian
expected for some weeks, the 'Herald Tribune'
Government was not interested in loans which might
"forgiven." There is no reason why it should be.
It would not be a wise policy for France to ask.for
it or the United States to grant it.
That easier terms will be sought is taken for
granted. This was clearly indicated in a special
Paris cable dispatch to the New York "Times" on
Nov. 13. The correspondent said that "the French
appear to take it for granted that the favorable debt
terms accorded Italy will mean easier terms for
them in the coming negotiations than were offered
to the Caillaux mission by Washington. The attitude of French capital seems to be summed up by the
'Temps' to-night, which says: 'France has a right
to hope that her American friends, taking account of
her present capacity for payments, will not treat
her with less generosity.' Some editorial writers
think that the easy terms given Italy represent a
change of attitude on the part of Americans; others
see the effect of the large Italian vote in the United
States, which has no French counterpart; but all
agree that the Italian settlement means that France
will look for similar,terms."
2444
THE CHRONICLE
be sought by Italian private interests except to see
that no loans were obtained which could not be met
in full. Any loans sought, he added, would be for
the development of new production, and there would
be no requests for large amounts because the capacity of Italy to transfer funds out of that country was
limited and because the Italian Government was determined that any promises to pay would be kept.
The Italian Government, like the American Government, Count Volpi stated, regulated foreign loans,
although the use of the money obtained was, of
course, left in the hands of the private industries."
Count Volpi and his associates were entertained at
luncheon at the Recess Club in this city on Wednesday by Thomas W.Lamont, of J. P. Morgan & Co.
Official announcement was made yesterday of the
offering in this country of a $100,000,000 loan to the
Italian Government by a powerful banking syndicate
beaded by J. P. Morgan & Co. The loan is in the
form of sinking fund gold bonds bearing 7% interest
and maturing Dec. 1 1951. Subscription books were
closed at noon, the loan having been oversubscribed.
It was stated that, "with the proceeds of the loan
the Italian Government will take up the $50,000,000
banking credit obtained from J.P. Morgan & Co.last
June to create a gold reserve available for currency
stabilization purposes, leading to the final steps in
a financial policy of which a definitely stabilized currency is a vital part. Bankers said that the Italian
Government's budget is balanced, actual revenues in
the fiscal year ended last June having resulted in a
surplus of 209,006,000 lire. Receipts for the first
three months of the current fiscal year, according to
provisional returns, show an excess of about 168,000,000 lire over expenditures."
Already a novel way of raising a part of the money
the Italian Commission has agreed to pay the United
States on account of its war debt to this country has
been suggested. In a special wireless dispatch from
Rome to the New York "Times" on Nov. 16 it was
stated that "a proposal to cover the first five yearly
war debt payments to America by voluntary subscriptions has been made by the Coal Exchange in
Genoa, which has issued an appeal to all patriotic
well-to-do Italians to contribute $1 yearly for this
purpose. It is hoped in this way to induce 5,000,000
citizens to bind themselves to pay to the Italian
Treasury for five years the sum necessary to cover
the yearly payments. The sum which each person
would contribute is quite small, working out at
about two lire monthly, or the average price of two
cigarettes, but many doubt whether 5,000,000 citizens can be found voluntarily to contribute even such
a small amount in a country like Italy, where the
peasants constitute about half of the population.
The appeal therefore is specially addressed to large
manufacturing concerns, which are asked on the one
hand to carry on propaganda among their workmen
and on the other to contribute a yearly sum equal
to the amount raised by the workers. The first announcement of the appeal by the Genoa Coal Exchange has been everywhere received with enthusiasm, which augurs well for the success of the
scheme." According to an Associated Press cable
message from the Italian capital two days later,
"the Government gave official recognition to the
movement to raise by popular subscriptions of $1
each a sum of $5,000,000 annually for the payment
[Voir. 121.
of the American debt by an authorization issued to
all post offices in Italy to-day to accept individual
and group contributions. This movement, which
had its inception with Genoa commercial bodies,
aims to pay all the earlier installments of the Italian
debt to the United States by such popular subscriptions."
Premier Painleve of France has not made special progress with his financial plan, which, he submitted to the Chamber of Deputies on Nov. 17. It
is now in the period of discussion by that body. The
New York "Herald Tribune" correspondent in the
French capital stated on Nov.16 that "the discussion
will certainly last a week, probably two, and if the
propcised measures are accepted by the Chamber an
equal period of debate is probable in the Senate,
where the opposition to the heavy taxes imposed by
the Premier is especially strong." An encouraging
development was that two days later the Socialists
decided at party meetings that they "would not introduce counter-proposals instituting a drastic capital levy. Nevertheless, the Socialists, while voting
for the Government bills, will make it clear wherein
they have sacrificed their principles to the cartel
discipline and probably in the course of the debate
will introduce critical amendments."
In an Associated Press dispatch from Paris on
Nov. 17 it was predicted that "there will be a deficit
of at least 5,000,000,000 francs in the budget during
the current year. Revenue returns for the first ten
months show total receipts of 22,800,000,000, while
the revenue is budgeted for just above 33,000,000,000,
leaving some 10,000,000,000 to be made up in the
last two months of the year. This to some observers
appears impossible. Detailed returns show that the
revenue for October actually was less than for October 1924, in spite of the altered value of the franc, in
spite of increased taxation and in spite of former
Minister of Finance Caillaux's efforts to speed up
the collection of taxes. The fact of this deficit, as
revealed by the returns, seems to have attracted little or no attention, everybody being absorbed by
Premier Painleve's financial program, although the
efficacy of this would appear necessarily to be
based on the assumption that the budget would
balance."
In describing the first day of debate on the bill in
the Chamber of Deputies, the Paris representative of
the New York "Times" said: "Somewhat academically and without its almost customary display of
political heat, the French Chamber began this afternoon to discuss the Government's bill for provision
of a sinking fund to take care of the country's large
floating debt. During its preparation the political
aspects of the Government's plan had been all-important. But to-day it was the financial provisions
of the bill, its capacity to meet the situation and the
right and wrong from the financial aspect of the
methods of raising the requisite funds which occupied and held the serious attention of the Chamber.
Curiously, even those speakers who declared they
would vote for the measure were critical of its provisions in many cases, and there became apparent an
attitude of hesitancy about taking the step the Government proposes." It was suggested that, "except
for the Government's difficulty in meeting maturities on Dec. 8, there is no urgent reason for rushing
this bill through, and one Deputy of the Govern-
Nov.21 1925.1
THE CHRONICLE
ment's own party asked pertinently whether in the
effort to meet the maturities of Dec. 8, which will
now probably be covered by a small inflation, insufficient attention was not being given to the main problem. Half a dozen alternative courses and possible
amendments were developed during this general debate. Three or four times orators of all parties came
back to the thesis that the creation of stable money
was the first requisite of all reform and to the argument that taxation of rents proposed among other
measures was far from likely to create public confidence and facilitate stabilization. In.Government
circles it is hoped the measure will be passed through
the Chamber by the beginning of next week and then
sent to the Senate Finance Commission." It was
suggested that "as soon as this debate is over the
Chamber will discuss the Locarno treaties, which
will be rushed through both houses as quickly as
possible."
In a special Paris dispatch to the New York "Herald Tribune" on Nov. 18 it was said that "the Painleve Government, both on the floor of the Chamber
of Deputies and in an official communique, announced to-day that measures would be taken at the
earliest possible moment to stabilize the franc. Deputy Charles Lamoureux, general reporter of the Ministry's finance bill, said that these measures would
guaranty a balanced budget and pave the way for
the rehabilitation of French exchange, for which
legislative proposals would soon be introduced."
The correspondent added that "at the same time, the
Ministry of Finance issued a statement which declared that everything was being subordinated to the
passage of the new taxation measures which are
considered essential as the basis of stabilization.
The budget for 1926, says the statement, reckons on
a revenue of 36,000,000,000 francs, of Which 33,000,000,000 is assured, leaving a defict of 3,000,000,000
francs. Of the revenues contemplated under the
present bill, 5,500,000,000 francs will go into the
sinking fund for the retirement of the floating debt;
3,000,000,000 francs will cover the interest of the
National Defense bonds and 2,500,000,000 francs
will go toward their retirement from circulation."
It was further asserted in the statement that "thus
the budget is on a solid basis and it is the most rigorous budgetary equilibrium which exists in any country that has planned financial rehabilitation."
Dispatches from Paris yesterday stated that "before the Chamber this [Thursday] afternoon Premier
Painleve defended his finance bill as the first real
effort to deal with a situation which for more than
three years has been weighing on the country without an attempt at a remedy. His bill, he admitted,
was not perfect, but he argued that it had this to be
said for it, that it was a positive measure and had
survived the difficulty of seeing the light amid a
multitude of counsels as to what the Government
must not do."
In an Associated Press dispatch from Paris last
evening it was stated that "Leon Blum, leader of
the Socialists in the Chamber of Deputies, delivered
an ultimatum to the Government from the Tribune
of the Chamber demanding that it give assurances
that the billion and a half of new bank notes, the
issue of which is contemplated in Premier Painleve's
financial proposals, would be the final limit of currency inflation. The Premier replied that it would
be impossible to give such assurances. It is expected
2445
that a test vote will come to-night upon the Government's demand for ending the general discussion of
its financial measures. After the Premier had refused to give the assurances asked, M. Blum made it
clear that the Socialists probably would abandon the
Government and make it impossible for M. Painleve
to obtain a majority for his bill providing for a sinking fund." The result of the voting was not received
before going to press.
Are the Fascisti to seize control of the French
Government, as they did that of Italy, and is France
to have a virtual dictator, as Italy has in the person of Premier Mussolini? It seems that in France
this group are characterized by their blue shirts,
whereas Mussolini and his followers, when they
marched into Rome, were known as "Black Shirts."
The French Fascisti contingent had its first meeting toward real organization on Armistice Day. The
Paris correspondent of the New York "Times" said
in a dispatch on Nov. 14 that it was "merely a preliminary canter." They met again on Nov. 15 and
"laid down their program." Deputy Pierre Taittinger, President of the League of Young Patriots,
"out of which the Fascisti organization has grown,"
was quoted as outlining the program in part as follows: "What we want is authority in Government.
We want authority because we want order and justice. Within the Republican form of Government we
want a chief who will be a real chief—who will govern. We do not want at the Elysee a rubber stamp
President. We want one who can choose his Ministers when he wishes and where he wishes, even outside of Parliament. These Ministers will be responsible to him. His Cabinet will have the power of the
purse, which Parliament now abuses." The correspondent suggested that "This program entirely reverses the present political order. M. Taittinger
wants the President and Cabinet to have all the
initiative in legislation, and Parliament to be a rubber stamp." It is very similar to what Mussolini's
bill, outlined in another paragraph of this article,
provides. In cable advices to the "Times" the following day it was stated that "from all over France
blue-shirted Fascisti poured into Paris last night to
take part to-day in the inauguration of the movement which in the minds of its originators is destined to save France by substituting an authoritative President of the Republic for the present Parliamentary Government. Four thousand of these
young men gathered at Luna Park to obtain from the
hands of Pierre Taittinger, President of their league,
their banners and hear enunciated the program
which they are sworn to carry out. All over the city
during the afternoon bands of these young men and
bands of opposing Communist forces wandered sing.
ing. The Government, with an air of impartiality
toward both extremes, forbade all regular processions and in particular a procession to the Arc de
Triomphe which the Young Patriots planned. But
everybody marched just the same, only they didn't
do it officially." It was suggested that,"for the upholders of parliamentary government it was not an
auspicious day. Communists at their meetings and
in their processions were demanding the substitution
of dictatorial Soviets for a Parliament elected by
universal suffrage. The Patriots at their meetings
were demanding much the same thing, only they
want their own kind of dictator instead of the Moscow Soviet."
2446
Trtm CilitOlstletE
Practically all the European cable advices relative
to the Locarno treaties have been encouraging. On
Nov. 13 the Berlin representative of the New York
"Times" cabled that,"for the first time since the inception of the security negotiations President von
Hindenburg has publicly proclaimed the virtues of
the Locarno settlement." He asserted that "from
• the German standpoint this is the most important
tribute paid to the labors of Allied and German
statecraft on Lago Maggiore last month. It parried
assurance, moreover, that the Locarno treaties and
their 'logical consequences' will come into effect
without further hitch,since were their realization still
in doubt the Chief Magistrate of the German republic would avoid official reference to them and certainly would not extol the benefits they contain."
Continuing his account of the event he said: "President von Hindenburg's pronouncement was made in
the course of an address delivered at Darmstadt this
morning in response to a formal speech of welcome
with which he was greeted there by the President of
the Hesse. Free State, Dr. Ulrich, who himself
stressed the Hessians' faith in the outcome of Locarno ameliorating the position of their compatriots
in the occupied part of Hesse. Voicing his appreciation of and sympathy with the 'troubles and distress
burdening the Hessian homeland,' the Field Marshal
declared: 'We may hope that the worst times have
been surmounted and that negotiations initiated at
Locarno will lead to the liberation of the occupied
territory, including the Hessian zone, from its heaviest burdens and the recovery of that possibility of
action necessary to its existence." He stated, furthermore, that "the speeches made on this occasion
were drawn up and approved by the German Cabinet before the President left Berlin on his official
visit to Southwestern Germany, so that von lindenburg's optimistic utterance was in no sense spontaneous but rather a carefully considered verdict."
In view of the foregoing, it should not have been
surprising that "the German Envoy at Paris was
notified on Nov. 14 by the Conference of Ambassadors on behalf of the Allied Powers that evacuation
of the Cologne zone would begin Dec. 1. He was
further notified that forthwith the character of the
occupation of the Coblenz and Mayence zones would
be radically changed and in the future there would
be only strictly military occupation by a reduced
number of troops." The Paris correspondent of the
New York "Times" explained that "this action, primarily the fruit of the Locarno treaties, followed a
meeting of the Conference of Ambassadors held that
evening from 5 to 8 o'clock, and came at the instance
of the British Government as the result of a message sent by Dr. Stresemann last night to both Mr.
Chamberlain and M.Briand, saying the German Royalists were planning a big Sunday demonstration
against the treaties, and that it would be an immense
help to the German Government if it could announce
at the same time the Allied decision on the evacuation of Cologne." Additional incidents relative to
these highly important developments were related
in part as follows by the "Times" correspondent:
"Mr. Chamberlain had previously made a compromise proposal to the French which calmed their
fears that the Germans would not keep their promises made this week to fulfill the remaining defaults
in the military clauses of the Treaty of Versailles.
Under the compromise the evacuation will begin
Dec. 1 and take place in stages, being completed in
[vol. 121.
about two months if the Germans carry out their
pledges. If the Germans do not, the British promise
to delay the completion of evacuation. Marshal Foch
attended the meeting of the Ambassadors and gave
his approval of the decision to begin Cologne evacuation the first of next month. It will be recalled
that Cologne was due to be evacuated last January
under the provisions of the Treaty of Versailles,
saying the three bridgeheads were to be evacuated
five, ten and fifteen years after the coming into
effect of the treaty, but that evacuation was held up
by the Allies on the ground that Germany was in.
default on the military clauses of the treaty."
Commenting upon the action of the Allies, the
same correspondent said: "Back of the Allied generosity there is a desire to convince the Germans
that they really mean to inaugurate a new regime of
Europe. A mutual guarantee treaty has been signed
by Germany and France which will be of value only if
reposing on mutual good-will and trust. The Allied
policy now is to cease the policy which has been characterized as a policy of pinpricks and give Germany
plenty of room to show good faith. In other words,
having achieved what they can toward the material
disarmament of Germany, the Allies now turn to
hopes of her moral disarmament, at the same time
recognizing that if Germany does not disarm morally
it is not'within the power of the Allies to keep her
disarmed materially. Of course in joining in this
policy France is thinking of the guarantee England
and Italy have given to come to her assistance if
Germany attacks her again. To-night's action by the
Allies opens the way for the German signing the
Locarno treaties in London on Dec. 1, 'and in Allied
quarters, at least, there is BO longer any doubt that
the ceremony will take place on the scheduled date
and that King George will be able to give his State
banquet to Foreign Ministers at Buckingham Palace on the evening of the signing of the Locarno
treaties."
A notable banquet was given by the London Press
Club on the evening of Nov. 14. The same spirit of
conciliation which made possible the Locarno treaty
appears to have been much in evidence. The representative at that centre of the New York "Times"
said: "To-night was Locarno night at the London
Press Club. The occasion was the presence there of
Ambassadors of the European nations and other distinguished foreigners, together with some of the
most prominent men in Great Britain. The guests
included the French, Italian and Belgian Ambassadors, the Polish and Czechoslovakian Ministers, Viscount Cecil, better known as Lord Robert Cecil, so
often in the limelight as the foremost British chainpion of the League of Nations, and Sir William Tyrrell. The German Ambassador was prevented at the
last moment from attending by illness, and was represented by Herr Dufour-Forenca, Counselor of the
German Embassy." He declared also that "a noteworthy point about the banquet was that on the list
of the guests of honor the name of the German Ambassador preceded that of the French Ambassador,
seniority being the only guide followed in printing
the names. 'It certainly looks as if the war was
over,' remarked one guest as he noticed that." Continuing, the "Times" correspondent said: "All the
speakers, whether British or Continental, joined in
extolling the spirit of Locarno, until their words.
blended into an international symphony of praise,
Nov 21 1925.]
THE CHRONICLE
with peace as its keynote and no discords to mar its
harmony. And through it all, too, ran an American
strain. Allusions to America, serious and facetious,
kept cropping up as if the great republic overseas
was never far from the speakers' thoughts. It remained for Lord Cecil to fuse all this harmony into
a stirring finale. Speaking earnestly and simply,
as if his words were drawn from his heart, the veteran champion of the League called the Locarno pact
'not an agreement to enforce peace, but an agreement to prevent war.'" Special emphasis was laid
by the same correspondent on the fact that "there
was a noticeable stir among those present, and an
outbreak of applause when the German envoy declared: 'Our Government really wants peace, and
hopes that the Locarno pact will lead to peace.'"
Events in which the so-called Locarno spirit of
conciliation has been much in evidence have followed
one another in rapid succession. Several have been
outlined in preceding paragraphs. Here is another:
On Nov.16 the Paris correspondent of the New York
"Times" cabled that "the 'Allied Powers' which since
the World War have dominated Europe will in all
probability soon cease to exist as such. The British
.
Government has suggested to the French Government that in conformity with the spirit of Locarno,
which restores Germany to a position of equality
among the European Powers, this grouping of the
victorious European nations should be technically
dissolved as a final sign that the war is over and
peace restored." He explained that "the important
move advocated by London is adding the German
Ambassador at Paris to the Conference of Ambassadors, the body charged with execution of the
Treaty of Versailles. The Ambassadors' body would
then cease to be strictly an Allied body forcing execution of the treaty of peace, but a European body
for general co-operation in liquidating the great conflict." Continuing, the "Times" representative said
that "it is understood the French Foreign Mission is
favorably inclined toward this measure, and it may
be expected that if Germany carries out her disarmament promises she will be admitted to the Conference of Ambassadors the first part of the year, about
the same time she joins the League of Nations and
becomes a member of the Council of that body." He
likewise suggested that 'another step, suggested by
Austen Chamberlain, is said to be abolition of the
Allied Military Mission headed by Marshal Foch
and charged with supervision of the execution of the
military clauses of the Treaty of Versailles. It is
considered likely M. Briand will not accept this
move, but will suggest that a German General be admitted to the Military Committee, which would
thus
lose its strictly Allied character. The technical
reason back of Briand's attitude is said to be that
the
military mission is the only body charged with supervision of the occupation of the Rhineland, and
that
• even with Cologne evacuated the mission is
needed
to watch over the occupation of the Coblenz and
Mayence bridgeheads." The correspondent did not
fail
to point out that "of course, the obvious motives
of
the Allies in moving in this direction are to
restore
European unity, and, coming after the decision
to
begin the evacuation of Cologne even before
the
Reich had fulfilled completely its disarmament
obligations, these plans certainly show the Allies
are
ready to give the Locarno system every chance
to
succeed."
2447
The very next day announcement was made in
another special Paris cable message to the New York
"Times" that "publication of the Allies' note to Germany informing Berlin that the evacuation of Cologne will begin Dec. 1, reveals that the Allies have
agreed to abolish the Allied Commission of Military
Control in Germany on Feb. 1, if Germany shall
have by that time fulfilled the conditions justifying
completion of evacuation of the Cologne zone." It
was added that "military control of Germany, or
rather observation of her observance of the military
conditions of the Treaty of Versailles, will then be
taken over by a League of Nations committee on
which Germany will be represented." The New York
"Times" correspondent declared that "this marks an
important development with large political significance. Whereas the Allied Military Control Commission reported to the Allies, and the Allies alone
were able to take sanctions and other measures in
accord, the League commission will not report to
the Allies but to Geneva,and consideration of alleged
German defaults will thereafter not be in the hands
of the Allies alone, but will be judged by the League
Council, of which Germany will be a member." He
likewise maintained that "this has a big bearing on
Rhineland occupancy. The period of oecupation by
the Allies of the Coblenz and Mayence bridgeheads
was fixed at ten and fifteen years from the coming
into effect of the Treaty of Versailles, that is 1920.
TheAllies have the right to prolong their occupation
of these two bridgeheads, as they did of the Cologne
bridgehead, but now the Council of the League and
not the Allies alone would have to decide whether
Germany was in default. This is regarded as one
more step in bringing into operation the new system
of equality among the European nations; in other
words, the ending of the war and its political aftermath."
The German Government acted promptly with respect to the Locarno treaty. It became known here
through a special Berlin cable message to the New
York "Times" on Nov. 17 that, "although not altogether content with the 'logical consequences' as
interpreted in the note of the Conference of Ambassadors, the German Government to-day determined
to carry the program.of Locarno to its completion.
Formal decisions were deferred, however, until after
the Premiers of the German Federated States have
assembled on Thursday and passed on the Parliamentary bills for the enactment of the security accords which Foreign Minister Stresemann has been
authorized to draw up meanwhile." It was suggested also that "by to-day's action President von
Hindenburg and his Ministers in principle stamped
with their approval the concessions the Allies propose to apply in the administration of the occupied
Rhineland as well as the period fixed for the evacuation of Cologne." The Berlin representative of the
New York "Evening Post" asserted in a dispatch the
next day (Nov. 18) that "the Cabinet has fully accepted the Locarno treaties and the concessions
which the Allies have promised to make, especially
in the Rhineland occupation. Chancellor Luther
will go before the Reichstag Monday to fight for ratification." He claimed that "the prospects for ratifi-day than since the Locarno concation are better to
ference ended. It now is certain there will be a
majority for the treaties and that the Social Democrats will vote for them. But the Ministers of the
2448
THE CHRONICLE
[VoL. 121.
to resign and who prefers to sign the Locarno treaties to losing the honor of being President." In an
Associated Press dispatch from the same centre it
was claimed that "Chancellor Luther told the party
leaders to-day that the Government will resign after
the Locarno pact signing ceremony in London on
Dec. 1, and that a new Cabinet will be formed in sympathy with the Locarno policies and obligations. In
consequence of the Chancellor's conferences with the
party leaders, the Government is assured a big maSeemingly organized labor in Great Britain was jority in the Reichstag for acceptance of the Locarno
not disposed to show the so-called "Locarno spirit" treaties."
toward Premier Mussolini of Italy if he comes to
Premier Mussolini of Italy appeared in the SenLondon to sign the Locarno treaty on Dec. 1. On
New York ate of that country on Nov. 16, the first time "after
Nov. 17 the London representative of the
"Herald Tribune" cabled that "if Premier Musso- the attempt to murder him a fortnight ago." The
lini of Italy comes to England to sign the.Locarno New York "Times" representative said that "the
treaty, as he has promised, he may be obliged to walk Senate accorded him a great, enthusiastic recepfrom Dover to London unless the British Govern- tion." He described the incident in part as follows:
ment sends a motor car for him. The feeling in "The 250 Senators present and a large crowd of
British Labor circles has grown so bitter against the spectators which packed the galleries burst into loud
Italian dictator that locomotive engineers say they applause and acclamation when the Premier, surwill not drive a train on which.the Fascist chief is a rounded by the Cabinet, took his place at the Governpassenger." Continuing, he said that "John Brom- ment's bench. The cheering last for several minutes
ley, Secretary of the Associated Society of Locomo- despite the efforts of Signor Tittoni, President of
tive Engineers and Firemen, said to-night that his the Senate, to call the meeting to order. Signor
men were 'against carrying Mussolini on any train.' Mussolini, who appeared paler than usual, was
He added: 'Railway men generally are both good deeply moved by the demonstration of affection."
trade unionists and good co-operators, and they nat- The warmth of the reception was further described
urally noticed with dismay and indignation the sup- as follow's: "During a renewed burst of cheering
pression of trade unions and co-operative societies after this speech, which the whole Senate stood up to
hear, Signor Mussolini repeatedly motioned to the
under Mussolini's regime.'"
Senators to be silent and sit down. It was of no
The British House of Commons has ratified the avail, however, for the Senate rang with round after
Treaty of Locarno. The action was taken on the round of cheers, in which the Cabinet and all the
evening of Nov. 18 and the vote was 375 to 13. The spectators in the galleries participated. When the
New York "Times" representative cabled that "this hubbub had subsided sufficiently for Signor Mussohave been
approval came after a debate which began early in lini to make himself heard, he said:
the afternoon and brought forth some excellent deeply moved by the words of your illustrious Presioratory from Foreign Secretary Austen Chamber- dent and the cordial applause you have given me.
lain, who introduced the motion for ratification, and The episode of the 4th of November in nowise disthe leaders of the Opposition, former Premiers Ram- turbed the industrious tranquillity of the Italian
say MacDonald and David Lloyd George. The people, nor did it check the activity of the GovernHouse adjourned at 11.30 o'clock to-night immedi- ment. Just about that time the Government validly
ately after the vote." Word came direct from Ber- defended the prestige and dignity of the nation, while
lin yesterday morning that, "as far as Germany is a few days later one of the most weighty problems
concerned, the Reichstag, which reconvenes to-mor- left us by the war was settled across the ocean. I
row, now forms the last obstacle to realization of the hope the Senate will agree on those things which
Locarno accords. To-day, after a protracted sitting matter, while everything else is an insignificant
with President von Hindenburg in the chair and episodewhich can be left forgotten by the roadside."
It has been indicated in recent European dismost of the Luther Cabinet officers present, the Premiers of the Federated States approved the drafts of patches that in various ways the Fascists intended to
the bills prepared by Foreign Minister Stresemann extend their power, not only in Italy but also in
for legal enactment of the security treaties and the other European countries. For instance, in addiReich's entry into the League of Nations. There are tion to the strict censorship that is said to have exonly two comparatively short bills to be laid before isted in Italy for some time, it was reported in an
the Reichstag on Monday. Declarations in support Associated Press dispatch from Rome on Nov. 15
of them will be made by the Chancellor and Dr. that "a new era, in which the newspaper and magazine editors of the world will no longer be permitted
Stresemann."
In a special Berlin dispatch to the New York to exert their time-honored prerogative of rejecting
"Evening Post" last evening it was asserted that "a or accepting as they choose the articles submitted
concrete plan has been adopted by the Right Wing by their contributors, is jubilantly hailed by Italian
German Nationalists to force President von Hinden- authors, who see a world precedent in a decision
burg to resign. The President has received a flood taken by the Fascist organization controlling the
of telegrams, chiefly from Bavaria, and all obviously activities of intellectual workers. The decision, ininspired from the same source, warning him against tended to heal the historic breach between authors
signing a 'second Versailles' treaty." According to and editors of Italy, is that special committees of
the dispatch also, "the Nationalists are angry over persons of 'recognized and proved competence' shall
what they call President Hindenburg's desertion. pass upon the merits of manuscripts and, accordThey are now depicting him as a man who is afraid ingly, recommend them or advise against their pubPeople's Party and the Centrists, who have agreed to
continue the battle for ratification, did so not because they were satisfied with what the Allies have
done, but because they were too deeply committed
to the treaties to back down." He further declared
that "to refuse to sign now would mean a political
defeat of the first order and would bring the Nationalists back.into power with a force they have
not wielded since the revolution."
Nov.21 1925.]
THE CHRONICLE
lication. In addition, 'get-togethers' of authors and
editors will be arranged to prove to each of the opposing camps that members of the other are not such
bad chaps after all. The Fascist program for the
solution of the problem of 'class struggle,' embodied
in the law drawn up by Alfredo Rocco, Minister of
Justice, has been approved by the Cabinet. The new
system provides for the institution of special courts
to handle disputes between capital and labor, makes
compulsory the arbitration of labor conflicts, recognizes as legal Fascist labor unions and employers'
organizations, and legalizes agreements made between them."
The Paris representative of the "Times" cabled on
Nov. 16 that "a dispatch to the 'Malin' from Rome
states that Secretary General Farinacci of the
Fascist Party, next to Mussolini the most popular
figure in Fascism, has announced a rigorous program for the defense of Fascism at home and abroad.
The first on the list of the 'defensive laws' against
the enemies of the Italian State is one which will
reach out to the far corners of the world and, in extreme cases, serve to deprive of their citizenship
those Italians who are now carrying on what the
Fascist leader calls 'anti-Italian propaganda.' This
loss of citizenship will be followed by confiscation of
property. At home laws are to be adopted making
all but the Fascisti unions illegal, but certain unions,
which are of an unmistakably national character,
will be permitted to exist as 'private associations.'
Another reform upon which Fascism will insist is
the election of a certain number of Senators by popular vote,' continues Signor Farinacci. 'Under
the present system Senators are appointed by the
King. We want to have representatives of the
Fascist unions in the Senate, just as the Senate is
now thoroughly representative of Italian commerce
and industry. So far as the Chamber of Deputies
is concerned, nothing will be altered and all of the
members will be elected by popular universal suffrage. After these reforms, Fascism will quickly
encompass the whole of Italy.'"
It was made plain in an Associated Press dispatch
from Rorge on Nov. 18 that steps already taken by
Mussolini and his political supporters were largely
preliminary to the introduction of a concrete measure that would still further increase the Premier's
powers as a dictator and make him responsible only
to the King. The dispatch stated that the
measure
had been approved by the Cabinet,"and is shortly
to
be presented for Parliamentary enactment."
The
bill also "specifies that no question can be
included
in the agenda of either the Senate or the
Chamber
of Deputies without his approval." Perhaps
Article II is the most important and comprehen
sive
of all the six sections of the document. It reads
as
follows: "Article IL—The Premier is nominated
and recalled by the King, and is responsible to the
Bing in the general political direction of the Government. The decree for nomination of the Premier
is confirmed by him, and that recalling him by his
successor. The Ministers are nominated and recalled by the King on the proposal of the Premier.
They are responsible to the King and the Premier
for all acts and measures by their Ministries. The
Under Secretaries are nominated and recalled by
the King on the proposal of the Premier in agreement with the Ministers concerned."
2449
It developed in subsequent cable advices from
Rome that at the same session "another bill was
introduced providing less of citizenship and possible
confiscation of property for Italians abroad offending the Fascist Government."
Cable advices from Beirut, Damascus and London the present week have not been encouraging to
the French notwithstanding the recall of General
Sarrail. For instance, on Nov. 17, according to a
cable message to the New York "Times" from London, "special dispatches to the 'Daily Mail' from
various parts of Syria state the rebellion against the
French has assumed grave proportions. Strong
rebel forces are stated to be trying to unite to seize
the important seaport and base of Beirut and to cut
the Beirut-Damascus Railroad. If such a juncture
is effected, says the paper's Damascus correspondent, the combined rebel forces would number several
thousand; they could easily seize Beirut, which is
defended by only a few guns. The correspondent
understands in such event French would not hesitate to bombard the city." The "Daily Mail" correspondent described the situation still further as follows: • "Every outgoing train to Bierut is crowded
with Damascenes, who are aggravating the refugee
situation at the capital of Lebanon, where already
20,000 Armenian refugees from Turkey are living,.
mostly in the most primitive homes made of oil tins.
Damascus has a thousand Armenians rendered homeless and destitute aud 1,590 refugees from the Hauran districts to the south, whose plight is even worse.
Moslem Arabs, who lost approximately 500 homes
in the bombardment, are being cared for by the more
fortunate Arabs; who are soliciting funds on their
behalf." That the French realized the seriousness.
of the situation was indicated by the following from,
London on Nov. 17: "A dispatch from Beirut to the
'Evening News'says that all automobiles in the cityhave been commandeered for conveying several thousand French troops to South Lebanon, the region
southwest of Damascus, where an important situation is developing."
Even the French were willing to admit the seriousness of the Syrian affair, as will be seen from the
following special Paris dispatch to the New York
"Evening Post," also on Nov. 17: "Albert Londres,
special correspondent of the 'Petit Parisien,' cables
from Damascus: 'The situation in Syria remains
very grave. Damascus can only be reached by a
light train preceded by an armed escort and followed
by a tank, while no one is able to leave Damascus
without encountering within a half mile Druses and
bandits ready to pillage and massacre. Indeed, security resides only where our strength is shown."
Rumors of peace moves were received the same
day. A special Damascus correspondent of the New
York "Herald Tribune" cabled that, "with Beirut
in peril of capture by insurgent bands, it became
known to-day that the French are secretly negotiating for peace with Sultan Altrash Pasha, leader of
the rebel Druses, at Deraa. These negotiations are
being conducted by Colonel Andrea for the French.
Fifteen thousand rebels are surrounding this city
and reports are current that the French forces have
decided to evacuate it." He asserted also that "the
only hope of relief for the French lies in their ability to induce the Druses to lay down their arms, and
in order to accomplish this the French will offer the,
2450
THE CHRONICLE
Druses easy terms. In French circles here it is held
that they can do this without loss of prestige owing
to the change in High Commissions and the end of
General Sarrail's 'brutal' regime."
It would seem from the following dispatch that
the French Government had decided that it could not
handle the situation in Syria alone. The Paris representative of the New York "Times" cabled on Nov.
18 that "Senator Henry de Jouvenel, the new French
High Commissioner to Syria, goes to London to-morrow to confer with Foreign Minister Austen Chamberlain on a program for Franco-British co-operation in the mandated territories of Asia Minor,
where Britain holds the mandates for Palestine and
Mesopotamia." He added that "it is expected here
that Paris and London will pledge each other their
political and moral, if not military, support in handling difficulties which may arise in these mandates,
with particuLa reference to the present French troubles in Syria." The correspondent also suggested
that "it is significant that M. de Jouvenel goes to
London as a result of suggestion made by Mr. Chamberlain to M. Briand." Word came from London the
next day that "Henry de Jouvenel, newly appointed
French High Commissioner to Syria, arrived in London to-day to confer with Foreign Secretary Chamberlain in regard to the situation in the Near East.
'My policy is to work with the League of Nations and
to bring to Syria full independence at the soonest
possible moment,' M. de Jouvenel said in a public
statement." It was added that "General Duport,
acting French High Commissioner in Syria, hopes to
break the Druse rebellion within three weeks, according to the Beirut correspondent of the 'Evening
News.'"
The British Parliament resumed its sessions on
Monday, Nov. 16, after a four months' recess. The
present session is characterized as a "short one," as
it is expected to last only five or six weeks. The London correspondent of "The Sun" observed,, however,
in a dispatch on the opening day, that "there should
be plenty of fireworks." As noted in an earlier paragraph, the principal action taken so far has been the
adoption of the Treaty of Locarno by a vote of 375
to 13.
Official Bank rates at leading European centres
continue to be quoted at 9% in Berlin; 7% in Italy;
2
1
/
2
1
/
6 % in Belgium; 6% in Paris; 5 % in Denmark;
2
1
/
Norway;4 % in Sweden;4% in
5% in Madrid and
2
1
/
London and 3 in Holland and Switzerland. In
London the open market discounts ruled a shade
78
easier and closed at 3/@)3 15-16% for short bills,
unchanged, while three months' bills are now
3 15-16%, also unchanged from a week ago. Call
money likewise displayed a relaxing tendency and
/
4%,in comparison with 314% a week
3
finished at 2/
earlier. At Paris the open market discount rate was
2
1
/
,
5 37
advanced to 4% 0 from 4 % last week, while the
rate in Switzerland is 21 8%,the same as a week ago.
/
[VOL 121.
posits which at that time expanded sharply, this
week showed a decline of £2,568,000. The Bank's
temporary loans to the Government expanded £845,000, but loans on other securities declined £1,361,000. Gold holdings now stand at £147,680,015, which
compares with £128,497,363 a year ago (before the
transfer to the Bank of England of the £27,000,000
formerly held by the Redemption Account of the
Currency Note issue), and £127,766,336 a year earlier. Reserve amounts to £26,228,000, as against
£26,012,338 in 1924 and £23,647,330 a year earlier.
Loans stand at £73,062,000, in comparison with £75,994,814 a year ago and £74,143,346 in 1923, while note
circulation is now £141,202,000, as contrasted with
£122,235,025 and £123,869,000 one and two years ago,
respectively. The Bank of England governors at
their regular weekly meeting on Thursday kept the
minimum discount rate unchanged at 4%. Clearings through the London banks for the week totaled
£739,997,000, comparing with £794,216,000 a week
ago and £780,272,000 last year. We append herewith
comparisons of the different items of the Bank of
England return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1924.
1923.
1922.
1921.
Nov. 18.
Nov. 19.
Noe, 22.
Nov. 21.
Noy. 23.
b141.202.000 122,235,025 123,869,000 121,407,130 123,305,915
Circulation
15,147,000 18,977,557 17,236,346 16.039,966 15,600,969
Public deposits
Other deposits
106,632,000 107,063,146 106,232,174 107,374,952 124,083,261
Governm't securities 40,248,000 41,768,443 43,438,508 49,8'4,512 50,314,712
Other securities__ 73,062,000 75.994.814 74,143,346 66.841,031 83,571,744
Reserve notes & coin 26,228,000 26,012,338 23,647,336 24,488,131 23,582,450
Coin and bullion._ 2147,680,015 128,497.363 127,766,336 127,445,261 128.438,365
Proportion of reserve
19.84%
205%
195e%
to liabilities
21.54%
16.88%
4%
5%
4%
4%
Bank rate
a Includes, beginning with April 20 1925, 527,000,000 gold coin and bullion
previously held as security for currency note issues and which was transferred to the
Bank of England on the British Government's decision to return to the gold standard.
b Beginning with the statement for April 29 1921. includes 527,000.000 of Bank
of England notes issued in return for the same amount of gold coin and bullion held
Up to that time in redemption account of curreneY note Issue.
The Bank of France continues to show small
gains in its gold item, the increase this week being
16,329 francs. Total gold holdings, therefore, now
aggregate 5,547,625,929 francs, as against 5,544,600,794 francs for the corresponding date last year
and 5,539,535,612 francs for the year previous. Of
the foregoing amounts 1,864,320,907 francs were held
abroad in each of the years 1925, 1924 and 1923.
An increase of 261,522,000 francs occurred in note
circulation this week. Total notes in circulation are
thus brought up to 47,943,228,050 francs, against
40,530,277,515 francs for the same time last year
and 37,158,679,395 francs for the year before. During the week silver showed.a gain of 890,000 francs,
bills discounted increased 160,429,000 francs and general deposits were augmented by 713,000 francs,
while on the other hand advances decreased 32,369,000 francs and Treasury deposits showed a loss of
14,276,000 francs. Comparisons of the various items
in this week's return with the statement of last week
and with corresponding dates in both 1924 Nand
1923 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
Nos. 19 1925. Nog.20 1924. Nov. 22 1923.
for Week.
Francs.
Francs.
Gold Holdings—
Francs.
Francs,
16,329 3,683,305,022 3
Inc.
In Fiance
.680,279,886 3,675,214,704
1,684,320.907 1,864,320,007 1,864,320,907
Unchanged
Abroad
• Another though small loss in gold was shown by
16.329 5.547.625,929 5 544,600,794 5,639,535,612
.
Inc.
Total
the Bank of England in its statement this week, to- Silver
312,263,197
890,000
Inc.
304,262,005
'295,237,295
Bills discounted_ _ _Inc. 160,429,000 3,392,767,043 4,726,535.783 3,361,186,416
taling £378,054. Note circulation was reduced £317,- Advances
Dec. 32,369,000 2,633,337,528 2,779,995,853 2,329,186,846
000; hence reserve fell £61,000. The proportion of Note circulation—Inc. 261,522,000 47.943,228,050 40,530,277,515 37,158,679.395
30,302,269
deposits_Dec. 14,276,000
85,508,561
17,181,907
reserve to liabilities, however, advanced to 21.54%, Treasurydeposits_ _Inc. 713,000 2,484,999.909 1,936,564,500 2,044,599,896
General
/
as against 21.48% a week ago, 2058% last year and
The weekly statement of the German Reichsbank,
/
1918% in 1923. Public deposits increased £1,979,000, as against a loss last week, while "other" de- issued under date of Nov. 14, indicated another con-
Nov.21 1925.]
traction in note circulation, although again offset
by increases in other of the liability items, while
assets showed losses in some directions and gains in
others. The exact amount of the decline in note circulation was 118,815,000 marks. As against this,
other maturing obligations increased 134,745,000
marks and other liabilities 33,689,000 marks. On
the assets side, the Bank reported a shrinkage in
bills of exchange and checks of 31,334,000 marks.
Advances, however, increased 49,000 marks, reserve
in foreign currencies 14,191,000 marks and silver
and other coins 924,000 marks. Increases were likewie
in notes on other banks,6,413,000 marks;
investments 420,000 marks and other assets 58,894,000 marks. Gold and bullion holdings increased 62,000 marks, to 1,206,959,000 marks, as against 694,626,000 marks a year ago and 467,025,000 marks in
1923. Note circulation outstanding aggregates
2,558,829,000 marks.
No particularly striking changes were noted in the
Federal Reserve banks statements that were issued
at the close of business on Thursday. Moderate
gains in gold holdings are shown to have occurred
both locally and nationally. Rediscounting, however, as well as open market operations, were larger
for the System, but declined at New York. For the
banks as a group, gold increased $3,100,000. Rediscounts of paper secured by Government obligations
expanded $4,300,000. In "other" bills there was a
contraction of $2,600,000, so that total bills discounted increased $1,700,000. Holdings of bills
bought in the open market expanded $2,200,000.
Total bills and securities (earning assets) were only
moderately changed—expanding $3,600,000, but deposits were augmented $33,100,000. The report of.
the New York Bank revealed a gain in gold of $10,800,000. Rediscounting of all classes of bills fell
approximately $5,100,000. Bills bought in the open
market were reduced $6,000,000. A falling off of
$9,700,000 occurred in total bills and securities, but
deposits rose $5,600,000. The amount of Federal
Reserve notes in actual circulation was increased
$2,700,000 at New York and decreased $3,200,000 for
the System. Member bank reserve accounts were
increased $28,600,000 in the combined report, and
$7,300,000 at New York. As these changes so largely
offset one another, reserve ratios remained practically unaltered. The local institution reported an
increase of 0.4%, to 82.8%, while for the System as
a whole there was a decline of 0.2%, to 72.1%.
Last Saturday's statement of the New York Clearing House banks and trust companies was featured
by contraction in both loans and deposits and the
restoration of a substantial surplus reserve, all of
which was brought about, mainly, by reduction in
loans, possibly because of Stock Exchange liquidation. In detail the figures show that loans fell $24,637,000, while net demand deposits decreased $14,990,000, to $4,501,102,000, which total is exclusive of
Government deposits to the amount of $17,200,000.
Time deposits, on the other hand, expanded $8,680,000, to $558,758,000. Among the less important
changes noted were a reduction of $2,746,000 in cash
in own vaults of members of the Federal Reserve
Bank, bringing the total to $47,035,000; this total,
however, is not counted as reserve. State banks
and trust company reserves in own vaults fell $475,000, while reserves kept by these institutions in other
2451
THE CHRONICLE
depositories gained nominally, $2,000. Member
banks added to their reserves at the Reserve institution the sum of $51,512,000, and this in conjunction
with smaller deposits was sufficient to bring about
an addition to surplus of $52,626,690, thereby eliminating last week's deficiency in reserve of $7,943,220 and rolling up an excess reserve of $14,683,470.
The above figures for surplus reserves are based on
legal reserve requirements of 13% against demand
deposits by member banks of the Federal Reserve,
but not including $47,035,000 cash in vault held by
these member banks on Saturday last.
Inasmuch as the member banks of the local Clearing House showed a substantial surplus last Saturday, against a deficit of over $7,000,000 a week earlier, it was assumed over the week-end that loans
would not be called at the beginning of this week and
that rates for call money would not be advanced.
Just the opposite happened. Loans were called in a
single day to the extent of $15,000,000, according to
estimates in the financial district, and the rate on
demand loans rose to 5%. From that time on, however, the trend was downward, as it was last week.
It was reported at about mid-week that during a
single session $30,000,000 was available in the loaning department of the Stock Exchange, with only a
moderate demand. Yesterday, although it was Friday, and in spite of the flurry caused by the advance
in the rediscount rate of the Federal Reserve Bank
at Cleveland and Philadelphia to 4%,following that
at Boston the previous week, call money ruled at
4 % all day on the Stock Exchange. In the so/
1
2
called outside market it was•quoted at 43
4%. Of
course, these quotations did not indicate any stringency. Collateral loans in Wall Street must have
been reduced somewhat by the further liquidation in
stocks. Numerous extra cash and stock dividends
have been announced, also plans for "splitting up"
share capital. They bear witness to prosperity.
Many favorable earnings statements have been published. Car loadings for the 16th consecutive week
were in excess of 1,000,000 cars. The promptness
with which the $100,000,000 Italian Government
loan was taken yesterday spoke well for the investment market. Other foreign loans are likely to follow in the near future. Domestic'financing is not
on a specially large scale at the moment. It would
be reasonable to expect a somewhat firmer money
market.
1=7•••=46•0'
Referring to money rates inrdetail, loans on call
have covered a range of 4320,5%, the same as a
week ago. On Monday the high was 5%, the low
43/2% with 06% for renewals. Tuesday there was
a slight flurry that sent ca 1 rates to 5% as a basis
for renewals, and, in fact, the on'y rate named for
the-day. Call funds again renewed on Wednesday
at 5%, and this was the high, but before the close
there was a decline to 43..%. Further relaxation
made itself evident on Thursday and no loans were
made above 43 %, which was also the ruling rate;
4
the low was 43/2%. On Fr day there was no range,
all loansronrcall being negotiated at 4
this
beingithe high, the low and renewal basis. For
fixed date maturities the market was quiet and a trifle
firmer. The longer periods, from ninety days to
six months, are now quoted at 47 @5%, as against
4
438% (the trading rate) last week. Sixty-day
money remains at 43/%, unchanged. Offerings
THE CHRONICLE
2452
were usually adequate and the demand light. No
large individual trades were reported.
Mercantile paper rates have not been changed from
4y
4.@43,r for four to six months' names of choice
70
character, with names not so well known still reqiiiring 432%. New England mill paper and the shorter
choice names are still passing at 43%. Most of
the business passing was with interior banks, but the
market was only moderately active with offerings
scarce.
Banks' and bankers' acceptances were quiet and
the market featureless. Firmness in the call division
precluded any general expansion in dealings in
acceptances. Consequently, the week's turnover
was limited. The undertone was steady and quotations unchanged. For call loans against bankers'
acceptances the posted rate of the American Acceptance Council is back again to 4%, the same as on
Friday last, after haying been up to 43.% early in
the week.. The Acceptance Council makes the
discount rate on prime bankers' acceptances eligible
for purchase by the Federal Reserve banks 33 %
A
bid and 33.% asked for bills running 30 days, 332%
bid and 3%% asked for 60 days, 3%% bid and
.33/2% asked for 90 days, 3%% bid and 3%% asked
for 120 days, 3 8
% bid and 3% asked for 150
days, and 4% bid and 378 asked for 180 days.
%
Open market quotations are as follows:
SPOT DELIVERY.
tIlt Days
90 Days
Prime eligible Mils
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks
asogssi
axeasi
Ito Das
tot oau
IH bi
394 b9
Following the action of the Federal Reserve
Bank of Boston last week, both the Federal Reserve Bank of Cleveland and the Federal Reserve
Bank of Philadelphia have the present week advanced their rediscount rates from 332% to 4% on
all classes of paper. The Cleveland institution
made the announcement after the close of business
on Monday (Nov. 16) and the Philadelphia bank
followed with like action after the close of business
on Thursday (Nov. 19). Only the Federal Reserve
Bank of New York and the Federal Reserve Bank
of San Francisco are continuing the 332% rate.
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 1N EFFECI
NOVEMBER 20 1925.
Payer Marseille
-Within
90 Days.
FEDERAL RESERVE
BANK.
After 90 After
Days, but
Within 6 WIthin I
Months. Monthr
Core'retal Secured
Ariel & by U. S. Bankers' Trade Agricul.* .4 oricut
and •
A ELSAand
Livestock Governne AccepPayer. Obtfga- lances. tances Livestock Livestocs
Paper. Pape
Hons.
Boston
4
4
New York
31‘
314
4
Philadelphia_
Cleveland
4
4
Richmond
4
Atlanta
4
4
Chicago
4
4
St. Louis
4
4
21inneapolis
4
4
Kansas City
4
4
Dallas
4
4
Ban Francisco
314
314
•Including bankers' acceptances drawn for
by warehouse receipts. dtc.
4
4
4
4
314
314
334
311
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
314
334
314
3
agricultural purpose and securer
an
Lack of interest has been the chief characteristic
of the sterling exchange market the present week
and trading has been perfunctory and of exceptionally
small proportions. At the opening, prices were held
at the levels prevailing on Friday last, namely,
4 84%. Later on freer offerings of commercial bills
{yob
121
induced a slightly easier tone and quotations sagged
off %c.to 4 841 s. In the main, however, the under/
tone was steady and sufficient buying was forthcoming to prevent serious losses. With the approach of
Thursday the question of an increase in the Bank of
England discount rate revived and imparted a general
feeling of uneasiness, since the belief prevails that the
advance would at once be followed by similar action
on the part of the New York Federal Reserve Bank.
No such change was made and thereafter demand
rates turned weak and touched a new low on the
present movement, bringing the rate to a very small
fraction above the point at which it would be profitable to import gold. The result was to cause renewed
talk of gold shipments to this centre. Some bankers
were of the opinion that sterling would decline to a
point whereby gold would again flow in this direction. Furthermore, it is noted that bankers' bills
in London are advancing and only a trifle under the
Bank rate; all of which tends to confirm last week's
predictions of firmer monetary conditions in London.
Much of this is of course the natural result of removal
of the embargo on foreign loans in London, which has
had the joint effect of depressing sterling and stiffening money rates. Nevertheless, as the British Bank
has been able to withstand all pressure and adhere
to its 4% rate in spite of continued and increasing
demands incidental to commercial offerings, it is
thought possible the 4% rate may be maintained for
some little time to come. The lowering of the Bank
rate to its present level is said to have been very
helpful to business in England, and bankers are
naturally in no hurry to bring about a setback
through higher money rates. Should gold be forced
this way to any material extent, the probability is
that a higher Bank rate would be obligatory; that is,
if Great Britain desires to keep her $300,000,000
credit intact.
Referring to the day-to-day rates, sterling exchange
on Saturday last was dull but steady; demand ruled
at 4 843 (one rate), cable transfers at 4 84X and
%
sixty days at 4 811 8. On Monday no increase in
/
activity developed and demand rates were not
%
changed from 4 843 ,nor cable transfers from 4 84%,
nor sixty days from 4 81%. Freer offerings of cornmercial bills induced a slight eaSing on Tuesday and
rates dropped %c. to 4 843'@4 84 5-16 for demand,
4 845 @4 84 11-16 for cable transfers and 4 81@
%
4 81 1-16 for sixty days. Wednesday's market was
dull and featureless with prices fractionally lower
the range for demand was 4 84%@4 843, for cable
%
transfers 4 843@4 845 , and for sixty days 4 80%
weakness developed Thursday,
@4 81. Further
when it became known that the Bank of England rate
had not been advanced, and sterling receded a fraction to 4 84 1-16@4 843/i for demand, 4 84 7-16@
4 843' for cable transfers and 4 80 13-16@4 80% for
sixty days. Friday the undertone was steadier and
prices were fairly well maintained, with demand bills
at. 4 84. @4 843', cable transfers 4 843@4 843/i
4
1
and sixty days at 4 80%@4 80%; trading continued
quiet and listless. Closing quotations were 4 80%
%
for sixty days,4 841 for demand and 4 843i for cable
Commercial sight bills finished at 4 84,
transfers.
sixty days at 4 80%, ninety days at 4 79%, documents for payment (sixty days) at 4 80%, and seven4
day grain bills at 4 827 . Cotton and grain for payment closed at 4 84.
No gold engagements were reported this week, although as sterling displayed a declining tendency,
Nov.21 1925.]
THE CHROiNICLE
quotations at times were so close to the gold import
point as to arouse expectations of another movement
of the precious metal this way. The Bank of England is still shipping gold to the Straits and elsewhere.
A consignment of £120,000 was announced for export
to Spain by the Bank of England.
2453
again came to the front as a result of renewed violent
fluctuations. After opening at 16.15, there was an
advance to 16.70, then a spectacular slump to 15.20,
a new low, on heavy selling, based on the recent
resignation of the Polish Cabinet which was brought
about by reason of opposition to its stabilization
policies. Although the Bank of Poland is said to
Irregular weakness predominated in the Ccintinen- have followed an extremely conservative course of
tal exchanges and trading continued sporadic in action in its efforts to reduce note circulation and
character and at times considerably confused. build up credit, business interests are said to be in
Rate variations, however, were less drastic than has favor of easier methods to be achieved by introbeen the case of late and the volume of business duction of inflationary measures.
The London check rate on Paris closed at 122.30,
passing was appreciably smaller this week than last.
Interest for the time being shifted to some extent which compares with 119.15 a week ago. In New
from French francs to Italian lire, which came in York sight bills on the French centre finished at
for a good deal of attention. In a general way, 3.963, against 4.033; cable transfers at 3.973,
lire may be said to have acted well, although the against 4.043; commercial sight bills at 3.953,
tendency at first was downward. There can be against 4.023, and commercial sixty days at 3.90%
no doubt whatsoever that the financial atmosphere against 3.97%. Antwerp francs closed at 4.52 for
has been much clarified since the debt settlement, checks and at 4.53 for cable transfers, in comparison
/
and that sentiment both here and in Italy is greatly with 4.523/ and 4.531 2 a week earlier. Closing rates
2
improved; yet persistent selling in London and at on Berlin marks were 23.81 (one rate) for both checks
Continental centres almost completely offset early and cable transfers, the same as a week ago. Ausin the week the good buying that developed at fre- trian kronen continued to be quoted at 0.0014%.
quent intervals at Rome. The explanation most Lire finished at 3.993 for bankers' sight bills and at
4
generally accepted was that Italian authorities were 4.00% for cable transfers. This compares with
still in active control and resisting any advances 4.043' and 4.053' last week. Exchange on Czechoin prices by purchases of dollars abroad. It is claimed slovakia closed at 2.963', against 2.9638; on Bucha/
that efforts are being put forth to bring about a rest at 0.453, against 0.473', and on Finland at
condition of stability rather than higher values, and 2.523/ (unchanged). Polish zlotys finished at 15.20,
2
that the Government is bent upon maintaining lire• against 16.50 a week ago. Greek drachmae closed
at around 4 cents, the level that has been most at 1.32% for checks and at 1.33 for cable remittances
frequently mentioned as likely to be the basis for as compared with 1.32% and 1.333 the previous
permanent stabilization. Locally, traders took very week.
little part in the dealings, but it is worthy of note
that there has been a considerable expansion of
In the former neutral exchanges the Scandinavian
buying by Italians here for remittance to Italy; currencies attracted some attention by renewed
some speculation is also in evidence. One Italian strength and activity. Danish exchange was in
bank reports daily sales of not less than 1,000,000 demand and shot up about 24 points to 24.94 on
lire, sold in small lots over the counter, as against rumors (unofficial) that the Exchange Committee of
a previous average of around 100,000 lire per day. the Government at Denmark had now declared itself
The week's range was 3.96 to 4.033. French francs in favor of a.return to the gold parity of 26.8, but
were dealt in, locally at least, to a comparatively with no specific date set for resumption of gold paylimited extent, and the quotation opened and ruled ments. This statement, however,received very little
at a few points above or below 4.00 cents most of credence in banking circles, being regarded as virtuthe time, with a low point on Thursday of 3.933. ally impossible of achievement. Norwegian krone
There was virtually no demand for the franc, as followed suit and gained 28 points, advancing to
bankers are still awaiting a settlement of some 20.44 on quite active trading. Aside from these, the
sort of France's political embroglio. Premier Pain- market was quiet. Guilders ruled at close to 40.22,
leve's amended finance bill is making slow then closed at 40.203'. Swiss francs were steady at
progress.
19.27 or thereabouts. Swedish exchange remains
It is stated that the Socialist Party have con- within a point or two of 26.71, while Spanish pesetas
sented to support the bill, but several more opened at 14.26, then eased off and closed at 14.233/2
weeks of discussion are expected to elapse before on very light dealings.
action is taken by the Chamber of Deputies. MoreBankers' sight on Amsterday closed at 40.203/2,
over, certain features of the bis I are arousing anxiety against 40.223.'; cable transfers at 40.223/, against
2
and are believed to be responsible for continually 40.243'; commercial sight bills at 40.123, against
increasing exports of capital from the French centre. 40.14, and commercial sixty days at 39.761 2, against
/
Among the most unpopular provisions are permission 39.783' a week ago. Final quotations on Swiss francs
to extend the dates of maturity on outstanding were •19.273 for bankers' sight bills and 19.283'
internal short term bonds and the proposal to allow for cable transfers, in comparison with 19.27 and 19.28
an increase in National Defense bonds for the pur- last week. Copenhagen checks finished at 24.91 and
pose of retiring short term obligations. Meanwhile, cable transfers at 24.95, against 24.70 and 24.74.
bankers regard as rather doubtful the ability of the Checks on Sweden closed at 26.72 and cable transGovernment to prevent further decline in the value fers at 26.76, against 26.71 and 26.75, while checks on
of the franc. Antwerp francs, on the other hand, Norway finished at 20.39 and cable transfers at 20.43,
continue firm at around 4.523/. German and against 20.22 and 20.26 the week preceding. Closing .
2
Austrian currencies remain at nominal levels. Greek rates for Spanish pesetas were 14.233/ for checks and
exchange was fairly steady at recent low levels. In 14.253 for cable transfers. A week ago the close was
the minor central European group Polish zlotys 14.26 and 14.28.
2454
[Vol, 121.
THE CHRONICLE
As to South American exchange, mixed movements
occurred, and Argentine pesos made further progress
and advanced to 41.79 for checks and to 41.84 for
cable transfers, then closed at 41.65 and 41.71, as
against 41.67 and 41.72 last week. Brazilian milreis,
on the other hand, slumped heavily, losing 78 points
and dropping to 14.20 for checks and to 14.24 for cable
transfers, though rallying partly and closing at 14.33
and 14.38, which compares with 14.98 and 15.03 a
week ago. The break was attributed to a falling off
in the volume of foreign buying of coffee in Brazil.
Conversely, the latter has been due it is claimed to
the high exchange values having affected the coffee
movement unfavorably. Chilean exchange was a
shade easier and finished at 12.26, against 12.32.
Peru continued to be quoted at 3.98, the same as
last week. .
Far Eastern rates were without very great change,
with the possible exception of Japanese yen which
advanced to 433 on news of additional shipments of
gold from Japan. Hong Kong finished at 583/8@58%
against 583/@59; Shanghai at 76@77, against 7534,
2
(4)773; Yokohama at 42%@43, against 423.@
423/ Manila at 50@50%, (unchanged;) Singapore
2
;
573/A57M (unchanged); Bombay at 36%@37,
against 36.85@37.15, and Calcutta at 363@37 (unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIDD BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
NOV. 14 1925 TO NOV. 20 1925, INCLUSIVE.
Noon Burring flare for Cable l'remsEsra In New York
Value in United States Morley
Country and M
Noy. 14. Nov. 16. Nov. 17. Nor. 18. Noy. 19. Nov. 20
g
u OPEaustria,schilling•--- .14060
Belgium. franc
.0953
Bulgaria, lev
007269
...^zeclicalovakia, k
.029617
Denmark. krone
2473
England. pound sterling
8469
Finland. markka
025212
France.franc
0399
Dermany, reichsmark. 2381
3reece, drachma
013380
Holland. guiltier
4024
Hungary, krone
.000014
Italy. Bra
0404
Norway. kroae
2021
Poland, zloty
1651
Portugal, escudo
.0510
Rumania,leu
.004652
)pain. Peseta
1427
3weden, krona
2674
iwitzerland, franc.-- .1927
Yugoslavia, dinar
.017704
As1AChinatadl
Chefoo,
.7854
Hankow,tael
7741
Shanghai. Mel
.7582
Tientsin. tael
7975
Hong Kong, dollar .5804
Mexican d diar..- .5592
Tientsin or Peiyang.
dollar
.5588
Yuan. dollar
5729
India, rupee
3663
lapan. yen
.4202
Elingapore(S.S.). dolls, .6953
NORTH AMER.
Canada. dollar
1.000673
Cuba. peso
999479
Mexico. peso
489767
Newfoundland. dolls .998203
SOUTH A M ER.
argentine, peso (gold) .9460
Mani. milrels
1486
Chile. Dew(Dam).- .1228
rirnsnmir nenn
1 n
8
.14061
.0453
.007281
.029616
.2490
8
.14047
.0453
.007269
.029610
.2495
1
.14056
.0953
.007283
.029614.
.2488
$
.14066
.0453
.007294
.019611
.2493
0
.14058
.0453
.007278
.020018
.2492
4,8457
4,8443
4,8467
4.8469
4,8447
.025225 .025223 .025218 .025221 .025215
.0401
.0398
.0396
.0396
.0402
.2381
.2380
.2381
.2380
.2381
.013396 .013358 .013282 .023275 .013255
.4024
.4023
.4022
.4024
.4022
.000014 .000014 .000014 .000014 .000014
.0398
.0400
.0401
.0401
.0402
.2036
.2044
.2046
.2042
.2034
.1539
.1536
.1594
.1521
.1606
.0513
.0511
.0513
.0511
.0511
.004666 .004638 .004643 .004631 .004548
.1425
.1424
.1424
.1925
.1427
.2675
.2676
.2676
.2675
.2675
.1927
.1928
.1927
.1928
.1928
.017701 .017736 .017693 .017696 .017686
.7808
.7706
.7534
.7913
.5775
.5552
.7800
.7697
.7527
.7904
.5754
.5550
.7829
.7716
.7557
.7933
.5771
.5563
'
.7854
.7738
.7573
.7958
.5777
.5570
.7821
.7713
.7552
.7925
.5760
.5548
.5508
.5750
.3660
.4229
.5658
.5533
.5675
.3662
.4252
.5663
.5558
.5700
.3662
.4246
.5658
.5571
.5713
.3659
.9244
.5658
.5550
.5688
.3661
.4246
.5658
1.000805 1.000805 1.000805 1.000824 1.000838
.999531 .998875 .999094 .999250 .999E88
.489900 .486833 .481833 .485867 .486767
.998313 .998250 .998719 .998313 .998438
.9461
.1477
.1228
in ,KI
.9181
.1452
.1230
1 roan
.9476
.1430
.1228
1 0244
.9476
.1445
.1223
1.0250
.9470 .
.1436
.1220
1.0235
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,979,118 net in cash as a result of the currency movements for the week ended Nov. 19.
Their receipts from the interior have aggregated
, $5,853,118, while the shipments have reached $874,000, as per the following table
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week End,ed November 20.
Banks'interior movement
Out of
Banks.
Into
Banks.
95,853.118
1
Gain or Loss
to Banks.
$874,000 Gain 84,979319
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:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Baturday, 1 Monday,
Nov. 14. Nov. 16.
Tuesday, Wednesd'y, Thursday. Friday,
Nov. 17. Nov. 18. Nov. 19. Nov. 20.
Aggregate
for Week.
$
3
$
$
$
85.000,000 90,000,000 88,000,000 94.000.000 92.000,000 93 000,000 Cr 542.00,0006
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve Systems' par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the Items Payable in New York City are represented in
the dilly balances. The large volume of checks on institutions located outside of
ew York are not accounted for in arriving at these balances as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Nov. 20 1924.
Nov. 19 1925.
Banks of
Gold.
Silver.
Total.
Gold.
Sliver.
Total.
128,497,363
147,680,011 128,497.3
England __ 147,680.015
France a_ _ 147,332,201 12,480,000 159,812,201 147,210,05 12.160,000159,370.058
994,600 23.707,500
Germany c 51,342,300 d994,6001 52,336,901 22,712,90
62,000,000
62,000,00( 62,000.0
b
Aus.-Hun 62,000,000
Spain
101,466,000 25,804,000,127,270,00( 101.398,000 25.871.000 127.269,000
Italy
35,645,000 3,358,000, 39,003,00( 35,583,000 3,415,000 38,998,000
969,000 41,094,000
Net herrdi 38,007,000 1.939,000, 39,946,00( 40.125,
Nat. Belg 10,918,000 3,652,0001 14,570,00( 10.819,0 IS 2,739,000 13,558,000
SwitzerId, 18,424,000 3,565,000 21,989,001 20,216.001 3,723,000 23,939,000
13,328,000
12,825,00( 13,328,00
Sweden
12,825,000
12,884,000
1,244,
12,680,00( 11,640,
Denmark _ 11,630,000
8,180,000
8.180.00( 8.180,0
Norway ._ 8,180.000
Total week 185,449,51r 52.842,600638,292.11' 141.709,31 51,115.6 592,824.918
Prey. week 589.382,367 52.958,600639,332.967 541.706,397 51.182.600592,888.997
1.050,000,
a Gold holdings of he 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 £9,005,650 held abroad. d As of Oct. 7 1924.
The Chinese Customs Conktence.
The announcement on Thursday that the Chinese
Customs Conference, which has been in session at
Peking since Oct. 30, had agreed to grant complete
tariff autonomy to China, while China in return had
agreed to abolish the likin, ends the first stage of a
discussion which, if it shall be carried to a successful
conclusion, seems likely to open the way to farreaching changes in the commercial relations of
China with the rest of the world, and at the same
time contribute to the establishment of the internal
peace which China has long needed. The proceedings of the Conference have attracted less attention
in this country than the importance of the subject
deserves, and a summary view of the background of
the Conference, and of the steps which led up to the
action taken on Thursday, seems appropriate at this
time.
The Conference, in which China and all the foreign Powers having diplomatic representatives in
China, except Germany and Russia, have been taking
part, was called in pursuanoe of the Nine-Power
Treaty signed at Washington on Feb. 6 1922. The
immediate occasion for a conference was the decline
in Chinese customs receipts due to rising prices, and
the inability of the Chinese Government, because of
treaty obligations, to raise the tariff duties without
the consent of the Powers. Ever since the conclusion
of the Nanking Treaty with Great Britain, in 1842,
the Powers which have maintained diplomatic relations with China have exercised control, severally
or jointly, over the Chinese customs service, and a
considerable part of the customs receipts have been
Nov.21 1925.]
THE CHRONICLE
pledged as security for the repayment of foreign
loans.
It was with this situation that the Nine-Power
Treaty undertook to deal. In December 1918 an
International Commission at Shanghai had established an ad valorem rate of 5% on all imports, but
by 1922 the rise in prices had operated to reduce the
rate in practice to about 3 %. Article I of the
/
1
2
Washington Treaty provided for a. comthission, sitting at Shanghai, which should so adjust the duties
as to make the rate an actual 5%. In treaties concluded in 1902 and 1903, China had promised to abolish the likin (internal taxes levied on goods passing
from province to province),in return for which, with
other reforms, it was empowered to levy a surtax of
2 %. The likin were not abolished, however, and
/
1
2
Article II of the Washington Treaty provided for a
commission which should arrange for such abolition
within three months. Article III of the WaShing-.
ton Treaty further modified the surtax by authorizing a rate of 5% on luxuries, the rate of 2 % con/
1
2
tinuing for imports not so classed. A protracted
controversy between France and China, over the demand of France for payment of the Boxer indemnity
in gold francs, caused delay in putting the Washington Treaty into effect, and it was not until Aug. 5
of the present year, following the settlement of the
Boxer indemnity controversy and the ratification of
the treaty by France, that the treaty became operative and the necessary steps were taken to give it
effect.
The demands of the Chinese Government, as presented to the Washington Conference, did not extend to complete tariff autonorny, nor to the abolition of existing arrangements by which the Chinese
revenue from customs is pledged as security for certain foreign loans. What was asked was the right
on the part of China to increase its customs duties
to such a point as it should deem necessary to meet
changing prices and the need of additional revenue,
without first obtaining the approval of the Powers.
The rapid growth of a nationalist movement in
China, however, accompanied by manifestations of
anti-foreign feeling, and attended last summer by
riots and other disturbances at Canton and elsewhere, had the effect of enlarging this original demand, and at the opening session of the Customs
Conference, on Oct. 30, Dr. C. T. Wang,Foreign Minister and head of the Chinese delegation, asked for
complete tariff autonomy and the recognition by the
Powers of a new tariff law.
The United States, through Secretary of State
Kellogg, had already intimated its willingness to go
a long way in conceding to China the control of
its
tariff, and in agreeing to the modification or abolition of extra-territorial rights, provided satisfactory
assurance could be given that internal order would
be restored and maintained. At the opening
session
of the Customs Conference, accordingly, Mr. Silas
H.
Strawn, of the American delegation, stated in reply
to Dr. Wang that the United States was prepared
to
go farther than the Washington Treaty in meeting
the need of China for increased revenue, on condition
that a satisfactory plan for dealing with the likin
was forthcoming. The announcement, which definitely allied the United States on the side of China,
was repeated with more detail on Nov.3 by Mr. MacMurray, the American Minister. As summarized in
a New York "Times" dispatch of that date, the
American proposals comprised the conclusion of a
2455
new treaty providing for the recognition of tariff
autonomy and the removal of all tariff restrictions;
the right of China, effective three months after the
signature of the treaty, to levy ad interim duties of
/
1
2
/
1
2
/
1
2
from 5 % to 12 % on imports and 7 % on excontinue until tariff autonomy
ports, the duties to
was in effect; the temporary abolition of the likin
and other taxes on trade, the resulting loss of internal revenue to be made good by the allocation of customs receipts among the provinces; and the calling
of another conference in 1928, with the assent of the
Powers, to consider the permanent abolition of the
likin and any further agreements that might be
necessary. The proposals further stipulated that the
increased revenue accruing from the new duties,
after compensating the provinces and providing for
the refunding of duties improperly collected, should
be devoted to the refunding of unsecured debts of
China and to meeting the increased expenses of the
central Government.
Mr. MacMurray's proposals, obviously far beyond
what the terms of the Washington Treaty contemplated, appear to have encountered some objection
both from China and from the Powers. The abolition of the likin is admittedly a difficult matter.
Not only do these taxes differ from province to province, but they are also subject to change at the discretion of the provincial Governors, and it is commonly believed that they constitute the principal
source of revenue from which the costs of civil war
are met. On the other hand, the allocation to the
provinces of a part of the increased revenue from
customs, assuming that the likin can be done away
with, obviously lowers by so much the revenue available for the central Government. Certain foreign
Powers, in turn, appear to have been reluctant to
give up control of the customs service, partly, at
least, because of doubt regarding the ability of the
Peking Government to make its authority respected
throughout the country, or even at all of the principal ports. The resolutions adopted by the Customs
Conference on Nov. 19 appear to represent a compromise, which, while embodying some of the most
important of the American proposals, postpones
others for later consideration. The Powers agree to
grant to China tariff autonomy, to remove all tariff
restrictions contained in existing treaties with
China, an dto accept a new tariff which is to become
effective on Jan. 1 1929. China, on its part, agrees
to abolish the likin by the time when the new tariff
law takes effect, while the questions of ad interim
rates, surtaxes, the compensation of the provinces,
the consolidation of the debt, and other matters of
general financial reorganization are to be left to subcommittees whose reports will be considered later.
The action which has been taken, while carrying
with it the prospect of large financial benefit to
China, is extremely creditable to American diplomacy. The willingness of the Washington Administration, in spite of the widespread disorder which
prevails in China, to end the long control which foreign Powers have exercised over Chinese affairs, and
to entrust to the Peking Government the administration of commercial relations with foreign nations
and the control of its most important source of revenue, is a manifestation of friendliness which the
Chinese people, as well as the Chinese Government,
have not failed to recognize. The question of the
relations proper to be maintained with a country
which, like China, still lacks some of the character-
2456
THE CHRONICLE
istics of the highest civilization, must always present difficulties, and the temptation to continue outside interference for the purpose of safeguarding
foreign rights or insuring the repayment of foreign
loans is always great. The only sound policy, however, is that which leaves to every people the right of
governing themselves, subject only to the recognized
obligations of international law and the plain requirements of international good-will. It is this policy which the United States, to its credit, has
adopted in dealing with the complicated question of
the Chinese tariff, and the acquiescence of the other
Powers represented in the Conference in the steps
which have just been taken is a hopeful augury for
the future.
Demand for Restoration of War Wages by
Railroad Trainmen and Railway
Conductors.
Let us look calmly at this proposed increase in
wages as approved at Chicago on Nov. 4 by the
Western Joint Association of General Chairmen of
the Brotherhood of Railroad Trainmen and the
Order of Railway Conductors. It is hard to do, but
we may try though we fail. And the "we" in this
instance is not alone the familiar editorial expression, it is also that "we" which embraces all the
people who travel or pay freights. Whether this
article expresses their sentiments remains to be
proved. How are we ever to get the costs of living
down while one part of the cost of everything is
being continually pushed upward? How are we
ever to get lower freight rates on the necessaries of
life while freight and passenger rates must be increased to pay for the increased cost of operating
the railroads? The "Brotherhoods" tell us there is
great waste in railroad management, that that is
the place to begin to cut the costs. For the sake of
argument let us admit it. Does it follow that this
waste is intentional, done with malice aforethought
to keep up the high costs of operation? Do the stockholders and bloated bondholders get dividends and
interest out of waste? Who gains by a loss? Of
course, under the modern progressive ideas of right
and wrong the wage earner reserves the privilege to
tell his employer how to run his own business. This
is one of the points in the new decalogue of human
rights, But why? Not, we may be assured, from a
philanthropic interest in the welfare of the owner
and employer, but as a means to enable him to pay
higher wages. Is this not true, when, as a justification for increased wages at the increased cost of
operation to be borne by the people who "pay the
freight," the railroads that object are told to decrease the waste in management to permit the increase in wages demanded?
• Are we, the great acquiescent, if not somnolent,
public, so blind and besotted in our ignorance that
we cannot see through this subterfuge? Not quite.
And may we not timorously ask what purpose there
would be in saving the waste unless some part may
accrue to the owners in the way of profits? And
since the railroads as a whole are not yet earning
the dividend rates allowed by law must not this saving of waste all go to pay the higher wages asked
and thus come out of the pockets of the shippers?
Has anyone ever seen a specification of this waste
that is intelligible? High salaried officials are always made a glaring example, but are double crews
ever alluded to? And is it not plain that in a
yoz. 121.
monthly outlay for salaries and wages of approximately above two hundred and forty millions of dollars a few high paid officials, including some presidents of roads drawing fifty thousand dollars a year,
would not cut much figure? As to idle cars and
longer trains, management has never been more effective than now, and yet the roads as a whole do not
earn the rate permitted. Besides, ordered safety
devices thdt. run into millions for installation are
now in process. No, we need not be deceived. This
is a mere sophistry, or smoke-screen, to use a new
term, to conceal the fact that increase in wages is
inevitable increase in cost of operation. Moreover,
if an organized bind of workmen have a right to tell
an employer how to run his business any set of unorganized employees have the.same right, regardless
of numerical strength, and every shop and store and
farm should receive dictation in management from
its hired help.
Speaking Of the farmer, and of the Western farmer
in particular, it is to be noted that this movement
for "the restoration of war-time wages," as it is
called, originates, as stated, with the "Western
Joint Association of General Chairmen of the Brotherhood of Railroad Trainmen and the Order of Railway Conductors." Now great solicitation over the
condition of the Western farmer is continually expressed by the American Federation of Labor. Are
these Western allies thinking of the farmer who is
desirous of lower freight rates to the seaboard when
they demand war wages that will certainly keep him
from getting them? If "money talks" in wages, it
talks in freight rates. And if the Western farmer
does not see that this "movement" anticipates, if it
does not forestall, lowered freight rates, he ought
to see it. And if he does see it, he ought to say so,
and say it loud and long. Of course the time to get
an increase in wages is before lowered revenues make
it impossible. We say we are ruled in this country
by public opinion—then let public opinion proceed
to express its power. The simple fact of it all is that
war-time wages and war-time prices, long after the
war, and in a time and place of profound peace, are
nothing short of infamous. Wages force up prices,
and prices force up wages, but not in proportionate
degrees. We are yet suffering from high prices of
necessaries. Shall about one million eight hundred
thousand railroad workers set an advance in prices
that, pyramiding as it goes, extends over everything?
Certainly 4 is time for public opinion to be heard
in this matter. Are these 200,000 train men and conductors paid enough? Well, the "war wages" were
cut in 1921 12% by the Railroad Labor Board and
increased in 1923 and 1924 by about 5%,so that they
now stand within 7% of the peak in actual war-time.
Does this rate of pay violate the rights of labor?
Are employees in other lines still getting within 7%
of the peak of war-time payments? The deeper
question is: are a small minority of all the workers
in the country to hold the high wages of war through
organization, and, we may say now, for this is sure
to follow, by threat of strike? On what possible
ground can the Railroad Labor Board grant this arrant demand for increase? What compelling conditions exist, True, prices for necessaries in some instances are on the increase, but not in all by any
means. And it needs no befogging statistics to
apprize us of the obstacles that are in the way which
preserve inequalities and prevent lower levels all
along the line. One of the great causes for these
Nov.21 1925.]
THE CHRONICLE
continuing inequalities in price levels is our extravagance as a people. Not only are some of us spending
more because we have it, but in the lines of manufactured luxuries the demand is so great, temporary
though it must be, that certain classes of labor are
paid high wages because of the insistence of the demand.
How can we ever expect "normalcy" while a force
is at work that is entirely outside the law of supply
and demand? The A. F. of L. announced lately a
new statement of its creed, or philosophy—that
wages must increase to make up for the loss of labor
by increasing machine power, a mystifying and
wholly impractical scheme. Is there any of this
argument, if it is an argument, to be used by the
railway employees? What new invention has come
to hand to displace men on the train and on the road?
On the other hand, while not materially lessening
the number of employees, an invention known as the
auto-truck is hauling large quantities of freight on
public highways supplied by the State or local Governments and by them kept in repair. Any reason
for increasing wages because of this? About the
only pretext for this proposed increase is that these
men want it and intend to try to get it through the
power of organized demand. No dispute between
employers and employees will ever be settled rightly
while the employee is allowed to establish his own
wage scale. And if public opinion in this country is
worth anything, it should at once give expression of
opposition to these constant efforts to increase
wages. In this case the term war-wages is sufficiently condemnatory to stamp the proposal as itself
outrageous,for every child knows wages were inordinately raised by stress of war necessity.
And when we say this we are putting the best face
on the whole matter. The first six hundred millions
during the war, followed then and afterward to the
total of more than a billion dollars annually, added
to railroad wages, was not justified by the circumstances of the times, and ran far ahead of the percentageg added to employees in other lines save those
of munitions and the like. These war wages were
granted in part to keep railroad labor from striking
and upon the ground that the war must be won at
any cost. They are part, and a large part, of the cost
of operation of the roads and are paid by the people
of the United States. And they have hot been materially lowered. They stand at a little below the
war peak by virtue of the power of organization
capable of coercion through threat of "cessation of
work." Public sentiment concerning this vital question of public welfare has been and is now dormant.
If the great Western community of producers can
be wheedled into continual silence by the specious
pleas of like economic interests between themselves
and these railroad wage earners, the one pulling for
higher costs of operation and the other for lower
freight rates, then they have themselves to blame for
some of their misfortunes. Nor are the railroads
faultless; they might increase the load of work on
trains by lowering the passenger rates.
Disquietude follows this tinkering with wages in
a basic industry. Trade is largely dependent upon
rail transportation. And it is dependent upon the
equalizing effect of the pull and push of natural law.
If one arbitrary increase in the wages of a single
industry is justified, another in that industry is
justified. But wages therein cannot be indefinitely
raised. Witnessing these forced moves in the wage
2457
scale other industrial workers are induced to attempt the same course. The result is confusion and
turmoil. Business is required to steer its course in a
choppy sea, subject to squalls and storms. And the
attainment of normal and permanent levels would be
impossible were a// labor organized instead of a very
small portion as now. And the reason is that service
is the law of wage and price. All work is honorable
that is useful, but work that all can do is low in price
because the demand in need is overfilled by the supply. Unionization cannot possibly work equality
here. What we term common labor is in its service
the result of strength rather than skill. The foreign
workman, sweeping the street, scarcely able to speak
the language, cannot perform the work of a teacher
of science or literature in a university. His work is
essential and useful, but it is bodily work and not
mental. Any man can perform it who has the requisite strength. If all the professors needed were organized and all the street sweepers likewise gathered
into a union, on what principle could the pay of each
be brought to a common level? It is clearly impossible as long as labor is free to seek its own employment and as long as the judgment of society is free
to measure in wages, in terms of want and need, the
services of the two occupations. What the union
cannot control is the buying power of the people.
We witness, therefore, in these recurring demands
of trainmen and railroad workers generally for
higher wages a disorganizing element widespread in
its effect and injurious to the whole of trade and industry because arbitrary, based on no sound law of
the socially estimated worth of service, and a factor
in itself producing inequality. Wages and salaries
are not under the same form of contract. The labor
of brawn can never be brought to an equality of price
with the labor of brain. And for the very baldly
stated reason that there is more brawn than brain in
the world. Under natural law society pays only for
the service it gets according to its want and need.
It is unfortunate that a man can only polish the
parts of an engine and cannot run one, but unless we
change our form of living into Socialism, with its
Governmental force to compel equality of wages,
society will never pay the One the same for his service
as the other. Of course, the "living wage" is argued.
But what is a living wage for one is not for another,
and no arbitrary wage scale can make it so. The
railroads can pay no more for the various grades of
service performed for them than the sum total of the
earned revenues will allow. And in apportioning
the wage each form of service shall receive they are
compelled to supply their need as cheaply as possible
according to the demand made to them for employment, and according somewhat to the general social
estimate put upon the price of labor. Otherwise
waste—the rule works both ways!
Thanksgiving Day.
There is obviously abundant reason for thanksgiving the present year. An American tourist in
Palestine was recently reported to have expressed
there her disappointment. "The Bible says the land
is 'flowing with milk and honey,' and it is not true";
she had "found none at all." If she had remained at
home she would have had no reason to complain of
lack of either or its satisfactory equivalent.
Materially the year with us has been marked with
what has become its usual rich prosperity. The
2458
THE CHRONICLE
[VOL 121.
crops, business, industry, the growth in national been handed back and the Saar workings are to be
wealth, all have been on the satisfactory scale of readjusted. Military supervision over Germany
recent years. In any individual instance the excep- must soon be withdrawn; it is inconceivable that
tion may be marked as exceptional, in no case affect- she or any other great State could settle into an ating the national experience. There has also been mosphere of good-will under the eyes of men, however
once more exemption from epidemics of disease to a innocuous, wearing the uniform of the States that
complete extent which there is good reason to believe conquered them.
is, through the advance of medical science, to be perDespite our absence from late conferences, no one
manent. To this may be added the freedom that has can question the part, large, even decisive, we had in
marked the year from disturbing political antagon- bringing all this about. We are much more than onisms. The atmosphere of good-will pervading the lookers. In the retirement of our own assemblies
White House and President Coolidge's administra- we can find much to bring over into our Thanksgivtion has had its effect upon the whole country. In ings. We have had no small part in creating the
all this there is certainly abundant ground for a •hopeful atmosphere of peace. We do not need to
hearty and reverent Thanksgiving.
turn to China where from the time when we returned
In our foreign relations and in the condition of the Boxer indemnity to the present, and our opening
the world at large there has been much less progress the way for the surrender by the great nations of
than all expected with the close of the war; there is, their customs control and extra-territorial rights,
nevertheless, marked progress for the better. Great we have been gratefully regarded as the nation's
changes beyond apparent human control have been friends; or to Japan, where by many bonds, and
going on and still continue around the world. It is especially, as is also true in China, we have been
impossible that they should fail to forecast and to be, represented by Ambassadors so wise and courteous
attended with changes that are epochal in the and large-minded as to win the hearts of the people
• thoughts and lives of men.
and the confidence and good-will of the Government.
Of these there is already evidence. Attention is: In
South America, despite the inevitable troubles
widely called to the new spirit apparent everywhere. aroused
by the Monroe Doctrine so constantly misNations are drawing together not only because of
interpreted and misunderstood, we have by our incommercial anl economic necessities but because the
fluence been able to prevent war between Brazil and
Governments feel the pressure for close and genuine
Argentina, Colombia and Venezuela, Peru and Bofellowship coining from their own people. The inlivia, and to bring about arbitration between Chili
fluence of Locarno, like John Brown's soul, is
and Peru in the heated Tacna-Arica controversy. In
"marching on," and no interment of its body is posEurope the Secretariat of the League of Nations
sible. It is hard to believe that any single State will
which is in continuous operation and shapes the
refuse to attach its name to a treaty for world peace
work of the League contains a larger number of
which requires the name of each of the participants,
any other nationality in its memto give it effect, and which will be signed by all the Americans than of
ber:hip of 300; and from all accounts they are provothers. It is incredible that any chance party in
ing of leading importance in its very efficient and
power, of Junkers, or Reds, or Radicals, will have
widely influential activity.
the nerve, though they may make the attempt to do
At the suggestion of the Council of the League two
so.
American citizens were severally invited to come
World dominion is no longer looked for in any
and adjust serious difficulties in Europe, which they
State. Even the "Balance of Power," which served
have done with a success widely recognized abroad
as its camouflage has gone into the political discard
though little more than reported here: Walter D.
and,despite the feeble attempts to recreate it in some
Hines dealing with the rival interests of the abutting
quarters, it has no likelihood of ever being revived.
States on the Rhine, and afterwards on the Elbe, the
•War has so completely changed in the character of
Oder and just now the Danube, and Jeremiah Smith
its weapons and the inevitable extent and ruthlessuntangling the prolonged economic difficulties cenness of its destruction, no longer involving only entring in Budapest. These, added to the distinguished
trenched armies, but wiping out whole cities, men,
service of the Dawes Commission, constitute no unwomen and children, with the employment of giant
important contribution to the peace of the world
bombs and poison gas, that nations must treat it as
which we may well recall as we reckon up our reasons
only a remote possibility. Other and more human
for thanksgiving.
means must be found for adjusting differences and
Professor McDougall, the economist of Harvard,
settling disputes. We already have experienced a
says "Our civilization demands an exercise of wischange in human relations such as no preceding cenself-control and a degree of devotion to a
tury could have anticipated, even if they had experi- dom, a
such as no previous civilization has reenced the necessity of which they did not dream. moral ideal
We must ask even amid our thanksgivings
When we realize that many of us have had experi- quired."
securing this? As to the younger generation,
ence of warfare of such horrors as our children will Are we
Presidents of two Of our leading Eastern univernot be able, in the good providence of God, even to the
sities have recently told how difficult they find the
imagine, we have reason with comfort to join to our
committed to them even with the elect youth
thanksgiving the thought that our generation before task
in their charge. We older men cannot shift our
very long will have passed its task on to others.
have to ask our children
Old antagonisms are breaking up or quietly giv- responsibilities, and
ing place to better feelings. Men cannot live with
"With larger, other eyes than ours
hate on their lips or in their hearts. Germany is
To make all allowance for us"
soon to be welcomed into the League of Nations. The
Allied troops are quietly and without demonstration as men before us did of theirs. We can thank God
being withdrawn from the Rhine. The broad band and be glad for the blessings that are ours, but the
of neutral and immune territory has been established responsibilities and the opportunities of life were
from Holliknd to :he Swiss frontier. The Ruhr has never greater than they are to-day.
Nov. 21 1925.]
THE CHRONICLE
Higher Rents Because of Increased Taxes
and Higher Costs.
[Prom the New York "Timm" Nov. 19.)
In all the current discussion about housing for the poor
and the extension of the rent law, not sufficient emphasis
has been placed upon the way in which rising public expenditures, the increased cost of building materials and higher
wages are directly reflected in the rents which people have
to pay. Everything of that kind which it is possible to pass
on to the tenant is passed on—and nearly everything can be:
A vivid and convincing illustration of this truth was contained in the address by Mr. Allan Robinson yesterday afternoon. He took the case of an organization formed to provide model tenements for over 12,000 men, women and children. The company in question was formed by a group of
public-spirited citizens who agreed voluntarily to limit the
dividends on their Investment to 5%. Thus no increase in
rent could add anything to their returns. Yet such an increase became necessary in 1921 to meet higher costs, and
the tenants were notified in the following definite and concrete terms:
I regret to say that the City of New York has laid new
taxes upon the company's tenements amounting to over
$36,000, or an average of 7.8 cents a room for every week in
the year 1921. The banks which have loaned money on bonds
and mortgage on our building have raised their interest
2459
rate to 6%, and this means an average increase per room
of 4.8 cents a week. Coal is now $2 a ton more than it was
last winter, and other items, such as the weekly payrolls,
show material increases over last spring. The added burdens for the year 1921 which must be met, and which are
not taken care of by the present rents, amount to a sum
which when divided into the total number of rooms in our
buildings averages over 20 cents a room for a week.
Be it noted that this was not a ruthless landlord reaching
out for higher profits. The stockholders of the company
remained content, as they had promised to be, with a return
of 5% on their investment. But even that gain they could
not obtain without a rise in rents forced by.the increased
cost of management. The statement to the tenants went on
to point out that all the creditors of the company, including
mechanics and employees of all sorts, had lifted their demands by anywhere from 50 to 200%. Everybody, in fact,
wanted more except the stockholders. The result was inevitably an increase in rents.
The whole is a telling demonstration of the fact that
everybody who is not an object of charity is forced to pay
taxes. Many people think that they are not taxpayers, but
they really are. Higher taxes are shifted to them in the
form of higher prices for the necessaries of life, and especially, in this city, In the form of higher rents. There is no.
escape except in reduced public outlay, involving lower
taxes. Of that means of relief few in New York are so sanguine at present as to have a very strong hope.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Nov. 20 1925.
Partly owing to the rains at the West and Southwest there
has been a slight decrease in trade during the week, but on
the Whole the exhibit of business has been favorable. The
. cotton crop in the Southwest may not be so large as was at
one time expected. The yield in Texas, which last year was
some 4,950,000 bales, may fall some 750,000 bales below that
this year. The grade has suffered, as is generally recognized, from rains and freezes. The corn crop, too, has been
more or less affected so far as grade is concerned by
prolonged cold, wet weather. The immediate future of
cotton
prices hinges very largely on the nature of the Government
report to be issued to-morrow morning. Meantime, however, the exports of cotton are very large and there are intimations that the world's consumption of the staple will
be
much heavier than that of last year. Cotton has latterly
declined, partly because taking the belt as a whole there is
an idea that the crop estimates will have to be increased
somewhat from the last Government total of 15,386,000
bales. At the same time there is a rather acute situation
growing up in December and January deliveries which are
at very noticeable premiums over the later months. It is
gratifying to notice that there has been some export business in corn here of late, with some foreign purchases, also,
of oats, rye and barley. Wheat has advanced some 5
to 8
cents during the week, largely because of bad crop
reports
from Argentina, which have frightened the European
markets and they have risen sharply. To-day Argentine
prices
were reported 9 to 10 cents higher. It seems
reasonably
plain that the Argentine crop estimates current some
weeks
ago are not going to be realized, and accordingly,
Europe is
buying more freely on this side of the water. Most
of the
business, however, is in Manitoba wheat. Coffee
at one
time advanced sharply, owing to the big fire in New
Orleans
and reports that something like 100,000 bags had
been destroyed there. But for the week prices are lower.
Brazil
seems to have failed not only in New York, but in
London,
to negotiate a loan with a view of the valorization
of coffee, and has therefore been selling more freely.
Sugar advanced for a time and then reacted. The future
of sugar
prices depends largely on the size of the next
Cuban crop.
The consumption has been increasing rapidly both
at home
and abroad during the last few years, but
production has
evidently kept pace with it, so that prices are
still low.
There has been heavy liquidation in sugar futures
in the
last week or ten days, partly for Wall Street and
Cuban
account. Wool has been selling at firm prices in
both South
America and Australia, but in this country, while
the tone
Is firm, trade has slackened, despite the recent
advance in
Perth, Brisbane, Geelong, Melbourne and Adelaide.
This
country is buying more freely at the Australian sales, despite the lull in business here. Cotton textiles have been
more quiet. In the woolen and worsted trades the tone is
better. It is still a fact, however, that the silk manufacturing business shows the most life of any of the textile industries.
Iron and steel have been firm and In some cases higher,
and the steel demand, especially from railroads, is excellent. Very large buying of cars has been done. The business
in structural steel is larger than a year ago. In the retail
trade there is some decrease in buying, as compared with
the phenomenal activity of October, but still the aggregate
trade is noteworthy. If in some sections of the country
there is a falling off, in others there is an increase. Jobbing
trade makes a good showing. Car loadings show a falling
off from the very big total of the latter part of October, a
fact which is traceable to the diminished coal, grain and ore
shipments. On the whole prices of merchandise have been
rather firmer than recently. Rubber prices tend upward,
with very strong markets in London and Singapore and active buying by Americans in London. London is encouraged
to put up prices by the advance in rubber tires In this country. The truth of the matter is that there is still a severe
restriction of supplies. It may take years to make this country at all independent of British sources of rroduction. The
tendency of coal prices is upward as the cold weather approaches, and there is no settlement of the big anthracite
strike. Negotiations are under way to that end, but as yet
nothing definite has been accomplished. This strike, of
course, hits labor as well as the rest of the population, and
indeed bears with special severity on those least able to
stand it. Governor Pinchot of Pennsylvania is conferring
from time to time with labor leaders and the operators, however, and it is hoped that before long some basis of settlement may be reached. It is understood that the coal companies are not altogether averse to the check-off so far as
It relates to the ordinary dues of the miners to their union,
but they naturally demur to deducting fines and so forth
from the men's pay at the behest of labor leaders. It is certainly very much to be hoped that this will be the last
great
strike in the coal trade. Society is supposed to be
conducted
on the basis of the greatest good to the greatest
number. It
wants justice done to the coal miners, who at best
lead a
hard life, but at the same time the asses of the
population
of this country need fuel at this time; it may be
and indeed
actually is even a matter of life and death in may
cases in
some parts of the country. It Is a knotty problem,
but it
ought to be solved, somehow, and once for all.
The stock market has been active and irregular,
with a
noticeable tendency towards liquidation and
lower prices,
whieh need not be regretted. It is a truism to
say that ex-
2460
THE CHRONICLE
[Vol, 121.
cesses in speculation are bound to have their Nemesis that section was obtained by growers this year, with No. 1
sooner or later. But the country's condition is sound, even selling as high as $13 a barrel for one carload shipped North
if inflation is very apparent. The gradual rise in rediscount and averaging $10 a barrel for the season.
rates by the Federal Reserve banks may have a salutary
It has been cool here, after rains, at one time, but latterly
effect, of which, indeed, there are already some signs. The the tendency has been toward higher temperatures, and tospeech of President Coolidge at the Chamber of Commerce day it was rather more like an October day. Latterly it has
banquet on Thursday night has of itself had a good effect. been 48 degrees here, 50 in Chicago, Cleveland and IndianIn London the tone is more cheerful from the fact that there apolis, 54 in Cincinnati and Boston, 40 at Pittsburgh, with
has thus far been no advance in the Bank of England rate of the weather cloudy though without much rain. To-day it
discount. There is a boom in rubber stocks there which was 53 degrees here at 3 p. m.
attracts some attention. Foreign exchange is a little firmer
on francs and somewhat higher on Italian lire in New York.
There is no disguising the fact, however, that the currencies
Domestic Business Conditions, According to the
of France and Italy are in a deplorable condition. There
Government.
has been some decline in sterling exchange. But in England
Further reports on business conditions to the Department
affairs seem to be gradually Mending, as is partly indicated of Commerce covering the month of October show increases
by the gradual decrease in unemployment.
over September in the consumption of cotton, activity of cotThere is a tendency to raise money rates. The Cleveland, ton spindles, the production of copper at the mines, of Dougor Fourth, Federal Reserve Bank rediscount rate was ad- las fir lumber and of beehive and by-product coke, and in
/
1
2
vanced on Monday to 4 %from 3 %, which had ruled since bookings of fabricated structural steel, newspaper advertisAugust of last year. On Thursday (Nov. 19) the Federal ing and wholesale prices of plumbing fixtures. Sugar meltReserve Bank of Philadelphia made a similar advance. ings and sales of'mechanical stokers declined. Outstanding
The 3 % rate is still retained by Reserve banks at New loans of the War Finance Corporation showed a further
/
1
2
York and San Francisco.
decline from the previous month.
As the effects of the war pass off and society retraces
In comparison with October 1924 increases occurred in
its steps back to the ways of peace, production, the thing the production of mine copper, coke and Douglas fir lumber,
towards which in a thousand forms civilization works, shows cotton consumption, activity of cotton spindles, sugar melta tendency to increase. It is of interest to observe that in ings, bookings of fabricated structural steel, sales of meOctober production of a number of commodities was larger chanical stokers and newspaper advertising, while the wholethan in September. That applies to steel ingots, bituminous sale prices of plumbing fixtures and the outstanding loans
coal, cement, zinc, oak flooring and redwood lumber, and un- of the War Finance Corporation. declined.
filled orders of the United States Steel Corporation; also
.
postal receipts at both the industrial and selected cities,
debits to individual accounts, savings deposits in New York
Retail Prices of Food Higher in October.
State, the amount of money in circulations and stock quoThe retail food index issued by the Bureau of Labor
tations.
Statistics of the United States Department of Labor shows
In Boston cotton yarn business is said to be gradually in- for Oct. 15 1925 an increase of about 1.5% since Sept. 15
creasing. The New Bedford Warehouse Storage Co. says 1925; an increase of over 8.5% since Oct. 15 1924, and
the revival of the New England cotton manufacturing in- an increase of 55.5% since Oct. 15 1913. The index number
dustry is no longer in prospect; it is definitely here. Ma- (1913=100.0) was 159.0 in September and 161.6 in October
chinery in the mills that has not been active for two or three 1925.
years is being started. Manufacturing margins are better
During the month from Sept. 15 1925 to Oct. 15 1925,
on many classes of cotton fabrics than they have been since 15 articles on which monthly prices are secured increased as
the war boom. Orders for goods are being received in follows: Strictly fresh eggs, 16%; butter and oranges, 6%;
steadily increasing volume and buyers are showing suffi- canned red salmon, 4%; potatoes, 3%; plate beef, fresh,
dent confidence in the future to place many contracts for milk, oleomargarine, cheese, wheat cereal and bananas, 1%;
delivery over the next three, four, five and six months. At and bacon, lard, macaroni and coffee, less than 5-10ths of
Manchester, N. H., the Amoskeag Manufacturing CO. will 1%. Twenty articles decreased: Cabbage, 11%; onions,
close for Thanksgiving, but will reopen the next morning. 9%; canned corn, 4%; pork chops, flour, canned tomatoes
It is predicted that 175,000,000lbs.of tire fabric will approxi- and granulated sugar, 3%; cornmeal and navy beans, 2%;
mately be consumed in the tire fabric industry, an increase sirloin steak, round steak, rib roast, ham, baked beans,
of 35,000,000 lbs. In 1925 compared with 1924. At Detroit prunes and raisins, 1%, and leg of lamb, hens, vegetable
Industrial employment was up to a new high record last lard substitute and tea, less than 5-10ths of 1%. The
week. Atlanta, Ga., reports that mills throughout the South- following 7 articles showed no change in the month: Chuck
east are doing a splendid business, with their product sold roast, evaporated milk, bread, rolled oats, corn flakes, rice
well ahead at good prices. The Southern Power Co. raised and canned peas.
/
1
2
its operating schedule one-half day a week to 3 days, effecChanges in Retail Prices of Food, by Cities.
tive last Monday. This is the second half-day increase
During the month from Sept. 15 1925 to Oct. 15 1925 the average cost of
within the past few weeks and is made possible, by recent food increased in 50 cities as follows: Boston. Los itngeles, Manchester.
rains. Should more rain come within the next week or so, Philadelphia and Pittsburgh, 3%; Bridgeport, Buffalo, Denver, Fall River,
Jacksonville, Milwaukee, Newark, New Haven, New York, Peoria, PortIt is possible that textile mills may resume full time in from land,
Me., Providence. Rochester, San Francisco, Savannah and Washingtwo to three weeks. The Southern Yarn Spinners' Associa- ton, 2%; Baltimore, Birmingham, Charleston, S. C., Chicago, Cleveland,
tion says there are no available yarns fer deliveries until Columbus, Dallas, Detroit, Houston, Indianapolis, Kansas City, Little
Rock, Louisville, Memphis, Minneapolis, Mobile, New Orleans,
after the first of the year. Buyers find difficulty in secur- Omaha, Portland, Ore., Richmond. St. Louis. St. Paul, Scranton,Norfolk,
Seattle,
ing deliveries of contracts already placed owing to curtail- and Springfield, Ill., 1%; and Atlanta, Cincinnati and Salt Lake City,
shortage. Little evidence less than 5-10ths of 1%. In Butte there was a decrease of 1% in the month.
ment of operations due to water
For the year period Oct. 1924 to Oct. 1925, all of the 51 cities showed
of short selling. Yarn consumers are short on their supplies increases: Savannah, 14%; Louisville, 12%; Cincinnati, Jacksonville,
In many instances. Paterson, N. J., hosiery mills are re- Omaha and Philadelphia, 11%; Atlanta, Buffalo, Kansas City, Minneand St. Louis. 10%; Birmingham, Boston, Denver,
ported to be busier than at any time since the war. Pater- apolis, Norfolk, PeoriaMemphis, Newark. New
Haven, New York. PittsDetroit. Little Rock,
son silk unions have decided to strike for a 44-hour work burgh, Rochester, St. Paul, Scranton and Seattle,9%,Bridgeport, Chicago,
Portland, Me., Providence, Richmond, Salt Lake
week.
Fall River, Houston,
In New Orleans on the 18th inst. fire swept seven blocks City, San Francisco and Washington, 8%; Baltimore. Columbus, Dallas,
Indianapolis, Manchester, New Orleans and Springfield, Ill., 7%; Butte,
of Mississippi River wharves before it was brought under Charleston, S. C., Cleveland, Los Angeles and Milwaukee, 6%, and
control. The damage was estimated at $3.000,000 at least. Mobile and Portland. Ore., 5%•
As compared with the average cost in the year 1913, food in Oct 1925
Only one vessel was tied up at the wharf, the "Manila
was 70% higher in Richmond and Washington; 69% in Chicago. 68% in
Maru," a coffee ship of Japanese registry, and she was Baltimore and Buffalo, 67% in Birmingham. Boston and Detroit, 66% In
saved. The freighter had Just unloaded 75,000 bags of cof- New York, 65% in Protidence and Scranton, 64% in Philadelphia and
62% In Charleston, S. C., New Haven and
St. Louis, 63%
fee, which was a part of the loss. Reports here were that Pittsburgh, 61%in Atlanta.
in San Francisco, 60% in Fall River and JecAsonville.
the fire destroyed $3,000,00 to $4,000,000 worth of coffee.
59% in Cincinnati and Cleveland. 58% in Dallas, Kansas City, Louisville,
Chicago reports Western trade in good shape, with the Manchester, Milwaukee, Minneapolis, New Orleans and Omaha, 56% in
Newark,55% in Los Angeles. 54% in Indianapolis,53% in
business outlook excellent, despite some uneasiness about Seattle, 52% in Memphis. 46% in Denver and Portland, Little Rock and
Ore., and 42%
money. Farmers are in better shape, and are holding back in Salt Lake City. Prices were not obtained from Bridgeport, Butte,
grain for higher prices. Lyons, Ga., wired Nov. 17 Columbus, Houston, Mobile, Norfolk. Peoria, Portland, Me., Rochester,
their
St. Paul, Savannah. and Springfield. Ill., in 1913, hence no comparison for
that the highest price ever received for sweet potatoes in the 12-year period can be given for those cities.
Nov.211925.]
THE CITTRONTC`LE
Wholesale Prices Decline in October 1925.
A further decline in the general level of wholesale prices
is shown for October by information collected in leading
markets by the Bureau of Labor Statistics of the Ti. S. Department of Labor. The Bureau's weighted index number,
which includes 404 commodities or price series, registered
157.6 for October, compared with 159.7 for September.
Compared with October 1924, with an index number of 151.9,
an increase of 3%% is shown. Farm products declined over
-3% from the September level, due to falling prices of grain,
cattle, hogs, lambs, poultry, cotton and cottonseed, peanuts
and tobacco. Lower prices were reported also for foods,
building materials and chemicals and drugs. • Practically
no change was shown for the groups of cloths and clothing
and housefurnishing goods, while higher averages prevailed
for fuels, metals and miscellaneotis commodities. Of the
404 commodities or price series for which comparable information for September and October were collected, increases
were shown in 118 instances, and decreases in 106 instances.
In 180 instances no change in price was reported. Preponderating decreases in the important groups of farm products and foods were responsible for the drop in the general
price.level.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS Ole
100.0),
COMMODITIES (1913
1924, -1925-- Groups and
Groups and
1924, -1925-SubgroupsOct. Sept. Oct.
SubgroupsOct. Sept. 00.
Farm products
149.2 160.4 155.3 Building materials- --170.7 174.1 173.9
162.4 157.5 153.2 Lumber
Grains
178.3 182.8 182.4
Livestock & poultry-123.5 155.5 145.3 Brick
211.1 204.1 204.2
Other farm products 166.6 164.9 164.5 Structural steel
129.1 129.1 129.1
Foods
151.6 160.3 157.6
Other bldg. material 165.0 168.3 168.2
Meats
136.8 165.8 159.7 Chemicals and drugs_ .132.2 135.6 134.9
Butter. cheese and
Chemicals
125.4 128.7 126.8
milk
136.2 154.5 157.8 Fertilizer materials_ 99 2 108.2 109.8
Other foods
164.4 160.7 157.6 Drugs and pharmaCloths and clothing_ _ _188.4 189.3 189.5
ceuticals
179.8 178.5 178.7
.
Boots and shoes_ _ _181.6 186 7 186,7 mueournishing goods 171.0 167.6 167.9
Cotton goods
188.0 182.3 182.9 Furniture
152 5 147 7 147.4
Woolen and worsted
Furnishings
231.7 232.9 234.7
goods
213.8 206.9 206.4 Miscellaneous
119.8 134.9 138.0
Silk. &c
157.5 160.6 181.0 Cattle feed
139.1 130.5 122.3
Fuel and lighting
162.1 169.3 171.7 Leather
138.2 140.3 140.3
Anthracite coal
225.6 229.0 •
Paper and pulp
168.4 186.5 174.0
Bituminous coal._ _ _201.2 200.4 200.9 Other mlseellaneous_ 96.9 118.8 129.4
Other fuel & lighting 121.8 135.4 139.9 All commodities
151.9 159.7 157.6
Metals & metal prod--127 2 127.2 127.9
Iron and steel......138.9 133.7 134.2
Nonferrous metals- _101.4 113.1 114.3
•Insufficient data.
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
StrYn Round Rib Chuck Plat, Pork
Year
end Month. Steak Steak Roast Roast Beef ,
But.
Ham taro Hens Km ter
1924
154 149 144 129 110 130 138 166 118 162 158 160
January
152 148 143 128 110 127 136 165 114 165 144 157
February
158 148 144 129 110 128 134 164 Ill 169 101 161
March_
April
156 151 146 131 110 137 134 165 109 169 93 131
May
160 156 148 133 112 142 134 166 108 172 95 120
160.2 156.1 148.61132.6 109.1 143.8134.1 165.8 107 0168.5 104.0 126.1.
June
160 2166.2 147.0 131.3 108.3 144.3 134,8166.2 108.2 165.7 114.2 129.2
July
160.2 156.1 147 0131.3 108.3 165.7 141 9 173.2 122.2 163.4 129.3 126.1
August
September...,.168.3 153 146 130 6 109.1 170.5145.6 174.3 126.6 165.7 150.4 126.6
155.9 151.1 144.4129.4 108.3 178.6 148.5 175.1 135 4 164. 173. 125.1
October
152.4 147.. 142 41127.5 109.1 150.5 148.5 174.7 141 8162.0 197.4 12.77
November
150.4 145.3 141.4 126.3 108.3 139. 147. 173.2 139.9 161.5202. 137.1
December
Average for yr_ 155.9 151.8 145.51130.0 109.1 146.7 139.6 168.4 120.3 165.7 138.6 135.0
1925.
152.4 117.1 143.9 128.1 109.9 146.2 149.3 177.9 144. 168.1 204.4 136 6
January
151.6 146.6 143.4 127.5 109.1 i44.3150.7 178.8 144...169., 154 182.1
February
155.0150.7 147.0 131.3 111.6 178.1 164.4 190.3 146.' 173: 113.: 144.8
March
April
159.1 155.2 150.0 135.0 114.1 175.2 172.1, 198.9 146. 177. 110.4 139.2
May
160. 157.0 150.5 138.1 115.7 171. 171. 197 . 148
. 118. 186.1
June
161.4 157.8 130.5 136.3 114.0 172.4173.7 197.0 144. 173 2 122 4 1376
July
166.1 163.7 153.5 140.0 115.7 186.7 180.4 102.2 148.7 171.0 133. 138.8
August
165.4 162.3 153.0 138.1 114.9 190.5182.6204.1 153. 170.1 141. 141.(
September --__ 163.13159 6 151.5 137.5114.9 192.4 183.0 304.1 151.9 171.8 150 4 145 1
October
162.2 15R.7 151.0 137.5 116 5186 2183.7 '010 159.5 171.4 174.8 155.1
Year
C
PoleAS Artleki
Coland Month Clara Milk Bread ROUT ,neatl Rice toes
fee Tea centassew
1924
January
169 160 155 136 147 113 165 186 128 131
149
February
168 157 155 139 147 113 165 187 130 130
147 .
March_
168 156 155 139 147 liii 165 189 137 130
144
April
. 161 155 155 139 147 1113 165 181 140 180
141
May
157 153 156 139 147 1114 171 167 142 131
141
June
155.7 151.7 156.4139.4 146.7118. 194.1 160.9 141.9 180.
142.4
July
155.7 151.7 165.4 145.5 150.0114.9194.1 152.7 142.3 130.1
August
155.7 153.9 157.1 154.6 156.7117.2 152.9 149.1 145.6 180.8 143.3
144.2
September
156.6 156.2 157.1 164.5 16(1.0118 4 152.9 156.4 148.7 130.
148.8
October
157.5 156.2 157.1 160.6 166.7119.5141.2 160.0154.7 132.
148.7
November ___. 157.0156.1 153.9183.6 170.0120.7 129.4 160.0164.4 135.1
150.1
December
157.9 156.1 188.9 169.7 173.3121.8135.3160.0 169.5 136.7
151.5
yr.
Average lor. 159.7 166.1 157.1 148.5 136, 116.1 158. 167.3 145.8 131.
1925.
January
162.4 156.2 164.3 181.8 180. 123.0 147.1 147. 173.2136.4
164.7186.2 169.6 193.9 183.3 124.1 152.9 140.0174.8 137
February
March
165.2 155.1 167.9 193.9 183.3 126.3147.1 140.0175. 138.1
165.2 155.1 167.9184.8 183.3 128.4 141.2 136.4 174.8 138.
April
164.3 163.9 167.9 184. 180.0126.4 158. 130. 178 139.
May
165.2 153.0 167.9 184.15 180.0126.4 205.9 134).9 170 1 139.
June
165.6 155.1 1117.' 1840 160.0 13‘.7 258.8 129.1 170.5 139.
July
August
166.5 157.3 167.9184.8 . .
.: 127.3170.: 139.
September ___. 167.4 159.6 167.9 184.8 180.0129.9 211.8 127.3 171.1 139.
October
. 157.9 1713.5 179.71129.0 217.5 123.5 171.5 MA 9
145.9
154.3
1814
151.1
150.8
151.6
165.0
159A)
160.4
159.0
us. a
Railroad Revenue Freight Tonnage Still Running
Above 1,000,000 Cars a Day.
Loading of revenue freight for the week ended on November
7 totaled 1,063,322 cars, the sixteenth week this year that
loadings have exceeded the million car mark, according to
reports filed by the carriers with the Car Service Division of
2461
the American Railway Association. This was an increase of
68,043 cars over the corresponding week last year and an
increase of 27,101 cars over the corresponding week in 1923.
Compared with the corresponding weeks in 1920, 1921 and
1922, it also was a substantial increase. The total for the
week of November 7, this year, however, was a decrease of
27,951 cars under the preceding week, decreases in the loading of all commodities being reported with the exception of
coke and ore. Further details are given as follows:
Coal loading totaled 189.212 cars, a decrease of 5.043 cars under the
week before but 16,448 cars over the same week last year. Compared with
the same week in 1923, it was a decrease of 1.375 cars.
Grain and grain products loading amounted to 46.242 cars. 1,195 cars
below the week before and 8.523 cars under the same week last year. It
also was a decrease of 2.773 cars under the same week in 1923. In the
western districts alone, grain and grain products loading totaled 30,281
cars, a decrease of 5.348 cars under the corresponding period last year.
Miscellaneous freight loading totaled 398,525 cars, a decrease of 18.141
cars under the week before but 21.515cars above the same week last year. It
also was an increase of 34.466 cars over the same week two years ago.
Loading of merchandise and less than carload lost freight amounted to
267.431 cars, a decrease of 2,126 cars under the week before but 14.672 cars
over the same week last year. Compared with the corresponding week
two years ago. it also was an increase of 17,212 cars.
Forest products loading totaled 65.119 cars, 5.086 cars below the week
before and 2,284 cars below the same week last year. It also was 10.062
cars below the same week two years ago.
Coke loading totaled 16.038 cars, an increase of 950 cars above the
preceding week and 6,446 cars above the corresponding week last year.
Compared with the same week in 1923. it also was an increase of 4.704 cars.
Live stock loading for the week amounted to 38.107 cars, a decrease of
2.440 cars under the week before but 1.057 cars above the corresponding
week last year. Compared with the same week in 1923, it was, however, a
decrease of 4,907 cars. In the western districts alone. 29,470 cars were
loaded with live stock during the week, 2,430 cars above the same week
last year.
Ore loading totaled 42,648 cars, an Increase of 5,130 cars above the preceding week and 18,712 cars above the corresponding week last year. It
was, however,a decrease of 10.164 cars under the same perlod'two years ago.
Compared wjth the preceding week this year. the Northwestern was the
only district to show an increase in the total loading of all commodities, the
Eastern, Allegheny, Pocahontas, Southern. Central Western and Southwestern Districts, showing decreases. All districts except the Southwestern
showed Increases over the corresponding week last year while all except the
Eastern Northwestern and Southwestern showed increases over the corresponding week in 1923.
Loading of revenue freight this year compared with the two previous
years follows:
1925.
1924.
1923.
4,450.993
Five weeks in January
4,294.270
4,239.379
3,619,326
Four weeks in February
3.631.819
3.414.809
3,694.916
Four weeks in March
3.661,922
3.662.552
3.721.662
Four weeks in April
3.498.230
3,764.266
4,854.720
Five weeks in May
4,473.729
4,876.893
3,956.011
Four weeks in June
3,625.182
4.047.603
3.887.834
Four weeks in July
3.524,909
3,940,735
5,364,010
Five weeks in August
4,843.997
5,209.219
4,297.453
Four weeks in September
4,147.885
4,147.783
5,537.408
Five weeks in October
5,455.431
5.348,499
1,063,322
Week ended on Nov.7
995.279
1,036,221
Total
44,447.655
42.152.653
43,687,959
Employment and Wages in Pennsylvania, New Jersey
and Delaware.
According to the Department of Statistics and Research
of the Federal Reserve Bank of Philadelphia, both employment and factory operations expanded in Pennsylvania and
New Jersey during the month of October as compared with
September. In Delaware there was a slight decrease in
employment due to the fact that the canning season is drawing to a close. Undoubtedly part of the improvement in
wages paid was caused by a suspension of operations at a
great many plants over Labor Day, which accounted for
lower wages being paid in September than in October.
However,factory operations actually expanded, as evidenced
by the increases in October being greater than the decreases
in September. The statement goes on to say:
In Pennsylvania the automobile, electrical machinery. iron and steel
blast furnace, furniture and novelty and Jewelry industries showed the
most decided advances in both employment and operations. Factory
operations showed great improvement at plants making heating appliances,
iron and steel forgings, woolens and worsteds, and rubber tires, although
employment fell off slightly. The hat industry 113 the only one that declined
considerably in operations.
The most notable increases in employment and wage payments in New
Jersey were experienced at automobile, heating appliance, cigar and
tobacco, glass and musical instrument factories. Clothing establishments,
hat factories and canneries suffered the greatest reductions.
In Delaware foundries and machine shops registered the most marked
activity. The only decided decrease appeared in the canning industry.
Both employment and wages increased in all of the cities with the exception of Lancaster and Altoona, both of which reported a slight decrease of
0.1% in employment. Altoona also reported a decrease of 3.7% in total
wage paid. Reading, Wilkes-Barre. Johnstown and
,
Williamsport experienced the most marked gains.
WAGES IN DELAWARE,COMPILED BY FEDERAL
EMPLOYMENT AND
RESERVE BANK OF PHILADELPHIA.
No. of
Inc. or Dec. Oct. 1925 over Sept. 1925.
Plants
EmployTotal
Average
Reporting.
meat.
IndustryWages.
Wages.
33
-1.3
All Industries
+4.9
+6.3
Foundries and machinery products 5
+13.2
+19.9
+6.0
a
Other metal manufactures
-3.6
+1.6
+5.5
5
Food Industries
-54.0
-47.1
+15.0
3
Chemicals, drugs and Paints
+8.6
+8.6
5
Leather tanned and products
. 1.i
.
-1--2.4
-4.0
4
Printing and publishing
+1.4
+3.1
+1.6
Miscellaneous industries
6
+2.1
+20.3
+17.8
2462
EMPLOYMENT AND WAGES IN THE CITIES OF THE PHILADELPHIA
FEDERAL RESERVE DISTRICT.
No. of
Inc. or Dec. Oct. 1925 over Sept. 1925.
Average
Total
EmployPlants
Wages.
Wages.
meat.
Reporting.
Areas+7.3
+8.1
296
+0.7
Philadelphia
+9.2
+9.9
31
+0.6
Trenton
+5.
+6.9
34
+1.2
Wilmington
+12.2
+16.6
69
+3.9
Reading
+5.8
+5.7
-0.1
33
Lancaster
+1.5
+3.1
46
+1.8
York
+11.0
+11.2
38
+0.2
Harrisburg
+3.2
+4.0
21
+0.7
Schuylkill
+2.6
+4.4
82
+1.7
Allentown
+2.5
+3.8
19
+1.3
,
Sunbury
+1.0
+8.7
22
+6.7
Wilkes-Barre
+5.3
+6.3
37
+1.0
Scranton
-3.5
-3.7
15
-0.1
Altoona
+8.0
+13.0
14
+4.6
Johnstown
+4.0
+9.1
27
+4.1
Williamsport
EMPLOYMENT AND WAGES IN NEW JERSEY.
(Compiled by Federal Reserve Bank of Philadelphia.)
--Increase 07 Decrease
No.ofOctober 1925 over Septenzber 1925
Ater ogs
Total
Plants EmployWoes
Wales.
Reporting. meat.
Group and Industry+5.3
+6.5
+1.2
328
All industries(36)
+6.5
+10.5
+3.8
93
Metal manufactures
+10.0
+21.6
+10.6
6
Automobiles, bodies and parts
+6.8
+12.3
+5.1
20
Electrical machinery and apparatus
+9.7
+12.6
14
+2.7
Engines, machines and machine tools
+7.8
+9.5
15
Foundries and machine shops
+15.1
+40.2
+21.9
3
Heating appliances and apparatus
+3.4
-0.8
-4.0
5
Steel works and rolling mills
+4.4
+7.7
+3.2
3
Structural iron works
+1.3
+4.1
+2.8
17
Miscellaneous iron and steel products
+3.7
-0.9
-4.5
4
Shipbuilding
+8.3
+11.2
+2.6
6
Non-ferrous metals
+4.3
+6.8
+2.4
76
Textile products
+4.8
+4.3
-0.5
3
Carpets and rugs
-6.7
-8.6
-2.0
8
Clothing
--23.8
--26.4
--3.4
4
Hats, felt and other
+11.3
+15.0
13
+3.3
Cotton goods
+3.4
+4.9
+1.4
20
Silk goods
+11.1
+15.3
+3.8
10
Woolens and worsteds
+6.7
+11.0
+4.1
11
Dyeing and finishing textiles
-3.4
-3.1
+0.4
7
Miscellaneous textile products
--013
-27.2
-26.9
13
Foods and tobacco
+1.9
-32.6
-33.9
9
Canneries
+0.5
+17.8
+17.2
4
Cigars and tobacco
+8.2
+12.8
+4.3
23
Building materials
+4.0
+6.0
+1.9
9
Brick. tile and terra cotta product's
+7.9
v4-38.4
+28.3
3
Glass
+11.2
+10.4
-0.7
11
Pottery
+0.5
+2.3
+1.7
42
allied products
Chemicals and
-0.7
+3.0
+3.7
23
Chemicals and drugs
+1.4
-0.4
-1.7
8
Explosives
-1.3
+3.4
+4.8
8
Paints and varnishes
+1.1
+1.3
+2.3
3
Petroleum refiring
+6.9
+9.8
+2.7
81
Miscellaneous industries
+5.7
+6.4
+0.6
3
Lumber and planing mill producta
+5.2
+8.9
+3.5
6
Furniture
+14.5
+22.1
+6.7
3
Musicalinstruments
+12.6
+9.9
-2.4
12
Leather tanning
+5.9
+1.2
+7.2
6
Boots and shoes
-2.2
+3.3
+0.9
8
Paper and pulp products
-6.8
-2.4
+4.7
8
Printing and publishing
+4.2
+2.9
-1.3
13
Rubber Ores and goods
+10.6
+14.8
+3.8
9
Novelties and Jewelry
-0.8
+1.3
+2.1
13
All other industries
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
(compiled by the Federal Reserve Bank of Philadelphia and the Department
of Labor and Industry. Commonwealth of Pennsylvania.)
Increase or Decrease
No.of Oct. 1925 Over Sept. 1925.
Total
Average
EmployPlants
Wages.
Wages.
Reporting, mess.
Group and Industry-+6.6
+8.5
+1.8
882
All industries(43)
+9.8
+7.4
+2.2
303
manufactures
Metal
+3.9
+10.3
+6.1
20
Automobiles. budleo and parts
-1.7
-0.4
+1.4
12
Car construction and repair
+14.0
+23.9
+8.7
19
Electrical machinery and apparatus
+8.9
+10.2
.
39
Engines. machines and machine tools
+11.3
+12.6
+1.1
80
Foundries and machine shops
+12.6
+11.5
-1.0
17
apparatus
Heating appliances and
+6.8
+12.5
+5.3
13
Iron and steel blast lurnacos
+18.9
+17.9
-0.8
12
Iron and steel forging]
+7.9
+8.5
+0.5
41
Steel works and rolling mills
+9.8
+5.0
+4.6
18
Structural iron works
+10.9
+8.5
+0.2
27
and steel products
Miscellaneous Iron
+12.8
+12.0
+0.8
3
Shipbuilding
+10.3
+11.4
+1.0
8
Hardware
+6.4
+7.7
+1.2
9
Non-ferrous metals
+8.2
+9.4
+1.1
187
Textile products
+16.0
+17.5
-1.3
12
Carpets and rugs
+1.1
+3.5
+2.4
36
Clothing
-8.1
-4.7
-3.5
6
Hats, felt and other
+20.2
+17.4
+2.4
17
Cotton goods
+5.7
+7.3
+1.6
52
Silk goods
+12.4
+16.5
-3.5
17
Woolens an worsteds
+13.5
+9.4
+3.7
36
Knit goods and hosiery
+21.3
+16.8
+3.9
11
Dyeing and finishing textiles
+0.5
+3.6
+2.8
114
Foods and tobacco
+3.9
+6.0
+2.1
37
Bakeries
+3.1
+2.9
+0.2
25
Confectionery and lee cream
+12.4
+8.9
+3.3
14
Slaughtertng and meat packing
+7.4
+3.0
+4.3
38
Cigars and tobacco
+5.8
+4.9
74 • +0.9
Building materials
+6.8
+8.2
-1.3
Brick, tile and terra cotta products
+1.1
+1.2
+0.1
14
Cement
+9.7
+7.1
+2.5
25
Glass
+8.9
+6.5
+2.3
4
Pottery
-0.3
+1.3
-1.5
38
Chemicals and allied products
+1.4
-1.7
+3.2
21
Chemicals and drugs
-2.0
-2.2
.
3
Explosives
+2.8
+3.4
-0.6
9
Paints and varnishes
-0.9
+1.9
-2.7
5
Petroleum refining
+4.6
+7.1
+2.4
166
Miscellaneous Induatrlea
+2.7
+0.4
+2.3
29
Lumber and planing mill products
+16.0
+7.0
+8.5
20
Furniture
+5.9
+8.8
+2.3
19
Leather tanning
-1.9
-3.4
+1.5
9
Leather products
+6.3
+6.0
+0.2
24 •
Boots and shoes
+5.8
+4.6
+1.2
19
Paper and pulp products
+5.4
+2.0
+3.4
40
Printing and publishing
+18.1
+23.4
-4.3
3
Rubber tires and goods
+3.1
+8.6
+5.3
3
Noveltiesand jewelry
Weekly Lumber Production and Shipments Decrease.
Telegraphic reports received by the National Lumber
Manufacturers' Association from 351 of the larger softwood
mills of the country for the week ended Nov. 14 indicate
decreases in production and shipments and an increase in
new business as compared with reports for the previous week.
In comparison with the same period a year ago there were in-
(Vol, 121
THE CHRONICLE
creases in production and new business and a decrease in
shipments.
For the 104 West Coast mills the unfilled orders were
312,556,927 feet, as against 284,261,597 feet for 104 mills a
week earlier. Unfilled order reports from the Southern
Pine Association were not received in time for compilation
for this statement.
Altogether the 351 comparably reporting mills had shipments 87% and orders 107% of actual production. For
the 129 Southern Pine mills these percentages were respectively 110 and 129; and for the West Coast mills 76 and 109.
Of the reporting mills the 344 with an established normal
production.for the week of 213,667,978 feet, gave actual
production 104%, shipments 88% and orders 111% 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.
351
222,252,923
192,482,409
238,223,095
Corresponding
Week 1924.
358
207.894,362
195.998.845
228,292.902
Preceding Week
1925 (Revised).
353
226,299,262
218,726,765
211,282,052
The following revised figures compare the lumber movement of the seven associations for the first forty-six weeks
of 1925 with the same period of 1924:
1925
1924
Production.
11,116,089,049
10,637,332,432
Shipments10,973,255.536
10,554,801,622
Orders.
10.791,726,590
10,292,993,102
The mills of the California White and Sugar Pine Manufacturers' Association make weekly reports, but for a considerable period they were not comparable to orders with those
of other mills. Consequently, the former are not represented in any of the foregoing figures. Reports were not
received in time for publication this week.
The Southern Cypress Manufacturers' Association of
New Orleans (also omitted from above tables because only
recently reporting)for the week ended Nov. 11 reported from
16 mills a production of 5,608,835 feet, shipments 5,380,000
and orders 6,740,000. In comparison with reports for the
previous week this Association showed a slight increase in
production, marked increase in shipments and new business
about the same.
Weekly Lumber Review of West Coast Lunmberme's
Association.
One hundred and four mills reporting to West Coast
Lumbermen's Association for the week ending Nov. 7,
manufactured 100,880,415 ft. of lumber; sold 91,063,431 ft.;
and shipped 96,696,647 ft. New business was 10% below
production. Shipments were 6% above new business.
Forty-nine per cent of all new business taken during the week was for
future water delivery. This amounted to 44.849.348 ft.. of which 23,295,737
ft. was for domestic cargo delivery; and 21,553.611 ft. export. New
business by rail amounted to 1.366 cars.
Forty-eight per cent of the lumber shipments moved by water. This
amounted to 46.732.64 ft., of which 31.662.281 ft. moved coastwise and
ntercoastal: and 15,070,283 ft. export. Rail shipments totaled 1,491 cars.
Local auto and team deliveries totaled 5.234.083 ft.
Unfilled domestic cargo orders totaled 86.092.254 ft. Unfilled export
orders 111,019,343 ft. Unfilled rail trade orders. 2,905 cars.
In the first forty-five weeks of the year. production reported to West
('Out Lumbermen's Association has been 4.504.437,282 fa.. new business
4.590.127.608 ft.; and shipments 4.678.914.644 ft.
Outlook for Building and Construction.
"The year 1925 is probably the peak of the present cycle
of building activity," says the National Bank of Commerce
in New York. "In 1926 construction should tend toward a
level commensurate with the steady growth of the population, industry and prosperity of the country. The leval attained ought to be high enough to avoid any serious depression in the industry itself or reaction on general business."
Continuing in the November issue of "Commerce MOnthly,"
the bank says:
The influence of building and construction on general business in 1926
will be second to none. This group of industries is so closely woven into
the fabric of the whole industrial and commercial structure that a high
rate of activity would go far toward assuring good business and any marked
recession would adversely affect the general prosperity. There are peculiar
difficulties involved in any attempt to appraise the current situation as to
demand for and supply of building space, but on the basis of such data as
are available it appears that by the end of the current year the shortages
accumulated during the war period will have been on the average, about
made up.
Demand, cost of construction and supply of capital are the most important forces that control the building industry. Three principal factors in
the demand which has resulted in the sustained program of the last four
years may be distinguished-the requirements of normal growth, demand
resulting from a higher standard of living and the making-up of the wartime shortage.
The so-called normal demand is that which results from the replacement
of obsolete or destroyed facilities and from the natural population growth
of the country and consequent expansion of business. At the present time
It is estimated that around three and a half or four billion dollars is required annually to take care of this growth in the United States.
Nov: 21 1925.]
THE CHRONICLE
2463
Unprecedented building activity of the last two years, the
acceptance of apprentices and the normal organization efforts
of the various unions, is credited by the Research Bureau
with being largely responsible for the increased union membership. If the unions continue their present rate of growth
it is expected that they will report the largest membership in
history in 1926, even exceeding the record-breaking enrollment of 869,000 in 1921. Labor officials said that the increased membership gave assurance that the supply of union
labor was being sustained and would be ample to meet the
requirements of the industry. They asserted that any large
slackening in building activity at this time might result in a
surplus of both skilled and unskilled craftsmen.
Building interests, on the other hand, declared that unless
the training of apprentices was speeded up and the immigrawas a possibility of some future
As to this question, from an independent study of the tion laws modified, there
and unskilled mechanics. They
trend of construction from 1913 to 1925 as evidenced by shortage of both skilled
2% immigration law had reduced by
building permits in 68 cities, the bank concludes that pointed out that the
more than half the number of workers available from Europe.
apparently—
have also been numerous departures of unskilled labor
There remained in the United States at the end of 1924 a shortage of There
over three billion dollars. Of necessity, such a figure is the roughest of during the year. Canada and Mexico are now looked to as
estimates. Furthermore, it is a total for the country and cannot be inter- the chief sources of the common labor supply.
preted as meaning that requirements had not anywhere been made up.
Using as a basis of comparison figures compiled from
Doubtless in many cities and towns there was no shortage at that time, while
In some there may have been an excess of building. Assuming that the reports of the United States Census for 1920, statistics are
balance of 1925 continues at the rate of the first nine months, however, cited by the Research Bureau, showing that the union
the excess of construction in 1925 over the normal level will eliminate
organization of the skilled trades is the most highly develmost of the shortage existing at the end of 1924.
The general rent index for the United States as a whole has been declin- oped, and that approximately 50% of all the skilled workers
ing moderately since September 1924. A decline of rentals is certainly an
in the industry are unionized. The Plasterers' Union is
evidence of the approaching end of the housing shortage. However, care
a member
must be used in interpreting the trend of such an index, and in drawing shown to be the strongest organized craft, having
from its movement conclusions respecting the future activity of construc- ship equal to 70% of all the workers engaged in that trade.
tion. As rents are dependent primarily on local conditions, there are wide
well-organized crafts are the bricklayers, electricians,
variations from city to city and from one section of a city to another. Other
from individual cities indicate that where rents are declining it is carpenters, structural ironworkers and painters. Common
Reports
usually in one particular class of residence, most frequently in the high- labor has a very small union representation; less than 10%
priced class. A decline in one class reduces the average, but has comparaworkers in the industry being organized.
tively little effect on the rents in other classes, where high rents show of the 623,203
The Bricklayers Union reported a membership of only
that further construction is needed imperatively.
As demand for building and construction returns to normal, prices of 70,000 to the American Federation of Labor, but it claims a
building material and of wages will become increasingly important factors
approximately 120,000 journeymenand apIn determining the amount of new building to be undertaken, both directly membership of
and because of their influence on the availability of capital. A return prentices. If the latter figure is accepted, the bricklayers
high enough to give satisfactory yields on investments in any line based on would be the strongest organized craft, being about 85%
costs materially higher than the general price level is a reasonable expectefollowing statistics compiled by G. L.
tation only when demand is abnormally high in relation to supply. It seems unionized. The
a safe assumption that under existing conditions further increases in wages Miller & Co.show the increase of membership in the building
or prices of building materials would drastically curtail building for a
trade unions during the past two years as follows:
earning power of capital
One result of the war was a wider distribution of the luxuries of life and
a general raising of the standard of living in the United States, so that what
satisfied people before the war does not satisfy them now. In the field of
residential, and in fact all fields of construction this desire has occasioned
an extensive but immeasurable demand for new construction.
The demand attributable to these factors would not have caused the
unwonted activity witnessed in the last four years had there not been added
the cumulative effect of war-time shortage. Whether the vacuum created
by the war has yet been filled is a much mooted question.
The United States Bureau of Labor Statistics, from a study of permits
issued in a group of 130 cities, recently announced the conclusion that,
taking the country as a whole, the end of the war shortage was probably
reached before the close of 1924. In this opinion the Bureau is supported
by several statistical organizations interested in the building industry.
On the other hand, a good deal of evidence has been presented for the
opposite side of the question and against the conclusions of the Bureau,
It has been urged that its calculations used as a basis of value of permits
issued in the single year 1914, a figure apparently much below either the
level of 1913 or the average of the years 1910-14. The employment of too
low a base figure reduces the estimated amount of shortage in later years.
invested
time, for such advances would make the
In building increasingly doubtful.
it might occasion a temporary letA downward movement of costs, while
up in activity, would probably tend to stimulate the long-run volume of
building for lower costs and lower risks would permit investment of capital
in the low-rent type of residence structures for which there is an unsatisfled demand.
In summary, the tremendous building activity throughout the past four
year's has nearly satisfied the cumulative shortage of the war and post-war
years. Apparently there still remains a small shortage which with the
ordinary requirements of a growing and prosperous population should be
sufficient to maintain activity at a high rate for some time. The markets
for both building materials and labor, however, have been keyed up to the
abnormally high level of construction. A decline from this level will undoubtedly make itself felt in these markets. Lower building costs, although
they may temporarily check activity, will in the long run tend to sustain
and even to stimulate the volume of construction.
G. L. Miller & Co. See Little Prospect of Lowering of
Labor Costs in Building Trade.
Little:hope of any immediate substantial lowering of general
laborleosts in the building industry is found in statistics
just made public by the building research bureau of G. L.
Miller & Co., nationally known investment banking house
specializing in building construction. Figures compiled by
the research bureau from official reports of the average
paid up membership in the seventeen building trade unions
in the United States showed that theynow have a membership of more than 864,000. Thisrepresents a gain in the last
two years of approximately 44,617 new members, an increase
of 5% over their former membership. "This membership
gain," says the research bureau, "has placed labor in a
more favorable position than ever before to oppose any
attempt to deflate seriously the improved standards of living
it has recently achieved."
Although the unions only actually control between 38 and 40% of the
2,250,000 wage earners in the construction industry, the wages and working
conditions attained by the organized crafts are generally accepted as the
basis of compensation for all building workers.
Another important factor in the wage situation is that there is no perceptible indication that the building labor supply will greatly exceed the
demand. The apprenticeship system has failed to perform its function and
native American workers have not been attracted to the industry in large
numbers. Limitation of immigration, first by the war and later by legislation, together with strict laws against contract labor, and the condition
of employment in some European countries, have also greatly reduced the
supply of skilled and unskilled labor recruited from abroad, especially from
northwestern Europe. Therefore, the probability is that under normal
building conditions there will be a utilization of the available force practically to capacity for some time.
1925.
1924.
1923.
Asbestos Workers, International Association of 2.040
2.500
2,350
Heat & Frost Insulators
of A—
Bricklayers. Masons & Plasterers, I. U. Assn— 70.000 70.000 70,000
16,000 17,700 16.3e0
Workers,I.
Bridge & Structural Iron
Electrical Workers of America,Int. Brotherh.of 142.000 142.000 142,000
-2
8.11
8,122
5,200
Elevator Constructors' Int. Union
15,999 16.090 16.1(C
Engineers, Int. Union of Steam
8,KA.
9,028
9.500
Cutters, Int. Association of
Granite
Hod Carriers, Building & Common Laborers' 47.500 49,000 61,500
International Union
9,000
8,000
Metal
Lathers. Int. Union Wood, Wire & Rubbers & 8.001
Marble, Slate & Stone Polishers.
3.075
3.000
2.300
Sawyers. Tile & Marble Setters' Helparo, I.A. 25.000 25.000 25.000
Metal Workers. Int. Alliance Amalg. Sheet_
107,600
of::
Painters, Decorators & Paperhangers. Bro.I.A_ 92,800 103,300 30,000
25.200 30.000
Plasterers, Operative & Cement Finishers'
39,200
Plumbers & Steam Fitters, U. A.of Journeymen 35.000 35.000
United Slate, Tile & Composition Roofers. 3,000
3.000
3,000
Workers' Assn
Damp & Waterproof
5.100
5,000
4,900
Stone Cutters' Association, Journeymen
315.000 315.500 317.000
Joiners. Brotherhood of
Carpenters &
819.440 842,090 864,057
Total
not
Labor officials explained that the above figures did
uninclude members involved in strikes, lockouts or those
of
employed during the year. Therefore, the memberships
including the bricklayers and the carpenters,
several unions,
reported.
were, itis stated, probably considerably larger than
Increased Building Construction in New York City.
Building and engineering contracts awarded last month in
the five boroughs of New York City amounted to $99,528,200, according to F. W. Dodge Corporation. This was a
25% increase over September, and a 31% increase over
October of last year. It is customary for October to increase
somewhat over September, but this year's October increase
of
was larger than usual. There was a very large volume
contemplated work reported for New York last month, as
well as the big total of contracts awarded. The October
record included: $64,735,500, or 65% of all construction, for
residential buildings; $16,775,000, or 17%, for social and
recreational buildings; $6,841,000, or 7%, for commercial
buildings; $4,283,000, or 4%, for educational buildings; and
$3,316,000, or 3%, for public works and utilities.
For the first time this year, New York's construction total
year.
to date has passed the corresponding figure of last
started in the five boroughs during the
New construction
which
past ten months has reached a total of $767,635,700,
increase over the first ten months of last year. It
is a 4%
conwill be recalled that last year had a record-breaking
struction volume.
•
2464
THE CHRONICLE
J. H. Tregoe of National Association of Credit Men
Fears Danger in Building Construction.
Fearing that we may reach a danger point in building
construction, which reports show are wide-spread particularly in "boom" regions, J. H. Tregoe, executive manager
of the National Association of Credit Men, in a statement
issued on Nov. 14, appealed for prudence and advised
business men to conserve and build safely for the future.
Referring to these building speculations, Mr. Tregoe pointed
out, that with the possible exception of 1907, every major
panic we have gone through in this country began with
unhealthy and unwise real estate expansion. He adds:
(In Barrels)
Oklahoma
Kansas
North Texas
East Central Texas
West Central Texas
Southwest Texas
North Louisiana
Arkansas
Gulf Coast
Eastern
Wyoming
Montana
Colorado
New Mexico
California
[VOL 121.
DAILY AVERAGE PRODUCTION.
Nov. 14 '25. Nov. 7'25. Oct. 31 '25. Nov. 15 '24.
486,200
482,200
474,700
514,300
107,250
108,600
108,800
88,000
78,450
77,900
78,950
82,550
70,250
75.750
78,100
115.300
72,700
72,850
71,100
48,350
40,900
41,650
42,200
50,150
46,700
46,300
47,700
60,150
192,450
201.250
209,400
117.300
85,550
90.550
93,550
85,000
104,000
105,000
103,000
106,000
79,850
82.000
81,350
74,500
15,700
15,650
14,350
8,050
5,850
6,500
4,600
1,450
6,050
5,050
5,550
450
648,500
644,500
651,000
589,500
Total
2.039,100
2,057,550
2.063,850
1,941,050
The estimated daily average gross production of the Mid"Back in 1819, when the first panic broke, we were indulging an orgy of Continent field, including Oklahoma, Kansas, north,
east
speculation in the new Southwest," Mr. Tregoe said. "Credits were built
up and paper created beyond the powers of a reasonable liquidation. When central, west central and southwest Texas, north Louisiana
and Arkansas, for the week ended Nov. 14, was 1,094,500 barthe bubble burst, there was nothing but consternation and trouble.
"We have been proud of our construction program of the past two years. rels, as compared
with 1,106,900 barrels for the preceding
In 36 Eastern States during the past eight months,construction aggregating
very nearly 64.000.000,000 was begun. This was an increase of fully 25% week, a decrease of 12,400 barrels. The Mid-Continent proover the same period of 1924. It had been expected that our construction duction, excluding Smackover, Arkansas, heavy oil, was
program would slow down after the pressure for housing facilities had been 935,150 barrels,
as compared with 940,100 barrels, a decrease
met. This surmise, however, was not fulfilled. We have gone ahead at
of 4,950 barrels.
full speed and are still going.
In Oklahoma production of South Braman is reported at
"There is so much credit available in the country now that little difficulty is experienced in getting funds with which to construct buildings of 6,850 barrels,
against 8,000 barrels; Thomas, 17,750 barrels,
various kinds. The rapidity of the movement has naturally brought into
the construction field a number of operators and contractors without against 16,350 barrels; Tonkawa, 44,000 barrels, against
adequate credit qualities and frequently with nothing more than a shoe- 45,400 barrels; Garber, 56,700 barrels, against 53,250 barstring. It has been easy for these people to get funds to carry out their rels;
Burbank, 48,650 barrels, against 48,950 barrels; Davenprogram. Too often the venture proved a failure and some of the creditors
port, 18,800 barrels, against 18,550 barrels; Bristow-Slick,
were badly hurt.
"This situation we must point out as a danger point without the least 31,100 barrels, against 31,150 barrels; Cromwell, 24,050
bardesire to slow down on activity that serves to stimulate some of our soundest rels,
against 24,200 barrels, and Papoose, 13,650 barrels,
industries. It is not good sense to applaud the speed of any movement If
there is some danger of a wheel coming off and the drivers and passengers against 12,800 barrels.
having a bad spill. The danger of this situation can be largely controlled by
The Mexia pool, east central Texas, is reported at 15,250
careful credit discrimination. When scanning an application for a loan, the
bank or the individual financing building operations should not be satisfied barrels, against 16,850 barrels; Corsicana-Powell, 37,900 barto have the property contemplated of sufficient value to make the loan safe. rels, against 38,850 barrels; Wortham, 13,200 barrels, against
The builder or contractor should not be encouraged unless he has the 15,950 barrels;
Reagan County, west central Texas, 30,300
qualifications of success and is taking some personal risk with his own
barrels, against 30,600 barrels; Haynesville, north Louisicapital in the venture.
"To keep the construction program safe there ought to be a closer co- ana, 12,000 barrels, against 12,100 barrels; Cotton Valley,
operation between lender and builder. The public should also be considered. 9,550 barrels,
against 9,650 barrels, and Smackover, Arkanfor, unless credit is wisely used and the dangers of its misuse avoided, the
sas, light, 22,050 barrels, against 22,600 barrels; heavy, 159,public suffers."
350 barrels, against 166,800 barrels. In the Gulf Coast field
Hull is reported at 12,200 barrels, against 14,350 barrels,
New Automobile Model.
The new Peerless light six line, having a 116-inch wheel West Columbia, 9,650 barrels, against 9,750 barrels; Orange
base, is priced at 81,595 for the four-door five-passenger County, 15,300 barrels, against 15,600 barrels; South Liberty, 9,200 barrels, against 10,750 barrels, and in the Southsedan and $1,495 for the two-door five-passenger sedan.
west Texas field, Luling is reported at 21,800 barrels, against
22,200 barrels; Lytton Springs, 9,300 barrels, against 9,650
Crude Oil Prices Advance a Trifle in Certain Sections
- barrels.
Gasoline Market Quiet.
In Wyoming, Salt Creek is reported at 63,950 barrels,
Petroleum prices showed more activity during the week against
61,650 barrels.
just closed, especially in the crude and fuel oils, while
In California, Santa Fe Springs is reported at 53,500 bargasoline prices remained practically unchanged. Premiums rels,
against 54,500 barrels; Long Beach, 106,000 barrels,
were being paid for high grade Mid Continent crude oil against
107,000 barrels; Huntington Beach, 45,000 barrels,
on account of the large demand, says a dispatch from no change;
Torrance, 33,000 barrels, against 34,000 barrels;
Chicago on the 17th. United States motor gasoline was Dominguez,
27,500 barrels, no change; Rosecrans, 24,500
quoted at 10c., and in some cases 103.c. and 103'c. was barrels, no
change; Inglewood, 74,500 barrels, against 75,500
asked. The Marland Oil Co. on Nov. 18, through its crude barrels, and
Midway-Sunset, 100,500 barrels, no change.
oil purchasing subsidiary, the Kay County Gas Co., posted
an advance of from 5 to 20c. a barrel on the crude oil pro- Census
Report on Cotton Consumed and on Hand in
duced in Carson and Hutchinson counties of Texas, known
October-Consumption Above a Year Ago.
as the Panhandle field. The new schedule, embracing five
Under date of Nov. 14 1925 the Census Bureau issued its
grades, follows: Below 31 gravity, $1 05 a barrel; 31 to report
showing cotton consumed, cotton on hand, active
33.9, $1 20; 34 to 36.9, $1 35; 37 to 39.9, $1 50, and 40 and cotton
spindles and imports and exports of cotton for the
above $1 55. Reports from Houston, Tex., on the 19th month of October 1925 and 1924. Cotton
consumed
state that the price of bunker C fuel oil has been advanced amounted to 543,679 bales of lint and 75,750 bales
of linters,
10c. a barrel at Baton Rouge, New Orleans, Galveston, compared with 534,283 bales of lint and
57,452 bales of
Texas City and Houston, bunkers being quoted at $1 55 linters in October 1924 and 483,266 bales of
lint and 70,008
to 81 60 and cargo lots at $1 50 a barrel flat. North Texas bales of linters
in September 1925. It will be seen that
and mid-Continent fuel oil is higher than in two years, being there is an increase
over October 1924 in the total lint and
quoted at $1 273/ to $1 30 a barrel. Shreveport and linters combined
of 27,694 bales, or 4.7%. The statistics
Smackover fuel oil prices are unchanged at $1 05 a barrel. of cotton in
this report are given iwunning bales, counting
Pittsburgh, Pa., advices say that fuel oil prices on Nov. 20 round as half bales, except fold* bales,
which are in
rose to 7.03c. a gallon, an advance from 6.760. Pennsyl- equivalent 500-pound bales:
vania refiners also advanced kerosene Mc. a gallon on COTTON CONSUMED AND ON HAND IN •BrINNING MILLS AND
OTHER ESTABLISHMENTS, AND ACT VE COTTON SPINDLES. IN
that date.
(Linters Not Maud d.)
Further Decrease Reported in Crude Oil Production.
A decrease of 18,450 barrels was reported this week by the
American Petroleum Institute, which on Nov. 18 estimated
that the daily average gross crude oil production in the
United States for the week ended Nov. 14 was 2,039,100
barrels, as compared with 2,057,550 barrels for the preceding week. The daily average production east of California
was 1,394,600 barrels, as compared with 1,409,050 barrels,
a decrease of 14,450 barrels. The following are estimates of
daily average gross production by districts for the weeks
ended as indicated:
Cotton Consumed
During-(Bales).
Cotton on Hand
Oct. 31.
Cotton
Spindles
Active
Two
lnconsum- In public
Months big estab- storage& at During
October
October. Ending
lishments corn presses (Number)
Oct. 31.
(b9
44•0•
(bales).
United States
1925 *543,679 .1.475,610 .1,216,437 .4,499,382 32,425,206
1924 534,283 1,330.036
733,440 4.226,427 31,165,034
Cotton-growing States_ 1925 366.099
998.562
894,725 4,407.513 16,890,532
924.373
1924 373,339
468,984 3,082,033 16,470,946
New England States_ _. 1925 147,122
393,654
280,638
46.505 13,863,248
333,760
1924 131.080
229,258
36,431 13.055,348
All other States
1925 30,458
83.394
41,074
45,364 1.671,426
71.903
1924 20.864
35,198
207.963 1.638,740
•Includes 17.520 Egyptian. 7,563 other foreign, 684 American
-Egyptian and 288
Sea Island consumed. 25,992 Egyptian, 27,353 other foreign,
1,965 AmericanLocality.
Year
Egyptian and 2,346 Sea Island in consuming establishments, and 5.988 Egyptian.
13,015 other foreign, 4,875 American-Egyptian and 516 Sea Island in public storage.
Three months consumption, 51,626 Egyptian, 21,655 other foreign, 2,141 AmericanEgyptian and 738 Sea Island.
Linters not included above were 75,750 bales consumed duringOctober in 1925
and 57,452 bales in 1924; 82.606 bales on hand in consuming establishments on
Oct. 31 1925 and 74,286 bales in 1924, and 28,694 bales in public storage and at
compresses in 1925, and 44,054 bales in 1924. Linters consumed during three
months ending Oct. 31 amounted to 209,341 bales in 1925 and 153,159 bales in 1924.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
-Pound Bales).
Imports of Foreign Cotton (500
Three Mos.Ended Oct. 31
October.
Country of Production.
1924.
1925.
1925.
1924.
6,336
2,721
1,331
546
1,360
108
3,687
1,265
446
11,376
1,340
21
22,020
6,248
1,769
728
5,620
404
9.849
2,535
1,139
14,193
4.187
22
12.402
18.135
36,789
31,925
Egypt
Peru
China
Mexico
British India
All other
Total
Exports of Domestic Cotton
and Linters-Running Bales (See Note for ,
'
triter:).
October.
Three Mos.Ended Oct.31
Country to Which Exported
1925.
1924.
430,967
166.057
97,466
350.888
157,689
184,762
33,653
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
286,868
104,348
94,319
188,419
109,699
130,474
32,379
1925.
1924.
659,808
272,735
165,009
709,888
340.415
286,476
55,300
627.298
268,247
176.294
407,482
249,271
181,596
51,450
1.421.482
946.506 2.489.631 1,961.638
Total
-Figures include 7,446 bales of linters exported during October in 1925 and
Note.
4,380 bales in 1924 and 11,966 bales for the 3 months ending Oct. 31 in 1925 and
13.942 bales in 1924. The distribution for October 1925 follows: United Kingdom,
1.484; Netherlands. 842; France. 1,982; Germany, 1,576; Belgium, 220; Italy, 457:
Spain, 125; Canada, 699; Mexico, 6; Brazil, 40; Japan, 15.
WORLD STATISTICS.
The preliminary estimated wotld's production of commercial cotton, exclusive of
linters, grown in 1924. as compiled from information secured through the domestic
and foreign staff of the Department of Commerce is 23,377,000 bales of 478 pounds
lint, while the consumption of cotton (exclusive of linters in the United States) for
the year ending July 31 1924 was approximately 19.982,000 bales of 478 pounds lint.
The total number of spinning cotton spindles, both active and idle, is about 159,000,000.
Cottonseed Production During October.
On Nev. 19 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured,shipped out, on hand
and exports during the month of October 1925 and 1924:
-- -sales to date total 167,107,618 pounds and have averaged
about $2193 for the three months of August, September
and October. Several of the markets in Bladen, Robeson
and Columbus counties closed prior to Oct. 1. These houses
sold a total of 10,785,834 pounds (producers') before closing.
The following further particulars are given by W. H.
Rhodes Jr., Acting Statistician, North Carolina Co-operative Reporting Service:
The producers' sales to Nov. 1 amount to about 61.2% of the crop produced this year. This leaves 48.8% yet for sale or for delivery to the
association. The Government estimate on Nov. 1 indicated a crop of 326,300,000 pounds in North Carolina, averaging 650 pounds yield per acre.
This crop is nearly 1,000,000 pounds larger thali the average crop produced
during the five-year period from 1920 to 1924, and is 17% larger than that
produced last year.
The low price averages during August and Septentber are the results of
the poor grades of offerings during those months when lugs and scrap composed the bulk of the sales. During October offerings have been madly
average grades, but a quantity of the better grades have been sold. The
quality of the crop this year averaged 72% of normal compared with an
average quality of 76% during the past ten years.
One of the most notable features about the October report is the low
price paid for sales on the markets in Alamance County, where the highest price averages in the State are usually received. The report from the
Piedmont Warehouse, of Mebane, contained the following statement in explanation of this: "Poorest crop in history of this market." In contrast
to this is the following from a Wilson N. C., warehouse: "Best crop in
Years." These statements are typical of the two sections of the State. The
Coastal counties report an unusually good crop, with the quality much above
an average. The season has been good for the crop in most of these counties located in the new belt. The dry weather was severe through the
upper Piedmont counties (old belt) during the early part of the season an
the rains came too late to show much improvement in leaf.
The following shows October sales by belts:
Avge. Price. Value Oct. Sales.
Producers' Sales.
October$17,904,112
62,673,077 lbs.
$2857
New belt
20,046,694 lbs.
19 62
3,932,230
belt
Old
estimate that about 70% of the crop was disposed of by
Warehousemen
Nov. 1. If this estimate approximates the fact, it means that 17.8% of
the crop has been delivered to the Co-operative Marketing Association, and
80% remains for sale on the open market or delivery to the association.
The following are quoted comments from warehousemen's reports and
are helpful in understanding the activities on the markets: "Average
grades being sold"; "smoking tobacco scarce; season dry; quality poor
(Surry County)"; "best tobacco remains to be sold (Varina-Wake
County)"; "selling best part of crop"; "selling fast"; "offerings common
to fair"; "quality of October sales, scrap 10%, average 50%, good 40%."
NORTH CAROLINA TOBACCO WAREHOUSE SALES REPORT FOR
OCTOBER 1925.
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
Markets.
State.
Crushed
Received at Mills.
On Hand at Mills
Aug. 1 to Oct. 31. Aug. 1 to Oct. 31.
Oct 31.
1925.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
1924.
1925.
1924.
1925.
1924.
189,852
16,722
208,164
21,337
275,010
163,691
374,720
163,696
207,366
133,041
137,206
709,628
57,036
105,364
15,529
127,478
21.251
149,158
76,441
214,033
56,590
160,790
73,899
75,639
846,990
27,880
104,343
14,629
115.056
13,330
128,810
82,952
171,996
78,995
102,292
73,247
83,872
411,336
28,017
64,641
12,282
75.478
15,732
108,972
44,834
110,472
35.467
70,724
47,529
42,046
451,927
16,136
85,796
3,263
93,379
8,381
146,513
70,691
205,703
85,047
108,368
61,158
53,781
319,385
29.305
42,012
3,261
52,050
8,174
44,102
31,607
104,313
21,475
90,305
27,001
34,244
403,037
11,787
2 647 leo 1 951 042 1.408 875 1.096.240 1.270770 571 ,
555
*Includes seed dest eyed at mills but not 32,276 tons and 21,711 tons on hand
Aug. 1, nor 53.741 tons and 19,859 tons reshipped for 1925 and 924, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND
ON HAND.
TT/111.M States
Item.
Season.
On Hand
Aug. 1.
*4,847,333
Crude oil (lbs.).- 1925-26
4,052,703
1924-25
Refined oil (lbs.). 1926-26 al73,549,345
1924-25 106,799,632
18,976
Cake and meal 1925-26
41,620
(tons)
1924-25
39,453
Hulls (tons)
1925-26
33,515
1924-25
Linters (500-lb. 1925-26
18,912
bales)
63,410
1924-25
18,547
(Runningbales) 1925-26
Hull fiber (500- 1925-26
4,008
lb. bales)
1924-25
Grab'temotes,&c. 1925-26
1,758
rann-in hm,,..N
100,0R
2465
THE CHRONICLE
Nov.21 1925.]
A AAA
Produced
Shipped Out
Aug.1-0et.31. Aug.1-0c1.31.
409,351,370
323,620,140
6291,902,829
226.682,990
652,802
501,351
389,907
315,882
274,097
203,261
265,734
18,671
7,473
8,084
363,713,864
276.845,295
5510
6446
503,595
446,800
282,478
211,009
203,833
147,442
194,887
9,036
7,206
5.391
On Hand
Oct. 31.
*91.976,153
83,496,791
a77,663,761
73,568,505
168,183
96,171
146,882
138,388
89,176
109,229
89,394
13,643
267
4,451
"nn
*Includes 635,825 and 7,198,369 lbs. held by refining and manufacturing establishments and 1,550,690 and 36,479,460 lbs. in trans t to refiners and consumers
Aug. 1 1925 and Oct. 31 1925, respectively. a Includes 12,798,458 and 4,633,179
lbs. held by refiners, brokers, agents and warehousemen at places other than refineries and manufacturing establishments and 6,989,033 and 6,223,134 lbs. In
transit to manufacturers of lard substitutes, oleomargarine, soap, dm., Aug. 1 1925
and Oct. 31 1925, respectively. b Produced from 314,313,400 lbs. crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR 3 MONTHS END.OCT.31.
Item1925
Oil, crude. lbs--------------------------------------6,605,844
1.270.605
Refined, lbs
8 388.944
3,172,706
Cake and meal, tons
83,335
76,374
Linters, running bales
11,966
13,942
Number Producers' Dealers'
Sales.
Re-Sales.
Houses
Aberdeen....
Ahoskie
Burlington...
Carthage.-Durham
Elkin
Enfield
Fair Bluff__ _
Fairmont....
Far:ovine.Fuquay Spge.
Goldsboro
Greenville _ _
Henderson...
Jacksonville
Kinston
Louisburg
Madison
Mebane
Mt. Airy.New Bern_ _ _
Oxford
Pinetops
ReidsvilleRobersonville.
Rocky Mount
Roxboro
Sanford
Smithfield
Stoneville__
Tarboro
Wallace
Warrenton...
Warsaw
Washington
Wendell
Williamston_
Wilson
Windsor
Youngsville
Wins'n-Salem
Zebulon
1
3
*3
2
4
1
2
*2
*3
2
3
3
6
4
1
6
3
1
2
2
2
4
2
2
1
4
3
2
2
2
2
2
3
2
3
3
*4
7
1
*1
5
2
Total
Sales.
Average Price Season's
Proaucers'
,
1925. 1924.
Sales.
619,925 $2259 $19 51
11,352
563,690
749,006 25 70 25 30
12,874
670,819
4,804
409.169 13 07 22 76
382,096
615,238 1980 21 04
14,012
548,914
254,206 3,210,084 21 93 24 75
2,725,312
243,384 16 47 23 18
1,372
227,074
599,004 25 68 18 76
33,896
498,890
440
17,666 9 98 ___
13,388
45,502
925,066 15 09 _ __
707,372
66,692 3,412,662 30 99 2/44
3,269,794
49.160 1,831,500 27 28 26 14
1,697,104
90,107 1,846,116 27 15 21 97
1,645,069
586,062 12,331,156 30 48 24 97
10,978,786
1,438 1,732,970 2066 20 81
1,640,754
239,188 21 12 1968
2,670
220,580
600.090 10,406,266 26 24 22 26
9,260,064
798,432 17 49 21 08
11,410
703,27
477,020 15 60 20 50
16,330
442,910
321,884 10 95 2696
1,760
291.940
818,546 14 93 19 89
82,382
689.816
666,248 26 76
18,010
590,182
15,236 1,596,380 19 00 21 29
1,514,458
545,999 -30 73 25 22
13,226
505,603
651,778 18 25 22 70
6.542
618,392
1.011,926 32 21 25 72
917,090
165,426 8,034.226 .2727 26 08
7,612,114
608,908 12 46 23 75
27,200
540,710
412,576 20 12 22 82
2,854
358,128
29.836 1.280,328 24 02 19 81
1,095,200
256,280 14 32 20 82
2,056
212,112
10,656 1,147,114 28 60 25 27
1,051,736
627,978 24 46 21 72
2,764
493,128
443.590 18 81 16 65
1,676
435,694
549.736 27 75 23 3/
21,006
493,080
19,058 1,065,380 28 11 27 42
970,084
811,910 22 94 20 45
17,804
752,692
7,768 1,750,254 30 75 24 87
1,634,022
18,342,002 2,123,733 21,394.225 30 32 28 55
243,462 2822____
4,684
233,342
No Report
432,965 7,673,694 1886 22 59
6,739,758
509,068 22 14 20 61
4,602
432,598
563,690
1,713,510
382.096
548,914
2,725,312
227,074
1,191,802
1.127.012
8,818,038
6,882,628
1,697,104
3.508,510
22,108.482
1,640,754
547,260
18,630.495
703,274
442,910
291.940
689.816
1,442.668
1,514,458
1,131.779
618,392
1,843,382
13,875,664
540,710
358,128
2,312,968
• 212,111
2,299.512
1,085,827
435,694
1.637.516
2,078,280
1,780,204
4,271,787'
36,305,304
502,448
6,739,758
893,972
State totals 113 82,719.771 4,812,661 92,865,292 $2640 $23 88 156,321.784
10,785,834
Warehouses cl osed pri or to Octo ber 1
Total seaso n's prod ucers' sale s to date.
101 517 056.750 4.802.25076.744.880
167,107,618
no5nhAr1095
-The following warehouses failed to send in October report: Fairmont
Note.
Tobacco Warehouse, Fairmont, N. C.. Eagle Warehouse, Youngsville, N. C., Rice
& James Warehouse, Williamston, N. C., Old Brick Warehouse, Burlington, N. C.
Farmers Warehouse. Fair Bluff. N. C,
Comments.
October tobacco sales showed a considerable improvement in price over
the September sales. The average of $26 40 is $9 per hundred more than
the September average and $8 17 higher than the August sales. The average price for the mason to Nov. 1 was $21 93 per hundred pounds, averaged
on a basis of 167,017,618 pounds sold by producers. Last year producers'
sales to this date amounted to 131,417,739 pounds. The quality of the
sales during October showed considerable improvement over previous sales
and quite a bit of the better grades are yet to be offered.
October Sales of Tobacco in North Carolina-Nine
Cents Per Pound Better Than September.
October sales reports from tobacco warehouses to W. A.
Graham, Commissioner of the North Carolina Department
of Agriculture, show total of producers' sales for the month Steel Sales Grow in Volume as Pig Iron Demand Slows
Down.
amounting to 82,719,771 pounds averaging $2640 per hundred pounds. Last year the 67,980,780 pounds sold during
Steel mills have put more first quarter business on -their
October averaged $2388 per hundred. Season's producers' books in the past week, in some cases considerable amounts,
2466
THE CHRONICLE
particularly steel bars, plates and structural material. Thus
the situation is growing more like that of November and
December in the past three years, when manufacturing buyers, while not currently consuming more steel, were adding
to the stocks they carried, declares the "Iron Age" on Nov.
19. As in the previous year-end movements, steel manufacturers are naming higher prices for later deliveries, without rigidly drawing the line between December and JanuaryFebruary prices. However, some mills have not yet opened
their books for the first quarter, continues the "Age," in its
weekly summary, which adds:
November thus far has brought out more orders than the first half of
October. Operations also show a gain, though not so great
-the present
average being 83 to 84% of capacity
-so that unfilled orders are still inCreasing.
The new developments In prices are an advance of $1 a ton on billets and
sheet bars, or to $35 and $36. Pittsburgh, respective y, the putting up of
first quarter sheets $2 a ton by some independent mills, an advance in alloy
steel bars, and the naming of the present prices on cold-rolled and hot
rolled strips for first quarter delivery.
On first quarter bars, plates and shapes the mills are aiming at a 2c.
market. They are succeeding as to bars, in which orders are large; but
1.90c. Is done in shapes, and Pittsburgh plates for Eastern shipment go at
1.80c. At Eastern mills 1.60c., Pittsburgh, is still possible.
The promise of larger buying of railroad equipment still holds good.
Orders for more than 8,000 freight cars requiring close to 100,000 tons of
steel were placed in the week. The Lehigh Valley is inquiring for 1,000 and
the Wabash will probably buy 2,000 instead of 1,000. Rock Island and
the Burlington are early prospects. Two roads are asking for bids on 25
locomotives each.
Rail orders are now well above the 1,500,000 ton mark. The week's
distribution includes 42,060 tons to Chicago mills mnd two Chicago roads
are figuring on 19.000 tons.
Fabricated steel bookings for the ten months of this year, exceeding
2,200.000 tons,are one-sixth more than those of the same period in 1924,and
by this time in November have probably passed the total of last year,
which was a record.
The week's structural steel awards were 28.500 tons, less than half the
previous week's total An office building in New York and a New York
State hospital In Brooklyn each take 4,500 tons. New York subway
work, now being bid on, will require 3.750 tons and a New York theatre
2,500 tons. Inquiries total only 14.000 tons.
October records of independent sheet manufacturers show sales nearly
16% in excess of production. Compared with September, production in
October was 19% greater, sales 41% and shipments 27%•
A canvass of sheet shipments in the 60 days ended Oct. 31 showed an
average price of 3.10c. per lb. on base sizes, and thus tonnage rates of sheet
and tin mill workers in mid-Western mills remain unchanged for the November-December period.
Shafting under the new card of extras on cold-finished steel is now 15c.
and 35c. per 100 pounds above base in the common sizes. All rounds
hereafter take an extra above the base price, depending on diameter.
Foundry operations at a number of Central Western centres show that
early fall gains are well maintained, and activity is marked at some implement foundries. This situation strengthens pig iron sellers, and furnace
stocks are being reduced in the South rapidly.
The sharp pig iron advances have slowed down buying in all markets.
There is also the halting effect of a further drop in coke pricer, $5 to $5 50
being this week's range, against $6 last week.
Foreign coke has invaded New England, as in the last anthracite strike,
several thousand tons of English coke going to Providence and Portland.
Boston has received the first of seven 5,000
-ton lots of Westphalian coke.
Sales of coke by Ohio and western Pennsylvania steel companies for general consumption are expected to improve fourth quarter earnings statements.
[Vor... 121.
Inquiries for automobile sheets for first quarter are being put out, including
one for 15,000 tons and another for 6,000 tons, from the Detroit district.
Present automobile production in Michigan territory is at the rate of
16,000 daily.
The "Iron Trade Review's" composite on 14 representative iron and steel
products this week is $38.84, a gain of Sc, from the preceding week. Sheet
bars for the first quarter have advanced to $36 and wire rods to $46.
New extras on cold finished steel have raised the price from $1 to $3.
The gap that existed in plate capacity with Western mills largely have
been filled by the heaviest week of the year in railroad car buying. Orders
totaled 8,200 including 4,500 for the New York Central, 3,000 for the
Missouri Pacific, 700 for the Denver & Rio Grande Western, with 3,000
for the Santa Fe near distribution. The Lehigh Valley is Inquiring for 1,000
and the Wabash for 2.000.
The outstanding item in the again tightened coke market is the cabled
advice that 12 cargoes, or about 50,000 tons of British coke have been
engaged for importation to the United States. Colder weather and growing
labor defections in the Connelisville region have been responsible for the
markets turn upward. Spot furnace coke now is quoted at $6.50 and for
December at $8.
Rogers Brown R: Crocker Bros., Inc. under date of Nov.
19, say:
The outstanding feature of the present pig iron situation is the activity
of the foundries and the smallness of the stocks in consumers' and producers' yards. There is scarcely any reserve iron and customers are constantly pressing for deliveries. When a furnace falls a little behind on
deliveries it usually results in a quick purchase of spot iron.
Total sales for the past week were comparatively light, the falling off was
confined to the Eastern territory, the Central West having slightly exceeded
the previous week's sales. There are a few inquiries for 2nd quarter but
producers do not, look with favor on sales so far ahead.
Prices are strong and several advances are noted.
Ferro Manganese, Ferro Silicon and other Ferro alloys are commencing
to show activity. This was inevitable in view of the very high percentage
of mill operations. Prices remain unchanged.
The mild weather is keeping the coke market quiet. Retailers of substitutes for anthracite do not dare stock up or buy to cover their customers'
future needs but it is expected the next cold spell will start another wave
of buying.
Bituminous Coal Output Declines-Anthracite
Situation Unchanged-Coke Gains.
A decline of about 2% in the production of bituminous
coal owing to the observance of holidays, together with an
increase of around 12% in the output of coke, were the chief
features of the week ended Nov. 7, as reported by the
United States Bureau of Mines, from which the following
extracts are reprinted:
The preliminary estimate of bituminous coal during the week ended
Nov.7,including lignite and coal coked at the mines,is placed at 12,189.000
net tons. Compared with the revised figure for the week preceding, this
Is a decrease of 291,000. or 2.3%. This decline was due partly to the
election holiday and partly to the observance on Monday of All Souls Day.
In the four remaining days of the week loadings resumed the upward trend.
Estimated United States Production of Bituminous Coal (Na Tons)oIncluding Coal Coked.
1929
1925
Week. Cat. Yr. to Date.b
Week EndedWeek.
Cal. Yr. to Date.
October 24
10,645,000
381,789.000
406,893,000
12,088,000
1,774,000„
Daily average..., 2,015,000
1,617,000
10,405,000
392,194,000
October 31 _ c
419.372,000
12,480,000
1,734,000
1,525,000
Daily average__ .... 2,080,000
1,628,000
9,695,000
401,889,000
November 7c._12.189.000
431,562,000
1.791000
1.639,000
1,531,000
Daily average_ 2.138.000
a Original estimates corrected for usual error, which in past has averaged 2%.
b Minus 2 days' production first week in January to equalize number et days In the
two years. c Revised since last report. d Subject to revision. Election day
equivalent to about seven-tenths of a normal working day.
Total output during the calendar year 1925 to Nov. 7 is 431,562,000 net
tons. This is approximately 29.670,000 net tons, or 6.9% more than that
during the same period of 1924. Corresponding figures for recent years
are given below:
Years of Depression.
Years of Activity.
1919
413,250,000 net. tons
1918
505,021,000 net tons
Finished Steel, Nov. 17 1925, 2.439e. per Pound.
1921
474,364.000 net tons
356,607,000 net tons
1920
2.431c. 1923
Based on prices of steel bars, beams, tank One week ago
1924
401.889.000 net tons
487.664.000 net tons
2.403c.
plates, plain wire, open-hearth rails, One month ago
2.474c.
t black pipe and black sheets,constituting One year ago
ANTHRACITE.
-year pre-war average, 1.889c.
10
88% of the United States output.
Production of anthracite during the week ended Nov. 7 is estimated at
Pig Iron, Nov. 17 1925. $21 29 per Cross Ton.
$21 29 28,000 net tons, an increase of 10.000 tons over that of the preceding week.
Based on average of basic and foundry One week ago
-20% less than
19 88 Total output since January 1925 is now 61,769.000 tons
Irons, the basic being Valley quotation, One month ago
19 88 that during the corresponding period of 1924.
the foundry an average of Chicago, One year ago
pre-war average. 15 72
Philadelphia and Birmingham.
-year
10
Estimated United States Production of Anthracite (Nor Tons).
-1925--1924- -1923
2.824c. Apr.
1925
1924
Finished steel- --High 2.560c. Jan. 6 2.789c. Jan. 15 2.446c. Jan. 24
2
Cal. Yr. to Date.
Week.
Low 2.396c. Aug. 18 2.460c. Oct. 14
Week Ended- Week.
Cal. Yr. to Date.a
61,723,000
Pig Iron
High $22.60 Jan. 13 $2288 Feb. 26 $3086 Mar. 20 October 24
13,000
1,927.000
74,210,000
Low 1896$
61,741,000
18,000 '
1,444,000
July 7 $1921 Nov. 3 $2077 Nov. 20 October 31
75,654,000
61,769,000
November 7_ _ _ 28,000
1.592,000
. 77,246,000
Finished steel, according to the "Iron Age" composite
price, has advanced to 2.439c. per lb., from 2.431c. last week.
It still is 11 below the level of one year ago. The pig
/
2
%
iron composite price remains unchanged at $2129 per ton,
compared with $1988 one month ago and $1988 one year
ago, as is shown in the following table:
Steel production again has forged ahead the past week
and is now approaching the point of virtually maximum
operation in leading districts. At Pittsburgh steel works
activities have gone from 80 to over 85% of ingot capacity,
and they are averaging 85% both in the Chicago and Youngstown territories, states the "Iron Trade Review" in its issue
of Nov. 18. It is indicated from these figures that November will exceed any November for which a definite record
Is available and the industry at large is making steel at an
annual rate of better than 47,000,000 tons, continues this
report, from which we quote further details as follows:
This speeded-up output is expressive of the heavy bookings entered by
'rains in October. which still are keeping up. So far in November some
companies have been able to exceed even their October receipts. Generally
incoming tonnage is holding ahead of shipments despite sheet sales in
October totaling 403.491 tons or 127.3% of capacity, the largest since the
figures have been reported collectively by independent mills, with the single
exception of November, 1924. Various independent mills this week
advanced prices again $2 a ton, applying to first quarter contracts. Large
a Less No days in January to equalize the number of days in the two years.
BEEHIVE COKE.
Production of beehive coke during the week ended Nov. 7 is estimated
at 292,000 net tons. This is a gain of 31.000 tons, or 12% over that of
Oct. 31 and is the highest weekly output recorded since March 29 1924.
The "Weekly Courier" states that production in the Connellsville region
increased over 18,000 tons, or about 10% during the week, with 700 additional ovens fired.
Eestimated Production of Beehive Coke (Net Tons).
Week Ended
1925
1924
Noe. 7'25.b 1/0.31 '25.c Nov. 8 '24. to Dale.
to Date.a
212.000
237,000
10::
31 000 6,2 4:000 6,242,000
Pennsylvania and Ohio
2
15,000
15,000
West Virginia
429,000
18,000
17:0 0
8 008
Ala., Ky., Tenn. &Ga._ 22,000
793,000
9,000
10,000
Virginia
353.000
4,000
5,000
Colorado & New Mexico_ _ _ 4,000
204,000
226,000
3,000
4,000
4,000
Washington dr Utah
166,000
180,000
261,000
United States total......292,000
140,000 8,485,000 8.223,000
44,000
48,000
Daily average
23,000
32,000
31.000
a Adjusted to make comparable tire number of days covered to the two years.
since last report.
b Subject to revision. c Revised
u;n2
Nov.21 1925.]
THE CHRONICLE
2467
to a marked degree, but, in spite of this, prices were well
maintained. Prices at Providence were on a par with those
prevailing at Boston. Shippers were not putting any too
great trust in the market at the Southern piers and were
consequently not buying greatly ahead, according to observations made by this trade authority, which summarizes
conditions as follows:
The demand for domestic fuels fell off noticeably and the prices on Connellsville coke dropped greatly, but those on prepared bituminous held up
well. Activity among the retailers was light, due to the warmer weather
and talk of a settlement of the anthracite strike. At New York the situation was somewhat similar but operators and wholesalers were predicting
a very marked Increase in activity with the first snap of mid weather.
News from the anthracite region was to the effect that, all newspaper talk
to the contrary, there was no change in the strike situation. The operators
expressed their decision to stand firm and the miners have shown no inclination to recede in any of their demands. Rumors are to the effect, however.
that the miners are steadily getting in a more restless frame of mind, with
the Christmas holidays approaching.
Stocks of domestic anthracite at Philadelphia are about exhausted with
the exception of a little pea coal. Dealers, not knowing when the strike
will end, have not stocked substitutes to any extent. They have, however,
taken in a little bituminous run-of-mine and some prepared semi-bituminous.
The mild weather hit the coke market so that demand and prices fell off.
The domestic bituminous market was reported as fair and the demand for
steam coal was slow.
The Baltimore market for prepared bituminous was strong but the minerun was not in much demand. Industrial coals were in only fair demand
and prices showed little change. Export was flat. Dealers reported that
a little anthracite pea and buckwheat were still to be had.
Prices at the Southern loading Piers were unchanged and stocks, as far
as could be learned, were not above normal. There has been a greater
movement to the west, which has relieved conditions at the piers during
the past two weeks and keeping Prices firm.
Tit
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42 0X m-m.mmmowA..mmtommw.p.memm.mwm .om ....
requirements. Four mines in eastern Ohio reopened last week and several
others are said to be ready to resume as soon as a favorable opportunity
w w
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4 r
.,.•
.- .-.O at,-. t„,, g-ce
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presents itself-when that will be, however. Is somewhat doubtful in view
e0
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- IWWWWWW1.0.03WWWWw0w0.0.4.0..0N -4 10 T'e:0
4;acoiv:944,9 C'4'0-oocegtawLaiabri.iia "
r
of the closing of the Lake season.
W.P. N
.
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'
Movement of coal through the 'Cincinnati gateway fell off somewhat
c7.; a.•ce ,-,
ta
last week. 13,011 cars having passed through, which, however, was an
ca
ro 9.-1 ecot W .W.0.
.
. C..W00
'f''
increase of 302 cars over the corresponding week a year ago. The Lake
..-..
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.
. ID
:
'ek030.01,.. 100-.0.1... 000.10.01.;-41010503 5040 03 Bo
k 4
7'
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:'4
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00343.
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season closed with a record-breaking run of 2.103 cars.
'7.7 00 WWWw. .0010..030.04.10.0.0.03WW•4 .0-400
7
Anthracite is virtually out of the wholesale market and retailers having
.. .03 .
4
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= F..42 . WWW&WO ,
hard coal are apportioning it amorg regular eu.stomers in small lots. After
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holding separate conferences with President Lewis of the miners' union
4,
Et
C' 82 !.4 , ill
_ m- 7 1- mA.4:42gin.:11111VrETAEZEg l '
and Major Inglis of the operators' sada committee, Governor Pinchot is
said to be working on a plan to get the miners and producers together and
=.......,
'
4
bring about a settlement of the strike.
Y. ,, ...1 1 0000t003
,, ca‘mo 030WWW43.0002.0W ,
,1....101003.1.
1
WWW °bgq
The "Coal Age" index of spot prices of bituminous coal on Nov. 16
4.-10 rp R
wwwWw4.ww-4 Wwwww.»»0MWM
stood at 190, the corresponding price being $2 30. compared with 186 and
rc.r. Ei o
$2 24 respectively on Nov. 9. .
*o'reJ
w 119a 99ww9www.awac.maw9www.awtooma9a. www 4o4a
Dumpings of coal at Lake Erie ports during the week ended Nov. 15,
os _.-..;..-zumsgastmetv5=c4 s- .
according to the Ore & Coal Exchange, were as follows: Cargo, 759,058
- ..... .
-a
.
net tons; steamship fuel, 44,738 tons total of 803,796 net tons,compared
with 842.813 tons in the preceding week. Hampton Roads dumpings
ended Nov. 12 totaled 402,152 net tons, against 398.123
during the week
Mild Weather Prevents Recovery of Bituminous Coal tons In the previous week.
Market-Anthracite Trade Nil.
Output of Coke During October.
Due to warm weather prevailing all along the Atlantic
coast during the past week, interest in household fuels was
Production of by-product coke during the month of October
not too active and prices did not recover from the slump as reported by the operators, amounted to 3,386,000 net
of the week before last, reports the "Coal Trade Journal" tons, an increase of 201,000 tons, or 6.3%, compared with
this week. Sales in Boston of tidewater bituminous fell off the preceding month, according to statistics furnished by the
Total Production of Bituminous Coal and Anthracite
in the United States During 1924.
The production of coal in the United States during the
year of 1924 is reported as being 571,613,400 net tons, of
which bituminous coal accounted for 483,686,538 net tons
and anthracite 87,926,862 net tons, according to statistics
issued Nov. 14 by the United States Bureau of Mines.
These statistics for a given year include only the mines that
had an output in that year. Many mines that operated in
1923, for instance, produced no coal in 1924; moreover,
many of the mines that did produce in 1924 worked for a
short time only. The figures given below are exclusive of
the produce of wagon mines. During 1924 there were 7,586
active bituminous mines of commercial size in the United
States as against 9,331 in 1923. The number of active
anthracite mines was not reported. The average value per
ton (at the mine) was $2 20 for bituminous and $5 43 for
anthracite, making a total value of $1,062,626,000 for
bituminous and $477,231,000 for anthracite, or a grand total
value of coal produced of $1,539,857,000 as estimated by
the Bureau of Mines,from which we have taken the following
table:
COAL PRODUCED IN THE UNITED STATES IN 1924(EXCLUSIVE
OF PRODUCT OF WAGON MINES).
tH *I*1*COHtle5P_,QZZX4XgaIX'6Tr.100 .0 0100M,0www,
»» »
W._
0
cc. ?a Ol agrglgallIgg9greElag.
Ej
Net Tons.
ISold to I Used at
Loaded at LocalTrade Mines for Made Into
Coke
Mines for & Used by Steam &
Heat
at Mines
Shipment Employees
;- ....
igi .
Total
Quantity
Total
5R0.R57.0041
$1,062.626,000
477.231.000
I
I
Number of Employees.
Underground
2468
U. S. Bureau of Mines. Daily output increased to 109,223
tons, a gain of 3,065 tons, or 2.9%. The coke plants operated at about 82% of capacity. There were two new plants
added to the active list during October
-one at Erie, Pa.,
and one at Thomas, Ala. With the inclusion of these, the
total by-product plants now in existence is 78
-of which
71 were active, 6 idle, and 1 in process of rebuilding. The
current output is the highest on record for any month.
The "Iron Age" states that production of coke pig iron
for the 31 days in October was 3,023,370 gross tons, or
97,528 tons per day, as compared with 2,726,198 tons, or
90,873 tons per day, for the 30 days in September. This
is the first time the total has exceeded 3,000,000 tons since
April of the present year. A year ago the October production of pig iron was 2,477,127 tons.
Beehive coke production shows an increase during October,
the total for the month being 1,006,000 net tons, as compared with 746,000 tons in September. The increase
amounts to 260,000 tons, or 34.9%.
Beehive Coke.
3,133,000
1,615,000
2,833,000
806,000
3,171,000
532,000
3,162,000
602.000
83,185,000
746,000
1.006,000
3.386.000
a Excludes screenings and breeze. 8 Revised since last report.
Total.
4,748,000
3,639.000
3.703,000
3,764,000
63,931,000
4,392,000
To produce the coke reported required 6,452,000 net tons
of bituminous coal, of which 4,865,000 tons were con-
ESTIMATED MONTHLY CONSUMPTION OF COAL IN THE MANDFAGTURE OF COKE (NET TONS).
Consumed in
By-Produd Ovens.
1923 monthly average-4,523,000
1924 monthly average-.
4.060,000
July 1925
4,558,000
Aug. 1925
4,544,000
Sept.1925
a4,576,000
Oct. 1925
4,565,000
a Revised since last report.
Consumed Is
Beehive Ovens.
Total Coal
Consumed.
2,507,000
1.272.000
839.000
950.000
1.177.000
1.587,000
7,030.000
5,332,000
5,395.000
5,494,000
a5,753,000
6.452,000
Of the total output of by-product coke during October,
82.2% was made i plants associated with iron furnaces,
and 17.8% was made at merchant or other plants. These
proportions have been fairly constant since February.
PER CENT OF TOTAL MONTHLY OUTPUT OF BY-PRODUCT COKE
THAT WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON
FURNACES AND BY OTHER PLANTS. 1920-1925.
1920.
1921.
1922.
1923.
1924.
1925.
FurFurFurPusFurFurnace. Other nace. Other nace. Other nary. Other none. Other none. Other
January..
February.
March....
April
May
June
July
August...
September
October....
November
December.
79.8
80.7
81.1
81.1
82.0
82.3
82.5
82.0
81.1
81.3
81.1
82.5
e1.14 !RtInctir
10
Rocomoonnoommoon
By-Product Coke.
sumed in by-product ovens and 1,587,000 tons in beehive
ovens.
l
MONTHLY OUTPUT OF BY-PRODUCT AND BEEHIVE COKE IN THE
UNITED STATES (NET TONS).a
1923 monthly average._
1924 monthly average...
July 1925
Aug. 1925
Sept. 1925
Oct. 1925
(VOL 121.
THE CHRONICLE
83.1
82.3
81.3
80.3
81.1
82.6
81.2
83.0
83.8
84.0
84.2
84.9
16.9
17.7
18.7
19.7
18.9
17.4
18.8
17.0
16.2
16.0
15.8
15.1
82.4
83.3
83.3
83.7
85.5
85.7
86.0
80.3
82.7
83.3
83.1
82.9
17.6
16.7
16.7
16.3
14.5
14.3
14.0
19.7
17.3
16.7
16.9
17.1
82.8
82.3
82.6
82.6
82.7
83.1
83.3
82.7
82.2
82.2
82.2
82.6
17.2
17.7
17.4
17.4
17.3
16.9
16.7
17.3
17.8
17.8
17.E
17.4
82.8
83.6
84.0
83.6
80.0
80.8
80.8
79.5
82.0
82.9
83.4
84.6
17.2 84.8 15.2
16.4 83.7 16.3
16.0 83.7 16.3
16.4 83.7 16.3
20.0 83.2 16.8
19.2 83.1 16.9
19.2 82.6 17.4
20.5 82.1 17.9
18.0 a82.2 a17.8
17.1 82.2 17.8
16.6 .....-. -15.4 --------
81.4
821 173 ens 1104 82.6 17.4 82.3 17.7 ___. ..
a Revised since last eport
Current Events and Discussions :11
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Nov. 18, made public by the Federal
Reserve Board, which deals with the results for the twelve
Federal Reserve banks combined, shows an increase of $3,600,000 in bills and securities and of $14,600,000 in cash
reserves, together with a decline of $3,200,000 in Federal
Reserve note circulation. Holdings of discounted bills went
up $1,700,000, holdings of acceptances purchased in open
market $2,300,000, and foreign loans on gold $1,000,000,
while Government securities declined $700,000. Gold reserves increased $3,100,000, other cash reserves $11,500,000,
and non-reserve cash $2,400,000.
Discount holdings of the Federal Reserve Bank of San
Francisco went down $9,600,000, those of Chicago $9,500,000, New York $5,200,000, and Boston and Richmond
$3,000,000 each. At the Philadelphia bank, discounts went
up $8,200,000; at St. Louis $8,000,000, Atlanta $5,700,000,
Cleveland $4,900,000 and Kansas City and Minneapolis
$3,000,000 and $2,700,000, respectively. After noting these
facts, the Federal Reserve Board proceeds as follow:
An increase of $9.900.000 in open-market acceptance holdings is re-
The Week With the Member Banks of the Federal
Reserve System.
The Federal Reserve Board's weekly statement of condition
of 723 reporting member banks in leading cities as of Nov. 11
shows declines of $4,000,000 in loans and discounts,$13,000,000 in investments and $74,000,000 in borrowings from the
Federal Reserve banks, and an increase of $29,000,000 in
net demand deposits. Member banks in New York City
reported a decrease of $42,000,000 in loans and discounts,
and an increase of $1,000,000 in investments, together with
decreases of $18,000,000 and $44,000,000 in net demand
deposits and borrowings from the Federal Reserve banks.
It should be noted that the figures for these member banks
are always a week behind those for the Reserve banks
themselves.
Loans on U. S. Government obligations show little or no
change in any of the districts during the week. Loans on
corporate stocks and bonds went down $34,000,000 in the
New York district, this decrease being offset by increases
in most of the other districts. The largest increase in this
item,$12,000,000, was reported by banks in the Philadelphia
district. All other loans and discounts declined $2,000,000,
an increase of $9,000,000 in the Chicago district and small
increases in the New York, Atlanta, Kansas City and
San Francisco districts being more than offset by reductions
in the other seven districts. Further comments regarding
the changes shown by these member banks are as follows:
ported by the Federal Reserve Bank of Atlanta, an increase of 84.700.000
by Boston, and of $3,400,000 by St. Louis. The New York bank shows
a reduction of $6,100,000 in acceptance holdings, and Kansas City a
reduction of $3,800,000, while the other banks report smaller changes
for the week. Treasury notes on hand increased $1,200,000, while holdings
of U. S. bonds went down $1,300.000 and of Treasury certificates $600,000.
The principal changes in Federal Reserve note circulation during the
week comprise an increase of $2,800,000 reported by the Federal Reserve
Investments in U. S. securities declined by $11,000,000, of which $7,000,Bank of New York,and decreases of $2,800,000 and 52,200,000,respectively
000 was reported by banks in the New York district. Holdings of other
reported by Cleveland and Philadelphia.
bonds, stocks and securities show practically no change in any of the
The [statement in full, in comparison with the preceding districts.
Net demand deposits went up 829,000,000. Increases of $18,000,000
week and with the corresponding date last year, will be found
each in the Kansas City and San Francisco districts, of $12,000,000 in the
on subsequent pages
-namely, pages 2495 and 2496. A Boston district, and of $10.000,000 and $8.000.000. respectively in the
summary of changes in the principal assets and liabilities of Chicago and St. Louis districts, were partly offset by decreases of 927,
the Reserve banks during the week and the year ending 000,000 in the New York district and $11,000,000 in the Cleveland district.
Time deposits were reported as $4,000,000 less than a week ago, the
Nov. 18 1925 follows:
Increase (-1-) or Decrease (-) principal changes including an increase of $9,000,000 in the New York
During
district and reductions of $5,000,000 each in the Boston and Philadelphia
Year.
Week.
districts.
Total reserves
+814,600,000 -$238.100.000
Gold reserves
Borrowings from the Federal Reserve banks were reduced $74,000,000.
+3.100.000
-288.600,000
Total bills and securities
+3,600.000+184,800,000 The largest reductigns were as follows: New York district $44,000,000.
Bills discounted, total
+1,700.000
+332,500,000
Secured by U. S. Govt. obligations_
+195,800,000 San Francisco district 310,000,000. Chicago and St. Louis districts $8.'
+4.300.000
Other bills discounted
-2.600,000
+136,700.000 000 and $7,000,000, respectively.
Bills bought in open market
+79.700,000
+2,300,000
U. S. Government securities, total...
On a subsequent page-that is, on page 2496
-700,000
-253,800.000
-we give
Bonds
1,300,000
+12,100.000
Treasury notes
+1,200,000
-153.300,000 the figures in full contained in this latest weekly return of the
Certificates of indebtedness
-600.000
-112,600.000 member banks
of the Reserve System. In the following is
Federal Reserve notes in circulation....
-3,200,000
-115,400.000
Total deposits
+33,200.000
+51.500.000 furnished a summary of the changes in the principal items
Members'reserve deposits
+45.500.000
+28.600,000
Government deposits
+2.700.000
+300,000 as compared with a week ago and with last year:
THE CHRONICLE
Nov. 211925.]
Loans and discounts, total
Secured by U. 8. Govt. obligations
Secured by stocks and bonds
All other
Investments. total
U. S. bonds
U. S. Treasury notes
U. S. Treasury certificates
Other bonds, stocks and securities
Reserve balances with F. It. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Total accommodation at F. R. banks
Increase (+) or Decrease (—)
During
Year.
Week.
—$4,000,000 +$1,150,000,000
—23.000.000
—2.000,000
+945,000,000
+228,000,000
—2,000,000
—110.000.000
—13,000.000
+262,000.000
—2,000,000
—3.000.000
—251,000.000
—6,000.000
—186,000,000
+65,000.000
—2,000,000
+14.000.000
—14,000,(000
—23.000,000
—8,000.000
+53.000,000
+29,000.000
+521.000,000
—4.000,000
—8.000,000
—90,000,000
+305.000,000
—74,000,000
Weekly Digest of Cables Received from Foreign Offices
of the Department of Commerce at Washington.
GERMANY.
German industrial and financial conditions remain unimproved aside from a slight declihe in price levels. Little
prospect is seen for a permanent revival in basic industries
until stabilization of the currency of competing countries
and successful termination of commercial treaty negotiations. Favorable crop returns in Germany are endangered
by the lack of agricultural credits. Stricter control of German foreign loans is being attempted by the Ministry of
Finance.
BELGIUM.
2469
in part, at 100%. Interest dates are June 1 and Dec. 1.
Coupon bonds in denoms. of $1,000, $500 and 96100, not
interchangeable. Principal and interest payable in United
States gold coin of the present standard of weight and
fineness in New York City at the office of J. P. Morgan
without deduction for any Italian taxes present or future.
The proceeds of the loan will be used by the Italian Government to take up the banking credit established last June and
to create a gold reserve available for currency stabilization
purposes, leading to the final steps in the Government's
definite fiscal and financial policy, of which a completely
stabilized currency is a vital part. Regarding the purpose
&c. of the issue, we quote as follows from the circular:
The Italian Government's budget is balanced. since 1922. the budgetary
situation has been undergoing steady improvement, and in the fiscal year
ended June 30 1925, actual revenues amounted to 20.456.000 lire, and
expenditures to 20.247.000,000 lire, resulting in a surplus of 209,000.000
lire. The Government's budget for the current fiscal year (ending June 30
of
1926), as passed by the Italian Parliament, shows an estimated surplus
interover 177,000,000 lire, and includes estimated payments on the
governmental debts. Receipts for the first three months of the current
about
fiscal year, according to provisional returns, showed an excess of
168.000.000 lire over expenditures.
Purpose of Issue.
sufficient
The Italian Government has available resources and revenues
foreign. It proposes,
for its current requirements, both domestic and
loan to ordinary
therefore, to devote none of the proceeds of the present
available for
expenditures but to hold the entire amount as a gold reserve
in the Governcurrency stabilization purposes, leading to the final steps
stabilized
ment's definite fiscal and financial policy, of which a completely
currency is a vital part.
Government Debt.
in funding its
Since 1923, the Italian Government has made progress
total internal
floating debt and in reducing the outstanding amount of its
debt. On June 30 1923,the total internal debt amounted to 95,544,000.000
reduction of over
lire; on June 30 1925 it stood at 90,841.000.000 lire, a
of bonds
4,700.000,000 lire. With the exception of a very limited amount
present loan constitutes the entire
issued in London prior to 1914, the
The GovernItalian Government external debt in the hands of the public.
funded
ment's indebtedness to the United States Government has been
by the
under an agreement dated November 14 1925, subject to ratification
Parliament. This agreement
United States Congress and the Italian
beginning with
provides for payment over a period of sixty-two years,
years, gradually
payments of $5,000,000 annually during the first five
$26,500,000 in
increasing during the life of these bonds to approximately
in the twenty-sixth
the twenty-fifth year and to approximately $31,500.000
-governmental debt is
year. The Italian Government's only other inter
is under way.
that to the British Government, discussion of which
A slackening in the general commercial and industrial
activity regarded quite generally as one of the first effects
of currency stabilization is noticeable in Belgium. The continental decline of the French franc has also resulted in increased competition of French goods on the Belgian markets.
The Government has succeeded in balancing the 1926 budget
in accordance with its promise to the banks, which advanced
the loan for currency stabilization. To attain this result,
however, additional taxes which will affect principally real
estate, automobiles, luxuries and security transactions to the
amount of 400,000,000 francs will have to be levied. The
general industrial situation during October was not as satisfactory as a whole as in September. The effect of the continued drop of the French franc is generally felt. The plate
Offering of $5,000,000 State of Bremen (Germany)
glass industry, however, remained prosperous as a result of
Bonds—Issue Sold—Books Closed.
Increased American orders. Declared exports to the United
A syndicate headed by the Guaranty Co. of New York
States decreased from $6,377,000 in September to $6,103,000
and Dillon, Read & Co. on Thursday offered an additional
in October.
-year 7%
issue of $5,000,000 State of Bremen (Germany) 10
NETHERLANDS.
95% and
The threat of immediate labor difficulties in the Nether- external loan gold bonds, maturing Sept. 1 1935, at
through amicable settlement made interest, to yield 754%. Announcement came on the same
lands has been removed
the subpossible by a decline in living costs. A general continuance day that the entire issue had been sold and that
activity is thus maintained. The finan- scription books had been closed at 10 a. m.
of brisk industrial
Of this offering $750,000 were withdrawn for issue in
cial situation is sound and currency steadiness is based on
Nedera gold cover of 52% of the note circulation of the issue bank. Holland by Messrs. R. Mees & Zoonen, Rotterdam,
in September, following the re- landsche Handel-Maatschappij, Mendelssohn & Co., and PierHeavy investment demand
withdrawn
duction of the discount rate, has led to tighter money, but son & Co., Amsterdam, and $500,000 bonds were
section of the Czechoslovak loan was con- for Switzerland by Credit Suisse and associates. The prothe Netherlands
ceeds of this $5,000,004 Issue are to be used for necessary
siderably oversubscribed.
POLAND.
income-producing port improvements and other public works.
The economic tension in Poland has been slightly relieved The bonds will be dated Sept. 1 1925; they are not redeemby exports of grain and coal, but underlying causes of busi- able before maturity, but a market purchase fund of 5% per
ness stagnation remain. Factories are generally on part annum of the amount of bonds presently issued, payable
time or completely shut down. The Government has pro- semi-annually commencing March 1 1926, will be applied to
posed a number of remedial measures leading to reduced the purchase of the bonds at not exceeding 100% and accrued
expenditures and increased trade activity. The circulation interest, the unused funds to revert to the State. Revenues
is still controlled to avoid inflation.
from the port works alone, which are payable in dollars or
sterling, are estimated to yield in the current fiscal year
Offering of $100,000,000 External Loan Sinking Fund the equivalent of $1,260,000, which more than equals the
Bonds of Kingdom of Italy—Books Closed.
interest charges on the entire $15,000,000 loan.
A syndicate headed by J. P. Morgan & Co., the First
Principal and interest payable in New York at the office
National Bank of N. Y. and the National City Co. of N. Y. of Guaranty Trust Co. of New York in gold coin, without
offered on Friday (Nov. 20) an issue of $100,000,000 King- deduction for any present or future taxes, imposed by the
dom of Italy external loan sinking fund 7% gold bonds at State of Bremen or by the German Reich or by any taxing
9432% and accrued interest. The bonds will yield over authority. Coupon bonds in denominations of $1,000 and
7.48% to maturity and over 7.56% to the average maturity $500. Principal and interest also collectible at option of
date'. The bonds dated Dec. 1 1925 will become due Dec. holders in Rotterdam and Amsterdam, Holland, at offices
1 1951. The syndicate announced on the day of the offering of the above-mentioned banking houses, in guilders at the
that the entire issue had been disposed of and the sub- then current rate for buying dollar bonds and coupons fixed
scription books closed at 12 m. A cumulative sinking fund by them.
which, it is estimated, will redeem the entire issue by
The State of Bremen, comprising three harbors on the
maturity, will be created by the Kingdom of Italy by annual Coast and on the Weser River, is the second largest port in
payments of $1,500,000 on Sept. 15 of each year, beginning Germany, and is the largest cotton importing port on the
Sept. 15 1926. Except for the purpose of the sinking fund, European Continent. It is the main German port of entry
these bonds are not subject to redemption until June 1 1941, for the North German Lloyd and the United States Steamon and after which date they may be redeemed, at the option ship lines. The State of Bremen owns port works, gas and
of the government, on any interest date, as a whole but not electric plants and water works, valued at about $75,000,.
2470
THE CHRONICLE
[voL
121.
000, which is over three and oae-half times the total present
debt. Bremen has been for centuries a centre of international trade and has had local autonomy since 1303. It is
pointed out that its total trade in 1924 considerably exceeded that of 1913, reflecting a healthful recovery and
growth based on its modern port equipment and favorable
location. Also that it has excellent railroad facilities and
extensive industries, and that the finances of the State are
in good condition, its ordinary revenues for the fiscal year
1924-25 exceeding ordinary expenditures by over $1,377,000
and showing a surplus of $214,000 for the first four months
of the current year.
On the announcement of the previous issue of $10,000,000,
reported in our columns on Sept. 26, page 1522, there was
published a more detailed statement on the State of Bremen.
of the bonds, a dollar deposit with a German bank for the account of the
German trustee for the bonds equal to the requirements for interest on the
bonds during the next succeeding twelve months period and the next succeeding serial maturity. Such deposit shall serve as further security for
the bonds and the Trustees shall have the right to apply the same to the
payment of principal and interest on the bonds in case there shall be a
default in the payment thereof. The Municipal Bank and the cities and
communities participating in the proceeds of this loan will agree that if,
while any of the bonds are outstanding, any of them should pledge or mortgage any part of its property or earnings to secure any funded debt (other
than mortgages upon residence properties given for the purpose of erecting
residences) the bonds of this issue shall be secured by such pledge or mortgage equally and ratably with the other indebtedness thereby to be secured.
The bonds will mature in equal annual installments, $180,000 principal
amount being due on Nov. 1 1926, and a like amount becoming due on
Nov. 1'of each year thereafter to and including Nov. 1 1945. The bonds
will be callable as a whole only on 60 days' notice on or after Nov. 1 1930
at 103 and accrued interest.
The Communities.
The total estimated value of the property owned by the above named ten
principal cities of Hessen, which cities are ultimately jointly and severally liable for these bonds as members
$3,600,000 Offering of the Municipal Bank of the State 694,000 (376,717,000 G. M.). The totalof the Municipal Bank, is $89,.
value of the income producing
of Hessen (Germany) (Kommunale Landesbank).
properties owned by such ten cities is estimated at $44,422,000 (186,574,.
000 G. IL). These include forest and agricultural properties (worth $14,.
On Wednesday (Nov. 18) Dillon, Read & Co. brought out 390,000=60,441,600 Cl.
If.), electric power and light properties and street
$3,600,000 7% serial gold bonds of the Municipal Bank of railways (together worth $11,515,000=48,386,000 G. 31.), water works
(worth $3,685,000=15,479,000 G. M.), gas works (worth $8,284,000=84,the State of Hessen (Kommunale Landesbank, Germany),
794,000 G. M.),
maturing $180,000 serially to 1945, inclusive, at prices rang- and, in the cases slaughter houses (worth $2,397,000=10,070,000 G. M.),
of Mainz, Offenbach, Worms and Bingen, harbor developing from 93% to 100 and accrued interest, yielding between ments (worth $8,902,000=18,892,000 G. IL). During the fiscal year end7% and 7.65%. Mention of the fact that the offering was ing March 81 1925 these cities received a net income, after depreciation,
from these properties
Inasmuch as
proceeds
planned the present week was made in these columns last bonds will be used forof $1,967,500. public works, the expected of these
extensions of
that the
it is
week, page 2354. The bonds, dated Nov. 1 1925, will be the revenue from public works will increase in the future.
The value of the taxable real estate in the above named ten cities is
direct obligation of the Municipal Bank (Kommunale Lan$349,089,000.
desbank) of the State of Hessen, Germany. Interest payCommunity Finances.
able May 1 and Nov. 1. Principal and interest payable in
The revenue of these 253 communities of Hessen is derived from public
New York City at the office of Dillon, Read & Co., fiscal works of the type named above and from taxation, both taxes levied by
agent, in United State gold coin, free of all taxes of any the communities themselves and taxes levied by the German Reich, in
which the communities share.
German Governmental authorities. Coupon bonds in denomDuring the fiscal year ending March 81 1925, the ten cities above named
inations of $1,000 and $500, registered as to principal. Call- received $6,375,000 (26,777,000 G. IL) from taxes levied by the cities and
able as a whole only on sixty days' notice on or after Nov. 1 the Reich.
The foregoing information concerning the communities and their finances
1930, at 103 and accrued interest.
has been furnished me by the communities in question and has been yen.
fled by me.
Two hundred and fifty-three communities of Hessen, inThe State of Hessen.
cluding the cities of Mainz, Darmstadt, Offenbach, Worms,
The State of Hessen was from 1806 to 1918 a Grand Duchy and is
Giessen and Bad Nauheim, having a total population of an integral part of Germany, with a republican form of government. now
The
about 1,000,000 are, as members of the Municipal Bank, entire State, except the northern half of the province of Oberhessen, lies
In the important Rhine-Main district of Germany, the rivers Rhine and
ultimately jointly and severally liable for all debts of the Main being navigable throughout
their entire length within the State and
Municipal•Bank, including these bonds. The amounts, ma- furnishing one of the most important waterways in Europe. The present
population of the State is about 1,350,000, of which about one-half is enturities and interest yields are given as follows:
gaged in industry and somewhat less than one-third in agriculture.
Amounts, Maturities and Prices (Accrued Interest to Be
Hessen contains highly developed industries, notably the manufacture of
Added)
machinery and metal work, leather, furniture, clothing and chemicala
Yield
Yield There
Amount.
are about 1,148,750 acres (465,080 hectares) of agricultural land
Due.
Price. About.
Amount.
Due.
Price. About.
$180,000 Nov. 1 1926 100
7%
$180,000 Nov. 1 1936 95% 7.65% under cultivation, the principal products being wheat, rye, barley, oats,
potatoes, and particularly sugar beet. In addition, 36,550 acres (14,798
180,000 Nov. 1 1927 100
7
180,000 Nov. 1 1937 95
7.65
hectares) are planted as vineyards, some of the best brands of German
180,000 Nov. 1 1928
99% 7.25
180,000 Nov. 1 1938 94% 7.65
Rhine wine being derived from the district bordering on the Rhine in the
180,000 Nov. 1 1929
98% 7.50
180,000 Nov. 1 1939 94% 7.65
province of Rheinhessen.
180,000 Nov. 1 1930
98
7.50
180,000 Nov. 1 1940 94% 7.65
The forestry of Germany, including Hessen, is World famous. In Hessen
180,000 Nov. 1 1931
967
180,000 Nov. 1 1941 94
4 7.65
7.65
there are about 592,590 acres (239,916 hectares) of forests under cultiva180,000 Nov. 1 1932
WA 7.65
180,000 Nov. 1 1942 93% 7.65
tion, of which the State, the municipalities and private individuals own
180,000 Nov. 1 1933
96% 7.65
180,000 Nov. 1 1943 93% 7.65
approximately one-third each. A substantial annual income is derived by
180,000 Nov. 1 1934
95% 7.65
180,000 Nov. 1 1944 93% 7.65
such owners from these forests.
180,000 Nov. 1 1935
95% 7.65
180,000 Nov. 1 1945 93% 7.85
Public Works of the State.
The bankers also make public the following letter reThe principal income producing enterprises of the State are forestry
ceived from the Finance Minister of the State of Hessen:
(184,140 acres), agriculture (33,260 acres), brown coal (high grade lignite) mining, used at the electrical works of the province of Oberhessen
MUNICIPAL BANK OF THE STATE OF HESSEN.
and at other public works. The State also owns the health resort at Bad
Darmstadt, Nov. 18 1925.
Nauheim, with its brine, thermal and iron springs, to which 82,000 visitMessrs. Dillon, Read de Co., New York City.
ors, including 4,660 foreigners, came during 1924. The value of the income
Gentlemen: With reference to the issue of $3,600,000 Municipal Bank
producing works owned by the State is estimated at $82,047,000 (260,of the State of Hessen 7% serial gold bonds and to the contract covering 600,000
G. M.), exclusive of administration buildings and residences worth
such issue, I give you the following information, which, so far as it apper- $9,520,000
(40,000,000 G. IL). During the fiscal year ending March 31
tains to the communities of Hessen, is given with the approval of the 1925
the State received a gross income from such works of $2,127,000
Minister of the Interior:
•
(9,135,768 G. 11), and a net income of $668,000 (2,805,813 G. 31.).
The Bonds.
Debts.
The bonds will be the direct obligation of the Municipal Bank of the
These bonds will, at the date of their issue, constitute the only external
State of Hessen (Kommunale Landesbank), a public corporation organized
debt (i. e., debt not payable in German currency) of the Municipal
for the purpose among others of procuring*
and
credits for its members which
are 253 communities (including 16 unions of communities) in the State State banks, of the communities referred to above, or of the State of Hessen.
The total funded debt of the State and of the ten cities named
of Hessen, including the cities of Mainz, Darmstadt, Offenbach, Worms,
above consists of obligations under the Valorization Law of July 18
Giessen, Bad Nauheim, Friedberg, Bingen, Bensheim and Alzey.
1925, which
revalued public debts payable in depreciated currency. Under this law
the
Guaranty and State Liability.
debts of the State and the ten principal cities cannot at this time
be defiThe bonds will be directly and unconditionally guaranteed as to prin- nitely determined but cannot exceed $13,769,000.
cipal and interest, by endorsement upon the bonds by the State Bank of
Approval of Issue.
Hessen (Heseische Landesbank), a public corporation organized in 1923
The issue of these bonds has been duly approved by the Hessian
for the purpose among others of procuring credits for the State and munciMinistry
and by the Council for Foreign Loans of the Ministry of
Finance of the
palities of Hessen. In accordance with the Hessen statute of July 21 1923,
German Reich.
under which the State Bank was organized, and the Articles of Association
Purpose of Issue.
of the. State Bank, the State of Hessen, as a member of the State Bank
is
The proceeds of these bonds will be used for the increase
unconditionally liable for all its debts, and the undersigned, as Finance
of the harbor
facilities of Mainz and for the construction of new, and extension
Minister of Hessen, will declare such unconditional liability of the
of existState ing, gas, electric
and water works and other public works of the commufor this loan by formal statement to the Trustees for the bonds and
by nities herein referred to. The State of Hessen
will receive at least 25%
endorsement upon each of the bonds.
of such proceeds for similar improvements, and for improvements
at the
Further Security.
health resort at Bad Nauheim.
The 253 communities of Hessen referred to above, having a total popuVery truly yours,
lation of about 1,000,000, are, as members of the Municipal Bank, ultimately
K. HENRICH, Finance Minister of Hessen.
(Signed)
jointly and severally liable for the debts of the Municipal Bank, including
(All conversions have been made at the rate of 4.2 G. M. to the
dollar.)
these bonds when issued.
A combination of the Municipal Bank and other public banks of Hessen
with the State Bank is in prospect. Such a conibination will not, however,
impair the liability of the Municipal Bank, the communities, the State Bank
or the State for the bonds.
In addition, the Municipal Bank will agree, in the indenture securing the
bonds, at all times while bonds are outstanding to maintain, for the benefit
Loan for German Cities in Free State of Baden.
According to information received by Moody's Foreign
Department, negotiations have already been concluded
between a group of American bankers and the Association of
Nov. 21 1925.]
THE CHRONICLE
Municipalities of the Free State of Baden, Germany, for
the flotation of a loan in the New York market. Bonds will
be issued, it is stated, to the amount of $3,750,000, will
bear interest at the rate of 7% per annum, and will mature
within 26 years. In addition to being guaranteed jointly
and severally by the municipalities of Mannheim,Pforzheim,
Constance, Durlach, Lorrach, Rastatt, and possibly Freiburg,the bonds will be guaranteed by the Free State of Baden.
It is also expected that a part of the issue will be sold in the
London market.
Acres of real estate security
Net mortgage loans (gross loans $9,987.555)
Appraised value of land
Appraised value of improvements
2471
1.010,900
$21.796237:490080 $9,769,914
2i.44
--423,6,91 380
Average appraised value per acre
$9.66
per acre
Average amount loaned
2
93
41. 8
Percentage of loans to appraised value of security
Percentage of loans in Texas
Percentage of loans in Oklahoma
Assets—
Net mortgage loans
99 6 0
'2 9 3 57
U. S. Govt. bonds and securities, less borrowed securities__ $9 761; 1 3
4 7
710 79
662, 6 93
Cash on hand and in banks
receivable
Accounts and notes
Installments matured (in process of collection)
'
7 413 °9
8 928 68
Furniture, fixtures and autos (less depreciation)
191.671 86
Accrued interest on mortgage loans (not matured)
Accrued interest on bonds and securities (not matured)
07
29,0 00
Deferred charges and other assets
$10,692,453 79
Total assets
Liabilities—
$9,283.000 00
Farm Loan bonds outstanding
57,672 59
Due borrowers on uncompleted loans
679 00
Amortization installments paid in advance
2,715 00
Matured int. on Farm Loan bonds(coupons not presented).92.090 00
Notes payable
227.058 32
Accrued int. on Farm Loan bonds (not matured)
23,189 62
Other liabilities
900,400 00
in
Capital stock paid
76,700 00
Paid-in surplus and special reserve
13.900 00
Reserve from earnings
15.139 36
Undivided profits
$10.692.453 79
Total liabilities
Borrowing in New York Very Profitable to Danish
Mortgage Bank.
A detailed report for the year ended March 31 1925 of
the Mortgage Bank of Denmark, just received by Brown
Brothers & Co., this city, shows a very strong financial
position. Total funded debt of $26,100,000 is about covered
by cash,liquid assets and Danish Government bonds without
reference to the block of about $9,000,000 first mortgages.
The bank realized 26,256,000 kronen net from its $5,000,000
6% bonds issued in New York last February. Due to rise
in value of Danish kronen since February to present rate of
On Oct. 13 1925 an issue of $1,000,000 was brought out
$0 25, this loan could be repaid with 20,000,000 kronen. by the above mentioned banking firms and reported in our
The profit to the bank thus equals 6,256,000 kronen, or columns of that week, page 1864.
over $1,500,000.
Few German Trade Licenses Needed—Lists of Products
First Drawing for Sinking Fund of the Hungarian
Over Which Control Measure Will Be Kept in Force.
Consolidated Municipal Loan.
It was pointed out in Washington advices to the New York
Speyer & Co. announce that the first drawing for the
"Journal of Commerce" on Oct. 28 that the practically
sinking fund of the Hungarian Consolidated Municipal
complete abolition of the system Of import and export
734% loan has taken place and that bonds so drawn will be
trade since 1917 was finally effected by two decrees of
payable on and after Jan. 1 1926 at par at their office,
Sept. 25, published in the "Reichsanzeiger" Sept. 26 and
24 Pine St.
effective Oct. 1. The account goes on to say:
Accordingly, aside from the few exceptions mentioned below, all shipHungarian Revenues for September Quarter.
ments to and from Germany may now be made without the necessity of first
Hon. Jeremiah Smith Jr., Commissioner-General of the procuring a license from the German Federal Commissioner for Import
Attache O. E. Herring,Berlin,in a
League of Nations for Hungary, in his latest report states and Export Control, says Commercial
report to the Department of Commerce.
that receipts from the revenues pledged for the 7M% ReThe exceptions to this almost universal cancellation are as follows:
Import licenses will still be required for:
construction Loan amounted for the three months ended
1. Shipments from all sources of:
Sept. 30 1925 to about $12,298,000. This is an increase of (Ex. 38 to 42) The following plants and parts of plants (simple tourist
more than 50% over the receipts for the corresponding quar- traffic excepted): Anemone alpina, cyclamel suropeaum, daphne onecrus,
ter of 1924 and is over one and three-fourths times the inter- gtntiana lutea. purpurea, pannonica, punktata, acaulls, guaphlium leonhelleborus niger, cypridedium calceolus, nigritella auguatifelia,
est and sinking fund requirements of the loan for the whole topldum,
ophris, phylltis acoiopendrium, pimus cembra, primula auricula.
year.
(Ex. 95) Fir and pine seeds.
Spirits of all kinds (ex. 178): In receptacles of 15 liters or more (except
Crop estimates indicate that 1925 is the best year for Hunarrack and rum), 179 in other receptacles;(180) wine and fresh must from
garian agriculture since the war.
grapes, even sterilized; (182) wine with medicaments added and other
Conditions in Austria.
F. J. Lisman & Co. have given out the following cable dispatch received from Vienna under date of Nov. 13:
The associated banks of Vienna report that the export trade from Austria
to Russia is developing very satisfactorily. Large Russian orders have
been quite recently placed with a number of prominent industrial concerns.
'rho Austrian Mint and some private firms have obtained orders from
some foreign Governmentsfor the supply of large quantities of coined money.
Negotiations for a commercial treaty with Germany, arising out of the
new German tariff, are at present Proceeding in Berlin.
The German market is of over increasing importance to Austrian industry.
In 1922 the excess of imports from Germany over Austrian exports to that
country amounted to 846,000.000, whereas in 1923 and 1924 the figures
were $39,600,000 and 335.600.000. respectively, which indicates a considerable decrease in the unfavorable balance. During the current year
Germany has been Austria's best customer for automobiles, especially highclass cars, and a very large buyer of high-grade steel, as well as textiles,
leather and wooden goods.
With the object of reducing unemployment, courses are being instituted
for Industrial workers to enable them to take up agricultural pursuits.
Attention will also be given to tropical agriculture, in order to
quality
emigrants to gain a livelihood overseas.
The latest statement of the National Bank shows over 64% of note circulation and current account liabilities covered by gold values.
Bank $2,000,000 Bond
Offering.
11:0 don, Stone & Co. and Stevenson, Perry, Stacy & Co.
brought out yesterday (Nov. 20) for public offering $2,000,000 5%IFarm Loan bonds:of the San Antonio Joint Stock
Land Bank at 103 and interest, to yield 4.62% to 1935 and
5% thereafter. Coupon bonds and fully registered and interchangeable, the bonds will belin denominations of $10,000.
$5,000 and $1,000. Principal and semi-annual interest
(Mayl1 andiNov. 1) payable at the National Park Bank,
New York City, or at San Antonio Joint Stock Land Bank,
San Antonio, Texas. Dated Nov. 1 1925, the bonds will
be:redeemable at 100 and accrued interest on Nov. 1935,
or:atiany interest date thereafter. The bank was chartered
by the Federal Farm Loan Board on Sept. 15 1919. Its
operations are limited to:the:States of Texas:and Oklahoma.
Thelbank's loan statistics and balance sheet as of Oct. 31
4925Iare as follows:
San Antonio Joint Stock Land
potable beverages containing wine, even with addition of spices or sugar:
(184) sparkling wine, including muscatel and similar wines.
(238) Coal, anthracite. unworked cannel coal, ground or not; lignite.
ground or not; peat coal, artificial fuel from peat, coke (percus resignes
from the dry distillation of coal or lignite), ground or not; coal and lignite
briquettes (also Na aspresstine).
(300) Lead oxide (gold and sliver litharge) in lumps, flakes or powder;
(ex. 317) calcium cyananide (Kalkstickatoff): (ex. 324) minium, red lead.
Paris red, red lead oxide, "Saturnzinneber," white lead; (380) morphia
codeine.
(Ex. 640) Cinematograph films of celluloid or similar materials, exposed
(printed).
(Ex. 844) Aluminum, raw (in blocks, bars, lumpel grains, even cast
In the form of slabs).
2. Shipments originating or coming from Switzerland.
The following goods originating in or coming from Switzerland:(205) Margarine and oleomargarine prepared as artificial butter with milk, water,
salt and coloring materials,or in a similar manner; mixtures or oleomargarine
with milk butter or butter fat: vegetable tallow suitable for consumption
(cocoa butter, &c.): (206) margarine cheese; (207) artificial edible fats.
(Ex. 230) Portland, Roman, Puzzllena, magnesia, slag and similar cement, with or without addition of coloring or other materials, unsround
(klinker cement, cement, cement grits, &c.), ground, crushed.
(Ex. 354) Vannilline.
(Ex. 639) Celluold.
3. Shipments originating in or coming from France.
The following goods originating in or coming from France:(319) Aniline
and other tar dyestuffs not specially mentioned (of benzol, tuluol, xylol,
naphthaline. anthracene, &c.), including sulphur dyestuffs: (320) alizartne
(alizarine red); altzarine dyestuff13, bright, produced from anthracene,
dry or in paste; (321) indigo, natural and artificial: in digo carmine, pure
or mixed with mineral substances or starch, dry or in paste, also lake colors
•
(color lakes) and washing blue from indigo, indigo carmine.
The special import restrictions which were recently imposed on goods
originating in and coming from Poland (see Commerce Reports for Aug. 17
1925) have not been canceled.
Export licenses will still be required for (153) hides and skins for the
preparation of leather (green, salted, limed, dried), also with the hair removed and split; but not further worked, as well as parts of such hides
and skins, such as flanks, bellies, throats, necks and heads; leather glue
stock; fish and skins of reptiles, raw: (154) hare and rabbit, skins raw.
(Ex. 156) Bones, even cut across in small pieces; horn cores, hoofs, claws
for purposes other than carving, raw, even with the fat removed.
ground; lignite
(238) Coal, anthracite, unworked cannel coal,
s
e tillationofcoa1 and
n
even ground coke (porous residues from the dry di ven
briquettes (coal and peat briquettes, also Naaslignite), ground or not;
preastteine).
4
E 7) C
Bx. 23 P oer tar erude.
( i 6 4 ).,pal clippings(
waste from the manufacture of paper). wane
paper, including written or printed paper (maculature); paper, cardboard
of paper and cardboard, fit only for repulping:
and wares
(Ex 843) Broken and old iron (scrap), turnings, borings. Plaangs finings, bar ends, sheet iron corners and other iron waste only fit for remelting
2472
THE CHRONICLE
or fusing, scale (hammerscale and rolling mills scale), grindings, also bar
iron for remelting, enumerated in Import No. 785 (b) and articles for remelting enumerated in Export Nos. 785 (a)(b) 795 (a)(b) 796.(a)(b) (c).
(d) and 797 of the Statistical Index, when they have been used, whether
or not their condition precludes their being used for other purposes
than
remelting or fusing.
[VOL 121.
negotiations, and I have received messages from all parts
of the United States expressing gratification over the settlement. The press has helped by its friendly feelings."
Full Text of the Agreement
The text of the agreement is as follows.
AGREEMENT
German Reparations Receipts and Payments for
Made the 14th day of November 1925 at the City of Washington, DisSeptember and October.
trict of Columbia, between the Kingdom of Italy, hereinafter called Italy,
Reparations receipts of Germany for the first two months party of the first part, and the United States of America, hereinafter called
of the second annuity year, under the Dawes Plan totaled the United States, party of the second part.
Whereas, Italy is indebted to the
154,630,331 gold marks, according to a statement under obligations in the aggregate principalUnited States as of June 15 1925 upon
amount of 21,647,869,197 96,together
date of Nov. 12, issued by the office of the Agent
-General with interest accrued and unpaid thereon; and
Whereas, Italy desires to fund said indebtedness to the United States,
reparations payments. The payments for the year totaled
both principal and interest, through the issue of bonds to the United States
177,515,884 gold marks. For the month of October 1925 the and the United States is prepared to accept bonds from Italy upon the terms
total receipts were 96,405,411 gold marks and the total pay- hereinafter set forth;
Now,
ments for the same month were 93,583,378 gold marks. nants therefore, in consideration of the premises and of the mutual coveherein contained, it is agreed as follows.
The following is the summary receipts and payments to Oct.
1. Amount of Indebtednes-The amount of indebtedness to be funded,
after allowing for certain cash payments made or to be made by Italy, 113
31 1925 (on cash basis, reduced to gold mark equivalents):
Second Annuity $2,042,000,000, which has been computed as follows.
Obligations taken for cash advanced by Treasury, $1,648,034,050 90.
Month of Year
-Sept. 1 to
Accrued and unpaid interest at 4)(% per annum to Dec. 15 1922.
October 1925. Oct. 31 1925.
Gold Marks. Gold Marks. $251.846,654 79; total, $1,899,880,705 69.
A. Receipts:i
Accrued interest at 3% per annum from Dec. 15 1922 to June 15 1925.
1. Budgetary contribution
20.000.000.00 50,000.000.00
2. Transport tax
25 863,240.30 53.874.016.45 $142.491,052 93; total, $2,042,371,758 62.
3. Interest on Railway Reparations bonds _50.000,000.00 50,000.000.00
Deduct payments made on account of principal since Dec. 15 1922,
4. Interest received
487,985.65
487.985.65 2164,852 94: interest on principal payments at 3% per annum to June 15
5. Exchange differences
54,185.11
268,329.38 1925.
$7,439 34; total, $172,292 28.
Total receipts
Total net indebtedness as of June 15 1925. $2,042,199,466 34.
96.405.411.06 154,630.331.48
B.
-Balance of cash at Aug. 31 1925
107,013.270.89
To be paid in cash upon execution of agreement. $199,466 34.
•
Total indebtedness to be funded into bonds, $2,042,000.000.
Total cash available
261.643,602.37
2. Payment
0.
-Payments:
-In order to provide for the payment of the indebtedness
1. Payments to or for the account of:
thus to be funded Italy will issue to the United States at par bonds of
France
44.457,353.49 81.120,405.93 Italy in the aggregate principal amount of $2.042.000.000, dated June 15
British Empire
18,810.504.21 34.544.924.10 1925 and maturing
serially on the several dates and in the amounts fixed
Italy
5,523,204.20 11.909,126.82
Belgium_ - - _.
7,298,503.88 15,746,031.47 in the following schedule:
Serb-Croat-Slovene State
Year.
4,619.711.16
6.848.970.18
June 15 Year.
June 15. Year.
June 15
June 15 Year.
Rumania
827.118.52
1,346.469.04 1926... _5.5,000,001 1942 ....$17.000.000 1958 ___829,600,00( 1974 ___$50,500,000
Japan
Dr. 179.26 l927_. 5,000.00f 1943 _.__17,600,000 1959 ___ _30,500,00( 1875_._ _52,000,000
Portugal
625,392.93
1,053.967.95 1928 ____ 5,000,00( 1944 ____18,300,000 1960..--31.500.001 1976 _ _54,000,000
Greece
246,175.24
480.732.55 1929_._ 5,000.000 1945 ___.i9,000.000 1961 ___32,500.0()( 1977 ____56,000.000
Poland
4.863.70
4,863.70 1930 ---- 5,000.001' 1946 __..l9.600,000 1962 -33.500,00( 1078___ _69.000,000
1931 ____12,100,000 1947 ___.20.000,000 1963 ____34.500,(01 1979 _ _61,000,000,
Total payments to Powers
82.412,827.33 153.055,312.48 1932 ____12,200,00( 1948 _ _20,600.000 1964 .....35.500,001 1980 ___ _62.000,000
2. For service of German ext'l Loan, 1924
7.825.865.09 19,235,786.99 1933 ____12.300,00f 1949 _ -21,200,000 1965
_36,600,001 1981 ____64,000,000
3. For expenses of:
1034 ____12,600,001' 1950 ___22,000,000 1966 ___ _38.000,001 1982.....87,000,000
Reparations Commission
418.963.66
728.681.35 1935 _ _13,000,00f 1951 __.23,000,000 1967 _ _ _39,500,001 1983 ____69,000,000
Office for Reparations Payments
308.180.69
616.693.46 1936 ____13,500.000 1952 __23.800.000 1968 ___ _41.500,001 1984 ____71.,000,000
Rhineland High Commission
806,505.24
1.568,374.35 1937.___14,200,00C 1953 _ _ _24,600.000 1969 _ _43.500,00( 1985 ____74,000,000
Military Commission of Control
600,1300.00
1,100,000.00. 1938 ____14,600,00f 1954 _._25,400,000 1070 ___A4,600,00( 1986 _ _ _77,000,000
4. Discount on payment made by Deutsche
1939 ___l5,200,00( 1955 __26.500,000 1971 .__.,46,000,01'1 1987-79,400,000
Reichsbank Gesellschaft in advance of
1940 _ _15,800,00f 1056 _ _ _27,600,000 1972 ____47,600.000
due date
1,211.035.66
1.211.035.66 1941 ___ _16.400.000 1957 ___ _28,500.000 1973 __...49.000.000Totais2.042,000.000
Provided, however, that Italy, at its option, upon not less than ninety
Total payments
93.583,377.67 177.515.884.29
D.
-Balance of cash at Oct. 31 1925
84.127.718.08 days' advance notice to the United States, may postpone any payment
on account of principal falling due as hereinabove provided after June 15
261.643.602.37 1930 to any subsequent June 15 or Dec. 15 not more than two years distant
from its due date, but only on condition that in case Italy shall at any time
The Italian War Debt Settlement.
exercise this option as to any payment of principal the payment falling due
be postponed
unless and until
On Saturday last Count Volpi, Finance Minister of Italy, in the second succeeding year cannotyears and one at all previous thereto
the payments of principal due two
year
and Secretary Mellon for the United States definitely signed shall actually have been made. All such postponed payments of principal
the Italian-American debt settlement agreement at Wash- shall bear interest at the rate of 4 % per annum, payable semi-annually.
The Rates of Interest.
ington on Nov. 14. According to the daily papers, Count
3. Form of Bond-All bonds issued or to be issued hereunder to the
Volpi sprung a surprise by turning over to the Treasury United States shall be payable to the Government of the United States
Department a check for $5,000,000 in payment of the first of America or order and shall be signed for Italy by its Ambassador at
installment in liquidation of the debt, although not due Washington or by its other duly authorized representative. The bonds
shall be substantially in the form set forth in the
until June 15 1926. After some objections the American and marked "Exhibit A" and shall be issued in exhibit hereto annexed
sixty-two pieces, with
officials finally agreed to the transaction, after Count Volpi maturities and in denominations as herein above set forth, and shall bear
no interest
June 15 1930,
explained that Italy was anxious to make the payment rate of H ofuntilper annum fromand thereafter ,shall bear interest at the
1%
June 15 1930 to June 15 1940; at the rate
seven months in advance in ordre to add finality to the of of 1% per annum from June 15 1940 to June 15 1950; at the rate of
of 1% per annum from June 15 1950 to June 15 1960; at the rate of
accomplishment of the Debt Funding Commissions and as
;41 of 1% per annum from
1970; at the rate of
an "earnest" of his country's determination to make good per annum from June 15 June 15 1960 to June 15 and at the rate of 1%
1970 to June 15 1980,
2%
on the contract. Count Volpi also read to Secretary Mellon per annum after June 15 1980, all payable semi-annually on June 15 and
Dec. 15 of each year..
a message which he had received from Premier Mussolini,
4. Method of Payment
-All bonds issued or to
issued
expressing his gratitude to the American Debt Commis- shall be payable, as to both principal and interest, be United hereinunder
in
States gold
sioners for their fairness in recognizing the necessity for coin of the present standard of value, or, at the option of Italy, upon not
less than thirty days' advance notice to the United States in any obligaextreme leniency in the settlement of Italy's debt, and tions of the
United States issued after April 6 1917, to be taken at par and
Secretary Mellon asked the Italian Finance Minister to accrued interest to the date of payment hereunder. All payments whether
in cash or in obligations of the United States to be made by Italy on account
send a congratulatory message to Signor Mussolini in reply.
of the principal
bonds issued or to be issued hereunder
These ceremonies occurred at the Treasury Department and held by the of or interest on any be
United States, shall
made at the Treasury of the United
and at their close the agreement was sent to the White House States in Washington or at the option of the Secretary of the Treasury of
the United States at the Federal Reserve Bank of New York, and
and was signed by President Coolidge. In its final form the
if in
in
available on the
agreement calls upon Italy to repay to the United States cash shall be made of funds immediatelyshall be in form date of payment,
or if in obligations
the United States
acceptable to the
a prinqipal amount of $2,042,000,000 over a period of sixty- Secretary of the Treasury of the United States under the general regulatwo years, with interest averaging about nine-tenths of 1% tions of the Treasury Department governing transactions in United States
during the last fifty-seven years, or a total of $2,407,- obligations.
5. Exemption from Taxation-The principal and interest of all
bonds
000,000. The actual principal amount of the debt agreed issued or to be issued hereunder shall be paid without deduction for and
shall be exempt from any and all taxes or other public dues,
upon in the recent negotiations was $2,042,199,436 34,
present or
future, imposed by or
Italy or any
but Italy on Saturday made a cash payment of $199,436 34 taxing authority within under authority of long as, and political or local
Italy, whenever, so
to the extent that
in order to reduce the total to a more workable basis for beneficial ownership is in (a) the Government of the United States, (b) a
person, firm or association neither domiciled nor ordinarily
figuring interest charges.
resident in
Italy, or (c) a corporation not organized under the laws of Italy.
Count Volpi laid emphasis on the fact that the Italian
6. Payments Before Maturity
-Italy at its option on June 15 or Dec. 15
Government intended to supervise all requests made for of any year, upon not less than ninety days' advance notice to the United
States, may
loans by Italian industries; that none would be asked for thereof on make advance payments in amounts of 21.000 or multiples
account of the principal of any bonds issued or to be issued
except for the development of new production, and then hereunder and held by the United States. Any such advance payments
only in limited amounts which it was certain would entail shall be applied to the principal of such bonds as may be indicated by Italy
at the time of the payment.
obligations
Italian capacity to pay could not meet.
no
"The Italian people," said Count Volpi, "are grateful for
the friendly attitude of the American press during the debt
Bonds Suitable for Sale.
7. Exchange for Marketable Obligations-Italy will issue to the
United
States at any time, or from time to time, at the request of the
Secrete*
Nov.21 1925.]
THE CHRONICLE
of the Treasury of the United States,in exchange for any or all of the bonds
Issued hereunder and held by the United States definitive engraved bonds
in form suitable for sale to the public, in such amounts and denominations
as the Secretary of the Treasury of the United States may request in bearer
form, with provision for registration as to principal, and in fully registered
form, and otherwise on the same terms and conditions, as to dates of issue
and maturity, rate or rates of interest, if any, exemption from taxation,
payment in obligations of the United States issued after April 6 1917, and
the like, as the bonds surrendered on such exchange. Italy will deliver
definitive engraved bonds to the United States in accordance herewith
within six months of receiving notice of any such request from the Secretary
of the Treasury of the United States, and pending the delivery of the definitive engraved bonds will deliver at the request of the Secretary of the
Treasury of the United States temporary bonds or interim receipts in form
satisfactory to the Secretary of the Treasury of the United States within
thirty days of the receipt of such request, all without expense to the United
States. The United States before offering any such bonds or interim receipts
for sale in Italy, will first offer them to Italy for purchase at par and accrued
interest, if any, and Italy shall likewise have the option, in lieu of issuing
any such bonds or interim receipts, to make advance redemption, at par
and accrued interest, if any, of a corresponding principal amount of bonds
Issued hereunder and held by the United States. Italy agrees that the
definitive engraved bonds called for by this paragraph shall contain all such
provisions and that it will cause to be promulgated all such rules,regulations
and orders as shall be deemed necessary or desirable by the Secretary of the
Treasury of the United States in order to facilitate the sale of the bonds in
the United States, in Italy or elsewhere, and that if requested by the
Secretary of the Treasury of the United States it will use its good offices to
secure the listing of the bonds on such stock exchanges as the Secretary of
the Treasury of the United States may specify.
Cancellation of Bonds.
8. Concellation and Surrender of Obligations—Upon the execution of this
agreement the delivery to the United States of the principal amount of
bonds of Italy to be issued hereunder, together with satisfactory evidence of
authority for the execution of this agreement by the representative of Italy
and for the execution of the bonds to be issued hereunder, the United States
will cancel and surrender to Italy at the Treasury of the United States in
Washington the obligations of Italy held by the United States.
9. Notices—Any notice, request or consent under the hand of the
Secretary of the Treasury of the United States shall be deemed and taken as
the notice, request or consent of the United States and shall be sufficient
if delivered at the Embassy of Italy at Washington or at the office of the
Ministry of Finance at Rome; and any notice, request or election from or
by Italy shall be sufficient if delivered to the American Embassy at Rome or
to the Secretary of the Treasury at the Treasury of the United States in
Washington. The United States in its discretion may waive any notice
required hereunder, but any such waiver shall be in writing and shall not
extend to or affect any subsequent notice or impair any right of the United
States to require notice hereunder.
10. Compliance With Legal Requirements—Italy represents and agrees
that the execution and delivery of this agreement have in all respects been
duly authorized and that all acts, conditions and legal formalities which
should have been completed prior to the making of this agreement have
been completed as required by the laws of Italy and in conformity therewith.
11. Counterparts—This agreement shall be executed in two counterparts,
each of which shall have the force and effect of an original.
In witness whereof Italy has caused this agreement to be executed on its
behalf by Giuseppe Volpi di Misurata, its plenipotentiary at Washington
thereunto duly authorized, subject, however, to ratification in Italy, and
the United States has likewise caused this agreement to be executed on its
behalf by Andrew W. Mellon, Secretary of the Treasury as Chairman of
the World War Foreign Debt Commission, with the approval of the
President, subject, however, to ratification in Italy, and pursuant to the
Act of Congress approved Feb. 9 1922, an amended by the Act of Congress
approved Feb. 28 1923, and as further amended by the Act of Congress
approved Jan. 21 1925, all on the day and year first above written.
THE KINGDOM OF ITALY.
By GIUSEPPE VOLPI DI MISURATA.
THE UNITED STATES OF AMERICA, for the World War Foreign
By A. W. MELLON.
Debt Commission.
Secretary of the Treasury and Chairman of the Commission.
Approved:
CALVIN COOLIDGE, President,
Luigi Criscuolo on Italian Debt Settlement.
In a statement commenting on the Italo-American debt
accord, luigi Criscuolo, of Merrill, Lynch & Co., says as
follows:
"The settlement of the Italo-American war debt was
arrived at on a basis that leaves no doubt of the friendly
feelings which America has always had for Italy. Even those
who were pointed out as being irreconcilable to any concessions, Senators Smoot and Borah finally realized Italy's
difficult position. They were doubtless influenced by her
frank admission that she wanted to pay and came to the
conclusion that there was no use in reducing a friendly debtor
to poverty, for that would defeat their purpose. There were
many arguments in favor of leniency towards Italy and the
arguments were in the main sound business argument and
not sentiment.
"In arriving at an agreement, the American commissioners
must have realized also what effect a discord would have had
on Italian internal affairs, and they did not want to be
parties to making the political situation in Europe more
tense than it now is. It is hoped that both houses of Congress
will ratify the agreement. Such ratification will not merely
mean that Italy has squared her accounts for the time being,
but that our other debtors will strive to make an accord, so
that they too may be able to put their houses in order. But
it will also mean that Italy can place a substantial dollar
loan in America in order to improve her foreign exchange
situation, purchase raw materials and inaugurate a program
of intensive and productive internal reconstruction. Work
2473
is going to be Italy's salvation. She has the man-power and
now that capital will be practically assured her, we cannot
but be optimistic over her future.
"Both the Italian and American commissioners are to be
congratulated for the extremely expeditious manner in which
the accord was reached. This accord will further strengthen
the friendly relations already existing between the two
nations."
The Question of Private Loans to Italy.
Count Volpi said he was not yet in a position to discuss
in detail the question of Italy seeking private loans in the
American money market, but that he was willing to make
some observations on that subject. Even before the debt
funding negotiations were started, he said, a number of
American bankers visited Italy and satisfied themselves,
not as to Italy's great capacity to pay but Italy's capacity
to produce and develop. The Italian Government was not
interested in loans which might be sought by Italian private
interests except to see that no loans were obtained which
could not be met in full. Any loans sought, he added,
would be for the development of new production, and there
would be no requests for large amounts because the capacity
of Italy to transfer funds out of that country was limited
and because the Italian Government was determined that any
promises to pay would be kept. The Italian Government,
like the American Government, Count Volpi stated,regulated
foreign loans, although the use of the money obtained was,
of course, left in the hands of the private industries. Count
Vo'pi's attention was called to a published story stating that
enemies of Italy had circulated reports that Italy had no
intention of carrying out her contract to repay her wartime debts to the United States and had entered upon an
agreement merely to place herself in the position to obtain
further loans in the American private money market. He
characterized it as unworthy of a reply. If such had been
the case, he said, Italy would not have sent her Finance
Minister and leading financial experts to America to seek
an agreement they believed to be within the capacity of
Italy to pay, but would have taken any agreement the
United States saw fit to offer.
Premier Mussolini's Message Regarding Italian Debt
Settlement.
Following the signing of the agreement the Treasury Department made a brief announcement which included the
message sent to the American Debt Commission by Premier
Mussolini, and Secretary Mellon's reply. This announcement quotes Count Volpi as follows:
"I don't think I can close in a more appropriate way the
proceedings of these meetings on our part than by communicating to you the following message which I just received
from Premier Mussolini:
I desire to express my full appreciation of the settlement reached, which
represents a happy conciliation of interests as well as the acknowledgment
of the justice of our case and of our real capabilities.
Please convey to the members of the American Commission the expression
of my gratification, voicing the sentiments of the Italian people.
The good will shown by the American Commission in reaching a settlement evidences their appreciation of Italy's efforts during and after the war.
The conclusion of the agreement will help make the bonds of friendship
between the two countries still closer. It will be a powerful stimulus
for the development of economic intercourse and relations between Italy
and the United States, adding a favorable element to general stabilizatoni
Secretary Mellon replied:
You came here to disclose to us all of the factors involved in Italy's
capacity to pay. We met you with an open mind and the two weeks'
full discussion of your situation has brought the two Commissions together
upon what we believe is a settlement fair to each nation. By the agreement
we have just signed Italy recognizes to her full capacity the integrity of
her international obligations, we have eliminated in the relations of the
two countries a matter disturbing if left unsettled and we have added one
more stone to the rebuilding of Europe's financial structure.
Will you express to Premier Mussolini our appreciation of the character
of the delegation which he sent to America and of the will to reach agreement with which they were inspired.
Thomas W. Lamont of J. P. Morgan & Co. Entertains
Italian Debt Commission.
Volpi, Minister of Finance of Italy and Chairman
Count
of the Royal Italian War Debt Commission, and his associates on the Commission were the guests of honor at a
luncheon given at the Recess Club on Wednesday by Thomas
W. Lamont of J. P. Morgan & Co. Among those present
were Judge E. H. Gary; Thomas Cochran of J. P. Morgan
& Co.; Mortimer L. Schiff of Kuhn, Loeb & Co.; Dr. Mario
Alberti, Italian War Debt Commission; James S. Alexander,
President National Bank of Commerce; Frederick W. Allen,
of Lee, Higginson & Co.; Clarence Dillon of Dillon, Read
2474
THE CHRONICLE
& Co.; George F. Baker Jr., Vice-Chairman First National
Bank; George Whitney of J. P. Morgan & Co.; H. B.
Baker, Vice-President National City Co.; Prof. Alberto
Beneduce; Mortimer N. Buckner, Chairman New York Trust
Co.; Commissioner Gino Buti, Italian War Debt Commission;
Lewis J. Clarke, President American Exchange-Pacific
National Bank; Paul D. Cravath; George W. Davison,
President Central Union Trust Co.; Moreau Delano of
Brown Brothers & Co.; Walter E. Frew President Corn,
Exchange Bank; John H. Fulton, President National Park
Bank of New York; Giovanni Fummi; Count Dino Grandi,
Italian War Debt Commission; Charles Hayden of Hayden,
Stone & Co.; Alvin W. Krech, Chairman Equitable Trust
Co.; Count Lelio Bonin Longare, Italian War Debt Commission; Dr. Albert Pirelli, Italian War Debt Commission;
Luigi Podesta, Banes d'Italia; Gino Ravenna; Charles S.
Sargent of Kidder, Peabody & Co.; E. H. H. Simmons,
President New York Stock Exchange; Lloyd W. Smith of
Harris, Forbes & Co.; Benjamin Strong, Governor Federal
Reserve Bank; Myron C. Taylor; Arthur M. Anderson;
J. P. Morgan Co.; Albert A. Tilney, President Bankers
Trust Co.; Albert H. Wiggin, President Chase National Bank,
and William Woodward, President Hanover National Bank.
(Val, 121
.
Our investments in foreign securities have already reached a very large
total, estimated at 57,000,000.000. We have now finally become a
"capital exporting" country, a field in which, for half a century or more.
Great Britain has been the leader. It is worth noting, and I think a
unique achievements, that the United States is a "capital exporting"
country at a time when its own resources have not yet been fully developed.
and when there Is still room in our great and blessed land for millions of
people to come to live, work and produce.
For these reasons, we may rest assured that our financial and economic
position will not only be maintained but strengthened in the future, and
it is perhaps this unconscious realization of our position which is at the
bottom of the feeling of confidence inspiring our people, and of what we
call "prosperity."
Apart from these underlying factors there are at the present time other
contributing causes of a more transient character—the promise of good
crops and of a more reasonable system of taxation which will not hamper.
but encourage, enterprise and individual effort. In addition to all this,
we have in Washington, in President Coolidge and Secretary Mellon.
an Administration which will insure safe and sane progress, for which the
nation voted at the last election, discarding (for the time being) all anticapitalistic. Socialistic and other vagaries.
Little To Cause Concern.
While in Europe a few months ago, I was frequently asked the question
whether I though our present "prosperity" would last? The best answer
I could give to that question was that, situated as we are, fairly immune
from foreign aggression and free from foreign entanglements, blessed with
a productive soil, almost a whole continent as our heritage, with 115,000,000 contented and free people under one Goverrment, our real or
only "troubles" were those that we might make ourselves.
In times of a passing economic depression, It has not been difficult
for political agitators to incite one class against another; it is equally
important that in times of prosperity successful men and those at the
President E. H. H. Simmons, Head of New York Stock head of large corporations should not allow themselves to be carried away
or to disregard the rights and legitimate aspirations of others. In the
Exchange, Seeks Editors' Views.
long run this is bound to bring trouble, ins free country like ours.
Editors from
York State, Connecticut and New Jersey
Obligations of Citizenship.
were guests of the New York Stock Exchange on Nov. 16.
It would be foolish for any one man to venture to predict whether the
More than 200 men and their wives attended the conference present quotations for shares of a thousand companies, with whose affairs
and the luncheon served in the Exchange's luncheon club no one man can be familiar, are too high or too low;but it does seem reasonable to
some of those quotations in the
rooms. E. H. H. Simmons President of the Now York two or say, thatfour times what they were only stock market which are
throe or
a little while ago, may
Stock Exchange, explained the publicity policy of the Ex- not always be maintained at the present figures. One thing seems certain:
If one has faith in the future of our country, which faith is justified by
change:
"It would of course be impossible," he said, "In an institution of this its past and present, then those enterprises which are honestly and prowith the growth of our
character to work out all our problems by means of newspaper discussions. gressively managed are bound to grow and
country.
There has to be a certain element of privacy in arriving at our decisions
It is a great privilege to be an American citizen and live in the United
here, as in any other business. But I believe it is due the puolic to state
She grounds for the policies and actions of the Exchange clearly and fairly In States, but this privilege, like all others, carries obligations, one of which
all cases. As far as the relations of the Stock Exchange to the press are Is tolerance and consideration for others, and for the aspirations of one's
concerned. I feel we have everything to gain by inviting its constructive fellow-men of all classes, regardless of occupation, or of religious or racial
criticism and suggestion. In the past the opinions of experienced newspaper differences. If our people remain mindful of this and other obligations
men have carried great weight with us here in the Exchange, and In many toward State and nation, we will continue our peaceful evolution and
progress, and, with that assured, "prosperity" not "booms"—ought to
ways have helped us to better our rules and methods of doing business.
I
can assure you,therefore, that suggestions from American newspaper editors be our normal state.
relating to the way the business of this market is handled will at all times
National Disbe received by myself and my associates with very genuine appreciation Waste in Business to Be Discussed
and gratitude. There have been times when we have found It advisable in
tribution Conference Dec. 15-16.
delicate situations, to take the members of the press into our confidence,
A concerted attack by business men upon waste in business
with full knowledge that that confidence would be respected.
will be opened at a general meeting of the National Dis"One very fundamental type of information is, of course, speedy
and
accurate reports of price quotations established on our trading floor. This tribution Conference to be held in Washington Dec. 15 and
Exchange was the first financial market in the world to make its current
16 under the auspices of the Chamber of Commerce of the
quotations immediately available over the stock ticker. As fast as science
and invention have made available for our use better methods and devices United States. The call for the meeting was issued Nov. 7,
for accomplishing this result, the Stock Exchange has consistently and the Chamber's announcement saying:
speedily adopted them. But the end is not yet in sight. January 1 of the
More than two hundred manufacturers, wholesale and retail merchants,.
coming year will be a milestone in the evolution of our ticker system, since economists, editors, advertising experts and representatives of trade
assoby that date the Western Union wires which carry our quota ions will have citations and organizations, will weigh the methods by which transactions
crossed the Rocky Mountains for the first time, and prices made on our aggregating upward of $50.000.000,000 annually in the United States,
floor will be reported over them to the Pacific Coast in a remarkably short variously estimated, are carried on. They will attempt to point out
the
practices which are unethical and economically unsound, constituting
James C. Auchincloss, Chairman of the Exchange Com- major sources of waste, and outline methods by which they may be elimimittee on Publicity, also addressed the conference, explaining rated.
Problems arising in the field of merchandise distribution, extending from
to the visitors the intricacies of stock dealings on the floor the corner grocery to the large department store and manufacturing corof the Exchange and seeking to make clear the transactions peration, will be brought into relief in a series of surveys now approaching
completion. These include the
which they had previously witnessed from the gallery. In information looking to the stabilization of and dissemination of statistical
business, legislative and adminthe afternoon the visiting editors were taken to the Federal istrative questions involved in the governmental regulation of
Reserve Bank and to the National City Bank, to which they conditions under which business is now carried on and the costs of conducting various kinds of business.
'
had been invited. Officers of these two institutions took
The six surveys, each covering an important aspect of distribution, have
them in charge and escorted them through the buildings, and been undertaken by six special committees of representative
The subjects with which
gave them an idea of the great activity which charaeierizes of Business Figures," they deal and their Chairmen are: "Collection
.Owen D. Young: "Trade Relations," A. Lincoln
the operations of institutions of that sort.
Filene, Boston;"Market Analysis, Advertising and Advertising Mediums,"
Stanley Resor, President of the .1. Walter Thompson Co., New
York:
Business," Robert It. Ellis, He:wig-Ellis Drug Co.,
Prosperity, Not Booms,. Should Be Our Normal State, "Expenses of Doingof Distribution," L. D.H. Weld,
Memphis:"Methods
Director of Research,
Swift & Co., Chicago; "General Conditions Affecting Distribution," G. S.
Says James Speyer.
Brown, President Alpha Portland Cement Co., Easton, Pa.
James Speyer of Speyer & Co. has written an article for
The first survey is intended to lay bare the conditions which
"Forbes Magazine" which winds up with the declaration business boom and slump, which have been characterized byresult in a
Secretary
Hoover as one of the most prolific sources of national waste. It
above and which is .well worth reproducing, so we print it
will disclose what statistical information is necessary to stabilize business
and
below for the benefit of our readers.
as a check upon inflation and deflation in production, buying
and selling
It was to be expected that, after the war, the impoverished countries resulting in most cases from lack of adequate
information.
of Europe would turn to us for financial co-operation in their work of
The second survey brings to
unethical and uneconomic practices
restoration, and it was but natural that our bankers and investors should in business and
will be a. companied by recommendations looking to the
be willing to help in this work, the more so as this financial co-operation setting up
and enforcement of ethical and economic business standards.
offers exceptional opportunities to get many safe investments at very Specific questions to be dealt with include unfair
much more attractive interest rates than have been possible for a generation. of goods, misrepresentations and other practices cancellations and returns
which result in appreciable
What very few bankers and economists expected, however, is the fact losses, the
cost of which is eventually borne by the consumer.
that, in spite of an impoverished Europe, we have been able to sell and
The third survey outlines the economic function of advertising in disexport more goods than we imported, and our trade balance has been tribution in bridging the gap between production
and consumption.
such a favorable,one during these last years. If we did this while some
The fourth survey covers the wide range of costs that go to make up
of the European countries were still struggling with depreciated cur- the expenses of doing business and account in large
measure for the spread
rencies, &c., it seems reasonable to expect that our trade balance may between the price received by the producer and that
paid by the consumer.
be even more favorable asthe financial rehabilitation of Europe progresses, It will constitute, in effect, an analysis of the various
items that make
which it promises to do, because these foreign Powers, through the
the consumer's dollar.
and the Locarn• Treaty, have begun to correct some of the economic,
The fifth survey is an analysis of the various methods by which goods
f not the pottage]. Mistakes of the Versailles Treaty.
transferred from producer to consumer and deals with wholesaling.
New
prosper
at
as
gathering
business,
character.
act
light
Plan
Dawes up
are
Nov.211925.]
THE CHRONICLE
2475
retailing, house-to-house canvassing, chain stores and other forms of renting business. I am well aware that every finance company representative present at this meeting knows more than I can ever tell him of the
distribution.
The sixth survey is a review of the legislation, both Federal and State. disadvantages of small down payments and long terms and I am not disaffecting distribution. It focuses attention especially,upon the effect cussing them with the idea that I am giving you information, but merely
of the anti-trust laws upon trade association activities and collective trade to let you know that bankers generally understand the situation and feel
efforts to improve distribution and bring about economic reforms in industry. that they have a good cause for their conservative views.
I have on several occasions been told by friends of mine in the finance
The wide range of problems brought to light in these surveys will be
submitted to the National Distribution Conference with a series of recom- business that as the banks prefer conservatism of terms on the part offinance
mendations which will form the basis of discussion and will serve as a definite companies, it is up to the banks to force all finance companies into line.
plan of campaign, national in scope, to be conducted by business for the I can only say that it is no part of the business of the banks to unite for
elimination of waste in distribution.
such a purpose, even if it were feasible or legal for them to do so. But,in
fact, such united action on the part of the banks is impossible. The banks
have troubles enough in keeping their own house in order, which as a rule
Automobile Financing from the Standpoint of the they do very well, without attempting to dictate to other lines of business
what they should do. The banks have their clearing houses, their clearing
Banks—Views of Arthur W. Newton.
house committees and their bank
Arthur W. Newton, Vice-President of the First National example, have succeeded so well inexaminations, which in Chicago, for
keeping their members in line, that
Bank of Chicago, on Nov. 16 spoke before a meeting of the since 1906, when clearing house examination was first established in this
city, no depositor in any Chicago Clearing House bank has ever lost a
National Association of Finance Companies at Chicago,
dollar or had to wait a day beyond the time agreed upon to
on the subject of "Automobile Financing from the Stand- deposit or any part of it. In many cities, Chicago among them,collect his
the banks
point of the Bank." After pointing out that his remarks have a regular exchange tariff governing the charges on our-of-town checks
which so far as I know has been rigidly adhered to. With proper organizareflected the views of the bank with which he is associated
tion the finance companies should be able to keep
control over
and also are very fairly indicative of those of many other their members as do the banks. What the banksas strong undoubtedly
can and
banks, there are probably others which take a more in- will do is to exercise the same supervision over the individual finance comdulgent view than his institution does towards those finance pany as they do over the firm or company in any other line of business.
In other words, if a bank does not like a finance company's statement, its
companies whose terms in the purchase of paper are in his management, or its method of doing business, to the extent that it feels
he could not pretend to speak for all that its loans are in jeopardy, the bank will very properly either curtail the
opinion over-liberal,
of them, though he thought his ideas substantially repre- finance company's line of credit or withdraw it entirely, just as it would
do with any other kind of borrower.
Naturally, banks inquire of one
sented those of most of the larger banks of the country and another as to their experience with this or that finance company, but I
have never yet had any bank suggest to me that it and we should agree
many of the smaller. He went on as follows:
business in any particular
In My opinion the so-called finance company is really a highly specialized to try to compel any finance company to do its,
way, nor should I care to enter into any such agreement.
commercial bank with special facilities for credit investigations, for the
The movement of conservatism was started by the banks primarily in
collection of installment notes and for the repossession of cars in case of
default. I do not think that it interferes in any way with the business of the interests of themselves and the finance companies, though the banks
felt it was a matter of a good deal of interest to the manufacturers and the
the regular bank or trust company,as very few banks are equipped to handle
this class of business with the same efficiency as does the finance company. dealers. Some manufacturers showed considerable sympathy in the
The existence offinance companies does not preclude the bank from its share matter, others were less favorable, which to me was unexpected, as I think
of retail automobile financing, as it can make loans to the finance company that eventually it will be realized that reasonable terms are at least as
on a profitable basis with a good account front the company and with the much to the manufacturer's interest as they are to the finance companies'
added security of its net worth to protect the bank on its loans on this kind and a great deal more than they are to the bankers. I think it will be
admitted that no such volume of cars could have been sold, as have been
of security.
Experience has shown that the note of the well conducted finance com- for a number of years past, if there had not been a large number of finance
pany constitutes a most desirable risk. Like the bank, it has no mer- companies to handle the time payments. If terms grew so extravagant
chandise or machinery, its assets are all liquid, but unlike the bank It has that bankers and finance companies felt that there was an undue risk in
no large single lines of credit, its risks being spread over a great number of handling automobile paper, it would. I think, result in curtailments of
loans, none of which are over a few hundred dollars each. I mention credit by bankers, and perhaps withdrawal from business by finance comthis as there are still many bankers who, accustomed to commercial state- panies, which, of course, would enhance the difficulties of caring for the
ments, have the feeling that the finance company with an indebtedness of present enormous volume of time payments. Even if no such development
three or four times its capital is doing a reckless business, the bankers took place, I still think that unduly liberal terms would react on the manumeanwhile forgetting that his own indebtedness usually averages a great facturers. The tendency of liberal terms is, no doubt, at first, to stimulate
sales, particularly when times are good; but such stimulation in sales might
deal higher ratio to his capital than does that of the finance company.
As the members of this association are aware,its organization was largely not be an unmixed blessing. I have always understood that the object of
the result of certain activities of a considerable number of banks, repre- every manufacturer is, as far as possible, to have a uniform production.
Be is, of course, prepared to find that his volume is not so large in dull
sentatives of which met with representatives of a number of finance companies for the purpose of discussing the question of keeping the terms of times as it is in good, but if extravagant terms in good times have resulted
cars on to the market in poor
automobile paper on a conservative basis. The fact that so many important in bringing an abnormal number of used
banks were willing to endorse the resolutions passed by the association in times, his volume of sales during the dull period will, of course, be even less
December of last year is evidence of the conservative sentiment held by a than they would have been. It seems to me. therefore, that the manufaclarge number of banks, the more particularly as their ideas were privately turer will find that it is greatly to his interest that a car bought in good
approved by many banks which for various reasons did not care to have times should stay sold in bad times. In this regard I saw an announcement
their names appear as approving them. Conversations I have had with a in the "Journal of Commerce" of Oct. 15 1925. which read as follows:
number of bankers would indicate, as most of you know, that bankers as New York Branch Vetoes Latest Ford Plan—Dealers Urged to Insist on Dow*
Payment of 25 or 33%.
a body feel just as conservative to-day as they did a year ago.
That the new Ford finance plan calling for low down payments is not
The question frequently arises: What constitutes a reasonable conlooked on with favor in the Greater New York district is evidenced by
servatism? I shall not pretend that there is any particular magic in the advices from the New York Ford branch which
counsel all dealers in the
standard of twelve months and I am of course aware that many companies territory to insist on financing involving a down payment of 25 or 33%.
are doing a successful business with a considerable volume of their paper This move on the part of the branch is interpreted as registering dissatisfacrunning in excess of twelve months. The fact is, however,that there should tion with the schedule of financing announced by the Ford Motor Company
be a standard to be kept in mind, even though it cannot always be exactly in April of this year, and it is understood that the policy urged by the Now
York branch may be followed in other territories. Acceptance or rejection
adhered to. The finance companies during a period of years built up an of the plan by the factory is expected soon.
enviable reputation and made small losses on a standard of twelve equal
The first statement of opinion on financing rates, issued by the New
monthly payments. So far, therefore, as can be judged by the experience York branch and addressed to all metropolitan dealers stated, "In line
with good merchandising and our experience we do not believe it advisable
of finance companies, a short experience, of course, as compared with most to accept time payments on Ford cars for less down payment than 25%
lines of business, twelve months is a safe standard to operate on. From and we believe twelve months should be sufficiently long to clean up the
my viewpoint it is unsound for any concern to borrow from a bank at six transaction. This letter is induced by the fact that many dealers are
months where the underlying collateral does not largely liquidate itself selling on plans of 20% down and in some cases even less. We do not believe
our best interests.
do we believe
during the period of the loan,as, of course, paper with a maximum maturity this necessary norproducts to be it serves stay sold. We do not want anysold and
"We want our
of twelve months would do. Certainly the finance company which only one to feel any car can be turned back, whatever the reason might be. We
took twelve months paper, if asked to pay its notes as they matured could also believe in protecting our business in the eyes of general banking
do so by stopping its purchases, using its cash and liquidating its surplus interests. Furthermore on the 25% down plan without recourse as much
plan requiring a co-maker on the note.
sold
collateral, if shown a little indulgence by its bankers. This it quite as goods can be date as with a lower from advertising or soliciting business
From this
on please refrain
certainly could not do, if its paper ran for as much as twenty months. on any plan less than 25% of the total delivered plus chart charge and twelve
Besides, if really bad times came to this country and defaults in payment months for the balance. On the truck, one-third down and the balance in
became very heavy, the conservative company would be more likely to twelve months. This ruling is made for your best interests and in the interest
liquidate a large volume of its paper without undue loss than would the of better merchandising conditions. Kindly acknowledge your understanding."
company which had accepted considerably longer terms. Then, too,
the more severe the depression in business the more difficult it would be
I think it may be taken as certain that this announcement would only
to sell repossessed cars. Many of us remember the bad times of 1893 have been made after careful investigations and weighing past experience,
and succeeding years. If such a period should again strike us, it would and .1 should say that all manufacturers would find it just as desirable to
be very difficult, and perhaps impossible, to dispose of used cars, and it have their cars stay sold as do the Ford Company. If this policy became
would go very hard with the company that had too many of them. Bankers, general among the manufacturers, its influence would be at least as strong
of course, constantly bear such a contingency in mind. They are aware for conservatism as anything the Bankers as a body have done or could do.
that many of their customers cannot remember the times of 1893 and that
At the meeting held last December during which the National Associaothers who do say that such times cannot come again in this country. I tion of Finance Companies were formed, there was a considerable discussion
hope they cannot, but if they do, I should like to think that the finance as to whether or not the Finance Company should in case of default have
companies would make the excellent showing, as compared with most other recourse upon the dealer. Opinion amongst Finance Companies was
lines of business, that they did in 1920 and 1921, and this they can do if divided, some feeling very strongly one way and some feeling the other way.
their management will adhere to the terms which many of their own num- I need not recite the various arguments for and against recourse as you all
ber and most bankers believe to be sound.
know them better than I do. As I stated at the December meeting there is
The question of down payment is important, some think as much so a diversity of opinion on the subject even between bankers. I recognize
as that of terms, some think more so. It is certainly a fact, that unless that there are merits to both contentions and I am not prepared to take
you have a substantial down payment, you are, on the one hand, taking sides, but I do think that if the dealer had to take up such defaulted paper
from the purchaser notes that represent considerably more than the manu- as he had negotiated with the Finance Company, he would scrutinize his
facturer's price for the car, and, on the other hand, if you repossess the car credits more cgrefully and he would be more sympathetic with conservative
soon after it has been sold, you stand no chance of selling it for what you terms of sale.
have in it. Tho dealer who parts with a car on a small down payment and
I understand that one of the objects of this meeting is to endeavor to
20 or 24 monthly payments, may think he has sold a car, but if the finance reach common ground upon which automobile financing may be safely
company has recourse on him he is only renting one with an option to the done. I can only hope that if any resolutions are passed you will have a
buyer of ultimate purchase. Of course, if the dealer sells his paper without strong determination to adhere to them, and that sufficient new members
guarantee or endorsement, it is the finance company that has gone into the Will join the National Association to make the task an easier one to the
2476
THE CHRONICLE
[VOL 121.
present membership. The organization of this Association
was a great actions involving payments of one-third down and balance in 12 equal
constructive work, to the success of which the directors have given the
most monthly installments now vary (because of the insurance) from 7.5%
arduous efforts. These efforts are deserving of the most
whole hearted to 10.5% in the different insurance territories, with an average of about
support of every branch ef the automobile industry, as well
as of the bank- 8.5% first charge on the unpaid notes. For example, $85 covers all
ing fraternity. The benefits that can be conferred
by such an association charges and insurance on $1,000 of notes. By widely advertising these
as this are so great that it Is to the interest
of every finance company to reduced rates manufacturers are educating the public on this subject.
belong to it. With such support the able and
experienced men who are
There are certain principles and obligations which should control autonow directing it will see to it that success to the
Finance business as a whole mobile sales financing, which are as follows:
is inevitable.
1. First and foremost, financing and insurance charges must be fair
to the consumer. That is to say, rates should be only high enough to
assure the finance companies a reasonable return on their investment.
Passenger Car Financing—From
the Standpoint of Finance charges which are fair to both the consumer and the company automatically guarantee the character of the paper. Exorbitant charges
the Manufacturer.
created to cover bad risks and re-possession in excess of 3% on new car
A. R. Erskine, President of the Studebaker Corporation, contracts and 4% on used car contracts are grossly unfair to good risks
who pay out their contracts.
at the second annual automotive financing conference,
2. Credit should be granted only to persons of good character with
assured income or sufficient assets to complete their contracts under
Chicago, Nov. 16 1925, also discussed the subject of automo- reasonable conditions. Thorough credit investigation should be made in
cases
bile financing, but from the standpoint of the manufacturer. all3. Theof doubt.
intrinsic value of the automobile must be sound and the amount
of the down payment should be substantial, as recommended at last year's
He said:
convention of the association. If the price of an automobile, either new
Through the foresight of American manufacturers, merchants, bankers or used, does not represent sound value, even a 50% down payment will
and financiers, the existing finance companies came into being. It is not give protection. Over-pricing of cars or trade allowances may jeopardize
estimated that nearly 1.000 concerns are engaged in this business. Over a contract, regardless of its conformance to standard credit terms.
4. The number of monthly payments should be influenced by the down
extension of credit and other unwise practices by some of these concerns payment and the character and standing of the car. Monthly payments
caused considerable uneasiness last year among the bankers of the country, on a standard car may be safely extended further than they could be
and resulted in several meetings in Chicago, New York, Pittsburgh and on a lesser known car. Default resulting from excessive monthly payments
may be
Baltimore, among representatives of important banks and finance com- equal avoided by smaller ones within the income of the customer. Twelve
monthly payments should be sufficient credit extension, but if a
panies. The outcome ofthese meetings was the organization of the National longer term is ever justified it should be applied only to contracts which
Association of Finance Companies, which at its first annual meeting at carry a rate not exceeding 8.5% discount per annum, including insurance.
Chicago in December adopted three resolutions concerning automobile
The recent convention of the National Association of Credit Men passed
paper worthy of quotation here:
a resolution condemning the volume of automobile time sales. They pro(a) On monthly installment paper covering new passenger cars, the tested that people are spending too much money for automobiles. The
maximum maturity of such paper shall not exceed twelve months, payable
National Hardware Association recently declared that installment buying
In equal monthly installments.
(b) On monthly installment paper covering new passenger cars, the has reached the point of danger in this country and said: "Under the
minimum down payment by purchaser shall not be less than either one- installment plan of buying the public generally Is induced to purchase far
third of the cash or 30% of the time selling price at point of delivery,
in- beyond the power of liquidation, and at prices necessarily much higher
cluding accessories and equipment.
(c) On monthly installment paper covering used passenger cars, the than those regularly prevailing." In commenting upon this situation, a
minimum down payment by purchaser shall not be less than either 40% writer in "The Annalist" says: "If the banks of the country and business
of the cash or 37% of the time selling price at point of delivery, including men of light and leading generally were able to see the hazards of the
accessories and equipment, with a maximum maturity of twelve months current
situation as clearly as the hardware executives apparently have,
payable in equal monthly installments.
and if all could combine effectively to right the offending conditions, it
Over 150 finance companies attended the meetings, which passed three might well be possible even yet to work our way out of the woods in this
resolutions, and over 300 of the important banks in twenty-three States matter without serious mishap."
approved said resolutions. The National Automobile Chamber of
Without desiring to justify the abuse of credit, the automobile industry
Commerce and the National Automobile Dealers Association both expressed must vigorously use and defend it against unwarranted attack. The
their approval of the actions taken at the meeting. Pamphlet copies of
the whole business structure of the nation and our present standard of living
proceedings and resolutions were mailed to all finance companies, bonding are supported by credit, and principally by consumer credit. Credit to
companies, automobile manufacturers, banks and trust companies through- consumers and time payments are made operative by our finance companies,
out the United States, with the request that each co-operate to the fullest rediscounting through our banks and trust companies, which normally
extent In re-establishing the sound principles of credit laid down at the supply commercial credits. Combined,these financial institutions comprise
meeting.
the greatest banking system ever created, and supply machinery for the
So much was done last year. Since then the membership of the associa- conduct of business and credit which is a marvel of efficiency and effectivetion has increased to 243 concerns, and includes practically all of the large ness. Manufacturer, merchants and financiers fully realize to-day, as
companies.
never before, that the wheels of business cannot be kept turning, on a
The passenger automobile industry is ending a most prosperous year, broad scale, without mass consumption—that credit must beavailable to
which promises a retail sales total of $3,000,000,000. About 75% or consumers as well as to producers and distributors of the products of
$2.250,000,000 of this volume will be sold on credit and financed by auto- industry and agriculture. Mass consumption is necessary to support mass
mobile dealers, finance companies, banks and trust companies. The major production and high wages, and mass credit is the Atlas which holds up
part of this paper will have an average maturity of six months, and a all of them. The United States is primarily an industrial country. Our
small part will average nine months or more. About 75% of the 16,000,000 citizens who live in the great industrial regions north of the Ohio and
passenger cars operating in the United States to-day were originally sold on Potomac rivers prosper when the plants are operating and suffer when they
the time payment plan, and 25% for cash. It is estimated that at least are not.
80% of all cars now in service have been fully paid for. This estimate is
The automobile industry ranks first among all manufacturing industries
made merely to emphasize the fact that automobile paper pays out well.
in the United States; $2,000,000,000 of capital is invested in it. Its wage
In the competition for business this year, some finance companies have and salary rolls amount to nearly $600.000,000 annually, and over 3.000,000
violated the terms and conditions of the resolutions passed by the associa- persons are employed directly or indirectly by it. It discovered and applied
tion last year. Whether these violations were dictated by automobile quantity production and doubled the wage standard of the country. It
manufacturers or were voluntarily introduced by the dealers or finance was the chief instrumentality in developing the high standard of living we
companies is immaterial. Violations are finding extreme expression in enjoy to-day. Its benefits to the country are incalculable.
Mr. Samuel W. Reyburn, President of the Associated Dry Goods Cordown payments as low as 20% of the cash delivered price, and as high as
24 months for the deferred balance. Down payments of 25% and 18 poration, recently said:
months for the deferred balance have been obtainable on the Pacific Coast
"Those who adhere to a false idea of thrift, and frown upon the sound
for two years. but a reaction has now occurred out there. This year such economic principle of paying for things as they use them,inflict unnecessary
terms were introduced in a large number of Eastern and Central cities, and denial upon themselves. The truly thrift man is the man who organizes
his buying in line with
down payments as low as 23%, with 18 months time, are now available in hoards for the sake of his resources, present and future, not the man who
hoarding.
one case. These extreme risks necessitate heavy finance charges to cover
"Decent, satisfactory, comfortable living, always within one's means
repossessions. which probably reach 10% of the transactions handled. On a of present and future fulfillment of obligations, is necessary to success in
fiat interest basis, these finance charges run from 20% to 30% per annum, any business or calling, and credit is necessary to such a standard of living.
thoughtful
should go hopelessly into debt for luxuries. But
in addition to which insurance charges are added, and the consumer must the use of credit in man and in business is the use of the chief instrument
living
groan under the burden. That is to say, the good risks who pay out their for success, because establishment of credit means establishment of the
contracts are compelled to pay exorbitant rates for credit, exacted because capacity to keep promises, and of the right to the standard of living that
capacity entitles one to."
of the bad risks who default. These defaulters are seldom dishonest.
Many merely over-estlmate their ability to pay,or lose their job and income.
The post-war prosperity of the United States has amazed the world.
Down payments of 20% to 25% barely cover the financing and insurance We are getting along pretty well to-day. Savings bank figures disprove
charges and leave buyers with but little equity in the cars. Most persons claims that the automobile is absorbing all of the money in the country.
whose cars are re-possasced are changed from friendly customers to bitter Figures supplied by the Comptroller of the Currency show for the
decade
"knockers." They damage the good-will of both manufacturer and dealer. from 1914 to 1924 the number of savings banks decreased from
2,100 to
Small down payments hardly cover the depreciation in the cars, and dealers 1,603, but the number of depositors increased from 11 to 14 millions,
the
must resell them at a sacrifice. Such are the evils which result from re- total deposits from 4.9 to 8.4 billions, and the average amount per
depositor
possessions. The good risks are stung, the poor risks become "knockers," from $444 to $605. Life insurance policies outstanding increased
during
and sales must be remade. It is an uneconomic proposition which cannot the same decade from 39 to 86 million, the amount of insurance from
21 to
endure because it is unsound. Reaction is bound to come. The large 64 billion, and the average policy from $545 to $742.
finance companies shun such business. Some of it is handled by finance
Who wants to go back to the pre-war conditions of output, wages and
companies organized and owned by automobile dealers and their friends.
andard of living?
Many unsound transactions are on a non-recourse basis, which tends to
make dealers careless as to risks and to undermine the integrity of all au
Bank Loans to Finance the Installment BuyerN
mobile paper. Banks which finance this unsound paper usually req
—
additional security or collateral to protect them against loss.
Louisville Bank Makes 16% to 20% on Acceptances.
Summing up, it may be said that the unsound practices which have
been dwelt upon constitute but a small percentage of the automobile financ- [Bruce Davenport in 'American Bankers Association Journal'for Novemberl
ing business.
Buying on the installment plan has become so widespread in the United
Fortunately for the future of the automobile industry, practically all of States that the volume of business financed on this basis now
runs into
the big, strong finance companies, banks, trust companies, manufacturers several billion dollars annually. Hardly a week passes without
some new
and dealers are united upon a sound and conservative policy of automobile adaptation of the deferred credit plan corning to light. Now it is
the sale
sales financing. Based upon post-war experience, the records show, and it of merchandise in every department of the city department
stores, aided
Is an assured fact, that automobile paper, secured by standard makes of by bank loans to the buyers.
cars, sold on sound terms, endorsed by dealers, and guaranteed by strong
The "dollar-down" scheme is not of recent origin. It has long been a
finance companies, constitutes prime security for bank loans and that the part of the credit system. The automobile popularized this
method of
national average losses upon such paper are less than one-quarter of 1%.
selling, gave to it the sanction of general acceptability and the halo of
It is probable that no other industry can show a better record. By respectability and paved the way for its extension into other fields. Indeed,
reason of the cheap money market and a more liberal disposition by the the sale of consumption goods through this medium offinancing has
reached
insurance companies great progress was made in 1925 in reducing the such bounds, variously estimated at from three billions ofcredit outstanding,
finance and Insurance charge to customers. Finance charges, including that seasoned and conservative bankers point to its proportions as the one
fire, theft, conversion, confiscation and single interest insurance, on trans- dark cloud on the otherwise clear horizon of national prosperity.
Nov.21 1925.]
2477
THE CHRONICLE
Popularized by the Automobile.
payment
With the sale of the popular priced automobile on the deferred
To
basis, a class of paper was created that the banks could not handle.
there sprung into being hundreds
meet the need for this type of financing,
acceptance
offinance companies and the big automobile manufacturers set up
rather
corporations. The relations of the buyers were with these companies
than with the banks, although, in some cases, banks discounted the notes
permitted them to reduce the principal
of the automobile purchasers and
from month to month. However, the bulk of financing the automobile
sales was handled by the finance companies.
With the broadening of the practice of installment buying, the finance
companies have been called on to aid in the distribution of the radio,
More and more,
household electrical equipment and other commodities.
it is becoming possible for purchasers to buy almost any article or comwithin several months, a
modity on time, the final payment to be made
year or an even longer period. It is true, of course, that the banks have
the participation
had a part ultimately in the financing of these sales, but
has been indirect by making it possible for the selling companies to extend
granting
the credit through the discounting of notes, trade acceptances and
lines of credit. They have bought the collateral trust notes of manufacturers and finance companies.
-down" plan, and the relatively
The popularity of the so-called "dollar
small losses sustained by those who have sold commodities on the deferred
merchants, who formerly frowned on the
payment plan, have caused
system, to embrace it as a means of enlarging the volume of their sales.
Recently one of the largest department stores in Chicago announced that
it would sell suits, overcoats, millinery and other wearing apparel to the
average buyer, giving the buyer several months'time within which to pay
for it. In Louisville, one of the principal stores advertised that purchasers
might have from 25 to 50 weeks to pay for merchandise bought in every
department at "cash prices," announcing that this service was made
possible by the store borrowing the money for the balance due from a large
national bank. There have been indications that this plan of linking the
department store sales with bank loans arranged through the store, will
meet with more general adoption in various cities throughout the country.
the
charged back to the store and returned to it to take such steps as
officials see fit.
"The psychology of the situation that people will make their payments
out thus
more promptly to a bank than they will to a store has been borne
looked
far. While our experience has been only for a short time, we have
store and, out of that number,
over 93 accounts turned over to us by the
than
we find only three delinquencies. This is a very much better record
that of any collection department in a store.
making loans
"On Aug. 1 our bank started an industrial loan department,
can furnish two
to people of good reputation, who are employed and who
with the departendorsers with the same qualifications. The arrangement
bank. So far
ment store is run in connection with this department of the
has put in a department
as we know,this is the first commercial bank which
far, we find that it is working very
of this kind and from our experience, so
satisfactorily.
that make small loans
"The loan companies in Louisville of the type
and, quite naturally,
charge interest at the rate offrom 16 to 150% per year
high rates and suspicious of these
the employed people are resentful of the
them that our discount
money lenders. In our advertisements, we tell
is 8% and this inspires confidence.
the operation
"We expect to develop some business for the bank through
pays off his loan, we shall
of the industrial loan department. When a man
savings account the amount
endeavor to get him to continue to set aside in a
he has been meeting.
of the weekly or monthly installment that
who has been
"While the average customer of a department store,
account, may not be
accustomed to buying merchandise on a charge
provision in fixing
appreciative of the fact that the merchant must make
the credit extended, it is
the price of articles to be sold to cover the cost of
houses for similar articles
generally understood that the prices of installment
department store, of course,
are higher than those of cash houses. The
at cash prices, although
wants to establish the fact that the people are buying
this fortuitous circumstance
they can pay the bank in installments and that
is made possible through the new plan."
Opposing Government Intrusion in Business.
growing
Not a Branch Bank.
A rebellion by industry against the constant and
The Louisville store advertises the arrangement as "the Louisville Naof the Government into the field of business activintrusion
tional Bank plan."
y extend itThe link is dramatized in an effective way. The weekly payments are ity is taking form. After watching bureaucrac
store that looks like a teller's cage.
made at a window in the department
amazingly during the post-war years in Federal, State,
self
It gives the illusion of a direct dealing with the bank enhanced somewhat
Governments to the detriment of private
by the display of a sign on the window: "Representative of the Louisville county and city
National Bank."
initiative, leaders engaged in all types of business pursuits
With the branch banking issue so impressed on the public consciousness,
now planning to offer stubborn resistance. The first
it is not surprising that some of the newspapers observed, in error, that an are
is seen in the arrangement of
innovation in banking had occurred through the opening of "a branch step in the new movement
bank in a department store." However, it is anticipated that the weekly details for a mass meeting of industrial leaders to be held
payments will be more prompt and regular because the average person takes
Washington, Dec. 10. The official call for this meeting
an obligation to a bank more seriously than he does a bill due a commercial at
hundred trade
is now in the hands of executives of three
firm.
The Plan's Strong Points.
s and other industrial organizations. The official
association
The arrangement has been in effect only since Oct. 1 and has not been call carries the names of the following members of the plangiven the telling test of time. However, Richard Bean, President of the
Homer L. Ferguson, Newport News, Va.,
Louisville National Bank, sees decided advantages in it—whether viewed ning committee:
of the Chamber of Commerce of the United
standpoint of the consumer, the department store or the bank.
from the
former President
"The trade acceptance is the vital part of the arrangement," Mr. Bean
and President Newport News Ship Building Co.;
said. "The store sells goods to its customers on either a 25 or 50 weeks States
Casperiod depending upon the class of merchandise sold. F. Highlands Burns, Baltimore, President Maryland
payment plan, the
Dry goods, wearing apparel, millinery and merchandise of this kind are ualty Co. and President International Association of Cassold on a 25 weeks payment plan. Furniture, household furnishings,
rs; J. E. Edgerton, Nashville,
washing machines and other goods, which can be repossessed under chattel ualty and Surety Underwrite
ers and
mortgage, are sold on a 50 weeks payment plan. The store takes a trade President of the National Association of Manufactur
acceptance, attached to a mortgage, from the customer and endorses this President Lebanon Woolen Mills, and General R. C. Martrade acceptance to the bank. In acquiring the goods, the purchaser makes
Manager Association General Contractors
a certain down payment and gives the trade acceptance plus 6% interest shall Jr., General
to the store. Our bank discounts the trade acceptance at 6%.
of America, who is Chairman of the committee.
"On the first of each month, the bank renders the store a statement of
A preliminary meeting has already been held in Washingthe aggregate amount of the trade acceptances, on which the store pays the
representatives of twenty-two leading trade assobank 2%. It will be seen that the bank gets 6% interest on the trade ton, with
acceptances and 2%, in addition, from the store, making a total of 8%. ciations present. The result of this meeting was appointThe trade acceptances are then paid weekly to the bank by the customers."
of the planning committee to issue the call for the
While a sign "Representative of the Louisville National Bank" is dis- ment
suggest a program of action for
played over the window of the office where the customer makes his payments, December meeting and to
the bank has no branch in the store whatever. The store appoints a clerk the campaign. The meeting, leaders of the movement now
to receive the weekly payments on the trade acceptances. Therefore, the
Washington declare, will not be directed against Govbank does not have to obtain the sanction of the Comptroller of Currency in
but its full force will be
at Washington to enter upon such an arrangement for the question of "an ernmental regulation of industry,
additional office," as the teller window branches authorized by the Comp- thrown into opposition to the practice under which the taxtroller are commonly called, do not enter into the matter at all.
t
paying business firms are forced to finance the Governmen
Profiting from Psychology.
an active competitor. Preliminary study of the situation
In setting up this office, the store desires to capitalize the psychology of as
penetration of the Government into
the average customer that makes him meet his bank obligations without has definitely linked
fail. Then, too, it prefers to have the payments made at the store rather business with desires by those in public office to perpetuate
than at the bank, because it wants the customers to come into the store
magnify their functions or enlarge the field
as often as possible. The sight of attractively displayed merchandise, their tenure,
the opportunity to buy the things needed and the means of financing the for political control and "spoils." These desires have been
purchases tend to increase the volume of sales—and quite naturally the advanced in a manner so subtle as to cause Congress and the
store wants to profit from these circumstances.
of smaller units of Government un"The strong points of the plan are these," Mr. Bean continued. "Cus- appropriating bodies
tomers can buy goods in the store at cash prices plus 6% per annum and wittingly, it is contended, to uphold the general practice.
have the privilege of paying for them in 25 or 50 weekly installments.
The December meeting will be held in Washington two
This Is a great saving over prices that they would have to pay to the sodays after Congress convenes. It is pointed out that the
called installment houses.
"The store gets its money at 2%-certainly much cheaper than it could platforms of both major political parties strongly contend
get the money at in any other way.
business. Stress
Government should be kept out
"The bank conducts the whole operation at a substantial profit. It that the
snakes approximately 20% on 25 week acceptances and 16% on 50 week is being laid upon the fact that the nation has developed
acceptances, due to the fact that the payments are made weekly and that under the individualistic theory of government, and not
the 2%, which the store pays us, applies the same whether the acceptance
under the socialistic. To quote from a recent decision by
Is for the shorter or longer term.
"It will be readily seen therefore that the customer's advantage is buying the Supreme Court of South Dakota, "The Constitution and
goods at cash prices and paying only 6% interest. The store's advantage laws of the United States and of the various States have
is that it gets its money at 2% and the bank's advantage is that it gets a
been framed under a policy having primary regard gar ingood rate of interest."
Safeguarding Credit.
dividual rights."
The department store observes the usual rules in seeing that only those
The number of individual industries that are mustering
customers, who are entitled to credit, are permitted to buy merchandise
present attack on bureaucracy indicates the great
under this plan. Its credit department passes on all applicants and thus for the
seeks to keep the risk of loss as low as possible. The bank takes no chances, variety of industrial enterprises into which the Governhowever, for the store guarantees the payment of the trade acceptances.
mental units have thrust themselves. At the preliminary
"The arrangement is," Mr. Bean explained. "that where any customer
held in Washington, Oct. 20, representatives of
has failed to make payments for eight successive weeks, the account is meeting
a
2478
THE CHRONICLE
more than a score of major industries cited case after case
to show the scope of this intrusion. Now that opposition is
Crystallizing, It may be expected that conditions which individual minds have long known to exist will be forced into
a position where a critical survey will be inevitable. Among
the charges which the meeting net month may be expected
to develop for the attention of Congress, Government officials and the public are the following:
1. Penetration of Government lyylies into business denotes almost invariably an effort by those in public office to perpetuate their tenure.
2. Lack of successful methods, efficient management and the driving force
created by prospects of genuine industrial progress forces Government production costs higher than those of private business organizations.
3. Government enterprises, usually launched under the pretext of saving
money through elimination of private profit, almost invariably result in the
wasting of public money, with the losses concealed by refusals to employ
cost accounting systems that truly indicate expenses involved.
4. Extension of business activities in the realm of Government is in exact accord with the dictates of the basic theories of communism.
[Vol, 121.
Senator Caraway Says Government Cotton Estimates
Cost South $250,000,006
-Congressional Action
Threatened.
With the issuance of the Government cotton report on
Oct. 26, Senator Caraway of Arkansas declared that the Government cotton estimates this year have already cost the
farmers of the South not less than $250,000,000. The new
figures, he asserted, will add to the millions which they lost
as a result of the act. 1 estimate. Senator Caraway's statement said:
Whenever there is an apparent recovery of the cotton market, the Bureau
of Crop Statistics of the Department of Agriculture gives out an estimate
many thousands of bales in excess of the wildest hopes of the bear element
In the cotton gambling fraternity. To every one it must be apparent that,
Intentionally or otherwise, these cotton reports have this year cost the cotton growers of America not less than a quarter of a billion dollars, and
this is a conservative estimate.
It is sincerely to be hoped that the coming Congress will end all laws
legalizing gambling in farm products, especially cotton and grain. It is
time to reform or else abolish the Department of Agriculture, which has
lent itself, consciously or unconsciously, to every gambling raid on the farms
of the South and West.
I shall introduce a bill to meet this situation when Congress meets a
month hence and I shall demand immediate consideration of it. The bill
will make gambling in all farm products a crime, with penalties so severe
that none will have the temerity to violate it.
Savings Deposits in the Philadelphia Federal Reserve
District.
An increase of one-tenth of 1% in savings deposits during
October was reported by 98 banks in the Philadelphia
In printing Senator Caraway's statement, the New York
(Third) Federal Reserve District, according to compilations
prepared by the Federal Reserve Bank of Philadelphia. "Times" in Washington advices Oct. 26 said:
All the signs are that the cotton exchanges of New York and New Orleans
Five Cities out of sixteen show decreases. Compared with
are in for a lively time
Congress. There will be no surprise it
a year ago savings deposits on Nov. 1 had gained 6.3%. the whole crop reportingin the nextthe Government is subjected to a searchsystem of
ing inquiry by committees of the two Houses.
percentage changes by cities follow:
If the Government were in actual alliance with the speculators it could
not, declared Senator Caraway, co-operate more effectively with the "bear"
element in the cotton exchanges. As soon as Congress meets Senator Caraway said he would introduce a bill to put an end to gambling in cotton and
grain, and if necessary to accomplish this he would even go so far as to
abolish the Department of Agriculture.
That to-day's cotton forecast will bring a storm of protest from the cotton States was the opinion expressed by members of Congress from that
section. It was asserted that the Southeastern cotton States have experienced this year the worst drought in their history, while heavy rains have
been continuous for some weeks past over large areas in the Southwestern
cotton belt. In Arkansas, said Senator Caraway, the seeds are sprouting in
the bolls as a result of the downpours, and there has been in two weeks
not more than one or two days in which cotton picking was possible.
Borah Sides With Caraway.
Senator Borah, when informed of Senator Caraway's statement as to the
situation, said he was not in a position to talk cotton, but, he added, "I am
Totals
+0.1%
6 3%
+II with him in what he says about the Government being In the gambling busi*Subject to revision.
ness." He favors, he added, legislation to correct the speculative situation
that has grown up around the Federal crop reporting system.
On the other hand, the officials of
Reporting Bureau of the
American Acceptance Council to Discuss Problems of Department of Agriculture said they had the Crop to take back.
nothing
The reports
are based on official information, and that information, it was pointed out,
the Discount Market at Annual Dinner, Dec. 3.
indicated a total crop in excess of 15,000,000 bales, and therefore no other
The results of a searching and exhaustive inquiry into the estimate than the one made public this
morning was possible. W.
various methods of employing surplus funds in the New York 'ander, Chairman of the crop reporting service, said he had nothing F. Calto add
money market will be presented as an important featuie to the public statement issued by the Board simultaneously with the release
of the estimate of 15,226,000 bales.
of the seventh annual dinner of the American Acceptance
In explanation of to-day's 15,000,000 plus estimate, the Crop Reporting
Council at the Waldorf Astoria Hotel on Thursday, Dec. 3. Board declared that prospects show substantial increase in production in all
the
The presentation will be in the form of a debate between overGulf States, and the statistics indicate that of the total estimated crop
5,000,000 bales
be ginned. Although
teams of experienced debaters from the New York Chapter lost from storms andare yet topicking, prospects havesome cotton has been
delayed
improved somewhat,
the American Institute of Banking, the purpose of which and growers in most States are finding somewhat more cotton than they
of
expected two weeks ago. The largest change has been in Texas, where
prosis, it is stated, to provide a series of unbiased arguments pects have
improved to the extent of 175,000 bales.
CitiesAllentown
Altoona
Bethlehem
Chester
Easton
Harrisburg
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Trenton
wiikes-Barre
Williamsport
Wilmington
York
Others
Changes Nov. 1 1925 Compared with
Previous
Previous
, Om .
Year.
+1.0%
+8.3%
+0.7%
+12.9%
+3.5%
+8.2%
-0.7%
+1.9%
--0.1%
+2.7%
+2.8%
+22.5%
+0.1%
+0.7%
+1.9%
+16.8%
+0.3%
+7.4%
-0.6%
+ 15.5%
+0.1%
+5.4%
-1.9%
-3.4%
-0.3%
+5.4%
-3.0%•
•+13.8%
+0.3%
+5.3%
+0.5%
+10.6%
-0.2%
+0.7%
for and against the proposition: Resolved, that it would be
The New York "Sun" of Oct. 30 contained the following
profitable for the banks to adjust their reserve position by
means of operations in the discount market. According to regarding the attitude of the Crop Reporting Board:
The
of the
the announcement, every phase of the short-term loan situa- by the Crop Reporting Board CarawayDepartment of Agriculture is unmoved
criticisms of Senator
and others on its cotton reports and
tion will receive the careful consideration of those who par- will not make any change in methods. It was stated to-day that the next
ticipate in the debate, and some interesting facts will be report will be made according to the formula used in the last one, which
critics allege caused millions of dollars loss to farmers through
price de.
presented on the subject of the discount market, call loans presaion.
"We are not in position to combat any statement made by
and the financing of stock market movements, which at
Congress," Board members said. "That is up to the Secretary members of
present is such a live topic of nation-wide interest.
of Agriculture."
In addition to the debate, Robert H. Dean, Executive
From private conversation, however, Board members showed
considerable
Secretary of the American Acceptance Council, announces resentment at the charges made by Senator Caraway and other
Southern
that the speakers will be Fred I. Kent, Vice-President of Congressional leaders that the Board's report, issued Oct. 26, had enabled
speculators to profit handsomely in the market at the
expense of cotton
the Bankers Trust Co. of New York, and President of the growers.
It was pointed out that charges similar to these had
American Acceptance Council, who will preside, and Chellis
been made in regard
to wheat and
A. Austin, President of the Seaboard National Bank of shown that other commodities from time to time, but it has been always
there has been no manipulation
New York. The annual dinner of the Council is considered and events have always proved that the of the figures in the Department,
Department's statisticians
important ()Vent in American banking circles, since it always closer to the true figures than those of the critics or of other were
an
oppos.
ing agencies.
brings together, from the important financial centres, a large
The Crop Reporting Board is composed of four
permanent members, W. S.
gathering of prominent bankers, Federal Reserve Bank of- Callender, Chairman; J. A. Becker, Vice-Chairman;
F. A. Jones, Secretary,
ficers and industrial and business leaders composing its and D. C. McCandless of Gulfport, Miss., who travels about the cotton
belt
averaging crop conditions. In addition, when a report is
membership.
about to be made
two or three
field men are called in to make up the figures.
Those who
will aid in making up the next report on Nov. 9 are
D. C. Childs of Georgia
and C. S. Bouton of Arkansas.
It was further pointed out that the Department takes
care in gathering the cotton report. No person has the greatest possible
figures until the last minute and those who make the possession of all the
virtually kept prisoners until the result is announced. final tabulations are
Jackson E. Reynolds and Owen D. Young Nominated
for Directors of Federal Reserve Bank of New York.
Jackson E. Reynolds, president of the First National
Bank, has been nominated for class A director, group L of
The following New Orleans advices Oct. 25
the New York Federal Reserve Bank. Owen D. Young,
appeared in
chairman of the board of directors of the General Electric the New York "Times":
The
Company, has been nominated for class B, director of the past slowing down of business in the cotton trading markets during the
week was owing to natural hesitation in advance
of to-morrow's Govsame institution.
ernment report Therefore it again called
attention to the bad effects upon
Nov.21 1925.]
THE CHRONICLE
the market of the present system of official crop reporting
and the desirability of returning to the monthly system as soon as possible,
The present season's series of official crop reportsi will soon
come to an
end, but before the next season rolls around it is devoutly hoped in
the
trade that Congress will authorize a return to the system of monthly
reports.
2479
interpretations of crop prospects on the date to which they
relate, with an
allowance for average subsequent development of the crop, based
on the
experience of previous years, and not estimates of final productio
n. This
is clearly indicated in every report that Ls issued.
You may be interested in a comparison of all cotton forecasts
and estimates issued by the Department since the,work was begun in 1915
up to
1923, with the total quantity of cotton actually ginned. During this
period
monthly forecasts only were issued. This comparison shows that the
widest
difference between the July forecast and the final ginnings was 27%.
which
occurred in 1918. The average difference for the nine-year period was
13%.
In three out of the nine years the difference has been less than 6%. Last
year, when semi-monthly reports were issued for the first time, the July
first
forecast was 11% below the final ginnings. The July 16 forecast
was 12%
below.
Cotton Crop Reporting Explained by Secretary Jardin
e.
In reply to an inquiry from Senator George Wharton
Pepper of Pennsylvania regarding criticisms made of certain
phases of the crop reporting service of the Department
of
Agriculture, Secretary Jardine has written a detailed
state
-Of the August forecasts made prior to last year, the widest difference
ment with special reference to the cotton crop. The
follow- was 17%, which occurred in 1922. the average difference being 9.2%.
ing paragraphs are from this letter:
Last year the Aug. 1 forecast was 9.4% below and the Aug. 16
When the Department of Agriculture was first
organized in 1862, the
Issuance of systematic crop reports was practically the
first activity to be
undertaken. This work was started largely at the
insistence of the farmers
of the country, who had been urging the establishment
of such an agency
for many years.
Crop reports have been issued regularly since that
time, and now cover
every crop of any importance grown in the United
States, as well as all
classes of livestock, farm wages and farm prices of
agricultural products,
The crop reporting system of the United States is
generally considered
to be the most comprehensive and complete in the
world, and foreign countries frequently send representatives here to study
the methods used.
Representatives from four countries have visited
the Department for this
purpose during the present season.
That farmers still believe the Government should
issue official crop
reports and that they are of value to theni is
evidenced by
more than 200,000 farmers are now enrolled as voluntary the fact that
crop reporters,
serving cheerfully without compensation.
Prior to 1912 for grain, and 1915 for cotton, the
Department, following
the publication of acreage estimates shortly after
planting time, issued
during the growing season percentage condition
reports only, leaving to
each person the task of interpreting their meaning.
Dealers and handlers
of agricultural products, especially grain and
cotton, were able, through
their experts, to interpret these reports in terms
of probable production,
and upon these definitive interpretations, coupled
with their own private
and trade sources of information, were in position
to trade most advanInterpretations or forecasts, in terms of probable
the condition reports received from its correspon production, based on
dents, covering all important crops except cotton, forecasts for which were
not begun until 1915,
were commenced in 1912 by the Department. These
commenced in response to a resolution passed by the interpretations were
International Institote of Agriculture, requesting adhering Governments to
make quantitative
forecasts in advance of harvest, and for the benefit of
farmers and others
who were not in position to interpret condition
figures.
These forecasts are simply the application of the
mathemat
or correlation which has existed in previous years between ical relation
the condition
reported at a given date and the final yield for the same
years, and are not
actual estimates of final production, such as are made by
the Department
at or after harvest, when the full effect of weather and
other factors has
become apparent. The forecasts for grains, hay, fruits,
tobacco and potatoes have been favorably received by the trade as well as
producers, and are
seldom criticized or attacked. Comparatively few private
agencies are now
engaged in making reports for crops other than for cotton.
The official
reports, with the exception of those for cotton, are issued
monthly during
the growing season,
. In 1915 forecasts of the cotton crop similar to those
issued for other
crops were started. Not a year has passed, in fact, scarcely
a report has
been made since that time, that has not been the subject of
attack from some quarter, although more time and greater criticism and
care has been
taken with the cotton reports than for any other crop.
The underlying Causes for the criticisms of the cotton forecasts
and estimates undoubtedly lie outside of the reports themselves, and
are probably
due to the inherent character of the crop. They may be briefly
summarized
as follows:
(1) Cotton is the main cash crop of a large proportion of
the farmers
of the South, many of whom watch the market closely. They
are vitally
interested, not only in price charges, but in the causes for such
charges,
(2) The crop is a highly speculative one, 'with a well
organized future
market, which is extremely sensitive to crop charges,
(3) The bulk of the worlo's cotton crop is produced in the United
• (4) The time between plantirg and the completion of nicking States.
is longer
than for any other annual crop, and uncertainty as to
the final outturn
extends almost up to the time the last bale is ginned. The
crop is very
—
susceptible to weather and insect damage, while, on the other
hand, under
favorable conditions, it shows remarkable recuperatis e
that the crop prospects may charge almost over-nigh powers. The fact
t necessarily results
In material changes in the fOrecasts the crop
of
from time to time during the
season, with consequent changes or fluctuati
ons in price.
(5) The issuance of a great number of private
forecasts just in advance
of the official report, . hid, eemetinies N Dry hem
,
s
each other as much as
two million bales or more,
ter ds to wake the mat ket Ler% ous, and when
the
average of the private forecasts does rot agree
rather closely with the
official forecast, rather violent reactions
frequently occur. This has
happened several times during
the present season.
Following the issuance of
an official forecast, people read in the public
press that the price of cotton
has declined or increased so many dollars a
bale, due to the report. The associati
ng of changing prices with the
official reports naturally gives
the impression that the crop reports
are
simply aiding speculation, their
real purpose, viz: that of furnishin
g
disinterested and unbiased informati
on, being almost entirely forgotten.
The fact that speculation thrives on
uncertainty is overlooked. When the
price declines, as has been the case
this fall, many farmers, or those claiming
to represent them, as well as speculato
rs, mho are long on the market,
attack the reports, claiming they are
too high. When prices rise, other
groups interested in cotton,
including those who are sellir g short,
are
equally critical, claiming the reports
are not high enough,
Critics of the cotton reports Mien
quote as evidence of their inaccuracy,
the material differences which often
occur not only between successil e
forecasts Issuedduring the growing
season, but also between such forecasts
and final ginnings. Such changes are to
be exnected, and are not necessarily
evidence that errors have been made. Weather,
boll weevil, and other
influences, the effect of which can
not be accurately predicted, affect the
cotton plant from the time it is out of
the ground until the last boll is picked,
Prospects often change over-night, To estimate
the crop
to harvest, therefore, would require an ability to forecastaccurately prior
future weather
conditions, as well as the effect of same
on the crop. The early forecasts
therefore, as is the case with other crops,
must be considered to be merely
forecast
4.9% below the final ginnings.
In September the greatest deviation of any forecast made during these
nine years was 12%, which occurred in 1921. the average difference for
the
period being 6.7%. Last year the Sept. 1 forecast was 6.2, and the Sept.
16
forecast 7.6% below the final ginnings.
The greatest difference in the October forecasts occurred in 1921, being
18% in that year, due largely to an under-estimate of the acreage. The
next widest difference, which occurred in October was in 1920. when the
difference was 10%,the average October difference being 6.6%. Last
year
the Oct. 1 report was 8.3% below and the Oct. 18 report was 7% below the
final ginning&
The first official November estimate ever made of the crop was in 1923.
which was 1% above the final ginnings. In 1924 the Nov. 1
estimate was
6% below the final ginnings, and the Nov. 14 estimate was 4.7% below.
The December estimates of the cotton crop have always been rather close
to the final ginnings, the greatest difference, 4.8%. having occurred in 1921.
The average difference of the December estimates from the final ginnings
has been 2, %
wi e there.2
has
' been, and probably always will be, considerable differ
ences, as will be noted from the foregoing, between the early forecasts and
the final ginnings, the early forecasts, if understood and properly used,
should perform a useful function in that they are the best Indications available at the time they are made of the probable size of the crop, and therefore
afford a common basis on which sellers and buyers can transact business.
Generally speaking, the Department's forecasts and estimates are
eleser to
final outturn of the crop than private reports.
theagously.
The abolishment of all official forecasts, which is advocated by
some,
would leave the field of forecasting and estimating the crop
entirely in the
hands of private agencies. Reports of such agencies, whose influence
is
now blanketed to some extent by the official forecasts, would, no doubt,
assume much greater importance and affect the market considera
bly more
than they do at present. It is very doubtful whether the producers
of the
country would consent to such an arrangement, or feel that it would
be to
their interest to eliminate the Government reports. The very fact
that
official reports are made probably tends to improve the accuracy
of the
private reports.
So far as estimating the acreage of cotton is concerned, it is generally
recognized that no private agency is in as favorable a position
as the depenmen& with its extensive facilities and sources ofinformati
on,for making
such estimates. A comparison of the preliminary acreage estimates
made
as of June 25 each year, with the final estimates, which are made
after
the last ginning report, shows a variation in most years of less
than 2%.
These estmates are seldom criticized.
There is some question as to the advisability of the Governm
ent making
quantitative interpretations as far in advance of harvest as
is done at the
present time. In fact,asfar assome crops are concerned, namely,
the grain
crops, potatoes and fruit, some of the early forecasts heretofor
e made
will probably be omitted next year.
I °cause of the fact that the harvesting of cotton often begins southern
in
Texas before the crop is up,or even planted,in northern Texas or Oklahoma
,
the problem of determining the proper time to begin the issuance of official
cotton forecasts Is a complicated one. The south Texas farmer,
who
begins to pick his cotton in June, needs such reports earlier
in the season
than the farmer who lives further north, if they are to be of any use to
him.
In my udgment, it Is extremely important that some unbiased agency.
such as the Department of Agriculture, shall make preiminary
estimates
of crop production prior to the harvesting of any crop, as well as final
estimates following harvest. Such estimates, made by a disinteres
ted
help to insure a proper relation between supply and prices during agency.
the time
the farmer is preparing to market his crop, and furnish a sound basis
for
bargaining.
The cotton crop is the only one for which semi-monthly reports are now
issued, the time and the scope of the reports to be issued being specifical
ly
defined bylaw. Under the present law, which is mandatory,the Departme
nt
of Agriculture is required to publish semi-monthly,from July to December
,
reports relating to cotton, in which the "condition, progress of the crop and
probable production" shall be shown. This is the second year the law
has been in effect, having been passed in the spring of 1924.
While semi-monthly cotton reports had been suggested a number oftimes
in
previous years, the immediate reason for the passage ofthislaw was the
fact
that during the month of October 1923 severe damage to the crop in
certain
Statesfrom freezing and other causes,reduced the total estimated productio
n
between Sept. 25 and Oct. 25 nearly a million bales. This reduction
in
crop prospects resulted in rapidly rising prices. Farmers, represent
atives
of Congress, and others, were strongly of the opinion that if the Departme
nt
had issued a mid-month report in October of that year, showing the
rapid
decline, farmers would have received much more for their crop
So far as the send-monthly reports are concerned, rather strong argument
s
have been advanced both for and against their continuance. One
of the
arguments, which has been advanced favoring these semi-monthly
reports,
Is that they tend to lessen uncertainty; instead of a month of
suspense there
is now an interval of only two weeks, and apparently spot prices
have been
somewhat more stable than before the reports were started.
They also
enable farmers to sell their crop on the basis of up-to-date
which, however, may or may not be favorable to them. Theyinformation,
also tend to
lessen the spread between the highest and lowest estimate of
private agencies,
and make it difficult for unscrupulous individuals to
influence the market
by erroneous reports or rumors, at least for any length of
time.
On the other hand, it is contended that the morefrimni
eq
teueendtiaoffilc3!al report
concentrate trading into a comparatively short period
following
the issuance of the reports, thus disturbing the usual
market activity. It
is also contended that because changes greater than
the ordinary daily
fluctuations usually occur on the release of the
Government cotton reports,
the issuance of two reports a month, instead of one,
is objectionable. The
frequent reports have placed a very heavy burden
on thousands of public
spirited farmers and others who are serving as crop
reporters for this Depart.'
meat, entirely without compensation. The
frequency of the reports also •
makes it difficult for field statisticians to make adequate
field inspections.
THE CHRONICLE
2480
The members of the Crop Reporting Board,upon whom the responsibllity
of making the frequent reports fails, as a result of the experience of the past
two years, are of the opinion that the mid-month reports for July and
August, when the marketings are light (only about 4% of the crop is usually
marketed prior to Sept. 1) might be omitted without serious injury to
anyone. There is also some question in the minds of the members of the
Board as to whether the mid-November report is necessary. To omit these
reports, however, would require a change in the present law. So far as
quantitative forecasts are concerned, the Board has suggested that the
present practice of issuing definite forecasts in terms of bales, early in the
season, might be modified. It has suggested that prior to Sept. 15 or
Oct. 1, instead of issuing a forecast in exact bales every two weeks, as at
present, that a statement be prepared to accompany the condition report
In which the range within which the final ginnings are likely to fall will be
shown,or,in other words, the probable minimum and maximum production
limits.
It is possible that this change in the method of issuing the reports might
remove much of the misunderstanding which now exists with respect to
the early forecasts, and avoid some of the present criticism. Whether
such reports, being somewhat indefinite, would be satisfactory to those
who have been accustomed to have definite official forecasts is open to
question.
The suggestion has also been made that much of the present price fluctuation, which occurs on the exchanges when the reports are released, might
be avoided if the reports were given to the public after the exchanges close.
The present practice of suspending trading for 15 minutes following the
release of the report has, it is believed, materially reduced the fluctuations
which occurred before the practice was started.
The Tax Revision Bill—Further Changes.
The Ways and Means Committee of the House of Representatives at Washington on Nov. 18, in its consideration
of the tax revision measure which it is framing forsubmission
at the coming session of Congress, decided to permit estates
of persons having died since June 2 1924—when the present
tax law became effective—to be taxed under the rates of
the law of 1921, but with a credit allowance of 25%, not in
that law, on the Federal tax for inheritance taxes paid to
States where the owners of estates died. Hundreds of
estates now being closed up will be entitled to the benefits
of these proposed reductions and also to refunds if the taxes
have already been paid. Opponents of this decision of the
Ways and Means Committee criticized it as "merely making
a donation to millionaires," but advocates of the decision
maintain that it is unfair to tax estates falling between June
1924 and such time as the new rates shall become effective
In 1926, at higher rates than either before or after that twoyear period. The rates on estate taxes were advanced when
the 1924 tax bill became effective, from a maximum of 25%
on estates of $10,000,000 to a maximum of 40%. In the
event that this reduction proposed by the Ways and Means
Committee shall be approved by Congress, the refunds will
doubtless amount to millions of dollars. The rates under
the proposed revision range from one-third of existing rates
to five-eighths, the latter figure being applicable to estates
In excess of $10,000,000, which in the existing law are taxed
at 40% and in the proposed law at 25%. Following is a
comparison of the brackets in the taxes under both bills:
Net Estates—
$50,000
100,000
150,000
250,000
450,000
750,000
1,000,000
1.500,000
Per Cent. Per Cent,
1921,
1924.
1
2
3
4
6
9
12
15
1
2
2
3
4
6
8
10
Per Cent, Per Cent.
1921.
1924.
Net Estates—
12
18
$2.000,000
14
21
3,000,000
16
24
4,000,000
18
27
5,000,000
20
30
8,000,000
22
35
10,000,000
25
Over 310,000,000-- 40
On Nov. 18 the Ways and Means Committee decided to
replace the office of Solicitor of Internal Revenue with that
of General Counsel of the Internal Revenue Bureau at a
salary of $10,000 per annum and to authorize the appointment of six Deputy Commissioners of Internal Revenue with
salaries of $8,000 and ten-year terms. The following is
from a Washington dispatch to the New York "Times":
In writing these changes into the bill the Committee recognized the argubecause
ments of the Treasury that men of talent constantly were resigning
the Bureau,
higher salaries were offered to them; that the legal talent of
commanded great fees, and that
poorly paid, was opposed by lawyers•who
of tax
new and competent aids were necessary if the enormous congestion
the
cases was to be cleared up. It is assumed that Alexander W. Gregg,
Counsel.
present Solicitor of Internal Revenue, will become the General
Appeals were fixed at 610,000
Salaries of members of the Board of Tax
each by the Committee to-day, this being an increase from the $9.000
tentatively decided upon recently by a sub-committee, and 62,500 more
than the members now receive. While it is expected that the full Committee will approve the sub-committee report to make the tenure of Board
members dependent upon efficiency, instead of naming a term of years,
this matter has not been acted upon finally.
The Board of Tax Appeals would be made the first agency
for hearing all disputed tax cases over which it now has
jurisdiction, under a provision written on Nov. 19 by a subcommittee of the House Ways and Means Committee for
incorporation in the proposed new revenue bill. Taxpayers
now appealing from assessments by the Government are
llowed the alternative of going before the board or directly
a
121.
to a Federal District Court. Cases also may be taken after
a hearing by the Board before the District Court. The
change is in line with another Committee provision which
would permit direct appeal of cases from the Board to the
United States Circuit Court of Appeals in the district in
which the taxpayer resides. The sub-committee also agreed
upon a provision to permit hearings of tax disputes by one
member of the Board of Tax Appeals, with his decision
subject to review by the whole Board. This was done,
Chairman Green explained, to facilitate the work and provide for hearings away from Washington.
On Tuesday Nov. 17 it was decided to impose a nominal
tax of one-tenth of one cent a gallon on cereal beverages. It
was argued that such a tax would give the Treasury access
to the near beer breweries. Gen. Andrews, Assistant
Secretary of the Treasury explained that manufacturers
first brewed real beer and then were expected to dealcoholize
it down to the legal one-half of one percent. The full committee on that day acted on reports from various subcommittees. Foremost among the administrative provisions
accepted by the full committee was one permitting all taxpayers who cannot get their returns ready by March 15 to
file a tentative return at that date, to be followed by a permanent statement not later than June 15. In some cases,
taxpayers have argued that because of their complicated
affairs they could not get an adequate statement ready
between Jan. 1 and March 15.
Among the administration changes recommended by a
sub-committee and approved by the full committee, were
the following:
The provision for earned income shall be so drafted as to give credit for
the full amount of the earned income, whether under normal or surtax
rates.
The interest deduction in the case of an individual shall be limited to the
amount by which the non-business interest paid exceeds the tax-exempt
interest received.
Remove the limitations which provide that dividends or interest not in
excess of 8300 from building and loan associations should not be included
in gross income after Jan. 1 1927.
Impose an occupational tax at the rates under the existing law on all
foreign-built yachts, pleasure boats, power boats, motor boats with fixed
engines, and sail boats of Over five net tons.
Permit the allocation of incomes between the United States and its
possessions when such incomes are derived from the purchase of persona
property within the United States and its sale within its possessions, or
vice versa.
Retain the withholding at the rate of2% in the case of debtor corporation
having tax-free covenant bonds outstanding.
According to a special dispatch to the New York "Times'
under date of Nov. 15, Chairman Green of the Ways and
Means Committee announced his opposition to an increase
of the amount of the 1925 tax reduction bill beyond the
$304,000,000 already applied by his committee. Uncertainty of business conditions in 1928 during which year the,
proposed tax reductions would be felt by the Government,
was given by Chairman Green as one of the chief reasons for
limiting the tax reductions to $304,000,000. Chairman
Green further stated that preparation of the new revenue
bill was drawing to a close and it was expected to be completed
before Thanksgiving Day. Continuing, Chairman Green
said:
I am very decidedly of the opinion that the amount now carried by the bill
should not be increased for several reasons.
In the first place, I favor the continuance of the present policy with reference to the reduction of the national debt, in order that if some new and
great emergency should come upon us we would be prepared for it, and to
save the amount which would otherwise be paid in interest. If a surplus
develops under the proposed bill, it will, of course, be used to reduce the
national debt.
It should also be noted that we may be called upon for additional expendiwould
tures not included in the estimates so far made. Among such Items I
mention the great need of additional public buildings, the construction of
which has already been recommended by the President, and which, if authorized, would absorb a large sum.
Most important of all, I would call attention to a fact that is not generally
realized, viz., that our Federal revenues depend largely upon the state of
business and the degree of the prosperity of the country at large, and vary
accordingly. Beginning with the year 1921, we have made enormous reductions in taxation, but our revenue receipts have not decreased in proportion to the reduction in the rates. On the contrary, they have largely exceeded the estimates made on the basis of prior returns.
This, in my opinion, has been caused largely if not entirely by the change
in business conditions. The national income for 1921, according to the best
estimates obtainable, was 650,000,000.000. It is now over $70,000,000,000.
We shall have a large surplus for the fiscal year ending June 30 1926 as the
reduction in taxes proposed affects only half of this fiscal year on income
taxes and less than that on other taxes. I look for, also, a comfortable
surplus for the fiscal year 1927, as someof the reductions will not be in full
force during all of that year.
But it is the fiscal year 1928 that we must specially consider, when the
full, or nearly full, effect of the reductions of the inheritance taxes will be
felt. My information Is that those best qualified to speak on the subject
predict favorable business conditions for the calendar year 1926 and see
no indication of a decrease in business during the following year, but I
think no one can safely prophesy what business conditions will be in the calendar year 1928. A general slackening up in business would cause a loss
In revenue of at least $50,000.000 and a general depression of more than
6100,000,000.
Nov.21 1925.]
THE CHRONICLE
President Coolidge's Address Before the New York
State Chamber of Commerce
President Coolidge delivered an address on Thursday
night of this week (Nov. 19) at the dinner of the New York
State Chamber of Commerce, held at the Waldorf-Astoria
Hotel in New York City, at which more than a thousand
business leaders were present. The address was devoted
largely to business and its relation to the Government; his
main plea being that there should be a good understanding
and a helpful co-operation between industry and the Government. "Those who are engaged in true business," he declared, "instead of regarding the Government as their opponent and enemy, ought to regard it as their vigilant supporter and friend." He laid emphasis on the desirability
of the largest possible independence of Government and
business. Each ought to be sovereign in its own sphere.
Turning to the present prosperity everywhere manifest, he
pointed out that wages were 120% above the pre-war rate,
while the cost of commodities was only 57% greater than
before the war. He also argued in favor of our joining the
World Court, saying: "With our already enormous and constantly increasing interest's abroad, there are constantly accumulating reasons why we should signify our adherence to
the Permanent Court of International Justice. Mindful
of our determination to avoid all interference in the political
affairs which do not concern us, of other nations, I can
think of no more reassuring action than the declaration of
America that it will whole-heartedly join with others in support of the tribunal for the administration of international
justice which they have created." The President began his
address at 9:15 p. m. and his words were broadcast by Stations WEAF and WJZ, and these were linked to a national
chain of fifteen other stations. Following is the full text
of the President's address:
Mr. President and Members of the Chamber of Commerce of the
State of New York:
This time and place naturally suggest some consideration of
commerce
in its relation to Government and society. We are finishing a year
which
can justly be said to surpass all others in the overwhelming success of
general business We are met not only in the greatest American
metropolis,
but in the greatest centre of population and business that the world
has
ever known. If any one wishes to gauge the power which is
represented
by the genius of the American spirit, let him contemplate the wonders
which
have been wrought in this region in the short space of 200 years. Not
only
does It stand unequaled by any other place on earth, but it is
impossible to
conceive of any other place where it could be equaled.
The foundation of this enormous development rests upon commerce.
New
York is an imperial city, but it is not a seat of government. The
empire
over which it rules is not political, but commercial. The great cities
of the
ancient world were the seats of both government and industrial power.
The
Middle Ages furnished a few exceptions. The great capitals of former
times were not only seats of Government but they actually governed.
In
the modern world government is inclined to be merely a tenant of
the
City. Political life and industrial life flow on side by side, but
practically
separated from each other When we contemplate the enormous power, autocratic and uncontrolled, which would have been created by joining
the authority of government with the influence of business, we can
better
appreciate the wisdom of the fathers in their wise dispensation which
made
Washington the political centre of the country and left New York to develop
Into its business centre. They wrought mightily for freedom.
Urges Mutual Understanding.
The great advantages of this arrangement seem to me to be obvious.
The
only disadvantages which appear lie in the possibility that otherwise
and government might have had a better understanding of each business
other and
been less likely to develop mutual misapprehensions and suspicions.
If a
contest could be held to determine how much those who are really
in our Government life know about business, and how much prominent
those who
are really prominent in our business life know about Government,
it is my
firm conviction that the prize would be awarded to those who
are in Government life. This is as it ought to be, for those who have the
greater
authority ought to have the greater knowledge. But it is my
even firmer
conviction that the general welfare of our country could be very
much advanced through a better knowledge by both of those parties
of the multifold
problems with which each has to deal. While our system
gives an opportunity for great benefit by encouraging detachment and
breadth of vision
which ought not to be sacrificed,
it does not have the advantages which
could be secured if each had a
better conception of their mutual requirements.
While I have spoken of what I
believed would be the advantages of a
more sympathetic understanding,
I should put•an even stronger emphasis
on the desirability of the largest possible independence
between Government and business. Each ought
to be sovereign in its own sphere. When
Government comes unduly under the influence of business,
the tendency is
to develop an Administration
which closes the door of opportunity: becomes narrow and selfish in its
outlook and results in an oligarchy. When
Government enters the field of
business with its great resources, it has a
tendency to extravagance and
inefficiency, but, having the Pnwer to
crush all competitors, likewise closes the door
of opportunity and results
in monopoly.
It is always a problem in a republic to maintain
on the ode side
ciency which comes only from trained and skilful managementthat effiwithout
running into fossilization and autocracy,
and to maintain on the other that
equality of opportunity which is the
political and economic liberty
result of
without running into dissolution and
anarchy. The general results in our
country, our freedom and prosperity, warrant the assertion that
our system
of Institutions has been advancing in the right direction in the
attempt to
solve these problems. We have order, opportunity, wealth and
progress.
True Business Rests on Law of Service.
IFWhile there has been in the past and will be in the future a
considerable
ffort in this country of different business interests to attempt to
run
2481
the Government in such a way as to set up a system of privilege, and
while there have been and will be those who are constantly seeking to commit the Government to a policy of infringing upon the domain of private
business, both of these efforts have been very largely discredited, and with
reasonable vigilance on the part of the people to preserve their freedom
do not now appear to be dangerous.
When I have been referring to business I have used the word in its allinclusive sense to denote alike the employer and employee, the production
of agriculture and industry, the distribution of transportation and commerce
and the service of finance and banking. It is the work of the world. In
modern life, with all its intricacies, business has come to hold a very dominant position in the thoughts of all enlightened peoples. Rightly understood, this is not a criticism, but a compliment. In its great economic
organization it does not represent, as some have hastily concluded, a mere
desire to minister to selfishness.
The New York Chamber of Commerce is not made up of men merely
animated with a purpose to get the better of each other. It is something
far more important than a sordid desire for gain. It could not successively
succeed on that basis. It is dominated by a more worthy impulse: it rests
on a higher law. True business represents the mutual organized effort of
society to minister to the economic requirements of civilization. It is an
effort by which men provide for the material needs of each other. While
it is not an end in itself, it is the important means for the attainment of a
supreme end. It rests squarely on the law of service. It has for its main
reliance truth and faith and justice. In its larger sense it is one of the
greatest contributing forces to the moral and spiritual advancement of the
race.
It is the important and righteous position that business holds in relation
to life which gives warrant to the great interest which the National Government constantly exercises for the promotion of its success. This is not
exercised, as has been the autocratic practice abroad, of directly supproting
and financing different business projects, except in case of great emergencY,
but we have rather held to a democratic policy of cherishing the general
structure of business while holding its avenues open to the widest competition, in order that its opportunities and its benefits might be given the
broadest possible participation.
While it is true that the Government ought not to be and is not committed
to certain methods of acquisition which, while partaking of the nature of
unfair practices try to masquerade under the guise of business, the Government is and ought to be thoroughly committed to every endeavor of production and distribution which is entitled to be designated as true business.
Those who are so engaged, instead of regarding the Government as their
opponent and enemy, ought to regard it as their vigilant supporter and
friend.
It is only in exceptional Instances that this means a change on the part
of the National Administration so much as it means a change on the part
of trade. Except for the requirements of safety, health and taxation, the
law enters very little into the work of production. It is mostly when we
come to the problems of distribution that we meet the more rigid exactions
of legislation. The main reason why certain practices in this direction
have been denounced is because they are a species of unfair competition on
the one hand,or tend to monopoly and restraint of trade on the other. The
whole policy of the Government in its system of opposition to monopoly,
and its public regulation of transportation and trade, has been animated by
a desire to have business remain business. We are politically free people
and must be an economically free people.
When Government Is Bad, Business Also Is Bad.
It is my belief that the whole material development of our country ha
been enormously stimulated by reason of the general insistence on the part
of the public authorities that economic effort ought not to partake of privilege, and that business should be unhampered and free. This could never
have been done under a system of freight
-rate discriminations or monopolistic trade associations. These might have enriched a few for a limited
period, but they never would have enriched the country, while on the firmer
foundation of justice we have achieved even more ample individual fortunes
and a perfectly unprecedented era of general prosperity. This has resulted
in no small part from the general acceptance on the part of those who own
and control the wealth of the nation that it is to be used not to oppress but
to serve. It is that policy, sometimes perhaps imperfectly expressed and
clumsily administered, that has animated the National Government. In
its observance there is unlimited opportunity for progress and prosperity.
It would be difficult, if not Impossible,to estimate the contribution which
Government makes to business. It is notorious that where the Government
is bad, business is bad. The mere fundamental precepts of the administration of justice, the providing of order and security,are priceless. The prime
element in the value of all property is the knowledge that its peaceful
enjoyment will be publicly defended. If disorder should break out in your •
city, if there should be a conviction extending over any length of time that
the rights of persons and property could no longer be protected by law, the
value of your tall buildings would shrink to about the price of what are now
waterfronts of old Carthage or what are now corner lots in ancient Babylon.
It is really the extension of these fundamental rights that the Government is
constantly attempting to apply to modern business. It wants its rightful
possessors to rest in security, it wants any wrongs that they may suffer to
have a legal remedy, and it is all the time striving through administrative
machinery to prevent in advance the infliction of injustice.
New Attitude Toward Aggregations of Capital.
These undoubtedly represent policies which are wise and sound and necessary. That they have often been misapplied and many times run into excesses, nobody can deny. Regulation has often become restriction, add
inspection has too frequently been little less than obstruction. This was
the natural result of those times in the past when there were practices in
business which warranted severe disapprobation. It was only natural that
when these abuses were reformed by an aroused public opinion a great deal
of prejudice which ought to have been discriminating and directed only at
certain evil practices came to include almost the whole domain of business,
especially where it had been gathered into large units. After the abuses had
been discontinued the prejudice remainted to produce a large amount of
legislation which, however well meant in its application to trade, undoubtedly hampered but did not improve.
It is this misconception and misapplication, disturbing and wasteful in
their results, which the National Government is attempting to avoid. Proper
regulation and control are diagreeable and expensive. They represent
the
suffering that the just must endure because of the unjust. They are a
part
of the price which must be paid to promote the cause of economic
justice.
Undoubtedly, if public vigilance were relaxed, the generation to
come
might suffer a relapse. But the present generation of business
almost
universally throughout its responsible organization and management
has
shown every disposition to correct Its own abuses with as little
intervention
of the Government as possible. This position is recognized by
the public,
and, due to the appreciation of the needs which the country
has for great
units of production in time of war and to •better understanding
of the
service which they perform in time of peace, resulting very largely
from the
2482
THE CHRONICLE
discussion of our tax problems, a, new attitude of the public mind is dis
tinctly discernible toward great aggregations of capital. Their prosperity
goes very far to insure the prosperity of all the country. The contending
elements have each learned a most profitable lesson.
Tax Reduction Releases Capital for Production
This development has left the Government free to advance from the
problems of reform and repression to those of economy and construction. A
very large progress is being made in these directions. Our country is in a
state of unexampled and apparently sound and well distributed prosperity.
It did not gain wealth, as some might hastily conclude, as a result of the
war. Here and there individuals may have profited greatly, but the
country as a whole was a heavy loser. Fcrty billions of the wealth of the
nation was directly exhausted, while the indirect expenditure and depreciation cannot be estimated. The Government appreciated that the only
method of regeneration lay in economy and production. It has followed a
policy of economy in national expenditures. By an enormous reduction in
taxation it has released great amounts of capital for use in productive effort.
It has sought to stimulate domestic product on by a moderate application of
the system of protective tariff duties. The results of these efforts are known
to all the world.
Another phase of this progress is not so well understood, but upon its
continuance depends our future ability to meet the competition of the
lower standards of living in foreign countries. During the past five years
the Department of Commerce has unceasinrly directed attention to the
necessity for the elimination of waste. This effort has been directed toward
better co-operation to improve efficiency in the use of labor and materials
in all branches of business. This hes been sought by the necessary cooperative action among individual concerns within industrial groups, and
between producers and consumers. This does not imply any diminution
of fair competition or any violation of the laws against restraint of trade.
In fact, these proposals have been a protection to the smaller units of
business and a most valuable asset alike to the producer, wage earner and
Ermination of Waste Big Factor in Prosperity.
The result of the realization of these wastes and the large co-operative
effort that has been instituted in the community to cure them, whether with
the assistance of the Government departments or by independent action
of the groups, has been the most profound factor in this recovery made
in the past five years. There can be no question that great wastes have
been eliminated by these activities in the business community through such
actions as the abolition of car shortages; by improved equipment and
methods of management of our railways; the co-operation with shippers to
save delays: the remarkable advance in electrification of the country, with
all of its economies in labor and coal; the provision of better economic
and statistical Information as to production, stocks and consumption of all
commodities in order that producers and consumers may better adjust
supply to demand, thereby eliminating speculation and loss; the great
progress made in the technology of standardizing quality and dimensions
in heavy manufactured products, like building materials and commodities
generally which do not Involve problems of style or individuality; the
reduction of seasonal employment in the construction and other industries
and of losses through fire and through traffic accidents; advancement of
commercial arbitration: development of farmers' co-operatives for the more
economical and stable marketing offarm produce,and in general the elimination of waste due to lost motion and material throughout our whole economic
fabric.
All this represents a movement as important as that of 20 years ago for
the regulation of corporations and eorservation of our natural resources.
This effort for conservation of use of materials and conservation of energy
In which our whole country has engaged during these five years has been
in no small part responsible for the rich reward in the increasing comfort
and living standards of the people. But in addition to brirging about a
condition in which the Government debt is being rapidly liquidated while
at the same time taxes are greatly reduced capital has become abundant
and prosperity reigns.
Commodity Prices Reduced While Wages Have Increased.
The most remarkable results of economy and the elimination of waste
are shown in the wage and commodity indexes.
In 1920 wages were about 100% above the pre-war rates and the average
wholesale price of commodities was about 120% above the pre-war rates.
A steady increase In the wage index took place, so that during the last year
It was 120% above the pre-war rate. As the cost of our production is so
largely a matter of wages, and as tax returns show that for the last year
profits were ample, it would naturally have been expected that the prices
of commodities would have increased. Yet during this period the average
wholesale price level of commodities declined from 120% above the pre-war
level that It was in 1920 to only 57% above the pre-war level in 1925. Thus,
as a result of greater economy and efficiency, and the elimination of waste
In the conduct of the National Government and of the business of the
country, prices went down, while wages went up. The wage earner receives
more, while the dollar of the consumer will purchase more. The significance
and importance of this result cannot be over-estimated.
This is real and solid progress. No one can deny that it represents an
Increase in national efficiency. It must be maintained. Great as the
accomplishments have been, they are yet but partly completed. We need
further improvements in transportation facilities by development of inland waterways; we need railroad consolidations; we need further improvement of our railway terminals for more economical distribution of commodities in the great congested centres; we need reorganization of Government departments; we need still larger extension of electrification; in
general, we need still further effort against all the various categories of
waste which the Department of Commerce has enumerated and so actively
attacked, for in this direction lies not only increased economic progress but
the maintenance of that progress against foreign competition. There is
still plenty of work for business to do.
Foreign Loans for Military Purposes Discouraged
By these wise policies, pursued with tremendous economic effort, our country has reached its present prosperous condition. The people have been willing to work because they have had something to work for. The per capita production has greatly increased. Out of our surplus savings we have
been able to advance great sums for refinancing the Old World and developing the New. While Europe has attracted more public attention, Latin
America, Japan and even Australia have been very large participators in
these loans.
If rightly directed they ought to be of benefit to both lender and borrower. If used to establish industry and support commerce abroad,through
adding to the wealth and productive capacity of those countries, they create
their own security and increase consuming power to the probable advantage of our trade. But when used in ways that are not productive, like the
maintenance of wrest military establishments, or to meet municipal expenditures which should either be eliminated by Government economy or
[VOL 121.
supplied by taxation, they do not appear to serve a useful purpose and
ought to be discouraged. Our bankers have a great deal of responsibility
in relation to the soundness of these loans when they undertake to invest
the savings of our country abroad. I should regret very much to see our
possession of resources which are available to meet needs in other countries be the cause of any sentiment of envy or unfriendliness toward us. It
ought everywhere to be welcomed with rejoicing and considered as a part of
the good fortune of the entire world that such an economic reservoir exists
here which can be made available in case of need.
Every one knows that it was our resources that saved Europe from a
complete collapse immediately following the armistice. Without the benefit
of our credit an appalling famine would have prevailed over great areas.
In accordance with the light of all past history, disorder and revolution,
with the utter breaking down of all legal restraints and the loosing of all
the passions which had been aroused by four years of conflict, would have
rapidly followed. Others did what they could, and no doubt made larger
proportionate sacrifices, but it was the credits and food which we supplied
that saved the situation.
United States Fiscal Aid to Europe an Enormous World Service.
When the work of restoring the fiscal condition of Europe began, it was
accomplished again with our assistance. When Austria determined to
put her financial house in order, we furnished a part of the capital. When
Germany sought to establish a sound fiscal condition, we again contributed
a large proportion of the necessary gold loan. Without this, the reparations plan would have utterly failed. Germany could not otherwise have
paid. The armies ofoccupation would have gone on increasing international
irritation and
It was our large guarantee of credit that assisted
Great Britain to return to a gold basis.
What we have done for France, Italy, Belgium, Czechoslovakia, Poland
and other countries is all a piece of the same endeavor. These efforts
and accomplishments, whether they be appreciated at home or received
with gratitude abroad, which have been brought about by the business
interests of our country, constitute an enormous world service. Others
have made plans and adopted agreements for future action which hold a
rank of great importance. But when we come to the consideration of what
has been done, when we turn aside from what has been promised, to examine what has been performed, no positive and constructive accomplishment of the past five years compares with the support which America has
contributed to the financial stability, of the world. It clearly marks a
new epoch.
This holds a distinctly higher rank than a mere barter and sale. It
reaches above the ordinary business transaction into a broader realm.
America has disbanded her huge armies and reduced her powerful fleet,
but in attempting to deal justly through the sharing of our financial resources we have done more for peace than we could have done with all our
military power. Peace, we know, rests to a great extent upon justice, but
it is very difficult for the public mind to divorce justice from economic
opportunity. The problem for which we have been attempting a solution
is in the first instance to place the people of the earth back into avenues
of profitable employment. It was necessary to restore hope, to renew
courage. A great contribution to this end has been made with American
money. The work Is not all done yet. No doubt it will develop that this
has not been accomplished without some mistakes, but the Important
fact remains that when the world needed to be revived we did respond.
As nations see their way to a safer economic existence, they will see their
way to a more peaceful existence. Possessed of the means to meet personal
and public obligations, people are re-establishing their self-respect. The
financial strength of America has contributed to the spiritual restoration
of the world. It has risen into the domain of true business.
War Debt Funding Pacts Call for Total of $15,056.486,000.
Accompanying these efforts to assist in rehabilitation have lately come
the negotiations for the settlement of our foreign debts. Ten nations have
already made settlements for $6.383.411.669 of these debts, exclusive of
accrued interest. The principal sums and interest which have been funded
and are to be paid to the United States aggregate $15.056,486,000. There
remain nine nations, with debts in the principal amount of 33.673.342,362,
which have not yet been settled. Of the nine nations, France represents
$3,340,000,000, Greece $15,000.000 and Yugoslavia $51.000.000. Of the
remaining six, Rumania is now negotiating a settlement, Nicaragua is
paying currently and a moratorium for twenty years has been granted
Austria by Act of Congress. Armenia has ceased to exist as a nation,
the Government of Russia has not been recognized and Liberia OWES but
$26.000. It has been the belief of the Government that no permanent
stabilization of European finances and European currency can be accomplished without a definite adjustment of these obligations. While we
realize that it is for our advantage to have these debts paid, it is also realized
that it is greatly for the advantage of our debtors to have them finally
liquidated. We created these values and sent them abroad in a period
of about two years. We are extending the time for their return over a
term of sixty-two years. While settlements already made and ratified
by Congress, and those which will be presented for ratification, are very
generous, I believe they will be alike beneficial to ourselves and the countries concerned. They maintain the principle of the integrity of international obligations. They help foreign governments to re-establish their
fiscal operations and will contribute to the economic recovery of their people.
They will assist both in the continuance of friendly relations, which are
always Jeopardized by unsettled differences, and the mutual improvement of trade opportunities by increasing the prosperity of the countries
involved.
America Turns from Force to True Shrine of Reason.
The working out of these problems of regulation. Government economy,
the elimination of waste in -the use of human effort and of materials, conservation and the proper investment of our savings both at home and
abroad, is all a part of the mighty task which was imposed upon mankind
of subduing the earth. America must either perform her full share in the
accomplishment of this great world destiny or fall. For almost three
centuries we were Intent upon our domestic development. We sought the
help of the people and the wealth of other lands by which to increase our
numerical strength and augment our national torture. We have grown
exceedingly great in population and in riches. This power and this prosperity we can continue for ourselves if we will but proceed with moderation.
If our people will but use those resources which have been intrusted to them.
whether of command over large numbers of men or of command over large
.
investments of capital, not selfishly bu,, generously, not to exploit others
but to serve others, there will be no doubt of an increasing production and
distribution of wealth.
All of ths3e efforts represent the processes of reducing our domestic an
foreign relations to A system of law. They consist of a determination of
clear and definite rules of action. It is a civilizing and humanizing method
adopted by means of conference, discussion, deliberation and determination.
If It is to have any continuing success, or any permanent value, It will be
because it has not been brought about by one will compelling another by
force, but has resulted from men reasoning together. It has sought_ to
Nov. 21 1925.]
THE CHRONICLE
2483
remove compulsion from the business life of the country and from our
relationship with other nations. It has sought to bestow a greater freedom Samuel H. Barker Proposes Plan for Settlement of
upon our own people and upon the people of the world. We have worshiped
Anthracite Strike.
the ideals of force long enough. We have turned to worship at the true
Under date of Nov. 19, Samuel H.Barker, of Philadelphia,
shrine of understanding and reason.
submitted a plan looking to settlement of the anthracite
Sees Accumulating Reasons for Joining World Court.
In our domestic affairs we have adopted practical methods for the strike. The plan, together with Mr. Barker's remarks in
accomplishment of our ideals. We have translated our aspirations into support of it, follows:
appropriate actions. We have followed the declaration that we believe
in
Public need makes new demands so vastly more Imperative than those
Justice by establishing tribunals that would insure the administratio
n of
ofthe mine workers and the propositions which tie up the anthracite industry
Justice. What we have been able to do in this respect in relation
to the
as to compel recognition. They are the just demands of the millions
different states of our Union we ought to encourage and support in its
proper whose rights
are being trampled upon, whose welfare is being hurt,whose
application in relation to the different nations of the world.
With our comfort,
health and lives are being endangered.
already enormous and constantly increasing interests abroad,
there are
There are less than 160.000 anthracite mine workers fully 20.000,000
constantly accumulating reasons why we should signify our adherence
to the
would-be consumers of hard coal. Except as now actually in possession
Permanent Court of International Justice.
of consumers supplies of it virtually are nil. The strike already has cost
Mindful of our determination to avoid all interference in the
political mine workers $65,000,000.
Such loss mounts 81.000.000 with each day
affairs, which do not concern us, of other nations, I can think of
no more
the strike continues. It so far exceeds an average of $400 to each mine
reassuring action than the declaration of America that it will whole-hearted
ly worker.
Join with others in the support of the tribunal for the administratio
n of
Loss to the operators probably has reached 325.000.000. partly corn
International justice which they have created. I can conceive
of nothig pensated
by marketing of stocks of coal which had accumulated. From
that we could do, which involves assuming so few obligations on
our part,
now on stoppage of mining means absolute and irrecoverable losses to
that would be likely to prove of so much value to the world. Beyond
its operators as well as miners, but bearing
practical effect, which might be somewhat small, it would
nearly three times as heavily
have a sentiupon the latter.
mental effect which would be tremendous. It would be public
notice that
Such are direct losses caused by the strike. Beyond them it is under
the enormous influences of our country were to be cast upon the
side of the mining
the anthracite industry to the hurt of all engaged in it. Undependenlightening processes of civilization. It would be the beginning
of a new able supply
of coal, due to the strike policy, and excessive prices, have
world spirit.
reduced the amount of anthracite which can be marketed. This is a serious
This Is the land of George Washington. We can do no less than
work *act bearing down on both operators
83ward the realization of his hope. It ought to be our ambition
and mine workers. Innumerable
to see the armer consumers
of anthracite have turned to use of bituminous, coke.
Institutions which he founded grow in the blessings which they
bestow upon
oil, gas, electricity, driven to the change.
our own citizens and increase in the good which their influence
casts upon
Other mine workers are producing bituminous, now some 12,500.000 tons
all the world. He ciid not hesitate to meet peril or encounter
danger or make a
week, with thousands voluntarily working at wages reduced to the 1917
sacrifices. There is no cause which can be supported by any other
methods. scale. But the price or bituminous has advanced so that it now
We cannot listen to the counsels of perfection; we cannot pursue
is
costing
a
policy; we cannot avoid the obligations of a common humanity. timorous householders almost as much as anthracite. In many other ways the
We must anthracite strike is compelling readjustment
meet our perils; we must encounter our dangers; we
s upsetting and hurtful to
must make our sacriindustry and business.
fices, or history will recount that the works of Washington
have failed.
Strike Settlement Plan.
I do not believe the future is to be dismayed by that
record. The truth
and faith and justice of the ancient days have not departed
Human considerations require that the existing impasse between anthrafrom us.
cite mine workers and operators shall be broken so that consumers of coal
shall be no longer penalized; so that mine workers may resume needed
Anthracite Mine Workers Profess Willingness
a chief
to earnings; so thatregion industry may again function, and so that business
and in the country shall be freed from injuries which
in the anthracite
Negotiate in a Spirit of Compromise.
strike is inflicting. Therefore, and to promote the common good and
the
The anthracite mine workers stand ready to
welfare, the following settlement is urged with conviction that American
negotiate
opinion will back it and ensure an outcome just and fair to
a new wage contract "in a spirit of compromise and
give workers and operators on the one hand, consumers of coal anthracite mine
on the other.
and take," John L. Lewis, International President of
Resume anthracite production by order of John L. Lewis, President of
the
United Mine Workers, said on Tuesday night, Nov. 17. the United Mine Workers of America, on acceptance by the men and the
operators of the following terms:
They also stand ready, he added, to meet the
operators
1. Wages to be
a special commission after investigation.
"in amicable negotiations to work out a contract for from retroactive to dateas awarded byis resumed, with
when mining
previous scales to apply
one to five years' continuous operation of the mines."
until the award.
Mr. 2. All demands made
as
and refused to be submitted to and be passed
Lewis's statement, described by him as a clarifying restateby the commission.
ment of the miners' position, was issued, he said, in reply upon Award, as it shall be made, to be accepted by and binding
3.
upon both
to various statements made by the operators.
parties, and to carry forward three years.
4. Commission to consist of five men, one to be appointed by the Gov"The reason for 'suspension of anthracite mining since Sept.
l' Is not ernor of Pennsylvania, one by the daily American language newspapers
of
correctly or truly stated in the public statements of the
operators," Mr. Philadelphia and New York. one by
the Chamber of Commerce of the
Lewis's statement said. "The truth is that the miners presented
on July 9 United States, one by Cardinal Dougherty,
one by Mitten Men and Man •
their proposals as the basis of a new contract to be effective for
continuous agement. Mine workers and operators to make their own cases before
mining after Sept. 1. The operators declined all of these
the
proposals and commission, which shall take any other testimony
and seek such additional
proposed an arbitration of the rate of wages to be paid the men,
coupled Information and light as it shall deem necessary. Commission to make its
with a proposal that the men continue at the then wages until the
arbitration report and announce its award within sixty days of its formation.
was concluded.
AD
costs and expenses of the commission and of carrying out this plan shall
"The miners replied that there was plenty of time to negotiate a
to be effective Sept. 1 without a day's cessation of mining and contract be paid, half and half, by the United Mine Workers of America and the
then pro- anthracite industry.
nosed that the conference proceed to negotiate a contract in a spirit
of give
5. This settlement proposition to be voted upon, yes or no, by the anthraand take and compromise. This proposal was declined by the
operators
and since that time the operators have declined, and stlli decline, to nego- cite mine workers in a secret ballot to be arranged for and supervised by
the daily newspapers in the anthracite regions.
tiate with the miners for the purpose of making a contract by
mutual
concessions.
"Both sides to the controversy have always proceeded by collective
bargaining to work out a contract and the miners insist that this is their
only
safety in dealing with their collective employers.
"The operators now propose to scrap this principle, and that the
miners
agree blindly to work at a rate of wages to be fixed by other
persons to be
called by the catchy phrase of 'arbitration board.'
"The miners can never give up the principle that their wages
fixed when they go to work, by contract with their employers must be
brought
about by negotiation in a spirit of compromise and give and
take. They
stand for that principle now. They believe that the
abandonment of that
princinie means the adoption of semi-slavery.
"Whenever the representatives of he operators are willing to
meet the
representatives of the miners in amicable negotiations to work
uot a contract for from one to five years' continuous opertaion of
the mines, the
miners stand ready now and
have been prepared to meet them."
Washington (D. C.) Business Men Support President
Coolidge in Coal Policy.
President Coolidge was given support this week for
his
policy of non-intervention in the coal situation by
the
Washington Chamber of Commerce through the adoption,
at
a metpbership meeting of the Chamber, of the
following
resolution:
Whereas, The bituminous coal mines are fueling and
can
fuel this nation, according to actual performance figures continue to
given by the
National Coal Association; and
Whereas, The American Railway Association Is authority
for the statement that there is no danger of a general car
shortage.
Therefore, Be It Resolved, That the Washington Chamber
of Commerce
heartily approves of the attitude of President Coolidge
in respect to nonintervention by the Federal Government in the present
industrial dispute
in the anthracite fields to the end that the differences may be settled
within
the industry and thus give promise of remaining settled; and endorses
the
co-operative work of the "Evening Star" of Washington and
the Washington Coal Merchants' Board of Trade relating to a practical
educational
program through public demonstrations of the burning of
bituminous
coal in various types of stoves and heaters.
Christmas Club Preparing to Distribute $314,164,8007,000,000 Members Will Receive This Enormous
Amount Within a Few Weeks.
$314,154,800 will be distributed to 7,000,000 members of
the Christmas Club in the United States during the next
few weeks. This figure represents an increase in Christmas
Club savings over 1924 of about $70,000,000, or 25%, while
the increase in the number of members over 1924 is 17%.
The following particulars have been given out the present
week:
The average distribution per member amounts to $44 88. This is an
increase of about 8% over 1924 when per member distribution was $40 60.
In addition to being a record distribution for the Christmas Club to a
record membership, more banks participated In the movement during 1925
than ever before. While the increase for the entire country over the
preceding year was 25%, the increase for Greater New York amounted
to 40% •
This is the result of a growing number of banking Institutions in the
United States realizing the benefits to be derived from making the Christmas
Club plan available to their depositors.
On the basis of calculations made by H. F. Rawl!. President of the
Christmas Club, something like 8141,369.660 will be placed immediately
into the stores of the country in the rush of Christmas buying; $87,963,344
will be deposited in permanent savings and thrift accounts, $37.08.576
will go for insurance premiums and mortgage Interests; $34.557.028
win
go for taxes and $12.566.092 will go to fixed charges maturing in the holiday season.
Banks all over the country will begin the distribution of this money
within the next few days. The Christmas Club, organized 15
years ago
by Mr. Rawl', is designed to promote a systematic weekly saving
plan, for
a 50-week period, for the purpose of accumulating at the end of the year
a certain fixed amount that can be used for any anticipated purpose.
6.800 banks are participating in the undertaking. While, a considerable
percentage of the accumulation is used for holiday purposes, there has been
an increasing percentage of this sum redeposited in permanent savings In
each year the plan has been operative.
2484
THE CHRONICLE
Over $35,000,000 will be distributed in the five boroughs of New York
City and approximately $59,000,000 will be distributed in the Metropolitan
district of New York. The distribution in the Metropolitan territory
follows:
$4,184,000
Manhattan Borough
$11,548,000 Essex County, N.J
3.628,000
Kings Borough
12,612,900 Pasialc County, N. J
1,816.000
Bronx Borough
4.968.870 Union County, N.J
962,000
Queens Borough
5,870,000 Middlesex County, N.J
614.000
Richmond Borough
526,000 Monmouth County, N.J__
1,320,400
County, Conn
Westchester County, N. Y
4,640,200 Fairfield
Hudson County, N.J
5,318,000
$58,970,370
Bergen County, N. J
Total
962,000
The checks will range In amounts from $12 50 to $1,000.
Massachusetts leads the States in per capita savirgs in this movement
with New York and Pennsylvania not far behind. The largest Christmas
Club in the United States is operated by the Bank of the Manhattan Co.
in its 34 branches in Queens and Brooklyn. The club numbers 66,000
members with an aggregate deposit of $3.100.000. In Hudson County,
New Jersey, the Union Trust & Hudson County National Bank of Jersey
City will distribute approximately $1,000,000. The Mount Vernon Trust
Co. of Mount Vernon, N. Y., the first bank in New York State to install
the plan, will pay out about $400.000, or $1 per capita to the citizens of
that community.
The Union National Bank of Schenectady has the biggest club of any
city of its size in the country with a distribution of $550,000. Lockport,
N. Y., has the biggest per capita distribution of any city in the country.
More than $310,000 will be distributed there or an average of $15 50 per
capita. The Peoples Bank & Trust Co. of Westfield, N. J., the first
bank in New Jersey to install the system, will pay out about $100,000.
[vet 12L
to a minimum the time which is needed to keep trucks in
active transportation work.
One of the chief proposals to come before the conference
which will be held in the Department of Commerce conference
room, will be that of standardizing to four sizes the present
variety of chassis capacities. It has been recommended that
there shall be two sizes in the so-called "fast freight" type,
1-ton and 1 3/z-2 ton; and two sizes for the heavy duty
class, 23/2-3 ton and 4-5 tons. The organization has had
simplification and standardization committees at work for
some months, and these have been working in close harmony
with the Society of Automotive Engineers. The delegates
will make their hotel headquarters in the New Willard
Hotel. Arrangements are being made for the wives of the
delegates to be taken on sight seeing tours. On Thursday,
at 12:30, President Coolidge will greet the representatives at
the White House grounds. The official banquet of the
convention will be held at the New Willard on Wednesday
night. The committees which will make their reports on
standardization programs comprise the following:
Rating Committee.—Chairman, J. R. Spraker, Atterbury Company; A.S.
More, Selden Truck Corp.; C. J. Helm, Acme Motor Truck Co.; Pan
Moore, Garford Motor Truck Co.; 011ie Hayes, Republic Motor Truck Co.:
Tom Lippert, Stewart Truck Corp.; M. E. Brackett, Clydesdale Motel*
Truck Co.; E. L. Atkinson, Lange Motor Truck Co.; Sidney Cook, Diamond-T Motor Car Co.
Motor and Motor Accessories Committee.—Chairman, C. D. McKim,
Continental Motors; Vice-Chairman, Paul Moore, Garford Motor Truck
Co.; J. P. Mahoney, The Buda Co.; H. L. Horing, Waukesha Motor Co.;
Charles Balough, Hercules Motor Co.; Z. H. Whiteman, Jr., Lycoming
Manufacturing Co.
Azle, Wheels and Springs Committee.—Chairman, Col. Fred Glover,
Timken-Detroit Co., vice-chairman, A. S. More, Selden Truck Corp.;
E. B. Ross, Clark Equipment Co.; H. D. Mixer, Eaton Axle & Spring Co.;
Walter E. Dugan, Shuler Axle Co.; M. It. Rockwell, Wisconsin Parts Co.;
permanent W. M. Jones, Sheldon Axle & Spring Co.
It has been conservatively estimated that over two million new
Transmission, Clutches, Controls, Transmission Brakes. Power Takeoffs,
savings accounts have been opened as a direct result of the Christmas Club
plan. The plan encourages saving on a systematic basis through the dEc., Committee.—Chairman, A. E. Parsons, Brown-Lipe Gear Co.; viceFuller,
unique method that it offers, and while in its early stages it met with chairman, 011ie Hayes, Republic Motor Truck Co.; Lawrence
A. R. Ford,
considerable criticism on the part of many bankers, there are few, if any, Fuller & Sons. Mfg. Co.; C. M. Gloetznee, Covert Gear Co.;
A. Spurgeon,
to-day that do not admit it has been the means of encouraging thrift on a Frost Gear & Forge Co.; Charles Cotta, Cotta Gear Co.; K.
Machine Co.
tremendous scale, principally by creating a point of contact between the Muncie Gear Works: E. S. Eckstrom, Mechanics
Committee.—Chairman, R. E. CarPropellor Shafts. Joints and Bearings
individual and the bank and breaking down a certain resistance that so
Sidney Cook, Diamondmany people had with reference to the size of a deposit acceptable in the penter, Spicer Manufacturing Co.; vice-chairman,
T Motor Car Co.; M. R. Mattingly, Blood Bros. Machine Co.; E. C. Ecksavings or thrift departments of banking institutions.
In the five Liberty Loan campaigns over 5700.000.000 in Liberty and strom, Mechanics Machine Co.
Frames, Cross Members and Brackets Committee.—Chairman, R. B.
Victory bonds were sold to 20,000,000 Investors on partial payments
vice-chairman, It. B. Gotfredson,
through the Christmas Club plan, which Mr. Hawn,at that time, adapted Hayslett, Hydraulic Pressed Steel Co.;
Gotfredson Corp.; 0. A. Dana, Parrish Mfg. Co.
to the installment purchase of Government securities.
Bodies, Dashes, Cowls, Seats, and Cabs Committee.—Chairman, William
The distribution by States of Christmas Club savings for the calendar
vice-chairman, M. E. Brackett,
year of 1925, prepared by H. F. Rawll, President of the Christmas Club, Morrison, Highland Body Mfg. Co.;
Corp.;
Clydesdale Motor Truck Co.; M. R. Morrison. General Body
a corporation. 45 West 45th St., New York, is as follows:
A. B, Dewey, Wood Hydraulic Hoist & Body Co.; Julius Heil, the Heil Co.
CLUB DEPOSITS FOR THE CALENDAR YEAR.
CHRISTMAS
Steering Gears, Drag Links and Controls Committee.—Chairman, E. A.
1,685,000 Ross, Ross Gear & Tool Co.; vice-chairman E. L. Atkinson, Lange Motor
North Carolina
New England—
1,210,000
$1,486,900 South Carolina
Maine
2,465,000 Truck Co.
512.680 Georgia
New Hampshire
Sales and Finance Committee.—chairman, O. J. Helm, Acme Motor
1,790.000
318,200 Florida
Vermont
31.940,100
Massachusetts
Truck Co.:Tom Lippert, Stewart Truck Corp.; M.R.Brockway,Brockway
$17,406,100 Motor Truck Co.; W. R. Bassick, Commerce Motor Truck Co.; C. G.
516.200 Total
Rhode Island
East South Central—
7,286,900
Connecticut
$2.420,800 Hayssen, Sterling Motor Truck Co.
Kentucky
4,560,000
$42,060,980 Tennessee
Total
Industrial centers in 17 states are represented in the
3,870,000
Alabama
Middle Atlantic—
1,460.000 membership of the organization, from New Hampshire to
$66,186.400 Mississippi
York
New
22,318,200
NewJersey
$12,310,800 California.
Total
38,217,800
.
Pennsylvania
West South Central—
$780,300
$126,722,400 Arkansas
Total
5,640,200
Louisiana
East North Central—
ITEMS ABOUT BANKS,TRUST COMPANIES, &c.
1,410,280
$18,620,340 Oklahoma
Ohio
2,680.400
7,400,000 Texas
Indiana
Three New York Stock Exchange memberships were
27,900,000
Illinois
$10,711,180 reported posted for transfer this week, the consideration
8,200,000 Total
Michigan
Mountain—
5.380,000
Wisconsin
$310,600 in each case being stated as $150,000, this being a new high
Montana
170,200
$67,500,340 Idaho
Total
104,800 record. The last previous sale was at $135,000. The folWyoming
West North Central—
3,420,000
$1,432,000 Colorado
Minnesota
transfers: that of Sidney M. Sternbach to
160,000 lowing are the
2,880.800 New Mexico
Iowa
420,000 Walter E. Volk, that of Casimir I. Stralem to Fred H.
5,634,000 Arizona
Missouri
710,000
284,000 Utah
North Dakota
161,000 Greenbaum and that of William T. Wisner, 2nd, to Joseph
262,000 Nevada
South Dakota
1,928,600
Nebraska
$5,456,600 N. Carpenter Jr.
Total
1,645,000
Kansas
Pacific—
$4,200.000
$14,046.400 Washington
Total
W. Averill.Harriman was this week elected a director of
2,280.000
Oregon
South Atlantic—
11,460.000 the New York Title & Mortgage Co. Mr. Harriman's firm,
$720,500 California
Delaware
3,280,600
Maryland
$17,940,000 W. A. Harriman & Co., Inc., has for some time past been
Total
1,460,000
District of Columbia
314,154,800
2,390.000 Grand total
Virginia
substantially interested in the New York Title & Mortgage
2,405,000
West Virginia
Starting about the middle of Deceniber and before the
middle of January, enrollment for the Christmas Club for
next year will be undertaken. These accounts are opened
at the bank, trust company or financial institution, and the
members select the class of payments best suited to their
individual requirements, varying in amounts from 25c. a
week to $20 a week, and continue the payments in the
classes selected for a period of fifty weeks. There are no
fines, no dues and all the money is returned by the bank in
one lump sum just before Christmas. It is added:
Motor Truck Manufacturers to Consider Standardization Program.
The extent to which motor trucks may be standardized
In the interests of more economical and more efficient transportation for the nation will be the key note of the meeting
of Motor Truck Industries, Inc., which will be held in
Washington on Wednesday and Thursday. The meeting
will bring together motor truck makers, parts manufacturers,
truck distributors and servicing agencies, and owners of
fleets of motor trucks, and an attendance of some 200 is
expected. The membership of the truck group considers
that the interests of 2,150,000 motor truck owners in the
United States demands that action be taken to promote
greater interchangeability of parts, to develop simplifications which will reduce costs of maintenance and will lessen
Co. Mr. Harriman's brother, E. Roland Harriman, is a
director of the American Trust Co., an affiliated institution.
Mr. Harriman is also a member of the board of directors of
the American Ship & Commerce Corporation, American Railway Express Co., Atlantic Fruit Co., Guaranty Trust Co.,
Illinois Central Railroad, Los Angeles & Salt Lake Railroad;
Merchants Shipbuilding Corporation, National Surety Co.,
Union Pacific Railroad, United American Lines, Inc., W. A.
Harriman & Co., Irc., Wright Aeronautical CGrpora tion.
At a meeting of the board of directors of the Bankers
Trust Co. this week Henry J. Cochran and B. A. Tompkins,
both Vice-Presidents of the company, were added to the
board. Mr. Cochran was graduated from Princeton in 1900
and came to the Astor Trust Co. in 1912. This company was
merged with the Bankers Trust Co. in 1917 as the Astor
office, and later the Fifth Avenue office, of the Bankers
Nov.21 1925.]
THE CHRONICLE
Trust Co., and Mr. Cochran served as Vice-President there
until 1922, when he came down to the Wall Street office as
Vice-President in charge of the banking department. Mr.
B. A. Tompkins was graduated from Yale with the class of
1915 and came to the Astor Trust Co. in 1916 and in 1918
came down to the Wall Street office as head of the bond
department. He was elected a Vice-President of the Bankers Trust Co. in 1920.
2485
ized in that place, appeared in the Hartford "Courant" of
Nov. 10:
The officers of the City National Bank were notified to-day (Nov. 9)
that approval of the hank charter has been given by William H. McIntosh,
Comptroller of the Treasury of the United States, and all that remains to be
done before the bank can open for business is completion of the renovations
to the old Begley Building on Main Street, where quarters have been obtained.
The City National Bank charter number is 12,846. The bank has adopted
a padlock as the trade-mark, denoting security. Work on the renovations
to the building is being pushed so that business may be started early in
December. The capital stock of the bank is $200,000 and the surplus $50,000. The officers are Paul H. Rogers, President; Joseph F. Lamb, VicePresident; Treasurer, Francis C. Kelly.
The American Trust Co. this week increased its capital,
surplus and undivided profits to $7,000,000 by adding $1,000,000 to capital and $750,000 to surplus. Harry A. Kehler,
Reference was made to this bank in the "Chronicle" of
President of the company, explained that the increase was
June 6 1925, page 2899.
desirable to enable the institution to handle its growing
business and to be in a position of further enlarging its
According to the Boston "Herald" of Nov. 14, a proposed
circle of usefulness to its depositors.
consolidation of the Massachusetts Trust Co. of Boston with
The statement of condition of the Guaranty Trust Co. of the Atlantic National Bank of that city was ratified by the
New York as of Nov. 14 1925, issued on Thursday, shows directors of both institutions at meetings held on Nov. 13
undivided profits of $6,538,678, a gain of more than $300,- and the absorption of the former bank by the latter will go
000 since the last published statement, Sept. 30 1925. The into effect as soon as the necessary regulations of the
company's deposits are $505,103,91229 and total resources National Banking Association are complied with, namely the
conversion of the trust company into a national institution.
amount to $604,539,443 98.
The terms of the proposed consolidation were approved preGeorge S. Parsons, authority on riparian rights and Chief viously by the executive committee of each bank, it is said.
of the Land Bureau at the office of the Attorney-General of Continuing the "Herald" said:
These terms, it is understood, provide that the Atlantic National Bank
the State of New York, has resigned from this position to go
with the New York Title & Mortgage Co., 135 Broadway, to shall pay $265 per share for the Massachusetts Trust Co. stock. This figure
represents a preminm of $35 per share above the $230 a share book value
be connected with the national title insurance department of the $1,000,000 capital stock of the trust company.
In order to effect this consolidation under the existing status, the Vaasaof that company. Mr. Parsons has specialized in the study
be
of riparian rights and is nationally known as a writer on chusetts Trust Co. must first for converted into a national bank, thus comconsolidation of the national association.
plying with the regulations
this subject. He has been in charge of this type of litiga- This will probably take about 60 days. In due course, however, the merger
tion and litigation on State owned lands during his five will become a verity and another of Boston's trust companies will go out of
years with the Attorney-General's office. Some of the existence. go into excellent hands, however, for the Atlantic National Bank,
It will
cases have included the acquisition of the forest reserve in with its charter granted in 1828, is now the oldest existing chartered bank
the Catskill Mountains, the Starke-Belknap case involving in the Boston Clearing House. With the upwards of $22,000,000 deposits
Massachusetts Trust Co., the consolidated Atlantic National Bank
of
Hudson River lands at Oseawanna, and Coney Island Beach willthe deposits of nearly 6110,000,000, making it the third largest bankhave
condemnation proceedings. Mr. Parsons was born in Mont- ing institution in New England.
According to a statement of Herbert K. Hallett, Chairman of the board
clair. He is a graduate of Columbia Law School and was
of directors of the Atlantic National Bank, late yesterday, there will be no
admitted to the bar in 1903.
change whatever in the relations between the present customers of the MasH. G. P. Deans, Executive Vice-President of the Illinois
Merchants Trust Co., has just been elected a member of
the board of directors of the J. Henry Schroder Banking
Corporation of New York City.
Meetings of the respective stockholders of the East
River National Bank of New York and the Bowery National
Bank of this city (formerly the Bowery Bank) will be held
on Dec. 18 for the purpose of voting on the proposed consolidation of the latter with the former institution and
ratifying and confirming the terms and conditions of such
merger as agreed upon by the directors of the two banks.
Both institutions are owned by the Bancitaly Corp. In
May last the East River National Bank of New York took
over a majority of the assets of the National Bank of Bay
Ridge, Brooklyn, the latter going into voluntary liquidation.
This bank, together with its branch at 13th Ave. and 55th
St., Brooklyn, is now being operated as branch offices
of the East River National Bank of New York, giving the
institution with its branch at Court and Schermerhorn
Sts., three Brooklyn branches in all. The entire personnel
of the National Bank of Bay Ridge was retained
in an
official capacity. A statement of condition of the
East
River National Bank of New York as at the close of
business
June 30 1925 showed total resources of $57,559,485
and
deposits of $43,943,456. The bank's capital is
with surplus, undivided profits and reserves of $2,500,000
$2,492,497.
Dr. A. II. Giannini is President.
E. M. Hamlin has sold his controlling interest in the
Stoneham Trust Co., Stoneham, Mass., and has resigned as President and a director of the institution, according to the Boston "Herald" of Nov. 17. Mr. Hamlin's interest was acquired, it is said, by Herbert H. Richardson and others.
The Stoneham Trust Co. has combined capital, surplus
and
undivided profits of $85,000 and deposits of approximately
$1,000,000.
The following in regard to the affairs of the Manayunk
National Bank of Philadelphia appeared in the Philadelphia
"Ledger" of Nov. 17:
Manayunk National Bank is issuing warrants to its stockholders
for
$300,000 new stock in connection with action of stockholders at annual
meeting in increasing capital from $200,000 to $500,000. Stockholders
are
receiving rights for 11 shares of each share held. New stock is
/
2
being
offered at $250 per share, of which $100 is to apply to capital account and
$150 to surplus.
sachusetts Trust Co. and the present officers and employees.
Nnt only will there he no change in the bank personnel, but the present
banking quarters of the Massachusetts Trust Co. are to be maintained,
probably for many months to come, both at the main bank at 55 Federal
Street, and at the two branches, the uptown branch at 238 Huntington
Avenue and the Haymarket branch at 46 Canal Street
Later, with the approval of the stockholders, it is intended to elect
Heneral Edgar R elmmnlin, who is now President of the Massachusetts
Trust Co., as Vice-Chairman of the Atlantic National Bank, and to give
all the other offices and employees of the Massachusetts Trust Co. corresponding position in the consolidated honk.
•••••••••
The Boston "Transcript" in its issue of Nov. 17 stated
that the directors of the Boston National Bank, 159 Hanover
Street, that city, had voted to double the bank's capital,
raising it from $200,000 to $400,000. Its surplus of $50,000
also would be doubled, it was said. The undivided profits
amount to $27,000, while deposits total $3,350,000. • The
new stock, according to the "Transcript," will be sold,share
for share, at $125 to present stockholders. If the shareholders do not take all the new stock, the remainder will be
o'fered to the public at $135 a share. Subscriptions are
called for Dec.1 and first payments must be made by Dec.15.
Frederick Armbruster, Third Vice-President of the Trust
Co. of New Jersey. Jersey City, and Manager of the People's
Safe Deposit Branch of that institution, died at his home in
Jersey City on Nov. 12. He was 62 years of age.
The Citizens' National Bank of Rahway, N. J., a new institution, capitalized at $135,000, was opened on Nov. 7 at
Irving and Lewis streets, that city, according to the following press dispatch from Rahway on that date, appearing
In the Newark "News" of Nov. 7:
Governor Siker, as a member of the board of directors of the new Citizens'
National Bank of this city, was present to-day (Nov. 7) when the institution was opened at Irving and Lewis streets. The capitalization is $135,000
Paris F. Forman, President of the bank, is on a world tour and was not
present.
The bank is in the Woodruff building, occupying the former quarters of
the Rahway post office. The building has been remodeled and a large vault
constructed. The board of directors in addition to Governor Sneer includes
Sheriff Harry Simmons, County Registrar Edward Bauer, Dr. E. J. Carlin,
Mayor Thomas A. Fyffe, Postmaster Peter Tillman, Frank Sandmann,
H. Dieckman, William Helmstadter, Bernard Engelman, J. J. Stanfler.
The Board of Directors of the Central National Bank of
Philadelphia on Nov. 19 ordered that $500,000 be transferred
from the undivided profits to surplus. They further voted
to recommend that the stockholders, at their annual meeting,
authorize an increase in the Capital stock from $1,250,000
The following special dispatch from New Britain, Conn.,
to $1,500,000 by giving stockholders the right to subscribe,
on Nov. 9, concerning the City National Bank recently organ- at par, for one new share of
stock for each five now held.
THE CHRONICLE
2486
This increase, when consummated, will make the capitalization as follows: Capital, $1,500,000; surplus, $4,500,00 ;
0
undivided profits, $900,000. The stockholders were given
similar opportunities to subscribe to stook, at par, in 1910
and 1922.
(Vol.
According to the Birmingham "Age-Herald" of Nov. 3, a
new savings and loan institution under the title of the State
Savings & Loan Co. is being organized in that city by Thomas
J. Shirley, Dr. N. R. Baker and A. E. Hayden. The company
is to be capitalized at $1,000,000, it is said.
Raymond M. Ran and Ha-rold C. Young have been apThe Fourth & First National Bank of Nashville plans to
pointed Assistant Cashiers of the Tenth National Bank of erect a handsome bank and office building on the corner of
Philadelphia, according to the Philadelphia "Ledger" of Fourth Avenue and Union Street, that city, Just opposite its
Nov. 18.
present home, according to the Nashville "Banner" of Oct.
26, which said in part:
A special meeting of the stockholders of the Lawndale
Announcement of the proposed plans was made this morning by James E.
Bank & Trust Co. of'Philadelphia will be held on Dec. 9 to Caldwell, President of the institution, who stated that W. 0. Ludlow of
firm of Ludlow & Peabody, architects, was in
vote on a proposed increase of the capital stock of the insti- New York, a member of the discuving the proposed plans with the officials
Nashville for the purpose of
tution from $125,000 to $250,000.
of the bank.
The Merchants Savings & Banking Co. of Cleveland on
Nov. 17 announced that the title of the institution had been
changed to the Merchants Trust & Savings Bank and that
a trust department had been inaugurated with L. C. Haas,
Secretary and newly-elected Trust Officer in charge, according to the Cleveland "Press Dispatch" of Nov. 18. Maurice
Gusman, the President of the institution, in announcing the
inauguration of the trust department said:
So many people now understand how valuable are the services of a corporate fiduciary in the problems of their businesses and their estates, that
we felt we could better serve our clientele by adding to our banking services the trust department facilities.
The new department, it is said, will have its headquarters
at the Huron-Fourth office. Mr. Haas has been Secretary
and a director of the institution for the past four years.
Prior to that time he was associated with the new business
department of the Central National Bank Savings &. Trust
Co. of Cleveland.
S.
Subject to ratification by the respective stockholders of
the institution, an agreement for a unification of interests
of the Commercial National Bank of Peoria, Ill., and the
'Dime Savings & Trust Co. of that city, will become effective
soon after Jan. 1 next, when a 14-story building, which
the former is erecting at the corner of Adams nad Liberty
streets, is expected to be ready for occupancy. The proposal
Includes also the various departments of the Title & Trust
Co. Combined assets of the two banks will approximate
$15,000,000. A joint statement in regard to the proposed
merger given out on Nov. 13 by Jacob Wachenheimer, President of the Commercial National Bank, and George W.
Curtiss, President of the Dime Savings & Trust Co.,-said in
part:
The new structure will be along lines similar to the present Fourth
First Bank Building, according to Mr. Ludlow, who designed that structure.
"It will probably be about the same height as the Fourth & First Bank
Building," he said, "and will be connected by a tunnel under Union Street,
and also by a bridge which will span Union Street."
The new building will have a frontage of 60 feet on Fourth Avenue, and
85 feet on Union Street, and it is contemplated to begin work on the
building Jan. 1 1927.
"We will use the lower floors for banking purposes," said Mr. Caldwell,
"because we are too crowded in our present place; in fact, we've become
too big for our breeches."
W. E. Frazer, the former C-ashier of the Citizens' Bank &
Trust Co. of Middlesboro, Ky., together with Lynn D. Rouser,
the former Assistant Ca'shier and bookkeeper, were sentenced on Nov. 9 at Pineville, Ky., to ten and seven years,
respectively, in the penitentiary, when they pleaded "guilty"
in connection with the disappearance of $80,000 from the institution, according to an Associated Press dispatch from
Pineville, Ky., on Nov. 9, appearing in the Memphis "Appeal" of Nov. 10. As reported in the "Chronicle" of July 25
last, page 422, Frazer disappeared from Middlesboro when
the shortage at the bank was discovered and a reward of
$1,000 was offered for his arrest and conviction. According
to the dispatch, the former Cashier was arrested in San
Antonio, Texas, after a nation-wide hunt had been made
for him.
The following Associated Pr- ess dispatch from Greenwood,
S. C., on Nov. 13, printed in the Baltimore "Sun" of the following reports the closing of the Bank of Plum Branch.
McCormick County, that State, on Nov. 13:
The Bank of Plum Branch, McCormick County, did not open for business
this morning. The bank was capitalized at $10,000. J. L. Bracknell Is
President and Thomas McCallister is Cashier.
Wyatt W. Bradley, State Bank Examiner, said he would take over the
affairs of the institution as provided for by law.
The merger is one of interests through an exchange of stock, not a consolidation of corporations, each institution retaining its separate corporate
identity. It ia believed that with the joining of facilities possessed by each
and needed by the other—the broadened scope of work and of opportunity
and the lessened expenses of operations, stockholders of these institutions
will appreciate the advantages of the arrangements made and ratify the tentative agreement concluded by the directors.
The Los Angeles "Times" a Nov. 12 stated that B. F.
Tucker had announced the previous day his resignation as
a Vice-President of the Pacific-Southwest Trust & Savings
Bank of that city to become senior partner of the newly
organized firm of Tucker & Co., distributers and underThe personnel of the Commercial National Bank is as writers of investment bonds, which began business in the
follows:
Babb Building, Long Beach, Cal., on Nov. 12.
President, Jacob Wachenheimer; Vice-President and Cashier, William
Flazzard; Assistant Cashiers, W. J. Coleman, J. F. O'Connor and C. II.
Goldstein.
Officers of the Dime Savings & Trust Co. are:
President, George W. Curtiss; Vice-Presidents, John E. Keene and
George J. Jobst; Cashier and Assistant Secretary, Theodore B. Wissing;
Assistant Cashiers, Albert Siihring and Earl J. Ruhaak; Treasurer, John
W. McDowell; Secretary, Joseph P. Durkin, and Trust Officer, Clifton W.
Frazier.
Stockholders of the Union Bank of Chicago will meet Dec.
15 to vote on a proposal to increase the capital of the bank
from $500,000 to $1,000,000; according to a press dispatch
from that city on Nov. 14, appearing in the "Wall Street
News" of the same date. The dispatch further stated that
the directors of the institution at a meeting held Nov. 13
voted to offer the 5,000 shares of new stock to the stockhcldera at $200 a share, if they approve the change.
The Griswold National Bank, recently organized in Detroit, with a combined capital and surplus of $3,000,000,
opened its main office on the ground floor of the Buhl Building in that city on Thursday of this week, Nov. 19. An uptown office will be opened about March 1 next, at Cass
Avenue and Grand Boulevard, it is said. Calvin H. Newman is President of the new institution. Other officials are:
Charles A. Kanter, Vice-President; C. A. Kinney, Vice-President and Cashier; Mark B. Peck (in charge of business extension), Leo J. Coleman and I. F. Atchison (and Auditor),
Assistant Cashiers; R. John Beber, Manager of the bond
department, and L. B. Mallory, Manager of foreign department. Reference was made to this bank in these columns in
our issues of July 25 1925 and Oct. 24 1925.
Thc New York agency of th- e Banque Beige pour l'Estranger has received a cable from its head office in Brussels advising that, at the annual general meeting, a dividend of
40 francs net was declared for the year ended June 30 1925.
Net profit was 12,279,800 francs and the reserve fund has
been increased by 4,000,000 francs and now stands at 32,000,000 francs.
THE CURB MARKET.
Trading in the Curb Market this week was decidedly
irregular with weakness in many issues a prominent feature.
To-day's market showed a better tone. The volume of
business has fallen off considerably. American , Gas &
Electric common weakened from 83% to 803/p and recovered
finally to 81%. American Light & Traction common lost
15 points to 252, recovered to 264 and closed to-day at 258.
Lehigh Power Securities was off from 197 to 181, the close
to-day being at 185. Among miscellaneous stock Nickel
Plate common was active and advanced from 105 to 111,
with the final transaction to-day at 109. Kelvinator Corp.
dropped from 833/p to 77 and recovered to 79 finally. Nizer
Corp. class A stock was also weak, easing off from 823/p to
781%, and the class B from 851% to 781%. The close to-day
was at 80% and 801%, respectively. American Rayon
Products declined from 41 to 373/p and sold finally at 38.
Canada Dry Ginger Ale eased off from 351% to 34, then
sold up to 40, closing to-day at 371%. Central Steel was
conspicuous for an advance from 721% to 82, a reaction to
731% and a final recovery to 763/p. Continental Baking
%
class A common:broke from 126 to 1161 and finished to-day
No'.21 1925.]
THE CHRONICLE
STOCKS (No. Shares).
Week Ended Nov. 20.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Ind.dAlis
Ott.
267.090
360,785
310,840
389,835
344,600
830,000
86,300
178,620
113,475
107,910
110,900
125,610
2,003,150
722,815
Alining.
BONDS (Par Value)
Domestic. Poen
31,300 $478,000
43,545
786,000
34,010
971,000
80,400 1,045,000
29,700 1,298,000
50,100 1,088.000
364,000
308.000
329,000
372,000
234,000
204,000
269,055 35,666,000 $1,511,000
Stocks,
Number of
Shares.
Railroad.
eke.
Bonds.
1,528,200
2,478,015
2,094,826
2,574,921
1,931,899
2,042,500
35.886.000
9,261,100
7,968,000
8,911,500
8,494,000
6,997,000
12,650,361
$47,517,600
Week Ended Noy. 20.
laturdaV
,IondaY
'uesdaY
Vednesday
7huraday
Priday
Total
Sales at
New York Stock
Exchange.
511.050,000
12,650,361
35,655,950
Jan. 1 to Nov. 20.
1924.
1925.
1924.
1925.
United
State,
Bonds.
3235,000
81,100,500
1,070,450
1,818,000
1,198,250
2,000.500
2,037,500 ' 1,509,500
2,156,500
866,750
1,937,000
776,000
Week Ended Nov. 20.
-No. shares.__
Stocks
Bonds.
Government bonds
State & foreign bonds_
Railroad & misc. bonds
Total bonds
State.
Municipal &
Foreign Bonds.
893.853,010
228,204,606
25.655,950 $13,972,650
$311,635,710
11,050,000 15,469,500
627,664.000
47,517.600 74,420,500 12,678,827,375
$815,960.065
481,098,000
2.026,692,500
11,886,805
$64,223,550 3103,862,650 33,618,127.085 53,323.750,565
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Nov. 20 1925.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
....,., ..,....b.r..A.m
Philadelphia.
Baltimore.
Shares. Bond Sales
Shares. Bond Sales
Shares. Bond Sales.
516,700
8.410
22,000
32,000
23,000
17,000
16.200
21.278
14,713
19.967
21,188
21,956
34.700
37,500
36,300
62,700
26,000
8.000
*2,355
"2.300
"3,788
'3,672
"2,969
'4,588
§1§§§§
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market was confused and uncertain during the
fore part of the present week and declines occurred in many
stocks that have previously shown great strength. Both
industrial shares and motor stocks sustained heavy losses,
particularly on Wednesday, when the market broke badly
and recessions as high as 21 points were recorded by several
of the more active leaders. Subsequently some portion
of the loss was made up, the market displaying
improvement
toward the latter part of the week, but being weak
again
in the final close on Friday. Sharp recessions due to
heavy
realizing sales characterized the trading in the short
session
on Saturday. Motor shares suffered most in the
selling,
with losses of from 2 to 7 points each. Oil shares were
moderately firm and railroad stocks moved slowly downward
to lower levels. Stocks again fell back on Monday,
railroad, steel and oil shares going down with the motors in
the
sharp recessions of the last hour. The most conspicuous
declines of the day were Chrysler 12% points, General
Electric 9 points, Du Pont 21 points and United
States
Cast Iron Pipe & Foundry 10% points. The market
was
irregular on Tuesday, brisk advances followed by sharp
declines characterizing the trading throughout the session.
Railroad shares were the outstanding feature of the day,
Nickel Plate making a new high with a 6
-point advance to
166, followed by New York Central, Chesapeake &
Ohio
and Baltimore & Ohio, all of which scored substantal
gains.
Mil. & St. Paul stocks were particularly strong.
Specialties were conspicuous in the early trading, substantial
advances being recorded by Foundation Company, American
Crin and International Nickel. Motor shares
improved
in the final hour, Mack Trucks registering a gain of
more
than 6 points, Jordan Motor Car 134 and Hudson
Motors
more than 2 points. Rubber stocks also improved,
Fisk
Rubber 1st pref. and United States Rubber scoring
substantial advances for the day. Prices again tumbled
on
Wednesday, the break being particularly severe in motor
stocks, the brunt of the decline in this group
falling on
Chrysler and Mack Trucks. Hudson Motors was
strong
in the early trading, but broke badly as
the day advanced.
Violent declines were also recorded by
White Motors,
Fisher Body and Du Pont. Railroad
stocks were weak,
notably New York Central, which
yielded more than a
point. The market ruled strong
on Thursday and substantial recoveries were made in all
parts of the list. The
outstanding feature of the day was the
strength of the railroad stocks, notably Ches. & Ohio, which advanced
7
to 120, followed by Nickle Plate old common, which points
spurted
upward 8 points to a new top at 1748 . Other strong
%
of the group included New York Central, Atlantic stocks
Coast
Line, Lehigh Valley, Louisv. & Nashv. and Norfolk &
Western. High priced specialties were prominent in the
afternoon trading, American Brake Shoe moving up to
153 at
its high for the day, followed by American Can with a fivepoint advance and General Electric, which moved
forward
four points. Motor shares moved briskly forward at
one
period during the day. United States Cast Iron Pipe
&
Foundry moved upward 7 points to above 200 and Baldwin
Locomotive advanced more than three points to 126. Railroad stocks were again the centre of interest as the session
opened on Friday, many representative issues displaying
unusual strength. Missouri Pacific was notable in the advances for its gain of more than 3 points from Thursday's
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
•
ot•
••••OCJCIIC*
DAILY TRANSACTION, AT THE NEW YORK CHER MARKET
low, and Pennsylvania moved forward to 52, its highest
level since 1917. Motor shares also improved, White
Motors leading the advance with 434 points to 85 and General Motors moving forward nearly three points from its
previous, close. Radio Corporation declined to new low
previous
ground
the year at 4334, and this latter precipitated
general selling at the close under which the whole market
weakened.
ob.2. JtJap
,
▪ I,
at 117%. Tubize Artificial Silk fell from 236 to 21034 and
sold finally at 21934. Trading in the oil shares was somewhat dull, price changes for the most part being small.
Chesebrough Mfg. lost two points to 72. Humble Oil &
Refining declined from 8434 to 71%, recovered to 75% and
sold finally at 7434. Illinois Pipe Line was off from 146
to 141. Magnolia Petroleum sank from 185 to 17634 and
closed to-day at 180%. Standard Oil (Indiana) was down
over two points to 64%, but recovered to 65%.
A complete record of Curb Market transactions for the
week will be found on page 2511.
2487
210,141
8119.110
115,304
$175.200
19,672
5197.100
90/ 771
S 1 as
162_241
8213.300
son
19.570 8134.900
• In addition,sales of rights were: Saturday,838; Monday,3,170; Tuesday .3.415
Wednesday. 1.548; Thursday, 2,970; Friday. 650.
COURSE OF BANK CLEARINGS.
Bank clearings for the present week will again show an
increase as compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the chief
cities of the country, indicate that for the week ending to-day
(Saturday, Nov. 21) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will aggregate 7.9% more than in the corresponding
week last year. The total stands at $10,799,562,340,
against $10,012,875,427 for the same week in 1924. At this
centre there is an increase for the five days of 9.2%. Our
comparative summary for the week is as follows:
Ckarings-Returns by Telegraph.
Week Ended November 21.
1925.
1924.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Cleveland
Detroit
Baltimore
New Orleans
5.5,051,000,000
591,409,459
527.000,000
435,000,000
142,022,263
151,400.000
193,053,000
138,334,000
154,313,196
108.403.404
161.375,554
106.794,405
77,633,802
$4,625,651,934
575,806,375
457,000,000
419,060,000
112,200.000
140,400,000
152.900,000
135.443.000
139,071,790
94,301,479
139,189,059
95,484.753
58,951,542
+9.2
+2.7
+15.3
+26.6
+26.6
+7.8
+26.3
+2.1
+10.9
+14.9
+9.3
+11.8
+31.7
Thirteen cities, five days
Other cities, five days
$7,837,739,083
1,161,896,200
37,145,399,932
1,161,204,275
+9.7
+0.1
Total all cities, five days
All cities, one day
58,999,635,283
1,799,927,057
58,306,604.207
1,706,271.220
+8.3
+5.5
tin TOO KAO 210
tinny, RTC 197
4-70
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 Nov. 14. For
that week there is an increase of 6.8%, the 1925 aggregate
of the clearings being $10,503,698,834 and the 1924 aggregate
$9,830,725,254. Outside of New York City the increase
is 5.3%, the bank exchanges at this centre recording a gain
of 8.0%. 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 decrease of 2.2%, but in the New York Reserve District (including this city) there is an improvement of 8.1%, and in
the Philadelphia Reserve District of 11.2%. The Cleveland
Reserve District has a gain of 8.5%, the Richmond Reserve
District of 13.0% and the Atlanta Reserve District (chiefly
by reason of the increase at Miami) of 23.2%. In the St.
Louis Reterve District there is a loss of 4.2%, in the Minneapolis Reserve District of 17.1% and in the Kiinsas City
Reserve District of 2.1%. In the Chicago Reserve District
the totals are better by 5.0%, in the Dallas Reserve District
by 2.2% and in the San Francisco Reserve District by 12.1%.
.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Weak Ended Nov. 14 1925.
1924.
1925.
$
Federal Reserve Districts.
12 cities 573,931,242
let Boston
11 " 6,222,168,763
2nd New York
607,217,4-44
10 "
Bal Philadelphia
411,654,234
8 "
6th Cleveland
221,864,236
6 "
5th Richmond
260,484,265
13 "
6th Atlanta
952,373,402
20 "
7th Ctdcago
228,681,190
8 "
ilth St. Louis
147,174,526
7 "
6th Minneapolis
253,708,915
12 "
10th Kansas City
88,808,713
5 "
Ilth Dallas
535,631,884
17 "
12th San Francisco
Irsc.or
Dec.
$
586,761,551
,758,638,215
546,242,323
379,356,543
196,378,400
211,494,802
906,684,732
243,787,378
177,513,509
259,054,067
86,887,280
477,926,454
1922.
1923.
$
437,072,679
051,262,248
621,047,545
404,045,328
206,546,178
230,298,774
910,337,259
98,193,604
154,057,294
282,255,062
74,731,587
494,501,092
$
%
-2.2 448,980,427
+8.1 4,674,079,867
+11.2 503,812,341
+8.5 377,063,671
+13.0 191,635,560
+23.2 212,736,716
+5.0 907,561,455
-4.2 233,382,140
-17.1 133,539,358
-2.1 240,283,799
+2.2 66,089,109
+12.1 478,324,366
129 cities 105036280331 9,830,725,254 +6.8 8,248,853,168 8,354,348,950
Grand total
. 4,416,009,068 4,193,658,201 +6.3 3,699,116,772 4,029,189,633
Ihitelde New York City
1:1Ianada
29 cities 329.189.018 367.059.575 -10.3 172 mg 901 945.683.748
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Ended November 14.
Clearings at
1925.
1924.
inc.or
Dec.
1922.
1923.
$
$
'70
First Federal e serve Distric t-Boston711,019 +4.9
746,037
-.
Me -Bangor. 3,607,603 -10.0
3,247,646
Portland
-Boston _ - 509,000,000 531.000.000 -4.1
Mass.
2.466,722 +22.3
3,016,734
Fall River_ _ - _
aa
a
Holyoke
1,613,211 +17.0
1,887,009
Lowell
a
a
a
Lynn
1,964,567 -3.4
1,898,584
.
New Bedford_
5,843.995 +4.1
6.083,631
.
Springfield_ _ _
3,930,466
3.612,000 +8.8
_
Worcester
19.240.224
14,206,533 +35.4
Conn.-Hartfor I.
8,181,498
7.301,801 +12.1
New Haven_ _ 13,483.000 +17.8
15,877,600
R.I.-Providen e
951,000 -14.6
821,813
N.H.-M'chest T
877,328
2,889,955
395,000,000
2,805,651
a
1,614,295
a
2,108.271
5,957,332
3,608,000
11,951,685
7,360.795
14,004,600
802,515
1380,597
a
2,201,031
5,878.206
4,106,000
9,558.406
6,650,814
.12,000,000
920,530
-2.2
448,980.427
437.072,679
Total(12 citi I)
573,931,242
586,761,551
$
$
973,024
3,309,164
387,000,000
3,094,907
Second Fed r al Reserve D istrict-New
6,341,672
6,363,792
-Albany_ _
N. Y.
1,056,500
1,188,300
Binghamton_ _ _
52,337.437
d67,948.578
Buffalo
844,933
998,442
Elmira
1.520,087
c2,157,731
Jamestown_ _
_ 6.087,689.766 5,636,067,053
New York
13,827,866
13,107.995
Rochester. _ _ _
4.811,039
6.721,572
Syracuse
2,909,435
c3.579.377
Conn.-Stamfor 1
609,434
689,813
N. J.-Montclalr
38,312,759
31.723,387
Northern N.J _
York5,068,619
+0.4
5,398,981
1,146,300
+12.5
1,050,800
47,979,047
+29.8
53,212,699
592,959
851,292
+18.2
1,270,121
1,573,409
+42.0
+8.0 4,549,736,396 4,335,159,317
11,208,715
-5.2
12,024,759
4,736.746
4,707,269
+39.7
2,878.938
3,210,990
+23.0
581,827
+13.2
473,133
46.639,659
-15.3
41,840,139
Total(11 cities 6.222,168,753 5,758,638,215
)
+8.1 4,674,079,867 4,457,262,248
Third FederalI Reserve Dist rict-Phliad elphia 1,469.636
1,418,783 +7.3
1,522.231
-Altoona__ _ Pa.
3,760,478
3,950,775 +8.8
4,300,433
Bethlehem _ _.
1,543,877
1,187,570 +20.3
1,428,909
Chester
2,938,507
2,742,555 -6.7
2,559,684
Lancaster. _ _
Philadelphia_ _ - 574,000.000 515,000.000 +11.5 475,000,000
3.483,528
3,785,218 +16.0
4,391,109
Reading
5,699,370
5,901.027 +2.3
6,034.055
Scranton
3.714.739
4,106,336 +16.3
d4,775,148
Wilkes-Barre_ .
1,583,668
1,977,304 -9.7
1,784,901
York
4,618,538
6.172.755 +4.0
6,420,974
-Trenton _
N.J.
a
a
a
a
Del.-Wllming'n.
1,459,197
4,534,522
1,690,317
3,441,686
590,000.000
3.726.177
5,637.990
3,173,167
1,655.245
5.729.544
a
503.812,341
621,047,845
Total(10 cities I
607,217,444
546,242,343 +11.2
Fourth Fede r al Reserve D Istrict-Clev land5,964,000
7,290.000
8,846,000 -35.5
5,709,000
-Akron _
Ohio
5,095,782
5,309,667
5,643,176 -22.1
4,397.823
Canton
68,899.844
68.710,046
67.822.191 +12.1
76,014,042
Cincinnati
+6.4 118,236,094 106,553,466
121,944,074 114,604,074
Cleveland
15,440.100
15,051,700
16,024.200 +11.8
17,917,900
Columbus
a
a
a
a
a
Dayton
a
a
a
a
a
Lima
1,580,167
1,894,731
1,884,488 -2.2
1,843,854
Mansfield
a
a
a
a
a
Springfield- -a
a
a
a
a
Toledo
3,911,969
4,510,286
5,526,219 +28.6
7,107,300
Youngstown...
a
a
a
a
a
Pa -Erie
176,720,241 159.006.195 +11.2 155,161,147 .196.600,000
Pittsburgh__
Total(8 cities). 411,654,234 379,356,543 +8.5 377,063,671 404,045,328
Fifth Federal Reserve Dist rict-R lc hm ond1,894,322 -4.1
1,825,046
W.Va.-Hunt'g'
8,188,808 +10.1
9,011,927
Va.-Norfolk..._ _
59,337,363 +12.9
_
66,988,000
Richmond
2,915,774 -21.6
2,153,919
-Chariest'
S. C.
99,051,002 +13.8
Md.-Baltimore _ 112,734,065
24,991,131 +16.6
29,151,279
D. C.-Wash'to
2.136.291
10,258,162
59,403,870
3,495,532
93,002,583
23,339.122
2,225,613
9,080,842
61,016,016
*4,000.000
109,1338.558
20.585,149
196,378,400 +13.0
191,635.560
206,546,178
6,610,262
2,962,785
20,638,982
64,470,747
2,686,970
1,854,353
a
10.647,384
6,880.848
2.980336
23,386.258
64,877,437
3.170.151
2,018.508
a
13.824,844
29,960,533
2,087,172
1,214.030
454,971
69,148,557
33,659,055
2,369.848
1,536,223
531,853
75,063,613
212.738.746
230.298.774
Total(6 cities) _
221,864,236
Sixth Federal Reserve Dist rict-Atlant a
6,550.024 +2.6
Tenn.-Chatt'ga
d6,719.734
11.3
3.261,605
Knoxville
2,892,000
21,704,632 -0.7
Nashville
21,551,380
63,410.260 +17.9
Ga.-Atlanta_ _ _
74,763,944
Augusta
2,470,985 -4.2
2,369,200
Macon
1,751,674 +14.9
2.012,320
a
Savannah
a
a
16,484,786 +88.4
Fla.-Jackenvill
31,057,590
Miami
24,576,244
5,413,601 +353.9
Ala.-Birm'ham _
25,169,879
26,582,475 -5.2
Mobile
2,159,359
1,881,804 +14.7
-Jackson..
1,880,000
Miss.
1.659,261 +13.3
523.600
466,865 +12.2
Vicksburg
64.789,015
La.-NewOrleans
59,856,810 +8.2
Total(13 cities)
[VoL. 191.
THE CHRONICLE
2488
260.484.285
211.404 602 .1.232
Week Ended November 14.
Clearings at
1925.
1924.
Inc. or
Dec.
1923.
1922.
$
$
$
%
8
Seventh F der al Reserve D strict-Chi cage232,242
292,101 -23.6
223,119
Mich.-Adria
882.574
1.116.220 -12.0
982,081
Ann Arbor_ _ -Detroit _ --- 177.710.122 147.337,517 +20.6 141,116,004
6,784,789
8314,159 +11.1
9,012,883
Grand RaPiels_
2.323,255
2,338,013 +49.9
3,503,607
Lansing__ _ _
2,755,216
2.961,023 -0.8
2,935,858
Ind.
-Ft. Wa roe
23.325,000
20,035,000 -1.5
19,736,000
Indianapolis-- 2,288,000
2,626,000 +32.7
3,485.700
South Bend
5,946.518
6,639,654 -7.8
6,124,441
Terre Haute
40,727,774
42,187,849 +5.7
44,572,517
Wis.-Milwaukee
2,283,735
2,547,010 +0.1
2,548,700
Iowa-Ced. Risp.
10,954,546
10,895,300 -8.6
9,955,485
Des Moines- - _
6,591,723
5,871,947 +7.4
Sioux City. _
6,307,006
1,662,209
1,672,341 -21.1
1,319,994
Waterloo _ _
1,613.873
1.555,299 +2.2
1,588,887
Ill -Bloomington
639,703,717 +1.6 646,729,146
Chicago _ _ .- - 649,936,905
a
a
a
a
Danville _ _ _
1,407,135
1,345,730 -0.5
1,338.421
Decatur _ _ _ _
4,647,812
4,486,528 +18.9
5,332,478
Peoria
2,495,417
2,543.845 +22.6
3,119,209
Rockford _ _ .__
2,794,487
2,415,479 +9.3
2,639,989
Springfield _
37,217,972
-,425,953
11,366,243
6,209,526
1,551,517
1,599,249
681,202,999
a
1,453,509
5,171,689
2,444,069
2,384,449
249.942
835,260
119,183,595
6,550.695
1,861,755
2,401,229
23,059,000
3,168,608
906.684,732
+5.0
907,561,455
910,337,259
Eighth Fed era I Reserve Din trict-St.Lo
6,176,747
5,203,998
Ind.-Evansvi ic
-St. Lou 4.. 145,900,000 149,987,078
510.
33,753,091
31,732,473
Ky.-Loulavill B 394,129
373,156
Owensboro _
33,029.353
28,026.162
Tenn.- Memp his
18,749,298
15,667.926
-Little R 1ck
Ark.
326.377
364.161
III.-Jacksonv,tile
1,371,305
1,413,314
Quincy
ole-15.7
-2.7
-6.0
-5.3
-15.1
-16.4
+11.6
+3.1
6,229,551
143,460,138
34,959,380
440,117
32,031,605
14,448,732
331,167
1,481,450
34,781.178
416,629
41,755,938
14,445,893
347.420
1,525.453
Total(8 citi 0_ 228,681.190 243,787,378
Ninth Fade ral Reserve Dist rict-Minna
20.048,268
Minn.-Dulut L. d14,756.468
Minneapolis -.
91.855,797 113,805,251
34,990,310
St. Paul
33,133,003
2,702,219
2,078,248
No. Dak.-Fa 311
1.633.945
1,661,818
S. D.-Aberde .n
717,364
691.132
Mont.-Billin a .
3,616,152
2,998,060
Helena
-4.2
apolis
-26.4
-19.3
-5.3
+23.0
+1.7
-3.7
-17.1
233,382,140
98.193,604
9,385,130
76.096,662
40,088,670
2,591,550
1,543,525
605,600
3,228,221
9,981,508
90,732,853
43,830,944
2,447,683
1,604,538
782.938
4.676,830
Total(7 citi 3)- 147,174,526 177,513,509 -17.1
Tenth Fede ra teserve Dist net- Kansa s City402,024 -26.1
296,877
Neb.-Fremon 524,524 +5.7
554,354
Hastings_ __
4.081,229 +18.9
4,850,637
Lincoln
39.606,868 +0.8
39,902,201
_.
Omaha
+7.7
2,803.316
3.019,721
-Topeka
Kan.
6.706.371 -4.5
6.406.274
_
Wichita
136,086,208 136.864.191 -0.6
Mo.-Stan. Ci y
6,844.325 -11.8
6,034,433
St. Joliet/h.
a
a
Okia.-M usko teea
38,111,121 -16.1
Oklahoma City d31,962,228
a
a
a
Tulsa
1,182,411 -9.7
1,174,615
-Col. Sp ca.
Colo.
20,804.254 +6.5
22,166,553
Denver
1,123,433 +11.7
e1,254,844
__
Pueblo
133,539,358
154.057,294
334.937
443,384
4,088,499
36,505,372
3,115,715
7,233,435
133.509.393
7,181,159
a
23.583,956
a
1,355,671
21,990,667
941.612
352,432
505.340
4,787,888
46,522.087
2,434,328
9,287,709
164,097,084
Total(12 cid 3s) 253,708,945 259,054,007 -2.1
-Da IlasEleventh Fe de rd l Reserve District
+8.6
1,763,784
1,916,196
Texas-Austin.- _
52,646,055 +6.8
56.290,899
Dallas
15,985,023 -15.0
13,592,523
Fort Worth_
11,218,721 -0.7
11,137,000
Galveston_ _ _
a
a
a
_
Houston _
5,273,697 +11.4
5,872.095
La.-ShrevePo 1.
240,283,799
282,255,062
1.959,129
31,206.933
13.840,607
13.042,158
a
6,040,282
1,851,082
42.801.054
13,782,583
10,244,492
a
6.052,378
66.089.109
+2.2
Franci sco42,791,653
+ 14.2
12,276,000
+5.3
a
a
1,621,618
+23.0
41,012,238
-0.1
17,048,891
+19.6
a
a
a
a
5,223,543
+11.4
9.290,162
+2.0
+19.5 146,116,500
16,019,852
+25.9
-2.4
8,564,808
9,115,437
-13.8
4,344,788
+24.1
+9.0 161,600.000
2,448,432
+8.1
1,192,444
+39.5
-5.5
2,658,500
-2.3
74.731,587
Total(20 cities)
952,373,402
86.887,280
88.808,713
Total(5 dB iiTwelfth Feder al Reserve D istrict-San
40,297,372
46.008,256
Wash.
-Seattle __
11,706,000
12,326,000
Spokane __ _ _
a
a
Tacoma.
1,924,404
2.367.283
_
Yakima
38,919,471
38,873,796
Oregon-PortiaId
16,644,591
19,901,381
Utah-Salt L. r7
a
a
Nev.-Reno _ _
a
a
Arizona-Phoe IlX
5.295,222
5,901.321
Fresno
6,239,186
6,364,576
Long Beach.
163,774.000 137,066,000
Los Angeles_
16,758.533
21,103.992
Oakland ___ _
6.157.931
6,011.400
__
Pasadena
9,395.930
8,099,814
Sacramento.
4,626,812
5,741,977
San Diego_ _ San Francisc 2- 189,139,000 173,600,000
3,135,086
3,451,217
Ran Jose. _
1,302,963
1,817,913
Santa Barber 3,,.
2,961,200
2,799,400
Stockton._ _ _._
1,995.753
1.. • 1,950.558
Santa Monic
4.921,093
a
26,702,804
a
1,252,824
25,237,543
1,075,023
40,994.822
14,542,000
a
2,023.109
41,554.852
17.801,591
a
a
9,135,170
7,207,625
135,450,000
16,014%167
5,343,995
7.767,515
.4,500,000
183,900,000
3,705,542
1,319,104
3,145.600
Total(17 eft' 8) 635,631,884 477.926.454 +12.1 478,324,366 494.501,092
Grand total (I 19
+6.88,248.853,1688,364.348,950
_ 10 503698834 9,830.725,254
cities)
+5.3 3.699.118.7724 f1211 160 622
Outside New Yo 1.. 4 416 ono 069 4.193.658.201
Week Ended November 14.
Clearings at
1925.
$
Canada103.959,712
Montreal
88,056,813
Toronto
62,042,674
Winnipeg
14,462,354
Vancouver
6,880,994
Ottawa
6,276,616
Quebec'
2,872,285
Halifax
4,685,678
Hamilton
7,281.446
Calgary
2,518,804
St. John
1,794,330
Victoria
2,450,537
London
4,282,361
Edmonton
6.698,788
Regina
680,952
Brandon
425,393
Lethbridge
2,187.819
Saskatoon
1.372,575
Moose Jaw
876,517
Brantford
722,800
Fort William__ _ 537,028
New Westminster
319,261
Medicine Hat__ 866,140
Peterborough__ - _
769,162
Sherbrooke
929,143
Kitchener
3,368.860
Windsor
365.757
Prince Albert_ - -.
784,349
Moncton
719,870
Kingston
1924.
$
104.912,469
108,865,176
70,255.094
16,425.300
7.582,487
6,882,643
3.481,947
4,601,883
8,085,413
2.596,352
1,449,574
2,405,200
4.061.042
4,878,662
774,742
547,704
1,898.219
1,365,402
852,194
1,137.021
592,451
317,153
829,422
703.570
823,163
3,105,386
321,503
708,206
600.197
Inc. or
Dec.
%
-0.9
-19.1
-18.6
-22.0
-9.3
-8.8
-17.5
+1.8
-9.9
-3.0
+23.8
+1.9
+5.4
+37.3
-12.1
-22.3
+15.3
+0.5
+2.9
-36.4
--9.4
+0.7
+4.4
+9.3
+12.9
+8.5
+13.8
+10.8
+ Me
1923.
8
121,938,047
102.182,019
74,251,021
15,231,076
8,019,691
6,209,932
2,876,790
5,937,277
6,840,706
2.815,019
2,271,012
2,261,407
3,718,569
5,474,192
642,681
793,403
2,888,755
1,737,197
984,189
1,332,614
539,865
480,626
779,886
816,793
880.149
3,196.241
405,978
931.964
598,896
1922.
$
123,593.330
103,798,184
89,760.415
14,435,847
8,511,643
7,042,953
3,290,245
5,916,016
6,528,280
2,738,580
1,939,008
2,963,035
2,170.442
5,641,747
822.316
710,998
2,236,199
1,797,176
1,098.167
915.456
522,859
532,215
840,216
832,574
1.180,017
3,810.704
404,714
1,180,216
649,588
329.1139.018 367.059.575 -103 277.035 703 205 1263.740
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Nov.11. d Week ended Nov. 12. e Week ended Nov.13. • Estimated.
Total(29 cities)
Nov. 21 1925.]
THE CHRONICLE
2489
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
'as ,reported by cable, have been as follows the past week:
--Bar Silver Per Oz. Std.Bar Gold
Cash.
2 Mos.
Per Oz. Fins.
Highest price
333-16d.
32 15-16d. 84s. 11 lid.
Lowest price
_324d.
324d.
84s. 10lid.
Average price
32.972d.
32.757d.
848. 11.2d.
London,
Sat.
Mon.
Wed.
Tues.
Thurs.
FM.
Week Ending Nov. 20Nov. 14. Nov. 16. Nov. 17. Nov. 18. Nov. 19. Nov. 20.
The silver quotations to-day for cash and two months' delivery are reSilver. per es
d 32%
311011
32
311114
spectively Kd.and Kd.below those fixed a week ago.
32%
32
Gold, per fine oun^e
84.1114 84.1114 84.11
Consols. 2% per cents
- 5534
5534
British, 5 per cents
_
0034
10034
British, 434 per cents
---- 9434
95
French Rentes On Paris) fr... _
45.50
46.20
French War Loan On Paris)fr
53.15
52.90
84.11.4 84.1134 84.11%
5534
5534
555i
10034
95
44.90
51.15
10034
9434
44.9.5
50.70
10034
9434
41).50
51
Sommerciai antlnktscalm:monsBays
Breadstuffs figures brought from page 2544.
-The
The price of silver in New York on the same day has been: statements below are prepared by us from figures collected by
Myer in N.Y.. per cos_(cts.):
the New York Produce Exchange. The receipts at Western
Foreign
6834
6934
6834
6834
6934
69
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
THE ENGLISH GOLD AND SILVER MARKETS.
Wheat.
Corn.
Barley.
Oats.
Rye.
We reprint the following from the weekly circular of Receipts at- Flour.
bbls.196Ibs. bush.60 lbs.bush.56 lbs. bush. 32 lbs. bush .4filbs bush.56lbs
Samuel Montagu & Co. of London, written under date of
.
217,000
946.000
148,000
768,000
Chicago
112,000, 306.000
Nov. 4 1925:
2,897,000
443.000 557.000 209,000
88,000
Minneapolis- -
GOLD.
The Bank of England gold reserve against notes on the 28th ult.amounted
to £148,441,065, as compared with 2150,890,245 on the previous Wednesday.
About £500.000 gold came on offer in the open market this week and
was mostly taken for the Continent, India being only a small buyer.
The movements of gold to and from the Bank of England have been
announced since our last issue:
Received.
Withdrawn.
Oct. 29
Nil
E547,000
Oct. 30
Nil
5.000
Oct. 31
Nil
Nil
Nov.
£200,000
180,000
Nov. 3
Nil
402,000
Nov. 4
Nil
294.000
The destinations of the £565,000 sovereigns withdrawn were
announced
as follows: ammo to Canada, £25,000 to India and
£10,000 to the
Argentine. During the week under review, £1,228,000 on balance has been
withdrawn,increasing the net efflux to £6,918,000 since the resumption of
an effective gold standard.
The United Kingdom imports and exports of gold during the
week
ending the 28th ultimo were:
Imports.
Exports.
British West Africa
£30,666 Germany
£20,773
British South Africa
2.165,438 Netherlands
149.362
Other countries
660 Prance
59,302
Switzerland
303,608
Egypt
865
.
States of America- 4.749,988
United
Straits Settlements
28.458
Ceylon
15,000
Other countries
25,491
Total
£2,196,764 Total
55,389,847
CURRENCY.
We are advised from Budapest that a bill introducing a new
currency is
now before the Hungarian National Assembly. The bill
provides for a
new monetary unit to be called a "Pengo," divided into 100
"Gams."
Ten and twenty-pengo gold coins are to be minted at the rate of
3,800 pengo
to one kilogram of pure gold. As regards subsidiary coinage,it is
to have silver coins of one pengo,and fifty, twenty,ten two and proposed
one
coins of base metal. The maximum amount of silver coin is limited garas
under
the bill to fifty million pengo,and base metal coins to thirty million
pengo.
The conversion of the present crowns will be effected at the rate of
12.500
paper crowns to the pengo.
The bill provides for the new currency to be effective from Jan. 1 1927.
SILVER.
The silver market has lacked support and there has been little to
offset
against consistent selling on China account. The Indian bazaars
have
made small purchases, but these were insufficient to steady the
market.
The prices fell sharply and relapses of3-16d.and Kd.occurred on
successive
days, the quotations being fixed at 324cl. and 3234d. on the 2d
inst. for
cash and forward delivery respectively. Yesterday, however,advices
from
China appeared firmer and the market experienced some inquiry from
this
Duluth
Milwaukee...
Toledo
Detroit
Indianapolis.
St. Louts._
Peoria
Kansas City_
Omaha
St. Joseph._
Wichita
Sioux City__
34.000
99,000
40,000
1,929,000
45,000
74,000
47,000
63,000
434,000
51,000
935,000
155,000
115,000
231,000
54,000
1,000
47,000
32,000
5,000
404,000
312,000
469,000
115,000
234,000
71,000
11,000
91.000
397,000
374.000
89,000
16,000
100,000
376,000
175,000
142,000
150.000
24,000
16,000
45,000
218.000
219,000
1.000
1.000
193,000
9,000
51.000
19,000
1,000
1,000
390,000 7,178,000 2.826,000 3.115,000 1.179.000 718,000
421,000 13,674,000 2,754,000 3.448,000 1,099,000 1,435,000
568,000 9.875,000 4,506,000 4.810.000 1.029,000 782,000
Total wk. '25
Same wk. '24
Same wk. '23
Since Aug.17.233,000 161,876,000 51,928,000110,034,00035,686,000 12,732.000
1925
7,698,000 307,943.000 69.979.000 132.988.000 32.337,000 38,961.000
1924
109R
R 828 000178.014.000 66.376.000 97.043.00018.293.00012,894,000
Total receipts of flour and grain at the'seaboard ports for
the week ended Saturday, Nov. 14, follow:
Flour.
Receipts alNew York....
Philadelphia.
Baltimore_ __ _
N'port News_
New Orleans.
Galveston__ _.
Montreal _ .._ _
Boston
Wheat.
Corn.
Barley.
Oats.
Rye.
Bushels. Bushels.
Bushels.
Bushels.
Barrels. I Bushels.
106,000
376,00' 303,• $ i
42,000
274,000 2,139.00'
414,000
270,00$
13,'''
6,1 $ $
54,000
1,000
3,011
19 $ $ $
5,000
25,000
87,000
1,000
12,000
45,000
36,$ $ $
6,00$
23,000
2,000
7,000
490,000 618.''' 140,000
7,000
75,000 3.422.00Si
32,1 $ $
24,00$
2,000
34.000
1,00
100,00$ 1,191,000 969,000 247,000
7.246,000 70,243,00038,338,000'8,975,000
Total wk. '25 515,000 6,092,000
Since Jan.1'2521,831,000 199.528,00'
Week 1924...
708.00$ 11,972,000
98,000 1,280,100 1.993.''' 1,274,000
I 17,528,00$ 44,982,111 24,731,011 32.134,000
Rinea.Inn. 1'2423.249.01$$274.153,0 s
•Receipts do not include grain passing through New Orleans for foreign Port
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Nov. 14 1925, are shown in the annexed
statement:
Wheat.
ExportsfromNew York
Philadelphia
Baltimore
Newport News
New Orleans
Montreal
53,000
1.439,000
Total week 1925._ 4,450,860
la.,n.a molar 1094
Corn.
Flour.
11 RAO 1:123
47,000
300110
Total 1925
T.a11091
d
Barley.
47,833 750,118
246,922 1.153.368
524.778 272.947 1.717.982 1.420.172
quarter, as well as from bears attracted by the lower prices. As
a'iTt
there was a sharp rise of tid. in the figure for cash and Kd. in that for
The destination of these exports for the
for
ward, the difference again widening to )4d. China again turning seller
July 1 1924 is as below:
to-day, with buyers lacking, prices relapsed 7-16d. for cash and
5-16d.
for forward delivery.
77
Wheat.
Flour.
,United Kingdom imports and exports of silver during the
1
week ending Exportsfor Week
the 28th ult, were as follows:
,Since
Week
Since
Week
and Since
Nov. 14
July 1
Nov. 14 July 1
Imports.
July 1 toExports.
Germany
1924.
1925.
1924.
1925.
£12,369 Austria _
£2840d
United States of
60,558 British India
87,000
Other countries America.._ _ 25,174 Other countries
Bushels.
Bushels.
Barrels. Barrels.
17,510
United Kingdom_
Continent
SO.& Cent. Amer_
West Indies
Other countries
Rye.
Oats.
Barrels. Bushels. Bushels. Bushels.
47,833 231,118
125,922 296,368
11,000 158,000
63,000
10,000
83.000
12,000
1,000
47,000
10,000
19,000
373.000
80.000 677.000
Bushels. Bushels.
2,371,860
547,000
40,000
week and since
Corn.
Week
Nov. 14
1925.
Since
July 1
1924.
Bushels.
Bushels.
98,885 1,386.193 1,784,459 36,689,710
109,277 2,538,256 2,396,548 60,314,448
269.853
853,071
186,467
4,000
132,925
397,529
15,000
552,172
360,958
19,760
5.000
42,000
180,000
41,000
221,000
246,922 4,869,403 4.450,860 98.542,326 . 47,000
11.839 923 148.538.568
39.000 1.253.501
894 77R 7 018 ana
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
k
ending Friday, June 5, and since July 1 1924 and 1923,
are shown in the following:
Wheat.
1924-25.
Week
Nov. 13.
Quotations-
Since
July 1.
Corn.
1923-24
Since
July 1.
1924-25.
Week
Nov. 13.
Since
July 1.
192324.
Since
AA,/ 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 9,628,000 144,636.000 207,091,000
35,000 1,365.000
563,000
72,000 12,248,$ $ 2,864,000 204,000 9,406.000 8,584.000
Black Sea_ _ _
Argentina... 752,000 23,305,000 36,838.000 2,776,000 66,048,000 105,898.000
Australia
264,000 14,496,000 16,448,000
India
2,512,000 18,216,000
Oth.Count
2.465,000 23,171.000
95,000
10,716,
Total
oa
197.197,000 281,457,000 5,480,000 99,990,000 115,140,000
2490
FOREIGN
-MONTHLY
TRADE OF NEW YORK
STATEMENT.
Merchandise Movement at New York.
Month,
117)POTts.
1925.
1924.
Customs Receipts
at New York.
Exports.
1924.
1925.
$
$
$
$
January -158.923,26 130.402.242 156,313,002 146,793.889
February _ 160,460.91i 155,554,139 123,210,344 139.028,108
March__ 183,494,498 149,384,187 175,312,931 133,687,771
April
166,694,007 163,514,222 171,392,165 145,002.767
149,170.018 135.620,732 147,545,548 143,742,987
May
June
160,308,912 131,236,366 123,740,727 118.752.946
July
154,206.974 134,244.024 135,781,354 113.857,700
August_... 166,553,232111,756,547 168.713,039 139,802.244
September 166,212,020131,786,636 137,468,010 141,844,404
1924.
1925
$
26,121,252
26,072,503
27.686.955
22,893,230
21,933,377
23,298,326
24,327,006
26.235,015
30,186.355
s
24,779,787
28,444,581
27,625,870
26,752,166
23,179,124
23,802.661
25.426.495
24.565,320
65
28,765,8
Total__ _ 1464323834 124349913. 1339477127 1222512816 228.734.019 233,341.8,69
Movement of gold and silver for the nine months:
-New York.
Saver
Gold Movement at New York.
Month.
(Vot. 121.
TETE CHRONICLE
Reports.
Imports.
1925.
$
January _ _ 1,029,134
February.
612,514
March_ _ _ _ 3,662,342
5,694,33e
April
May
7,776,455
948.811
June
July
6.489,017
759,804
August _ _.
September
672,610
1924.
1925.
$
t
35.558,071 66.002,262
28,514,809 33.520.792
27,968,134 21.435.084
37.018,743 19.899,381
35,003,50.10.304.670
20.402.503 CI e,641,349
15,222,422
468,247
14.279,486 1.024.953
1,028,988 5,060,700
Total_.. 27,645.027 14.996.659180.357,438
1924.
750
.
315.000
201.600
740,500
24.880
230.512
1,730,671
2,167,626
Imports.
Exports.
1925.
1925.
4,070,277
2,289.472
3,705.805
2.396.063
521.974
1.659.57g
1.663.473
3.416,707
761,909
7.604.975
4,556.080
5,254.216
6,922.769
3,812,598
5,873.792
3.684,687
4,645.001
3,439,551
5.411.539 20,485,249 45,793,669
National Banks.
---The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
By Wise, Hobbs dr Arnold, Boston:
8 per sh.
Shares. Stocks.
110
10 Boston National Bank
333
9 First National Bank
40-4054
15 Lawrence Mfg.Co
10034
19 Arlington Mills
9 Saco-Lowell Shops, common.... 10
3 Bigelow-Hartford Carpet Co., pf_100
9
20 Saco-Lowell Shops.common_
100%
25 Arlington Mills
5 Union Mills, Inc., com_4134 ex-div.
13634
5 West Point Mfg.Co
142
3 Pepperell Mfg. Co
81
1 Concord & Portsmouth RR
50 Stollwerck Chocolate Co., 2d
$10 lot
Pref., Class"A"
35
20 Winchester Co., let pref
100 Blackstone Bailey Gas & Elec.,
9554
common, par 550
25 F. H. Roberts Co.. pref. Cl.-C" 5
.
55 Turners Falls Pow.& El., corn _171
Spot eh.
Shares. Stocks.
400 Assoc. Minim, temp. rats_ __S1 lot
1,000 Cactus Copper Co.. par $5..81 tot
7 U.S. Envelope Co., common-- __141
25 Nor. Boston Ltg. Prop., corn__ 9334
25 American Glue Co., common._ 43
48
10 Sullivan Machinery Co
2
2 Shelby Iron Co
100 Vermont Milling Prod.. pref.-I
50 Vermont Milling Prod., com_1$1 lot
7634
40 units First Peoples Trust
7special units First Peoples Trust.. 534
268
10 Mass. Bonding & Ins. Co
37 Nor. Boston Ltg. Prop., corn.- 9234
$ per right
Rights4%
200 Narragansett El. Ltg. Corp
Per Coast.
Bonds$400 Amer. Real Est. Co. 13s, April
$12 lot
1922
By Adrian H. Muller & Sons, New York:
Per sh.
Shares. Stocks.
45 City Service Bankers Shares- - 18%
23,000 Vulcan Mining, Smelting &
$9 lot
Refining Co.. Par $1
3,100 New York Oil Co., par $5- $5 lot
3,000 Williams Steamship Co.,Inc.,
$200 lot
preferred
24 National Gas Register Pump
Co.. pref., par $25
24 National GM Register Pump
Co., corn., voting trust, no par.
568 British-Amer. Fin. Corp., Ltd.
5,954 New City Estates, Ltd., par
$250
1.670 Victoria Corners, Ltd.,parS5
2,795 Central Corners, Ltd., parS5
750 Canadian Union Co.,Ltd., p1.
endorsed $2 50 repaid, par $5- $50
lot
200 Canadian Land & Industrial
Syndicate, Ltd., ord., par
200 Russian & Eastern Agency,
Ltd., ord., par Li
184 Miring & General Syndicate
of Mexico. Ltd., par El
313 Southern Debenture & Smart
ties Assn.. Ltd., pref., par LI
46 Southern Debenture dr Securities Assn., Ltd., ord., par ln_
50 Tubize Artificial Silk Co.of Am..
CLB corn.,ctfs. of dep.. no par_ 208
50 Chrome Prod.Co.,Inc., par 510.56 lot
$6101
2 Middlesex Banking Co
40 Newport Land Trust Co., no par$121ot
$25 lot
325 Lord Electric Co.. corn
.
50 Hartf.& Springf.St. Hy.. corn.$30 lot
48.750 Trymetaille Mining & Expl.
SIO lot
Co.. par $1.
)52 lot
10 Trading Co., prof
rn
Co., co., no par
2 Trading
Promissory notes of J. A. notelet,
$110101
aggregating $3,200
50 Hodgman Rubber Co., pref
$25101
certif. of deposit
200 Cleveland Akron Bag Co.,com.,
$3 lot
no par
108% Syndicate Petroleum Co.,
Si lot
corn., DO par
..8100 lot
116 Morris County Gulf Club.
2,000 Ansco Photo Products,Ine.1
>811,000
lst pref
lot
8,000 Ansco Photo Products,Inc.i
corn., no par
$30 lot
100 Blograph Co
40 Convents Azucarera Salamanca
35c.
(Slamanca Sugar Co.). COM
54 Market & Schaefer Co.,Class A,
$2,700 lot
COM
per all.
Shares. Stocks.
$3101
4,000 Allied Oil, old, par $1.
Goldfield Bluebell Mining Co.
3,500
$16101
par $1
5,996 Master Trucks, Inc., corn.. 81 lot
1,710 Master Trucks, Inc., pref.-51 lot
$2 lot
161 Phila. Taxi Corp., no par
1,000 United Arizona Copper Min$6 lot
ing & Smelting, pat $1
3,000 Zacatecas Mining dr Metallur$10101
gical Co., corn., par S5
3,000 Zacatecas Mining & Metallur$10101
gical Co., pref.. par $5
$25 lot
250 Oriental Oil Co.(Texas)
.530 lot
360 Universal Sulphur Prod. Co.
$5 lot
134 Western Exploiting Co
1
300 Phosphate Mining Co
150 Phillipaborn's, Inc., pref___5265 lot
5
1,000 Phosphate Mining Co
12 Borgfeldt Stripping Machine Co-$1 lot
2 Mercator Navigation Co., no par_51 lot
30 Ocean Leather Co.,Inc., pref__S15 lot
90 Ocean Leather Co.. Inc.. corn..
$5101
no par
300 Ocean Leather Co., Inc., cont.,
8810$
v. t. e., no par
50 Horn & Hardart Automat Co.of
$510101
Illinois, pref
$5101
89 De Graff & Palmer, corn
Per Cent.
Bonds.
$10,000 Pneumatic Transit Co. 1st
58, 1923, Jan. 1023 coupon on.$2751ot
$10,0043 Shasta Zinc St Copper Co.
-year 8s, Jan. 1925, with July
3
1923 and subsequent coupons at$10 lot
tached
$15,000 Illinois Coal Corp gen. M.1
6% gold notes, due serially, July I
1926, 1927, 1928, 1930 In default{876
lot
25 oars. Illinois Coal Corp., corn.,
V. t. C
$100,000 2d mtge. reduced to $97,500 on premises No. 2 W. 120th
St., Borough of Manhattan, New
York: subject to a first mortgage
$82,000
of 5210,000
$5.000 Detroit Bay City & Western
RR.Co. 1st 5s, Mfg. of deo...5120 lot
$65,500 Pathe Phonograph & Radio
-year income bonds
Corp.,reg., 20
$750 lot
due Dec. 30 1942
$19,850 Pathe Phonograph & Radio'
ctfs.for Income bonds
Corp.temp.
upon which 56,423 79 luta been
210 lot
Paid
APPLICATIONS TO ORGANIZE RECEIVED. Capital.
Nov. 10
-The Compton National Bank, Compton, California_ $100,000
Correspondent: Harry E.Reed, Compton,Cal_ _ _ _
-The Clearwater National Bank, Clearwater, Fla____
Nov. 10
100.000
Cot‘espondent: H. H. Baskin, Clearwater, Fla.
Nov. 11
-The Madison National Bank of Tallulah. LouLsiana_
50,000
Correspondent: L. M. Spencer. Tallulah, La.
Nov. 11-The Rockingham National Bank of Exeter, N. H.__
100,000
Correspondent: William H. Sleeper, Exeter, N. H.
Nov. I4
-The First National Bank of Amagansett. New York.
50,000
Correspondent: Everett W.Babcock.Amagansett.N. Y.
APPLICATIONS TO ORGANIZE APPROVED.
Nov. 14
-The Oakmont National Bank. Oakmont. Pa
625,000
Correspondent: V. Gilpin Robinson, 6908 Market St.,
Upper Darby, Pa.
Nov. 14
-The Deuel County Nat. Bank of Clear Lake, So. Dak_
25.000
Correspondent: Samuel Lewison, Canby, Minn.
CHARTERS ISSUED.
Nov. 9
-12846
-The City National Bank of New Britain, Conn. $200.000
President, Paul K. Rogers; Cashier, F. C. Kelly.
Nov. 11-12847
-The Griswold National Bank of Detroit, Mich. 2,000,000
President, C. H. Newman; Cashier, C. A. Kinney.
Nov. 13
--The West Side National Bank of West Pater-1254$
son, N. J
75.000
President. Reuben 11. Reiffin; Cashier. M. M. Geddis.
VOLUNTARY LIQUIDATIONS.
Nov. 9
-11996
-The Southwest National Bank of Dallas, Texas$2.000,000
Effective June 25 1925. Liquidating Agents: Fred
Mercer and T. J. Cole, Dallas. Texas. Succeeded
by North Texas National Bank in Dallas.
By Barnes & Lofland, Philadelphia:
No. 12736.
S per all
Spec sh. Shares. Stocks.
Nov. 10
40.000 Share,. Stocks.
--The Citizens National Bank of Colby, Kansas
-11047
• 1 Swedesboro (N. J.) Trust Co_ _ _ _152
All the estate, right, title, interest,
Effective Oct. 31 1925. Liquidating Agents: J. B. '
2 Ardmore Nat. Bk. & Tr. Co....213
Property, claim and demand of
Hampton, Colby, Kansas.
12 Phila. & Grays Ferry Pass. Ry_ 55
200,000
Ernest Dudley Martin in and to
Nov. 10
--The First National Bank of Lodi, California_
-7719
107
2 Union Passenger RI
Effective Oct. 28 1925. Liquidating Agent: E. C.
the estate of John Hill Martin,
7054
Esq., deceased, late of Phila...5100 lot 10 Continental Passenger RY
Aldwell, San Francisco, Cal. Absorbed by the
Phila. Bourse, pref., par $25._ 2434
21
575
22 Corn Exchange Nat. Bank
Liberty Bank of San Francisco, Cal.
384 U.S. Loan Society, par $10- 10
376
25.000 14 First Nat. Bank of Phila.
Nov. 10-81CO-The Farmers National Bank of Corning. Iowa
1 Penna. Academy of Fine Arts...3134
375
Effective Nov. 3 1925. Liquidating Agents: %V. A.
1 First Nat. Bank of Phila
110
4 Philadelphia Warehouse Co
1245
9 Girard Trust Co
McKelvy and Jas. Roach. Corning Iowa. Ab6054
36 East Pennsylvania RR
5 Guarantee Tr. & Safe Dep. Co_ _196
sorbed by The Okey-Vernon National Hank of Corn31
Co_195
5 Autocar Co.. corn.. par $100._
5 Guarantee Tr. & Safe Dep.
ing, No. 8725.
20 Horn & Hardie% Co. of N. Y., '
100.000 10 Market St. Title & Trust Co..
Nov. 10--10244-The First National Bank of Duncan. Okla_
60%
no par
528
Effective Sept. 1 1925. Liquidating Agent: W. L.
$50
Par
32614 34 John B. Stetson. corn., no par_ 9234
6 Aldine Trust Co
Smith, Duncan, Okla. Succeeded by First Na55 George B. Newton Coal, let pfd. 60
324
10 Aldine Trust Co
tional Bank in Duncan. Okla., No. 12912.
9414
25 Hare & Chase, Inc., pref
Par $50. 40
25 Pilgrim Title & Tr. Co.,
25 LIMO Si Chan,Inc.,corn., no par 29
10 Pilgrim Title & Tr.Co., par 550- 40
Percent.
Bonds.
-Among other securities, the following, 7 Penna. Co. for Ins. on Lives, dtc_875
Auction Sales.
Falls &
&o_875
Ins.
not actually dealt in at the Stock Exchange, were sold at auction 5 Penna. Co. for& Tron Lives,150.14334 $10,000 Waterloo, Cedar 5s, 1940
Northern Ky. 1st s. f.
Co., par
20 Peoples Bank
in New York, Boston and Philadelphia on Wednesday of 10 Weat Phila.Title& Tr.. par $50_240g (Jan. 1922 and all subsequent
coupons attached)
124
1054
4 Mutual Trust Co., par $50
this week:
124
$15,000 Indiana Union Tree. Co.,
40 Mutual Trust Co., par 550
1st 5s, 1933 (Oct. 1924 & all subBy A. J. Wright & Co., Buffalo:
26 Jefferson Title dr Tr.. par $50- 6034
5 per sh. 5 Land Title dr Trust Co
sequent coupons attached)
751
(bond) 534
8 per sh. Shares. Stocks.
Shares. Stocks.
$20.000 Atlantic & Suburban Ky.
2c. 1,000 Consol. West Dome Lake.-- 160, 5 Jenkintown 13k. & Tr., par $50-252
2.000 Baldwin Gold Mines
55 1940
58
88
5 Glenside Trust Co.. par $50
6 Buffalo Niagara & Eastern Power
8 Buffalo Niagara & Eastern Power
23
Co., Class A
23
Co., Class A
6 Buffalo Niagara & Eastern Power
53
10 Pratt & Lambert
DIVIDENDS.
30
Co. Class B
10 Buffalo Niag. & Eastern Power
56 lot
r.
30% 1,000 Silver Bar Mining
Co., Class B
Dividends ara grouped in tnro. separate tables. In the
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
40 National Shawmut Bank, Bost-24314
3 Ludlow Mfg. Associates_ _.172, ex-div.
1 2-3 Union Cotton Mfg. Co
'
38
100 Hill Manufacturing Co
26
25 Great Falls Manufacturing Co.- 20%
10 Massachusetts Cotton Mills_- 75%
10 Hill Manufacturing Co
2734
45 Boston Belting Corp., pref., par
550
2134-22%
33 Ludlow Manufacturing Assoc)aces
171-17154.ex-div
6 Puget Sound P. & L., prior pref.
107 & My.
4 Puget Sound Power dr Light, pref. 84
le No. Boston Ltg. Prop., pref _..
.10134
4 units First Peoples Trust
7554
2 special units First Peoples Trust__ 554
10 Lowell Eleo. Lt. Corp., par 525_ 56%
15 American Clue Co., pref
113
50 Edison Elec, 111. Co., Brockton,
Par $25
5834
448 Bennett, Ltd. pref
60
10 Jessup & Moore Paper Co.,corn. 37
'
B. B. & R. Knight Co., pref.
210
certif. of deposit
2
4 Dennison Mfg. Co., 2d pref. _90 & div.
4 Lowell Gas Light Co.. par 825_ 59
5 Massachusets Ltg. Cos., corn.... 6734
$ Per sh.
Shares. Stocks.
5 Massachusetts Ltg. Cos.. 6% pf_ 94
10 Commonwealth Gas & Elec.Cos.,
8234
prof
1 Commonwealth Gas & Elec. Cos.,
1134
com•• V. t c
19 Coif.Orchards& Vineyards,Inc.
8200 Calif. Orchards & Vineyards,
Inc. crop. ctf. season 1922
$210 &Ili Orchards dr Vineyards.
Inc., thr, Dec. 1923, coupon Mar. $525
lot
1923 and subsequent on
10 Potter Knitting Co., pref
10 F. M. Hoyt Shoe Co., pref
46 Int. Land Co., corn., par $25_ _ 10 Nathan D.Dodge Shoe Co., pref
1 Papercan Corp., common
14034
15 U. S. Envelope Co., corn
4 Worcester Gas Light Co., corn..
57
Par $25
10-11
51 Saco Lowell Shops,corn
68
4 Massachusetts Ltg. Cos., corn_
25 Puget Sound Pow.& Lt. Co., of_ 84
50 Spiltdorf Bethlehem ElectricalCo 42
7534
24 units First Peoples Trust
25 Cambridge Elec.See.Co.,par$25 104
10 Boston Woven Hose & Rubber
9234
Co., corn
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not vet been paid.
The dividends announced this week are:
Name of Company. .
Railroads (Steam).
Atlantic Coast Line RR., corn
Common (extra)
Chesapeake & Ohio, common
Preferred
Chicago Burlington dr Quincy
Ctn. N.0.& Texas Pacific, common.....
Common (extra)
Preferred (quer.)
Colorado & Southern, first preferred....
Second preferred
Erie & Pittsburgh (quar.)
Hocking valley
Illinois Central, leased lines
Louisville & Nashville
Midland Valley, preferred
Mobile & Birmingham, preferred
Pittsb. Youngst.& Ashtabela. of.(Qu.).
Per
When
Cent. Payable
•3}i
•1
2
3%
.5
.3
•gyi
'134
2
4
437141
2
*2
.11
$1.25
'2
Books Closed
Days Inclusire.
Ian. 11 *Holders of rec. Dee. 16
Ian. 11 'Holders of rec. Dec. 16
ran. I Holders of rec. Dec. 4a
Jan. 1 IIolders of rec. Dec. 4a
Dec. 2( 'Holders of rec. Dec. 17
Dec. 21 *Holders of rec. Dec. 1
Dee. 21 'Holders of rec. Dec. 1
Dec. I *Holders of rec. Nov.21
Dec. 31 Dec. 13 to Jan. 1
Deo. 31 Dec. 13 to Jan. 1
Dec. 11 'Holders of rec. Nov.30
Dec. 31 Holders of rec. Dec. da
Jan. :'Dec. 12 to Jan. 4
Feb. 1( 'Holders of rec. Jan. 18
Dee, I Holders of rec. Nov.28a
Ian. :*Holders of rec. Deo. 1
Dee.
Holders of rec. Nov.20
Nov.21 1925.]
=-_Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities.
Amer. Telephone & Telegraph (guar.)-- 234 Jan. 15 Holders of rec. Dec. 19a
Atlantic Public Utilities. Cl. A (No. 1)
50c. Des. 1 Holders of rec. Nov.23
Baton Rouge Elec. Co., common (guar.) 6234e Dec. 1 Holders of rec. Nov. 19a
Chic. North Shore do MUw., pref.(quar.) *134 Jan. 1 *Holders of rec. Dec. 15
Prior lien stock (quar.)
*134 Jan. 1 *Holders of rec. Dec. 15
Continental Passenger Ry., PhUa
*53
Dec. 30 *Holders of rec. Nov. 30
Electric Investors, Inc., common
(s) Jan. 2 Holders of rec. Dec. 15
Engineers Public Service, pref.(quar.)-- $1.75 Jan. 2 Holders of rms. Dec. 1
Hackensack Water, common
75e. Dec. 1 Holders of rec. Nov.25a
Preferred
87340 Dec. 1 Holders of rec. Nov.256
Kansas City Power & Lt., 1st pfd. A (qu) .$1.75 Jan. 1 *Holders of rec. Dec. 15
Kentucky Hydro-Elec., pref. (quar.)_ -- .134 Des. 21 *Holders of rec. Nov.30
Nat.Power & Light, pref.(quar.)
$1.75 Jan. 2 Holders of rec. Dec. 15
New England Telep. & Teleg. (guar.). _ *2
Dec. 30 *Holders of rec. Dec. 10
Niagara Lockport do Ont.Pr., corn.(qu.) 500. Jan. 1 Holders of rec. Dee. 15
Preferred (guar.)
134 Jan. 1 Holders of rec. Dee. 15
Northern Texas Elec. Co.,corn.(qua:.)- $1
Dec. 1 Holders Of rec. Nov.210
Southeastern Mass. Pow. do L.(quar.) _ _ $2.25 Nov. 16 Holders of rec. Nov. 20
United Electric Light of Wilmerding,Pa.
Common (quar.)
2
Nov.15 Holders of rec. Nov. 1
Preferred (quar.)
134 Nov.15 Holders of rec. Nov. 1
West Penn Company,common (guar.).- $1
Des. 31 Holders of rec. Dec. 15
West Penn Rye., preferred (mar.)
134 Dec. 15 Holders of rec. Dec. 1
Trust Companies.
Equitable (guar.)
*3
Dec. 31 *Holders of rec. Dee. 21
Miscellaneous.
Adams Express (quar.)
'51.50 Dec. 31 *Holders of rec. Dec. 15
Ahumada Lead Co.(quar.)
*734c. Jan. 2 *Holders of rec. Dec. 15
Extra
•1734e Jan. 2 *Holders of rec. Dec. 15
T25 Jan. 20 *Holders of rec. Jan. 9
Amer. Laundry Machinery, common
Atlantic Terra Cotta Co., pref.(quar.)-- 2
Dec. 11. Holders of rec. Dec. 5
•750. Jan. 2
Belding Brothers (quar.)
Bessemer Limestone & Cem., COM.((Lu.) '134 Jan. 1 *Holders of rec. Dec. 20
*4
Common (extra)
Jan. 1 *Holders of rec. Dec. 20
*1{{ Jan. 1 *Holders of rec. Dec. 20
Preferred (quar.)
*50e. Jan. 1 *Holders of rec. Dec. 19
Borg do Beck Co.(guar.)
Extra
*250. Jan. 1 *Holders of rec. Doe. 19
.3
Boston Wharf
Dec. 31 *Holders of rec. Dec. 1
Boston Woven Hose& Rub.,corn.(q.)- 21.50 Dec. 15 Holders of re0. Dec. 1
3
Dec. 15 Holders of rec. Dec. 1
Preferred
Burroughs Adding Mach.,corn.(sin.)..-- The. Dec. 31 Holders of rec. Dec. lb
Preferred (qua:.)
134 Dec. 31 Holders of rec. Dec. 15
Calumet & Arizona Mining (guar.)
551
Dec. 21 *Holders of rec. Dee. 4
Extra
*500. Dec. 21 *Holders of rec. Dec. 4
Calumet & Heels Cons.Copper Co.((Lu.) 50o. Doe. 15 Holders of rec. Nov.30
Canadian Connecticut Cottons, Pf. O(Lu.) 1
Jan. 2 Holders of rec. Dec. 15
•134 Dec. 15 *Holders of rec. Dec. 10
Carter(Wm.)Co., pref.(quar.)
Chceebrough Mfg., cons. (quar.)
'62347 Dec. 29 *Holders of rec. Dec. ga
Common (guar.)
*13234t Dec. 29 *Holders of
• 33 1-3c Jan. 1 *Holders of rec. Dec. 9a
Chicago Yellow Cab (monthly)
rec. Dec. 20
• 33 I-3c Feb. 1 *Holders
Monthly
• 1-3c Mar. I *Holders of rec. Jan. 20
Monthly
of rec. Feb. 20
33
Cities Service Co., common (monthly)-34 Jan. 1 Holders of rec. Dec. 15
Common (payable In common stock)__
,(34 Jan. 1 Holders of res. Dec. 15
Preferred and preferred B (monthly)__
% Jan. 1 Holders of reo. Dec. 15
City Investing Co., corn.(mar.)
Jan. 4 Holders of rec. Dec. 21
10
*50o. Dec. 15 *Holders of rec. Dec. 10
Clinchtield Coal, cons. (quar.)
Jan. 1 Holders of rev. Dec. 18a
Commercial Solvents Corp., Cl. A (qu.). 51
Jan. 1 Holders of rec. Dec. 18a
First preferred (quar.)
2
Crane Co., common (guar.)
37340 Des. 15 Holders of rec. Dec. 1
134 Doe. 15 *Holders of rec. Dec. 1
Preferred (131331 )
%
Crucible Steel, preferred (guar-)
134 Dee. 31 Holders of roe. Dee. 13
.25e. Dec. 31 *Holders of rec. Dec. 1
Douglas-Pectin Co.(guar-)
Extra
*25c. Des. 31 *Holders of rec. Dec. 1
duPont(E.I.) de Nem.& Co.,com.(qu) 2
Dec. 15 Holders of rec. Dec. 1
Common (extra)
Jan. 8 Holders of rec. Dec. 1
5
134 Jan. 25 Holders of rec. Jan. 9
Debenture stock (guar.)
duPont de Nem. Powder, com. (qua:.) •134 Feb. 1 *Holders of rec. Jan. 29
Preferred (quar.)
*134 Feb. 1 *Holders of rec. Jan. 20
Ely-Walker Dry Goods, corn.(luar.)250. Dec. 1 Holders of res. Nov.19
Empire Brick do Supply (quar.)
134 Dee. 15 Holders of rec. Dec. 10
Fairbanks, Morse & Co.. com.(quar.)-- *65s. Dec. 31 *Holders of rec. Dec. 15
Federal Mining & Smelting, pref. (qu.). 131 Dec. 15 Holders of res. Nov.25
Jan. 2 *Holders of rec. Dec. 16
111
Flelschmann Co.,corn.(quar.)
*25c. Jan. 2 *Holders of rec. Nov.30
Forhan Company,common
*40c. Jan. 2 *Holders of rec. Nov.30
ISCiass A stock (No.1)
$1.25 Dec. 15 Holders of rec. Dec. 5
Gamewell Co.. corn.(guar.)
I% Dec. 1 Holders of rec. Nov.23
Preferred (guar-)
2
Jan. 15 Holders of rec. Dec. 3a
General Electric(guar-)
15c. Jan. 15 Holders of rec. Dec. 3a
Special stock (quar.)
Great Atlantic & Pacific Tea,com.((Lu.) *$1.25 Dec. 15 Holders of rec. Dec. 10
*134 Dec. 1 Holders of rec. Nov. 13
Preferred (quar.)
Jan. 2 Holders of rec. Dec. 15a
2
Guantanamo Sugar, pref.(quar.)
*I% Jan. 2 *Holders of rec. Dee. 15
Gulf States Steel, COM.(qua:.)
Hathaway Mfg.(quar.)
*$1.60 Dec. 1 *Holders of rec. Nov. 12
Dec. 15 Holders of rec. Nov.15
200
Heels Mining
*75e. Jan. 2 *Holders of rec. Dee. 15
Hudson Motor Car (quar.)
Dec. 31 *Holders of rec. Nov.30
Illinois Pipe Line
*6
Jan. 10 Holders of rec. Dee. 22
International Business Machine (quar.). $2
Doe. 15 Holders of rec. Dec. la
e20
Stock dividend
Dec. 31 *Holders of rec. Dec. 15
Internat. Cement Corp., com.(qua:.) *$1
*1{{ Dec. 31 *Holders of roe. Dec. 15
Preferred (guar.)
.
$1
Dec. 15 Holders of rec. Nov.30
Isle Royale Copper Co
Johnson-Stephens & Shinkle Shoe (qu.). 500. Dec. 1 Holders of roe. Nov. 16
Kenneeott Copper Corp.(guar.)
Jan. 2 Holders of rec. Dec. 4
51
Kraft Cheese,corn.(quar.)
'3734C Jan. 2 *Holders of rec. Des. 16
Common (payable in common stock)-- •11.34 Jan. 2 *Holders of rec. Dec. 16
LIbbey-Owens Sheet Glass. com.(guar.) 2
Dec. 1 Holders of roe. Nov. 21
Preferred (quar.)
131 Dec. 1 Holders of rec. Nov. 21
Loew's, Inc.(quar.)
50o. Dec. 31 Holders of rec. Dec. 12
Lord & Taylor. corn. ((Luar.)
*234 Jan. 2 *Holders of rec. Dec. 17
Mack Trucks. Inc., corn. (guar.) .
.*$1.50 Dec. 3 *Holders of rec. Dec. lb
Common (payable in common stook).. *MO
Dec. 3 *Holders of rec. Dec. 10
First preferred (quar.)
•134 Dec. 3 *Holders of rec. Dec. 15
Second preferred (guar.)
*134 Dec. 3 *Holders of roe. Dec. 15
Magnolia Petroleum (extra)
*75e. Nov.30 *Holders of rec. Nov.24
Mahoning Investment Co
41.50 Dec. 1 *Holders of rec. Nov.27
McCahan (W. J.) Sugar Refining &
Molasses, pref.((Lust.)
131 Dec. 1 Holders of rec. Nov.20a
Mergenthaler Linotype (quer.)
234 Dec. 31 Holders of rec. Des 2a
Metro-Goldwyn Pictures Corp.,rif.(qu.) 13j Dec. 15 Holders of rec. Nov.28
Monitor Furnace Co., 7% prof. (quer.). 134 Dec. 1 Holders of rec. Nov.24
Six per cent partic. pref. ((Lust.)
134 Dec. 1 Holders of rec. Nov.24
Montreal Cottons, Ltd., com,(quar.). 134 Dec. 15 Holders of rec. Nov.30
_
Preferred ((Lust.)
134 Dec. 15 Holders of rec. Nov. 30
Moto Meter Co., Inc., class A (quar). _ 90c. Jan. I Holders of rec. Dec. 15a
National Lead, corn. (quar.)
2
Des. 31 Holders of rec. Dec. 11
National Surety ((Plan)
234 Jan. 2 Holders of rec. Dec. 18a
*25c. Dec. 15 *Holders of rec. Nov.30
National Transit
*50c. Jan. 1 Holders of rec. Dec. 12
Nicer Corporation, coon. (quar.)
*75e. Jan. 1 Holders of rec. Dec. 12
Class A (gum.)
Class 11 (payable in class B stock)._ _ _
Jan. 15 Holders of rec. Jan. 5
North Atlantic Oyster Farms, el. A ((Lu.) 50c. Dec. 1 Holders of rec. Nov.25
•10c. Dec. 1 Holders of rec. Nov. 17
North Central Texas Oil(quar.)
*50c. Dec. 31 Holders of roe. Nov. 28
Ohio Oil (quar.)
*50c. Dec. 31 Holders of rec. Nov.28
Extra
*52
Jan. 2 Holders of rec. Dec. 19
Omnibus Corp.. pref.(guar.)
11.50 Jan. 70 Holders of rec. Dec. 15a
Pacific Oil
*51
Dec. 23 Holders of rec. Dec. 17
Paraffin Cos., Inc., cons.(quar.)
411
Common (extra)
Dec. 23 Holders of rec. Dec. 17
patehogue-Plymouth Mills ((Luar.)
Dec. 1 Holders of rec. Nov. 18a
51
son. Dec. 1 Holders of rec. Nov. 18a
Extra
Procter & Gamble Co.,6% prof.(guar.)- 134 Dec. 15 Holders of rec. Nov.25a
Provincial Paper Mills, corn.(qua:.)_
134 Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Der. 15
1
Common (special)
MI Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
Dec. 31 Holders of rec. Dec. 5a
2
Iuoilway Steel-Spring, corn.(qua:.)
2
Dec. 31 Holders of rec. Der. 5a
Common (extra)
134 Dec. 21 Holders of rec. Dee. 5a
Preferred (qual.)
Name of Company.
2491
Per
When
Cent. Parable.
Miscellaneous (Concluded).
Republic Iron & Steel, pref. (quar.)__
I%
Shredded Wheat, cons.(qua:.)
*2)-4
Solar Refining
Soule Mills (quar.)
2
South Porto Rico Sugar, com. (quar.)
134
Preferred (quar.)
2
Standard OU of N.J., cons.(no par)
(qu.) 26e.
Common, 11100 par value (quar.)_
1
Preferred (guar-)
131
Steel Products Co., pref.(quar.)
154
Sterling Products, Inc., (extra)
411
Bun Oil Co., corn.(qmar.)
250.
Common (Payable in common stock). (z)
Texas Company (guar.)
75c.
Texas Gulf Sulphur (quar.)
.75c.
Extra
*2
Truscon Steel, prof.(guar.)
'134
Underwood Computing Mach., pf. (qu.) 1%
United Cigar Stores of Amer., com.(qu.) 500.
Common (payable in corn. stock)
1134
1%
Preferred (qual.)
U. S. Title Guaranty Co.(quar.)
*234
*2
Extra
Valvoline Oil, cons.(guar.)
134
•1%
.
Vesta Battery, prof. (quar.)
Virginia Iron, Coal & Coke, pref
234
Waldorf System, com.(quar.)
*31%c
*20c.
First and second pref.(quar.)
Warner Bros. Pictures, Inc., ci. A ((Lu.). .3734(
Yellow Truck & Coach. class B (qu.)_
•18,4c
*1%
Preferred (qual.)
York Manufacturing
134
Youngstown Sheet dr Tube, corn. (qu.). $1
131
Preferred (quar.)
Boots Closed
Days Includes.
fan. 2 Holders of rec. Dee. 15
Dec. 31 "Holders of rec. Dec. 21
Dee. It 'Holders of rec. Nov.30
Nov.It Holders of rec. Nov 66
Jan.
Holders of rec. Dec. 10
Jan. 2 Holders of rec. Dec. 10
Dec. 11 Holders of rec. Nov.27
Dec. It Holders of rec. Nov.27
Dee. IL Holders of rec. Nov.27
Doe. I Holders of rec. Nov. 21
Dec. 15 'Holders of roe. Dec. 1
Dec. 16 Holders of rec. Nov.25a
Dec. 15 Holders of rec. Nov.25e
Dee. 31 Holders of rec. Dec. 4
Dec. It 'Holders of rec. Dec. I
Dec. lb 'Holders of roe. Dec. 1
Dec. 1 *Holders of rec. Nov. 21
Ian. 1 Holders of rec. Dec. 19
Des. 3( Holders of rec. Dee. 10a
Dec.
Holders of rec. Dec. 10a
Dec. 15 Holders of rec. Nov. 30a
Dec. IL *Holders of rec. Nov.30
Dee. It *Holders of rec. Nov.30
Dec. 17 Holders of rec. Dec. 11
Dec. 1 *Holders of rec. Nov.20
Jan. 2 Holders of rec. Dec. 150
Jan. 2 'Holders of rec. Dec. 20
Jan. 2 *Holders of rec. Dec. 20
Dec. 1 *Hoiders of rec. Nov.23
Jan. 2 *Holders of rec. Dec. 15
Jan. 2 *Holders of rec. Dec. 15
Doe. I Holders of rec. Nov.21
Dec. 31 Holders of rec. Dec. 15
Dec. 31 Holders of tee. Dee. 16
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Alabama Great Southern, ordinary
Preferred
ittch.Topeka do Santa Fe.corn.(quar.)
Baltimore & Ohio,common (quar.)
Preferred (quar.)
Canadian Pacific, common (qar.)
Ca tawissa. first and second preferred-.
Chestnut Hill(quar.)
Chicago & North Western, common_
Preferred
Chicago St. Paul Minn.& Omaha, pref
Cleveland do Pittab., spec. guar.(guar.).
Regular guaranteed (quar.)
Cripple Creek Central. prof
Cuba Railroad, pref
Delaware do Hudson Co.(quar.)
Georgia Southern & Florida 1st do 2d pfd.
Greene Railroad
Hudson & Manhattan
Illinois Central,common ((Luar.)
Maine Centi al, prof.(qua:.)
. Pref. (acct, accumulated dividends)...
New Orleans Texas & Mexico (guar.).
N. Y.Chic.& St. L.,com.& prof. Mu.).
Norfolk & Western ,com (qual.)
Common (extra)
North Pennsylvania (quar.)
Ontario & Quebec, common
Debenture stock
Pennsylvania (quss.)
Phila. Germantown & Norristown (cm.).
Pittsburgh Bessemer & Lake Erie, pref....
Reading Company,first pref.(guar.)._ _
Southern Pacific Company (quay.)
Union Pacific, cons. (guar.)
Wabasn Hy.. pref. A ((Luar.)
When
Per
Cent. Parable
334
3%
1%
1%
I
234
la)4
•13.1
2
331
5
50c.
8734c
I
3
234
234
a
134
1,‘
134
12%
1%
1%
154
$1
3
2%
750.
0$1.50
111.50
1
1%
2%
$1.25
Books Closed.
Days Inclusive.
Dee. 2 Holders of rec. Nov.27
Feb. It Holders of rec. Jan. 16
Dec. 1 Iloluers of rec. Oct. SW
Dec. I Oct. 18 to Oct. 19
Dec. I Oct. 18 to Oct. 19
Doe. 31 Holders of rec. Dec. la
Nov.23 Holders of rec. Nov.124
Doe. 4 *Holders of rec. Nov.20
Deo. 3 Holders of rec. Dec. 10
Dec. 3 Holders of rec. Dec. la
Dec. 3 Holders of roe. Dee. la
Dec.
Holders of rec. Nov.106
Dec.
Holders of rec. Nov.106
Dec.
Holders of rec. Nov. 14
Feb l'
Holders of rec. Jan 154
Dec. 2 Holders of rec. Nov.28a
Nov.ri Holders of rec. Nov.13
Deo. 1 Holders of rec. Dec. 15a
Deo. I Holders of roc Nov.lfla
Dec. I Holders of rec. Nov. 64
Dec. 1 Holders of rec. Nov.16
Dec. 1 Holders of rec. Nov.16
Deo. 1 Holders of rec. Nov.140
fan.
Holders of rec. Nov.16a
Dee. 11 Holders of rec. Nov.300
Dec. 19 Holders of rec. Nov.306
Nov.
Holders of rec. Nov. 16a
Deo. I Nov. 3 to Dec. 1
Deo. I Nov. 3 to Dec. 1
Nov.30 Holders of reo. Nov. 26
Dec. 4 *Holders of rec. Nov.20
Deo. 1 Holders of Zee. Nov.14
Dec. 10 Holders of rec. Nov.
.2441
Jan.
Holders of rec. Nov.270
Jan.
Holders of roe. Dec. 14
Nov.2 Oct. 25 to Nov. 8
Public Utilities.
25o. Dee.
Amer.Power & Light,com.(quar.)
Holders of rec. Nov. 13
(to) Dec.
Common (payable in common stock)
Holders of roe. Nov. 13
134 Dec.
Amer. Telegraph & Cable (guar.)
Holders of rec. Nov.80
Associated Gas do Elec. Co.. prof.(extra) 12340 Join.l'
Holders of rec. Dec. 106
*51.50 Dec.
$6 preferred (quar.)
Holders of rec. Nov.10
Blackstone Val. Gas .1; El., com.(qu.)_. $1.25 Dec.
Holders of rec. Nov. 146
Dec.
8
Preferred
Holders of rec. Nov. 144
Dee.
Brazilian Tr., Lt.& Power(guar.)
1
Holders of roc. Oct. 31
20e. Dec.
Brooklyn City RR. (quar.)
Holders of roe. Nov. 144
Dec.
Brooklyn Edison Co. (quar.)
2
Holders of rec. Nov.124
7
Jan. I Holders of rec. Dec. 210
Brooklyn Union Gas (extra)
Central Arkansas Ry.& Lt., pref. MU.). 134 Dee.
Holders of rec. Nov. 166
Dec.
Central Indiana Power, pref.(quar.)
*Holders of rec. Nov. 20
1% Dec.
Cent. Miss. Val. El.Prop., pref.(quar.)_
Holders of rec. Nov.206
Chicago Rapid Transit, pref.(monthly). 650. Dee.
Holders of rec. Nov.170
Cleveland Elec. Ilium..6% pref.(guar.) 134 Dec.
Holders of rec. Dec. 14
Community Power, 2d pref. ((Luar.).- $2
Nov. 21 to Nov.30
Dee.
Consol Gas,El. L.& Pr.Balt.,COM•
62%c Jan.216 Holders of rec. Dec. 158
Jan 2'26 Holders of rec. Dee. 15.
Preferred, Series A (guar.)
2
Preferred, Series B (guar.)
131 Jan 226 Holders of rec. Dec. Ida
Preferred, Series C (guar.)
IN fan 226 Holders of rec. Dec. 150
Consolidated Gas, New York (quar.)
$1.25 Dec. 15 Holders of rec. Nov. 10a
Consumers Power.6% pref.(quar.)---- 1% Jan2'26 Holders of roe. Dec. 15
6.6% preferred (quar.)
1.65 Jan2'26 Holders of rec. 13ec. 15
7% preferred (quer.)
154 fan2'213 Holders of rec. Dec. 15
50c. Dec. 1 Holders of rec. Nov.14
6% preferred (monthly)
600. fan2'26 Holders of rec. Dec. 15
6% preferred (monthly)
650. Dec. 1 Holders of ree. Nov. 14
6.6% preferred (monthly)
650. Jan2'26 Holders of rec. Dec. 15
6.6% preferred (monthly)
{Continental Gas & Elec., coin- (guar.) 51.10 Jan.1`26 Holders of rec. Dec. 12a
Prior preference 7% (quar.)
.
1% lan.1 26 Holders of rec. Dec. 150
Prior preference 6% (quar.)
134 Jan.1'26 Holders of rec. Dee. 120
Participating preferred (guar.)
154 lan.1'26 Holders of rec. Dec. 12a
Participating preferred (extra)
54 lan.1'26 Holders of rec. Dec. 12a
Duquesne Light. first pref. A (quar.)--.
134 Dec. 15 Holders of rec. Nov. 14a
Electric Investment, pref.(quar.)
131 Nov.21 Holders of rec. Nov. 120
Empire Gas & Fuel, pref.(monthly)-- 662-3c Dec. 1 Holders of rec. Nov. 146
Federal Light & Traction, com.(gar.). 450. Jan. 2 Holders of rec. Dee. 156
134 Dec. 1 Holders of rec. Nov. 14a
Preferred (quar.)
Georgia Ry.& Power,com.(quar.)
1
Dec. 1 Holders of rec. Nov.200
2
Eight per cent preferred ((Lust.)
Ian. 1 Holders of rec. Dec. 10a
131 Ian. 1 Holders of rec. Dec. 10a
Seven per cent preferred (quar.)
1
2d pref. (quar.)
Doe. 1 Holders of rec. Nov.
Dec. 1 Holders of me Nov.20a
Keystone Telephone, preferred (gust.). $1
16a
134 Dec. I Holders of rec.
Laclede Gas & Elec., prior lien (quar.)
Nov.
*2
Laclede Gas Light, com. (guar.)
Dec. 15 *Holders of rec. Dec. 16a
Common (extra)
*2
Dec. 15 *Holders of rec. Dec. I
1
Preferred
*2% Dec. 15 *Holders of rec.
4334e Dee. 26 Holders of rec. Dec. 1
Loultiv. Gas & El., Del. cl. A&B
Nov.30
Massachusetts Gas Cos.. pref
2
Dec. 1 Nov. 16 to Nov.30
Middle West Utilities, prior lien (quar.).. 1% Dec. 15 Holders of rec.
Nov.300
25c. Dec.
Municipal Service (quar.)
Holden' of rec. Nov. 16
National Power & Light. corn. (quar.)
$1.50 Deo,
Holders of rec. Nov. 14
Nebraska Power, prof.(gear.)
1{{ Dee,
Holders of rec. Nov.14
Norfolk Railway & Light
3
Dec.
Holders of rec. Nov. 154
North American Edison Co., pref.(mi.). $1.50 Dec.
Holders of rec. Nov. 164
Nor ontario Lt.& Pow.,corn.
(No.1) Si
(qu.)
Nov.20 Holders of roe. Nov.10
Northern States Power(Wise.). pref.(qu
134 Deo.
Holders of rec Nov 20
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Ohio Edison,61 Ore;. (guar.)
4
/
6.6% preferred (quar.)
7% preferred (quar.)
6.6% preferred (monthly)
Oklahoma Gas & Elec., pref. (guar.). _ Pennsylvania-Ohio P.& L.,8% pt.(qu.)
7% preferred (quar.)
Philadelphia Electric (qua:.)
Philadelphia Suburban Water, pref.(qu.)
Portland Electric Power,24 pref.(qu.)-Southern Colo. Pow., corn., Cl. A (qu.)Preferred (quar.)
Southwestern Power & Light, pref.(qu.)
Standard Gas & Elec.,8% pref.(quar.)_
Tacoma
-Palmyra Ferry Co
Tennessee Elec. Pow.,6% 1st pref.(qu.)
7% first preferred (guar.)
7.2% first preferred (quar.)
6% first preferred (monthly)
6% first preferred (monthly)
7.2% first preferred (monthly)
7.2% first preferred (monthly)
TM-City By.& Light, corn. (quar.)Virginia Railway & Power,corn
Wisconsin Power & Light, pref.(guar.).-
134 Dec. I
31.65 Dec. I
141 Dec. I
She. Dec. 1
131 Dec. 15
Pb 1'26
1."b 1'26
I
50c. Dec. 15
31.50 Dec. 1
131 Dec. 1
50c. Nov. 25
141 Dec. 15
131 Dec. 1
Dec. 15
2
J'n15'26
3
134 Jan.1'26
141 Jan.126
S1.80 Jan.1'26
505. Dec. 1
50c. Jan.1'26
60c. Dec. 1
600. Jan.1'26
231 Jan.1'26
Dec. 15
3
81.75 Dec. 15
Holders of rec. Nov.16
Holders of rec. Nov. 16
Holders of rec. Nov. 18
Holders of rec. Nov.18
Holders of rec. Nov.30
Holders of rec. Jan. 25
Holders of rec. Jan. 25
Holders of rec. Nov. 170
Holders of rec. Nov. 14
Holders of rec. Nov. 14
Holders of rec. Oct. 31
Holders of rec. Nov.30
Holders of rec. Nov. 12
Holders of rec. Nov.300
Holders of rec Jan 1 '26
Holders of rec. Dec. 15
Holders of rec. Dec. 15
Holders of rec. Dec. 15
Holders of rec. Nov. 16
Holders of rec. Dec. 15
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Dec. 20
Holders of rec. Oct. 310
Holders of rec. Nov.300
Banks.
2
Standard (quar.)
2
Extra
Standard National Corp.,corn.(quer.). _ 50c.
$2
Common (extra)
131
Preferred (quar.)
Jan.
Jan.
Jan.
Jan.
Jan.
2
2
2
2
2
Miscellaneous.
Abbotts Alderney Dairies, lot pref.(qu.) 131 Dec.
75c. Jan. '
Advance Rumely Co., pref.(quar.)
Aluminum Manufactures.Inc.,com.(qUi 3734c. Dec. 3
1,1 Jan.1'2
Preferred (guar.)
American Art Works, corn. & pref.(qu.) 131 Jan. 1
Nov.3
$3
American Bank Note,cora., extra
1
Jan302
American Beet Sugar,corn.(guar.)
131 Jan.
Preferred (quar.)
50c. Dec. 3
American Chain, Class A (quar.)
135 Jan.
American Chicle, Pref.(quar.)
141 Jan.
Prior preferred (guar.)
131 Dec.
American Felt, pref.(quar.)
Amer.Laundry Machinery. corn (quar) The. Dec.
1,1 Jan.2'2
American Linseed, pref.(guar.)
141 Apr l'2
Preferred (guar.)
American Locomotive, corn. (extra)._ _ $2.50 Dec. 3
144 Dec. 3
American Manufacturing, corn. (quar.)_
131 Dec. 3
Preferred (guar.)
$1 Dec.
American Metal, corn,(quar.)
131 Dec.
Preferred (quar.)
American Multigraph. common (quar.). 40e. Dec.
$I Dec. 3
Amer. Radiator, common (guar.)
$1.60 Dec. 3
American Railway Express (quar.)
Amer. Rayon Products Corp.(quar.).. 50c. Nov.3
1234c Nov.3
Extra
1% Dec.
Amer. Smelt. & Ref.. pref. (quar.)
40c. Dec.
American Stores Corp.(extra)
50c. Jan 12
Quarterly
.
50c. Apr1 2
Quarterly
50c. Jul 1'2
Quarterly
50c. Oct12
Quarterly
13( Jan.
American Sugar Refining, common
1% Jan,
Preferred (quar.)
11U.) $2 Dec.
American Tobacco, corn. & corn. B(
$1 Dec.
Common & common B (extra)
Jan. 1
Amer. Vitrified Products, corn.(quar.)_ _ $I
75c. Nov.2
Anaconda Copper Mining (quar.)
141 Dec.
Artloom Corporation, pref. (guar.).-1% Dec.
Associated Dry Goods, lot pref. (qu.)._
Second preferred (qua?.)
1% Dec.
135 Dec. 3
Atlantic Steel, common (quar.)
Dec. 1
$1
Powder, common (guar.)
Atlas
.
1% Jan.1 2
Babcock dr Wilcox Co.(quar.)
1% Aprl'2
Quarterly
25e. Dec.
Balaban dr Katz, corn.(monthly)
25c Jan.F2
Common (monthly)
Jan 1'2
3
Preferred (quar.)
50c. Jan 2'2
Barnsdall Corp.. class A & B
60e. Dec. 1
Beech-Nut Packing (extra)
131 Jan2'2
Bethlehem Steel, 7% pref. (quar.)
Jan 2'2
2
Eight per cent preferred (quar.)
$1
Dec.d3
Bingham Mines Co. (quar.)
Dec.
$I
Borden Company,common (quar.)
134 Dec. 1
Preferred (quar.)
131 Dec.
common (quar.)
Brill (J. G.) Co.,
Dec.
at
Brown Shoe,common (quar.)
Dec. 1
Buckeye Pipe Line (quar.)
50c. Dec. 2
Butte Copper & Zinc
$1.50 Dec. 1
California Pack. Corp.(quar.)
California Petroleum, common (quar.)_ _ 50c. Dec.
1% Dec.
Campbell Soup, preferred (quar.)
Century Ribbon Mills, pref. (quar.):. -- 1% Dec.
- *1% Dec.
(quar.)
Chicago Flexible Shaft, pref.
33 1-3c Dec.
'
Chicago Yellow cab (monthly)
3
Childs Co., corn. (8160 par) (quar.)____ 60c. Dec. 1
Dec. 1
Corn.(no par value)(guar.)
1% Dec. 1
Preferred (quar.)
62%c Dec. 2
Chile Copper Co. (quar.)
$2 Jan.
Chrysler Corp.. pref. (qua:.)
31 Dec.
Cities Service Co., common (monthly)._
Dec.
Common (payable in common stock).
31 Dec.
Preferred and preferred B (monthly)
corn,(qu.) 50c. Dec.
City Ice & Fuel of Cleveland.
1% Dec.
Cleveland Stone Co. (guar.)
1
Dec.
Extra
$1.75 Dec. 3
Coca-Cola Co., common (quar.)
334 Dec. 3
Preferred
70c, Jn15'2
-Marx Co., corn. (guar.)
Cohn-Hall
700. Ap15'2
Common (quar.)
uly5'2
70c.
Common (qua?.)
Nov.2
2
Colorado Fuel & Iron, pref.(quar.)
Congoleum-Nairn. Inc., pref. (quar.).._. 131 Dec.
131 Dec.
Consolidated Cigar, preferred (quar.)--•131 Jan.
Continental Can, preferred (guar.)
200. Dec. 1
Continental 011 (quar.)
334 Dec.
Converse Rubber Shoe, preferred
95e. Dec. 3
,
Cold .Inc.(quar.)
3
Dec. 3
Craddock-Terry Co., corn. (quar.)
3
Dec. 3
First and second preferred
334 Dec. 3
Class C preferred
134 Dec.
Crows Nest Pass Coal (qua:.)
Dec.
$1
Cuba Company. common (guar.)
RD.
Cuban-American Sugar, common (qua:.) 50c.
1% Jan.
Preferred (guar.)
Dec. 1
$3
Cumberland Pipe Line
Cushman's Sons, Inc., common (quer.). 75e. Dec.
1% Dec.
Seven per cent preferred (quar.)
Dec.
Eight dollars preferred (qua:.)
$2
Dalton Adding Machine, corn. (quar.)... 1% Jan.
1% Jan.
Preferred (quar.)
1% Dec. 2
Davis Mills (quar)
Decker(Alfred)& Cohn,Inc., corn.(qu.) 50c, Dec. 1
50c. Dec. 1
Common (extra)
131 Dec.
Preferred (quar.)
131 Dec.
Deere dr Co. pref. (qua:.))
'
Pref. (sect. accumulated dividends)__ 431 Dec.
2
Dec. 1
Diamond Mateh (quar.)
[VOL 121.
THE CHRONICLE
2492
Holders of rec. Dec. 26
Holders of rec. Dec. 26
Holders of rec. Dec. 26
Holders of rec. Dec. 26
Holders of rec. Dec. 26
Holders of rec. Nov. 14a
Holders of rec. Dec. 15a
Holders of rec. Dec. 15a
Holders of rec. Dec. 200
Holders of rec. Dec. 31
Nov. 17 to Nov.30
Holders of rec. Jan.9260
Holders of rec. Dec. 120
Dec. 22 to Jan. 1
Holders of rec. Dec 15a
Holders of rec. Dec. 150
Holders of rec. Nov. 200
Nov.23 to Dec. 1
Holders of rec. Dec. 200
Holders rec. Mar. 19'260
Holders of rec. Dec. 14a
Dec. 16 to Dec. 30
Dec. 16 to Dec. 30
Holders of rec. Nov.200
Holders of rec. Nov.210
Holders of rec. Nov. 140
Holders of rec. Doe. 15a
Holders of rec. Dec. 150
Holders of rec. Nov.16a
Holders of rec. Nov. 1130
Holders of rec. Nov. 60
Nov. 15 to Dec. 1
Dec. 17 to Jan. 1
Mar. 17 to Apr. 1
June 16 to July 1
Sept. 16 to Oct. 1
Holders of rec. Dec. la
Holders of rec. Dec. la
Holders of rec. Nov.100
Holders of rec. Nov.100
Holders of rec. Jan. faz
Holders of rec. Oct. 170
Holders of rec. Nov.20a
Holders of rec. Nov. 160
Holders of rec. Nov.160
Dec. 21 to Jan.. 1
Holders of rec. Nov.300
Holders of rec. Dec 20
Holders rec. Mar.20'260
Holders of rec. Nov.200
Holders of rec. Dec. 200
Holders of rec. Dec. 20
Holders of rec. Dec. 150
Holders of rec. Nov.25
Holders of rec. Dec. la
Holders of rec. Dee. la
Holders of rec. Dec. 190
Holders of rec. Nov. 160
Holders of rec. Oct. 19
Nov. 24 to Nov.30
Holders of rec. Nov.20a
Holders of rec. Nov.21)
Holders of rec. Dec. 9a
Bolder of rec. Nov.300
Holders of rel. Nov.200
Holders of rec. Nov. 16
Holders of rec. Nov.200
"Holders of rec. Nov.20
Holders of rec. Nov.20a
Holders of rec. Nov.280
Holders of rec. Nov.280
Holders of rec. Nov.280
Holders of rec. Dec. 2a
Holders of rec. Dee. lba
Holders of rec. Nov. 15
Holders of rec. Nov. 15
Holders of roe. Nov. 15
Holders of rec. Nov.11
Holders of rec. Nov. 140
Holders of rec. Nov. 140
Holders of rec. Dec. 150
,
Holders of rec. Dec. 150
Holders of rec. Jan.5'28
Holders of rec. Apr.5'20
Holders of rec. July 526
Holders of rec. Nov. 100
Holders of rec. Nov. 170
Holders of rec. Nov. 160
"Holders of rec. Dec. 19
Holders of rec. Nov. 140
Holders of rec. Nov. 15a
Jan.. 1
Dec 22 to
Holders of rec. Dec. 150
Holders of rec. Dec. 15
Holders of rec. Dec. 15
Nov.30
Nov. 12 to
Holders of rec. Nov. Via
Holders of rec. Nov. 24a
Holders of rec. Nov. 24a
Holders of rec. Nov.30
Holders of rec. Nov. 140
Holders of rec. Nov. 140
Holders of rec. Nov. 140
Dec. 22 to Dec. 31
Dec. 22 to Dec. 31
Holders of rec. Dee. 120
Holders of rec. Dec. 5a
Holders of rec. Dec. Sa
Holders of rec. Nov.20a
Holders of rec. Nov. 140
Holders of rec. Nov. 140
Holders of rec. Nov. 300
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Dec. 1 Holders of rec. Nov.20
2
Dictaphone Corporation, pref. (guar.)._
Eastern Theatres, Ltd.(Toronto), pref. 331 Dee, 1 Holders of rec. Oct. 31
$1.26 Jan. 2 Holders of rec. Nov.30
Eastman Kodak,common (qua:.)
750. Jan, 2 Holders of rec. Nov.304
Common (extra)
134 Jan. 2 Holders of rec. Nov.300
Preferred (qua:.)
"eV.% Nov.25 "Holders of rec. Nov. 19
Elgin National Watch (in stock)
$3 Dec. 1 Holders of rec. Nov. 12
Essex Company
$3 Dec. 1 Holders of rec. Nov. 12
Extra
200Dee, 1 Holders of rec. Nov. 20a
Fair, The, common (monthly)
20c. Jan, 1 Holders of rec. Dec. 200
Common (monthly)
200. Feb.'26 Holders of rec.Jan 20'26
Common (monthly)
131 Dec. 1 Holders of rec. Nov. 140
Fairbanks, Morse & Co., pref. (quer.).Dec. 1 Holders of rec. Oct. 31
Pam.Play. Canad. Corp.. 1st pf (quar.) 2
Jan. 2 Holders of rec. Dec. 15a
Corp., corn.(qu.) $2
Famous Players-Lasky
"$1.75 Jan.2'26 "Holders of rec. Sept.26a
Finance & Trading Corp., corn
Foot Bros. Gear & Machine. corn.(quar.) 25c. Jan.126 Dec. 21 to Dec. 31
Dec. 15 Holders of rec. Dec. la
$2
Foundation Co. (quar.)
13-4 Dec. 1 Holders of rec. Nov.160
General Asphalt, prof. (quar.)
General Cigar Co.. Inc.. pref. (quar.).. 131 Dec. I Holders of rec. Nov.230
141 Jan.2'26 Holders of rec. Dec. 234
Debenture preferred (quar.)
25e. Nov.20 Holders of rec. Nov.104
General Development(quar.)
$1.50 Dec. 12 Holders of rec. Nov.230
General Motors, common (guar.)
85 Jan. 7 Holders of rec. Nov.23a
Common (extra)
134 Feb. 1 Holders of rec. Jan. 4a
Six per cent preferred (quar.)
151 Feb. 1 Holders of rec Jan. 4a
Seven per cent preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 9a
Debenture stock (quar.)
75e. Dec. 15 Holders of rec. Nov. 300
(quar.)
General Petroleum
700. Dec. 1 Holders of rec. Nov. 20
Gillette Safety Razor (quar.)
250. Dee. 1 Holders of rec. Nov. 20
Extra
Golden Cycle Mining & Reduction (qu.) dlOc Dec. 10 Holders of rec. Nov.30a
Goodrich (B. F.) Co.. pref. (quer.)
131 Jan.2'26 Holders of rec. Dec. 15a
131 Jan, 1 Holders of rec. Dec. la
Goodyear Tire t Rubber, pref.(qua:.)-Jan. I Holders of rm. Dec. 15a
2
Prior preference (quar.)
25e. Dec. 1 Holders Of rec. Nov.20a
Gossard (H. W.)Co.(monthly)
05234( Jan. 2 *Holders of rec. Dee. 15
Gotham Silk Hosiery, corn. (No. 1)"131 Feb. 1 "Holders of rec. Jan. 15
First and second pref.(quar.)
50c. Dec. 15 Holders of rec. Dec. la
Gould Coupler, Class A (quar.)
134 Jan. 2 Holders of reo. Dec. 150
Greenfield Tap & Die,6% prof.(quar.)
Jan. 2 Holders of rec. Dec. 15a
Eight per cent preferred (quar.)
2
pre/.(guar.)
Gulf States Steel, 1st
131 Jan3'26 Holders of rec. Dec. 15a
25e. Dec. 15 Holders of rec. Dec. 10a
Hall (C. MS Lamp
Harbison-Walker Refrac., corn, (qua:.). 134 Dec. 1 Holders of rec. Nov.200
134 Jan. 21 Holders of rec. Jan. 110
Preferred (quar.)
6234c Dec. 1 Holders of roe. Nov. 170
Hartman Corporation (quar.)
& Marx, corn. (quar.).. 135 Nov. 30 Holders of rec. Nov.184
Hart. Schaffner
75o, Dec. 15 Holders of rec. Nov.300
Hayes Wheel Co., corn. (qua:.)
25e, Dec. 11 Holders of rec. Nov.300
Common (extra)
134 Dec. 15 Holders of rec. Nov.304
Preferred (guar.)
200. Nov.29 Holders of rec. Nov. 4
Hazeltine Corporation
31.50 Dec. 1 Holders of rec. Nov.230
Heywood-Wakefield Co., common
Hibbard,Spencer, Bartlett& Co.(mthly) 35o Nov.27 Holders of rec. Nov.20
35o. Dec. 24 Holders of rec. Dec. 18
Monthly
20c, Dec. 24 Holders of rec. Dec. 18
Extra
Dec. 1 Nov. 21 to Dec. I
2
Higbee Co., 2d pref. (quar.)
Hollinger Consol. Gold Mines (monthly) Sc. Dec. 2 Holders of rec. Nov. 16
50c. Nov.25 Holders of rec. Nov.20a
Homestake Mining (monthly)
131 Dec. 1 Nov.21 to Dec. 1
Hood Rubber Products, pref. (quar.)__ _
50e. Dec. 1 Holders of rec. Nov. 18
Horni Signal, Mfg. prior id. (au.)
700. Dec. 1 Holders of rec. Nov. 164
Household Products (guar.)
25e. Dec. 1 Nov. 14 to Nov.29
Imperial Oil, Ltd.(quar.)
Dec. 31 Holders of roe. Dec. 210
common (qua:.).. 2
India Tire & Rubber,
131 Dec. 31 Holders of rec. Dec 210
Preferred (quar,)
Dec. I Ilolders of rec. Nov. 90
$2
Ingersoll-Rand Co., corn. (guar.)
6234c Dec. 1 Holders of rec. Nov.130
Inland Steel, common (guar.)
131 Jan. 1 Holderb of rec. Doe. 15a
Preferred (quar.)
Engineering (qu.) 50c. Nov.30 Holders of rec. Nov. 17a
Internat. Combustion
Holders of rec. Nov. 100
International Harvester. pref. (qua:.).. 151 Dec.
"Holders of rec. Nov.20
International Milling, preferred (quar.)_ 5131 Dec.
Holders of rec. Nov.20
Am., corn. (qu.) 800. Dec.
Int. Securities Trust of
Holders of rec. Nov.20
151 Dec.
7% preferred (guar.)
Holders of rec. Nov. 20
134 Dec.
634% preferred (quar.)
Holders of rec. Nov.20
134 Dec.
6% preferred (quar.)
Holders of roe. Nov. 140
International Shoe, pref. (monthly). - 60c. Dee.
Nov.21 to Nov. 30
Interstate Iron & Steel, pref. (quar.)... 151 Dec.
Nov.21 to Nov.30
5134 Dec.
Preferred (account accum. dividends).
Holders of rec. Dec. 210
Jan.
Kinney (G. R.) Co.,Inc., corn.(quar.)_ $1
Holders of rec. Nov.21a
Dec.
2
Preferred (guar.)
Molders of rec. Dec. 240
Jan.
Kuppenheimer (B.) & Co., common...... 61
Holders of rec. Nov.230
134 Dec.
Preferred (quar.)
Nov.3 Holders of roe. Nov.200
134
Lanston Monotype Machine (quar.)---Nov.3 Holders of rec. Oct. 31a
$1
Lehigh Coal & Navigation (quar.)
Holders of rec. Nov.18a
Lehn & Fink Products. corn.(No.1)- --- 75e. Dec.
Holders of rec. Nov. 16a
Dec.
L11111. & Myers Tob.,com.& com.B (qu.) 3
Holders of rec. Nov. 160
Lima Locomotive Works,COM.(quar.)... $1 Dec.
Dee. 1 Holders of rec. Nov.250
5
(Christmas div.). _
Lord & Taylor, corn.
Holders of rec. Nov.19a
134 Dec.
First preferred (quar.)
Holders of rec. Nov. 40
Ludlow Manufacturing Associates (qu.) 32.50 Dec.
Holders of rec. Nov. 17
3734c. Dec.
Manhattan Shirt, common (guar.)
Holders of rec. Nov.180
50c. Dec.
Martin-Parry Corp. (quar.)
Holders of ree. Nov.140
May Department stores. corn. (quar,).. 131 Dec.
Holders of rec. Dec. 150
131 Jann
Preferred (quar.)
Holders of rec. Nov. 140
50c. Dec.
Maytag Company (No. 1)
Holders of rec. Nov. 10a
Dec.
McCrory Stores Corp., corn. A & B (qu.) el
Holders of rec. Nov. 20
Dec.
McIntyre Porcupine Mines, Ltd.(quar.) 5
131 Dec.
Holders of rec. Nov. 16
Mengel Company, preferred (quar.)- -- Holders of rec. Nov. 20
131 Dec.
Merrimack Manufacturing (quar.)
Nov. 15 to Nov.30
Dec.
Metropolitan Paving Brick, corn.(quar.) $2
Dec. 2 Dec. 6 to Dec. 19
$2
Common (extra)
131 Jan.
Dec. 16 to Dec. 31
Preferred (guar.)
Holders of roe. Nov.140
Mid-Continent Petrol. Corp.. pref.(qu.) $1.75 Dec.
2
Holders of rec. Nov.100
Dec.
Miller Rubber, preferred (guar.)
$1 Dec.
Holders of rec. Oct. 310
Mohawk Mining (quar.)
Holders of rec. dDec.21a
Montgomery Ward & Co. Class A (qu.) $1.75 ann.
87 Dec.
Holders of rec. Nov.28
Class A (acct. accum. dividends)
$1.75 dJan.
Holders of rec. dDee.210
Preferred (quar.)
75e. Dec.
Holders of rec. Nov. 170
Munsingwear (guar.)
Murray Body Corporation
(Payable in common stock).. 1134 Jan.1'2 Holders of rec. Dec. 100
Common
23,4 Dec. 1 Holders of rec. Nov. 14
Mutual Oil (quar.)
75o Jan. 1
Holders of rec. Dec. 310
National Biscuit,common (quar.)
154 Nov.3 Holders of rec. Nov.17a
Preferred (quar.)
$1
Jan.
Holders of rec. Nov.30
National Breweries, com. (quar.)
134 Jan.
Holders of rec. Nov.30
Preferred (quar.)
Holders of rec. Nov.240
National Cloak & Suit, pref.(qua:.).... 131 Dec.
134 Dec.
Holders of rec. Nov.180
Nat. Department Stores, 2d pref.,(qu.)
prof.(qu.) 131 Dec. 3 Holders of rec. Dec. 11
Nat. Enameling dr Stamping.
141 Dec 1 Holders Of rec. Nov.200
National Lead. preferred (guar.)
131 Jan.
Holders of rec. Dec. 7
National Sugar Refining (quar.)
50e. Dec. 15 Holders of rec. Dec. la
Neptune Meter,class A & B (No. 1)- -200. Nov.23 Holders of rec. Nov. 60
New Corneille Copper (quar.)
2
Dec. 10 Holders of rec. Nov.200
New Jersey Zinc (extra)
$1 Jan.4'26 Holders of rec. Dec. 20
New York Air Brake, Class A (quer.)_ _
550c. Dec. 15 *Holders of rec. Dec. 1
New York Canners, common (quar.)_
Common (payable in common stock). _ *.I5 Dec. 31 *Holders of rec. Dec. 1
33‘ Feb 126 Holders of rec. Jan.22'26
First preferred
4
Feb 126 Holders of rec. Jan.2226
Second preferred
3
Jan. I Holders of rec. Dec. 8
Northern Pipe Line
Ogilvie Flour Mii13. old & new pref.(qu.) 131 Dec. 5 Holders of rec. Nov.20
$1
Dec. 1 Holders Of ree.Nov.d160
Ohio Brass (extra)
5
Dec. 1 Holders of rec. Nov.14
Ohio Copper Co. of Utah
150, Dec. 1 Holders of rec. Nov.200
corn.(monthly)
Orpheum Circuit,
134 Dec. 1 Holders of rec. Nov.21a
Onyx Hosiery, preferred (quar.)
700. Jan. 1 Holders of rec. Dee. lea
Owens Bottle, common (guar.)
$
Jan.
5
11
J
ec
Holders of rec. D.180
Common (extra)
Holders ofo Doe.1164
Holi,ers f
Common (Payable in common stock).. 154 Jan.
roe,roDec.
(quar.)
Preferred
75c, Dec. 1 Holders of rec. Nov. 180
Pacific Mills (guar.)
2
Dee.
Holders of rec. Nov.200
Package Machinery. corn.(quar.)
Dec. 1 Holders of rec. Nov. 140
Car, corn,(in stock)_ _ _ 110
Packard Motor
23.4 Jan.1'28 Holders of roe. Dec. 200
Pan American Petroleum of California._
Pan American Petroleum of California_ - 2% A or 1'26 Holders of rec. Dec. 200
Nov. 211925.]
Miscellaneous (Concluded).
Pan-American Western Petroleum
Nov. 30 Holders of rec. Nov. 10a
Paths Exchange. Inc.. pref. (quar.)
2
Dec. 1 Nov. 11 to Nov.30
Peabody Coal, preferred (monthly)
58c. Dec. 1 Holders of rec. Nov.200
Preferred (monthly)
580. Jan. 2 Holders of rec. Dec. 19a
Pennok Oil (guar.)
500. Dec. 21 Holders of rec. Dec. 10a
PhillIpe-Jones Corp., corn. (quer.)
Dec. I Holders of rec. Nov.200
$I
Phoenix Hosiery, let & 2d ord.(quer.)- 19 Dec. 1 Holders of rec. Nov. 17a
Pines Winterfront Co.. cl. A (guar.)._ -50c Dec. 1 Holders of rec. Nov.16a
Pittsburgh Steel. pref. (guar.)
1M Dec. I Holders of rec. Nov. 14a
Pittsburgh Terminal Coal. pref.(guar.).
Dec. 1 Nov. 21 to Deo. 1
Premed Steel Car. Pref.(guar.)
1M Dec. 8 Holders of rec. Nov.17a
Pro-phy-lac-tic Brush, pref. (quar.)
Dec. 15 *Holders of rec. Dec. 1
Pure Oil, common (guar.)
37350 Dec. 1 Holders of rec. Nov. 100
Quaker Oats, common (quer.)
750. Jan, 15 Holders of rec. Dec. 310
Preferred (guar.)
135 Feb. 27 Holders of rec. Feb. I a
Quaker Oats, pref. (guar.)
1% Nov. 30 Holders of rec. Nov. 20
Radio Corporation, pref.(quer.)
114 Jan. 1 Holders of rec. Dee. is
Reid Ice Cream Co., pref.(quer.)
1% Dec. 1 Holders of rec. Nov.200
Remington Typewriter, let pref. (guar.) 1% Jan, 1 Dec. 16 to Jan. 1
First preferred, Series A (quer.)
114 Jan. 1 Dec. 16 to Jan. 1
Second preferred (quer.)
Jan. 1 Dec. 16 to Jan. 1
Reynolds Spring. pref. A & B (guar.) - 1% Jan. 2 Holders of rec. Dec. 15a
.
Richmond Radiator, pref. (guar.)
131 JanI5 26 Holders of rec. Dec. 31a
St. Joseph Lead (guar.)
50c. Dec. 21 Dec. 10 to Dec. 21
Extra
Dec. 21 Dec. 10 to Dec. 21
$1
Savage Arms Corp., first pref. (guar.)._ .131 Jan. 2 'Holders of rec. Dec. 15
Second preferred (guar.)
•135 Feb. 15 •Holders of rec. Feb. 1
Schulte Retail Stores, common ((fiat.).. $2m Dec. 1 Holders of rec. Nov. 15a
Shell Union 011 Corp., com. (quer.).
35c. Dec. 31 Holders of rec. Dec. 10
131 Dcc. 1 Holders of rec. Nov. 14a
Preferred (guar.)
Sherwin-Willems Co., Can., corn. (qu.)
114 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
114 Dec. 31 Goblets of rec. Dec. 15
Simms Petroleum
500. Jan. 2 Holders of rec. Dec. I50
Simon (Franklin)& Co., Inc., pref. 'qu.) 1% Dec. 1 Holders of rec. Nov. I8a
Skelly Oil (quer.)
50c. Dec. 15 Holders of tee. Nov. 16a
Sloss-Sheffield Steel St Iron, corn.(gu.)... 1% Dec. 21 Holders of rec. Dec. 10a
Preferred (guar.)
114 Jan, 2 Holders of rec. Dec. 210
Southern Pipe Line (guar.)
$1
Dec. 1 Holders of rec. Nov. 16
Spalding(A. G.) Bros. & Co., 1st pf.(qu) 1M Dec. 1 Holders of rec. Nov. 17a
Second preferred (gum,
2
Dec. 1 Holders of rec. Nov. 17
)
Spear & Co., preferred (quer.)
114 Dec 1 Holders of rec. Nov. 16a
Standard Milling, common (quer.)
114 Nov. 30 Holders of rec. Nov.20 a
Preferred (quer.)
114 Nov. 30 Holders of rec. Nov.200
Standard 011 (California)(guar.)
50c. Dec. 15 Holders of rec. Nov. 1130
Standard 011 (Indiana) (quer.)
6235c Dec. 15 Holders of rec. Nov. 160
Standard 011 (Nebraska)
5
Dec. 21 Nov. 21 to Dec. 21
Extra
10
Dec. 21 Nov. 21 to Dec. 21
Standard 011 of New York (guar.)
35c. Dee. 15 Holders of rec. Nov. 20
Standard 011 (Ohio), corn.(guar.)
$2.50 Jan. 1 Holders of rec. Nov.27
Preferred (quer.)
114 Dec. 1 Holders of rec. Oct. 30
Studebaker Corp ,corn.(guar.)
$1.25 Dec. 1 Holders of rec. Nov. 100
Common (extra)
Dec. 1 Holders of rec. Nov. 100
$I
Preferred (guar.)
114 Dec. 1 Holders of rec. Nov. 100
Taunton-New Bedford Copper
*55 Nov. 30 Holders of rec. Nov.14
Tennessee Copper & Chemical (guar.). _ 250. Dec. 15 Holders of rec. Nov.300
Thompson (J. R.) Co., corn.(monthly). 25e. Dec. 1 Holders of rec. Nov.230
Timken Detroit Axle, pref. (quer.)
131 Dec. 1 Nov. 21 to Dec. 1
Timken Roller Bearing (guar.)
750. Dec. 5 Holders of rec. Nov.200
Extra
25e. Dec. 5 Holders of rec. Nov.200
Tuckett Tobacco, common (quer.)
Jan, 15 Holders of rec. Dec. 31
1
Preferred (guar.)
114 Jan, 15 Holders of rec. Dec. 31
Underwood Typewriter, com.(guar.)._ _
750. Jan, I Holders of rec. Dec. la
Common (extra)
Dee. 23 Holders of rec. Dec. la
$1
Preferred (guar.)
1% Jan. 1 Holders of rec. Dec. la
Union Tank Car, common (guar.)
114 Dec. 1 Holders of rec. Nov.10a
Common (in common stock)
33 1-3 Dec. 10 Holders of rec. Nov. 23a
Preferred (guar.)
151 Dec. 1 Holders of rec Nov. 10a
,
United Drug, corn, (guar.)
1% Dec. I Holders of rec. Nov. 16a
Second preferred (guar.)
135 Dec. 1 Holders of rec. Nov. 16a
United Dyewood. pref. (guar.)
1% Jan.I'26 Holders of rec. Dec. 150
U.El. Cast Iron Pipe & Fdy., pref.(guar.) 144 Dec. 15 Holders of rec. Dec. la
U.S.Dairy Products, let pref. (quay.)... 14t Dec. I Holders of rec. Nov.20a
Second preferred (quer.)
Dec. 1 Holders of rec. Nov.20a
2
U.S. Gypsum,corn,(quer.)
*40c. Dec. 31 Holders of rec. Dec. 5
Common (extra)
Dec. 31 'Holders of rec. Dec. 5
•52
Common (payable in common stock)_ _ •e15 Dec. 31 'Holders of rec. Dec. 5
Dec. 31 Holders of rec. Dec. 5
Preferred (quer.)
U.S. Hoffman Machinery. corn. (guar.) 75c. Dec. 1 Holders of rec. Nov.20a
Preferred (quer.)
114 Dec. 1 Holders of tee. Nov.20a
U. S. Realty dt Improvement (guar.)
- 2% Dec. 15 Nov. 17 to Dec. 9
U. S. Steel Corporation, corn. (guar.)._
131 Dec. 30 Nov.28 to Nov.30
Common (extra)
14 Dec. 30 Nov.28 to Nov.30
Preferred (guar.)
1% Vol,. 28 Nov. 3 to Nov. 4
U. B. Stores, 7% pref. (quer.)
114 Dec. 1 Holders of rec. Nov. 100
Upson Company,common (guar.)
Dec. 15 Holders of rec. Dec. 1
Preferred (guar.)
114 Jan, 1 Holders of rec. Dec. 15
Vacuum Oil (guar.)
50c. Dec. 19 Holders of rec. Nov.30
Extra
50c. Dec. 19 Holders of rec. Nov.30
Special
Dec. 10 Holders of rec. Nov.30
$1
Van Realte Co., preferred (goat.)
114 Dec. 1 Holders of rec. Nov. 170
Wamsutta Mulls(quer.)
135 Dec. 15 Holders of rec. Nov. 10
Weber & Heilbroner, corn.(guar.)
Dec. 30 Holders of rec. Dec. 15
$1
Preferred (guar.)
1% Dec. 1 Holders of rec. Nov. 16
Welch Grape Julce, common
250, Nov. 30 Holders of rec. Nov. 20
Preferred (guar.)
114 Nov.30 Holders of rec. Nov.20
Wesson Oil& Snowdrift, Inc., pf.(qu.)
$1.75
Western Grocer, pref
335 Jan.1'26 Dec. 20 to Jan. 1 1926
Western Maryland Dairy, corn.(guar.)75c. Dec. 1 Holders of rec. Nov.20a
Common (extra)
Dec. 1 Holders of rec. Nov.20a
$1
White (J. G.) & Co., Inc., pref.(quer.)135 Dec. 1 Holders of rec. Nov. 15
White (J. G.) Mgt. Corp., pref.(quer.). 1% Dec. 1 Holders of rec. Nov. 16
White (J. G.) Engineering, pref. (qu.).
1% Dec. 1 Holders of rec. Nov. 16
White Motor (quer.)
Dec. 30 Holders of rec. Dec. 15a
$1
White Rock Mineral Spits., corn. (guar.) 30c. Dec. 31 Holders of rec. Dec. 22
Common (extra)
20c. Dec. 31 Holders of rec. Dec. 22
First preferred (guar.)
1% Dec. 31 Holders of rec. Dec. 22
Second preferred (guar.)
135 Dec. 31 Holders of rec. Dec. 22a
Second preferred (extra)
1
Dec. 31 Holders of rec. Dec. 220
Will & Baumer Candle, Inc.. pref. (qu.) 2
Jan, 1 Holders of rec.
Woolworth (F. W.) Co., corn. (guar.).- 75c, Dec. 1 Holders of rec. Dec. 15
Nov. 150
Wright Aeronautical Corp.(quer.)
25c. Nov. 30 Holders of rec. Nov. 160
Wrigley (Wm.) Jr.. & Co.(monthly).- 250, Dec. 1 Holders of rec. Nov.200
WurlItzer (Rudolph) Co.,8% prof. (111.) 2
Dec. 1 Nov. 20 to Dec. 1
Zenith Radio (annual)
6
Jan. 2 Holders of rec. Dec. la
Extra
4
Jan. 2 Holders of rec. Dee. la
•From unofficial sources. t The New York Stock Exchange has ruled that
will not be quoted ex-dividend on this date and not until further notice. stock
I The
New York Curb Market Association has ruled that stock will not be quoted
ex
dividend on this date and not until further notice.
Annual dividend for 1925 all payable In equal quarterly installments on
April 1
July 1, Oct. 1 1925 and Jan. 1 1926. have been declared as follows: On the
common
dock $4 40, quarterly installments 31 10, prior preference,7%,querterly Installments
%,participating preferred, 7% regular, quarterly installment 135 % participating
preferred, 2% extra, quarterly installment I4%. preferred. 8%. quarterly Installment, 34%.
a Transfer books not closed for this dividend. et Correction. e Payable in stock.
IPayable in common stock. g Payable In scrip. h On account of
accumulated
dividends. m Payable in preferred stock. n Payable In Canadian funds.
r Dividend is 131 share of B stock for each 100 shares held.
8 Payable either in cash or In Class A stock at the rate of 5-100 share of Class A
for each share of preferred held.
I Payable in participating preferred stock.
U Leo lic, per share corporation income tax.
g payable 20c. In cash and 15c, per share (1-100 of a share) In common stock.
to One-fiftieth of a share of common stock.
g payable also to holders of coupon No. 37.
y Dividend is one-tenth of a share of common stock for each share held.
tDividend is three shares of common stock for each 100 shares held.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clcaring House members for the week ending Nov. 14. 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.
-that is. three (000) MPhers swIttlid
(Staled fn thousands of dollars)
New
Reserve
Capital rofits. Loans,
with
Net
--Discount. Cash
Time Bassk
Week Engin e
in
Legal Demand
Detrot
Nov. 14 1925 , Nat'l, Sept.28 InvestState, Sept.30 meats, Vault. Deport Deposits, poets. latortes.
Sou.
(000 omitted. Tr.Coa.Bept.30•terdtc.
Members of ed. Res.Bank.
$
$
3,
Bank of N.Y..
Trust Co.. . 4,000 12,689
Bk of Manhat n 10,000 14,354
Mach &MetN :t 10,000 15,749
Bank of Ameri a 6,500 5,136
National City- 50,000 62,403
. 4,500 17,597
Chemical Nat
Am Ex-Pac N 6t 7,500 12,625
Nat Bk of Corn _ 25,000 40.021
Chat Pb NB& F 13.500 13,236
Hanover Nat _ 5,000 25,443
Corn Exchange 10.000 14,411
National Par _ 10,000 24,375
East River Na _ 2,500 2.375
First National _ 10,000 71,199
Irving Bk-Col 'r 17,500 13,169
928
250
Bowery Nati Bk
Continental_ _ . 1,000 1,126
Chase National 20,000 26,894
500 2,838
Fifth Avenue _
600 1,055
Commonwealt 1.
Garfield Nat'l _ 1,000 1,766
Seaboard Nat'I_ 5,000 8,758
Coal S, Iron N :t 1,500 1,531
20,000 29,390
Bankers True
U S Mtge & T _ 3,000 4,602
Guaranty Tru it 25,000 21,229
Fidelity-Inter 'r 2,000 2,167
it 10,000 19,593
New York
Farmers L & 'r 10.000 18,355
Equitable TrusIt 23,000 12,031
Average.
$
76,026
161,552
179,511
82,101
612,899
138,286
146,478
354,090
228,244
126,181
198,422
180,547
40,684
285,188
294,751
5,820
8,337
395,637
26,551
14,225
17.925
117,852
20,041
347,363
57,469
431,943
23,231
171,929
147,498
261,975
ft
Books Closed.
Days Inclusive.
NM.A.00=t0.00.NAMW....400.4.,...PlAW
CD.00..1A0004.4.4.0..obb..w.OM ,
ICA.CpC.A..M.
When
Per
Cent. Payable.
2493
A.
. . . A.
!.5 ...4 N
N.4.AWM
MolAt.....c1401A1A WA,
cpiAl
Name of Company.
THE CHRONICLE
Average
$
8,284
17,915
22,587
11,984
68,534
15,851
17,517
40,215
24,352
15.157
25,732
17,564
4,585
25,759
38,317
495
1,034
49,692
3.489
1,411
3,035
15,516
2,397
37,835
6,931
51,066
2,467
20,104
14,939
29,843
Average. Average Alegi
$
59,577 8,074
131,054 26,984
169,303 11,944
546
89,507 4,015
*653,304 65,569
851
118,478 5,996
348
131.855 10,705 4,936
304,362 15,648
174.051 41,246 5,9341
113,729
175,166 29,917
133,369 9,795 3,535
31,646 11,879 936
193,725 20,084 4,951
289,777 22,369
3,225 2,032
7,196
366
*389,658 18,106
992
25.916
--- ---9,812 4:218
18.059
509
118,227 3.428
46
17,095 1.919 411
.308.976 48,503
51,821 5,280
*443,780 41,973 _.,
18,833 1.806
147,193 19,791
*114,265 23,673
*292,032 30,423 --
Total of avera0 18308,850497,0555,152,747' 49,044594,607c4.401,037486,25223,488
Totals, actual co ndition Nov.145,137,350 47,035628,180c4,375.268489.981 23,602
Totals, actual co ndltion Nov. 75,163,313 49,781576.668e4.391.489 481,479 23,398
Totals, actual co nclition Oct. 315.185.820 46.662624.925c4.448,693483,079 23.339
State Bank Not Members of Fed'I Res've Bank.
23,263 2,049 2,189
22,660 1.743
Greenwich Bank 1.000 2,561
39,432 64,086 ---_
State Bank..._ 3,500 5,728 106,731 4,647 2,523
Total of averag is
4.500
8,290
129,994
6,696
4,712
62,092 65.829
Totals, actual eo nclition Nov.14 132,253 6,609 4,917
Totals, actuateo ndition Nov. 7 129,084 6.939 4,730
Totals, actual o edition Oct 31 129,827 66.54 4.607
Trust Comps ii es Not Members of Fed '1 Res'ye Bank.
66,191 1,527 5,111
Title Guar & T *. 10,000 17,512
22,709
955 1,728
Lawyers Trust _ 3,000 3,144
64,372 65,874
61,661 65,690 ---62,458 65,530 -44,060
18,136
1.933
972
Total of overdo 4 13,000 20,656
88,900
2.482
6,839
62,196
2,905
Totals, actual co ndition Nov.14
Totals, actual o ndition Nov. 7
Totals,actual co ndition Oct. 31
87.497
89,340
90,752
2,300
2,445
2,396
6,968
7,153
7,459
61.462
62,942
64,726
2,903
2,909
2.963
__-
Gr'd aggr.,aver 326,350526,0025.371,641 58,222606,158 4,525,325554,986 3,488
Comparison wi h prey.week.. -40,252 +2.019-5,194 -41,671 +8,126 +153
'
Gr'd aggr.. act cond'n Nov.145,357,100 55,944640,065 4,501,102558.75823,602
Comparison w t h prey.week _ _ -24,637-3,221 +51514 -14.996+8.680 +204
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
'
aggr.. da ond'n
aggr.. na'1 cond'n
aggr., act7cond'n
agrr.. act't cond'n
aggr.. der't cond'n
aggr.. act'1 cond'n
Nov. 75,381.737
Oct. 315.408.399
Oct. 245,371.135
Oct. 175,345,937
Oct. 105,314.0114
Oct. 35,376.036
59,165588.551
55.712638.991
64.947587.457
53,721 602,255
56,387603.479
54,889 562 513
4,516.092550.078 3,398
4.575.877551,57223.319
4,474.664 562.411 23.239
4,470,182581,340 23,164
4.402,005 576,640 23,063
4.410.981 587.718 23,057
Note.
-U. S. deposits deducted from net demand deposits in the genera totals
above were as follows: Average total Nov. 14, 817,908,000. Actual totals, Nov. 14.
$17,200,000; Nov. 7, $18,999,000; Oct. 31, 819,000,000: Oct. 24, $19,000,000;
Oct. 17, $25,299.000. Bills payable, rediscounts, acceptances and other liabilities.
average for the week. Nov. 14, 8626,817,000; Nov. 7, $627,599,000; Oct. 31, $625,146.000; Oct. 24, 3618.357,000: Oct. 17, $624,462,000. Actual totals. Nov. 14,
5668,782,000; Nov. 7, 8623,671,000; Oct. 31, 5640,926,000: Oct. 24.5648,562.000:
Oct. 17, 5611,482,000.
•Includes deposits in foreign branches not Included in total footings as follows:
National City Bank, $146,581,000: Chase National Bank, $10,990.000; Bankers
Trust Co.. $30,306,000; Guaranty Trust Co., 569.749,000; Farmers' Loan & Trust
Co., $6,466,000; Equitable Trust Co., $69,362.000. Balances carried In banks in
foreign countries as reserve for such deposits were: National City Bank,$16,828,000:
Chase National Bank, $1,774,000; Bankers Trust Co., $2,043.000; Guaranty Trust
Co., $1,993,000: Farmers' Loan & Trust Co., $8,468.000; Equitable Trust Co.,
$7,285.000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Reserve
Cash
In
&SUM
in Vault. Depositaries
Members Federal
Reserve banks__ -State banks.
Trust companies'...
Total
Reserve.
Reserve
Required,
Surplus
Reserve,
$
6,696,000
2,482,000
594,607,000 594.607,000 586.722,370
4,712.000 11,408.000 11.176,560
6,839,000 9,321,000 9,329,400
7,884,630
231,440
--8,400
9,178,000 606,158.000 615.336.000 607,228,330 8,107,670
9,203,000611,352,000 620,555,000 612,369,490 8,185,510
8,928,000605.390,000 614,318,000 606,477,790 7,840,210
8.586.000 602.001.000 610.677 000 601.318.890 9.358.110
• Not members of Federal Reserve Bank.
a This is the reserve required on the net demand deposits in the ease of State
and trust companies, but in the case of members of the Federal Reserve INMAN
Bank
Includes also amount In reserve required on net time deposits, which was as follows:
Nov. 14. $14,587,580; Nov. 7, $14,349,780; Oct. 31, $14,498,910; Oct. 24, $15,193,980; Oct. 17, 815,147,840.
Total Nov. 14_ --Total Nov. 7_
Total Oct. 31---Total Oct
._
[VOL 121
THE CHRONICLE
2494
Actual Figures.
Cash
Reserve
in
Reserve
in Vault. Depositaries
Total
Reserve.
Reserve
Resulted.
Surplus
Essays.
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Slumbers Federal
Reserve banks....__
State banks*
Trust companies*
28,180400 628,180.000 583,484.270 44,695,730
60.960
6,609,000 4.917.000 11.526.000 11,586.960
48.700
2,300.000 6.968.000 9,268.000 9,219,300
Total Nov. 14_
Total Nov. 7
Total Oct. 31
Total Oot.
8.909,000 640,065,000 646,974,000 604,290,530 44,683,470
9.384.000 588,551.000 597,935,000 605,878,220 7,943,220
9.050,000 638,991.000 646,041400 813.773.800 32,287.200
8,501.000 587.457.000 595 958 000 800,794 280 4.836200
*Not members of Federal Reserve Bank.
•This is the reserve required on net demand deposits in the case of State banks
inand trust companies, but in the case of members of the Federal Reserve Bank
follows:
eludes also amount of reserve required on net time deposits, which was as514,817Nov. 14, $14,699,430; Nov. 7, 314,444,370; Oct. 31. 314,492,370: Oct. 24.
150: Oct. 15, 315,333.240.
No.. 18
1925.
Changes from
preMosu smut
Nov. 4
1925.
Nov. 11
1925.
,
$
•
$
66,800,000 66.800,000
66,800,000 Unchanged
Capital
91,771.000 Inc. 1,003,000 90.768,000 90.778.000
Surplus and profits
Loans. dIsets & investments_ 1027339000 Dec. 11,720.000 1039059000 1032254000
Individual deposits,Ind. U.S. 714.176,000 Inc. 5,628,000 708,548.000 719.314.000
144.488,000 Dec. 907,000 145.485.000 145.545,000
Due to banks
223,135,000 Dec. 3,518,000 228,653,000 215.470.000
Time deposits
4,476.000 Dec. 1.185,000 5.661.000 5.798.000
United States deposits
Exchanges for Clearing House 35,216.000 Inc. 3,113,000 32,103,000 38.773.000
Due from other banks
93.830,000 Inc. 4,084,000 89.746,000 90.753,000
594.000 83,267,000 83.460,000
Reserve in Fed. Res. Bank, 83,861,000 Inc.
Cashin bank and F. R. Bank 8,893,000 Dec. 110,000 9,003.000 9.539.000
Reserve excess In bank and
988,000
758,000
308,000
1,064,000 Inc.
Federal Reserve Bank
State Banks and Trust Companies Not in Clearing
Housel—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 Nov.14, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding, is given below. Reserve
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
(Figer6s "mashed b &ate Banking Department.)
Differencesfrom to be kept with the Federal Reserve Bank. "Cash in vaults"
Previous Week.
Nov. 14.
not mem81,159,366,500 1nc.$15.020,200 is not a part of legal reserve. For trust companies
Loans and investments
688,700 bers of the Federal Reserve System the reserve required is
5,427,500 Inc.
Gold
411,200
25,164.800 Dec.
Currency notes
"Reserve with legal
94,838,700 Inc. 3,972.800 10% on demand deposits and includes
Deposits with Federal Reserve Bank of New York
1,230.831,200 Inc. 24.898,800 depositaries" and "Cash in vaults."
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust comInc.
Week Ended November 141925.
panies in N. Y. City, exchange & U.S. deposits_1,157,527.108 Inc. 27,691,200
4,088,300
168,208,300
Reserve on deposits
Two Ciphers (00)
1925
Trust
Percentage of reserve. 21.8%.
Membersof
omitted.
RESERVE.
F.R.System Companies Total.
—Trust Companies
-—Nate Banks
587.482.200 14.36% Capital_
$37.948,800 16.26%
$42,025,0 $5,000.0 $47.025,0
Cash in vault.
30,001,000 04.92% Surplus and profits
128,684,0 17,182,0 145.866,0
Deposits in banks and trust cos..— 12,774,300 05.47%
Loans, disc'ts & Investm'ts 840,302,0 48,243,0 888.545,0
3117,483,200 19.28% Exchanges for Clear House 42,179,0
841.0 43.020,0
850,723.100 21.73%
Total
24.0 129,144,0
Due from banks
129.120,0
the Bank deposits
932,0 153,564,0
152.632,0
•Includes deposits with the Federal Reserve Bank of New York. which for
619,021,0 30,185.0 849,206.0
Individual deposit.
banks and trust commute,combined on Nov. 14 was 894.838,700.
State
1.977.0 114.321,0
112.344,0
Time deposits
883,997,0 33494,0 917,091.0
Total deposits
5.913,0
U.S. deposits (not incl.) _
4,454.0
4,454,0
Banks and Trust Companies in New York City.—The Res've with legal depoeles
banks and Reserve with F.R.Bank _ 65,579.0 1,427,0 65,579.0
averages of the New York City Clearing House
12,344.0
10.917,0
Cash
banks and Totalin vault •cash held
5,881,0 82,377,0
76,496,0
reserve.4
trust companies combined with those for the State
Reserve required
trust companies in Greater New York City outside of the Excess res. & cash In vault 66,504,0 4,635,0 71.139.0
1,246,0 11.238,0
9,992.0
Clearing House are as follows:
*Total Cash
in Vaults.
Reserve in
Depositaries.
8
6.320.677.200
6,284,570,900
6,302.682.100
6.324,244.800
8,832.147,800
6,345.708.100
6,341.502.700
6,354,728,100
6,345,880.300
6,361.302.700
6,403,318,900
6,480.941.200
6,485,023,700
6,463.183.200
6,481.864.200
6.502.188.400
6.556.239,300
a rat 007.600
8
5.509,425,100
5,486,216,200
5,472,674.300
5.481.392.100
5.483,129,200
5,442,736.800
5.443.132,500
5,486.107,300
5.419,137,800
5.465.413,400
5,404.398.300
5.496.730.100
5,491,705,400
5.550.483.800
5.576.689.600
5,629.110,200
5,696.831.900
5.682.852.100
$
734,107,700
724.866.500
718,669.200
721.005,000
723,923,100
712,983,700
715,040,400
711.813,900
718,328.800
731,851.200
703,335.900
717,035.400
716,263.500
727,858.400
733.612.200
735,006.800
745,155.200
743.772.000
atitg§§§;§§8§88g§
Week laded—
July 18
—
July SY
Aug 1
Aug 8
Aug. 15......---....Aug. 22
Aug. 29
Sept 5
Sept.12
Sept. 19
Sept. 28
Dot. 3
......--....
Det. 10
DOS. 17
Dot. 24
Dot. 31
Nov. 7
ire., Is
Demand
Deposits.
MiSLTEM248aVVV4
Loans and
Irtessiments.
Coi.O.- 4VtobMiziggW:.ia
5tft
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
ComNew York City Non-Member Banks and Trust House
panies.—The following are the returns to the Clearingnot inby clearing non-member institutions and which are
cluded in the "Clearing House Returns" in the foregoing:
OF NEW YORK CLEARING
RETURN OF NON-MEMBER INSTITUTIONS
HOUSE.
three ciphers 10001 omitted.)
(Staled in Mousers& of doliers—that is.
Loans.
D14CLEARING
counts,
NON-MEMBERS
InvestNet
Week Ending Capital. Profits. masts,
eke.
Nov. 14 1915.
Members of
Fed'I Res've Bank
Grace Nat Bank._
Total
State Banks.
Not Members of th
Federal Reserve Bank
Bank of Wash. HIS.
Colonial Bank
Total
Trust Company
Not Member of the
Federal Reserve Bank
Moth Tr, Bayonne_
Reserve
Net
Net
with
Cash
Legal Demand Time
in
Vat4t. Deport- Deposits. Deposits.
tortes.
Average. Average. Average. Average. Average.
$
$
$
$
$
4.291
5,517
869
46
11,886
i
1.000
$
1.798
1,000
1.798
11,886
46
P69
5.517
4,291
200
1,200
.584
2,689
8,462
32,400
799
3,586
385
1.806
6.417
29,000
2,593
4,241
1,400
3.274
40.862
4.385
2.191
35,417
6,834
Oct. 31
1925
Nov. 7
1925
847,025,0
145,866,0
886,165.0
47,494,0
132.337,0
154,095,0
849,865,0
118,809,0
922,769,0
6,374.0
4.461,0
66,683,0
11,830,0
82,774,0
71,294.0
11,480,0
$47,025,0
145.824.0
885.702,0
37.093,0
112,8074
148,026.0
632.495,0
108.879.0
884.400,0
6,427,0
3,910,0
64.880.9
11.518,0
80.308,0
69.474,0
10,834,0
*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 Nov.18 1925 in
comparison with the previous week and the corresponding
date last year:
10 1925. Nov.19 1934.
Nov. 18 1925. Nov.
$
Resource,—
370,348,000 370,347,000
Agent
Gold with Federal Reserve
6.690.000
Gold redemp. fund with U. S. Treasury. 10.389.000
Gold held exelusively agst.F.R.notes- 380.737,000 377,037,000
252.710.000 254.416,000
Gold settlement fund with F. R. Board.. 373,228.000 364.426,000
Gold and gold certificates held by bank...
1,006.675,000 995.879,000
Total gold reserves
25,313,000
27,490,000
Reserves other than gold
1,034,165,000 1,021.192,000
Total reserves
17,326,000
15,845.000
Non-reserve cash
BUM discounted—
90,582,000
89.476,600
obligations
Secured by U. S. Govt.
62,554.000
58,501,000
Other bills discounted
147,977,000 153,136,000
Total bills diacounted
32.309.000
28,252.000
Bills bought In open market
U. B. Government securities—
1,257,000
1,257,000
Bonds
58.342,000
$6,007,000
Treasury notes
4,115,000
5,190,000
Certificates of indebtedness
62 454 000
:0
2
1:537 4 0
securitlee-- 63 122 1:2 6:000
igotal 17 . GovernmtS
.8
ForeTn l.. ongold.
529,719,000
9,555,000
539,274,000
166,216,000
232,955,000
938,445,000
20,802,000
959,247.000
14,138,00e
21,837,000
29,134,000
50,971,000
$2,030,000
4,902,000
136,114,000
46,300,000
187,316,000
14 00
6%
239.482,000 249, 9 000 320,317,000
0
Total bills and securities (See Note)
671,000
477,000
lDn e iiected relma
u ucofrom foiwgn banks (See Note)._ __
2 2%
187.307.000 164:33 000
0 0
0
17,252.000
17.189,000 156,638,000
Bank premises
4,243.000
01:::::
All other resources
1 498.965,000 1.472.081.000 1,478,059,000
Total resources
Ltabattles—
Ferri Reserve note. In actual circulation- 356,779.000 353,995.000 374,320,000
Deposits—Member bank, reserve acc't-- 864,585,000 857.179,000 857,817,000
4,132,000
3,565,000
6,040,000
Government
11,520,000
7,703,000
10.509,000
Foreign bank (See Note)
11.458,000
11,158,000
12.265.000
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
891,675,000 885,993.000
155,504,000 137.138,000
32,153,000
32,149.000
58,749,000
58,749,000
4,105,000
4,057.000
880,243,000
131,131,000
30,232,000
50,929,000
2,204,000
1 498,965,000 1.472.081.000 1,478,059,000
Total liabilities
Ratio of total reserves to deposit and
5,036
3,161
82.8%
63
76.5%
82.4%
415
9,006
540
Fed, Reeve note liabilities combined500
Total
Contingent liability on bills purchased
7,900,000
3,123 244,095 17,061
10,049.000
4,846
10.264.000
5.618 61,754
for foreign correspondents
2,900
Grand aggregate._ _
+49
—3 +1.780
+388
+1,219
Comparison with pr ev. week
NOTE.—Beginning with the statement of Oct. 7 two new Items were added In
3,128 042,315 17,012 order to show separately the amount of balances held abroad and amounta due to
4,458
5.618 60,535
2,900
now
aggr., Nov. 7
Gr'd
2,846 841,166 17,019 foreign correspondents. In addition, the caption. "All other earning assets,"
4,366
60,294
5.618
2,900
to
Or'd aggr., Oct. 31
2,868 241.670 17,002 made up of Federal intermediate credit bank debentures, has been changed se4,405
2,900
5.618 60,132
Gr'd aggr.. Oct. 24
caption. "Total earning assets" to "Total bills and
3,092 841,988 16,954 "Other securities." and the
4.548
5.6181 60 529
2.900
ot'd agar.. Oct. 1
euritles." The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of
a United States deposits deducted, none.
82.035,000.
SectIons 13 and 14 of the Federal Reserve Act. which are the only items included
Buis payable, rediscounta, acceptances and other liabilities.
therein
Excess reserve. $60.270. Increase.
500
546
9,006
415
83
3,161
5,936
Nov. 21 19251
THE CHRONICLE
2495
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,Nov.19,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 2468, 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 NOV. 18 1925.
Nov. 18 1925. Vov, 10 1925. Nov. 4 1925. ovt. 28 1925. Oa, 21 1925 Oct. 14 1925. Oct. 7 1925. Sept. 30 1925. Nov. 19 1924.
s
$
S
$
$
$
$
RESOURCES.
$
$
1,355,579,000 1,356,016,000 1.332,277,000 1.377,127.000 1,399378,000 1.372,913,000 1.365,341.000 1,381.941.000 1,933,981,000
bold with Federal Reserve agents
38,620,000
62,443,000
50.732,000
57.112,000
58.906.000
54,197,000
54,143,000
49.994,000
47,770.000
Sold redemption fund with U.S. Trees
0
Gold held exclusively agst. F. R.notes 1318,022.000 1,405.748.00 1.382.271.000 1,424,897,000 1.453,321.000 1.430,055.000 1.124.247.000 1.436,138.000 1,972,601,000
724,982,000 737,838.000 753,252,000 716,589.000 701.960,000 733.661.000 748.208,000 736.603.000 610,131,000
Sold settlement fund with F. R. Board
639,245,000 634,530,000 637,040.000 641,063.000 623.103,000 602,348,000 588,933.000 587.226.000 468,086,000
Sold and gold certificates held by banks
2,782,249,000 2.779,116.000 2,772,563,000 2,782.549.000 2.778,384,000 2,766.064.000 2.761,388.000 2.759.967.000 3,050,818,000
122,836.000 111,386.000 107,718,000 110.511,000 110,912,000 103.723,000 101.093,00(1 105,567.000
92,411,000
Total gold reserves
Reserves other than gold
2,905,085,000 2,890,502,000 2,880,281,090 2,893,060.000 2,889,296.000 2,869,787,000 2,862.481.00(1 2,865.534.000 3343,229,000
Total reserves
49,546,000
47,167,000
48,409.00(1
43,005.000
48,045,000
46,901.090
53,734,000
48,189.000
Non-reserve cash
52,932,000
Bills discounted:
84,680,000
Secured by U. S. Govt. obligations-. 280,534,000 276,229,000 330,229.000 293,285,000 293,172.000 308,213,000 320.381,000 316,794.000
285,832,000 288,431,000 306.109.000 296.709,000 309,789.000 335,335,000 323,648,000 316,394.000 149,164,000
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
CertifIcates of indebtedness
566,366.000
354.980,000
564.660.000
352.687.000
636,338.00(
342,453.000
589,994.000
328,717,000
602.961.000
293,259.000
643,548,000
287,014.000
644,029,000
283.944.000
633,188.000
2(38,310,000
233,844,000
275,245,000
56,352,000
244,272,000
32.655,000
57,632.000
243,122.000
33,254,000
57,632000
243,740,000
28,853.000
56,020,000
248.477.000
20,260,000
55,907.000
248,366.000
19,532,000
55,638,000
261,122.000
19,473.000
55,618,000
249,811.000
18.695.000
55,658.000
268.155.000
19.093.000
44,243,000
397,568,000
145.266,000
Total U. S. Government securities_.
Other securities (See no(e)
Foreign loans on gold
333,279,000
3,150.000
5.701.000
334,003,000
3.720.000
4,799,000
330,225.000
3.220.000
3,800.000
324,757.000
3,220,000
3,399.000
323,805.000
3.220,000
6,300,000
336,233,000
2,420,000
6,400.000
324,124.000
2,420.000
10,604.000
342,906.000
2.420.000
10.200.000
587,077,000
2,550,000
Total bills and securities (See Note)._ _ 1,263,476,000 1.259,874.000 1,316,036.000 1,250,087,000 1,229,545.000 1,275,615,000 1.265,121.000 1.257.024,000 1,098,716,000
671,000
Due from foreign banks (See Note)
540.000
639.00(
640.000
839.00(1
639.000
478.000
640.000
640.000
Uncollected items
816,673.000 702,177.000 887.010,000 684.027,000 782,668,000 920,079,000 713,311.000 655,053.000 713,720,000
61,809,000
Bank premises
61.632,000
61,535.000
81,552.000
61,475.00(
61.593,00(2
61,085,000
61.401.000
81,557.000
18,108,000
18,08.,000
All other resources
18,583,000
18.062.00(
17,751.000
26,701.000
17.700.000
18,282,000
18,120,000
Total resources
LIABILITIES.
F. R.. notes in actual circulation
Deposits
Member banks
-reserve account
Government
Foreign bank (See No(e)
Other deposits
5,115,368,000 4,980,081,000 5,010,743,000 4,960,423,000 5,035.186,000 5.194,283,000 4,969,498.000 4.905,540,000 3,086,934,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities,
2,321,899,000 2,288,743,000 2,315,000,000 2.297,264,000 2,283,946,000 2,288,181,000 2,283,057.000 2,267,979.000 2,270,445,000
733,512,000 628,462.000 631.239.000 817.350.000 705,954,000 840,828,001) 636.162,000 603.977.000 646,230.000
116,813,000 116,659,000 116,653.000 116,602,000 116,629.000 116.487.000 116,401.000 116.440.000 112,241,000
217,837,000 217,837.000 217.837.009 217,837.000 217,837.000 217.837.0110 217,837.000 217.837.000 220,915,000
17.257,000
17,105,000
15,418,000
14,853.000
15,872.000
13,643,000
16,599,000
14.193,000
16,592,000
1,708.050,000 1,711,275,000 1,713322,000 1.1394,771.000 1.694,948.000 1.715,532,00(1 1,701,128,000 1.685.114,000 1,823,460,000
2,260,822.000 2,232.173.000 2,245,629,000 2,227.212.000 2,206,347.00)) 2,229.825.000 2,238,154,000 2,209.937.000 2,215,346,000
24,975.000
16.732.000
32,64:1,000
22 294,000
.
46.132,000
24,667,000
38.670.000
31,302.000
30 383 0
. . 00
12,999,000
11,988,000
8,306.0011
11,424,000
7,091.000
8.922,000
12,071.000
7,530.000
11.473.000
23,103,000
22,288,000
19,865.000
18,622,000
21,510,000
27,515,000
19,311,000
20,043.000
19,210,000
Total liabilities
5,115,368,000 4.980.081,000 5,010,743,000 1,960323,000 5,035,186.000 5,194,283.000 4,969,408.0004,905,540,000 5,086,934,000.
Ratio of gold reserves to deposit and
F. R. note liabilities combined
69.0%
69.4%
69.3%
69.8%
69.0%
89.8%
74.5%
88.7%
69.9%
Ratio of total reserves to deposit and
F. R.. note liabilities combined
72.1%
72.3%
71.8%
71.7%
71.5%
72.6%
76.8%
72.5%
72.5%
Ocaitingent liability on bills purchased
37.063,000
for foreign correspondents
36,848.000
36,876,000
35,697,000
36,796.000
27,174,000
36,811.000
33,581,000
36,849,000
$
Distribution Si, Maturities$
$
5
$
$
$
$
$
101.396,000 105.640,000
93,426,000
1-15 day bills bought In open market
80,794,000
92,931.00u
97,943,000
95,272.000
85,686.000
68,123,000
438.585,000 439,780.000 497.635.000 451,142,000 459.734,000 507,220,000 500,588.000 488,986.000 149,052,000
1-15 days bills discounted
4,878,000
6,453,000
4,438,000
2,644.000
1-15 days U. S. certif. of Indebtedness.
2,563,000
3,149,000
2,146,000
4,409.000
1-15 days municipal warrante
64,863,000
60,529,000
4,3,851.000
16-30 days bills bought in open market
47.263.000
46,870.000
64,062,000
58,526.000
49.306.000
49,011,000
36,883.000
35.232.000
36,789.000
37.573,000
35,822,000
18-30 days bills discounted
38,974.000
37,471,000
25,528.000
36.430.000
2,346,000
517,000
18-30 days U. S. certif. of indebtedness_
68,240,000
16-30 days municipal warrants
98,609.000
67,752,000
74,242,000
31-60 days bills bought in open market. 105,985,000
88,301.000
81,579.000
86.818.000
65,9898000
84,907,006
55,854,000
56,540.000
56,987,000
61,798.000
58,608.000
81-60 days bills discounted
62,158.000
62,859,000
59,502,000
33.17 .
5 000
1,380.000
1,815,000
517,000
31-60 days U. S. certif. of indebtedneei
1,870,000
1,860.000
100,000
81-60 days municipal warrants
66,519,000
71,671,000
61-90 days bills bought in open market.
67,122.000
64,225,000
55,939.000
79,029.00))
70,404.000
55.955.000
60,941,000
23,663,000
25,107.000
42.216,000
61-90 days bills discounted
28,832,000
35.242.000
35,519.000
30,389,000
41.776.000
16,493.900
61-90 days U. S. certif. of Indebtedness
1,618,000
1,154.090
1,746.000
61-90 days municipal warrants
16,212,000
16,238,000
13.962.000
Over 90 days bills bought In(men market
12.760.000
14,801,000
16,214.000
16,501.000
11,374.000
12,263,000
9,937.000
9,445.000
Over 90 days bills discounted
8.739.000
8,614.000
6,795.000
8.133,000
7,033,000
8,494,000
9,596,000
25.431,000
24,1(14,000
Over 90 days certif. of Indebtednese
15,571,000
13,364,000
14,433.000
24,410.000
15,251,000
12.938,000
76,926,000
Ova 90 days municipal warrants
P. R. notes received from Comptroller
F. R. notes held by F. R. Agent
2,923.655,000 2,932,570,000 2,924,912,000 2,928.964.000 2.943,706.000 2,951,640,000 2.944,762,000 2,940.580.000 3,170,639,000
896,802,000 905,682,000 912,601,000 921,892,000 931,202.000 940,892,000 949,821.000 960,287,000 916,214,000
Issued to Federal Reserve Banks
2,026,853,000 2,026.888,000 2
.012,311.000 2,007,072,000 2,012,504,000 2,010,748,000 1,994,941.000 1.980,2.93.000 2,254,425,000
-
How Secured
By gold and gold certificated
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
305.301.000
111,014,000
939,264,000
878,126,000
303.330,000
101,276,000
951,410,000
863,613,000
303,331,000
106,401,000
922,545.000
929,598.000
305,731,000
110,614,000
960,782.000
870.683,000
307,731,000
100,639.000
990,808,000
847,507,000
307,731.000 307,731.000
102,930,000 110,905.000
962,282,000 946,705.000
885.602,000 885,379,000
307,731,000 289,504,000
115.490.000 111,111,000
958.720.000 1,533,366,000
860.064.000 487,126,000
Total
2,233.705.000 2.219.629.000 2
,261,875.000 2,247,810.000 2,246.685.000 2,258.545.000 2.250.720.000 2,242.005,000 2321,207,000
NOTE.
-Beginning with the sts,tement of Oct. 7 wo new items were added in order to show separately the amount of balances he d abroad and amounts due
to foreign correspondents. In addition, he caption,"All ether earning assets," now made up of Federal Intermediate Credit Bank debentures, has been changed
to
"Other securities," and the caption,"To al earning assets" to -Total bills and securities.- The latter term has been adopted as a more accurate desc:1011on of the
total of the discounts, acceptances and securities acquired under the ProvisionEl of Sections 13 and 14 of the Federal Reserve Act, which are the only Items
Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITFES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
NOV. 18 1935.
Two ciphers (MI) omitted.
Federal Reserve Bank of
Boston.
RESOURCES.
$
581.
0
Ckdd With Federal Resenre Agents 82,
Elold red'n fund with U.B.Treas.. 11,672,0
Gold held excl. agst. R.F. notes 94.253,0
Soldsettle'tfund with F.R.Board 39,037,0
Sold and gold certificates
45,249,0
Total gold reserve,
Reserves other than gold
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran
$
$
$
$
I
$
370,343.0 127,248,0 182,468,0 72,083,0
86.558,0 114,846,0
10,389,0 13,447,0 2,087,0 1,331,0 5,274,0 6,614.0
380.737,0 140,695,0 184,555,0 73314,0
91,832,0 121,460,0
252,710,0 42,698,0 60.306,0 27,590,0 29,851.0 136,550,0
373,228,0 19,497,0 48,309.0 7.861,0 3,225,0 80,515,0
-1,006,675,0 202,890,0 293,170.0 108,865,0 124.908,0 338,525,0
27,490,0 8,157,0 8,544,0 5.988,0 7,014,0 16,968,0
Total.
$
$
$
$
$
$
15,512,0 64,954,0 34,594,0 19,848,0 184,539,0 1,355.579,0
1,080,0 2,191,0 2,562,0 2,211.0 3,585,0
62,443,0
16.592,0 67.145,0 37,156,0 22,059.0 188.124.0 1,418,022,0
18,262,0 19,793,0 35,610,0 16,791,0 45,784,0 724.982,0
11,574,0 7,072,0 4,421.0 10,318,0 27,976,0 639,245,0
178,539,0
46,428,0 94,010,0 77,187.0 49,168.0 261,884,0 2,782,249.0
18,952,0
11,512,0 1,992,0 4,086,0 5,924,0 6,209.0 122,836,0
Total reserves
197,491,0 1,034,165,0 211,047,0 301.714,0 1 14,853,0 131.922.0 355.493.0 57,940,0 96,002,0 81,273,0 55,092,0 268,093,0
Non-reserve cash
15,845,0 1,276,0 3,983.0 3,634,0 3,253,0 6,663,0 3,290,0
4,502,0
762,0 1,930,0 1,626,0 2,782,0 2,905.085.0
49,546,0
Bills discounted:
Sec. by U.S. Govt. obligations 14,143,0
89,476,0 31,904,0 43,113,0 13,433,0 6,985,0 29,741,0 8,555,0 3.778,0 6,509,0 1,618,0
31,279.0 280,534,0
Other bills discounted
58,501,0 22,036,0 39,423,0 26,298,0 21,339,0 26.867,0 22.071,0 3,051,0 12,680,0
27,529,0
7,010.0 19,029,0 285,832.0
-Total bills discounted
41,672,0 147.977,0 53,940,0 82.536,0 39,729,0 28,324.0 56,608.0 30,626.0 6,829,0 19.189,0
Bills bought in open market
26,252,0 15,158,0 10,612,0 5311,0 65,667.0 35,006,0 23,945,0 8,177,0 24,558,0 8,628,0 50,308,0 566,366.0
81,261,0
27,529,0 31,704.0 354,980,0
17. El. Government securities:
Bonds
585,0 7.965,0 1.191,0
1,257.0
529,0
845,0 19,928,0 1,522,0 7,557,0 8,339,0
57,0
Treasury notes
56,352,0
58,342.0 11,428,0 21.989,0 4,253,0 12 406 0 23 626 0 18,873,0 9,020,0 23,282,0 6,577.0
1.993,0
22,779,0 36.281,0 244.272,0
Certificates of indebtedness. 5352,0
4,115.0 7,050,0 1,026.0
__
93,0
1:932;0 1:732:0
1,998,0 1,660,0 7.597,0
32,655,0
7.974.0
63 714 n In 063 n so Ogn 0 5 444 n is 1 vz n 45 986.0 9,0.48811 16 577 0 00 011)0
Total U. S. Govt. sechrities
71.016,0 43,c35.0 333,279.0
2496
THE CHRONICLE
RESOURCES (Concluded)
Two Ciphers (00) omitted.
New York.
$
Other securities
Foreign loans on gold
Boston.
3
422,0
1,539,0
Phila.
8
3,050,0
530,0
[Vol,. 121.
Cleveland. Richmond Atlanta. Chicago. St. Louis Minnear Kan City Dallas. San Fran.
$
$
$
$
3
$
610.0
302,0
234,0
787,0
262.0
188,0
$
$
100,0
228,0
200,0
Total.
3
399,0
3
3,150,0
5,701,0
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
all other resources
131,329,0
Total resource.
LIABILITIES
IP R.nOtesin actual circulation
Deposits:
Member bank-reserve acct
Government
Foreign bank
Other deposits
411,334.0 1,498,965,0 378.509,0 512,011.0 244.367,0 296,413,0 608,909,0 185.378,0 151,951,0 214,721,0 159,733,0 453,077,0 5.115,368,0
Total deposits
Deferred availability Items
Davits' paid in
humble
IR other liabilities
73,641,0
4,190,0
181.0
239,482.0 91.741,0 124.738,0 50,586.0 109,408,0 137,687,0 75.321,0 31,771,0 77.694,0 67,373,0 126,346,0 1,263,476.0
671.0
671,0
187,307,0 72.834,0 73,252,0 72.463,0 46,877.0 99,677,0 43,737,0 17.425,0 48,281,0 32,604,0 48,575,0 816,673,0
17,252.0 1,334.0 7,948,0 2,446,0 2,780,0 8,099,0 4,750,0 3.066,0 4,772,0 1,834,0 3,338,0
61,809,0
4,243,0 .
385.0 2,173,0 1,290,0
376,0
277,0
771,0 1,204,0 3,943,0
340,0 2,925,0
18,108,0
168,351.0
356,779.0 142,744,0 222,410,0 88,456,0 155,818,0 148,251,0 39,586,0 67,990,0 66,849,0 46,640,0 204,176,0 1,708,050,0
143,223,0
2,546.0
150.0
193.0
864,565.0 135,689.0 184,778,0 69,197,0 84,070.0 322,598,0 83,323,0 54.792,0 88,908,0 62,467,0 167,212.0 2,260,822,0
4,132,0 1,410,0 2,297,0 1,085.0 2,159,0 1,821,0 2,231,0 1,478,0 1,286.0 1,769,0 2,761.0
24,975,0
188,0
11,520,0
107,0
217,0
83,0
280.0 .
93,0
81,0
67,0
142.0
71,0
12,999.0
11.458,0
82,0
473,0 1.334.0
117,0
854,0 1,278,0
289,0 1.171,0
76,0 5,778.0
23,103.0
146.112,0
70,836.0
8,553,0
16,382,0
1,100.0
891,675,0
155,504,0
32,153,0
58.749,0
4,105,0
137,760,0
65,722,0
11,521,0
20.059,0
703,0
188,626,0 70,471,0 86,429,0 325,553,0 86,925,0 56,626.0 91,446,0 64.383,0 175,893,0 2,321,899,0
64,001,0 66,689,0 89.231,0 86,860.0 42,843,0 15,566.0 42,386,0 35,782.0 48,092,0 733,512.0
13.090,0 5.978,0 4,657.0 15,718,0 5,127,0 3,185,0 4,262,0 4,337,0 8,232,0 116,813,0
22,462.0 11.701,0 8,950,0 30,426,0 9,971,0 7,497,0 8,977,0 7,592.0 15,071,0 217,837,0
1,422,0 1,072,0 1,328.0 2,101,0
926,0 1.087,0
999,0 1,613,0
801.0
17,257,0
TOtal liabilities
411,334.0 1.498,965,0 378,509,0 512.011,0 244,367,0 296,413,0 608,909,0 185,378.0 151,951,0 214,721,0 159,733,0 453,017,0 5,115,368,0
Memoranda.
Renerve ratio (per cent)
72.3
73.4
75.2
82.8
62.8
54.5
75.0
51.3
45.8
49.6
77.0
72.1
705
Contingent liability on bills purchased for foreign correspond'te 2,717,0
10,049,0 3,414,0 3,928,0 1,946,0 1,505,0 5.066,0 1,689,0
1,211,0 1.468,0 1,285,0 2,570,0
36,848.0
P. It. notes on band (notes reed
from F. R Agent less notes in
troulation)
19,137,0 116,521.0 36.982,0 21,8910 14,846,0 21,420.0 18.946,0 6,236,0 2.165,0 7,648,0 5,414,0 47.647.0 318,803,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS NOV. 18 1925.
Federal Reserve Agent at-
Boston
(Two Ciphers (00) Omitted.)
3
F.R. notes reed from Comptrorr 253,468,0
F.R. notes held by F.it. Agent__ 65,980,0
F.R. notes issued to F.R. bank 187,488,0
Collateral held as security for
F.R. notes issued to P.R. Bk.:
Gold and gold certificates__ 35,300,0
Gold redemption fund
17,281.0
Gold fund-F.R. Board
30.000.0
Eligible gaper
122.933,0
Totalcollateral
205.514.0
Phila. Cleveland Richmond Atlanta Chicago
$
$
s
$
$
$
745.060,0 211.876.0 282,321,0 131,742,0 226,398,0 429,404,0
271,760,0 32.200,0 38,020,0 28.440.0 49,160,0 282.207,0
473,300,0 179,676,0 244,301.0 103,302,0 177,238,0 167,197,0
New York
St. ULU
Minn.
Kan, City
$
$
$
$
San Fr.
Total
$
Dallas
$
71,522,0 87,775,0 99,530,0 69,136,0 315,423,0 2,923,655,0
25.700,0 17.620.0 25,033,0 17.082,0 63,600.0 896,802,0
45,822,0 70,155,0 74,497,0 52,054,0 251,823,0 2,026,853,0
186.698,0 4,400,0 8,780,0 21.160,0 10.200,0
10,575,0 13,052,0
15,136.0
305,301,0
27,650.0 11.459,0 13,688,0 3,423,0 8,358,0 4,201.0 1,437.0
902.0 3,234.0
3,212.0 16,169,0 111.014,0
156.000.0 111.389,0 160,000.0 47.500.0 68,000,0 110,645,0 3,500.0 51.000.0 31,360.0 1,500.0 168.370,0 939.264,0
141,429,0 61.345,0 93.140,0 43.150,0 93.950.0 91,448,0 54,564,0 14,418,0 43.661.0 36.132,0 81,956,0 878,126.0
511.777.0 188.593.0 275.608,0 115,233.0 180.508.0 206,294.0 70.076.0 79.372.0 78.255.0 55.980.0 266.495.0 2.233.705.0
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;
She liabilities of the 723 member banks from which weekly raliniti are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 2468.
1. Data for all reporting member banks In each Federal R
Federal Ravin District.
Boston
New York
Number of reporting banks
102
41
Loans and discounts, gross:
$
$
Secured by U.S.Gov't obligators,
53,460
11,247
Secured by stocks and bonds
334,384 2.344,982
All other loans and discounts683,967 2,647.699
Total loans and discounts
1,029,598 5,046,141
Investments:
U.S. pre-war bonds
40,221
9,637
(7.8 Liberty bonds
95,943 599,020
U.S. Treasury bonds
18.888 199,722
17. B. Treasury notes
4,399 172,283
U. B. Treasury certificates__
14.817
6,619
Other bonds,stocks and securities 207,038 1.155.925
District at close of business Nov. 11 1925.
Cleveland. Richmond Atlanta. Chicago.
72
75
36
100
3
$
s
$
$
19,279
6.424
12,172
8,223
26,157
145.435 101,621 861,383
385.508 506,214
372,592 769.482 372,916 425,316 1,236,396
Phila.
770.272 1,294,975
524,775
9.489
49,412
16,286
7,809
4.093
249.473
33,181
171,514
33.803
27,602
18.040
344,100
25,414
29,037
7.605
2,023
1,923
61,992
336,562
628.240
127,994
Total loans and investments__ 1,372.122 7.228.129 1,106.834 1,923,215
Reserve balances with F. R. Bank__
81,690 116,508
97,590 766.075
32,645
Cash In vault
16,690
83,790
19.267
Net demand deposits
934.098 5.788,895 781.342 1,004,160
Time deposits
391.868 1.169.960 201.732 758.856
11,220
6,940
Government deposits
23.956
5.085
Bills(style & redisc. with F R. Bk.:
28.309
8,215
Secured by U.S. Gov't obligations
65,278
2,275
9,458
29,900
All other
49,967
26,066
Bankers' balances of reporting member banks In F. R. Bank cities:
46,372
Due to banks
131.727 1.104,504 185.784
29,030
74,608
46.053 107.483
Due from banks
652,769
41.930
15,224
382.990
201,244
1,962
Total investments
342,524 2.181.988
st. Louis. Minneap
54
535,160 2,123.936
a
33
5
25
Three ciphers (000) omitted.
Kan. City Dallas. San Fran.
$
69
8
49
Total.
67
723
$
7,931
162,002
266,336 5,391,671
912,049 8,468,569
$
6.949
189,616
312,549
2,366
68,310
179,898
3,940
110,160
322,078
3,854
77,722
233,627
509.114
250,574
436,178
315.203 1.186,316 14,022,242
12,742
22,971
10.640
6.585
2,837
111,922
7,343
26,136
12,102
17.869
1.821
43,473
9,207
49,080
14,435
16.417
3,864
78.045
14,896
14,632
5,781
2.318
4,572
51,604
17,561
177,001
52,875
65.638
7,158
416,581
93,803
736,814
167.697
108,744
171,048
628.963 2,860.750
46,404 242,115
10.736
52.063
374.876 1.805.620
216,262 1,011,097
4.288
7,598
676,811
47.224
7,804
402,167
213.230
2,032
359.318
23,879
5.843
233,152
108,327
1.254
607,226
51.038
12,676
467,453
154,859
873
17,198
18,212
6,526
7,947
3,752
25,629
24,086
220,975
145,779 1,398,737
50.080
428,743
29.302
360.192
18,845
88,341
206,739 2,952.521
79.264
474.831 5,449,509
394,467 1,661,147 19,471,751
31,620 112,831 1,658,904
11,635
22.036
290,409
285,644 788.209 13.248.606
95.779 821,071 5,344,285
3,388
9,549
78,145
7,987
12,929
3,867
12,200
26.705
12,717
2,974
9.855
300
303
2,037
5,559
2.646
4,614
38,154
19.205
25.863
13.988
373.393
160,181
85.740
38,183
58.959
30,892
101,848
63,229
43,383
30,261
36,030
17,470
186,623
191,038
108.850 2.304,577
53.379
666.492
2. Data of reporting member banks in New York City. Chicago, and for whole country.
All Reporting Member Amts.
Reporting Member Banks In N. Y. City. Reporting Member Banks be
Chicago.
Nov. 12 1924. Nov. 11 1925. Nov.4 1925. Nov. 12 1924. Nov. 11 1925. Nov. 41925. Nov. 12 1924.
7237
43
61
67
61
fumber of reporting banks
46
723
46
47
$'
$
$
$
$
cans and discounts, gross:
$
$
$
$
184.993,000
49,842.000
65,759,000
163,721,000
48,036,000
Secured by U. S. Govt. obligations
18,480,000
162,002,000
17,323,000
24,916,000
Secured by stocks and bonds
5.391.671.000 5,392.041,000 4,446,652,000 2,091.062,000 2,132,212,000 1,832.768,000 661,206,000 656.419,000 513,560,000
All other loans and discounts
8.468,569.000 8.471,084.000 8.240.731.000 2,331.762.000 2.331.163.000 2,336,131,000 690.570,000 682,914,000 718.372,000
Total loans and discounts •
14.022,242,000 14,028,848,000 12.872,378,000 4,470,880,000 4,513,217,000 4,234,858,000 1.370.236,000 1,356.656,000 1,246,848,000
rivestmente:
264,697,000
29.535,000
29,540,000
40,934,000
221.071.000
U.S. pre-war bonds
1.870.000
220.975.000
1,870.000
4 123 000
U. B. Liberty bonds
1,308,737,000 1,398.361.000 1.453.738,000 505.931.00) 506,513,000 596,416,000 101,458.000 102.802,000
82 403'000
'
68.129.000 184,242.000 182,748.000
431,920,000
12,372.000
U. B. Treasury bonds
428.743.000
16.083.000
16,307.000
2 873 000
' .
610.937.000 160,582.000 161,831,000 273.965,000
U.S. Treasury notes
363.332.000
51,657.000
360 192.000
51.487,000
89:533:000
274,023.000
U S Treasury certificates
13.130.000
17.901.000 131,992.000
94.386.000
88:341.000
1,034.000
996,000
.
21 588,000
Other bonds,stocks and securities_ 2.952.521.000 2,954.084.000 2,888,282.000 857.149.000 850.875,000 896,515,000 182,629,000 183352.000
201;28 ,000
5
Total Investments
5.449,509.000 5,462.254,000 5.559,806.000 1.750.569,000 1.749,408.000 1,952,194,000 354,731,000 356,914,000 401,805,000
Total loans and investments
19.471,751.000 19.489.100.000 18,432.182,000 6,221,429,000 6,262,625.000 6.186,852,000 1,724.967,000 1,713.570.000 1 648 653 000
ieserve balances with F. R. banks
1,658,904.000 1,672,773.000 1,644.982.000 710,990,000 708,104.000 711,120,000 167,744.000 170.384.000 '
'
167.763.000
ash in vault
313,593.000
67,082,000
70,389,000
298.480.000
71,793,000
290,409,000
23.953,000
000
31'590 000
rst demand deposits
13,248,606.000 13,219.775,000 13,195.671.000 5,234.362.000 5.252.314.000 5.351,040.000 1,210.856,000 1,206,635000 1,194.052,000' '
24,423.
line leposits
5.344.285.000 5,348.312.000 4,823.023,000 775.431.000 765,547.000 805,395,000 492,582,000 493.820:000 431835000
lovernment deposits
168,085.000
86,392.000
19.404.000
21,546,000
32,280,000
78.145.000
3,015.000
6,124;000
3,353,000
Us payable and rediscounts with
Federal Reserve Banks:
Secured by U. B. Govt. obligations
38.701,000
244.379.000
32.845,000
73,585,000
1,850,000
186.623.000
8,155.000
5,415,000
50.000
All other
35,513,000
207.671,000
42.874.000
48.184,000
4.885,000
191,038,000
3,722,000
925,000
3.285000
72.214,000
Total borrowings from F. R. bke.
452.050,000
75.719,000 119.769.000
377.881,000
6.535.000
11,877.000
975,000
8,700.000
Nov. 11 1925.
Nov. 4 1925.
Nov.21 1925.]
2497
THE CHRONICLE
tiankersi Gazetti
Wall Street, Friday Night, Nov. 20 1925.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 2485.
The following additional sales were reported this week:
STOCKS.
Week Ended Nov.20.
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range Since Jan.1.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per Share.$ Per share.
Indus.&1111s.(Con)
Nov
100 106 Nov le 106 Nov 16 9634 Sept 106
Pub Serv Elec Pr pf_ _100
Aug
300 120 Nov It 12034 Nov 20 11434 Mar 121
Ry Steel Spring pref_100
Nov
300 9254 Nov 26 9534 Nov 201 9254 No 100
Reid Ice Cream pref_100
4
Nov
Reid Ice Cream Rts__,_ 8,700 294 Nov 16, 4 Nov 20 2% No
NO 11
Nov
*11,400 9 Nov 18 1034 Nov 14 9
Seneca Copper
Oct
Simmons Co pref ..100 200 10534 Nov 15 10534 Nov 19 10034 Jar 106
Range Since Jan. 1.
500 100 Nov 11 102% Nov 17 92 Jun( 10591 July
Sloss-Sheff St & Ii p1_100
for Week.
Range
Sales
STOCKS.
101 10634 Nov 11 16634 Nov 16 9954 Jar 110 34 Aug
So Porto Rico Sue pf_100
Week Ended Nov. 20. for
Highest.
Lowest.
501 55% Nov It 56 Nov 20 5034 Max 56% Nov
Highest.
Stand Gas & El pref. _50
Lowest.
Week.
11,101 3934 Nov 11 4334 Nov 14 3934 No% 43% Nov
.
Sun 011
Apr 510
Nov
(
. 26
Railroads.
Par. Shares $ per share. $ per share. $ per share $ per share. Texas Pac Land Tr_ _100 14.601 490 Nov 14 500 Nov 14 255
3314 Nov 14 3534 Nov 15 3234 Sept 3934 Oct
Nov The Fair
Oct 108
100 108 Nov 17 108 Nov 17 103
Ala & Vicksburg_ _ _ _100
Nov 101
Oct
Feb 1734 Nov Tidewater 011 pref._ _100 1,801 9994 Nov 11 100% Nov 14 99
Brun Term & Ry Sec 101 4,600 1134 Nov 18 1534 Nov 14 3
Mat 1213( Oct
101 121 Nov lt 121 Nov It 115
Jan Under Typewriter p1.100
Buff & Susquehanna_100
200 7434 Nov 20 75 Nov 20 7444 Nov 105
Nov
700 11734 Nov 17 120 NOv 7 116 June 120
200 111 Nov 1611634 Nov 20 9334 Aug 11614 Nov Un Cigar Stores pf _ _100
Chesap & Ohio ctfs_ _100
Mar
101 1034 Nov 2( 1034 Nov 20 10% No 20
100 11431 Nov 1711414 Nov 17 11434 Nov 11434 Nov Un Dyewood Corp _ _100
Preferred ctfs
100
301 2534 Nov 17 2534 Nov 17 1834 Apr 3034 Oct
Sept Un Paperboard Co_ _100
Sept 15
Chic M & Straul ctfs 10017,200 734 Nov 14 11 Nov 20 7
No% 103% Oct
201 95 Nov 17 96 Nov 16 95
Nov Unvi Pictures 1st 01_100
Preferred Ws
7001 173 Nov 16 22 Nov 19 1234 Oc 22
10021,
Nov
10(- 59 Nov 11 59 Nov I( 5134 Max 59
*
101 6931 Nov 16 6934 Nov 16 13934 Sep 7134 Apr, U S Tobacco
Cleve & Pittsburgh.....50
No% 20% Nov
634 Jan Virg Carolina, New WI.. 2,000 20 Nov 1r 2094 Nov 20 20
200 1334 Nov 16 634 Nov 16, 334 Ap
Duluth S S& Atl pf..101
Nov 9334 Nov
401 93 Nov 20 9334 Nov 20 93
Preferred, New
800 3554 Nov 17 3734 Nov 201 2534 Jul 3734 Nov
100
Erie Ws
July
Sept 5
700 234 Nov 19 3 Nov 14 1
70O 4114 Nov 14 4234 Nov 1:1 3634 July 4235 Nov Virginia-Carolina Ws_ _•
1st pref ctfs
111
Max 20
Nov
100 2,801 1634 Nov 17 183.4 Nov 14 4
Preferred ctfs
5001 4034 Nov 19 4035 Nov 191 4034 Nov 4034 Oct
2nd pref ctfs
100
54 Mar 2% Nov
4
Nov 117 June
• 206 27 Nov 16 234 Nov 16
Betts
HavElRy&Pow Pr pf 100 200 11234 Nov 1611234 Nov 16 112
201 4234 Nov 17 4534 Nov 17 30 June 4534 Nov
154 Nov Virginia Coal & Coke 100
0,58011 9-16 Nov 17 144 Nov 141 134 00
Illinois Central Eta
Sent 79% Jan
100 77 Nov 19 77 Nov 19 70
100
Sept
Preferred
251 7634 Nov 20 7634 Nov 21 7214 Ap 80
Leased lines
100
Oct 110
Nov
106 110 Nov 17 110 Nov 17 107
West Penn Co Otis ..•
M St P&SSM leased
Nos 975( Oct
Feb
Preferred ctfs100 301 9614 Nov 1£ 97 Nov 19 96
16 5734 Jun 63
1001 6134 Nov 16 61 34 Nov
line ctfs
100
Jar 111
July
101 107 Nov 20 107 Nov 20 104
Sept West Penn Power p1_100
Ap 175
Nash Chatt & St Lou 100
100 172 Nov 16 172 Nov 16 143
Sept
25 1,201 53( Nov 17 594 Nov IC 434 Sept 6
834 Oct Wilson & Co ctfs
200 634 Nov 1: 634 Nov 1: 334 Ap
Nat Rys Mex 1st pf.. 101
Mar
Sept 42
10( 19% Nov IS 1954 Nov 15 17
100
Preferred ctfs
New On Tex & mer_iou 1,1001123 Nov 18 12814 Nov 20 11334 Feb 12834 Nov
Feb YellowTruck&Coach 106 32.501 2634 Nov If 30 NOv14 2234 Oct 40% Oct
Jan 175
NY & Harlem
80 160 Nov 16 100 Nov 16 160
50
,
Or ton
,
Oct
..10r 1,"r( 04 Novi 93 Noy 11 9(1
PrPfm.red _
•1,800 634 Nov 21 744 Nov 16 614 No 12 June
NY Rys pref ctfs
Aug 310
Aug
48 300 Nov 17 302 Nov 17 262
Part ctfs
•No par value.
Nov
N Y Chic St L ctfs..100 300 134 Nov 17 156 Nov 18 8914 July 156
Foreign Exchange.—
Sept 93
Nov
100 93 Nov 17 93 Nov 17 91
100
Preferred ctfs
July
Nov 36
200 24 Nov 19 24 Nov 19 24
N Y State Rallways.100
To-day's (Friday's) actual rates for sterling exchange were 450)418
Mar 48034 for sixty days, 4 84%04 8434 for cheques and 4 84% ©4 84)4 for
Aug 38
100 300 2834 Nov 17 2934 Nov 21 20
Pacific Coast
Pere Marquette ctfs.100 600 7834 Nov 14 8134 Nov 20 6014 July 8134 Nov cables. Commercial on banks,sight4 84184 84.sixty days4 80% @48034
229 14334 Nov 19 144 Nov 16 139
Jan 144
Pitts Ft W & Chic p1.100
Nov ninety days 4 7954 ©4 79%, and documents for payment (sixty days)
5.300 1814 Nov 17 19 Nov 14 1614 A
Reading Rts
2414 Jan 4 80%@4 80%. cotton for payment. 4 84 ©4 84. and grain for payment
Industrial & Misc.
4 84 ©4 84.
Feb
300 181 Nov 19 183 Nov 18 161
Ja 206
Am Bank Note
51
To-day's (Friday's) actual rates for Paris bankers'francs were 3 895418
100 5514 Nov 19 55% Nov 19 5334 Jan 5834 Sept 391 for long and 3 93)1 ©396% for short. German bankers' marks are
Preferred
51
Am Brown Boveri El WI. 23,000 4934 Nov 18 5014 Nov 14 4934 Nov 5334 Oct not yet quoted for long and short bills. Amsterdam bankers'guilders were
Preferred
1610 1,400 9034 Nov 18 9634 Nov 19 9034 Nov 9634 Nov 39 7634 039.78 for long and 4012©40.14 for short.
Am Chicle Prior pref._ _• 1,000 88 Nov 14 8934 Nov 18 85
Jan
Oct 92
Exchange at Paris on London, 122.30 francs; week's range, 120.62
Am Metal pref
400 118 Nov 18 119 Nov 14 111
Mar 119
Nov francs high and 122.40 francs low.
100
Am Republics
June
Jan 76
• 700 65 Nov 17 66 Nov 17 48
The range for foreign exchange for the week follows:
Sixty Days. Cheques.
Cables.
100
Nov
100 146 Nov 17 146 Nov 17 13834 Apr 154
American Snuff
Sterling Actual—
48414
4 84 X
4 81 Si
,
Sept High for the week
100 109 Nov 20 109 Nov 20 10534 Ma Ill
pf 100
AmTypeFounders
4 84 7-16
480 13-16 484 1-16
Am Writ Pap pf ctfs.100
1
Jan Low for the week
Aug 4
Nov 18 1 Nov I
100 1
-Armour of III CI B__ _2583,500 1734 Nov 18 1934 Nov 14 1734 Nov 2014 Oct
Paris Bankers' Francs
4.02
4.03
3.96%
Sept 1634 Nov High for the week
Arnold Constable etfs. 4,800 1374 Nov 18 1434 Nov 14 10
3.9234
3.87
3.9334
Jan 2034 Nov Low for the week
Art Metal Construc„.10
300 1834 Nov 19 20 Nov 17 15
Nov
Germany Bankers' Marks—
Atlas Powder
• 400 57 Nov 20 58 Nov 18 45 Jun( 58
23.81%
23.81%
Nov 5
Sept High for the week
Auto Sales
900 3 Nov 18 4 Nov 19 3
50
23.81
23.81
No 1634 Feb Low for the week
Preferred
50 600 12 Nov 18 15 Nov 18 12
Amsterdam Bankers' Guilders—
Oct
Barnet Leather pt.. _100
100 101 Nov 20 101 Nov 20 93% Jan 107
40.23
40.25
39.79
Oct High for the week
Booth Fisheries lstpf 100
201 4934 Nov 19 50 Nov 20 25 Jun, 52
40.20
40.22
39.76
Oct Low for the week
British Empire Steel.106
800 3 Nov 18 3 Nov 18 194 Mai 5
Exchange.—Chicag), par. St. Louis, 15©25c. per $1,000
Nov 19 654 July 14
Domestic
Oct
2d pref
200 10 Nov 19 10
10C
Brooklyn Edison Rte._ 15,225 834 Nov 19 10 Nov 14 834 Nov 1154 Nov discount. Boston, par. San Francisco, par. Montreal, $.68125 per
B'klyn Union Gas Km_ 6,351 834 Nov 19 9 Nov 14 735 Nov 9% Nov $1.000 premium. Cincinnati, par.
Aug
100 9934 Nov I: 99% Nov 18 9634 Jan 102
Bush Term Bldg pf _100
United States Liberty Loan Bonds and Treasury
Oct 44% Oct
Byers & Co(A M)
• 1,000 3114 Nov 16 3594 Nov 14 23
Oct Certificates on the New York Stock Exchange.—
Burns Bros pref
200 96 Nov 20 96 Nov 20 9134 July 99
100
Cert-Teed Prod let pf100 600 105 Nov 1610514 Nov 16 8934 Ja. 110 Sept
Commercial Credit_ .... _• 6,900 4134 Nov 18 45 Nov 14 3834 Sept 49% Oct
Jan 8134 Nov Daily Record of U. S. Bond Prices. Nov. 14 Nov. 16 Nov. 17 Nov. lb Noe. 19 Nov. 20
Com Investment Trust.. 6,600 7634 Nov 14 813i Nov 20 50
Ma 10734 Nov
300 106 Nov 2010634 Nov 16 102
Preferred
100
991133 991% 991143 p9",,
(High 99153
Ma 74
Oct Mat Liberty Loan
18 5834 Nov 14 36
Crex Carpet
100 200 58 Nov
991513 991133 99"u 991131
3
3m% bonds or 1932-47_.(Low. 99,133 991,
Cuba Co
• 14.400 4834 Nov 18 5244 Nov 14 4834 No 5434 Oct
33.4%
995533 99"n 99"33 991,
3
(Close 99l5
Mar 104
995713
Oct
(First 334s)
• 1,000 9214 Nov 21 9434 Nov 17 62
Cushman's Sons
3i
34
120
6
n
.7 99 74
Total sales in $1,000 units
400103% Nov 1610334 Nov 16 10334 No 10334 Nov
Preferred
------------- 100'n
Nov
Converted 4% bonds of (High
300 10634 Nov 1410634 Nov 17 8214 Ja , 110
Deere& Co pref
100
Oct 6034 Nov
---- 1006n
---------.
1932-47 (First 4s)-- (Low.
17,700 5634 Nov 14 6034 Nov 20 53
Devoe & Raynolds CIA'
Jan 23
Nov
800 19 Nov 2 t 2034 Nov 20 8
Durham Hosiery__.100
____
___
___
___
3
Oc 11534 Nov
Total sales in 51.000 units..
10011534 Nov 1611534 Nov 16 112
Eastman Kodak pf _.100
33
34 Nov 19
34 Nov
34 No
Converted 4%% bonds (High101",,is101",, 1015,31 1011, 101"3 101nn
34 Nov 19
750
DuPontDeNcm Deb Rte
33
, 101nn
May 2634 Aug
of 1932-47 (First 4 348)( Low 1011113 101,733 101nn 1015, 10115
Emerson-Brant pref.100 1,800 20 Nov 17 2014 Nov 17 8
No 5534 Oct
(Close 101i% 101an 10177n 10177n 10177% 101",,
Eureko Vaeu Cleaner_ _* 2,000 50 Nov 19 51 Nov 14 50
30
58
14
107
9
a
Total sales in 31.000 units.
30010934 Nov 1 11034 Nov 19 10634 Jun 11034 Nov
Fairbanks
-Morse p1.100
---- 1011n
.....
Mar
Second Converted 414%[High
300 8234 Nov 14 85 Nov 19 8234 Sent 87
Fed Light ei Trac pf 100
--- 101 131
____
--Nov
bonds of 1932-47 (First( Low
11.800 7814 Nov 1: 8234 Nov 14 6834 Sep 84
First Nat Pie let pf._100
244 Oc
614 Nov
31.056 534 Nov 14 634 Nov 1
Second 4345
Foundation Co RU
____
9
____
No 2934 Nov
Total sales in 51.000 units _
Foundation Foreign nta.60,600 15 Nov le 2914 Nov 19 15
---- 1
if
Aug
--------- 100.00
Converted 4 31 % bonds (High
• 100 106 Nov 16 106 Nov 16 10144 Ma 106
Fox Film CI A
Oc 140
. 1007n
-—
____
____
---. 100.00
.
Nov
• 100 140 Nov 14 140 Nov 14 118
Hen Baking Co pref
4% bonds of 1927-42_ - _i Low
No 8034 Oct
---- 100 33
____
,
____
(Close
---- 100.00
(Second 48)
Signal_._. 12,500 70 Nov 18 74 Nov 14 70
Hen Railway
____
5
16 20
__ _.
_
No 23
1
---Sept
* 1,800 20 Nov 17 21 Nov
Total sales in $1,000 units..
'Gould Coupler A
Ap 11534 June Second Liberty Loan
(High 100 n 1005,32 100"31 1005,32 100nn 1001131
100 112 Nov 20 112 Nov 20 107
"
Great Western Sug pf 100
, 10077n 1007in
634 June
of 1927-42 (Second (Low. 100772% 10071n 10077n 10077
-Guantanamo Sugar_ _ _ .• 1.300 5 Nov 17 534 Nov 14 334 Sep
Feb
ICIan 10077,, 10077:: 10077,, 1005,31 1005% 1005533
414s)
Hanna lst pref C I A.100 400 62 Nov 18 62 Nov 1: 4214 Jul 89
Jan 10531 May
58:
341
99
100
411
68
Total sale* in $1,000 units
Hayes Wheel pref...100 200 104 Nov 19 105 Nov 20 100
Ma 7734 Jan Third Liberty Loan
,
33 101 33 101.00 100,513
,
,
(High 101 n 101 n 101,
100 74% Nov 16 74% Nov 16 66
Helme(G W)
25
Or
334 Oct
(
6,800 334 Nov 20 334 Nov 18 3
Howe Sound RU
101.00 101.00 10017,2 10077:., 10077n 10077st
434 % bonds of 1928— — Low
Ap 99
Oct
(Close 1011n 1011n 1001113 100,13 100"33 100"31
Indian Motorcycle p1100 200 9534 Nov 21 9554 Nov 18 83
(Third 434,)
Sept 97
299
96
179
21
194
Nov
77
200 96 Nov 16 97 Nov 11 74
Indian Refining Pref.100
Total sales in $1.000 units.
No 100
Nov Fourth Liberty Loan
,
Ingersoll Rand, New...* -3.100 91 Nov 16 100 Nov 17 77
(High 102133 1025n 102133 1021n 102 13 102
100 85 Nov 21 85 Nov 20 40
AD 85
Nov
Internat Agri Pr pi_ _100
,
434% bonds of 1933-38-..( Low. 102 n 102131 102.00 101"s 101"St 101"S1
600 10234 Nov 1 10434 Nov 20 10231 Nov 107
Intermit Cement pf._100
Aug
,
lame 1025:3 102 31 102 33 101"s 102.00 101nn
,
(Fourth 410)
834 Nov
12,300 534 Nov 1: 7 Nov 14 434 No
551
Internat Paper Rts
143
445
120
322
37
Total sales in $1,000 units..
mar 86
Nov Treasury
301 7934 Nov 17 86 Nov 21 67
'Internat
100
(High 106553, 1061,33 1065,4 1065,3 1061133 1065131
34 Nov 1:
34 Ma
34 Nov 1:
134 June
Kansas & Gulf
10 300
(Low_ 106"31 106nn 106n3 106,13 106"n 1065131
434s, 1947-52
Ja t 10934 Sept
20010634 Nov 19 107 Nov 17 99
K C Pow & Lt 1st pf .•
(Close 10677n 10677ii 1065,3 1062 3 1061123 1062
)
Jan 9734 June
100 95 Nov 14 95 Nov 14 88
KresgeDeptStores pf.100
7
5
26
4
1
Total sales In $1,000 units,.
100 100 Nov 1: 100 Nov 18 9834 Jul 10034 May
Kuppemheimer pf _100
(High
---_ 103.00 103.00 102nn 102nn 102mu
6.500 3734 Nov 1: 40% Nov 16 3734 No 4434 Oct
•
Lehn & Fink
(Low.
---- 102,133 102513 102n33 102"31 102"2
,
4s, 1944-1954
Ma 7834 Feb
200 7034 Nov 1: 7034 Nov I: 66
Mackay Cos pref....100
tame ____ 102,113 102n3 102,133 102"n 102"ff
•
ICI
le
7/2
11,
,
100 116 Nov 16 116 Nov 16 11494 Jan 118
RV...nire in 21 MO visit.
100
Aug
Macy Co Prof
Oct 55
40 Nov 14 34
200 40 Nov 14
100
July
Malian Sugar
100 1233( Nov 2012334 Nov 2111614 Mar 124 June
May Dept Stores pf_ _100
Note.—The above table includes only sales of coupon
Nov 2654 Oct
* 2,200 2234 Nov 1, 2334 Nov 17 22
Maytag Co
Ma 117 June bonds. Transactions in registered bonds were:
10011234 Nov 1711234 Nov 14 109
Montana Power pref.10
1711 to 101",, 334th 43(8
•12,100 2134 Nov 20 2634 Nov 14 2134 Nov 42% Mar
3 1st 4148100
101.2831 to 102.00
Murray Body
34 00
n
54 Nov 16
100" to 100"n 2 Treasury 4)(11
54 Nov 16 2d 434s
700
34 Nov 16
,
106 33 to 106",,
Nat Dept Stores Rts_._
100nn to 1005533
4 3d Ois
Npt News & H Ry G
Feb 110
100 75 Nov 18 75 Nov 1 52
100
July
& Elec
Quotations for U. S. Treas. Ctfs. of Indebtedness &c
200 9014 Nov 17 91 Nov 19 8234 Jan 111
July
100
Preferred
Mar 110
Int.
Nov
30010814 Nov 18 110 Nov 20 95
SM.
NY Canners 1st pf_100
Bid. Asked.
Maturity.
Rate.
Maturity.
Rate.
Bid. lAsked.
Norwalk 'I' & Rub.....10 6.700 14 Nov 17 1534 Nov 14 1234 Sept1834 Aug
Nov 38
Nov
25 7.900 35 Nov 18 3734 Nov 16 35
Oil Wells supply
.
Mar. 15 1926_ _ 49(93 1007n 100411,2 tune 15 1926.... 33(%
100 1,70010334 Nov 2010434 Nov 18 10334 Nov10434 Nov
9971ss 999(
Preferred
Mar 97
1007n Dec. 151927...43405 1017n I 10154
Nov Dec. 151925... 4945 100
Onyx Hosiery pref_100 200 9514 Nov 18 96 Nov 161 7834
Nov 3ept.15 1926_
43(5 1007n 100nn Mar. 151927... 41.f ."- 101131 I 101111
• 2,000 5034 Nov 19 5354 Nov 16 4934 Nov 57
Outlet Co
15 1,, mut., ruv• 15 1Q^5_
3.
Nov tone is 1026_
St.z. no,. I rm.,_
100 115 Nov 17 115 Nov 17 11034 Ap 115
Ownens Bottle pref_100
Nov
100 103 Nov 16 103 Nov 16, 9234 Jan 103
Pac Tel & Tel pref. 10
Oct N. Y. City Ranks and Trust Compani
14.500 4134 Nov 18 4434 Nov 14 3734 Oct47
West Petr B'
,
Pan-Am
.s.—See pave 2513.
Oct80% Feb
400 39% Nov 19 41 Nov 17; 37
Panhandle P & rt. pf.1
Nov 9034 Oct
• 8.100 75 Nov 16 82 Nov 14, 70
Path° Exchange A
New York City Realty and Surety Companies.
Nov 18 134 Nov 18 134 Jan 134 Feb
100 134
parish & Bingham Stp.•
All prices dollars ,'es' sabre
July
100 48 Nov 16 48 Nov 16 4534 Jan 49
Philadelphia Co pref. _50
Bid. Ask.
1% Nov
134 Nov
Phillips Petroleum Rts_ _ 75,900 34 Nov 18 35 Nov 16 1834 Nov 4234 July Alliance Why 170 IRO Mtge Bond__ 150 Ask. Realty Assoc, Bid. Ask.
Apr
160
18
200 34% Nov 17
5
Phoenix Hosiery
Apr 98 Nov Amer Surety_ 181 183 Nat Surety__ 218 222 (Bklyn)corn 440 450
100 98 Nov 14 98 Nov 14 84
100
Preferred
July 8834 Nov Bond & M G. 305 312 N Y Title &
151 pref
96
93
Nov 19 8834 Nov 18 79
200 88
Pitts Term Coal pref..100
Mortgage.. 490 500
24 Prof.... 86
89
500 14 Nov 18 15 Nov 19 1234 Nov 15% July Lawyers Mtge 224 229 US
Pitts 1ft Pr etts, New...
Casualty. 340 355 Westchester
2,700 6454 Nov 18 6734 Nov 20 6494 Nov 67% Nov Lawyers Title
Postum Cereal, New...'
At Guarantee sio 378 IT El Title Gila 340 346
Title & Tr_ 410
8110 98 Nov 14 91444 Nov 20 8214 May 91334 Nov
P El Elec ,5t Gas nref _100
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2498
OCCUPYING FIVE PAGES.
Fos soles during the week of stocks usually Inactive, eee preceding page.
MOD AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
'star44
Nov. 14.
'Per share
M orstiay.
Nov. 16.
Tuesday
Nov. 17.
ednesday
Nor. 13.
Thursday.
Nov. 19.
Friday.
Nov. 20.
Sales
ler
the
Week.
per share $ Per share $ per share $ per share 3 per share Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100-e8are Jots.
Lowest
Htpliest
I per share
$ per share
Railroads.
Par
.42
45 .41
45
4114 4114 .11
.41
100 Ann Arbor
44
.4134 45100 22 Feb 17 44 Aug 19
45
.13214 6412 8412 6112 6312 6312 83% 633 *6312 61
2
1,000 Do prof
6412 617
4
100 40 Mar 24 65 Nov 13
124 3 12612 122
,
125
1223 12312 12134 12314 12453 12312 12312 1243 39,800 Atch Topeka & Santa Fe100 11614 Jan 16 1277 Mar 2
4
2
95% 95% .9514 96
4 9534 9532
8 9511 9512 .9514 933
500 Do pre!
958 957
3J13ne 25
100 9213 Feb 17 973
6
614
6
61. 10.600 Atlanta Birm & Atlantio
8% 63
81.1
813
4
_
6% 812
3 Jan 14
712 Mar 8
6
1
318
100
2273 233
4
228 23112 22512 229
13,800 Atlantic Coast Line RR__ _100 14714 Jan 16 23314 Nov 13
22314 226
221 22912 225 229
9218 93% 91% 9318 903 9234 8913 923
9034 9214 921 i 9312 175,601 Baltimore & Ohio
8
4
100 71 Mar 30 9334 Nov 13
137% 873
4 6718 8718 8733 67% 6634 6634 67
1,400 Do pref
67
6614 667
8
100 627 A.pr 21 673 Nov 14
4
s
.52
54% 518 537
9 5014 52
2
4 50
504 5112 503 523
.5112 22.500 Bangor & Aroostook_ _...._ 50 3514 Mar 23 5612 Nov 2
1 497
98
98 .98
.9612 98
994 9814 9814
99
300 Do pre( .
9918 *97
100 89 June 22 100 Oct 26
58
5812 5712 5314 571 5812 58, 58
5612 .57
2
57
5314 16,000 B/slyn Manb Tr *1 a .. No par 354 Jan 5 64 Nov 30
81
80
8012 8012 .80
80
80
509 Do ore y t 8 _
8033 808 80
*797 80
8
No par 72% Jan 2 82 July 281
SO
64 Buffalo Rochester A Pitts_100 48 Apr 2 924May 21
•78
34 *79
.78
82 I
813 .79
80
4
783 78
4
813 .80
4
149 1.5014 149 1497 149 14912 1473 14814 14812 14812 14912 14912 3,100 Canadian Pacific
8
4
*
100 13612 Mar 30 1529 Jan 81
300 301
295 300 •286 300 .290 304 ,
300 300 .290 298
900 Central RR of New Jersey_100 265 Mar 30 321 Jan 31
1127 11512 11314 11512 11212 115 8 111 1207 1173 12034 186,400 Chesapeake & Ohio
8
11214 115
4
3
100 8914 Mar 30 123% Nov 19
8
11512 11611 117 1173 11712 11712 118 11818 119 121
35,000
Do pref
11912 121
100 10514 Apr 14 121 Nor 19.
553 57
573 57
57
8 57
8
35 Apr 24 10% Feb 01
2,100 Chicago & Alton
53
58 57
534 0
8
58
8
100
11
1112 1138 113
8 105 105
11
11
3,200
Do pre(
8 10% 1012 1012 11
100
512 Apr 23 1912 Feb 21
•173 200 .174 200 .173 190 •173 190 .173 190 .173 190
C CC & St Louis
100 140 May 20 190 Nov 13
34
34
333 3334 234
4
.3512 3612 43412 38
35 .34
300 Chic & East-Ill RR
36
3
100 29 4 Mar 30 3814 Aug 25
47 47
47
4514 45 4 .15
46
46 .45
46 .45
Do pref
,
600
47
100 40 Mar 30 5714 Jan 2
1012 103 1014 107
1111 1133 1012 115
8 101, 1012 1053 101 10,600 Chicago Great Weetern_ _100
8
9 Jan 2 15 Feb 7
4
213 254 2352 2514 24
4
2412 2312 24% 233 24% 245 25
12,000
Do pre(
*
100 1914 Mar 30 323 Feb 6
2
918 10 4
83
2 83
4
812 9
83 1013
4
1012 11 162,920 Chicago Milw & St Paul_.100
,
34 Apr 20 1633 Jan 7
4
912 101 4
1914 2014
8
1814 20'11 197 2224 203 22% 2118 2214 2112 2212 160,500
8
Do pre
100
7 Apr 20 2813 J .11 7
73 737
8 7114 7333 71
71
713
4 713 7212 30.400 Chicago & North Western_100 47 Apr 14 75 2 Jan 12
7214 69% 71
,
3
411712 122
1181 11812 411712 122 •11712 122 *11712 122 .11712 122 1
100
Do pre!
100 1013 Apr 14 11812 Nov 7
4
8 463 483
44% 463
4
4 46
4312 493
47
8 46% 4712 43,400 Chicago Rock Isl & Paciflo_100 404 Mar 30 544 Mar 3
8 451, 463
9812 9812 983 983 .9714 9812 .9714 9312 .971 4 9812 9712 99 1
4
4
Do 7% preferred
700
100 92 Jan 2 9914 Feb 21
87
857 8612 *85
8812 8812 88
8
8812 •8512 8612 86
Do 6% preferred
861 a,
900
100 82 Afar 30 8913 Mar 31
.49
5112 49
50 .48
50 .47
50 .45
50 .45
50 I
200 Chic St Paul Minn & Om.
.100 3312 Apr 22 5913 Jan 13
105 105 .10212 105 *10212 105 .101 105 .101 105
105 105
Do pref
200
100 7314 Apr 21 108 Jan 131
84 .80
61
61
64% 62
59
Cl
.60
62
*5912 62
1,400 Colorado .k Southern
100 4412 Jan 6 7012Sept ii
83 83
8412 8412 .6312 65
34
800
Do 1s1 Ora
65
85
% 64 .8312 65
64
100 60 Mar 26 65 Nov 9
*61
65
"61
65 .61
65 .61
65
*61
65
Do 21) pret
•81
65
100 54 Jan 21 624 Aug 27
7 14514 146
14812 14914 147 147
145 148
145 14522 145 14512 2,800 Delaware & Hudson
100 13312 Mar 30 155 Apr 6
14134 14214 140 141 .139 140
137 139
139 140
13812 13812 5,200 Delaware Lack & Western_ 60 125 Mar 30 14734June 8
4514 457
8 448 4534 433 4414 43 43
4
.43
433, 4334 43% 2,400 Denver Rio Or & West Ore!100 348 Oct 9 60 Jan 12
3614 3712 3814 37
36
8 3814 38
363* 3512 363
37% 3812 11,000 Erie
100 283
4AlaY 15 3812 Nov 20
42
43
4112 43
413 43 1 4134 43
4
4212 433* 4234 44
Do lst prat
54,000
100 35 June 23 464 Jan 2
4114 4014 4112 5,100
4014 4014 .3912 40
4012 403 *39
41
41
Do 26 pre!
100 34 June 29 4314 Jan 6
1 787
7712 7834 7612 78% 7614 77121 743 773
4
8 7814 77% 49,400 Great Northern prat
* 75
100 60 Apr 24 7852 Nov 14
311
31
3113 31
3012 31141 30 3012 30% 30,2 28% 303 25,200
Iron Ore Properties- No Par 2634 Aug 15 40% Jan 19
4
4 33
343 347
8
8 3414 343
33
34
33
33
333
33% 4,300 Gulf Mob & Nor
4 33
100 23 Mar 30 363.8cpt 8
3 10334 1033 103,2 10412 *10312 101 *103 10412 10414 10414
1043 104
8
8
1,500
Do pref
100 8912 Mar 30 10914 Sept 6
•230 245 .2.30 250 .230 250 1.230 250
232 235 •230 245
300 Havana Elec fly, Lt & P._100 112 May 1.6 246 Sep- 10
3518 357 z3414 3518 343 348 333 34%, 337 347
3
8
8
8 3418 34% 7.700 Hudson& Manhattan
4
100 213 Mar 18 377 Oct 5
71
.891, 70 .89
.89
7014 .69
70 1 69
200
70
Do pre(
*
897 •69
100 6413 Feb 18 72 July 10
4
11814 11923 118 1183 117 1173 1173 1177 117 11714 1171, 117% 5,60(2 Illinois Central
4
8
8
100 111 Mar 31 11934 Jar
119 119
118 11814, 118 118 .117 11814 11814 11812
118.2 119
900
Do pref
100 11212 Apr 23 119 Jan 7
3012 .28
•28
29 .28
2812 29
30
*28
600 lot Rya of Cent Amerlca_100 18 Jan 8 331sSept 11
2894 .2814 28%
•___- 853 •---- 13514 •
8
65% •..
85
65
Do prat
100 5912 Jan 2 6612July 14
27
27
26
27 8 253 26181 2.59 26
7
5,200 Interboro Rap Tran v t c_ _100 1312 Mar 23 3412 Feb 9
26 1, 28
4
•2712 28
4034 1 39
4112 4218 40
417
8 39
40
40
41
40
14 42% 25,700 Karina Clty Southern
100 288* Mar 30 4312Sep. 14
593g 60
60
60 4 60
3
80
80
8014 80
1,70(
80
5912 6014
Do pre(
100 57 _ran 15 62 Sept 9
854 8234 8434 8212 8312 8014 83
84%
8112 84
84
84% 27,300 Lehigh Valley
ao 69 Afar 30 8514 Nov 14
132 138
13012 1343 12814 131
4
12812 13012 1307 13212 130% 13378 12,000 Louisville& Nashville
100 108 Jan 16 137 Nov 2
8713 83
•83
8712 .83
83
8014 813
813 813
813 8134
4
700 Manhattan Elevated guar_100 64 May 20 119128eDt 14
4
4
.4234 45
423 423
4 4213 4213 4214 4212 4214 43 .
1,300
Do modified guar
1212 43%
100 324 Mar 23 5114 Feb 9
7
7
.6
7
6
812
6
.8
6
200 Market Street RI
7
6 NOV 18 12 Sept 21
.614
8
100
•26
27
26
26 .23
2612 .23
Do pre(
2812 .23
100
2612 .23
27
100 20 Jan 13 4614SePt 21
453 453 .4814 47
4
4
4513 4612 44
44
*43% 44
600
Do prior pre(
44
44
100 43 Nov 10 6514Sept 21
•15
17
*15
17
16
16
•16
•15
17
200
17
Do 20 pref
1818 1818
100 16 Mar 19 35 Sept 21
•212 27
253 234 *252 2 4
3
4 Mar 6
700 Minneap & St L
3
214 Oct 28
253 213 •212 2 4
212 23
4
100
4914 4912 54
57
4
5512 5112 5412 533 554 54
5512 58% 8,000 Minn St Paul & 88 Mari* 100 305* Apr 4 6214Sept 16
771.2 7712 7712 80
82
80 14 804 82
82
Do pref
80
86 4 .
,
100 40 Mat 30 8614 Noy 19
8512 2,000
411, 40
3
4 393 41
418 4314 40 4 423
4
3814 40% 39
413 40,300 Mo-Kan-Texas Rh... No Par 284 Jan 2 4512Sept 8
,
8512 86
8414 8614 84% 8414 8318 8414 8318 811, 8414 847
Do pref
4
100 744 Jan 2 913 Atte 18
8 5,800
38
368 38 2 38
37
383
4 3423 3612 3512 37% 37% 383 54,200 Missouri Pacific
,
100 305* Jan 6 41 Feb 8
4
84
84
8614 8233 8414 82
8414 85
8218 84
Do pref
84% 857 34,400
8
100 71 Mar 30 8812 Aug 24
93
4 23
21z 21
24 23
212 212 .2% 23
3 Oct 26
800 Nat Rya of Meg 2d pref__ _100
112June 24
4 *212 23
1293 1303 128 130 4 12712 129 8 1263 129
4
3
4
8
12714 12831 1277g 129% 177,600 New York Central
,
4
100 11314Juue 10 1303 Nov 14
1557 15712 2158 184
8
lou 168 .182 165
9,100 N Y C & St L Co
168 17434 173 177
100 118 June 24 177 No, 25
4
9812 9812 39734 973
8 98
1,700
973 977
4
Do pre!
4 973 9812 973 98
100 8812 Jan 6 98% Nov 20
98%
40 4 4112 3934 4138 3912 4033 3828 4014 38% 393
3
4 3914 403 93,000 NY N H & Hartford
8
100 28 Mar 24 4114 Nov 14
2618 27
273 283
:
4 2312 28
2512 25 2 26
4
,
26% 263 2712 9,200 N Y Ontario & Western_ I00 2033 Apr 4 345 Ali 13
3914 39 39
3918 391
4012 40% •39% 393
39
900 Norfolk Southern
100 21% Apr 22 45 Sept 29
.39% 40 4
,
145 4 14812 14412 14723 144 14553 14114 14412 1433 147% 14512 149
3
4
31.800 Norfolk A Wesibrn
100 12312 Mar 30 149 Nov 20
8112 .79
Do pre(
82 .80
8112 •79
8112 *79
82 .80
•80
100 Ms Jan 8 82 Nov 131
81 12
g 7314 7412 72% 743* 72 2 74
,
731 747
1001 5814 Apr 25 75 Nov 141
7418 75
7334 74% 47,300 Northern Pacific
60 424 Apr 9 52 Nov 20
503 5134 503 51% 5018 508' 5012 5134 50% 5138 5112 52 132,500 Pennsylvania
4
2
*18
19 .17
1814
100 Peoria & Eastern
100 133g Apr 30 207 Jan III
181.4 "17
19
1912 .1712 19
1814 .17
4
80 80
79% 82
100 8134J Line 24 833 Nov 20
4
81
833 11,000 Pere Marquette
4
8012 8112 803 8112 8034 81
86
.84
200
100 1 July 29 86 Nov 20
86
Do prior prof
88 .85
,
13
86
86
88 .85
88 .85
.85
Do pre(
700
76
100 osli Apr 16 7,'l Nov 20
76
7712 7712
7512 76
763 .7412 76
4
77
*76
77
4
101 1063 1063 10812 11,800 Pittsburgh & West Va-_100 63 Mar 19 10812 Nov 20
4
107 10723 1024 1034 10312 1048 101 101
50 89% Mar 30 914June 1
4
3
8812 88,
8 873 887 45,300 Reading
8913 9118 8714 89 4 8718 8838 85% 88
3
439 4 40
40
400
40
40
Do let pref
2
3
40
.3912 40
50 357 Mar 18 41 June 1
40
.3912 1018 40
401
4014 4018 4014 . 4 4012 1,000
2June 1
60 3614 Mar 18 443
Do 2d pref
.4014 4114 .4014 4022 40% 4014 .40
100 Rutland RR pre!
100 42 Apr 24 62% Jan 9
54
*53
55
55
•52
54 .50
56 .40
5512 5512 .50
100 5713 Jan 16 102l4 Aug 28
9733 9518 9612 9612 9812 32,900 St Louis-San Franclaco
9818 0933 97
9914 9614 973* 95
857 858 86 86
100
Do pre( A
•86
87
.86
100 76 Jan 20 92'., July28
87
89
*88
88 .86
4
8
5312 54% 543 557 12,700 St Louis Southweetern
100 4334June 11 63 Aug 24
5512 583
4 5412 583
4 5312 5438 5231 54
8 733
600
74
100 7012June 25 88 Oct 2
Do pref
733 73% 74
8
73
74
'73
733
4 73
7318 *73
8 51
527 40.700 Seaboard Air Line
2
7
1
5018 513
100 203 Jan 18 541 Nov 14
533 5414 5112 53 g 5014 5123 4912 517
8
4812 494 494 4,200
, Aug 9
30 6
ja
Do pref
100 35 Mar 30 10142 A un 27
9(
,
4 47
50
503
8 491 4912 4812 483 4714 483
100
1013 103
4
1007 10234 10018 1008 9914 1008 99% 100% 10034 10112 52.200 Southern Pacific Co
100 7734 Jan 2 11614 Nov 14
11518 1161 4 114 11512 114 1143 1123* 11418 113 11418 113% 11412 44,900 Southern Railway
4
9214 923* 8,200
92
Do pre!
100 83 Jan 2 951 2Sept 19
9114 917
8 92
92 92
923
8 92
92 14 923
5334 18,500 Texas & Pacific
J00 4314 Jan 27 5814 Mar 13
4 52
493 51,
5312 5412 5212 537
2 5012 523
8 5113 52
74 Apr 17 1553SePt 9
2,500 Third Avenue
•I212 13
13
13
100
12% 13
1212 1212 13
13
13
13
713
4 1,100 Twin City Rapid Tranalt_100 68 Jan 22 7212 Nov 13
*71
4
703 71
73
70% 71
713 72 .7012 72
8
•
72
20,200 Union Pacific
100 13314 Apr 24 15314 Jan 10
142% 143% 144 145
145 1457 14334 145% 143 14312 14218 1433*
8
Do pre!
*7412 7514
800
100 69 Sept 16 7714July 31
75
.7518 755 .75% 7534 .75% 75% 75% 7512 75
24
United Railways Invest ___100 18 Aug 31 3312MaY 18
18
•19
24 .
21 .18
24 .18
22 .18
22
•18
Do pre!
70
200
100 4812 Mar 23 8314June 25
70
70
.65
.85
71
70
71
.85
*65
70 .85
100 Virginia Railway & Power_100 6412 Jan 14 150 Nov 4
•130 200 .135 175
149 149 •147 200 •145 200 •145 200
40
41
53,400 Wabash
4
100 1912 Mar 30 474 Aug 26
4138 42'
4018 42
40'*
.,
39
4033 373 3912 333 10
Do pref A
100 554 Jan 20 7312 Aug 17
70% 7013 7114 24,400
70
89% 71
7134 7214 7118 7218 703 71
8
900
Do pref ki
58
100 384 Jan 21 6012 Aug 22
56
58 .55
58
56
58 .55
58
5512 56 .55
Al
1512 15% 13,300 Western Maryland__
2
100 11 Mar 24 183 Aug 25
1633 187
8 153 1633 15% 157
4
1518 15 4 1514 15%
,
8
100 18 Afar 27 2614 Jan 9
2314 24
Do 20 Ord
2233 2314 2112 22 2 2118 215
8 2114 2214 21% 22% 3,700
,
3314 34
33
33% 39,400 Western Pacific new
100 1934July 31 3434 Oct 21
33
3218 3312 3218 33
3433 3314 34
.79
Do prat new
7912 7918 7914 .79
79
7914 12,200
100 72 July 27 7933 Nov 5
79
7912 7918 79% 79
287 28
8
.100 1034 Mar 31 28 Nov 14
255 2712 2512 2614 25% 263
*
4
4 253 26% 2614 27% 47,000 Wheeling & Lake Erie By.
13,900
483 49
8
Do pre
4712 49
100 22 Apr 2 49 Nov 14
47 47 14 4714 48
4812 4712 48
48
Industrial & Miscellaneous
69% 8812 883
68
1,800 Abitibi Power & Paper_No par 62 fan 6 754may 29
68
4 8712 6812 *8712 68
130
100 All American Cables
100 119 Jan 6 133% Oct 28
128 128 *128 130 *128 130 •128 130
110 11012 no Ito *10614 los .104 107 105 105 10434 105 2 1,000 Adams ha preea
100 90 Apr 16 11714 Oct 9
,
1812 1812 1712 1834 1718 1712 17
17
2,400 Advance Rumely
17
100 13 Apr 11 20 Oct 23
8
17
1814 167
5912 80 .59
60
1,700
80
585 .
Do pref
8 5812 60
100 47 Feb 18 6214 Oct 23
60
5812 5912 58
9
912 9.500 Ahumada Lead
93
8 95
9% 93
4
1
712 Oct 13 I25*May 27
9
918
9
9 18
9
914
111% 114
10934 111
19,300 Air Reduction. Inc_ ___No par 863 Jan 30 115 Nov 19
11112 11134 10912 112
4
108 1104 111 115
2
8
11 I 107 1118 103 11
.101 11
8
4
12,200 Ajax Rubber. Inc_ _ _ No par 10 Mar 19 157
11
103, 1078
103, 11
2June 19
• Bld and asked prices. 2 El
-dividend. s 111k-lights.
89
•128
89
69
133 .128
PER SHARE
Rano for Presto's
Year 1924.
Lowest
Iliyies0
5 per share $ per teas
,
12 Apr
25 Mar
9712 Jan
8612 Jan
152 Feb
112
Jan
5218 Apr
6614 Apr
3914 Deo
88
Jan
1313 Jan
4814 Jan
40 May
14234 Mar
199 Mar
6734 Feb
994 Jan
314 Apr
819 May
100 Apr
21 May
37 May
4
Apr
1012 June
2
107 Oct
1814 Oct
4914 Jan
Jan
WO
2112 Feb
4
763 Feb
6552 Jan
Jan
29
6814 Apr
Jan
20
60
Jan
45
Jan
10412 Mar
110% Feb
42 Dec
203 Jan
4
2834 Feb
254 Jan
534 Mar
26 May
1114 Apr
60
Jan
2272 Dm
464 Dec
1209, De"
9634 Der
5 Dec
15214 Dec
2
847 Dee
6612 De,
4414 DM
95 Nos
417 Det
753 Dec
4
6834 Dee
15812 Nov
295 Des
984 Dee
10912 July
1013 Dec
8
197 Der
15014 Nos
38 Dm
62% Dee
117 No
2
3134 Nov
183 Nos
4
3212 Nov
75% Dec
11414 Der
50 Nos
973 De.
4
8712 Nos
5713 Dee
94 Dee
49 No
654 Des
.19 NOV
1393 Des
2
1499* Des
4312 Dee
353 Aug
4914 Dee
4814 Dee
75 Des
393 Nov
4
2912 Dee
99 Dee
2034 Noy 2914 Dee
5714 Oct 6472 Dec
10014 Mar 1177 Dee
2
104 Mar 1174 Dee
1114 July
1812 Nov
4144 May 63 Nov
121 Jan 3914 July
4
17% Mar 4134 Dee
5114 Mar 5913 Dec
93913 Apr 85 Deg
871 Jan 109 Dee
1
42
Jan 88 Doi
804 Jan 5172 Jul)
814 Mar 134 Ma
20
got 42 Der
41 Nov
7113 Jan
14 Mar 30
Jan
lIe Jae
4
Jan
284 Mar 534 Des
GO June 75 Dee
1012 May 349* Dee
299* Feb 76% Dee
9% Jan 344 Nov
29
Jan 74 Des
112 July
3 Des
9914 Fob 1191 Dec
4
724 Feb 128 Des
83 May 937 SePt
2
141s Jan 334 Des
16 May 2814 Nov
1212 Apr 29 No•
1024 Jan 13314 Dee
723 Feb 8012 June
4
477 Mar 73 Dee
4
4214 Jan 50 Den
934 Marl 224 Nov
4012 Mar 73 Des
714 Apri 8512 Aug
60
JanI 77 Aug
38
Janl 754 Den
517 Mall 7913 Des
2
34
Ott' 5613 Jas
93318 Janl 56
Jan
32
JanI 86 Nov
194 Apr1 85 Dee
4234 Jan 824 Des
33
Jan 557 Dee
s
577 Jan 74 Noy
2
Marljjahnn244 Des
8611
146:
1051 Nov
4 1
384 Jan 79% Dog
661 Jan 85 Dee
4
19
Jan 484.
1 12
,
8% M
July
391s Oot
12811 Mar 186
51% Dee
70 Mar 7612 A110
734 14pr 41
Dec
264 494. 6414 Dee
36
Feb 7214 July
10% Jan
249* Dee
34
Jan 603 Dec
4
2213 Jan 4234 Dee
89* June 1614 Des
1514 May 264 Dee
---ill!
-17 -1 43
7ig - 1 0
1414 Jan 324 Dm
81 13,0 64 Des
9613 May 1224 De"
73% Jan 93% Dec
6 June 18% Dec
2814 June 64
1. '
10
_
91 674 Jac - -3 We:
44 May
1419 Dee
2499
New York Stock Record-Continued--Page 2
paste preceding.
804 sales during the week of stocks usually Inactive. see second
PER SHARE
Range for Year 1925.
STOCKS
hales
-PER SHARE, NOT Pah CENT
HIGH AND LOW SALE PRIORS
-share lots
Ors basis of 100
NEW YORK STOCK
for
OMNI
EXCHANGE
the
Friday'
Wednesday Thursday.
Tuesday.
hfonday
Saturday.
Highest
&owes:
Week.
Nov. 20.
Nov. 19.
Nov. 18.
Nov. 17.
Nov. 16.
Not'. 14.
PER sfiAna
Rano for Prelims,
Year 1924.
Lowest
Highest
$ per share $ per chart $ per she$ per share $ per share $ per share t Per share $ per share $ per share Shares
ll* Mr'
74 Jar
212 Oot 28
'172 2
700
4 2
*13
*178 2
1
174
4
17
174
4 18
13
8712 De•
4
65 Mar
4
1153 Nov 9
2
2
109 11012 1103 1117 54,500
111
11214 11514 11014 113% 110 11112 10714
2
Apr 1185 INS
121 Nov 9 110
2.100
4
4
,
3
120% 120% 12012 120% 1204 120 4 120 4 1204 1203 1202 121 121
4114 May 7312 De
95 Oct 17
90
9012 89
8,500
9114 89
,
8914 9112 87 4 8914 89
9112 92
4
90 Apr 1047 Dee
10834 Oct 30
100
,
•108 10812 *108 108 4 108 108 *107 108 *107 108 •107 108
1714 ROT
14
7 Apt
4
297 Oct 13
8 2414 254 2512 2514 8,900
,
2618 26 4 2518 2612 24 4 25% 2412 257
,
79340ct 13
1814 Apr 4914 Jae
7312 7318 73% 5,100
7212 74 4 73
,
74
7514 7212 74
7512 76
36 Mar 4912 Fel
43 Jan 7
,
32 4 3 4 3512 4,100
33
3412 32% 334 32
,
,
34 4 34% 34 4 34
34
6812 001 83 Do'
87a June 19
82
82
*75
100
82 *75
82 •75
82 •75
82 82 •75
2214 AM' sin Jar
3419 Jan ?
2914 2912 7,800
294 2912
30
3112 2912 304 29
31 8 31% 30
,
76
Apr 102 Do
1535* Nov 10
,
,
31,100
14012 15014 147 153 8 • 142 4 150
,
14214 143 4 140 14214 140 146
114128e9t 29 10414 July 110 Ms.
100
•111 11412 *111 11412 *111 11412 •111 11412 •111 11312 11314 11314
s
957 Ain 18312 De.
263 Nov 6
247 25212 116,400
,
,
2
25312 2587 249% 254 4 242 2544 244 4 250
25512 258
1217.8,92 14 109 Jan 119 0e,
3
500
12014 12014 12014 12014 •119 4 12012 •12018 12012
•11984 12014 120 120
115348091 17
,
8
11118 11214 10914 1124 10811 1097 107 10912 108 10914 109 109 4 13,500
11128 July 28 -- 84 Apr 128 Jul,
126 126
400
126 126 *124 12512 125 125
124 124 •124 126
214 Mar 25 Sop'
27 Feb 14
2412 24% 24% 24% 3,800
2518 24% 25
254 25
25
25 25
2
1454 Apr 407 Mr
62 Apr la
5112 5112 2,600
5112 52
52
,
,
,
53 4 631
4 52 4 64% 514 5112 51
28 Sept 39 De
5814 Apr 18
49
49
50
300
50 •4812 49% *49
5112 50
,
50 4 •49
•50
Oct
7
84 June
Jan 22
614
412 Oct 7
, ,
4 4 4 4 1,990 Amer Druggists Syndicate_ 10
,
4 4 '4
47
4 4%
%
478 478 *43
474 48
4%
4
Aar 1641 Dee
88
100 125 Apr 27 166 Jan 2
13714 13714
1,700 American Express
138 13814 13614 13814 *13712 139
139 140
_
•
-14
88eo1 3
4212 30,300 Amer h Fern Pow new-No Par 27 Apr 7 511
41% 3912 4114 41
39
40% 417
- 4218 4118 42
-42
, 87 Jan 6 94 Feb 19 ---- -No pa
924 92% 924 924 1,600
Do pref
9212 9212
2
921 93
9218 93
93 93
'15;
9212 Mar
12912Nov 19 142 Sept 23
Do 25% Mild
12912 12912 130 130
200
141s De:
714
14
812 Mar
,
fi 1212 12% 12% 12 4 2,000 American Hide & Leather_100 5313Sept 31 7578 Jan 14 5012 Apr 7234 De
8
1
,
-1334 )14 "1234 131- ;iii4 1312
Jar
Jan 14
2
100
Do pref
900
83% 63% 63 63 8212 6212 64 64
65
65
87
.85
72 Ana 96 Pal
100 83 Mar IS 131 Nov 13
,
127 128
126 8 127
7,700 American Ice
,
124 126 4 12312 127
Fe?
8
1283 13012 12114 128
88
12
73 Nov
July 9
100 7412 Mar 17 84
Do pref
83
83 .8212 84 .82
700
83
,
,
,
82 4 82 4 •82 4 83
83 83
3
1
17 4 Mar 35 4 No4
4112 421s 4112 43 33,600 Amer International Corp-100 3214 Mar 30 467 Nov 13
40 42%
8
424 4412 417 43
4
121 Jai
444 46
10 Mar
10 1114 Jan 2 20 Nov 14
,
15 4 1618 1514 15 4 45,900 American La France F E
,
15
164
20
1612 17% 1512 161
16
2814 Den
18/4 May
.100 20 Mar 25 5914 Nov 5
491
4618 4818 4712 48
4618 49
9,800 American Linseed
48
8
,
50 8 51% 497 51
80 APT 534 Der
100 53 Jan 2 89 Oct 2
8
Do pref
86% 863 86% 1,700
854 86% 86
,
,
87 2 87% 864 8712 *8618 88
704 AIX 10954 De
4 Mar 6
,
,
119 120 8 119 4 121
117% 121
23,900 Am.dean L000m new No par 10412 Jan 12 1447
4
,
12214 124 4 11918 1223 11918 121
4 Feb I31 11614 Aar 12012 Sep.
100 115 A,,g14 12
Do Prof
121 121 •119 120 *116 119
500
11912 11912 11912 120 •119 120
*Shinny 54 De.
3
par 4514 Mar 30 57 4 Oct 26
NO
54% r5314 531 11,300 American Metall.
6414 54
54
3
5414 55 8 5414 65
58
55
4
941 AV 186 Dec
7
25 89 4 Jan 5 12212Nov 4
3,600 American Radiator
11812 11812 11618 11914 11612 1173 11512 116% 11618 11634 117 117.
83 041
,
12
Jay 13
77 Nov
81
81
81
*78
•78
600 Amer Rallway Espreeo__100 s76 Sept 15 84 Nov 14
81
*78
*78
78
8112 78
•80
7
5 2 Apr 1014 Not
4
4 Jan 2 783
721 33,300 American Safety Raaor____100 387
,
72% 684 724 69 4 7014 70
,
7414 76 4 7214 75% 70
1
1014 Oct 155 Fo1
4
53 Or r 20 1414 Feb 2s
61
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61
68 612
,
612
812
,
,
6 4 64
8 6%
67
5712 Jan 10014 Do:
4
4Mar 30 1253 Nov 6
12014 1231 34,900 Amer Smelting & Refining_100 901
,
8
4
1213 1243 12018 122% 119 4 1207 118% 1204 11914 121
14
Jan 107 De.
96
100 10512 Jan 5 11514 Oct 9
Do pref
11114 1111s 112 1124 •112 1137
800
112 112
11312 11312 •112 114
_
445 Oct 27
37kOnne 11
,
41 8 42
,
41 2 42
7 12,400 Amer Steel Foundrles_No Pa
42 4 4112 42
8
43% 42
43 434 42
4
100 108 Jan 7 11312 Oct 14 10114 AP 1091 No*
Do prof
•11212 114 .11212 114 "112h 114 •11212 114 *11212 114 *11212 114
4
116
Oct 611 Fri
4
Jan 16 743 Nov 6
3
3
3
72 4 36,900 American Sugar Refining-100 4714
72% 7034 72 4 72 . 72 4 72
724 7134 7314 72
72
7
77 Oct 99 4 Yet
100 9114 Jan 16 10414 Nov 17
Do prof
1034 1037 10318 10314 103 10314 2,700
104 10414
10312 10384 103 104
2812 Jita
14
3 July
6 May 6 2412 Feb 14
Tobacco...100
10
1218 4,400 Amer Sumatra
8 *914 10
10
98 i11
10
62 94
10
9
10
Ja31
89
224 Sep
28 Apr 27 12014 Oct 15
1
.
Do prof
88 11834 .88 118 4
1
88 1183* •
*88 11834 *88 11 84 *88 1184 •
8814 Dee 4312 liu•
47 Feb 28
4312
4312 •42
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44
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300 Amer Telegraph & Cabie_100 37114.1une 1 14414June 18 1211s Jun 13414 Dee
44
It 44
8
44 4 443 *4712
4
13014 Jan 2
100
8
2
4
4
1411 1413 14112 1417 14118 14112 14084 1414 141 1412 14118 14112 10,100 Amer Telep A Toles- - _ 50 85 Feb 17 12112 Oct 22 1864 Mid 1694 Nol
4
9,000 American Tobacco..
113 1144 113% 1143 11412 116
116 11618 114 11618 11314 115
Mt 1064 July
_ _100 10412 Jan 8 110 Nov 12 101
4
Do pref. .......
0
4
300
•107 10812 *107 10812 •107 10812 107 4 1073 108 10834 *1073 10812
Oct 29 1854 Mar 1684 Nov
Do common Class B _.50 8412 Feb 17 11912
11212 1134 1137 11478 15,300
112 113
11211 115
4
11514 115% 1133 116
106 SeP 115 Sept
4
American Type Founders_ _100 103 Apr 22 1353 Nov 4
.122 127 *122 128
•124 129 *124 128 *122 129 •122 127
40 Fe 144 Del
13 684July 21
1
575* 62
5212 58
54
39.700 Am Wat Wk? h El..... __20 84 4 Jan 6 103 Feb IS
62
8 3214 5212 5013 55
8
12
52 4 537
89 Mal 101 Der
100 9714 Aug
Do let pref (7%)
500
4
,
4
10012 1002 1003 100 4 *1901410024 .10014 1001
4
s
787 Jar
*10014 101'z 101 101
4
511 Sell
4
.100 3414May 6 641 Jan e
4683 4718 8,800 American Woolen
47
47% 4612 4712 4814 468
481
47
4812 487
90 Oct 1024 Jas
9614 Jan 20
-.... -100 891eMaY
7
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8 1,600
2 90, 907
9014 907
91
,
91
911
9114 90 4 90% •90
7 July
91
112 Apr
712 Jan 3
4
18 Nov 18
4 2
.13
2
2
1,000 Amer NA ruins Paper prel_100
218
2
1% 2
,
14 2
2'2
.2
7 Mar 1214 Dee
7 May 12 121. Jan 0
2 7.000 Amer Zinc. Lead h Smelt.... 25
91
9
4
4 93
81
104
10
94 1014 10
10
10
10
24 June 867s Dee
,
4May 1 39 2 NOV 18
25 247
4
Do pref
3
3818 36% 3a4 3812 3912 3712 3888 368 3734 8,S00
4814 Dos
* 37
34 8 348
12
28 May
6
8 50
51
497
anaconda( 01.11er 14101111-50 3514 Apr 21 5314 Nov I
49
79,600
8
5012 5214 497 5134 4978 504 4918 5018
2812 Dee 29 Dee
7 45740et
42
42
*41
8 *42
1,100 Archer. Danfia MIdird-No par 28 Jan 8 105 Oct 18
,
42 4 4212 4212 *41
4312 4384 4234 43
90 Dec 914 Des
100 9012 Jan
Do Prof
.101 104 •101 104 .101 104 *101 104
•101 105 *101 104
14
83 June 944 Dec
9712 9712 1,200 Armour A Co (Del) pref.-100 9014 Mar 31 100 Oct 8
8 9712 9712 974 97l
9712 977
9712 9718 *9712 98
_
19 2712 Oct 5
25 4 38,000 Armour of Illinois Claw A__25 20 Mar
3
,
294 2518 25 8 244 25 8 24% 254 25
4 23
2512 252
Oct 15 ha
1753 Oel 30
Jan
8
4 1414 1412 1414 1414 3.500 Arnold ConsUle&Covtc No par
141
14
1612 1384 1414 131
1514 1514
No par 89 June 39 50 Oct 31
49
348
Artloom
49 '
49 •48
*48
49
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*4214 43
49
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2
67 Nov 11
100 10112 Aug 20
Preferred
•107 108 *10714 108 *10714 109 90714 108 .107 1088 *107 108
4Nov 2
613
574 18,200 Associated Dry Goods...... 100 4612 Aug 1
67
4
553 57
4 57
553
3
$31j May 94 Not
4 5614 5834 5812 58
55 4 573
102 Oet 23
100 94 Jan
1s2 pref
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3
300
4
100 100
,
*9912 10012 *993 1004 *99 4 10012
1
89 Jar 102 4 Do
•10012 101 r100 100
10814 Feb 7
100 101 Jan
Do 24 pref
109 .106 10812 *106 108 *106 108 906 108
341s Fri
12
37 July
•10712 108 .10612
25 32 Mar 30 41's-June 15
391 4012 18,500 Associated 011
4
383 40
3834 40
23 Del
1
10 4 NIat
394 4014 3934 4014 3912 40
-100 20 Jan 5 77 Peal 29
3
56% 5812 14,200 A tl Gulf h W SS Line_
,
614 62% 6014 61% 374 60 8 57 4 59
1214 Jan 3112 Dee
.6112 62
100 81 Jan 6 60 Sept 23
Do pref.
517 5214 3,300
5318 524 53
5312 6312 534 6314 52
7814 July 14014 Jaz
*5312 64
100 9512 Jan 2 11712 Feb 5
8
1057 10618 107 10312 8,300 Atlantle Refining
041 118 Fri
1084 1097 107 10912 10412 107
ii312 Jan e 11744.1une P 108
110 110
_100
Do prof_
200
117 •1164 11712 117 117 •11612 11712
111s Jat
6 June
4
•116 11712. 11612 11714 117
914 Feb 16 167 Nov 20
7
4
1812 164 168 16 8 2.200 Atlas Tack...._No par
1812 Mar 384 Der
2
1612 1612 163 1612 16% 1612 16% 16%
31t2 5,100 Austin.Nichols& CovtcNo par 22 July 6 324 Jan 13
3112 30%
30
3
Apt 91 Nov
79
/.115 15
29 4 2912 2912 2912 30
3012 29
3014
100 8714 Jan 27 95
•9312 94
Do pref
9212 93
300
*9212 93
93
93 *92
11
8 Jab
112 Not
*92
414May 14
*9212 93
114 Nov 4
112
8 18 *114
13
800 Auto Knitter Hosiery-No Vol
112
,
1 4 •114
4
3 Dee
4 *114
13
1
112 *114
112
12412 12714 89,000 Baldwin 1 ocomotive Wlos_100 107 Mar 30 146 Feb 2e 104 4 May 13412 Nov
4
12418 12614 12118 1255* 1222 126
1
12714 130% 124 1294
100 107 Aug 7 116 4 Jan 81 11012 June 117
Do pre/
300
11514 *114 11514 *114 11514
116 115 •114
14 Feb 2812 Der
115 115
*114 113
1
18 4 Aug 12 30 Mar
.1
24% 2412 2512 15.300 Barnodall Corp. Claw A
8
2418 2514 243
1711 Dec
10 Jan
25 2512 2488 2538 2414 25
16 Aug 18 25 Nov 14
2
238 2 84 3.900
*2312 237
4 3
Do Claes B
238 24
2312 Not 39 Des
234 24
8
231 24
2414 25
No par 85 Jan 8 7312 Oct 8
5112 46
46
20 Barnet Leather
5112 *47
5112 *47
3117
5112 •47
394 May 59
•46. 52 •47
3814Sept 29 5314 Feb 14
No Pa
100 Asyut Cipars, Inc
4 3812 3812 *384 39 •3814 39
4454 Apr 7284 De.
*382 49 •384 391
*384 40
4
60 Mar 23 771 Aug 26
7012 7012 7012 2,400 Beech Nut Packing
8814 6918 69
70
*69
_
70
69
71
71
1 e91 9
37 Beni 4 40 413
NO Pa
2 3714 375* 6,300 Belding Bros
373
3714 37
12 37
37
8
3714 3712 3714 37 4 87
1s
1
37 4 Oct 62 Pet
100 37 June 5 5312 Jan 18
8
457 484 4718 48 4 37,200 Bethlehem Steel Corp
,
4514 47
4614 47
,
46 8 481
4 Apr 11014 Pet
2
477 491
115 115 •115 116
Co cum cony 8% prof...100 109 Mar 18 11812 Feb 8 1011 June 97 Feb
700
115 *11418 115
8912
*114 1151; 11412 1148 114
100 9314June 1 102 Jan 31
101 101 4 2,200
,
100% 102
Do pref 7%
Jas
9912 10011 10012 10012
384 June
8
8
29 4 99 4 10012 1001
7
8 4 Oct 6
414May 4
. No par
64 612 1,600 Booth Fisheries
6% 84
7
7
7
74 7;
7
714 71.
21
*42
43
700 Botany Cons Mills Class A60 405* Atm 26 48 July
441: 434 4312 424 4312 .4214 43
*4312 4414 *43
297 30% 6.600 Briggs Manufacturing_ No par 27 Oct24 4412May 25
2
2834 2912 29% 294 294
: 29
301
,
Jun. 124'. Dec30714
30h 30 4 29
100 12034 Jan 2 15612 Nov 6
4 8,700 Brooklyn Edison, Inc
138 1367 13412 1343
2
137 13912 13518 137
136% 139
13912 141
5614 Apr 8214 Dee
7512 Feb 17 10014 Nov
No par
95
,
95 4 18,600 Bklyn Union Gas
96
3
9414 95 4 94
96
, 95
9511 967
95% 96
7611 Der
39 May
100 6412 Mar 31 157 Nov 2
1,400 Brown Shoe Inc
132 13212 133 134 x134 13414
133 133
13112 133
•135 138
g
84 June 994 Der
.100 96 Mar 25 log
Do prof
•10812 110 •10812 110 •10812 110 •10812 110 •108 110 •10812 110
4
493 Jan 21
3012 2.300 Brunet;Ick-Balke-Coll'r No par 24 June 2.
30% 30
3012
32
3212 *31
32
,
32 4 *32
32% 33
95 Dec 112153mB
No par 9212 Feb 11 12374 Oct 7
,
4
4 2,000 Burn, Brothers
118 1184 11612 1171; 117% 119 4 1183 1183
120 120 •118 120
196* Feb 29 Nov
17 Mar 31 30% Ont 7
32
Do new Class B eoto NO Par
,
30 8 3114 32
700
3012 31
32 •3114 32
33 '31
•31
,
, 674 00
424 NOI
103 Sept 4
93 •92
dn's Mach _No par 65 Jan
93
92
3.900 BurroUghe A
93
93
9212 9512 9312 94
1
94 4 95
4June 4 1912June Is
No par 141
4
700 Buab Terminal new
3
1712 •1812 1712 1818 17 8 •1714 1712 1712 18 *MN 173
•16%
4June 20
100 80 M ay 14 897
8612
8612 *85
De1entore
*85
300
85
85
85
•8514 8512 8514 8514 85
14
5
8 s June -- 9 Der
1
8 4 Jan 2
712 1,900 Butte Copper & Zino
7
6 414 Mar3
7 114
7
8 714
71
7'4
7
718 74
74
4
17 Apr 253 Dee
24
100 ly May 13 2814 Jan 3
25
3
6,900 Butterlek CO
234 22 4 21
23
23
24
2314 23
23
1123
14 May 254 Der
2414 Jan 9
812May
15
157 39,500 Butte & Superior Mining_ ...110
2
1514 16
,
14 4 144 1612 154 161
14 13% 14
13
1114 Jaz
1 Nov
12
2% Jan 12
12
th
2 2,100 Caddo Cent 011 te Ref...No par
3
34 Nov 1'
4
3
13
1
12
8
6
12
12
• h
4
Apr 1061 Dee
SO
131 13212 4.000 California Pack Ina
No par 10012 Jan 27 13612 Nov 13
130 131
128 130
12812 130
132% 134% 130 133
2914 Feb
1912 July
7
82 4Mar 7
. 4
1311 3214 94,000 California Petroleum
8
25 937 Jan
, 3114 32
321
4
,
,
3218 32 4 318 32 4 314 31% 31
7
5 4 Jay
212 May
112 Oct 1
44 Feb19
214
214 5,900 Callahan Zino-Lead
10
212
214
214 2%
Vs 24
212 212
2%
214
4114 Mar 584 De4
10 45 Apr 22 59% Nov 20
5978 24.200 Calumet Arizona Mining
5418 54% 5112 5418 5414 584 58
55
55% 55% 55
1914 Dee
1314 May
4
25 1214May 26 181 Jna 5
,
, 1512 154 1512 15 4 2.700 Calumet h Berle
,
154 154 15% 1512 1512 15 4 1512 13 4
14 Mar 35 Der
814 63
62
7,000 Case Thresh Machine__ _ _100 24 Mar 18 63 Nov 20
6212 82
61
62
5912 61
61
60
61
Jan
4114 May 77
100 60 Mar 11 10018 Nov 16
4
993 *98 100
Do prof
99
2,500
,
9% 9834 98 4 1004 99% 9973 *98 100 1912 19 4 19% 2012 9,000 Central Leather
2
7
9 4 Mar 211 De4
3
100 1414 Mar 23 233 Oct 13
,
:
sot 2012 20 20% 1918 2012 1914 204 63% 6412 8412 8534 12,400 • Do prof
2914 Mar 5814 Dec
100 4914 Mar 24 71 Oet 13
,
64 8 66 4 64% 65 4 634 6518
68
,
,
66
2514 Apr 3514 Nov
3212 33
32
2,800 Century Ribbon Mills_ _No Par 30148ept 2 4712 Mar 11
3214 32
33
33
32
33
3212 33
33
91
Jan
9512 July
1
100 9412 Oct 5 98 4 Jan 14
9712 *914 9712
Do prof
971s .94
974 *93
9718 *93
9712 *93
•93
4014 Mar 563 De(
4
14
24
4
,
618 638
61 4 60% 6114 6111 6214 18,600 Corrode Paseo Copper_ No par 4314 Mar 24 643 Nov 8
604
4
4 6012 82
6212 64% •
2
247 June 444 Dee
4Sepi
581
5284 9,600 Certain-Teed Products_No par 4084 Mal
51
5112
51
5012 51
52% 5314 514 5212 514 52
267 Nov 8612 Set
4
2712 Aug 20 52 Oct 23
, ,
3912 42
41
3918 4118 4018 42% 41 4 43 4 27,30(1 Chandler Motor Car_..No par 8014 Mar 19 12714 Nov 9
39
3284 43
2
7974 May 1007 Dee
124 12612 15,500 Chicago Pneumatic Tool_100
11914 125
11912 124
121% 125
12112 125
12614 127
39 May 611s Al"
•48
51
51
'48
100 Chia Yellow Cab tern otf No par 44I2July 7 55 Jan 3
51
50 .47
*48
60
51
51
*48
4
4
No par 497 Mar 31 747 Oct 26
69% 13,800 Childs Co
3
3
86 4 89 2 6714 6812 69
69
7012 6718 69
7012 71%
-1
11 71- -11
26 3012Mar 80 8714 Jan 2 .5 4 Mar -8 4 We.
8
37
,
4 38
31118 363
,
36 s 36 4 3512 36% 3512 35% 3514 357 25,600 Chile Copper
Apr 23 281 Feb ; 7.. Mar 29 Dec
s
204 2014 2012 2012
250 Chino Copper-- -...... 22
22
6 19
*20
*20
*28
22
23
*21
No Pa • 10814July 14 253 Nov 2
195 203 4 187.800 Chrysler Corp
,
19512 202
217
8
200 209
201 2127 1964
208 216
4
par 1001* July 2 1117 Nov 7
Do preferred
,
nom: 110 109 10012 108% 109 10714 1074 10714 107 4 107 10812 7,000 Matt Peabody &Co-.No
"ii;
7114 Jan 17
55 "6"ei
8814 8814
-100 5811 Mar 1
89
1,600
12 69 59
6814 8812 69
4 884 69
6912 89
Apr 8814 Dec
1771 Nov 9
No par 80 Jan
61
4
8
157 1647 163 18712 20,100 Coca Cola Co
156 169
168 169
1704 17412 169 171
7
34 4 Feb 5414 Aug
100 8214 Apr21 4814 Jan 13
36
3812 36% 3712 3714 38% 8,300 Colorado Fuel & iron
39
12 3914 38
sat, 4014 38
1•
3914 Sept . 11, Jac
1
52% 5212 53
5,800 Columbian Carbon•t o No par 45 Mar 24 55 4 Nov 12
2 514 5312 52
533
,
5314 64 4 53
54
84
faro. 0116 48 ROO INA flas A Klee...
I t.
83 Mar 48 Dec
No par 454 Jan 21 86 Oct 21
to,, on,, 701. R.V. 7Q1.
Q,,n
, 70
7
• 81114 82
a Et-dividend.
day, a Es-rrgium
•Bid and asked Woes.DO ewes on this
Indus. & Miscall.(Con.) Par
Alaska Juneau Gold Mtn_ 10
Allied Chemical & Dye_No par
100
Do pref
100
Aills-Chalmers Mfg
100
Do. prof
Amer Agricultural Chem-100
100
Do prof
100
American Beet Sugar
100
Do peel
Amer Bosch Magneto__No par
Am Brake Shoe & F........No par
100
Do prof
100
American Can
100
Do Prof
American Car& FoundryNopar
100
Do pre?
American Chain_ class A . 25
No par
American Chicle
No par
,
Do certificates
S per share
1 Jan 6
80 Mar 30
117 Jan 9
7112 Jan 5
10314 Jan 3
1312 Mar 19
3
3812 Mar 2:
3
29 4 Oct 27
wig Jan go
2814 Mar 24
9014 Mar 30
10712 Jan 12
15814 Jan 16
115 Jan 29
9712 Apr 27
14
120 Ayr 2
2214 Oct 3
37 Jan 27
37 Jan 7
2500
New York Stock Record-Continued-Page 3
Pot ales during the week of stock. usually inactive. see third page preceding.
MOH AND LOW SALE PRICER-PER SHAMS.
NOT PER CENT.
Saturday. I Moneta,. 1 Tuesday. I Wednesday. Thursday,
1 Friday,
Nos. 14.
Nov. 18.
Nov. 17. I Nov. 18.
Nov. 19.
Nov. 20.
Sala
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
-share lois.
On beats of 100
PER SHARE
Rasps for Precious
Year 1924.
Lomat
Highest
Lowest I HUM,
$ Per share' $ per share $ per share $ per
Per Mandl per share
*112 11288, 112 1127 *112 112 •112 share $ per share I i per share Shares. Indus. & Miscall:.(Con.) Par $ per share $ per share
8
12
11212 7111 11212 •111 112%
'
500 Col Gas & Elec pref
100 10414 Jan 5 11318 Oct 29 10314 Dec 106 Dee
7
:117 121 1 116 118
115 126
120 1263 121 12812 126 12912 8,300 Commercial Solvents A No par 80 May 25 190 Jan 29
4
431k Jan 13114 Dec
120 120 4 *114 120
3
11212 125
11812 125
123 12814 12312 12712 8,700
Do "B"
No par 76 May 25 189. Jan 29
33 Jan 12912 Dee
21
2214 2118 22% 2112 22 I 2114 217
21
21121 2012 2114 36,400 Congoleum Co new
82 May 662 Feb
/
1
2
No Par 2012Sept 29 4312 Jan 2
/
1
*83
3
4
5
8
3
8
*12
3
8
6
8
%
*8
2
3 : *%
4
3
4 1,200 Conley Tin FolistatnpedNo par
12May 19 17 Feb 10
4
7 May 141 Doo
/
1
2
4218 4218 4114 423
418 4158 395 4118 4014 4012 40 4 4112 3,000 Consolidated Cigar
3
No par 2612 Jan 2 46 Nov 7
113 Mar 30 Nog
8
•88
90
*85
90 •84
90 1 *84
90
89% 897 •138
100
Do prof
90
100 7934 Jan 2 90 Nov 6
5212 Apr 84
Jan
4% 518 *43
4 5
48
4 43
4
412 5
412 43
4
412 412 2,700 Consolidated DistrIb're No par
9% Feb 19
3% Jan 7
12 Jan
311 Dee
4
9312 9414 9214 94
92
9314 9114 92 8 913 9212 915 92% 28,800 Consolidated Gas(NY)No par 741 Mar 30 9514 Oct 29
7
8
8
8
6072 Jan 7972 Dec
7
334 37
33
4 3
3% 3 4:
353 3 4
3
8
3
312 3 8 3,800 Consolidated Textile-No Par
312 3%
234June 9
514 Jan 7
2% Apr
8 Jan
84
8534 81
8414 8
791 818880
4 7812 82
053 813
1
4
813 27,000 Continental Can, Inc__No par 6012 Mar 29 8512 Nov 6
4312 Apr 69% Des
128 128
12612 127
127 127 1 1247 125
7 125 125 1'
8
800 Continental Insurance
7125 126
25 103 Jan 5 134% Oct 22
8918 Apr 109% Dee
12
1212 1178 1214 1114 113
111
4' 11
11
1112 118 1153 38,900 Cont'l Motors tern ctts_No par
814 Jan 2 1512 Oct 17
Apr
6
8 2 Dec
7
3753 3814 378 377
3714 3712 363 37 8 3714 3712 3714 383 36,400 Corn Products Refin w I- 25 328
4
8
4
/
2
8May 29 411 Feb 25
311 Jan 4334 Nov
•120 123 7
:120 123
123 123 I 123 123 *12212 124 •120 124 ,
700
Do pref
564 567
100 11818 Jan 7 127 July 3 11518 Apr 1233 ant
4
4 58
57
57
5712 •5812 573
4 5638 5612 56
:
5712 1,700 Cots: Inc
par 48 Aug 21 6014 Oct 15
81
8334 7812 8112 775 7953 75 4 7712 7712 79 1 7914 81 I 23,100 Crucible
8
3
Steel of Amerlea.o
48 May 76 Os.
N
6412 Mar 30 845 Nov 7
8
993 995s 100 100
994 9912 100 100
993
400
4
*99 100 , *99
Do prer
100 92 May 8 100%8ept 14
86 May 98 Dec
912 9 8
7
93
4 97
8
912 9 4
3
93
912 *914 93
4
912 917 4,000 Cuba Cane Sugar
No pat2
7% Oct 23 14% Feb 9
1012 Oct 18 Feb
4434 458 4512 453
3 46 8 45 4 46
4 4514 465
8, 45
10,400
3
3
4618 463
Do pier
8
100 3718 Oct 23 62112 Feb 26
535 Apr 717 Feb
26
263
3 257 2612 25% 2714' 255 263
8
22,900 Cuban-American Sugar---10 20 Oct 28 33% Mar 3
8
8 254 26
258 26
28% Nov 3872 Feb
95
95 I 9512 9512 9514 9612 96
600
*96
96
96
97
Do prat
98
96
Jan 10014 NO,
100 93% Nov 11 101 Mar 13
3
/ 33
1
2
33, 33,
2'
314 3%
312 312
3% 314 8,600 Cuban Dominican Bug_No par
3
314 3 2
418 June
611 Feb 27
2
912 Feb
2 Oct 1
12
21
22 I 21
21 s •19
21
21
*19
197 19% 1,200
20
8
20
Do prat
100 174 Oct 8 444 Jan 6
38 Dec 62 Feb
10012 101
9912 102
9914 998 9818 994 99
1,800 Cudahy Packing
*99 100
99
100 95 Aug 20 107 Oct 3
46
46
44
45 I 44% 4553 453 477
46
4
46% 7,800 Cuyamel Fruit
8 4618 47
No par 44 Nov 16 59 May 25
451- Nov
8
74I .
..lei
'
71
118'
1
1
1
1
Ps
118
De
118 2,100 Daniel Boone Woolen Mills_25
118
112
7% Jan 9
6 Nov 3253 Mar
1 June 25
404 411g 39
39 4
10,400 Davison Chemical v to-No Dar 27 8 Apr 30 422 Jan 23
053 383g 3914 38
3812 38
3868 3614 38
4
7
8812 Nov 6912 Jan
*2512 27
141 *255 27 1 *2534 2678' •25 4 27
8
*25 4 27
3
3
*253 27
De Beers Cons Mtnes_No par 204 Mar 18 2714 Nov 13
4
1814 Jan 224 Dee
139 4 14012 137 139 1 ,137 139
3
13514 139
13712 139% 4,600 Detroit Edison
13614 137
100 110 Jan 5 159':dept 29 10114 Jan 1158 Dee
4
39% 418
4 3814 40% 38
4014 38
7
40 4 3812 40
3
384 39 8 110,310 Dodge Bros Class A__No par 213
4June 9 483 Nov 4
4
87% 87%; 8612 8712 86
8612 8512 86% 8514 86
8512 8612 29,800
Preferred certits____No par 7312May 7 9112 Oct 17
16
1616
164 1614 1612 1614 164 1614 1712 1718 1818 18,000 Dome Mines, Ltd
No par 12% Apr 14 1818 Nov 20
NovlSg
164 -Weir
1912 19121 *1912 193
4 193 19 4 1912 1934 193 20
4
2112 2,600 Douglas Pectin
3
21
4
14 Feb 16 2312 Aug 4
9 2 June 18 Dee
3
110 110 a 110 1103, 110 110 *110 11012 110 110
700 Duquesne Light 1st pref _ 1 ar 105 Jan 7 113 Sent 23 10012 Mar 10814 SOPS
110 110
igo_1
00
11214 11214 111 11212 111 11112 11018 111
110, 3 11053 11214 5,900 Eastman Kodak Co_ _No par 1043
3 110 4
4July 18 118 Jan 19 10418 Apr no NOV
2612 265
8 26
263
4 243 254 243 25% 25
4
3
4
2512 25 4 26% 14,000 Eaton Axle & Spring_No par 1012 Feb 13 28 8 Nov 5
884 Sept 244 Jon
7
245 2537 226 24538 223 230
218 228
55,800 El du Pont de Neal & 0o..100 13414 Jan 5 27114 Nov 12 112 May 142 Dee
217 22912 21514 222
103 103 *10214 103 , 10212 103
Do pref 6%
103 10312 10212 103
10212 1024 1,300
100 94 Jan 23 10412 Nov 13
Dee
85 Apr oa
3012 3132. 2912 31 1 2914 31
2912 30% 2968 3053 2914 303 50,100 Elec Pow de Lt ctfs.....No par 1738 Apr 25 40% JulY 18
4
_
O10618 107 1 10572 10553 10612 10612 10514 10514 *10514 106 *10518 106
30
40% Pr Pd.
100 Mar 18 110 June 16
•____ 107 '10512 108 *10512 108 *105 107 *105 108 *105 108
'
1
Prat full paid
10012 Mar 28 1103
4June 24
-92
92 1 9134 92I 9178 92
2,400
Do prer etre
9178 92
4
9112 913
4 913 92
89% Aug 28 94 June 10
_
7452 7612 744 75 8 7312 743
g 72
7
17,800 Mee Storage Battery. No par 808 Mar 30 77 Nov 13
7
2
7412 7514
725 75
73
4
ifif, May 56 Dpi
*312 4 1 *312 4 1
312 312 *314 31
200 Emerson-Brantingham Co.100
*314 312
ltsMay 1
5%July 31
78 June
3 July
/
1
2
691,t 3,000 Endhao ngoerJt hnson Corp.__ 50
3
Ex lcott-e o
70
De
4 7012 6912 7014' 69
68
69
69
69
68
69's
69
7 May 7352 Deo
4
63% Apr 2 747
83ept 17
*115 1173 t115 11734 *115 11634 *115 116 *115 116 *115 116
4
111 May 28 1183 Oct 9 10512 June 115
4
Jan
•1612 18 I *1612 18 1 *17
18
18
*17
•17
*17
18
18
Buffet Corp_No It
nl?' 13
18July 23 19% Jan 3
18 Dec 344 14uo
*314 4
314 3141 *3% 4
100 Fairbanks Co
*23
3
4 312 *2 4 312 •2 4 3%
3
2 Mar27
14
25
434 Aug 5
2 Dec
412 Jan
p5013 5113. 50
50341 4953 5044814 503
4,600 Fairbanks Morse
8
8 49% 491
' 497 50
No par 32% Jan 2 54% Ocl 28
25% May 34 Dot
10612 107 1 105 4 1068 10518 10612 103 1063, 1037 105
8
8'
8
8
1048 10653 21,200 Famous Players-La,_No par 9014 Feb 17 114 4July 27
3
Jan 98 Dc.,
61
/
1
2
*115 115121 11512 11518 115% 115% 11514 11514 *115 11512 11514 11514
500
Do pref (8%)
:
100 1037 Feb 17 120 July 27
8
Deo
8
877 Jan
Full paid recelpts____No par 102 Aug 31 11112Sept 17
2712 2834' 2712 28
2712 2753 -2712 2713 273 285 -ii- iii -I:700 Federal Light & Trac
4
s
15 26 Oct 2 38 June 19
56
58 1 5514 58
3,400 Federal Mining & Smelt:a-100 1514 Mar 13 71 Nov 20 5518 56
71
59
56
57
60
118 Apr -14 Wei
86
86 1 8314 843
88% 6,900
Do pref
4 81
8414 8112 844 83
853
4 86
4112 Jan 644 Dot
100 4912 Mar 11 92 Oct 28
17114 17114 *170 17312 16914 16914 16912 16912 *168 170 1165 17412
30 0 Fidel Phen Fire Ins of N Y _ _25 14712 Jan 6 177 Oct 21 118 Mar 146 Dee
1
00
18
*147 1612 *147 1612 *143 1812 1478 148 .15
8
8
Fifth Ave Bus tern otfs_No Par 12 Jan 8 17%July 18
4
1612
94 Jan 13
/ Jan
1
2
11512 11512 100 112 8 102 10514 961 107
25,100 Fisher Body Corn
8
9953 102
4
98 100
25 6014 Feb 17 125 Nov 7
2612 26% 2434 26 1 243 25
7
3
25 4 100,700 Fisk Rubber
4
SIs June Yee 2412 25% 2412 2553 25
No par 1012 Mar 24 283 Oct 2
4
neis
11114 11112 112 113
Do 1st prig
114 116
11514 11612 115 116
112 115% 12,000
38% July 86 Dec
100 7512 Jan 16 11612 Nov 18
14012 141 , 138 141
1363 138
4
52 16,600 Fleischman Co
136 1373 137 138
136 140
4414 Jan 9014 Noe
4
No par 76 Mar 19 146 Oct 9
174 17714 17512 179
34,600 Foundation Go
178 1833 178 182 4 17614 180
175 181
4
3
6612 Jan 94 Dee
No par 90 Jan 6 1833 Nov 17
4
/
1
2
21
21 , 20
205
8 193 20
8
18
19
20
772 Sept 13 Jan
1912 1953 20 20,700 Freeport Texas Oo
No par
8 Mar 18 24% Oct 13
/
1
2
3668 36% 3612 387
3612 383
No par 28% Aug 25 39% Nov 20
4
_
4 363 37
12 37 8 3918 394 397 16,100 Gabriel Snubber A
7
7
83
4 9 I
83
4 918
714 6,800 Gardner Motor
812 812
412 Jan 2 16'g Mar 2
8
74 8
'
3
7 Jon
88
5
No Par
514 Oct
55
56
5212 557
2 52
5318 5012 53
6212 5312 9,700 Gen Amer Tank Car
100 4412 Aug 4 60 Oct 27
2
111512 May 53 Deo
505 52
103 103
10312 10312 10312 103% *10312 10368 10352 103% 1035, 1035, 1,000
Do pref
92 Feb 994 Dot
100 9314 Feb 16 103 8 Nov 17
7
5912 6112 573 6053 58
19,100 General Asphalt
8
8
5918 55 8 57 4 563 58% 575, 59
81111 Apr 63 Do*
3
100 42' Mar 30 63/4 Jan 2
4
/
1
2
•100 1014 *98 4 10012 .98 4 99
900
3
Do Prof
99
3
99
8
100 13612 Mar 17 10118 Nov 13
711 Apr 100 Deo
9853 98 4 98% 987
3
*240 256 *245 256 .4
General Baking
'230 256 *220 256 *241 256 •220 256
93 Jan 160 Sept
No Par 121 Mar 7 250 Nov 11
104 10414 102 10412' 10212 103
100 8412May 4 109 Oct 22
100 1014 101 10112 102 10212 2,900 General Cigar Inc
8253 Apr 9811 Dee
2
320 333 314 32412 31212 3183 3034 317
4
4
100 22714 Feb 17 3374 Aug 24 19312 Jan 322 Dee
30712 31412 310 3153 43,900 General Electric
11
11
11
Do special
11 1 11
1118 1118 Ills 1118 1118 11,000
1118 11
8
2July 10
10 107 Oct 15 117
1912 Apr 114ul
J,
13312 1373 12912 13412, 12718 13012' 12512 130% 124% 127% 125 8 128% 516,700 General Motors Corp--NO Par 64% Jan 5 14934 Nov 7
4
3
5553 Oct 667 Dee
2
11312 11312 113 11312: 11253 113
3,200
Do 7% pref
113 113
11312 114
.
.100 102 Jan 5 11478 Nov 5
9518 J1117 10312 Dee
11312 114
52 4 SA 513 53%1 52
3
4
4,800 Gen Outdoor Adv A .... No par 45% Aug 13 5434Sept 21
4 52
5253 513 518
52% 5112 52
4
3014 304 2914 29 41 29
2,700
Trust certificates_ _No par 2618 Aug 13 33 Sept 16
. .
3
2932: 285 29
8
2812 28% •2812 29
50 4 5112 494 507
3
25 42 Jan 16 59 June 12
81 48% 4912' 473 4914 48
4 4812 4914 30,300 General Petroleum
38's June 46 AlIt
483
4
Gen Railway Signal
100 144 June I I 395% Oct 29
*105 105 *105 1057 *105 1057s *10538 1057 105 1058 '10 105% ---561) Do preferred
100 9012July 10 1057
8
2Nov 19 .45
45
*44
200 General Refractortee.__No par 42 Oct 7 5818 Jan 14
45 j *44
45 I 45
443
*44
4
45
*44
45
31 June 55
Jan
70 4 71
8
12,200 Gimbel Broe
70% 71% 6912 7012' 6814 6912 6814 69% 69% 71
47% June 6471 Dee
No par 47 Mar 16 72 Nov 6
10312 10312 *10312 105 1.10312 105 1 105 105
900
Do prat
Jan 107 Sops
100 102% Mar 14 107 Aug 11
99
10512 105%
105 105
•45% 46
*4412 48
4 3,500 Ginter Co temp ctfs___No par
22% Feb 13 4912 Aug 5
21 Dec 27 Nov
4614 473
46
4612' 48
46
/
1
2
4612 46
25
2553 243 247 , 23 4 2418 2318 23% 23% 2412 24
2453 14,000 Glidden Co
2
8 June 15 Nov
No Par 1212Mar 19, 263 Oct 26
3
46 2 464 46
3
8,800 Gold Dust Corp v t c No par 37 Mar 31 51 Oct 9
281k Apr 43 8 Nor
46 4 45 8 4612 45
3
4512; 4412 45
5
45
7
46
66
7014 7214 6753 69 4 67% 6911 6518 89
677
4: 663 683 44,600 Goodricb Co (B F)
/
1
2
4
4
17 Jun
4
No pa? 3811 Jan 5 74 Nov 6
3
88 Dee
%
102 102
Do pref
400
100 92 Jan 81 1(12 Nov 14
102 102 1 102 102 *101 10112 •101 102 *101 102
7014 May 92 Dec
2,600 Goodyear T & Rub pf v t c_100 8612 Jan 6. 114 Oct 30
11012 11078 11014 11014 11012 11012 1084 11012 109 109
/
1
2
10958 110
39
Jan 90% Dee
8108 109
Do prior prat
900
.100 103 Apr 27 10812 Nov 13
108 1084 .107 108 *107 108
4
8814 Jan 10818 Doe
4
1063 1073
108 108
012 19% 2,700 Granby Cons Min Elm & Pr_100 13 Mar 30 2134 Nov 7
2012 20% 20 20
1212 Apr 217 Dee
194 1912 187 1912 19
1912
g
8
7 985, 965 98
49612 9712 98% 97% 3,700 Great Western Sugar tern ctf 25 91 Jan 16 11318June 19
97
8
8353 Oct 967 Dec
964 973
4 9552 97
8
900 Greene Cananea Cormer...._100 113 Mar 19 1914 Jan 2
1414 15
15
4
1418 14%
1514 .14
10 May 217 Dee
14
1412 1412 14
15
8
13,500 Gulf States Steel
90
9153 86
100 671a Mar 24 9534 Nov 5
90 I 8614 87% 8414 87% 8514 8712 8714 8912
82 May 89% Feb
35% 36
3
343 353 z3418 3452 33 4 3412 3314 3414 32% 3412 17,900 Hartman Corporation-NO Par 25 4 Apr 24 371 Jan 7
4
31 Sept 4484 Feb
4
3
45
46
No par 30 Mar 14 4912 Nov 2
43 4 46 .1 44
45 4 8,900 Hayes Wheel
324 May 52% Feb
8
45
44
445
8 44
44% 43
4,200 Hoe(R)& Co tern otfs_No par 39 Nov 13 487 Jan 9
393 40
41
3912 4012 39
41
4814 Dec 517 Dee
40% 41
39% 3918 41
2
*48
200 Honiestake MAging
100 43 Jan 2 60 Jan 12
50
*4812 50 •48
35 July 56% Jan
49 4 48
493 *47% 48
3
4
483 *48
4
*4312 44
143
43% 43
3
3153 Apr 38 Nov
4314 43
4314 438 43% 43 4 4514 6,300 Houseb Prod,Inc,temetINopar 844 Jan 6 4514 Nov 20
7212 73
72
73% 71
61
717
7014 7112 711s 72% 5,700 Houston 011 of Tel tern etts.100 59 Apr 22 85 Jan 29
8 7014 71
Apr 82% Vet
1612June 11 3112 Nov 4
No par
27
2714 25 4 26% 28' 268
3
2512 5:100 Bowe Sound
25
26
81 257 26% •25
8
109 11512 101 111 1 100 10512 9714 106
8
3
2012 May 86
9514 100 4 94 1027 351,000 Hudson Motor Car_-No Par 33% Jan 5 139:2 Nov 2 2553 2653 25
4
26 1 2452 255
1114 May 18 -73-oi
8 2418 25% 2412 2518 25% 253 64,700 Hupp Motor Car Corp.... 10 1414 Mar 18 31 Nov 5
Jan
32% 3418 313 33% 31% 3212 30% 32 8 3114 3214 3178 32% 42,400 Independent 011 & Gas_No par 1312 Jan 5 4114June 17
8
554 Sept 16% Dec
5
*2214 23
1,800 Indian Motooyole
22
NO Dar 13 Mar 24 24 Aug 28
22%. 2118 213
1518 June 251 Feb
2112 2118 22
4 21% 21% *21
4
912 012
51 Jan 2 10 Feb 6
10
9
914 4,200 Indian Refining
9% 93
/
1
2
2' 9% 938, 9% 914
9% .918
138 Apr
4
7% June
Certificates
400
*9 2 912 *9
•918 912
6 Sept 4
3
10
9% Oct 26
912
9% 9%
9% 918
9
9
3
433 43
4
4May 1 50 Feb 2 "ail,May
43% 44 I 43
No par 383
8
43% 42% 42 4 427 4553 433 4312 3,500 Inland Steel
8
3
:
7110 112 •108 112
Do • pref
300
100 10412 Apr 13 112 Sept 28 10114 Juno 107144 Dee
*110 11114
112 112 1 7 110 112
:
110 110
Jan u1, J
9
8
2718 28
2612 28% 4,300 Inspiration Cons 0011Der- 20 2214 Apr 22 32% Jan 12
27
2714 2868 26% 2812 27
2218 Feb
7% Jan 7 2418 Nov 6
22% 2212 21% 21521 2112 22 I 21
Nova?
217
8 2114 2212
17334 1733 16918 17212 16814 16912 167 170
ric g
4
t B tnel ajme"„N
3 0
1g8 2 03 Fier :IliAbri obInee_No par 110 Mar 30 17614 Nov 13
7112 7 00
16434 167
83 Apr 1187 Dec
73
7312 727 727
,2
ne
0
8
Ce
8
3' 7214 72%, 704 7212 71
0 Fos 52 Jan 5 8112SePt.30
71
40% Apr 59% Nov
55
5612 54
557 25312 543
2
53% 56 152,600 Inter Combus Engine_No par 3134 Jan 21 5812 Nov 12
4 5012 5452 513 543
4
22
126 1277 123 1265 123 12412 120 8 124
8
8
4
1253 21,100 International Harvester-_100 9618 Mar 25 138148eDt 18
12314
3
12012 123
78
Jan 1t12 ge ;
)12 e
•120 120 4 *120 120 4: 119 12012 *119
3
Do Pre(
100 114 Mar 3 121 Nov 10 106 Feb 11512 Nov
012 .t,..‘1,20
3
058 1
0
2 14
180
12012 *139:42 1373832 12012 120 2 302
InbN pretitile Marine_.100
718June 25 147 Feb 5
912 912
olerea
918 912
8
83
9181
83
4 98
3
6
/ Jan 15 Dec
1
2
/
1
2
37
38
348 36
8
100 27 Aug 15 5253 Feb 5
84: 35% 3614: 34
3714 39%
2612 Mar 47 Dec
/
1
2
4118 4134 40 4 4338' 4134 4538 4314 3714 4414 48
3
International Nickel (The):: :V Iv an 1: 14813 %rov t)
6i
i
jar
47% 4812 .
l
go y
114 May 274 Dec
4512
Do pref
100
15 12
0
6
2
102 102 *10112
754 May 96 Nov
5,900 International Paper
100 48% Mar 19
5818 57
78 Oct 3
58
57
6 st 56
5614 553 568
4
34l Apr 60 DeO
8 551 567
8 5
6
8
86
*86
88
*86
88 •86
100
100 71 Mar 9 87 Oct 20
87
*86
87
621* Mar 747 oes
85
86
,
97
97 *96
I) stamped1)r
oc.
97
97
100 86 July 31 993 Oct 21
97 I .9612 97
*967 96% 8- ' 98
8
•
185 188 *186 188 *185 186 .185 18514 *185 18614 *185 18614
Internationaoe
No ro 108 Feb 2 199%July 27
prof
73 Apr
•____ 11614 •____ 11614 •____
Do pref
17
5
144 AAFueubmw 3
100 xl8 4Sept 15 121 June:2
_ 11s14 •-:-- 11618
4 _--4
34
11512 11512 11314 115
113 1153 11012 11414 sliE112 113 *111 11212 7,200 Internal Telep & Telegm0 100
... 70
4'
66 Feb 94 Dee
25% 25% 26
1612ju1y 21 29 2 vfoe bv 226
8 July 8 2 4 Oct 1
2":7
800 Intertype Corp
27
26% 26%1 2712 2712 '2612 26 2 *26
18
2412 Dec 3212 MY
•
1814 18
3
18% 1814 .18
dowel Tea, Inc
i30
18121 1818 1818 *18
188 ,_1818 lig:
4
162 Apr 231 Jan
/
1
8
2
4
480
*110 11012 *110 11012 •109 11012 *109 11012 *110 11012 *110
1
17121 17% 17
*17
1712 1712 17
1712 1,800 Jones Broa Tea,Inc,stpd- 80 18546JA an 20 165%
__2100 33314 j ug 18 11
1 2 2 une 13 23
*17
1714 *1612 17
i ti
ga
49
4414 50 8 44
54
3
No par
4812! 44
8
47% 4512 46% 45% 467 37,800 Jordan Motor Car
May 102 1 D al
1
1
uugg 5 . v b
37 37 2, 37% 38
12
7
37
37 1 363 37
188 Mar 17 38% Oct 27
,500 Kayser (J) Coy t e_ _ _W,
4
m
4
88•2 Jar
598 102 I•10018 102 *10012 102 ' 101 101 *106314 137's •131 10 7
1s1 prat
Do
° ar 83 Mar 30 102 Oct29
;
2 200
32
W
0
7
77
3 4 02
0
0 Did and asked prices, no sales on this day. z Ex-dIvidend. k Par value changed from $100 to $50 and prices on that basis
beginning June 3. 5 Ex-rights.
1E
7:12
ra
I
p
fit: Novi
121, LIN 1Z,
New York Stock Record-Continued-Page 4
2501
For soles during the week of stocks usuahly Inactive, see fourth page preceding.
-PER SHARE, NOT PER CENT.
NM AND LOW SALE PRICES
Saturday:
Nov. 14.
Monday.
Nov. 16.
Tuesday,
Nov. 17.
Wednesday
Nov. 18.
Thursday,
Nev. 19.
Friday,
Nov. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100
-share lots.
Lowest
Highest
PER SHARI.
Rasps for Previost
Y6(17 1924.
Lowest
Molest
Per share
Per share
Per share $ per shay,
$ per share $ per share Shares. Indus. & Miscall.(Con.) Par
Jar
984 June 85
25 1214 Mar 24 213
eJuly 3
163 18 8 8,100 Kelly-Springfield Tire
4
1634 17
7
Jar
33 June 88
100 41 Mar 25 74 July 3
Do 8% pre!
500
6512 6612 *6612 67
100 43 Mar 25 72 July 3
40 June 7818 Jar
Do 6% pref
500
66
6612 6612 6612
2
100 87 Aug 4 1147 Oct30
76 May 104 Dee
10514 1073
106 106
4 2,200 Kelsey Wheel,Ine
34% Jan 57% Dee
:Mar 80 5914 Nov 6
No Dor 461
5711 76,200 Kennecott Copper
567 5712 57
8
4 5 Jet
8
312July 16
1% Jan 9
Ps Oct
218 1,700 Keystone Tire & Rubb-No Par
218 212
2
No par 74 Mar 25 100 Oct 15
5214 May 86% Dee
85
83
*81
300 Kinney Co
83
100 355 Apr 28 800 Oct 13 28715 Jan 475% Dar
425 Kresge 04 fll Co
720 720
725 725
7
4215 Nov 62 5 June
35
*34
1,600 Kresge Dept Stores_ _ _ _No par 3112 Jan 21 4534 Jan 7
3312 34
79
Jan 113 Nov
....100 11014 Jan 5 178 Mar 31
500 Laclede Gas L (St Louis)
163 163 *163 16314
8 May 17% Jac
1432 1432 3,100 Lee Rubber & Tire_ ___No par 11% Feb 20 19 Oct 1
133 1412
2
50 Mar 68% Dee
8018 8014 8212 7,100 Liggett& Myers Tob new.. 25 57 Mar 25 8212 Nov 20
80
8
100 1161 Jan 18 123 Nov 19- 1147 July 121 June
Do pref
1,100
122 123 *122 123
4874 Mu 68% Der
25 55h Mar 27 82's Nov 20
Do "B" new
7812 7834 783, 8234 17,800
56 June 71 De.
3
No par 60 June 23 74 8 Jan 14
865 683
8
4 6,500 Lima Loo Wks
841 67
,
15% June 25 De
4
4
3834 397
8 3912 393 50,600 Loew's Incorporated.....No par 22 Feb 17 443 Nov 7
8% Jac
515 Apr
918 Apr 6
No par
6 Jan 28
71
7121 2,000 Loft Incorporated
7% 77
47% 4812 • 3,000 Long Bell Lumber A.._ _No par 4514 Mar 20 53 Sept 19
49
*48
Nov84
100 77 Feb 17 140 Nov 4 id - Mar
500 Loose-Wiles Biscuit
119 120 *11512 119
33% Dee 4014 July
25 3014 Jan 24 3984Sept 25
37
373 11,000 Lorillard
4
37h 377
2 3714 3752 3718 37% 37
37% 361 37
100 108% Feb 27 116 Aug 26 112 Nov 117 Fel
Do oref
100
*115 117 *115 1153 *115 11512 *115 11512 115 115 *111 117
4
1332 Aug 26 23% Feb 3
1712 25,800 Louisiana Oil temp etfe_No par
17% 18
16% 1734 16% 1712 17
1734 183
3 17% 18
8
4
233 23 2 233 237
4
4 23% 23 8 23% 23% 233 238 4,500 Louisville G ds El A_ _..No par 233 Nov 18 2688July 23
4
7
7
8 23% 233
ife;
17
Oct
No par 31% Feb 17 55 Mar 4
51
5338 5018 5014 48
52
541
4
51% 4912 5112 503 5114 15,500 Ludlum Steel
Jan 119 Aus
100 114 Mar 20 141 Sept 23 107
Mackay Companies
•132 135 *132 137 •131 13512 *1253 13512 *1253 126 *126 136
4
4
754 Apr 11875 Des
No par 117 Jan 16 242 Nov 2
224h 22814 220 22714 218 2253 215 22712 217 222
218 22212 148,200 Mack Trucks. Inc
4
1
9512 Jan 1074 Dee
100 104 Jan 27 113 Aug 17
Do let Prat
11014 11014
800
11012 11012 11014 11014 *11014 111
111% 1113 111 111
4
87 Apr 10114 Dee
1083 Aug 7
2
100 99 Jan
Do 26 nref
•10512 1053 *10512 1054 *10512 105 4 *10512 1053 *10512 106 *10512 10534
4
3
4
60% Jan 3 112 Oct 15
59 May 71% Dec
•1033 1043 10112 1033 1013 102
4
101 1017 10112 10112 103 10412 2,900 Macy(R H)& Co. Ine_No pa
4
4
8
4
2618 June 45% Dee
34 Mar 31 46 Nov 6
No pa
4412 453
44
4414 6.000 Magma Conner
43
44% 43% 44
4 44
43% 4318 44
18 Mar 4115 Dec
2312 24
23
23
23
2314 24
23% 243 *2334 2414 2,000 mammon (H R)& Co_No par 21% Mar 80 3712 Jan 23
24
4
14
33 Mar 6914 July
32 Mar 21 59 Mar 10
*50% 513
503
4 1,200 Manb Elea Supp tern etfs No pa
4 4912 507 *4934 5014 50
*50% 52
•
51% .52
2
Jay
Ms Dec 64
2
2014 Mar 16 34% Nov 12
Shirt
34
5,600 Manhattan
x3312 3312 3212 327
3412 3312 34
8
8 317 333
4 333 337
288 Dec 81% Dee
4
49% Apr 24
*37
3912
500 Manila Electric Corp__No par 2811Mar
3714 3714 *37
3712 38
37% 37% *3712 381
38
24% Oct $7% Jan
2512 9,700 Maracaibo 011 Expl___No par 20% Sept 29 3511 Jan 31
2512 2612 2412 263
24h 25
s 2414 25
2412 243
4 2434
29 May 62 Feb
32% Mar 30 584 Nov 14
Na pa
573 583
56
5712 166,000 Marland Oil-..
55
5.53 57
8
4
4
5714 55% 57
4 563 581
8 Jan 17% Mai
7
10% Mar 13 32 2 Oct 30
No pa
1,400 Marlin-Rockwell
31
31% 311s *30
30% 307
29h 3012 2912 29% *2914 30
811 Nov 87% Jan
8
1915 Aug 31 37% Jan 7
Martin-Parry Corp._ _.No pa
2212 2213 223
22
4
2211
22
2218 2212 2214 2214 2112 224 3,300
29% May 5884 Dee
3.100 Mathieson Alkali Wkstem ctf50 51 Jan 6 8815 Oct 16
84
85
86
87
82
85
8514 83
4
843
4 823 81% 85
82% Apr 118 Des
131 134
13212 134
135 13714 36,900 May Department Stores_ _ _50 101 Mar 23 13714 Nov 20
130 1323 129 13112 1311, 136
4
4
86
Oct 1068 July
4
79 Mar 17 1393 Oct 18
11512 119
120 120
11814 119
2,400 McCrory Stores Class B No pa
11514 116
115 116
116 118
4
141% Dec 181 Jan
s 1.600 McIntyre Porcupine Minee_..5 16 Jan 2 22% Oct 28
2014 203
s 2014 20% *20% 203 *20h 203
4 2114 213
4
4 204 203
16 Sept 19 Dee
18 Jan 8 2112 Nov 16
23% 2314 2314 241
2338 24
4 23% 2312 3.900' Metro-Goldwyn Pictures p1.2
23 4 238
3
2412 241
1414 Jan 26 4 Sept
8
10,100 Mexican Seaboard 011--N0 par 10% Oct 7 2212 Jan 6
11% 12
113 12
4
113 117
2
11% 123
11% 12
2 1134 1214
20 May 26 Apr
8 May 12 2434 Jan 18
12% 22,200 Miami copper
1212 12% 12% 127
12
1112 1112 12
11
121
12
_
25 4 Aug 19 38 Nov 14
3
363 38
4
36% 3714 87,600 Mid -Continent Petro_ _NO Pa
36% 373
36% 371
2
353 37% 363 37
4
Yrs Jan
1 Aug g14June 6
fis Apr 16
114
114 8,900 Middle States Oil Corp__- 1
114
114
11
114
11
114
114
114
114
11
91% June 98 Nos
1,900 Midland Stec Prod pref-100 98 Jan 2 147 Aug 10
13611 1363 13512 136
4
1293 13014 1294 130
s
1353 13538 130 131
8
8
6114 June 74 4 Det
84 Apr 17 9914 Aug 6
10
21,900 Montana Power
82
79
804 813
3
78% 811
s 79% 811
7714 80
763 807
4
21% May 68% Dee
41 Mar 30 8212 Nov 13
78% 107.200 Monte Ward & Co III corp__1
79% 817
7514 77% 77
s 78
7912 7514 78
743 771
5
1
1715 Oct 37 5 Yet
4
No par 2211 Mar 19 42 Nov 2
2
34% 3314 347 40,000 Moon Motors
3514 36% 32
33
341
35% 32% 343
4 3112
44 PeP
1
6 . May
9% Jan 2
6 May 4
73
4 7 4 5,900 Mother Lode Coalition-No par
3
8
8
54
73
4 8
7% 8
712 7
3
7
% 7
No par 40 Nov 10 44% Oct 8
4112 4014 41% 401s 40% 40% 41
4018 4012 4112 7,200 Motor-Meter A
41
40
No par 18 Apr 9 35 June 29
30% 3114 11,300 Motor Wheel
3012
31% 3214 31% 31% 3012 31
30
30% 30
/E1ii
9 Mar 1814 .
*1414 17
300 Mullins Body Corp- No par 13 Aug 26 21% Feb 20
14
14
*15
1512 1512 *15
15
17
1514 15
4
29% July 391 Jae
No par 301s Apr 23 35 July 23
500 Mungingwear Co
*34
35 35
35
234% 34% *3314 341 *3314 3412 3412 3412
9612 Apr 204 Del
.No par 193% Jan 5 488 Oct 5
439 439
1,300 Nash Motors Co
440 440
441 448 433 445 431 432 *435 440
9814 July 104% Nov
84
100 103 Jan 21 107 July 15
Do pref
8
1053 1053 •105% 105% •105 8 10534 *105% 10 % 105% 10 % 1053 10512 1,000
2
6
8
3
5
3 4 Oct 101s Jim
8
s
414 Mar 24 107 July 24
012 013
9 4 1018 3,800 National Acme stamped- _ ..10
3
912 93
4
012 03
2
012 9I2
912 9%
5014 Mar 7714 15sPi
25 65 Apr 29 77 Oct 15
Biscuit
6918 7014 6914 70
5,400 National
7112 72
6934 703
71
7112 70% 71
4
,
100 1231 Mar 11 illgt2May 9 12012 Jan 1268 Des
100
Do pre!
*127% 130 *127 130 z126 126 •126 130 *126 130 •126 130
44 June 70 5 Dee
7
100 85%Mar 5 847 Oct 16
s
72
7412 73
7214 4,200 National Cloak & Suit
72
69
7212 71% 72
7414 72
73%
5
9115 Mar 1007 Dee
100 99 Jan 13 104 Jan 29
Do pref
500
101 10114 10112 101% *101 102 *101 102 *101 102 •101 102
4
8
s
301 Apr 441 Dee
3
7812 793
4 77 4 79% 65,500 Nat Dairy Prod tam otfeNo Par 42 Jan 2 817 Nov 5
803
79 4 8112 7912 813
3
4 78% 79% 78
Jan
36% Oct 63
11,600 Nat Department Stores No Par 38% Jan 2 45 May 12
42 423
4 4212 43
4312 433
4 4312 43% 42% 43% 4212 43
92% Jun 101 Des
pref
100 96 Apr 15 102 Jan 2
1001 Do
09712 9812 *9712 9812 *9712 9812 *9712 9812 *9712 9812 9712 9712
4312 Oct 26
333 3412 34% 3412 6,0001 Nat Distill Products_ __No par 30 Apr
4
3512 36% 341 3512 34
-- --s
34% 335 34
30% Aug 64 We:
81 Oct 2
*73
75
1,800 NatDistil Prod pftem eti No par 52% Jan
75
4 75
76
76
7254 723
73
74
*7312 75
1815 Sep
100 25 Apr 30 39 Aug 29
47
4 5 Jan
34
*33
34
500 Nat Enam & Stamping
34
33
3512 3412 3412 .34
*34
33
35
67 Sep
89 Jan
100 75 June 22 89% Jan 12
89
*87
89
Do pref
*86
89
*86
*87
89
*87
89
*87
89
4
100 13812 Apr 27 1748 Nov 7 123% Apr 16914 Aug
165 167
5,300 National Lead
163 164
16214 165
189 1693 16314 16614 16312 165
4
11112 May 118 Sept
119 Sept 18
100 11415Sept
300
Do pref
4
4
4
4
•1173 118
4
118 118
117 4 1173 1173 1173 *1173 1183 *116 118
3
4
ao 5512Sept 24 71 Jan 29
12
415 Oct 72 Psb
5
573 573
4
4 571s 5712 1,900 National supply
57
3
5712 5
575s 57 8 5712 .577 577
11% Jan 16% Dee
1314 137
8 1314 1312 3,800 Nevada Consol Copper-- 5 1134 Apr 27 16% Jan 7
1318 14
1412 14% 138 1414 1312 14
36% Apr 67 Dee
3612 3612 3612 3,400 NY Air Brake tern etts_No par 3112 Oct 17 66% Jan 3
5
3614 3712 36
373 38
4
3712 3712 37
37
471 Jan 57 Dee
4
No par 61 Mar 19 67 Jan 7
Do Class A
700
5553 55% 5512
5512 5514 *55
5.5
4. 55
55
55
543 543
4
87 Dee
32 un
318
4Mar 30 74% Nov 12
8 7112 7314 26,600 N Y Canners temp atts_No pa
4
7134 683 7018 691s 727
6812 693
4 69
69
701
19
Jan 37% May
100 18 Mar 24 4514 Nov 13
41h 4214 7,800 New York Dock
3
437
4214 431
4218 4434 4114 4214 40 4 42
4214
411s Fe
551 May
4
100 521s Jan 14 7514 Nov 16
*73
74
74
900
Do Drat
74
76
*74
*74
7514 75 75
80
75
29 Oast
27 Jun
27% Oct 8 29 Jan 12
*273 28
4
28
600 Niagara Falls Power pf new _2
•28
2814 2814 28
2814 28
28
2814 *28
22 Jan 66 Des
411 Jan 6 75 Oct 27
/
4
1
8
631s 6438 643 66. 88,100 North American CO
67
67% 68% 6534 68
6512 663
4 63
4378 Jan 501 J017
g 4912 4912 4918 4918 1,100
4
so 4855 Jan 2 501213ept 12
Do Prat
•49
49% 4912 4914 4932 493
2 4914 497
9% Dee
7 Apr
8 Jan 16 1812 Nov 18
181s 2,600 Nunnally Co(The).--NO par
17h 171
173 173
4
4 18
18% 1814 1812 181s 1818 18
8 oat
,
1
Mg Mar
6% Jan 22 11 Oct 30
4
•
1012 107
Ontario Silver Min new No pa
4
8 *103 107 *103 10%
s
•1012 11
*1012 11
*1012 107€
18 May 30 Jan
4
No par 18% Jan 6 377 Nov 4
*3612 37
900 Onyx Hosiery
*3612 37
*3612 37
36
36
36
36
37
36
41 14 Aug 31 47.34 Oct 10
4612 4814 3,500 Oppenhelm.Collins&CoNo pa
46
4812 46
4614 4614 468 463
4 4614 4834 46
fi
229$4 30
2July 30 - - Feb Ili- We;
258 Jan 16 327
4
30
3.000 Orpheum Circuit. Inc
30
29% 30
30
30
30
30% 30 30
12834 12914 128% 129
683 June 92 Der
2
ao 87% Feb 27 1401k Aug 21
3,400 Otis Elevator (8)
•130 132
127 12914 1273 12812 127 127
4
814 Nov 11% Jac
8 Mar 18 1514 Aug 28
No par
13
1312 1212 13
4 1214 12% 1214 12's 4.800 Otis Steel
121s 1212 1214 123
44 Oat 74% Mai
9715 Aug 28
8614 87
Do pref
2,800
100 6014 Mar 18
86
85
87
87
85
8712 8514 87
8612 88
4
391 May 471 Jay
4
2
66
25 42% Mar 17 693 Nov 13
2 66
8,700 Owens Bottle
8612 667
67
661 6734 13614 6714 66
69
68
90% Jan 105 Dec
13712 Nov 4
3,000 Pacific Gas & /Ilectrie
100 102% Jan
4
4
13012 13112 129 130% •128 129
12514 12514 1263 1263 128 129
45 Apr 5814 Pet
2
2
8 593 60's 85,100 Pacific Oil
6514 Jan 31
No par 513 Aug 1
4
59% 6112
1 618, 59% 60% 573 59% 5812 597
8
975 May 16% Dee
4812 Nov 12
383 398g 79,200 Packard Motor Car
4
10 15 Jan 1
41% 42% 393 413
37% 401s 37% 381
2
4 3818 393
8
8May 6 32 Oct 24
24% 26% 257 2638 37,300 Paige Del Motor Car....No par 173
273 2812 26
4
27% 2512 26% 24% 26
Feb ---- Des
65
2Mar 3
7312 73% 723 733
72% 7112 7214 7214 727 11,500 Pan-Amer Petr & Trans- 60 59'lSept 3 837
4
4 7218 7214 71
4114 Feb 64% Dee
741 7512 733 75
7314 747 104,900
Do Class B
ao 6014 Aug 27 8412 Mar 3
7211 74
4
7112 74
7314 74
1% Sept
384 8,300 Panhandle Prod & Ref-No par
5% Feb 26
4% Jan
3h
314 412
214 Aug 28
314 4
8
312 418
33
4 4
24 Sept 35 4 Dee
8
*2812 29
2812 2812 27% 27% 27% 273
4 2712 2712 *2714 2711 1,600 Park & Ttlford tern etfs_No par 2514 Sept 8 3512 Jan 10
1914 1914 1,100 Penick & Ford
19
No par 1714 Nov 8 28 Apr 14
191
1914 1914 1914 19
*19
19
1914 18
18% Nov
2
1812 19
19
19% 19% 107, 197, 1912 191 *18% 19 •18
4
500 Penn Coal & Coke
ao 123 Apr 29 263 Jan 2
118 Oct
4 4 Jan
1
17
2
3 Jan 9
17
8 2
1% 2
1 Aug 12
24,700 Penn-Seaboard EMI vtc No par
172 2
17
s 2
17
8 2
92% Apr 119% Dee
11812 11812 119 11914 118 118
2,900 People's L & C(Chic)__ _100 112 Jan 16 123 Oct 18
11712 1171 *11712 1181 118 118
6014 607
4274 May 5715 Dee
62
6015 61'4 8,200 Philadelphia Co (PROM) 60 51% Mar 18 64% Nov 5
623
4 607 627
g
3 61% 6214 6035 62
34% Mar 54% Des
40% 41% 4054 42% 40% 41% 41
42% 4114 4214 41ls 421 25,100 Phila & Read 0& I ___No par 37%May 6 52% Jan 9
25 Mar 628 July
8
42
42 •40
*40
*4012 4214 *40
423 .
8 40
Certificates of int___No par 38 July 11 5015 Jan 23
42
*40
42
64 May 88 July
251
51
55
55
51
•
53
-Jones Corp__.No Pas 51 Nov 16 90% Jan 12
*51
51
200 Phillip,
55
*51
*51
55
11 July 233 Jan
4
4 4,200 Phillip Morris & Co. Ltd-10 12% Mar 19 251413ePt 1
8 207 211
221s 2218 2178 217
2012 20% 2112 213
2014
20
2
28% Oct 421.2 Apr
447 453
2
8
4518 46
8
No par 3614 Mar 30 4712.1une 12
4 4412 45
4312 44% 437 44% 4312 443 78,900 PlAllips Petroleum
6% May 18 Dee
33% 34h 118,400 Pierce-Arrow Mot Car-No par 107 Mar 30 4734 Oct 29
3412 37% 32% 35% 32
s
341s 3112 3412 3212 34
18% May 64 Dee
90
91% 8814 90
893 11,900
4
8612 8812 88
Do pre!
100 43 Mar 24 100 Nov 4
86 '883
89
4 88
12
69 June 95 Des
Do prior prat
No Par 86 Mar 18 102 Sept 14
113 134 8:900 Pierce 011 Corporation
31 Feb 5
11 AD
4% Jan
134
lIs
1'
1% Nov 12
15 --134 15gI1
26
134 -112 1%
20 Mar 86
23
25
.
24
25
25 •
•23
Jan
25
100
Do pre!
100 22 Nov 5 40 Feb 25
*23
25
2454 248 *23
513 518
4 s Oct
5
51s 6,200 Pierce Petrol'm tern ctfa_No par
83, Feb 6
1
434 Oct 27
5 4 Dee
8
5
We 514
514
5
S's
477 Dee 638 Mat
44
*43
44
43
5
441 *43
4
1,400 Pittsburgh Coal of Pa
43
42
44
100 3714May 2 6415 Jan 13
4434 *43
448
9475 Aug 100 A ps
87
87
87
87 '
388
89
87
200
Do pre!
100 80 May 4 99 Jan 5
*86
89
*86
87 .88
10014 10014
*97 101 .97 101
200 Pittsburgh Steel pref
•97 101
•99 101
100 94 Mar 26 10212 Jan 8
*99 101
95 "
Tan 103 Aug
587 Dec 63% Dee
2
5712 5714 1,100 Pitts Term Cos;
60 603
4 59
60
58
58
100 30 Apr 27 6334 Jan 17
59
59h 5912 59
1772June 25
14% 147
, 3,900 Pittsburgh Utilities pref____10 127 Mar 2
.
15
15
1518 15
15
97 Jan 1675 Dec
2
2
15
15
1512 15
15
.1412 16
1118 Feb
•15
16
16
16
4
*15
18
•14
100
1618 Dec
Do pref certificates._ __10 123 Mar 20 16 June 26
1512 .15
16
129 13412 3,100 Post'mCer Co Inc tern ettNoPar 9314 Feb 16 143 Aug 25
12818 12912 12818 1281 *129 133
48% AD 10312 Dec
130 13114 129 129
59
59
59 .
39 Aug 62
59
4 5714 582 6,500 Pressed Steel Car
100 45 June 25 89 Jan 23
57
58
563 563
4
Jae
56
58
81
81
9212 Jan 3
8312 8312 *8012 8214 *8012 81
700
83
87 Aug 90 Feb
*8012 81
Do prat
100 7612July
83
16
16
32 Feb 3
/
1
4
1714 163 163
153 16
4
2,200 Producers & Refiners Corp. 50 1212 Aug 2
17
4
223 Apr 43% Jan
4
16
4 16
163
8 16
80
813
4 795 80% 7915 8014 79
9,300 PubServCorp of NJ newNo par 62% Mar 30 87 s Aug 5
s
7
7912 7912 80
813 82
89 Mar 70 Dee
106 Nov 18
800
961k Mar 101% Doe
Do 7% pref
100 99 Jan
•105 10514 105 105- 105 105
10512 106 *105 1057 *105 105%
99l4 Apr 115 Dee
117 117 *117 118
118 118 *117 1181s
400
119 Oct 14
Do 8% pref
100 108% Apr
'117 1184'117 118
158 1603 14,800 Pullman Company
4
4
4
158 15914 1564 159% 1563 159
100 129 Mar 30 17315Sept 17 113% Apr 1518 Dee
16014 1613 157 159
5
3912 3,800 Punta Alegre Sugar
3818 39
383 3912 3834 3934 3812 393
2
14
4 3812 3914 *39
so 8,3 July 23 47 Jan 7
37% Dec 67% Mar
333 Feb 4
3
2712 2714 27% 23,800 Pure Oil (The)
25 25% Aug 1
2 2718 2818 27 2 27 4 27
3
27 4 27
3
2
20 June 301 Dee
283 287
4
1
107 s 10728 *107 108 *107 108 *107 108
100 102% Jan
lostssept 9
8
•107 108 1•107 108
92 Jan 10514 Da3
o
4112 46% 96,300 Radio Corp of Amer_ -No Par 4115 Nov 20 7775 Jan 2
473
4834 453 481546
4712 481s 47% 47
46
257 Oet 86 Dee
5
7
,
4
4
4 463 463 *4612 47
500
Do pre!
4' 4634 47 .4612 47
*4612 463
50 4512 Oct 28 54 Feb 4
4574 Oct 60 Do
,
*481s 463
•Bid and asked prices, no sales on this nay. z Ex-dividend. a Ex new rights. n No par. a Ex-rights. k Trading on New York Stock exchange suspended
of small amount of stock outstanding.
because
Per share $ per share $ per share
$ per share
1634 17
173 18
8
1612 17
1634 1714
64
65 65
*641 6512
64
*6312 66
66
*62
67
66 •64
*62
62
6612 .
109 109
10518 10512
10514 1083 •10514 108
4
5818 59
563 583
4
4 5612 5734 5614 5712
212
2
2
214 2%
2
214 214
84
•85
87
84
*84
90 .
90
84
725 725 *720 7244 715 719
*725 750
34
34 .34
34
34
35 35
35
163 163
*165 167
164 164
164 168
15
2 14
1512 15% 15 2 153
15 4 16
3
3
8
x797 807
8
78% 81
2 7818 7918 784 787
*121 1227 *121 1217 121% 12118 *121 1217
8
2
8
7812 80 4 x79
797
3
8
8 7812 787 *7814 79
68
6812 x6614 6712 6614 6612 6412 66
413 4212 397 41% 3914 403
8
2
4 391s 4012
8
8
7 4 73
3
4
74 8
3
7 4 74
3
3
4812 483
4812 477 48
4814 48
4 48
12014 12014 *115 125 *115 120 *115 120
2502
New York Stock Record-Continued--Page 5
For sales during the week of stocks usually inactive, see fifth page preceding.
HIGH AND LOW SALE PRIC113-PER SHARE. NOT PER CENT.
Saturday,
Nov. 14.
Monday.
Not. 16.
Tuesday.
Not. 17.
Wednesday, Thursday.
Noo. 13.
Not. 19.
Friday,
Nov. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
Oa Oasts of 100
-share lots
Lowest
Highest
per share $ Per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscall.
(Con.) Par $ Per share
$ per shwa
17814 180
174 17854 173 .175
173 177
172 174
11.700 Railway Steel Spring
17114 175
100 12212 Feb 17 182 Nov 12
*343 37
4
*35
37 .3412 37
3412 3412 .3412 35 .343 35
200 Rand Mines. Ltd
8
8
No Par 337 Jan 7 3912 Aug 5
133 135
8
8 1318 1312 1318 133
8 13
134 13
134 16,600 Ray Consolidated Copper. 10 1138 Apr 22 173 Feb 9
1314 13
8
58 58
.5312 55
*53
5412 54
54
537 537
8
8 534 573
No par 43 Oct 1 60 Oct 29
4 3.700 Reid Ice Cream
.19
20 .19
20
•19
20
19
19
19
19
19
300 Rel.; (Robt) & Co
19
10 May 16 28',July
No par
10612 109, 1034 105
4
10118 101
984 10338 10114 104
103 1013
4 7.000 Flemington Ty pewriter.___100 463 Jan 27 11111 Oct 22
4
•100 1054 *102 1053 .102 1053 .102 105 .103 1053 •I03 105
4
4
1)0 1st pref
4
100 100 Jan 2 10912 Ort 2:4
•1054 110
1055 1053 .100 110
8
8
10512 10512 0106 107 .10512 107
200
Do 2d prof
100 10434 Oct 10 11312 Apr 29
16
16
1512 154 15
153
8 15
15
147 15,
8
15
153
8 6,500 Replogle Steel
4
1258June 12 2314 Jan 13
No par
55
57 4 5218 56 • 5214 5312 5212 5414 5214 51
,
14,600 Republic Iron & Steel
5312 56
6133 Jan 3
100 4218 Apr 31
•9312 94
94
94
.9212 91
924 93 .93
94 .9318 91
300
Do pref
100 84',July 7 95 Jan 13
1118 113
8 103 113
4
8 103 103
4
4 1014 103
4 1018 11 2 11
113
s 4,800 Reynolds Spring__ _No par
,
8 July 2
18 Jan 5
93
934 93
93,
4 923 9338 923 9314 92
4
4
10,000 Reynolds(R I) Tot)Class 13 25 724 Mar 24 944 Oct 1:i
9212 9312 94
•1205 12112 .12012 12112 •12012 12112.12012 12112 .12012 121, .12012 12112
8
2
100 11978 Jan 8 122 Apr 29
Do 7% orri
.88
83 .83
,2
8312 .88
8312 .83
83
8312 88
300 Rossla insurance Co
88
83
25 85 June 25 9712 Feb 20
64
544 5312 54
53
533
8 5312 533
4 5314 534 534 5312 7,700 Royal Dutch Co(N Y shares). 4814 Mar 24 573 Jan 31
8
48
46,
8 4512 457
8 45
46
41
44
2,700 St. Joseph Lead
443 45
45
4
45
2May 25
10 351 JIIIY I
52,
4
694 6912 69
6112 673 6)
4
12 6712 6312 63
4.739 Swage Arms Corporation_100 4810
634 6312 634
,ily 15 1034 Mar 3
126 127
126 1233 12714 12312 121 12712 1214 1257 12212 127
4
8
23.800 Schulte Retail Stores__No par 1013
8
48ent 3 1305 Nov 12
•1135 1157 115 115 *11314 1157 .11314 11578 114 4 1143 .115 116
8
8
8
3
400
Do pre(
100 110 Jan 6 118 Aug 21
14
1414
14
14
•1334 14
5133 137 .133 137 .133 134
4
800 Seagrave Corp
4
4
i312June 9 1634June 21
No par
228 23112 223 227
22112 22412 215 2253 2193 2221 2233 227
23.500 Sears, Roebuck & Co
4
4
4
100 14712 Mar 31 23312 Nor 10
.6 4 674 *6 4 67
3
4 7
3
*6
7
8 .63
200 Shattuck Arizona Copper_ I()
5 8 61
7
.53
4 7
77 Jan 3
8
514 Apr 22
66 4 67
3
6.512 687
8 6512 67
66
664 6518 657
8 6518 664 3,100 Shattuck (F 0)
92 Aug 6
No par 404 Mar 31
•4414 4412 44 4 4
3
444 4512 4458 445
8 447 447
44 .4438 45
8
8 1,800 Shell Transmwt & Trading. .C2 3934.1une 3 453 Jan 30
4
25
25't 25
254 2434 25
243 2514 2458 25
8
44,400 Shell Union 011
245 25
8
8
No par 2158 Aug 12 283 Feb 4
.105 10512 *103 10512 103 103 .10212 10512 *103 10512 10112 10412
200
1)0 pref
100 0012 Jan 2 10914 Nov 5
237 243
8
4 224 24
2238 2312 224 233
2212 23
8
8 235 237 30,400 Simms Petroleum
8
10 17 4Sent 3 263 Jan 12
4
3
5212 525
8 524 523
4 523 524 52
8
53
517 52 2 5212 524 4,100 Simmons Co
8
,
No par 31 14Mar 17 545 Nov 2
8
2112 22
21
22
21
2112 2012 2112 205 21
8
203 21, 77,000 Sinelair Cons 011 Corp_No par
4
8
17 Jan 6 244 Feb 2
9012 9012 9012 90 2 90
90
,
90
9012 .8918 91
.8918 91
500
Do pref
100 783 Jan 2 9418 Feb 3
4
32
3212 23012 3134 303 31
8
293 313
4
8 297 3012 3018 304 87,900 Skelly 011 Co
8
25 2134 Mar 30 3212 Nov 14
11418 115
112 11518 112 11212 1093 114
4
112, 11312 115 11912 10.000 Sloss-Sheffield Steel & Iron 100 8014 Mar 311 1194 Nov 20
4
8912 894 88
8912 87
87
814 8612 85
2,200 South Porto Rico Sugar.._.100 62 Jan 6 9214 Nov 7
88
83
85
•1412 16 .1412 16
•1412 16
.1412 16
•1412 16
*1412 18
Spear & Co
No par
144 Aug 31
24 May 28
.81
8312 .7912 83
8112 8112 .7914 80 .7912 8212 .7912 8212
100
Do prat
100 7918 Aug 31
92 May 15
29
3012 28
2912 2612 2312 2612 2718 265 2713 2712 23
10,800 Spleer Mfg Co
8
No par
151y Feb 17 367,Sept 2:1
.103 10512.103 10512 103 103 .103 10512 *103 1054 *103 101
100
Do prat
1011 92 Apr 1 108 July
584 584 58
53 8 574 574 56
7
58
56
4
574 563 573 22,600 Standard Gas & El Co-No Par 404 Jan 2 61 OM 16
4
74
74
7112 73
72
7412 737 734 .7312 75
8
274
743
4 2,900 Standard Milling
100 62 May 19 807
8.1une 18
*8412 86 .8412 86 .85
86 .85
86
*85
87
87 .83
Do pref
100 Si Jan 2(
863
8.1tine 12
574 584 350 8 577
3
,
8 5512 56 8 5512 553
8 58 4 563
,
19,500 Standard 011 of California. 25 5112 Aug 13 67, Feb 2
8
4 555 58
4
4434 46
4 423 44
443 4614 4312 443
8
8
425 433
8
4 4314 44 183,800 Standard 011 of New Jersey 25 3838 Mar 3(
4712 Feb 3
118 118
11712 118
1175 1173 1173 118
8
4
4
118 118
Do pref non-voting _ _100 116'4 July 7 119 Feb 24
3,200
1173 118
4
75
*712 8
8 77
8 *74 73
712 712
900 Stand Plate Glass Co-.No Par
73
8 73
8
4
74 74
16 Jan 16
5 8 Aug 31
3
75 75
7412 75
*74
74
75
7512
75
75
7512 1,800 Sterling Products
75
No par 6214 Mar 2
784 Oct 13
795 8112 7714 80 4 7512 7714 734 7714 7512 77
8
3
19,100 Stewart
7614 77
-Warn Sp Corp-No Par 65 Mar 1
817 On I)
8
8212 8212 81
81
773 79
4
7512 78
77
77
78
1,900 Strornberg Carburetor _No par 61 Mar 18 89 4 Ocl 27
78
5
4 66
5818 593
587
s 5514 5612 543 57
4
5518 564 56
564 156,900 Stuileb'r Corp(The)new No par 4114 Jan 28 685 Nov 2
8
•122 12214 •122 12214 .122 12214 122 122
122 122 *122 123
200
Do pref
101 112 Mar 13 125 Sept 29
33
2 312
3 4 34
*313 3 4
3
,
34 3 4
,
34 34
,
,
34 3 8 3.600 Submarine Boat
,
3 Oct 15 12 Mar 6
No par
278 • 2 2
27
8 3
7
28 3
7
24 2 8
7
3
5,200 Superior Oil
27
8 3
64 Feb 9
No par
23 0,1 17
4
*24
30 .24
31
.31
38 .24
28 .24
.24
28
28
Superior Steel
4138 Jan I0
10(
20 May 1
1514 15 8 •1514 1512 1412 1514 145 143
3
8
8 1411 14% 144 154 2.100 Sweets Coot America
5 8 Mar 19 1512 net 26
7
5(1
154 1412 15
1412
15
15
1418 15
143 15
8
15
151
5,600 Symington temp ctte-No Pa
8SePt 18
, 1012 Jan 15 207
203 20 4 20 4 21
3
4
3
207 204 2018 205
8
2 2018 207
8 2,900
8 2012 207
Class A temp ette--No Par 20 Aug 19 21118Seln Is
.1412 151
1412 14 2 14
,
4
114 133 133 .133 15
4
4
135 134
8
900 Telaut tiara ph Corp__ No Pa
1614 Nov 7
, 11 Aug 14
1312 133
4 1312 133
4 1318 13 4 123 134 123 134
,
4
4
13
133
8 8,90( Tenn Copp & C
14,2 Oct 27
75 Apr 1
8
No par
527 533
8
8
8 527 5438 5212 53 4 51, 523
,
8
4 514 52 4 513 523 129,40e Texas Company (The)__ 25 423 Jan 5 543
4
,
4
8June 12
4
4
1145 1173 1144 11511 11318 1154 11418 116
1163 118
4
8
115 11812 30,400 Texas Gulf Sulphur
10 9712 Feb 17 1202Nov 7
143 15
8
15
155
, 15
157
4 1512 164 164 17
153 164 95,000 Texas Pacific Coal & 011,_. 11
8
4
1078 Aug 27 233 Feb 6
347 3514 344 3512 337 344 3312 333
8
8
4 344 35
343 35
4
7,400 Tidewater I MI
3012 Aug 17 3614 Judy 17
101
5518 67 8 5518 5614 55
,
5512 544 5512 5412 56, 25414 553 27,600 Timken Roller
4
4
Bearing.N0 Pa' 3734 Mar 18 51138 net 30
9412 964 934 95
9212 9312 933 954 943 974 973 1013 100,400 Tobacco Products
8
4
8
4
Corn- 1133 70 Jan 2 10134 Nov 20
10512 10612 105 106
14 105 1053 105 10574 8.000
10312 105
1033 104
4
4
Do Class A
4
100 934 Jan 2 1083 Orr 20
4
438 4
412
3
44 434
34 452
4
412
438 514 163,300 Transe't'l Oil tern at new No par
57
8May 9
34SePt 26
.26
2714 027
27
27 .27
27
2714 27
2718
274 .27
200 Trunsue& %%Whims $VI No par z25 net 3 35 Jan 10
5812 59
564 57
5712 69
555 564 555 553
8
8
s 554 56
4,300 Underworul Typewriter
25 384 Mar 26 6514 Nov 2
7412 763
8 73
75
7614 73
3
8 73
72 4 747
7414 75
77 2 29.300 Union Bag dr Paper Corp 100 36 Apr 1
,
88 0,'I23
3614 364 354 364 355 357
8
8 347 3514 35
8
3 35 355
3512 11.100 Union 011, California
8
25 33 00) 19 433 Feb 5
130 4 130'2 129 4 130 4 128 128
3
,
128 128
129 130
,
130 132
2,400 Unkin Tank Car
1110 118 Sept 2 134 June Ili
•113 115 .113 115
1147 1147 *113 115 *113 115 *113 115
8
8
100
Do pre(
100 1131431,1,e 17 11718May 11
304 31
29
8
31
285 2912 29
29
284 29
294 293
4 8,100 United Alloy Steel
No par 24 May 15 364 Mar 4
106 10914 10212 1064 102 1043 10214 106
4
10412 10512 1033 10614 46,400 Untied Cigar Stores
8
25 6014 Jan 11 I ist2 Nov 9
15712 15812 315112 155
148 153
150 4 153
,
148 1503 14912 152
8
9,900 United Drug
8
100 1107 Feb 4 16212 Oct 31
56 4 58 4 5614 5614 564 564 5614 564 5614 5614 56 4 56 2 1,600
,
,
,
,
Do 1st prat
511 52 Jan 16 5818 Nov 5
230 230
230 230
2297 230 *228 231
8
226 229 4 .226 228
3
1,006 United Fruit
8
100 2047 M ar 31 248 Sept 30
32
33
30
2912 31
8
324 295 31
2912 303
311 15,101 Universal Pipe & Rad__No Par 2612 Apr 27 507 Feb II
4 31
8
079
794 7812 79,
77
76
7814 78
3 7812 7812 *76
781
1,000
Do pref
106 65 July 10 94 Feb 11
208 21812 205 211
19312 20112 197 2021 15,301 U S Cast Iron Pipe as Fdy _ 101 13114 Apr 22 250 Feb 11
20112 206 2 193 204
,
1023 1023 10112 1023 .101 10212 1003 1014 10012 10112 10012 1001
4
4
4
4
2,300
Do pref
91 July II 113 Aug 21
119
454 463
8 48, 53 4 523 551 77,400 US Distrib Corp tern ett No Par 3018 Feb 17 5512 Nov 29
4 4412 46
443 46 2 45
467
4
8
,
4
,
•12014 190 •1204 200 •12014 198 .120 4 198
1964 210 .210 225
,
600
Do prat
101 130 Mar 9 210 Nov 19
46 4 4718 4618 47
3
447 45 4 24438 441
4512 463
8
8 454 46
,
5,106 US Hoff MacbCorpvtoNoPur 23 Jan 3 491s Oct 17
90
917
s 8812 90
4
88
894 843 8812 8412 884 80
877 57,100 U S Industrial Alcohol
8
101
76 Mar 19 98 Or) 24
•112 114 *11118 114 •1114 114 114 114 4 .1114 115 *1114 1137
,
8
200
Do prof
10( 105 Jan 29 115 June 22
163 1843 z155 164 4 154 158
153 15412 157 15714 5,500 U S Realty & improv't...._1111 11412M ar 30 18412 Nov 2
4
1514 158
,
8
9214 957
8 89
8 88 4 937
3
9312 864 92 8 897 9212 90 4 934 531,600 United States Rubber_ ..._100 3312 Mar 30 9738 Nov 13
7
3
108 10814 108 108
1083 1087 108 1081 108 10818 108 108
:
4
8
923 Mar 30 1084 Nov 14
1,800
4
Do lat pref
1111
4
4614 46 4 464 47
4 46
4512 4614 45
465
453
8 4.400 U S Smelting, Ref & Min_. 50 30 Feb 17 4812 Oct Su
4 453 463
3
4734 474 474 4714
•47
48 .47
4738 4812 4812 48 48
501
Do pre(
44 AIM III 49 Oct 9
51
8
3
8
13412 13812 132 136
8
13114 13338 128 13318 1293 1325 130 4 1337 684,206 United States Steel Corp 100 1123, Mar 311 13914 Nov 7
2,4C C)
1253 1254 1254 125 4 125 12514 125 1251
1254 125 4 12512 128
3
138 Nov 6
3
8
Do prof
100 12214iNlaY
Ill 111 *10212 1161
111 111
•104 110 *104 110 *106 109
200 Utah Copper
10 82 Mar 19 111 Nov 18
32
315 32
8
,
8212 324 3212 324 32 4 323
4 3112 324 32
3,4ut, Utilities Pow & Lt A--No Pa
, 30 Aug 27 38 Aug 6
30
30
31
30
32 32
304 3012 301
1,706 Vanadium Corp
4July 9
304 304 30
5
No Dar 25 85lay 4 343
24
24
27
24
23 8 2318 .24
,
.24
27
1514 Aug 20 267 Nov 7
27 .24
24
8
300 Van Raalte
No Par
SO
•70
80
*7812 70
400
*7614 80 .764 80 .70
78
80
Do 1st prof
100 60 Am I 80 Nov 16
2
2
21
24
214
14Sept 23
218 218 .2
214 2 4
83
14
4July 9
24 2
,
2,200 Virginia-Caro Chem_.._No par
,
121
•1212 14
*II
1212 •12
14
12 2 12 8 •12
12
,
,
14
812 Jan 5 2312July 8
100
100
Do pref
138
1123
13
4 3
8 •114 2
•112 2
7 Aug 28
8
.13
4 2
47 July 9
8
100
•112 2
Do "B"
•
No Par
22
74 Jan 13 224 Oct 29
4
4
4 2118 202 6,300 Vivadou (V) new
, 203 203
212
224 21
4 207 2114 203 213
8
No par
1512 1512 1512 1512 1512 15 3 1512 1512 1512 1512 1512 161 12,800 Waldorf Syetem
1412 Aug 10 1978 Jan 3
,
No par
181 181
•175 180 .175 180
180 181
180 180 •175 180
800 Ward Baking Class A.
0
..No par 116 A103 192 Oct 04
84
81
81
82 8 8012 814 8012 8114 80
82
8
7
805 83
85.8013
No par 374 Mar 30 954 Oct 3
Class B
•107l2 109 *108 109
108 108 •108 10812 108 108
108 108
600
Preferred (100)
No Par 944 Feb 11 1104 Aug 13
4
4
2012 20 2 20
8 193 194 193 20
20
2,600 Warner Bros Pictures A.__ 10 19i4 Oct 5 2278 Oct Ili
,
1938 197
204 20
4434 45
444 45 4
454 4514 454 4514 45
1.300 Warren Bros
45 45
,
45
No par 43 June 24 5012July 6
9178 88 4 914 877 8912 8814 .8938 90
91
923
4 9212 93
24,800 Weber & Hetibr, new_c No Par 51 Apr 17 93 Nov 20
8
3
Western Elee 7% pref....... 100 110 Aug 15 11712June 25
873*0,100 Western Union Telegraph-160 11614 Jan 2 i4478 Sept 18
11(14 lie- 140'! 139 13918 137'z 1383* 138 13838 155- ficii
126 12812 12318 1254 1223 1233 119 1234 12014 1224 122 12312 6,600 Westinghouse Air Brake.._. 5(1 97 Apr 9 144 Aug 17
4
4
745 76
8
734 744 735 74
4
7212 744 73
8
7312 7312 74, 20,300 Westinghouse Elea & Mfg_ 50 6614 Mar 28 84 Jan 3
1858 19 8 1814 19
3
2012 Aug 17
18
184 8,300 West Elec Instrument
163 177
4
184 18
8 1714 18
914 Ayr 1
28
28
28
2814 28
2814 2818 284 2818 2812 5,600
2814 28
19 8 Mar 31 2812 Oct 6
5
Class A
.
113 1143
10914 109 4 109 10912 110 113
,
3,100 West Penn Co
11012 11012 112 112
No par HA Sept 4 145 May21
.95
9612 964 96 4 9612 9612 .95
96
200
,
96 2 .
,
95
96 .95
Do 7% pf tem et( new.100 94 Apr 3 100 July 22
273 2818 274 2818 2712 2712 2714 2712 27
4
4
27 4 2718 2712 4,600 White Eagle 011
,
' No par 2512 Aug 28 313 Feb 2
3
854 884 81
8412 81
8314 78 4 8112 804 85 145,500 White Motor
83 4 78
3
50 5712 Mar 30 1044 Anil 18
3612 3612 354 36
*363 37
4
364 .3518 363
4 1,700 White RR, M & 8 ctts_No par 35 Oct 9 4938 Aug 7
354 3638 36
3
3 •
4
34
7
a
318
3,300 Wickwire Spencer Steel ctf ___
813ept 2
2 8 27
24 3
8 278
53
27
27
sMaY 15
283 3012 27114 287
4
2714 284 180.800 WIllYe-Overland (The)-- -. 5
8 263 274 264 273
4
8 263 28
94 Jan 28 347 Nov 4
8
4
8 9,900
8
8
1167 11712 1173 11812 1174 11812 11612 11814 11634 1194 1177 1195
8
Do pref
100 7214 Jan 28 11958 Nov 20
.54 6
•54 6
54 54 *54 6
133 Mar 7
*5 4 6
4
,
*54 6
Wilson & Co. Inc
518Sept 24
No Par
019
•20
20
23 .20
•19
23
23 .18
24
24 .19
Do met
100 17 Sept 2 60 Mar 7
3
4
2034 205 4 196 20112 1947 198
8
25.900 Woolworth Co(F W)
19318 1974 1963 201
193 198
25 11214 Jan 28 220 Oct 29
423 423
5
4
3
407 413
4 40 8 42 4 40
8
4 4,300 Worthington P & M
407
8 3818 4014 3914 40
100 3514 Aug 12 80 Sept 10
77 .76
77 .76
•76
77
77
77 •76
.76
78 .76
Do prat A
100 76 Nov 5 88 Jan 9
082
637 64
64
64
8
•62
300
84
*6212 64
64
*82
64
Do pref B
100 58 Aug 19 764 Feb 1
2814 273 28
28
28
4
8
28 4 2812 328
,
4,000 Wright Aeronautical-No Par 18 Mar 30 324
273 28 4 275 28
4
3
4July 1
56
25512 5512
56
56 •55
5.54 553
4 553 56
900 Wrigley(Wm Jr)
4
66
66
No par 451,Mar 30 574 Oct 27
64
644 643 .64
64
84
65
4
64
64
65
700 Yale & Towne
84
.64
25 62 Sept 23 70',July 29
4
Yellow Cab Mfg tern Ws
10 334 Feb 18 483 Oct 1
8Jil 87
s
20.900 Yon ngstown Sheet & T Na INT
913
, 867 557
85's
8238 87'4 83's $53
, 63 Mar 27 9212 Nov 7
•Bid and &ease prices. 00 aides ou tkla day. 131-dIvIdend. •Ex-rights. S New stock on the bails et 1 new awe tor 3 old snares.
764
PER SHARE
Range for ?reptant
Year 1924.
Lowest
Highest
S Per share $ per Shari
106
Jan 13712 Dee
30
Jan 3312 Noir
9 Mar 174 Dec
_
9
Oct
3214 Jan
90, July
4
9012 May
7 4 June
,
42 June
82 June
94 May
615 Mar
8
11514 Mar
86 Mar
403 Sept
8
Jan
22
325 Jan
8
983 Apr
4
105 Ma)'
78
4
- 1- -Jim;
18 2
5412 Dee
993 Deo
4
110 Dee
2314 Nov
634 Dec
95 Mar
224 Jan
793 Dee
8
121 June
96 Sept
594 Feb
454 Dee
887 Dec
8
12914 Aug
4
1123 Des
May 155
API'
8
JaIl
33
153 July
4
91 12 Jan
103 Jan
8
22 Apr
15 July
Oct
75
171g July
52 May
Oct
58
- r
13eJuly
42- fiit;
2212
994
24
37
274
90
29
847
8
957
3
Dec
Dee
Dec
Dee
Jan
Jan
Feb
Dee
Mar
id" Dec
78 July 9814 Dee
314 May 414 Dec
39's May 734 Dee
70 July 85 Ma
554 Apr 6812 Jri
33 May 424 Jan
1153 Mar 11918 Aug
4
1318 Oct 3514 June
5512 Apr 6512 Nov
4812 JulY 1004 Jan
5412 May 8478 Jan
3102 May 4614 Dee
10978 Nov 115
Jan
6 Nov
124 Dec
81s Allf
23 Jan
8
23 July 35 Dec
3 Jan
14 Sept
June
63 Mar
4
3784 June
674 Apr
8 Om
11614 Om
314May
52 Apr
83 4 Mar
,
3114 Apr
285* Oct
361, gent
33t, scot
35 Nov
Jan
94
10614 Feb
20 Or)
4212 J1/111
71 May
40'1 May
Jan
182
13 July
4712 Oct
64
Feb
814 Jail
21 12May
98 Judy
163 Mar
8
614 May
Jun
98
90 June
2212 May
664 May
1812 Mar
374 Mar
9414 June
11838 Feb
64
Jan
June
1584 Oct
53 Seim
34 June
211 June
3 June
8
484 July
14 Apr
141. 15We
91, Jan
453* Jan
110 Dec
154 Feb
151
Feb
41
Jan
733 Dee
8
9312 Oct
814 Jan
3514 Jan
43 Jan
8431 Feb
39 Noll
1327 Sept
8
1163 July
4
37
Feb
6414 Nov
1215 Dec
*
53 Dee
22412 Aug
48 Dee
79 Dec
1895 Dec
8
1044 Oct
42 Dee
108 Dee
243 Oct
8
8714 Dee
I065 Dee
4
14312 Dee
427 Jan
8
9578 Dee
414 Dee
4678 Dee
121
Dee
123 July
885 Dee
4
3318
80
104
348
4
7
1518
20
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Nov
III', Apr 117 July
105 May 1181 Dee
4
84
Jan 111
Dee
65', May 75 May
-.Li; Ili" 15;
S7ia Arp
2318 May
60t, Apr
97 Dee
29gs Feb
7212 Der
14 - 17 114
614 May 88
Jan
41s May 28
Jan
11 Aug 7218 Jan
7212 AM 1264 Dee
2314 June 81 Dec
88 July 894 Dee
5812 Jan 75 4 Dee
8
98s May 233 Dec
s
35 Apr 404 Dee
32
5924
Nov
Oct
iiie Via;
72
Deg
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
2503
-and inim,si"—exceol to. income and defaulted beads.
Joe 1 1909 Ole (exchange ',Wind of snoring bonds was changed and prices are now
N
BONDS
V. STOCK EXCHANGE
Week ended Nov. 20.
Z.
*price
t s.
ua
Friday
4Et; Nov. 20.
Week's
Range Of
R
Lax( Sale
:
Rows
Since
Jas. 1.
BONDS.
N. Y.STOCK EXCHANGE
Week ended Nov. 20.
in
tt
Z
0
... 4„
Wtfr m
Rano s
Pri"
Pridas
Nov. 20.
Last Sale
1
111
Rungs
Since
Jan. 1.
ai t2
High
Ask Low
BO
High! No. Low
High No. Low
Rfak
Ask Low
Bid
II. S. Government.
,
10712 23 102 4 10914
Netherlands 60 (flat prices)...1972 pd Et 107 10712 107
First Liberty Loan—
,
10418! 90 100 8 10412
10312
4
to-year external 68 (fial)__1954 A 0 1033 Sale 10212
142 991,44 337 99944 01914
99142 Sale
799
194 D
3
334% of 19329912 194
41
/
1021
9
6
4
93A o
3 mu
H
,2 100442
02"n Panama (Reit, 64 tr recte_ 19 0 ip D 10212 Sale 10114
133
8
0 1011. 100
Cony 4% 01 1932-47
977 103
11 D 10
10112, 40
1944 A 0 10114 Sale
4
/
1n 233 101114 0344 Peru (Rep of) extl Se
Cony 44% of 1932-47
1
/
664 79
3 D 101",, Sale 1011134101.
69e 69
103
9 101
Poland (Rep of) g es
101 142
103
1011:2
j D 101
ll
2d lolly 44% of 1932-47
88
96
5
9
8 8' 7
89738 100
12
m rects_1950 j J 2 tee 894
Ext'l 4 f g 8s Interi
94 100
Second Liberty Loan—
39
100
9938
6 100
100132
011.44 Torte Alegre (City of) 85___1961 3 0 9912 100
Sale 100
4
1
/
40 of 1927-1942
M N 100
31 109 112
112
941
100142 011144 Queen8land (State) ext. f 70 1948 A 0 112 ---- 112
iyt N 100,11, Sale 100,33410013n 1601
Cony 434% of 1927-1042
13 10112 107
107
1 47
1947 A A
03",,9 F 0 1053g 107 10811
25-year 68
Third Liberty Loan-99;
94
Is
93
99
4H % of 1928
M S 100"Sale 100133310142 817 1001144 02111 Rio Grande do Sul 5 f 8!.A946 A 0 993 8 1e 981'4 " 35
8
' 99121 18
8
9 8 S119 9
Rio de Janeiro 25-yr
92 • 9904
Fourth Liberty Loan
99141 30
98 Sale 98
14
25-yr esti Bs
.
4 ti % of 1933-1938
A 0 1011144 Sale 101,1 102.n 1617 101,
10412 105781 20 100 10713
4
/
00,, Sale 106",,106",, 58 104944 08119 Rotterdam (City) external 601964M N 10413 Salo
1947-1952 A 0 106
Treasury 4844
2 103 10612
1055,
1948 3 j 10514 110 10512
356 100 44041
,
'n El Salvador (Rep) 85
4
/
1944-1954 i 0 102114 Sale 102144103
97 102
Treasury 40
4
102 1
1952 m N 102 Sale 10114
Sao Paulo (City) s f 88
State and City Securities.
104111 13 100 104;
4
/
10018 15
9978 1014 San Paulo (State) ext.f 86_1936 j 3 1011 Sale 103
1001 10018
4
9913 1013
to
NY City-4; Cori. stock.1960 M s 100
10112 45
8
10118 1013 101
External s(tis inc recta_1950 J J
4
1
/
1964 M 0 10012 101 10013 Nov'25 --- 19014 103
,
8214 92 8
103
434o Corporate atock
89
1942 j 3 8812 Sale 88
1014 1024 Seine (France) ext 75
1
/
8
02
84
1966 A 0 10012 101 1023 Apr'25 _
134
4348 Corporate stock
92
4
/
Oct'25 ____ 10014 1034 Serbs. Croats & Slovenee 821_1962 M N 911 Sale 9114
88
82
1972 A 0 10012 1011 10014
434,Corporate stock
14
88
1936 m N 84; 8512 84
•
4.14 s Corporate stock
1971 3 D 10518 106 10614 Oct'25 _ 16614 10812 801880138 (City) 60
105; 17 103 196
4
4
19391j D 1043 Sale 1043
-year 60
4
/
1
/
4
984 10314
44s Corporate atock_JulY 1967 J 1 1013 1054 10412 Nov'25 ____ 10412 1071 Sweden 20
10214 68
19541m N 102 Sale 102
4
/
External loan 515s
1
/
4
434o Corporate stock..._ _A965 1 1) 1043 1054 10434 Oct'25 ---- 1041 108
19 113 11714
117
4
4
1163 Sale 1163
4
2 05
4
/
ya 8
1963 m N 1_0_454_ 1_0_5_1_ 19954 Nov'25 ____ 10478'1083 Swiss Confeder'n 20-yr s f 8e 1940 3 j 103 Sale 103
9813 1041
434o Corporate stock
1031z 99
2
9718 10014 Switzerland Govt ext 5 Hs._1946 A 0
9714
4% Corporate stock
1959 M N 9714 Sale 9718
644 084
6
4
1
/
67
4
5 673 Sale 6714
984 99
4
1
/ Tokyo City 58 loan of 1912_1952 IM
July'25 ____
2
97 1013
.tegistered
10018 54
100
9714 10014 Trondhlem (City) ext1 6348_1944 J J 100 8310
1958 MN 9714 ____ 9714 Nov'25 ____
4% Corporate stock
30 10614 112
Silo 10812 109
,
)
Uuug B cB ou 1 2xt
1
/
4
109,:42 1100075,, z rricuar (R:pBblic e 8s1946 F A 10812 Sale 1073
4% Corporate Kock
1957 M N 9714 973 974 Nov'25 -__
8 10712 11112
4
4 1073
4
1073
1945 A 0
i
,
96 2
8
1956 M N 963 9714 9612
4% Corporatestock
Railroad.
96
98;
Oct'25 ____
2
4
1003 103
4% Corporateatock
1955 M N 965 ----i 96
Oct'25
102
Ala CR Soil let cons A 50.....1943 3 D 10014 10218 100; Nov'25
10012 101;
M N --------100 June'25 ____ ___
:tegistered
__
4
.
1
0;1 :
19 ;10?() 5:
Mic1 1stcg ta gN
a s0.1 oin yr3 old 541_1928 MN 1003
814 8414
4Si% Corporate stock_ 1957 M N 12 1(tt 10412 Nov'25
8234 Oct'23
85
1946 A 0 8218 -5
All,
10414
81 12 84
4%% Corporate stock .._1957 M N 10412 10514 10414
Oct'25
84
,
87 8 90; Alleg & West 1st g 421 gu.....1998 A 0 80; 85
9418
90
43-4% Corporate stk_May1954 M N 87; 8812 8812 Oct'25 ---9212 9214 Nov'25
1942 M S 92
8714 91
Alleg Vol gen guar g 411
Oct'25 ---8
4 H% Corporate etk _ Nov 1954 M N 875 8812 88
7 (13; 77
4
1
/
: 75
1st g 48_ __July 1905 Q 3 7512 Sale 751
4
1
/ Ann Arbor
Sept'25 ____ 102 103
88
934
New York State Canal luz- 4,1901 .1 J
8
893 145
8814
8914 Sale
90%
1942 J J ---- ----'10118 Mar'25 _--- 101 18 101 08 Atch Top & 8 Fe—Gen g 48_1995 A 0 --------8704 Oct 25
84
4s ,:anal
_.
A 0
Registered
4
1
/
98
87z
..... 10 , Aug'25 ---- 109 11414
8112 85
847
1964 1 J .
4 Hs Canal Inlet
11
88'4 841/4
4
_July 1995 Nov 8
Adlustment gold 48_
July'25 __-_ 1027e 103
824 13514
45 'Rahway limit register'd19.58
4 14
845
8
July 1995 M N 845 Sale 8412
Stamped
Oct'25--_ 10802 114
4
/
791 82
highway Improv't 4)4s1963 NI -5
_ 8) Nov'25
MN
Registered
:
761 761:
7612 Feb'25. — ,
813 86
2
1991 1 3 a4i4
Virginia 4-3n .
1
8414
8414
1955 J D 8414 85
e 0
Cony gold 4 19 9
8113 8512
earaign G•vornmant.
31
:
851
4
/
J
4
/
41955 D 8412 __ 841 Nov'25
Cony 4e 1905
10214 73 1011 1031
81
844
Argentine (Nat Gout of, 70_1927 F a 102 Sale 102
of 1910_ _1960 J 13 8414 Sale 8312
9514 9712
9612 186
Cony g 40 twee
98 100
mp
8 f Se of June 1925 te_ _1959 1 D 9614 Sale 96
12
99
9912 984
East Oltlit DIv Ist it 40_1928 M 8 99
Ot% 9714
9714 173
Exile f (is of Oct'25 temp.ION' A 0 9714 Sale 9612
4
1
/ 8753
83
12 15
8)
12
8
95
97;
120
Rocky Mtn Inv let 46....1985J J 8514 863 8)
97
Sale 9612
89
86
Oinking fund Se See A.___1057 M S 9612
4
/
871 Nov'25
4
1
/ 83
4
/
941 97
9658 59
-Con Short I. let 40_1958 J J 87
Trans
612 Sale 96
92
95;
Ext1 es tier li terup_ _Dee 1958 I D 9
1
94
81 02 89
7
4
/
861
Cal-Aria let & ref 434,"A"1962 M 8 94 Sale 94
1
/
8614 864
8714 9234
Argentine'Treasury fa_Z._ _1945 M 8 85
8 19
891
8914
/
9611 99 8 Atl Knox, & CM Inv 44_ _1955 M N
8
975 235
4
1
/
,
4
/
Austral!' 30-yr 5s_ __July 15 11157 J 3 971 Sale 97
10204 108
9018 10112 All Knoxv & Nor let g 58....1946 J D 1020, ----10214 Aug'25
8
1005 132
!
95
9814
Austrian (Govt) of 7e
1943 .1 D 1001 Sale 100
4
/
971 Oct'25
10914 25 107 11194 Ad & Char! A L lat A 4 He_A944 J J 904 9 1 10212
4
Belgium 25-yr eat o f 748 5.1945 I 13 1094 Sale 1083
103
3 101 12 103;
Series B.._ _1944 J .1 10212 103
1
/
46 1064 1094
1
/
Ist 30-year 5a
108
12 85;
85
-rear a f 8s
20
1941 F A 1074 Sale 10714
92,8
8512 July'25
14
90 96
9414 132
4
1
/
Atlantic City 1st eons 421_1951 J J 8412
4
89
9412
25
1949 M S 933 Sale I 93
-year ext()He
18
4
/
86; 1111 80'8 88'4 MI Coaat Line let con 40_h1952 NI 8 911 ____ 92
3
tilztl 4 f Ss Inter rota
1955 1 J 8512 Sale I 8502
17 105 4 103
10714
1930 M N 107 Sale 10614
4
/
981 3611 95% 9812
-year secured 70
10
s
90; 945
Ex tl 8178 lot elfs
1957 1 I) 963 Sale 961
941g
9418 19
19642 D 9418 Sale
8
114; 14 108, 11514
General unified 414e
8
8
8514 897
Bergen (Norway, of fie____ 1945 M N 11414 1143 11414
9
8914
L & N eon gold 48.,... Oct 1952 M N 8812 Sale 8812 Nov'25
9912 9714
4
/
991
5
9
4 18
993
8
761 89
-year sinking fund 66..1949 A 0 09
25
7712 7814 78
19483 J
,
83
9014 Ad & Dant let 540
4
/
891 296
6112 7012
Berlin (Germany) 6 14s _____ 1115ii A 0 8918 Sale 1 89
1948 3 J 6412 6512 ,6112 Nov'25
2(101
10814 37107 11112
80
75
_ _1945 Al N 108 Sale '108
Berne (CIty of) 8 f 80
4
1949 A 0 7614 773 77 Nov'25
All A yad 1st g guar 4e
98
94
8
4
1
/
97
4
1
/
98% 100;
1
Bogota (City) ext'l s 1 89_1945 A 0 97 Sale 9712
103
1941 3 J 100 Sale 100
118
923 99% A & N W let gu 558
99
4
4
973 Sale 973
3
85 4 142;
Bolivia 'RePublIt 01) 8!
1947 PA N
4 66
891
89; Balt& Ohio 1st g 48_ _ __July 194q A 0 89; Sale 8812
80
8478 112
8
8518 90;
_
Bordeaux (City of) 15-yr 612.1934 NI N 847 Sale 8418
4
/
871 Nov'25
July1948 CI J
95 103
172
Registered
103
891s 45
Brazil t • 8. external Is
1941 J D 10114 Sale 10114
1933 M S
3
86
8014 89 4
-year cony 414e
88
10
1
/
864
4
851 92%
75 (Central Ry)
47
1952 J D
1
41 166
18
'
8. l
92 S ile 9" 92
& gen 50 Series A.1995 J D 94 ' 933
10312 108;
051 8
100,2 11
Refund
88:11ee 105
7348 (coffee weer) i (flat).1952 A 0
90 100 104
Sue 10112 102
4
1948 A 0 1013
log g sa int etre
1
/
954 1004
4
1003 136
3
Buenos Airco (City) esti 61401955 J J 100 Sale 99 4
1
/
1034 100 1024 10414
1929 J J 10312 Sale 103
17 100; 1021/4
611
10-year
n
50__1926 A o 100 sale 100
110 100% 104%
104
4
/
°
5 ada (_D0 1111109 of) g
Ca 8
Ref & gen Ss ser C temp_1995 J D 1031 Sale 10318
14 41 tot% 10312
,
12
ls
e 12
192
83% 0014
1931 A
28
88
4
/
4
1
/
1013 1031
4
4
P L E & W Va Sys ref 48_ A941 M N 87 Sale 871
4
05114 997
10-year 5%2
1929 F A 1412 Sale
8
977 152
s
8
1950 J J 975 Sale 973
4
/
Div 1s1 54
89 1911 105
Southw
4
/
;
6812 80
Si
1952 M N 103 Sale 1031 10418
7414 70
4
74 Rile 733
1)6 104
4
Tol & Cln Div let ref 48 A_1959 J J
10212 10312 10212 1023
60% 62%
J
1954
Carlsbad (City) 8 1 8a
4
1
/ 6214 6238 May'25
39 10614 110
Battle Cr & Btur 1st 4m 30_1989 J D 60
:
924 941s
Chile (Republic) WI of 80_ _1941 F A 10812 Sale 1081 1083
1
/
934 9612 9412 Nov'25
4
88
0 7 10312 Beech Creel, 134 40 g 42._...1936 j
15
103; 51 19% 1113
4
/
9012 911
1926 A 0 103 Sale 103
External 5-year .180
4
903 Nov'25
J D
Registered
01
1101
4
Sale 10012
77 81;
N
20
__
1942 M
-year eltl 72
77 Sept'25
Beech Cr Ext let g 3140___1951 A 0 771
18 1064 110'4
99 2
8814
85
25
1948 M N 10118 Sale 109
-year o f 80
2
88
4J I) 8618 8812 88
961
1944
93,8 904 Big Bandy tel 44
46
4
98 Sale 953
67
75
Chile Mtge Ilk 6%ti June 301957 J I
11
75
7114
7313 75
j 43
493
0; 5113 B & N V Air Line Jot 40_ _1955 F A
4
4912 Sale 48;
94
92
Chinese itiukuang RV be._ _1951 J 1
92 Sept'25
4
/
911 94
30 10914 112
111
Bruns & W let gu gold 48._1938 .1
8
4
1
/
99 1024
1945 A 0 11014 Sale 1105
Christiania (0810)0180
2
1
2 101,
4
1013 101,
101
21
s 18 0p
1 , 10 , Buffalo R & P gen gold 50__1937 M
0
803 883
2
30
-year a t Ile
. 32
861
,
1957 M N 86 2 Sale 8618
, Consul 434.
990, 101;
82
8514
30
-year 0 f 6.8
4
1
/
82 May'2;
M N
Registered
154 1242
t? „
8 a e
19451 A N 1 4 ale
9952 101
Colombia (Republic)6140_._ 1927 MM 0 1E f 1 F017148
Oot'25
8 1934 A 0 1001. 101 101
4414 100
4
1
/ 33
98
Burl C R & Nor let be
9814
4
/
9, 10011 103%
et
Copenhagen 25
-year, 5%8.1944 J 2 981 Sale 971
4
1
/
s.
9712 984 Canada Sou cons gu A 5..1962 A 0 102 Sale 10212 10312
14
98
:
4
1
/ 98
97
2
51 9314 965
Cordoba (Prov) Argen 7a_1942 1
,
93 8
95; 10212 Canadian Nat 4145.Sept 15 1954 NI S 9338 Sale 9314
1
9912
9912 Sale 9912
4
/
CUba 59 of
8. 981 99
4
/
981
934 100
5-year gold 4 tie_ _Feb 15 1930 F A 9812 9 tle 9812
9712 9714 Nov'25 _—_
96
4
190419 4 F
External 50 011914 Ref A_ 1949 PR
11514 27 11414 117;
of 78,19403 D 11514 Sale 11514
84
9818 Canadian North deb
4
/
901 9012 Nov'25 ____
Fxternal loan 41401949 F A 90
11712 121 116 118%
19463 J 11712 Sale 11714
9613 10314
168
-years f deb 61411
20
4
1953 .1 3 1023 Sale 10212 103
5 Hs
4' 984 96%
9(13 9614 9632
4
963
8
10-yr gold 4 t4s.._ _Feb 15 1935 F A
4
10112
81
79
Czecaoslovak (Repub of) 80_1951 A 0 101; Salo 1003
63
81
8012 Sale 8318
J J
42
12
998 : 2
1
2 61 1074: 109 14 Canadian Par Ry 4% deb stock_
/
4
93
931
4
/
klink fund 8n Eter B lot 408_1952 A 0 1003 Sale 1004 101,
Nov'25
___ 934
nil, 15 109:2 0512 Carb & Shaw 151 gold 4s___.1932 M S 923
9
9 :
12
831
78
4
Danish Con Municlp 88"A"_1946 F A 1111 112 1091/4
4
44
/
801 82 803 Nov'25
__ 5
let con 54,
Caro Cent
8
Sertee B o f Se
1946 F A 1097 111_34_ il(1)(,)1782
8 100 10213
101 1g
10218 101 18
1
Oct'25
Caro Clinch & 0 lst 3-yr 50_1938 3 D 101 14
— 109 111
4
/
194' A 0
Denmark external 0 f 88
10312 25 1051 10812
1952 J D 10818 Sale 10818
50
104
1st & con g 6s Her A
9;Je 10312
84;
84
20
1942 J J jai!
-year 134
8612 8414 Oct'25
84
2 101 10314 Cart & Ad lot 011 g 40
10214
74% 80
Dominican Rep can Admit(59'58 F A 10214 10212 10214
783s, 3
4
1
/
8
9 81 3
12
.
90
9312 25
Cent Branch U P 1st g 40_1948 1 D 7818 797 78
Custom AdminIstr 634&..1942 M 8 9312 Sale 93
e_
11 15410 704
4!
672
984 104
1
/
10312 94
Cent New Eng let gu 4e_1961 1 J 674 Sale 6712
Dutch East Indies ext. 68_2_1947 .11 J 10312 Sale 10318
Oet'25_I 9714 99
10312 39
4
/
4
/
981 1031 Central Ohio Reorg 4 Ha___1930 M S 9732 ____ 9772
40-t ear So
1962 191S 10314 Sale 10318
5 101%104
4
1033
4
9314 10014 Central of Oa lot gold 521...p1945 F A 10234 Sale 1023
10218 50
9914 1113%
30
-year ezt 514s
1953 M 8 1024 Sale 10218
10318 11
IN4
1945 M N 1031g Bale 10218
4 103
923
10212 23
Consol gold 5e
98 10(112
30-vear ext 534,
195.3 M N 10218 10212 10218
June'25
10014
484
9884 100
ittgilgtered
103
4
French Repub 25-yr ext 80.l945 al S 10274 Sale 102,
4
/
5 10112 1041
10312
93 101 12
0812 344
-year securZ82.2 B June 1929 J D 105i2 Sue 10314
10
9718
20-yr external loan 7%6_1941 J D 9834 Sale
99 103
10214 20
102 10214 10218
6
8
4
/
931
9018 690
Ref & get, 5
rtArte,nal 7,01 1924
8612
84
1949.1 19 8978 Sale 8913
Oct'25
85%9212
1 9A
9012 15
Chatt Div pur money g 48_1951 3 D 8514 8524 83
9012 9014
Finnbh ?dun L 6'n 5.1/1 A..._ _1954 A 0 90
:
981 100
1
100 I
_ 100
4
/
8512 924
1
90;
Mac & Nor Div 1st g 541_1946 J J 991
9012 9014
Extetnal 6148 Series B_1954 A 0 90
:
5, 1901 101
nu I
101 S-ole 101
8314 8918
8814 24
8
8812 873
Finland (Rep) ext
1945 M S 88
6sMobile Divielon he
99
WS
984 NOY•25
934 9814 Cent 101 & B of Ga roll g 541948 141 N 97
4
1
/ 99
937 2
8 76
973
1
/
Sale 964
External 8 f 71.1
1950 M 1. 97
5, 107 110
1)8,,
4
9l3 19212 Central of NJ gen gold 5s
108; 1091 10814
1987 J
10214 614
German external loan 7s.____194(4 A 0 10114 Salo 101
4
/
196 1081
4
/
1071 Nov'25
93; 9714
11987 Q
Registered
9818 177
German Cent Agrie Bk 74_195(1 M 5 954 sale 95
1
/
1
/
7
831 2 7 1 864 90
04; 837
10514 122 194 10774 Cent Par let ref gu g 4s
1949 F A -88 4 -13
4
at unit & Irel (UK of) 5%2_1937 1 A 105 Sale 1047
9512 9714
2
:
971 No v' 5 __ _
62
9
11818 59 11512 119
Mtge guar gold 3 Hs__k1929 J D
-Year cony 514s
10
1929 1 A 118 Sale 118
8512 891
4
11
8718
8
89
9514
53
Through St I. let KU 48_1954 A 0 8718 S00 865
: 94
Greater Prague 740
1952 M N 9313 Sale 931
9012 984
97 12 108
97 Sale 97
83 88;
864 27
Guaranteed g 5s
85
86
Greek Goat 78
1964 M N 85
11218 117;
914 97
____ 11212 Feb'25
30
97
3
8
) 9F
Charleston & Savannah 78_19 6 J A 117
1
/
Haiti (Republic) Se
1952 A'0 964 Sale 96
98;103
3 12
87
1011
4
1
/
9813 Chee & Ohio fund & Rapt 50.1929 J
101: Sale 10114
43
97
4
Hunzary (K1ngd of) of 7348.1944 F A 963 Sale 963
4
10212 22 101 10312
:
981 100
49
1939 M N 10218 Sale 10214
let corned gold 50
Ind Bank of Japan 6% noom 1927 F A 100 Sale 99; 100
100; 11/214
8411
1939 M N 10118 101;101 18 Nov'25
81
4
1
/ 57
83
Reglatered
8
Japanese Govt £ loan 4e_
1
/
834 Sale 833
1931 J J
877s. 93
92; 12
8
1992 M El 92 Sale 917
95
90
General gold 4145
356
93
-year a f640
30
1954 F A 92; Sale 92%
857s 90%
9)14 July'25
11(I12
831 874
: /
1
8618 10
Registered
i riental Development 621_1953 M S 8514 Sale 854
94 4 9812
4
134
98
4
1
/ 894
80
3
(
99 1F 8
20-year convertible 4;0_1932 41 A 98 Sole 9712
8 58
847
8418
Lyons (CRY of) 15
8
-year 60._1934 MN 847 Sale
13214 29 10178 1324
A 0 129 Silo 122
80
89
4
1
/
84; 58
30-year cony secured Ss,. 1946
Marseilles (City en 15
-Yr 69_1934 M N 84;.Sale 84
1 1934 12912
A 0 1291 Sale 12912
12912
301 2
16
:
1
29
Registered
Mexican Irrigation 4145____1943 MN ---- ----29
9713 9934
6
4
1
/
981,
984 Sale 983
e
107 30l3
Craig Valley 1st g 5s
294 21
Argentina of 4148
1943____29 Sale 29
824 55
Oct'25
38
83
1)
4514
9 16 3
Pella Creek Branch let 48.194 .1 3 79
Mexico (11 8) exti 55 of '99 Z 1945 Q I ____ 45
3912 Oct'25 ____
s
81, 858
4
2
844
8414
44
31
4 58
423
R lc A Dly lot con it 48..1989 J J
As:tenting 5s 011899
4212 Sale 42
1945 ---83
71/
6
8
8312
3514 443
8312
42
8
2(1 consol gold 4s
Assenting 5s large.... _______ ..... _ ____ ____ 42
9532 984
4
/
4
-;
35
3712 May'25 --...
19 1 M 3
3712
Warm Springs V let g 5e...1989 3 61 otlis__ 981 Oct'25
Assenting 55 small
3
59 4 671e
2
65
135
65
1912 20
Oct'25 ____
Chic & Alton RR ref it 38_._1949 A 0 6318 4
Gold deb 4501 1904
1964 3 D 2514 253 26
56% 62%
828_
624 Oct'25 _
1
/
2534 47
184 27
4
1
/
4
/
Cent? top stmpd Apr 1925 tnt ---Absenting 4,011904
4 ---_
253 Sale 241
50 62
62
2
62 Sale 62
20
2412
Ctf (ley strgl Oct 1925 Int_ _ _ 2314
Assenting 4s of 1904 Small----------------23'4 Aug'25 ____
___
_
4414 5814
51
204 2614
RatItray first lien 3 Hs_1950 I-1 49 Sale 49
2552 Oct'25 --__
A880110ng 4e of 1910
J J -3012 31
6244
2
8
4
1
/
4
/ __1 65
481
3311
22
3114 127
Ctfs dep Jan '23&sub coup------ 48 Sale 487
Assenting 42) of 1910 large
---- 31 Sale 30
8114 8612
83
8312 8258 Nov'25
22(1
72
193
27
Chic Burl & Q-111 Div 3;48_1949
Aseenting 4. of 1910 small_,_ ------27 Sale 264
91 884 944
8
4
/
9218
1949 .1 3 911 Site 913
46
33
4 29
453
Illinois Division 44
?MO Scot '31 aseent(large)'331 J 4534 Sale 44
994 151 08'2 100
8
344 46
4412 45
Nebraska Extension 48_1927 M N 9914 995 9014
Small
4412 Sale 4312
,
98 4 9918
9702
M N
88
4
983 Sept'25
8 30
1187
8
Reentered
1952 J D 9612 967 0612
Montevideo 75
881a 924
1968 M S 8914 Sale 89
894 13
107
9712 102
General 48
Norway 20-year ex11 6s__1943 F A 102 Sale 10012 102
4
/
1021 23 1004 1934
102 10234 102
9712 1013
4
151 & ref 58
10158 53
externall3a
1944 F A 101 14 Sale 10034
20-year
4.512 83
51
6
51
9
52
2 1 A
9712 102
102
Chic City & Conn Rys 5e-1977 r g 50
1952 A 0 10114 Sale 10114
-year esti 58._ ...
30
,),
114
00). 2n7
tons 1 0 957g Sal,. 9011
-year of 5145 temo__
40
g/£1. a Due Jen. hDeaJuiy. k Due Aug. 'Due Nov. sOptl001alS.
gi,
2504
BON DS.
IL T. STOCK EXCHANGE
Week ended Nov. 20.
New York Bond Record -continued -Page 2
Pr4c4
Pridag
Nov. 20.
Worh's
Rasp or
Lail Bali
Banos
Jan. 1.
BONDS.
N Y STOCK EXCHANGE
Week ended Nov. 20.
v
Fria
Friday
Nov. 20,
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Bid
Ad Low Mob No. Low Mob
Bid
Ark Low
High No. Low
High
Chicago & East /II 1st 68-_1934 A 0 104
____ 1021 Oct'25
5
1024 19714 Erie & Pitts Itu 3748 B--1940 J
844 Oct'25
84 847
4
J 8518 88
0& E Ill RR (mew co) gen 50_1951 M N 7414 Sale 73%
191
75
4
7
72 4 793
Series C
845 Aug'25
8
84es 844
.1 .1 8518 88
1
Chic & Erie let gold 58
8
1982 M N 1013 1015 1018
*
8
1013
8
9912 1034 Fla Cent & Pen let ext g 5e-1930 J
_ 10014 Oct'25
99 8 10014
3
./ 10018
Chicago Great West let 46..1959 M 5 623 Sale 6214
4
59 4 6812
7
6414 356
Conaol gold Se
100 100 4 10012 Nov'25
- -3
1943
9614 10012
Chic Ind & Loulav-Ref 0e_1947.7 .1 111 Sale 1101
12 10914 11212 Florida East Coast 1st 4145_1959 J J 93% 95. 944
111
8
92
944
967
8
.1 D
Refunding gold 5e
9912 10012
995 Oct'25
1947.7 1 993
4
1st & ref 5s Series A
967 201
1974 MS 96% Sale 96
s
93
9712
Refunding 4s Series C
1947 J J
87 Nov'25
3
83 4 87
Fla West & Nor 75 Serial A1934 MN 172 174 169
65 1027 197
178
8
General 5s A
1966 M N -564 Wig cos
87
92
12 Fonda Johns & Glov 4 Na
907
4 15
5
62%
63
624 73
1952 MN 62% 63
General es B
May 1986.7 J 103 Sale 103
10312 10 101 104
Fort St U D Co let g 4348_1941
90% _
8214 Aug'25
8214 90
Ind & Louisville let gu 41-1956 J 3
797 Oct'25
8
77
12 8012 Ft W & Den C let g 514s_1961 J J 10412 105 10412 10411
3 1044 1044
Ohio Ind & Sou 50
-year 48_1956 J J 861* -- -- 8614
853 88% Ft Worth & Rio Or let g 45._1928 J D 9.518 96
8
5
8614
5
95%
921s 98
95%
J J
Chic L S & Eaat lst 4)0_1969 J D
93
12 9414 Frem Elk & Mo Val let 6a._1933
944 Nov'25
_
10712 108% 10714 Nov'25 -1064 10914
0 M & Puget Sd let gu 4a1949 J .1 5414 gale 53%
4312 58% GH&SA M &P let 5e__1931 A 0 10038
547 133
11
101 Nov'25 99% 101
MN
Certificates of deposit
49% 5412
12 29
544 Sale 524
54
2d extens re guar
9918 101
9978 100 10014 Nov'25
-18
1931
Ch M & StP gen g 48 Ser A..e1989 J J 805 8118 8012
8
7014 8118 GELD, Hone & Rend 1st 5a1933 J J 9314 9414 9314 Nov'25
81% 76
904 95
AO
General gold 3Ha Ser B__41989 J .7 69 Sale 684
6214 7012 Genesee River let a I 58
6812 12
_ _ 1023
4
10312 15 1004 10512
1957
Gen 4Na Series C_ _ _May 19893 J 89 4 Sale 893
12
77% 92% Ga & Ala Ry let cons 5s___01945 J J
3
g
903
4
93 1027
4
55 95
993
78
5 31
4
J J 1117 Sale 9955
Gen & re/ Series A 414s_ _a2014 A 0 55% Sale 54
43% 555 (Meer°
8
555 469
8
14
99 1001s
& Nor let gu g 5s 1929
Certificates of deposit ______
47
303
55
_ 55 Sale 538
55
14
Georgia Midland let 3s
67
04 68
14
1946 j 0 10
A .1 : ---- 65%
6918
9
Gen ref Cony Ser B 5s___a2014 11A 543 Sale 533
44% 58% Ch R & I ext let gu g 4Na
4
4
_-5514 562
9212 9612
93
5
-- 93 8 Oct'25
1941
3.212 sale 5312
Certificates of deposit
4612 54% Grand Trunk of Can deb 7a.1940 J J 109.1
71
547
13 1144 117
116
jjj
ji : 1.1
A g 1gale- 1154
m i
list sec 6s
4
1047 Sale 1044 1047
9612 105
1934 371
8 63
______15
10 1064 1084
Sale 107
-year f 68
10714
1936
Debenture 4348
44 6012 Great Nor gen is Series A 1936
4
1932 .1 D 543 Sale 5312
5514 1174
Sale 11014
1104 162 10812 111
Certificates of deposit.......... 543 Sale 5312
1674 5412
4
5412 208
Registered
109 109
109 Sept'25
Debenture 48
543 Sale 53 8
674
4
48
1925
7811
5
55
let & ref 4148 Series A1961
8
89
9314
934 9214
927
4
Certificates of deposit ______
477 547
4
54% 111
8
543 Sale 5318
4
30
General 5448 Series B____1952 .1 J
9974 103
102
Bale 10114
316-year debenture 45
44
482
55
4
1934 i i 543 Sale 5312
5614
General 55 Series C
92 9612
s
9612 62
1973 J J 9614 Sale 957
43 298
5
Certificates of deposit.......... 545 Sale 5234
467 541 Green Bay & West deb etre
4
8
8
5
Oct'25
72 80
"A"
- Feb 7712
ggti 997 9912 Nov'25
Chic & Mo Rlv Div 58_ 1926
944 100
28
Debentures °Us "B"
1218 181e
Feb 144 Sale 14714734
Chic & N'west Ext4a-1886-1926 F A 983 ____ 1004 Nov'25 15
4
984 1011s Greenbrier Ry 1st gu 41
87 Aug'25 86
8812
3-1940 MN 8612
Registered
9812 99% Gulf Mob & Nor 18t
4
1886-1928 F A 997 Sale 994
997
4
9104 103
1024
s
5148 -1950 A 0 10 % Sale 1027
2
General gold 330
734 77
7
7414 Nov'25
1987 MN 73 4 75
Gulf & S I 1st ref &
984 103 s
5
j s 10314 ---.. 10314
0
4
7
18314
Registered
7212 Harlem H & Pt Cuest g 5a...51952
7212 July'25
79
Q F
6
80
84
84 4
let 48_1954
7
Genera! 45
8 8512 843
8512 15
8
8112 8612 Hocking Val 1st cons g 4%6_1999 j j 905 g;1-e- 90%
1987 M N 843 884 92
5
00% 13
Stamped 48
8
82 8512
1987 MN 837 84% 8412 Nov'25
Registered
88
90%
1999
General 58 stamped
4
6 1007 105
4
1987 M N 1023 103 11003
4
105
H & T C 1st g Int guar
awl 100 2
7
4 -5
2
261 No7 2
1937 j j 1017 10 -- 100 Mav: 6
4
Sinking fund fis
_ 10312 106% Houston Belt & Term 1st
1879-1929 A 0 10412 ..-!10414 Nov'25
2
95 99
9612
58_1937 J J 9617 97
9612
Registered
103 104
10334_
Oct'25
4.
A 0
1033
Houston E & W Tex 1st g 58.1933
9952 10014
- 10018 Oct'25
Sinking fund As
4
100 1013
1879-1929 A 0 1004 foo12 - 1013 Nov'25
4
let guar 5. red
99 2 100
7
11193 100 Sept'25
- 4
1933
Registered
1879-1929 A 0
9912 10012 Housatonic Ry cone g 5a
9912 Oct'25
9512 95 Sept'25
9214 95
1937 MN
Sinking fund deb 58
1
,
Sale 110012 1001
1933 M N
9914 103
Hud & Manhat 5a Series A1957 MM N 10505 Sale 92
124
884 94
94
F A 92
99% 101
RegisteredNiM N
05
110014 Oct'25 _
7
Registered
9114 9114
F A ---10
-year secured 7s g
16 105 1121s
108
1930 1 D lore Sale
Adjustment income 5s____1957 M N 17050 S.e-' 7114 711117 25 122
. 1- 2
5
4
57 4 773
5
6.
5
4
A O
15
-year secured 6145 a- 1936 M 8 110 4 sale 1 ' 111
1
10 107 1124 Illinois Central let gold
no%
9012 9
411_1951 J J 9012
92
92
4
let & ref g ts
May 2037 J 13 98 Sale 973
9112 102
4
9812 34
Registered
904 93%
933 July'25
8
1951 j j 8714
Ohio R I & P-Railway gen 4519883 J 8412 844 844
84% 41
8214 86
lat gold 334e
als. 84%
824 Oct'25
1951• j 82%
Registered
J .1 83
81% 8314
83 Nov'25
y ,y 7014 834 83% Jan'25
Registered
80% 83 4
7
Refunding gold 4a
834 897
1934 A 0 87 Sale 8612
s
8712 -257
Extended let gold 3101
82
81
Oct'25
841
4
5 Registered
1951 AO 816
A0
1
83 884
8618
8618
let gold 3s sterling
71
62 62
1951 MS 56 - -- 62 Feb'25
CR& St L & N 0 gold 5e_ _1952 1 D 85% 87 10312 10312
2 10112 1034
Collateral trust gold 4a__.1952 AO 8712 Sale 874
8618 89
877
4
Registered
1 13 8212
10214 June'25
- 1014 10214
Registered
89 5
8584 Apr' 7
88
25
%
85 853
12
2
AO 8214
Gold 814s
1951 1 13 82% 835 78 Sept'25 .----8
78 79%
1st refunding 48
4
8712 92311
1955 M N 883
Memphis Div lst g 45_1951 J D --- ---- 87 Nov'25
83% 87
Purchased lines 3348
7812 8412
1952 j j 82
C St L& P let cons g 5a._ 1932 A 0 10114 _-- 10114 Nov'25 _ _10338
101
Registered
- -3-1' 104:4: July'25
8
82 8 1
79 8412
8
3
4
011ie St P M & 0 cons 68_ _ _1930 1 D 1033 Sale 1033
4
102% 10812
10334
4
rd N 8 2
m N 7
Collateral trust gold 48___1953 i . 10414 tale 8412
83 851
:
4
2
4
8512 42
Cons ea reduced to 3748_1930 .1 D 9312 93 4 93 4 Oct'25
3
3
924 333
4
81
'
82 Ma03 4
82
Registered
ly5 5
8 2:5
MN 8014
Debenture 5a
1930 M 13 9714 98
97% -12
974
9212 1054
31 10278 10612
LO5
Refunding 55
1955
Stamped
9714 973 9714
4
9714
3
9512 99%
15
21 1017 1034
8
1024 10318 102%
-year secured 5145
10314
Me T El & Bo East lgt 5s__1960 J I) 87% Sale 8712
1934 j
_
76 904
8818 63
6 10g12 113
15
-year secured 61411 II
Inc gu 58
1930• j 11112 Sale 11112 11112
Deo 1 1960 M 8 823 Sale 817
4
8
55 8
8314 156
412
884 914
Cairo Bridge gold 418
913 Oct'25
4
1950 J D 9012
Chic Ern Sta'n let gu 4349 A.1963 J J 93 Sale 93%
3
914 94es
94% 24
7318
734
70
821 Nov'25
71
0
Litchfield Div let gold 35_1951
.1
let Di Series B
100 10312
19633 1 1025 Sale 10214
8
10234 25
21
Largay Div & Term g334s 1953
82
774 821
4
Guaranteed g Ds
19443 D 997 100
993
4
9714 101
10014 17
Oct'25
704 74
Omaha Div 151 gold 3s__ _1951 P A 8722514
73
let 6 Ns Series C
1963 3 J 11712 Sale 1173
117% 18 11614 11812
8
St Louis Div & Term g38.1951
74 Sept'25
7111 77
4
j 737 77
4
Chic & West Ind gen g 6e-171932 QM 10514 ____ 10514
8
1053
4 10514 106
81
79
8112 19
833
Gold 3345
4
1951
Cons7150-year 4s
1952 J J 80 Sale 7912
8134 258
7612 834
2
8
79 a 82 2
7
y 7 13412 83 80 Nov'25
Springfield Div lat g 3148_1951• j 28
7
let ref 5128 ser A
1962 14 5 993 Sale 993
97 100 4
4
7
69
100
9_0_ 8614 Oct'25
86. 88
Western Lines let g 48..
1951 P A 8614 .
F A
Choc Okla & Gulf sons 5a.1952 M N 10034 10134 10012 10012
99341011*
5
84 Aug'25
84 87
1951
OW H az D 2d gold 4 Ne
9312 964 Ili Registered
1937 1 3 96
98
96
96
2
Central & Chic St L & X 0
0I St L & C lat g 4aAug1936 Q F 93
3
9418 93 4 Nov'25 -917 0
8 3%
9614 100 1
9912 20
Joint lst ref 55 Series A
6
1963 3D ou% Sale 994
Registered
Aug1930 0 F 9214 Sale 92
go% 924 Ind Bloom & West let ex t 481940 AO 89
9214 12
_
8814 884
95 8814 Aug'25 -._4
Ciln Leb & Nor gu 4a g
1942 M N 874 91
873 Nov'25 -4
871s 8913 Ind Ill & Iowa 1st g 4a
89
87% 92
4
1950 J J 893* 893 89
Gin 13 & Cl cons 1st g 5a
Hwy
1928 J .7 10014 101 10112
9974 10112 Ind Union Ry gen 58
99 101
Sec A-1965 33 0918 ____ 99% Nov'24 ---Cleve Cln Ch & St L gen 46_1293 J D 5414 8412 8412
8412 36
817 854
4
Gen & ref 58 Series B
1965"3 0912 ___ 99% Nov'25
110-year deb 4345
1931 J J 9713
973 Nov'25 -96
984 Int & Or% Nor let (is Set A 1952 .1 3 _17i5 i 581114 17731 0 71882:522 _2_ 53_ 75 100 10 64
2214 101 12
1
!
:
e5 7845
0318 103 0: :04
i
5_
General 55 Series B
1993 1 17
98 105 8
-- 10012 Oct'25 _3
68
79
Adjustment es. Series A 1952 Aprl
Ref & impt 6s Serlea A
1929 J J 10038- - 1034
1033 1033
8
4
1033
s 12 1024 1044
87
78
Stamped
Atirl
65 Series C
1941 1 3 1064 ____ 10612 10612
4
5 1037 10774 Int Rys Cent Amer let 56-_1972 MN
7412 8012
ife Berke D
9412 100
994 Sale 983
4
58
993 137
4
57 65
12
Sale
Iowa Central let gold 54.___1938 3D
Cairo Div lgt gold 4e
8812 91
) ; I 90
6
913 90
5712 5712
Oct'25
5712
1
Certificates of deposit......
Cln W & M Div lat g 48 1991 J J 82 Sale 82
8212
8212
80
5
67 66 4
1914 22114
3
Refunding gold 45
e 51974
4
--1951 111 13 519%1
1912
St L Div 1st coil tr g g 4a--1990 MN 844 Sale 8414
8512 90
811s 85
844
1
3
James! Frank & Clear 1st 421_1959 3D 867 887 8712
8
8712
4
Registered
MN - 8018 July'25 --__
80% 83
Ka A & G R let gu g 5a
811
---- -J J 1005 ____ 100 Nov'24
1935
Elpr & Col Div let g 41L-1940 54 . 89 ....__ 874 Sept'25
863 8912 Kan & M let gu g 48
4
8
80
84
814
2
817
8
1990 A 0
W W Val Div let g 48-1940 J J 87 --__ 8812 July'25
87% 88%
9914 100%
t00%
too 1164 t00%
3
7
2d 20
-year 5e
a0 C & I gen cons g 6e__1934 J 3 10712 --__ 10712 10712 -1 10612 108
1024 103
a% 9
/
1
4
KC Ft SAM cone g 6s
3 10 e 83
1 884 8 3 10 53
0
8
183
0%
9
28
7
192
Oise Lor & W con let a 58_1933 A 0 101__-- 10018 Nov'25
10018 10212 HCFtEr&MRy ref g 45_1936 A 0
80
47
/ 89
1
4
'01 & Mar 1st au 9 44431
963 9818 K Ref 41. & B lst
8
__
1935 M N 9514 993 98% June'25
4
98 10014
C .t 11 R 58
Nov'25 - -pt
gu 58._1929 A 0
Cleve & Mahon Vail g 58
1938 J J 983 ---- 995 Oct'25 _ _ _
9814 10014 Kansas City Sou 1st gold 38_1950 A 0 9 58 S
4
73% 5221
704 75
7314 Sale 9%
9 100
73
9
CI & P gen gu 4 Ne Ser A
1942 J J 974 -- __ 99 May'25
99 995
8
924 Sale 917
8
9212
884 9274
Series C 3 Ns
83% 8618 Kansas City Term let 4 f 1960 7 .7 854 Sale 847
_
8512 Sept'25
1948 M N 82% 85
4
835 874
1
853* 43
A _ 266 .1 7
1( 6_1
Series D 334a
1950 F A 82
83 4 8534 Kentucky Central gold 45_.3987 J J 845
3
833
83 4
3
85
4
871s
84
77 8
/
1
4
87 4 N0 25 _ _ _ _
88 N
5
4 o 5
Cleve Shor Line let gu 4Ns_1961 A 0 965 967 9612 Nov'25
8
953 100
8
_
s
8712 89
Kentucky & Ind Term 430_1961 J J
Cleve Union Term 5140
29 1045 10712 Kno gilld & 0hio
107
1972 A 0 106 10612 106
8
_ _ 100 June'25
100 10074
2dxv oie 58
let g 67
1926 J J
1st s f 68 Ser B
1973A 0 100% Sale 1004
9918 102
1003
4 32
100% 10
4
994 10114
Lake Erle & West IN g 5s-1937 J 1 10014 -- 1003
Coal River Ry 1st au 4a
1945 J D 8612 Sale 8612
8314 8812
9
8612
2
9812
95% 9812
1941 J J 97___ 9812'
Colorado & South 1st g 45 1929 F A 9812 Sale 9812
7
9812
96% 99
Lake Shore gold 310
78
81
1997 J 13
Refunding St eaten 4 34s_1935 MN 947 Sale 943
k
907 9612
24
8
95
4
77
7614 7914
7912114
Registered
77
1997 J 13 78'g7712 Sale 7912
Col & H V lst ext g 4s
864 867
4
864 Nov'25
1948 A 0 865
8
9612
Registere
, S
9
81 al
9712 994
Debenture gold 48 d1928 M S 9 4 8aie 984
9 7
9 1 51
05 3
8
0
ON & Tol 1st ext. 411
844 8414
844 Apr'25
1955 F B 8514
25
-year gold 48
944 07%
Conn & Passum Itiv let 45 1943 A 0 774 84
814 814
814 Jan'25 -8
957 Jan'25
_
85% 057
s
Cuba RR lot 50
83
12 8812 Leh Val Harbor Term 5a-1931 iti N 1025* --_ 1024
19
-year fs g
8814
1952 3 J 88 Sale 8712
1023*
6 100% 103%
1954 F A
let ref 7748
10518 25 1024 106
1044 Sale 1047
4
Leh Val N Y let gu g 4)4a-1940 .1 N 96 9812 961 Nov'25
8
_
1931 61 J
95 98
54
Cuba Northern Ry let 68-1
89
36
93
934
4
12 11 927 Sale 92 4
.
,
I
_ 93 Jan'25 _ _
44_20019403 3 J
Registered
93
93
Day & Mich let eons 4)48...._1931 3 J 984 ____ 984
92
1
4
983
98 4 Lehigh Val (Ps) cone 11
3
IN N 82 Sale 81%
825
8 40
79
8414
Del& Hudson let & ref 411_1943 M N 9014 Sale 9014
88% 9213
7
9014
IN N
78 Nov'25 - _
Registered
78
81
30
1935 A 0 10714 Sale 0612 107% 80 10114 10812
-year cony 55
General cons 4118
90% 9112 91
91
2003 M N 762
88
93
15
-year 534s
1937MN 1033 Sale 10312
10334
8 101 104
4
Series_2003 M N 1014 Sale 1017
Lehigh.Val RR gen 58
4 102
4
98 s 102
7
10
-year secured 7s
14 107 110
084 109
10812 109
Leh V Term Ry let gu g 5a1941 A 0 1024
_ 1024 Nov'25
_ 1014 102 4
7
0RR & Bdge 1st gu 4s 6_19 rA 93 _
94 9514 Leh:Emtlst 8o ygold8u2 8 8 M 5 854 -- - 87 Nov'25
3°j D
36
9414 Oct'25 -9
1z
Lex N Y istgutr r u 45. .19 5
88
4
1 8
844 89
Den & R 0-1et cons g 4s 1936 3 J 854 Sale 8414
8574
82
4
857 180
A 0 105 106Is 105 Nov'25
10312 107
Conaol gold 414s
85 s 9014 Little Miami 48
7
89
2
1930.7 . 874 89 89
1
841s 88
867
5
83
14 8712
Ms
7
Improvement gold 5s
96 99
984 12
1928 .1 D 898812 Saleg8
% 984
Long Dock consol g 611
4
1077 10 3
2 84
11993552 AM 64 1084 -- 1087 Nov'25
Den & R G West gen 5s.Aug 1955 MN
55
70
Long la
Ge
dl
con
d u gold 53
3-131931 Q 3 10014 ---- 10014 Oct'25 993,1021.,
Dee M & Ft D lst gu 414._1935 J 3 4612 47
394 517
8
II118 552
1st consol gold 4a
2
..- 957 Sept'25
51931 Q J
4
94
95 4
3
Temporary etre of deposit
45 2 50
3
2
46
46
46
48
General gold
8914 9012 90
19383 D 95-9012 10
8812 9112
Des Plaines Val let 434e____1947 MN 6114
9334 9312
_ 0312 Feb'25 - 931s ---- 9312 Aug'25 _Gold 48
89 2 9312
7
Det & Mack-let lien g 40_1995 J D 7114 704 75
fill 7158 Sept'25 -Unified gold 4s
8412 Nov'25
8214 85
Gold 45
85 671z
881 J D
5
1995 84N 65
7112 65 0c02
9712--- 97
Debenture gold 58
97
9512 98
1
Det Blv Tun 4145
944
91
93 Sale 93
92
20
-year p m deb 56
94
92
9312 13
8714 94 2
7
Dui Missabe & Nor gen 5a 1941 3 J 10112_ 103 4 0=
102 104
5
4
8
Guar refunding gold 48834 85
837 Nov'25
8
82 8512
9
Dul & Iron Range let 55
100% 103
10
1937 A 0 101% foi 101
Nor Sh B let con g MI
987 100 100 8 Nov'25
8
..
19 2
1
9812 10034
Dul Sou Shore & AU g 5a
1937 J J 85
81
90
Lou Taf& dae let u g 447: 847
Lo til et B Arkcog g 55
8518 Nov'25 -87
n
1004 101 10012
192
8
10078
991a 102
2
East Ry Minn Nor Div let 48248 A 0
88
Oct'25
90%
M 8 84
8 90
3
851z 857 Nov'25 _ 8
83 8714
East Tenn reorg lien g 5s_ _1938 M 13 82 4 907 9914
98 10212 Loulav llle 81tolNdas
12
9914
_
n
5a-1937 IN N 103 104 103 Nov'25
trnied
1021s 105
12
East T Va & Ga Die g 5s
1930 J J 10012 10114 10014 Nov'25 994 1014
1940 J J 924 Sale 927
45
4
9314 19
917 954
2
1
Cona let gold 58
1956 M N
4 1004 103
1023*
1013
4
1931 14 N 10012 102 101
4
Collateral trust gold 5e
Oct'25 - - 10012 103
Elgin Joliet & East 1st g 55-1941 M N 1013 Sale 1013
2 101 1027
s
1013
4
4
10
101% ____
1064 Sale 1063
-year secured 7e
108
3
s
29 105 s 10818
El Paso & SW 1st 58
1965 A 0
9978 1021
4
10212 Nov'25 1st refund 534, Series A-200 M O 106 Sale 106
_ _
0
3
793 A N
1075
7
33 10414 10138
Erie 1st consol gold 7s ext 1930 M S 1075
107 109 4
7
8 108 1073*
let & ref te Series B
- -18
2003 A 4 10214 10312 10318
2
10412
, 7
9 1011 105 4
1st cons g 4s prior
1776 216
07
54
2
697 75es
4
5
19963 J 75 Sale 743*
1st & ref 4tie Series 0_2003 & 0 043 Sale 9474
95
92
97
51
Registered
674 70%
1996 3 J 71
NO
7112 7018 Oct'25
1930 .1 3 10312 10412 104 Nov'25 _- 106 107
let conaol gen lien g 45_
51% 67
1996 3 J 667 Sale 6614
8
2d gold 12661 66
394
67
1930 3 J 10312 105 10312 Oct'25 -.- 10312 105
I
I;
Registered
58 67%
1996.7 J
- 6412 Nov'25
Paducah & Mem Div 4e_ _1946 F A 90 4 92
7
91
86
9112
91
Penn coil trust gold 45.__ _1951 F A
95% 99
St Louis Div 2d gold 3s 1980 1 8
A
67 Wo::
96
81
o5
68
:2g
I
50
-year eons 45 See A___ _1953 A 0 68 Sa e 68
,
8212 693
4
29
69114: 1 57
083
0
99
8
9 S
9%
9
L&N&M&Mle1g4/0 1046 Si $
96 1004
2
do Series B
1953 A 0 6912 Sale 69
60 6912
L & N South Joint M 48___1952 .1 1 8414 --- 83 8
7
811 8
, 612
85
le
Gen. cony. 4$ Series D_1953 A 0 825 Sale 7912
,
69es 8312 Louis/ Cln 4, Lox gold 4148-1932 MN 984 ---- 98:4 Nov'25
831 834
8
,
051. og s
,
Erie * 1.35/.7 Isle(Se
1955 3 J 103 104 104
10414 18 1014 10614 Mahon Coal RR lat 5s.. _ .1934 J J 1017 103 102 July'25 ____
4
go 103
Due Jan. It Due Feb. e Due June. • Due May. h Due July. n Due Sept. o Due Oct. y Due Dec. 8 Option sale
to A
1 1 Am
gr.4
5 1la fl
2505
New York Bond Record-Continued-Page 3
BONDS
N. Y.STOCK EXCHANGE
Week ended Nov. 20.
Mee
Freda,
Nov. 20.
Week's
Range or
Last Sale
Range
Rime
Jas. 1.
BONDS
N. Y.STOCK EXCHANGE
Week ended Nov. 20.
Prigs
Friday
Nov. 20.
Week's
Range or
Last Bale
Range
Since
Jan, 1.
Low
High
High
Bid
Ash Low
High
High No. Low
Ask Low
Bid
106 108
12
10618 Nov'25
63
2
5912 834 Norf & West gen gold 68_ _1931 we H C10818 10634
/
1
Manila RR (South Linea) 48 1939 MN 63 Sale 63
1081 108 4
8
3
/
1
4
19 4 F A
32
Improvement & ext Ss
- 93 A 0 1073 -- 1084 Apr'25
83
/ 6714
1
4
864 64 Nov'25 ____
/
1
let gs
MN , 65
1959
106 108
1064 Sept'25
/
1
1064
/
1
New River 1st gold
973 10012
4
9938 Nov'25 ____
/ 9912
1
4
Manitoba Colonisation bs
1934 3D 98
88
92 4
3
8912
19 A 0 89 Sale 89
98
96
805 84
8
N & W Ry let cons g 4e
8
Man GB & N W let 3%3_1941 3' 815 -- 81 Nov'25 -___
86
89
---- 8714 Oct'25
Registered
99 4 102
3
10112 Oct'25 ____
Michigan Central 58
1931 MS 10014
88 4 92
1
8
90%
/ 9114 905
1
4
19 4 m A
4
2
May'25 __-- 1001 100
DWI'alien & gen g 48_19 9 J .1 90
: 12
8
MS 997 -- 10012
Registered
12512 14714
/
4
/
1
1464 Sale 1421 14714
-year cony Se90
10
903 92
4
7 Oct'25 ---8
1940 J J 9112
9012 9314
8
8
7731482 Niszoovv55 .___ ___
897 Apr.:24 .•. .
1941 ,7 D 907 913 9112 Nov'25
;
22
:
Pocah C &0 joint 48
8
7 L & 13 lst gold 8348
•
1951 MS 787 - 1003 103
4
1028
1023
4
1974 NI S 102 1031 102%
4, ref 58 A
" i - Nor Cent gen
fill; ti
let gold 314s
1952 MN 83 8312
86
94
:
9612 9
8
North Ohio let guar g 58_ _1945 A 0 87% 8812 871 Nov'25
ort
/
1
4
/ 97
1
4
20
-year debenture 48
AO 97
1929
83 87
85
/
1
4
/
1
4
1997 Q 3 84% Sale 84
9 Q
90
2
88
9312 Nor Pacific prior lien 4e
90
9212
824 844
Mid of N let ext ba
1940 A0 89
835 Oct'25
8
844
/
1
Registered
9912 1003
8
9912 Oct'25 -- -Milw L S & West imp g 58_1929 FA
694 6214
/
4
6112 100
a2047 Q F 8112 Sale 811
General lien gold 38
8512 94
94 Nov'25 -- -95
MU & Nor let ext 4148(blue)1934 3D 93
574 80
5712 Sept'25
/
4
a2047 Q F 581
Registered
85
92
91
9118 20
92
Cons ext 434e (brown)
8612
1934 3D 91
83
8712
86
854 87
/
1
Ref & impt 4348 ser A. _ _2047 J 3
86
89%
4
Mil Spar & N W let gu 41...1947 MS 8714 8812 873 Nov'25 ---/
1
4
853 85
4
855 Feb'25
4
J J
Registered
805 8112
8
803 ____ 81 Nov'25 ---4
'
3
8
Milw & State L lit gu 3348_1941
/ 10812 132 100 10812
4
2047.7 J 10712 Sale 1071
ser B
Ref &'mot 88
985 10218
e
4
8
Minn & St Laub; 1st 78
105 1067
1927 3D 1007 1023 100 Sept'25 ---8
1087 May'25
8
J .1
5134 824
58 Sept'25
/
1
' Registered
let coneol gold be
1934 MN 5518 81
941a 977
2
973
8 39
4
ii
3
2047.7 J iiii - ; 983
Ref &kept 5e ser 0
5614 60
5814 Nov'25 -- -MN 5418 65
Temp etre of deposit
8
94 2 98
985
4 55
964 97
/
1
/ 983
1
4
4
2047.7 J
Ref & knot be eer D
203
4 29
1914 26
let & refunding gold es__ _1949 MS 20% Sale 2014
991 Mar'24
/
4
8
2
1312 2114
St Paul & Duluth lit 5s 1931 Q F 1005
1512
1512 1512
Ref & ext 50-yr 6 Ser A_1962 Q F 15
-1474 -tia1
/
4
/
1
1968 J D 8512 864 8514 Oct'25
let oonsol gold 48
let guar g 78
lost, 10944
1927 3D 100 ____ 102 Sept'25 - - -- 1001e 102
84 90
/
1
4
873
4 20
Nor Pee Term Co let g 6a-1933 J J 10912 110 10912 Oct'25
/
1
4
8
M St P & BEI M con g 48 lot gu '38 33 875 ____ 87
2 102 10314
/ 10314
1
4
103
4
3 0 1035
A 3
5
94 4 1007 No of Cal guar g 58
7
/
1
4
98
/
1
4
s
98 Sale 98
/
1
4
J
lit eons Se
1938
103% 1041
/
4
4
4
1003 ____ 1035 Apr'25
9 10214 1042 North Wisconsin let 6e_._.1930
10312
4
10
-year coil trust 6148
1931 MS 10318 10314 10318
711 713
4
4
6
7212
8
101
1
98 4 103
3
Og & L Chem let gu 4s g---19 8 3 3 723 7312 7212
4
4
let & ref 88 Berke A
1946 33 992 101 101
9841
015,
19383 D 10014 ____ 10014 Oct'25
9118 27
8314 9118 Ohio River RR. let g .53
Sale 90
26
-year 514s
1949 MS 9012
984 100
9912 100 100 Nov'25
193 A 0
97
2
General gold 58 g SA
let Chicago Term if 46_1941 MN 9212 ____ 9212 Dec'24 --__
/
1
4
a
1004 27 100 1017
/
1
8
8
J 3 1005 Sale 1005
1 -Iiii 1.0.61e Ore & Cal lit
;
1
9954
/ 99%
1
4
/ 99
1
4
MSBM &A letg4sIntgu_1926 33 99
03
84 9 4
5
9012 14
8
1946 .1 D 9018 907 90
9314 Nov'25 -- -91
Ore RR & Nay con g 4s
84
Misekeippi Central let 58.._ _1949 33
3 10034 107
.1 3 104 10512 104
1041
/
4
8412 10
-let cons g 58246
801 8512 Ore Short Line
/
1
4
/
4
Mo Kan & Tex-lit gold 46_1990 3D 844 Sale 841
10214 107
1946 .1 1 104 10512 10512 Nov'25
86
Guar cone 58
4
984 150
/
1
964
/
1
/
1
Mo-K-T RR-Pr ISe Ser A_1962 33 964 Sale 953
96% 977
s
9714 149
1929 .1 22 97 Sale 97
24
7114 8035
Guar refund 48
80
8
e
' 785 Sale 785
3
60
-year 4e Series B
86
81
1982
30
84
8
/ 10314 43 10112 10414 Oregon-Wash let & ref 48_1961 J 3 8312 Sale 8312
1
4
10
-year Si Series C
1932 33 1027 Sale 102
82
94
41
93
76 4 927 Pacific Coast Co let g 5a____1948 3D 95 Sale 92
3
Sale 883
903 597
8
8
4
Cum adjust be Set A Jan 1967 AO 8918
90
91%
91%
913
4 20
Pao RR of Mo 1st ext g 411-1938 F A 918 92
Missouri Pacific (reorg Co)
981 100
4
4
8
8914 74 , 83
1938 3 3 993 993 9912 Oct'25
4
9034
2d extended gold 58
lit & refunding 68 Set A_5965 FA 89 Sale 882
9411 90
2
95
/
1
4
95
/
1
4
87
99 10314 Paducah & Ills let if 4348_1955• 1 9518
102
let & refunding 88 Sec D_ _1949 FA 10112 Sale 10118
7014 SD:
/
1
/
1
4
7814 185
101% 159
99 8 102
5
Paris-Lyons-Med RR 88-....1958 F A 784 Sale 76
804 A4
/
1
let & rerun./ Os tier E int_1956 MN 101 Sale 101
85 4 137
,
88
325
1958 M S 8412 Sale 8414
/
1
8212 67
El f external 78
•S 6414 Sale 644
General 48
1975
80
90
28
85
7,1 S 85 Sale 8412
1954
5
871
84 4 895 Perla-Orleans RR 8 f 78
3
8714
8
Mo Pao ad ?a ext at 4%
1938 MN 8612 89
la 10112
14
4
10112
3
1942 it S 100 4 101 1003
99 10318 Pauline Ry 78
99 Sept'25 ---Mob & fir prior lien g 58-1945 3' 9812 99
917 9512
2
1
76
91
pennsylvanla RR-Cone g 411 1943 M N 9412 --__ 9514 Oct'25
80
3' 80 Sale 80
Mortgage gold 48
1945
881 96
/
4
8
8
9212
8
1948 M N 913 Sale 913
2 1015, 10414
4 103
Consol gold 4e
/
1
4
Mobile & Ohio new gold 6s_ _1927 3D 102 Sale 1025
90
/ IA
1
4
5
92
92
8
May 1 1948 MN 905 92
Oct'25 ---- 10112 104
/
4
4
98 stamped
let extended gold 68
31927 QJ 1011 1024 103
97 100
/
1
4
8
/ 987 Nov'25 _
1
4
/
1
F A 984 99
Nov'25 ---81
Consol 4341
9012 81
90
/
1
4
General gold 4e
1938 MS 89
911e 95
78
8
94
1965 J D
: 94 Sale 935
98
96
308
964 101
/
1
General 434e
Montgomery Div let g 5E1_1947 FA 9934 10014 100 Nov'25 --__
993 1032
4
4
/
4
/
4
J D 1021 Sale 1011 102% 34
95 100
General 58
3D 100 100% 10012 Nov'25 ---/
1
4
St Louis Div 58
1927
/
4
A 0 10814 Sale 10814 10838 76 1071 110
/ 8512 Nov'25 ---1
4
84 4 8512
1
/ 88
1
4
Mob & Mar let gu g 48
10-year secured 78
1991 MS 85
4
1092 1113
4
8
11112 95
/
1
193 F A 1113 Sale 111
6
Mont C let gu g Si
15
-year secured 030
1937 33 109 112 1094 Oct'25 __- 109 113
30912 1094
1094 June'25
/
1
F A 10912
/
1
4
Registered
let guar gold 56
97
923
4
1937 33 101 103 102 Nov'25 ____ 101 103
983 244
8
9814 Sale 9814
1964 MN
-year gold 55
8
78 4 82
2
40
/
1
4
M E let gu 31•01
/ 79 795 Nov'25 --- 1
4
2000 3D 77
2
847 87
6 1004 102
/
1
Pa Co--Gu 3%e wilt:A reg 1937 M S 89 Sale 8812 Oct'25
/
1
4
/
1
Nashv Chatt & Bt L let 58 1928 AO 1014 1014 1014 10134
3
4
02 4 841
7
835
8
3
4
99 102
/
1
4
Guar 314s coil trust Set B.1941 F A 813 8338 82 4
N Fla & B let gu g 58
13;82
1937 FA 10014 10214 101 Sept'25 __-_
54
4
83 8
3
4
D 8154 -___ 833
30 Sept'24.......Guar 31.4s trust ctfe 0__1942
Nat Ry of Mex pr lien 4%8_1957 I J
014 8
212
82 Nov'25
4
1944 J D 813
19 Apr'25 ____ -ii" "fir
Guar 3;4s trust We D
July 1914 coupon on
Bile 964
/
1
/
1
4
9614 95 Nov'25
1912
3
Guar lb-25
-year gold 4
8-1931 A 0 96
- iii4 Sale 19
Assent 8 I red June coup on
861
/
4
85
1
/
4
/
1
851 854
8514
118 N 85
874 July'24 ---/
1
-Guar 4s Set E
A7Guar 70
-years 145
/ 823
1
4
4
77
1977 - 6
803
s 32
1
-13 - 1940
22
22
East let con 84a_1982 A 0 7912 Sale 7912
4
oria &
211 Sale 213
/
4
Gen if 48 assenting red
31% 38%
10
3418 36
3518
3
518
1990 Apr.
Income 48_
3812 July'24 -___
Nat RR Mex prior lien 4148_1926 33
99 102
19
101
ii
24 Sept'25 ---- - - W1; Peo& Pekin Un let 5%8 _ _1974 A 0 101 Sale 101
J J
671 1004
8
July 1914 coupon on
1
J 100 Bale 9912 10014 102
2
24
34
34
Pere Marquette let Bier A 58_1956
34
Assent with July '24 coup on
80 86
5
833
4 12
1956 3 .1 8338 8414 83 8
48 Ber B
28 Apr'24
A
let coneol 413
1951 --11
921 94
1
%
93
Oct'25
1943 M N 9235
--1614 Nov'25 ---------lett;- Phila Bait &W lst g 48
16
1712
Assent with Apr 1924 coupon
2 106 198
/
1
F A 106 107 1064 10614
94
96
Gen lis Series B
94 Sept'25 ---937 96
8
New England cons ba
1946
40
MA
3
4238
8
94
3
7
79 4 gist Philippine Ry let 20-yr if 4a 19 7 J J 423 Sale 42
5
4
793 Oct'25 ____
.1 793 82
4
Consol 412
1946
1051 10512
/
4
84 86
1932 J D 10514 -__ 10512 Mar'25
8
Pine Creek regstd 88
84
12
N J Juno RR guar let 4e
96
99%
1986 FA 84 Sale 83
1
961
/
4
9814
24
86
&
1940 A 0 Ms 97
92
9214 P C C St L gu 4%e A
'3 907 92
91
8
9918
NO&NEletref&imp4MA 152
96
96 Nov'25
8411 29
80 847
/
1
4
1942 A 0 9614 _ _
8
Series B 434e guar
J 84 Sale 83
New Orleans Term let 4e...1963
94
985
4
/ ____ 94 Sept'25
1
4
1942 M N 94
Series C 4345 guar
00 1013
4
100 Sept'25 --- - 1
N 0Texas & Met let 88 Oct 1926 J D
3
5
89 4 9
7
3
92
____ 91
967
8 12
9214 9814
1945 MN 92
Berke D 4s guar
/
1
Non-cum income Si Oct-1936 £ 0 964 Sale 96
90
94
9118
9
____ 9118
96 sale 953
4
98,18 20
9012 9734
Series E 334s guar gold_...1949 F A 91
o
let 56 Series B
911 9312
/
4
1954
4
98 102
1953 J D 92 ____ 913 Nov'25
4 58
Series F 4e guar gold
8 1013
let 5%12 Series A
1954 *0 10112 Sale 1013
/
4
91./12 941
9412 93 Aug'25
11917 M N 92
934 94 e
5
&dee 0 48 guar
8
N & C Bdge gen gu 4}48
1946 73 9438 ___ 945 Oct'25 ---91
94
3
F A 92
____ 93 4 Sept'25
Series H 48
9914 100
99% Oct'25 __-8
NYB&MBletcong58
9412 967
8
1938 40 995 ___
94
/
1
4
15 1064 117
/
1
/
1
4
Series 1 cons guar 4;48-1983 F A 9412 9512 9412
1073
4
N Y Cent RR cony deb 88_1936 ▪ N 1072 Sale 107
94% 98
Oct'25
4
Series .1 4Pis
1984 PA N 943 ____ 95
/
1
N 107 1073 107 Sept'25 ____ 106 1164
Registered
961 191
8
9912
9938 9912
11
82 8714
/
1
4
General M 5s Series A _1970 J - D 99
851
Consol 49 Series A
1998 FA 8514 Sale 8514
9714 9971
995 129
8
59
923
88 93
Gen mtge be Series B
1975 A 0 9914 Sale 99
/
1
4
/
1
/
1
4
Ref & impt 414e"A"
2013 A 0 9212 Sale 924
991 101
2
8
/
1
99 10214 Pitts & L Erie 2d a 5a
al928 A 0 1004 101 1005 Nov'25
1011 148
Ref & inept be Series 0_2013• o 10112 Sale 101
106 108
1055 10612 106 Aug'25
8
100 Aug'25 ____
/
1
4
9912 10118 Pitts Mel(& Y let go 63_..l932 J
£0
Registered
100 10218
Pitts 6112 & L E let g 5e
1940 A 0 10012 ____ 10014 Oct'25
N Y Central & Hudeon River
10015 101
75
24
79%
let consol gold fa
773
1943 J 3 9812 ____ 10018 Oct'25
7758 Sale 7714
Mortgage 3341
1997 1
911 9114
4
/
1
4
914 May'25
/
1
74
784 Pitta Va & Char let 411
/
1
1943 M N 88
/
1
4
J 7614 84
77 Nov'25____
Reghitered
1997
100 1043
4
4
1002 Nov'25
/
1
4
9458 38
92 96
/
1
4
Pitts Y & Ash let cons ba
1927 MN 100
N 9418 Sale 94
Debenture gold 44
1934
87 9051
905 Oct'25
8
9214 92114
8
1
let gen 48 series A
9212
1948 J D 905
MN 9212 Sale 9212
Registered
WO 1021
1
____ 101 Nov'25
9228
2
9 1s 92 8
0
5
let gen 55 series B
8
1962 F A 101
.1 91
9212 923
110-year debenture 48
1942
534 6014
93 93 Providence Scour deb 4s__1957 111 N 595
8
6014 Nov'25
. 93 Feb'25 -_-Registered
%
814 81
2
745 7812 Providence Term let 4s
8
/
1
4
/
1
4
1956 M S 8318 83 81 July'25
4
787
8 12
4
rake Shore coil gold 3148_1998 FA 753 Sale 753
9212 95
___ 95 Nov'25
O R5
ui
894
5 :79
91
.
789458 Reading
3958
gold 48
7
8
5
1997 J 3 95
7
0 7 14 j cy932,88 --1i0, ;
6
3_4 8
Registered
1998 FA
1
9412 96 4
J J
947 May'25
8
CoRegistered
78
78
Mich Cent coil gold 3348-1998 FA 76
96
9 88
8
4
9112
7 / 7612
5
1
4
Jersey Central coil g 48_ _1951 A 0 905 913 9112
FA
Registered
1998
/
1
934 96
J 3 9412 Sale 94
9412 22
Gen & ref 434s Sec A
1997
N Y Chic & St L let g 4a
1937 40 9312 Sale 9312
99% 101
4
Jan'25 ____
Rid= & Dant deb 5s stpd_ _1927 A 0 10012 ____ 10012 10012
,
40
89
Registered
79
12
92 8 964 Rich & Mack let g 4s
7
75
7412 Oct'25
46
/
1
95
/
1
1948 M N 73
36
95 Sale 944
-year debenture 46
90 1,1,,
8
'1937 M
19
31
17 1 18 1044 Richm Term Ry let gu be_ _ _1952 J .1 100 10212 100 Sept'25
02
/
1
103
4
IdSeSerIeiABO
1931 MN 1023 Sale 102%
8
8
925 988
5
94
/
1
4
937 98 4 Rio Grande June let go 58-.1939 J D 9318 ____ 9414
1
*0 98 Sale 973
9812 262
3
4
Ref 61 Series A
/
4
8
1974
5
7
512 7
5 June'25
3
9
0 9312 Rio Grande Sou let gold 48_1940 J J
N Y Connect let gu 4142 A.1953 P A 9218 923 925
93
8
8
O
5
May'25
89
8912
N Y & Erie let ext g (la_ 1947
Guaranteed
N 883 -_-_ 8912 Oct'25 --- 1940 J J
82/4 8912
4
8612 Nov'25
841 ext gold 4341
937 95
8
/ Rio Grande West let gold 44_1939 J J 8812 87
1
4
9338 __ _ _ 94 Nov'25 - - -1933 M
71
781
/
4
99 10112
4th ext gold Si
7414 51
Mtge & coll trust 4e A
1930A 0 100 --__ 10014 Oct'25 ____
1949 A 0 7418 Sale 74
sa 9
0
111
97 4 ____ 9712 Sept'25 ---90
610 ext gold 4.3
9712 9
712 R I Ark & Louis let 4%8_1934 M B 90 Sale 8812
1928
D
73
14 77
N Y & Green L gu g be
757 Oct'25
8
4
9114 _
94
Oct'25 --90 9
4
Rut
-Canada lit gu g 48
1949 ▪ J 753 77
1948 r N
a
85 9
14 9
75
/ 783 Rutland 1st con g 434e
1
4
N Y & Harlem g 3%8
Oct'25
4
87
go
88
78% Nov'25 __-_
1941 3 3 86
2000 61 N 79
44 ne
754 63
8
1
N Y Lack & W 1st & ref 54_1973
8
4
St Jos & Grand 151 1st g 48..1947. 3 .7738 783 773
7
77
____ _ ..__ 80 July'25 __ _ _
911 96k
.2
J 9518 ____ 95 Sept'25
let & ref 414a
____
St2 wr : 1st g be
Lagold e
d
& dit
1973MN
1996 3
10012 10012 Sept'25
101 1021
.
1 82
0
N V LEA W let 78 ext.-1930 5Oct'25
1996 A 0 101 105 101
10414 ____ 106 Aug'25 ---- 195114 11018344712
.
04 96
/
1
4
99 4 10012 St LA Cairo guar g 46
2
Dock & impt be
1
8
4
/
1
4
953
4 10
1931. 3 957 964 95
_ 10012 Oct'25 ____
1943
"
99 101
/
1
4
N Y & Jersey let 66
22
A 0 100 1001 100
/
4
10014
10014
3
995 100 4 St L Ir M & S gen con g 6a_ _1931
3
3
1932 F A 100 101 10014
912 901/
4
68
9112 9112
NY & Long Branch gen g 4.1941
96
Unified & ref gold 48
1929 J 3 98 Sale 951
9112 June'25 ____
001 92
4
?.?
91% 93
NYNH& Hart n-o deb 48_1947
8 : tle
01
3 9212 ____ 93 Sept'25
67
/ ____ 68 Nov'25 __-_
1
4
Registered
1633 M N 883 Sale 8814
g 48
83% 9
"
ride AG Div let
284
89
Registered
60 80
4
M S 61
60 June'25 66
99 4 10012
8
Non-cony debits 3148____1947
55 8 6214 sr L 54 Bridge Ter gu g gg.....1930 A 0 9934 10014 10014 Nov'25
5
5912 6212 6012 Nov'25 ____
1.
71
Non-cony debits 334e____1954 A 0
Sale Mg • 778 285
767
8
1
5412 80
8
St L &San Fran (reorg co) 451950 J
585
565
8
12
85 4 93
1
68
J 9158 Sale 911
/
4
92
Non-cony debits 413
60 65
1350
6412 24
Prior lien Set B be
gsts me 63
12
1955
"
,
41 101% 1935
103
Non-cony deben 48
4
56 65 8
• J 10238 Sale 1028
6512 140
5
Prior lien ear C 5s
1956 IN N 6512 Sale 6314
8
93% 1007
J J 9918 Sale 98
198
/
1
4
9912
1942
98
2
Cony debenture 314s__1956
Prior lien 634s Ber D
53 69
/
1
4
58
14
573 Sale 5812
4
84% 94
/
1
4
925 185
8
/
4
Cony debenture 88
86
/ 97
1
4
163
Cum adjust Set A 88_3)1955 A 0 9134 Sale 911
97
914 Sale 94%
/
1
1948 J3
7614 97%
87 Sale 8618
8312 90
884 516
/
1
81960 Oct
Registered
Income Series ASS
J J
8854 Sept'25
7
4
1033 106 2
8
1043 1055 10412 Sept'25
8
Collateral trust Si
22
9014 100
1940 A 0 -68f4 97
StLoule & Ban Fran Ry gen Ss '31 J
9812 100
J J 10014 1003 10014
2 100 101
4
5334 6114
10014
Debenture 48
603
8 30
General gold 58
8
1957 * N 5912 607 60
/
1
4,100
1
- 100
61
Gee.25 ____
66 84
1013 101 Nov'25
4
3 101
9
31
Cons Ry non-cony 4s
St L Peo & NW let go 58-.1948
_1954
92% 93 s
7
1931 M S 9312 ____ 937 Aug'25
Non-cony deben 4a
St Louis Sou let gu g 48
58 64
2
6018
1955 I 3 8318 6812 6018
4
78 834
5
8314
Non-cony debut 48
57 84
/
1
4
Oct'25 __
St L SW let g 4s bond etfa.._1989 M N 8314 Sale 8314
6212 65 81
.--1956 J
724 ls
14 Oct'25
4
73
N Y & Northern let g 56
0 10034
2d g 48 Income bond ctfe_p1989 1 3 723 75
1927 A 0 1004 ____ 1003 Aug'25 __-_ 10
4
/
1
Ws 91
32
91
/
4
3 D 901 Sale 9014
N Y0& W ref let g 42-1004 1992 M 8 67 Sale 874
88
701
/
4
677
8 12
Consol gold 4s
/
1
/
1
4
8158 1A1
61
/
1
4
90
:
General 40
6912 6912
1 32
2
unifying 58_1952 3 3 891 Sale 89
8
647
let terminal &
/
1
4
8
8
1965 3 D 825 647 84
87.
2
SO
8812 64
/
1
Registered
ti 3 s 6314 66
65
2D
65
St Paul & K C Sh L let 4448_1941 F A 854 Sale 8518
65 Apr'25 ____
90 9112
Oct'25 -_ _
__ __ 90
3 90
N Y Proy & Barton 4s
864 8612 St Paul E Or Trunk 4148_ ._1947
/
1
8612 Feb'25 ____
100 101
041 ant
8
J D 95
98
9412 Oct'25i..8214 873 St Paul Minn & Man con 48_1933
N Y & Putnam let con go ga_
l
8
833 Nov'25 ____
4
9214 12411
•D
_
9214 July'25 NY&RB let gokl be
2 10
0 100%
10014
Registered
10014 Sale 10014
N
Bueu & W 1st ref &i
10734 lo818 1073 1073
1933
1 2054 1094
664 78
/
1
2
75
let oonsol g 41
75 Sale 744
Palr
105% 106
1055 10814.106
8
Oct'25
591 88
/
4
29 gold 414e
Registered
63 81 Aug'25 1937 F
61
9512 1001
4
4
4
991
4
5
1940 F A 63 Sale 83
9918 993 993
General gold 58
83
12 17
597 88
1
tis reduced to gold 4148-1933 J
97% 98
Terminal let gold M
93 97
9712 99
9712 Apr'25 -1943 M N 97
1933 3
97 Sept'25 .
Registered
99
87% 961s
1937 3 D 9214 9412 925 Nov'258
597 701
1
NYW'chee&BletSerIg34i'46J 3 677 Sale 6712
/
1
.
884 60
Mont ext let gold 45
8
90 92
/
1
4
/
4
39
79
Nord By esti f 8%a
82
'2 855
014 - -_- 901 Sept'25 __ _ _
8
Registered
3 D 9
1950A 0 8112 Sale 8114
4175.
88
Norfolk Sou let* ref A 58-1961 F A
8912 88 Nov'25 -7812
2
70 84
/
1
4
/
4
7812 Sale 781
Pacific ext. guar 42._. -1940 3 J 89
1
10112
4 100 102 1
Norfolk & Sou let gold 68-- _1941 M N mg ____ obi. Nov'25 _-__
/
4
008 98
St Paul Union Depot be._ _1973 J J 1011 102 10114
_7
74
a Due Jan. 5 Due July. 8 Due Nov
8 Option Bale
•
2506
BONDS
N.Y.STOCK EXCHANGE
Week ended Nov. 20.
New York Bond Record-Continued-Page 4
Price
Friday
II
. Nov. 20.
2
Week's
Range or
Last Sale
41
Ramos
Mace
Jas. 1.
BONDS
•
N. Y. STOCK EXCHANGE
Week ended Nov. 20.
Prk4
Preto
Nov. 20.
Week's
Rano or
Las* Sala
Banos
Blade
Jan, 1.
HlgS
Man No Low
Ask Low
Bid
1191
AO Lem MO No. Low
11101
S A&APaee1otgug4.l943J J1 8314 Sale 8.318
854 Armour & Co lot real eel 43451939 3D 904 Sale 90
831 17- 81
/
4
/
1
73 88 91
91
Biota Fe Free .1 Phen 5e___1942 M S 984- 98'•s Nov'25 _ _
98,4 102
Armour & Co of Del 534o_.1943
9412 149 91
,
rm.
' 9414 Sale 937g
3
Elm Fla & West 1st g(la_ .1934 A 0 10912 In 10912 10912
2 1074 111
Associated 0116% gold notes 1935 MS 1024 Sale 10218 103
42 um.low,
let g 6.
1934 A 0 1013 Sale 10134 1013
Atlanta Gas L let 50
4
97% 9884.
9838 May'25
1947 ID
4
1 10114 103
Scioto & N E 1st gu g 4a-1989 M N 88
89 8814 Nov'25 - _ 17 36
874 903 Atlantic Fruit 7s etre dep_1934 ▪ D • _181 3978
17
4
2 18
Seaboard Air Line g 43
1
74 8112
Stamped ars of deposit
80
117712 Nov'25
1950 A 0 7812 80 80
1511 3
2
4
Gold 4 stamped
/1
74 8212 Atlantic Refg deb 53
in% 1003a
5
79
/
1
4
9978 48
/
4
1960 A 0 78 Sale 7878
1937J I -99% Sale 991
Adjustment 6.
Baldw Loco Works let 5e-1940 50 N 10318 104 10314 10314
88
9934 106
190
Oct 1949 F A 87 Sale 863s
73 88
3
894 7311 Baragua(Coup Az)7%a....1937 J
Refunding 4s
723
1 108 107
04 .
10532 1054
1959 A 0 72 Sale 71
e
ci
04
4 50
110045%
let & cons Se Series A__1945 M s 95 8 Sale 9512
844 963 Barnadall Corp e f cony 8% A1931 J
9638 160
s
93 102 106
5
Sale
All& Birm 30-yr let g 45_41933 M 8 883 884 883
883g 31
83% 89% Bell Telephone of Pa 5e
/
4
s
/
4
s
/
4
/
4
1948.8 .1 1011 1011 1011 1011 12 10014 103
/
1
993 101 1a
4
Seaboard & Roan let 68__J928.1 .1
Ist & ref 58 Ser C
4
2
RIO
100
638 100 1011
8
1960 A 0 1007 Sale 10011 101
N Ala cons go g ba
1024 1044 Beth Steel lat ext f be
-&
2 100 1014
1936 F A 10234 10418 10418 July'25 100
1942 .1 N 100 Sale 100
926 m J
Gen cons guar 50-yr 5e
981s 98 4
let & ref ba guar A
3
102% 109
1963 A 0 1043 1063g 10412 Oct'25
4
96 Sale 9553
964 14
So Pao Col 4s(Cent Pee col)21949 D 8512 8634 86
84 8812
90 94
30-yr p m Imp la f 5s
6
86
4 19
933
1936
J 9318 Sale 93
Re;asterecl
85
9314 974
81
Cone 30
D 811a 85 85 Sept'25 --year Se Series A..1948 F A 9558 Sale 9514
9614 151
20
-year cony 45
964 98
85 894
9712 218
Com 30
June 1929 M El 97; Sale 974
-year 5348 Series B 1953 F A 873 Sale 8718
4
881
2 49
994 1031a BIng & Bing deb 6Ne
10
-year cony 58
924 96
1
101
3
1934 .1 13 10012 10034 101
9412
195050 S 934 9412 9412
10
-year g be
7018 93
Booth Fisheries deb o f 1311
9812 101
1944 M N 9912 10012 10012 Oct'25
9415
90 90 0et'22
1926 A 0 78
84 88% Botany Cons Mills 630-1934 A 0 9412 Sale 94
San Fran Terml let 45_1950 A 0 853 864 8618
94
981s
230
2
8618
4
83 854 Brier UIII Steel Lot 53.4s
97 103
Registered
84 July'25
1942 A 0 10114 Sale 1014 10112 17
So Fag of Cal-Ou 568
79
88
B'way & 7th Av lat c g 5e
104 Aug'26
1024 104
1927 M N 10218
Sale 76
76
1943 J
7614
So Pao COP-It 1111 HU g
6734 78
Ctrs of dep stifled June '2511
94as 944
8
J 944 ---- 9412 Jan'25 _ _
7434 744
74
744
So Pac RR let ref 4a
904 96%
Brooklyn City RR 5,
88 Bale 88%
64
/
1
4
94
19661
894 73 874 92
19413 1 9312 Sale 9214
Southern-let cone g Se__ 1994 3 J 10334 Sale 1034 103
991a 103
37
1013s Sale 1013* 102
/ 72 10014 10414 Bkiyn Edison Inc gen 50 A 1949 J
1
4
Registered
99 1024
General 68 Series B
D 102 10312 10212 Nov'25
10434 Sole 100
01
9458 19533 22 103% 106
19301
Develop & gen 4e Ser A1956 A 0 8014 Sale 7912
8214 92
64,s 234
73% 1114 Bklyn-Man R Tr See Ets__ _ _1968 J 1 6444 Se 63%
8014 319
90 Sale
Develop & gen 6:3
4
511 71
4
1956 A 0 111 11114 10634 1073
7
4 27 103 1073 Bklyn Qu Co & Sub con gtd 50'41 J N
1941 M I
4
Develop & gen 634s
Ist 5e
731s 81
70t4
1956 A 0 111 Sale 11034 11114 45 1064 111.x
1
63
761
84
Mem Div lat g 4%e-56_1998 J
99:3 10212 Brooklyn R Tr tot cony g 4._2002J J 881a --__ 92 June'25
92 92
___ 101 Oct'25 ---101
flt Louts Div lot g 4a
_--- -8514 87, 3-yr 7% secured notes.,.-192i .1 .1
19513
8718 894 8714
2
'
8714
10912 Sept'25
Mob & Oblo coli tr g 48-- _1938 MS 8812 Sale 87
Ctrs of deposit stamped_________
82% 83%
121 1234
/
1
8834 27
12314 May'25
So Car & Ga lat ext 534e1929 M N 1013 102 10112 Aug'25 ---- 1004 itgi
Bklyn Un El ist g 4-5s
8112 90
4
21
1950
89 Sale 8834
8
9
Spokane Internat lot g 58..1968 J J 80
8112 89%
80 871
Stamped guar 4-5e
/
4
83 81 Nov'25 -__ 5
1950 F A 8812 891 8811
8912
4
994 102
Term Assn of St L let g 4%s-1939 A 0 96; --__ 9812 Sept'25
9514 9
914 kiklyn tin Gas lot cons g 58_1945 MN 10014 10112 10034 101
3
99 1011
let cons gold 5e
/
4
10-yr cony deb 72 _
1944 F A 10014
_ 1003 Oct'25 _
4
1932 MN 1355, ____ 193
6 155 190
193
Gen refund f g 4n
gurs4 8514
lot lien & ref 65 Series A. 1947 111 N 10812 10911 10914 Nov'25
1074 1104
19531 J 8414 Sale 841a
21
85
& N 0 COD gold 5a
Buff & Steal Iron of Is
9614 99
914 94
1943.1 J 97
9614 July'25 _
1932 l D 92 914 924 Nov'25
952 Ao
997 103
8
Tame & Pao lot gold 60
134
Bush Terminal loll.
91
1
2001 D 10212 103 10212 10212 10
874 8912 871a
874
98 1004
Le DP/ B L lot g Ii
Coueol 5e
1931 J .1 99; 10012 99; Nov'25 1955 1 ./ 91
9 864 92
9114
93
92
Sex Fag-Mo Pee Ter 634e-1964 M S 987 9912 9914
97 10014
Building 58 guar tax ex-1960 A 0 974 97
93 99%
1s
8
1
994
/ 9714
1
4
/
1
9714 10
Tol & Ohlo Cent lat gu 5e1936
1
99 4 1014 Cal° & E Corp unit& ref 53-1937 MN 10012 Sole 1014 10012 24
98 10112
101
10112 Oct'25 ---_
/
1
Western Div Iota be
1936 A 0 994 1001. 9978
2 9912 10014 Cal Petroleum a f g (iygs _1933 A 0 10334 Sale 1034 104
99%
17 100% 1044
General gold 5e
96; 99 4 Camaguey Bug let of g 7e...1942 A 0 88
2
87 951s
1935• I. 9738 994 9712
9713
1
914 87
6
884
Toledo Peoria & West 46_1917
90.4 101
.• 1 33
5 Canada SS Lines let coil of 72 '42 M N 1004 Sate 1001a 1034
35 33
2 28 3
33
7
ToISIL& W pr lien g 3%8-.1926
994 99% Cent DIst Tel lot 30-yr 5e_1943
J 864 5684 997 May'25
D 10114 Sole 101
3 10014 1024
10114
60
-year gold 4s
824 87 Cent Foundry let s f Si
1950 AO
92 4 991
1
8612 13
8612
1
1931 F A 97 9712 997s 8eptl5
9814 971 Cent Leather 1st lien a f fls_ _1945
4
To1WV&Ogu413MA
97 1014
/
1
4
98 9614 Sept'25 -_
1931 .1 J 97
J 10034 Sale 10018 1031 12
/
4
Series B 4 Ns
97
974 Central Steel I st g s f 83_ __ _1941 MN 115 Sole 11434 115
110 116
1933 31 9712 98 97
1
97
Berke C 4e
89 9
/ 0 CO G L & Coke let go g 60_A937 J
1
4
9814 1011
1942 MS 90 Bale 90
4
1
90
1014, 8
n14 10112 1294 N '5
22
v5,4
05 2
Ter tiam & Buff ist g 4a__ _1946 ID
84 8712 Chicago Rye 1st 5e
73 99
/
1
4
8712
86
2
51
Water & Del 1st cons gl5e1928 ID 674 Sale 6714
/
4
4
18 671 92% Clube Copper 6e Ser A
10914 Sale 10812 110% 466 LOS 1111
75
let refunding g 4e
43 62 Cinch, Gas & Elm lot & ref 5s922 A
8
SS% 1043
1952 AO 39
43 43 Nov'25 __
1'56 AF
10134 Bale 10134
10114
9
Union Pacific let g 48
304 944
534a Ser B due Jan 1
1947 3, 914 Sale 9112
19 AC 10312 104 10312 104,
932
67
924 20
4
19 1004 105
Registered
80 82
.8, 891a _-_ 9034
8913 93 Clearfield Bit Coal lot 40_1940 3 J 82 ---- 82 Nov'25
1
903
4
10
-year cony 4.
9814 9973 Colo F & 1 Co gen of 5e
87 s 93
7
1927 J
1943 F A 90
9914 89
33
991s Sale 99
993
5
8914
let & refunding de
Col Indus lot & coil 5e gu
80 864
834
e2008 MS 8.53* Sale 8514
1984 F A 84 Sale 84
852
8414 37
4 29 103% 90
1st lien & ref 58
10712
82 82
Registered
F A 80 -.- 82 Feb'25
42008 MS 10518 10614 10512 10614
8
10
-year perm wrung 04_1928 .11
103 Sale 103
19273 J 10034 Sale 109% 101
22 100 1024
10318 26 10212 104% ColumblaGLElotSi
N RR & Can pen 4e_1944 MS 9112 __ 93 Aug'25
9214 9
Stamped
3
100% 101 1003* 1035, 23 109 101%
Utah & Nor gold Egi
4
903
94 14
J 100
1926
--__ 10 Oct'25
100
3
1 27 M j
1, 9302 101 1$ Col & 9th Av 1st gu Be----199 j S
100
1st extended 48
93% Columbus Gee lot gold be
9812 994
/
1
.1, 933 9614
1 Sept'25
1932
9912 109
9912 Oct'25
wile 88, Commercial Cable let g 43_2397 Q
Vaioalla cone g 48 Ser 4-. 93 FA 8734 ---- 93 8
4
711 774
.
5
723s
1955
3
724 73 e 724
7
8814 10
8814
onsol 48 'Aeries B
98 1013
4
86% 97% Commercial Creditor 68
1934 M N 100 Sale 100
2
100
1967 MN 87134 --__ 875,
87%
1
VeraCrujã P let gu 4 Ne_1984 31 ---- ---- 20 Sept'25
20 20 Commonwealth Power 6e
1947 M N 103 Sale 103
1034 23 974 1034
Azar'.Ung let 4%j
10114 1044
Computing-Tab-Res s f 8s11441
23 4 29
3
104 Sale 104
104
1 13,,
-_-- ---- 25%
2515
5
11 rd1 V I & W Ist g os
,
99os 100 4 Cotin RY
,
904 924
st.p gul81 tfre g 454s 1951
,,L arie
,
1
8712 ,9 8918 July'25
s 8
1926 M
J 89
907 92
4
993 ____ 9934 Nov'25
Virginia Mid Series E 6a_1926 M
881A 98
99 4 100'2
3
1
9953 100 9934
9934
1
56 Series F
99.2 101
Cons Coal of Md 1st &ref 6e-1951 j ) 82 Sale 817e
784 90
27
83
1931 3, 997 ____ 1004 Oct'25 ____
1 9 06 J 11
8
100 10212 Consul Gas(NY)deb
General 511
10114
1936 MN 10058
1004 10018
1
530-1945 F A 104 Sale 10314 1044 115 10014 105
Fs & Southw n let gu 5e_2003•
9312 102
Cone'd Pr & Ltg let 6343_1943 M
108
103 Sale 103
103% 14
Ji 9734 ---- 99 Sept'25 -181 COOS 150-year M
8414
3
79 924
1
79
79% 79
1968 A 0, 883 90 997 No0'25. 2_
4
__
89 a iv038 1, 96 93 4 Cont Pap & Bag Mills 63411-1944 F A 79
58
Virginian let Is Series A
1014 Consumero Gas or Chic gu 531938 J
92 100
/ .
1
4
/
1
1
6
/
1
1961 PA N 993 Sale
1003 10934 1.00% 1094
3
4
Wabasb lot gold Be
904 100
1
1939 111 N. 10112 Sale 10112 102
974 64
10 1004 10212 Consumers Power lot 5e_-1952 M N 97 Bale 191%
95 gold da
0412 9973 Corn Prod Refg s g be
1931505 994 ---- 9058 July'24
1939 F A 9818 98% 9812
43
99
Refs f 5302aser A
944 99
100"
1st 213
-year f bo
1934 M N 101 1014 101 Nov'25
,
:
1975
Sale 97%
99
180
Debenture B 6sregistered.1939 IA El 9818
74 89
93 4 939, Crown Cork & Seal 1st s fils.1943 F A 83 Sale 83
1
.
1 75
31
9334 Feb'25
1st lien 50-yr g term 48.1854 J
9998
774 8 '1 Cuba Cane Sugar cony 71: 1930 IJ 9334 93 9312
3
/
1
4
4
0374
3 81% 83 8134 Nov'25 _96 1024
994 10111
Del & Ch tit let g 6a. . 1941 .1 J 10012 -- 10012 Nov'25 _Cony deben stamped 834-1930
98% 40
J 9812 Sale 9714
Dee Moines Div lot g 43_1939 S J 8214 -- 8312 Oct'25 ....._
Cuban Am Sugar let ooll 84_1931 M
818 St
4
108 10812 108
8 1074 110
10814
Om Div 1st g 3he
92 984
74' 1,1 Cuban Dom Bug let 7148.-1944 M
4
43
9134 Sale 923
94
1941 A 0 7612 7711 7613 Nov'25 ____
/
4
Tol&CbDlvg4e
9934 100
991
6 97 1014
9934
1941508 854 ____ 8612
8612 10 844 89 Cumb T & T lot & gen 6s-1937
Warren let ref gu g 314112000 F A 75
94 9912
77 77 Cuyamel Fruit let tis lot etre '40 A 0 94 Sale, 94
45
95
77 77 Oct'25 _Wash Cent 1st gold 4a
8214 83
14
811 561 Deny City Tramw 1st con 53 1933 A 0 /
4
/
4
8214 Aug'25
.
1948 Q M 8134 84 8112 Nov'25 ___
Wash Term lot gu 334e
1,134 97
811 8512 Den Gae & E L lirt&re/ g 68'51 MN 9314 Sale 9314
/
4
49
94
1945'F A 8114 ---- 8113 Nov'25
let 40
9234 96
M N 9358 Sale 9358
-year guar 48
Stamped
83 90
11
94
1945 F A 9038 ---- 90 Oct'25 ____
963 9712 Dery Corp (1) G) let s f 7o..1942 M
75 86
4
W MI11 W
85 Sale 85
2
N W 1st gu 5e-1930 F
85
964 -- 9612 Oct'25 ____
/
1
West Maryland Ist 4a
634 671 Detroit Edison lot coil tr 56_1933 3
/
4
9 99% 102%
007 _a _ 0897
0: .
: .
, 103:
8
ss
1850 8 SEI%11e 18917
:
80 8
5
1952 A 0 67 Sale 6612
6714 157
9884 1011
9911 10234
Weft N Y & Pa Llt 66
/
4
let & ref be &flee A_July 1940 M
10178 Sale 19178 102
13
19371 J 10014 10112 10034 10034
2
7913 83
97% 1014
Gen gold 48
A 0
Gen & ref 58 Seriea
18
1943 A 0 813 83 817 Oct'25 _
4
46 46
Income g gg
let dr ref 68 Seriee BA949 M
_ _July 1940
Apr 1 10431 Wee
4 106% 1084
,
107 4 Bale 10714
10714
45 Feb'25 _ _
Western Pac let Bet A 58_1943 PA El 95 Sale 94
86 93%
Det United let cons g 4343_1932 /
9014 0
12
9512 116 1904 9
94 100
1044 Dodge Bros deb 6s
let gold 6/1 Settee B
96 Sale 951e
,7 261
92
5
19441 91 8 102 10612 10212 10312
79 8814
Welt Shore lot 48 guar
8114 8614 Dold (Jacob) Pack lot 63_1942 M N14 82 Sale 81
1941 M
88141 16
4
2361
.1 833 Sale 834
s
Dominion Iron & Steel 50_1939
79 4 81
8
Bagletered
634 Sale 63
7 50 4810
64
/
1
4
2361 J .1 82 8 Sale 827
14
83
7
/
4
881 97
4
100 10111 Donner Steel tat ref 75
1942 J I 914 Sale 93
/
1
4
934 10
/
1
Wbeelmg&LEIOtI68I9ISA 0 100 10012 1004 1001a
2
984, 101
du Pont(E I) Powder 434o-1936 1 D 974
Wheeling Div let gold 68.1928.1 1 997
904 95
95 Nov'21
1
10012 10012
Ext'n & Inlet gold 5a
9818 993 Duquesne Lt tot & cell 6...,1949
4
10514 Sale 10518 10512 34 10418107'.
5 1050
Oct'25 ___
19311 F A 9914 .__. 99
.
68
1st mu trust 5%I:Series B-1949
81
Refunding 434o Series A 1966 M S 79
105
105
19 104 106
80 7912
80 I 21
/
4
72 801 EOM Cuba Bug 15-yr s I g 730'37 M
RR let COD/WI 48
1054 Sole 10412 10512 177 100 106%
1949 M S 7912 81
8012 18
80
WIth & Last lot go g 53
614 Si'. Ed El IllBkn 1st con at 44_1939 J
89 964
92 Sale 92
92
25
1
1942 1 D 6314 Sale 6314
64
4
. /
9912 103
102 Sale 102
Wlll&SFlolgoldSe
112
1
l938J P 10153 10312 101
1 1013 1031 Ed Else ill 1st eons g 56_1995
103 .
821s 874 raft Pow Corp(Germany)OJ4e
Winston-Salem S B lot 411_ 1 960 J
'KM 6 8734 Sale 8712
861 881s
.
88
Nov'25 ____
39
8414 8512 844
7714 8112 Elkhorn Coal6% notes
1925'3 D 100 10914 00 Nov'25
Who Cent 50-yr lot gen 4a_ _1949 .1 .1 80p4 Bale 8012
97 1004
3112 30
Slap & Dul div & term let 4a'30 PA N 8612 867s 864
1937 1311
101% Sale 10214 10114' 149
9714 105
6 82% 87.4 Empire Gas & Fuel 7 Ns
8653
Wor & Pa. Fast let 4 tis_ _1943 J .1
4
753 81% Eatilt Gas Light ist con 5s...1932 101 e 994 Bile 9912
9912 1004
994
6
76% Oct'25
Federal Light & Tr let 5..,..1942 I31 19 923 Silø 92%
INDUSTRIALS
8
9612
5 88 1011%
Adams kapregs cull it g 4s_. 1948 14 P 85
lot lten 8e stamped
85 8712
1942 61
,
19338 8ale 11014 10138 27
0018 10lrs
9614 103
85
6
853a 85
Max Rubt),.r lot I5-yr f M.1931. J D 102 Sale 102
49 :ear deb rig Ser B
9412 10314
19541. 1.
9214
9112 94
94
10212 13
.
3
13
311
Alaska Gold M deb 6a A_ ._ _1925 M P
Federated Metals ti f 79
1939 11 D 9812 Sale 93
4
MI
413 44 Nov'25
9 98 107
1941M
4
Cony deb Oa Banes B
61 Mit Rubber 1st s I 8s
/
4
1134 1144 113
192850
3
4
4
4 Sale
11414 43 108 115
/
4
911 Ft Smith Lt & Tr 1st 64_1936, 3 78
91
Alpine-Muntan Steel 7s.195b M 9 9118 9134 914
,•
13 1
7812 787k Nov'25
7614 834
91 4 15
,
3814 103
£mAgrtcCbemlot5e
Frameric Ind & Dev 20-yr 734.'42'
901s Sale 90
1928 A 0 1023 103 10234 1023
891 964
4
3
4
92
4
34
94 104 4 Francine() Sugar lit sr 714:1 .1942 M N 10414 1144 11141
/
1
4
1
Mt ref•1 7he g
1034 1064
/
4
1941 F A 10334 Sale 10312 104
111
J o 100 Bile 100 Nov'25
&caul Beet Ong cony deb 621_1935 F A 98% 100 98% 100
Gas & El of Berg Co cons g 581949
974 102
984 106
23
100
1
A0 104 1041 103
/
4
American Phalli deb a I 6o .1933 A 0 9834 Sale 9813
/
4
/ Nov'25
1
4
9 961 994 Gen Asphalt cony 65
98%
101 WOO
Am Cot Oil debenture 6& 1931 MN 9612 97 9612
9114 971z General Baking lot 25-yr 68_19 6• D 1047 105 104
1 39
8
10
/ 1047
1
4
97
8
3 1044 1064
Am Dock & Impt gu 6e
106 4 108:2 Gen Electric deb g 314s
3
1942 FA 87
8978 89
1936 J
gg
904
89
10.553 10614 10614 Nov'25
4
Amer Ice deb 78 July 15 1939
51 113 131 (Jen Refr let erg Os Ber A...1952 P A 101 Sale 101
130
128 Sale 125
101
4 100. 1024
AM Mach& Fdy f 6e
98 1011: Clerinan Oen Elec 73.Jan 15 1945• J 95 Bale 9514
/
1
4
1939 et- 0 10012 10234 10012 1004 15
9613 85
92 964
S
9112 100 Goodrich 00834.
Corp deb 65.1937 A 0 9934 Sale 974 100
1947 J .1 105 Sale mpg 10634 46 100a. 1063
18
4
N 1205s sale l20l
9511 9912 Goodyear Tire & Rub lots 11941
Am Bm & 11. 1s1 30-yr IseerA 1947 A 0 9814 Sale 9814
9812 54
57 119 1214
IA 1105, Sale 11014 121
lot M us serif. U
10-year s deb a 83
1947 A 0 10
4 10614 16 103% 1084
1
.
6 Sale 1053
99% 1044 Oeuld Coupler lit of (ls.....1944 F A 9012 Sale 9012 110% 68 108 111
Amer Sugar Ref 15-yr 6e__ .1937 J .1 102 Sale 10128 10212 51
4 3
9011 96
914 20
ate -rm.', Teleg coil tr 44.1929
96, 974 Granby Cons M 8& Peon 6s A'28 51
4
Stamped_
9912 101 101
J
9753 Sale 9714
974 176
101
1184 101
1
Convertible 46
89% 974
19311 PA 13 9134 Sale 914
100 101
9912 Nov'25
931 1003*
914 14
.
A
20
-year cony 434s
9+84115
Gray & Davis lot cony oils.19 8 P r. 9714 Sale 9634
19942
193350 8 9812 Sale 9812
2
9812
92 974
9714
b
P A 904 Sale 9014
80
-year coil tr 68
1946
D 101 Salo 1003
102 100 10214 0, Cons El Power(Japan)78.1944
4 101
9934 49
8714 914 .
P deb 5e
9413 984 Great Falls Power let. I 5e_ _1940 MN 111
19601 .1 97; Sale 9714
416
_-__ 1024 Oct'25
97 2
,
994 1024
Hackensack %V ater 1st, 48_11)52 .1 3 861
15-yosrIf 534.
1943 M N 104 Sale 103
190 101 105
104
87% Nov'25
83 874
.
1
lakea. saes 5e..1934 A 0 96 Sale 9514
W/12 98
An.
Hartford St Ity lot 4s
1930 M S 854 87 854 Aug'25
s9612 126
824 854
_
891 Writ Paper e f 7-60
44 6313 Havana El Ry L & P gen 53 A '54
19391
924 93 9253
24
51 Salo 5012
51
93 .
1
7 854 95
Temp hitercbangeable etre dep_
43 634 LAV1Ula Elec consol g 5e____1952
943 95 1 95 Nov'25
4
51 Hale 5012
813
4 14
9288 974
Anaconda Cop Min let 6e_1953
iershey Choc let a I g Se_ _1942 ,
.
3
_ 10418
1013 245 • 994 102
4
101 Sale 101
103 106
-year Cony deb 7a
991 1057
4
15
s
1938 F A 1043 Sale 1044
let M & coil 534ellit MI_ _1940
loci" 6;10 n914 lop 151 98 100
10512 449
4
94 101112 Joe (11.) & Co let 6 Ns temp_1904
Andes Cop Mtn deb 7050% pd '43 J
10112 sale inis 10214 22 1004 1064
97% Sale 97
4
981 117
Anate-Chilean Nitrate 7s_1945 M N 10018 Stile 100
lolland-Amer Line 68 W(10_1947 13 11 85 Sale 8412
.
10012 623 100 101
79 90 4
88
1
17
y 87% 8711 8612
(Comp Asue) 7348 ....19311
864 9412 tudson Co Gas lot g 5e_-__1940 Ti
AMID&
1
1003s Sale 10034 1003,
/
4
864
984 100
.
1
1
• A g.. 1,1,11* "rn• g. • 4:31 Q 071,
el
Al,
WM
.
oi. 140199ng 544. 1939 J J 1014 9510 101 inia, 30 994 1024
951.
a Due May. e Due June, 6 Due may. A Due August. s Option &air.
New York Bond Record—Continued--Pan 5
BONDS.
N.Y.STOCK EXCHANGE
Week ended Nov. 20.
1 11
Pelee
Friday
Nov. 20.
Wears
Range or
Last Sale
ft
Raw/
Since
Jas. I.
2507
, 4
Pm/Rana*
BONDS
.4
3
ST:: e
s
e
11; j41,111
Mace
N. V STOCK EXCHANGE I 11
...,3,, Nos. 20.
Las Bali
Week ended Nov. 20.
As. Lew
Bid
Hash No.1 Low
NIII
•
Ask Low
H448
,
MO No , Lea
BM
1
104,3
7 1023 107
97 101% Pierce 0116 1 8a._._Deo 15._19311J D 104 106 104
IlLhaole Bell Telephone 58-1956
1003
4 55
4
D 1003 Sale 10014
99%1024
102
8
Pillsbury Fl MIlle 20-yr 139-1943 A 0 102 Sale 10114
24
951
Mina,Steel deb 446
9
2% 963
4
4
1940 A 0 943 Sale 9434
981
4
97
4
Pleasant Val Coal tat get 58_1923 J 2 973 984 973* Oct'25 ____
874 94
Ind Nat Gaa & Oil 5,9
9114 904 Oct'25
1936 M N 91
88 944
9114 Nov'25 ____
6 101 1041e Pocah Con Collieries 1st s f be1957 J 1 9012 92
Indiana Steel let be
10312
1962 M N 103 Sale 103
994 1023*
7
92 99% Port Arthur Can & Dk Be A-1953 F A 10119 10134 10112 10113
Ingersoll-Rand let be ____1935 ./ .1 993 ___- 9934 Oet'25
4
10
let M 6e Seriee 1.1 ___._ _1953,F A 10113 10212 1013* Oct'25 ____ 10014 102
11
Apr'25
11
Interboro Metrop coll 414.. _1956 *0 ____
9612 1004
9978
7
9834
• 413 74 Portland Elee Pow let 613 8.11147 M N 99 100
412 Aug'25
13
Guaranty Tr Co ale dep
9914
1
993 100 6
8
1
1013 1012 Portland Gen Elec let 59_1935J ,I 9934 99% 9914
1013 Mar'25
dep etpd awed 16% sub
9212 961,
944
I
594 743 Portland Ry let & ref 5e____1930 MN 9414 945* 94%
4
202
3
68
Fide 663
Interboro Rap Tran let bs__1966.
1--2
8414 92
2
88 4
1
59
7312 Portland Ry.Lt & P let ref 561942 F A 884 Bile 833*
145
663
4
Stamped
4
663 Bale 136
15
94 1004
103
613 80
let I & ref 68 Aer 13 ------1947 M N 11)3 Sale 981
4
7014 53
10
8
-year 6e
1932 A 0 893 Bale 6914
4 1064 27 104% 108
85 95
21
let & refund 73ft See A__1946 M N 1064 Sale 1053
90
10
3
-year cony 7% notes_ 1932 M
90 Sale 893
Oct'25 ____ 101 106
1931 81 N 105 --__ 105
Am Tob Ra
67
12
Porte Rican
91
91
let Agrle Corp let 20-yr 66-.1932 191 N 91 Sale 89
9214 97
95
31
19333 J 944 9514 941t
624 8133 Pressed Steel Car 53
814 26
1
Stamped extended to 1942_ _
8
N 807 Sale 807
W23 4/113 Prod & Ref eflts(wItb war'noe'31 3 D 110 Sale 1095* Oct'25 ____ 104 11514
4
80
87
tater Merean Marine f 69_11)41 A 0 857 Sale 88
9
1 1095* 1134
110
attached_ __ J D 109% 11) 110
Without warrants
8712 95
110
95
International Paper be
1947
J 94% Sale 9418
4
I 103% 1054
10414
Pub Serv Corp of N J gen 56_1959 A 0 105 Sale 1041
95
99
188
99
Ref
68 Her A
19&5M 8 98 Sale 9818
95 100
9978 93
1944,F A 9934 8,1e 991a
Secured g 8a____.
tnt Telep & Teleg cony 53-48 1945 M S 10612 Sale 106
10712 571 1014 log%
987 10514
9
101% 25
88 111712 Pub Sere Elea dr Gas let 6481959'140 193% Site 1034
997
a 25
Jurgene Works 66 War prfce)_1947 .) J 9913 10013 9912
9952 105
4
. DM ilA 0 1033 Sale 1034 10378 54
let & ref 5 ais
95% 102
Ilansaa City Pow & Lt 5a_.1962 MS 100 Sale 9934 10014 66
1064 45 10212 1074
68-1948 A 0 106 Sale 1054
9814 10312 Pub Sere El Pow & Ltg
4
Kansas Gas & Electric 69_.1952 M 8 1013 Sale 10113 10214 31
4
1061 21 1023 1974
/
4
1937J .1 10712 Sale 10434
Kayser & Co 76
1942 F A 108 Sale 1074 10812 16 10111 10312 Punta Alegre Sugar 79
92
88
8713 10
1937 76 N 874 Sale 8614
Remington Arm9(la
90 199
Kelly-Springfield Tire 88.._1932 M N 10414 Sale 10212 10513 135
934 98
9
964
96%
0 98
9634
9212 Repub I & 6 10-30-yr See(-1940 A
82
87
9012
3
Keystone Tel. p Co let be__ _1936 .1 .2
894 95
39
94
99 103
1
Ref & gen 5(4, sec A_1953 J J 93% 94 , 93%
4
Kifige County El & P g 56_1937 A 0 10212 103 10234 1023
12 11
884 9012
1988 F A 934 Sale ' 9018
9)
120
120
3 1144 I2014 Rime Steel 151 7.
Purchase money 6a
1997 A 0 119%
61
1952 2 0 60 Sale 65
15
in
7914 Robb s & Myers 6 f 78
Knee County El let g 48_1949 F A 7512 79% 7612 Oct'25
10
1
1
3
1124 12 15713 1741
74
go
15
3
77
Rochester Gas St El 7e aer B..1946 M S 1125 Bale 1124
Stamped guar 46
1949 F A 77 Sale 763
4 10234 15314
10414
3
1948 M S 1037 ____ 104
89 10114
Gen Mtge 5tis series C
2
9914
983 Sale 98%
4
Knee County Lighting be__ 1954 .1
8
3
6
3
218 3 4
3
2
7 11
3: 2
4
2
1 1034 1084 Rogere-Brown Iron Co 70_ _1942 111 N 75 Bale 73
107
614e
1954 .1 J 107 Sale 107
Kinney Co 749_
107
2 104% 109
.1
St Jos Ry Lt Ht & Pr 6e_1937 MN 9118 924 91
•1936 0 10714 109 107
953
4
_ _ 96 Nov'25 ____ 1 9612 96
89% 94 4 St .109eph 14113 Yds let 4 148_1930 1 3
93
8
-Lackawanna Steel be A
93
3
94
1950 rd
9313
794
4
771a 87
7913 79
9814 1017 St L Rock Mt & PS.stmod.1955 3 3 78
Lae Oaa L of St Lrel&ext 58 1934 A 0 100 Sale 993
a
4 10014 32
7112 We
___ 7112 0Ta'25 ____
1924 A 0 71
954 102
Con & ref 54a &dee C1953 F A 10013 Sale 10018
11307
8 84
St Louie Transit be
97
95
95
Oct'25 ___
1937 3 J, 9514 100
95 4 190
3
Lehigh C & Nay e f 449 A_ _1954 J
99 Sale 96 Sept'25
St Paul City Cable 56
904 944
944 53
4
4
9938 10112 Saxon Pub Wks(Germany) 76'45 F A' 921 Sale 921
'Lehigh Valley Coal let g 50.1933 .1 ./ 10019 10093 101 Nov'25
1 104 109
El 10713 Sale 10712 10712
3912 402 Sake Co 73
1942 NI
Lex Ave & P F lert gu g 59-1993 M S 4114 55
4112 Oct'25
3
1952 2 I 10134 1017 1014 N3te25 -_, 991s 104
Liggett & Myers Tobacco 76_1944 A 0 11813 119 118
11813
7 116 120% San Antonio Pub Soy 66
7
1 105 e 1074
4
107
115 117% Sharon Steel Hoop let 89 ear A '41 M S 10634 1073 107
Registered
A 0 11614 --- 11613 Oct'25
4
2 14 1043 1073*
8
1942 A 0 1054 1017 10434 1067
tia
F A
1951 F e WO% Sale 100% 1003
4 13
%
97 10212 Sheffield Farms 63-4.
11602
90
9113 12
Registered
98
Oct'25
9813
97
% 98
Sierra & San Fran Power 59_1949 F A 914 Sale 91
88 92
944 138
1144 117% Sinclair Cons 01118-year 78 1937 PA El 94 Sale 9334
LorMard Co (P) 79
1944 A 0 11512 Sale 115
11512 16
8
3
11312 115%
Registered
A 0 114
let In wall treaC with warr 1927 3 0 10818 Sale 1055 • 1984 451 10413 1181
1154 Oct'25
821 9034
/
4
87 11 86
1938 J 0 881 Sale 87
94% 9813
98 Sale 973
4
16
98
let Ilea 646 Ser B
9914 101
s
8 1017 195
9614 9614 Sinclair Crude 011 3-yr Be A 1928 F A, 100% Sale 1013
Regletered
1961 P A 9414
P
9614 Oct'25
9913 1014
,Loulayille Ga.& Electric 56_1952 M N 9713 Sale 97
904 99%
3-yr 6% notes B Feb 15-1926 F A, 10012 Sale 1004 10112 36
50
14
98
8512 72
In
RR
Zona,Ry let eon 56
1942 A 0 864 Sale 8512
914 93
1930.1 J 91
9313 July'25
93
12 Sinclair Plpe Line be
1927 A 0 1224 Sale 120
a 7
12714 695 1087 12 1
Lower Austrian Hydro-93eo Co—
Skelly 011 6ti% notes
10612 18 102 10641
ln f (149
8513 17
8
54 8612 South Porto Rico Sugar 7e-1941 3 0 106 Sale 106
8512 Sale 8512
97 102
anifiatt Sugar 734e
99 um%
3
,
98
47
18t2 F t 98 Sale 970g
South Bell Tel & Tel let.f 561941 3 3 101% Sale 10193 1015*
A
9918 1011_1
19112 152
Manhat Ry(NY)cons g 49.1990 A 0 60 Sale 593
1574 64
4
8014 11
S'weet Bell Tel let & ref 51-1954 F A, 100% Sale 10114
99,
2 II
9314 99%
264,
61
86
5314 Nov'25
Southern Colo Power 139._ _1947 3 1 9813 Sale 9912
524 53
2013 3
90 9
9 834
N 98% 9978 983* 0(11.'25 ____
lots ____ 102
*
Manila Electric 7e
I948 76
9
7% 1.024 Spring Val Water g ba
/
1
102
2
963 101
4
/
4
3
9614
911 25
Manila Elea Ry & Lt y f be fag : N 89
1930 M N 997 101
85
92
2
Standard Milling 1,1 08
901 89
89
P11 B
T
6 105 1084
4
Market St Ry 7s Series A1940 Q 3 9813 Bale 9818
4 111214 Steel & Tube gen a r 7e5er0 1951 3 J 1073 Sale 1073* 118
9813 56
97
824 sly
3
11
Metr Ed let & ref g fle Ber 15_19,52 F A 1033, Sale 104
10412
9 1014 106
Sugar F.:BMWS (Oriente) 78_1942 M S 8813 89 , 88's
99
9
90
96
9512
1929 FA-I 95
954
9118 97
lit & ref 5a Series C
4
Superior 011 let a 1 76
957
7
1963
3 9533 Sale 953
18
97 1013.
3
)
101
100 104
Metropolitan Power 138
/3.
Syracutie Lighting la g 5 _1951 1 0 994 10114 101
102 10253 10314 Nov'25
1953
1
4 33 100 4 103
68% 80
Met %Feet Side El (Clate) 46.1938 F A
73
73 Nov'25
Tenn Coal Iron & RR gen 56_1951 3 2 103 Sale 10212 1021
72
9914 1084
44
103
9814 102
Mid-Cost Petr lat 6 tia___ _1940 M S 10193 Sale 101
Tenneeeee Klee Power let 66_1947 1 0 10234 Bale 10214
1017
8 93
6814
28
61
55
1.960 J 3 5412 Sale 1 5414
874 9314 Third Ave let ref 4e
9212 161
Midvale Steel &0cony f 56 1938 M
92 Sale 92
344 6011
3914 79
99% 10112
▪
Elec Ry & Lt cone g 59_1928 F A 100 10014 100
100
2
Ad] inc 56 tax-el N Y—a1960 A 0 39 Bale I 384
981 96
6
Oct'25 ___
9
4
1937 3 3 933 941 95
965 ____ 9634 Nov'25
Ry let gill
9 8 97
47
Third Ave
Refunding & eaten 44e_ _1931
i 103% 110
19914
1941 13 8 lo9 Sale 109
94 100
Toledo F.dteon let 79
98
9
General ba A
98
9812 98
98 , 15
9 3 NOY
74
94% 9278 Toledo Tr L & P 513% notee 1930 3 3 98 Sale 97%
let 66 B
89% 33
19 1
1111
g 8912 Sale 89
98 100
981 0/t.'25 ____
4
98% 104
1949 la a 9918 102
let & ref g 643 Berke C1953 M
1013
4 30
Trenton G & El let g ba
101 Sale 101
9714
97
97 Sent'25 ____
96% 99% Trumbull Steel deb 644 . _ _ _19441 P A ....-Milwaukee Gas Lt be 46
99
/
1
4
7
9834 Sale 9831
1927 M N
61
TS
97% 100 4 Twenty-third St Ry ret 513_1962 3 3 _ . 6634 6114 Oat'25 ___
Montana Power let 5, A__ _1943
3
1003
4 24
100 Bale 100
88
89
___-_
3
9/02 Underged of London 4431_1933 3 3 (123 96 I 92% Oet'2S
94
Montreal Tram hrt & ref 543_1941
967
3 13
97 Bale 964
8131. 92
0,/r25 __
7812 87
Morrie & Co lert e f 4 tia
1948 3 3 91% ____I 12
Income 6a
85
16
84% Sale 843
8
1939
77
774 Union Bag & Paper Ira M68-1942 IS N 1017 Bale :10334
10133 l'ii
94% 1 4
01
3
7718 Nov'25
Mortgage-Bond Co 46 Ser 2_1966 A
9934 102
4
101 1
1
9b3 9712 Union Elee 12 & Pr let g 59_1932 M S 1007 1013 101
e
10 -year ba Serie@ 3.
-25
9693
7
96% Sale 9693
1932
984 101
3
101
1933 IN N 100 10014 100
4
98 10012
Ref & eat Ed
973 9712 Nov'25
SillrIa7 Body lee 6tie
0 97
1934
8
11
102
24 100 104
&In Fuel Gas let gu g be947 MN
1954 3 3 11012 1017 1017
954 9812
let g 546 series A
98% Oct'25
75 80
977 101
7911 7912 Nov'25 ____
4
Mut tin eta bonds ext 4%.. _1941 MN 993 -___ 99 Nov'25
Union Elev Fly (Chic) 56-1945 A 0 79
4
9412 101:
86
Oct'25 ___
95
3
574 64
Nassau Bloc guar gold 4a
011 let lien a f 59-19.31 3 3 loots 1017 86
5912
Union
6134 20
5993 Sale
1961 J
may Igo F A 10234 10314103
i 102% 1054
98
99
/
1
4
1037
s
Nat Roam & Stampg 182 6..1929J 1.) 993* __ 993 Oct'25
30-yr 66 Ser A
4
95
1911 F A 1004 Sale 05
4
80
99
lot liens f 5s Bar C
National Acme 73-4e
98
17
9734 Sale 9714
1931
1914 10 4
00 001
6
98% 1011s Union Tank Car equip 7e___1930 F A
Nat Starch 20
4
987 Nov'25
8
983 100
-year deb be_ 1930J
1101 Auft090.2442,114533
10023%4
National Tube let be
United Drug 20-yr 6,3_0et 16 1944 A 0
--28i73-1952 M N 10213 Sale 10212 10234 38 10013 103
9891
984 Lou
1V1 102
1
Newark Cense!Gaa 5s
United Fuel Ga. let of 68_1936 3 3 10214 2 1131
s
1003 10034 10093 Oct'25
9
99 10,3631
10011
New England Tel & Tel 5s 1942 3.1 00 1007g Sale 1005
99% 102
37
Palled Rye Toy be Pitts Issue 1926 16 N 101 Sale 99% 101 I
* 101
952
____ 109
too
101 I
N Y Air Brake let cony 68_1928 M N 10314 Sale 10314
6
99 (004
Stamped
10314
2 1014 104%
574 7111
4
73 , M
New Ori Pub Serv let be A_ _1952 A 0 9112 Sale 8993
L let g 44/ ___ _1934 i—i 734 Sale 73
91% 92
United Ry4Bt
9113 16
M N 944 943 94
8
884 FA Unluel SB Co 16-yr Be
let dr ref 513 ser B
1937
894
5
9014 Sale 8912
1955 3
135 10JF,
024
776 813 United Stores Realty 20-yr 6,'42 A 0 10313 10312 1014
4
Y Dock 50
4
-year let g 46_193l F A 8014 ____ 8014 Nov'25
4 19273 212
93 8
2
N Y Edison let & ref 64e A.1941 A 0 11414 Sale 11414. 11413 17 112 11512 US Rubber let & ref 56 ger A 1947 3 3 91 Bale 903
10713 29 10412 108
99's 102
10-yr 74% sec notes
1930 F A1074 Sale 107
n
10193 65
re 58B
_1944 A 0 10112, Sale 101
8
104114 25 1001 102
N Y Oaa El Lt & PoW g 5a 1948 J D 10313 Sale 10313 10334
1004 10412 US Smelt Ref & M cony 69_1928 F A 10018 10033 10018
95 1044 106%
SO
1054
90% U El Steel Corprcou000.__d1963 111 105 Sale 105
Purchase money g 48
4
89
7
1949 F A 89 Bale 883
.
7
10012 10012
104/8
N YL E&Weet C&RR5411942 M N
2 103 1064
1A
1045*
a f 10-60-yr Sal reglatered_d1963 / N
9712 10212 10012 Apr'25
83
1g 91%
9913 101
8373 18
N Y Q El L & P let g ba1930 F A 9912 _ 100
61
.1944 A 0 - -3 (isle 874
Oct'25
Utah Lt & Trac let & ref 58.
45
844 Utah Power & Lt let 58_1944 F A
91
981
95 Sale 95
9514 22
Rye let R E & ref 4a
5212 47
Oct'25
494 1942 J
42% 64
3
8
Utica Elee L dr P let bs ._._1950 1 3 1011 ____ 1013 Oct'25 ____ 10034102
5018 Oct'25 _ _
Certificates of deposit
52
4818
5
0814 103
Ma 5
10134
30
-0
4
-year 941 Inc be.. __Jan 1942 :a Utica Gas & Flee ref & ext be 1957 3 3 1003 Sale 100%
334
334 14
313 414
1963 .1 I 53t4 63
58
Vs 5 4 Victor Fuel let a f be
1
Oct'25 ____
93
68
3
4
4
Certificates of deposit
312 493
73 10434
N Y Rye Corp Inc
254 323 Vs-Caro Chem let 75
1947 3 u 103 Sale 1014 1044 10
4
26% 104
8
_Jan 1965 -- - - 253 Sale 2534
6
714 1054
N Y & Rich Gas let 88
9918 10213
Certificates of deposit
---. 10314 104 10312 1054
1951 M N 10013 101 101 Nov'25
N v State Rye let eons 446_1962 M.. .. 5912 Sale 59
58 8814
98 111 1
14
4
Certificates of deposit tamed --- 10414 ____ 1023 Oct'25 ____
59% 11
71
let con 63-4e series B
7 3 97
94
8213
4
Stpd as to payt 40% of prin
8012 81 •
80
1962 m
N Y Steam let 25-yr 6eSer A 1947 MN 1024 Sale 10238 103
984 10419
V71 104
9
1947 ---- 104 Sale 10334 10412 31
7
98 1044
NY Telep let & gen I f 4346_1939
96
99
10412 77
-- 10414 Bale 104
9712 58
181 1 .8 of deposit
Ct1
9714 Sale 9714
"
9412 10312
80
1
-year deben 6 f 139_ __Feb 1949 F A 1093 Sale 10934 110
3
Ctf of deposit Mixt_ 10313 Oct'25 ____
17 1077 110 4
4
a;;.
ir0
-year refunding gold 138 1941 A 0 10678 Sale 1064 10714 44 1061 1084
99
8
43
9812 64
/
1
7 tie with & without war1937 Iii -....2 .....le 96
Niagara Falls Power let be. 1932
100 103
00
Nov'25
Certife of dep without warr --- •
102 Bale 103
Ref & gen 13,3
103% 108%
..
212 1954
F4 O 10512 106 10614
A N
l
Certify of dep with warrants .._---_-.
_ —8 _iii _ fal : Oen: ___11
10814
Whig Lock & 0 Pow lit .11° .193
95
1
90
_ 1044 110
Vs Iron Coal & Coke 1st g be 1949 m 0 -911
9
_ 1097 July'25
882 19
j
la & ref be ser A
J 9773 Sale 974
9712 100
934 99
984 86
A 0
99
Vs Ry Pow let & ref be
4
22
1943
ifde 983
Refunding 6/1 series A....2968 F A
104 110% Vertlentee Sugar let ref 7, A942 3 0 88 Sale 86
%
5512
9
86
94 2
1
8
_ 1097 July'25
Nor Amer Edison 6e_
967 1021 Warner Sugar RefIn let 76_1941 3 0 95 Bale 944
3
95
18
897 80
1 1 1
8 102% 73
jai" Sale 1017
___19152 NI
Secured et 6)4. ger B...1948 M
%
76
871
1
Warner Sugar Corp let 78...._1939 3 J 787 Sale 7813
7914
7
1043
4 24 100 106
*
10412 Sale 10414
Nor Ohio 'Frac & Light 64 _1947 21
91
993 1017
4
1
97
10013 Nov'25 ____
95% 24
Waah Wst Power a f 56_1939 J 11 1014 _
4
13 943 Sale 9419
Nor States Pow 26-yr 58 A__1941 A 0 9734 Bale 971
93 994 Weetchee Ltg ass stmpd 04 1950 J D 10114 101 4 10114
98 182
10114
5
977
- -33 28
934 9314 West Hy Coal let 78
4 10012 102%
RegleteredA 0
1944 61 N 10114 Sale 10114 10114
934 Jan'25
let & ref 25-yr fle See B-1941 A
1
4
9 /10014
8
INN
iti 103 10714 West Penn Power Bey A 55_1948 M tl 9934 Sale 9912 10014 18
0 108" Sale los
NerthWeern Bell T let 74 A.1941 A A
107% 107%
1074 12 1434 107 6
let 79 Series D
1948 IS 33 10714 Sale 107
4
1
_ 10712 Jan'25
North W T lat fd g 4 tia eV:1.1934.
934 99 8
7
993* 35
94
% 98
1983 M 13 998 Sale 994
lot S. Series E
od 9513 Oct'25
0
95
Ohio Public Service 748 A 1946 A 0 112_ 11214 Nov'25
108 112%
4
"9 99 4 9978 983 Sept'25 ____
1
98
4 9914
Temporary be SeriesE._1983
let & ref 7,eerie/ 13.. .. 1947 F A
1963 A 0 1033 103% 1034 1038
107% 11113
/
1
4
8 1004 105
let btie Seriee F
4
11113 Sale 11112 111':
Ohio River Edison lett 6a___1948
984 104
4
8512 96
8614
87
4 21
1950-! ,.. 884 87
3
Weet Va C & C let 6e
J 10238 10234 10238 1023
Old Ben Coal lett%
1944A 1-! 10014 Sale 9993
96
99
F A 9712 Sale 9714
98 1017
10012 48
Western Electric deb 15e
s
9713
3
Ontario Power N F let be19 4
98 10034 Western Union coil tr cur 59_1938 J J 10112 102 102
14
194
102
994 1023.
9913 100
4
3
6
100
Ontario Transmiesion 56....„1946 M N 9993 993* 991
97
998
4
, 993
1
1
Fund & real estate g 449_19150 5 N 9714 974 97%
974 20
9939
3
9
25, 973,
Otas Steel Fa
95 log
/
1
4
1941 F A 104 10414 10414
1b-year 8)4,g
1938 F A 11114 Sale Ill
10412 • 3
11114 11 109 11214
4
let 215-yr e f g 7lie Ser B_1947 F A 10014 Sale 100
89% 1014 Westinghouse E & M 4__1931 IS N 106% Sale 10618
10012 30
1065
34 10593 tall,
Pacific & El gen & ref 58_1942
934 99
77
78%
977
3 39
Wickwire Seen Steel let 78_1935 3 3 76
. 973 Sale 9713
1
77
4
4
76
91
rao Pow & Lt let&ref 20-yr ba 30
98 100
A 9914 Sale 9914
-00 754 Oct'25 ____
993
4 14
Certificates of deposit
754 88
Pacific Tel & Tel let be
99% 102
25
3 102
1937
75
gl
Certificates of deposit stamped :i -/;/ _ _ 747 75
Oct'25 __
1013* Sale 1013
Ref M be series A
5g 64
1004 Wickwire Sp Steel Co 78Jan 1935 MN z-'.
924
74
/e
98
75
98 Sale 98
75
4
75
78
pen-Amer P & T
9 0 al A
5
10-yr 79 1932'N 1057 Sale 10514
1057
43 10412 107
3
Willye-Overland 8 f 6 tie____1933 m 2 1024 Sale 10212 1023
9912 10234
26
Cony 6 f 69
4 110
270 103 1183a Wilson & Co let 25-yr at 66_1941 A 0 99 Sale 93 4 Feb915 __2_5_1
109 Sale 1073
393
91ba 100
9 21
.
park-Lex et leasehold 644_1 9 M N 92
91
99
19
51
9413 9218 Nov'25
.
11
Registered
93 93
Pat& Paamic G & El cone& 1949M B 991 101
1928 1-6 73 saie 73
96. 1004
9914
9914
10
-year cony e f 60
peop Gas & C tat cows 69-.1943 A 2 11018 ____ 11014 Oct'25
107 110 4
3
7012 75
Certificates of deposit
72
53,. 77
5
5
6
"
:7 12 44
7
2
4
Refunding gold se
1947 M b 991e Sale 9893
4
993
4 25, 9 100
i— .
10-yr con,.f 7 tie_ _ —91931 i i
Sate
Philadelphia Co coil tr 68 A.1944 F A 1044 Sale 10312 1044 35' 101% 105
i
--- ;.:5318
Certificated of deposit
;r
:
1
7:
3
4
109.
15
-year cony deb 548._._1938 M S 9813 Sale 981
55
0 101% 10214 1013
93 100
%
983
Winchester Arms 73-4, . _1941
4 10214
3 10914 10214
Thin & Reading C &fret be 1973 J
99 10218 Young'n Sheet & T 20-yr 6a _1943 3 3 1013 Sale 101
10012 71
1004 Sale 993
8
4
: 544
556639 177
02
10134 88
Pierce-Arrow Mot Cer deb E191943 PS
107 121,1r, 19612 197
21
91 los
a Due Jan. d Due April p Due Dec. a Option sale
2508
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW BALI PRICES
-PER F&4*E. NOV PER CENT.
Monday,
SaMrdal.
Nov. 14. I Nov. 16.
Tuesday.
Nov. 17.
Wednesday. Thursday.
Nov. 18. I Nov. 19.
NNW.
Nov. 20.
soles
for
She
Week.
BONDS
Ramos for Year 1925,
STOCKS
BOSTON STOOK
EXCHANGE
Lowest
Highest
PEA 8HAAA
&nye for Prows.
Year 1924.
LOOMS
Highest
Railroads
•16314 164
100 156 Feb 18 164 Jan 7 1457 Mar 164 Des
/
1
4
16314 1633 16314 16314 *16314 164
267 Baton & Albany
4
16314 16314 162 16314
s
814 8214 82 82
/
1
81
8214 8112 82
8112 8112 8112 8312 1,464 Boston Elevated
/
1
714 Aug 85 De
/
1
100 754 Mar 17 86 Jan 2
10012 10012 10114 10114 101 101.14 --------101 101
100 92 Jan 16 10114 Nov 16
277 Do prof
101 101
8714 Dec 981 Ma*
4
119 119
120 121
262 Do let pref
120 120
120 120
11934 12012 120 121
100 109 Mar 31 121 Nov 16 107 Dee 116 Jan
/
1
4
106 108 10912 110
109 109
1,218 Do 26 prof
112 113
100 04 Mar 20 113 Nov 20
10812 10812 10812 110
92 Sept 1011 Dee
4
3512 36's 35 36
8,541 Boston & Maine
3312 3512 3358 3514 '3334 3458 3412 37
812 Jan 2514 Nov
100 10 Apr 17 37 Nov 20
*33
100 1112 Apr 24 37 00123
_ _ *33 34
181 Do pref
33 35 *33 34
3513
12 Jan 2672 Nov
33
3313 34
61 li
8113 52
3,304 Do Series A let pref--100 17 Apr 27 534 Nov 5
13 June 3714 Nov
50
5212 61
5012 62
52
52
51
72 73
70
73
73
771 Do Series B let pref 100 29 Apr 27 74 Nov 6
1712 Jan 48 Nov
704 72
/
1
70 70
7012 71
71
67 6712 6512 68
1,197 Do Series C let pref-100 25 Apr 25 6712 Nov 14
6413 63
16 Feb 41 Nov
6512 6612 6534 6634 64
66
92 92
90 92
90 91
810 Do Series D let pref.-100 3512 Apr 25 98 Nov 6
89 90
23 Jan 62 Nov
88
89
90
93
9 Boston &Providenoe
•
175 178 175 175 *175 ____ *175 177 *175 177.63 Jan 172 Nov
100 167 Feb 26 180 May 28
594 6012 60 603
18 May 884 Dee
4 59 6012 5814 5914 5814 59
/
1
-584 - 2 1,285 East Mass Street By Co 100 26 Sept 4 6212 Nov 12
5815812 Jan 71 Dec
6712 6912 67 69
6612 6634 1,910 Do 1st pre!
6612 613
65 65
67 67
100 60 July 31 71 Apr 3
328 Do pref B
48 May 61 Nov
60 62
61
61
60 81
/
1
4
*60 61
60 60
60 60
100 61 Aug 26 6212 Jan 12
2,142 Do adjustment
45 46
45
46
45 45
100 85 Sept 3 48 Mar 10
4414 4312 44
4412 4434 44
28 May 4614 Dee
/
1
4
/
1
4
42
Maine Central
4112 43 *41
43 43 *41 ____ *415
8
28 June 37 Apr
100 23 May 27 45 Oct 27
76 N Y N H & Hartford
41
4118 40 4114 3912 40 s 384 404 38 3958100 28 Mar 30 4114 Nov 16
14 Jan 3314 Del
/ ---------------30414
1
4
5
69 Northern New Hampehlre-100 70 Feb 16 88 Nov 20
•____ 85 •83 85
62 Jan 81 Nov
85
88
8512 8612 86
85 I *85 86
16 Norwich & Worceeter peel-100 100 Jan 13 126 Oct 22
•____ 122
____ 122
____ __ 115 115 -- _80 Jan 108 NOT
____ 119
162 Old Colon7
724 Jan 98 Nov
/
1
*110 111
110 110
110 ..-... 111 111
110 111 ..-- _....
100 96 Jan 2 113 Oct 30
100 Rutland pref
55 55
*50
100 4514May 1 8312 Jan 2 34 Mar 64 Nov
54
70 Jan 9318 Nov
--- --• __ 100 ;iL" "if- *9512 97 -iii" W" -Ft- Vi" --------10 Vermont & Massachusetts-100 87 Feb 24 98 Nov 7
Miscellaneous
*34 312 *312 33
34 314
4 *314 312
318
705 Amer Pneumatic Barytes--25
318
318
318
1 Nov
414 J1131 7
414 Dee
212 Mar 25
170 Do prat
12 Jan 20 Dec
2112 *2034 2114 21
/
1
4
/
1
4
*21
2112 2114 2114 21
/
1
4
60 16 Mar 25 22 Sept 14
2114
14114 14112 14112 14112 14034 14114 14034 1411 1407s 14114 iii- 1411- 1,664 Amer Telephone & Teleg_100 13012 Jan 2 143 June 18 121 June 13412 Des
/
4
--- 2
/
1
4
7114 1,246 Amoskeag Mfg
71
72 7214 72 72
7118 71
57 Oct 83 Jan
/
1
4
72
71
72
No pox 6112May 6 87 Aug 8
84 73
319 Do prof
89 Oct 79 Aug
7512 7512 *75 -___ 75
754 75 75
*75
7712
-No par 7014May 11 PA% Aug 20
*17 _ _ _ _
/
1
4
A2AtitaMs
?: t o e. Inc-- 10 14 Jan 16 16 Aug 20
c d tru
ns
13 Aug 18 Feb
2 ---- *1712 --.... *17I2 ---- ---- ---,
Plywood
.8 3 155
.
4612 Aug 25 6018 Nov 9
58 59
/
1
4
58% 59 s 58 5958 5818 59' 5838 5938 -..8i4 163 ---,3
2,400 Atlas Tack Corp
8 June 1014 Jan
1612 1612 1614 1658 1612 165
8 1614 1638 1612 164 163 17
No par
4
912 Aug 21 174Sept 19
452 Bigelow-Hartf Carpet No par 98 Nov 19 10912 Oct 8
99
100 100
98
9912 993
4 99
99
4 9912 993
9934 99
10 Boston Cons Gaa Co pref-100 103 Jan 17 10/314 Aug 31 jai- We; iiii- Yuji
107 108
*107 108
107 108 1•107 108
10712 10712 _ 3513
2018 Dec 2818 Mae
3412 3512 35 3514 3412 3513' 3434 36
5
3518 3512 3. 4 -- - 9,803 Connor (John'')
h10 20 Jan 26 30 Nov 18
260 Dominion Stores, Ltd-No par 284 Jan 80 74 Oct 29
2412 May 35 Sept
64
84
6412 6412 65
65 65
64
64 64
/
1
Do prat A
*100 __ 100 ____ 100 ____ *100 ____ *100
_ ---- ---84 Jan 8812 Des
100 99 June 12 99 June 12
312 34 34 312 +313 4
.312 4
314 314 --3i4 -14 ---i15 East Boston Land
'
2 Sept ' 8 Feb
13118Sept 23
113 Apr30
10
5
5
512 512
6
512 534
5
6
4 Oct
52
1
5
812 Feb
634 Jan 24
5
514 1,072 Eastern Manufacturing
3 Jail 29
,
3,320 Eastern 58 Lines, Inc
82
8512 8612 85 86
80
84 85
80
82
80 83
38 Jan UN Mae
42 Mar 9 88 Nov 12
2
--------1,090 Do pref
*4412 45 *4412 45 *4412 45
4434 44 44
44
No par 85 Jan 15 4614 Oct 31
3412 Jan 40 Feb
97 97 *97 98
99 99 *97 99 *97
99 --------26 let preferred
10
: 89 Jan 8 100 July 20
0
8512 Jan 93 Mar
88 Edison Electric Mum
200 2 2093 20912 210 210 210 210 210 2083 2093 20812 209
8
4
4
4
1
200 Jan 6 213 May 21 16312 Jan 20412 Del
35 Elder Mfg Co(v g 0)
*4
412 412
10
5
312July 1
*4
5
*4
534 Oct 9
5
5
*4
2 Jan
/
1
4
5
*4
8 Dee
*22 24 *22
2312 ..._ _ __ _____ ------ Galveston-Houston Else -100 17 Oct 8 88 Jan 7
23 +22
13 Jan M. Dee
23 *22
23 *22
Georgia Ry &Eleo
100 11558 Feb 27 1154 Feb 27 11314 Mar 1164 Sept
/
1
/
1
ai eh dist co
ro 6% non-cum pref_100 7812 Apr 16 8414 Sept 8
" 13 4 72: ;854 -_-_-_-_ ;i1 / -",-- ii3Olis :::: ;gala ----- 79 Aug 80 Jan
. 1
8
54
5
.
364 374 3614 3634 37 -No par 3234 Atli( 29 43 July 1___
3
7 *3612 37 *3612 - 1
6i ---- ---- ---oi103 10413 10112 10434 100 10112 100 10112 101 10115 iiiii2 161- 4,240 Gillette Safety Rasor_No Dar 5712 Jan 2 109348ept 24
illili -Oct 584 -Oen
100 Greenfield Tap & Die
*124 13 *1212 13 *1212 13 *1212 13
12
12
*1212 13
121 Nov 1572 Jan
/
4
25 11 May 12 1512June 1
525 Hood Rubber
•-_-- 7012 *674 70
46 Mar 60 Dec
No par 52 May 6 72 Oct 2
6952 69 8 6812 6812 6814 6812 69 694
3
41 Apr 59 Nov
7312 731 *7212 7312 *72 73 *7112 7212 -----------------10 Internet Cement Corp_No par 6212 Jan 5 80 Oct 1
10 International Producta_No Par .12 Aug 20
3 Dee
2 Jan 3 .10 Feb
*.25 .50
.25 .25
.25 .50
.35 .35 •
De pref
*214 4
*212 4
412 .
5 Z5 -_ ---- -_ --- -- -,.
1 July 13 1012 Jan 9 .25 Feb 14 Dec
*24 4
+212 4
------ Kidd r. Peabody Acceptance
Corp Class A pref
80 Jan 884 Dee
*95 ____ *95 .. _ _ *95
100 8212 Jan 6 95 June 16
.._-*95 __._ *95 _ __
8 DM
/
1
4
4 June
9 Jan 7
/
1
4
ps ---551 Libby, McNeil & Libby- 10
614 Apr 16
O8
8
/
1
4
8
8
814 -8
8
8
8 8 12 812
Lit0encwo.14n
70 Jan 71 Nov
• -- 70
--__
20 6814 Nov 4 7014 Mar 2
70
70 *____ 70 *--__ 70
9 Mar 13 Dee
/
1
4
Theatres
1212 1212 *1214 1234 *1214 1212 1212 1212 1214 1212 -1212 -- -1- ---ii5
25 1114 Aug 11 13 Jan 6
12 2
444 Massachusetts Gas Cee
1n
66 Nov 81 Feb
tts
7512 75
100 88 Feb 3 78 Sept 22
/ 7514 78 *75
1
4
76
75
7512 75 7514 76 76
62 June 70 JIM
/
1
100 834 Jan 9 70 Oct 5
__ 6712 6812
+6912 7012 187
6712 6712 •268
67
161 Mergenthaler Linotype-100 167 Jan 7 197 Oct 14 150 Apr 172 Dee
192 192 192 192 *192 193 190 190 *188 19
190 190
-0
612 Jan 173 Feb
8
714Sept 21 1624 Jan 15
11
1012 10
*9
1012 --------85 Mexican Investment,Ina_ 10
1012 *9
*9
1012 10
19 Feb 364 Do:
/
1
100 38 Jan 2 124 Oct 27
Mlasissinni River Power
•80 125
80 Jan 90 Sept
100 874 Jan 10 9614 Nov 4
Do stamped pre:
'
95 95 ;9514 fir -5:1- -.
05 "tii- "iii" ;554 "tiE" -55" lii- ---ii
2 Apr
1312 Noy
6 Jan 13
/
1
4
4 Apr 22
10
434 5
412 47
3 1,805 National Leather
4 5
478 5
43
4 5
434 5
43
Ma Apr
2 June 22 .60 Des
D0
ilRet,„
•.40 .45 •.40 .45
.40 .40 1,600 NewEng. Octr ef. Co. tr etre- .20 Feb 9
.40 .40 •.40 .45 •.40 .45
6 Dec 3114 Mar
584 Apr 7 12 Sept 8
100
Prof
4.91 ____ *912 ____ *8
:
10
8
8
8 May 1514 Mar
_ New En re5
preferg South Mills_No par
5 Aug 20 11 Feb 9
*7
9
*7
9
*9
10
*8
---- ---10
*8
9
40 July 7112 Mar
100 2412May 7 55 Jan 14
35 • -- 35 --- - - 3
•---- 35 4 *---- 35 0_ _ _ 35 •__
98 Dec11512 Jan
:
-- - ii11712 11734 117 11712 11613 117
11213 11812 11878 12212 ; -5 New England Telephone_100 99 Apr 21 12212 Nov 30
11612 117
14 Jan 2812 Deo
1,734 Orpheum Circuit, Inc__.. 1 2112 Oct 22 3234July 30
30
•
30 31
*30
31 .30
*2912 3012 z30
31
*30
31
69 Oct87 Feb
/
1
4
100 5212June 12 811s Jan 13
61
61
604
603 61
4
60 *159 4 6014 60
6012 61 z60
3
65 Sept 7414 Mar
° 04
178 Plan 111os 0) 1st met_ _ _100 32 Aug 3 75 Oct 16
66 Reeee 0 to
5
64 67
*69
67 68
70
68
70
6912
1134 Jnn 17 July
10 1614 Aug 12 18 Apr 3
•1612 1578 *1512 15 8 *1513 154 1512 157
life
2 112
7
2 157 -- 7 -Uis •____
218 May
3 J1113
234 Jan 8
114 Nov 12
Reece Folding Machine
10
114
114 114 *114 134 *114 134 *114 1425
419 Swift & Co
100 1094 Apr 22 120 Feb 6 100 June 118 Dee
115 11514 115 115
- 2
115 11538 11512 11512 115 11512 HI 1111354 June 52 Dee
ynir n
415 ToroIngton
25 4512 Apr 13 70 Oct 3
69 6914 *6812 6912 6912 70
8812 89 *67 69
67
' 63 •
5 Dec 10 Feb
712 Jan 23
413TwistDrill
3 Oct 23
5
*4
413 *312 5
412 *4
*4
412 *4
34 Jan 4314 Dee
,
8 3 5
48 4812 4738 48
495
4958 -45- -- -- ---E.1 trotted Shoe Mach Coro- 25 4034July 29 50 Nov 4
4712 4912 4812 4912 49
/
1
/
1
244 Feb 284 Nov
2
6 2612 Jan 18 29 Oct 22
5
28
2818 2818 28
28
28
28
28 *28 2818 28
28
1914 Oct 27 Jan
1912 Jan 8 26 Nov 18
D
:ura
Fignsol Oil Fields
25 2 257
7
2 2512
---_ --__ -- --- 1.0604 Ven
26 26
193 Nov 5 2612 Nov16_io- . .
4
iiz);
8,368 Certificates of deposit
2512 2612 26
2612 2512 2618 2514 26
134 Apr
1111514 1514 1514 1514 *1514 15 4 *1514 153 -iLIT4 - 2 -ii44 - 5- 3,960 Waldortfiya.Inc,new sh No par 1412 Aug 4 1934 Jan 3
11 3
4
3
64 Jan 104 Feb
5 Jan 15 23 Oct 14
45 Walth Watch Cl B corn-No Par
•20
2014 2014
21
21
•20
2014 20 4 *2014 21
21
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3
l
AL JIre B12 Feb
ev
479 Do prof trust Ws
100 174 ;an 1g Ni Oct 14
/
4
42 42
4134 411
42
42
43 •41
42
42 42
45
7 Do prior pref
100 85
*90 95 *90 95 .90 95 *90 94
90 90
1512 June 22 Feb
3,581 Walworth Manufacturing- 20 1658June 2 2714July 29
-2
2312 257
s
2 2212 2312 22 223
223
4 2238 223 -iiis 1214 22
so 27 Jan 2 5012July 7
294 Jan 3934 Noy
1.073 Warren Bros
4612 4512 45 45
4514 45 45
4512 45
45 4514 45
3434 Apr 41 Jan
43' July 1
5 Do 1st prof
60 3758 Jan 1
*4213 4313 *43 44 •43 44
43 43 *43 4312 ---- ---46 Mar 2 38 Mar 42 Jan
50 4012 Jan 1
60 Do 2d prat
_-_--- •
42 44
+42 44
43 43 *42 44 *42
44
alining
Adventure ConsoUdated..... 25 .16 Feb 1 .25 Jan 26 .15 Dec .51 Dee
%15 .40
•.15 .40
.15 .40 4
•.15 .40 *.15 .40 •
.25 Jan 2 .10 June .26 Doi
Algomah Mining
26 .10 Mar
*10 .20 *.10 .20 *.10 .20 *.10 .20 *.10 .20 •.10 .20
June
)
m
7 Art4ona c o menla
5
14
3
/
4
•.90 114 .
/
4
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112 11 •.90 11 ..9: 1138 2,616 Arcadlan ? nsolidated...... 2: ...,2
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/
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11 lc i : Jo
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8
14
28 11 ,
711 ,
, eii
1 1 Des
1
1358 1334
14
1358 1314 13 4
1414
1334 1414 1334 14
13
3
10
60 0 2
14 June 814 Dee
/
1
56 5612 5612 5612 5512 5612
13 May
/
1
4
?2,4
Jan
1514 1512 1514 1512 1514 1534 5453 5512 54
1553 .
153 153
8
4 154 55
Aan 4 .37 Nov
jg 2
u
8 Feb
.35 .35 *.30 .40 1,610 Carson Hill Gold
.40 .40
.40 .40 •.30 .40
.30 .55
33 Jan 10
1812 June NM Dee
01 M
221 .21838june 1
2
6 12 4Junay
Co
4 1,948 Da
211 2212 21
/
4
2014 2034 2014 2012 2012 203
2138 2034 21
.7 ,4 Feb 6 .3304
6 u, 2
8
1 .02 July
civrae-Daly
.7 74:
0 M
6 D
.06
*---- .05 ---- .05 *---ro
3 Ji
July
930 East Butte Copper Mining_
418 418
Is
418
434 412
4%, 412 *414 412
414 414
l's Jan 24 AO May
40
1 Jan
585
.99 .99 *.99 114
1
1
.99 .99 *.99 114 4%90 114
14 Feb 6 .30 Oct
/
1
Hancock Consolidated.... 26 .60 June 1
2 Jan
.
1.90 1
•.90 1
•.90 1
•.90 1
*.90 1
•.90 1
23 Jan 24
194 Dec 284 Jan
1 1512July
/
1
915 Hardy Coal Co
/
1
1934 20
20
2018 2012 2018 2018 20
20
20
20
20
312 Feb 5 .30 May
114 Oct 2
26
500 Helvetia
.112 2
234 Dee
*112 2
•113 2
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112 112 *112 2
944 Apr 142 Nov
1 121 Mar 2 150 Sept 30
177 Island Creek Coal
147 147
•14512 14712 *146 147 1464 14612 147 148
14612 148
1 9414May 2 100 Nov 2
15 Do pref
90 June 100 Sept
9912
+99 100
99 99
*98 100 .98 100 .99 100 *99
2012 Jan 7
9 Apr 2
/
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4
25
12 June 22 Dee
/
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8 1.320 1e Rag Copper
11 5rr
1
1312 1334 134 137
1314 1384 1313 14
1313 14
1334 14
.90Aug 1
5
11111 Feb 4
112 Mar
212 Feb
+1
114
118 118 *1
114 *118 114 *118 114 PA, 1 jfs
112June 19 .60 Jan
25 .50 June 2
100 Keweenaw Copper
..50 1
114 Nov
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.
1.70 .90
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ii,
Ii Jan 12
26
1 Apr 1
(i ...90751)4 JAinPotr
890 Lake Conner CO
8:44 De
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o
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/
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138 138 •114 134
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8,
La Salle Copper
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300 Mason Valley Mine
*112 2
2
2
2
2
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an
Maas Consolidated
.50 .75
an
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*.60 .70 *.50 .70 •.60 .75 •
•.75 1
3
6 20 une 9
5 9
2 8314 JAur 41 Joey
610 Mayflower-Old Colony-- 2 . 64JOct 2 61 Jan 13
14 114
/
1
114 114
2
0 0 pe
118
1
14 114 *118 114 +118 113
5 Dl
,
715 Mohawk
3312 34
8
3412 35
3412 3412 3313 3312 333 3312 3312 34
5 18 Mar 80 25 Jan 2
710 New Cornelia Copper
1812 Jan 254 Dm
1914 1914 19
/
1
1914 1912 1913 1878 1912 1914 1912 *1934 20
.10 July 2 .85 Feb 18 .40 Dec
200 New Dominion Copper
+.10 .20 +.10 .20 •.10 2
234 ADP
.
6
__._1_0 2 10 *JO .20 _ _._ __
.
6
2 31
00 25 ig:30 65 A::28
100 40 J
New River Company
31
•_ _ _ _ 26
6 4 JDee 70 Na
85 unc 46
7
26
l
26
20 Do pref
705 6175
6112 6112 *261
_
65 3
.:61
65 •z6012 64 z_ i4 6134 *.5
4 July 3
/
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4
0i4 Jan 10
245 Nlyissing Mines
6 Jan
*478 5
/
1
4
6114 Des
*478 5
434 43
4
434 47
s
4
16 .89 June 6
3 2 Nov 16
7
338 3 .3 12,510 North Butte
4
318 33
3
33s 312
4
314 37
313 33
8
234 34
14 Oct
/
1
6 July
/
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26 .25 Nov 19
14 Jan 10 .40 June
,
/
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167 Ojibwa) Mining
*.25 .50 *.25 .40 •.35 .50 *.25 .40
1 Nov
.25 .25 •.20 .50
26 1712June 9 27 Jan 10
490 Old Dominion Co
*1914 1912
15 Jan 2812 Dee
20
1912 •19
*91
20
1914
7
1,195 Pd Crk Pocahontas Co_No par 1012June 18 18 8Sept 21
iiii, 16- 1512
1512
1034 July 1512 July
1512 151 1518 15
/
4
1 15
25 19 Apr 22 3912 Jan 10
275 QuilleY
2512 24
2412
25
24
/ 2412 *24
1
4
/
1
4
24
14 June 84 Dee
24
25
2312 24
1 J
20 260 Aay 21 48 4 jan 12 .3 JAn
15 .812m pr 1
596 St Marrs Mineral Land
2
39 40
3714 3712
37 39
2
0 n ye 4 se
6
1 Des
412
3634 37
37
3634 3714 37
405 Shannon
.60 .75
•
.60 .75
.65 .65 •
.65 .80
.60 .60 •
.55 .55
0
74
280 Superior & Boston Conner. 16 .73
0
138 138 *114 112 *114 112
327181 Dee
.25172
114 114 *114 138
D4 114
MaY 13 812 4 j n 253
Jan 2
1 Ja
Dec
55
3 534 4,040 Utah-Apex Mining
5 3.
7
5 .3 54
5
53
June
8 5
5 .1 5
5
55
558
578
54
800 Utah Metal & Tunnel
1 .40 July 7 .98 Jan 29 .14 June .70 JU17
•.60 .70
.55 .60
.55 .55
.55 .55 •.55 .60
.55 .55
114 Jan 31 .is Apr
25 .25 Aug 3
310 Victoria
•.45 .60 •.45 .60
.50 .50
.45 .45 '.40 .60 •.40 .65
1 Aug
700 Winona
25 .1d Aug 17 .48 Jan 7 .13 Feb .71 Jul7
1.25 .50
'.20 .30 *.20 .25
.22 .25 *.20 .30 •
.20 .30 '
25 .05 Aar 14 .21 Feb 11 .10 July .26 'Jut!
*a__ _ - .75 *a.- .50 *a- .50 •a____ .50 a_ __ _ .50 -- -- ---- ------ Wyandot
•BIC and asked prices, no sales on this elo7 a Ex-righta. to Ex-dly and rights s Ex-div o Ex-stock div. a Assessment paid. g Price on now basis.
'Mu 113281111,1224
1,1.
.90
187s
12 .
-1-ef 15,, 151
,
Nov.21 1925.]
THE CHRONICLE
AllQuotations of Sundry Securities
Outside Stock Exchanges
hood prices are"and interest" except where marked •
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Bonds
Atl G & W I SS L 5s._1959
Boston & Maine 440_1944
Chic Juno By & II S Y 4540
Egi
1940
East Mass St RR1948
Ser A 43411
1948
Ser B 55
1948
Ser D 65
Good Hope St dr I 7s_ _1945
1936
Hood Rubber 75
K C Mom & Birm 5.9_ _1934
K C Mom By Rdge 55_1929
Maine Cent Ser A 4Sis 1935
1929
Mass Gas 4345
1931
4SO
Miss Riv Power 5s .1951
New England Tel 5a-1932
P C Pocah Co deb 75.1935
1944
Swift & Co 58
Warren Bros 732s-- _1937
Western Tel & Tel 55_1932
7454
73
7632
8531
983(
75 $14,000
7634 2,000
5,000
87
9934 3.000
64;2
62
72
70
82
82
91
91
10431 10432
97;2 9752
9931 9954
89
89
9832 9834
9634 9634
99% 9932
10034 101%
112 114
9931 99% 9931
150 150
9951 9951
62
bonds at Boston
inclusive:
Range Since Jan. 1.'I
Low.
63
7632
84
96
High.
Jan 7834
Nov 7634
Feb 87
Feb 100
Sept
Nov
Nov
Sept
33,000 62 Sept 72
7,110 67
Mar 78
1,000 80
Oct 8832
5,000 91
Nov 91
5,000 101% Jan 106
3,000 9532 Mar 9932
1,000 98;1 Jan 100
2,000 8732 July 89
2,000 9754 Feb 9931
1,000 94;2 Jan 97%
.2,000 9632 Jan 100
8,000 993( Jan 101%
12,000 101
Aug 120
7,000 9732 Jan 100%
2,000 123
Jan 160
17.000 9232 Jan 10032
Feb
Mar
Feb
Nov
July
Sept
May
Nov
Sept
June
June
Aug
Sept
June
Oct
June
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Nov. 14 to Nov. 20, both
inclusive compiled from official sales lists:
Stocks-
Friday
Sales
Last. Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Abbotta Al Dairy pref-100
10
Alliance Insurance
Amer El Pr Co pref __ _ _100 10154
10 1031
American Milling
•
American Stores
11054
Bell Telep of Pa, prof
100 136
Brill(J G)Co
50
Cambria Iron
Consol True of N J-_ -100
pf
East Shore0& E8% - -25
100 1832
Eisenlohr (Otto)
Elec Storage Battery-100
50
Fire Association
Giant Port Cement pref _50
Insurance Co of N A...AO 58
Keystone Telep, pref__50 33
Keystone Watch Case-- ......
3
Lake Superior CorP--100
50 10454
Lehigh Navigation
50
Lehigh Valley
10 3232
Lit Brothers
Minehill & Schuyi Hav.50
North Pennsylvania__ _50
Penn Cent Light & Pow- •
50
Pennsylvania RR
Pennsylvania Salt Mfg. _50 73
Philadelphia Co (Pitts)
Preferred (cumul6%)-50
25 4734
Phila Eiec of Pa
Phila Gtn & Nor
Phila Rapid Transit...-50 4854
Phila & Read Coal & Iron_
50 5632
Phila. Traction
Phila & Western.......50 12
50 35
Preferred
50
Reading Company
Scott Paper Co pref _ - _ -100
Tono-Belmont Deve1.--1
1
Tonopah mining
so 3934
Union Traction
50 11554
United Gas Impt
Victory Pk Land Impt...... ______
332
Warwick Iron & Steel...10
W Jersey & Bea shore 50
Westmoreland Coal- _ -50
50 35%
York Rys, prof
Range Since Jan. 1.
Low.
High.
10132 10154
15 92
Jan 10154 Ott
5432 56
354 37
Jan 60 June
27 9132 Oct 10454 Apr
10032 10134
1031 1031
482 10
July 12
Feb
8032 82
4,650 4534 Jan 8854 July
110 11032
128 10731 Apr 11032 Nov
13534 13634
350 95
Mar 145
Nov
3831 3834
110 38
Mar 40
Jan
40
41
140 3532 Mar 43
Mar
26
26
25 25
Feb 27
July
932 July 1854 Nov
1634 1832 8.212
73
510 6132 Apr 75
75
Nov
274 274
10 227
Jan 280
Mar
55
85 4655
Jan 5994 Sept
5734 5854 1,142 4654 Feb 70
Jan
3232 33
200 20
Apr 35 Jime
60
60
53 55 June 66
Feb
3
332
230
3
Aug
732 Feb
10232 10832 7,113 8032 Mar 110 June
8134 84
235 7431 Jan 8432 Nov
5.101 2134 May 37
3134 34
Nov
52
52
8 5032 July 53 July
8131 8134
5 8054 May 82
Jan
6932 6932
55 60
Jan 71
Oct
5132 12.222 4234 Apr 51
50
Nov
73
230 70 May 8534 Jan
7334
47
47
30 3732 Apr 4932 Aug
4534 5432 38,242 3754 Apr 5731 Nov
10631 12432 1,010 10631 Nov 12432 Nov
563 40
Jan 50
4854 49
Oct
42
100 3854 May 52
42
Jan
791 56
5654 57
Nov 6334 Max
12
12
680 1032 Oct 1854 Jan
3534
35
385 35
Oct 75
Om
8731 8934
120 7431 Mar 8834 Jan
99
108 96
98
Jan 10054 Oct
Pm 154 6,075
34 Jan
132 Nov
4
132 Mar
434 6,300
532 Aug
3934 40
1,329 3832 Oct44
Mar
112 11634 14,583 7932 Mar 12054 Nov
5% 554
150
Apr
4
691 Oct
334 4
679
332 Nov
734 Jan
43
96 3134 Jan 48
43
Aug
5332 54
60 4132 Aug 57
Jan
70 35
3532 3554
Oct38
Aug
Bonds1,000 100
Oct100% Oct
100 100
Adv Bag & Paper 78..1943
8931 93
9.300 87
Apr 94 June
Amer Gas& Elec 5s_ _ 2007
9931 9931 1,000 9832 Jan 9932 Nov
(AT)Baker &Co 6325-1.000 68
68
68
Nov 78% Mar
ConsolTrac N J 1st 5s 1932
16,500 57
60
Jan 65
Mar
Elea & Peoples tr ctfs 49'45 5931 59
1,000 44
Feb 60
57
57
Apr
Inter-State Rys coll 4s 1943
22,000 8232 June 9234 June
9054 91
Keystone Telep 1st 58-1935
Lehigh C & Nay
9232 9232 2,000 9232 Nov 9254 Nov
Funding & Mint 48..1948
6,000 82
Nov 82
82
82
Nov
Leh Val gen cons 45_2003
5931 61
9.000 59N Nov 70
Jan
Peoples Pass tr MD248.1943
10131 10232 39,600 9431 Sept 104
Sept
1949
Phila Co 1st 55
3,000 83
85
85
Jan 85
Max
Phil() Elec 1st a 1 4s....1966 85
101 10132 14,500 100
Aug 104
1960
Sept
5s
Aug 10454 Sept
1966 10232 10232 10254 1,000 100
1st 53
1947 106% 106 10634 5,000 10332 Jan 107 June
532e
1953 10634 10654 10632 6,000 104% Feb 10734 Oct
532s
Jan 10834 Junr
10754 10754 12,000 106
1941
68
2,000 101
Jan 10132 Jar
101 101
Spanish Am Iron 6s_ -1927
Jar
Invest 59_1926 9934 9934 9954 1,000 9145 Nov 100
United Rys
• No par value.
Cincinnati Stock Exchange. Record of transactions at
Cincinnati Stock Exchange Nov. 14 to Nov. 20, both inclusive
compiled from official lists:
Stocks-
Sa1es
Friday
Last Week's Range for
Week.
of Prices.
Sale
par, price. Low. High. Shares
133
125
5134
109
10632
34
180
103
68
150
24
110
3334
37
37
10132
1834
1834
2254
12132
11134
123 150
124 . 125
5134 53
10834 109
105 10632
3351 34
180 180
103 103
72
70
150 15232
2332 24
109 110
3334 3432
3634 37
38
37
10134 10132
1834 1832
1832 18%
2232
22
115 136
11132 11132
4,230
22
2,807
58
14
50
5
10
116
50
389
26
2,804
626
385
30
190
20
,320
50
I
8
Low.
72
Feb
118
Jan
4734 Feb
unig Feb
10334 Jan
32
Nov
135
Jan
9934 Jan
4854 Jan
142
Jul
23 Jun
9531 Apr
Mar
31
35
Apr
30
Fe
10034 Jan
1634 Job,
18
July
2341 31ar
70
Apr
11031 Jan
High.
g
Amer Laund Mach,com_25
100
Preferred
Amer Rolling Mill, com.25
100
Preferred
100
Baldwin, new pref
Black-Clawson Buckeye100
Carey (Philip), com-.100
100
Champ Fibre Pref
•
Churngold Corporation..
On Union Stk Yards 100
•
City Ice & Fuel
Cooper Corp, new pref _100
Eagle-Picher Lead, com.20
*
Gibson Art, corn
•
Gruen Watch, corn
100
Preferred
Hatfield-Reliance. corn---•
•
Kodel Radio"A"
20
Preferred
10
Kroger, common
100
New preferred
Range Since Jan. 1.
ZZ"CE"Rr'NZnX°t
tOgUngftalfeaSit UrAtb
Boston Bond Record.
-Transactions in
14 to Nov. 20, both
Stock Exchange Nov.
X XX
XXXX
..004MMmN.-om
NNONOt
...01....04,
NNNV ...
.0MW0WMN VVM 0
0
ON4,
•-•
Standard 011 Stinks Par Rid.
Ask• Railroad Equipments Per Cl. Basis
Anglo-Amer Oil vot stk...£1 *1734 18 I Atlantic Coast Line 6a
5.20 5.00
Bonus stock
5.00 4.85
Equipment 6348
*172* 18
100 10712 108 Baltimore & Ohio 83
Atlantic Refining__
5.30 5.10
Preferred
5.05 4.50
Equipment 454a &
100 11612 11712
Borne Scrymeer Co
100 220 230 Buff Roth & Pitts equip 68.. 5.25 5.00
Buckeye Pipe Line Co--- 50 *55 5612 Canadian Pacific 434a & 61_ 5.00 4.75
Cheeebrough.Mfg new.. 25 *70 72 Central RR of NJ Si
5.20 5.00
Preferred
5.30 5.10
Chesapeake & Ohio 6a
100 •
Continental Oil new..... 10 *24 2418
5.10 4.85
Equipment 6348
Rights
Equipment 54
5.00 4.80
*85c. 865.
Crescent Pipe Line Co__ 50 *16
1612 Chicago Burl dc Quincy 6s
5.25 5.00
Cumberland Pipe Line_100 141 143 Chicago & Eastern III 532a. 5.50 5.15
Eureka Pipe Line CO.
...100 *6712 6812 Chicago & North West 8s
5.40 5.15
Catena Signal 011 com__100 *39 3912
Equipment6 Ne
5.10 4.90
Preferred old
100 107 110 Chic RI & Pan 4548 & 5a.... 5.10 4.75
Preferred new
_100 101 103
Equipment Si
5.45 5.15
Humble Oil& Ref new.. 25 *2414 2424 Colorado & Southern 8a
5.50 5.20
Illinois Pipe Line
100 140 142 Delaware & Hudson 621
5.20 5.00
Imperial 011
25 *13412 135 Erie 432s & 55
5.25 5.00
New when issued
3214 3314
Equipment 6s
5.55 5.30
Indiana Mae Line Co__ 50 *6212 64 Great Northern (ts
5.35 5.10
International Petroleum (i) *283 2878
5.05 4.85
Equipment 58
Magnolia Petroleum. _ _100 17911 180 Hocking Valley 68
5.00 4.55
National Transit Co__12.50 *1814 1914
Equipment6s
5.35 5.10
New York Transit Co_ -100 5312 54 Illinois Central 454e & 5a
4.95 4.70
Northern Pipe Line Co__100 go
8012
Equipment 13e
5.20 5.00
01210 011new
Equipment 7a & 654.-.._5.00 4.80
25 *85 6612
Penn Max Fuel Co
5..40 5.
25 *23 26 Kanawha & Michigan as__
2 500
.
15
Prairie Olt& Gas new... 25 .5318 3312
Equipment4 Ns
Prairie Mae Line new.
.100 126 12612 Kansas City Southern 534s_ 5.35 5.00
Solar Refining
100 210 220 Louisville & Nashville 6a
5.20 5.00
Southern Pipe Line Co.
Equipment 6348
-100 69 71
5.00 4.80
South Penn 011
100 17212 174 Michigan Central 58 & fie
5.15 4.75
Soathweet Pa Pipe Linea 100 *34 57 Minn St P & SSM 434e&M 5.30 5.00
Standard Oil (California) 25 *36 5512
Equipment 634e & 7s
5.35 5.05
Standard 011 (Indiana) 25 4 9314 6512 Missouri Kansas & Texas 68 5.65 5.35
,
Standard 011 (Kansas)-. 25 *32 3212 Missouri Pacllic 13e & 634s._ 5.60 5.25
Standard 011 (Kentuiliy) 25 *133 13412 Mobile & Ohio 434e &
5.05 4.80
Standard 011 (Nebraska) 100 240 245 New York Central 4349 & 5a 4.85 4.70
Standard Oil of New ler_ 25 *431 4334
Equipment65
5.00 4.85
Preferred
100 11712 118
Equipment 7s
5.05 4.80
Standard Oil of New York 25 *4424 45 Norfolk & Western 454a__.._ 4..80 4 00
5 10 .0
.
6
Standard Oil (Ohlo)_ _ _ _100 366 369 Northern Pacific 78
Preferred
100 120 121 Pacific Fruit Express 7s_
5.10 4.90
Swan & Finch
100 19
1912 Pennsylvania RR eq 5a & 6s 5..4 4...75
.0 5
2
7
Union Tank Car Co
100 130 131 Pitts & Lake Erie 632s
90
Preferred
Equipment 812
.100 113 115
Vacuum Oil new
. 25 *101 102 Reading Co 432e & 5s
4.85 4.60
Washington Oil
10 *40 50 St Louis & San Francisco 58. 5.00 4.85
Other 011 Stack.
Seaboard Air Line 532s & 68. 5.50 5.25
Atlantic Lobos 011
214 Southern Pacific Co 454,..4. 5 4 80
(t) *2
5.
0 4
8 .
.70
Preferred
5o *4 514 Equipment 7e
Hull 011 new
2 41214 83 Southern By 43212 & M.__ 5.05 4.80
Idountain Producers
Equipment6a
10 *312 512
5.35 5.10
Mexican Eagle Oil
5 00 4 30
5. 5
.50 .
*2412 2428 Toledo & Ohio Central 6a
.10
National Fuel Gas
100 120 123 17nion Pacific 7s
Salt Creek Cone 011
10 *17 31148
: 01
8I
Salt Creek Producers__ 10 3
Tobacco Stocks
Public Utilities
American Cigar common 100 108 111
Amer Gas& Elect new _(3) *SO
Preferred
100 96 100
82
6% Pre! new
(2) *92 93 Amer Machine & Fdry_100 185 195
Deb 6s 2014
MAN 98 9812 British-Amer Tobse ord. fl *26 27
Amer Light & Tree com-100 280 284
Bearer
El *25 27
Preferred
too 113 115 Imperial Tob of CI B & herd 2412 2512
Amer Power & Lt common_
..._100 80 90
62 63 Int Cigar Machinery.
Preferred
101
94 95 Johnson Tin Foil & Met_100 60 75
Deb 6,2016
PA&S 9814 97 MacAndrews & Forbee 100 165 170
Amer Public Util com _100 81 83
Preferred
100 100 103
7% Prior preferred_ _ __100 88 91 Mengel Co
100 48 50
4% Partin prof
100 80 82 Porto Rican-Amer Tob _ _100 50 60
Associated Gas & El pi_ _(2) .
501 52 Universal Leaf Tob com_100 57 59
Preferred
Secured g 832s 1954 J&J 101 103
100 98 100
Blacketone VaIG&E coin 60 *94 98 Young (J 5) Co
100 123 126
Carolina Pow & Lt cam- _ _ 440 444
Preferred
100 105 110
Cities Service common-20 *383 3914
Preferred
100 841 844 Rubber Stocks (Cleveland)
Preferred B
5
10 *7% 7 Am Tire & Rub corn
7s
Preferred B
Preferred
-B •
30
100 •781 783
4
Mee Service Bankers Shame •
Ftreetone Tire & Rub corn 10 1281 130
191
Com'w"Ith Pow Cow new a) *3514 351
8% preferred
100 100 10012
4
Preferred
7% preferred
100 100 0012
100 *87 89
Cleo Bond & Share pref.
_100 103 105 General Tire & Rub corn. 50
415
Elea Bond & 1311 Secur
Preferred
100 150
_ *67 6712
Elm By Securitiee
_(2 *26
27 Goodyear Tire & R com_100 4112 42
Lehigh Power Securities-(I *184 188 Goody'r T & R of Can p1100 79512 951
4
Mississippi Riir Pow corn 100 93 95 Mason Tire & Rub oom_() *23
4 314
Preferred
Preferred
100 16
100 94 96
18
First mtge 55
_J&J 99 993 Miller Rubber cam. new 100 4312 48
4
F g deb 7s 1935_M&N
Preferred
100 10312 104
1951_Net Power & Lt man_(I) 102 103 Mohawk Rubber
100 73
75
435 440
Common w I
Preferred
75
78
Preferred
(I) *13112 13 14 Seiberling Tire & Rubber (1) *25 2512
0
9 03
2
Income 7e 1972
Preferred
100
9712
Jecj 102 103
North Statee Pow com_100 143 ,144 Swinehart The & R com_100
Preferred
Preferred
100
100 100 102
Nor Texas Elm Co com_100
32
-Preferred
Sugar S
100 52 55
Pacific Gas & El 1st prof-100 97 - - Caracas Sugar
50 •1
3
99
Power Securities corn.._() *11
Cent Aguirre Sugar cont. 20 873 75
13
Second preferred
100 12712 12912
(3) *23
27 Fajardo Sugar
Coll trust 6a 1949___J&D
Federal Sugar Ref com.-100
55
Incomes June 1949__F&A
100
Preferred
90
92
Puget Sound Pow & Lt_ 100 488 83 Godchaux Sugar. Inc.(I)
*28 54
31
11
3
5% preferred
Preferred
100 45 50
10
0 84 86
7% preferred
Holly Sugar Corp corn.-(2) *36 43
let & ref 530 1949_,1&D d1061 108
Preferred
190 9914 100
100 90 94
Republic By &
62 64 Junco(' Central Sugar---100 105 125
Preferred
National Sugar Refiring-100 10712 109
Call! Edison com_100
South
1uu 1351 137 New Niquero Sugar---100
8
85
0 82
8% preferred
Banta Cecilia Sug Corp P1100
1
4
Standard Ci&EI 7% pr 100
99 100 10
361 45 Savannah Sugar corn...-(6) *135 140
2
Tennessee Elec Power...(6)
Preferred
100 115 118
let prof 7%
_ Sugar Estates Oriente p1_100 40 45
Western Pow Corp rif-_100
9511 9712
&est Missouri Pr 7% of?
94 97 industrial &Miscellaneous
Short Term Securities
American Hardware
2 8107 109
Anaconda Cop Min(3s'29J&J
100 14512 14711
& Wilcox
Chic,R I & PAO 59 1929 J&J 1025* 103 Babcock W)Co new
a *24 27
Bliss(E
Federal Bug Ref 68'33_M&N go% 99%
Preferred
50
Hocking Valley 15e 1926 M&S 94 96
Company oom 0 *94 96
K 0 Term Ry 5321.___1928 100 10014 Borden
Preferred
100 110 111
Lehigh Pow Bee (is '27_F&A 101 101511 Celluloid Company
100 20 25
Missouri Pacific 5s '27 J&J 10118 10112
Preferred
100 65 75
lop% Noir
Bless-Shelf S*1 Se
100 122 124
.29-F&A 10214 103 Childs Company pref
wis Cent 512e Apr 15'27
100 135 140
WI% 101 Hercules Powder
Saint Stk Land Bk Bends
Preferred
100 110 113
Chic Jt Stk Ld Bk 58_1951 1011
10314 International Silver pref _100 107 109
tia 1952 opt 1932
10114 10314 Lehigh Valley Coal Sales 50 82 84
5a 1963 opt 1033
100 125 130
102 10312 Phelps Dodge Corp
5548 1951 opt 1931
10312 10512 Royal Baking Pow oora_100 185 190
434a 1952 opt 1932
Preferred
100 100 102
101 10234
454s 1952 opt 1932
100 10112 Singer Manufacturing...100 364 366
132e 1964 opt 1934
10012 102
MO 1983 opt 1933
101 1023
4
412a 1965 opt 1935
10012 102
Pee Coast of Portland.Ore1955 opt 1935... MAN 10134 10312
eis
58 1954 OP 1934... MAN 10112 10314
•per share. t No oar va ue. b Baste. d Purchaser also pays accrued
dividends.
t New stock. !Flat price. ft Last sale. n Nominal. z Ex-dividend.
Ex
-Mock dividend s Sale price 'Canadian quotation. r Ex-interest. -rights
9E2
2509
2510
aHE CHRONICLE
[VOL. 121
P I suu
Stocks (Continued) Par
—
Paragon Refining, corn_ _ 21
Procter & Gamble. com.21
8% preferred
10(
6% preferred
10(
Pure Oil, corn
2
6% preferred
10(
101
8% preferred
Richardson, corn
101,
U S Can. common
*
Preferred
101
U 8 Playing Card
21
U S Print & Litho,com_1013
U 8 Shoe, corn
•
Whitaker Paper, corn_ _
Preferred.
10(
Wurlitzer. 8% pref.
lot
Bank.—
Citizens National
100
Fifth-Third Union unitalls
First National
101
Fourth & Central Trust,lot
Second National
101
Last Week's Rang. for
Week'.
ofPrices.
Sala
Price. Low. High Shares
81%
83(
55 •
99
105
7% 8
13031 135
165 165
11134 111,1
26
26
87
8731
107 107
150 150
68
68
102 103
14234 143
8131
80
834 831
55
55
99
99
105 105
320
321
223
190.
212
320
320
223
190
135
165
1113(
26
8731
107
150
68
102
212
322
321
223
190
100
2.014
10
20
9
127
1
36
50
115
114
23
765
299
10
62
10
18
29
11
10
Range Since Jan. 1.
534 Jun
, 10
Jar 131
112
July
Apr
10536
26
81
103
90
51
100
10734
59
531
1634
43
104
Sept
No'.
Jar
Ma
,
Pet
Jar
Apr
Jar
Fel
Apr
Mat
Jar
Feb
Oct
July
Aug
Aug
Oct
Oct
July
Nov
Oct
Feb
Oct
Nov
May
205
275
270
Mar 225
Jar 315
Jan 322
May
Nov
Nov
165
° Jar 191
June
63 7631
373 82
31 103
326 75
II' 60
10( 106
Tractions—
Cincinnati Street Ry_ _.51
Ottlo Traction, corn_ _10(
Ill
Preferred
337
220
150
3531 3531
934
9
763/ 80
High.
Low.
Public Utilities—
Cincinnati & Sub Tel _51 84
84
84
Cincinnati Gas& Elec...101
8931 8834 89%
Gino Gas Transportat'n 101 120% 12034 120%
o N & C Lt & Tr,com_101 79
7934 79%
Preferred
101
6331
6334 63
Ohio Bell Telep, pref
10( 10831 10834 109
3534
9
74's
outs,
P1 W
112
28
89
108
126
73
105
140
80
1034
58
99
10934
Feb 94 June
Jar 9034 Nov
Jar 12634 Sept
Jar 84 June
Apr 63)4 June
Mat 110 May
3134 Aug
Apr
9
Jar
40
Sept
May
Feb
39
15
85
Last Week's Rang.
Week.
Sale
OfPrices.
Stocks (Concluded) Par Pried. Low. High Shares
•
Ind Pk Co. corn
104.
Preferred
International Shoe', eons-.
Preferred
101 107
Johansen Shoe
•
Johnson-S & S Shoe
'
Laclede Steel Co
100 155
3
McQuay-Norris
Meletio Sea Food,corn- •
Mo-Ilis Stores corn
• 15
Missouri Porti'd Cement.25
National Candy. corn .101
First preferred
101
. 40
Pedigo-Weber Shoe
Polar Wave I dr F A
. 40
Rice-Stix DO.1st pref_10(
Second preferred _ _ __IOC 102
•
New
& ruggs-V-B DO,com.101
First preferred
104
Second preferred
_101
Skouras Bros, "A"
•
Sou Acid & Sulph. com_100
Southwest Bell Tel, pf_10f
Siehoff Pkg. corn
* 23
St Louis Amuse't Park A_•
Sheffield Steel Car
• 2831
Wagner Electric, coin... _.
• 3534
Wagner Elec Corp, pref.100
Bonds—
E St L & Sub Co 5s_ _ _1937
truPed Railways 4s _ _1934
0
.
-154..10 '
Mi.tsourt-Ed!son 1
27
27
105 107
186 18634
10634 107
44
45
75
75
155 155
1731 1731
37
37
15
15
6634 6831
90
94
109 109
41
40
108-- 108
102 102%
27
28
11434
60
55
113
2234
58
2834
3531
8634
64
58
11331
2334
6234
30
3054
87
8236 83
7234
0111(
Range Since Jan. 1.
High.
1:
71
20(
141
2/
11
16;
20(
3/
2?
32(
4.801
it
3
,
1,4(0
It
1
It
291
184
57
so
851
1.875
786
16
$7,006
6.0cl
fou
27
No'.
10234 JAW
115
Feb
106% No'.
40 .M a:
75
Mar
130
MU'
1434 May
Oci
31
1334 Oct
4134 Fel
No'
90
107
Mar
No'.
40
No'.
40
106
No'.
100 Jun(
No'
27
Feb
104
Mar
83
02
Mar
Apt
36
No,
55
107341 Jar
21
Nov
Or
50
No
,
27
2634 Jar
79
Aug
33%
107%
19714
107
5434
115
155
1934
38
1631
76
107
110
55
40
111
105
3131
11634
93
95
68
65
1133(
25
63
3131
50
92
Alia
Nov
July
Nov
Sept
Aug
Nov
Sept
Nov
Apr
Seta
Jan
Oct
Sent
Nov
Oct
Oct
Oct
July
Nov
Nov
Oct
Oct
Nov
Oct
Oct
Nov
Feb
Sept
Feb
8236 No'. 86
Jan
68% Sept 74
901 No, 10014 July
4
• No par value.
Chicago Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange.—Record of transactions at Chicago Stock Exchange Nov.14 to Nov. 20, both inclusive,
Pittsburgh Stock Exchange Nov. 14 to Nov. 20, both in- compiled from official sales lists:
clusive, compiled from official sales lists:
•No par value.
Bonds—
Mar 9836 Me.,
Pitts Meg'& Conn se _103, . _
9734 97H $1,006 9f3
•No par value.
Note.—Sold last week and not reported: 240 Blaw-Knox Co.at 5934(4)60,16 Colonial Trust at 200, 25 Devonian 011 at 17. 20 Duequesne Light pref. at 11034
@112, 150 Peoples Trust & Savings at 400. 10 Pittsburgh Trust at 222, 30 Richardson & Boynton pref. at 38, 10 Standard Plate Glees pref. at 30.
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange Nov. 14 to Nov. 20 both inclusive, compiled from official sales lists:
Stocks—
Sates
Pcsuay
Last Week's Range for
Week.
of Prices.
Sale
Per. Price. Low. High. Shares
Bank Stocks—
101.
Boatmen's Bank
First National Bank_ -IOC
Nat'l Bank of Comm'ce.101, 146
144 144
22634 230
145 146
Trust Company Stocks
Mississippi Valley Trust101)
St Louts Union 'Trust_ _10C
265 265
31734317%
Street Railway Stockf
United Rye, pref. C-D_100
Miscellaneous Stocks—
• 14
American Invest't B
Barer Stermberg
• 30
Beet Clymer Co
• 65
Brocton Heel,Inc, pref _10( 46
Brown Shoe,com
100
101
Preferred
Conuol Lead & Zinc_ _626
•
EL Bruce. coin
Preferred
10( 10034
Ely dr Walk D G,com_ _25 34
Fred Medart Mfg,corn_ •
Fulton Iron Works.corn_ • 3934
10(
Preferred
104
Globe Dem. pref
Hamilton-Brown Shoe_ _21
•
Hussmann Refr.,com_
114 10234
Huttig S & D, pref
1ZWIT.111 Preag Brick. of.100
634
8
Range Since Jan. 1.
Low.
10 14034 Sept 15234 Oct
Nov
Feb 230
124 205
136 14334 Jan 15034 Feb
10 242
1 258
630
Feb 280
Jan 320
Apr
Mar
8
Oct
414 Apr
'
14%
14
3134
30
65
85
4434 4634
133 133
108 10834
4214
42
5634 5631
10034 100%
3331 3534
3434
34
393a
38
10034 101
111 111
64
64
40
41
10234 10234
9834 9834
High.
120 14
135 30
5 4234
1,500 38
50 69
131 9834
215 42
10 38
55 101)
1,174 2234
315 30
165 35
40 98
119 104
261. 4454
185 37%
45 105
15 81
Nov
Nov
Feb
June
Mar
Apr
No'.
AM
Nov
Jan
Apr
May
June
June
Jar
Mar
API
Jan
1434
36
73
5034
15634
109
4634
65
101%
3734
3634
45
10234
112
70
57
10234
102
Nov
Oct
Oct
Jan
Nov
Oct
Sept
Oct
June
Oct
Oct
Sept
Feb
Oct
Sept
Oct
Nov
Oct
g
334
2731
9934
26
3634
9934
74
34
31
400 •
13034
34
30
8%
51
ma?
Apr
113
4731 Oct
34 July
83
Jan
11534 Feb
15
Mar
2334 Ma
3134 Aug
10334 Jul,
12
AM
284 Jan
9434 Jar
68
Jan
1434 Mar
4134 Mar
28 Ma)
85
Jan
3536 Oct
8531 May
3534 Jan
13
Nov
1334 Apr
34 Oct
373-4 Apr
13
Mar
2034 Aug
9234 Feb
9134 Jan
98
Jan
3254 Jan
9831 Apr
42
Mar
2336 Aug
94
Aug
4
Apr
89 Sept
9 Sept
17% July
33 June
10734 Jan
118
Jan
92
Jan
102
July
95
Apr
10234 Jan
48
Mar
85
Nov
1434 Mar
1754 Sept
2734 Oct
50
Jan
5534 Mar
10934 Apr
2434 June
4231 July
Mar
65
31 Feb
X
High.
XX
Jun*
Ma)
Apt
Mar
Apr
Mar
Apr
Ma)
Aug
Feb
Jar
June
Mar
Mar
Jan
Or
Sep
,
NON
Sent
Oct
Apr
API
Au)
No'.
Apr
Sept
Seim
Oct
Jut'
No'.
Feb
Apr
Jar
Mar
Jan
88a3..b=g2S4gg
Low,
18
89
49
90
84
1931
1134
334
3131
5131
95
2134
24
2434
1134
34
83
88
9634
1134
XX
Oct
Sept
Mar
Feb
Jan
Feb
Oct
Nov
Oct
Nov
May
Aug
Nov
Oct
Oct
Mar
Mar
Oct
Oct
Nov
Nov
Mar
Oct
Sept
Oct
Sept
Jan
Feb
Feb
Feb
Nov
Nov
Aug
Nov
Feb
Feb
Nov
Jan
Feb
Jan
Aug
Feb
1,00:
2134 24
221
94
95
41
75
75
621
97
9734
1.351
9134 92
25
2534 3,141
1734 193 12,771
434 431
15!
523.1 7,201
48
7034 4,571
66
102 1023..
35
341
35
37
,
3231 343, 2.775
30
3134 3,131
121
19
18
101
31
%
41
8634 87
591
88
8934
201
9834 99
291
13.3
12
706
33
34
'201
5
5
37:
32
31
10
993 9934
204
3914 4134
210
38
39
51.
9934 100
21
76
76
851
134 134
500
34
31
26
462 466
647
13734 138
734 834
4,701
701
85
83
1,231
1214
11
291
60
59
' 45
116 116
49
35
49
350
34 1
25
10634 101331
210
127 130
545
2736 31%
2934 1.225
29
3334 3531 3.000
20
10534 106
3h0
1431 153.
4131 1.335
40
163 167% 1,500
40
76
76
2434 2634 7,450
750
50
48
3634 1,700
35
30
9034 91
3834
675
38
156
9134 9234
8834 9134 1,790
2,970
14
13
734 9,425
8
410
134 231
1,621
4031 43
1734 1736
80
370
2234 2334
4,925
11934 118
97
9734
780
10614 108
510
4831
48
325
9931 100
665
5834 3,600
57
2431 2634 4,250
94
9434
100
3,600
434 5
93
93
10
1131 1234 1,100
20% 2134 2,1310
5234 57
2,835
126% 12734
181
127 12734
105
98
98
145
11031 III
140
130 134
135
105 106
120
5534 5634 2,560
8734
85
70
2434 2634 2,005
1734 1734
15
28
28
200
5534 56
70
74
80331 18.750
115 115% 1.257
29
3134 25,500
4531 4934 5,725
7434 77
14,00e
131 2
1100
,a0,...10XXXsa..onz,
v.1"n>L'a.ZVA'oRZme.g4 ...so...X0W00,
4
400,0* ZXZ>TRz).....nxxxxVA.,%:tzt.00m 0W. 4
-.0XW0.4,
E
0.
:31:243$",107313-513gAR:24agSAASA544WinagnggilFWg44.722124V-V'eraagP4540.11VISt»44M1.774.:t3qga8.2.1:atTrl
35
98
110
110
115
831
139
60
9934
20
225
3
20
18
112%
145
331
116
4534
3934
3734
1631
3234
400
6
15
54
90
831
295
24
75
225
934
8o
79
8434
136
1334
2034
14034
95
All America Radio, CI A....t 2134
Amer Pub Serv, pref _ _101
.
95
American Shipbuilding-10( 75
Armour & Co(Del). pref10( 9711
Armour & Co. pref _,_ _10( 9134
Common CIA v t c...2( 253'.
Common Ci B v t c_ —21 18
Annour Leather
15
Auburn Auto Co, corn..21 50
Balaban & Katz v t c...28 68
Preferred
100
Beaver Board pref ctfs_106
Bendix Corp. claw A _ ...11 3236
* 303.4,
Borg & Beck
Bunte Bros
18
1(
Case (J I)
•
Cent III Pub Sent, pref. •
• 8834
Cent SW,7% pref
Prior lien preferred
Warrants
Chic City & Con Ry com..
%
•
Preferred
Chicago Fuse Mfg Co_ ....• 32
Chic Mill& Lumber, pf.100
Chic Nipple Mfg, CI A_ .16, 4134
Chic N 8(k Maw,corn-10( 3834
KR 9931
Prior lien, pref
Preferred
134
Chicago Rya part at! ser 2_
Part Ws series 3
34
Chicago Title & Trust....101. 462
Commonwealth tkilson_101. 138
8
21
Consumers Co
101
Preferred
113..
3
Continental Motors
2' 60
Crane Co
104 116
Preferred
54
Cuneo Press A
Daniel Boone Wool Mills 25
Deere & Co pref
10(
10( 130
Diamond Match
29
Elec Research Lab
Evans & Co Inc cl A
5 29
• 34%
Fair Co(The)
101,
.
Preferred_
Foote Bros (13 & M)Co..' .
• 40
Cloward Co(H W)
Great Lakes D & D_ _ __ IC( 16434
Hibbard,Spencer,Bartiett25
It 2534
Hupp Motor
* 50
Hurley Machine Co
10(
Illinois Brick
91
Illinois Nor Utilities Of- 10(
Kellogg Switchboard.._25
Kentucky Hydro-Elec_100
Kraft Cheese Co
25 89
La Salle Ext Univ III__ _10 1314
834
Libby, McN & Lib new_10
234
10
Lindsay Light
McCord Radiator Mfg A_• 4231
MeQuay-Norris Mfg
*
• 2214
Maytag Co
Middle West Utilities__ _* 11434
l00 9734
Preferred
Prior lien preferred_ _10C 10634
Midland Steel Products... 4834
Midland Mil prior lien_ 100 100
Morgan Lithograph Co._ _. 5734
Nat'l Eiec pref"A" w I_ _ _ _ 2434
Preferred
435
10
blational Leather
Dmnibus pref"A" w 1_ -100
Voting trust ens w I a_ _• 1134
Pick (Albert) & Co. ___10 2134
Pines Winterfront "A"...5 55
• 127
Pub Serv of Nor III
Pub Serv of Nor III_ .100
100
Preferred
100
7% preferred
100
4uaker Oats Co
°Preferred
100
Real Silk Hosiery Mills_ _10 56
Etellance Mfg Co pref _ _100 8734
10 2534
[leo Motor
25
ayan Car Co(The)
3o Colo Pr el A com_ _ _ _25 28
Stand Gas & Elec pref__50
Stewart
-Warner Speedom • 7634
100 11531
RwItt & Company
15 3056
3wift International
25 4631
Thompson (J It)
• 7534
Union Carbide & Carbon.
rrnitatel Trnn Arnrfre v t ii 110
-^
8.z.-. taantagsna=n8-=50.e:S.,AS
V4Uv.!aS4
x xx xx xx xx xx xxx xx xx
xx
x
XXXX XXX
Am Vitrified Prod, com_51 3131 314 32
1934 Jar
1,421
Preferred
10(
94
8' 85 Ma*
94
Am Wind Glaas Mach_ _10( 78
No
541 75
78
8031
3: 93 Ma:
Preferred
10(
9334
93
Am Wind (Hasa Co, pf.,101 110
Jar
It 110
110 110
Arkansas Nat Gas. com_11
531 A pr
20,981
6
7
634
Jar
Bank of Pittsburgh N A.5(
t 135
13731 139
No*
Blaw-Knox Co
51 59
60
59
Jul
141 93
Byers (AM)Co. Pref.-10(
9734 98
Aug
Carnegie Metals
It
19
19
1934 1,89: 14
Jar
Colonial Trust Co
101
31 190
202 205
134 Mar
22
Consolidated lee. com--51
234 2%
234
Preferred
Si
221 12 Jun.
20
19
1434 Oc
111
Devonian Oil
1631
16
16
Duquesne Light pref....10(
206 105% Jar
110 110%
2! 115 Ma
,
Barb-Walk Refrac, com10(
128 128
131 Mar
2(
3
laden Brewing. °ern-- -60
3
41 11134 Ja
Jones & Laughlin. pref_101
115 11534
Jar
1,201 32
Lone Star Gas
44
4434
2: 44
1,371
3134 Jar
Nat Fireproofing, pref_ .51
383
, 3834 3931
Apr
31
Ohio Fuel Corp
2: 3434 3434 3454 5,601
Mat
I
Ohio Fuel Oil
12
15
101
15
Jar
26
Oklahoma Natural Ga,s— 21 31% 31
3134 1,431
Fel
2! 325
Peoples Say & Trust_ _10(
400 400
Pittsburgh Brew, corn_ .5(
134 Mat
4% 434 1.32!
434
Mar
Preferred
6
29
1434
.51
1434 14
,
21 3934 Ma
Pittsburgh Coal, corn _10(
4334 4334
On
2c
500
Pittab & NIL Shasta Cop..]
3(
3c
30
Aug
5
625
Pittsburgh C111 & Gas_ _5
6
6
Aug
32 255
Pittsburgh Plate Glass_10(
289 280
550 1834 Sept
24
Pitts Steel Foundry. oorn.. 2334 23
Preferred
100 69 Jun(
75
75
Jar
41 220
Pittsburgh 'Trust Co _101
222 222
834 On
Salt Creek Con Oil
9
934 3.87:
1(
Ban Toy Mining
2c Sept
Sc
3( 1,001
I
Aug
21
30
35
Stand Plate Glass, pref _101
35
Aug
30
54
Prior preferre
80
80
10(
386 100 Jun(
Stand Sanit Mfg, com__2/ 114
114 115
831 Jar
51
11
Tidal Osage Oil
11
1(
Apr
13
U 8 Clam
18
I834 1,021
21
Apr
21 97
West'house Air Brake_ _5(
12334 125
Apr
41 89
West Penn Rys, pref- —106
923.1 9234
High.
Range Since Jan. 1.
xx xxxxx
Low,
Stocks—
Zola
Fi UM,
Last lireek's Rang. for
Week.
Sale
of Prices.
Par. Price. Low. High Shares
xxx
Range Since Jan. 1.
xx xx
Stocks—
Priuut
Sates
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High Shares
Nov.21 19251
Frsaay
SOW
Last Week's Range for
Sale
ofPrices.
Week.
Stocks fContinued) Par. Price. Low. High. Shares.
Un Lt& Pr com cl A w 1 a-* 148
Preferred el Awl a_ __ _* 933£
Preferred cl B WI a_ _ _ _. 5094
United Paper Board_ _ _100
20 16494
U S Gypsum
Preferred
10G
Utilities Pr Jr Lt el B._ •
Wahl Co
*
Warel(Montgomery)&Co 10 7754
Preferred
100
Class A
•
c.
9
Wolff Mfg Corp
Voting trust certificates•
Wolverine Portland Cem 10
634
Wrigley Jr
* 56
Yates Mach part pref....* 2955
Yellow Cab Mfg el B_10 29
Preferred
95
Yellow Cab Co,Inc(ChIc)• 50
Bonds
Chic City & Cop Rys 513'27
Chicago Rys 5s ser A_ _1927
Pub Serv let ref g 58_1956
Swift & Co 1st s f g 58_1944
144 150
935£ 9334
50
5094
26
2634
16235 177
118 118
1834 1934
835 835
7434 81
114 114
11754 118
834 955
894 9
636 694
5594 56
2934 30
2
634 3034
94
95
4834 51
5056
54
9654
9934
Range Since Jan. 1.
Low.
2,666 44
2,290 81
162 42
640 1855
9,075 112
90 112
' 125 1355
1,064
0
5,600 41
50 11255
445 110
594
1.210
.3006
625
694
3.606 4635
3,050 28
5,350 2634
200 90
5,425 45
5055 $10,000
64
5,000
9694 2.000
100
2.000
46
53
92
98
Mar
Apr
Jan
Apr
Feb
Jan
Mat
Oct
Mar
Apr
May
Jan
Jan
Nov
Jan
July
Nov
Oct
July
High.
16655
99
55
30
206
118
2155
2355
8234
120
123
1054
105£
1434
57
3154
4854
9855
5535
Oct
June
Oct
Oct
Sept
Sept
Oct
Feb
Nov
July
Jan
Mar
Nov
Jan
Oct
Aug
June
Oct
Jan
Apr 83
Sept7834
Jan 10234
Jan 10034
Mar
May
June
Nov
* No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Nov. 14 to Nov. 20, both inclusive, compiled from official lists:
Stocks-
matzo
sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
20
151
42
2694
43
194
126
55
124
1894
56
28
2094
6635
23
2294
2594
9994
1594
21
1894
8334
15
1734
212
17
23
9534
100
9934
9834
99
9354
99
10434
65
9734
92
84
9234
92
95
92
9934
6655
49
69
9555
92
68
93
10034
,,.-.0.o.o.
.
M
ogsoo- ..... oo
N.
9554 9594
10155 10194
103 103
100 100
101 101
9794 9736
9934 9955
10555 10594
6636 6694
1009410054
9294 9234
100 100
9556 97
9294 93
96
953£
97
97
9934 9934
6694 67
4954 4954
69
6934
98
98
92
93
69
70
94
94
10135 1014
.
Bonds
Alabama C az I 5s.._.1933 9534
Bait Electric stpd 56..1947
Bernhelmer-Leader 76_1948
Commercial Credit 68_1939 100
Consolidated Gas 5s..1939
ConsGEL&P 4%11_1935
5s
1965
68
1949 10594
Danville Trac & P 5s_.1941 6694
Elkhorn Coal Corp 66_1925
Fair & Clarks Trac 5s_1939
Fla Cent & Pen Con 58 '42
Georgia & Ala Combs-1945
Lexington ,(KY) St E8_1948
Md Electric Ry 5s.- _ _1931 95
Norf & Ports Trac 58_.1936
Petersburg AS,
1926
United Ry & E 4s_ _ _ _1949 6634
Income 48
1949 4954
Funding 58
1936 69
6% notes
1927 98
65 when issued
1949 92
Wash Bait & Ann Ear_ _1941
70
Wash & Vanderm 455s 1947
Wil Jr Weldon 58
VW
8
4:08ggp88
'2W§8618g8r§
26
635£
Low.
8455
57
2036
160
6
42
11155
18
45
3994
20
106
11035
5735
2234
24
2394
32
194
105
109
122
36
103
111
3035
89
18
18
50
26
1894
9
67
78
5094
21
21
22
8255
140
115
1594
1355
43
955
55
4294
7651
12
151
1594
179
555
11
44
a
36
100 100
57
57
36
3
694
233 233
1034 1055
46
46
146 146
25
26
60
6354
40
40
20
203£
15054 151
11254 11294
5955 6954
42
4455
2534 2694
2694 27
4294 44
154 194
108 110
11094 Ill
12494 125
55
5594
156 160
160 160
3094 3094
11894 124
25
26
1894 1894
56
68
28
28
2094 2014
1094 1055
182 182
86
86
6694 '
6635
2394
23
2294 23
2594 2594
9955 100
200 200
163 166
1554 17
2094 2194
4455 45
1734 183
5
80
8394
5294 53
7994 7934
15
1694
205 210
1734 1894
212 212
17
17
23
23
5434 535
Range Since Jan. 1.
VVVIs0VM.OVMMONVNWNVNVO0C,DV.- v4...040QM.VuVe-..OVMvv ,
,
WVVV , ,
..
,
NNVNhOCAVV...V00.0.1.. =.!•000Vt..NVvq....v.vm.mt m000,..0Ntst..mNN
..
V
.
VM
MVN
V
0 t
,
.V.
N..N
... b•
NMODM
100
ON
..
Amer Wholesale, pref._100
Armstrong-Cator8% Pf100
Arundel Corp, new stock..
Allan Coast L(Conn)_ _ -50
100
Baltimore Brick
Baltimore Elec, pref..--50
50
Baltimore Trust Co
Baltimore Tube
100
Preferred
100
Benesch (I), com
•
Central Fire Ins rights-Century Trust
50
Ches&Pot Tel of Balt pf10(.
Commerce Trust
100
Commercial Credit
*
Preferred
26
Preferred B
25
Canso' Gas. EL & Pow...*
Rights
655% preferred
100
7% preferred
100
8% preferred
100
Consolidation Coal_ --10C
.
Eastern Rolling Mill
•
8% preferred
100
Federal Finance com
Fidelity & Deposit
50
Finance & Guaranty_ _ _25
Preferred
25
Finance Co of America_.25
Preferred
25
Finance Service, Class A.10
Preferred
10
Ga So & Fla 2d
.10C
Houston()floret tr otf8.10(
pref_Manufacturers FInance_25
Mfrs Fin Trust pref.... _ _25
let preferred
25
2d preferred
25
Maryland Casualty Co_ _26
Maryland Trust
100
Merzh 6, Min Tr Co_ _100
Rights
Mtge Zi Accept, corn
•
50
Preferred
Mt Y-Woodb Mills v t r 100
Preferred v t r
100
New Arnsterd'm Cas Co-10
Northern Central
50
Sillea-Gel Corporation....'
Union Trust
60
United Ry & Electric...50
US Fidelity & Guar_ _ _ _50
Wash Bait & Annan_ _ _ _ 5C
Preferred
5(
West Md Dairy, Inc, p1.50
Sept
Nov
Mar
Jan
Jan
Feb
Feb
Oct
Oct
Jan
Nov
Sat
Jar.
Mar
Mar
Apr
Sept
Jan
Nov
Apr
Mal
Mar
May
Apr
Ain
Nov
Jar
High.
May
Apr
Apr
Jan
Jan
Jan
Apr
July
June
June
June
Apr
Jan
Jan
Nov
Jar
Oct
Apr
Mar
Jan
Jar
Mat
Mar
Ain
Jan
API
Mat
Apr
100
100
3994
236
1035
46
150
32
70
40
2055
152
11494
60
4954
27
2754
4754
194
11055
114
127)4
72
186
168
3035
124
26
1994
5694
28
22
11
182
97
73
2494
25
26
10294
20
195
22
2494
46
20
8 94
3
55
8194
22
210
21
216
1794
23
62
Sept
Sept
July
Nov
Sept
Nov
Sept
Jan
Jan
May
Nov
Oct
June
Feb
Oct
Nov
Oct
Aug
Oct
Sept
Sept
May
Jan
Nov
Nov
Nov
Nov
Nov
July
Sent
Sept
July
July
Nov
Jan
Nov
June
June
Nov
Oct
Nov
Nov
Nov
June
Oct
Nov
Nov
July
June
Jan
Nov
Sept
July
Sept
June
Oct
Jar
Mar
Jar
Apr
June
Mar
Aug
Jar
Aug
June
June
Jan
Jan
Jan
May
Jan
Nov
Nov
AM
Apr
Oct
Nov
Apr
Oet
Nov
9634
10194
10494
101
10155
9734
10054
10694
7134
10054
9
594
100
97
9454
9734
9755
100
71
6294
74
9994
9654
7494
9494
102
Jan
Oct
Sept
June
June
July
July
Sept
mar
Nov
July
Nov
Nov
June
Mar
June
Oct
June
Jan
Jan
Jan
Jan
Sept
Aug
May
may
o par value.
New York Curb Market.
-Offcial transactions in the
New York Curb Market from Nov.14 to Nov.20,inclusive:
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price, Low. High Shares.
Week Ended Noe. 20.
Stocks-
Indus. & Miscellaneous.
Adiron'k & L,7% 01-100
Acre Supply Mfg, Class A.*
•
Class B
Alabama Grt South, pref.50
corn
Allied Pack,
Alpha Portland Cement 100
Aluminum Co com new. •
Preferred new
Amalgam Leather. corn..'
Preferred
100
2511
THE CHRONICLE
1015£
20
11
87
554
140
6034
99
14%
1455
71
71
11
87
10134
20
1155
87
534
140
67
9935
15%
73
Range Since Jan. 1.
Low.
25 92
100 18
200 11
30 80
454
100
10 130
1,100 66
600 9894
855
800
300 42
High.
Jan 107
Sept 2034
Nov
16%
Nov 87
Sept 10
Sept 150
Nov 71
Nov 9954
Aug 17%
Jan 76
May
Sept
Sept
Nov
Feb
Oct
Nov
Nov
Oct
Nov
Friday
&gag
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
American Cigar com--_100
100
Preferred
Amer Cyanamid pref _ _100 87
American Gas Jr Elec corn' 81%
Preferred
American Hawaiian 88-10
Amer Lt & Trao,com__100 258
100 115
Preferred
Amer Pow Jr Lt corn new.* 62
100
Preferred
Amer Rayon Products__-' 38
100 314
American Seating
Am Supeepow Corp,CIA.' 3535
• 3654
Claea B
25 2554
Prior preferred
5
Amer Thread pref
Amer Writing Paper-_ _100
25
Apco Mfg, Class A
Arizona Power, cora_ _ _100
Armour Leather, corn.._15
Arundel Corporation....' 3535
& E Class A____• 35%
Atom
95e
atlantic Fruit Jr
Portl Cement new_ •
Atlas
Auburn Automobile corn 26 5055
Balaban Jr Katz v t
Beaver Board Co. pref _100
)
Illiss ww rtf Carper mom: 100
Bigelow-Ha
2654
& Co
6%
Blyn Shoes, Inc. corn.. 10
Bohn Alum Jr Brass
• 50e
Boissonnault(G)Co
Borden Co.com.exchsik50 95
_00
Subscription stock__ _150 94
11034
Preferred
Boston & Me RR stDd_100
First preferred A_ _100
First preferred C_ _100
9%
Bridgeport Mach corn....'
-Am Tob ord bear__£1 2735
Brit
.Cl
teredOrdinary registered..
434
Preferred
RR0
Brooklyn
100
Bucyrus Co corn
Can Dry Ginger Ale new--• 3734
Car Ltg Jr Power com_ _ _25
75
Carolina Power Jr Lt_ -100 442
100
Celluloid Co.. pref
..20
Central Aguirre Sugar.
7635
Central Steel corn
Central Teresa Sugar__ _10
Centrifugal Pine Corp ---• 2755
Checker Cab Mfg, class A * 1554
50
ado Nipple Mfg.CI.6_50 41%
27%
Class B
100
Childs Co. pref
Christie.Brown Jr Co com• 61
CM Ind Jr West v t c...100
_ _ _20 385.4
Cities Service
84%
Preferred
170
)
Preferred B
19%
Bankers shares
Cleveland Automobile com•
2
Colombian Syndicate
.
Com'wealth Power Corp3534
Common, new
100 88
Preferred
Warrants
Connor (John T) Co_ -10 3535
655
Consol Dairy Products.-.•
Cans Gas.E L&P Balt new' 42%
Continental Baking.00mA• 11755
• 2835
Common B
100
8% preferred
•
Continental Tobacco_
35%
Courtauids, Ltd.
70
Cuban Tobacco v to
m
Curtiss Aeropl Jr M,com.." 2454
Preferred
Curtiss Aeropl Assets Corp
ue Forest Radio Corp... --1634
Denver Tram, new, pf, w I 42
Dixon (Jas) Crucible_ _100
•
Dominion Stores, Ltd_
9
Dubiller Condenser Jr Bad'
Dunhill International....' 28%
3
Radios IC'
,
Duplex Cond Jr
/want Motors, Inc.....• 1435
• 17%
Duz Co, Class A
Class Avt
Eastern Rolling Mills new * 3935
Eastern Texas Elec Co...' 90
Elsenlohr(Otto) Jr Bro-100 1854
Preferred
_
Electric Auto Lite Co_ _ • 76%
Elmo Bond Jr Share.pref 100 104%
Elec Bond Jr Share Sec...' 67
Fier Invest without wara• 7155
• 26
Elec By Securities
24%
am
5
:
Enttld ired( 11e Serv oo
i i ne rs Pub0% 0 )
100
27%
Estey-Welte Corp. CISSSA
9
Class B
Fageol Motors Co. oom.10 10%
Preferred
10
100
Fajardo Sugar
Federal Finance Corp cl A* 33%
• 18%
Class B
Federal Motor Truck-10 40
Federated Metal
5%
Film Inspection Mach...*
Fleischmann Co new WI..
• 46
Ford Motor Co of Can-100 645
Forhan Co. class A w I_ _• 1954
Fox Theatres, Cl A, corn.' 27%
Franklin(H H) Mfg cone_• 32
8
Freed-Elsemann
Radio.Freshmn
(Chas)Co
• 21
Gamewell Co. com
•
8
Oared Corporation
Gemmer Mfg, Class )3-*
General Baking class A---- 7934
1654
Class B
General Fireproofing corn.
• 4754
Gen.° Jr E of Del CIA WI. 59%
Class B w
Gen'l Ice Cream Corp....*
Georgia L P & Rys com-100
Georgia By Jr Power...100
Gillette Safety Rasor----• 103
than Alden Coal
• 139
Godchaux Sugars, pref _100
Goodyear Tire Jr 11.,00m100 4134
Gotham Silk Hosiery, w I.. 34%
9934
Preferred
Grand (F W)5-10-25o St-.
Grennan Bakeries Ine....• 2954
4
Grimes Ra Jr Cam Rec...'
9%
Happiness Candy Bidl A •
Founders shares
Havana Elec Utilities v to.
110 110
95
95
87
87
80% 83%
91% 92%
1455 14%
252 267
11034 115
(35%
62
9355 95
3735 41
24035 314
34
3535
3534 3734
2534 2535
4
4,
1
50c 75c
2135 2155
33
33
455 456
3555 3555
3435 35%
700 95
58
56
47
5034
70
70
36
36
100 100
2655 2654
6
654
16
1655
50e 60o
9255 95
94%
92
110% 110%
3635 3755
50% 5034
64
64
934 935
2755 27%
27
27
4% 4%
754 734
195 200
34
40
254 255
430 445
70
72
7035 74%
72% 82
50c 50c
27
3054
1555 16%
39
4234
26% 27%
12255 12255
Soy, 63
9% 10
3834 39
8355 8434
754
754
193.4 1934
2755
26
1% 235
50
10
30
1,900
400
300
3,625
2,600
39,500
540
5,300
330
2,185
6,400
2,600
100
200
100
100
100
100
3,900
3,500
100
200
50
100
25
100
1,600
200
1,100
1,800
700
70
200
200
10
5,100
1,500
100
200
100
175
5,600
800
440
60
160
3,100
100
13,700
700
6,400
1,600
20
2.100
300
13,000
2,600
400
300
6,300
61,700
33% 3655 12,000
8854 2,530
85
150
56
53
3455 3534 1,500
6% 754 14,900
4235 43% 5,700
4,500
11655 126
'2735 31% 70,700
1,600
9855 9954
600
1555 1534
33% 36% 2,400
600
6655 70
4,000
23% 26
200
8855 8834
100
45
45
1635 17% 4,200
500
42
39
300
13%
13
125
65
65
7,000
12
9
27% 29% 4,900
800
355
3
12,600
1435 16
700
17% 18%
600
18%
16
800
39% 4055
1,475
92%
83
1635 1834 14,500
20
95
95
7555 78% 8.200
104 105
6655 7034 21,000
70% 7994 110,8(k)
1931 2734 7,360
2434 2594 10,300
9934 100
1.300
600
2734 28
30
9
9
9% 1035 9,000
1,800
9% 10%
126 127
30
1,400
3255 35
18
1935 6,300
41
3,100
35
400
27
27%
2,500
554 6
4554 47
2,800
1,560
635 650
6,100
18% 20
27
2934 88,600
2814 34% 2.800
2.500
8
10
20
2255 17,100
50
59
59
8
1534 12,100
100
36
36
75%. 80% 68,500
1655 1754 52,700
500
4655 4754
5854 6155 9,000
800
5255 54
42% 43
400
60
400
80%
144 14455
300
99% 10456 14,900
138 139% 3,500
46
46
10
40% 4654 29,200
3354 35
9,700
9935 9935
200
75
79
200
1954 2035 9,600
24,100
4
7
935 935
4,900
8
835 2,100
42% 43
200
Range Since Jan. 1.
Low.
High.
June 110
Nov 95
Nov 87
Apr
MayA pr 843£
9394
18%
Jan 288
137
Jan 115
94
4835 Feb 67%
823.4 Oct 9635
2694 May 51%
Oct 314
201
26% Mar 41%
27% Mar 45
2414 Feb 2735
4%
334 Jan
50c Nov
1
21
July 2635
1755 Jan 3735
334 Jun
535
33% Aug 39
2534 Mar 45)4
1%
44 Jun
570 Nov
68
Sep
53
40
Aug 81
69
Oct 39
33
9934 Nov 110
2255 Aug 35
3% Sep
83£
Oct 19
14
334
31c May
6755 Max 9855
6755 Mar 97
Jan 113
106
o
37%
305.4 N0
54m N
51
Nov 70
" Feb 11
v
434
N
24% Ju
28%
2134 Feb 283.4
454
754 Sept
9%
196
Nov 210
3355 Sep
51%
1% Jan
534
300
Feb 456%
65 Jun
97
68
Oct 97
51
July 75%
61c
15103;
10 sepr 303£
1
Ma
24%
Apr 4255
29
an
11% June 27%
Jan 125
48
Sep
6434
954 Nov
13
85
Mar 43
87 mg
1
8434
Mar
8
2134
1734 Ma
19%Feb 2935
jaD
600 F
254
78
95
84
883 xL5
8
833.4
3035
7954
2555
28
81Li
6
Sept
Nov
Now
Nov
May
Nov
Oct
Nov
Nov
Jan
Oot
June.
Nov
Oct
Oct
Sept
FebJuly
Nov
Oct
Feb
July
Aug
Mar
Oct
Oct
July
July
Oct
Oct
Nov
Nov
Feb.
Oct
Oct
May
Now
Nov
Nov
May
Apr
Apr
Nov
Feb
Oct
July
May
Nov
Jan.
Sept
Nov
Jan.
Nov
Jan
Nov
Nov
Oct
Nov
Mar
Feb
Aug
Aug
Feb
Nov
Nov
43% May
885£ Nor
May
86
363£ Nov
8% Nov
47% Aug
108
Jan 144
July
21% Jan 42% Oct
9134 Jan 106% Aug
14% Oct 26% Jan
35% Nov 41
Nov
3535 Apr 75
Nov
Feb 26
13
Nov
Mar 88% Nov
31;
r
Nov
734 Mar 48
1634 Nov 84
Feb
Oct 47
39
Oct
Nov
143 June 163
,
N ‘ 733£ Oct
O:
t
64
35% Jab
Jab
204 Sept 31
0
9
7
3
17
Jan
B v 31
Aug
Jan
Feb
1635 Nov 33
Oct 2254 July
16
3955 Nov 4334 Nov
Oct 84
Nov
80
12% Aug 1854. Nov
Oct 95
Nov
86
6735 July 78% Nov
rub
,
101 Sent 107
5535 Apr 9134 Feb
7055 Nov
40% Septe
16
0,4 ja
Oct 27% Nov
29
Aug
99 Sept 100% Sent
Nov
Nov 28
755 Nov
Nov
6
25
s 153.4 Sept
v
855 Sept 10% Nov
Apr
120
Feb 129
ep
3235 N v
30 0 ot 36% Oct
19% Nov
16% NON
47% Oct
Nov 30
Sept
24
434 June 1135 Jan
4555 Oct 49
Oct
462
Oct
Mar 690
17% Sent 2054 Nov
2
7
N
; 2955 Nov
A
42% JULY
16 34
7
Apr 33% Jan
57)4 Mar 28
9
Jan
Sept 6134 Oct
36
2
1751 Jan
Nov
3734 Oct
6055 Oct 80% Nov
1435NOv
35H
20% Oct
Sept 52
Oct
6434 July
64
45M Aug 62% July
34
July 45
Sent
31% Jan 7755 July
95
July 14455 Nov
5734 Jan 10935 Sept
117
Feb 146
Aug
46
Nov 46
Nov
24% /an 49% Oct
3534 Nov
3155 Nov
9935 Nov 99% Nov
55
June 90
Oct
in% mar 213( May
4
No
27
Aug
014 Jan
9% July
5% Feb
9% Aug
42% Oct 45
Sept
Jan
Feb
Sep
Nov
jan
2512
Sales
Friday
Lan Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par Price. Low. High. Shares
• 18
Hazeltine Corp
HeIlruan (Richard), Inc•
Pref with warrants_
Hercules Powder, pref_100 110%
•
235
Heyden Chemical
Hires(Chas E)Co
• 25%
Class A common
Hollander(A)& Son corn _• 3734
• 62%
Horn dr Elardart Co
Industrial Rayon Corp cl A 22%
Intercoutinentat Rubb.109 16
Int Concrete Ind Frs sits.
Inter Match non-vote pf-35 53%
39
Int Utilities, class A
8
Class B
Inter-Ocean Radio Corp_.•
• 148
Johns-Manvllle Inc
Jones(Jos 4)Radio Mfg-•
• 79
KeivInator Coro
10
Keystone Sotether
25
Kraft Cheese
Kroger Grocery & Baking.
68%
LandCo of Florida
Landay Bros. in, CI A Landover Holding Corp Al 25
La Salle Exten Univ..--10
•
Lehigh Power Securities-. 185
Lehigh Valley Coal Sales 51)
39%
Leh Vail Coal ctfs aew _
Libby, McNeill & Libby_10
Owens Sheet Glass25 218
Libby
5%
Liberty Radio Ch Stores_ •
10
Lit Brothers
Long Island Ltg, corn_
Lupton(F H)Pub,Cl A_
134
Marconi Wirel Tel of Can_1
6%
Marconi WIrelTel Lond_El
133
McCall Corp
McCord Bad dt Mfg vto__•
100
Mengel Co
5%
MercurBk(Vienna)Arn sh 5
1%
•
Mesabi Iron Co
Metro Sc & Sc Class 33_
52%
Preferred
Metropolitan Chain Stores_
Middle West Utilities own* 115
100 107%
Priorlien stock
100 97
Preferred
Midland Steel Products_ •
100
Midvale Co
4434
Miller Rubber corn new..
100
Common old
100
Preferred
Mohawk Valley Co new.• 3454
Moore Drop Forge ciA__•
Motion Pict Capital Corp * 18%
4
•
Mu-Rad Radio Corp
•
Musk Master Corti
5%
National Grocer
10
National Leather
Nat Power dr Light, corn.• 441
30
New when issued
• 102%
Preferred
Nat Pub Serv CI A corn_ _• 23%
•
Class B common
•
National Tea
Neptune Meter Class A._• 2555
Nev-Cal El Co corn new w 1 38
New Mex & Ariz Laud__ _1 15
N Y Telerr 654% Pref-10
0
109.
Nickel Plate corn new w
90%
Preferred new w I
Niles-Bern-Pont, corn_ _100
• 80%
Nizer Corp Class A
• 80%
Class B
Northern Ohio Power Co • 14%
Nor Out Lt & Pr corn. 100 49%
No States P Corp,com_100 143
100
Preferred
Ohio Brass Co. class B •
Ohio Traction, pref... _100
Omnibus Corti v tC•
Penn Power & Light, pref.
Penns Water & Power_100 160
Phelps Dodge Corp_ _ _ 100
Pick (Albert) & Co com_10 21%
Pillsbury Flour Mills
Pittsb & L ERR corn__ _50 15335
Power Corp of N Y.corn.• 75
•
Pratt & Lambert, Inc_
Price Bros Co, Ltd
Procter & Gamble. cona.20 133%
PUrity Bakeries class A_25 43
• 41%
Class B
PYrene Manufacturing...10 10%
• 51
Rem Noiseless Typew, A.
100
Class A pref
10 25
Reo Motor Car
Motor Truck v t c 10%
Republic
Richmond Radiator new.. 19
100 40
Preferred, new
854
RIckenbacker Motor
255
nova Radio Corp tr ctfs__•
Royal Bak Powd corn..100
100
Preferred
50
Safety Cable Co
Safety Car Htg & Ltg__100
St Maurice Paper Ltd
• 83%
St Regis Paper. corn
Schulte Real Estate Co..* 25%
Schwartz(Bernard)Cig A •
• 32
Serve' Corp A
Sherwin Williams, corn_ _25
Sierra Pac Elec Co com-100 2954
Silica Gel Corp corn v t 0-*
Singer Manufacturing_ _100 388
Singer Mfg Ltd
1
5%
•
Bleeper Radio v 1 o
Smith (A 0) Corp
Sou Calif Edison com__100 131%
6% pref series B_ _ _ _100 x9755
South Cities Util corn _ _100
South Dairies CIA w
-. 4454
Class B w
2735
freastern Pr & Lt new WI. 30%
Southern & P ol A
• 26%
Southw Bell Tel 7% pf-100
Sparks-Withington Co._ _• 30
Stand Motor Constr_ _10
Stand Pow & Lt Class A.21.
Stand Publishing Cl A..25 20%
• 18%
Stutz Motor Car
Swift & Co
100 115
15 30%
Swift International
Terre H Ind & E Tr pf _100 39%
Thatcher Manufacturing..
454
Therndodyne Radio
•
46%
Thompson (John R)
834
Thompson(RE)Radio vto•
Timken Detroit Axle_ _10
•
534
Tob Prod Export Corn .
[Vox, 121.
THE CHRONICLE
18
19%
32% 33%
110% 110%
235 2%
25
26
33% 3754
65%
60
21% 23%
14% 1651
855 9
52% 55
35% 39
7% 8%
1% 1%
147 155
1% 1%
77
83%
35c 35c
87
91
123 123
66% 74%
36
3654
25
27%
13% 1355
181 197
82% 83%
39% 41%
8% 8%
201 220
434 5%
32
32
140 145
4
4
135 1%
6% 6%
138 143
22% 23
49
52%
555 5%
1% 2
235 2%
52% 52%
53%
50
112% 118
106% 10755
97
97%
48% 49
20% 23
41% 45%
220 220
103 103
34
3455
6855 89%
18
19
4
435
8
10%
5% 5%
4% 4%
428 443
28% 30%
101% 102%
22% 23%
13% 15
575 593
24% 25%
38
40
14% 16%
112 112%
105 111
83% 90%
37
37
78% 82
78% 85%
14
15%
48
50
132% 146
100% 100%
80
80
7835 78%
1155 12%
101 105%
160 161
125 125
21% 21%
36
36%
15134 160 .
72% 78%
54
53
50% 5054
128 133%
42% 43%
41% 43
1035 11
54
49
115 115%
24% 26%
11%
10
18% 19
35% 40
7% 9
2%
2
185 195
102 102
4855 50
120 121%
99 104
85
80
2535 25%
13% 13%
33%
31
44
44
3055
25
18
15
351 369%
834 954
5% 6%
66% 6534
130 136%
x9735 9835
53
53
45%
44
26% 29
30% 32%
2555 26%
113 113%
32
30
355
3
22% 22%
20% 20%
17% 19%
115 11634
31%
29
2634 40%
72
70
255 5%
4555 49%
8% 8%
8% 8%
534
5
400
Range Since Jan. 1
Low.
14% June
High.
51% Jan
Sept 34% Sept
900 32
May
170 104% Feb 115
334 Nov
1% Apr
1,000
3,000
5,300
3.700
19,400
5,200
2,800
3,606
1,400
1,400
200
550
1,500
11,400
1,000
1,200
10
18,000
1,300
900
100
11,200
175
13,400
100
1,060
10,900
300
125
200
800
500
40
1,000
450
100
2,500
100
50
1,C01
3,601
81.
311
500
600
4,009
99
30
2,900
600
1,100
400
16,400
860
100
3,230
64,900
330
1,900
600
120
1,900
325
6,400
250
22,609
3,300
20
2,500
23,300
21,700
2,800
55,000
100
15
100
1,600
60
570
190
101
600
590
13,300
200
100
500
2,100
2,400
400
2,800
125
13,200
4,800
1,500
2,000
20,600
3,800
30
10
5,100
100
20
3.700
100
100
12,300
100
3,200
500
370
30e
5,400
25
7,350
200
100
2,700
12,000
16,000
5,700
110
10,200
600
100
1,300
8,900
500
29,900
6,600
100
25,400
500
1.000
400
400
Nov
25
3335 Nov
May
46
Oct
20
534 Jan
Mar
7
37% Jan
32% Oct
6% May
80c May
No'.
147
1 May
18% Feb
Oct
25c
64 May
Nov
123
50% Sept
Nov
36
854 Jan
13% Nov
Feb
82
May
78
Mar
33
635 Apr
182 June
NO'.
4
Sept
24
Sept
130
335 June
Aug
1
6% Nov
Not
138
21% Sept
J&I
30
Aug
5
1% Oct
2% Nov
52% Nov
No
50
8234 Fe
98% Ja
Ja
91
Oc
46
Or
18
41% No•
Jun.
145
No'
103
Or'
31
63% Ma
Ma
17'
No,
4
NO
8
5% Sep
Ap
,
4
18414 Fet
28% No
Ja'
95
22% No,
,
13% No
Jul
230
24% No
Sept
31
6% Jilt
11055 Jan
82% Atli
8234 Ma,
NON
37
Apr
37
4354 June
6% MAY
4314 July
102% Jan
04% Feb
Nov
76
Aug
82
935 Sept
NO'.
101
Jan
127
Nov
125
No%
20
31% Sept
Aug
142
Jan
33
Feb
40
50% Nov
Mar
109
Apr
35
Apr
34
954 July
Mar
37
9635 Mar
16% Ain
4% Sept
13% Sept
Nov
35
7% Oct
1% Oct
Nov
180
99% 'Sept
48% Nov
107% may
Nov
99
36% Apr
25% Nov
Nov
13
9% Apr
42% Sept
16
May
12% Mar
199% Jan
4
Mar
6% May
July
47
101% Jan
Jan
88
Nov
53
30 Sept
19 Sept
2835 Aug
2255 Sept
106% Mar
Nov
31
Oct
3
19 May
May
19
Apr
6
109 May
24% June
Mar
13
Sept
02
2% Nov
45% New
May
6
3% Jan
354 May
26% Nov
38% Nov
693.4 Nov
2634 Oct
164 July
13% July
5654 July
Nov
39
Jan
17
Jan
14
Aug
185
Jan
9
8434 Nov
1% Feb
09% Atur
Sept
140
Sept
94
3734 Nov
Nov
32
21% Aug
Nov
197
Jan
87
50% Jan
9% Jan
Nov
240
1055 Oct
Oct
36
Nov
145
8% Jan
2% Oct
Jan
10
Nov
143
25 Sept
69% July
Jan
8
44 Jan
255 Nov
52% Nov
5635 Nov
124% Aug
0755 Aug
99 June
Aug
58
28% Jan
Oct
50
Sept
246
Nov
103
4534 July
70% Oct
1954 June
6% Oct
21% Jan
6% June
634 Jan
Nov
467
30% Nov
102% Oct
Aug
30
20 June
Oct
000
26% Nov
Om
68
19% Sept
Pet
It
Nov
111
9J54 Nov
Nov
37
Nov
84
8534 Nov
Oct
19
53
May
Nov
146
101% July
Nov
80
84% Sept
1734 Jul.
Sept
107
187
Aug
13855 Oct
22% Oct
40
Oct
Oct
167
91% JI117
Oct
58
50% Nov
Oct
136
46% AIM
47 June
1254 Mar
58% Oct
Sept
120
Nov
28
1455 Nov
21% Oct
Oct
42
1035 Nov
14% Jan
221
Nov
105
Mar
51% Nov
12155 Sept
104
Nov
95
July
38% Nov
18 June
3554 Oct
45
Oct
3054 Oct
21
Jan
358
Nov
10 June
19% Jan
6555 Nov
Sept
149
98% Nov
71% July
56
Aug
34% Aug
3434 Oct
26% Nov
11355 Nov
32
Nov
5% Mar
27% Feb
2734 Feb
2055 Nov
120
Feb
8554 Jan
4054 Nov
73
Oct
25
Jan
50
Nov
25
Jan
935 Jun.
83( Oct
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Coniinued) Par Price. Low. High Shares.
Todd Shipyards Corp_ _ _•
Torrington Co
25
Tower Manufacturing_ _ _6
Trans
-Lux Day Pict Screen
Class A corn
•
Trumbull Steel. com____25
Tubize Artif Silk Class B.
Tulip Cup Corp
•
Tung Sol Lamp
Class A, w I
Union Carbide & Carbon.•
United Elec Coal Cos v t c_
United G & E corn new..
Trust certificates
United Gas Improvern't_343
United Lt & Pow corn A •
United Profit Sharing_ - -I
United Shoe Mach com_25
US Gypsum corn
20
US Light & Heat com___10
Preferred
10
U S Rubber Reclaiming..•
US Stores Corp Cl A__
Class B
Preferred
Universal Pictures
•
Utilities Power & Lt B _ _
Valley Mould & Iron_ _.•
•
Vick Chemical Co
Victor Talking Macbine100
Fa-Car Chem (new co) w I.
Preferred w I
Prior preferred w
Walworth Co
20
Ware Radio Corp
Warner Bros Pict corn_ •
Western Pr Corp pre:
.100
West Penn Elec CIA w 1_ _
White Rock Min Spgs, new
Wilson & Co (new) w 1- •
Class A
Preferred, w I
Wolverine Port'CementYellow Taxi Corp, N Y..•
Zellerbach Corp
2935
12%
29% 2955
67% 6755
1434
12
1134, 1435
. 1134
10% 1134
11
2193.5 21055 23534
15
15
8% 8%
2055 2034 2055
75% 74% 77%,
4535 4355 4555
57%
5555 54
56
54% 54
11554 11034 1174
14735 144% 151%
1455
1455 14
49% 4835 4855
162 165
18% 18% 2034
5% 655
1055 11
11
19
27
25%
16% 14% 16%
62
51
41% 45
18
18%
16
16%
42
42%
10035 100 104%
2035 22
5855 58
92% 93%
22% 23%
835 11%
835
16% 16%
96
98
96
8835 8854 88%
36% 37
13% 15%
30% 31%
71% 73
6% 7%
735
12%
12% 12
2754 27% 2734
------
•
------
Rights
Chicago Nipple
Consol GEL & P,Balt
lsit
General Gas de Electri
Philadelphia Electr.e
Former Standard Oil
Subs-diaries.
1734
anitIOnCuerIcau 011.. __LI
Certificates of deposit__ _
18
Non-voting stock
5o 555
Buckeye Pipe Line
25 72
Chesebrough Mfg
Continental 011 v t o_.--10 24
100
Eureka Pipe Line
Galena-Signal 011,0010_100 39
100 101
New preferred
100
Old preferred
Humble Oil ac Refining _25 74%
100 141
Illinois Pipe Line
Imperial Oil (Can) new --- 33
60 62%
Indiana Pipe Line
Magnolia Petroleum__ _100 x18055
National Transit_ -12.50 19
100
New York Transit
Northern Pipe Line_ ___100 80
Sub Oil.
26 66
.
25
Penn Mex Fuel
25 53%
Prairie Oil & Gas
100 12651
Prairie Pipe Line
100
Solar Refining
South Penn Oil _......100 173
Southern Pipe Line....100 70
Standard Oil (Indiana)_25 6534
-25 32%
Standard 011 (Kansas)
25 134%
Standard 011 (Ky.)
Standard 011 (Nob)._...100 242
25 54454
itandard Oil of N Y
Standard 011(0)corn- 100
100
Preferred
100 1955
Swan & Finch
25 100%
vacuum 001
Other Oil Stocks
Amer Contr Oil Fields .5
Amer Maracaibo Co
10
Argo 011 Corp
Arkansas Natural Gar._10
Atiantie Lobos Oil coin_ •
•
Preferred
British-American 011_ _ _ _25
Cardinal Petroleum Corp..
Carib Syndicate
Como' Royalties
5
Creole Syndicate
Crown Cent Petrol Corp.
Derby 011 & Ref corn....*
Preferred
Euclid 011_
Gibson MCorp._.... _1
Gilliland 011, corn v t C...'
25
Gull011 Corp of Pa
Enternarlonal Petroleum..'
•
Kirby eetroleum
-.
(Ago Petroleum Corp.- •
Leonard Oil Developral_25
•
Lion Oil& Refining
Livingston Petroleum- •
25
Lone Star Gas
•
Margay Oil Coro
Mexican Panuco 011.-10
10
Mexico 011 Corp
1
Mountain dc Gulf Oil
..25
Mountain Producers..
National Fuel Gas
5
*
slew Bradford 011
25
New York Oil
..25
Noble Oil & Gas. corn.
Peer Oil Corp
Pennock Oil Corp
25
Red Bank Oil
Reiter-Foster 011 Corp...'
•
Royal Can Oil SyndicateRyan Consol Petroleum..'
Salt Creek Consol 011-10
Salt Creek Producers_ __10
Tidal Osage Oil
:
Non-voting stock
Venezuelan Petroleum--Wilcox(H F)Oil& Gas new
Woodley Petroleum Co- •
1
"Y"011 & Gas
Mining Stocks1
Arizona Globe Cooper
Butte & West Mining_ _1
1
Calaveras Copper
•
3
7
6%
634
11%
6%
15
83
28%
334
755
8%
2535
1%
454
200
24%
11
2
22%
20%
5%
8%
31%
10
355
27
Sc
20c
4
800
200
9,800
Range Since Jan. 1.
Low.
29
67
5
Oat
Nov
Mar
131,700
5% Sept
8,900
7% Sept
620 183
Aug
100 1454 Feb
5,100
8
Nov
5,900 2055 NON
11,400 65
Mar
Sept
400 39
Feb
17,900 25
Jai
2,900 37
23,10C 90% Feb
27,600 4454 Mar
Aug
700 14
300 4035 July
Feb
45 115
800
354 June
135 Jan
1,600
1,000
454 Aug
3,600 1755 Apt
Mat
4,000 14
No,.
600 51
Mar
400 24
Nov
1,400 18
Sept
500 14
Aug
2,000 41
3.250 65
Ain
10,000 12% Aug
3,400 46% Aug
1,300 85 Sept
1,100 2055 Oct
754 Oct
1,500
400 1355 July
290 8655 Jut'
100 84% Oct
1,500 3835 Nov
Aug
3,800 11
4,700 26% Aug
1,300 68 June
634 Nov
500
U
Sept
1,800
100 27% Nov
High.
42
Mar
72% Oct
24% Jan
1235
1955
270
16%
9%
2135
81
4755
5734
56
121
167
1644
50%
202
2035
655
1255
27
16%
62
47
2134
16%
43%
117
23%
5854
2334
25%
4014
T9
99
88%
37
1514
35
7534
13%
22
27%
Nov
Feb
Nor
May
Nov
Nov
Nov
Sept
Nov
Nov
Nov
Oct
July
Nov
Sept
Nov
Oct
net
Nov
Nov
Nov
Oct
Nov
Nov
Nov
Oot
Nov
Nov
Oct
Aug
Jan
soot
SW
Nov
Nov
July
Apr
Apr
Sent
ran
Nov
135
535
17,000
27,550
7,200
100
130
155
135
5
Nov
Nov
Nov
Nov
8c Nov
Oct
2
155 Nov
Nov
6
1755 24
17% 1755
18
18
z55
58
74
72
2334 2455
67% 68
42
39
101 101%
107 107
7134 75%
141 146
33%
32
62% 65
176% 185
1854 2035
5354 54
80
79
65% 67
29
22
5554
52
124 128
220 229%
164 174%
69 .70
83% 6655
32% 35%
13134 136
242 262%
44% 46%
363 369
119 120
1955
18
go% 10355
1,100
IOC
100
440
1,700
29,300
40
425
60
20
57,100
70
12,900
260
4.080
2,500
40
140
2,600
1,700
24,000
1,960
100
1,320
470
49,000
7,000
3,300
160
23,700
100
126
15C
9,200
1754
1755
18
54
4834
21%
67%
34
100
102
42%
127
2714
60
130%
19)4
50
78
60%
20
4555
106
203
139
8754
594
30%
114%
231
40
338
116
12
8034
Nov
Nov
Not
Oct
Jan
Mar
Nov
Sept
Feb
June
Jan
Jan
Mar
Nov
Apr
Aug
Aug
June
Aug
Oct
Oct
Jan
Jan
Jan
Nov
Mar
Oct
Mar
Aug
Aug
Jan
July
Aug
Jan
2855 ma
1755 Nov
Nov
18
Jan
72
Nov
74
314 Feb
Jan
96
Feb
65
107% July
114
May
755 Nov
8
15414 Jan
34% June
84
Jan
Nov
186
25% Jar,
79
Jan
88
Feb
764 Feb
44% Mar
65% Jan
Nov
128
254
Jan
197
Jan
Jan
103
70
Feb.
46 ' Feb
137% Oct
270
Jan
48% Feb
369
Jan
Ma'
123
27
Ja
105% Nov
6c
135
155
555
9c
2% 335
635 755
33.4 4
635
235
2
455 5
47% 4755
1%
1
654 634
9% 1054
10% 11%
634 754
3
3
1655
15
late
3%
1% 2
8155 8554
2735 29
335
7
1035
8
2455 2554
13.5 1%
4555 4555
154
1%
455 555
16c 22c
134
23% 24%
122 122
635
57
8
103.5 11
5c
40
1% 2
7
22% 2555
21%
20
23%
19
460 50c
455 5%
8% 934
2935 31%
1035
10
10%
10
3%
26% 2734
6% 6%
Sc
Sc
19e
12c
4
21c
13c
455
1,100
1
7% July
Sept
Jan
2% Oct 11% Jan
3
8,300
200
10% June
Apr
4,500
8% Feb
5
July
2
700
4. May
Aug 1234 May
500
3
100 33
Aug 4714 Nov
900
1
Nov
6% Oct
13,400
3% Mar
7% Aug
2,100
93-4 Nov 1254 Nov
11,100
834 Jan 14% Apr
4,300 135
Oct
6 Jsuenpet 1254 May
100
Feb
7
400
Feb
27
3,300 87o
Ja
155 Nov
21,500
Oct
1% Ja
4
1,400
3% Mar
13-4 NJV
25,000
85% Nov
61,300 6231 rviar 29
Nov
23
Ma
1,600
2% Sept
5% Jan
104,700
2% Nov
434 June
44,400
Oct
754 Oct 13
5,100
8
Oct 25% Nov
1,400 7
15o
1% Sept
Jan
Oct
100 3255 Sept 46
1,000 50o
1% Oct
Jan
13,000 56o Apr
5% Nov
11,000
Feb 37c Mar
Mar
800 1°e July
1
2
19,100 1855 Jan 24% Nov
20 106
Mar
Jan 122
7,200
654 Nov
8% Jan
603
8% Feb 1254 June
7,000
130 Feb
4c Nov
8,400
Nov
2
2,830 19° Man 28% Oct
752 J y
1,700 16
Mar 4454 June
9,100
9 Sept 3334 June
Apr
6.600 410 Nov
2
2,100
955 Mar
355 Jan
9% Nov
16,000
37,000 24).4 Oct 315.5 Nov
6
Jan
400
89
JulyFeb 16% Feb
Oct
200
12
634 Apr
2,900
154 Sept
1,200 22% Sept 81% Juno
Mar
2,500
7
Pc June
Sc
6,000
314 Mar
Jan
8,000
4,000
3.000
7o
Jan
10o Mar
14 Jan
86o Feb
19e Feb
454 Nov
Nov.21 1925.]
THE CHRONICLE
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Mining (Concluded) Pa,. Price. Low. High. Shares
7c
Chino Extension
7c
Cc
Googol Copper Mines_ _1
234 2%
2%
Cons M & Smelt of Can_20 151% 150 157
7c
7c
Consol Nevada Utah
3
Crimson Cons Gold M&M.I
2% 2%
Crown King
175 1%
135
Dolores Esperanza Corp_..2
79c 90c
34
34
Eagle-Picher Lead Co
5c
Sc
El Paso Consol
1135 17
Engineer Gold Mines.Ltd 5 15
9c
80
Sc
Eureka Croesus
80 10c
First Thought Gold M
1 100
80 10c
Forty-Nine Mining Co_ .1
1% 2%
Golden Centre Mines
40
4c
Golden State
9c
8c
1
8c
Goldfield Florence
17c 19c
Hawthorne Mines Inc.. -1
25e 17% 17% 18
Heels Mining
17
17
Hollinger Consol G M _
1%
175 960
Jerome Verde Devefop__ -1% 2
1
2
Kay Copper Co
1% 115
Kerr Lake
114 2
135
Mason Valley Mines
9c
Cc
50e
National Tin Corp
1931 1935
New Cornelia Copper_ _5
New Jersey 21no
100 r20835 205% 214
Newmont Mining Corp_10 45% 44% 4534
4% 5
4%
NIplesIng Mince
3
3%
North Butte
15
750 85c
80c
Ohio Copper
270 27c
270
Parmac Porcupine
Sc
8c
Plymouth Lead Mines-. -----50c 55c
Portland Gold Mining_ _1
275 2%
Premier Gold Mtn, Ltd-1
26c 28c
1
Red Warrior Mining
40
4c
Rochester Silver Corp
4c
4c
1
San Toy Mining
40c 58c
Shaw Mines Corp
51( 6
5%
South Amer Gold & Plat.I
Sc
60
Sc
Spearhead Gold Mining..I
231
234
Tack Hughes
1% 134
Pie
Tonopah Belmont Devel.1
1%
1% 1%
Tonopah Extension
4% 4%
Tonopah Mining
2735 2719
United Verde Extent).--50e
250 35c
25c
United Zinc Smelt Mg_ _
8c
90
B Continental Mines_ .8
Tr.qh ADP%
515 515
515
2% 315
Wenden Copper Mining 16
16
Yukon Alaska Trust ctf..
50e 58c
Yukon Gold Co
5 50c
Bonds.
Allied Pack, deb Cs__ _1939
1939
Cony deb 85
Aluminum Co of Am 7s '33
Amer 0 & E deb fle_ _2014
American Power & Lighten old without warr 2014
(is new
Amer Rolling Mill 65._1931
American Thread 13s_ A921
Amer Type Fdrs deb 65'40
Amer W Wks & El 68_197:
Ansoonda Cop Min 81 1929
.•
Andian Nat Corp 66..1940
Without warrants
Assoc Gas & Elee 6s -1965
Awed Simmons Hardware634e
1935
Atlantic Fruit 8s
AUG & W I SS L 58_195l
Beaver Board Co 8s-1935
Beigo-Canadian Pap 651941
Bell Telep of Can 55_ _1965
Beth Steel equip 75-1935
Boston & Maine RR 135 '33
Canadian Nat Rye 75 1935
Ch Mliw & StP(new Col50-yr g 55 ser A wt._1975
Adj mtge 55 w 1---2000
1966
Cities Service 65
Cities Bert Is, Ser B._1966
,
Cities Service 7s Ser C 1966
Cities Service 75,Ser D1966
CitiesSay Pr & Lt 88.1944
Cone 0,E L & P. Balt1949
(is Series A
1965
55 Series F
1941
Consol Textile 88
Cosg Meeh Coal 634e_1954
Cuban Telep 7%8- -1911
Cudahy Pk deb 5148.-1937
5s
1946
Det City Gas Cs
1947
Detroit Edison 6s_.--1939
Est RR ot France 7s .1954
Europ'n Mtg & Inv 7%8'50
Federal Sugar 6s
1933
Gair (Robert) Co 78..1937
General Ice Cream 6758'35
General Petroleum 65.1928
let 55
Aug 15 1940
Grand Trunk Ry 6355_1936
Great Cons Elec 6348_1950
Gulf 011 of Pa 55
1937
Serial 515s
1926
Serial 5355
1927
Hamburg Elec Co 78-1935
Hood Rubber 75
1936
Inland Steel deb 6348.1946
Kan City Term 45_1960
Keystone Telep 5345...1955
Krupp(Fried) Ltd 75 1929
Laclede Gas Light 53581935
Lehigh Pow Secur 6s..1927
Libby,McN & Lib 78-1931
Liggett Winchester 75_1942
Long Island Ltg Co 6s _1954
Manitoba Power 78_..1941
M St P &SS ki Ry 58_1938
Missouri Pacific RR 551927
Morrie & Co 7155
1930
Nat Dairy Prod 68_ _ _1940
Nebraska Power Cs__ _2022
Nor States Pow 6148-1933
;Is gold notes
1933
Ohio Power 50 Ser B.
-1952
Penn Power & Light Se '52
5e Series D
1953
Phila Electric5755_...1947
Phila Rap Transit65_ _1962
Phillips Petrol 734s- _ _1931
1933
Pure 011 Co 6345
Rhine-Main-Danube Corp
1050
78 Series "A"•
Rhine-Westphal El P 75'50
Sauda Falls Co 58 _ _ _ _1955
Schulte R E Co 68_ __ _1945
Seaboard Air Line 65-1945
Shawsheen Mills 75.. _1931
Range Since Jan. 1.
Low.
High.
5,000
Oct
1% June
40
1,800
4
1% July
Feb
260 150
Nov 167
Oct
1,000
4c
Apr
9c Nov
200
4
234 Oct
Feb
500
175 Nov
1% Nov
2,000 350 Jan
1% Nov
200 34
Nov 38
Oct
1,000
4c Mar
7c Sept
8,800 1135 Nov 109
July
6,000
70 Jan 230 Feb
Oct 580
27.30
3c
Jan
5,000
5c
Jan 42c July
5,700
1% Not
7% July
1.000
2c
Oct 100
Jan
3,000
5e June 14c Feb
8,000
8o Feb 250 Nov
2,200 12% Apr 18
Nov
200 12% Apr 17% Oct
1,700 50c Sept
2
Apr
25,400
1% Jan
234 July
100 88c May
114 Feb
2,600
194 Mai
2% Jan
30,000
Sc Aug 18c Mar
600 18)5 Mar 24% Jan
990 181
May 214)4 Nov
900 43
Oct 46% July
4,000
4% May
6% Jan
900
134 June
3
52) Nov
4,600 730 Aug
1% Jan
3,000 150 Feb 52e
Jan
12,000
4c Nov 85c Mar
2,200 35c
Oct 55c Nov
1,800
2
Jan
2% Sept
2,000 200 Feb 51c Aug
2,000
40
Oct
4c
Jan
2,000
2c
Jan
7c Feb
8,900 320 Aug
1
Oct
13,100
234 May
6% Nov
40 Feb 12e May
11,000
4,500
1% Jan
215 Oct
5,000 52e
Apr
114 Nov
6,100
1% Aug
rt. Feb
100
111. Mar
6
Aug
500 20% 'Apr 3934 Jan
3,00
20c
Oct 40c Feb
10,000
Co Aug 18o Mar
415 Jan
800
815 Jan
2
8,900
Jan
5
Apr
200 15
Jan 22
Oct
1,000 30c Sept 74c
Oct
•
74% 76 $29,000 73)4 Sept 84%
75
86
89
86
51,000 84
Mar 94%
10635 10615 10615 22,000 10634 Aug 10734
98% 98% 99 222,000 95
Jan 99%
Feb
Feb
June
July
99,000
116,000
11,000
12,000
140,000
25,000
29.000
2,000
1,000
137,000
95% 95% 96
9515 95)5 9614
101% .101% 101%
102% 10215
102% 102 102%
94% 95
95
10234 102% 102%
125 125
98
98
93%
93% 93
9535 96%
17% 1935
74
71
94% 96
10011 100%
99%
99% 99
104 104%
104
9511 9575 9515
109 110
109
95)4
19%
74
85
5715
9035
178
126% 126
10134 101%
94% 94%
85
58%
90%
86
58)5
90%
178
12614
101%
94)4
93%
95
100
102%
10034
94%
102%
103
95%
99
Jan
Mar
Jan
Jan
Oct
Nov
Jan
Apr
Nov
Aug
9834
9815
103%
104
103
95
104
127
100%
96
May
May
June
Feb
Oct
Nov
May
Nov
may
Jun.
59,000 81
53,000 17%
37,000 62
9.000 87%
2,000 9715
42,000 97%
29,000 103
22,000 82%
33,000 10811
Feb
Oct
Jan
Sept
Jan
Atte
Mar
Mar
Jan
96
27
78%
9
6%
101%
100
104%
9
6
112%
Nov
Mar
Sent
Oct
July
June
Oct
Oct
Am
.
9,000 81
June 86
Nov
56,00
52% Sept 58% Nov
89,000 90
Sept 91
June
2,000 15035 Jan 178% Feb
30,000 111
Jan 128
Feb
26,000 98% Jan 10814 Feb
265,000 92
Feb 95% Oct
105% 105% 105%
99% 99)5
85% 85)5 85)5
96% 9714
108% 108% 108%
92% 92% 93
94%
94% 94
104% 105
136 136
82% 84
84
92% 93%
93
91% 93
92
103% 103%
113 113
101% 101%
94% 94% 95
106% 107
107
86
86%
86
99% 100
100 100%
101% 10115
9515 95)5
104 104%
98% 9854 9874
84% 8415 8515
88
87% 89
91% 91% 92
9975 100
101% 101)5
104% 104% 104%
108% 108%
99)4 99% 993•5
10335 103%
99% 9935
100% 100%
10414 105%
98% 9834 9975
96% 96%
138
129 141
104
104 10414
94% 94
95
97% 9715
9734 97%
10634 10634
98% 9835
103% 103%
102% 102% 102%
16.00
5.000
11,00
17,000
7,000
39,60
23,000
22,000
1,000
108,000
19,000
14,000
5,000
1,000
3,000
102,000
25,000
164,000
20,000
10,000
1,000
5,000
5.000
118,000
44,000
30,000
12,000
9,000
4,000
8,000
2,000
1,000
9.000
15.000
1,000
36,000
52,000
1,000
166000
35,000
14,000
7,000
5,000
1,000
7,000
1,000
40,000
95% 9574 96%
94)5 94% 95
98% 98
9835
100% 100 10234
95
95
97
10234 102%
16,000 95%
85,000 94%
10,000 98
87,000 100
87,000 94%
14.000 100
2513
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High Week.
10415
98
80
95
106
8935
90
102%
11054
7834
92
91%
99
104
100%
9315
105%
86
98%
100
10015
95%
102
98%
83
86%
86
98
100%
102
107%
99%
98%
9935
99%
98%
98%
90
105%
99_35
13(1
95
95
104
9614
103%
97%
Jan
Aug
Apr
Sept
Jan
Jan
Apr
Jan
Jan
Apr
Nov
Nov
Apr
July
Jan
Sept
Jan
July
Jan
Oct
Oct
Nov
June
Oct
July
Nov
Aug
Oct
July
Jan
Sept
Aug
Jan
Nov
Apr
Jan
Nov
Jan
Jan
Jan
Jan
Apr
Apr
Jan
Aug
Apr
Jan
108 June
100% June
96
Jan
98% June
112% Aug
95
Fet
95 June
106% Ma,
155 Sept
88% Feb
94
Nov
99
Mar
104% July
117 Sept
112% July
95
Nov
110
July
8634 July
101% May
10235 Jan
101% Jan
96
Nov
105% July
98% Nov
86)4 July
91
Aug
99)4 Jan
100
Nov
101% Ma,
105
Aug
108% Aug
102
July
104% Oct
99)5 Nov
101
May
10534 Nov
9934 Nov
96.% Nov
141
Nov
104% Nov
96)4 Map
98% May
98% May
107
Aug
99
Mar
105
Aug
102% Nov
Nov 96%
Nov 95
Nov 98%
June 106
Oct 9514
Anr 104
Nov
Nov
Nov
Nov
Oct
Ian
Bonds (Concluded)Slemans & Halske 75..192/
1936
Ts
Sloss-Sheff Stl& I 613_ _1929
1934
Solvay & Cie 65
Southeast P & L 6s A_2021
With warrants
South Calif Edison 65_1949
Stand 01101 N Y 6158_1933
193!
Sun 0115755
Swift & Co 55-.Oct 15 1932
Thyssen(Aug) I&S 78 1930
Tidal-Osage Oil 'N.__ _1931
Toho El Pow (Japan)75'50
Tokyo Elee Light 6e..1929
-Continental 01175'30
Trans
Trumbull Steel Cs__.A94(
Tyrol Hyd-El Pow 7345'55
United Rys of Hay 734 '31
S Rubber Ser 6%5..1926
Serial 654% notes_ _1927
Serial 634% notee_1921
Serial 6%% notes_ _1924
Serial 6%% notes_ _1930
Serlal 63)% notes_ _1931
Serial 6%% notes_ _1932
Serial 634% notes__1933
Serial 6 % notes_ _1934
Serial 6)4% notes_ _1931
Serial 6)4% notes_ _193t
Serial 634% notes_ _1937
Serial 634% notes_ _193/
Serial 634% notes._ 1939
Serial 694% notes..194(1
S Smelt & Ref 6345.193:
1936
Vacuum 01178
1937
Valvoline 011 65
Walworth Co 6155..._ _1935
1940
65
Webster Mills 630_1931
Foreign Government
and Municipalities.
Czechoslovak Rep 7355245
Cologne (City) 6 Si5_ _1951
Colombia (Rep of) Dept 01
194:
Antiooula 78
Denmark(Kg)5748w1 1955
1970
65
Gratz (City) Austria 85 '64
French Nat Mall SS 751949
Hungarian Cons Mon
1940
Loan 7345
Indust Mtge Bk of Finland
7s_ _1944
tel M colt
Medellin (Colom) 85_1949
Netberlands(KIngd)88B'72
Peru (Republic of) 85_1932
194G
7tis
Russian Govt 6355_ __ _191!
1919
635 ctfs
1921
5158
5755 certificates..._1921
SantaFe(Argentins)75.1942
Saar Basin Con Co 7s 193:
Switzerland Govt 53451929
Upper Austria (Prov)78'45
9635
9515
10334
98%
10875
1063)
97%
96%
9434
9039
98%
9715
9679
-96%
10015
10235
101%
101%
101%
101)5
100%
100%
10034
100%
104%
98
98)4
9615
8714
97
107
100
98%
1214
11%
94%
96%
101%
9254
Low.
High.
96
97
34.000
9415 96
26,000
10215 102% 8,000
103 103)5 29,000
98% 9934 253,000
108)5 109
35,000
9515 9635 27,060
106% 107
15,000
9735 97% 19,000
96% 96% 77.000
9435 94% 46,000
103 103)5, 11.006
90
90% 83,000
98% 99
44,000
96
97% 94,000
9635 9615 51.001,
9634 96% 38,000
lop% 109%
2.000
100% 100% 15,000
101% 10234 41,00(
102% 102%
2,000
102 102% 18,000
7.000
101)4 101%
10114 102
13,000
101% 102
11,00C
100% 101% 19,000
100% 100% 11,000
100% 101
10,000
100)5 100% 29,000
11,000
100% 101
10034 10074 8,000
1C075 101
14,001
9,000
100% 101
99% 99)i 86,000
104% 105
31,000
103% 105
3,000
98
9835 12,000
9875 9834 6,000
100% 10074
3,000
92%
siloyi
101
100
95%
100)5
92
106
9534
94
90
103
87
98%
9414
96%
9435
10774
10015
100%
100%
99%
99%
9754
97
96%
96)4
96
95%
95%
9554
95%
95%
99)5
104%
103%
98
98
97)4
OP
Aug
Jan
Jan
Oei
Oct
Jan
Aug
Jan
Jan
Attu
Jan
Aus
Aug
Sept
Nos
June
ma:
No)
Apr
API
Apt
Apr
Ape
Mar
Ap.
Ma,
Apr
Apr
May
AP(
May
Ma)
Oct
No
Nov
Oct
Oct
Mar
97% 360,000
96
87% 88
47,000
96
87
Oct
Sep.
90
9934
98
97
7714
Oct 91
Nov
Aug 100 Sept
Jul) 10094 Nov
May 99)t Sept
Apr 91
Jam
89
Jul)
90% 9034
9934. 9915
100)5 100
97)5
80% 80%
89%
Range Since Jan. 1.
89
91
99%
10035
98
8215
27,000
86,000
17,000
36,000
140,000
8915 280,000
97
9731
98% 9875
107 10715
100 101
9715 99
12% 13%
1211 13%
12
11
1134 1115
94
95
96
96%
10115 102
9235 92%
99%
96%
10315
105
9915
109
9735
108
9915
97
99%
104%
91%
99%
103%
97
97
112
1023-4
102%
103
10234
102
102
102
10115
101
101
101
101
101%
101
101
99%
10734
106
98%
98%
103%
Feb
Feb
Sept
July
Nov
Nov
May
Fen
July
Jul)
Pet
Jan
ma)
Sept
May
Nov
Oct
July
Max
Oct
Nov
Nov
Sept
Oct
Oct
Nov
Oct
Nov
Nov
Oct
Nov
No.
Nov
Nov
Jan
Mar
Oct
Nov
Jan
9714 Nov
8814 Oct
90)4 Oct
23,000 9234 Mar 9834 Nov
1,000 97% July 9834 July
10,000 10215 Mar 11934 Aug
Jai. 102
6,000 99
Oct
100,000 9714 Net 99
Nov
51,000 1114 Aug
1734 Feb
90,000 11
Aug
17
Feb
47,000 11
Jul)
1735 Feb
12,000 1035 Ma) 16
Oct
66,000 9234 Sept 9694 Jag
5,001
9414 Sept 97
Sept
12,001 101
Jan 104
July
Oct
96,OCO 9
93
234 NON
• No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. a Option sale. w When
Ex-dividend. y Ex-rights. z Ex -stock dividend.
issued.
New Yotk City Banks and Trust Companies.
Att prices dollars per share.
Banks.
Bid. Ask. I rust Cos. Bid.
Hamilton_ __- 218 225
New York.
Hanovir
1110 1125 American_ _ _
Harriman.... 990 500 Bank of N Y
Manhattan* - 234 239
& Trust Co 640
Mech & Met. 426 431 Bankers Trust 585
Bronx Co Tr. 230
Mutual*
465
Central Union 885
Nat American 165
National City 617 623 Empire
47
New Neth*.._ 270 285 Equitable Tr_ 310
Park
522 527 Farm L & Tr_ 570
Penn Exch... 115 125 Fidelity Inter 315
340
Fulton
Port Morris _ _ 200
655 662 Guaranty Tr_ 373
Public
Seaboard_ - - - 710 716 Irving BankColumbia Tr 130
Seventh
175 185
Lawyers Tr_ _
450
StandardManufacturer Lii
72)
State*
145 155 Mutual(WestTrade*
chester).... 225
United
210 225
United States* 293 298 N Y Trust_ _ _ .548
Title Gu & Tr 685
Wash'n Hts*. 725
US Mtg & Tr 375
Brooklyn
United States 1875
Coney Island* 210
Westches Tr_ 400
450
First
Brooklyn.
Mechanics'•_. 245 iLL
Brooklyn Tr_ 885
Montauk*_ _ 290
305 Lio Kings County 300
Nassau
Midwood_ - -- 250
470
People's
People's_ - - - 900
ueensboro* _ 175
• Banks marked ()are State banks. r) Ex-dividend. (s) Ex-rights.
5
Banks-N.Y. Bid. Ask.
335
America*
Amer Exch.. 480 490
Amer Union*. 210 220
BroadwayCen 245 -Bronx Boro*_ 675
Bronx Nat... 350 iio
BryantPark* 215 225
Butch & Drov 175 185
Capitol Nat.. 218 223
Cent Merest). 330
568
Chase
Chath Phenix
Nat Bk &Tr 368 373
Chelsea Exch* 235 245
Chemical_ _ _ _ 720 730
Coal & Iron_ _ 345 355
Colonial*. _ _ _ 550
Commerce _ _ 378 384
Com'nwealth* 340
Continental.. 230
Corn Exch._ 580 gii
Cosmop'tan*. 190
East River... 355 Fro
Fifth Avenue* 2200 2400
2970 3000
First
160 170
Franklin
370 380
Garfield
270
Grace
Greenwleh*. _
Uri
Ask.
650
500
255
892
353
315
075
325
350
377
334
Lii
255
555
695
385
895
2400
920
CURRENT NOTICES.
On Dec. 1st R.E. Campbell & Co., dealers in municipal and corporation bonds, Los Angeles, will move their offices to larger quarters in the
same building-the Hellman Bank Building, 650 South Spring Street,
that city. This will be the second move to larger quarters the firm has
found necessary since it began business 22 months ago. The company
extends a cordial invitation to its friends, especially those in the East and
Middle West, to make its offices their headquarters when in Southern
California.
-Colvin & Co. announce that William J. Tither, formerly with Scholl°
Brothers, is now associated with them as Manager of their bond department.
Otte-Dickey & Co., Inc., Chicago, announce the opening of a bond
department and the appointment of Michael D. Lawlor as its Manager.
Irving Bank-Columbia Trust Co. has been appointed transfer agent
of the Class "A" and common stock of Landay Bros., Inc.
-Bankers Trust Co. has been appointed transfer agent for the Class "A"
Common stock of Fox Theatres Corporation.
-The New York Trust Co. has been appointed registrar of Solether
Corporation common stock, $10 par value.
-Eastman. Dillon & Co. announce that M.H. W.Johnson has become
associated with their sales organization.
-Eastman, Dillon & Co. announce that Mr. Von Wrangel has Joined
their organization.
2514
aIrøa4ptelliffente.
putestutent
Latest Gross Earnings by Weeks.
-In the table which
follows we sum,up separately the earnings for the second
week of November. The table covers 11 roads and shows
4.30% increase over the same week last year.
Second Week of November.
$
Ann Arbor
116,215
Buffalo Rochester & Pittsburgh
399.478
Canadian National
5.786.786
Canadian Pacific
..... 4,432.000
Great Northern
2,857,000
Minneapolis & St Louis
323,538
Mobile & Ohio
395,898
St Louis
-San Francisco
1.991.753
St Louis Southwestern
576,800
Southern Railway System
4,013.723
Texas St Pacific
771.046
Total (11 roads)
Net increase (4.30%)
Increase. Decrease.
1924.
1925.
$
111,999
315,199
4.927,568
4,314,000
2,873.463
331.736
390,830
2.011.698
576.288
3,929.801
776,991
$
$
4,216
84,279
859,218
118,000
16.463
8.198
5,068
19.945
512
83.922
5.945
50.551
21.664.237 20,559,573 1.155,215
1.104.664
In the table which follows we also complete our summary
of the earnings for the first week of November:
First Week of November.
1925.
Increase. Decrease.
1924.
$
$
Previously reported (9 roads)-- - 19.780.793 19.913,181
Duluth South Shore & Atlantic_
107,917
111,287
Georgia & Florida
41,950
34,000
Mineral Range
7,948
3,902
Nevada California & Oregon__ _
9,658
6.005
St Louis Southwestern
569,433
528.500
Texas & Pacific
757,105
728,328
Western Maryland
422,236
393.184
S
751,592
Total (16 roads)
Net decrease (0.77%)
792,247
21,623,284 21,792,143
$
883,980
3.370
7.950
4.046
3,653
40.933
28,777
29.052
961,106
168,859
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
$
1st week Aug. 16 roads)----18.408.362
2d week Aug. 16 roads)____ 18,693.557
3d week Aug. 16 roads)---- 19,313.356
4th week Aug. 16 roads)--- 27,448,599
let week Sept.(16 roads)___ 18,849 977
2d week Sept. 16 roads)........ 21,682.538
Bd week Sept. 16 roads)__.... 22.365,276
4th week Sept.
---- 30.851,276
let week Oct. (16 roads,_.,. 23.008,039
2d week Oct. (16 roads)__ 23.141.397
Bd week Oct. (16 roads)_.,.._ 22,817.485
4th week Oct. (16 road---- 32.128,402
1st week Nov (16 roads)_.., 21,623,284
91 ARA 927
2d week Nov (11 rnftrha
Increase or
Decrease.
Previous
Year.
$
17,160.592
17.140,935
17,533,547
24,984.483
17.369,297
18,301,073
19,393,235
27.590,802
20.888,632
21.538,083
21.999.088
31.837.454
21.792.143
90 KKO n79
%
$
11,247.770 7.27
1,552.622 9.05
1.779.809 10.15
2,464.116 9.86
1.480,680 19.93
-3,381.465 18.48
-2.972.041 15.32
-3,260,474 11.73
-2.119.407 10.14
-1.603.314 7.42
. +818.397 3.72
+290,948 0.91
-168,859 0.77
.1-1 1111. MA
4.1(0
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Net EarninOs.
Gross Earnings.
Month
1925.
1924.
Increase or
Decrease.
Increase or
1925.
1924.
Decrease.
$
Jan _ 483,195,642 467,329.225 +15.866,417 101,022.458 83,680,754 +17.341,704
Feb _ _ 454,009.669 478,451.607 -24,441.938 99,460.389 104,441.895 -4.981,506
Mar__ 485,498.143 504.362,976 -18.864.833 109.230,086 114,677,751 -5,447.665
Apr_ 472,591.665 474,287,768 •-1,696,103 102.861,475 97,471.685 +5,389.790
May _ 487.664,385 476.549,801 +11,114.584 112.859,524 96.054.494 +18,805,030
June - 506,002,036 464,774,329 +41.227,707 130,837.324 101.487,318 +29.354.008
JUIY-- 521,538.604 480.943.003 +40.595,801 139,606.752 11,788.887 +27,819,865
Aug._ 554,559,318 507.537.554 +47,021.764 166.558.666 134,737.211 +31.821,455
Sept 64.443,591 540.063,587 +24.381,004 177.242.995 59.216.004 +18.026,891
Note.
-Percentage of increase or decrease In net for above months has been
January, 20.73% Inc.. February, 4.77% dec., March, 4.74% dec., Apr11. 5.53% MC,
May, 17.49% inc.; June, 18.91% Inc.; July, 24.88% inc.; Aug., 23.26% Inc.; Sept.,
11.32% Inc.
In Jan, the length of road covered was 236,149 miles in 1925, against 235.498
toilet' In 1924, In Feb.. 236,642 miles, against 236,031 miles. in March,236.559 miles.
against 236,048 miles.In April, 236,664 miles, against 236,045 miles,In May,236,663
miles, against 236,098 miles. In June, 236.779 miles. against 236.357 miles, in July,
236.762 miles, against 236.525 miles: in August. 236.750 miles. against 236,546 miles;
in September. 236,752 miles, against 236.587 miles.
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Net from Railway- -Net after Tares
1924.
1925.
1924.
1925,
1924,
1925.
8
i
$
$
5
$
International Rye of Central Amer
123,962
162,050
October_ _ __ 456.775
406,926
2,097,024 1,829,457
From Jan E 5,163,924 4,255,065
Kansas City Southern (Incl. Texarkana & Ft Smith
451,956
559.906
599,231
683.398
October.. __ 1.912.341 1,956,840
FromJan1_17,571,147 17,558,021 5,431,970 4,906,631 4,313,480 3.827,616
New Orleans Great Northern
60.441
75,470
92.548
90,437
October_ _ ._ 256.983
254,319
549,758
544,307
742,596
730,734
From Jan 1_ 2,405,945 2,465.201
Balance,
Fixed
Net after
Gross
Charges.'$ Surplus.
Taxes.
Earnings.
$
$
Companies.
i
Adirondack Power Oct '25
754,540 c327,355ltrl154,66811b172.687
b67,935
& Light Corp
642,147 c198,71111911130,776
'24
12 mos ended Oct 31 '25 8,217,580 c2,932,872 1,764,422)51,168.450
'24 7,267.512 c2,410,28511,399,548 51,010,737
125,442
52,383
Bklyn City RR Co Oct '25
987.045 *177,825
149,334
37.958
.960 *187,292
'
446,915
230.907
4 mos ended Oct 31 '25 3,748,041 *677,822
480,627
149,770
'24 3,777.965 *630,297
B-M-T System
524,298
652,512
Oct '25 3,772,050 *1,176,810
475,772
648,705
'24 3,615,108 *1,124,477
4 mos ended Oct 31 '25 15,000.782 *4,630.328 2,615,342 2,014,986
'24 14,360.028 *4,272.742 2.590,879 1,681,863
Central Maine
356,114 c191,123
Oct '25
Power Co System
332,984 c156,981
'24
12 mos ended Oct 31 '25 4,136,672 c1,988,349
'24 3,823.929 c1,793.758
821,246
Detroit Edison Co Oct '25 3,374,641 *1.170,398 e349,152
458,297
'24 2.719.149 *801,210 e342,913
10 mos ended Oct 31 '25 29,233,110 *9,670,925 e3,551.118 6,119,807
'24 25,863,755 *7,883.862 e3,412,300 4,417,562
179,468
335,551
HudER Co
& Manhattan Oct '25 1,030,554
515,019
158,988
,532
'24 1,014,359
8
6
3 7 544
10 mos ended Oct 31 '25 9.957,965 4.758,597 3,33 ..960 1,390,637
:245
Oct2 9.800.960 4,652,985 3,387,629 1,265,356
331,676
102.384
Kansas City Power
434,060
867,212
293,605
86.134
& Light Co
379,739
772.874
'24
12 mos ended Oct 31 '25 9.952,382 5,001,697 1,169,558 3.832,139
'24 9,418,284 4.681,437 1,071.247 3,610,190
143,941
82,824
Market St Ry Co
Oct '25
871,551 *226,765
813.614 1,093,246
10 mos ended Oct 31 '25 8,241,175 *1,906,860
c65,311
Mass Lighting Cos Oct'25
329.220
c65.419
312,614
'24
c550,005
10 mos ended Oct 31 '25 3.019.868
c504,233
'24 2,815,055
Phila & Western
23,838
k13,557'
j37,395
Oct '25
78,169
18.435
k15,917
Ry Co
j34,352
'24
75,646
228,267
Phila Rapid Transit Oct '25 4.526,035 *1,331,922 d1,049.645
301,652
System
'2 4,256,101 *1,168.590 41866,938
10 mos ended Oct 31 '25 41,641,942*11,101.758d10,413,544
148,114
'24 37,203,011*10.390,549 48,680.959 1,709,590
281,193
Utah Power &
177.266
Sept '25
842.111 *458.459
257,118
Light Co
178,167
799,460 *435,285
'24
12 mos ended Sept 30 '25 9,695.812 *5,263,022 2,138.878 3,124,144
'24 9,220,351 *4.852.962 2,138.500 2.714.462
Wash Water Pow
243,276
64,217
Oct '25
307,493
527,092
202,926
Co
50,485
253,411
440.187
'24
10 mos ended Oct 31 '25 4,713,456 2.771.247
577,276 2.193,971
500.675 2,000,780
24 4,325.664 2,501.455
* Includes other income. b After rentals. c After depreciation. d Includes dividends and management fee. e Includes amortization of debt
discount and expense. j Before taxes. k Includes taxes.
FINANCIAL REPORTS
-An index tO annual reports of steam
Financial Reports.
.
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Nov. 7. The next will appear in that of Nov. 28.
Loew's Incorporated (and Subsidiaries 100% Owned).
(Annual Report-Fiscal 'Year Ended Aug. 31 1925.)
OPERATING STATEMENT FISCAL YEARS ENDED AUG. 31.
1921-22.
1922-23.
1923-24.
Gross Income1924-25.
'Theatre receipts,
and sales of films. &c-$53,797.925 $40,628,928 816,860,161 $16,801,424
rentals
Rentals of stores 'and
Offices
1,585.279 1,448,049 1,363,238 1.250,106
Booking fees and com623,623
606.437
630,181
437,731
missions
515,657
696,081
Divs. rec. fr. affil. corp_
271.678
230,110
254.254
473,811
Miscellaneous income_ _
$56,294,745 $42,937,269 819,634,355 $19,608,302
Expenses
Operation oftheatres and
$29,039,528 $24.182,952 $8,320,486 $9,874,405
office buildings
Operation of film dis6,820.583 4.327,420 2,958,355 2,010,870
_____
tribution
Amortization offilms__ - 5,612,596 2,766,547 2,118,832 3,521,339
Cost of film advertising
366,657
436,177
226.673
492,559
accessories sold
Producers' share of film
5,521,986 5.862.032 2,793.634 1,512.894
rentals
825,031
409.712
194.250
Dem.of bldgs. dr equip.. 1,811,082
450,674
251,192
674.316
Federal income taxes
Min. interests' sh. affil.
946.351
1,034,352
corps
Loew's, Inc., share un.
112,858
268,925
distrib MTS. corps_ _ _
Divs, on suosid. stock
78,174
310.186
Pref.)..
-Goldwyn
(Met
$51,586,114 $39,988,217 $17,218,866 $17,340,431
Total expense
$4,708,631 $2,949,053 $2,415,488 $2,267.871
Operating profits
3,788,978 2,961,486
100,413
545,998
Previous surplus
Total surplus
Divs. paid & declared
Extraordinary charges
$8.497,610 $5,910,538 $2,961,468 $2,368,284
2,121.560 2,121.560
1,822,287
$6,376,050 $3.788,978 $2,961,486
$545,997
P.& L.surplus
CONSOLIDATED BALANCE SHEET AUG. 31.
1924.
1925.
1924.
1925.
Liabilities$
$
Assets1,547.585 2,139,896 Capital stock_ _y26,280,858 28,280,858
Cash
798,970 Met-Goldwyn Pref.
914,353
Accts. receivable
108,838 stock
161,444
4,430,687 4,472,520
Notes receivable
Obligations of subDue fr. atIII. corp.
sidiary cos
11,477.875 9,216,378
(less than 100%
428,179 1.142,063 Accts. payable_ 2,066,432 2,437,310
owned)
11,864,882 6,548,208 Notes payable...,. 1,252,088 1,602,862
Electric Railway and Other Public Utility Net Inventories
4060,741 2,319,141 Taxes (theatre adAdvances
18,531
missions, &c.)__
20,677
Earnings.
-The following table gives the returns of Inv. In affil. cos 9,854.215 5,606,853 Accrued interest_ _ 136,647 161,446
D
288.883 Advances from afELECTRIC railway and other public utility gross and net
and contracts_ 469,235
173,487
400.945 filiated cos
48,001
Miscel. investm't- 266,942
185,795
earnings with charges and surplus reported this week:
363,483
Prop. 100% own_125.846,041 18,841,966 Federal taxes
608,564
- Deferred charges._ 1,341,799
740.263 Divs. payable_ _ _
607,922
--Gross Earnings- --Net Earnings
966,341
Previous
Deferred credits__ 694,697
Current
Previous
Current
Leases, contracts
Year.
10,977,083 Surplus
Year.
6,376,050 3,788,978
Year.
Companies.
Year.
and good-will...
$
$
$
$
49.913,111
Total
53.755.396 49,913,111
53,755,396
Total
556,320 *281.378 *239,279
c Am & For Power Co___Aug 756,486
x Property includes: Land, $9,677,764; bldgs. & equip., $18,452,689:
12 mos ended Aug 31-- 8.256,551 5,888,414 *3,429,550 *2,649.724
Oct 1,421,388. 1,163.814 1.356,549 1,100.496 leaseholds, 81,735,941: total, $29,866,394: less reserve for depreciation.
Cities Service Co
Capital stock,
12 mos ended Oct 31-- -19.102.856 17,289.953 18.333,954 16,650,044 $4.020,354. leaving, as shown above, $25,846,042. 3? p. 3197.
without par value. shares outstanding 1.060.780.-V. 120.
• After taxes. c Earnings of subsidiary companies only.
Nov.211925.]
THE CHRONICLE
Pittsburgh Brewing Company.
(Annual Report-Year Ended Oct. 31 1925.)
INCOME ACCT. YEARS END.OCT.31 (INCL. TECH FOOD PROD.CO.).
1923-24.
1924-25.
1922-23.
1921-22.
Sales and earnings, all
SOUITCS
$2.277,041 $2,221,419 $2,323,274 $1.929,507
Operating, &c., expenses 1,857.167
1,803.172
1,953,192
1.624.068
Net earnings
Deduct
-Interest
State and Fed. taxes_ _
Depreciation,&c
Miscellaneous
5419,874
$159,780
19,115
283,742
170,144
$418,247
$170,900
11,402
291.274
147,113
*370.082
5185.309
15,063
288,291
95,211
$305.440
$222,134
25,276
273.254
213.730
Balance, deficit
5202.442
5212.907
$213.792
5428.954
BALANCE SHEET. OCT. 31 (INCL. TECH FOOD PRODUCTS CO.).
1924.
1925
1925.
1924.
Assets
Liabilities83
Plant and franch.,
Preferred stock__ 6,100,100 6,100,100
less deprec'n....12,368,531 12.632.224 Common stock___ 5,962,250 5,962,250
355,851 First mtge. bonds- 2,615,000 2,750,000
Cash
322,851
284.215 Sundry accts. payNotes & accts. rec_ 467,809
38.7513
35,025
457,458 Accrued interest__
Inventories
410,743
52,300
55,000
Accrued interest._
2,533 Accr. State taxes
983
(estimated)._ __
Investments
858,591 1,045,431
12.376
11,967
138,356 Reserve for disc_
Deficit
351,263
1,775
Total
14,78.0,776 14,916,117
Total
14,780,776 14.916.117
TECH FOOD PRODUCTS COMPANY. PITTSBURGH. PA.
Statement of Income and Expenses. Years Ended Oct. 31.
1925.
1924.
1923.
1922.
Ice cream sales, stor. &.
miscell. income
51,770,603 51,681.689 $1,493,137 31,132,197
Oper.,adm.& sell. exp. _ 1,380,723
1,269,237
1,213.528
1,017,044
Depreciation, taxes, &c.
110,046
117,250
98.358
90,456
Net income
$279,834
$295,201
5181.250
Balance Sheet at Oct. 31.
•
1924.
Assets
1925.
Liabilities
1925.
Building alterat'ns,
Common stock_ _ $700,000
equip.,less depr. 5810.150 5827,632 Accounts Payable.
27.680
Cash
209,432
238,872 Res.for dLscount _ _
Notes Sr accts. roc _ 372,807
174,804 Surplus
772,8)2
Inventories
78,939
108.094
Mtges. receivable.
5,000
Total
31,500,482 51,325,245
-V. 119, p. 2524.
Total_
$24,698
1924.
1700,001
25,51
1.775
597,96]
51,500,482 51,325.245
Third Avenue Railway Company.
(Annual Report
-Year Ended June 30 1925.)
President S. W. Huff, New York, Oct. 20, wrote in substance:
Results.
-For the fiscal year ending June 30 1925, operating revenue of
the system was 514,542,509. a decrease of $106,756 as compared with
1924;
while operating expense was $11,166,852, a decrease over the previous year
of $6,628. Although it was possible to decrease operating expenses, this
decrease was not as great as the decrease in receipts, with the result that
the decrease in net revenue was approximately one hundred thousand dollars.
It is difficult to determine all of the causes for a decrease in receipts and
the extent to which these causes individually are responsible for this decrease.
There has been generally a decrease in street railway receipts throughout
the country. In the case of the companies of this system the decrease
has
been almost entirely in the Borough of Manhattan. The lines operating
In the Borough of the Bronx and in Westchester County show general
increases, but not enough to overcome the decrease in Manhattan.
There seems no question but that a substantial amount of travel that
formerly utilized the car lines has been diverted to taxicabs and other forms
of rubber tired vehicles. In Manhattan, not only has the taxicab competition become very acute, but the congestion of the streets by reason of the
great number of taxicabs and motor cars has rendered it very difficult for
passengers to get to the street cars and has slowed up operation to such an
extent as to make the service less attractive.
With the tendency to decreased receipts, a reduction in operating expenses
becomes imperative, and this is always most difficult if the service is to be
maintained at a high standard. Under some conditions it might not be
difficult to reduce service and thereby effect saving. Confronted with
decreased receipts, however, it has seemed imperative to maintain service
In order to prevent further decrease. To maintain adequate service and
yet reduce expenses is the problem.
Improvement of Car Equipment.
-For a number of years very little
been expended on improvement or modernization of car equipment of has
the
system, although funds had been set up in the depreciation and contingency
account for that purpose. In view of this, it seemed that the necessity of
maintaining or increasing receipts and at the same time reducing expenses,
made imperative the improvement of car equipment and justified substantial expenditure in that direction.
During the past year we were able to purchase from one of the car builders, at an attractive price, 50 steel car bodies which were installed upon
comparatively new trucks. These trucks were purchased during the war
and equipped with small wooden bodies, which we had on hand. These
new steel bodies seat 36 passengers, whereas the old wooden bodies seated
only 24.
Having an opportunity to acquire at a low figure 128 used car bodies and
trucks, larger than anything we were then operating, we purchased these
cars also and equipped them with motors and other apparatus that we had
on hand. The result of this purchase was to greatly increase the average
car seating capacity of the system and to make it possible to furnish better
service in seating capacity with less mileage.
The standard double-truck convertible cars of the system as originally
constructed had hand-operated doors. lids slowed up the service and
rendered it impossible to use these cars for one-man operation. If we
were
to extend tho one-man car operation (which extension was necessary for
greater economy),cars of this type in Manhattan would have to be equipped
with power-operated doors. this was done and all the "all-night cars" of
the system are now operated as one-man cars, effecting a very substantial
saving.
In order to lessen accidents, it was necessary to rearrange the hand
-brake
equipment, bringing it up to a high state of efficiency. This also has
been
done.
The improvement in car equipment as outlined above has cost in round
figures one million dollars. This accounts for part of the decrease in cash
in our depreciation and contingency account and In current assets, but we
believe that this money has been well spent. If the same improvement
in
Average seating capacity and in efficiency of operation had been accomplished by the purchase of new cars, it would have cost from two to
three
times the amount exnended. This increase in average seating capacity
of the cars of the system will reduce transportation expenses, and modernizing the equipment will reduce car maintenance, and the attractiveness of
the service as a whole will be enhanced by this more modern equipment.
Settlement of Paring Claims.
-During the past year It has been necessary
to make abnormal expenditures on account of the settlement of claims for
paving charges, which had been in litigation for years,and which were finally
decided against the companies. The total payment on account of these delayed or deferred paving charges amounted In round figures to $700,000.
This still further depleted the current assets of the companies of the system.
Bus Operation.
-The desire on the part of some of the public for bus toperatlen, or the opening of streets for bus operation, has made it possible to
abandon some of the trackage of the companies that for years had been unprofitable and that had no prospect of future profit. About 10 miles of
outlying track in the City of Yonkers was abandoned in this way. Operation on this track had never paid and it was so located that it probably
never could have been made to pay. The track had been worn out and a
large expenditure for its immediate reconstruction and paving was required.
Under authority from the Mayor we are operating over the same streets
-cent fare, with transfers to the connecting trolley cars. This
buses at a 10
operation is temporary, pending the granting of franchises in Yonkers.
In some other places we are negotiating with a view to the removal of outlying track and the substitution of buses at an increased fare.
2515
The City of New York has deferred the granting offranchises for bus operation in the hope of being able to operate municipal buses. In a recent
decision of the Court of Appeals, however, it has been held that no city in
the State of New York has the right to operate municipal buses. In other
sections covered by car lines of the system there has been no general granting of bus franchises. Progress has been made, however, and it may be
expected that franchises will be granted within a short time.
Your directors realize that they are confronted with serious alternatives
either to undertake an extensive bus operation co-ordinated with our car
lines, or to encounter competition with an extensive outside bus operation.
The experience of street railways generally has been that it is better to
meet the demand in their territory for bus transportation, rather than allow
it to be furnished independent of their car lines, and that it is economical
to furnish this transportation from the first rather than wait until it has been
established by others. Directors are making every reasonable effort to
secure the right to furnish bus transportation in the territory of the lines and
will make every effort to prevent bus competition with them.
CONSOLIDATED STATEMENT OF INCOME OF THE COMPANYAND
CONTROLLED COMPANIES. YEARS ENDED JUNE 30.
Operating Revenue1923.
1924.
1925.
1922.
Transportation
$14.111,026 814,232.953 514,008.415 313.783,348
Advertising
150.000
150,000
150,000
121,756
equipment
50,981
52,611
34,552
Rent of
25.668
25,649
26,868
26,005
Rent of tracks & ternfts_
189,147
175,577
Rent of bldgs.& oth.prop
196.746
174.695
15,687
12,475
12,695
13,117
Sale of power
Total oper. revenue--$14,542,509 514.649.265 $14,406,785 $14,141,413
Operating ExpensesMaint. of way & strue__ $2,408,683 $1,829,554 $1,425,234 $1,667,319
1,523,496
Maint. of equipment__ . 1.770.359
1,334,189
1,211,766
206,142
Depreciation of accruals Cr650,936
597,178
733,347
1,090,857
981,156
1.223.969
1.119.484
Power supply
4,959.323
4,985,676
4,574.374
Operation ofcars
4,492,966
963,251
Injuries to pers. & prop_ 1,053,960
930,970
871,077
600,856
617,953
General & misc. expense
535,364
564,795
Total open expense--$11.166,852 $11.173,480 $10,726,984 $10,555,027
Net operating revenue__ 3.3,375.657 $3.475,785 53,679.800 $3,586,386
988,048
1,044,378
964.970
968,044
Taxes
Operating income_ __ _ $2,331,280 $2,487,737 52,711,756 52.621,417
252,532
R76,603
Interest revenue
261.537
287,349
82,583,812 $2,764,340 $2,999,105 $2,882,954
Gross income
Deductions
$548,080
Interest:(1) 1st M.bonds 5541.608
$548,080
$548,080
.M .bonds_
879.620
879.620
879,620
879,620
(2) 1st Ref
(3) 2Adjust. M. bonds
(unpaid since Oct. 1
1,126,800
1,126,800
1,126,800
1.126,800
1917)
14,232
18,419 t
Track & term'l privileges
14,524
14,767
_
8,294
7,783
8,248
Misc,rent
9,974
22,452
deductions_..
21.871
Amort. debt disc. & exp21,315
20.783
33,480
33.480
Sinking fund accruals_ -33,480
33.480
55.279
Miscellaneous
56,747
66.226
42.156
Total deductions
Nett ncome
52.685,951 $2,689,078 32,697,829 52.675.479
det1102.139
375.262
$301.276
5207.474
BALANCE SHEET JUNE 30.
1924.
1925.
1924.
1925.
$
AssetsFtallroads & equip _81,264,826 81,424,571 3d Ave. Ry.stock-16.590,000 16,590,000
240,600 Controlled cos. stk 331,800
252,645
Sinking funds_ _
375,600
Fund.debt(bus.)
Dep. for damages
3d Av. Ry. Co.:49.526.500 49.526.500
34,000
31,903
& conting
Controlled cos- 5.928.361 6,628,361
Dep.for mat.coup.
678,492
685,697 Accts.& wages pay 625,318 1,346,538
Int
203,495 Int.mat'd & unpd.. 678,492
685,697
Misc, special dep.. 218.338
66,938
Deprec. & conting. 2,022,498 2,022,498 Interest accrued__
78,605
254,389 Tax liability
883,322
Investment fund._ 254,389
847,891
U.S. Govt:securs. 849.250 1,883.530 Int. on Adj. Mtge.
bonds
5,340,640 5,058.940
Dep. with State
234,000 Reserve for adjus.
Indust. Commir 269,000
559,524 1.490.434
deer., rooting.,
Cash
530,645
355,179
sink. funds. &c. 8,833,940 10,214,424
Accts. receivable
890,319 Excess of book val.
Materials & suPP1- 803.181
83,956
27,70
over cost of cont.
Unexp. ins. prem.
cos. securities
1,545,741 1,718,792
Unamort. debt dis 1,105,526 1,127,978
14,641
102,365
Miscellaneous
1,556,227 1,950.596
Deficit
Total
90.351,054 93.071.349
90,351.054 93,071.349
Total
x Includes 1st Mtge. 5% bonds, 55.000 000; 1st Ref. Mtge. 4% bonds,
Mtge. 5% bonds, $22,5:16,000.-V. 121, p. 1103, 2275.
$21,990.500: Adj.
Brooklyn-Manhattan Transit Corporation.
(2d Annual Report-Year Ended June 30 1925.)
Chairman Gerhard M.Dahl Nov. 16 wrote in substance:
Consolidated Results.
-The condensed comparative statement of operations for the year ended June 30 1925 shows net income of $5.073,535,
an increase of 51,087,476 over the preceding fiscal year. The gross income
of 512,902.146 is after all maintenance charges, taxes and reserves for depredation.
-There were paid for the fiscal year four quarterly dividends
Dividends.
on the outstanding Preferred stock, aggregating 51,496.808.
-Corporation has followed the policy of placing and keeping
Expenditure.
the properties in excellent operating condition and of furnishing as good
service as possible, limited as to rapid transit lines by the facilities provided
by the city. During the last two years the expenditures for maintenance
of way and structure and of equipment, including reserves for depreciation,
have totaled 519,976,306, which is 23.96% of the total operating revenues
of 583.384,743 for the two years.
Passengers Carried.
Rapid Transit,
Surface.
Fiscal Year.
Totals,
265.400,020
255,569.584
1918
520,969,604
313,933.642
251.893,227
1919
565.826,869
380,190,890
278,832,742
1920
659.023.632
406,695,310
' 223,006,425
1921
629,701.735
250.412.364
446,384.508
1922
696.796.872
1923
262,992,
6,885
539,069,076
1924
266,421.409
805,490.485
271.800.914
1925
593,368,990
865,169.904
This shows that the increase in seven years in passengers on the rapid
transit lines has been 123.5% and the increase on the system 66%. It
also shows that the surface lines are carrying 31.4% of our total traffic and
are therefore performing an important and essential part of the city transportation.
-The city's investment in rapid transit lines operated
Rapid Transit Lines.
under Contract No. 4 by New York Rapid Transit Corp. is approximately
$152.000.000. The city will need to expend about $30.000.000 more to
complete its obligations under the contract, namely. shops and yards,
Nassau line, 14th Street Eastern line and full-length platforms. With the
city's obligations fully performed, with an expenditure of only 20% of the
dty's present investment, the capacity of the rapid transit lines between
Manhattan and the Boroughs of Brooklyn and Queens will be increased
100%. As these city obligations are carried out, further capital expenditures will need to be made by the corporation. Looking towards additional
equipment, there have been under construction during the fiscal year four
units of articulated subway cars, a departure in car design that is expected
to produce greater efficiency and safety in operation. Substantial
improvements are under way in the power house of Williarasburgh
Power
Plant Corp.
The western half of the 14th Street-Eastern line was placed in operation
on the last day of the preceding fiscal year and has developed a satisfactory
local business, although it can be of no
substantial relief to the
fer congestion at the Canal Street station until the entire line present transis completed.
During the last fiscal year the city has been engaged in the construction of
an extension of the Fourth Avenue line from 86th to 95th St., Brooklyn,
at a cost of 52,000.000. It will add one station to the line. Under the
2516
THE CHRONICLE
contract the company is obligated to equip and operate this extension, but
it elected, as it had the option to, that a separate accounting be made of
the expenses and revenues.
Results of Operation Under Contract with City.—The first annual report
stated briefly the provisions of Contract No. 4 as to the disposition of revenues arising from operations under the contract. Company is entitled to
its operating and preferential deductions, including cumulative deficits
thereof, ahead of any payments to the city. The table below shows the
order in which deductions are to be made from revenues and the application of revenues thereto, together with the cumulative deficits. It will
be observed that the earnings for the year showed an excess over the year's
deductions, applicable to the cumulative deficit, and that the cumulative
deficit of the company now totals $18,011,197 as the result of determinations made by the Transit Commission under provisions of the contract,
which disposed of undetermined items of cost up to June 30 1923.
With a continuation of favorable operating conditions and particularly
with the additional facilities that the city is obligated to provide, it is hoped
that the net revenue will continue to increase so that the company's cumulative deficiency of full deductions may be gradually made good.
The following condensed comparative summary gives the results of operations under the contract with the city for the year ended June 30 1925,
and also for the 12
-year period from the commencement of operation under the contract, namely. Aug. 4 1913 to June 30 1925.
Year Ended Period Aug.4
June 30 '25. 1913 to June
30 1925.
$30,816,717 $214,430.031
Revenue
Operating deductions & co.'s first preferential_ -- - 25,025,468 197.828,034
VOL 121.
Dec. 16. The extra dividend is payable out of non-operating
income. Extras of like amount were also paid on July 10
1924 and July 10 1925.—V. 121, p. 2398.
Baltimore & Ohio RR.—Permanent Bonds Ready.—
The Farmers' Loan & Trust Co., 22 William St., New York City, announces that permanent Baltimore & Ohio RR. Co. Southwestern Division
First Mortgage 5% bonds (extended to July 1 1950) are now ready for
delivery in exchange for outstanding interim certificates. (See V. 120.
1743.)—V. 121, p. 2398.
Boston & Maine RR.—Negotiable Receipts.—
•
The general readjustment committee (W. Rodman Peabody, Chairman)
announces that arrangements have been made by which, on and after
Nov. 18 the non-negotiable receipts issued to those who pay in, or who
or Preference
have paid in, either 25% or 100% of their subscriptions to
stock, may be exchanged for negotiable receipts at the First National Bank
of Boston, depositary, 67 Milk St., Boston.
The negotiable receipts shall be transferable on the books of the committee by the First National Bank, depositary under the plan of reorganization.—V. 121, p. 2399. ,
Cape Girardeau Northern R.R.—Final Valuation.—
The I.
-S. C. Commission has placed a final valuation of $1,257,716 on
the property of the company as of June 30 1914.—V. 121, p. 2399.
Chicago Milwaukee 8c St. Paul Ry.—Modified Reorganization Plan Agreed Upon by Kuhn, Loeb-National City Co.,
Roosevelt and Iselin Interests.—Announcement was made
yesterday that the Kuhn, Loeb-National City, Roosevelt
and Iselin interests have agreed upon certain modifications
proposed
$327.739 418,011,197 to the plan of reorganization dated June 1 1925, as
Balance above co.'s second preferential
x Deficit, representing amount by which revenue failed to equal interest by Kuhn, Loeb & Co. and the National City Co. as reorganand sinking fund on company's contribution to construction and equipization managers. The bondholders committee, the Prement under contract.
year ferred stockholders committee and the Common stockholders
Our usual comparative income account for the fiscal
committee under the Kuhn, Loeb-National City Co. plan
ended June 30 1925 was published in V. 121, p. 2155.
have approved the modifications. The Roosevelt committee
SHEET JUNE 30.
COMPARATIVE CONSOLIDATED BALANCE
also approved the plan as modified and recommend the
-M. T. SYSTEM).
(B.
Subject to necessary adjustments upon consummation of reorganization. deposit of bonds thereunder. The Iselin committee states
1924.
1925.
that in its opinion the plan as modified is fair to the stockAssets—
holders and therefore that the committee does not advise
Cost of road and equipment:
rapid transit expend.
Properties owned, excl. of
against the deposit of stock thereunder.
made under Contract No.4 & related ctfs_ __ _139,899,610 139,316,659
The modified plan contains a statement regarding the
Rapid transit expenditures under Contract No.4
d related certificates88,620.888 88.116,269 possibility of a reduction in the cash assessment payable by
4,964,540
Cash on hand and in banks
6,480,855
.t
2.388.888 stockholders in case of legislation during the coming session
2,601.231
Materials and supplies
6,122,674 of Congress resulting in the funding, or extension for a long
Inv., incl. stock purch.for employees account_ _ _ _ 7.057.526
523,112
626,547
Accounts receivable
of the Railway company's debt of $55,000,000 to the
179,994 p_
137,480
Interest receivable
2,890.178 U. S. Government on terms which will meet the immediate
78,988
Cash fund for construction and equipment of lines..
Special deposits of securities and cash:
modified
1.147.699 and permanent requirements summarized in the
1.216.560
Insurance reserve investments
281.399 plan, namely, that such debt should (subject to such reduc281.399
City of New York, Contract No.4, &c
State Industrial Commission—City of New York
funded at an annual
608,681 tion as might be obtained) be presently
695,936
corporate stock and Liberty bonds
Depreciation Fund Board, Contract No. 4 and
interest charge of not more than 5% and by long term
2,168.830
2,315.251
related certificates
financing mortgage.
936.997 obligations junior in lion to the new
876.861
Other special deposits
389.000
The modified plan also restates and supplements the
1.197.000
Sinking fund bonds
432,573
343,907
Acc'ts in litigation and items in suspense
regarding the opportunity and
328.358 information heretofore given
272.015
Prepaid accounts
22.078 facilities for stockholders participating in the plan to realize,
28.063
Bonds and deposits held in escrow (see contra)
Claims in construction of Brooklyn City Lines,
0
-Year 5'7 Mortgage Gold bonds
by sale or loan, upon the 50
arising out of lease of Feb. 14 1893:
7,789.988 which they will receive on account of their cash assessment.
7,789.988
(a) General claims acc't Bklyn. City RR
3,173.635
3,173,635
(b) Claims in respect of 469 cars, &c
An introductory statement to the modified plan says:
Balance available for return on new money in$5,791,249 $16,601,997
invested under contract
Co.'s second preferential representing interest and
sinking fund on co.'s contribution to construc34.613,194
5.463,510
tion and equipment under contract
527.423
629.666
Items in suspense
Total
Liabilities—
Funded debt—B.-M. T. Corp
N.Y. Rap. Ti'. Corp. underlying bonds
Williamsburgh Power Plant Corp
Brooklyn Heights RR
Nassau Electric RR
Brooklyn Queens Co. & Suburban RR
Coney Island & Brooklyn RR
264,323,406 262.308.977
Total funded debt
Less bonds owned or in treasury
254,915.100 254.915,100
115.963,757 115,637.872
92,698.000
116,475.500
17,885.600
250.000
14,750.000
6,624.000
6,232,000
138,951,342
Balance
24,946,800
Preferred stock (249,468 shares)
31,331,833
Common stock (769.911 shares)
-T.syst-M.
299,725
Constituent cos.: Shs. not owned by B.
.
Real estate mortgages
2,321.482
Accounts payable
1,497.474
Tax accruals
3.973,721
Interest accrued on funded debt
21.164
Other interest
42,841
Tort claims, including judgments
374,202
Dividend payable
691,405
Items in suspense
233.979
Items payable from bond proceeds
70.691
Proceeds from sale of real estate and awards
331,360
Employers liability reserve
Reserve for undetermined assets, claims in litiga35,425,960
Ration, unliquidated claims and gen. reserves
4,734,242
Accrued amort. of capital and other reserves
2,733.250
Res. for taxes in litigation and conting, tax liab
28.062
Leasehold, &c., deposits (see contra)
4.373
Unearned rentals
15,928.298
Surplus June 30
Total
—V. 121, p. 2155, 2036.
92,698,000
116,475.500
17,885.600
250,000
14.750,000
6.624,000
6.232.000
139.277.227
24,946.800
31,331,833
420.150
381.200
2.466,520
875,770
3,967.031
4,839
195.541
374,202
201.172
568,207
36.163
297,408
37,919,763
4,037.840
2,712.114
22.077
4.904
12,268.218
264.323,406 262,308,977
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Repair of Locomotives.—Fewer locomotives were in need of repair on
Nov. 1 than at any time since the last half of December 1923, although
freight traffic, measured by the number of cars loaded with revenue freight,
has so far this year been the heaviest ever handled by the railroads, according to reports filed by the .arriers with the Car Service Division of the
American Railway Association. Locomotives in need of repair on Nov. 1
totaled 10,233, or 16.1% of the number on line. This was a decrease of
689 locomotives compared with Oct. 15, when there were 10,922. or 17.1%,
and a decrease of 862 compared with the number in need of repair on
Nov. 1 last year. Of the total number in need of repair on Nov. 1 5.387,
or 8.5%, were in need of classified repairs, a decrease of 366 compared
with Oct. 15, while 4,846. or 7.6%. were in need of running repairs, a
decrease of 323 locomotives within the same period. Class I railroads
had 4,450 serviceable locomotives in storage on Nov. 1, a decrease of 371
compared with the number of such locomotives on Oct. 15.
Matters Covered in "Chronicle" Nov. 14.—(a) Gross and net earnings for
September, p. 2333, 2336. (b) Railroad revenue freight continues to run
In excess of 1,000,000 cars a week, p. 2343.
Atlantic Coast Line RR.
-1% Extra Dividend.—The
directors on Nov. 19 declared an extra dividend of 1% on
the Common stock in addition to the regular semi-annual
dividend of 33 2%, both payable Jan. 11 to holders of record
/
A substantial majority of the bonds, and large amounts of Preferred
1
stock and Common stock have been deposited under the plan dated June a
by
1925, which has been duly declared operative. Actuated, however,
groups of security
desire to give full consideration to the views of the variousrequirements of a
holders, so far as may be compatible with the essential
managers
sound,safe and permanent financial structure, the reorganization authority
(Kuhn, Loeb & Co. and National City Co.) in pursuance of the
committees representing
vested in them, and with the approval of the three
holders of
respecilvely the bondholders (F. 11. Ecker, Chairman), and
Common stock (D. G.
Preferred stock (M. N. Buckner, Chairman) and plan in certain respects.
Geddes. Chairman),have determined to modify the banks, insurance comIn order to meet the desire of numerous savings
interest
panies and similar institutions that they should receive new fixed particibearing bonds for a portion of their investment, the bondholders of their
of the principal amount
pating in the plan are to receive 20%
the bonds
bonds in new 50
-Year 5% Mtge. Gold bonds of the same issue as
to be issued to stockholders on account of the cash assessment, thereby
by a closed mortgage)
increasing the total issue of such bonds (secured
bonds defrom $60,698,820 to $106,888,980. 5% Adj. (income) Mtge.
scribed in the plan are to be issued for the remaining 80% •
In order that holders of the new Adj. (income) Mtge. bonds, in recogof 80% of their
nition of their waiving a fixed interest charge in respect the stockholders
holdings, may be afforded an opportunity of sharing with
in the ultimate propserity which It is hoped the property will achieve, the
Adj. Mtge. bonds are to be convertible for the life of the bonds, at the
Option of the holder, into Preferred stock and Common stock of the new
company at the rate of five shares of Preferred stock and five shares of
Common stock for each $LOW bond.
These two modifications involve necessary minor changes.
It seems necessary to call attention to only two of these
changes:
cumulative sinking fund of $225,000
(a) The first is the creation of a
a year after April 1 1936 for the retirement of 50_Year 5% Mtge. Gold
bonds. This sinking fund does not increase the charges ahead of the
stock inasmuch as it is approximately the amount by which the sinking
fund for the Adj. (Income) Mtge. bonds is reduced by reason of the 20 0
reduction in the authorized amount of such bonds and is payable o y
out of available net income after provision has been made for the fun
cumulative interest and sinking fund on the Adj. Mtge. bonds.
(h) To the end that the provision of the present plan in respect of Income
applicable to capital requirements shall remain approximately unchanged
In spite of the increase a $2.309,508 in fixed interest charges, the modified
Plan provides that the proportion of the net income available for interest
on the Adj. (income) Mtge. bonds which the directors may apply for
capital expenditures is to be two-thirds(instead of one-half) ofsuch availablit
income of each year, until the available income for such year shall equal
$7,500,000 (Instead of $10,000,000).
The reorganization managers take this opportunity to announce that
in the exercise of the power vested in them under the plan they have
selected, with the approval of the three committees representing respectively
the bondholders and the holders of Preferred stock and Common stock, the
five trustees in whom the voting power of the new stock is to be vested until
Jan. 1 1930, that is. for the period during which the interest upon the new
Adjustment Mortgage Bonds is not cumulative. The trustees so selected
are Ellhu Root, Frederick H. Ecker, Henry S. Pritchett, Samuel Rea and
W. D. Van Dyke, all of whom have agreed to serve. The first board of
directors of the new company will be subject to their approval and so long as
the voting trust agreement is in force directors subsequently elected will be
elected by their vote. Any vacancy among the voting trustees is to be
filled by the remaining trustees as will be provided in the trust agreement.
The reorganization managers, with the approval of the three committees
representing respectively the bondholders and the holders of Com.& Prof.
stock, have been willing to make the modifications above summarized
because they do not conflict with the fundamental re tuisites which the
reorganization managers and the three committees have constantly kept in
view. Those requisites are:
(1) That all debts of early maturity should be funded and to that end
that the debt of the railway company to the United Sttc Government
Nov.21 1925.]
THE CHRONICLE
amounting to $55,000,000 should (subject to such reduction as might be
obtained) 1De presently funded at an annual interest charge of not more than
5% and by long term obligations junior in lien to the new financing mortgage.
(2) That the reorganized company should have moderate fixed interest
charges and a financial structure that will enable it to raise the money from
time to time required for capital purposes at the lowest cost and place the
enterprise in a position to meet even a repetition of the unfavorable conditions of the last few years without risk of receivership.
(3) The foregoing requirements having been met, that it should be mandatory upon the reorganized company to apply all of the earnings reasonably available to the payment of 5% interest on the investmentrepresented
by the bonds participating in the reorganization: and
(4) That the relative position of the bondholders in respect of earnings
as compared with the holders of Preferred stock and Common stock should
be maintained and that the stockholders should be afforded an opportunity
to participate in the plan on such a basis that their participation could, if
need be, be underwritten at a moderate expense.
All these requisites are met by the modified plan. Under the modifications, the position of the new financing mortgage is unchanged. While
fixed interest charges are increased by $2.309,508. they are well within
present earnings as well as the lowest estimates of future earnings. There
Is no increase in the charges which must be met before the payment of
dividends on the Preferred stock and Common stock. The privilege of
converting Adjustment Mortgage bonds into Preferred stock and Common
stock is not deemed disadvantageous to stockholders, inasmuch as it involves no increased prior charges in favor of the bonds while the stockholders
would share the advantage of the strengthening of the financial structure
of the enterprise which would result from the conversion of a large amount
of debt into stock.
2517
Comparative Table Showing Capitalization and Interest Charges.
Present
-After ReorganizationCapitaliFixed Int. aCapitali- Fixed Int.
Charges.
zation.
Charges.
ration.
Undistributed bond_ 4181,370,400 b$8.431,9048181,370,400 b$8,431,904
Timber loan to be liqufd 2,200,000
110,000
Notes held by U.S.Govt.
to be paid, compromised or settled
55,000,000 3,300,000
Bonds to be exchanged_ -230,950,796 9,994,889
106,888,980 5,344,449
50 yr.5% M.Gold bds_
184,760,640
Adjustment Mtge.bonds
Preferred stock
115,931,900
c115,931.900
Common stock
117,411,300
d117,411,300
Total
$702,864,396 $21,836,793$706,363,220 $13.776.353
a Amounts may be increased by the amount ofoany securities which may
be issued in connection with the liquidation of the 6% note of the railway
company dated Nov. 1 1920 held by the U. S. Govt. These amounts include the new securities issued for new money. b Aggregate of interest
for full year at respective rates on principal amount of obligations outstanding June 1 1925. c This amount will be increased by the amount of Pref.
stock required to be applied in settlement of general claims against the
company. d Taking no par value Common stock at $100 per share.
Bondholders' Defense Committee to Intervene in Foreclosure
Actions.
-
The bondholders defense committee (Edwin C. Jameson, Chairman) In
a published notice says. "This committee has been advised by its counsel
that there are legal grounds for intervening in the foreclosure actions and
opposing the Kuhn Loeb-National City Co. plan of reorganization. A
sufficient amount of bonds having already been deposited to warrant such
Since the promulgation of the plan a movement has been initiated by action this committee has instructed its counsel to file a petition for intervarious railroad companies and organizations of holders of railroad securities vention forthwith. The amount of bonds represented by this committee
to advocate legislation permitting the funding or extension for a long period gives reasonable assurance that bondholders uniting in this effort to protect
at low rates of interest of the indebtedness owing by various railroad com-. their rights will not be penalized by refusal at this time to deposit with
panies to the United States. This movement will naturally be supported other committees.
by all those interested in Chicago Milw. St St. Paul Ry. and its securities.
.
Petition to Intervene in Receivership Dismissed.
Inasmuch as the fate of the proposed legislation will doubtless be known
Federal Judge Wilkerson at Chicago has dismissed the petition of the
before the reorganization can be consummated, it seems clearly unwise to
delay the progress of the reorganization, and thereby prolong the expense Iselin stockholders committee to intervene in the receivership proceedings.
of receivership and delay the realization by security holders ofa return upon The committee is composed of Ernest Iselin, Van Santiord 'Merle-Smith.
their investment, simply to await legislation the outcome of which cannot Frederick Osborn and Howard C.Smith of New York, who, it is stated,
be foretold. On the other hand, in caes such legislation should be enacted represent $19,200,000 par value of both classes of stock, of which $14,400.during the coming session of Congress and should result in the funding or 000 IS Common.
extension for a long period of the railway company's debt of $55,000,000 to
In giving his decision Judge Wilkerson declared that to allow further
thaUnited States Government on terms which will meet the essential inune- Intervention under the existing conditions would be an improper exercise
&tate and permanent requirements summarized above, thereby relieving of the court's discretion.
the stockholders of the necessity of providing the funds required for the
-S. C. Commission on Nov. 9 issued a certificate authorizing the
The I.
payment of the debt as provided in the present plan, depositors of stock receivers of the company to abandon part of a line of railroad extending;
under the modified plan may rest assured that the reorganization managers from McNamara in a southeasterly direction to Douglas, a distance of
will so modify the plan as to effect susbtantially corresponding
-V. 121. P•
approximately three miles, all in Missoula County, Mont.
in the amount of cash to be provided by the stockholders. reductions 299,2269.
As the reorganization managers and the committees are solicitous that
Cincinnati New Orleans & Texas Pacific Ry.-Extra
investors in the securities affected by the plan should not sacrifice their
holdings, they take this opportunity of re-stating and supplementing for
of 33'% on the Common Stock-Increase of Common
the benefit of stockholders the information heretofore given regarding the Dividend
oortunity for stockholders to realize, by sale or loan, upon the 50-Year Stock Through Payment of 200% Stock Dividend Proposed.
5 0 Mortgage Gold bonds which they will receive for their cash assessment. The directors have declared an extra dividend of 33-% on
There will doubtless be a ready mar cet for these bonds. On the basis of
the present plan they are now quoted,on a when issued basis, at about 82%. the Common stock in addition to the regular semi-annual
Therefore, a stockholder may reasonably count on being able to reduce his dividend of 3%, both payable Dec. 21 to holders of record
cash assessment by selling his bonds at a fair price. If they are sold even
at so low a price as 80, the net cash assessment would be only $8 80 per share Dec. 1. Extra dividends of 3% have been paid on the
in the case of Preferred stock and $9 60 per share in the case of Common Common stock semi-annually since 1921.
stock, assuming that the railway company's debt to the United States
-S. C. Commission
The directors have authorized an application to the I.
cannot be satisfactorily refunded and the assessment remains as provided
amendment to the charter to make possible an increase of the Common
in the present plan. Stockholders who prefer to keep their bonds will for an from $3,000,000 to $9,000,000, par $100. If increase is approved,
stock
doubtless be able to procure funds to meet the larger part of the assessment it is proposed to distribute to the present Common stockholders a 200%
by borrowing upon the new securities from their own banks or other finan-V. 121, p. 67.
cial institutions. If, at the time when payments on account of the assess- stock dividend.
ment must be made, any small stockholders should lack the facilities to
-Flan Operative.
Denver & Salt Lake RR.
make the necessary arrangements for the sale of their bonds or to borrow
The reorganization committee under the plan dated July 15 1925 has
upon the new securities, as they may prefer, they are invited to communi- declared the plan operative as of Nov. 20.
cate with the committee representing their stock, inasmuch as the stockThe payment of the additional 30% of the total payments required by
holders' committees and the reorganization managers expect to be able to
certificates of deposit under the plan and who have heretofore
assist any such stockholders to finance their participation in the plan. Such holders of
paid the initial 10% required is due and payable Dec. 1. No further notice
stockholders may, therefore, deposit their stock under the modified plan of such payment is required and failure to make same as by the plan prowith full confidence that, if desired, suitable means will be devised to aid vided will subject holders ofcertificates of deposit to forfeiture and penalties
them to meet the required payments.
Payments may be made to any of the depositaries upon presentation
Holders of certificates of deposit for Preferred stock and Common stock
certificates of deposit bearing the endorsement of the initial 10% Payalready deposited under the plan may withdraw the stock represented of
ment, on which such payments will be endorsed.
thereby on or before Dec. 24 1925, as provided in the plan and agreement.
deposits of undeposited bonds and payments thereon can only
Under the terms of the plan and agreement the modifications do not entitle beFurtherupon specific consent of the reorganization committee and in
made
depositors of bonds to withdraw from the plan. Bonds and stock not terms by it prescribed. (See plan in V.121. p.835.)-V. 121, p.2399,2269
already deposited may be deposited under the modified plan, without
Penalty, on or before Dec. 24 1925.
East & West Coast Ry.-Bonds-Control.-V. 121, p. 582.
See Seaboard All-Florida Ry. below.
*Approximate Capitalization of the System upon Consummation of Plan.
-Control.
-Bonds
Florida Western & Northern RR.
Authorized,
Presently
-V. 121, p. 582.
See Seaboard All-Florida Ry. below.
(incl. Bonds
Out
in Treas., &c.). standing.
-Final Valuation.
Fordyce & Princeton RR.
Obligations to remain undisturbed, aggregating
The .1.-S. C. Commission has placed a final valuation of $174.071 on
in principal amount as of June 1 1925
$238,045,000 $181,370,400
the property of the company as of June 30 1916.
The following securities to be authorized by new
company to effect the reorganization:
Grand Trunk Pacific Railway.
bTwice par None to be
A Canadian Press cable from London Nov. 13 to the Montreal "Gazette"
.{value of stk. issued in the
(I) New 1st & Ref. Mtge. bonds
says: "The Canadian Government's course with reference to the Grand
outstand'g.
reorg'n.
106,888,980 106.888.980 Trunk Pacific 4% Debenture holders' claims for interest guaranteed by
s
184.760,640 184,760,640 the Grand Trunk Ry. Co. of Canada has been justified, according to a
4 New Preferred stock
292,380,400 c115.931,900 legal opinion just given by the eminent English counsel, A. C. Clauson,
tr Clauson was instructed by the Grand Trunk Pacific Debenture
5 New Common stock (shares no par value)- d2,097,917 d1,174.113
a Amounts may be increased by the amount of any securities which may holders' committee to examine the general legal position of the Debenture
be issued in connection with the liquidation of the 6% note dated Nov. 1 holders and give his opinion thereon, and this he has done.
1920 held by the U. S. Government.
"The Grand Trunk Pacific Debenture holders' committee now announces
b The stock without par value which is issued in the reorganization is to
that in Mr. Clauson's opinion the Canadian authorities were within their
taken at $100 per share and any such stock which is issued hereafter is to be legal rights in placing loans made to the Grand Trunk Ry. subsequent
be
taken at the price at which it is issued, or if issued for property at the to the date of the agreement with the Grand Trunk Pacific stockholders
'
value, as determined by the directors, of such property, all as shall be more which guaranteed the interest on their Debenture stock, in front of the
fully provided in the 1st St Ref. Mtge.
Grand Trunk Pacific Debenture stock in the matter of interest payments.
c This amount will be increased
"The matter of the long-standing controversy between the Grand Trunk
the amount of Preferred stock applied
in settlement of claims of general by
Pacific Debenture holders and the Dominion Government through the
creditors of the company.
d The reorganization managers may in their discretion cause the Com- Canadian National Rys. over the question of the payment of interest
mon stock to be of such par value per share as they may determine.
on the Grand Trunk Pacific Debentures was brought to a head towards
the end of July last by Sir Henry Thornton, President of the Canadian
New Securities in Exchange for Old Securities Participating in Plan.
National Rya, writing to the Grand Trunk Pacific Debenture holders'
committee suggesting that the committee should obtain legal opinion
Will Receive
- on the question at issue, and if not then convinced of the legality of the
Cash Adjust.
OfInterest to New50-yr.5% New5%Adj
authorities' position the
Existing Securities- Outstanding. Feb. 1 '25. M. G. Bds. Mtge.Bonds. Canadian Canada with the railway committee should discuss the whole
authorities and, if still unconvinced,
matter in
European loan
811,831,515 878,876 76 $2,366,303 $9,465.212 they should settle the question by bringing an action at law.
Per $1,000
200
2-3
$6.66
800
The Debentures in question, it is held by the Dominion Government,
4% bonds 1925
7,268,996 29,075,985 were conditionally guaranteed by the Grand Trunk Ry., and never at an
36,344,981 242,299 88
Per $1,000
200
$6.66 2-3
800 time guaranteed by the Government."
-V.119. p. 1510.
% bonds 1932
50.000,000 375,000 00 10,000,000 40,000,000
Per $1,000
200
-Final Valuation.
$7.50
800
Greene County RR.
4% bonds 1934
6,673.800 26,695,200
33,369,000 111,230 00
-S. C. Commission has placed a final valuation of $152.977 on the
The I.
Per 111,000
200
$3.33 1-3
800 company's property as of June 30 1915.-V. 113, p. 182.
Puget Sound bonds
5,435,000 21,740,000
27,175,000
90,583 33
Per $1,000
$3.33 1-3
800
Los Angeles Junction Ry.-Stock.Ref. bonds, Series"A" 43,089,000 646,335 00 8.617,800 34,471,200
The I.
-S. C. Commission on Nov. 7 authorized the company to issue
Per $1.000
200
$1500
800
Common stock, (par 100) to be sold at par to the Los Angeles
Ref. bonds, Series"B"_ _ 29,141,300
5,828,260 23,313.040 $100,000 the proceeds used or the acquisition of equipment and for
Corp. and
Per $1,000
200
800 working capital.
-V. 121. p. 2035.
Terms Offered to Present Stockholders.
Manistee & North-Eastern RR.
-Sale.
Pee also aboye under introductory notice.]
The sale of this property will be held at Manistee. Mich.• on Dec. 16.
under the direction of Kirk E. Wicks, Master in Chancery of the U.S.
OutWill Receive
If
Western District of Michigan.
-V.121. p. 1345. 703.
standing.
Corn. Stock. District Court for the
Paying. 5%M.Bds. Pref. Stock.
Pref. stock
Minneapolis & St. Louis RR.
$115,931,900 $28 per sh. 27,823.656 115,931,900
-Receivers' Certificates.
Each 8100
$100
824
The I.
-S. C. Commission has authorized the issuuance of 3400.000 6%
Common stock _ _117,411,300 $32 per sh. 32,875,164
1,174,113 she. receivers' certificates, to refund a like amount maturing about Nov. 1.Each 5100
lab.
828
V. 121, p. 2035. 836.
The following statement is made in the interest of stockholders:
1i 1= RnarjulanemnIgilitrel.ciblO2ds
2518
THE CHRONICLE
Minneapolis St. Paul & Sault Ste. Marie Ry.—Bonds.
The I.
-S. C. Commission on Nov. 7 authorized the company to issue
$8,136.000 1st Consol. 5% gold bonds for the purpose of retiring a like
amount of bonds which mature Jan. 1 1926. and to sell them to Dillon,
Read & Co. at not less than 97.83 and int. See offering in V. 121, p. 2153.
Monroe & Texas RR.—Abandonment of Line.—
The I.
-S. C. Commission on Nov. 5 issued a certificate authorizing the
company to abandon, as to inter-State and foreign commerce, its line of
railroad from Alpena to Lenwil, La., a distance of 235 miles.
Muscle Shoals Birmingham & Pensacola Ry.—Sale.—
See St. Louis
-San Francisco By. below.—V. 121, p. 1345. 195.
Naples Seaboard & Gulf Ry.—Construction.—
See Seaboard All-Florifia By. below.
New York New Haven &Hartford RR.—Fare Injunction.
The injunction issued last August by Justice Arthur S. Tompkins at
-Nyack, N. Y., restraining the New Haven from putting into effect rate
increases averaging 44% on commutation tickets, was upheld Nov. 13
by a unanimous decision of the Appellate Division of the Supreme Court
in Brooklyn.
The injunction remained inoperative an&the rates are now in effect,
although the railroad agreed to present rebate slips representing the increase with all tickets. 'Me road nevertheless sought to have the injunction
set aside, for it would become effective if the rebate slips were refused.
Charles A. Van Augen, Corporation Counsel. of New Rochelle, who has
been leading the commuters' fight for lower rates, said that unless the
New Haven presented in the near future the additional data sought by the
P. S. Commission for its rehearing of the rate case, he would take steps
to force action on the matter.—V. 121, p. 2270, 1905.
Oklahoma City-Ada-Atoka Ry.—Bonds Offered.—Davis,
McDade & Co., Chicago, First Illinois Co., Chicago, and
Henry C. Quarles & Co., Milwaukee, are offering at 99
and int., to yield over 6%, $800,000 1st (closed) Mtge. 6%
Cold bonds. Dated Jan. 1 1924; due Jan. 1 1944. An
offering of the same issue was made in March last. Soo
V. 120, p. 1878.
St. Louis
-San Francisco Ry.—To Extend Line Into
Pensacola, Fla.—Acquisition of Muscle Shoals Birmingham
cfc Pensacola Ry. Authorized.—
Announcement has been made that the City Commissioners of Pensacola, Fla. have officially granted the company a franchise for the extension of its fines into Pensacola including double tracks on streets to terminals, together with valuable water-front property for whares, warehouses
and a terminal.
This action on the part of the Pensacola city authorities follows the
approval bythg. C. Commission •1athe apurchasendgiv u ee Friscosc forof the
s
m
rsac,3
)
f
y
th F.
Birmingham
the
bygives
first time a port at tidewater on the Gulf of Mexico, a thing that the
Frisco has been seeking for years. The acquisition of the Muscle Shoals
Birmingham & Pensacola Ry. will afford the Frisco System first-class
dock and warehouse facilities on the deepest harbor on the Gulf.
The Frisco management plans to extend its service, which now extends
eastward to Birmingham, southward through arrangements with the
Southern By..to the northern terminal of the Muscle Shoals road at Kimbrough, Ala. With the closing of the final details of its new purchase,
the Frisco will undertake a complete rehabilitation of the Muscle Shoals
Birmingham & Pensacola By. Improvements to the latter will include
replacing of present light bridges with structures adequate to carry the
heavier traffic that is expected to be routed through to Pensacola, other
roadbed and track betterments needed to bring line to a high state of
operating efficiency, and new terminal facilities.
At present this line is being used only for fast freight service over its
185 miles of track. The plans of the Frisco call for important improvement
and betterments which will make it possible to operate first-class passenger
trains as well as freight trains. Later on the Frisco will build a new line
of its own connecting the present Frisco line with the M. S. B. & P. road
at a point somewhat west of Birmingham. Preliminary surveys for such
a new connecting line are already under way on behalf of the Frisco.
The extension of the Frisco system directly to tidewater at Pensacola
Is expected to result in important developments at that port. It is stated
that if the traffic over the newly acquired Muscle Shoals line develops as
expected, it is not unlikely that this road will be double tracked in time.-V. 121. p. 2154, 2035.
Seaboard Air Line Ry.—Acquisition—Guaranty.—
See Seaboard All-Florida By. below.—V. 121, p. 2400, 1906.
Seaboard-All Florida Ry.—Construction of East Coast
Lines—$25,000,000 Bond Issue Approved.—
The I.
-S. C. Commission on Nov. 13 issued a certificate authorizing the
Seaboard-All Florida By. to construct a line of railroad in Palm Beach,
Broward and Dade counties, Fla., and lines of railroad in De Soto, Charlotte, Lee and Hendry counties, Fla.
The Commission also (a) issued a certificate authorizing the Naples
Seaboard & Gulf By. to construct a line of railroad in Lee and Collier
counties, Fla.; (b) granted authority to Seaboard-All Florida By. to issue
for cash, at par, $2,500 of capital stock; (c) granted authority to East &
West Coast Ry., Florida Western & Northern RR. and Seaboard-All
Florida By. to issue $25,000,000 of Seaboard-All Florida Ry. 1st Mtge.
6% Gold bonds, Series A, to be sold at not less than 9435 and lat., and
the proceeds used for retirement of outstanding bonds, construction of new
lines of railroad, and in reimbursement of expenditures for capital purposes;
(d) granted authority to Seaboard Air Line By. to assume obligation and
liability, as guarantor, and otherwise, in respect of the aforesaid $25,000.000 of bonds;(e) approved and authorized the acquisition by SeaboardAll Florida By. of control of railroads and other property of East & West
Coast By.and of Florida Western & Northern RR., by leases;(f) approved
and authorized the acquisition by Seaboard Air Line By.of control of lines
of railroad to be constructed by the Seaboard-All Florida By., by lease;(2)
of Seaboard-All Florida By. by purchase of capital stock, and (3Lof railroads and other property of East & West Coast By.and of Florida Western
J4 Northern RR., by transfer and assignment of leases.
The report of the Commission says in substance:
These proceedings are upon the following applications, namely (a) two
applications by the Seaboard-All Florida By. for certificates that the
present and future public convenience and necessity require the construction by it of lines of road in Florida, according to one of the applications,
from a point on the Florida Western & Northern RR. near West Palm
Beach to Florida City (called the east coastline), and according to the other
application, lines of road from a connection with the Charlotte Harbor &
Northern By. near Fort Ogden to Fort Myers, from Fort Myers to the
south bank of the Estero River, where a connection with the proposed
line of the Naples Seaboard & Gulf By. is contemplated;from Fort Myers
easterly along the Caloosahatchee River in the direction of Labelle; and
froth a point on the proposed Fort Myers
-Estero line westerly to Punta
Rosso (which linos are collectively referred to as the west coast lines);
(b) an application by the Naples Seaboard & Gulf By. Co. for a like certificate, covering the construction of a line ofrailroad from the contemplated
connection with the Fort
-Estero line at the south bank of the
-Myers
Estero River to Naples (called the Naples line); (e) applications by the
East & West Coast Ry., the Florida Western & Northern BR. and the
Seaboard-All Florida Ry. respectively, for authority to issue $26,000,000
Seaboard-All Florida 1st Mtge. 6% Gold bonds, Series A, to be secured
'
by a first mortgage by all of the companies mentioned.
(d) An application by the Seaboard Air Line Ry.for authority to assume
obligation and liability, as guarantor and otherwise, in respect of the aforesaid bonds; and (e) an application by the Seaboard company for an order
authorizing and approving (1) the acquisition of control, by leases, by the
Seaboard-All Florida Ry. of the existing railroad and properties of the
East & West Coast By. and the existing railroad and properties of the
Florida Western & Northern RR.;(2) the acquisition by control, by lease,
by the Seaboard company of the lines of railroad proposed to be constructed by the Seaboard-All Florida;(3) the acquisition of control by the
Seaboard company of the existing railroads and other property of the
[Vol.. 121
East & West Coast By. and of the Florida Western & Northern RR.,
through the transfer and assignment to the Seaboard company by the
Seaboard-All Florida of all of its right, title, interest and estate under the
proposed leases to it of the existing railroads and other properties of the
East & West Coast By. and of the Florida Western & Northern RR.,and
(4) the acquisition of control by the Seaboard company, by purchase of
stock, of the Seaboard-All Florida By.
All of the proposed construction Is in Florida. Under the authority
contained in our order of Aug. 13 1924,the Seaboard company acquired
control of the Florida Western & Northern by lease and by purchase of
stock. The Seaboard company also under the authority of that order
assumed obligation and liability in respect of $7.000.000 1st Mtge. Sinking
Fund 7% Gold bonds, Series A,issued by the Florida Western & Northern.
These bonds will be redeemed by the use of part of the proceeds of the
bonds to be issued and the mortgage securing them released. When the
Seaboard-All Florida By. acquires control, by lease, of the railroad and
properties of the Florida Western & Northern, the lease to the Seaboard
company will be terminated. The East & West Coast By., whose line
extends from Manatee to Arcadia, about 47 miles, was incorporated in
1913. It is controlled by the Seaboard company through ownership of
stock.
The east coast line, proposed to be constructed by the Seaboard-All
Florida, will extend from West Palm Beach through Miami to Florida
City, approximately 100 miles. It will traverse the counties of Palm
Beach, liroward and Dade, which, according to a census taken in 1925
by the State of Florida, have an aggregate population of 162,171. Stations
and public dray tracks will be established at about 32 points along the
line, the population of which ranges from 71,419 for Miami to 261 for
Kendall. The population of nine other points exceeds 1,000 each. All of
these points are now served by the Florida East Coast Ry., with whose
line the proposed line will be in competition. Principal industries are
raising citrus fruits and vegetables. It is stated that much traffic is
expected because of the development of the locality as a winter home and
tourist section. The proposed line when operated as a part of the Seaboard
system will (urn ish trunk-line and cross-State service to the communities served. The Florida East Coast does not furnish such service.
Additional sources of supply and additional markets will be opened to the
locality. It appears that the traffic in and out of the locality already is
heavy, with reasonable expectation for large increases in the future. The
estimated cost of constructing the line is $8,500,000.
Estimates show that the net railway operating income for movement of
all traffic, including movement over the Florida Western & Northern,
originating on or destined to the east coast line, for the first year, will
amount to $1,025.000, with cumulative increases of 10% during each
of the succeeding four years. It Is stated that a substantial part of the
traffic will consist of traffic already created, but that a substantial part
will consist of increased traffic created by the development of the area
served. The net interchange value to the Seaboard company due to the
added traffic coming from this line during the first year is estimated at
$2.678,000.
The west coast lines extend from Fort Ogden to Fort Myers, approximately 36 miles, traversing De Soto, Charlotte and Lee counties, which
have an aggregate population of 23,370, with a branch extending easterly
from Fort Myers into Hendry County, having a population of 10.178,
to Labelle, approximately 33 miles; from Fort Myers the line will extend
further southwardly to the Estero River. approximately 14 miles, with
a branch about 11 miles long from a point on the last-named line approximately midway between Fort Myers and the Estero River to Punta Rosso.
On the Fort Ogden-Fort Myers line stations will be established at Glenn,
Gilchrist. Station "A," and New Prospect. The Atlantic Coast Line
now serves Glenn, Gilchrist and Fort Myers. The Fort Myers Southern
RR.,a subsidiary of the Atlantic Coast Line, serves Estero, and runs close
to three of the four proposed stations between Fort Myers and Estero.
Facilities for boats drawing five or more feet of water are available for
Fort Myers, Punta Rosso and points along the Caloosahatchee River.
Construction costs are estimated at $4,090,000.
A large part of the territory to be served is in timber with approximately
100,000 acres in pasture and 70,000 acres under cultivation. The growing
of citrus fruits and vegetables constitutes the principal industry. It is
anticipated that the opening of the lines will so develop the lumber industry
as to cause it to become very large. Standing timber in the tributary
territory is estimated at 1,350,000.000 ft. Furthermore, the new lines
will furnish transportation for tourists and the winter home communities
•
with the consequent inward movement of supplies.
In the record there are estimates that net railthly operating income for
movement of all traffic, including movement over the Charlotte Harbor
& Northern, originating on or destined to the west coats lines will amount
to $169,000 for the first year, with cumulative annual increases of 10%
for freight and 15% for passenger during each of the succeeding four years.
Of the traffic for the first year it is stated that probably 60% will lpe diverted from other carriers, but that the increases in the succeeding years
will be due almost entirely to the new construction. The net interchange
value to the Seaboard company due to the added traffic coming from the
proposed lines during the first year is estimated at $484,000.
The line from Estero to Naples, approximately 19 miles, to be constructed by the Naples company, will be located in Lee and Collier counties,
with population, respectively, estimated at 41.980 and 2,000. The proposed line will be in competition with the Fort Myers Southern By.
Construction of the line is provided for by an agreement dated May 1
1925 between the Seaboard company and John S. Jones. That agreement
contemplates the issue ofstock and bonds by the Naples company in respect
of such construction, and that the Seaboard company will eventually,
acquire such stock and bonds. No application has been made by the Naples
company for authority to issue securities. Estimates submitted show
construction costs as amounting to $906,000.
There is pending before us an application by the Seaboard company for
authority to acquire control of the Charlotte Harbor & Northern Ry. and
of its railroad, by purchase of stock and by lease, and for authority to
issue securities and to assume obligations in connection therewith. The
Charlotte Harbor & Northern extends from connections with the Seaboard
System at Ridgewood Jct. and Bradley Jct. southerly through Arcadia
and Fort Ogden to Boca Grande on the Gulf of Mexico, approximately
96 miles. At Arcadia there is a connection with the East & West Coast
By. and at Fort Ogden a connection with the proposed Fort Ogden-Fort
Myers line is contemplated. This application appears to relate to the
program for extensions of the seaboard System in Florida involved in the
applications covered by this report, but our action herein is not to be
construed as affecting any findings or determination that we may make
on the application relating to the Charlotte Harbor & Northern.
Of the $26,000.000 of bonds proposed to be issued by the East & West
Coast Ry.the Florida Western & /sTorthern and the Seaboard-All Florida,
$1,000,000' are not to be sold at the present time. As the applicant does
ntt contemplate immediate disposition of the $1,000,000 of bonds, action
In regard thereto will be deferred.
Arrangements have been made for sale of the $25,000,000 of bonds to
Dillon, Read & Co. and Ladenthwg, Thalmann & Co. at 9435 and interest,
on which basis the annual cost of the money will be approximately 6.77%
(see offering in V. 121, p. 583). •
When the $7,000,000 of Florida Western & Northern bonds and the
$525,000 of East 8c West Coast bonds shall have been retired, and the
mortgages securing them released, the proposed bonds will enjoy a first
lien on the railroads and other properties of the three companies issuing
them. The proposed first mortgage will be made to the Bankers Trust
Co. and John T. Flynn, trustees, under date of Aug. 1 1925. It will
provide for the issue of not exceeding $26,000,000 of bonds to be designated
as Series A, of which $25,000,000 will be issued upon deposit of cash with
the trustee, as provided by the mortgage, against capital expenditures,
made or to be made.
The Seaboard company will assuming obligation and liability in respect
of the payment of the principal and interest of the bonds by indorsement,
by accepting from the Seaboard-All Florida Ry, the transfer and assignment a the leases of; he railroads and other properties of the Florida
Western & Northern and of the East & West Coast Ry.by lease of the
lines to be constructed by the Seaboard-All Florida By.,'by entering into
a trust agreement with the Bankers Trust Co. and John T. Flynn, as
trustees, and in pursuance of the agreement for sale of the bonds to Dillon,
Read & Co. and Ladenburg, Thalmann & Co.
The aggregate mileage of the lines to be constructed is 213, of which 194
miles will be constructed by the Seaboard-All Florida By. and 19 miles
by the Naples company. Upon the acquisition of control, by lease, and by
purchase of stock. of the lines to be constructed and of the existing linos
of the East & West Coast Ry. and of the Florida western & Northern, they
will be operated as integral parts of the Seaboard System. Provisions
are contained in the leases and in the instrument of transfer and assign-
Nov. 21 1925.]
2519
THE CHRONICLE
ment of leases for payment of taxes and interest, maintenance of organiza- each share of $6 Dividend Series Preferred stock held. On the basis of
tion of subsidiary companies, amortization of discount on bonds, drc.. $35 per share for the Class "A" stock, this dividend is at the rate of $7 per
and for the keeping of accounts between the respective companies involved, share per annum. The stockholders may purchase sufficient additional
scrip to complete a full share or sell their scrip at the rate of $1 above or
Commissioner Eastman, dissenting, said in part:
below, respectively, the last sale price of Class "A" stock on the day preThere is much to be said in favor of the conclusion which the majority ceding, upon request to the Seaboard National Bank, 115 Broadway,
have reached in this case, but I have been unable to bring myself to the N. Y. City.
conviction that it is right. The new lines in question are to be built in
Output Increase.
the southernmost part of Florida. They will open up the little new terriThe Associated Gas & Electric system reports substantial increases in
tory and will serve few communities that are not already supplied with
railroad facilities. The east coast line will parallel the rails of the Florida the amount of electricity distributed in the week ended Nov. 6 1925 comEast Coast so closely as to be equivalent practically to a third track. pared with the same week of last year. The Staten Island Edison propThe west coast line for the most part will be contiguous to existing rails erties show an increase of 60.1% in output, that being the largest increase.
of the Atlantic Coast Line or to the new line which is under construction This is followed by increases of 24.1% in the Penn Public system. 29.3%
by the lattees subsidiary, the Fort Myers Southern. The new lines are in the New Harhpshire-Maine properties, 15.5% increase in the Kentuckyto be built at the pinnacle prices now prevailing in Florida. What this Tennessee properties, while the properties in New York State outside of
means will be appreciated from the fact that the estimated costs average New York City showed an increase of 11.3% in the number of kilowatt
$87,000 per mile of track without equipment, although the lines will be hours distributed. The water properties also show substantial increases
built in flat country presenting few engineering difficulties. The entire the Long Island properties serving portions of Queens and Nassau Counties
cost is to be met by an issue of bonds sold at a 6.77% basis, thus further showing 7.9% increase, while the water properties in Kentucky-Tennessee
increasing the fixed charges of a railroad system which has for many years showed an increase of 24%.-v. 121, p. 2401.
been regarded as overburdened in this respect.
-New Control.
Atlantic County Water Co. of N. J.
While it may be overstepping the bounds of the record in this case, I
-V.117. p.1019.
See American Water Works & Electric Co.. Inc. above.
am unable to close my mind to the fact that for many years, and even very
recently, the southern carriers have defended a high level of rates within
-Plans New Station.
Calumet Gas & Electric Co.
and to and from Florida upon the ground that the lines in that State have
Plans for the construction of a large electric generating station in Michilittle or no overhead traffic, that their traffic density is relatively low
and that the financial results from their operation are below normal.
gan City, Ind., by the company, the first unit of which will represent an
Summing up the situation, I am not persuaded that the paralleling and investment of more than $6,500,000. has been announced by the Insull
duplication of railroad facilities at extraordinary cost which is here con- interests. The plant is scheduled for operation in Aug. 1927. Two large
templated is consistent with the purposes which the Transportation Act, turbines with generating capacity of 30.000 k. w. each have been ordered
from the Westinghouse Electric & Mfg. Co. See also V. 121, 1)• 2155.
1920, was designed to achieve, and I am unable to give it my approval.
Certain incidental features of this project may be mentioned which
Canadian Western Natural Gas, Lt., Heat & Power
contribute to the conclusion which I have reached. The new lines which
the Seaboard Air Line now has under construction in Florida are being Co., Ltd.
-Earnings.
built upon a cost plus basis and in such a way that it has as yet been im1924.
1925.
9 Mos. Ended Sept. 30possible for us to make any effective check of the reasonableness of the
$822,991
$685,448
revenue & other income
expenditures. Moreover, the bonds now being issued seem to rest in Operating
345,479
334.535
part upon land representing donations by persons or communities to the Total operating expenses & exp
73,948
87,037
extent of $800,000. It may be that a carrier is entitled to a fair return Bond & floating debt, int.
upon the value of donated property, although my own view is to the con$414.508
$252.931
Bal. avail,for taxes, deprec., sink.funds & divs_
trary, but certainly there is no good reason why such donations should be
-V.121.
The company is a subsidiary of the International Utilities Corp.
translated into funded indebtedness.
-V. 121, p. 583.
p. 2155, 197.
Williams Valley RR.
-Tentative Valuation.
-
(La.).
-Merger.
-
Citizens Light & Power Co., Inc.
The I.
-S. C. Commission has placed a tentative valuation of $158.486 on
The stockholders will vote Dec. 23 on approving a proposition to conthe total owned. and $158.485 on the total used property of the company,
solidate the company with the New Orleans Public Service, Inc.. and
as of June 30 1917.-V. 117, p. 2434.
Consumers Electric Light & Power Co. and to fix the terms and conditions
-V. 121. P. 1676.
of the consolidation.
-Dividends-Earnings.
Cities Service Co.
PUBLIC UTILITIES.
Alton Water Co.
-New Control.
-
See American Water Works & Electric Co. below.
American Water Works & Electric Co., Inc.
-Deben-W. C. Langley & Co. and Bonbright & Co.,
tures Sold.
Inc. have sold at 943/i and int., to yield over 6.36%
$8,000,000 6% Gold Debentures, Series "A."
Dated Nov. 1 1925; due Nov. 1 1975. Interest payable M.& N.at office
or agency of company in New York. Red. all or part on at least 30 days'
notice, at 110 and int, up to and incl. Nov. 1 1970, and thereafter at par
and int. Denom. c* $1.000. $500 and $100 and 0' $1,000, $5,000 and
$10,000. Company agrees to pay the normal Federal income tax to the
extent of 2% and to refund, the Penn. and Conn. personal property taxes,
not exceeding 4 mills per annum in either State. and the Mass. income tax,
not exceeding 6% per annum on income derived from the Debentures.
Chase National Bank, New York, trustee.
Data From Letter of H. Hobart Porter, New York, Nov. 18.
Company.
-A holding corporation which controls through stock ownership
one of the largest groups of properties in the United States engaged in
furnishing electric power and light, water, gas, and electric railway and bus
services.
The electric power and light and transportation properties serve over
800 communities and over 183,000 electric consumers in the great industrial
area in western Pennsylvania adjacent to Pittsburgh, in northern West
Virginia, northern Virginia, and central and western Maryland. The
water works properties serve over 125 communities throughout the United
States and over 308,000 consumers.
Capitalization Outstanding with Public.
67e gold debentures, Series A (this issue)
$8,000,000
Collateral trust 5% bonds, due April 1 1934
12,690.900
7% cumul. first Pref. stock (par $100)
14.050.000
Common stock (par $20)
577,496.5 shs.
Purpose.
-Proceeds will be used to reimburse the company for expenditures heretofore made or to be made in the acquisition of Terre Haute
Water Works Corp., Tintem Manor Water Co., Monmouth County Water
Co., Atlantic County Water Co. of New Jersey, Old Dominion Water
Corp., Alton Water Co.; for additional working capital and for general
corporate purposes.
Provisions of Issue.
-Agreement will provide that Gold Debentures may
be issued in series bearing such rates of interest, maturing on such dates,
redeemable on such terms, and containing such other rights and limitations
permitted by the agreement as company may determine prior to the issue
thereof. Agreement will also provide, that no additional Gold Debentures
may be issued under the agreement unless net income, for 12 consecutive
calendar months within the preceding 15 calendar months shall have been
not less than twice the annual interest charges upon all indebtedness of
the company,
'including the Gold Debentures to be issued, but excluding
indebtedness to be concurrently paid off. Agreement will also provide that
the company prior to Nov. 1 1972. will not issue any unsecured obligations
maturing more than five years from date of issue except under this agreement.
Consolidated Earnings 12 Months Ended Sept. 30 1925.
Gross earnings from all sources
$40.130,842
Operating expenses, maintenance & taxes
Int. and divs, on subs,securities held by public, & prior charges 21.905,974
11,755,395
Reserved Per renewals dr replacements
2,745,034
Balance applicable to company funded debt
$3,724,439
Annual int. charges unfunded debt of co., in
this issue__
$1,114.545
The above statement does not reflect additional earnings from
ments for which a large part of the proceeds of this issue will be used.investTable showing growth and expansion in properties controlled by company:
Gross Earnings
Net Earnings,
Year EndedOf Subsidiaries.
of Subsidiaries.
Dec. 31 1921
$20,445,484
$8,295.536
Dec. 31 1922
25,083,246
10,686,968
Dec. 31 1923
36,288,471
15,505,827
Dec. 31 1924
38,049.512
16,696.801
Sept. 30 192518.141,585
,
6
Regular monthly dividends of 3 of 1% in Common stock and 34 of 1%
in cash have been declared on the Common stock, together with the usual
monthly/ cash dividends of 3 of 1% on the Preferred and Preference stocks,
all payable Jan. 1 to holders of record Dec. 15. Like amounts are payable
Dec. 1.
1925.
1924.
Earnings for 12 Months Ended Oct. 31119.102,856 117.289.953
Gross earnings
18,333.954 16,650.044
Net earnings
16.158,897 14,600,646
Net to stock & reserves
9.514,435
10,977,165
Net to Common stock and reserves
-V. 121, p. 2037. 1907.
Consumers Electric Light & Power Co., New Orleans.
-Merger.
La.
The stockholders will vote Dec. 23 on approving a proposition to consolidate the company with the New Orleans Public Service. Inc., and the
Citizens Light & Power Co., Inc., and to fix the terms and conditions.of
-V.121, p. 1676.
the consolidation.
Consumers Gas Co. of Toronto-Annual Report.
1923-24.
1922-23.
1921-22.
Years End. Sept. 30- 1924-25.
147.102
142,836
137,182
132.141
Meters, number
Receiptsfrom gas sales_ _ 35,079.433 $5,152,129 $5,392.860 15.408,830
1,111,591
1,116,664
1,029,857
Residuals. coke, tar, &c_ 1,183,709
Merchandise sold, piping
360.204
391,615
373.829
375,253
and burner,rentals, &c
32,210
Int. on investments_ _ _ _
$6,655,556
Total income
Oper. expenses and taxes 5,072,422
Interest
895,176
Dividends
710,281
Renewal fund
Reserve fund
Balance, surplus
-V. 120. p. 2267.
def$22,323
$6.655,336 $6,883,354 16,813.940
5,212.505
5.498,649
5,335,666
8,586
51.516
798.741
689,253
600.000
634,235
591,002
565,539
140.906
19,855
$95,863
$120,312
-Acquisition.
Consumers Power Co.(Me.), Mich.
This company, which recently purchased the gas and electric light plants
meat Ionia, Mich., has announced that the two would be consolidated
diately.-V. 121, p. 2037, 1347.
-Bonds Called.
Daytona (Fla.) Public Service Co.
-Year S. F. 1st Mtge. 7% Gold bonds dated
All of the outstanding 20
Jan. 1 1922 have been called for payment Jan. 1 at 110 and int. at the
-V. 119, p. 2286.
Florida Natk nt.1 Bank of Jacksonville. Fla., trustee.
-Depew & Lancaster Light, Power & Conduit Co.
-V. 120, p. 1585.
See Erie Power Corporation below.
Detroit United Rys.-Former Receiver Gives Resume of
Operations for Six Months Ended Sept. 30.J. W. Simard, former receiver, has sent a letter to the shareholders
a resume of the
results
explaining his reason for resigning and giving
of operations under the receivership for the six months ended Sept. 30.
Mr. Simard says in substance:
"Being urged by a number of the large shareholders in March last, I
accepted the receivership jointly with the Security Trust Co., Detroit.
It was then being thought that the receivership would be of short duration.
as the directors were led to believe that the shareholders would be prepared to supply the necessary funds for the payment of all the increased
liabilities necessitated by new conditions, such as purchase of buses,
rolling stock, &c.
In order to become thoroughly conversant with the affairs of the
company, the receivers made a careful examination of the finances and
physical properties of the road. This study showed that with the then
recent decrease in gross earnings, an immediate reduction in operating
costs and in the service was absolutely necessary. Before, however,
taking any definite action, the receivers wished to confirm their findings
and arranged for the appointment of the engineering firm of A. L. Drum
& Co. of Chicago.
"Upon Mr. Drum's confirmation, the receivers immediately decreased
Power Output of Coftpany for October Makes New High,
Net
able to
Pres. H. Hobart Porter, made public Nov. 18 the net power output of the service and weremonth. reduce the general expenses by an amount
It was obvious, however, that operations
of over 1150.000 a
company's electric subsidiaries for the month of Oct. and the first
the
10 with satisfactory profits were impossible under the existing rates and
months of 1925. Mr. Porter's statement follows:
"The net power output of the company's subsidiaries, for the month of negotiations already started by the directors to arrange for increase in
fares were immediately pushed forward with the P. U. ComOct. 1925. reached a new high figure of 120,129.147 k.w. hrs. comparing passenger Meetings were also arranged with the cities of
Flint. Pontiac.
with 106.516.554 k.w hrs. for the corresponding month of 1924. a gain of mission.
Ann Arbor
13.612,593 k.w. hrs. or almost 13%. For the first 10 months of 1925, the Port Huron andnegotiations all of which are served by the company and at
were opened with
same time
net power output totaled 1.073.452,146 k.w hrs. against 983.98, .039 k.w. the the Detroit-Trenton division to study the the various municipalities
9
disastrous competition i
of
hrs. ibr the same months of 1924. a gain of 89,472,107 k.w hrs. -V. 121. on
jitneys and increase the passenger fare.
p. 2270, 2036.
"The independent position of the receivers had its immediate effect
and th,e P. U. Commission did authorize the increase in fare with the
Associated Gas & Electric Co.
-Distribution on
average of 2 1-3 cents a mile per passenger was
result that
Dividend Series Pref. Stock Payable (at Holder's Option) in to 3 cents. the higher fare came into force on Aug. 12, but theincreased
This
receivers
did noPfeel it necessary to take full advantage of the increase authorized.
Cash or in Stock.
and as a result the fares were augmented only according to the requireThe directors have declared the regular quarterly dividend of $1.50 per ments oftia e nnffewiretnnt municpal nes
.Negu thti din
share on the $6 Dividend Series Preferred stock, payable Dec. 1 to holders
authorities were very
The
of record Nov. 10. This dividend is also payable (at the holder's option) City of Flint authorized the increase of p.s.ssenger fare satisfactory. to 7
front 5 cents
Class "A" stock at the rate of 5-100 of one share of Class "A" stock for cents for the tramway and from 7 cents to110 cents for the buses.
in
A
2520
THE CHRONICLE
"The City of Pontiac has also recognized the fact that the fare was
not sufficient to meet the cost of operations. (Fare increased effective
Nov. 19.)
"In the case of the cities of Port Huron and Ann Arbor, although the
results of the negotiations are not positive, the demand of the receivers
has been recognized as fair. This also applies to the towns along the
Detroit
-Trenton division and measures are expected to be taken shortly
to reduce the competition of the jitneys.
"The receivers have also decided to discontinue service along some of
the lines which had never been profitable and which show no prospect
of being so in the future.
"The net results of this are shown by the net operations of the company for the three months July. August and September, which show
a net surplus of $170.000 compared with $5,000 for the three corresponding
months of the previous year, and this notwithstanding the increase of
fixed charges of the present year and considerable decrease in gross earnings.
"Company is operating 235 buses through a subsidiary company, and
the result of these operations during the last six months have shown sat,isfactory increase.
"Notwithstanding all the above favorable factors, a careful study has
shown that new funds of between $5,000,000 and $6,000,000 will be necessary during the next 18 months in order to place the company on a sound
operating basis.
"This was the object of the letter addressed to the shareholders by
the directors in the latter part of June last. Unfortunately, only a small
response was made on the part of the shareholders and consequently the
new moneys required were financed through receiver certificates which hold
priority over the existing bonds.
"As the bondholders felt that they should be represented in the receivership and the Court considering that their claim was fair, I submitted
my resignation in order that their representative might be appointed.
However, I feel that my duty to the shareholders would not be fulfilled
if I did not mention the importance for them to be informed about the
affairs of the company during the receivership. These operations should
be carefully watched, and I hope to be able to give you some report as to
the details of any reorganization that may take place before very long."
Fare Increase.
The City of Pontiac, Mich., has entered into a day-to-day agreement
'with the company for a 7
-cent fare, with 4 tickets for 25 cents, or 17 for $1.
The new schedule became effective Nov. 19. The old rate of fare was
5
-cents.
-V. 121, p. 2156.
Duke-Price Power Co., Ltd.
-New President.
G. G. Allen of New York has been elected President to succeed the late
James B. Duke.
-V.121, p.2037.
Eastern Seaboard Power Corp.
-Seeks Control of
Lighting Co.
The corporation has applied to the New York P. S. Commission for
consent to acquire all of the Common stock of the Long Island Lighting
Co. and of the Easthampton Electric Light Co. There are outstanding
300,000 shares of no par value Common stock of the Long Island Co.
and 478 shares of the Common stock of the Easthampton Co.
The Eastern Seaboard Power Corp. is a holding company incorporated
in Sept. 1925 with a capitalization of $15.000,000 and has its principal
office in Bay Shore, Suffolk County, N. Y. According to the petition,
the subscribers of the capital stock of the Eastern corporation and their
associates are also owners of at least two-thirds of all the Common stock
of the other two companies. (See also Long Island Lighting Co. in V. 121.
p. 2273.)
Electric Investors, Inc.
-10% Stock Dividend.
A dividend at the rate of one-tenth of a share on each share of outstanding
Common stock has been declared by the directors, payable in full paid and
non-assessable Common stock, on Jan. 2 1926, to holders of record Dec. 15
1925.
Holders of part paid subscription receipts for Common stocks, for the
purpose of receiving dividends, are deemed to be registered holders of one
share of Common stock for each $20 paid to the company under such
subscription receipt. Subscription receipts when for more than one share
may be exchanged at the company's office or agency for like subscription
receipts for the same aggregate number of shares, each showing the same
proportionate payment on account of the subscription price. The registered
holder of a subscription receipt may at his option anticipate payment at
any time of all or any part of the unpaid portion of the subscription price.
Thus the holder of a part paid receipt who desires to acquire a greater stock
interest for the purpose of such dividend may make additional payment
under said receipt or, if the receipt is for more than one share, may split
the same into several parts and, by paying in full the sums due under any
of the receipts representing such split up parts, receive the definitive stock
represented thereby. Scrip certificates, for fractional shares of Common
stock, distributed in payment of this stock dividend will not bear dividends
or interest or entitle the holder to exercise any voting power.
-V.121. p.1908
Electric Railway Securities Co.
-Shares in New
Securities Corporation to Be Distributed to Stockholders.
This company on Nov. 17 organized in Delaware a new corporation
"Utility Shares Corp." with the following authorized capitalization:
50.000 shares of no par value 1st Pref. stock (non-voting) to receive $100 on
dissolution, $105 on redemption, and diva, at the rate of $6 per annum
cumulative: 200.000 shares of no par value Partic. Pref. stock (non-voting)
to receive $20 on dissolution, $22.50 on redemption, and divs. at the rate
of $1.20 per annum cumulative, and if dividends during any fiscal year
are paid on Common stock in excess of 60 cents per share, a like excess per
share shall be paid to the Partic. Pref. stock up to but not exceeding an
additional 40 cents per share in such year; 500.000 shares without par value
Common stock having full voting power.
his letter to the stockPresident George E. Hardy,
holders of the Electric Railway Securities Co., further says:
This company has transferred to the Utility Shares Corp. assets to the
value of $1,440,000, in consideration of which the netv corporation will
issue, and by this company's direction, distribute 40.000 shares Partic.
Pref. stock, 80,000 shares Common stock, and 80,000 options, expiring
Dec. 311927. to purchase Common stock at $10 per share, rateably to the
holders of this company's outstanding 80.000 shares of stock; that is to say
M share of Pardo. Pref. stock, 1 share of Common stock, and 1 option to
each share of Electric Railway Securities Co. stock. This distribution will
be made on Dec. 7 1925, or as soon thereafter as the necessary steps can be
taken, to stockholders of the Electric Railway Securities Co. of record
Nov. 30 1925. who have filled in. signed, and returned the form of order.
Non-dividend bearing due bills will be issued for fractional shares of Panic.
Pref. stock.
The new corporation has an offer from Hodenpyl, Hardy & Co., Inc.,
and others to sell to it 30,000 shares of Commonwealth Power Corp.
Common stock in consideration of the issuance to them of 120.000 shares
of Common stock and a like number of options, which offer it is contemplated
the new corporation will accept.
-V. 118, p. 2041.
-Dividend No. 2.
Engineers Public Service Co.
The directors have declared a regular quarterly dividend of $1 75 Per
share on the Pref. stock, payable Jan. 2 to holders of record Dec. 1. An
initial distribution of like amount was made on the Pref. shares on Oct. 1
last.
-V. 121, p. 1676.
• Erie Power Corp.
-Petition Denied.
-
The New York P. S. Commission has denied the petition of the Erie
Power Corp. for consent to acquire the Common stock of the Depew &
Lancaster Light, Power & Conduit Co. The action was based, as indicated
in the opinion of Chairman Prendergast, on the belief that the Associated
Gas & Electric Co. was the real party at interest, and that the public interest would not be served by superimposing another holding company upon
the operating company.
Feather River Power Co. (Calif.).
-Bonds Offered.First Securities Co., Los Angeles; E. H. Rollins & Sons,
Peirce, Fair & Co., William R. Staats Co., California
Securities Co., Dean Witter & Co., Security Co., Stevens,
Page & Sterling, Hunter,Dulin & Co., Citizens National Co.,
Bond & Goodwin & Tucker, California Co., Drake, Riley &
Thomas,and Schwabacher & Co. are offering at 100 and int.
[VOL 121.
$5,500,000 1st (Closed) Mtge. 6% Serial Gold bonds.
-V.121, p. 1676.
(of
General Gas & Electric Corp. Del.).
-Time Extended.
The committee appointed under the plan and agreement to retire the
bonded indebtedness and improve the capital structure of the General
Gas & Electric Corp., dated July 1 1925. has extended the time for the
deposit and exchange of the stocks of the General Gas & Electric Corp.
(of Me.) and The General Gas & Electric Co.(Of Me.) to and including the
close of business on Nov. 30 1925.
Unless the exchange is made within the time limited as aforesaid, the right
to do so will be lost and the stockholder will be limited to the liquidation'
value of his stock, which in the case of the Cumulative and Convertible
Preferred stocks is substantially less than the present market value of the
securities of General Gas & Electric Corp. (of Del.) for which they are
exchangeable under the plan.
Holders of more than 96% of the shares entitled to the exchange have
availed themselves of the opportunity.
Stockholders of the General Gas & Electric Corp. (of Me.) and The
General Gas & Electric Co. (of Me.) are therefore urged to forward immediately their certificates for exchange to the corporate securities department of Equitable Trust Co., 37 Wall St., N. Y. City, properly endorsed
in blank with signature witnessed and guaranteed.
-V. 121, p. 2401, 2271,
1461.
-Acquisitions.
General Power & Light Co.
The company announces the purchase of four small utility plants in
western Hentucky-the Calhoun Public Service Co., the Sebree Power &
Light Co.. the Slaughters Electric Light Co., and the Corydon Light &
Power Co. See also V. 121, p. 1347.
Georgia Ry. 8c Power Co.-Pref. Stock Sold.-Estabrook & Co., Putnam & Co., and Marshall Field, Glore,
Ward & Co. have sold at par (flat) $4,000,000 7% Cumul.
1st Pref. (a. & d.) stock, Series of 1926.
Dividends payable Q.
-J. In liquidation entitled to par and divs, if
involuntary; at 115 and divs, if voluntary, before any payment is made
Upon any other class of stock. Not redeemable before Jan. 1 1938; red.
thereafter at 115 and diva. Divs, exempt from the present normal Federal
income tax. Transfer agents: Old Colony Trust Co., Boston; Atlanta
Trust Co., Atlanta, and Fidelity Trust Co., Phila. Registrars: American
Trust Co.. Boston; Trust Co. of Georgia, Atlanta, and Philadelphia Trust
Co., Philadelphia.
Data from Letter of H. M. Atkinson, Chairman of the Board.
Company.
-.Formed in 1911 to develop the water power of the Tallulah
and Tugalo Rivers in northern Georgia. During the 15 years that have
elapsed since its formation, company has constructed reservoirs on these
rivers having a storage capacity of over 7,000,000,000 cu. ft. and power
plants having a capacity of 263,500 h. p., capable of an average annual
output in excess of 500,000,000 k. w. hrs. Paralleling this 15-year development of the company, there has been invested in factories in the
territory served by the company, $450.000.000. These factories, together
with the 600.000 people directly or indirectly dependent upon them, have
absorbed the entire electrical output of the present developments 0 the
company.
The development of the Tallulah and Tugalo Rivers will be completed
with the construction of additional storage reservoirs having a capacity of
350.000,000 cu. ft. and power plants having a capacity of 16,500 h. p.,
capable of an average annual output of over 55,000,000 k • w• hrs.
Company and its subsidiary and leased companies operate in the northern
portion of the State of Georgia, serving a population of over 760,000.
Company is the only general power producing and distributing company
In this field, and is in a position to supply the power requirements of this
important power consuming section. Company now serves directly or
through its subsidiary and leased companies 54.042 light and power customers in 40 different municipalities including the City of Atlanta and,
in addition, supplies current to 32 municipalities, which in turn distribute
it within their respective borders.
-year lease the properties of the Georgia
Company operates under a 999
Ry. & Electric Co. and the Atlanta Gas Light Co., which own and control
the electric light and power, gas, street railway and steam heat business
in the City of Atlanta and vicinit3r.
Capitalization (Incl. Subsid.and Leased Cos.) Outstanding Upon Completion
of Present Financing.
$2,400,000
Georgia Ry.& Electric Co.57 Preferred
8,514,600
Georgia Ry & Electric Co se Common
al0,500,000
Georgia R.& Power Co. 1st fret. 77 (incl. this issue)
3,900,000
Georgia Ry. & Power Co. Cumul. 1st Preferred 8%
Georgia Ry.& Power Co. Non-Cumul.2d Pref.(paying 4%)-- (0,000,000
15,000.000
Georgia R.& Power Co. Common (paying 4%1
Atlanta as Light Co. bondi
400,000
Atlanta Northern By. bonds
16,832,000
Georgia By.& Electric Co. bonds
27,254,000
Georgia Ry.& Power Co. bonds
a $1,000,000 additional authorized and reserved for sale to customers.
Purpose.
-Proceeds will be used in payment for additions and improvements made and to be made by the company to the property owned or
leased by it and for acquiring additional property useful for the company's
purposes.
Earnings
-12 14onths Ended Aug. 31 (Incl. Subsids. and Leased Cos.).
1925
1924.
$13,907,321 $14,769,4 6
Gross income
9
8,487,670 8.549,282
Operating expenses and taxes
Fixed charges incl. diva, on leased co.'s stocks-- 2,824,259 3,331.762
2
Balance available for dive., deprec. and surplus_ $2,595.392 $ ,888,452
Div.requirement on Cumul. 1st Pref. stock,incl, this issne- - $1,047,000
From the above statement of earnings, inter-company items, such as
interest and sales of current and steam heat amounting to $3,044,559
and $2,863,256 for 1925 and 1924. respectively, have been eliminated.
For the 12 months period ending Aug. 31 1925 the electric and steam
heat departments contributed 66.51%, the gas department 13.89%, and
the railways 19.60% of the consolidated net earnings of the combined
companies.
Valuation.
-The value of the properties owned by the company and subsidiary and leased companies as appraised by Parsons;Klapp, Brinckerhoff
& Douglas,and William A. Baehr Organization, engineers, was $80,310,681.
as of Jan. 1 1922. Additions to the properties from that date to Sept. 30
1925, together with the proceeds of this stock, aggregate $29,397,745.
making a total of $109,708,426.
Liabili Fin
Consolidated Balance Sheet Aug. 31 1925 (after Presen tties ancing)•
.
Assets.
Planttand equipment--$103.530.798 Total capital stock in
rnves ments
685,711
hthaendpsuobflpicublic
$50 314,600
Funded
1.659,105 Fund debt in hands of
Sinking fund
Special deposit on acct.
47,432,000
5.900,982 Equip. trust obligations
of construction
462 000
,
Paving notes
es_
and supplies
270,143
124,590 Accounts payable
Ma
Cash
1.272,468
1,247.388 Notes payable
Notes & accts. rec
820,875
191,750 Interest accrued
1st Pref. div. sect
371,921
43,113 Taxes parable
Prepaid accounts
1,042,899
6
0 9:492 O iheresds .
87
se disc't_. 2, 96 18 Dsvid neerp
nd
291750
a iab leties _ _
lya bi i
OUtehaermesttusPbene
354,389
Res.for renew. & replac 6,902,549
Other reserves
1,024,336
Total (each side) _ 4117.276,116 Surplus
t7en16d,ed186
.
-V.121. p. 1788.
Havana Elect, Ry. Light & Power Co.
-Time Ex
6
The plan for readjustment of share capitalization of the company has
been approved by holders of more than 80% of the company's Preferred
stock and 90% of its Common stock. An announcement was made Nov. 17
by Speyer & Co.. Readjustment Managers, which shows that more than
135,000 shares of the company's 150.000 shares of Common stock and
168.000 shares of its 210.000 shares of 6% Preferred stock have been
deposited already.
With the success of the plan now fully assured, the announcement states
that in all probability the plan will be declared operative on Dec. 15.
next. The time for deposit will be extended to that date for the convenience
Nov. 21 1925.]
of some shareholders living in remote countries who might wish to avail
themselves of the benefits of the plan. A sizeable portion of still undeposited
shares, it was believed, is now en route to the depositaries,and total deposits
are expected to reach 95% of both classes of stock.
-V. 121, P. 1908.
The last two quarterly dividends have been 1% each, compared with 2% previously. President M. B. Jones made
the following statement:
It is apparent at this time that this dividend will be fully earned in the
present quarter, and the management expects that dividends at this quarterly rate can be paid during the coming year, although the tendency of
rate cases makes a more definite forecast impossible, since dividends, of
course, follow current earnings.
Kansas City Rys.-Sale.John T.Harding, special master commissioner, will sell the entire property
of the company Dec. 15 at Kansas City, Mo.-V. 121. p. 1348, 978.
Long Island Lighting Co.
-Control Sought.
-
Authorized Capital Stock Increased to $150,000,000-Rights.
See Eastern Seaboard Power Corp. above.
-V. 121, p. 2273.
The stockholders on Nov. 19 voted to increase the authorized capital
stock from $100,000,000 ($83,025,400 outstanding) to $150,000,000.
par $100.
After the adjournment of the stockholders' meeting the directors voted
to increase the outstanding capital stock by offering to stockholders of
record Nov. 30 1925 approximately $27,675,000 new stock at par in the
proportion of one share for three; that is, each share of the old stock will
have the right to subscribe for one-third of a share of new stock, subscriptions to be for full shares. Stock may be paid for in full on or before
Dec. 31 1925, or in installments as follows: One-half on or before Dec. 31
1925 and the remainder on or before June 30 1926. The purpose of the
new stock issue is principally to liquidate indebtedness to the American
-V. 121, p. 2274.
Telephone & Telegraph Co.
Los Angeles Ry. Corp.
-Merger Urged.
Urging unified operation of the properties of the Los Angeles Ry. Corp.
and the local lines of the Pacific Electric Ry. Co., the Joint Board of Engineers which has been working for two years on recommendations for the
consolidation of Los Angeles street railway lines on Nov. 3 filed its report
with the California RR. Commission and the Los Angeles Board of Public
Utilities and Transportation. The report recommends unification either
by city ownership or, as a second choice, the taking over of the Los Angeles
railway properties by the Pacific Electric. The recommendations of the
joint board in the matter of the desirability of unified operation were as
follows:
"As to unification in general, the conclusion seems unavoidable that
without reference to any particular form, a consolidation or unification
of the two local street railway systems into one local system would have
been desirable in the past, is desirable at present and will become increasingly desirable in the future.
he unification of the local systems is decidedly advantageous and
greatly to be desired in the interest of the city as well as in the interest
of the owners of the properties.
"Unification, or consolidation, appears to be practically, as well as
theoretically, more feasible, and at the same time would result in the
greatest advantage to the public and to the owners if the properties are
combined under city ownership and possibly, but not necessarily, under
city operation.
"Unification appears to be practically, as well as theoretically, feasible
also if the properties were combined under Pacific Electric ownership and
operated as a local system with a separate operating organization from
that which operates the interurban ,system, but in close co-operation with
the interurban system. While the advantages as between these two possibilities appear to lie with unification under city ownership, these real and
theoretical advantages may be offset, in part at least, by practical difficulties, a consideration of which is not within the scope of this report.
"The acquisition by the Los Angeles Ry. of the local lines of the Pacific
Electric we consider less desirable than the previously mentioned two possibilities, and from a practical standpoint much more remote and difficult
of accomplishment.
"A similar conclusion is reached with reference to the possibility of unification under a new company. While this possibility has certain theoretical advantages that undoubtedly would materialize if such a unification
could be brought about, we see no practical possibility at this time of the
formation of a new company financially willing and able to take over the
two local systems.
"A continuation of the present two-system operation and service we are
satisfied Is Inferior to any form of unification, even the least desirable.
and the disadvantages inherent in a dual system of operation will continue
to grow larger as the city increases in population and congestion. Ultimately, we believe, a unification or consolidation will be brought about by
force of circumstances,but with greater attending difficulties and probably
under less advantageous conditions to the two separate properties. In
this respect we believe that Los Angeles will merely repeat the history of
several of the largest cities in the United States where there is much regret
that plans for unification and consolidation of the transportation systems
were not made and porosecuted with greater vigor in the past and where
necessity now compels consolidation under greater difficulties to the public
and the corporation alike."
Relative to the valuation, the committee, after making an exhaustive
detailed inventory and appraisal of the properties, reports the historical
and present day. cost of the tangible property as set forth below. Agreement has been had on the major portion of the estimated cost. The company has claimed certain additions and agreement is had as to what the
amounts would be if the company's claims are found to be correct. The
findings of the committee are as follows:
Los Angeles Railway.
Total operative and non-operative property as of Jan. 1 1925:
cost, new
Reproduction
$54.745,328
Reproduction cost new, less depreciation
40.331,172
Historical reproduction cost equivalent to reasonable investment of existing properties
42.051,007
Historical reproduction cost, less depreciation
32.970,664
The company's claims for additions for interest during construction,
value of rights in streets and certain other items, bring the above totals
to the following:
Reproduction cost new
$58,338,796
Reproduction cost new, less depreciation
43,102.054
Historical reproduction cost
43,547,577
Historical reproduction cost, less depreciation
34,453,714
Pacific Electric Railway.
The value of the properties of the Pacific Electric Ry. Co. included in
the report, which include Los Angeles local lines chargeable to both local
and interurban service, local non-operative property and leased equipment
used in local service, the committee finds to be as follows:
Reproduction cost new as of Jan. 1 1925
$18,671,512
Reproduction cost new,less depreciation
12.626.312
Historical reproduction cat
13.534.161
Historical reproduction on cost, less accrued depreciation
10.110.045
Claimed additional items by company bring the totals to the following:
Reproduction cost new
$19.249.279
Reproduction cost new, less depreciation
13.204.079
Historical reproduction cost
14.111.928
Historical reproduction cost, less depreciation
10,687,812
The engineers pointed out that the property which actually would be
transferred from the present Pacific Electric ownership under any consolidation would be much less than the above, it being assumed that the Pacific
Electric would retain the major portion of the jointly-used property for
interurban and freight service and charge rental for use in connection
with local systems.
-V. 120. p. 3187.
-Merger, etc.
New Orleans Public Service Inc.
See Citizens Light & Power Co., Inc., and Consumers Electric Light
& Power Co. above.
Dillon, Read & Co.announce that interim receipts for the issue of $5,000.000 New Orleans Public Service Inc. let & Ref. Mtge. 5% Gold bonds,
Series "B" are now exchangeable for definitive bonds at the office of the
Chase National Bank of the City of New York, 57 Broadway, N. Y. City.
(For offering, see V. 120, p. 3065.)-V. 121, p. 2039. 1102.
-Bonds Sold.
-Nesbitt,
Northern Canada Power, Ltd.
Thomson & Co., Ltd., and Dominion Securities Corp. Ltd.,
'
Montreal, have sold at 100 and int. $6,000,000 1st Mtge.
-Year Sinking Fund Gold bonds, Series "A."
6% 20
Mexican Light & Power Co., Ltd.
-Bond Interest.
-
Notice is given under date of Nov. 16 that a half
-year's interest (coupon
No. 13, dated June 11918)on the 5% 2d Mtge.50
-Year bonds will be paid
on Dec. 1 at the Bank of Scotland, London. England;at the Canadian Bank
of Commerce, Toronto and Montreal, and at their agency in New York.
-V. 121, p. 1223.
Monmouth County (N. J.) Water Co.
-New Control.
-
See American Water Works & Electric Co., Inc. above.
-V.120. p.
3315.
Municipal Gas Co., Albany, N. Y.
-New Officers.
-
Robert Olcott has been elected President, succeeding Nicholas F.
Brady.
William G. Furlong succeeds Carl F. Graf as Vice-Pres. & Gen. Mgr.
Thomas H. Powers. Auditor, has been elected Treasurer and Neile F.
Towner as Secretary, both succeeding Mr. Furlong.
New directors are: Charles S. Ruffner, Charles S. Brewer and Cornell
-V, 121, p. 330.
S. Hawley,
National Public Service Corp.
-Acquisition.
--
The Virginia Northern Power Co.and its subsidiary,the Virginia
Ice Corp., have been acquired by the National Public Service Northern
Corp., it
was announced Nov. 19. The Virginia Northern Power Co. supplies light
and power to several communities in Virginia,including Marshall, Culpepper
Remington, Rapidan, Bealeton and Orange. The system comprises
steam plants and two hydro-electric plants. The Virginia Northern three
company is to be connected with the Alexandria Lighting Co. and the Virginia
Western Power Co., which were acquired by the National Public Service
Corp. earlier in the year.
-V. 121, p. 1678.
New England Telephone & Telegraph Co.
-Stock
Again Put on an 8% Annual Dividend Basis.
-The directors
on Nov. 19 declared a quarterly dividend of 2% on the
capital stock, payable Dec. 30 to holders of record Dec. 10.
2521
THE CHRONICLE
Dated Dec. 1 1925; due Dec. 1 1945. Principal and int. (J. & D.)
payable at holder's option at any branch of the Bank of Toronto or at
National Bank of Commerce, N. Y. City, in U. S. gold coin or in sterling
at the Midland Bank Ltd., London, Eng., at the fixed rate of $4 86 2-3
to the £ sterling without deduction for present or future taxes of any nature
imposed by any taxing authority in Canada save any income tax which
may be imposed on any person residing in Canada in respect to the interest
on the bonds. Red.. all or part, on any int. date on 60 days' notice at 103
and int. Denom. $1,000, $500 and $100 c*. The Toronto General Trusts
Corp., trustee.
Authorized.
Issued.
Capitalization-Year bonds,due 1945 (this issue)a$15.000.000 $6.000,000
ltit mtge.6% 20
1.000,000
1,000,000
Debenture notes 7)% 5 Years, due 1930
6,000.000
6,000,000
Capital stock
a Balance of authorized bonds may be issued as Debenture stock and(or)
bonds, in such currencies and series, and may be payable in such places,
mature on such dates, bear such rates of interest and carry such sinking
fund provisions and redemption prices as the directors may determine
at time of issue. The additional bonds may only be issued for 75% of the
cost of extensions and additions to property and plant of the company,
provided in all cases that the annual net earnings are equivalent to 131 times
the interest requirements of the bonds outstanding and those to be issued.
Compang-Organized in 1911 for purpose of supplying power to the gold
mines in northern Ontario. Company owns and controls 4 hydro-electric
power sites, having an ultimate capacity of 90,000 h.p. which have been
developed, and have an installed capacity of 50,000 h.p. Three of these
plants are located on the Mattagami River in the Province of Ontario, and
the fourth on the Quinze River, in the Province of Quebec. The Quinze
plant has an installed capacity of 20,000 h.p., which can be increased to
60,000 h.p. at comparatively low cost when the demand arises, as the greater
portion of the dam and headworks for the total develpment has been
completed. Company also owns 240 miles of high-tension transmission lines.
The increased requirements for power by the Hollinger, McIntyre and
Dome gold mines and the company's Other customers, together with the
application for power from other mines, has necessitated the company
continually increasing both its storage and generating capacity.
-Company is taking advantage of the present favorable money
Purpose.
market to redeem an issue of 6Ji% 1st Mtge. bonds. The balance of the
proceeds of this issue will be used to retire floating debts, and to finance
the cost of extensions necessary to take care of the additional business
contracted for, which includes construction of 2 transmission lines,one to the
Go;agenda area and the other to Rouyn gold fields in Prov. of Quebec.
-An annual sinking fund, commencing Dec. 1 1927,
Sinking Fund.
provides for a payment of 1 Si% for 10 years an d 2% for the remaining
8 years of the total amount of all Series "A" bonds issued, together with a
sum equal to the interest on the bonds redeemed from time to time. The
bonds will be purchased at or below call price, failing which they will be
called at 103 and int. Sinking fund is sufficient to retire about half of
the Series "A" bonds by maturity.
Earnings.
-Up to Dec. 31 1922 the company's earnings were derived
only from the plants at Wawaitin Falls and Sandy Falls, having a combined
capacity of approximately 20,000 h.p. Net earnings available for bond
and debenture interest, depreciation and Dominion of Canada income tax,
have been as follows:
$532,261
Average for 5 years to Dec. 31 1924
630,490
Average for 3 years to Dec. 31 1924
612.134
For year ending Dec. 31 1922
557,675
aFor year ending Dec. 31 1923
721,660
bFor year ending Dec. 31 1924
For 9 months ending Sept. 30 1925, $529,321 (3 months esti725,000
mated, $195,679)
a Includes earnings from Lower Sturgeon Falls plant. b Includes
earnings from Lower Sturgeon Falls plant and earnings for 3 months from
Quinze plant.
The annual interest charge on the $6,000,000 of bonds now being issued
is 8360.000.-V. 121, p. 2403.
-Smaller Dividend.
Northern Texas Electric Co.
The directors have declared a quarterly dividend of 1% on the outstanding $3.150,000 Common stock, par $200. payable Dec. 1 to holders
of record Nov. 21. Dividends at the rate of 8% per annum had been
paid quarterly from 1920 to Sept. 1 1925 incl.-V. 119, p. 2180.
-Earnings.
Northwestern Utilities Ltd.
9 Months Ended Sept. 30Operating revenue & other income
Total operating expenses
Bond & floating debt int. & exp
1925.
$424.942
134.932
188,206
1924.
$206,762
124.720
74,580
Balance avail,for taxes, deprec.sink.fds.& diva.
-V. 121, p. 979.
$101,803
$7,461
-New Control.
Old Dominion Water Corp.
See American Water Works & Electric Co. above.
-Bonds Called.
Oregon-Washington Telephone Co.
-
-Year Gold bonds, dated
All of the outstanding 1st Mtge. 6% S. F. 20
May 311913. have been called for redemption Dec. 1 at the Portland Trust
-V. 121, p. 708.
& Savings Bank, trustee, Portland, Oregon.
Pacific Electric Ry.-Merger of Local Line in Los Angeles with Los Angeles Ry. Corp. Urged.
-V. 120. p. 3315.
See Los Angeles By, Corp. above.
Pacific Gas & Electric Co.
-Probable Acquisition.
-
The company has applied to the California RR.Commission for authority
to purchase and operate the Middle Yuba Hydro-Electric Co., Nevada
County, Calif.
-V.121, p. 2403. 1679.
Philadelphia Electric Co.
-Tenders.
-
The Girard Trust Co.. trustee, Phila., Pa., will until Nov. 30 receive
bids for the sale to it of 1st Lien & Ref. Mtge. 5% Gold bonds due 1960,
to an amount sufficient to exhaust
•$125.000 at a price not exceeding 105
and interest.
-V. 121, p. 2157 .
2522
THE CHRONICLE
Radio Corp. of America.
-De Forest Suit Dismissed.
Judge Morris in the U. S. District Court at Wilmington, Del., has dismissed the patent suit brought by the De Forest Radio Corp. against the
Radio Corp. of America. The suit was based upon the fact that the American Telephone & Telegraph Co., as licensee under the De Forest patents,
did not have the right to sub-license other makers of radio tubes. Westinghouse Electric & Manufacturing Co. and the Westinghouse Lamp Co.,
a subsidiary, manufactured radio tubes under the De Forest patent. which
were in turn sold by the Radio Corp. of America. The Court now holds
that the Radio Corp. of Amer. had a right to sell the vacuum tubes manufactured by the Westinghouse company, because the Westinghouse Electric & Manufacturing Co. was the lessee, and in manufacturing tubes was
within its rights and not guilty of infringement.
-V. 121, p. 2158.
[VOL 121.
a falling off of 6,700,000 passengers, or about 2%. The loss of 6,700,000.
in passengers carried on the Elevated Division of the Interborough Rapid
Transit Co. was distributed generally over all of the routes.
The street surface lines carried 1,036,000.000 passengers in 1925, or
25,400,000 fewer than in 1924, a decrease of over 2%. The decrease was
greatest in the Borough of Manhattan, where the falling off in traffic
amounted to 24,300,000 passengers, more than half of which, about 12.500.000, was on lines of the New York Railways. The Third Avenue Railway
System companies operating in Manhattan reported decreases in traffic of
6,600,000 passengers and other Manhattan companies, decreases of 5,200.
-
In Brooklyn the decrease of 8,500,000 passengers on lines of the Brooklyn
City RR. due chiefly to changes in traffic conditions in the Greenpoint
district following the opening of the 14th St -Eastern District Line, was
more than enough to offset the gains made by the several B.
-M. T. surface
Rapid Transit in New York City.
-Summary of Reports companies by 2,400,000 passengers. In Queens the decrease of 800,000
In passengers carried is entirely accounted for by the decrease in traffic of
of Companies Operating in City of New York.
1,400,000 passengers on lines of the New York & Queens County Ry. This
The Transit Commission reports that the total operating revenues of all company was granted an increase in fare from Sc. to 6c. effective June 30
street railway lines in the City of New York for the fiscal year ended June 1924.
30 1925 amounted to $145.676,000, of which $88,980,000 was reported by
The only borough to show a gain in surface traffic was the Bronx, which
the rapid transit lines and $56.696,000 by the surface lines. Compared reported an increase of 3,800.000 passengers, a gain of 3% over the prewith the preceding fiscal year. these figures represent a net gain of $2.161.- ceding year.
000. consisting of an increase of $3,553,000 on rapid transit lines and a
The folilowing table shows the passengers carried on rapid transit and
decrease of $1,392.000 on surface lines.
surface lines for the fiscal years ended June 30 1923, 1924 and 1925, together
The New York Rapid Transit Corp. (the B.
-M. T. rapid transit sub- with certain other data pertinent thereto:
sidiary) again made the best showing with a gain in revenues of $2,908.000.
Year Ended June 30.
compared with a gain of $1,038,000 on the Interborough Subway Division
1925.
1924.
1923.
and a loss of $393,000 on the Interborough Elevated Division.
Interborough Rapid Transit
*1.392.000
The decrease in revenues on the surface lines amounting to
Subway Division
676,650,431 714,933,187 736.820,672
was primarily due to the poor showing made on lines in the Borough of
Elevated Division
348,524,700 359,410,056 352.723,553
Manhattan. where every company sustained a loss, and secondarily to N.Y. Rapid Transit(B.
-M. T.) 480,900,870 537.194,829 591,256,029
-M. T.
losses of $399,000 on lines of the Brooklyn City RR. All of the B.
surface companies in operation showed gains in revenue, the tota 1 amounting
Total
1,506,076,001 1,611,538.072 1,680,800,254
to $372,000. The Bronx lines of the Third Avenue Ry. System reported
increases aggregating $174,000. The New York & Queens County Ry. Street Surface Lines (a):
which was granted a fare increase of lc. effective at the beginning of the
Borough of Manhattan
383,209,500 378,667,933 354,396,834
fiscal year reported a gain in passenger revenue of $50,000.
Borough of The Bronx
119,140,813 124.374,810 128.177,094
Operating expenses for the fiscal year 1925 were reported as $97,134,000
Borough of Brooklyn
475,598,091 479.644,812 475,964,483
compared with $97,645,000 for the same companies in 1924.
58,149,148
Borough of Queens (b)
58,976,131
59,849,701
Certain companies, however, notably the Interborough Rapid Transit
19,290,165
.Borough of Richmond
19,740,392
19,408,170
Co. and the Third Avenue Ry. System companies made expenditures for
figures, the excess
maintenance in excess of the amount included in these
Total
1,057,206,275 1,061.404,078 1,035,977,724
being charged to depreciation reserves. In order to obtain a more accurate
statement of the expenditures during each of these years. this excess mainGrand Total
2,563,282,276 2,672,942,150 2,716,777,978
tenance amounting to $2,121.000 in 1925 and to $1,447,000 in 1924 should
be added to operating expenses as reported.
Population (estimated) (c)- --6,046,628
5.961,312
5,875,996
Adjusted operating expenses for 1925 would therefore be $99,255.000 and Rides per capita
449
448
436
for 1924. $99.092.000, an increase in 1925 over 1924 of only $163,000 as
(a) Figures for the Williamsburg Bridge Line for 1324 (from Dec. 11923)
1
against the increase in revenues of $2,161.000 noted above. Attention is and 1925 are not available, as
reports covering operation by the City are
depreciation for not filed with
called to the fact that this adjustment does not provide for
the Commission. For the purposes of comparison, figures
those companies having excess maintenance.
for
line for 1923 are also excluded
Net corporate income for all lines in the City as reported amounted to B. thisT. surface lines operating also in this tabulation. (b) Exclusive of
in Queens. (c) Estimated on basis
on of-M.
$4.710,000. an increase of 81,319.000 over the preceding year. Based
one-tenth of decennial increase, 853. 165.
adjusted figures for maintenance, however, net corporate income amounted
Traffic figures for the Hudson & Manhattan Railroad Co. and the Fifth
to $2.589.000, an improvement of $645.000 over 1924.
Avenue
-V. 121. p.
The following comparative income statement summarizes the results of 2039. Coach Co. are not included in the above tabulation.
operation for the fiscal years ended June 30 1925 and June 30 1924, on the
shows net corporate
basis of adjusted operating expenses but in addition
St. Paul Bridge & Terminal Ry.-Tentative Value.
income as reported:
The I.
-S. C. Commission has placed a tentative valuation of $474,448
Year Ended June 30 Increase or
Decrease. on the total owned and $946.248 on the total used property of the com1925.
1924. (D)
Passenger fares
$135,870,0318133,584.257 32.285,773 pany, as of June 301919.-V. 108. p. 1611.
D124.676
9.930,422
Other operating revenues
9,805,745
San Joaquin Light & Power Corp.
-To Issue Stock
Total street ry. operating revenues$145,675,777$143,514,680 $2,161.097
Street ry. oper. exps.-as adjusted- $99,255,483 $99,091,707
Street railway taxes
8,793,035
8,143,531
$163.775
649.504
Income from street railway opera$37,627.258 $36,279,441 $1,347,816
tions-as adjusted
D304,946
4,705,476
Other income
5.010,422
-as adjusted
Gross income
Fixed charges
Net corporate inc.-as adjusted
Excess maintenance not included in
operating expenses by companies-
$42.332,734 $41,289,863 $1,042.870
398.128
39,743,794 39,345,666
$2,588,940 $1,944.197
2.121.258
1,447.069
$644,742
674,189
$4,710.198 $3.391,267 81,318.931
Net corporate inc.-as reported
Adjusted net income of the rapid transit lines for the year amounted to
$3.516,000, an improvement of $1.382,000 over the previous year.
The New York Rapid Transit Corp. showed earnings of $3,861.000, an
Increase of $1.368.000. The outstanding capital stock cf this corporation
consists of 189.000 shares of no par value stock, practically all of which Is
held by the B.
-M. T. Corp. Net earnings per share for the year 1925
amounted to $20.43 as compared with $13.19 in the previous year.
The Subway Division of the Interborough Rapid Transit Corp. showed
a net corporate income (after deducting actual maintenance) of $4.188.000.
an increase of $829,000. This gain was more than offset by the unfavorable
results on the Elevated Division, which reported a net corporate loss (after
deducting actual maintenance) of $4.534.000, which was $815.000 greater
than the loss in 1924. Operation for the company as a whole therefore
resulted in a net loss of 3346.000 as against a deficit of $359.000 in the
previous year. The chief factors contributing to the further decline on the
Elevated Division were: (1) a decrease of 6.685.000 in the number of
passengers carried amounting to a loss of 3334,000 in passenger revenue,
and (2) an increase from 4% to 5% in dividend rental payable to Manhattan Railway stockholders, amounting to $600,000.
The net corporate deficit on the surface lines for the year amounted to
$927,000 or $737,000 greater than the loss in 1924. Net corporate income or
deficit by boroughs was: Manhattan. (def.) $586.000; Bronx, (def.)
$393,000: Brooklyn, (Inc.) $464.000; Queens, (def.) $238,000: Richmond,
(def.) $174,000. Brooklyn was only borough which reported a profit.
The loss of $586.000 on Manhattan lines was less than in 1924, due primarily to a reduction in the amount charged for depreciation as a result of
the change in its rule by the New York Railways and secondarily to the
decrease in the fixed charges of the same company as a result of the reorganization approved by the Transit Commission. The full effect of the
reduction in capitalization of this company will be reflected in the results of
operation for the fiscal year 1926.
The Brooklyn companies reported a net corporate income of $464,000.
as compared with $1,775.000 in the previous year. a decrease of $1.311,000.
This decline was mainly due to the logs in revenues sustained by the Brooklyn
City RR.as a result of the opening of the 14th Street-Eastern Line. Increases
in amounts expended and reserved for accident and damage claims and
increased expenditures for maintenance.
One of the principal items of maintenance expense borne by the street
surface companies (resulting in a reduced net income)is the charge for paving. The following tabulation shows the amounts charged to operating
expenses durink the fiscal years 1925 and 1924 for this purpose in the
boroughs of Manhattan, Bronx and Brooklyn.
1925.
1924.
$644,839
$534.267
Manhattan
324,273
400.182
The Bronx
598,561
769,736
Brooklyn
The company has applied to the California RR.Commission for authority
to issue 5,000 shares of 7% Preferred stock at not less than par to reim-V. 121, p. 841.
burse the treasury for additions and betterments.
-Tenders.
Shawinigan Water & Power Co.
-Year Consol.
The company will receive bids for the sale to it of 5% 30
Mtge. bonds. due 1934. to an amount sufficient to exhaust $112,000.
Offerings should be made for delivery on or before Dec.31.-V. 121, p. 1680
-Bonds Sold.
-The
Southern Ohio Electric Co.
Huntington National Bank of Columbus, 0., and Bodell
Co. New York, have sold at 100 and int. $2,000,000
1st'
Mtge. Gold bonds, 6% Series due 1955.
Dated June 1 1925;due June 11955. Int. payable J.& D.at Huntington
°National Bank of Columbus, 0., trustee, or at First National Bank, N.Y.
City, without deduction for any normal Federal income tax not exceeding
2%. Company agrees to reimburse holders if requested within 60 days
after payment for the Penna. and Conn. personal property tax not exceeding 4 mills per annum and for Mass. Income tax on interest not exceeding
6% per annum of such interest. Callable on or before June 1 1953 at 105
and int., and thereafter at 101 and int. on any int. date on 30 days' notice.
Denom. $500 and $1,000 c*.
-Authorized by the Ohio P. U. Commission.
Issuance.
Authorized. Outstand'g.
Capitalization
a
812,000,000
1st Mtge. Gold bonds,6% Series due 1955 (this iss.)
$2.500,000 $1,964,700
7% Cumulative Pref. stock (par $100)
26,000 shs. 25,084 shs.
Common stock (no par value)
a Issuance of additional bonds subject to restrictions of trust agreement.
Data from Letter of Pres. M. M. Morrow, Columbus, Nov. 3 1925*
Company.-Incorp. in Feb. 1923 in Ohio. Furnishes electrical energy,
practically without competition, to a population of approximately 36.000
in 20 communities,located in the southeastern section of the State of Ohio.
Owns and operates the properties formerly owned and operated by Athens
Electric Co. Hocking Power Co. Mutual Electric eo. and Southern
Ohio Power Co. The Southern Ohio Electric Co. owns a 26,700 h.p.
'
steam electric generating station, approximately 40 miles of 66,000
-volt
-volt high-tension transmission lines, complete disand 70 miles of 13,200
tribution systems in the communities directly served and valuable coal in
its power station. The power station.
1.000 acres of land contiguous to
located at Floodwood, on the Hocking River, at the mouth of coal mines,
is fireproof, of steel frame and brick construction. The generating equipment consists of one 16,700 h.p. Westinghouse and three 3,333 h.p. General
Electric turbo-generators. The new 16,700 h.p. Westinghouse turbine
was installed in 1923 and a large part of the high-tension and distribution
lines has been built during the last five years. Franchises are satisfactory
for the operation of the business.
-According to report and appraisal made by Stone &
Value of Property.
Webster, the cost to reproduce new,less depreciation, of the power station
property as of April 1 1925 at prices prevailing at said date was $1,800,100.
and according to the inventory and appraisal of the Ohio Utilities Service
Co., made as of Sept. 11924, based on prices at that date, the depreciated
value of the property, exclusive of the power station property, was $1.246.773. a total of $3,046,873. Frank A. Ray, consulting mining engineer of
Columbus, estimates present day value of the recoverable coal owned by
cifolaigataous nce
sito tlgepowercsavtion tat
0go a
e e a d
ijaggar in tlIs 1, s acrga f
. .
e a
ofappraisement to and incl. may 31 1925 there has been addi ;d
t sFor adilitio s
ane,
extensions and betterments 3125.484. making a total value for property
as of may 31 1925 of $3,378,357.
Earnings Year Ended Aug. 311925.
Gross income
----------------$634,956
-------------- ainteg3ance
Oper. expenses, M390,311
m
81.704.186 $1,567,674
Total
During the fiscal year ended June 30 1925,the number of revenue passengers carried on the street railway lines in the City of New York amounted
Net income(
to 2.716,800,000, an increase of 43,800,000. or 2%,over the preceding year. Annual int. on-ii."0156.- 00"iii iNit------ ---- -ififs-ffirsiiej------------ 0-Of this total, 1.680.800.000 passengers, or 62% were carried on the rapid
transit lines and 1.036,000,000 or 38% on the surface lines. It is interesting
Balance ------------------------------------------------$124,645
'
to note that in 1915, the proportion of the total traffic carried on rapid
Growth of Business (Calendar Years).
transit lines-was 47% as against 53% on the surface lines.
Net After
Gross
K.W.H. General.
Customers
The rapid transit lines carried 1.680,800,000 passengers an increase of
All Taxes.
and Purchased.
. Income.
Served (No.).
69,300.000 over the preceding year, a gain of over 4%. The New York
a$152,080
17,305,930
3.487
-M. T. rapid transit subsidiary) reported a 1920 _ _ _$458.076
Rapid Transit Corn. (the B.
- __-total of 591,300,000 passengers carried, or 54,100,000 more than in the
221.089
4.340
18.143,610
previous year. a gain of over 10%. The Interborough Rapid Transit Co. 1922 -- 559,424
305,618
4.833
27,158,298
carried 1,089.505.000 passengers upon its subway and elevated lines com- 1923 ---- 726,538
6276.156
5,330
625.257,551
bined, or 15,200.000 more than in 1924. On the Subway Division alone, 1924 ---- 677.006
a No Federal income taxes paid or assessed for 1920. b Adverse conthe traffic was 736.800,000, an increase of 21,900,000 or about 3% over the
ditions curtailed business during this year.
previous year, while on the Elevated Division the traffic was 352,700,000.
91308
Nov.21 1925.3
THE CHRONICLE
-Indenture provides for payment to the trustee semiSinking Fund.
annually, beginning June I 1928, of sums amounting to 1% per annum of
the amount of 1st Mtge. Gold bonds outstanding. Such funds shall be
used by the trustee for the purchase of bonds entitled to purchase from
inking fund moneys at the sinking fund prices of such bonds. This series
of 1955 is entitled to purchase from sinking fund moneys at or below 102
•and interest.
-Proceeds was used in part payment of the purchase price of
Purpose.
the properties.
-Sale.
Southern Ohio Power Co.
-V. 112. p. 266.
Bee Southern Ohio Electric Co.
-Acquisitions.
Southern Gas & Power Corp.
The Maryland P. S. Commission recently authorized the company to
acquire the People's Gas Co., which operates at Port Arthur, Texas, and
the Interborough Gas & Fuel Co., which operates in the Borough of Red
-V. 121. p. 2404.
Lion, Pa.
-To Issue Additional Stock.
Spencer (Mass.) Gas Co.
The company has applied to the Massachusetts Department of Public
Utilities for authority to issue 1.817 additional shares of Capital stock at
par ($100) for the purpose of paying off floating indebtedness and for
-V. 89. P• 1673.
further additions to property, &c.
2523
9 Mos.End.
Quarter Ended
Sept.30'25. June 30'25. Mar.31 '25. Sept. 30'25.
Period$918.490 $2.470,725
$672,162
$880,073
Gross receipts
Net income, after depre1.260.232
422,646
339,869
497.717
ciation, taxes, &c__._
In the first nine months of 1925 the company produced 60,373 tons of
ore, from which were returned 25,549,148 pounds of refined lead, an average of 423.2 pounds a ton. Sales'for the 9 months totaled 24.045,807
-V. 121, p. 1571, 1350.
pounds.
-Asks Receivership.
Alligator Clothing Co. St. Louis.
Appointment of a receiver for this company, manufacturers of raincoats
and considered the one solvent and going enterprise in the FergusonMcKinney group. was asked in Federal Court at St. Louis Nov. 16 as a
result of the failure of the Ferguson-McKinney Mfg. Co. The petition
states that Forest Ferguson, President of the Alligator Co. and head of
Ferguson-McKinney, owes the Alligator Co. "a large amount." See also
Ferguson-McKinney Mfg. Co. in V. 121, p. 2409.
-Rights.
American Cellulose & Chemical Mfg. Co.
The company recently offered the Common stockholders of record Oct. 16
the right to subscribe on or before Nov. 9 for 9,000 shares of 7% Cumul.
First Partic. Pref. stock (carrying dividends as from Jan. 1 1924) and
5.000 additional shares of Common stock of no par value, on the basis of
-New Control.
Stark Electric RR.
9 shares of Preferred and 5 shares of Common for each 200 shares of Common
hands of stook then held. Of the subscription price of $1,020 for each block, $117
It is reported that control of the company passed into the
equalization of dividends on the
eastern capitalists on Nov. 14 when final payment on a block of stock was shall be set aside in a special reserve for
Preferred stock with dividends on Preferred shares of the same class previmade.
p. 2215.
-V. 117.
New officers are: N.T. Glidden of New Yprk, President; Howard Morris ously issued.
of New York, Vice-President and E. W. Sweezy. New York, Secretary
-25% Stock Div.
American Laundry Machinery Co.
and Treasurer. W. E. Davis. Alliance, 0., continues as General Manager
-V. 118, p. 3080.
of the road.
The directors have declared a 25% stock dividend on the Common stock,
Jan. 20 to holders of record Jan. 9. The directors announce a
payable
-New Control.
Terre Haute Water Works Corp.
dividend policy for 1926of $3 a year, payable 75c. quarterly, the same rate
-V.119. p. 2764. as now being paid.
-V. 121. p. 1464.
See American Water Works & Electric Co., Inc. above.
-New Control.
Tintern Manor Water Co.
-V.73.1P• 295.
See American Water Works dc Electric Co. above.
-Organized.
Utility Shares Corp. (Del.).
See Electric Railway Securities Co. above.
Virginia Electric & Power Co.-Pref. Stock Sold.
Stone & Webster. Inc.. state that the entire amount of $1,000,000 7%
Cumul. Preferred stock Of the Virginia Electric & Power Co. allotted the
'
Virginia territory for sale to local consumers, to the amount of not more
than 25 shares for each customer, was oversubscribed the first day. This
stock, while a part of the same issue, is in addition to the $5,000.000 7%
Cumul. Preferred stock of the Virginia company recently offered publicly
by Stone & Webster, Inc., Blair & Co.. Inc., Brown Brothers & Co. and
Blodget & Co., which has also been oversubscribed (See V. 121, p. 2275)•
A new schedule of lighting rates agreed upon between the Virginia company
and the State Corporation Commission of Virginia will, it is stated, increase
materially the use of electric current in refrigerators, electric stoves and
-V. 121, p. 2405.
other appliances.
-New Control.
Virginia Northern Power Co.
p. 208.
-Common Dividend.
West Penn Co.
-V. 119,
See National public Service Corp. above.
The directors declared the regular quarterly dividend of $1 per share,
payable on the Common stock on Dec. 31 to holders of record Dec. 15.
The dividend applicable to the stock which has been deposited with the
Equitable Trust Co. of New York under the plan of consolidation of electric
subsidiaries of American Water Works & Electric Co., Inc., will be paid to
the Equitable Co.. which will in turn pay over on Dec. 31, the amount of
the dividend to the registered holders of certificates of deposit for such
stock who are the registered holders on Dec. 15.-V. 121, p. 2040.
-Listing.
West Kentucky Electric Power Co.
The Boston Stock Exchange has authorized the listing of $1,000,000 1st
Mtge. Gold bonds, Series A, 5%,dated Sept. 1 1925, and due Sept. I
as
1955, said bonds being unconditionally guaranteed Co.to principal and
See offering in
interest, by endorsement, by West Kentucky Coal
V. 121, p. 1791.
-To Issue Stock.
Western States Gas & Electric Co.
The company has applied to the California RR.Commission for authority
to issue, at par. $750,000 of 7% Preferred stock, the proceeds to be used to
-V. 120, P. 3067.
finance 1926 construction expenditures.
--Acquisition.
Wisconsin Power & Light Co.
The company has purchased the property of the Fatrwater ElectricPower
system at
dc Light Co., which includes a hydro power plant, distribution and
distriFairwater, Wis., transmission lines to Brandon and Alto, Wis.,
Fairwater plant has
bution systems in these two villages. The Light Co.for the past been a
6 years
wholesale customer of the Wisconsin Power &
-V. 121, 1:)• 1910*
INDUSTRIAL AND MISCELLANEOUS.
-On Nov. 13 Warner advanced the price of refined
Refined Sugar Prices.
sugar 10 pts. to 5.40c. per lb. On Nov. 14 the following companies each
advanced price 10 pts. to 5.40c. per lb.; American, Atkins, National, Mc
reduced price 10 pts.
Cohan, Arbuckle and Revere. On Nov. 16 Arbuckle lb.
to 5.30 and on Nov. 17 a further 10 pts. to 5.20c. per reported to
have adTire Prices Advanced -Akron, 0.. manufacturers
vanced tire prices about $10 on smaller cars, $25 to $40 on medium cars and
$110 to $125 on trucks. New York "Evening Post" Nov. 16, p. 21.
American Shoeworkers' Protective Assn. Accepts Agreement with Brooklyn
-Agree to 44-hour week, arbitration of
(N. Y.) Shoe Manufacturers' Assn.
differences, full recognition of union and regulation of apprentices. Lasters
receive wage increase of 5c. per pair of shoes. New York "Times" Nov. 17,
p.8.
Hillcrest Silk Mills (North Bergen, N. J.) May Move to North Carolina
Owing to Labor Troubles.
-Refusal of 250 striking employees to accept proposal by owners results in announcement. New York "Times" Nov. 18,
p.3.
-Expansion.American Metal Co. Ltd.
The company has announced that its Mexican subsidiary has closed a
ores and
contract for the entire output of the lead-silverMexico. concentrates of CM.
In consequence of
Internacional Miners Sociedad Anonima in
a new smelting
this contract the Metal company's subsidiary will erect this production,
take care
plant in the neighborhood of Zacatecas to in Mexico of the only leadand
three lead-silver smelters
which will give it
-V. 121, p. 2159. 1229.
s liter refinery in that country.
-The Tillotson
-Bonds Offered.
Ancaster Co., Cleveland.
& Wolcott Co., Cleveland, are offering at par and int.
$640,000 1st Mtge. Leasehold 6%% Gold bonds.
Dated Nov. 1 1925, due serially Nov. 1 1926-1937. Denom. t,00Cl
payable at Brotherhood
$500 and $100. Principal and interest (M.& N.)Bank, Cleveland, Ohio,
of Locomotive Engineers Co-operative National income tax up to 2%.
trustee, without deduction for the normal Federal
Personal property taxes of any State, under any present law, not in excess
any int. date upon 30 days'
of 5 mills in any case, refundable. Red. on
notice at 102 and int.
secured by a first closed mortgage upon the leasehold
These bonds are
Ave. directly
estate in the property known as Quad Hall, situated on Euclid Ave., with a
opposite East 75th St. and extending through to Carnegie
streets. The mortgaged property has a value of
large frontage on both
close to $1.100,000.
The buildings are practically new, are almost fully occupied and are
to meet the fixed
already producing net income ample derived from an charges of the bond
to be built
be
issue without further income toincome from present additionall of which
leases,
increased
at once and without
provide for rentals that graduate upward. •
Anglo American Corp. of South Africa Ltd.-
The following are the results of operations for October 1925: EProstimafited
Total Yield Estimated
Tons
Value.
Crushed. (Ozs. Pine).
£59,270
33.284
£140.823
88.000
Bralcpan Mines,Ltd..£61.362
£131.363
30.990
70,000
£75,972
£32,750
17,921
49,000
td
Ltd
Srlritgs rings
Wesn0pMineN.
421, p. 2406, 2042.
Athletic Council of the State University of Iowa.
-Metcalf, Cowgill & Clark, Des Moines
Bonds Offered.
National Bank, Des Moines, and First National Bank,
Iowa City, are offering at prices ranging from 99.58 and int.
to 5.05%, according
to 100.56 and int., to yield from 4
to maturity, $300,000 5% Field House Serial Gold bonds.
Dated Nov. 1 1925, maturing in 10 annual installments: $25,000 due
annually Jan. 1 1927 to Jan. 1 1935, both inclusive; $75.000 due Jan. 11936.
Denom. $1.000. $500 and $100. Red. at par and int. on any int. date
upon 30 days' notice. Int. payable J. & J. at Farmers Loan & Trust Co.,
Iowa City, Ia., or Des Moines National Bank, Des Moines. as the
Board
The Athletic Council was created Dec. 21 1908 (originally
in Control of Athletics), by the State Board of Education for the promotion
and control of Intercollegiate athletics at the State University of Iowa at
Iowa City.
These loonds will be issued for the purpose of constructing and equipping
me
a Field House on land owned by the State of Iowa and known as viproject
Field, immediately adjoining the east entrance of the Armory. The
has been approved by the State Board of Education and authority granted
therefor.
House
The building, when completed, will be the largest Armory and Field412 ft.
of
In the United States. The length will be 430 ft. with a width swimming
indoor
structure will contain.,in part, the second largest mile; a
The
basketball
pool in this country; a running track with six laps to the
court, around which 12,000 people may be seated; a gymnasium: golf room;
boxing room; rifle range; a regulation football field; baseball
fencing room;
administrative offices.
diamond; trophy room; seven class rooms and theeducation of the
entire
The Field House will be devoted to the physical teams, thus permitting
to individuals or
male student body, rather than
exthe present men's gymnasium to be used as a women's gymnasium,
clusively.
obligation of the Athletic Council of
This issue of bonds will be a direct
the State University of Iowa, and the trust agreement will provide, in
accordance with a resolution of the State Board of Education, that the
service of this loan shall constitute an absolute first charge against the net
proceeds received from athletic events.
The excess of receipts over disbursements for the three-year period ending
annum,
June 30 1925 averaged approximately $46,900 perfor these or more than
bonds. This
3 times the maximum annual interest requirement
excess is approximately 5 times sufficient to cover the average annual
interest payments of this loan. The excess of receipts over disbursements
for the year ending June 30 1925 was $66,938, an increase over the previous
year of 65%. In 1922 the Athletic Counsel Issued and sold privately
s81.700 Stadium certificates. These certificates, due in 10 years, were
entirely redeemed within three years from date of issue.
New England Textile Mills Press Campaign to Repeal Laws Limiting
Women's Work and 54
-Hour Week.-Insist on parity of conditions to compete with South. New York "Times" Nov. 16, _p,21.
Matters Covered in "Chronicle" Nov. 14.-(a) N.Y. Stock Exchange votes
down proposed increase In membership, p. 2355. (b) J. J. Hackett, Boston. investment broker, falls; receiver appointed. p. 2356. _(c) N. Y. Consolidated Stock Exchange suspends F. -W. Meyer, New York, p. 2356.
(d) J. S. Lamont and G. F. Redmond of the failed Boston firm of G. F.
Redmond & Co., Inc., plead "not guilty" to indictment charging conspiracy to conceal firm's assets, p. 2356; (e) Federal Trade Commission
dismisses complaint against Chicago Retail Lumber Dealers' Association;
dissenting views of Commissioners Thompson and Nugent; answer by
majority. p. 2361. (1) Federal Trade Commission endorses term "rayon"
as designation for artificial silk products, p. 2362. (g) Federal Trade Conmission dismisses complaints against American Tobacco Co. and others,
p. 2363. (h) Dissent of Commissioners Thomspon and Nugent from order
of majority of members of Federal Trade Commission dismissing complaint
-Capital Increased and
Auburn (Ind.) Automobile Co.
against beet sugar companies, p. 2363. (I) American Bankers Fiduciary
Conference to be held in St. Louis Dec. 11-12, p. 2365. (1) Growing ten- Issue of $600,000 Debenture Notes Authorized.
to purchase goods on installment plan deprecated by National
dency
authorized capital stock
The stockholders on Nov. 14 increased the the
Hardware Association; 0. E. Herrick of Chicago Association of Commerce
action of the directors
shares, and ratified
to 120,000
also warns against movement. p. 2365. (k) New York Title & Mortgage from 60,000 shares issuance, negotiation and sale of $600.000 of
Debenture
Co. incorporates subsidiary to lend money outside of New York; new com- in authorizing the at the option of the holders thereof into stock
in the
notes convertible
pany will start with $3.000.000 capital funds. p. 2366.
company at $60 per share, and in authorizing the execution of a trust
Dividend.
Acushnet Mills Corp.
agreement with the First Trust & Savings Bank of Chicago, Ill,, trustee.
-3%
The directors have declared a dividend of 3% ($3 per share) payable
E. L. Cord, Vice-President & General Manager,
Dec. 1 to holders of record Nov. 19. This includes the regular quarterly
of 1)•5% and a dividend of 1 S4% to make up for the dividend passed in in substance: closed for the third quarter of 1925 show net
-V. 121, p. 1104.
The books just
earningsf
the June quarter.
equal to $5 10 per share on each of the 00,000 shares outstanding.
i
-Extra Dividend-Earnings. $305950. together with earnings already reported for the first 6 months
Ahumada Lead Co. (Del.).
Th s amount
An extra dividend of 17 Si cents per share has been declared in addition to makes a total of $10 92 per share for the first 9 months.
The company's present financial position is very satisfactory. Our
the regular quarterly dividend of 7;i cents per share both payable Jan. 2
Sept. 30 amounted to $1,993.639 as against current
.
to holders of record Dec. 15. Like amounts were paid April 2 July 2 and current assets as of
liabilities of $553.718. Working capital increased $305,000 over July 1.
Oct. 2 last.
2524
THE CHRONICLE
The sales of the company are maintaining a very satisfactory increase
each month over the same month last year. Business in the third nuarter,
though a seasonal decline should be expected,showed an increase in business
over the second quarter this year. See also V. 121, I). 2160, 1911.
Barnet Leather Co., Inc.
-Reduces Preferred Stock.
-
The New York Stock Exchange has received notice from the corporation
that its authorized issue of Preferred stock has been decreased from $1,500.000 to $1,000,000. See V. 121, p. 2043.
Bethlehem (Pa.) Spark Plug Co., Inc.
-Merged.
-
See Splitdorf-Bethlehem Electrical Co. below.
-V. 120, p. 1462.
Big Creek Logging Co., Portland, Ore.
-Bonds Offered.
-First National Co., St. Louis, and Baker, Fentress
& Co., Chicago, are offering at prices to yield from 53/2%
to 63'2%, according to maturity, $650,000 1st Mtge. 6%
Serial Sinking Fund bonds.
Dated Oct. 1 1925; due serially April 1 1927 to April 1 1933. Continental
& Commercial Trust & Savings Bank, Chicago, and Calvin Fentress,
Chicago, trustees. The mortgage securing these bonds provides that
within 60 days after cutting any mortgaged timber the companymustmake
payments to the trustees thereunder equivalent to approximately 1
times
the amount loaned thereon. These sinking fund payments should operate
steadily to enhance the already wide margin of security.
Company's timber lies in the heart of the greatest log market in the
United States, namely, the Portland district of the Columbia River, which
produces more lumber than any other section of the United States, and in
which is located a large number of mills which own no timber of their own.
but obtain all of their logs from companies such as this. The timber is of
especially fine quality, large size and heavy stand and is principally mature
growth yellow fir and averaging approximately 60,000 ft. per acre.
The major block of the timber is opened up by the company's own railroad 14 miles in length, which connects with the 'Portland Electric Ry.
The low and favorable grade of the company's railroad, the heavy stand
of timber per acre and the generally even topography of its lands, plus the
favorable freight rate over the Portland Electric Sty., permits an extremely
low cost for logs delivered to market, while the timber's.especially fine
quality give the company top prices for its logs.
Management and ownership of the corporation is in the hands of 4 men.
all of whom have had an extensive experience in similar operations on the
Pacific Coast during the past 20 years or more.
The balance sheet shows total assets of approximately $1,710,000, after
deducting all indebtedness except this issue, or an amount over 2.7 times
,
our $650,000 of bonds.
Blaw-Knox Co.
-Earnings.
9 Mos. End.Calendar Yr.
1924.
Sept. 30'25.
$5,735.869 $6,831,652
3,492,009 4,449,039
Sales (less discounts and allowances)
Manufacturir g and operating expense
Gross income
Miscellaneous income
$2,243,860 $2,332,6i3
174,700
81,366
$2,325,226 $2,557,313
Intelincome
1,498,092
Doll ct administrative, selling & general expense- _ 1,068,688
250,533
154,375
Depre iation
98,440
138,945
Federal t tx
$963,218
30,597
Net profit
$710,248
48,342
$993,815
Net income
Subsidiary companies' earnings
$758.590
Balance Sheet Sept. 30 1925.
Assets.
$493,768
Cash
1,478,367
Notes & accts. receivable
404,601
Raw material
Uncompl.contr.& work in prog. 135,320
Warehouse mat'l for sale & lease 550,591
384,342
Investments
33,365
Office inventories
Property, plant & equipment_ _4,112,025
Patents. good-Will & trade-mks_1,500.000
34,750
Deferred charges
-V. 121, p. 2407.
Liabiltifes.
Accounts payable
Preferred stock
Common stock
Reserve for taxes, &c
Unshipped orders
Surplus
Total (each side)
8182,865
986,800
6,217,625
342,489
75,025
1 322,324
$9,127,129
(Sidney) Blumenthal & Co., Inc. (The Shelton
Looms).-Earnings.-Quar.Ended Sept.30- -9 Mos. End. Sept.30PeriodProfitfrom operation__ _
Interest on bonds
Depreciation
Inventory losses
1924.
1925.
$231,369 loss$49,237
33.836
35,516
72,721
76,684
252,455
1925.
$475,285
102,937
217,840
688,645
Deficit
-V. 121, p. 843.
$127,643
$161,437
$534,137
[vol. 121
Calaveras Copper Co.
-7'o Change Capital.
-
The stockholders and bondholders will vote Nov. 23 on changing the
authorized capital stock from 800,000 shares, par $5, to 1,000,000 sharesof no par value.
-V. 117, p. 443.
Calumet & Arizona Mining Co.
-Larger Dividend.
-
The directors declared a quarterly dividend of $1.50 per share payable.
Dec. 21 to holders of record Dec. 4. On Sept. 21 last the company paid a
quarterly dividend of $1 per share, as compared with an extra of 50 centsand a quarterly of 50 cents paid June 22 last. Total distributions on this
stock this year, after payment of the dividends just declared, will amount
to $4 per share, compared with $2 per share paid in 1924.-V. 121.P.2161.
Calumet & Hecla Consol. Copper Co.
-Dividend No 5.
The directors have declared a dividend of 50 cents per share on the outstanding 2,005,502 shares of capital stock, par $25, payable Dec. 15 toholders of record Nov. 30. Similar amounts were paid Dec. 17 1923.
June 16 1924 and March 4 and Sept. 15 1925.-V. 121, p. 2161.
Canadian Connecticut Cotton Mills, Ltd.
-1% Div.
-
The directors have declared a quarterly dividend of $1 per share (1%)
on the 8% Cumul. Pref. stock, payable Jan. 2 to holders of record Dec- 15.
This is the same rate as paid in the three previous quarters. Dividends in
arrears on this issue now total $420.000, or 14%, on the $3,000,000 of
Preferred stock outstanding.
-V. 121, P. 2407.
Carnegie Coal Co.
-Independent Receivers Sought.
-
Harry F. Sinclair, New York, has filed suit in Federal Court at Pittsburgh asking for the appointment of independent receivers for the company. He claimed that W. M,Wilshire and C. C. McGregor, appointed
temporary receivers some time ago, were formerly employed by the company and might not act in the best
of the crdditors. The Court
issued a rule giving the company 10 days to answer the suit -V.121, p. 2043
Central Leather Co.
-Bonds Called.
-
The company has called for redemption on Jan.1 1926 $736,000 of 20
-Year
6% 1st Lien S. F. Gold bonds, dated Jan. 1 1925. The bonds will be
redeemed at par and hit, at the Bankers Trust Co., 10 Wall St., N.Y.City.
-V.121, p. 2161.
Centrifugal Pipe Corp.
-To Increase Capital,
The stockholders will vote Dec. 21(a)on approving a proposal to acquire
shares of stock in International de Lavaud Mfg. Corp., Ltd., on which it
has an option, and (b) on increasing the authorized capital stock from
300,000 shares to 525,000 shires of no par value.
-V. 121. p. 590.
Chesebrough Mfg. Co. Consolidated.
-Extra Dividend
of 23'%.
-The directors have declared an extra dividend of
62%,cents a share in addition. to the regular quarterly
dividend of 623 cents a share on the $3,000,000 Common
stock (par $25), both payable Dec. 29 to holders of record
Dec. 9.-V. 121, p. 844.
Chevrolet Motor Co.
-Production.
The company produced 55.504 cars and trucks in October. This was
1,000 more than originally scheduled, and was the third highest production
month in the company's history. In the last 7 months average production
was 52,457 cars and trucks per month. Compare V. 121, p. 2044.
-May Split-Up Stock.
Chrysler Corp. (Del.).
The stockholders will vote Dec. 18 on approving a plan to split-up the.
-V. 121, p. 2407.
present Common stock on a 4 for 1 basis.
City Investing Co.
-10% Common Dividend.
The directors have declared a dividend of 10% on the Common stock.
payable Jan. 4 to holders of record Dec. 21. On July 1 last the company
paid a dividend of .5%, while in Jan. 1925 it paid 2Si% on the Common
stock.
-V. 120, p. 3192.
-Sale.
Cleveland Discount Co.
The company was sold Nov. 13 In Cleveland at public auction under a.
court order. The actual bid, accompanied by a certiled check for $200,000.
was only $261,982. but with the purchaser assuming responsibility for obligations of $7.782.513, the selling price was $8.044496. There was only
one bidder, the Assets Purchase Co., headed by five company reorganization managers.
-V. 121. D. 2044.
-Dividend of 50 Cents.
Clinchfield Coal Corp.
The directors have declared a dividend of 50 cents per share on the.
stock, payable Dec. 15 to holders of record Dec. 10. This compares with $1 per share, paid Oct. 1. and $1 50 per share on March 16.
Net income after interest, sinking fund charges, Preferred dividends and
1924.
reserves for Federal taxes were $73,986 for the third quarter of this year
loss$72,425 and $251.309 in the first 9 months.
107,854
Pres. Bockus states in part: "October production of our mines in October
223,893 was 200.000 tons, the largest for that month in the corporation's history.
In the 10 months ending Oct. 31 tonnage produced was 1,810,000, an.
-V. 121, p. 1465.
increase of 310,114 tons over a year ago."
$404,172
-To Enter Foreign
Commercial Investment Trust Corp.
- Field-Volume of Business This Year to Exceed $140,000,000.
(Richard) Borden Mfg. Co.-Bal. Sheet Sept. 26 1925.
Assets.
$947,219 Capital stock
Plant
205,597 Notes payable
Inventory
96,352 Tax reserve
Cash & accounts receivable-.
157,850 Surplus
Liberty bonds
Total
61,467,019
Total
-V. 120, p. 1589.
$1,000,000
110,000
64,491
232,528
$1,407,019
-Extra Dividend of 25 Cents.
Borg & Beck Co.
The directors have declared an extra dividend of 25 cents per share on
the Capital stock, in addition to the usual quarterly dividend of 50 cents
Dec.
per share, both payable Jan. 1 to holders a record taxes,18.
were $547,927.
Earnings for the 10 months ended Oct. 31, before
and after taxes, $474,010.-V. 121, p. 2043, 464.
-Shipments, &c.
Brown Shoe Co., St. Louis.
A dispatch from St. Louis states that shipments for the fiscal year ended
Oct. 31 will aggregate $31.000,000, a gain of approximately $2,000,000
over the previous year. During the last fiscal year the company manufactured 11,170,000 pairs of shoes, again of 1,000,000 over the preceding year.
-V. 121, p. 2277.
-To Offer 45,000 Shares of
Burdine's, Inc., Miami, Fla.
Preference and Common Stock.
Redmond & Co. and associates expect to offer next week 45,000 shares
of Preference stock and 45,000 shares of Common stock in blocks of one
share of Preference stock and one share of Common stock. The Preference
stock is preferred as to cumulative dividends up to $3 80 a share and will
carry warrants entitling the holder of each share to purchase between
April 1 1926 and Dec. 1 1927 one additional share of Common stock at $20
a share.
The Burdine Store, located in the heart of the retail district of Miami,
does a larger volume of business than any department store south of Washington and east of New Orleans. Started in 1898 with an initial capital of
about $300. the business has been developed entirely through the reinvestment of profits, and it is estimated that the total turnover for the current
fiscal year will exceed $8.000,000. The growth of the business has made
necessary a six-story addition to the presentsix-story building,and will make
available this month approximately 210,000 sq. ft. of selling floor space,
or an increase of over 50%. The company's investment in the building
and real estate is carried at a book value of $902.345, whereas the equity
has been independently appraised at over $2,400,000.
Net profits which would have been available for dividends on the Prefer
once stock for the three years ended July 31 1925, after all prior charges,
including Federal income taxes, averaged $291,305. For the year ended
July 311925, such profits were $535.822, or over three times total annual
preference dividend requirements. In the first three months of the present
fiscal year, October partially estimated, net profits after taxes were at the
annual rate of $1,000,000.
The corporation is actively considering the extension of its operations.
into Europe to facilitate distribution of products of the American industries.
that it serves. A survey is being made of the European field by the corporation, which this year will do $140.000.000 of business in the United
States and Canada, and conditions in Europe are now believed to be highlyfavorable for expansion overseas. It is expected that the company will
open its first European office in London, and thence will enter countrieson the continent.
The prospective step is regarded as significant. It was brought up for
consideration in response to a request by automobile manufacturers in this.
countryand by men of business and finance in Europe of whom many haver
concluded that the American installment plan of buying, now practically
unknown in Europe, would be a decided boon. Encouragement of such a
practice in Europe, according to its sponsors, would stimulate European
business in general.
Henry Ittleson. Pres., and Edwin C. Vogel, V.-Pres., have recently
returned from their study of the foreign field, and C. L. Hemphill, anotherV.-Pres., is now abroad. These men are making their studies at the'
request of several of the most important automobile manufacturers in the'
United States who report increasing business abroad. In order to properly handle this business and to develop it further, It is said that credit
facilities such as those already developed in America should be arranged
in Europe.
The corporation is one of the largest business institutions of its kind in
the world. It finances merchandisers and manufacturers through purchasing evidences of indebtedness arising from the sale of a diversified line
of nationally marketed products. Among these products are automobiles,
machinery and household or electrical appliances, sales of which have been
vastly increased in recent years. Although confining its operations at
the start to financing the sales of automobiles in Europe, the country would
in all probability extend its services to other lines of industry. Growth or
the company in this country has been phenomenal. Starting in 1908 with
a business for the year of $708,000. it has grown to this year's volume,
which in all probability will exceed $140,000,000.-V. 121, p. 465.
Consolidated Dairy Products Co.
-Expansion.
-
The company announces that It has purchased a building immediately
adjoining the main plant in Long Island City, N. Y. This additional
building will add over 10,000 sq.ft. to the co.'s plant. See also V.121,p.2162
Consumers Co., Chicago.
-Financial Plan Approved.
-
Complete approval of the stockholders was given to the new financial
plan of the company on Nov.12. The new plan calls for important changesin the company's financial structure which will become effective at once.
The stockholders (a) voted to increase and change the authorized Capital
stock from $7,750,000 (consisting of 45,000 shares of 7% cumul. Prof.
stock, par $100,and 325.000 shares of Common stock, par $10) to $19,500.000,consisting of 100,000 shares of 7% Prior Preference Cumulative stock,
par $100,45,000 shares of 7% Cumul.Prof. stock, par $100,and 1,000,000
shares of Common stock, par $5; (b) Authorized the exchange of 650,000
shares of the new Common stock, par $5 per share, for the present out-
Nov. 21 19251
THE CHRONICLE
standing 325,000shares of Common stock,par $10 per share; (c) authorized
an issue of$15,000,000 of 1st Mtge.bonds of which not more than $6,000,000
arc shortly to be sold; (d) authorized an issue of $2,500,000 of 5
-year 6%
Cony. Gold notes; (e) consented to and authorized the sale, mortgaging
or conveyance by the company of any or all of its real estate located in the
Indiana, or elsewhere; (f) authorized the redemption and retirembnt of
certain funded Indebtedness of the company and the payment of certain
purchase money obligations.
The following obligations of the company will be retired by call: $2,978.000 Knickerbocker Ice Co.1st Mtge.bonds(due $115.000 per year) principal
due July 11941, called as of Jan. 11926. at $105; 450,000 Consumers Co.
1st & Gen. Lien Debenture bonds,(due $150,000 per annum, March 1 and
Sept. 1, final payment March 1 1928) to be called as of March 1 1926 at
$105;5,000,000 Consumers Co.5
-Year Gold notes, due Jan. 1 1927, called
as of Jan. 1 1926, at $102; 1,100,000 U. S. Building Material 1st Mtge.
bonds (due $200,000 per annum, March 1 and Sept. 1, final payment
Sept. 1 1931) to be called as of March 1 1926 at $105.
The company will pay deferred dividends on its present outstanding
Preferred stock. The company has never failed to pay dividends on the
Preferred stock until Feb. 1 1925, when it was deemed advisable to defer
the dividend until the refinancing plans had been put into effect.
-V.
121, p. 2408.
-Commissioner Thompson
Continental Baking Corp.
Objects to Delay Into Inquiry of Alleged Baking Monopoly.Vigorous dissent to the action of the Federal Trade Commission in voting
to amend the complaint issued in April against the corporation was made
public Nov. 15 by Commissioner Thompson. The complaint charged acts
tending to a monopoly in the baking industry through acquisition of other
baking companies, and Mr. Thompson's dissent was registered on Nov. 6,
when the Commission by a majority vote decided to amend it "to include
allegations of the violation of the Clayton Act by reason of other acquisitions
of stock," as reported by the Commission's Chief Examiner.
The effect of the Commission's action was held by the dissenting Commissioner to mean the taking of additional testimony and evidence by the
Examiner, a step which he declared could result pnly in unnecessary delay
In the prosecution of the case.
In his dissent Mr. Thompson said that, although the complaint was
Issued in April no answer had been filed nor testimony taken. Since
April, however, the company has added nine corporations to the 14 it
previously controlled, he asserted, listing the new ones as fellows:
R.B. Ward Co., Inc., Los Angeles, with bakeries in Los Angeles, Berkeley
and San Diego, Calif.
New England Bakery Co.. Somerville, Mass., with bakeries in New
Bedford, Springfield, Somerville and Lawrence. Mass.
Occident Baking Co., Minneapolis, Minn., with bakeries in Minneapolis,
Minn., and Madison, Wis.
Washington Bakeries Ccrp. Seattle, Wash., with its plant in Seattle.
Spokane Bakery Corp.. Spokane. Wash., with a plant in Spokane.
Perfection Bread Co.. Sacramento, Calif., with a plant in Sacramento.
Log Cabin Baking Co., Portland, Ore., with a plant in Portland.
Ogden Baking Co., Ogden, Utah, with a plant in Ogden.
Butter Crust Baking Co., Salt Lake City, Utah, with a plant in Salt
Lake City.
The amendment of the complaint to embrace these later acquisitions,
he held, was not required under "even the strictest rules of pleading.'
"Whenever a mese of action has been charged alleging a tendency to
create a monopoly and subsequent to the beginning of a suit the cause has
been aggravated by additional acts play within the knowledge of the
respondent and are continuing and cumulative," he said, "the Government
is not required to amend the complaint before proceeding to take evidence
of the acts and practices of the respondent. On the contrary the rules
of evidence and pleading provide that all such acts occurring since the
issuance of a complaint may be testified to, and at the close of the testimony the complaint may be amended to cover the tesimony in regard
to such subsequent acts.
"The merging of the nine corporations and their 15 plants gives every
indication of a growing and continuing tendency toward monopoly by the
respondent."
-V. 121, p. 2044.
-Earnings.
Coty, Inc.
Income Account for Quarter Ended Sept. 30 1925.
2525
to one share of Class "B"stock at $10 per share for each share of Class "A"
stock issued. Exempt from personal property tax in the State of Illinois
and normal Federal income tax. Transfer agent, Chicago Trust Co.,
Chicago; registrar. National Bank of the Republic, Chicago. Class "A"
stock (par $25) is entitled to cash dividends of $2 50 per share before any
dividends shall be set apart or paid on the Class "B" stock ($5 par value).
After dividends aggregating $1 25 per share shall have been paid on the
Class "B" stock in any year, any additional dividends in that year shall be
paid to both classes of stock. For each dollar or fraction additional payment on each share of Class "B" the Class "A" stock receives double that
amount on each share. Class"A"stock is red. at $37 50 per share and divs.
CapitalizationAuthorized.
Outstanding.
Class "A" stock
25.000 shares 25.000 shares
Class "B" stock
*125,000 shares 82.000 shares
*25,000 shares reserved for subscription under Class "A" warrants.
Data from Letter of President Meyer Davis, Chicago, Oct. 10 1925.
-Founded in 1904 under the name of Central Distributing
Company.
House and incorp. under that name in 1909, with a capital of $10.000.
Company has attained its present strong position entirely out of earnings.
no new capital having been invested during the past 20 years of successful
merchandising. Its products are sold by mail to a large list of retail customers in all parts of the United States.
Company is engaged in the sale of musical instruments and the product
which has been largely responsible for recent current earnings is a popular
priced phonograph. The Davis phonograph is widely known and the company recognized as the largest manufacturing retailer in the mail order.
field. During the present year company has added a line of phonographs
having a high grade radio set built in the cabinet, and, while sales of this,
combination have not yet reached a point where they reflect in current
earnings, it is believed there will develop a strong demand for this product
and future sales will prove a valuable addition to our earnings. Both the
phonograph and radio are built in company's own factory under the careful
supervision of experienced operators.
Earnings After Depreciation and Taxes Paid. but Before Interest Charges
(Eliminated by Financing).
1923.
1924.
1925 (6 Months).
1922.
$164.933
$183,970
$111.116
$89,223
Average earnings before interest charges for the 3% years have equalled
,
$156,926 annually, which is $6 28 on the Class "A stock outstanding.
or over 23. times the dividend requirements on this issue. On a basis of
the first 6 months of 1925, current earnings are at the rate of over $7 14
Per share on the Class "A" stock.
Dividend Policy.-It is the intention of the directors to place the Class"A"
stock immediately on a dividend basis of $2 50 per annum, and to pay
extra dividends on the stock from time to time as earnings increase sari-.
ciently to warrant.
Balance Sheet June 30 1925 (After This Financing).
Assets.
Liabilities.
$79,501 Class"A"stock
Cash
$625,000
812,349 Class"B"stock
Accounts receivable
410.000
116.077 Accounts payable
Inventory
15,978
151,446 Customers' adv. payments_
Land, bldgs., mach., &c- _ 5,511
3.113 Accrued int., pay-roll. taxes
Other assets
1.775
49,867 Reserve for contingencies _ _ _ 65.000
Prepaid interest, &c
Surplus
89,087
Total
•
$1.212,351
Total
$1.212,351
Douglas-Pectin Corp., Rochester, N. Y.
-Extra Div.
-
The directors have declared an extra dividend of 25c. a share, and the
regular quarterly dividend of 25c. a share, both payable Dec. 31 to holders
of record Dec. 1.
The corporation announces that it will retire on April 1 1926 the $375,000
-Year 7% Sinking Fund Debenture bonds, due
Douglas Packing Co. 10
April! 1932. at 105 and int. This will leave the corporation free of funded
-V. 121. p. 2045.
debt.
Ducktown Chemical & Iron Co.
-Acquisition.
-See Ducktown Sulphur, Copper & Iron Co. below.
Gross profit, $1,270,892; expenses, 11512,729; operating profit_ --.1755,1638.275
2
Other income
Gross income
Depreciation, &c., $17,966; Federal taxes, $96,050; total
$786,438
114,016
Net income
-V. 121, p. 2408. 844.
$672,422
Ducktown Sulphur, Copper & Iron Co.
-Sale.
-
The property of the company, it is announced, has been purchased at
auction by Chattanooga and New York intersts who, it is said, have
transferred it to a Delaware corporation, known as the Ducktown Chemical
& Iron Co. The latter company was incorp. Oct. 31 with an authorized
stated capital of $6,000.000.
The directorate of the new concern is as follows: H. D.. Walbridge (of
B. D. Walbridge & Co.) and A. E. Walbridge and Parshall Pask, all ofNew York City. and J. P. Hoskins. C. C. Nottingham, W.A. Sadd. W.F.
Lamoreaux and Burkett Miller, all of Chattanooga. H. D. Walbridge will
be Chairman. W.F. Lamoreaux V.-Pres. & Gen. Mgr.. and C. C.Nottingham Sec. & Treas.-V. 121. p. 1683.
Court Square Building (Inc.), N. Y. City.
-Bonds
-P, W. Chapman & Co., Inc. and E. H. Rollins &
Offered.
c93% and int. $3,000,000 1st (Clcsed)
Sons, are offering at
(E. I.) du Pont de Nemours & Co.
-Extra Dividend of
' Mtge. 6% Sirkirg hind Gold loan.
-The directors on Nov. 16
Dated Nov. 1 1925: due Nov. 1 1958. Principal and in (m. & N.) 5% Declared on Common Stock.
payable at New York Trust Co.. New York, trustee. Denom. $1,000 and declared an extra dividend of 5% and a regular quarterly
$500 c*. Red. in part for sinking fund purposes on any int. date upon 30 dividend of 2% on the Common
stock, par $100. The extra
days' notice, to and incl. Nov. 1 1935, at 103 and int.; thereafter, to and
incl. Nov. 1 1945. at 102 and int.: thereafter, to and incl. May 1 1958, at dividend is payable Jan. 8 and the quarterly dividend on
101 and int. Red. as a whole on any int. date upon 60 days' notice at 101 Dec. 15, both to holders of record Dec. 1.
On Sept. 15
and int. Interest payable without deduction for normal Federal income tax
not in excess of 2%. Refund of the Penn., Conn.. Kansas and Calif. taxes last the company paid an extra of 1% on the Common
not to exceed 4 mills, Maryland 4% mills tax. Kentucky and District of stock, in addition to a quarterly of 2%. (See
also V. 121,
Columbia 5 mills tax, Mich. 5 mills exemption tax, Virginia 53 mills tax,
p. 983, and V. 120, p. 3319.)
and Mass. income tax not to exceed 6%•
Buildino.-Will occupy the entire block-front on Lafayette St. between
Officials of the Eastern Alcohol Co.
Reade and Duane Streets, and the entire block-front on Reade St. extending
back to Elm St., N. Y. City. In addition, the property will have frontages
on Park and Elm Streets. This location, directly across the plaza from the
new County Court House, is in the center of the governmental and administrative buildings of the City of New York.
The building, which will have an unusual total street frontage of 444 ft..
will be a modern 21-story office structure with stores on the entire street
level. The top floor of the building will be devoted to a club for lawyers
and city and court officials.
Security.
-This loan will be secured by a closed first mortgage on the land
and building owned in fee. The plot extends approximately 100 ft. on
Lafayette St. 27.7 ft. on Park St.. 186.2 ft. on Reade St. 77.7
on
Duane St., and 54.4 ft. on Elm St., comprising a total ground area of over
.
16,882 sq. ft. The property, land and building upon completion, have
been independently appraised as having a value in excess of $5,269,000.
making this loan less than a 57%
mortgage'
Earnings.
-Annual net earnings available for the payment of interest
after deducting operating expenses, maintenance, insurance, taxes, and
making allowance for vacancies, are estimated to be not less than
or over 2.25 times the maximum annual interest charges on this $410,000,
loan.
Legal for Trust Funds.
-Mortgage represents less than a 57% loan and
these securities upon completion of the building, in the opinion of counsel,
will be legal for the investment of trust funds under the laws of the State
of New York.
The Eastern Alcohol Corp.,incorp. in Del. Nov.2.by National Distillers
Products Corp. and the E. I. du Pont de Nemours & Co. for the manufacture of Industrial alcohol, has organized by electing the following officers;
Chairman of the board, H. Fletcher Brown: President, Seton Porter;
V.
-P.'s, F. A. Rogers and H. Fletcher Brown; Treas.. A. B. Echols: Sec.,
M. D. Fisher. Messrs. Brown, Echols, Harris and Fisher represent the
Du Pont Co. and Messrs. Porter. Rogers and Clark the Distillers Corp.
Plans are being made to erect a plant at Deepwater Point, N.J., adjacent
to the Du Pont dye works, and building operations will be begun in a short
time.
-V. 121, p. 2408, 2278.
Eastern Rolling Mill Co.
-To Split Up Stock.
-
The stockholders have approved the plan to split up the Common stock
on a 4 for 1 basis and authorized the retirement of the Prof. stock at 120
and diva. The Prof. stockholders have the option of converting their
shares into Common stock, share for share. See also V. 121, p. 2162. 2279,
Eastern Steamship Lines, Inc.
-Stock Increase, &c.
-
Crane Co. of Chicago.
-Larger Dividend.
The stockholders on Nov. 17 increased the authorized Common stock
from 90,000 to 150,000 shares, no par value- and approved the issuance of
13,200 shares of Common stock in exchange for the 3.000 shares of stock
of the Gulf & Southern SS. Co.
Net earnings of the Gulf & Southern SS. Co. available for dividends,for
the eight months ended Aug. 31 1925, were $175.070. See also V. 121, p.
2408. 2162.
It was announced on Nov. 19 that the merging of the Old Dominion
Stramship Co. with the Eastern Steamship Lines. Inc., will be accompl she' early in January, 1926. The majority of the stock of the Old
Dominion Steamship Co. is already owned by the Eastern company._..
V. 121, p. 2408.
Cutler Securities Corp. (of Delaware).
-Tenders.
-
Edwards & Wildey Building, Inc., Los Angeles.
-S. W. Straus dr, Co., Inc., are offering at
Bonds Offered.
prices to yield from 6.10% to 6.35%, according to maturity,
$1,050,000 1st Mtge. Leasehold 0,4% Serial Coupon bonds
Safeguarded under the Straus Plan.
The directors have ordered a quarterly dividend of 37% cents on the
Common stock, par $25, and the regular quarterly of 14% on the Preferred
stock, both payable Dec. 15 to holders of record Dec. 1. The dividend on
the Common stock previously was 31 i cents quarterly.
The Crane Enamelware Co., a subsidiary (all the stock being owned by
the Crane Co..), recently increased its authorized Common stock from
$3,000,000 to S5,000,000, par $100, and canceled the $500,000 Preferred
stock which was called in.
-V. 120, p. 1752..
The Seaboard National Bank, 115 Broadway. N. Y. City, trustee, will
until Nov.30 receive bids for the sale to it of Collat. Trust S. F. Gold bonds
to an amount sufficient to exhaust $20,071, at prices not exceeding par and
interest.
-V. 119, p. 2292.
Dated Oct. 15 1925; due serially April 15 1927-1941. Denom.
$500 and MOO c*. Callable on any maturity date at 103 and int. $1.000.
Bonds
and coupons (A. & 0.) payable at offices ofS. W.Straus& Co.,Inc. Legalfo
investment by national'banks. Federal income tax,2%,paid by borrower.
These bonds are secured by a direct closed first mortgage on long
term
leaseholds at favorable terms covering one of the best business
corners in
Preferred as to assets and dividends and carried warrants detachable the City of Los Angeles. a completed and
operating 13-story
after July 1 1926 entitling holder to subscribe, on or before March 1 1927, building, and an adjoining 2
-story annex, to be erected. office and store
A conservativ
Davis Industries, Inc.
-M. J. Traub Sr
-Stock Offered.
Co., Inc., Chicago, are offering at $31 per share, to yield
over 8%, 25,000 shares Class "A" Participating stock.
2526
THE CHRONICLE
[VOL 121.
appraisal of this security shows this bond issue to amount to approximately suites will have sun rooms with disappearing beds, while others will have
60% of the value of the mortgaged property, the value of the leaseholds bedrooms of extra large size. Spacious wardrobes and ample dressing room
on the land, the existing building and the building to be erected, being space are a feature in all apartments.
The building will be equipped with stationary vacuum cleaner and incinplaced at $1,756,023.
An estimate of earnings, based on actual present revenue from the erator, and each apartment will have an individual electric refrigerator.
building now in operation and that to be expected from the building to be An exceptionally complete ventilating system is planned.
-Based on a careful and conservative
Valuation, Income and Guaranty.
built, and with deductions for taxes, insurance, operation, ground rents.
and ample allowance for vaeancies, shows that the net annual income estimate, the value of the Fairfax fireproof furnished apartments, including
available for payments will amount to more than 23& times the greatest leasehold estate, building, equipment and furnishings, is placed at $1,250,000. The bond issue amounts to only 54% of this sum.
annual interest charge.
-V.119. p. 817.
The annual net income from rentals is conservatively estimated at $134,Electric Auto-Lite Corp.
-Earnings.000 after deducting ground rent, taxes, insurance, operating expenses and
-Month of October- -10 Mos. to Oct. 31- making a liberal allowance for vacancies. The maximum annual interest
1924.
Period1925.
1924.
charge on this bond issue is $43,875, or less than one-third the estimated
1925.
Net earns, after int. & depr__ $290.054 $117.469 $2.367,018 $1.274,942 earnings. In addition to the tangible security back of these bonds, the
The company did the largest gross business of any October in its history, Payment of principal and interest charges is unconditionally guaranteed
and the management estimates Nov. and Dec. earnings will also establish by separate instrument by four prominent business men with a reputed
new high records. Company is entirely free of funded debt and bank worth of more than $1,500,000.
loans and has no Preferred stock. Total current assets as of Oct. 31 are
Mortgagor.
-Fairfax Apartment Building Corp., Chicago. Officers:
reported at $2,749,701, and total current liabilities at $567,064.-V. 121, Pres., Charles L. Anderson: V.-Pres., Paul A. C. .Anderson; Sec.. Henry
M. Hagan.
p. 1573, 713.
-Mercantile Trust
-Notes Offered.
Elk Horn Coal Corp.
& Deposit Co., Robert Garrett & Sons, Fidelity Trust Co.,
Hambleton & Co., Baltimore, and F. B. Keech & Co,
New York, are offering at 100 and int. $1,500,000 7%
-Year Debenture notes.
6
Dated Dec. 1 1925; due Dec. 1 1931. Int. payable J. & D. Denom.
$1.000 O. Red. as a whole or in part by lot at any int. date upon 80 days'
notice at 102 and int. Corp. will pay or refund the normal Federal income
tax up to 2% per annum and all State, county and municipal taxes assessed
on these notes in the hands of individuals in Maryland (not exceeding in
the aggregate 45c. on each $100 of assessed value in any year), and Penna•
personal property tax (not exceeding 40c. on each $100 of face amount of
said notes in any year) will be refunded, provided claim for refund is made
within 60 days after the date such tax became due and payable. Prin.and
int, payable at the office or agency of the corporation in N. Y. City or at
the office of the Fidelity Trust Co. Baltimore, trustee.
Warrants.
-Each $1,000 note carries a detachable warrant entitling the
holder to subscribe for 40 shares of no par Common stock of the coal corporation at $15 per share if the purchase is made on or before Dec. 1 1926:
thereafter at $16 50 per share If purchased on or before Dec. 1 1927: if
purchased subsequent to Dec. 1 1927, but on or before Dec. 1 1928. at
$17 50 per share: if purchased thereafter, but on or before Dec. 1 1929.
at $18 50 per share, and if purchased subsequent to Dec. 1 1929 and on
or before Dec. 1 1930 at $21 per share.
Listing.-ApplicatIon will be made to list these notes on both the New
York and Baltimore Stock Exchanges.
Security.
-Notes are a direct obligation of the corporation, which are
preceded only by $4,500,000 ($5.500,000 authorized) 65i% 1st & Ref.
Mtge.6
-Year Sinking Fund Gold bonds, due Dec. 1 1931 (V• 121. D• 1913).
-Year 5% Gold bonds,
and a small issue of $372,000 Mineral Fuel Co. 30
due Dec. 1 1943. The debenture agreement provides that until the debentures have been paid the corporation will contract no funded debt except
such as is evidenced by the bonds and debentures proposed to be issu.xi
and except purchase money mortgages assumed by it, and that it will
pay no stock dividends until after the expiration of 60 days' public notice
of its intention so to do and not until it shall have redeemed or provided
for the redemption of all of its debentures outstazding.
-Year
After the cancellation of all of the bonds outstanding under the 6
1st & Ref. Mtge., then the net proceeds of sales of 'Property of the coal
corporation shall be applied to improvements, additions or betterments.
the purchase of additional property or to the purchase or redemption of
the debentures outstanding, and the proceeds of the sale of stocks owned
by the coal corporation shall be applied to the purchase or redemption of
such debentures, and the same shall be redeemable, in whole or in Part,
at any time at the option of the coal corporation at 102 and int. on any
int, date after 60 days' notice.
-For the 3 years and 8 months net earnings average $872.415
Earnings.
per annum, or over 5.34 times the interest on these notes after deducting
-Year Sinking Fund
Interest charges on $4,500,000 63.i % 1st & Ref. Mtge.6
-Year 5% Gold bonds and
Gold bonds and $372,000 Mineral Fuel Co. 30
over 2.09 dines the interest on all the funded debt of the corporation (including Mineral Fuel Co. bonds).
A description of the business, property, assets, earnings
and balance sheet may be found inif.121, p.1913,2045,2162.
Everett-Saxton Co., Everett, Pa. Officers.
-
The company was recently organized by the Pining and Webb interests
to operate the properties of the defunct Jos.B.Thropp Co.,Inc.,in Bedford
County, Pa.. effective Nov. 1 1925 (see V. 120, p. 3077). Officers of the
-Saxton Co. are: Pres., W. S. Pilling: V.-Pres., Andrew S. Webb,
Everett
Treas. George P. Pilling.; Gen. Mgr., J. Banks Hudson. The company.
It Is reporteoi, is now operating its coal mines, coke ovens and limestone
quarry, and has prepared the furnace at Everett. Pa.. for operating, but
so far, no plans have been made for placing it in operation.
-Time for
(The) Fair (Department Store), Chicago.
Deposits Expires To-day-Opposition to Plan.
The time for the exchange of The Fair stock for stock of the Kresge
Department Stores, Inc., has been extended to Nov. 21. It is stated that
in addition to the 100,000 shares owned by Mr. Kresge, 8.514 shares of
The Fair have been deposited, leaving 266,486 shares not yet exchanged.
Albert de Wolf Erskine, who was instrumental in selling The Fair for
the Lehmann family, in a letter to shareholders states that he will not exchange his stock. He says in part:
"The proposition asking the stockholders of The Fair to exchange their
valuable stock for certificates of the Kresge Department Stores, Inc., is,
to say the least, an unfair and unattractive proposal. Mr. Kresge gives
no figures as to assets or liabilities, or earnings of the Kresge Department
Stores, Inc., in either of his letters with which to substantiate his offer.
He makes no comparison of the worth, history or earning capacity of the
Kresge Department Stores, Inc., ulth The Fair.
' r. Kresge is the owner of only 25% of the Common stock of The Fair,
which he states he has exchanged for the Kresge Department Stores, Inc.,
Common stock, In accordance with his offer of Oct. 15. Therefore he does
not control The Fair.
"The bankers before marketing The Fair Common stock, after careful
study, decided that a monthly dividend of 20 cents per share could be
earned and maintained and a proper surplus be accumulated. The recprd
'
of The Fair, since its reorganization, proves their Judgment was correct.
Earnings for Month and Nine Months Ended October 31.
-Month of October- -9 Mos. End. Oct. 311924
1925
1924
1925
$234.748 $1,287,314 $1.028,812
Net after taxes
$472,826
-V. 121, p. 1913, 1794.
Finance Corp. of America, Phila.-Initial Dividend.
The directors have declared an initial dividend of $2 per share on the $8
Curaul. Preferred stock, no par value, payable Dec. 1 to holders of record
Nov. 14. This stock was offered in May 1924 and is entitled to dividends
at the rate of $8 per annum from June 111924. See V. 118, p. 2578.
Forhan Co.
-Initial Dividends.
The directors have declared initial quarterly dividends of 40c. per share
on the Class "A" Participating stock (no par value) and 25c. per share on
the Common stock (no par value), both payable Jan. 2 to holders of record
Nov. 30. See also V. 121. p. 1574.
-To Form New Subsidiary
Foundation Co., New York.
Stockholders Given Rigid to Subscribe to Stock in New Company
To Distribute 40,000 ,Shares of Stock of New Company to Present
Stockholders.
-President John W. Doty, in a letter to stockholders, Nov. 11, says:
Field of Activity to Be in Four Zones
.-The expansion of the business of
the company in foreign countries, other than in Canada and the British
Empire, has to date been carried out as a part of the company's regular
operations. The growth of this business, however, makes advisable a rearrangement which will allow a separate division of the company to carry
out work in each of certain defined districts. For operating purposes, it
has, therefore, been decided that the field of activities of the company will
be divided into four zones, as follows:
1. The Foundation Co. will operate directly in the United States of
America. Central and South America, Cuba and the West Indies, and in
the insular possessions of the United States of America.
2. The associated Canadian company (the Foundation Co. of Canada,
Ltd.). will operate throughout Canada.
.
3 The
Canada associated British company (The Foundation Co.. Ltd.. of
London) will operate throughout the entire British Empire, exclusive of
4. The remainder of the world will comprise a fourth zone. For opera:
tiona in this fourth zone, a new company, to be known as The Foundation
Co.(Foreign), or to have some other appropriate name, will be organized.
The Foundation Co. of Canada. Ltd., and The Foundation Co., Ltd., of
London, have been in existence for some years past, your company owning
or controlling in excess of 50% of their voting stock, respectively.
-The new company to operate In
Subscriptions to Stock of New Company.
such fourth zone will be organized with an authorized capitalization consisting of 160,000 shares of Series"A"stock without par value, and 160,000
shares of Series"B"stock without par value. The two classes of stock will
have equal voting rights. 100.000 shares of such Series "A" stock will be
offered to the stockholders of record of The Foundation Co. as of Dec. 3
1925, at $28 50 per share, in the proportion of one share of such Series "A"
stock for each share of stock of The Foundation Co. then held. A reliable
banking house has underwritten the purchase of any of such 100.000 shares
not so subscribed for by the stockholders of The Foundation Co.
-40.000 Shares to Be Distributed to StockBankers Take 20,000 Shares
holders.
-Of the remaining 60.000 shares of authorized Series "A" stock,
20,000shares have been subscribed for by such underwriters,and the balance
e
of 4O.00nl shares will be distributed pro rata, without charge, to the stocki( ed.
holders of The Foundation Co. of record as of a date to be subsequently
dterm
-The Foundation Co. will turn over
Scope of Operations of New Company.
to the new company its right to do business in all parts of the world other
than North. Central and South America, the West Indies, the British
Empire (including British mandate territory), and the insular possessions
of the United States of America,together with the good will of The Foundation Co. in such territory, and any and all contracts, options, &c., now
Possessed by The Founthtion Co. for the carrying out of work in such
territory. In exchange therefor, The Foundation Co will arrange to have
the above-mentioned 40.000 shares of Series "A" distributed among its
stockholders,as above stated,and will receive directly the entire authorized
These shares
160,000 shares of Series "B" stock of the new company. Foundation of
Series "B"stock will be retained in their entirety by The company. Co.,
control of such new
thereby giving the company effective
It is intended to give the new company broad corporate powers so as to
enable that company,to the extent perznitted by law, to engage in financing
in connection with the business to be conducted by the new company, or to
invest a portion of its corporate funds in the stock of a subsidiary or affiliated
•
company to be organized for such financial purposes.
The organization of the new company should be effected not later than
the early part of December, at which time the above-mentioned 100.000
shares of Sones"A"stock will be offered to the stockholders of The Foundation Co. for subscription and full details will then be given regarding the
Proposed activities, management and prospects of the new company, and
limitations
regarding the rights and limitions ofsuch Series"A"and Series"B"stock.
V.
- 120, p. 2410, 2046.
-Eisele St King, Newark
-Stock Sold.
Fox Theatres Corp.
N. J., and Taylor, Thorne & Co., New York, have sold at
p
$2a5r
500,000 shares Class A Common stock (no
value).
Transfer agent, Bankers Trust Co. Registrar, Chase National Bank,
The Class A and Class B stocks share equally in dividends and all other
rtoeks,
eight. excepting the control of the company, which is'vested in the Class B
Authorized.
Outstanding.
Capitalization3,900.000 she.
800,000 shs.
Class A Common stock
100.000 shs.
100,000 shs.
Class B Common stock
Properties -Properties of company, through ownership of stock, include
important theatre holdings throughout the Bolted States. Company will
acquire the interests of William Fox and associates in sundry theatre and
-Bond Offering.-Woolenberger realty enterprises for 300,000 shares of Class A stock and 100,000 shares of
(The) Fairfax, Chicago.
& Co., Chicago, are offering at par and int. $675,000 1st Class B stock on the basis of appraisals and inventories as of Dec. 28 1924.
-Controlling interest of company is owned by Mr. Fox,
Management.
Mtge. Leasehold 63/2% Serial Gold bonds.
in the hands of him and his associates,
and its
Dated Nov. 1 1925: due serially May 1 1928 to May 1 1935. Chicago all of management will continue In the growth and development of the
whom have been instrumental
Callable at'102 and
Title & Trust Co.. trustee. Int. payable M. & N.
company.
int. on 60 days' notice. Normal Federal income tax up to 2% paid by holdings of the
A
eass f stoc iab(nc oe,0s0.
Lk
iii
Balance Sheet upon Completion o this Fina8uoing.0
borrower.
-Secured by a closed 1st mtge. on the building, now under
Security.
Assets.
$11,000.000
construction, together with the 197
-year leasehold estate on the land; also Cash
a8,800.000
by a first lien on the income. The land is free of mortgage, and an option Total investments
$17.600,000
to purchase the fee is held by the Fairfax Apartment Building Corp. The Organization expense..
250,000 Cissahhssaarreel!) stock (100,000
)
annual ground rent is only $6,000, and has been paid in advance up to
5
2 0 000
2 200,000
Res. for organ. expense__
$20,050,000
April 1 1927. In addition to the building and leasehold estate, the security
Total (each side)
for this bond issue includes the equipment and furnishings.
appraised by Ford, Bacon & Davis, Inc.;
a Represented by properties
Building.
-The Fairfax will be a 10
-story-and-basement structure of reP. Day. Inc.. and others: La Al and buildings, $6,010,174: leaseinforced concrete and steel construction. The first and second floors will Joseph$2,080,40): deposits to secure leases (r et). $51,994: furniture, equipbe faced with a smooth blue Bedford stone of distinguished appearance. holds.and supplies, per inventories, $724,968: prepaid insurance, taxes,
ment
8 floors will be faced with gray impervious pressed brick, gen- &c. (net). $32.184; total, $8,899.720. Less mortgages payable, being
The upper
erously trimmed with terra cotta. The building is being erected on the 29.42% of the value
the land and buildings covered, $1,633,800. Net
southwest corner of Hyde Park Blvd. and Dorchester Ave.. Chicago, and assets, $7,235,920: ofof
which interest of outside stockholders is $1,572,541:
will cover 100 by 120 ft. The building will contain 135 a artments of $5 663 379 Theatre leases not otherwise appraised-valued b the
1.2 and 3 rooms each, all of generous size. Each apartment will be equipped corporation on the basis of average earnings of $375.354 per annum for the
with bath.and kitchenette. To meet individual preferences, some a the six years ended Dec. 28 1924, $3,136,621.-V. 121, p. 2410, 2279.
Nov. 21 1925.1
TIP:. CHRONICLES
2527
-^
New York Central Lines for which an extensive contract was awarded to
General Railway Signal Co.
-V. 121. p. 2280. 2164.
Gimbel Brothers.
-$6,000,000 Mortgage on New Store.
-
A mortgage calling for $6,000,000 on the land and buildings in Philadelphia which will constitute the new Gimbel Brothers' store, was signed
Aug. 28 by Richard Gimbel, Vice-Pres, of the company in the office of the
Market Street Title & Trust Co., Philadelphia.
The land and buildings uiaon which the $6.000,000 mortgage was placed
represents properties that will be valued upward of$10,000 000. The interest rate varies as follows: 6% during construction, 5X% for balance of
5 years, and 5% for 15 years more. The term of the mortgage is for 20
years following the completion of the new building. It is estimated that
construction on the new store will be finished by Oct. 1 1926. The mortgage
was placed with the Metropolitan Life Ins. Co.. New York.
-V.121. p.2280.
Good Hope -Steel & Iron Works (Gutehoffnungschutte, Aktienverein fur Bergbau und Huttenbetried,
Nurnberg, and Gutehoffnungshutte Oberhausen Aktiengesellschaft), Germany.
-Bonds Sold.
-Lee, Higginson & Co. and W. A. Harriman & Co., Inc., have sold at
91 and int., to yield over 7.90%, $7,500,000 20
-Year 7%
Sinking Fund Mortgage Gold bonus. $1,000,000 of the
present offering has been withdrawn for issue in Holalnd
by a group headed by Mendelssohn & Co., Amsterdam.
Dated Oct. 15 1925; due Oct. 15 1945. Prin. and int.(A. & 0.) payable
in U. S. gold coin at offices of Lee, Iligginson & Co. and W. A. Harriman
& Co., Inc., in New York, and of Lee. Higginson & Co. in Boston and Chicago, without deduction, when held by other than a citizen or resident of
Germany, for any German taxes present or future. Denom. $1,000 and
$500 c*. Callable as a whole at any time or in part for sinking fund on any
interest date on 30 days' notice at 105 and int. New York Trust Co.,
trustee.
Capitalization to Be Outstanding Upon Completion of Present Financing.
Obligations under Dawes Plan
$3,260,000
-Year 7% Sinking Fund Mortgage Gold bonds
20
7,500.000
Capital stock
19.040.000
Data from Letter of Paul Reuech, Managing Director, Dated Nov. 18.
-Application will be made to list these bonds on the New York
Listing.
Stock Exchange.
-The history of the "Good Hope Steel and Iron Works" goes
Business.
back without interruption to 1741, when exploration and mining concesessions for iron ore were first obtained, which led 12 years later in 1753 to
the organization of one of the predecessors of the present companies. The
business was incorporated in 1873 and the companies are to-day one of the
largest and best known concerns in Germany for the production of iron and
steel and the further manufacture of these materials. With the subsidiaries
which they control, there is formed a group which carry on in their own
works processes from the mining of coal and operation of blast furnaces to
the delivery of a well-diversified general line of finished steel products and
the manufacture of machinery of all sorts, ships, railway equipment, and
steel bridges, to mention only four branches of production.
The plants and properties ofthe Nurnberg company(Gutehoffnungshutte,
Aktienverein fur Bergbau und Huttenbetrieb. Nurnberg). situated in the
Ruhr district, were transferred in Nov. 1923 to its wh •117 owned subsidiary,
the Oberhausen company (Gutehoffnungshutte Overhausen Aktiengesellschaft). Both companies are jointly and severally liable for this loan,
the distinction between the two being purely formal and all statements refer
to both combined. The companies at July 1 1925 employed 32.586 persons.
the subsidiaries another 34,958 making a total of 67.544 persons employed.
Sales for the fiscal year ended June 30 1925 were $39,151.392.
Capitalization to Be Outstanding upon Completion of Present Financing.
Obligations under Dawes Plan
$3,260,000
-Year 7% Sinidng Fund Mtge. Gold bonds(auth.$10,000.000) 7.500.000
20
Capital stock
19 040.000
-Bonds constituting the joint and several obligation of the two
Security.
companies will be secured by a mortgage, to be a first lien (except only for
obligations aggregating $3,260.000) on the principal plants of
Dawes Plan
the Oberhausen company in the Ruhr district of Germany, including 11
blast tnrnaces, 3 steel works of 1,000,000 tons combined annual capacity.
rolling mills, drawing plant and other large metal working plants, coal
prrperties and railroad lines. The only obligation under the Dawes Plan
will consist of an annual charge which, beginning in 1928, is estimated at a
maximum of $100,000 annually, during 1926 and 1927 a reduced amount.
and during 1925 nothing at all. The valuation of more than $75.000.000
at which the property to be covered by the mortgage has been appraised
Is more than 6n times the amount of these bonds and the maximum Dawes
Plan obligations combined.
-Proceeds are to be used in part for the repayment of bank
Purpose.
leans and in part as an addition to working capital, and advances may be
made as well to controlled subsidiary companies for the same purposes.
-Total current assets as of June 30 1025, but inFinancial Condition.
cluding results of present financing, amount to $16.476.271, or more than
2X times total current liabilities of $6,133,375. Net current assets then
amount to $10.342 896.
The financial policy of the companies has been conservative. During
the period of inflation it was found necessary by nearly all German companies to increase the amount of their capital as expressed in paper marks, and
that of the parent company was raised from 40 000.000 marks to 80.000.000
marks. Among the larger producers of coal, iron and steel, this company
was the only one to find itself in a position to maintain in its gold balance
sheet the figure at which its capital stood previously in paper marks.
The companies have agreed that they will not voluntarily take any action
which would reduce their total current assets below 2 X times their total
current liabilities, or net current assets, after deducting total current liabilities, below 80% of the sum of their industrial obligations issued under
the Dawes Plan and bonds issued under this mortgage then outstanding.
Earnings -For the five years poreceding the war, net earnings after maintenance and renewals but before depreciation,depletion and interest charges,
were as follows (fiscal years to June 30):
1910.
1911.
1912.
1913.
Average.
Total.
1914.
1925.
1925.
1924.
1924.
$3.250,902 $2,832,771 $9,907,985 $8.958.848
118,381
606,773
152,867
531.812
115,409
37,833
33.588
100,764
61.419
14,380
11,480
51.660
Net income
$100,660
$429,945
$73.313
After deducting Preferred dividends, the earnings reported in $379,388
the first
9 months of 1925 were equivalent to $2.19 a share on the 150,000 shares
of
Common stock against $1.85 in the corresponding period of 1924.
In a statement accompanying the above report President Goodwin
as follows: "The fourth quarter of the year is by far the best stated
reflecting especially the large restaurant and specialty holiday quarter
which this company particularly enjoys. On Jan. 1 1925, the business
company
was operating 331 grocery stores and on Oct. 1 1925, 405 grocery stores,
a gain of 74 stores."
-V. 121. p. 2280. 1796.
General Railway Signal Co.
-Receives Order.
-
Announcement is made that the company has received an
furnish complete train control equipment on the 100 locomotivesorder to
recently
ordered by the New York Central Lines from the American Locomotive
Co. and on the 25 locomotives ordered from the Lima Locomotive
The apparatus to be furnished is the same as that recently adoptedWorks.
by the
3.393.482 4.049,218 4,186.470 6.599.587 4.897.076 23.125.833 4.625,167
Net earnings, after maintenance but before depreciation, depletion and
interest charges, for the fiscal year ended June 30 1925. were $2.680.296.
or more than 4 X times the combined annual requirement of $625.000 for
Interest on these bonds and estimated maximum annual charges on the
Dawes Plan obligations. During the year ended June 30 1925 over 33%
of total sales were for export. The amount of foreign exchange thus received directly at the rate of export in the last fiscal year was sufficient to
cover the interest requirement on these bonds, to constitute the companies'
total present external funded debt, more than 22 times.
Depreciation and depletion, in accordance with German custom, are not
charged against income account, but all maintenance and renewals are
charged to earnings and included in operating expense. Out of surplus
earnings after interest it has been the policy of the companies to put back
into their properties large amounts in the form of additions and improvernents. This has not only provided for depreciation but has further increased net assets and production capacity.
Sinking Fund.
-The mortgage will provide for a sinking fund, payable
quarterly, first payment Jan. 15 1926. to be used for the purchase or call
and retirement of bonds at the rate of 5% per annum of total bonds issued,
plus any additional amuonts required for premium on any bonds acquired
for sinking fund through purchases above par or call for redemption, sufficient to retire this entire issue of $7,500,000 before maturity.
Continoent Liabilities.
-Partly on account of their associated companies
and partly for their own account, the companies have undertaken contingent liabilities amounting to $6.594.742 through guaranties and endorsements (as were generally required in Germany during the period after the
war and the stabilization following the currency inflation), which are now
being reduced, and there was also outstanding $1,426,770 of prime coe_
tcmers' paper discounted. At no time during the recent critical years
have the companies been called upon to make good any of these guaranties,
and with the return of normal conditions now pronised there is no reason to
anticipate loss from these contingent liabilities. Together with the other
principal stockholder in the Deutsche Werft, A. G., the companies have
jointly guaranteed the delivery of ships now under contract and similar
guarantees covering the delivery of machinery have been granted for another subsidiary. The guaranteed contracts will be completed within
the course of a few months. The companies' only bonds previously out-
2528
THE CHRONICLE
standing and payable in paper marks were revalued under the law of July
16 1925 and have been paid off and discharged.
-V. 121. p. 2410.
fvoL. 121.
Hydraulic Steel Co.
-Timefor Deposits Extended.
-
Great Atlantic & Pacific Tea Co.(N. Y.).
-Dividends.
The reorganization committee(W.0.Janney, Chairman) has notified the
holders of the Preferred stock that the time for deposit of the stock under
the terms of the plan or reorganization has been extended to and including
Nov. 30 1925. !Stockholders should send their stock certificates, or certificates of deposit there- for, properly endorsed in blank, to the Guardian
Trust Co., Cleveland, 0., depositary. See plan in V. 121, p. 467, 2047.
The directors have declared the regular quarterly dividends of 1 % on
the Preferred and $1 25 per share on the Common stock. The Preferred
dividend is payable Dec. 1 to holders of record Nov. 13, while the Common
dividend is payable Dec. 15 to holders of record Dec. 10.
The Great Atlantic & Pacific Tea Co. of Maryland (see V.
Ingersoll-Rand Co.
p•
-Transfer Agent.
has declared a quarterly dividend of 1 ft% on the Preferred 120,602950)
cents
and
The New York Trust Co. has been appointed transfer agent of the
per share on the Common,both payable Dec.1 to holders of record Nov.13.
above company's Preferred stock of $100 par value and Common stock
-V.121. P. 714.
of no par value.
-V. 121. p.2411.
Grennan Bakeries, Inc.
-Offer Made Stockholders.
-
International Business Machines Corp.
-20% Stock
Dividend.
-The directors on Nov. 17 declared a 20% stock
dividend on the outstanding 160,734 shares of capital stock,
no par value, payable Dec. 15 to holders of record Dec. 1.
The usual quarterly cash dividend of $2 per shate was also
declared, payable Jan. 10 to holders of record Dec. 22.Hathaway Manufacturing Co.
-Balance Sheet Sept. 30. V. 121, p. 2165.
Assets1925.
1924.
1924.
Liabilities- 1925.
Plant
$2,348,722 $2,252,387 Capital stock_32,000,000 $2,000,000
International Silver Co.
-Plan of Adjustment.
Inventory_ _ _ 1,415,926
The Common stockholders have been offered the right to exchange,
on or before Dec. 7, their holdings for Purity Bakeries Corp. stock on the
basis of one share of Class A stock and one share of Class B stock of the
Purity Bakeries Corp. for each 4 shares of Grennan Common stock held.
The Irving Bank-Columbia Trust Co. will receive deposits of Grennan
stock. No fractional shares of Purity stock will be issued.
-V.121, p. 714.
Cash & accts.
receivable
279.517
1,472,781 Accounts and
118,232
notes payle
308,581 Reserves
755.448
807.493
Surplus
1,236,672 1.160,069
Total
84.044,165 $4,033,749
-V. 115. p. 2911.
Total
$4,044,165 34,033.749
Hayes Wheel Co.
-Earnings.
-
The company reports for the first 10 months of 1925 net earnings, before
taxes, of 31.683,563, against $638.926 in like period of 1924. After estimated Federal taxes and Preferred dividends, the balance is equal to $6 84 a
share on the outstanding 197,044 Common shares, compared with $2 25 a
share earned in the first 10 months of 1924.-V. 121, p. 2280. 2165.
Haytian Corp. of America.
-Earnings.
-
Quarter Ended Sept. 30Net earnings for sub. cos
-V. 121, p. 2046, 1107.
1925.
329,119
1924.
$19,195
Hecla Mining Co.
-Earnings.Quarter Ended
9 Mos.End.
PeriodSept. 30 '25. June 30 '25. Mar. 31 '25. Sept. 30 '25.
Tons mined
86.062
242.315
77,343
78,910
Lead produced (lba.)
14,260,336 12,361.720 12,964,064 39,586.120
Average lead price
$9.38
$8.78
$8.14
$8.83
Silver produced (ounces)
407.601
1,117.835
364.324
345,910
Average silver price_ _
$0.71
10.69
$0.69
$0.68
Gross income
$1,252,182
$934,914 $1,054,032 $3,241.128
Operating expenses
378,131
372,153
1,134,936
384.652
Taxes accrued
97.000
71,000
222,000
54,000
Depreciation (estimated)
48.853
128,835
39,514
40.468
Net profit
$728,198
$4468,293
$558,866 $1.755.357
-V. 121. p. 984.
Heyden Chemical Co. of America, Inc.
-Merger.
-
At special meetings of the stockholders of this company
Denhey
Corp., held Oct. 29 1925, the stockholders authorized the and the
consolidation of
the two corporations into a new corporation under the name of Ileyden
Chemical Corp.
The new corporation, organized under the laws of the State of New York,
has an authorized capital of $2,000,000, consisting of 5,000 shares of Pref.
stock, par $100,and 150,000 shares of Common stock. par $10. One thousand shares of the Prof. stock (4,000 are not to be issued at this time) and
50.000 shares of the Common stock will be issued to the former stockholders
of Denhey Corp. in exchange for their stock and 100,000 shares of the
Common stock will be issued to the former stockholders of Hoyden Chemical
Co. of America. Inc., for their stock.
The company, in an announcement, says in part: "It is believed that the
consolidation and the combination of the assets of the two corporations will
not only result in a considerable extension of business along new lines, but
will. In addition, greatly increase the productive capacity and introduce
great economies into the manufacture of the
By reason of the
consolidation the new corporation will have theproducts. benefit in Canada,
exclusive
in the United States and its possessions, of valuable patents, trade marks.
trade names and chemical processes now owned or which may hereafter be
developed or acquired by Chemische Fabrik von Hoyden of Germany."
At the organization meeting of the board of directors of the new corporation held Nov. 2 1925. the following officers were elected: Bernard R.
Armour, Pres.; Walther Ost and George Simon, Vice-Pros.; George Simon,
Treas., and F. William Weckman, Sec.
-V. 121. p. 2280.
Heyden Chemical Corp.
-Merger.
--
See Heyden Chemical Co. of America, Inc., above.
Holland Land Co. Calif.
-Declares Extra Dividend.-
The directors have declared an extra dividend of $2 per share, payable
Dec. 1 to holders of record Nov. 20. Although this extra dividend will be
paid out of earned surplus, it will, like iorevious extra dividends, reduce the
ultimate liquidation value of Holland Land Co. stock, as explained in
previous reports to stockholders.
-V. 120. p. 3073.
(A.) Hollander &
Inc.-Registrar.-
The National Park Bank has been appointed registrar for the company's
Son,
authorized and outstanding 200.000 shares of capital stock of no par value
See also V. 121, p. 2281.
Hollywood Improvement Co., Los Angeles.
-Bonds
Offered.
-E. H. Rollins & Sons, Los Angeles, are offering at
100 and int. $600,0006% 1st Mtge. Serial Goldbonds.
Dated Sept. 1 1925; due serially Jan. 1 1927 to Jan. 1 1945 inclusive.
Principal and interest (J. & J.) payable at Federal Trust & Savings Bank,
of Hollywood, trustee. Denom. $500 and 11,000. Callable all or part on
any int. date on 30 days' notice at 10234 and int. Company agrees to pay
the normal Federal income tax not exceeding 2%. Exempt from personal
property tax in California. Application has been made to have these bonds
certified as legal investment or California savings banks.
Campany.-Incorp. in Sept. 1914 for the purpose of acquiring, owning
and Improving real property in the best business district of Hollywood.
The business of the company has been and will continue under the direction of C. E. Toberman of Hollywood, who, together with his wife, owns
entire capital stock (less qualifying directors' shares). Company since
organization has been unusually successful in pursuing a conservative policy
of purchasing and improving well located income property. At the present
time a total of 14 parcels of real property are owned in fee. Eight of these
properties are improved and income producing.
Security.
-Secured by a closed first mortgage upon a lot located on the
south side of Hollywood Boulevard between Highland Ave. and Orange
Drive, having a frontage of 124 ft. by a uniform depth of 178 ft. Upon
this lot there is now in the process of erection a steel frame Class "A"fireproof building. This building is being constructed so that the portion immediately adjoining the street will contain, in addition to the ground floor
and basement five upper stories with approximately 50.000 sq. ft. of rentable area. It has been planned and will be so arranged that it may be leased
as a single unit.
That portion of the building situated upon the rear of the lot, and over
which the upper floors do not extend, will contain a theatre designed primarily for spoken drama, and will have a seating capacity of approximately
1,750.
Based upon contracts already let, the cost of the theatre and department
store building is estimated at not less than $852,564•
Earnings.
-The theatre will be leased to an experienced and responsible
producer, E. D. Smith of Los Angeles, for a term of 20 years, at an annual
rental of 160.000. The store and loft space, it is estimated, should command a rental of not less than $60,000 additional, and taxes, insurance and
other miscellaneous expense not borne by the tenants will be 319.151,
leaving a net sum available for depreciation and interest of $100,849 annually.
After protracted negotiations between representatives of the company
and representatives of the committee which has been acting in behalf of
certain Common stockholders, a plan of adjustment has been prepared
which the directors have adopted, subject to the approval of the stockholders on Dec. 9.
If the plan is carried out, the various controversies and lawsuits pending
between the stockholders' committee and the company will be terminated,
all dividends accumulated and unpaid upon the Preferred stock and all
Preferred stock dividend scrip will be paid. the cash working capital of
the company will be increased by more than $2.100.000. and the company
will be able to commence the payment of dividends upon its Common stock.
Digest of Proposed Plan of Adjustment.
To Offer Common Stock to Common Stockholders.
-Company is to offer
to its Common stockholders, at $75 per share. 51,445 shares of its Common
stock now held in its treasury, at the rate of 5t. shares for each one now
outstanding, and is to issue to its Common stockholders transferable warrants to represent their rights to purchase stock in accordance with this
plan. These rights will expire unless exercised before Dec. 30 next.
Lazard Freres, Lehman Brothers and Simon Borg & Co.. N. Y. City,
have agreed that if this plan is approved by the stockholders, they will
underwrite the above offer, and will purchase from the company. at $75
per share. all shares not taken and will pay the purchase price therefor
on Dec. 311925. upon the delivery of the stock.
The company has agreed that. if this plan is approved and the agreements are carried out, it will pay to the bankers a commission for their
services, will make application to list its Preferred and Common stock
upon the
York StoclExchprrandwilIt before
oroherispoanyotaonmonszinowgerins
end
1926
treasury
without the approval of the bankers, except the shares to be offered in
accordance with this plan.
All Suits To Be Discontinued.
-The stockholders' committee and other
plaintiffs in the suits brought to set aside the purchase by the company of
the Colt Arms property and to restrain the company from selling shares
of its Common stock, have approved this plan and agreed to vote 5.476
shares of the Common stock held by them in favor of the approval and
ratification of this plan and the agreements and of the purchase by the
company of the Colt Arms property, provided that other shares of stock
of the company, which taken together with the 5.476 shares would constitute at least a majority of the voting power, are also voted in favor of
such approval and ratification, and have further agreed that if this plan
and the agreements are approved by the stockholders, they will discontinue
the suits without costs, and they and the holders of record of the -5,476
shares will withdraw all charges and release all claims made or asserted
therein. Company has agreed that if this plan and the agreements are so
approved and the agreements are carried out, it will pay to the committee
the amount of its oblirations and expenses.
-The rights of the holders of warPayment of Accumulated Dividends.
rants to purchase stock will be contingent upon the payment by the company of all dividends accumulated and unpaid upon its Preferred stock
and all its Preferred stock dividend scrip, and the company will pay all
such dividends and scrip on Dec. 31 1925, upon the payment by the bankers
of the purchase price for the stock, if any, which they become obligated
to purchase.
-Company expects to commence the
To Resume Commrn Dividends.
payment of dividends upon its Common stock at the rate of6% per annum.
such dividends to accrue from Jan. 1 1926 and the first dividend of 1.4i%
to be payable on April 1 1926.
Payment for Stock -The holders of warrants for whole shares may elect
to purchase stock by exemting and delivering the agreements to purchase
stock and paying at !cast $35 per share on account of the purchase price
before 1 p. m. on Dec. 31. Of the balance of the purchase price for the
stock, $20 per share will be payable on er before Feb. 15 1926 with int.
at rate of6% ner annum from Jan. 1 1926 and $20 per share will be payable
on or before March 15 1926 with int. at rate of 6% per annum from Jan. 1
1926.
The agreements to purchase stock are to be delivered, the purchase
Price for the stock in N. Y. City funds Is to be paid, and the certificates
for the stock are to be delivered, at the office el' the American Exchange
National Bank, transfer agent. 128 Broadway, N. Y. City.
-The board of directors and executive
To Enlarge Board of Directors.
committee are to be enlarged and Raymond D. McGrath of Lazard Freres,
and John Hancock of Lehman Brothers, are to be elected members of the
Board and Mr. Hancock is to be elected a member of said committee.
George Rockwell, Soc., in a letter to stockholders, says
in substance:
The net proceeds of the proposed sale of Common stock, after payment
of the commimion of the bankers and the expenses and obligations of the
stockholders' committee, will be about 33.525.000. The amount of the
dividends which are now accumulated and unpaid upon the Preferred
stock is 7% or $422,002, and the amount of the Preferred stock dividend
scrip now outstanding is $970,764.
The three suits which have been brought to set aside the purchase of
the Colt Arms property and restrain the company from selling shares of
its Common stock (already explained to stockholders) are still pending
and awaiting trial. While the directors believe that the ultimate outcome
of these suits would be favorable to the company, they recognize that
their further prosection would cause expense and inconvenience, and
are satisfied that the proposed plan is fair and advantageous to the company and both classes of its stockholders.
Six directors are named as defendants in the suits brought to set aside
the purchase of the Colt Arms property, to wit: George H. Wilcox,
George D. Munson, Isaac W. Coketair, Clifford R. Gardiner, Harry B.
O'Brien and Roy C. Wilcox. The first five are the individuals who purchased the Colt Anna property for 3125.000 in cash and sold it to the
company in June 1923 for 2.500 shares of its Common stock. The last
one mentioned has been named as a defendant because George H. Wilcox
transferred to him 250 shares out of the 2,500 shares of Common stock.
-V. 121, 1). 1108
.
-Resumes Dividends.
Isle Royale Copper Co.
-
The directors have declared a dividend of $1 per share on the outstand'
ing $33,750,000 capital stock, par $25, payable Dec. 15 to holders of record
Nov. 30. This is the first dividend since Sept. 15 1923, when a payment of
-V. 120. P. 1755.
50 cents per share was made.
Jessup & Moore Paper Co. (of Mass.).
-Bonds Offered.
-Elkins, Morris & Co., Bank of North America & Trust Co.
and Land Title & Trust Co., Phila. are offering at 99 and
int., to yield about 6.10%, $2,250,000 1st Mtge. 6% Sink'
ing Fundi Gold bonds.
Dated Nov. 1 1925; due Nov. 11945. Int. payable M. & N. without
deduction of normal Federal income tax up to 2 7
,
s. Penn. 4-mills personal
property tax and Mass. 6% income tax refunded. Denom. $1,000 c*
.
Callable all or part at 105 and int., or for sinking fund at 102 and int.
Land Title & Trust Co., Philadelphia, trustee.
-Beginning Nov. 1 1930 and annually thereafter company
Sinking Fund.
will pay to the trustee cash sufficient to retire $100,000 of these bonds by
Nov.21 1925.]
2529
THE CHRONICLE
call at 102% and int., with the right, however, to the company to tender at
par in lieu of cash bonds which the company has issued and afterward
acquired.
Data from Letter of President G. W. Fry, Philadelphia, Oct. 27.
Capitalization Outstanding (After This Financing).
a2,250,000
First Mortgage 6s (authorized $2,500,000)
888.000
7% Cumulative First Preferred stock
515,000
7% Cumulative Second Preferred stock
2,250,000
Common stock
a The remaining $250.000 bonds may be issued solely to reimburse the
company to the extent of 75% of the cost or value, whichever is less, of
permanent additions and improvements to the mortgaged property, and
then only when annual net earnings shall be 3 times the Interest requirements for all bonds outstanding and those to be issued.
-Organized in Massachusetts in July 1914, at which time it
Company.
took over the property and assets of the former Jessup & Moore Paper Co.
of Delaware, which company had been in continuous and successful operation since 1845: also all the property and assets of the Kenmore Pulp &
Paper Co. of New Jersey, with mills in the State of Maryland. Company
is engaged in making high-grade book paper and chemical soda pulp. owning 5 m11113 conveniently located as follows: (a) Delaware Mills, Wilmington,
Del.; (b) Augustine Mills, Wilmington, Del.: (c) Rockland Mills. Rockland, Del.;(d) Kenmore Mills. Providence, Md.;(e) Radnor Mills, Elkton,
Md
.
Purpose.-Proceede will be used in part to retire $900,000 divisional
bonds now outstanding. Approximately $950,000 of the proceeds will
be used for improvements and the balance to supply additional working
capital for the expected large increase in the company's business.
Earnings.
-The company has shown average earnings for the last 10
fiscal years. ending June 30 1925. of $647,591 per annum, or nearly 5 times
the interest charges on these bonds should they have been outstanding,
and in no year has the company failed to earn a substantial balance over.
such charges. For the fiscal year ending June 30 1925. a comparatively
poor year in the paper business, the company earned $358.087.
A conservative estimate of the profits to be made from the new equipment, machinery and patented processes has been made, and amounts to
over $400.000 per annum. Should these additional earnings have been
-year average would have shown nearly 8 times, and for the
available, the 10
fiscal year ending June 30 1925 over 5% times, the interest charges on this
issue.
Balance Sheet June 30 1925 (After Financing).
Liabilities
Assets
Real est., plants & fixtures$6,976.165 First Preferred stock
$888.000
650.972 Second Preferred stock-- 515.000
Inventories
Acc'ts & notes receivable_ 358.038 Common stock
2.250.000
47.928 6% bonds
Unexpired ins. & miscel_
2,250.001)
43.957 Surplus
Cash in 1st Pref. sk. fd__
1.819,946
225,238 Notes payable
Cash
352.310
Accounts payable
193.185
$8,302.297 Int. & taxes accrued
Total (each side)
33,856
-V. 121, p. 2411.
Jewelers Building of Chicago (Riverside Plaza Corp.).
-Bonds Offered.
-Federal Securities Corp., Chicago, are
offering at 100 and int. $1,500,000 7% Secured Gold bonds.
Dated June 11925: due June 1 1940. Interest payable without deduction for normal Federal income tax not in excess of 2%.
-Upon completion the building will be the tallest in the United
Building.
-story office building with baseStates west of New York. It will be a 40
ment, sub-basement and multi-storied garage. It is being erected in
response to a demand of the Chicag” Jewelers Association for a permanent
home and centralization for the jewelry industry in the United States.
The total net rentable area will be in excess of 450,000 square feet.
-Under the terms of a contract which has been executed. memLeases.
bers of the Chicago Jewelers Association alone will take a minimum of
125,000 square feet of space in the building, and applications have already
been received for a total in excess of 200,000 square feet out of 337,000
square feet available for shops and offices. These applications are now
being converted into leases.
Security.
-These 7% secured gold bonds will be a direct obligation of
Riverside Plaza Corp., and will be secured by a closed mortgage of approximately 22,624 square feet of land owned in fee and the building now being
erected thereon, sublect only to $7.000,000 1st Mtge. 6% bonds. The
land and building have been appraised to have a value of $11,704,830,
which is $3,200,000 in excess of the funded debt.
Earnings -Based on a conservative estimate of earnings, the minimum
amount available for interest charges on this issue of bonds after deducting
operating expenses, maintenance, insurance, taxes and prior charges, will
be approximately $480,000, or more than 4% times the annual interest
requirements of the issue. Compare also V. 120, P. 3197.
-Acquisition, &c.
Joliette Steel, Ltd.
See Joliette Steel Products, Ltd., below. •
-Dissent of Commissioners ThompLarrowe Milling Co.
son and Nugent from Order of Majority Members of Federal
Trade Commission Dismissing Complaint Against Beet Sugar
Companies.
See'tinder "Current Events" Nov. 14, p. 2363.-V. 121, p. 2186.
Lehigh Portland Cement Co.-Acouil'on.-V.121. 1)• 337.
See Tidewater Portland Cement Co. below.
-To Write Off Leases, Good-Will, &c.
Loew's Inc.
In connection with the financial statement for the fiscal year ended
Aug. 31 1925(see a preceding page), David Bernstein says that the board of
directors has caused appraisals to be made of certain properties and investments which have increased cn,,siderablv in value since originally
acquired and has directed that sufficient cf the appreciation in these
assets be recorded on the books to permit the leases, contracts, and goodwill to be entirely written off.
The directors on Nov. 16 declared a quarterly dividend of 50c. per share.
-V. 120, p. 3197.
Payable Dec. 31 to holders of record Dec. I2.
-Recapitalization ck Financing Plan.
McCall Corp., N. Y.
The directors have approved a plan of recapitulation and financing for
the purpose of enabling the Common stock to be placed immediately upon
a dividend basis. The plan is subject to the approval of the stockholders
at a meeting which will be held Jan. 4.
In the meantime, as a preliminary step, the board has called for redemption on Jan. 2 all the outstanding let Pref, stock at $115 per share. The
holders of the 1st Pref. stock have the option to convert their Pref, stock
into Common stock, share for share, on or before Dec. 3.
President Wm. B. Warner Nov. 13 wrote in substance:
In order that the hold= of the 1st Pref. stock may have full information
for consideration in determining whether it will be more advantageous for
them to convert their Preferred holdings into Common stock than to accept
redemption price, the following statement is submitted as to the present
status of the corporation and the plan ofrecapitalization and financing which
the board has approved.
Company has outstanding the following issues of stock:
Par Value.
Shares.
$1,206,000
12,060
First Preferred stock
9.546
954.600
Second Preferred stock
42,402
4.240.200
Common stock
now earning substantial profits and has accumulated a surCompany is
plus as of Sept. 30 1925 of $3,185,311, the greater part of which is of course
represented by assets other than cash employed in the business and contributing largely to its profits, which for the first 9 months of 1925 amount
to $899.336, with even better prospects for 1926.
Upon the 2d Pref.stock there will be due as of Jan. 1 1926 for accumulated
diva. $373.089 and for sinking fund $139,583, a total of $512.672.
In order, therefore, to put the company in position to pay dividends
upon its Common stock, it is considered necessary that the 1st Pref, stock
be redeemed or converted into Common stock, and that the amount of
$512,672 due the 2d Prof. stock for dividends and sinking fund be paid
or set aside in cash. To accomplish these purposes without affecting the
business operations of the company or its present satisfactory cash position
the following plan of recapitalization and financing is proposed:
(1) An amendment to the certificate of incorporation to provide for an
authorized issue of stock as follows:
Shares. Par Value.
$954,600
9.546
a Preferred stock
None
240,000
stock
Common
a To consist of or replace the present issue of 7% 2d Pref. stock with
same rights as at present. To preserve the present proportionate vote of
this stock against the increase in the Common, each such Preferred share
will be given four votes.
(2) The issue and application of the new no par value Common stock:
(a) 48,240 shares to be set aside for exchange on the basis of 4 for 1 for the
present 12,060 shares of 1st Pref, stock outstanding. If all holders of
1st Pref. stock do not prefer to accept Common stock in conversion for their
1st Pref, stock, the balance remaining of the 48.240 new Common shares
will be underwritten and sold and the proceeds applied to the redemption
of the 1st Pref. stock. (b) 169,608 shares to be exchanged on the basis
of 4 for 1 for the present 42,402 shares of Common stock outstanding.
(c) 22,152 shares to be sold to enable the application of the surplus so far as
necessary to tbe payment of the accumulated dividends and sinking fund,
aggregating $512,672, on the 2d Pref. stock.
(3) The offering to each holder of 2d Pref. and Common stock of the
right to subscribe for and purchase at a price of $30 per share his pro rata
of the 22.152 shares of new Common to be gold, and also his like pro rata
of any part of the 48,240 shares of the new Common which may be offered
for sale in the event that the holders of the present 1st Pref, stock do not
take the same in conversion.
The sale at $30 per share of the 22,152 shares of new Common and of
such of said 48,240 shares of the new Common as shall not be taken in
conversion has been underwritten by White, Weld & Co.
(4) The placing of the new Common stock on a dividend basis, following
the approval and consummation of the plan, the board believing that earnings will justify dividends on such stock at the rate of $2 per share per ann.
Directors recommend that the holders of the present let Pref,stock avail
themselves of the privilege of converting their holdings into Common stock,
which can be done at any time up to and incl. Dec. 3 by surrendering certificates of 1st Prof. stocl. to Irving Bank-Columbia Trust Co., 60 Broadway, New York City.
-V. 121. p. 2282.
-Role to New Companii.Joliette Steel Products. Ltd.
-Year 1st Mtge. 7% Sinking Fund Gold
The holders of the $125,000 15
bonds on Aug. 21 last authorized the sale of the company (in liquidation)
to Kennedy Stinson, who made the following offer:
(1) A new company to acquire all the assets of the company in liquidation
will be formed. under Dominion charter, with a capitalization of $125,000
7% Cum. Pref. (par $100) and 10,000 shares of no par value Common
stock.
Dividends on Pref. to accrue as from Aug. 1 1925. Pref. stock to be
preferred as to dividends and assets over the Common stock. The Common
stock to have a nominal value of $5 and to rank only for dividends after
McLean Tire St Rubber Co., East Livernool.
the Pref, has been paid the full 7% per annum.
The plant formerly belonging to this company at East Liverpool, 0.,
ip The present bondholders, in exchange for and cancellation of bonds, was sold at sheriff's sale and bought in by the bondholders, who at the presto e givenPref. stock in new company, par for par, and a bonus of 5 shares ent time own the plant and are trying to make disposal ofsame. The names
of Common with each one of Pref. Pref. stock to be also given in payment of the protective committee of the 1st Mtge. 15
-Year 8% bonds dated
of bond interest due Aug. 1 1925. New stock certificates to be issued, Apr.
Houston, R. B. Hays (President First
through the Montreal Trust Co.,in exchange for present outstanding bonds. Nat. 2 1923 are as follows: A. C. Harnish. Chairman (Gen. Mgr. A. S.
Bank), Masontown, Pa.; H. C.
(3) The new company will assume any legal claims against the present
Frank Winn, Sec., 220 4th Ave.,Pittemortgaged property such as liquidator's fees, legal fees, fees of trustee, Kreider Co.), Pittsburgh, with C.
Pa., depositary.
taxes, &e., provided there are not sufficient funds in the estate to take care burgh. Continental Trust Co., Pittsburgh.
of these charges. The liquidator reports that the assets of the company
Mack Trucks, Inc.-Decuu es 50% Stock Dividend-To
will fall short of the amount required to meet the above claims.
-The directors on Nov. 18 declared
A new company, JoliettP Steel, Ltd., was formed under Dominion charter Increase Common Stock.
Sept. 1 and the properties, assets. &c.. were conveyed to it by deed of sale a 50% stock dividend on the Common stock presently outdated Oct. 8.-V. 321, p. 847.
standing or allotted to employees, payable Dec. 31 to
-Dividend Rate Increased from
Kennecott Copper Corp.
$3 to $4 per Annum.
-The directors on Nov. 16 declared a
quarterly dividend of $1 per share on the outstanding capital stock, no par value, payable Jan. 2 to holders of record
Dec. 4. Record of dividends paid to date is as follows:
Common stockholders and to the account of employee
allottees of record Dec. 15, subject to authorization by the
stockholders of the necessary increase in the total authorized
number of shares of Common stock. A total of 224,429
shares of Common stock will be required. The directors also
1916.
1921-22.
1917.
1919-20.
1923-25.
1918.
declared the regular quarterly dividends of $1 75 per share
$5.50
None
$5.50
$3 p. a.
22 p. a.
-V. 120. P. 2409.
on the 1st Pref. stock, $1 75 per share on the 2d Prof. stock
Kraft Cheese Co.
-To Increase Stock.
- and $1 50 per share on the Common stock, payable on
-154% Stock Div.
The directors have declared a 1%% stock dividend and the regular
quarterly cash dividend of 37%c. on the Common stock, both payable Dec. 31 to holders of record Dec. 15.
Jan. 2 to holders of record Dec. 16. On July! last a similar stock payment
was made.
The stockholders will vote Nov. 23 on increasing the authorized Common
stock from 320,000 shares to 350,000 shares, par $25.-V. 121. P. 1108.
Land Co. of Florida.
-Registrar.
-
The Chase National Bank has been appointed registrar for an authorized
Issue of 140,000 shares of Common stock.
-V. 121, p. 1470.
Landay Bros., Inc.
-Board of Directors.
The following have been elected directors of the company: Max Landay,
James B. Landay, Joseph E. Stone, Benjamin Fox, Benjamin F. Feiner,
Frederick R. Bauer and Charles E. Richardson. Mr. Bauer is with Bauer,
Pond & Vivian, Inc., and Mr. Richardson is with Pope & Co.
Sales for the current quarter of this year are reported to be running
about 100% ahead of the corresponding quarter of 1924. See also V. 121,
p. 2412.
The stockholders will vote Dec.4 on increasing the authorized number of
shares of Common stock without par value from 500.000 shares to 1,000.000
shares, the increased number of shares beyond those necessary to pay the
above stock dividend to be available for future corporate purposes, and
when issued to be offered to all Common stockholders pro rata.
-V.121.
P• 2282.
Marlin-Rockwell Corp.-Earnings.-Qr. End. Sept. 30- 9 Mos. End.
1925.
Period1924. Sept. 30 '25.
$621.168
Gross earnings
$214.089 $1,650,601
Selling and administrative expenses_ ' 174,755
114,898
447.645
123.137
Depreciation
113,431
338,060
Net operating profits
Other income
Net profit
Langton Monotype Machine Co.
-New Director.
Preferred dividend
M. C. Branch of the banking firm of Branch & Co., Richmond, Va.
,
has been elected a director to succeed the late W. H. Goadby.-V. 120,
Surplus
p. 3197.
-V. 121. p. 2412. 2282.
$323,276 loss$14.240
12.619
7,404
$864,896
38,604
$335,895
47,649
loss$6,836
47,649
$903,500
142,947
$288,246 def$54,485
$760,553
2530
THE CHRONICLE
Magnolia Petroleum Co.
-Extra Div. of 75 Cents.
-
The directors have declared an extra dividend of 75 cents per share.
payable Nov. 30 to holders of record Nov. 24 (see also Standard Oil Co. of
N. Y. In last week's "Chronicle," page 2417).-V. 121, p. 2412.
Mason Tire & Rubber Co.-Earnings.Quar. End. 9 Mos. End.
Sept. 30'25. Sept. 30 '25.
Grosssales$2,323,296 $7,838,247
Exchanges, returns and allowances
281.706
106.428
Discount allowed
154,499
66,556
Cost of sales, less disc. earned & miseell.income_
5,796,651
1,601.359
Selling and administrative expenses
1,094,736
367.967
Loss on uncollectrale accounts
8.883
7.277
Interest and discount
131.956
39,681
Depreciation,&c.,reserves
229,376
61.531
Bond discount amortized
7,500
7,500
Net profit
$126,940
$64,999
Comparative Condensed Balance Sheet.
Sept 30'25, Dec. 31'24,
Sept. 3025. Dec.31'24.
Assets
LiabilUtesFixed assets
5,096,692 4.(13!..377 Preferred stock___ 5,772,330 5.797.330
Coll. notes receiv_ 109,957
500
109,957 Common stock__
500
Cash
420,520
136,996 1st M.20 yr. 7s-- 2,000,000 2,000.000
Cash advances__ _
9,661
74,957
74,957
5 year 7% notesCite. of deposit_
81,194
148,667 Div. warrants__ __
106,964
Aec'ts receivable
805,398
619,815
614,860 Bus &(wets pay- 1,373,672
Bills receivable...
6,168
Other liabilities_
17.869
Inventories
1,781,179 1,320.152 Accr. wages, taxes,
Claims refund Fed,
128,975
ete
52,049
tax
47.939 Deprec. reserve_
859,883
Investments
141,534 Res.for Fed tax_
37,364
Other assets
184,474
Res. for inventory
Prepaid expenses_
32.977
adjustment
134,366
41.68(
Deferred charges
122,139
359,636
93.884
367,13€ Miseell. reserves
G'd-will, pats.,&e.. 1.382.189 1,403.215
Deficit
310 216
437,15(
Total
10,498.068 8,850,679
-V. 121. p. 1470. 1108.
Total
10,493.068 8,850,679
Mergenthaler Linotype Co.
-Report.
-
Years End. Sept. 30- 1924-25.
1921-22.
1922-23.
1923-24.
Net prof. aft. dep. & tax $2,699,028 22,336.755 $2,669,278 $2.304,771
Dividends (about)
1.280,000
1,280,000
1,280 000
1.600,000
Rate per cent
(10%)
(10%)
(1234%)
(16%)
Balance, surplus
$1.099,028 31,056.755 $1,389,276 $1,024.771
Balance Sheet September 30.
Assets1922.
1923.
1924.
1925.
Real estate
$2,604,768 $2,668,257 $2,538,097 $2,529,063
Linotypes
97,329
64,491
74,663
Plant,equipment,&c_
1,986,913
1.971.664
1.863.667
1,541,766
Rights, priv.,franchises,
patents & inventions_ 3.644,014 3,629,364
3,649,790 3,647,540
Investments
2,154,519
1.928,022
1,837,076
2,049,159
Cash
657,563
671.841
568,157
499,862
Bills receivable
7,348,745
9.531,179 9,238,197 8,650,553
Accounts receivable_ _ _ _ 3,437,265 3,228.682
3,228,516
2,879,552
Raw materials, &c
4,872,157
6,346,425 6,330,106
6,594,575
Canadian Linotype, Ltd.
613,603
502,177
486,005
470,019
Total assets
$30.084,353 $29,946,830 $29,468,236 $27,135,947
Liabilities
Capital stock
$12,800,000 $12,800,000 212,800,000 $12,800,000
Creditors' open accounts
121,036
22,070
367,544
85,512
Bills payable
1,500,000 2.500,000
2,683,500 2,585.500
Dividends unpaid
3,705
2,902
750
Reserve for taxes
939,725
581,603
705,638
581,603
Reserve for intangibles
3,629,364
3,644,014
3.649,790
Other reserves
920,623
816,115
816,115
Surplus
8,442,746 10,685,981
10,616,042 9,533,485
Total liabilities_ --V. 121. p. 469.
-$30,084.353 $29,946,830 $29,468,236 $27,135.947
National Dairy Products Corp.
-Goldman,
-Notes Sold.
Sachs & Co., Lohman Brothers, Prince & Whitely and J. &
W. Seligman & Co. have sold at 983. and int., to yield
about 6.15%, $15,000,000 15-Year 6% Coll. Trust notes.
• • fvoL• 121.
founded in 1841. Company is one of the largest distributors of milk and
dairy products in the United States;it operates 1,959 retail and 32 wholesale
delivery routes primarily in N. Y. City and environs through which it
distributes milk, cream and other dairy products. Company's supply of
mllk is collected from carefully selected dairies in its own chain of 108
receiving stations, of which 7 are country pasteurizing and bottling plants.
These receiving stations are located in New York, New Jersey, Vermont,
Pennsylvania and Maryland, and milk received in them is shipped by rail
to the company's 7 modern pasteurizing and bottling plants in N. Y. City.
Company operates in the metroplitan district 28 distributing stations.
Approximately 900.000 quarts of milk are handled daily in this manner.
Company also owns 3 large farms for the production of certified milk.
located at Pawling, N. Y., Pennington, N.J., and Pompton Plains, N. J.,
and maintains in addition 2 large farms for producing "Grade A" milk at
Hobart, N. Y., and Coleman's Station, N. Y. Company owns and operates 313 retail grocery stores in N. Y. City and vicinity in which it sells
a general line of groceries as well as its own dairy products, namely,certified
milk, "Sealect Grade A" milk, household milk, cream, butter, condensed
milk, cheese, &c. The volume of business done through these stores has
steadily increased and now amounts to over $9.000,000 per year.
The management of Sheffield Farms Co., Inc.. will continue in charge
of Loton Horton, President, and he and his associates are becoming stockholders of National Dairy Products Corp. Mr. Horton and other members
of the management of Sheffield Farms Co. will also join the board of directors of National Dairy Products Corp.
Security.-Secured by the pledge of all of the stocks of the company's
subsidiaries now owned as well as the Common stocks now under contract
or hereafter acquired of Sheffield Farms Co., Inc., Sheffield By
-Products
Co., Inc.,and Sheffield Condensed Milk Co.,Inc. Company will covenant
that it will not permit any of its subsidiary cor praies, the stocks of which
are to be pledged to secure these notes, or any p'esent subsidiary of any of
such subsidiaries, to have mortgages on real property in excess of the
aggregate amount of such mortgages now outstanding, except purchase
money mortgages and(or) t n eAlsting liens on property purchased, and
the renewal or refunding of such mortgages or liens, unless pledged under
the indenture securing these notes.
Subsidiaries' Securities Outstanding.
-Upon completion of this financing
and the transactions incidental thereto, the subsidiaries and sub-subsidiaries
of National Dairy Products Corp.. including the three Sheffield companies,
will have outstanding in the hands of the public a total of $4,467.100 of
funded debt and $8,851.440 of Pref. stocks.
Sales and Profits.
-The combined net sales and net profits of the corporation, its subsidiaries and sub-subsidiaries and Sheffield Farms Co., Inc..
and subsidiary and Sheffield Condensed Milk Co., Inc., and Sheffield ByProducts Co.. Inc., after deducting ample allowance for depreciation of
physical property, interest (other than on this issue of notes), Federal income taxes paid, dividends on the Pref. stocks of tho above companies as
at Aug. 31 1925 now in the hands of the public and the proportion of such
profits applicable to minority Common stock holdings of subsidiary and
sub-subsidiary companies (including as a deduction the proportion of the
profits of the Sheffield companies applicable to the stock not under contract for purchase) for the 3 years and 8 months ended Aug. 31 1925 have
been as follows:
c'25(8M05.)
1924.
a1922.
1,1923.
Net sales
$71.777.276 582.305,613 588.096.846 $67,582,219
Net profits
4,446,689
4,047,135 4,635,180
2,585,683
No. times int. earned__ _
7.4
2.8
4.4
5.1
a Figures for 2 small sub-subsidiaries not incl. in 1922. as they are unavailable. b Incl, the net sales and net profits of Rieck-McJunkin Dairy
Co. and subsidiaries for 9 months only, due to a change in its fiscal year.
c In respect to National Dairy Products Corp., its subsidiaries and sub
subsidiaries (other than Supplee-Wills-Jones Milk Co.), the 8 months'
profits are the company's figures and have not been audited.
Balance Sheet Aug. 311925.
tAfter giving effect to this financing and based on the assumption that
corporation will acquire the entire outstanding Common stocks of the three
Sheffield companies.]
Liabilities.
Assets.
Cash in bank and on hand__ _ _54,438,85? Notes payable
$920,915
Accts. & notes ree., less res've 4.380,291 Accts. payable, incl. sunaecr_ 5,928,104
Life insurance policies
113,075
179,987 Accrued Pref. dividends
410,983 Federal Income taxes payable.. 433,184
Marketable securities
4,412,764 Est. accrued Fed. taxes. 1925_ 726,810
Inventories
lin estments
903.559
621.068 Reserves for contingencies
Advances to other companies_ 1,101,738 6% Call. Tr. notes(Ms Issue) 15,000,000
Sinking funds
54,225 Funded debt of subsidiaries._ 4,467,100
Land, bldgs., &c., less depree_37.304.150 Pref, storks of subsidiaries__ _ 8,851,440
Prepaid taxes, loser., &c__
322,868 Minority stockholders interest
2,485
Good-will purchased
In stock and surplus
12,103,079
6,924,400
7% Pref. stock
Common stock and surplus_ _821.059,233
865.330,005
Total
$65,330,005
Total
Dated Nov. 1 1925; due Nov. 1 1940. Denom. $1,000 and $500 c*.
a Authorized 1,000,000 shares of no par value; issued 701.424 shares.
Int. payable M.& N.at Equitable Trust Co., New York. trustee, without
deduction for Federal income tax not in excess of 2% per annum. Com- Compare also V. 121, p. 2413.
pany will agree to refund the Penna. 4 mills tax, the Maryland 434 mills
-New Stores.
Metropolitan Chain Stores, Inc.
tax, the Conn. personal property tax not exceeding 4 mills per dollar per
The corporation on Nov. 17 announced that it was opening a new store
annum, and the Mass, income tax on the int. not exceeding 6% of such
int, per annum. Red.at any time, all or part, on 60 days' notice at 10334 In Chicago Heights Chicago. This is the third store to be opened by the
and int, up to Nov. 1 1930 at 10234 and int. on said date and thereafter company so far this month. Others are stores in Oakland, Calif., and
up to Nov. 1 1935 at 10134 and int. on said date and thereafter up to East Liverpool, 0.-V. 121, p. 2412.
Nov. 1 1939 and at par and int. on said date and thereafter to maturity.
-First Preferred Dividend.
Mexican Eagle Oil Co., Ltd.
Sinking Fund.
-As a sinking fund the company will agree to retire not
The directors recently declared a dividend of 7s. for each 10 shares of
less than 2300,000 principal amount of notes, and(or) deposit sufficient
cash for that purpose with the trustee on or before May 1 and Nov. 1 in 1st Preference stock, payable in London on Oct.311925.-V. 121, p. 209.
each year, beginning on Nov. 11926. and will agree to retire at least 60%
-To Retire Pref. Stk.
Michigan Smelting & Refining Co.
of the issue by maturity.
The company has called for redemption on Jan. 1 all of its outstanding
Listing.-Company agrees to make application in due course to list
3,944 shares of Preferred stock, par $100. at 105 and interest.
-V. 107,
these notes on the New York Stock Exchange.
Data from Letter of Pres. T. H. blcInnerney, New York, Nov. 12. P. 2013.
Company.
-Organized Dec.8 1923 to own substantially all of the Common
-Organized.
Midland Coke & Iron Corp.
stocks of Rieck-McJunkin Dairy Co. of Pittsburgh and Hydrox Corp. of
See St. Louis Coke & Iron Co. below.
Chicago. As a result of its further acquisitions since its incorporation,
the company now owns (either directly or through its subsidiaries or sub-New President.
Miller & Lux, Inc. (Calif.).
subsidiaries) all or practically all of the Common stocks or assets of the
James E. Pickett, former Vice-President of the Bank of Italy, has been
companies mentioned in V. 121. p. 2413. and Durkin Ice Cream Co., elected President, succeeding J. Leroy Nickel.
-V. 121. p. 1918.
Waukegan,Ill.; Wm.Olhaver Co. Aurora, Ill.; Louis Moglia, Morristown,
N. J., and the ice cream business of American Ice Cream & Baking Co.,
'
-36 Liquidating Dividend.
Moline Plow Co., Inc.
Joliet, Ill.
liquidating
The company has
the aggreCompany has now contracted to purchase approximately 84% of the gated face value of declared a bonds and dividend of 6% onrepresented
the 1st Pref. stock
the debenture
Common stock of Sheffield Farms Co.,Inc.,as well as 89% of the Common by Moline Plow Co. Trust Participation certificates. This is
the second
stock interest of Sheffield By-Products Co.,Inc.,in the hands of the public. dividend to be authorized In the liquidation of the company.
See also
and 84% of that of Sheffield Condensed Milk Co., Inc. Corporation is V. 121, p. 2413.
offering an opportunity to the holders of the remaining Common stock of
companies to sell their holdings, and these notes. together with
these three
-Earnings.
Motion Picture Capital Corp.
the issue of Common stock, will be sufficient to enable company to acquire
The company reports for the 10 months ended Oct. 31 1925 profit of
all the Common stock of these three companies on the terms offered.
2230.383: provision for 1925 taxes. $31,475: net income. $198.908;Preferred
[The terms of exchange, it is understood, are as follows:(1) For each share
Common dividends,.$79,271; balance, surplus. $67,265.
of Sheffield Farms Co., Inc., stock, either $500 cash or one share of Common dividends, $52.272;
stock of National Dairy at 60 and the balance in cash; (2)For each share --V. 121, p. 2049, 1918.
share of stock of Sheffield By-Products Co., Inc.. and Sheffield Condensed
-Dividend No. 2.
Moto Meter Co., Inc.
Milk Co., Inc., either 2100 in cash or 34 share Common stock of National
The directors have declared a regular quarterly dividend of 90c. a share
Dairy at 60 and the balance in cash.]
on the Class "A" stock, payable Jan. 1 to holders of' record Dec. 15. An
The business of the present subsidiaries of National Dairy Products
Corp. includes the distribution of milk (both wholesale and retail) and the initial quarterly dividend of like amount was paid on this Issue on Oct. 1.
-Quar. Ended Sept.30- -9 Months Sept. 30Earnings formanufacture and wholesale distribution of ice cream, beverages and numer1924.
1925.
1925.
1924.
ous allied specialties and by-products.
Net profit after all
Corporation recently acquired all of the Common and Pref. stock of the
$509,268
2321,824 21,496,791 $1,165,796
charges and taxes_ -_ _
Supplee-Wills-Jones Milk Co.of Phila., one of the oldest milk and ice cream
companies in the country. This purchase has been financed by the issuance -V. 121, p. 1355, 1109.
of 86.924,400 7% Cum. Pref. stock of National Dairy Products Corp.
-Buys Pan-America Line.
Munson Steamship Line.
and shares of its Common stock. The Supplee Co. holds the leading posiThe Shipping Board voted Nov. 12 to sell the Pan-America Line to the
tion in Philadelphia as a retail and wholesale distributor of milk, its sales
Munson Steamship Line, which has been operating it for the Government,
for 1924 exceeding 100,000,000 quarts, over 91% of wnich was at retail. for
04.000. The sale includes the four liners"Pan-America,""Southern
344
It is also one of the largest ice cream distributors in Philadelphia.
National Dairy Products Corp. has at present contracts involving the Cross, "Western World" and "American Legion." The Shipping Board's
purchase of 6 additional properties, to be paid for with cash and (or)Com- action was taken after Moore & McCormack of New York withdrew their
bid
mon stock. It is expected that several of the more important purchases in of $4,101,100 for the Pan-America line. protesting against the manner
which bids were obtained from the Munson Line.
will be consummated within the next 30 days.
Delivery of the ships is to be made to the Munson Line immediately
Sheffield Farms Co., Inc.
-Organized in 1902 by the consolidation of old
'Mon execution of the ccntract of sale. The Shipping Board is to make reand well established milk concerns which had been doing business in New pairs on the 'vessels up to $200,000. Any other
necessary repairs are to
York City for many years, the oldest of these consolidated concerns being .be made by the purchasers.
-V. 120, p. 461.
Nov. 21 1925.1
2531
THE CHRONICLE
-Smaller Dividend.
Nantasket Beach Steamboat Co.
Panhandle Prod. & Ref. Co.
-Earnings (Incl. Subsids.).
The directors have declared an annual dividend of $5 per share on the
10,000 shares of outstanding Capital stock (par $100), payable Dec. 1 to
holders of record Nov. 18. In 1924 and in 1923 the company paid 6%.
Record of dividends paid since 1905 are as follows:
1904. '05-12. '13. '14-'16. '17. '18-'20. '21. '22. '23-'24.
7% 6% Y'ly
6% 8% Y'ly 12% 10% Y'ly 9% 6% Y'ly 8%
It is stated that the boats of the company carried approximately 100.000
less passengers than in the 1924 excursion season, due to poor weather.
-V.82, p. 164.
-Quer. End. Sept. 30- -9 Mos.End. Sept.301925.
Period1924.
1925.
1924.
x$1.364,843 51.248,030 43,962.877 $3,414,831
Operating revenues
Operating,expenses
1,269,961
1.114.240
3,472.456
2,896,996
55,734
49,982
Admin.. selling & taxes_
174,993
150.898
National Distillers Products Corp.-Int. in New Co.
-V. 121, p. 2283.
See E. I. du Pont de Nemours & Co. above.
Net earnings
Other income
$39,148
248
$83.808
11,661
$315.458
8.540
$366,936
17,971
Gross income
Deductions
y Pref.diva. accrued_ _ _ _
$39,396
16,550
56.100
$95.469
18.890
58.704
$323,998
56.745
159.348
$384.908
53.180
176,112
-Stock Split-Up.
-The diNational Tea Co., Chicago.
rectors on Nov. 18 authorized the issuance on and after
Dec. 5, of 3 shares of new no par value Common stock in
exchange for each share of old no par value Common stock
outstanding. The authorized Common stock was recently
increased from 50,000 to 150,000 shares, no par value.
See V. 121, p. 2414.
-Annual Dividend Rate Reduced
National Transit Co.
-The directors have declared a
from 8% to 4% Per Annum.
semi-annual dividend of 25 cents per share on the outstanding
$6,362,500 Capital stock, par $12.50, payable Dec. 15 to
holders of record Nov. 30.
def$33,254
$17.866
Balance, surplus
$107,906
$155,605
x This amount does not include loss on inventories amounting to $12,113,
compared with $226,111 in the corresponding period of 1924. During the
first quarter there was a gain of $146,870, leaving a net gain for the year of
$134,757 to Sept. 30, which is not included in the above figures. y This
amount has not been paid but carried to a reservee-V. 121 p. 849.
Distributions made so far this year are as follows: March 16. extra of
2%; June 15, semi-annual of 4% and Sept. 15, extra of 2%, which together
with the dividend payable Dec. 15 makes a total of 10% for 1925, compared
with 12% in 1924 and 16% in 1923.-V. 121, p. 986.
.
.Sept 30'25 211 v.31'25
AssetsOperated and unoperated leases &
Physical equip't.$2,260,908 $2,090,654
Cash & coll. loans. 1.247,803 1.522.297
111.493
Accts. receivable__ 115.069
59,127
69,615
Inventories
497,813
cost) 1,107,198
Sec.owned(at
3,148
6,926
Insurance fund.
-Operating at Capacity.
Neptune Meter Co.
The company reports that its plants in Brooklyn, Long Island City,
Los Angeles and Toronto;Ont., are operating at capacity. See also V. 121.
p. 2168.
-Extra Dividend of $1.
Paraffine Companies, Inc.
The directors have declared an extra dividend of $1 a share, In addition
to the regular quarterly dividend of $I a share, both payable Dec. 23 to
holders of record Dec. 17.-V. 121, p.987.
--Extra Dividend.
Patchogue-Plymouth Mills Corp.
The directors have declared a quarterly dividend of $1 a share and an
extra dividend of 50 cents a share on the Common stock, both payable
Dec. 1, to holders of record Nov. 18.-V. 120, p. 94.
-Balance Sheet.Pennok Oil Corporation.
LiabilitiesSept. 30'25 Mar.31'2
Capital stock and
a51,608,744 $1,323,041
surplus
3-yr.6% gold notes 2,250,000 2,250.000
Accounts payable_ 196,844
156.782
Accr. Int. on notes.
45,000
Res. for dept.. deprec.& Fed'I tax 712,986
542.588
28.457
Res've for coating_
8,610
Total
$4,797,031 54,326,021
$4,797,031 $4.326,021
Total
New Quinby Building (7th and Grand Ave. Building
-V. 121, p. 2415. 2169.
x Represented by 150.000 shares of no par value.
-Bonds Offered.
-E. H. Rollins & Sons
Co.), Los Angeles.
Peoples Drug Stores, Inc., Washington, D. C.-Pref.
and Blyth, Witter & Co. are offering at 100 and int $600,000
-Shields & Co. and Merrill, Lynch & Co. have
1st Mtge. Leasehold 63/2% Sinking Fund Gold bonds (lease- Stock Sold.
to yield 7.44%, $1,000,000 8% Cumul. Pref.
hold and fee).
sold at 107
Dated July 1 1925. Due July, 1 1940. Denom. $500 and $1,000. (a. & d.) stock (with Common stock warrants). This
Interest payable J. & J. at Union Bank & Trust Co., Los Angeles, trustee. constitutes the first offering of the company's stock and
Callable all or part on any int. date on 30 days' notice at 103 and int.
Company agrees to pay the normal Federal income tax not exceeding 2%. is the result of the sale of a part of the individual holdings
Exempt from personal property tax in California
Proceeds of this sale do not go to the com-Issue will constitute a closed first mortgage upon two parcels of stockholders.
Security.
of property (leasehold and fee) In the best business and shopping district pany, which has ample working capital for its current needs.
in Los Angeles. The first is a valuable leasehold interest (having an unexpired term of 87 years) in a lot at the northeast corner of 7th St. and
-story Class
Grand Ave., upon which the company proposes to erect a 13
"A" reinforced concrete building. This building will contain over 52,000
sq. ft. of rentable area above the ground floor. Its estimated cost, including carrying charges, will be $727.700.
The second is a lot owned in fee and improved with a 4-story Class "0"
structure at the northeast corner of 6th and Flower Sts., having a frontage
of 47 feet on 6th St. by 55 feet on Flower St. This property has been
appraised at $260,000.
Earnings.
-Net earnings available for interest and amortization partially
based on rentals now received and a lease made by the Louis K. Liggett
Co.for a portion of the ground floor of the Quinby Building, are estimated
at $128,896 annually, which sum is more than 3.30 times the largest annual
interest and 2.25 times the average sinking fund and interest requirements
(amount outstanding in 1940 not included). Sinking fund will retire
1375,000 par value of bonds prior to maturity.
-To Issue Pref. Stock.
New York Canners, Inc.
The stockholders will vote Dec. 1 on authorizing 60,000 shares of Cony.
6% Pref. stock. Part of the proceeds from the sale of this stock will be
used to retire the outstanding $1,493,200 1st 7% Cumul. and $850.000
,
6
2nd 8% Cumul. Preferred stock $600.000 outstanding 7; % snider
Preserve Co. bonds due March 1 1937 and $400.000 Snider Preserve ci.
,1
8% Cumul. Pref. stock. All issues are redeemable at 110.-V. 12 p.2
-New Director.
New York Title & Mortgage Co.
-V.121, p. 986.
W. Averill Harriman has been elected a director.
-Omits Dividend.
New Niquero Sugar Co.
The directors have decided to omit the quarterly dividend of 2% which is
usually paid Nov. 1 on the Common stock, par $100. Quarterly dividends
at this rate had been paid since May 1 1923.-V. 119. p. 3003.
Nizer Corp.
-Extra Dividends in Stock and Cash.
The directors have declared a 1 X% stock dividend,an extra cash dividend
of 25c. a share and the regular quarterly dividend of 25c. a share on the
Class"B"stock. The cash dividends are payable Jan. 1 to holders of record
Dec. 12, while the stock payment will be made on Jan. 15 to holders of
record Jan. 5. An extra cash dividend of 25c. a share was paid on the
Class "B" stock on Oct. 1 last.
-v. 121. p. 2283.
--Purchase of Tidewater
North American Cement Corp.
Portland Cement Co. Property Not Confirmed by Court.
See Tidewater Portland Cement Co. below.
Income Account of Corporation and Constituent Companies for 8 Months
Ended Aug. 311925.
Net sales, $3,030,606; costs and expenses. $1,964,886; balance_ 41.065,720
Other income
33,238
Total income
Int., deprec. & depl., $141.385; Federal taxes, $121.248; total
$1,098,958
262,633
Net
_ __ _
----------------------- $836,325
-V. 121. p. 2414, 179C1:----------income_- _-
•
Preferred as to dividends and upon dissylution or liquidation as to
assets up to $110 per share and divs. Divs, payable quarterly beginning
Feb. 15 1926. Sinking fund commencing March 1 1927 of 10% of net
profits in previous calendar year but not in excess of 3% of the largest
amount of Prof. stock at any time outstanding. Red.. all or part, on
any div. date on 60 days' notice at 110 and diva. Divs, exempt from
present normal Federal income tax.
Outstanding.
Authorized.
Capitalization$2.000.000
S1.000.000
Preferred stock, 8% cumulative
100,000 els.
a120,000 shs.
stock (no par value)
Common
a 20,000 shares reserved for exercise of warrants.
Common Stock Purchase Warrants.-Pref. shares will be accompanied by
detachable warrants entitling the holder to purchase one share of Common
stock for each share of Pref. stock at $50 per share for a period of five
years from date of warrant.
Data from Letter of Pres. Malcolm G. Gibbs, Washington, Nov. 13.
-Operates a chain of 18 drug stores in Washington, D. C.
Company.
Business was founded in 1905 with one store, having a capital of $9,000.
During the first year sales amounted to $22,000. The second store was
opened in 1912 and since that time the growth of the business has been
steady. New stores have been opened or acquired at a rate consistent
with conservative management, until the company's volume of business
has been increased to about $5.000,000 per annum. It is estimated that
the stores do about 40% of the retail drug business in the District of
Columbia. Company owns a modern fireproof warehouse, and a laboratory
where pharmaceutical preparations and many quick-sale articles are
prepared.
-Years
Sales and Net Profits after Federal Taxes Computed at Present Rates
Ended Dec. 31.
Earnings per
Earnings
Share on
Net
per Share Common after
after
on Pref.
Fed. Taxes.
Pref. Dios.
Sales.
$101,289
$10 12
SO 21
$2,356,476
1920
12 04
120.477
040
3,089,454
1921
26 31
263.129
183
3,681.413
1922
30 53
2 25
305,317
4.039,231
1923
33 85
258
338.594
4.828,736
1924
45 00
3 70
1925*450,000
e;timated.
*Three months
Sales for the first ten months of 1925 are reported as S4.245,434. an
increase of 9.7% over the same period of previous year.
Balance Sheet as at June 30 1925.
[Giving effect to recapitalization p an and liquidation of certain investand advances for cash.]
ments
Liabilities.
Assets.
3255.468
$123,660 Accounts payable
Cash
55,157
15,220 Provision for Fed. taxes_
receivable
Accounts
5,229 8% Cumul. Pref. stock_ _ 1.000,000
Life Insurance
678.155 Common stock & surplus.. 313,101
Inventory
440,996
Land, buildings, &c
250.000
Good-will
Total (each side)
*1.623.727
110.468
Deferred charges
-Balance
Philadelphia & Reading Coal & Iron Co.
Ohio Oil Co.
-The directors Sheet Aug. 31 1925.
-Extra Dividend of 50 Cents.
have declared an extra dividend of 50 cents per share and the
[As filed with the Massachusetts Commissioner of Corporations.]
Liabilities
usual quarterly dividend of 50 cents per share, on the outAssets$8.000.000
Real estate and equipment _ _ 170,241,153 Capital stock
standing $60,000,000 capital stock, par $25, payable Dec. 31 Coal on hand
31,306,333
8.553,180 Bonds
7,386,002
2,585,028 Accounts payable
to holders of record Nov. 28. Record of dividends paid Materials and supplies
accounts receivable 16,519,333 Reserve for compens'n fund 1,698,344
Notes &
since 1917:
1,496,685 Reserve for depletion
10,036,270
Cash
4.202,394 Reserve for contingencies__
997,829
Securities
57,392 Interest and taxes accrued__
2,474.334
Accrued interest receivable_
2,125,455 Miners beneficiary fund__ _ _
40.432
Deterred charges
Deferred liabilities
258,202
Inter-co.advances,loansand
1,112,029 Surplus
65,555,262
accounts receivable
Workmen's compens'n fund 1,698.347
Pacific Oil Co.
100,000
-Earnings.Insurance fund
16.818,768
-3 Mos. End, Sept.30- -9 Mos. End. Sept.30- Stock of subsidiary cos__
Period2.243,246
Total (each side)
1925.
1924.
1925.
1924.
$127.753,008
Bonds of subsidiary cos_ _
Gross earnings
$8,383,251 $5.906.759 $24.320,599 $17.009.429 -V. 118, p. 1784.
Operating expenses
6,987,529
2.582,243 10,652,228
3,985.778
Taxes (excl. Federal)_. _
303.230
-Sale.
818,545
Phoenix Iron Works Co., Meadville, Pa.
285,724
915.539
Samuel E. Duff, receiver, will sell the entire property Dec. 11. There
Net profit
$4,111,749 $3,021,286 $12,849.827 $9,106,362 is an issue of $146.500 1st Mtge. 6% bonds dated July 1 1916 outstanding
Other income
619,071
2,386,522
837,571
2.188,582 against the property on which the Jan. 1 1925 interest is in default.
V• 118, p. 2960.
Total income
$4,949,319 $3,640,357 $15,236,348 $11,294,944
Deprec. & depl. reserve_
-I3,000,000 Damage Suit.
810,659
2,351,596
854,198
Pierce Oil Corp.
2,303.714
Federal tax reserve
125,964
154.390
791.692
509,115
Trial of a suit by the Pierce Oil Corp. and the Pierce Petroleum Corp.
,
against Henry L. Doherty, as surviving partner of Henry L. Doherty &
Surplus
$3,969,158 $2.675,308 $12,093,060 $8,482.115 Co.; Henry Clay Pierce, the Cities Service Co. and the Empire Gas $c Fuel
-V. 121. P• 987.
Co., Doherty.companies, to recover $3,000,000 for losses alleged to have
Regular (per cent)
Extra (per cent)
x Also 300% in stock.
V. 121. p. 2168.
1917. '18. '19. '20. '21. '22. '23. '24. '25.
20 20 20 20 20 20 9 6 yg
76 76 68 60 23 x20 __ __ y2
y Including dividends payable Dec. 31.-
2532
THE CHRONICLE
[VOL 121.
been sustained by the Pierce properties while they were in control of the
Sinking Fund.
-A semi-annual sinking fund of $11,250, together with
defendants In 1922 and 1923. began Nov. 17 before Supreme Court Justice interest on bonds redeemed. commencing July 1 1928, and payable Jan. 1
Guy. Former Judge Alton B. Parker, C. Walter Randall and Henry W. and July 1 thereafter, will have the effect of redeeming approximately
Anderson were also originally named as defendants, but under an agreement *400.000 of the bonds by maturity at Dar and interest.
between counsel the Court eliminated them In order to shorten the trial.
The $3,000,000 claimed in the present suit is alleged to represent losses
Railway Steel Spring Co.
-Declares Extra Cash Dividend
sustained in the business and profits made by Mr. Doherty and his com- of $2 Per Share and 50% Stock
Dividend on the Common
panies from the sale of oil to the Pierce companies while they were illegally
Stock-Change in Par Value of Shares. Proposed-The directors
In possession.
-V. 121. p. 719.
Pittsburgh Transportation Co. (Green Cab).
-Equip.
Trusts Offered.
-Peoples Savings & Trust Co. and Moore,
Leonard & Lynch, Pittsburgh are offering at prices to yield
from 100 and int. to 100.33 and int. to yield from 53i.%
to 6% according to maturity $450,000 Serial 6% Equip.
'
Trust Gold bonds, Series "B." Issued under the Phila.
plan.
Dated Nov. 15 1925; doe quarterly Feb. 15 1928 to May 15 1929. Prin.
and int. payable Q-F. Denom. $1,000 c*. Red. on 30 days' notice at 101
and int. Interest payable without deduction for any normal Federal
income tax up to 2%. Free of Penn.4 mill tax. Peoples Savings & Trust
Co.. Pittsburgh. trustee.
Data From Letter of Pres. E. D. Houston, Pittsburgh, Nov. 14.
Company.
-A Pennsylvania corporation, operating under a certificate
of Public Convenience from the P. 8. Commission. It is owned, controlled
and managed by 5 brothers. Company started in a small way in 1915
and has gradually expanded its business to the point where, upon completion
of this financing, it will operate 250 cabs and one 21 passenger Reo bus.
Company is purchasing 63 new cabs and will in Jan., 1928, exchange 187
old cabs for a like number of new cans. Company is second In size to the
Yellow Cab Co., which operates approximately 400 cabs, and these two
companies together do about 90% of all the taxicab business In Pittsburgh.
Security.
-Upon execution of the terms of an agreement entered into by
company, Yellow Truck & Coach Mfg. Co.. (a subsidiary of General
Motors Corp.,) and Peoples Savings & Trust Co. these equipment trust
bonds will be secured by title to 250 new Yellow Truck & Coach Mfg. Co.
taxicabs, costing $658,000, or more than 145% of the amount of this issue.
Title to the entire equipment will remain vested in the trustee while any of
these Series "B" bonds are outstanding. The Transportation Co. will
insure the cabs against loss or damage by fire or theft for 75% of their value
but not less than the outstanding amount of these Series"B" bonds. Any
loss covered by this insurance will be payable to the trustees for the benefit
of the bondholders.
Sinking Fund.
-Company will pay to the trustee monthly an amount
equal to one-third of the next maturing principal and interest payment.
Earnings for Calendar Years.
Gross
Cabs
Gross
Earnings.
Earns. per Cabs.
Operated.
1923
8338,903
$7,531
45
1924
936,549
7.204
130
1925 (3 mos. est.)
1,325.000
187-250
7.090
1926 (est.)
1.800.000
7.100
250
Net earnings of $21,757 per month based upon earnings per cab for the
21 months ended Sept. 30 1925, will be available for the service of this
obligation. This sum is more than 1.8 times the average principal and
interest payments of $11,935. and approximately 1.4 times the maximum
monthly payment.
Purpose.
-Proceeds will be used to (1) retire $175,000 Series "A" Equip.
Trust bonds outstanding and (2) to purchase 250 new Yellow Truck &
Coach Mfg. Co. taxicabs of a new and improved design.
Prairie Oil & Gas Co.
-Acquisition.
-
on Nov. 19 declared an extra cash dividend of 2% in addition
to the usual quarterly cash dividend of 2% on the outstanding $13,500,000 Common stock, par $100, both payable
Dec. 31 to holders of record Dec. 5.
The directors also voted that it is advisable for the company
to increase its Common stock from $13,500,000, par $100,
to $20,250,000, par $50, to exchange two shares of the new
Common stock for each share of the present Common stock,
and also to distribute among the Common stockholders a
stock dividend of 50%, so that the holders of the Common
stock now outstanding will receive in all three shares of the
new stock for each share of the present Common stock, and
also to increase the voting power of the Preferred stock so
that the holders of such stock would be entitled to three
votes for each share of stock. The stockholders will vote
Jan. 20 on approving these changes.
Pres. F. F. Fitzpatrick stated that, in his opinion, the company would
be able to commence the payment of dividends on the new Common stock
at the rate of $4 annually.
-V. 120. p. 1598.
Ray Consolidated Copper Co.
-57th Quarterly Report.
The report covering the third quarter of 1925 shows:
Production.
-The net production of copper during the quarter is shown below in comparison with the output for the second and first quarters:
Net Lbs. Copper Average Monthly
1925Production.
Produced.
First quarter
12,080,748
38.242.239
Second quarter
11,688,931
34,700.792
Third quarter
II,694,299
35,082.897
During the quarter a total of 1.554.800 tons of ore, averaging 1.42%
copper, was concentrated, as against 1,454,400 tons, of an average copper
content of 1.48%. treated in the preceding quarter. This Is equivalent
to a daily average of 18.900 tons in the third quarter, as compared with
an average of 15,982 tons daily in the second quarter.
The average mill recovery for the quarter was 81.88% of the copper contained in the ore milled, corresponding to a recovery of 23.31 pounds of
copper per ton of ore treated, as compared with 82.42% and 24.35 pounds
in the preceding quarterly period.
The cost per pound of net copper produced from all sources, including
charges for depreciation of plant and equipment and all fixed and general
expenses, and after crediting gold and silver and miscellaneous earnings,
was 11.41 cents, as compared with a cost, similarly computed, of 11.64
cents per pound for the preceding quarter.
Financial Results of Operations by Quarters.
• -Quar.Ended Sept.30- -9 Mos.End. Sept.30Period1924.
1924.
1925.
1925.
Operating profit
$443,499 $3,109,919 $1,121,373
81,187.730
Misc.Income,incl. value
of precious metals.. _ _ _
279,983
214.393
81,239
70,998
The company has acquired the property of the Franklin Oil Co. in
Greenwood County, Kansas.
-V. 121. p. 1471.
Total income
Depreciation
Prairie Pipe Line Co.
-Acquires a Half Interest in Pure
Oil Pipe Line Co.-
Net income
$504.738 *2.619.312 $1,401.338
81.002,285
The earnings for the third quarter are based on a carrying price of 14.24
cents per pound of copper produced, as compared with 13.50 cents for the
second quarter and 14.14 cents for the first quarter.
[Signed, Sherwood Adrich,President; D.C.Jackling, Mng. Director.1V. 121, p. 2415, 2051.
See nire Oil Co. below.
.
-V.121, p. 1800.
Provincial Paper Mills Co., Ltd.
-Extra Dividend.
The directors have declared an extra dividend of 1% on the Common
stock and the regular quarterly dividends of 1 3. % on the Common and of
131 % on the Preferred stock, all payable Jan. 2 to holders of record Dec. 15.
.
-V.120. p. 1214.
• Pure Oil Co.
-Sells a Half Interest in the Pure Oil Pipe
Line Co. to the Prairie Pipe Line Co.
-
The Prairie Pipe Line Co. have purchased a half interest in the Pure
Oil Pipe Line Co. of Texas from the Pure Oil Co.
An authorized statement says:"Thisproduces a situation by which the
Prairie Pipe Line Co.secures an outlet to the Gulfand the Pure 011interests.
a connection with a system which extends its pipe lines into northern Texas
and Oklahoma and a greater part of the Mid-Continent fields. To have
accomplished this otherwise would have involved the building of a line on
part of the Prairie from Mettle, Texas, to the Gulf and it would have
required at least 200 miles for the Pure 011 Pipe Line Co. to extend its
lines to the Mid-Contien nt fields. The probabilities are that the Pure Oil
,
Pipe Line Co.of Texas will before very long materially increase the capacity
of the line.
"The Pure 011 Co. has refineries at Smiths Bluff near Beaumont,Texas,
and Marcushook near Philadelphia. The Marcus Hook refinery is being
enlarged and improved at the present time. This alliance makes the MidContinent fields accessible to both these refineries. It is understood that
arrangements have been made by which the Pure Oil Co. has been guaranteed a supply ofoil by the Prairie 011 & Gas Co.should their requirements
for refining purposes be in excess of the production from the Pure 011Co's.
own wells."
-V. 121, p. 85.
81,238,728
238.483
$504.738 $3,324,312 $1.401.338
705.000
Real Silk Hosiery Mills, Inc.-Sales.-Quar. End. Sept. 30- -Year End. Sept. 30Period1925.
1924.
1924.
1925.
Net sales
$4,184.659 $3.890.333 $19,211.987 $15.854.737
-V. 121. p. 1579, 1471.
Reo Motor Car Co.Earnrings.Years Ended Aug.31- 1925.
Net income after charges $5,422,181
-V. 121, p. 1358.
1924.
$3,412,041
1922.
1923.
$5.803,478 $3,140,530
Rogers
-Brown Iron Co.-Deposits.
Of the Gen. & Ref. Mtge. 7% bonds outstanding $2,753,300 had been
deposited up to Nov. 19 under the plan of reorganization. In order to
declare this plan operative, it is necessary that $3,000,000 bonds be
deposited.
The reorganization managers have received assurance that the coupons
due Nov. 1 1925 will be paid as soon as $3.000,000 bonds are deposited
and the plan is declared operative. In order to avoid a costly receivership,
the reorganization managers strongly recommend that holders deposit
their bonds immediately with the Central Trust Co. of Illinois, 125 West
Monroe St., Chicago. depositary, or the Buffalo Trust Co.. 455 Main St.
Buffalo, or Chase National Bank, New York, sub-depositaries. Compare
plan in V 121, p. 2051, 2285.
-Shares Over-Subscribed.
Roxy Theatres Corp.
--
An exceptionally favorable response to the recent offering of 125,000
reported by Mulliken
and
Pure Oil Pipe Line Co.
-Control of a Half Interest in shares of Class "A" stock Is syndicate. The issue. & Roberts, Inc., well
Pope & Co. on behalf of the
it Is stated, was
over-subscribed, the shares being absorbed in small lots by investors widely
Company Acquired by Prairie Pipe Line Co.•
See Pure Oil Co.above.
-V.119,p.2419; V.118.p.1280;V.105,p.2461. distributed throughout the Middle Atlantic and North Atlantic States
and New England. See V. 121, p. 2418.
Purity Bakeries Corp.
-Offer Made to Common Stockholders of Grennan Bakeries, Inc.
fit See Grennan Bakeries, Inc.. above.
-V. 121. P. 2189.
-Royal SeQuebec Apartments, Ltd.
-Bonds Offered.
curities Corp., Ltd., and Ernest Savard, Ltd., are offering at
99 and interest, to yield over 6.60%, $750,000 63i% First
(Closed) Mortnaee Sinking Fund Gold bonds.
Dated July 1 1925: due July 1 1940. Principal and interest (J. & J.)
payable in Canadian gold coin or its equivalent at Royal Bank of Canada.
Montreal. Toronto or Quebec, or. at the holder's option. in U. S. gold coin
or its equivalent, at the agency of the Royal Bank of Canada, New York.
Denom. $1.000, $500 ana sion c*. Redeemable, all or part, on 30 days'
notice, at 105 and intern t on or before July 1 1930: at 103 and interest
thereafter and on or before July 1 1935, ana at 101 and interest thereafter
until maturity. Montreal Tru t Co., tru tee.
CapitalizationAuthorized. Outstanding.
$750.000
% Pat M.Sink. Fund Gold bonds (this issue)__ (Closed)
7% Cutnulative Preferred .jock
350.000
$350.000
Common shares (no par value)
2,500 abs. 2.500 shs.
Company.-Incorp. in Quebec. Owns approximately 88.892
ft. of
land in the City of Quebec between the Grand Allee and the National Battlesq*
fields Park. There IP now being constructed on this property by Anglin-.
Norcross. Ltd., contractors, to be completed and ready for occupancy by
May 1 1926, an 11-story fireproof apartment building, to be known as the
"Chateau St. Louis," and to contain about 500 rooms divided into approximately 100 apartments.
-Proceeds will be used to provide a portion of the cost of the
Purpose.
building.
Security.
-Bonds are secured by first (closed) mortgage, hypothec and
pledge on the land and the apartment building and equipment to be erected
thereon. Payment of principal and interest is further assured by the
creation of a first charge on net revenue to be aerived from the property.
A conservative commercial valuation of the land, building and equipment.
when completed, is about $1,150,000.
St. Louis Car Co.-Offerina of Bonds and Stock.
-
The following bankers (in proper order) participated in the offering of the
bonds and stock noted in V. 121, p. 2285: (a) Bonds-Stifel, Nicolaus &
Co. Inc.; Lorenzo E. Anderson & Co.; Smith, Moore & Co.: Mississippi
Valley Trust Co. and First National Co. (b) Preferred Stock-Illtifel, Nicelaus & Co., Inc.; Lorenzo E. Anderson & Co., and Smith, Moore & Co.
The officers and directors comprise the following: Edwin B. Meissner.
Pres. & Gen. Mgr.; Geo. W. Scruggs, Sec.-Treas.• Arnold G. Stifel, Sears
Lehmann, Geo. Ratermann. Henry Luedinghaus, Jr., Geo. L. Kippen'
berger. V.-Pres.-V. 121. p. 2285.
St. Louis Coke & Iron Co.
-Successor Company.
-
The Midland Coke & Iron Corp. was incorporated in Delaware Nov. 8
to acquire (per reorganization plan in V. 121. P. 850) the properties of the
St. Louis Coke & Iron Co. recently purchased by the bondholders at foreclosure sale.
Directors of the new company are John Henry Hammond (of Brown Bros.
& Co.), New York' Alfred J. Kieckhefer (Pres. National Enameling &
Stamping Co.); C. D. Marshall (Pres. the Ritter-Conley Co.); Brecidnridge Jones (Chairman Mississippi Valley Trust Co.); Leonard A. Busby
(Pres. Chicago City By.)' Clement Studebaker (Pres. Illinois Light & Power
Co.); F. J. Lewis, James Duncan, George W. Buckingham and W. G.
Magulre.
The new officers chosen are: Mr. Busby, Chairman; Mr. Maguire, Pres.:
D. M. Curran, V.-Pres.; Andrew J. Mann, Treas.; P. D. Nelson, Sec.
-V. 121, p. 2189, 1887.
-Acquires New Property.
Safety Cable Co.
-
The company has issued the following statement relative to the acquisition of a new company.
"Since the reorganization of the Safety Cable Co. in October, and the
acquisition of the control of the Phillips Wire Co., we have acquired all of
the Common and a large portion of the Preferred stock of the A-A Wire
Co. of Harrison, I. J. The consolidated figures of actual shipments of
the three companies now constituting the Safety Cable Co .from Sept. 1
to date show an increase over a corresponding period in 1924 or more than
2o%."
-V. 121. p. 1580.
Nov.21 1925.]
THE CHRONICLE
2533
a Splitdorf-Bethlehem Electrical Co. Capital stock-Authorized, 67.000
Seneca Copper Mining Co.
-Listing.
The New York Stock Exchange has authorized the listing of 289,283 shares without par value: all issued or to be issued (Including 2,802.4 shares
shares (authorized 500.000 shares) capital stock (without par value), which to be exchanged for 2,351 shares of Pref. stock and 4.514 shares of Common
have been issued and are outstanding in the hands of the public, with author- stock of Splitdorf Electrical Co.), $1,487,397: capital surplus (less operating
ity to add 60.717 like shares on official notice of issuance against depositary deficit). $3,290,405.
No provision has been made by Splitdorf Electrical Co. for depreciation
receipts issued by the depositaries under the plan of reorganization of
Seneca Copper Corp., dated Nov. 15 1924, with authority to add a further of property other than durable tools and automobiles and trucks since
100.000 shares of like stock on official notice of Issuance on conversion of June 30 1920, and no provision for depreciation of durable tools was made
10
-Year 7% 1st Mtge. Cony, bonds of Seneca Copper Corp., due July 1 for the year ended June 30 1925. However, a recent appraisal of the Split1933, making the total amount applied for 450,000 shares of capital stock dorf Electrical Co.'s buildings, machinery and equipment (excepting durable
tools), by Samuel M. Green Co.. Springfield, Mass., indicates total sound
Balance Shea, October 1, 1925.
values approximately 31,100.000 in excess of the total depreciated book
[Seneca Copper Mining Co. and its subsidiary. Gratiot Mining Co.]
values at June 30 1925.
There are pending additional assessments of Federal income and profits
AssetsLiabilities
Property Jto
$5,780,460 Stated Capital
$2,500,000 taxes against Splitdorf Electrical Co. for the years ended June 30 1917 and
Cash with banks
646,478 Capital surplus
5,000,000 1918, aggregating approximately $95,000. A claim for amortization of war
facilities has been filed in behalf of the company and this in conjunction
Accounts receivable
2,851 10
-Year Seneca Copper Corp.
Copper on hand
7s, 1933
121,575
1,425,000 with other items company is contesting will. if allowed by the Treasury
Department, approximately offset the proposed assessments.
Materials & supplies
123,637
There is pending a suit for damages of an undetermined amount against
Reserved for 10 year Seneca
Bethlehem Spark Plug Co., Inc. (predecessor to Splitdorf-Bethlehem ElecCopper Corp.7% let Mtge.
-V.121, p. 2052.
trical Co.), on account of alleged patent Infringements.
bonds
1,500,000
Unissued stock
750.000
Total (each side)
$8,925,000
-To Be Merged.
The foregoing consolidated balance sheet of the company and its
Splitdorf Electrical Co.
subsidiary is made up after the elimination of inter-company accounts. It
See Splitdorf-Bethlehem Electrical Co.above.
-V.120. p. 1470.
Is subject to slight adjustments in cash in banks and outstanding bonded
indebtedness pending the completion of the reorganization plans.
-V. 121.
Stafford Mills.
-Balance Sheet Oct. 3.p. 2286.
Liabilities1924.
1925.
1924.
1925.
AssetsShattuck-Arizona Copper Co.
-Earnings, &c.
$1,679,331 $1,687,774 Capital stock
$1,000,000 $1,000.000
Plant
Tax reserve
92,685
151,805
Cash sects. rec. &
Production for Third
Direct
Mill
199,721 Deprec. reserve_ _ _ 556,547
352.878
556,547
Inventory
Quarter of 1925Lead.
Copper.
Lead.
Silica.
100,000 Surplus
338.263
100,000
423,857
Investments
Dry tons mined
3,904.03
517.66
11,945.40
452.18
Dry tons treated
3.975.44
522.25
a1,483.45
184.83
Total
12,132,209 $1,987,495
$2,132,209 $1,987,495
Total
Pounds copper recovered
449.614
8.380
7.345
6.813
-V. 117, p. 2444.
Pounds lead recovered
27,874
870.991
Ounces silver recovered_
8.491
9.235
38 907
2.520
Standard Oil Co. of New Jersey.
-New Chairman.
Ounces gold recovered
53.01
66.16
587.62
26.90
Net oper. cost per pound
12.03c.
b3.64c.
George H. Jones has been elected Chairman of the board to succeed the
10.07c.
a Concentreates. b Credit, account high silver.
ate A. C. Bedford. Walter C. Teagle remains President and is the chief
executive officer.
Income Account 3 Mos. End. Sept.30 x1925.
1924.
1923.
The company has issued the following statement in connection with
Refined copper
365.194
$79,155
$195,785 rumors that the Preferred stock would be retired: "Publication in several
Gold and silver (copper ores)
6.285
12.670
63.718 newspapers of a new version of the old rumor that the company is seeking
Lead & silica settlements from smelter
129.227
162,647
28.024 means for retiring its 3200,000.000 of Preferred stock, which is callable at
Interest
8,082
3.329
9,913
Dividends
$115 per share, has led to inquiries from investors as to the truth of reports
170
that the management has under consideration a plan to this end. No such
Total
$209,298
$262,971
$297.439 suggestion has ever been considered by the directors of this company, and
Operating expense, copper
360.382
382.598
3160.829 the newspaper rumors that have come to our attention are all without
Operating expense, lead and silica__ _
137.228
150,705
23.748 foundation in fact."
-V. 121, p. 2170.
Administration expense
9.850
6,258
8,354
Net income before depreciation, de-Extra Dividend.
Sterling Products, Inc.
pletion and deferred development
31.838
323.410
$104.508
An extra dividend of $1 per share has been declared on the Capital stock,
x The earnings on lead ore and silica are actual smelter settlements. The
holders of record Dec.
15
earnings on copper are obtained by inventorying copper at 14%c. per pound, no par value. payable Dec.paid to Dec. 1923 and In Dec. 1. An extra
in
1924.-V. 120.
compared with 13c. per pound in third quarter of 1924; silver at 60c. per dividend of like amount was
13.• 3326.
ounce, and gold at $20 per ounce.
-V. 121, p. 2416, 720.
Sheffield Condensed Milk Co., Inc.
--New Control.
-
See National Dairy l'roducts Corp. above.
-V. 107, p. 1673.
Sheffield Farms Co., Inc.
-Control Acquired by National
Dairy Products Corp.
-Terms of Sale.
See National Dairy Products Corp. above.
-V. 121, p. 2416, 2169.
Spanish-American Iron Co.
-Tenders.
-
The Girard Trust Co., trustee. Philadelphia. Pa., will until Nov.
receive bids for the sale to it of 1st Mtge. 6% bonds, due July 1 1927, 25
to
an amount sufficient to exhaust 3138,182, at a price not exceeding par
and interest.
-V. 120. p. 3326.
Splitdorf-Bethlehem Electrical Co.
-Stock Offered.
Watson & White, New York, are offering at $42 50 per share,
22,540 shares no par Value Common stock.
Chase National Bank, New York, registrar. Guaranty Trust Co., New
York, transfer agent.
Data from Letter of Chairman E. H.Schwab, Newark, N. J., Nov. 10.
Company.-Incorp. in New Jersey in December 1924. Acquired all the
assets and business of the Bethlehem (Pa.) Spark Plug Co.. Inc., and
through an exchange of its stock, has acquired approximately 98% of the
Preferred stock and 96% of the Common stock of the Splitdorf Electrical
Co. Legal steps are now being taken to merge the Splitdorf-Bethlehem
Electrical Co. and the Splitdorf Electrical Co.
The Splitdorf Electrical Co. was established in 1858. since which time it
has been a leader in the field of magnetos and other electrical instruments.
From its beginning, until 1919. the business of the company has been successful and profitable. During the World War period company had large
contracts with foreign Powers. At the close of the war it found itself with
big inventories of material, on which it received no adjustment. The
writing off and liquidating of these inventories was largely responsible for
the company showing an operating loss up until the fiscal year ending
June 30 1925. For that year, as a result of savings caused by consolidation
and efforts of the now management, the company turned the corner and
showed a substantial operating profit. With old inventories completely
liquidated and with enlarged lines, the company is now duplicating its early
history of earnings.
The Bethlehem Spark Plug Co., Inc., whose business was taken over
the Splitdorf-13ethlehem Electrical Co., was the third largest producer by
of
spark plugs in the world, and a large producer of socket wrenches. In
addition, it manufactured a complete line of radiator caps and other items
of automobile equipment. The consolidation of the Splitdorf Electrical
Co. and the Bethlehem Spark Plug Co. has resulted in substantial savings
In sales, advertising and administrative expenses. One complete sales
organization was eliminated by the consolidation. Its present method of
distribution through direct branches in the important cities of the United
States is economical and thorough. Company maintains modern plants
at Bethleham, Pa.. and Newark, N. J. These plants have a combined floor
space in excess of 300.000 sq. ft.
Capitalization.
-After giving effect to the sale of 22.540 shares
Capital stock, the capitalization of the company will be 67,000 shares of its
without par value. Except for $200,000 secured by a mortgage on the Bethlehem
plant, the company has no funded debt.
Purpose.
-To secure funds for the retirement of all bank loans, and to
provide additional working capital for the increased volume of business the
company is now doing. This volume of business is approximately
100%
greater than for the same period last year.
Earnings.
-Operating profits of the consolidated companies for the fiscal
year ended June 30 1925. before depreciation, interest and non-recurrent
items and before giving effect to any of the savings resulting from the consolidation, were in excess of $4 per share on the then outstanding Capital
stock. For the quarter ended Sept. 30 1925, net earnings after all interest
charges, taxes. &c.. but before depreciation, were approximately 398.000.
or at the rate of approximately 35 70 per share per annum, on the 67.000
shares to be outstanding. Indicated earnings for the month of October
are at the rate of better than $10 per share per annum on the total stock
to be outstanding. Unfilled orders on hand indicate even a larger earning
rate for the months of November and December.
Directors.
-E. II. Schwab (Chairman), M. W. Bartlett (Pres.). C. M.
Schwab. Charles Splitdorf. G. B. Alvord, H. P. Ingels, Joseph Remick,
T. S. Watson, and J. II. Ward.
Consolidated General Balance Sheet, June 30 1925.
[Giving effect to proposed sale of 22,540 shares of stock and application
proceeds thereof to payment of $719,500 bank loans.]
of the
Assets• Liabilities
Property
$1,556,071 Funded debt
$212,500
Goodwill
1.837,868 Trade notes &accept. pay.. 344,803
5,
620 Account. & wages payable 42 .1
Invest, in unrelated cos
55 437
2 55
223,255 Accrued accounts
ru
Cash
Deferred credit
Notes and accounts receiv5,969
reserve)
479.771 Net worth
able (less
a4,777.802
Inventories
1.525.753
5,9691
Claim against U. S. Gov't_
eferredIcharges
184.3571 (Total each side)
$5.818,686
D
-Balance Sheet Sept. 26.Stevens Mfg. Co.
1924
Liabilities-1925.
1925.
1924.
Assets11,734,696 $1,695,357 Capital stock
$1,200,000 $1,200,000
Plant
563,235
48,141
539,453 Accts. payable....
81.369
Inventory
326,432 Notes payable_ __ _ 350,000
240.000
Cash & accts. rec. 458,773
Reserve for taxes..
50,883
53.205
Reserve for deprec. 605,283
537,165
449,503
502,397
Total (each side)_$2,756,704 32.561,242 Surplus
-V. 121, p. 2287.
-Earnings'
Stewart-Warner Speedometer Corporation.
PeriodProfits (see note)
Federal taxes
Net profit
Dividends
-Quar. End. Sept. 30- -9 Mos.End. Sept.301924.
x1925.
1924.
x1925.
$725.889 $6,077.677 32,982.625
$2,162,843
72.916
256,480
320.102
704,341
$1.906.364
661,694
3652.973 35,373,336 32.662.623
585,836
2,290,936
2.968.692
31,244.670
$67,137 $3,082.400 def$306.169
Surplus
-"Profits and income" are shown, "after deducting all manufacNote.
turing, selling and administrative expenses, including adequate provisions
for discounts and losses on doubtful accounts, depreciation on plant equipment, &c."
x Includes Bassick-Alemite Corporation.
Balance Sheet Sept. 30.
1924.
1925.
1925.
1924.
$
Assets
Capital stock-- _ y19.155,459 12,467.959
Land, bldgs.,mach.
.
and equipment.x13,074,073 6,643,845 Bassick-Al. pf.stk. 900,100
Bassick-Alem notes 1,125,000
Patents, goodwill,
11,610,036 11,623,504 Accts. & vouchers
&c
5,558,235 3,207.810
payable
1,069,189
Inventories
354,591
Acc'ts & notes rec. 3,912,334 1,451,394 Taxes, royalties,
&c., accrued_.... 673,191
367,644
U.S. Govt.secure. 1,546,596 1,299,396
Provision for FedInvest'ts in market794,651
1,073,912
eral taxes
517.859
able securities 1,504,137
1,916,198 1.751.539 Surplus
15,792,076 13,361,931
Cash
297,845
667,318
Deferred charges
Total
39,788,927 27,069,983
39,788,927 27,069,98.3
Total
x After deducting 35.449.606 reserve for depreciation. y 599,990 shares
-V. 121, p. 2170. 2052.
of no par value.
-The directors on
-3% Stock Dividend.
Sun Oil Co.
Nov. 13 declared a 3% stock dividend and a regular quarterly
cash dividend of 25 cents per share on the Common stock,
no par value, both payable Dec. 15 to holders of record
Nov. 25.-V. 121, p. 2417.
-Annual Report.
Tech Food Products Co.
-V.119.
See Pittsburgh Brewing Co. under "Financial Reports" above.
P. 2541.
-Extra Dividend of 75 Cents
Texas Gulf Sulphur Co.
Per Share.-Tho directors have declared an extra dividend
of 75c. a share and the regular quarterly dividend of $2 a
share, both payable Dec. 15 to holders of record Dec. 1.
This makes a total of $8 75 a share to be paid this year,
against $7 50 in 1924, $6 25 in 1923 and $5 in 1922.V. 121, p. 2053.
(Joseph E.) Thropp Co., Inc., Everett, Pa.
-Sale.
-V. 120. p. 3077.
See Everett-Saxton Co. above.
Tidewater Portland Cement Co.
-Sale.
This company, which went into the hands of receivers last July, was
sold to the Lehigh Portland Cement Co.for $3.305,000 by Judge Morris A.
Soper in Federal District Court at Baltimore Nov. 14. The Federal court
assumed jurisdiction by virtue of the bankruptcy laws.
Several companies had made bids for the property but none has been
ratified by the Court. The North American Cement Corp. on Oct. 2
made a bid of 32,877,000 for the business, but it was not ratified by the
Court.
-V. 121. p. 1802.
Tower Manufacturing Corp.-Listinq.There have been placed upon the Boston Stock Exchange list 96,360
shares (par $5) Common stock, with authority to add thereto 3,640 additional shares as the same may be issued against Preferred stock optional
warrants. Transfer agents, National Shawmut Bank. Boston.
Trust Co., New York, N. Y. Registrars, Old Colony Trust Cco.,Bankers
' Boston;
New York Trust Co.. New York, N. Y.
--V. 120, p. 1340.
2534
Trans
-Lux
THE CHRONICLE
Daylight Picture Screen Corp.
-Suit
Alleged Infringement of Patents.
-
for
The News Projection Corp. has filed suit in the U. S. District Court
to enjoin the Trans
-Lux company from manufacturing and renting the
stock quotation projectors. or "movie tickers," such as it already has
placed in many brokerage offices. The plaintiff claims these machines
Infringe on three patents it owns and controls.
Metcalfe & Branch, attorneys for the Trans
-Lux company in reference
to the injunction suit, say: "The Trans
Daylight Picture Screen
Corp. has never had any communication of-Luxkind, nature or description
any
from the News Projection Corp. or any other corporation or individual
claiming the infringement on any patents, nor has it ever heard of the
existence of the News Projection Corp. Furthermore, no officer of the
corporation has been served with any papers in any suit by
or any other corporation, nor are any of its patents the this corporation
subject of any
pending litigation.
The patents of the Trans
-Lux company have been passed upon by Newell
& Spencer, 247 Park Ave. for the bankers at the time the issue was brought
out and also by Williams S. Pritchard, 33 Rector St. formerly of the firm
'
of Williams & Pritchari. 61 13?Ciliww. Th333 op11(034
upon holliaTi the
validity of the company's patents were rendered at the time the company's
Class A stocks were issued."
-V. 121, p. 2287, 2053.
Trumbull Steel Co., Youngstown, Ohio.
-Debentures
Sold.
-Otis & Co., Peoples Savings & Trust Co., of
Pittsburgh, Folds, Buck & Co., Mysell, Moller & Co. Inc.,
and R. F. De Voe & Co. Inc., have Fold at 100 and
$5,000,000 7% 10
-Year 'Gold Debentures (with stock purchase warrants).
Dated Nov. 1 1925; due Nov. 1 1935. Deuom. $1.000 and $5000.
Principal and Int. (M. & N.) payable at Peoples Savings & Trust Co.,
Pittsburgh, trustee, or at Bankers Trust Co.. New York. without deduction
for any Federal normal icome tax up to2‘', . Company will refund any
Penna., Conn. or Calif. personal property tax not in excess of 4 mills.
any Maryland securities tax not in excess of 43" mills. any Kentucky
personal property tax not in excess of 5 mills, and any Maas. income tax
not to exceed 6'7. per annum. Red.. all or part, by lot on any int. date
at l07M and int. during first three years and at 1% less for each succeeding
year until maturity.
Stock Purchase Warrants.
-These Debentures will carry detachable stock
purchase warrants entitling the holder thereof to purchase Common stock
in the ratio of ten shares for each 31.000 Debenture at $10 per share during
first year (rem date of issue, at $12 50 per share during the second year,
at $15 per share during the third year, at 317 50 per share during the
fourth year and at $20 per share during the fifth year. Debentures in
$500 denominations will carry corresponding warrants.
Sinking Fund.
-Indenture will provide for a sinking fund of 25% of
net earnings less !400.000. representing the fixed sinking fund on the
let Mtge. bonds. Payments into the sinking fund shall be made annually,
the first payment being due April 1 1927. Sinking fund moneys shall be
used for the redemption of Debentures by lot at above redemption prices.
Debentures purchased by the company may be delivered to the trustee.
however, in lieu of cash sinking fund payments at an amount equal to the
cost (excluding accrued interest) to the company of the Debentures so
purchased, but not in excess of the price at which such Debentures could
be redeemed by the company on the next redemption date succeeding such
delivery. For particulars regarding history. earnings. capitalization. &c..
see V. 121. p.2419.
Tuolumne Copper Co.
-Bond Subscriptions Canceled
Assessment of Ten Cents per Share.
Pros, Wm. P. Jahn. In a letter to the stockholders, says: "On June 15
a communication was addressed to stockholders soliciting their subscriptions
for bonds in lieu of further assessments and stating that the acceptance of
subscriptions; by the company was conditioned upon a minimum amount
of $200,000 of bonds being subscribed. Approximately 10% of the stockholders, embracing those having the largest holdings responded and subscribed for their proportionate allotment. the total of subscriptions amounting to approximately $75,000. This amount was not deemed sufficient
to meet the requirements of the company, and the directors have therefore
declined and canceled their subscriptions.
"Since last May the officers of the North Butte Mining Co.and Tuolumne
Copper Co. have been conducting negotiations for the joint financing,
development and operation of the contiguous east side holdings, the plan
under discussion being one of mutual benefit and offering to both companies
many advantages and operating economies. The directors are not at
this time prepared to advise in detail the arrangements contemplated but
are confident that upon the conclusion of their negotiations a contract
mutually advantageous and highly satisfactory to the stockholders of
both companies will be made."
An assessment of 10c. per share has been levied upon the issued and
outstanding capital stock (par $10). The assessment will be payable
on or before Dec. 5 to Frank K. Wilson, Treas., at Room 73, Hirbour
Bldg.. Butte, Mont. Any stock upon which the assessment shall remain
unpaid on Dec. 7 1925 will be delinquent and advertised for sale at public
auction, and unless payment is made before, will be sold Dec. 31, to pay
the delinquent assessment, together with casts of advertising and expenses
of sale.
In the opinion of officers and directors, this assessment will be the last
one required. See also V. 121. p. 597. 2171.
[VOL 121
Chicago (established in 1901) and all the outstanding Common stock of the
Union Biscuit Co. of St. Louis (established in 1899). Both subsidiary
companies have successful records of operation of 24 ard 26 years period
of time, and their combination will take rank among the four largest biscuit
manufacturing companies in the United States.
The products of the combined companies include some 150 varieties of
crackers and biscuits, sold under the well-known trade names of "Crispo"
and "Krak-R-Jak," both in packages and in hulk. Customers include
approximately 18.000 active accounts.
The bulk of the output of the combined companies is sold in the 10
Central Western States, and about 65% of the total production is delivered
directly from factory to purchaser.
Earnings.
-Combined net operating profits of the subsidiaries after
depreciation and after eliminating certain excessive non-productive expenses
wnich will be discontinued, for calendar year periods are as follows: 1922,
$436,666; 1923, 3447.291; 1924. 3460,715: 1925 (est.), $507.867.
After deduction of Federal taxes, bond interest and Preferred stock
dividends of subsidiary companies. the combined average net earnings for
the 4 years mentioned above are equivalent to $6 12 per share per annum.
and the estimated earnings for 1925 are equivalent to about $7 per share of
the Class "A" shares offered.
Dividends.
-Class "A" shares are entitled to dividends cumulative from
Dec. 1 1925 at the rate of 34 per share per annum, and in addition, after
the payment of dividends of $1 per share per annum on the Class "B"
shares to participate equally per share with the Class "B" shares in any
further dividends paid in such year.
Consolidated Balance Sheet Aug. 31 1925 (After Financing).
AssetsLiabilities
Cash
$139,559 Accounts payable
$128.496
Accounts receivable
475,662 Federal income tax
22,621
Merchandise inventory__ _
S63,456 Res.for Federal tax
27,400
Fixed assets
1,887.713 Res.for empl.comp. Ins_ _
10.000
Good-will, tr.-marks, &c_
1 1st Mtge. 65is Sawyer
Deferred charges_ - - _
Biscuit Co
5.979
1,000,000
Pref. stock Un. Disc. Co_
600,000
Total (each side)
$2,872,349
Class "A"& "B"stock- 1,083,833
United Cigar Stores Co. of America.
-Declares a 2%
Cash and a 1M% Stock Dividend on Common Stock.
-
The directors have declared a cash dividend of 2% and a stock dividend
of 131% on the Common stock, both payable Dec. 30 to holders of record
Dec. 10: also the regular quarterly cash dividend of 151% on the Pref.
stock, payable Dec. 15 to holders of record Nov. 30. Like amounts were
paid in the six previous quarters. Quarterly cash dividends of 3% each
were paid on the Common stock from Nov. 1923 to May 1924 incl.V. 121, p. 1581. 852.
United Drug Co., Boston.
-Expanding in the West.
-
This company, through its retail subsidiary,
Liggett Co..
has acquired several chains of retail stores on thethe Louis K. aggregating
Pacific Coast,
23 units. These are being paid for In cash, and will be taken over and
placed under Liggett management this month.
-V. 121. p. 2418.
United Oil Co.
-Earnings.
(Including its subsidiary. Richfield Oil Co.)
Quer.Ended 9 Mos. End.
PeriodSept. 30'25. Sept. 30 '25.
Income from producing & marketing divisions.. _ - _ $4,466,5(2 312,937.254
Other income
28,091
108,045
Totalincome
$4.494.e53 $13.045,299
Producing & marketing divisions expenses
3.963,7f2 11,020,716
Administrative expenses
110,072
267,820
Bond interest,amortization,&c
54,971
124.555
Provision for Federal taxes
27.000
130,034
Net profit
$338.848 $1,502,173
-V. 121, p. 1111.
United Publishers Corp., N. Y.
-Readjusts Capital.
-
J. W. Davis & Co.. members New York Stock Exchange, New York,
who recommend the 7% Cumulative Preferred stock at par ($100). in a
circular state:
The l'referred stock is redeemable, all or part, on any div. date on 30
days'notice at 105 and divs. Convertible at option of holder into Common
stock until Nov. 30 1925 on the basis of 131 shares Common for 1 share of
Preferred. Divs. payable quarterly (F.-1).
Capitalization (After Capital Readjustment)- Authorized. Outstanding.
Preferred stock (par $100)
46,000 shs. 43,970 shs.
Common stock(no par value)
80.000 shs. 75,312 shs.
The present issues of Preferred and Common stock represent a capital
readjustment which, when completed, will leave the company with the
above mentioned outstanding two classes of stock and but two obligations
of subsidiary companies:(1) a mortgage for $165,000, due in 1928,on property valued to-day at several times the amount of this mortgage; and (2)
Debenture bonds amounting to $75.000.
(The corporation's readjustment plan also provided for the exchange
for Preferred stock, or the redemption, of allot the outstanding Collateral
Trust6% bonds. The old Class"A"and Class"B"stocks were exchanged
for Preferred stock.)
corporalion.-Incorp. In April 1911 in Delaware. The company owns
outright the Federal Printing Co., Class Journal Co., Iron Age Publishing
Co., Inc., Textile Publishing Co.. Chilton Co., U. P. C. Realty Co., Inc.,
240 East Delaware Place, Chicago.
- Dry Goods Reporter Co. The company also operates the following schools
-Bonds Offered.
George M. Forman & Co., Inc., New York and Chicago, and services: Graphic Instructor, Economy Service, Koester School.
As of April 30 1925, with
are offering at 100 and int. 8440,000 1st Mtge. 63/2% Serial ance sheet showed undividedno allowance for good-will, the company's balprofits of $1,324,978.
Coupon Gold bonds:
Yrs. Ended Apr.301925.
1924.
1923.
1922.
1921.
$821,603 3918.025 $847,612 $673,306 $797,526
Dated Oct. 151925,due serially (A. & 0.) April 15 1928 to Oct. 15 1935. Net earnings
Divided into four major units of operation, the earnings for 1925, before
Int. payable A. & 0. Denom. $100. $500 and $1.000 c5 Chicago Title
.
taxes, were as follows:
& Trust Co.. rustee. Callable at 103 and int, in reverse of numerical
UnitIron Steel. Textile. Auto. Printing. Total.
order upon ll() days written notice. Bonds and coupons payable at the
Earnings before taxes_ _ _$418.906 $290.857 $238,901 $123,660 $1,072,324
office of George M. Forman & Co.
Security.
-Secured by a closed first mortgage on the property (owned In -V. 121, p. 2171.
fee) known as 240 East Delaware Place, Chicago. located on the northwest
United States Title Guaranty Co. Brooklyn, N. Y.-story.
corner of DeWitt and Delaware Place. The building will be a 10
The directors have declared an extra dividend of 2% in addition to the
'
fireproof structure comprising 82 high class apartments. These bonds are
% both payable Dec. 15 to holders of
also a first lien on the net ;smothers of the property and are the direct and usual quorterly dividend of
personal obligation of Albert O'Rourke, Chicago real estate operator. record Nov. 30.-V. 121. p. 1581.
whose financial worth, outside of the equity in this property, is rated at
Warner Bros. Pictures, Inc.
-Notes Sold.
several times the amount of this bond Issue.
-Goldman,
Valuation of Income.
-The total value of the property including land Sachs & Co. have placed privately at 100 and int. $4,000,000
and completed building has been conservatively estimated at 3750.000.
-Year 63/2% notes.
The net rental income, after deducting expenses of operation, is estimated 3
at $103,600, or over 3 times the highest annual interest charges on this
Dated Oct. 15 1925; due Oct. 15 1928. Denom.$1,000. Interest payabond issue.
ble A.& 0.at Central Union Trust Co.,New York,trustee, without deduction for Federal income tax not in excess of 2% per annum. I'ayable at
United Biscuit Co. (Del.).
-Stock Sold.- Frazier & Co.. maturity or rod. all or part at any time on 60 days' notice either (1) at 105
or (2) at 100
Inc., have sold at $49 50 per share 50,000 shares Class "A" election of plus 75.6% shares of Common stock of the company, at the
the noteholder. Company reserves the right, however. on 60
Participating stock (no par value).
days' puollshed notice, to fix a date on or before which all noteholders shall
Cumulative Preferred dividend $4 per share per annum. In addition elect whether they will take 105% or 100% Plus 731 shares of Common
participates equally per share in all dividends after payment of 31 per share stock, and on such date the company will deliver to each noteholder
acon Class "B' stock in any year. Dividends payable Q.
-M. Preference cording to his election,(1) a new $1.000 note
upon liquidation. $75 per share and div. Red. all or part at $75 per share 1928 and red. at 105%. or (2) 731 shares of payable at 105% on Oct. 15
and div. and convertible at any time into Class "B" stock, share for share. plus a new $1,000 note payable at 100% on Common stock of the company
Oct. 15 1928 and red. at 00%•
Full paid and non-assessable. Equal voting rights with Class "B" shares. Noteholders who do not indicate their
prior to such date fixed by
Transfer agents, New York Trust Co., New Yori • and Illinois Merchants the company will be presumed to have electionto
elected
take 105%.
Trust Co., Chicago. Registrars, Bankers Trust Co.. New York, and
.
Stock CapitalizationAuthorized.
Outstanding.
Central Trust Co. of Illinois, Chicago.
Class A stock (par $10 per share)
200.000 shs.
Capitalization199,980 sits.
Issued.
Authorized.
Class"A"stock
a550,000 shs.
350.020 shs.
50,000 shs. Common stock(no par value)
250,000 shs.
a 199,980 shares
Class"B"stock
500,000 shs. 100.000 shs. Class "A" stock. of Common stock are reserved for the conversion of
There will be outstanding 31,000.000 1st Mtge. 20
-Year (1)i% Gold
Company.-Incorp. in April 1923 and acquired the motion picture busibonds and $600.000 7% Preferred stock of subsidiary companies. An
option on an additional 15.000 Class "A" shares has been granted, the ness theretofore conducted by the four Warner brothers as a partnership.
Company is engaged in the production of high-grade feature films, and by
proceeds to be used to retire said Preference stock.
Listinc.-Application will be made in due course to list these shares upon Its purchase last April of the Vitagraph Co. of America, Inc., has extended
its operations to the distribution of pictures through its own "exchanges"
the New York and Chicago Stock Exchanges.
instead of through franchise holders, as theretofore. It has also recently
Data From Letter of Pres. K. F. MacLellan, Chicago, Nov. 19.
acquired ownership or control of 14 theatres
Including
companu.-Incorp. in Delaware Nov. 17 1925. Has contracted to the Piccadilly at Broadway and 52d St., Newin various cities,"Warners
York (renamed
acquire aU the outstanding Common stock of the Sawyer Biscuit Co. of Theatre").
Nov.21 10251
(The) Warwick (Inc.), Houston, Tex.
-Bonds Offered.
S. W. Straus & Co. Inc. are offering at 98 and int., to
yield over 6.40%, $1,300,000 1st Mtge. 63.4% Sinking Fund
bonds, safeguarded under the Straus plan.
Dated Aug. 15 1925; due Aug. 15 1940. Interest payable F. & A.
Denom. $1,000, $500 and $100 c*. Callable at 101 and int, as a whole or
in part. 2% Federal income tax paid by borrower; 5 mills Kentucky personal property tax and 234 mills Kansas presonal property tax refunded.
The bonds are secured by a first mortgage on a high-grade apartment
hotel and a garage, completely furnished and equipped, now being erected
overlooking Hermann Park,in one of the best locations in the City of Houston, Texas. The building is to be built in response to a strong and definite
rental demand for apartments of this character in the city of Houston,
assuring success of operation and the prompt rental of the apartments on
favorable terms.
The net rental earnings of the property, estimated on a most conservative basis, are more than 2Si times the greatest annual interest charge
and much in excess of the greatest combined annual interest and sinking
fund charges. The bonds are protected by a large margin of safety, the
total amount of the issue being 67% of the value of the property.
Weston Electrical Instrument Corp.
-Debentures Called.
All of the outstanding $790,000 15-year 6% S. F. Gold Debentures. due
Jan. 1 1940. have been called for redemption Jan. 1 at 105 and int. at the
National Bank of Commerce of New York, trustee, 31 Nassau St., N. Y.
City,Th trustee has been authorized by this corporation to purchase on its
behalf prior to Jan. 11926, any of the debentures which are surrendered to
it for cancellation, paying therefor 105 and int. to the date of surrender.
Quarters EndedSept. 20'25. June 30'25.
Earnings after deducting cost of manufacture, repairs, deprec'n, selling & administrative expenses $199,519
$209,155
Other income
12.822
11,651
Total income
$212,340
$220.807
Bowl interest accrued
15,000
15,000
Other deductions
2,664
4,030
Reserve for Federal income tax
23.507
24,729
Dividends paid on Class "A"
50,000
51,000
Sundry adjustments
Cr.2,500
Balance, surplus
$121.170
Comparative Balance Sheet.
AssetsSept. 3025 Dec. 31 '20
LiabilitiesSept. 30'25
Land, bldg., mach.
Capital & surplus.x$2,397,883
tools,&c
86913,877 $916,23( kccounts payable,
Cash and demand
accrued accounts 128,765
certif. of deposit 263,876
349,046 Reserve for Federal
Notes and trade acincome tax
71,522
ceptances, &c_
2,705 15-year6% sinking
3,798
Accounts recelvle. 303,449
351.683 fund debentures. 790.000
Marketable securs. 558,630
289,016
Mdse.Inventories_ 1,170,782 1,117,099
$128,548
Dec. 31 '24
$2,044,391
67,011
55,718
1,000,000
Co., Ltd., Load. 120,326
132,485
Other Investments
19 783
Deferred charges_ _
33,648
32,813
Patents & goodwill
12,041 Total (each side)_ _$3,338,170 $3,167,120
1
a After deducting $1.213,884 for depreciation.
x Represented by 100,000 shares C ass "A" stock and 109.000 shares of
C mmon stock, both no par value.
-V. 121, p. 2419, 2172.
-Sale.
(Baxter D.) Whitney & Son, Inc.
See Yates
-V.108, p. 2248.
-American Machine Co. below.
Wickwire Spencer Steel Co.-Earninos.-Quar. End. Sept. 30- 9 Mos.End.
1924.
1925.
Sept.30'25.
Net loss after bond int. and all charges
$346,174
$249,989
including depreciation
390,912
The company had a profit for the nine months ended Sept. 30 1925 of
$1,338,952 before bond interest and all charges including $363,124 depreciation.
-V. 121. D. 1582. 1237.
(W. A.) Wieboldt & Co., Chicago.
-Bonds Offered.
A. G. Becker & Co. and Illinois Merchants Trust Co.,
Chicago, are offering at 100 and in $2,500,000 1st (now
closed) Mtge. 5%% Sinking Fund gold bonds, Series "B."
Dated Aug. 1 1924; due Aug. 1 1939 (see description in
V. 119, p. 707).
Data from Letter of President W. A. Wieboldt, Nov. 4.
Company.
-Owns and operates 3 large department stores in important
outlying retail sections of Chicago. Business incorp. in 1907, was established in 1883. Sales for the first year were $17,000; in 1924 they were
$15,445,319. Sales of the third store, now in operation, should add materially to the total volume of business. Popular priced merchandise is
featured, and about 90% of Sales are made for cash.
Company owns in fee simple all the land and buildings occupied by it,
with the exception of a small structure which is under a very favorable
long term lease having about 24 years to run. The store buildings and
warehouses owned have a total area of over 1,000,000 sq. ft. In addition
the company owns
its stores, being held for
expansion purposes.considerable land adjoining
Security.
-Direct obligation of company and, together with a like amount
of Series "A" bonds, will be secured by an absolute closed first mortgage
on all the fixed property of the company now owned (with the exception of
several small pieces of realty not being used by the company and delivery
equipment, in the total amount of $167,651). and on all hereafter acquired
property to be used or operated in connection with any of the property
now mortgaged.
Sales and Net Earnings Years Ended Jan. 31.
Sales.
Sales.
*NetProfits
*NetProfits.1
1920
$10,568,439 $1,045,971 1923
$13,880,725
$822,632
1921
11,841.615
15.193,333
299,870 1924
1.379,448
1922
12,822,383
15,445,320
358,108 1925
968,681
* After all charges including interest, but before Federal taxes.
Net earnings, after all charges including interest paid, but before Federal
taxes, for the six years ended Jan. 31 1925,
thus averaged approximately
three times the maximum annual interest requirement of 8275,000 on the
$5,000,000 1st Mtge. 53i% Sinking Fund gold bonds to be outstanding.
For the two years ended Jan. 31 1925, average annual net earnings applicable to the payment of interest on these and Series"A" bonds were equivalent to over 4.3 times this annual requirement. The foregoing sales and
earnings figures represent the operations of only two stores. Profits from
third store should add materially to total earnings. The business has earned
a net profit in every one of the 42 _tears since it was established.
Purpose.
-Proceeds will be used to reimburse the company for capital
expenditures incurred in completing the third store, and for other corporate purposes.
2535
THE CHRONICLE
Except for the sale last Feb. of 170,000 shares of Class A stock and a
small block of Common stock, the present net worth of the business has
been accumulated almost entirely out of earnings.
Company's production has increased from 7 feature films in 1923 to 40
for the current year, of which 25 have been completed to date. Company's
production is controlled by a detailed budget and this policy will be continued in the future.
Purpose.
-Proceeds will reimburse the company for expenditures made in
connection with the purchase of Vitagraph Co.of America, Inc., the acquisition of theatres and the enlarged production program for this year, and
will provide toward its production program for next year. These expenditures should ultimately result in large savings to the company in the cost
of distribution and substantial additional profits through the more thorough
integration of its business.
Profits.
-Earnings of the company and subsidiaries before providing for
interest and Federal taxes and after eliminating extraordinary expenses
and income of a non-recurring character, have been as follows for years
ending Mar.31: 1924,$284,989;1925,$1,161,331.-V. 121,p. 1925,854.
-The supplemental mortgage securing these Series "B"
Sinking Fund.
bonds will provide for a sinking fund beginning Aug. 1 1927, into which
the company will pay $62,500 annually to be used for the purchase of
bonds of this series at or below the redemption price, or under conditions
specified in the trust deed for their redemption if not available in the open
market. This sinking funa Is in addition to and is identical with the
sinking fund established for the Series "A" bonds.
Balance Sheet Sept. 30 1925 (After This Financing).
Liabilities
Assets$557.805 let Pref. 7% Cum.stock_ _ _ _ $1,475,000
Cash
988,851 2d Pref. Cum. stock
250,000
Customers' accts.-less res've
25,506 Common stock
460,000
Notes receivable
3,036,418 1st Mtge. 5)4s
Merchandise inventory
5,000,000
339,234 Accounts payable
Merchandise In transit
1,307,120
224,530 Accrued accounts
135,381
Marketable securities
Land, bides. & equip., &e _ _ _ 10,762,246 Reserves for unearned profit_
229,480
8,702 Other reserves
4,600
Other assets
521.843 Surplus
7,603,551
Prepaid exp. & def. charges_ _
616.465.133
Total
See also V. 119, D. 707.
Total
$16,465.133
-American Machine Co.
-Acquisition.
-Yates
The company has acquired the property of the Baxter D. Whitney
-V. 121. p. 2172. 1925.
& Sons, Inc., Winchendon. Mass.
-Initial Dividend.
Yellow Truck & Coach Mfg. Co.
The directors have declared an initial quarterly dividend of 185i cents
per share on the outstanding $8,000,000 Class B stock, par $10, and the
%
regular quarterly dividend of 1 j on the Preferred stock, both payable
-V.
Jan. 2 to holders of record Dec. 15. (See also V. 121. p. 1112).- 121,
P. 1689.
-Dividend Reduced.
York Mfg. Co., Saco, Me.
The directors have declared a dividend of 134% on the outstanding
$3,600,000 capital stock, par $100, payable Dec. 1 to holders of record
Nov. 21. This compares with 2% paid June 1 last and 3% Dec. 1 1924.
-V.120, p. 2282.
-Earnings, &c.Youngstown Sheet & Tube.
Pres. J. A. Campbell says in substance: "Earnings after all charges
for 1925 are estimated at $13 a share on the Common stock. In the first
9 months of this year earnings were $9 79 a share. The company is now
Involved in an extensive expansion program both in Youngstown and in
Chicago, which will require a total of 320,000.000 to be provided for from
current earnings and depreciation reserve." Compare V. 121, p. 2054.
CURRENT NOTICES.
-Net bond sales of the American Bond & Mortgage Co. for the first
ten months of this year were more than 175% of the net sales during the
same period in 1924, according to announcement made by Hayden W.
Ward, Vice-President. Although substantial increases were noted throughout the organization, the eastern department which more than doubled
its 1924 business, accounted for the largest gain. All of the sales were in
first mortgage real estate bonds secured by properties in the principal
cities of the East and Middle West. Commenting on the ten months,
report, Mr. Ward says:"Demand for real estate bonds, which has registered
a new high record in the past ten months, is a fair index of the popularity
enjoyed by real estate loans as investments. The public has realized
that the modern form of financing mortgages enables the small investor
to purchase an interest in a mortgage secured by large property with a
satisfactory return on his investment."
-Redmond & Co.,33 Pine St., New York, have prepared a table showing
comparative statistics of all countries whose obligations are listed on the
New York Stock Exchange. The statistics set forth in compact form
certain fundamental information on the finances, commerce and general
development of these countries in terms of United States dollars.
-The Bankers Trust Co., 16 Wall St., New York, has just issued an
analysis of the Detroit Edison Co. in which they describe clearly and completely for the investor the securities of a typical metropolitan electric light
and power company. Copies may be had on request.
-Farr & Co., 90 Wall St., New York, sugar specialists and members
of the New York Stock Exchange, are distributing a special circular discussing profits made in their recently completed fiscal years by South Porto
Rico Sugar Co., Fajardo Sugar Co. and Central Aguirre Sugar Co.
-Guaranty Trust Co. of New York has been appointed co-registrar with
the American Trust Co. of Detroit for the capital stock of the Rickenbacker Motor Co., consisting of 1,200,000 shares of common stock without
nominal or par value.
-Robert Stevenson. President of the investment firm of Stevenson,
Perry, Stacy Co. of Chicago, announces that he will spend much of his
time in New York during the next year and has takeman office at 52 Wall St.
-Edmund R. Tweedy, member of the New Yofk Stock Exchange, has
been admitted as a general partner in the firm of Chase, Falk &
59 Wall Street, New York.
-Wm. West & Co., 27 Pine St.. New York, announce that Walter B.
Scribner, formerly with Kean, Taylor & Co., is now associated with them
as Sales Manager.
-The board of directors of John C. Feys & Associates. Inc., Los Angeles,
announce the election of F. 0. Sawyer to their board of directors. Mr.
Sawyer has been for years associated with the Firestone Tire & Rubber Co.
-Empire Trust Co. has been appointed transfer agent of the Class A,
Class B, and subscription warrants of the National Food Products Corporation.
-Guaranty Trust Co. of New York has been appointed transfer agent
for the Common stock of A. Hollander & Son, Inc., consisting of 200,000
shares.
-Announcement is made by Knight Blanchard, President of Blanchard,
Rowe & Co.. 29 So. La Salle St., Chicago, that the firm name has been
changed to Knight Blanchard & Co.
-William C. Cooke. formerly manager of the bond department of
Morgan, Livermore & Co., has become associated with Laird, Bissell &
Moods as head of their investment department in New York.
-The Seaboard National Bank of the City of New York has been
appointed registrar of Class A and Class B Common stock and Management
stock of Charles E. Hires Co.
-Carroll W. Williams, formerly with Wrenn Bros. & Co., is now associated with Gordon B. Todd & Co., members New York Stock Exchange.
25 Broad St., New York,in their trading department.
-Henry D.Long.formerly Manager of the bond department of Edward
B. Smith & Co., has become associated with Morgan, Livermore & Co.
as Manager of their bond and distributing department.
-Lansburgh Brothers, members of the New York Stock Exchange, have
issued a special circular on United States Distributing Corp.. its grcw$11
and possibilities as viewed from current record earnings.
-F. J. LLsman & Co.. New York, announce that Ralph W.Stansbury
has become their Chicago representative with offices at 231 Se.La Salle St.
2536
THE CHRONICLE
(VOL 121.
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-WOOL
-ETC.
-METALS
-DRY GOODS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
The Introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
•clitorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY.
Friday Night, Nov. 20 1925.
COFFEE on the spot was quiet; Santos 4s,23Mc.to 23Mc.;
4
Rio 7s, 1834c.; Maracaibo Trujillo, 243 to 25c.; fair to good
Cucuta, 263/3 to 27c.; Honda, 303/3 to 31c.; Medellin, 313/3
to 32o. Later Santos 4s were dull at 23 to 233/3c. and Rio
7s at 18c. To-day spot coffee was dull said more or less
4
nominal. No. 7 Rio was quoted at 173 to 18c.; No. 4
Santos, 23 to 233/3c. Futures declined at one time with
Brazilian prices lower. The trading here on the 16th inst.
amounted to only 28,000 bags. Prices at Havre were reported unsettled and it was said because of political news,
though how that should affect the coffee trade except perhaps indirectly seemed none too clear. Recent efforts by
Brazil to sell coffee have caused nervousness, especially in
view of the financial situation and refusal of the Washington
authorities to countenance the granting of a loan for the
purpose of advancing the price of coffee. On the 17th inst.
futures fell 28 to 50 points with Brazilian prices lower, cost
and freight offers declining, and liquidation here general.
Santos exchange was 3-16d. net lower at 73d.; the dollar
rate was 100 reis higher. Santos terme prices fell 250 to
525 reis. Rio exchange on London declined 3-16d. to 73id.
with the dollar rate up 150 reis and an advance of 50 to 125
reis in terme prices. Back of the decline here and in Santos
was believed to be the failure to secure a loan for valorization
purposes either in New York or London.
Reports were rife that a New Orleans importer bought
50,000 bags in the cost and freight market for prompt
shipment on the 18th inst. to replace fire losses. A fire
which occurred in New Orleans on the 18th inst. destroyed,
it was said, more than 100,000 bags of coffee and necessitated
the taking in of hedges. But December tenders give some
concern. They may be large. Trade has fallen off. The
prompt acceptance of whatever delivery notices may be
issued would naturally have a bracing effect, otherwise the
financial stringency in Brazil will be stressed. The Brazilian
Defense Committee, however, is not expected to relinquish
control of the situation without determined efforts to sustain
the price. On the 18th inst. great activity prevailed in
futures here owing to the reported very heavy losses. The
transactions reached some 90,000 bags mostly buying for
New Orleans. One-third of the coffee destroyed was Rio
and Victoria and totally lost, it was said. An advance of
some 20 to 50 points occurred. The rise would probably
have been greater but for fear of December tenders and
Brazil's anxiety to sell. Large switches included December
to September at 214 points, December to July at 160 points,
December to September at 212 to 220 points, July-September
at 55 points and. May-July at 50 points. There was a sharp
rise in Rio terme prices at the closing on the 18th inst.
There were up 450 to 575 reis. Exchange rose 1-32d. to
7 9-32d. and the dollar rate 40 reis. Santos closed 50 to
250 reis up with exchange at 7 5-164. Everybody is watching
developments in the December delivery. Tenders on first
notice day may possibly, it is suggested, reach 50,000 to
100,000 bags.
Some recall the old Wall Street maxim,"Never sell a dull
market short." Brazil has been quietly selling. For several months futures here were strong, it is recalled, owing to
scarcity of deliverable grades. But a steadily increasing
supply has dampened the ardor of buying as trade lagged.
Rio has a large crop this year and prevailing prices are very
profitable. Spot months for a certain period sold higher
than the preceding one, but things are different now; in fact
just the opposite. According to reports in Wall Street,
the State of Sao Paulo, Brazil, has transferred its loan negotiations from New York to the London market. The State
seeks $25,000,000 or its equivalent tor loans it has been
generally supposed to coffee growers, under the valorization
plan. Its efforts to get this loan were defeated by Secretary
if
who objected to loans which might be used for raising the price of a commodity used by the American people.
The loan negotiations in London by the State of Sao Paulo
some thought would fall through. One firm remarked:
"We are informed that the loan of $25,000,000 of the Government of Sao Paulo mentioned is not intended for coffee operations. This loan of £5,000,000,for which negotiations have
been opened in London, is intended for the improvement of
the waterworks of the City of Sao Paulo, which for some time
have been inadequate for the needs of the growing city.
One condition of the loan is that material must b epurchased
in England, and that the British bankers will control the
expenditure of the money." There is said to be no prospect
of loans being granted either in New York or in London for
"coffee defense" purposes. To-day futures closed 10 to 27
points lower with sales of 69,700 bags. Rio dropped 250 to
375 reis. The stook at Rio is 207,000 bags, against 452,000
a year ago. Santos has 1,200,000 bags, against 1,584,000
last year. Supplies available, however, are too much for a
dull market in this country. London rate of exchange fell
1-16d. to 73d. The dollar rate was 50 reis higher at 64840.
Viantos 3s were offered at 22.25 to 23.75c.; 4s at 21.75to
22.50o. Final prices of futures show a decline for the week
of 23 to 47 points. Closing prices were as follows:
Spot (unofficial)-18 h'c. I March
December
17.30c. May
16.65c. July
16.11c. I September
15.73c.
15.10c.
SUGAR.
-Prompt raws continued to advance for a time
and 2 7-16c. was paid for 40,000 bags by Savannah and
New Orleans. Later they eased with 23,000 bags sold at
2 13-32c., with the demand less urgent. Cuban cables
reported the weather favorable. Grinding of the new crop
was expected this week. United Kingdom cables were
unchanged to 1 Md. lower for terminal prices. Cuban raw
sugars were offered to the United Kingdom at us. 6d. to
us. 103/3d. for Jan.
-Feb. new crop. British refiners were
reluctant to buy Cuban centrifugal sugar at this time of
which large quantities were said to be offered. Cables from
H. A. Himely reported further large exports from Cuba.
The total for the week ending Nov. 16 was 85,526 tons,
including 64,896 tons north of Hatteras, 392 interior, 13,825
tons to England, 485 tons to France and 5,928 tons to
Holland. Futures were somewhat irregular early in the
week. Prices declined on the announcement that grinding
would begin in Cuba this week; 30,000 tons of futures sold
on the 16th inst. December-May switches were made at
20 to 22 points, December-March at 6 to 9 points and JulySeptember 39 points. Refined was less active at 5.40c.;
one refiner quoted 5.30o. for iihipment before Dec. 15 and
5.20o. from December 15th to 20th. Transactions in the
raw sugar market last week were fully 400,000 bags, mostly
with New York refiners, and this was not unnaturally
followed by some let-up in the buying. On Nov. 18 the
feature of the large business in futures was the trading in
September in which the transactions were 28,000 tons The
selling was attributed to Cuban producing interests as well
as Front Street firms. .
Cuban receipts for the week ending Nov. 16 were 29,338
tons, against 18,125 in previous week, 8,863 last year and
2,076 two years ago; exports, 72,262 tons, against 47,366
in previous week, 33,806 last year and 12,167 two years ago;
stock, 388,544 tons, against 431,468 in previous week,85,113
last year and 63,042 two years ago. Receipts for the week
ending Nov. 18 at United States Atlantic ports were 51,825
tons, against 56,239 in the previous week, 25,871 in the same
week last year and 15,648 two years ago; meltings, 56,000
tons, against 57,000 in previous week, 40,000 last year and
41,000 two years ago; total stock, 58,217 tons, against 62,392
in the previous week, 31,200 last year and 60,509 two years
ago. In explanation of the sales to Southern refiners, it is
stated that the Colonial at New Orleans, apparently owing
to the backwardness of the Louisiana crop, has been buying
Cuban sugars. Louisiana crop outlook does not seem to
have much improved, with further rains during the past
week. There will be, it is believed, a reduction in the estimate of the Louisiana crop unless weather conditions improve
Very soon. It is pointed out that the movement of sugar
continues heavy with exports last .week over 50,000 tons
greater than for the same period last year. Some are selling
the late months on bulges and buying those not at excessive
premiums on reactions. Some believe the technical position
is weaker than for some time past from an accumulation of
contracts by holders who are likely to sell on any bad news.
On the 17th inst. transactions in futures were 70,000 tons at
a decline of 7 to 12 points. December was the weakest.
Cuban sold May.
Some think Willett & Gray's estimate of the world crop
as 24,242,250 tons was a little too high on giving 5,150,000
tons to Cuba. The largest increases are in Russia, 950,000
long tons, and Java, 2,290,000 long tons, compared with
458,375 and 1,977,490 long tons, respectively, last year.
The Russian increase, it is believed, will be taken by Russia
herself. The entire Java crop will remain, it is supposed,
in the Far East at current prices. The consumption at
home and abroad is expected to be very large. Cables on
the 17th inst. reported that United Kingdom refiners had
brought British preferential sugars for December shipment
from the West Indies at 158. c. i. f. U. K. ports, equal to
11s. 6d. for Cuba, with Cuba offering at us. 6d. to 18s. 7d.
c. i. f. London terminal prices fell 33 to 53cl. United
Kingdom, it was rumored, had taken a cargo of Cuba at
us. 6d., or 2.27c. f. o. b. To-day prompt raws were dull
Nov.21 1925.]
THE CHRONICLE
at 2 5-16c. On Thursday refiners were said to be willing
to take hold at 23c. in some cases. Prices at home and
abroad hinge largely on the crop news. A Canadian bank
was said to have estimated the next Cuban crop at 5,050,000
tons, but this was denied later. Europe had similar rumors,
and futures advanced here on Thursday. To-day they were
2 to 4 points lower here with estimated transactions of
51,000 tons. Futures show an advance for the week on
December of 10 points, while May and July remain as they
were last Friday. Prompt sugar at 23c. to 2 5-16c. is
1-16 to %c. lower than a week ago. It is difficult to quote
prompt sugar at the moment. Prices closed as follows:
2537
a case. Bunker oil steady at $1 65 a barrel refinery. Diesel
oil in better demand at $1 9934 a barrel refinery. Gas oil
steady at 5c. for 36-40 and 43 0. for 28-24 refinery. New
/
York refined export prices: Gasoline, cases, cargo lots,
Motor specifications, deodorized, 27.15c.; U.S. Motor,
U.S.
bulk, refined,11% to 1134e. Kerosene, cargo lots, cases,
17.15e. Furnace oil, bulk, refinery, 63ic. Petroleum,
refined, tanks, wagon to store, 14c.; Motor gasoline, garages
(steel barrels), 17c.; up-State, 16e. Bunker oil advanced
later in the Gulf section. Refiners quoted $1 55 to $1 60
and $1 50 in cargo lots. Gasoline was firmer with rather
more business at 113(c. tank cars, refinery. Consumption
2.42c.[July
Spot (unofficial)--2 21c.[March
2.65c. is increasing. Kerosene sells more f eely, especially water
2.55c.I September
December
2.48c. May
2 75c. white, which is firm at 8c. refinery and 9c. delivered to the
-In London on Nov. 16 of Indian teas 29,400 trade in tank cars. Gas oil was in rather better demand;
TEA.
packages were offered and 28,000 sold atfirm prices: Medium also lubricating oils.
$3.15 Buckeye
$2.80 Eureka
$3.00
%
pekoe, is. 3d. to Is. 8d.; fine pekoe, is. 83 d. to 2s. 9d.; Pennsylvania
3.15 Illinois
1.70 Bradford
1.87
Corning
medium orange pekoe, is. 53d.to Is. 9d.;fine orange pekoe, Cabell
1.95 Lima
1.98 Crichton
1.60
1.78 Plymouth
1.40
is. 9d. to 3s. In London on Nov.17 of Ceylon teas offerings Somerset, light- 1.20 Indiana
1.75 Princeton
1.87 Mende, 38 deg___
Rock Creek
were 17,300 packages of which 16,000 packages sold at firm Smackover.27 deg. 1.30 Canadian
2.38 Gulf Coastal 'A"_ 1.50
Wortham, 38 deg_ 1.95 Wooster
quotations: Medium pekoe, is. 6d. to is. 10d.• fine pekoe,
2.00
$1.90
'
is. i03/2d. to 2s. 7%d.; medium orange pekoe, is. 63/sd. to Oklahoma,Kansas and Texas-$1.00 Elk Basin
Big Muddy
1.75
Under 28
is. 1034d.; fine orange pekoe, is. Ild. to 2s. 73 d. In
4
32-32.9CatCreek
1.52
2.01 Homer 35 and above
1.75
London on Nov. 18 of 22,200 packages of Indian teas offered
39 and above
1.35 Caddo
Texas Co. 28-28.9
21,000 packages sold at the following prices: Medium
Below 32 deg
1.65
1.65
-33.9
33
pekoe, is. 53/as. to is. 83/sd.; fine pekoe, Is. 9d. to 2s. 934d.;
1.75
2.27
42 and above
38 and above
.95
medium orange pekoe, is. 6d. to Is. 93/sd.; fine orange
RUBBER advanced 2 to 33/sc. on an active demand late
pekoe, is. 95d. to 3s. id.
week, with London 13k to 13/sd. higher, and Singapore
LARD on the spot was higher with prime Western 17.20 last to 23/sd. higher. American and Continental buying put
17.30o.; city lard in tubs, 17 to 173/so. Compound oar- 13/2London prices for near and distant delivery. Distant
to
%
lots in tierces, 123/s to 123 c.; refined Continent, 173 c.; up
%
conspicuously strong at
First latex
to.;
South America, 18% Brazil in kegs, 19%43. To-day spot months were$1 05 to $1 0734; Nov. Singapore. 05; Decem$1 04 to $1
lard was in fair demand at a decline; prime Western, 16.55c.; crepe, spot,to $1 04; January-March, 98c. to 99c.; Aprilrefined Continent, 17%c.; South America, 18303.; Brazil, ber, $1 05 940. Ribbed smoked steets, spot, $1 03 to
/
19380. Later quotations steadily advanced with grain June,95 to $1 02 to $1 03; December, $1 01 to $1 02;$1 05;
/
Janupackers buying, despite a decline in hogs. Cash advanced November, 98c. to 99c.; April-June, 93c. to 94c.; Brown,
35 points on the 19th inst. and futures 20 to 25 points. ary-March, clean, 97c. Para, Up-river, fine, 98c.; Amber
Futures advanced because of rising tendency prices for crepe, thin,contract Guayule, 66c. London spot
was 4934d.
hogs, decreasing warehouse stooks arid the fact of a consider- No. 1,98c.;
50d.; December, 49d. to
able short interest in near months. Smaller packers sold to 50d.• November, 49%d. to 4634d.; April-June, 423 d.
46d. to
%
'
on the rise and there was also some profit taking by com- 4934d.; January-March,
,
Singapore spot, 463/sd.; November-December,
mission houses. Yet on the 16th inst. prices advanced to 43d. January-March, 4430.; April-June 40%d. On
10 to 15 points net, allowing for some reaction. Chicago 4630.;
fell %d. to 134d.,
Singapore,
lard stocks decreased 2,643,000 lbs. since the first of the the 17th inst. London for a holiday, was while 15/2 to 230.
closed
month. Futures advanced on the 14th inst. 7 to 10 points which had been active but Singapore had a up trade. In
on buying by cash handlers of shorts, inspired by the firm London was less months fell % to 23/sc. brisk
Ribbed
hog market and higher prices for corn. To-day futures New York distant to $1 10; November, $1 06 smoked
$1 09
declined 28 to 35 points. Liquidation was the order of the sheets, spot$1 03 to $1 04; January-March, $1to $1 07;
0134 to
day with hogs lower. A decline in cottonseed oil affected December,
lard. Hogs wound up 10 to 20 points lower with the top $1 0234; April-June, 9634c. to 973/sc.05First latex crepe,
December, $1
to $1 06.
$11 40. Western hog receipts were 87,000 against 85,000 spot, $1 10 to $1 1234; though buying slackened; ribsLater
rise,
were
last year. Chicago receipts thus far this month are around prices continued to November, $1 09 to $1 10;
December,
290,000 less than for the same time last year. Cottonseed quoted at $1 10;
03
oil dropped 15 to 20 points on liquidation in March and May. $1 07 to $1 08; January-March, $1Theto $1 05, with London
on the 16th inst.
Naturally this was a feature. Final prices for lard show a up 13/s to 3d.in American tires and a London advance was
reduction in London
due to a rise
decline for the week of 30 points.
-November, in Lonstocks for the week of 402 tons. Spot
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
don, 533/s to 54d.; December, 513/s to 52d.; January-March,
Wed. Thurs. Frt.
Mon. Tues.
Sat.
4934 to 50d.; April-June, 46 to 465/sd. London stock is
December delivery_cts_15.05 15.20 14.92 14.70 14.95 14.60
January delivery
14.52 14.62 14.47 14.22 14.40 14.12
4,503 tons, against 4,905 a week ago, 4,723 last month and
March delivery
14.35 14.22 14.00 14.22 13.90
35,589 a year ago. There is a boom in rubber shares in
PORK quiet but steady; messt $37; family, $40 to $42 London. Futures here later were active and much higher;
;
fat back pork, $37 to $39. Ribs lower. Cash, 16.25c. spot was slow and weaker. First latex, 1.10 to 1.113/sc.;
basis 40 to 61 lbs. average. Beef firm but quiet; mess, November, 1.08 to 1.09c.; December, 1.07 to 1.08c.; ribbed
$20 ' $22; packet, $20 to $22; family, $23 to $25.5; extra spot, 1.07 to 1.09c.; November, 1.06 to 1.07c.; December,
to
India mess, $38 to $40; No. 1 canned corned beef, $275; 1.05 to 1.06c.; January-March, 1.03 to 1.04c.; April-June,
No. 2, $5; six pounds, $18 50; pickled tongues, $55 to $60 9834 to 1.00; Brown crepe, thin, clean, 1.02; Amber No. 1,
nominal. Cut meats firmer; pickled hams, regular loose, 1.02; Para Up-river, fine, spot, 99c. London was active and
%
c.a.f. 10 to 20 lbs., 213 to 233 c.; pickled bellies, clear, rose % to 134d. on the 18th inst.; spot, 52 to 52%d.; Decem%
f.o.b. New York, 6 to 12 lbs., 233/s to 24c. Butter, low to ber, 51 to 5134d.; Singapore active, % to 15 up; spot, 49d.;
high scoring, 433/s to 53c. Cheese, flats, 245/s to 28c. November-December, 48%d.; January-March, 4634d. Later
Eggs, fresh medium to extras, 39 to 70c.
trade was only fair here but the tone was distinctly firm;
OILS.
-Linseed has been rather quiet with very little first latex crepe, spot, $1 11 to $1 125/2; November, $1 09 to
change in prices. Spot raw oil in carlots, cooperage basis, $1 10; December, $1 08 to $1 09; Ribbed, spot, $1 09 to
12.80. a pound; March-April, 12.943.; in tanks, 120.; less than $1 10; November, $1 07 to $1 08; December, $1 06 to $1 07;
5 bbls., 13.1c. Cocoanut oil, Ceylon, f.o.b. coast, tanks, January-March, $1 05 to $1 06; April-June, $1 to $1 01.
113.1c.; Manila,tanks, coast spot, 11 y spot, 123 to 123/se. London was up % to ld. on the 19th, with big interests
o.;
-November, 5234 to 53d.; December, 52 to
crude, tanks, plant, 934c.• bbls., spot, 12 to 12303. China- bullish. Spot
%
wood, N. Y. spot, bbls., Mo.; tanks, 1234e. Olive, $1 20 5230.; January-March, 50d. to 5034d.; April-June, 463 to
to $1 25. Soya bean, coast, 113/se. Edible corn, 100-bbl. 47d. Singapore on Nov. 19 rose % to 15/sd., with an active
lots, 13o. Olive, $2 to $2 50. Lard, prime, 19%c.• extra trade. Spot, 493/sd.; November-December, 4930.; Janustrained N. Y., 15c. Cod, domestic, 62@64c.; Newfound- ary-March, 475/sd.; April-June, 445/sd.
land,64 to 67. Spirits of turpentine,$1 10 to $1 13. Rosin,
-Trade has been in the main disappointing.
HIDES.
$15 35 to $16 50. Cottonseed oil sales to-day including River Plate's last sale was at $37 25, or about 175/2 C. & f.
switches, 17,400 bbls. P Crude S. E., 90. asked. Prices But lately the demand from both the United States and
closed as follows:
Canada has been slow. Common dry hides have been quiet
Spot
10.25a I Jan
10.05a10.o3'April
10.17010.25 even though sales now and then have increased somewhat.
Nov
10.25a10.75 Feb
10.05a10.151MaY
10.30a _ _ Orinoeos nominally 223/sc.; Maracaibos, 22c.;
Savanillas,
Dec
10.22a10.25IMarch
_ 'June
10.14a
10.35a10.40
23c.; Santa Marta, 245/sc.; Puerto Cabello, 2134c.; San
PETROLEUM.
-Gasoline has been tending higher. Domingos, 19 to 20c. Packer hides, native steers, 16e.;
Leading refiners were quoting 11c. refinery for U. S. Motor butt brands, 15c.; Colorados, 14c. Interior Columbian
and 12o.in tank cars delivered to the trade. In steel barrels were in more demand. River Plate hides have been slow.
17c. was quoted. Export inquiry has been good but little Neither the United States nor Europe has shown any inactual business was transacted. The Mid-Continent crude clination to buy. Country hides have sold a trifle
more
outlook has improved. There were rumors of an impending freely but there is no real snap in trade in any
description
advance in Pennsylvania crude oil, but nothing definite was of hides. Orinoco, 223/sc.; Savanilla, 23c.; native
reported. Kerosene was steady at 8c. for water white. 16c.;butt, 15e. Prices weakened later. Columbian steers,
dropped
There was a good jobbing demand; in tank cars 9c. was 34c., with sales reported at 26c. Later, interior Colombians
quoted; in tank wagons, 14o. Cased kerosene has been were at 20c., a decline of %c. from the last previous sale.
active and at the Gulf $1 60 a case was asked; water, $1 70 Santa Martas were held at 24c. and Savanillas at 2234o.
2538
THE CHRONICLE
Vnt
1°1
increase in business. Steel sheets have been advanced for
the first quarter. The quotations are 2.50c.for blue annealed
sheets, 3.35c. for black sheets and 4.60c. for galvanized
sheets. The American Sheet & Tin Plate Co.'s specifications last week are said to have been the heaviest of any
CHARTERS included 27.000 qrs. grain from Atlantic range to United week in 1925. Automobile makers are buying sheets on
Kingdom, 3s. id., Nov. 25
-Dec. 10: to Antwerp-Hamburg, 2s. 1034d.; a large scale. Two inquiries from this direction to go no
Mediterranean. 3s. 434d.; grain from Atlantic range to United Kingdom,
purchases of cars
Dec. 1-15; from Atlantic range to Antwerp-Rotterdam-Hamburg, further total 24,000 tons. Railroad
12c.
38.. one port, I234c. two ports; option Mediterranean, 16c., 163ic• and reached 8,200 cars, calling for 100,000 tons of steel, making
17c.; option West St. John. 134c. more. Nov. 25
-Dec. 10; from Atlantic
Pittsburgh output is
range-Boston-Portland, to United Kingdom, 3s. one port. 38. 3d. two the best week thus far this year.
ports;if Boston-Portland, 134d. less, Dec.5-20; sugar from Cuba to United stated at 80 to 86%; Chicago and Youngstown, 85%. The
Kingdom-Continent, 18s., December; from Santo Domingo to United total for the year now looks like 47,000,000 tons. ConKingdom-Continent, I8s. January. 5%; oil (crude) from United States
Gulf to Philadelphia. 23C November; coal from Hampton Roads to sumers desire to replenish stocks. Billets, re-rolling, $35;
Cuba. $1 50, December; grain, 32,000 vs. from Atlantic range to United billets, forging, $40 to $41; sheet bars, $35; slabs, $35; wire
Kingdom. 3s., to Continent 2s. 9d.. to Mediterranean 3s. 3d., Dec. 10-31:
black,
from Boston-Portland to United Kingdom, 3s., if Boston. 2s. 934d.. with rods,$45 to $46; sheets, blue annealed, 2.40 to 2.50c.;
options Dec. 15-28; time charter, 12 months delivery January 15 SI 75: 3.35 to 3.40c.; galvanized, 4.50c. to 4.60c.; hoops, 2.50 to
grain from Atlantic range to United Kingdom. 3s. 1 54d. Dec. 15-31:
(per base box), $5 50.
'
from Montreal to Piraeus, 26c., Nov. 25
-Dec. 10; oil, one year of con- 2.600.; bands, 2.40 to 2.50c.; tin plate
secutive trips, from Tampico to north of Hatteras, 26c.: lumber from Hot rolled bars, 2.0 to 2.10c.; plates, 1.60 to 1.70c.; shapes,
Gulf to River Plate, 142s. 6d.. December-January.
1.90 to 2.0c.; rails, standard (gross ton), $43; rails, light,
TOBACCO.
-Only a moderate or at best fair trade is 1.65 to 1.70c. Plain wire, 2.50c.; barbed wire, 3.35c.; galgoing forward in leaf tobacco. Little old Havana leaf is vanized wire, 3.10c. Later billets advanced $1 per ton to
to
left and relatively high prices are asked for it. Hopes of $35 for the standard sizes. She t bars rose $1 per ton .
a very good, perhaps exceptionally good, holiday trade are $36. Iron bars are up $2 per ton in the Philadelphia district
expressed, but so far as actual business is concerned the to 2.22c. per pound. Bars at Chicago are $1 per ton higher
truth seems to be that it is disappointing rather than other- at 1.95c. Steel plates at Pittsburgh are quoted up to 1.90c.,
though lower than that in eastern Pennsylvania. Steel
wise.
scrap is tending upward. Wire rods are in some cases held
COAL has been in rather better demand at unchanged
is still accepted by
prices. Nothing as yet has come of the negotiations for a $1 per ton higher at $46, though $45 $2 a ton.
however, others. At Pittsburgh sheets advanced
settlement of the hard coal strike. Hope persists,
of an ending of it before long. Coke was quoted at anyPIG IRON has been somewhat more active but not
where from $16 to $20; broken egg and chestnut sizes of markedly so. Prices have been firmer here and there
anthracite at $17 50 to $23 50, with restrictions as to notably in the Buffalo district. The composite price,
quantity, and other fuels to be bought with it. Hard pea however, shows no change for the week. Buffalo furnaces
coal ranged from $15 to $20 and the first size of buckwheat have in some cases, however, increased the price to $22
from $7 50 to $8 50. In Greater New York, trade in though it is said iron is still obtainable at $21. Eastern
prepared sizes of smokeless coal was small. Dealers quoted Pennsylvania is $22 50 to $23. No. 1X Dutch iron sold
from $11 to $14 50. according to the mine from which it is recently at $24, or a base quotation of $23. Of the 5,000
taken. Run of mine Pennsylvania coal was $7 75 to $9. toils of pig iron sold to New England last week 50%, it is
Wholesale and mine prices were firm. Industrial demand intimated, was British, Dutch, French and German. It is
was good. Lake and tidewater movement of soft coal is something new to see British iron in New England. Some
still far larger than last year. In the Nov.9 week Lake Erie 50,000 tons of British coke, it appears, were recently sold
dumpings totaled 847,066 tons, a gain of 101,000 tons over for shipment to the United States. Virginia iron is nominthe year ago shipments. New York tidewater soft coal ally $24 to $25; Birmingham, $21 to $22; Chicago, $22 50
stooks rose on Tuesday to 3,302 cars. Higher prices are to $23; Valleys, $20 50 to $21; Cleveland, delivered; $22 to
expected, despite an increasing output of soft coal .At the $23; basic Valleys, $19 50 to $20; Eastern Pennsylvania,
existing range at the mines of Pennsylvania on lump, egg $21 50 to $22. Malleable Eastern Pennsylvania„ $23 to
and chestnut sizes of soft coal their retail price range at New $24. Coke, Connellsville, furnace, $6 50 to $7; ConnellsYork is from $11 to $14, according to quality. Hard coal vile, foundry, $7 to $7 50. Of basic, 35,000 tons recently
In broken sizes,$13 85;egg,$14. Calculating from wholesale sold, it is stated, atPhiladelphia at an average of $22 furnace.
quotations offered at New York, West Virginia, low volatiles
WOOL has recently showed an upward tendency. Foreign
would have a retail price range at New York of $14 25 to wools have been in better demand. Australian has been
$15 20.
firm. In foreign markets buying is more active. In the
COPPER has been rather quiet and weak at 14%c. de- West prices are reported on the Eastern basis. The Texas
livered in the valley. London on the 18th inst. was un- fall season began at San Angelo on the 17th inst. Mohair
changed at £61 for spot standard and £62 for futures; elec- was quiet but very firm. At Melbourne on Nov. 16 selectrolytic dropped 5s. to £67 10s. for spot and £78 for futures. tion good. Demand good. Wools suitable for America
Copper has latterly been weak with sales of a good-sized lot steady. Topmaking sorts rather weak. At Wellington,
at 143'c. delivered in the Connecticut Valley. Spot stand- N. Z., on Nov. 16 10,000 bales were offered and 9,000 sold.
ard in London fell 2s. 6d. late in the week to £60 17s. 6d.; Selection generally fair; merinos poor. Continental demand
futures dropped 5s. to £61 15s.; electrolytic was £67 10s. sharp. Yorkshire quiet. General tone firm. Prices were:
spot and £68 futures.
%
50-56s, 153 to 2034d.; 48-50s, 14% to 19d.; 46-48s, 133 to
% to 1414d.; 36-40s,
%
TIN recently has been in good demand and higher. On 173 d.; 44-46s, 13 to 16%cl.; 40-44s, 118are 60% lower than
prices
%
the 18th inst. prices advanced % to %e. Spot Straits sold 113. to 123 d. Wellington wool on Nov. 18 about 17,750
at 63%c. and futures at 6334c. Considerable tin has been last year. At Perth, Australia, sale and all sold. Atopening
shipped to Great Britain of late to take care of the better bales were offered at thekeen. England and the United
demand for tin plate. Spot standard tin in London on the tendance large; demand
Germany bought heavily.
18th inst. advanced £2 6d. to £286 17s. 6d. and futures rose States were the largest buyers.
Compared with the last sales,
£1 5s. to £283 7s. 6d. Spot Straits rose £2 2s. 6d. to £295. France mostly held aloof.
10%, good merinos 5 to
Eastern c. 1. f. London fell £2 12s. 6d. to £289 7s. 6d. with prices on super merinos advanced
firm. Blue Southern wools
of 75 tons. Later in the week with London down £1, 10%, and other grades were and Gasgoyne 27d.
sales
%cl.
New York fell % to Mc. Spot Straits sold at 63%e.; distant brought 31d., Murchison 273
Nov. 13 offerings were 4,606,367 kilos
/0. On the decline the demand improved
.In Buenos Aires on
futures at 623
somewhat. In London standard tin sold at £285 17s. 6d. with private holdings unchanged. Prices firm. Fine cross£282 7s. 6d. for futures. Spot Straits tin breds, 13 to 19 pesos; medium, 13 to 17 pesos per 10 kilos;
on the spot and
coarse, 15 to 16 pesos; yearlings, 12 to 13 pesos. At Buenos
was £294 Easter.e. i. f.
prices tended upward.. Offerings were
refiners Aires on Nov. 16Private holdings were increased. Fine
LEAD has been quiet and steady. Leading
4,225,872 kilos.
quote 9.75e. New York and 9.50c. East St. Louis. In the
to 20.50 pesos (10 kilos); medium, 13.70
outside market 9.90c. and 9.80c. is asked, respectively. crossbreds, 12.50
to 16 pesos; coarse, 12 to 15 pesos; yearlings, 11.40 to 15
Stocks in Europe are plentiful. Spot lead in London on Pesos. At Brisbane on Nov. 17 attendanc6 large; demand
the 18th inst. advanced is. 3d. to £36 12s. 6d. and futures sharp. Germany was the chief buyer. United States,
rose 2s.6d. to £36. Lead has latterly sold to only a moderate France and Yorkshire were buying freely also. Japan was
extent but prices were steady. November production is quiet.
generally better. Prices on best greasy
said to be 1,000 tons larger than expected; 9.70c. is quoted fleeces Selection
and skirtings firmer; other grades firm. Little
East St. Louis. London fell later is. 3d. on the spot to scoured wool was offered. In Buenos Aires onNov.19offer£36 us. 3d.; futures dropped 2s. 6d. to £35 17s. 6d.
ings were 5,056,120 kilos with private holdings increasing.
ZINC like other metal has been quiet but steady at 8.50 Prices strong. Demand better. Fine crossbreds, 13 to
East St. Louis for prompt. London on the spot zinc was 20 pesos, with wool from the Province of Corrientes bringunchanged on the 18th inst. at £38 and futures advanced ing the higher prices; medium, 14.5 to 16.1 pesos; coarse,
is. 3d. to £37 12s. 6d. Zinc has latterly risen $2 a ton. 11 to 15.25 pesos; yearlings, 12.5 to 12.6 pesos.
Prompt sold at 8.60e. East St. Louis. Future months were
The rail and water shipments of wool feom Boston from
5 points lower per month. London was higher. Spot there
153,542,300 lbs.,
6s. 3d.; futures Jan. 1 1925 to Nov. 12 1925 inclusive wereperiod last year;
advanced late in the week 6s. 3d. to £38
against 148,343,000 lbs. for the same
rose 3s. 9d. to £37 16s. 3d.
receipts from Jan. 1 1925 to Nov. 12 1925 inclusive, 280,STEEL has been in better demand and rising. The ouput 90
-,700 lbs. against 278,087,800 lbs. for the same period
is up to 85%. November business is better than that in last year. Boston quotations were as follows
October. Railroad buying is so large as to excite remark.
Ohio and Pennsylvania fleeces: delaine, unwashed, 56 to 57c.: s
-blond
combing, 55 to
The expansion of trade is in the main slow, but sure, as fine unwashed.56c.; 5.4-blood combing, 55c.; 3i-blood combing, 54 to 55c•:
50c. Michigan and New York fleeces: delaine, unwashed,
There is no flurry;just a quiet and persistent 53 to 54c.; 34-blood combing,53e.; 54-blood combing,55c.; 3i-blood combmany regard it.
Riber Plate market for frigorifico steers was quiet with last
sale at 17 3-16e.
OCEAN FREIGHTS were at times more active for oil,
grain and sugar tonnage. Later the business in grain tonnage was only moderate. A larger business came later.
ing, 54 to 55c.; fine unwashed, 47 to 48c. Wisconsin, Missouri and average New England, h-blood, 51 to 52c.: s-blood, 53 to 54c.: n-blood,
53 to 54c. Scoured basis, Texas fine 12 months (selected). $1 30 to $1 35;
fine 8 months. $1 20. California. Northern, $1 25 to 51 28; Middle County, 1110 to $I 15; Southern, 51 to 51 05. Oregon, Eastern. No. I staple.
$1 30 to 51 32; fine and fine medium combing, 51 25 to 51 28; Eastern
clothing. $1 10 to $I 15; Valley No. 1. $1 15 to $1 20. Territory, Montana and similar fine staple choice, 51 30 to 51 35; 3. -blood combing,
Si 25; n-blood combing, 1110 to 51 12; X-blood combing, Si. Pulled,
delaine, $1 30 to 51 35; AA,51 25 to Si 30; fine A supers, $1 15 to 51 20A supers, 51 05 to $1 10. Mohairs, best combing, 75 to 80c.; best card
ing, 65 to 70c.
COTTON
Friday Night, Nov. 20 1925.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
377,983 bales, against 343,371 bales last week and 437,549
bales the previous week, making the total receipts since the
1st of August 1925, 4,686,671 bales, against 4,214,736 bales
for the same period of 1924, showing an increase since Aug. 1
1925 of 471,935 bales.
Mon.
Sat.
Receipts at-
Tues.
Wed. Thurs.
Fri.
Total,
27,703 24,995 39,537 32,971 15,557 28.496 169,259
Galveston
1,620
65.988
25,566 38.802
Houston
12.107 12,383 14,432 17,896 13,003 10,405 80,226
New Orleans
759 2,299 2,281 1,126 1,024 8,488
999
Mobile
700
700
Pensacola
83
83
Jacksonville
3,247 5,492 3,495 1,712 2,957 1,989 18,892
Savannah
855 1.334 1,573 7,293
774 1,270
1.487
Charleston
630 2,791
445
145
750
520
301
Wilmington
2,552 3.128 4,622 2,659 4,521 3,928 21,410
Norfolk
113
113
New York
218
126
84
83
511
Boston
1,579 1,579
Baltimore
200
450
Philadelphia-- 650
Tntnla this week_
2539
THE CHRONICLE
Nov.21 1925.]
74.495 87.050 66.731 58.737 41.263 49.707 377.1152.0
From
Aug.1 1924 to
GerNov.20 1925. Great
ExportsIToh t.- Britain. France. many.
Galveston.._
Houston_ - ._
New Orlea 115
Mobile - -- ._
Jacksonvill 4_
Pensacola _._
Savannah _ _
Brunswick
Charleston ..
Wllroingto
Norfolk
-__
New York..
Boston -- __
Baltimore_ _
Philadelphia.
Los Angel s_
.
San Diego _
SanFrancisco
Seattle __- ...
914,132 162,555 913,813 215,184 96.323 372,100 328,796 3,202,903
Total 19 14
Total l's )2
920,182 170,9013 651,089 208,390 53,295 234,180 278,075 2.766,118
.41 0An q27 RAO. 100.102
750 nnn 127 611 451 185 14071.
-It has never been our practice to include in the
-Exports to Canada.
NOTE.
above tables exports of cotton to Canada, the reason being that virtua ly all the
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view, however.
of the numerous inquiries we are receiving regarding the matter, we will say that
for the month of October the exports to the Dominion the present season have
been 28,299 balm. In the corresponding month of the preceding season the exports
were 22,292 bales. For the three months ended Oct. 31 1925, there were 48.545
bales exported, as against 37.021 bales for the corresponding three months of 1924.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard, Not Cleared for
GerOther CoastGreat
Nov. 20 at- Britain. France. many. Cont'nt. wise.
Charleston-Mobile
Norfolk
Other ports*
---700
2,600
2.500
1924. .
Stock.
This Since Aug This Since Aug
Week. 1 1925. Week. 1 1924.
1925.
Galveston
169.259 1.529.347 170,688 1,951,803
18,331
Texas City
65,988 857,290 90,337 714,485
Houston
Port Arthur, &c
80.226 1,089,658 88.489 787.933
New Orleans
Gulfport
68.087
8,488 133,441 5,726
Mobile
5,458
9.921
700
Pensacola
1,356
15,148
83
Jacksonville
Savannah
18,892 548,021 23,705 346,834
189
400
Brunswick
7,293 158,989 14.047 101,248
Charleston
Georgetown
46,488
69,533 8.833
Wilmington
2,791
Norfolk
21,410 253,585 28,215 135,798
N'port News, &c_
19.028
442
3.230
New York
113
4,021
300
4,631
Boston
511
13,473
11,842 1,426
1,579
Baltimore
204
1.635
Philaaelphia
650
1924.
565,915
593.838
1.512
412,246
353.578
24,543
14.826
492
116,827
41,681
920
87.866
130
44,947
29,579
140.848
19,227
74.638
41,187
837
815
5,678
207,050
1,268
1,359
3,475
277 042 A ARA A71 832 2AR 4.214.736 1.4380.1145 1.505 63.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
M11,1210
Receipts at-
1925.
1924.
1923.
169.259
65.988
80.226
8,488
18,892
170,688
90,337
88.489
5,726
23,705
102,047
9,734
54.946
2,409
14,689
7,293
2,791
21.410
14,047
8,833
28.215
9,397
6.356
20.492
1922.
1921.
84,451
33.007
55.639
2,861
9,652
25
3,384
4.997
18.289
60,667
7,002
30479
1.199
15,622
250
1.046
3.086
11,456
1920.
All others_ .__
3,636
2,168
4.458
5,678
6,618
91.455
23,346
51,604
5.205
22,638
100
1.513
3,317
17,177
41
3,360
Tot, this week
377,983
432,208
224,528
217,983
137,225
219,756
Galveston_ __ _
Houston,Arc _
.
New OrleansMobile
Savannah
Brunswick
Charleston_Wilmington,..
Norfolk
N'port N..&c..
Since Aug. 1_ - 4.4,16,671 4,214,736 3,437,716 3.999,790 2.783.391 2.479.202
The exports for the week ending this evedng reach a total
of 371,629 bales, of which 123,065 were to Great Britain,
49,155 to France, 72,386 to Germany, 21,181 to Italy,
57,963 to Japan and China, and 47,879 to other destinations
In the corresponding week last year total exports were 357,345
bales. For the season to date aggregate exports have been
3,202,903 bales, against 2,766,118 bales in the same period
of the previous season. Below are the exports for the week
and for the season:
Week Ended
Nov. 20 1925. tireal
Exports from
- Britain. France
Exported loGeemany.
Japaner
Italy. Russia. China. Other.
Total.
Galveston
39,111 26,205 18,451 12.800
8201,
____
19,385 124,161
Houston
27,915 8,892 11,521 6,675
--------9,365 64.368
New Orleans_ _ _ 24,857 12,197 18046
--------19,641 12,117 86,858
Mobile
10,300
---------------1,500
_
460 12,260
Pensacola
1
--------------------700
Savannah
7,i29
--------14,2
48
2,200
750 29,827
Charleston
2,049
------------1,952 17.887
___ 13,886
_
Wilmington
._ ---------500 3,000
2 20t
.
Norfolk
---------------3,000 1,300 9.675
5,375
New York
4,077
--------250 8068
961
1,
16
148
--------------------- 148
Boston
_
Los Angeles_ _ _ _
1.604
------------1,500
20C
3.304
San Diego
1,51513 1,500
San Francisco
Seattle
Total
Total 1924
Total 1923
123,065 49.155 72,386 21,181
-115,301 49.965 72.953 23.715
.14.294 4.210P 18.001
2 350
____
57,963 47,879 371.629
--- 67,149 28,262 '357.345
_25.724 2.822 67.092
Total.
809,156
846,483
596,078
78,981
14,670
9,921
393,040
400
114,368
39.500
91.599
94,380
2,836
400
118
11,502
1,500
49,401
48,570
Total__ ._
15,100
11.174
1925.
Japan&
Italy. Russia. China. Other.
253.19( 10E1,729 202,377 67,916 5,000 46,811 125.133
221,421 150.892 222.851 53.728 90,923 38,499 68,169
153,724 77,671 111.704 65.381
____ 115.54. 72,053
50,842 4,850 17,960
400
--__
1,500 3.429
____
4,400
8,346
------------1,924
4.413t
758
300
--------4,400
___
____ 42,223 22,656
109,88E 7,058 206,664 4.550
400
--------18,000 5,4io
36.867
_ _ - - 54.091
-__ 21,700 12,000
____
_
4,00(
1,800
41,287
_- 41.048
--------6,000 3.264
400
____ 21,051
23,784 10,747 27,189 11,209
29
------------1,811
99€
_
400
ei
--------1,600- -201
5,251
Lito 3.100
1.500
50
----------------49,351
____
48,270
300
The following table shows the week's total receipts, the
total since Aug. 1 1925 and stocks to-night, compared with Galveston
New Orleans
last year.
Savannah
Receipts to
Nov. 20.
Exported to
-
Total.
Leaving
Stock.
4,000 58,300 507.615
1,897 63,331 348.915
800
800 116,027
40,815
866
866
---22,093
2,450
15
1,500
---------2,600 138,248
66,588
____ 12,000
,000
7,600 8,600 23.000
3,669 13.915 32,676
------ ---100
-------500 2,000
32,074 11,869 24.515 64,176 7.713 140.347 1,240,301
Total 1925
44,981 17,277 27,343 80,130 9,752179,483 11225,151
Total 1924
Total 1923._ 39,642 19.369 10,089 27,546 21,138 117,775819,367
*Estimated.
Speculation in cotton for future delivery WRB at an advance at one time and has been at times rather active, but
on the whole quite the reverse, awaiting the Gov,ernment
report of to-morrow on the size of the crop and the ginning
up to Nov. 14. No very great change has been expected by
the generality of people. There has been enough uncertainty
about the crop estimate to make the shorts rather nervous.
Covering has played its part. Mill fixing of prices has also
been on a liberal scale from time to time. Wall Street and
the West have bought more or less. At one time there were
intimations that large Wall Street operators, in view of the
sharp decline in the stock market, were inclined to take hold
of cotton. Western grain operators seemed to be of the same
mind as grain declined. The undertone of cotton appeared
to be steady. There is a deep-seated and widespread belief
that though the crop is supposed to be some 1,750,000 bales
larger than the last one the effect of the increased yield is
largely nullified by the persistent reports that the yield of
tenderable cotton will be no larger than that of last year fl
and very possibly smaller. At the same time the general
notion is that the world's consumption of American cotton
this year will be considerably larger than that of last year.
There are those who think it will be anywhere from 750,000
to 1,000,000 bales larger. Indeed, there are some who estimate the exports at 9.000,000 bales this year, against 8,050,000 last year, according to one comparison, and 5,650,000
two years ago. There is an idea among some that American
mills will take 7,000,000 bales, against 0,730,000 last year.
These figures reflect the opinion of not a few of the more
optimistic wing of the cotton trade. Liverpool prices have
been in the main steady, braced, in a measure, by local and
Continental buying as well as a certain amount of trade fixing of prices. Manchester has to all appearances been less
active, but it is cheered by the fact that the price of American cotton is some 34c. lower than a year ago. French and
German mills are said to be sold five to six months ahead.
Exports during the past week have made a notable showing.
Meanwhile the spot basis is steadily rising on the higher
grades of white cotton. It is said to be not easy to buy them.
There is a widening difference between the low grades and
the high grades. Yet it is believed that there will be an
unusually large outlet for the lower grades this season in
competition with other fibres, especially at the discounts.
Bag mills will, it is suggested, take not a little. There has
been an-excellent demand for spot cotton at the South. It is
remarked there that while the large crop estimates by the
Government and from other sources would ordinarily have
a depressing effect on the prices they have been offset this
season by a rising consumption which may not be so far behind the crop itself. The crop of 1925-26, though much
larger than that of last year, does not, it is said, contain so
much of the medium and higher grades of cotton as that one.
2540
THE CHRONICLE
[VOL 121.
Moreoirer, the South is marketing its crop in a more judi- Middling fair
1.40 on *Middling "yellow" stained
2.88 of :
good middling
1.12 on *Good middling "blue" stained 1.78 off
cious way, partly through co-operative associations. On de- strictmiddling
Good
2.26 off
.87 on Strict middling "blue" etained
clines, offerings fall off. On advances they are apt to in- Strict middling
.60 on *Middling "blue" stained
3.00 off
Middling
Basis Good middling spotted
15 on
crease. It is said that the Southern banks within reasonable Strict low middling
1.13 off Strict middling spotted
13 off
limits are encouraging a certain amount of holding of cot- Low middling
84 off
2 45 off Middling spotted
3.84 off *Strict low middling spotted__ 2.00 off
ton. The financial situation of the South is good, and ad- *Strict good ordlnarY
*Good ordinary
middling spotted
5.03
off
vances to farmers and dealers along conservative lines are Strict good mid."yellow" tinged_0.04 off *Low mid, light yellow stained__3 24 off
on Good
.88
said to be not illiberal. Latterly Fall River has been rather Good middling "yellow" tinged .35 off *Strict mid, light yellow stained.1 88 off
.75 off *Middling light yellow
more active. Worth Street has been steady, if not really Strict middling "yellow" tinged._1.68 off Good middling "gray" stained.._2.23 off
*Middling "yellow" tinged
78 off
active. Egyptian cotton has advanced sharply in Liverpool *Strictlow mid."yellow" tinged..2.94 off *Strict middling"gray"
1.11 off
*Low middling -yellow" tinged. A.18 off *Middling"gray"
1.69 off
during the past week. In Boston Egyptian of high grade Good middling "yellow" staIned.1.70 off
has been selling at big premiums. In recent weeks Liverpool *Strict middling"yellow"stained.2.18 off *Not deliverable on future contracts. .
is reported to have been disposed to substitute American
The official quotation for middling upland cotton in the
cotton at its cheaper price wherever it was possible for the New York market each day for the past week has been:
Nov. 14 to Nov. 20more costly Egyptian cotton.
Sat. Mon. Tues. Wed. Thurs. Fri.
21.15 21.00 21.10 21.10 21.00 20.80
The domestic consumption in October was 543,679 bales, Middling upland
against 483,266 for September and 534,283 last year. Active
NEW YORK QUOTATIONS FOR 32 YEARS.
spindles during October were 32,425,206, compared with 31,The quotations for middling upland at New York on
531,630 during September and 31,165,034 in October last Nov. 20 for each of the past 32 years have been as follows:
year. The quantity on hand in consuming establishments 1925
14.70c. 1901
8.00c.
20.80c. 1917
30.05c. 1909
9.50c. 1900
10.25c.
24.20c. 1916
20.90c. 1998
at the end of October was 1,216,437 bales, against 866,011 at 1924
1923
10.90c. 1899
7.56c.
35.35c. 1915
11.75c. 1907
the end of September and 733,440 last year. The stocks in 1922
11.000. 1898
5.38c.
25.05c. 1914
7.60c. 1906
11.15c. 1897
5.810.
17.55c. 1913
public storage and compresses were 4,499,382 at the end of 1921
13.600. 1905
1920
10.00c. 1896
7.62c.
17.25c. 1912
12.400. 1904
October, against 3,137,620 at the end of September and 4,226,- 1919
8.380.
.39.25c. 1911
11.30c. 1895
9.45c. 1903
427 at the end of October last year. The exports in October 1918
8.500. 1894
5.69c. •
29.25c. 1910
14.55c, 1902
were 1,421,482 bales, against 752,324 for September and 946,MARKET AND SALES AT NEW YORK.
506 for October last year. The effect of the monthly figures
was to advance prices some 45 to 50 points on the 14th inst.,
SALES.
Spot
Futures
though half of the rise was lost on the same day, owing to
Market
Market
Closed.
Spot. Contr't. Total.
Closed.
profit taking and hedge selling.
On the other hand, it is contended that any decrease in Saturday_ -- Steady. 25 pts. adv. Easy
the crop in the Southwest will be largely made good by an Monday _ - _ Quiet, 15 pts. dec.. Steady
ulet. 10 pts. adv._
increased yield in the Eastern belt, notably in the Atlantic Tuesday _ _ _ Quiet, unchanged _ _ Steady
Wednesday_
Steady
section. In western Texas picking has made excellent prog- Thursday - _ ulet, 10 pts. dec -- Easy
Quiet, 20 pta. dec.. Steady
ress during the past week, and in Oklahoma also, not only in Friday
picking, but in ginning, though it is not denied that most
Total_
of the late cotton in Oklahoma is being snapped and. pracFUTURES.
-The highest, lowest and closing prices at
tically all is of low grade. In some sections of Oklahoma
there is still a good deal of cotton in the fields. In Louisi- New York for the past week have been as follows:
ana little cotton remains in the field and that of low grade.
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
In Arkansas picking made rapid progress, and though the
Nov.20.
Nov. 18.
Nov.19.
Noo.17.
Nov,14,
Nov. 16.
rains badly damaged cotton in the fields,.most of it will be
Novemberpicked. Wall Street at times has sold as stocks have deRange-.--------------20.28 _ 20.37 _ 20.47 -20.37 -- 20,23 _
Closing. 20.44clined. Not a few doubt whether a permanent advance can
December
be established at this time with so much cotton yet to come
Range.. 20.40-20.85 20.42-20.75 20.32-20.60 20.56-20.78 20.51-20.64 20.27-20.5(
20.52-20.56 20.33-20.31
forward and so much hedging yet to be done.
Closing _ 20.64-20.67 20.48-20.50 20.57-20.60 20.62On Thursday prices declined 10 to 20 points, with Decem- January 19.88-20.23 19.72-20.05 19.63-19.92 19.86-20.09 19.73-19.90 19.50-19.71
Range..
Closing. 20.00-20.03 19.77-19.78 19.88-19.90 19.87-19.90 19.73-19.78 19.50-19.59
ber the best sustained. Its premium rose to 80 points over
January; January's went to 23 points over May, whereas February -- _ -___ __ ____ __ ____ __ ____ __ ______ Range..
19.9419.79at the close of last month January was 18.55c. when May
19.5019.9519.84Closing_ 20.08arch
was 18.95c. The rise in the premium on December espe- 11Range._
20.00-20.37 19.90.20.17 19.77-20.07 19.97-20.22 19.85-20.04 19.50-19.71
cially is attracting a good deal of attention. It is denied
Closing. 20.15-20.19 19.90-19.93 20.02-20.0E 20.00-20.03 19.85-19.87 19.50.19.54
that there is any concerted squeeze, but it is said that there April
Range.. __ __ ____ __ __-_ __ ____ -__ __ ______
Is a large hedge short interest in December contracted some
19.29 19.6719.8519.90Closing _ 20.0219.75time ago and the premium has latterly been steadily rising. Slay-.
flange.. 19.80-20.10 19.60-19.8f 19.50-19.78 19.67-19.90 19.50-19.72 19.08-19.4f
But on the 19th inst. there was a disposition among many
19.70-19.73 19.50-19.52 19.08-19.14
Closing. 19.90-19.93 19.60-19.65 19.73to even up for Saturday's report by the Government on the June
Range.. -- -- -- -- -- --- -- -- ---- -- -- -crop and the ginning. Some crop estimates were reported
19.32- 8.92 -19.5019.53Closing. 19.6019.38------ ---of 15,403,000 to 15,444,000, with the ginning up to Nov. 14 hay-19.15-19.35 19.08-19.40 19.29-19.51 19.15-19.32 8.75-19.10
Range__ 19.28-19.58
stated at 12,450,000 to 12,619,000 bales. The crop estimate of
Closing. 19.28-19.30 19.15-19.21 19.33-19.35 19.30-19.33 19.18-19.17 8.75-18.77
15,444,000 bales came from a source which has hitherto August
- 8.90-18.90
- Range.. 19.40-19.45--------- .._-__- been rather close to the Government totals. It therefore had
18,91 -18.62Closing. 19.10 --- 18.95 ____ 19,12 __.- 198
some effect. Opinion is divided, however, as to the likeli- September
--- - -- --- --- --- hood of an increase or decrease in the Washington crop
18--95
18--9
18.30 -18.99
18.85RCiaosnginge.: 19.06total of Saturday. Some look for a small Increase; others ktoberRange_. 19.00-19.25 18.83-19.05 18.75-18.98 18.90-19.13 18.65-18.88 8.26-18.66
for a trifling decrease. The weather of late has been conen........- n nn I n no I 0 on lOGS150(1-IR.(15-1R.711 1525.1507
sidered on the whole rather better for picking and ginning
Range of future prices at New York for week ending
the crop where any cotton remained in the fields, especially
began on each option.
In the Southwest. There was some rain in Texas and Ar- Nov. 20 1925 and since trading
kansas, however, on the 19th inst. Clear bright weather is
Bangs Since Beginning of Option.
Option for
Range for Week.
wanted in order to save any cotton that remains unpicked
22.16 Mar. 14 1925 24.92 July 28 1925.
Spot markets were somewhat easier towards the close of the Nov. 1925
Dec. 1925.. 10.27 Nov. 20.85 Nov. 14 18.75 Oct. 311926 25.72 Mar. 3 1925
week. And exports fell off, something that in a measure Jan. 1926. 19.50 Nov.20
2020.23 Nov. 14 18.11 Oct. 31 1925 25.45 Mar. 3 1925.
19.68 Nov.11 1925 24.70 July 30 1925
Feb. 1926
neutralized the effect of smaller receipts.
Mar. 1928... 19.50 Nov.20 20.37 Nov. 14 18.34 Oct. 31 1925 25.40 Apr. 27 1925
To-day prices declined 23 to 42 points, March, May and April 1928
19.89 Nov.12 1925 19.89 Nov. 12 1925
,
July showing the most depression. Many bought December May 1926.. 19.08 Nov.20 20.10 Nov. 14 18.50 Oct. 311926 25.63 July 27 1925
. 18.84 Oct. 31
21.20
and January and sold the distant months. The premium on June 1926 18.75 Nov.20 19.58 Nov. 14 18.13 Oct. 31 1925 24.72 Sept.12 1925
1925
Aug. 17 1925
July 1926..
December over January rose to 83 points, against 79 at the Aug. 1926.. 18.90 Nov.20 19.45 Nov. 14 18.50 Oct. 31 1925 22.00 Oct. 8 1925.
18.47 Oct.
20.98
1926
previous close. January was 41 points over May, as against Sept.1926 18.26 Nov.20 19 25 Nov. 14 15.10 Nov.31 1925 19.70 Oct. 14 1925
9 1925
Nov. 6 1925.
Oct.
23 the day before. It is surmised that if there are no big
THE VISIBLE SUPPLY OF COTTON to-night, as made
deliveries on December contracts the premium on January
is likely to increase, and perhaps materially. Some small up by cable and telegraph, is as follows. Foreign stocks, as
lots are headed this way for delivery on December, it is well as the afloat, are this week's returns, and consequently
stated. But the short interest is supposed to be very large all foreign figures are brought down to Thursday evening.
In December, both for speculative and hedge account. Trad- But to make the total the complete figures for to-night
ing ceases on the 10th inst. In December, but deliveries can (Friday), we add the item of exports from the United States,
be made up to the end of the month, as heretofore. The including in it the exports of Friday only.
1925.
1924.
1923.
1922.
Nov.
weather to-day was more favorable, Liverpool was weaker Stocx 20bales- 668.000 428,000 387.000 686,000
and hedge selling and switches bore plainly upon the distant Stock at Liverpool
2,000
4,000
at London
4,000
43,000
43,000
49,000
70,000
months. Exports were large, approximating 60,000 bales. Stock at Manchester
The ending was generally at the lowest of the day. There
611.000 473.000 440,000 760,000
Total Great Britain
1,000
11,000
5,000
is a net decline for the week of 3 points on December and Stock at Hamburg
273,000 124,000
Stock at Bremen
46,000 107,000
35 to 54 points on other months. Spot cotton fell 20 points Stock at Havre
103.000
94.000
77,000 168,000
5.000
3,000
6,000
5,000
to-day to 20.80c., showing a decline for the week of 10 points. Stock at Rotterdam
48,000
50.000
Stock at Barcelona
80,000
58,000
The following averages of the differences between grades, Stock at Genoa
23,000
29,000
15.000
9,000
---2,000
Stock at Ghent
2,000
2,000
as figured from the Nov. 5 quotations of the ten markets, Stock at Antwerp
---1,000
1,000
designated by the Secretary of Agriculture, are the differ452.000 304,000 238,000 354,000
Total Continental stocks
ences from middling established for deliveries in the New
York market on Nov. 27.
1.063,000 777,000 678,000 1,114.000
Total European stocks
Nov.21 1925.]
THE CHRONICLE
1925.
1924.
1923.
1922.
India cotton afloat for Europe.._ _ 53,000
27.000 118.000
90,000
American cotton afloat for Europe 983.000 803,000 542.000 497.000
Egypt,Braril,&c.,afloatforEurope 137.000 119,000 113.000 108.000
Stock in Alexandria, Egypt
243,000 235.000 291,000 357,000
Stock in Bombay, India
361,000 258.000 278.000 312,000
Stock in U. S. ports
1,380,648 1.404,634 937.142 1.196,670
Stock in U. S. interior towns..- 1,677.442 1,486,392 1.244,773 1,484,662
U.S. exports to-day
6,248
13.462
Total visible supply
5,874,338 5,110,026 4.201.915 5,172,794
Of the above, totals of American and other descriptions are as follows:
American
-
Liverpoolstock
bales_ 279.000 292.000 205,000 375,000
Manchester stock
21,000.
26,000
40.000
Continental stock
420.000 273.000 187,000 315.000
American afloat for Europe
953.000 803,000 542.000 497.000
U.S. port stocks
1,380.648 1.404.634 937,102 1,196,670
U. S.interior stocks
1,687.442 1,486,392 1,244.773 1.484.662
U. S. exports to-day
6,248
13,462
Total American
East Indian, Brazil, &c.-
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt. Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
4,742.338 4,280,026 3,147.915 3,921.794
136.000
2,000
22.000
31.000
27.000
119.000
235.000
258,000
289,000
17.000
32,000
53,000
137.000
243,000
361.000
182,000
4.000
17.000
51,000
118.000
113.000
291.000
278.000
311.000
4.000
30.000
39.000
90.000
108,000
357.000
312,000
Total East India, &c
Total American
1,132,000 830,000 1,054,000 1.251.000
4,742,338 4,280,026 3,147,915 3,921,794
Total visible supply
5,874,338 5,110,026 4,201.915 5,172,794
Middling uplands, Liverpool_ _ - _ 10.608. 13.63d. 20.14d. 14.80d.
Middling uplands, New York- _ 20 80c. 24.15c. 35.90c. 25.70c.
Egypt,good Sakel, Liverpool- _- 21.05d. 26.80d. 25.55d. 20.00d.
Peruvian. rough good. Liverpool_ 23.00d. 21.00d. 21.50d. 17.00d.
Broach, fine, Liverpool
9.75d. 13.15d
17.75d. 13.40d.
Tinnevelly, good. Liverpool
10.15d. 13.70d.
18.90d. 14.306.
2541
The foregoing shows the week's net overland movement
this year has been 59,861 bales, against 50,726 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
163,677 bales.
1925--
In Sight and Spinners'
Takings.
1924
Since
Aug. 1.
Week.
Since
Aug. 1.
Week.
Receipts at ports to Nov. 20
377.983 4,686,671 432.208 4,214,736
Net overland to Nov. 20
59,861
475,76950,726
312.092
Southern consumption to Nov.20- 70,000 1.330.000 100.000 1,212,000
Total marketed
507,844 6.492.440 582.934 5,738,828
Interior stocks in excess
31,264 1,512.674
55.380 1.304,146
Excess of Southern mill takings
over consumption to Nov. 1_
448.837
116.806
Came into sight during week--539.108
Total in sight Nov. 20
8.453,951
Nor,spinners' takings to Nov.20- 79,864
Movement
638.314
7,159.780
720,973
56,288
533.365
into sight in previous years:
Bales. I
Week-
-Nov.23
1923
Since Aug. 1-
Bales.
422,55811923
6.157.715
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
Nov. 20.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
20.55
New Orleans... 20.30
20.35
20.03
20.45
20.30
20.45
20.25
20.35
20.08
20.15
18.81
19.50
19.65
19.45
19.50
Continental imports for past week have been 203,000 bales. Mobile
19.35
19.05
20.06
19.85
19.98
20.12
20.03
19.85
The above figures for 1925 show an increase from last week Savannah
Norfolk
20.13
19.88
20.13
20.00
20.00
19.63
20.50
20.25
20.50
of 169 180 bales, a gain of 764,312 over 1924, an increase Baltimore
20.50
20.50
Augusta
19.88
19.70
19.81
19.88
19.81
19.56
of 1,672,423 bales over 1923,and an increase of 701,544 bales Memphis
20.50
20.50
20.50
20.50
20.50
20.25
over 1922.
20.30
20.50
20.40
20.50
Houston
20.25
20.05
20.50
20.50
little Rock_ __ - 20.68
20.50
20.50
20.25
20.25
20.45
20.40
20.35
20.25
AT THE INTERIOR TOWNS the movement-that is, Dallas
20.00
20.20
20.30
20.35
20.25
20.05
the receipts for the week and since Aug. 1, the shipments for Fort Worth_ _ _
the week and the stocks to-night, and the same items for the
NEW ORLEANS CONTRACT MARKET.
-The
corresponding periods of the previous year-is set out in quotations for loading contracts in the New Orleans closing
cotton
detail below:
market for the past week have been as follows:
Movement to Nov. 20 1925.
Movement to Nov. 21 1924.
Receipts.
Ship- Stocks
ments. Nov.
Week. I Season. Week. 20.
, Ship- Stocks
'merits. Nov.
Season. I Week.
21.
cci.vi M
m
m
',In It oon At A A el nnsz IR,,..0 AAA
N
Week.
58,553 5,925 13,814 4,655
18,700 6,091 8,200
698
80,496 2,082 28,464 2,540
73,531 3,120 30,495 2,826
54,772 2,668 29,365 3,245
134,071 7,478 49,480 12,082
96,552 5,126 55,584 7,060
7,613
99 2,412
44
18,476
275 12,414 2,642
111,770 6,520 54,267 14,146
210,900 8,561108,588 11,356
45,961 4,035 15,987 2,303
48,496 2,320 25,521 2,049
28,439 1,800 12,783 2,979
126,040 4,955 36,139 3,000
30,875 2,001 10,314 1,894
122,485 6,816 58,041 2,428
120,874 6,707 50,656 9,718
45,178 2,080 16,335 1,706
41.036 2,066 14,817 2,664
37,988
976 16,630 1,521
38,445 1,660 20,504 2,530
254,858 30,695 9,425 26,491
23,095 1,950 9,003 1,710
8,300
350
433
722
51,993 7,789 12,924 12,759
73,939 12,059 13,911 6,339
70,079 10,823 21,848 13,096
95,941 10,342 38,554 8,635
4,785
98 4,309
624
658,519 56,886 186,283 69,196
2,021
100
674
3
53,812 7,425 1,910 4,273
327
3,405
60 4,277
'7,389
613 1,504 1,450
88,470 8,592 21,290 6.213
,790,173211.694664,426 202.482
82,601 4,480 6,026 5,325
20,058 1.223 2,185 3,000
40,225 3,366 7,650 8.029
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,-.NC.,—.QWW VNOWVMM..C..etWW.0.0100.M=WW,—INW
Nvep.. w
CO
ci.c1,464. ci.T.i a,.ia,..:,,a—a.c.i.
m
.
Ala., Birming'm
Eufaula
Montgomery
Selma
Ark., Helena_ _
Little Rock
Pine Bluff_._
Ga., Albany_ _ _
Athens
Atlanta
Augusta
Columbus...
Macon
Rome
La., Shreveport
Miss.,Columbus
Clarksdale__ _
Greenwood_ _
Meridian_ _ _ _
Natchez
Vicksburg_
Yazoo City._
Mo., St. Louis_
N.C.,Greensb'ro
Raleigh
Okla., Altus_ _ _
Chickasha.,..
Oklahoma...
S.C.,Greenville
Greenwood .. _
Tenn.,Memphis
Nashville__ _ _
Tex., Abilene
Brenham _...
Austin
Dallas
Houston._ _
Paris
Ban Antonio_
Fort Worth
4,7091 9,437
769 6,228
1,802 25.251
3,290 25,310
2,703 22,905
10,983 46,760
5,604 48,302
88 2,485
850 12,783
4.928 56,423
5,512 62,217
2,201 4,454
936 9,158
900 15,203
1,000 35,000
1,947 11,188
315 53,827
3,377 63,284
1.159 18,030
1,875 9,763
1,225 14,658
1,623 18,338
24,640 3,870
1,245 6,124
800
634
10,179 24,683
7,096 16.380
6,678 24,663
5,850 30,107
296 3,007
60,480 146,911
37
182
4,088 2,592
126 5,392
1,200 3.100
4,966 20,632
194.416589,606
3.495 8,581
2,000 16,000
8,341 12,831
940 072901 700IA0annn
The above total shows that the inter'or stocks have increased during the week 31,264 bales and are to-night
191,050 bales more than at the same time last year. The
receipts at all towns have been 23,379 bales more than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
1925
Nov. 20
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Week.
30,695
14,730
1,177
2,424
6,805
20.677
Total gross overland
76,508
Overland to N. Y., Boston, ic__. 2,853
Between interior towns
647
Inland, &c.,from South
13,147
Deduct Shipments
Total to be deducted
Leaving total net overland •
Since
Aug 1.
1924
Week.
Since
A,g. 1.
246,356
113.130
9,527
19,673
69,014
180,763
24,640
9,460
1,957
1.696
7,374
15.374
185.042
84,080
5,553
21,085
69.797
149,137
638,463
60,502
514,694
22,518
7,819
132,357
2,168 • 36.726
537
8,235
7,071
157,641
16,647
162.694
9.776
202.602
59.861
475,769
50,726
312,092
•Including movement by rail to Canada.
Saturday,
Nov.14.
Receipts.
OWP.OWNO.O•
Towns.
Monday,
Nov.16.
Tuesday, Wednesday, Thursday,
Nov.17.
Nov.18.
Nov.19.
Friday,
Nov.20.
20.00November 20.02-19.7820.0019.8319.55 --20.02-20.05 20.00-20.01 19.83-19.85 19.55-194
December_ 20.02-20.10 19.78January.. 19.90-19.96 19.64-19.68 19.87-19.90 19.82-19.85 19.65-19.67 19.30-19.31
February.- - - - - - -- - -- - -March__ 19.64-19.70 19.42-19.48 19.53-19.56 19.53-19.54 19.35-19.37 18.92-18.S
- - - - -- - -- - -- - .April
-19.33-19.35 19.28-91.31 19.10-19.11 18.64-184
May
19.38-19.45 19.23June
-------------------------- July
19.13-19.15 19.00-10.04 195-113 192-1.04 180-1.82 18.35-18.3'
August...- - - - - - -- - - - September -----------------8---- October_ 19.60 bid 19.37-19.40 18.48-1.50 18. 0181 .31 17.80 Tone
Steady
Steady
Firm
Spot
Steady
Steady
Steady
nr......n. florally at'v
gtvadv
Firm
Steady
Steady Rarely at'
,
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on
ON HAND IN OCTOBER, &c.
Nov. 16 by the Census Bureau, will be found in full in an
earlier part of our paper under the heading "Indications of
Business Activity."
CENSUS REPORT ON COTTONSEED OIL PRODUC-Persons interested in this
TION DURING OCTOBER.
report will find it in our department headed "Indications of
Business Activity," on earlier pages.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that the weather during
the week has been generally much more favorable for cotton
than in the preceding weeks. While there have been many
rains, precipitation has been light and with higher temperatures and more sunshine cotton picking and ginning have
made good progress. Some localities still report, however,
that their sections are too wet.
-Galveston
Texas
Abilene
Brownsville
Corpus Christi
Dallas
Delrio
Palestine
San Antonio
Taylor
La.
-New Orleans
Shreveport
Ala.
-Mobile
Selma
(la.
-Savannah
-Charleston
S. C.
N.C.-Charlotte
Rain. Rainfall.
2 days 1.34 in.
dry
4 days 1.58 in.
2 days 0.06 in.
1 day 0.02 in.
dry
1 day 0.60 in.
2 days 0.04 in.
2 days 0.22 in.
1 day 0.03 in.
7 days 1.08 in.
1 day 0.02 in.
Thermometer
high 72
high 80
high 84
high 74
high 76
high _ _
high 76
high 82
high __
high.
high 79
high 74
high 71
2 days 0.27 in. high 76
7 days 0.83 in. high 72
7 days 0.30 in. high 73
low 46
low 30
low 50
low 48
low 40
low 36
low 40
low 40
low 36
low __
low 43
low 40
low 29
low 40
low 40
low 32
mean 59
mean 55
mean 68
mean 60
mean 58
mean_
mean 58
mean 61
mean _ _
mean 60
mean 61
mean .58
mean so
mean 58
mean 56
mean 51
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Nov. 20 1925. Nov. 211924.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Feet.
Above zero of gauge_
Above zero of gaugeAbove zero of gauge..
Above zero of gaugeAbove zero of gauge..
6.6
26.9
13.7
14.6
30.2
Feet,
1.7
31
7.1
5.0
7.0
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figuresdo 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.
2542
THE CHRONICLE
Receipts at Ports
Stouts at Interior Towns. ReceiptsfrontPlantaziotu
Week
E,ide91 1925. 1924. 1923. I 1925.
1923. 1925. I 1924. 1923
1924.
Aug.
21. 0383(1135.0041 62.7561 191.6011164,196 302.780120.892140,24 97.318
.
28. 148 566!113 4141I42,595!270,981.1 186,946 331.947 227.65 136.161 171.762
,
Sept.
250,017 165,180146,1
357,322 224.720 377,401336,359 202,954 191,584
II_ 222.l211222.121 170.272 306.490 306.4991 442.507304.90(1 304,900 235.378
18.. 358.6501276.460 256,747 643.994 415.060 519.567473.097 384.961 333.807
25._ 325.890 91,2281288.759 872.105 544.0921 577,954554.001 420.260347.148
Oct.
494.293366.4061329,949 957.762 603,5
670.922580.130425.841422.910
9. 367,670 320,698 273,052 1.137.618 796.030 811.088,547,516 513,193 413.218
16 _ 423.813 441.485281.213 1,267.365 898,351 948,192553.56(1543,806 122.317
23._ 81 028 339.292 277,177 1.385 04 1 057.200 1,060.002 500.706 498.150'190.987
30.. :176.061 388.465 349,038 1.516,099 1.196,181 1.086,495507,115 527.437 375.529
Nov.
7.549 mass235.636 1.568 011.307,376 1.165,368489.453 194,453 314.809
13.. 343.371 373,602307.46 1,646.17 1,411,2 1,179,333 421.540477,48 321,432
20._ 377 983 132.208 224,528 1 677.44 1,486.392 1,244,773409 247 487.58 289.968
The above statement shows: (1) That tho total receipts
from the plantations since Aug. 1 1925 are 6,149,479 bales:
in 1924 were 5,518 882 bales, and in 1923 were 4,410,018
bales. (2) That although the receipts at the clutports the
past week were 377 983 bales, the actual movement from
plantations was 31 264 bales, stocks at interior towns
having increased 469,247 bales during the week. Last year
receipts from the plantations for the week were 487,588
bales and for 1923 they were 289,968 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1924.
1925.
Week.
Season.
Season.
Week.
4.795.793
Visible supply Nov. 13
5,705,158
2,190,493
2,342,887
Visible supply Aug. 1
American in sight to Nov. 20_ _ _ 539.108 8,453,951 638,314 7,159,780
124,000
22,000
282,000
Bombay receipts to Nov. 19...
51,000
42,000
2,000
Other India shipm'ts to Nev. 19
150,000
16,000
687,800
86.000
633,200
Alexandria receipts to Nov.18-62.000
102.000
8.000
339.000
Other supply to Nov. 18_5-6_
40.000
6,413,266 12.201,038 5.552,107 10,306,073
Total supply
Deduct
Visible supply Nov. 20
5.874,338 5,874,338 5,110,026 5,110.026
Total takings to Nov. 20-a____ 538,928 6,328,700 442,081 5,196,047
378,928 4,824,500 341,081 .3,813,247
Of which American
160,000 1,502,21)0 101.000 1.282.800
Of which other
*Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
a This total embraces the Iota estimated consumption by Southern mills,
-takings not being
1.330.000 bales In 1925 and 1,212.000 bales in 1924
available-and the aggregate amounts taken by Northern and foreign
spinners, 4,996,700 bales in 1925, and 3.984.047 bales in 1924, of which
3.494.500 bales and 2.601.247 bales American. b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1. as cabled, for three years. have been as ffllows:
1924.
1923.
Since
Week.1Aug. I.
Since
Week.'Aug. I.
1925.
Nov. 19.
Receipts at
ce
Week.IASuign
51 00C "83 00c 22.00C
Bombay
Great
Great Conti- Japan&
Britain. neat. China. Total. Britain.
Bombay
1,0
1925
1924
8.0
1923
Other India2,0
1925
1924
1923
Total all
1925
1924
1923
9.000 14.000 24.000
1,000 10.000 11,000
21,000
13,000
14.000
2,000
10,000
ion noo
Since August 1.
For the Week.
Exports
from-
124 nor 38 000
16.000
2.000
11,000
3.09 23,000 14,000 40,000
3.000 10,000 13,000
9,000 23.000_ _. 32.000
Contineat.
Japan &
China.
Total.
11.000 115,000 130,000 256,000
46,000 103,00C 254,000
15,00
50,00 177,000 133,000 360,000
30.000 120.000
5,000 37,000
15.000 63.000
150,000
42,009
78.000
41,000 235.000 130.000 403.000
20,000 63.000 193,001 296,000
65 888 348 1188 Ill ono 4311,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
29,000 bales. Exports from all India ports record an in3rease
of 27,000 bales during the week, ard since Aug. 1, show an
increase of 110,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria, Egypt,
November 18.
Receipta (cantars)This week
Since Aug. 1
Exports (bales)
To Liverpool
To Manchester, &e
To Continent and India_
To America
1925.
1924.
1923.
310,000
3.166.436
430.000
3,507.045
460.000
3.088.343
Since
Since
Week. Aug. 1. Week. Aug. 1.
Since
Week. Aug. 1.
.3 9,000 69.522
11.000 64,09
10.000 52,309 10,000 76.095
18,000 110.280 9,250 112.375
1.000 21,76.5 1,000 24.676
9,750 65.337
54,044
8,000 116,940
4,000 16,256
Total exports
40,000 248,387 29.250 282.668 18,150 252,57
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Nov. 18 were
310.000 canters and the foreign shipments 40,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester sates that the market in
both cloths and yarns is steady. Demand for both yarn
and cloth is poor. We give prices to-day below and leave
those for previous weeks of this and last year for comparison.
[VOL. 121
1024.
1925.
811 Lbs. Shirt Cotton
vi Lbs. Shirt- Cotton
32s Cop lags, Common &IWO. 32s Cop ings, Common Andtwo
Ultras Twist.
UpTds
Twist.
'to Finest.
to Finest.
August
14
21
28
September
4
11
18
25
October
2
9
16
23
30
November
6
13
20
d.
3.
'0 a21
'0 a21
'0 a21
d. 3.d.
s. d. d.
d.
s. d. d.
s. d.
12.93
16.94
16 3 al6 6
tia265( 196 a20 2
a267415
13.07
196 020 2
16.08
16 3 al6 7
12 60 :5 a26 182 al8 4
15.76
16 2 al6 6
19Na2ON
20 a21
N a22
1034a22
155
15 4
156
156
al6 1
ale 0
al6 2
al6 2
12.51
13.01
13.57
12.91
:4
:4
(3
:3
180
180
17 2
174
a18 4
018 3
al7 6
al8 4
18.16
14.21
13.54
14.09
19,8021
185020%
18 al9N
18 al9N
17lfal9
155 al6 1
152 alb 6
14 6 alb 2
146 al5 2
4 2 al4 6
12.72
11.53
11.54
11.27
10.35
3474a263( 176
a26 180
akia25N 175
.
:3 Na2534 175
NNa26N 175
al8 6
al8 4
al8 1
al8 1
a18 1
15.23
14.09
13.53
13.45
13.58
17 al8N 41 al4 5
17Nal8N 42 al4 6
174fal8N 42 al4 6
02574
a25
a24N
a25N
10.49 :3341226 174 018 0
10.58 :3%828 173 al7 7
10 60
4a253‘ 17 4 al8 0
13.25
13.87
13. 63
-Shipments in detail:
SHIPPING NEWS.
Bales.
-Cedric,2.476- _ _Nov.13
-Nov.13
NEW YORK
-To Liverpool
4,077
Samaria, 1,601
-La
-Nov. 16-Pipestene County, 451___Nov. 13
To Havre
961
510
100
To Barcelona-Nov. 14-Hemland, 100
To Bremen-Nov. 16
-Bremen, 1,074
1,074
-Mont
88 Nov. 16
caned To Genoe 6
-Dante Alighted, 200___Nov. 13
1,056
To Rotterdam-Nov.13-Nieuw Amsterdam, 100
100
50
To Bergen-Nov. 13-Valacia, 50
To Venice
650
-Nov. 12
-Alberta, 650
-Nov. 14-Philadelphia, 13.216--HOUSTON-To Liverpool
Nov. 14
-West Ivis, 12,656
25,872
.Nov. 14
To Manchester
-Nov. 14-Philadelphia, 878.
2,043
West 'Ids, 1,165
To Havre
8.892
-Nov. 14-Saguache, 8,892
-Mercedes
To Antwerp
-Nov. 14-Saguache. 400, Nov. 13
de Larrinasta, 831
1.231
-Nov. 14-Saguache, 1.100.._ _Nov. 13
-Mercedes
To Ghent
de Larrinaga,800
To Copenhagen-Nov.14-Louisiana,400.._Nov.13
-Tampa, 1.90°
905
To Gothenburg-Nov.14-Louisiana,270___Nov. 13
-Tampa, 1,305
30
To Bremen-Nov. 14-West Munham. 9,796--Nov. 13
11,521
Mercedes de Larrinaga, 1.725
-West Munham, 350
To Rotterdam-Nov. 14
350
To Venice
L800
-Nov. 14-Georgia C, 1.800
-Georgia C.300
To Trieste-Nov. 14
3
1,409
-Nov. 14 Georgia 0, 1,400
To Naples
-Liberty Bell. 3,175
3.175
To Genoa-Nov. 13
4.110709
-Mar Adriatic°, 4.179
To Barcelona-Nov.13
To Oslo-Nov.13
-Tampa,100
-Nov. 16-Meanticut, 9,575-To Havre
NEW ORLEANS
11,797
Nov. 14-Gand. 2.222
700
To Antwerp
-Nov.16-Meanticut.500_ _.Nov.14-Gand.200
To Ghent-Nov. 16-Meanticut. 700
8
0
72
.
-West Ira. 1.317-- _Nov. 17- 2,7 0
To Rotterdam-Nov. 16
8paarndam, 1,465
-West Ira, 10,596--Nov. 18-Relberg,
To Bremen-Nov.16
18,046
7,450
-Nov. 13-Quistconck, 6,557 _ _ _Nov. 14-HuTo Liverpool
24,857
ronian,18,300
400
To Dunkirk-Nov.14--Gand,400
To Barcelona-Nov. 13-Prusa, 3.703
3
0
2 3
3 0
-Manila :
-Havre mart,. 5.930--Nov. 18
To Japan-Nov. 12
16,711
Maru, 10.781
-Havre Meru. 2.930
To China-Nov. 12
-Sinaloa, 800.._Nov. 13-Harmoy,
-Nov. 12
To Vera Cruz
1,133_ __Nov. 17-Lemptra. 1.749
5
6
50
3. 82
To Copenhagen-Nov.18-Hassell,550
20,826
-Nov. 17-Philadelphia. 4.479
GALVESTON-To Liverpool
West Wauna, 10.472; Gloria de
Nov. 14-Senator, 10,413:
Larrinaga.4,462
To Manchester-Nov. 17-Philadelphia, 457.._Nov. 14
9..43
5
8
Senator, 961; West Wauna,2,179; Gloria de Larrinaga,5,688 8 2 9
-Mar Adriatic°,8.439
To Barcelona-Nov.16
1,825
-Nov. 16-Jomar. 1,825
To Oporto
To Japan-Nov. 16-Vancouver Mara. 4,400-._Nov. 138,201
Singapore Meru, 3,801
26.205
To Havre-Nov. 14-Ontario, 9,119: Oakwood, 17,086
8
70
ToAntwerp-Nov. 14-Oakwood, 1,150: Mercedes de Larrin- 1.900
aga,
-Oakwood. 950; Mercedes de Larrinaga,
-Nov. 14
To Ghent
4.476
3,526
To Genoa-Nov.14-Monbaldo,4.889: Liberty Bell, 4,425--- 9.314
3.436
To Venice-Nov. 14-Georgia C, 3,436
-Nov. 14-Georgia C,50
To Trieste
-Tampa. 1,945
5
5
1,940
To Gothenburg-Nov. 13
To Bremen-Nov. 14- West Munham, 675; Emergency Aid,
18,459
10,608; Mercedes de Larrinaga, 7.176
To Rotterdam-Nov. 14-West Munham, 300; Emergency
800
Ald,500
-Arahla
-Nov. 12 - - Meru, 2.975
PORT TOWNSEND-To -----13-ShIdzuoka Meru, 5.284
8.259
-Nov.
To China-Nov. 13-Shidzuoka Meru, 199
9
12
4,89
SAVANNAH-To Liverpool-Nov. 14-Urla, 4,829
2,800
To Manchester-Nov. 14-Urla, 2,800
-Marken. 3,150,.-Nov. 14-ShahriTo Bremen-Nov. 13
7.200
- -_-,
--- , -,.sten, 4.050---,
750
---marken, 750
To Rotterdam-Nov.--City
To Japan-Nov. 18-Ryntuku Marti. 8.000- _Nov. 20'
14,248
of Bedford, 6,248------- 1,000_ _Nov.
CHARLESTON-To Bremen-Nov. 14-Marken,--Nov. 19-Fluor Spar, 9.733
12,233
15-Bockenheim, 1.500
To Antwerp-Nov. 14-Marken, 1,952
To Hamburg-Nov. 15-Bockenheim, 1,521.._Nov. 19
2
3
95
Fluor Spar, 132----------------------------- • 1,65
1
lida,- Ai
11.,819572
To Liverpool-Nov. To Manchester-Nov.13-Urla. 197
-To Manchester--Nov. 17-3anchester merchant,
NORFOLK
--Cold Harbor. 3.150
7
25
30
4, 0
500; Belgian,625- __Nov. 19
To Copenhagen-Nov. 18-St. Anthony. 1.000
To Rotterdam-Nov. 18-Gasterdlik. 300
-Belgian, 1.100
-Nov. 17
1,100
To Liverpool
3,000
To Japan-Nov.16-Cityof Bedford. 3.000
MOBILE-To Japan-Nov. 4-Ensley city. 1.5oe
.
To Liverpool-Nov. 14-Oranian, 5.666; Coahoma County,
4,135 ------------------------------------'101
9 99
To Manchester-Nov. 14-Coahoma County, 499
460
To Barcelona-Nov.19-Balmes,460
1,604
SAN PABLO-To Liverpool-Nov. 17-Grootendijk, 1,604
-La Marselllaise, 200
200
To Havre-Nov. 17
1.000
To Japan-Nov. 12-Rakuyo maru. 1.000
-Wales Meru. 500
500
To China-Nov. 12
-Pros. Taft, 640
640
-To Japan-Nov. 13
SAN FRANCISCO
775
-Pros. Tart,775
To China-Nov.13
-Nov.19
-Jacques Cartier, 700
700
PENSACOLA-To Havre
2,200
-Fluor Spar, 2,200
WILMINGTON-To Bremen-Nov.16
800
-Nov.16-Fluor Spar. 800
To Ghent
148
BOSTON-To Liverpool-Nov. 4-Winifredian, 148
-Nov. 14-Washington, 1,500
1.500
-To Manzanillo
SAN DIEGO
Total
371.629
Nov.21 1925.]
THE CHRONICLE
2543
I
0000cc0000pe,,, 1
4.
i...7 Z.: ia :cc. 4.• in 4.a” :a.4.8 •
4
o.
a no cc, co c.. .— c.co co
LIVERPOOL.
-By cable from Liverpool we have the fol- pacity of the Western division would be taxed for fourteen
lowing statement of the week's sales, stocks, &c., at that port months to dry all tough wheat in Alberta. This situation,
Oct. 30. Nov. 6. Nov. 13. Nov. 20. it is argued, will force the Alberta wheat to come East inSales of the week
34.000
37,000
41,000
37.000 stead of going
to Vancouver. North American wheat exOf which American
19.000
22.000
21.000
22,000
Actual exports
1.000
1.000
1,000
2,000 ports last week were 9,628,000 bushels, against 16,248,000
Forwarded
76,000
71.000
70.000
79,000 last year. World exports last week
were 10,716,000 bushels,
Total stock
498.000 557.000 558,000 568.000
Of which American
267,000 279.000 against 11,301,000 in the previous week and 20,576,000 last
.
.
Total imports
111.000 113.000
83.000
96.000 year. Wheat on the 14th inst. advanced
11 to 2%c. early
/
2
Of which American
94.000
77.000
49.000
68,000
Amount afloat
323.000 398,000 393,000 438,000 on the bullish Argentine estimate, reduced yield in AusOf which American
203.000 272,000 284.000 337.000 tralia and higher cables. The
official Australian
The tone of the Liverpool market for spots and futures timate was 100,000,000 bushels, and an exportable crop essurplus
each day of the past week and the daily closing prices of of 56,000,000 bushels. The crop last year was 151,200,000
cotton have been es follows:
spot
bushels. Rumors of Continental demand were afloat. Small
Western stocks and light receipts accentuated the firmness
Tuesday. Wednesday. Thursday.
Saturday. Monday
Spot.
Friday.
of December. On the 17th inst, prices advanced 43 to Sc.,
Market, (
A fair
A fair
A fair
with export sales of 2,500,000 bushels. Bad Argentine crop
Good
business
business
Quiet,
12:15 1
business
Quiet.
news told. On the 18th inst. prices fell on increased selling
demand.
doing,
P.M. i
doing,
doing.
•
In Liverpool and the Northwest. Increased offerings were
10.73
10.79
Mid.Uprds
10.61
10.79
10.74
10.60
the feature. Export sales were down to 600,000 bushels,
Bales
7.000
7,000
7,000
3,000
6,000
5,000
mostly Manitoba to England. In central and southern
Argentina the crop outlook was said to be good. In the
Quiet,
Futures. Quiet, un- Steady.
Steady,
Quiet,
Quiet.
Market I changed to 6 to 17 pts. 3 to 5 pts. 7 to 11 pts. 3 to 5 pts. 7 to 9 pts. north it was called bad. The damage was declared
to have
decline,
Opened
advance,
J 3 pta. dec advance.
decline,
decline.
been exaggerated. Beneficial rains fell in India and also in
arket, ( Steady, Quiet but Quiet but Quiet but
Quiet, Barely st y. Australia. The weather was favorable in the Northwest.
.
steady,
4
1 5 to 12 pta rit'dy 1 pt
steady, 11 to 13pts. 13 to 14pts.
In Canada threshing progresses. The car lot receipts at
P. M. 1 advance, decline to 6 to 9 pta. 9 to 12 pta. decline.
decline.
decline.
15 pta. adv
advance.
1
Winnipeg were large. Bryant cabled from Buenos Aires:
Prices of futures at Liverpool for each day are given below. "In Santa Fe Cordoba, Entre Rios and northern Buenos
• Aires provinces, deterioration, due to September frost and
Sat.
Mon.
Tues.
Wed.
Thurs.
Frt.
rust. Present time weather conditions very favorable for
Nov. 14
123i 1234 1234 4:001 1234 4:00 1234 4:00 1234 4:00 1234 4:00 further development of rust. Crop in good condition southto
Nov. 20.
P. m.P. m.P. m• P• m•P• In• P. M.P. m.P. m.P. M P. M.P. m p. m. ern Buenos Aires and Pampas. Critical stage at hand.
Rain
- would benefit Pampas." The
Argentine estimated surplus
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
covember --------10.32 10.49 10.47 10.43 10.3 10.49
10.44 10.38 10.30 10.25 was at one time stated at about 32,000,000 in excess of last
3ecember_____ -__ 10.37 10.52 10.49 10.45 10.4110.60
10.45 10.39 10.31 10.26
while the private estimates have been from 65,000,000
ianuary ______ _-__ 10.40 10.53 10.47 10.43 10.3 10.4
'
10.44 10.3 10.30 10.25 year,
February _____ ____ 10.39 10.50 10.4 10.4010.36 10.47
10.43 10.36 10.2810,23 to 70,000,000. The lower estimate may sharpen the demand
garch
10.4610.57 10.51 10.46 10.42 10.53
10.4910.42 10.34110.28 for Canadian grain, which should
be reflected by a strong
kprli
10.45 10.55 10.49 10.44 10 41 10.51
10.47 10.40 10.32110.26
day
market in Winnipeg and react on American markets. A
10.47 10.58 10.51 10.47 10.4310.53
10.51 10.43 10.35110
.
29
tune
10.41 10.5()10.43 10.39 10.36 10.47
10.4510.37 10.2810.23 world wheat crop 300,000,000 bushels in
excess of last year's
ruly
10.41 10.48 10.41 10.37 10.34 10.44
10.4310.36 10.26 10.21
kugust
____ 10.34 10.40 10.3 10.30 10.2 10.3
10.33 10.25 10.16 10.11 was forecast by the Department of Agriculture on a basis of
3eptember..._ _--- 10.2 10.35 10.2 10.25 10.2 -10.29
.
10.28 10.1 10.12 10.06 estimates received up to Nov. 12. Prices advanced
3 to 4c.
)ctober
____ 10.20 10.27 10.2 10.17 10.14 10.21
10.21 10.12 10.04 909
later with talk that Argentina's crop had lost 37,000,000
bushels. Buenos Aires advanced. Export sales were 500,BREADSTUFFS
000 bushels, with rumors of much more. To-day prices advanced sharply, after which there was a reaction of 1 to 2c.,
Friday Night, Nov. 20 1925.
Flour has been in much the same position as regards ac- leaving the close unchanged to 1%c. higher. Export sales
tual trade as for some time past. Consumers still adhere were put at 2,000,000 bushels to England and the Continent,
to the policy, of watching events and buying only as their mostly Manitoba. It included some durum, however. July
immediate needs require. At one time spring patents and wheat reached a new peak for the season. Foreign markets
hard winter straights advanced slightly. Otherwise quota- were strong. They are nervous over the Argentine outlook.
/
1c.
tions were largely nominal. The firmness of old wheat Buenos Aires was said to be 82 higher than yesterday and
tended to sustain prices, but trade is in a deep rut from Rosario 10c. Cables to-day said that there had been damage
which the passing events of the day are powerless to ex- in northern Argentina, but that the southern Pampas had
tricate it. Talk was heard now and then early in the week had rains, which made the prospects fine at this time, with
of export demand, but it seemed for the most part nothing an export surplus of 4,100,000 tons of new wheat and 500,/
1
more than talk. Late last week 21,137 sacks were cleared 000 tons of old. Liverpool advanced 4 to 42d. and Argen/
1
from New York for various parts. New export business tina, according to the regular cable, 52 to 6c. up to noon.
was rare where there was any at all. Later new export Later the rise there increased. Minneapolis December was
demand seemed still to be lacking. The clearances from 7%c. under Chicago December. Manitoba premiums ad1
2
New York on the 14th inst. proved to have been 2,050 sacks, vanced / to %c. American receipts were small. Argentine
which was, of course, insignificant, but the quan.pity cleared exports for the week were a little more than 1,000,000 bushfrom New Orleans was 66,000 bbls., making a total move- els. From India, none. Some private cables put the Arment from all Atlantic ports for that day of 67,000 bbls. gentine crop at 200,000,000 to 255,000,000, or anywhere from
Shipments from New York last week were 178,428 sacks, 20,000,000 to 35,000,000 less than the Government estimate.
against 105,766 sacks for the week previous. So it keeps The Argentine forecast was for rains. Some cables said
going out. A reasonable inference seems to be that more that would be bad. The drift of the Argentine estimates is
export business is going on somewhere than is reported. down towards a figure about the same as that of last year.
Later it was admitted that Germany and southern Europe Final Chicago prices for the week show a rise of 42 to 8c.
/
1
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
were buying. Clearances from New York on the 17th inst.
Sat. Mon. Tues. Wed. Thurs. Fri.
were 08,407 sacks, mostly to Hamburg and Rotterdam. New No.2 red
cts_177 175% 1801-1 17635 180 180
Orleans cleared 2,000 bbls., making total Atlantic Seaboard DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
exports 51,000 bbls.
Sat. Mon. Tues. Wed. Thurs. Fri.
153
Wheat declined for a time on profit taking. Differences December delivery in elevator_cts-155% 148% 156 154% 15731 158
May delivery in elevator
149%
15231 151
154 154%
July delivery in elevator
narrowed between Chicago and Minneapolis. At one time
131% 130% 134% 133% 136 137%
prices advanced, owing partly to a decrease of 4,200,000 DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
bushels in the quantity on ocean passage and bad crop re- November
delivery in elevator_cts-138 g 136% 140% 139% 141% 143
ports from Argentina. The increase, moreover, in the Amer- December delivery in elevator
132% 130% 135% 134% 136% 138
May delivery in elevator
ican visible supply last week was only 126,000
134% 133% 138% 137 139% 140
bushels, J dellvery in elevator
.uly
134 133 137% 136% 13831 139
against 3,453,000 in the same week last year. The total
is
Indian corn declined, but only slightly, early in the week.
only 43,324,000 bushels, against 98,160,000 a year ago.
December was sold against purchases of May. Canada But The firmness of December was a sustaining factor. At one
sent favorable crop reports. The weather there was has time it advanced. For country offerings were small to
for threshing and it made very rapid progress. But good arrive at Chicago and the American visible supply decreased
on
17th inst. prices suddenly advanced 4c. on December the last week 619,000 bushels, against a decrease in the same
3 to Sc. on later months. May was in most demand and week last year of 192,000 bushels. It now totals only 1,458,from 000 bushels, against 7,285,000 a year ago. Later prices
overcrowded shorts. Liverpool advanced 24 to 2 d.,
weak/ Bue- ened, with the weather clear and cold
1
2
and offerings larger.
nos Aires 2 c. and Winnipeg 31
/
1
2
/j,c., with a big export de- At Memphis exporters bought
No. 3 yellow from southeast
mand. Rust reports came from Argentina with the
bad. Winnipeg's export sales were estimated at weather Missouri at the basis of 92c. Prices advanced on the 14th.
to 4,000,000 bushels, or more. Europe disregarded 3,000,000 Inst. on covering of shorts, due to bad weather forecast,
Chicago's light stocks, small country offerings and a
decline of the 16th inst. It wants wheat and seems
rise in wheat.
over the Argentine news of bad weather in parts nervous Decatur, Ill., wired: "Supplies of old corn for shelling are
of that practically exhausted; weather
conditions have not been
country. The better Canadian outlook was evidently
not good lately for gathering corn, but in most
considered a sufficient offset. Yet the Canadian
localities the
movement work has been pushed right along.
was summed up as follows: Shipments from the farms
Corn as far north as
up Decatur is probably half out of the
pit, but further north
to the close of business Nov. 14, 200,000,000 bushels;
loaded
out, 167,000,000 bushels; inspected, 153,000,000; unloaded it is less. We believe most farmers are getting about five
bushels per acre more than they figured on
at Fort William and Port Arthur, 118,000,000; shipped
Oct. 1. Indicaout
of Fort William, 105,000,000 bushels. Both Canadian rail- tions are that the grower is well enough satisfied with present prices to bring in his surplus after
roads have had to embargo Vancouver. The drying
he has filled his
ca- cribs." Export sales later were
100,000 bushels. It may be
2544
THE CHRONICLE
the entering wedge for a larger foreign business. To-day
prices felt the effects of good weather, weaker cash markets and the sluggishness of speculation. Shorts were about
the only buyers. Finally prices closed % to %c. lower for
the day. Cash prices dropped 1 to 2c. The weather forecast
was good. Receipts were moderate. Export sales to the
Continent were 150,000 bushels. Export premiums were
stronger. English cables said that Russia was rebuying
feed grains. Last prices show a decline for the week on
this side of % to 2c., the latter on December. There were
predictions of larger receipts.
Kansas City
Wichita
St.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
[VOL 121
Wheat.
bush,
4,066.000
2,641,000
1,594,000
3.000
471,000
1,044,000
1,130,000
340,000
Corn.
Oats.
bush.
busk.
60.000 6,288,000
5.000
233,000.
165,000
124.000
18,000 1.392,000
786,000
107.000
73,000 4,724,000
Rye.
bush.
104,000
Barter
busk.
87,000
6,000
3,000
2.000
57,000
8.000
24,000
Total Nov. 14 1925
43,324,000 1,458,000 64,833,000 10,548.000 6,058,000
Total Nov. 7 1925
43,198.000 2.077,000 65,038,000 10,275.000 5.978,000
Total Nov. 15 1924...._98,160,000 7.285,000 67.603,000 19.743,000 5.526,000
,vote.
-Bonded grain not included above: Oats, New York,61.000 bushels: Buffalo,
220.000; Duluth. 80.000; total, 361,000 bushels, against 1.049,000 bushels In 1924.
Barley, New York, 662,000 bushels: Boston, 140,000; Baltimore. 30,000: Buffalo,
DAILY CLOSING PRICES OF CORN IN NEW YORK.
1,428.000; Duluth, 165,000; Canal, 345,000; on Lakes, 55,000: total, 2,825,000
Sat. Mon. Toes. Wee. Thurs. Fri.
No. 2 yellow
cts_104% 104% 103% 102% 101% 100% bushels, against 3,075,000 bushels In 1924. Wheat. New York. 1.114,000 bushels;
Boston, 40,000: Philadelphia, 281,000; Baltimore, 173,000; Buffalo. 2,618,000;
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Buffalo afloat. 1,303.000; Duluth, 286,000; Toledo, 72,000; Chicago, 166,000; on
Sal. Mon. Tues. Wed. Thurs, Fri.
Lakes, 1,160,000: on Canal, 1,392,000: total, 8,614,000 bushels, against 5,420,000
December delivery in elevator-cts_ 77
77% 76% 75H 75% 74% bushel. In 1924.
May delivery in elevator
79% 78
804 80% 80% 79
Canadian
July delivery in elevator
81% 81% 81% 80
80% 80% Montreal
140.000 1,607,000
705.000
79,000
4,578,000
1,966,000 1,312,000 4,153,000
slow Ft. William & Pt. Arthur_20.917,000
Oats declined slightly at one time. Trade was too
56,000 1,201,000
Other Canadian
787,000
11.171,000
to admit of wide fluctuations. But some weakness in other
grain was reflected in a small decline in prices for oats.
The American visible supply decreased last week 205,000
bushels, against a decrease in the same week last year of
793,000. It Is now 64,833,000 bushels, against 67,603,000 a
year ago. Shipping demand increased later. Export sales
were 200,000 bushels. To-day prices fluctuated within the
limits of %c. ending unchanged to %c. higher. The undertone was very steady. Premiums on cash oats were tending
upward. Receipts were only moderate. Cash demand was
rather brisk. Export business, however, fell off. Realizing
sales were well taken even if the market was not big enough
for a marked advance. Last prices show a rise for the week
of % to lc., the latter on December.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
No.2 white
50%
cts_ 48% 48% 48% 49% 50
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cta_ 38% 38% 38% 39% 3
91 39%
May delivery in elevator
43%
43% 43% 43% 43% 43
July delivery in elevator
44%
43% 43% 44
44% 44
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues, Wed. Thurs. Fri.
December delivery in elevator_cts_ 465( 46% 4734 46
46% 46%
4434
May delivery in elevator
44
43% 4334 43% 43
July delivery in elevator
46% 46% 47
46% 4734 47
Rye declined slightly early in the week with other grain
lower and rye itself still very quiet. Later there was an
advance. The American visible supply last week increased
273,000 bushels, against an increase in the same week last
year of 1,073,000 bushels. As the case now stands the total
is 10,548,000 bushels, against 19,478,000 last year. On its
face the statistical position favors owners, but on the other
band, this theoretical advantage is nullified by the dulness
of trade. To-day prices closed lc. higher. Rye showed
individual strength without regard to other grain. It was
helped more or less by a rise in wheat. It ignored corn.
.
Trading was not active; in fact, it was only moderate. But
the offerings were not heavy. At one time to-day prices
/
were up 21 2c., but a reaction took place before the close
on realizing and towards the end a reaction in wheat did
have some effect on rye. The export demand was light.
Last prices show a rise for the week of 6c. Of barley 150,000
bushels were sold to exporters to-day. Russia was said to
be repurchasing feed grains.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts. 82
8134 84% 8434 8634 8734
88% 87% 91
91
92% 9334
May delivery in elevator
Closing quotations were as follows:
FLOUR.
$8 4048 75 Rye flour, patents
$5 1045 50
Spring patents
4%c.
7250 765 Seminole No. 3. lb
Clears, first spring
2 70a 2 80
Soft winter straights____ 7 500 7 85 Oats goods
2 75a 2 85
Hard winter straights-- 8 404 8 75 Corn flour
Hard winter patents__-- S 75a 9 25 Barley goods
Nos. 2. 3 and 4
4 00
7 00a 7 75
Hard winter clears
Fancy pearl, No. 2, 3
Fancy Minn. patents-- 9 90410 55
and 4
7 00 •
City mills
10 05a10 55
GRAIN.
Oats, Now York
Wheat, New YorkNo. 2 white
1.80
No. 2 red. f.o.b
No. 3 white
None
No. 1 Northern
No. 2 hard winter,f.o.b......-1.81% Rye, New York
No. 2 f.o.b
Corn, New YorkBarley, New York
No. 2 mixed
Malting
100%
No. 2 yellow (new)
For other tables usually givenlhere, see page 2489.
5034
49%
96%
86 089
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 5, were as follows:
United StatesNew York
• Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
" afloat
Detroit
Chicago •
" afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
GRAIN STOCKS.
Barley
Rye.
Oats.
Wheat.Corn.
bush
bush.
bush.
bush.
bush,
366,000
180,000
3,000 1,073,000
295,000
3,000
67,000
1,000
151,000
4,000
473.000
13,000
775,000
27,000
49,000
85,000
1,603,000
20,000
36,000
95.000
368,000
126,000
14,000
367,000
23,000
374.000
2,633.000
84,000 3,124,000
267,000
687.000
798,000
1,763,000
2.000
3.000
887,000
781,000
83,000
97,000
25,000
195,000
185,000
30,000
838,000
395,000 10,495,000 3,115,000
3,896,000
129,000
31,000
203,000
500,000
5,000 1,583,000
719.000
7,490,000 3,641,000
10.750,000
8,507,000
14,000 22,826,000 2,554,000 2,950,000
22,000
713,000
123,000
51,000
63,000
28.000
76,000 1,322,000
1,392,000
Total Nov. 14 1925
79.000 3,458,000 1.508.000
36,666.000
Total Nov. 7 192530,500,000
105,000 3,304,000. 1,558,000
Total Nov. 151924_ __ _31,543,000
516.000 12,397,000 2,164.000
Summary
American
43,324.000 1,458.000 64,833,000 10,548.000
Canadian
79.000 3,458.000 1,508.000
36.666,000
6,961,000
7,059.000
4,995,000
6,058,000
6,961.000
Total Nov. 141925___ 79,990,000 1,537.000 68,291,000 12.056.000 13,019.000
Total Nev. 7 1925..__ 73.748.000 2.182,000 68,342,000 11,833,000 13,037,000
Nov. 15 1924_ __129.706.000 7.801,000 80,000.000 21.907.000 10.521,000
TWA
WORLD WHEAT CROP LARGER THAN LAST
YEAR'S.
-Wheat production in 32 countries of the Northern Hemisphere this year is nearly 300,000,000 bushels
more than last year, being 2,953,000,000 bushels, compared with 2,684,000,000 bushels in 1924, according to a
report issued on Nov. 17 by the United States Department
of Agriculture, on the basis of estimates received up to Nov.
12. The 1923 crop was 3,022,000,000 bushels. The report
is as follows:
The outturn In the Southern Hemisphere is still somewhat uncertain
but conditions to date indicate a crop about the same as last year. A
reduction of 65.000,000 bushels under last year in the Australian crop
according to a preliminary estimate may be offset by an increase in the
Argentine crop, where conditions to date have been unusually favorable
ana record adreage is reported. The crop in the Union of South Africa is
forecast at 8.341.000 bushels, which is somewhat above the average production.
The Canadian crop is now placed at 422,000.000 bushels, compared with
a previous estimate of 392,000.000 bushels. The crop last year was 262.000.000 bushels. There should be available for export and carryover
from the Canadian crop this year somewhat more than 300.000,000 bushels.
Only about 800.000 bushels of Canadian wheat was imported duty paid
from July 1 to Nov. 7, the Department adds, and the price differential at
present is not sufficiently wide to encourage heavy imports from that
country. Prices of wheat In world markets fell rapidly early in the season
in adjusting from an old to a new crop basis, the low point being reached
in October, but there has been some rise since then.
Recent reports indicate that estimates of the Russian crops have been too
high and that exports will not be so large as expected. Revised estimates of
the Spanish crop during the past week show an increase of 30.000,000
bushels above previous estimates. The Belgian wheat crop is placed at
14,000,000 bushels. against 13,000.000 bushels last year.
A preliminary forecast of the Australian wheat crop places production at
99.000.000 bushels, compared with 164,000.000 bushels last year and
125.000,000 bushels in 1923. The final outturn may be changed, depending upon weather conditions the remainder of the season. Domestic wheat
requirements in Australia are placed at 45,000.000 bushels, leaving somewhat more than 50,000.000 bushels available for export and carryover.
Exports from the large crop of 1924-25 have nearly exhausted the estimated
surplus, an indication that the carryover at the beginning of the Australian
cron year Dec. 1 will not be above normal.
The Canadian flaxseed crop this year is estimated at 9.354.000 bushels,
compared with 9,695,000 bushels last year; barley. 113,118,000 bushels,
compared with 88,807,000 bushels; rye. 14,434,000 bushels, against 13.751.000 bushels, and oats, 521,922,000 bushels, against 405,976,000
bushels.
!
WEATHER BULLETIN FOR THE WEEK ENDED
NOV. 17.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Nov. 17, follows:
There were considerable fluctuations in temperature during the week in
the Southern and Atlantic States, but throughout the interior, western,
and northwestern portions of the country, changes from day to day were
unimportant. East of the Rocky Mountains more seasonable temperature
than had recently prevailed was the rule. In the South there was a gradual warming up during the first couple of days of the weal , and by the
12th minimum temperatures were above 70 deg. in some southeastern
districts,
at the same time warmer weather prevailed in the Middle
A
area.
-14th high pressure and cooler weather overspread the
During the 13
Southeast, but warmer conditions again prevailed in this area by the 15th,
to be followed, however, by a sharp drop in temperature on the succeeding day when the line of freezing extended locally to the northern portions
of the east Gulf States. In most of the western Plateau and northwestern
districts morning temperatures persisted around 20 to 30 deg.
For the week, as a whole, the temperature averaged normal or above
in all sections east of the Rocky Mountains, except in the west Gulf area
where there was a slight deficiency. 11•9 shown by Chart I. In the Central
Northern States and Northeast the weekly means were from 4 to 10 deg.
cooler than normal in the Central and Southern
above normal. It was
States from the Rocky Mountains westward. The line of freezing did not
extenrepart ar south as during recent weeks, and no zero temperatures
ware d as f d.
e
Except in the Pacific Northwest, fair weather prevailed in all sections
of the country at the beginning of the week, but a depression soon appeared
over the western portion of the Gulf of Mexico, and passed inland at the
mouth of the Mississippi River. It moved thence in a northerly direction •
to the eastern Lake region, and was attended by general rains in practically
all sections from the 'Mississippi Valley eastward, with some heavy falls
in the Southeast and East.
On the morning of the 13th another storm was charted over the southern
Rocky Mountains, and this moved southeastward to western Texas and
thence northeastward to the upper St. Lawrence Valley by the 16th.
During its passage rain occurred over the southern Great Plains and rain
or snow was again general east of the Mississippi Valley, though the falls
were mostly lighter than in the other case. Rainfall was of daily occurrence
in the northern Pacific districts, but In the far Southwest another rainless
week was experienced.
Chart II shows that the totals of rainfall for the week ranged generally
from 1 to about 2.5 inches in nearly all sections east of the Mississippi
ific coast where some stations
Valley. It was heav alontettheeennorg
ry
wmearaeagreangrePacese
ted nearra4 l h .
ana
aa
eas
esrirarntso
considerable sections of the Southwe
rrinf during the week. There was much cloudy weather from the Lake
a
ri
ar
region eastward and along the north Pacific coast, but otherwise the week
had considerable sunny weather
East of the Mississippi River the continuation of rainy weather made
further unfavorable conditions for farming/operations in most sections.
Nov.21 1025.]
THE CHRONICLE
although in parts of the Southeastland Middle'Atlantic States the comparatively lighter rainfall and more sunshine permitted considerable field
work. In the Ohio Valley fields were still too wet and muddy for seeding
and for gathering of corn, while In most of the Lake region outdoor operations were suspended by reason of rain or snow. The showers in Florida
were beneficial In relieving the drought, and fall crops generally made
satisfactory advance throughout the Southeastern States.
In trans-Mississippi sections from the west Gulf area to the Canadian
border, the generally fair weather and moderate temperature made the
most favorable weather for seasonal farm operations that has prevailed
for several weeks, although it continued too wet in parts of the extreme
lower Missouri Valley. Corn dried out fairly well In most of this area
and much gathering was accomplished.
Conditions were generally favorable over the groat Western grazing sections. where the mostly moderate temperatures and absence of severe storms
were favorable to livestock. In the north Pacific districts the rainfall was
beneficial as far south as northern California, but generally in this State
fall pastures were still needing rain and plowing and seeding were further
delayed because of insufficient moisture.
SMALL RA1NS.—There has been but little change in the outlook for
winter cereals during the past week. Sowing, where not completed was,
mostly at a standstill, except in the east Gulf States and in California.
where seeding progressed slowly
Weather conditions have been favorable for growth; early-sown wheat is in excellent condition and progressing rapidly, while that planted later is coming up well, though more
slowly. Harvesting grain sorghums Ls nearly finished in Oklahoma and
frost has stopped the growth of this crop in Arizona. Rice harvest Is
nearly completed in California, but was delayed somewhat in Louisiana
and there is still some threshing to do In Texas.
CORN.—Except in much of Missouri, the weather in the western portion
of the corn belt was more favorable than recently for drying out corn and
for gathering the crop; in fact, It was the most favorable week of the fall in
the upper Mississippi Valley and in most of the Great Plains. Husking is
now well along In northwestern Iowa, but is less than half completed In the
central and eastern portions of the State. and much of the crop is still out
in the Central Plains area. In Missouri and generally from the Ohio Valley
eastward it was still too rainy and wet, and fields were too muddy to permit
extensive husking, while there were further complaints of corn being damaged in the fields. There was also additional interruption to harvesting in
the extreme lower Mississippi Valley, but in the Northwest picking was
resumed under more favorable weather conditions.
COTTON.—In the northwestern and extreme western portions of the
cotton belt, including western Tennessee, Arkansas, Oklahoma and western
Texas,the generally light rainfall and more sunshine made better conditions
for picking and ginning. It was still too wet, however,in some central districts, and high winds were somewhat detrimental in the northeastern
portion of the belt.
Picking made good to excellent progress In Arkansas. Oklahoma and
western Texas, but only fair In the eastern portion of the last-named State.
Reports Indicate considerable damage to cotton by the persistently wet
weather over the western portion of the belt. In Oklahoma practically
all cotton remaining In the field is of low grade. That in Arkansas
during the rain was damaged badly, but most of it will probably beexposed
picked,
although a considerable quantity on the ground is worthless and will not
be gathered.
The little remaining unpicked cotton In Louisiana Is of low grade, and
there were still complaints of sprouting and staining of staple In Mississippi
and Alabama. In North Carolina bolls have opened in good shape, but
there has been considerable harm by lowering of the quality, though not
materially in loss of quantity. Frosts in Arizona have stopped the growth
of cotton in that State.
The Weather Bureau also furnishes the following resume
of the conditions in the different States:
Virointa.—Richmond: Moderate temperatures and good rains middle
of wbek favorable for winter grains, pastures, and meadows, but with high
winds retarded corn husking and other farm work. Streams improved,
but still low in most parts of interior. Favorable for preparing tobacco
for market.
North Carolina.—Raleigh: Scattered cotton to gather in central and
considerable in north; bolls opened in good shape, but considerable damaged
to staple by being blown out, lowering quality, but not materially reducing
yield. Good progress in threshing peanuts; crop good. Housing corn an
sowing grain hindered by rain and wet soil; wheat, oats, and rye already
sown doing well. Some increase of stream flow.
South Caroltna.—Columbia; Winter cereal growth improved by intermittent rains and rather warm weather; week closing cold, but planting
retarded account wet soil. Sweet potato and peanut harvests continue
with fair yields; late potatoes short. Late truck growing nicely. Stream
flow improved.
51111
Georgia—Atlanta: Frosts at beginning and end of week, but middle
portion warmer: abundant precipitation. Conditions generally favorable.
Good stands of winter cereals; condition excellent. Winter cover crops
growing well. Much resetting of cabbage plants in coast trucking districts
owing to poor start. Grinding cane continues. Many fields of peppers
ungathered.
Flortda.—Jacksonville: Moderate temperature, except last day when unseasonably cold with light to heavy frost in west and extreme north; showers
and locally heavy rains benefited truck, cane, strawberries and ranges, hut
soil too wet In portions of west where work delayed in some localities. Shipping truck in moderate quantities. Cane grinding active. Shipping citrus.
Including satsumas In west, increased. Oats fair to good; sowing continued.
Alabama.—Montgomery: General and locally heavy rains first part;
scattered showers on two days thereafter. Rains interfered with harvesting
sweet potatoes and corn, and delayed completion of cotton picking in some
west and north areas and lowered grade of unpicked cotton; some cases of
cotton sprouting on ground and practically ruined. Sowing oats progressed
slowly. Pastures and truck crops in more southern portion doing fairly
Mississippi,—Vicksburg: Week mostly fair, except for rain Sunday. well.
ress of cotton picking mostly fair, but considerable sprouting andProgseed
damage with much staip, resulting in financial loss, and affecting about
third of entire crop in north and central. Considerable unhoused
corn
damaged. Pastures made good progress in south and central.
Louisiana.—New Orleans: Heavy rains first part of week
fields, hindering harvesting of sugar cane, sweet potatoes, caused muddy
rice and
sugar cane grinding progressing slowly; cane immature; tonnage corn;
heavy,
but sugar content low. Little remaining unpicked low
gathered. Pastures and truck generally doing well. grade cotton being
Texas.—Houston: Fore part of week warm; latter part
nearly to coast on 16th. Progress of pastures, wheat and cool, with frost
oats very good:
truck only fair, with frost damage in portions of southwest.
Cotton
picking excellent progress in western half; fair in eastern,
too wet for field work in portions of east. Rice threshing still although soil
uncompleted.
Oklahoma—Oklahoma City: Clear with moderate
rain of consequence. Fairly good iorogress in picking temperature and no
mostly being snapped and practically all low grade; in and ginning cotton;
some
tically all gathered, but in other sections much still in sections pram.:
fields. Wheat
made good growth and in excellent condition. Harvesting
corn, grain
sorghums and feed stuff nearly finished. Pastures fair to
good.
Arkansas.—Little Rock: Weather favorable most of
ing cotton, corn and rice. Cotton picking progressed week for harvestrapidly; that exposed during rains damaged badly, but most will be picked;
large
on ground worthless and will not be gathered; much seed worthless. amount
Weather
very favorable for growing crops.
Tennessee.—Nashville: Rainfall light in west and conditions
enabling some progress in harvesting corn and cotton, but too improved;
wet
tral and eastern portions for much work, such as seeding wheat in cenvesting corn. Temperatures mostly mild and winter crops that and harare up did
fairly well.
Kentucky.—Louisville: Temperature favorable for slow
growth of wheat,
which looks well. Too much rain for corn gathering, which is progressing
slowly In muddy fields. Tobacco stripping advancing rapidly.
Pastures
good. Pikes softening; dirt roads in bad condition.
THE DRY GOODS TRADE
Friday Night, Nov. 20 1925.
With the exception of the silk and floor covering divisions,
a pre-holiday lull was noted in the markets for textiles during the past week. After the recent highly satisfactory busi-
2545
ness this subsidence in activity was considered a prelude to
the extensive holiday trade which is expected to develop.
While this has been the experience in past years, the quietness has arrived earlier the present season owing to the relative absence of real cold weather. Christmas buying gives
promise of reaching very high levels, and if it exceeds previously established records it will cause no surprise. In
the meantime, however, recent firming of prices has been
confined to the raw materials rather than the finished article. The advances were cons:dered as relatively unimportant and were disregarded by buyers who bought goods
only as needed and refused to anticipate requirements. An
exception to the general rule was the floor covering division
where prices were firmly maintained and business continued
active. The latter was due to the arrival of an increased
number of buyers who placed a large volume of orders for
both immediate and deferred delivery. Houses which had
salesmen on the road also booked good business with the
South, thus confirmipg the belief that the potential purchasing power of that section of the country is large. Total
orders placed were said to be highly encouraging. In the
silk division, many advance orders have been received for
spring goods. A feature has been the increased business
transacted in hosiery, especially of all silk sheer. Rayon,
which is closely allied to the silk industry, has continued
active. An important development has been the quiet reduction of prices here by importers of well-known foreign
brands.
DOMESTIC COTTON GOODS: Owing to the fact that
buyers withheld orders awaiting the Government cotton crop
estimate due to-morrow (Saturday, Nov. 21), markets for
domestic cotton goods have been comparatively quiet during the week. ,It was hoped that the coming report would
supply a basis for future operations. In the meantime,
however, consumption requirements continued relatively
full, as was demonstrated by the widely scattered sales of
goods. The fact of a large consumption was also substantiated by the October Government consumption figures,
which exceeded all expectations. Total exports of cotton
during the month were 1,421,482 bales, which was larger
than any month in more than ten years. Domestic consumption of lint cotton totaled 543,679 bales, compared with 534,283 bales in the same month last year. Active spindles during October numbered 32,425,206, compared with 31,551,630
in September and 31,165,034 in October 1924. Thus it will
be seen that while production has increased, consumption
has likewise made rapid strides. Despite the fact that the
above report tended to stiffen raw cotton, buyers were still
reluctant to bid for goods or anticipate requirements owing
to the widespread belief that cloth prices would decline as
a consequence of the large cotton yield. However, some
buyers, particularly those representing Pacific Coast houses,
displayed more of a disposition to look at novelties,
The
latter included wash goods, rayon mixtures and various
fancies. While some orders were placed in these novelties
and fancies, business in the staples was confined to small
lots covering immediate needs. Print cloths, 28
-inch, 64 x
64's construction, are quoted at 67
hc., and 27-inch, 64 x 60's,
at 6%c. Gray goods in the 39-inch, 68 x 72's construction
are quoted at 101 and 39-inch, 80 x 80's, at 121
/
2
c.
4c.
WOOLEN GOODS: Markets for woolens and worsteds
were less active, although prices maintained a firm undertone. The latter was principally due to the continued expansion and strength of raw material markets, both
here
and abroad. In the men's wear division it was claimed that
while some worsted business had been placed at the price
advances recently named, sales generally were tending
fall off. This was particularly noticeable in overcoatingto
s,
where it was claimed that although consumption had
been
satisfactory up to the present, it was not thought probable
that total sales would equal expectations. Factors were
of
the opinion that this division would be more or less quiet
until January, when spring requirements would bring
buyers back into the market. In regard to the new 1926
blanket season, a number of buyers were said to have
been
quietly inspecting the lines and placing tentative
despite the fact that prices had not been definitelyorders,
established.
FOREIGN DRY GOODS: While no special activity
was
noted in any one particular quarter, factors in the
markets
for linens reported a further seasonal improvement
in demand. Prices, however, were still considered a
little too
close to production costs. Consuming interest was
said to
be showing a decided trend toward the cheaper
sets
chandise and, as a result, the finer goods, such as of merdamasks,
suffered from neglect. The better grades of
dress goods,
however, proved an exception and were
requested in fairly
large quantities in the printed and dyed yarns.
In regard
to knicker and suiting linens, despite
predictions of a shortage developing, mills declined to anticipate
requirements
to any extent. It was further claimed
when duplicate orders develop, many as probable that
Inadequately equipped to cope with the producers will be
laps have ruled quiet, although prices late business. Burat fairly high levels. It was claimed have been held firmly
of the consuming requirements had that less than a fifth
Light weights are quoted at 9.00-9.10c. been taken care of.
and heavies at 12.3512.45c.
[Vol, 121.
THE CHRONICLE
ffitate anti Tity glepartutent
NEWS ITEMS
Bremen (State of), Germany.—Remaining $5,000,000 of
$15,000,000 External Loan Floated.—The Guaranty Company
of New York and Dillon, Read & Co., offered for public
subscription, both in this country and abroad, on Thursday,
Nov. 19, $5,000,000 7% external gold loan bonds of the
State of Bremen (Germany) at $15 75 and interest, to yield
7%%. The bonds have all been sold, announcement to that
effect being made a short time after subscription books had
been opened. $3,750,000 of the bonds were offered in this
country, $750,000 in Holland and $500,000 in Switzerland.
Bonds are coupon in form and are of $1,000 and $500 denominations. They are to be dated Sept. 1 1925 and will
mature Sept. 1 1955. Bonds are not redeemable before maturity, but a "market purchase fund" is to be created by the
State, of 5% per annum of the amount of bonds presently
issued, payable semi-annually, commencing March 1 1926,
100%
to be applied to purchase of bonds at not exceeding State.
and accrued interest, unused fund to revert to the
Principal and semi-annual interest (M. & S.) payable in
New York at the office of the Guaranty Trust Co., in gold
coin of the United States of America of present standard of
weight and fineness, without deduction for any taxes, present
or future, imposed by the State of Bremen or by the German
Reich or by any taxing authority thereof or therein. Such
principal and interest is also collectible at the option of the
holders in Holland at the office of R. Mees & Zoonen, at
Rotterdam, and at the offices of Nederlandsche HandelMaatschappij, Mendelssohn & Co. and Pierson & Co.,. at
Amsterdam, in guilders of the then current rate for buying
dollar bonds and coupons fixed by them. The $5,000,000
just placed are the remaining bonds of a total authorized
issue of $15,000,000, $10,000,000 of which were floated by
the above banker in September (V. 121, p. 1594).
Further information regarding the present financing may
be found in our "Department of Current Events and Discussions" on a preceding page.
Eugene, Ore.—State Supreme Court Upholds Validity of
$500,000 Public Auditorium Bond Issue.—The State Supreme
Court of Oregon in an opinion handed down on Nov. 3,
and
held valid the proceedings authorizing the city to issue
audisell $500,000 bonds for the construction of a public These
torium on the campus of the University of Oregon. 2 1924
bonds were authorized at a special election on July Nov. 4
(V. 119, p. 224). The "Oregonian" of Portland on
said in reporting the decision:
sell bonds in the
Proceedings authorizing the city of Eugene to issue and
on the camamount of $500,000 for the construction of a public auditorium
valid, according to an opinion handed
pus of the University of Oregon are
-day. The opinion was written
down by the State Supreme Court here to
Lane County Circuit
by Justice Bean and reversed Judge Percy Kelly of theto enjoin the city of
Court in the suit brought by William T. Campbell
at a speand its officials from issuing or selling the bonds approved
Eugene
Chief Justice McBride concurred in
cial election held there on July 21924. Coshow and Rand concurred in a
the predominating opinion. Justices
Brown dissenting.
special opinion. with Justices Belt. Burnett and election amending the
The question involved the validity of the special
bonds. The
charter and authorizing the issuance of the municipal the ordinance
city
illegal in that
Plaintiff contended that the special election waswas not in effect when the
calling the election, passed on June 11 1924.
election was held on July 2.
a special election was
"The action of the Common Council in ordering
the constitution and statute,"
not a legislative act within the meanir g ofJustice Bean. "The ordinance
opinion written by
read the predominating
referendum, and took effect
embracing such order was not subject to the
Therefore, there was no
upon its passage and approval by the Mayor. its passage before it took
elapse after
necessity or reason for thirty days to
effect."
" adds the
Bonds Not to Be Sold at Present.—The "Oregonian
Eugene, Ore., dated Nov. 3:
following from
opinion to-day that the
the
Several Eugene city officials expresseduntil such a time as the goal for
$500.000 bonds will not be sold by the city
University of Oregon's gift campaign.
85,000,000 had been reached in the fund to be raised
As the campaign is
This was to be Eugene's share of the
not be resumed for some time
now practicallyat a standstill and probablywill
will not be called upon to
it is estimated by city officials that the Council
sell the bonds for a number of years to come.
Extraordinary
Florida (State of).—State Legislature in Tallahassee,
Session.—An Associated Press dispatch from Sun," said:
dated Nov. 17 and published in the "Baltimore water from
secure fresh
Speedy enactment of laws to enable Key West to
legislation as may be necessary
the mainland and ofsuch local and municipal his message to the extraordiGov. John W. Martin to-day in
was urged by
nary session of the Legislature.
called them to Tallahassee for
The Governor told the lawmakers he had will promote this growth and
the purpose of enacting legislation that
encourage the progress of the State."
last
The legislators were of the opinion the session would
only a few days.
OfferItaly (Kingdom of).—$100,000,000 External Bond
20) by
ing.—Offering was made yesterday morning (Nov. Co. of
a large banking syndicate headed by J. P. Morgan &
bonds of
$100,000,000 7% external loan sinking fund gold
for
the Kingdom of Italy. The bonds, which were offered
public subscription at 94.50 and accrued interest, to yield
maover 7.48% to maturity and over 7.56% to the average
issue closed
turity date, have all been sold. Books on the Dec. 1 1925
at 12 o'clock noon. The bonds are to be dated of $1,000,
and are coupon in form in the denominations
1951,
$500 and $100, not interchangeable. Due Dec. 1
not before June 1 1941, except for the purposes of
optional
bonds may be
the sinking fund, on and after which date the any interest
redeemed at the option of the Government on cumulative
A
date, as a whole but not in part, at 100%.
sinking fund which, it is estimated, will redeem the entire
issue by maturity, will be created by the Kingdom of Italy
by annual payments of $1,500,000 on Sept. 15 of each year,
beginning Sept. 15 1926. Such payments, together with
sums equal to the interest on all bonds previously acquired
for the sinking fund, are to be applied on the succeeding
Dec. 1 to the redemption at 100% of bonds drawn by lot
Principal and semi-annual interest (J. & D.) payable in
United States gold coin of the present standard of weight and
fineness in New York City at the office of J. P. Morgan &
Co. (fiscal agents), without deduction for any Italian taxes
present or future.
Further information regarding the loan may be found in
our department of "Current Events and Discussions" on
a preceding page.
Ohio (State of).—Voters Defeat Three Proposed Constitutional Amendments.—According to complete official returns
announced by Thad. H. Brown, Secretary of State, on
Nov. 12, all three proposed constitutional amendments
voted'upon at the Nov. 3 election were voted down. One
of the amendments proposed to embody some of the general
provisions of the Griswold debt limitation law into the
Constitution. Another, referred to as the Classification Tax
Amendment, would have provided for taxation by uniform
rule of all real estate and tangible property except motor
vehicles, and for the taxation of intangible property. The
other amendment would have extended the terms of all
State and county officials from two to four years. The
official vote on the amendments follows:
-Debt LimitationAgainst.
For.
450,218 535.251
Plurallty---85.033
—Classification—
Against.
For.
435,944 501.221
65.277
Four-Year Terms.
For, Against,
325,451 543.183
217.732
Port Authority of the Port of New York.—Status of
Bonds Soon To Be Issued Upheld in Opinion by Former Secretary of State Hughes—Also Passes on Port Commission's
Authority.—The validity of the organization of the Port
Authority, its powers and immunities, and the status of the
bonds to be issued by it for the construction of Staten
Island bridges were upheld in an opinion by Charles E.
Hughes, former Secretary of State made public by Julian
A. Gregory, Chairman of the Pork Authority, this week.
Mr. Hughes in his opinion describes the creation of the
Port Authority by the New York and New Jersey Legislatures and the powers it has been given. In discussing
that section of the New York State Constitution which provides that neither the credit nor money of the State shall be
given or loaned to or in aid of any association, corporation
or private undertaking, the former Secretary says that this
prohibition is not applicable, as the Port Authority is a public
agency created for public purposes. He added:
be
It is also provided in the State Constitution that no money shall the
of its funds, or any of
paid out of the treasury of the State or any
funds under its management, except in pursuance of an appropriation by
law, nor unless such payment be made within two years next after the
passage of such appropriation Act. There is no difficulty so far as the
The
appropriation out of the treasury for the first two years is concerned. that
provision for the other payments has been made on the assumption
out of the treasury of the State. or
the moneys described are to be paid
any of its funds, or any of the funds under its management, and hence
is not In conflict with the constitutional prohibition. In my opinion
this view is correct.
The tunnel, for the use of which the tolls and charges are to be collected
by the New York State Bridge & Tunnel Commission. is not yet built,
and no part of the tolls and charges is now in the treasury of the State
or in any fund of the State. or in any fund under its maragement. There
ever
is no constitutional requirement that these tolls and charges should such
be paid into the treasury of the State, or to become a part of any
are to be imposed and received under a contract
fund. The tolls and charges
made by the Commission with the State of New Jersey. competent for
the
It would seem to be clear that it would have been
Legislature in the original Acts constituting the New York State Bridge
& Tunnel Commission to dispose of these tolls and charges in such a manner
and for such public purposes as the Legislature might deem best. It could
have provided that the tolls and charges should be directly applied by the
Commission, or through the joint action of the two Commissions, to the
defraying of the expense of maintenance, operation and construction or
the retirement of bonds, if bonds had been authorized and issued for the
purpose of construction or for the building of another tunnel or public
Improvement, Such legislative action would not in my judgment have
treasury
constituted an appropriation out of the provision.or funds of the State
within the meaning of the constitutional
The Port AuthorityMr. Hughes continued, is authorized
to borrow money and ko issue its bonds for the construction
of the Staten Island Bridges and incidental purposes, such
bonds to be secured by the tolls and charges derived from the
bridges. He held further that the Port Authority may include in its bonds the pledge of the two States and make
these pledges a part of the contract with the bondholders.
Mr. Hughes also points out that each State pledges to those
taking the bonds that the State will not authorize the
construction or maintenance of other highway crossings for
vehicular traffic of the waters of Arthur Kill between the
two States in competition.
The following is an official synopsis of the points of Mr.
Hughes' opinion:
1. The Port of New York Authority is a public corporation, created by
New York and New
Jersey, with the consent
compact between the States of
of the Congress of the United States. of New York
District, consisting of
2. The compact established a Port
defined territory, and created the Port of New York Authority as a body corporate and politic, with authority to purchase, construct, lease and (or)
operate any terminal or transportation facility within the district, and to
make charges for the use thereof, and for any of such purposes to own,hold,
lease and (or) operate real or personal property, to borrow money and secure
the same by bonds or mortgages upon any property held or to be held by it.
By the approval of the Comprehensive Plan by the two States, with the consent of Congress. the powers vested in the Port Authority became effective.
The Port Authority is duly constituted and the compact between the
States of New York and New Jersey Is valid and in effect.
3. The Port of New York Authority is a public agency of the two States.
It is not a private agency. The authority which it Is to exercise is a public
authority granted by the legislatures, to be exercised on behalf of the
public.
Nov.21 1925.]
THE CHRONICLE
2547
ANDERSON SCHOOL CITY (P. 0. Anderson), Madison County,
4. The Port Authority is none the less a public instrumentality because
-Sealed bids will be received until 7:30 p. m.
-BOND OFFERING.
it is the instrumentality of the two States instead of one. Each State has Ind.
the constitutional power to establish an instrumentality of this character and Dec. 21 by the Board of School Trustees for $80,000 4%% school improvebonds. Denom. $1,000. Dated Dec. 1 1925. Prin. and semi-ann.
each State has the constitutional competency, with the consent of Congress, ment
to enter into a compact with another State to establish a similar joint in (J. & J.) payable at the National Exchange Bank, Anderson. Due
instrumentality. The Port Authority must be regarded as validly consti- Jan. 11946.
tuted, as the competent public agency of both States.
ANTIGO DRAINAGE DISTRICT, Langlade County, Wis.-BOND
5. The Port Authority is duly authorized to build the two bridges over SALE.
-Halsey,Stuart & Co. of Chicago have purchased an issue of $85,000
the Arthur Kill.
5% drainage District Nos. 2, 3 and 4 bonds at a premium of $4,527, equal
6. The Port Authority is duly authorized to acquire property for this to 105.32, a basis of about 4.48%. Due Oct. 1 as follows: $11,000, 1935;
purpose, and if necessary, to institute condemnation proceedings.
1936: $13,000, 1937 and 1938; $16,000, 1939, and $20,000. 1940.
7. The power to institute condemnation proceedings expressly granted, $12,000,payable A. & 0.
Interest
being for a public purpose, is validly granted.
-H. C.
-BOND SALE.
ARANSAS COUNTY (P. 0. Rockport), Tex.
S. The moneys required for the construction of the bridges are to be
derived from moneys made available by the legislative action of the two Burt & Co. of Houston have purchased an issue of $250.000 Gulf Coast
Highway bonds at par.
States and by bond issues.
9. The States have enacted legislation providing for four million dollars.
DISTRICT (P. 0. Arnold), Westmoreland
ARNOLD
or two million dollars each, to be paid to the Port Authority and used County, Pa.SCHOOLOFFERING.
-Sealed bids will be received until
-BOND
toward the construction of these bridges.
7:30 p. in. Nov. 30 by P. E. Moran, Sec'y Board of School Directors, for
10. The legislation in New York. in so far as it requires the payment by $24,000 43.% coupon school bonds. Denom. $1,000. Int, payable
the New York State Bridge and Tunnel Commission of $400.000 for three semi-annual y. Certified check for $250 required.
years from tolls and charges collected for the use of the vehicular tunnel, is
-The
-BOND SALE.
ARNOLDS PARK, Dickinson County, Iowa.
constitutional and not in violation of Article VIII. Section 9, Article VII,
Section 1, or Article III, Section 21, of the New York State Constitution. White-Phillips Co. of Davenport has purchased an Issue of 16.900 5%
Before passage of the Act in New York,and while the appropriation bill was funding bonds. Date Oct. 1 1925. Denom. $500 and $100. Due Nov. 1
pending in New Jersey the Attorney-General of New Jersey rendered an as follows: $400,_1931: $500. 1932 and 11,000. 1933 to 1938 incl. Prin.
.
opinion that it was within the constitutional powers of the legislature of New and int. (M. & N.) payable at the office of the above named company.
Jersey to make such an appropriation and that if. under the solemn agree- Legality approved by F. C. Duncan of Davenport.
ment made between the two States, an appropriation of two million dollars
-BOND SALE.
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
were actually made, it is beyond the power of a succeeding legislature to
Youngstown-Conneaut I. C. H. No. 13.
repeal such legislation and the repealer would be void as an impairment of On Nov. 16 the 130.7005% coupon offered on that day (V. 121,
2066),
bonds,
Section B. road improvement
contract forbidden by both the Federal and the State constitutions.
p.
Chicago at a premium or$1,055,
11. The Port Authority is duly authorized to borrow money and to issue were awarded to Geo. H. Burr & Co. of
Oct. 1 1925. Due $700
its bonds for the construction of the two bridges and incidental purposes, equal to 103.43, a basis of about 4.26%. Dated 1 1927 to Oct. 1 1934 incl.
April 1 1927 and $2,000 each six monthsfrom Oct.
such bonds to be secured by the tolls and charges derived from the bridges.
• 12. The legislation under which the Port Authority is acting places
ASHTABULA SCHOOL DISTRICT (P. 0. Ashtabula), Ashtabula
utVo provideof t s duty maa
fo ance adeaiate tolls ynge harges
upon the
desAuertrdt/ntr e
-BONDS VOTRD.-On Nov. 3 the voters voted in favor
ccompelfor County, Ohio.
the
Porturposes
ed of issuing $350,000 school bonds.
by any court of competent jurisdiction.
-BOND SALE.-Sollem & Farger
ASTORIA, Clatsop Comity, Ore.
13. The Port Authority may include in its bonds the pledges of the
30 an
purchased
two States and make these pledges a part of the contract with the bond- and John Slotte & Co., both of Astoria, jointlypar. Date on Oct. 1925.
Nov. 1
improvement bonds at
holders. These provisions, when incorporated in the bonds issued to and Issue of $30.131 16 6%
held by bondholders, will constitute irrevocable contracts protected by the Due in 10 years.
Federal Constitution.
-BONDS REGISTERED.ATCHISON, Atchison County, Kan.
14. The Port Authority is not required to pay any taxes or assessments During the month of October the State Auditor of Kansas registered
upon any of the property acquired by it for the construction, operation or $53,300 431% international impt. bonds.
maintenance of the two bridges.
15. Each State pledges and agrees with those taking the bonds issued
ATCHISON COUNTY SCHOOL DISTRICT NO.1(P.O. Atchison),
by the Port Authority for the construction of the two bridges and incidental Kan.
-During the month of October the State
-BONDS REGISTERED.
purposes that the State will not authorize the construction or maintenance Auditor of Kansas registered $125.000 43.1% school bonds.
of other highway crossings for vehicular traffic of the waters of the Arthur
-During the
-BONDS REGISTERED.
Kill between the two States in competition with the said bridges, nor will
ATHOL, Smith County, Kan.
it limit or alter the rights now vested in the Port Authority to establish and month of October the State Auditor of Kansas registered $8,500 434%
levy such charges and tolls as It may deem convenient or necessary to pro- building bonds.
duce sufficient revenue for the purposes above stated until the bonds are
-Sealed bids
-BOND OFFERING.
AURORA, Dearborn County, Ind.
fully paid off and discharged, provided that such crossings shall be considthe City Clerk for 113,500 fire truck bonds.
ered as competitive with the bridges crossing the Arthur Kill only if they will be received until Dec.7 by
shall form a highway connection for vehicular traffic between the two States
AUSTIN INDEPENDENT SCHOOL DISTRICT, Travis County,
-The State Board of Education has purchased an
across or under the Arthur Kill, and provided further that nothing contained Tex.
-BOND SALE.
In the Act shall preclude the authorization of such additional inter-State issue of 1165,000 school bonds at par.
crossings if an when adequate provision shall be made by law for the pro-Peek.
-BOND SALE.
BACA COUNTY (P. 0. Springfield), Colo.
tection of the bonds.
have_purchased an issue of $20.000 4)1% refunding
These provisions, as well as the other provisions, when incorporated in Brown & Co. of Denver
serially 1930 to 1949 incl.
the bonds will be irrevocable as a part of the contract with the bondholders. bonds. Date Dec. 1 1925'. Due
16. The bonds issued by the Port Authority, as well as the income
BALLVILLE TOWNSHIP RURAL SCHOOL DISTRICT, Sandusky
-BONDS VOTED -This district voted a bond issue of
therefrom, will be exempt from both Federal and State taxation. The im- County, Ohio.
bonds have been issued and $85.000 for the erection of a centralized school building at the Nov. 3 elecmunity from taxation by the States when the
are in the hands of bondholders will constitute a contract with each State. pro- tion (V. 121, p. 1939)•
tected from impairment by the Federal Constitution. Immunity of the
-Dur-BONDS REGISTERED,
BARNARD, Lincoln County, Kan.
bonds from Federal taxation follows from the fact that the Port Authority
is a public agency, a governmental instrumentality of the two States. These ing the month of October the State Auditor of Kansas registered $7,500 5%
as State and municipal bonds issued for electric light bonds.
bonds will be on the same footing
-An elec-BOND ELECTION.
governmental purposes.
BEAUMONT, Jefferson County, Tex.
17. The income of these bonds will be likewise free from Federal and tion will be held on Dec. 12 for the purpose of voting on the question of
State taxation.
issuing the following bonds, aggregating $750,000:
$100,000 fire bonds,
18. The bonds issued by the Port Authority for the construction of the $400.000 paving bonds,
two bridges and incidental purposes will constitute securities in which all
50,000 park bonds.
200,000 sewer bonds.
public officers and bodies ofNew York and New Jersey and of their munici-BOND OFFERING.BELHAVEN, Beaufort County, No. Caro.
pal subdivisions, all insurance companies and associatiom, all savings banks
savings and loan associations, executors, F. M.Bishop, Town Clerk will receive sealed bids until Nov.23 for $37.000
and savings institutions, including
administrators, guardians. trustees, and all other fiduciaries in New York 6% paving bonds. Denom. $1,000.
and New Jersey may properly and legally investfunds within their control.
-BONDS REGISTERED.
BELLVILLE, Republic County, Kan.
During the month of October the State Auditor of Kansas registered
$28,551 83 434% internal impt. bonds.
-BOND OFFERING.
BERGEN COUNTY (P. 0. Hackensack), N. J.
-Sealed bids will be received until 11:30 a. in. Dec. I by James M. HarkFreeholders, for an issue of 43.(% or
ness. Clerk of the Board of Chosen
431% coupon (registerable as to principal only or as to both principal and
-BONDS REGISTERED.
--Dur- Interest) road. bridge and hospital bonds, not to exceed $938,000. no more
ABILENE. Dickinson County, Kan.
ing the month of September the State Auditor of Kansas registered $19,400 bonds to be awarded than will produce a premium of S1.000 over $938,000.
D.
Denom. $1,000. Dated Dec. 15 1925. Prin. and semi-ann. int. (J. &the
431% paving bonds.
the United States at the principal office of
-BONDS REGISTERED.-On Oct. 14 15) payable in gold coin ofTrust Co., New York. Due on Dec. 15 as folABILENE. Taylor County, Tex.
United States Mortgage &
the State Comptroller of Texas registered $26.000 5% school refunding lows: $41,000, 1926 to 1930 incl.:144,000. 1931 to 1935 incl., and $57,000.
bonds. Due serially.
1936 to 1944 incl. Certified check on an incorporated bank or trust com-BOND OFFERING.
- pany for 2% of the amount of bonds bid for, payable to the County TreasADAMS COUNTY (P. 0. Natchez), Miss.
receive sealed bids until Dec.8 for $60,000 urer, required. The bonds will be prepared under the supervision of the
W.H. Hale, Chancery Clerk, will
United states Mortgage & Trust Co. of New York, which will certify as
5% court house bonds.
of the signatures and seal on the bonds. Legality apAGATE IRRIGATION DISTRICT (P. 0. Agate) Elbert County, to the genuinenessDaugherty & Hoyt of New York. No bid for 435%
proved by Reed,
Colo.
-BOND SALE.
-The $60.000 irrigation bonds offered on Nov. 2- bonds will be considered if a legally acceptable bid is received for 431%
V. 121, p. 2066
-were awarded to L. E. Kenworthy as 6s at par. Due bonds.
serially 1935 to 1953 ind.
-At the Nov. 3
-BONDS VOTED.
BEREA, Cuyahoga County, Ohio.
-BONDS VOTED.
-At the Nov. 3 election the voters approved a bond issue for $65,000 for the purpose of
AKRON, Summit County, Ohio.
election the voters voted the issuance of $3,500,000 sewer bonds.
improving their municipal light plant.
-P. A. SalzALICE, Cass County, No. Dak.-BOND OFFERING.
BOWIE COUNTY LEVEE IMPROVEMENT DISTRICT NO. 2
wedel, Village Clerk, will receive sealed bids until Nov. 25 for $3.100 village (P. 0. Boston), Tex.
-On Oct. 13 the State
-BONDS REGISTERED.
bonds. Due Jan. 1 1936. A certified check for 2% of bid is required.
Comptroller of Texas registered $30.000 6% levee improvement bonds.
ALLEN TOWNSHIP SCHOOL DISTRICT, Hancock County, Ohio. Due serially.
-BONDS DEFEATED.
-At the election held on Nov. 3-V. 121. p.
-At
-BONDS VOTED.
BOWLING GREEN, Wood County, Ohio.
2086
-the voters defeated the proposition of issuing $75,000 school building
the election held on Nov.3(V. 121. P. 1939) the voters defeated the issuance
bonds.
1300.000 water works system purchase impt. bonds.
ALLIANCE, Box Butte County, Neb.-BOND SALE.
-On July 7, of
N0 - 0
-W:
BRADENTON, Manatee County, Fla.
-BOND SALEJames T. Wachob & Co. of Omaha purchased an issue of $142,000 43 %
coupon refunding bonds. Date July 1 1925. Denom. 11,000. Due July PLETED.-The sale of the $783.000 5%% coupon various impt. bonds
reported sold to the Ringling Bank & Trust Co. of Sarasota and John
1 1945. Int. payable J. & J.
-was not completed.
ALLIANCE,Stark County,Ohio.
-BONDS DEFEATED
.-The propo- Nuveen & Co. of Chicago, jointly-V. 120, p. 3094
sition of issuing the $800,000 new sewage plant and city hall bonds submitted owing to the fact that the town changed its name from Bradentovrn to
Bradenton in the course of the proceedings for this bond issue.
to a vote of the people at the election held on Nov. 3 (V. 121. P. 1938)
failed to carry.
BREA OLINDA UNION HIGH SCHOOL DISTRICT (P. 0. Santa
BONDS VOTED.
-BOND SALE.
-The voters at the same election approved $140,000 Ana) Orange County, Calif.
-The $320.000 5% school
municipal golf course bonds by a majority vote of 4 to 1.
-were awarded to the First
bonds offered on Nov. 17-V. 121. p. 2432
-BONDS REGISTERED... National Bank of Santa Ana at a premium of 113.005, equal to 104.06.
ALTAMONT, Labette County, Kan.
During the month of September the State Auditor of Kansas registered Due serially 1926 to 1965 incl.
$10.000 41% refunding bonds.
BRET HARTE UNION HIGH SCHOOL DISTRICT, Calaveras
AMHERST, Erie County, N. Y.
-BOND SALE.-Geo. B. Gibbons & County (P. 0. San Andreas), Calif.
-The
-BOND DESCRIPTION.
Co., Inc., Redmond & Co. and Remick, Hodges & Co., all of New York, $60.000 534% coupon school bonds awarded to the Calaveras County
purchased an issue of $1,591,000 4%% coupon or registered sewer and road Bank of San Andreas at 109.58. a basis of about 4.57% (V. 121.p. 2306),
bonds. Dated Nov. 1 1925. Prin, and semi-ann. Int. (A. & 0.) payable . are described as follows: Date Dec. 1 1925. Denom. $1,000. Due
in gold at Williamsville, N. Y. or at Irving Bank-Columbia Trust Co., $2,000 Dec. 1 1926 to 1955, incl. Int. payable J. & D.
N. Y., at 100.20, a basis of about 4.48%. Due on April 1 as follows:
BROCKTON, Plymouth County, Mass.
-TEMPORARY LOAN.
$62.800, 1926 to 1939 incl.; $63,300, 1940: $43,000, 1941 to 1951 incl.:
$44,000, 1952 to 1954 incl., and $43,500, 1955. Legality approved by F. S. Moseley & Co. of Boston have been awarded a $300,000 temporary
loan, on a 3.73% discount basis, plus a $1.25 premium.
Clay & Dillon of New York.
BROWARD COUNTY SCHOOL DISTRICT (P. 0. Fort LauderFinancial Statement.
-The following 534% bonds, aggregating
-BOND SALE.
Estimated true valuation
$25,000,000 dale), Fla.
Assessed valuation, 1925
-were awarded to Prudden &
19,149,757 $300.000 offered on Nov. 9-V. 121. p. 2066
Total bonded debt, including this issue
$2,893.890
Co. of Toledo:
Less sewer district bonds
1,443,500
$200,000 Special Tax School District No. 3 bends at a premium of $3.177.
equal to 101.58.
Less water district bonds
35,000
100,000 Special Tax School District No. 4 bonds at a premium of $1,588.
Net bonded debt
equal to 101.58.
1,415,390
Population, State Census 1925, 9,432.
Date June 1 1925. Due serially 1928 to 1954 incl.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
2548
THE CHRONICLE
BROWN COUNTY(P.O. Hiawatha), Kan.
-NOTE REGISTERED.
During the month of September the State Auditor of Kansas registered a
$31.136 15 4K% temporary note.
BROWN COUNTY (P.0. Hiawatha), Kan.
-NOTE REGISTERED.
'During the month of October the State Auditor of Kansas registered a
$25,391 45 4K% temporary note.
BRUSHVALLEY TOWNSHIP(P.O. Brushvalley), Indiana County,
Pa.
-BOND OFFERING.
-Sealed bids will be received until 2y. m. Nov.
28 by C. E. Hillman, Secretary, Board of Supervisors, for $70.000 434%
highway improvement bonds. Denom. $1.000. Dated July 1 1925.
Int. semi-annually. Due on July 1 as follows: $2,000. 1926
$3.000, 1929:$2,000, 1930: 33.000. 1931 to 1935 incl.: $4.000. to 1928 Incl.:
1937; 54.000. 1938 to 1940 incl.: $5.000. 1941: $4,000. 1942; 1936: *3,000.
*5.000, 1943
and 1944, and $6,000, 1945. Certified check for $300 required.
[VOL 121.
to 1945 incl. Int. payable J. & J. Date of award July 1. We are Informed that Geo. M.Bechtel & Co.of Davenport were in joint account with
the above named bank.
COVINGTON, AlleghanyT County, Vs.
-BIDS REJECTED.
-All
bids received for the *75,0005% funding.bonds offered on Nov. 16(V. 121.
p. 2307) were rejected.
COWLEY COUNTY (P. 0. Winfield), Kan.
-BONDS REGISTERED.
-During the month of October the State Auditor of Kansas registered
$18,981 43 434% road impt. bonds.
DADE COUNTY (P. 0. Miami), Fla.
-BOND OFFERING.
-Sealed
bids will be received until 2 p. m. Dec. 10 by the Clerk Board of County
Commissioners for the following bonds, aggregating $810,000:
$300,000 Causeway Impt. bonds.
157,000 West Dixie Highway bonds.
BURLEY, Cassia County, Idaho.
-BOND DESCRIPTION.
General Highway
-The
mom 5% coupon refunding bonds purchased by the Childs Bond & 253.000 Armory bonds. bonds.
100,000
Mortgage Co. of Boise at par.
-V. 121, p. 2306
-are described as
Date Jan. 1 1926. Denom. $1,000. Due Jan. 1 1946, optionalfollows:
DALLAS COUNTY WATER SUPPLY DISTRICT NO. 7 (P. 0.
Jan. 1
1936. Int. payable J. & J.
Dallas), Tex.
-BONDS REGISTERED.
-On Oct. 9 the State Comptroller
of Texas registered $85.000 6% water supply bonds. Due serially.
BURLINGTON, Chittenden County, Vt.-BOND OFFERING.
Sealed bids will be received until 10 a. m. Nov. 27 by Lowell C. Grant,
DANVILLE, Montour County, Pa.
-On Oct. 16 the
-BOND SALE.
City Treasurer, for $750.000 411% coupon or registered city hall bonds. $14.000 434% borough bonds offered on that date
-V. 121. p. 1819
Denom. $1.000. Date Dec. 1 1925. Prin. and semi-ann. int. (J. & D.) were awarded to Ed. J. Johnson of Danville at a premium of $80, equal
payable at the City Treasurer's office. Due $25,000 yearly from Dec. 1 to 100.57. a basis of about 4.30% to optional date, and a basis of about
1926 to 1955 incl. Certified check upon an incorporated bank or trust 4 0v
N4
. 5%1ff 92 owed to run full term of years. Due Nov. 1 1942; optional
1 a11
8
company for 2% of the amount of bonds, payable to the City Treasurer,
required. The bonds will be prepared under the supervision of the Old
Colony Trust Co.. Boston, Mass., whose certificate as to legality will be
DAUPHIN COUNTY (P. 0. Harrisburg), Pa.
-BONDS AUTHOR-The Dauphin County Commissioners have authorized a $500,000
signed thereon. The legality of the bonds will be examined by Ropes. IZED.
w
Gray, Boyden & Perkins of Boston, whose favorable opinion will be furtwa y. the county's share of the cost of highway improvements
o meet
nished to the purchaser. Bonds will be delivered at the office of the City now under
Treasurer or the Old Colony Trust Co.. Boston, at purchaser's option, on
DEFIANCE, Defiance County, Ohio.
-CORRECTION. In V. 121,
or about Dec. 1 1925. Bids are desired on forms which may be obtained
p. 1485. under this caption we reported the sale of an issue of bonds to
from the above official or Old Colony Trust Co., Boston.
Emery, Pech & Rockwood of Chicago. This is a mistake as the bonds
Finoncial Statement.
were sold by Defiance County and a correction will be found under that
Aesessed valuation
$24,807.466 00 caption in an item appearing below.
Bonded debt (this issue not included)
1.157.000 00
Water debt, included in above debt
DEFIANCE COUNTY (P. 0. Defiance), Ohio.
-BOND SALE
151.000 00
Sinking funds
CORRECTION.
-On Sept. 2 Emery, Peck & Rockwood of Chicago pur117.097 75 chased
Populaton (1920). 22,779.
$72,915.10 5% road bonds. Denom. $1.000. except 1 for $975.91
Appraisal of the city property by the American Appraisal Co. as of and another for $939.19. Dated Sept. 1 1925. Int. M.& S. Due serially
Aug. 11925;
from Sept. 1 1927 to 1934 incl.
These are the same bonds reported sold in V. 121. p. 1485 under the
Buildings
$1,405.127 32
Land
804.700 00 caption of "Defiance Ohio" which was incorrect, as the bonds were sold
Equipment
by Defiance County, as stated above.
3,005,075 00
DICKINSON JOINT RURAL HIGH SCHOOL DISTRICT NO. 1
Morris County, Kan.
-BONDS REGISTERED -During the month o
October the State Auditor of Kansas registered 325.000434% school bonds
DILLON SCHOOL DISTRICT NO. 8, Dillon County, So. Caro.
BOND OFFERING.
-J, M. Sprunt,
Clerk Board of Trustees, will
receive sealed
Jr..
CALLAHAN COUNTY COMMON SCHOOL DISTRICT NO. (P.O. school bonds. bids until 8 p. m. Dec. 7 for $48.000, not exceeding 6%
4
Baird), Tex.
-BONDS REGISTERED.
-On Oct. 13 the
of Texas registered $1,000 5% school bonds. Due in State Comptroller
DODGE CITY SCHOOL DISTRICT, Ford County, Kan.
-BONDS
10 to 20 years.
.
obon of
sl h n: nth ds October the State Auditor of Kansas
teeo l
i
CANTON, Haywood County, No. Caro.
-The follow- registered $15,000
ing bonds, aggregating $275,000, offered on-BOND SALE.
Nov.
121, p. 2184
were awarded to A. T. Bell & Cc.and W.K. Terry 16-V.both of Toledo,
EAST CLEVELAND, Cuyahoga County, Ohio.
-BOND OFFERING.
& Co.,
as 534s:
-Sealed bids will be received until 12 m.(eastern standard time) Dec. 15
$225,000 street impt. bonds at a premium of $1,103, equal to 100.49, a by F. D. Green, City Clerk, for the following three issues of coupon bonds.
basis of about 5.42%. Due Dec. 1 as follows: 516,030,
1927 $40.000 4K% park and playground bonds. Due on Oct. 1 as follows:
to 1939 incl., and 517,000 in 1940.
$2.000. 1927: *1,000. 1928 and 1929: 32.000. 1930: 81:000, 1931
50,000 water bonds at a premium of $97, equal to 100.32, a basis of
and 1932: 32.000, 1933: 31.000. 1934 and 1935; 82.000. 1936;
about 5.47%. Due $1.000 Dec. 1 1926 to 1975 incl.
81.000, 1937 and 1938: 32.000, 1939: $1.000. 1940 and 1941
Date Dec. 1 1925.
52.000. 1942; 31.000, 1943 and 1944: 82.000. 1945: $1.000, 1946
and 1947: $2,000, 1948: 31.000. 1949 and 1950: 32.000. 1951;
CANTON, Stark County Ohio.
-BONDS VOTED
-BONDS
31.000, 1952 and 1953; 32,000. 1954 and 31.000. 1955 and 1956.
FEATED.
-At the Nov. 3 election the voters approved one of the DE50,000 411% traffic signal bonds. Due on Oct. 1 as follows: $4.000. 1927;
Issues of bonds voted upon. The issues carried will be used for four
street
3.000, 1928 and 1929: 11.000. 1930: 33.000. 1931 and 19321
paving and amounts to 3904,000. The three
issues, defeated totaled
4.000. 1933; 33.000. 1934 and 1935: 84.000. 1936: 83.000. 1937
5885.000 in amount.
and 1938: 84.000. 1939 and 33.000. 1940 and 1941.
CENTER TOWNSHIP RURAL SCHOOL DISTRICT, Mercer 120.000 41(% general street impt. bonds. Due $8,000 yearly from Oct. I
1927 to 1941 incl.
County, Ohlo.-BONDS VOTED.
-At the Nov. 3 election
Denom.$1,000. Dated Dec. 1 1925. Prin. and semi-ann. int.(A. & o.)
authorized the issuance of $85.000 fireproof school house bonds theavoters
by count
Cleveland. A certified check for 2%
of 138 for to 100 against. Notice that this election would be held was payable at the Guardian Trust
of the amount of bonds bid for, payable to the Director of Finance. required
Co..
given in V. 121, p. 2184.
with each issue. Bonds to be delivered and paid for within twenty-one
days from
Cleveland. Separate bids will be received
CHANUTE, Neosho County, Kan.
of
-BONDS REGISTERED.
-During each issue timetheaward ateach issue will be considered independentlyfor
the month of September the State Auditor of Kansas registered the
and
of
bids for
follow- the o
% bonds, aggregating $57,184 67:
big
$111592 8:2 paving Series "A" bonds.
-BONDS REGISTERED.
-During the
EDNA, Labette County, Kan.
17,295 05 paving Series "B" bonds.
le
of October
bonds. State Auditor of Kansas registered $5,000 4K %
3.066 80 sewer Series "C" bonds.
electric
CHARLESTON, Charleston County, So. Caro.
-BOND OFFERING.
-W.S. Smith, City Treasurer, will receive sealed bids until 12 m.
EDWARDS COUNTY SCHOOL DISTRICT NO. 47 (P. 0. Kinney).
Nov.23
for $228,000 5% paving Series "G" bonds. Date Dec. 1 1925. Denom. Kan.
-During the month of September the State
-BONDS REGISTERED.
$1,000. Due Dec. 1 as follows: $22.000, 1927: S23.000, 1928 to 1935 incl., Auditor of Kansas registered $5,000 434% school bonds.
and 522.000 in 1936. Int. payable J. & D. A certified check for
82,500.
-BOND OFFERELON COLLEGE, Alamance County, No. Caro.
payable to the City Treasurer, is required.
ING.
-E. B. Huffine, Town Clerk, will receive sealed bids until 7:30 p. m.
CHATTANOOGA, Hamilton County, Tenn.
Dec.8 for the following 6% bonds. aggregating $40,000:
-BOND OFFERING.
Mayor Richard Hardy will receive sealed bids until Nov.28 for
$80,3976% $29,000 water bonds. Denom. $500. Due Feb. 1 as follows: $500, 1928
paving assessment bonds.
to 1937 incl., and $1,000, 1938 to 1961 incl.
11,000 sidewalk bonds. Denom. 31.000• Due 81,000 Feb. 1 1927 to
CHILLICOTHE SCHOOL DISTRICT (P. 0. Chillicothe), Ross
1937 incl.
County, Ohio.
-BONDS VOTED.
-The voters approved the issuance of
Date Aug.11925. Prin.and int.(F.& A.) payable in gold in N.Y.City.
the $800,000 school bonds by a 3 to 1 majority on Nov.3.-V. 121. p. 1819.
The bonds will be prepared under the supervision of the United States
''''CaTSOP COUNTY UNION HIGH SCHOOL DISTRICT NO. 1 Mortgage & Trust Co..-N. Y. City, which will certify as to the genuineness
(P. 0. Seaside), Ore.
-BOND SALE.
-The $12.000 534% school bonds of the signatures of the officials and the seal impressed thereon. Legality
offered on Oct. 3-V.121. p. 1702
-were awarded to the Commerce Mort- will be approved by Chester B. Masslich. N. Y. City, and Wm. S. Coulter,
srerrequired.Noaroto the
gage Co.of Portland at a premium of $105,equal to 100.87,a basis ofabout Treau
Burlington,
. A certified check for $800. payable Town
4.43%. Date Sept. 1 1925. Due Sept. 11945.
CLEVELAND, Cuyahoga County, Ohio.
-BONDS VOTED.
-BOND
ERIE COUNTY (P. 0. Sandusky), Ohio.
-At the
election on Nov. 3 the voters approved seven bond proposals for a total of Sealed bids will be received until 1 p. m. Nov. 23 by R. OFFERING.
G. Ehrhardt,
$9,416.000 for improvements.
Clerk Board of County Commissioners, for the following three issues of
CLEVELAND SCHOOL DISTRICT (P. 0. Cleveland) Cuyahoga 534% road bonds:
Florence Township bonds. Denom.
County, Ohio.
-BONDS VOTED.
-At the election held on Nov. 3 15.700 Harmon Road improvement in 1 as follows:
$250. 1928 to 1930.
(V. 121, p. 1940) the voters approved the issuance of *2,000,000 school
$500 and $600. Due on April
1937. inclusive.
Inclusive, and $600, 1931 to
bonds.
4.500 Cable Road improvement in Florence Township bonds. Denom.
CLINTON, Lenawee County, Mich.
folTo w: $ 15.O ln28 D n0 9
n8
-BONDS VOTED.
-At the elec4.800 $250 and $500. Due on April 1 asce iows s 2p bo9d3.andel9 m
2.
tion held on Nov. 14-V. 121. p. 1940
.
n Flive
-the issuance of $52,000 city water
and r R0ad19vorpmi ement3O t 1937 ;IcIusoren
r $5 0
to
0
works bonds was carried.
on April 1 as follows: WM 1928, and $500.
$300 and $500. Due
COLUMBIA SCHOOL CITY (P. 0. Columbia City), Whitley
1929 to 1937, inclusive.
County, Ind.
-BOND SALE.
-On Oct. 22 the 380.000 434% school
0. Certified check or cash for 5%
Interest
building bonds offered on that date
-V. 121. p. 1819
-were awarded to of Dated Oct. 11925. required. A. & county is also
The
the amount of bid
receiving bids untll
the Columbia State Bank of Columbia at a premium of 51.287. equal to
101.60, a basis of about 4.32%. Due $4,000 yearly from Nov. 15 1927 the above time and date for an issue of $20.000 534% bonds, notice of the
offering of which was given in V. 121. p. 2433.
I. 1946. incl.
-LOAN OFFERING.
COLUMBIA SCHOOL DISTRICT, Boone County, Mo.-BOND
ESSEX COUNTY (P. 0. Salem), Mass.
-Sealed
BLECTION.-An election will be held on Nov. 24 for the purpose of voting bids will be received until 11 a. in. Nov. 27 by the County Treasurer for
on the question of Issuing $415.000 school bonds.
the purchase on a discount basis $125,000 tuberculosis hospital renewal
notes, maturing June 1 1926.
COLUMBIANA COUNTY(P.O. Lisbon), Ohio.
-BONDS VOTED.
-BONDS OFFERED.
At the election held on Nov. 3 (V. 121. p. 2067) the $950,000 road impt.
EVANSTON, Cook County, III.
-Sealed bids
bonds voted upon were carried.
were received until 10 a. in. Nov. 20 by L. J. Knapp, City Comptroller.
for $24,000
% coupon Sixth Ward Park Lands acquisition bonds.
CONROE INDEPENDENT SCHOOL DISTRICT, Montgomery Denom.
$1,000. Date May 1 1923. Prin. and semi-ann. Int.(M. & N.
County, Tex.
-BONDS REGISTERED.
-On Oct. 9 the State Comptroller payable at the City Treasurer's office. Due $3.000 yearly
of Texas registered $20,000 school Series"A"and $20,000 school Series "B" 1926 to 1933 incl. Certified check on a Chicago or Evanston from May 1
bank for 5%
bonds. Due serially.
of the amount of bid, payable to the City Collector, required. Legality
CORNING, Perry County, Ohio.
-BONDS VOTED.
-At the Nov. 3 approved by Chapman, Cutler & Parker of Chicago.
election $25 000 new water works bonds were approved.
FAIRBURY, Jefferson County, Neb.-BOND SALE.
-The Peters
COUNCIL BLUFFS, Pottawattamie County, Iowa.
-BOND DE- Trust Co. of Omaha has purchased an issue of 890.000 5% paving bonds
SCRIPTION.
-The $158,000 coupon funding bonds purchased by the First at a premium of $470, equal to 100.52.
National Bank of Council Bluffs (V. 121, p. 2306) at par bear interest at
FAIRFAX DRAINAGE DISTRICT, Wyandotte County, Kan.
the rate of 434% and are described as follows: Date July 1 1925. Denom. BONDS REGISTERED.
-During the month of October
.000. Due July 1 as follows: $8.000, 1927 to 1939 incl., and 59,000. 1940 of Kansas registered $184,500 434% drainage bonds. the state Auditor
*5,214.902 32
BUTTE FALLS HIGH SCHOOL DISTRICT (P. 0.
Medford),
Jackson County, Ore.
-BOND OFFERING.
-Mildred
Clerk of School Board, will receive sealed bids until Dec.F. Swearinger,
5 for *20,000
school bonds.
I
Nov.21 1925.]
THE CHRONICLE
2549
FAUQUIER COUNTY (P. 0. Warrenton), Va.-BOND OFFERING.
HALL COUNTY COMMON SCHOOL DISTRICT NO. 22 (P. 0.
--Sealed bids will be received until today (Nov. 21) by T. E. Bartenstein, Memphis), Tex.
-BONDS REGISTERED.
-On Oct. 13 the State CompClerk Circuit Court, for $120,000 5% road bonds,Lat. payable semi- troller of Texas registered $8,000 54% school bonds. Due serially.
annually.
HAMBURG, Barks County, Pa.
-BOND OFFERING.
-Sealed bids
FAYETTE COUNTY (P. 0. Somerville), Tenn.
-BOND SALE
- will be received until 7:45 p. m. Dec. 14 by Frank I. Tobias, Borough
CORRECTION.
-We reported in V. 121, p. 3346. the sale of $100.000 5% Secretary, for $160.000 44% coupon tax free (registered as to principal
court
-house bonds to J. H. Hilsman & Co.. of Atlanta, but we are now only) borough bonds. Denom. $500 and $1:000. Dated Jan. 1
1926.
informed by this company that they did not purchase these bonds.
Int. J.& J. Due on Jan. 1 as follows: $200. 1932 and 1933: 23,000. 1934
FERNDALE (P. 0. Highland Park R. F. D. No. 2), Wayne County, and 1935: 84,000. 1936 to 1938 incl.: 85,000. 1939 to 1941 Incl.; $6.000, 1942
87.000, 1945 to 1947 incl.: 88,000. 1948 to 1950 Ind.: $9,000,
to 1944 incl.:
Mich.
-BONDS VOTED.
-At the election held on Nov.3-V. 121 p.
1951 to 1953 incl.; $10,000. 1954: 311.000. 1955: and 812.000. 1956. The
-the voters carried the $50 000 bond issue for boulevard lights by a 1941 borough, however, reserves the right to
maredeem any and all of the bonds at
jority of 67.
any time after Jan. 1 1936 upon 30 days' notice. A certified check for 2%
of the amount of bonds bid for, payable to the Borough Secretary, required
FLORESVILLE, Wilson County, Tex.
-BOND OFFERING.
-J. H.
Brown, Mayor, will receive sealed bids until 12 m. Dec.3 for 540.000
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.
-BOND OFFERwater works impt. bonds. Date Oct. 15 1925. Denom. 51.000.54% ING.
Int.
-Sealed bids will be
payable annually. A certified check for 5% of bid,payable to the Mayor. Clerk Board of County received until 12 m. Dec. 1 by Albert Reinhardt.
Commissioners. for 3272.096 80 44% Dugan
Is required.
Gap-Brower road bonds. Denom. 81.000, except one for $96 80. Dated
Oct. 1 1925. Prin. and semi-ann. int. (A. & 0.) payable at the County
FREMONT, Sandusky County, Ohio.
-BONDS DEFEATED.
-The
voters defeated the proposition of Issuing $200,000 filtration plant bonds, Treasurer's office. Due on Oct. 1 as follows: $28.000, 1927 to 1929 Ind.'
827,000. 1930 to 1935 incl., and 226,096 80. 1936. Certified check for*
at the Nov. 3 election (V. 121, p. 229).
$500. payable to Fred Bader, County Treasurer, required.
FRIEND, Salina County, Neb.-BOND SALE.
-The Merchants &
HARRISON COUNTY (P. 0. Gulfport), Miss.
-BOND DESCRIPFarmers Bank of Friend has purchased an issue of $4,000 water main
-The 875,000 coupon road and bridge bonds awarded to N. S. Hill
TION.
extension bonds.
& Co.. of Cincinnati (V. 120, p. 2717) bear interest at the rate of 5% and
FROSTPROOF, Polk County, Fla.
-BOND SALE -The $82,000 are described as follows: Date June 1 1925. Denom. $1.000. Due June 1
6% street impt. bonds offered on Nov. 9-V. 121.
2308
-were awarded 1926. Interest payable J. & D.
to Farson, Son & Co. of N. Y. C. Date Oct. 1 1925. Due Oct. 10. as
p.
-BOND DESCRIPTION.
HAYS COUNTY(P.O.San Marcos), Tex.
follows: $8,000. 1926 to 1928 incl.; $9,000, 1929; 28,000, 1930 to 1932
The 390.000 coupon refunding bonds purchased by H. C. Burt & Co. of
incl.: $9,000, 1933 and $8,000, 1934 and 1935.
Austin-V. 121. p. 741-bear interest at the rate of 5% and are described
GADSDEN, Etowah County, Abs.-BOND SALE.
-The $40.000 6% as follows: Date Oct. 10 1925. Due serially April 10 1927 to 1954 incl.
street impt. bonds offered on Nov.16-V. 121. p. 2185
-were awarded to Int. payable A. & 0.
Ward, Sterne & Co. of Birmingham at 101.20, a basis of about
8.85%
-BONDS REGISHAYS SCHOOL DISTRICT, Ellis County, Kan.
Date Dec. 11925. Due Dec. 11935.
-During the month of October the State Auditor of Kansas
TERED.
GADSDEN COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 4 registered 8130.000 44% school bonds.
(P. 0. Quincy), Fla.
-BOND DESCRIPTION.
-The 325.000 coupon
HENNEPIN COUNTY INDEPENDENT SCHOOL DISTRICT NO.
school bonds purchased by the Citizens Bank & Trust Co. of Quincy at par
-BOND OFFERING.
-0. M. Sacks. Clerk of •
(V. 121. p. 2185) bear interest at the rate of6% and are described as follows: 17 (P. 0. Hopkins), Minn.sealed bids
until 8 p. m. Nov. 27 for 8185.000
Date July 1 1925. Denom. $1,000. Due serially beginning 1927. Inter- School District, will receive
5% coupon school bonds. Date Dec. 11925. Denom. 81.000. Due Dec.
• tot payable J. & J.
1 as follows: 38.000. 1930; 59.000. 1931: 310.000, 1932: 312.000. 1933;
814,000. 1934: 817.000, 1935: 819.000. 1936: 321.000, 1937: $23.000. 1938;
GARFIELD COUNTY (P. 0. Enid), Okla.
-BOND
-The
1939 and 327.000. 1940. A certified check for $3.000
$200,000 road bonds offered on Nov. 14-V. 121. p.2433 SALE.
-were awarded 525.000.approved by Lancaster, Sitopson, Junell.& Dorsey of Is required.
Minneapolis
to the Enid Bank & Trust Co. of Enid at a premium of $222 22, equal to Legality
111.11. Due in five years.
HIAWATHA, Brown County, Kan.
-NOTES REGISTERED.-DurGARFIELD HEIGHTS (P. 0. Cleveland), Cuyahoga
the months of September and October the State Auditor of Kansas
County, big
fign zly n
tigni iz ng ia% notes, aggregating $50.589 88:
-NUMBER OF SEPARATE ISSUES SOLD.
Ohio.
-With reference to tiegsgieg3
the $141.570 44 514% (special assessment) water, sewer and paving bonds
bought on Nov. 10 by W. L. Slayton & CO. of Toledo for $147.303
10.708 47 temporary notes.
equal to 104.06. as stated in V. 121. p. 2433, we now learn that the 44.
16,328 18 temporary notes.
total
sold is made up of the following nine issues:
-NOTES REGISTERED.-Dur.
HILL CITY, Graham County, Kan.
219,090 45 South Highland Ave. paving bonds. Denom. 81.000 except
km the month of October the State Auditor of Kansas registered the followone for $1.090 45. Due on Nov. 1 as follows:
$1,090 45. ing 431% notes. aggregating 830,006 95:
1927. and $2.000. 1928 to 1936 Incl.
notes.
16.648 07 Melgrove Ave. paving bonds. Denom. $1,000. except one for $15.066 40 temporary notes.
24.839 55 temporary
$648 07. Due on Nov. 1 as follows: 81.648 07. 1927:
1928: 81.000. 1929:82.000. 1930 and 1931:81.000, 1932;$2.000,
-NOTES REGISTERED.-Durirg
HOLTON, Jackson County, Kan.
52,000.
1933 and 1934: $1.000. 1935. and 82.000. 1936.
the month of October the State Auditor of Kansas registered $5.500 6%
15,711 00 East 97th St. pavement bonds. Denom. $1.000 except one for temporary notes.
$711. Due on Nov. 1 as follows: 81.711. 1927: $1.000.
1928:
82 000. 1929; $1.000. 1930: 82.000. 1931: $1,000, 1932: 32.000.
HOPEWELL, Prince George County, Va.-MATURITY.-We are
1933: $1.000. 1934: 82.000. 1935 and 1936.
now informed that the $50.000 tax anticipation certificates purchased by
Alvin Ave. paving bonds. Denom.$1.000.except 1 for $455
20.455 34
34. the Union Trust & Mortgage Co. of Petersburg on Sept. 27 1924-V. 120,
Due on Nov. 1 as follows: $2,455 34, 1927. and $2,000.
1928 p. 112-matured and were paid Aug. 1 1925. In above reference we
to 1936 incl.
incorrectly reported that the certificates would mature in 10 years.
32.505 43 Fast 88th St. paving bonds. Denom. $1,000, except one for
$505 43. Due on Nov. 1 as follows: 53.505 43, 1927:
-NOTES REGISTERED.
HORTON, Brown County, Kan.
-During
53.000,
1928 to 1930 Incl.; 34.000. 1931: $3.000. 1932 to 1935 Incl.; the month of September the State Auditor of Kansas registered 810,151 06
and $4.000. 1936.
431% temporary notes.
4,744 12 Lawrence Ave. sewer and water main bonds. Denom.
$500
-NOTES REGISTERED.
HORTON, Brown County, Kan.
except one for $274 12. Due on Nov. 1 as follows: $274
12. the month of October the State Auditor of Kansas registered -During
1927, and 8500. 1928 to 1936 incl.
811.593 89
16,246 45 East 110th St. sewer bonds. Denom. $1.000 except one for 44% temporary notes.
$246 45. Due on Nov. 1 as follows: 31.246 45, 1927: 52.000,
HUBBARD COUNTY (P. 0. Park Rapids), Minn.
-BOND OFFER1928:81.000. 1929: 32.000. 1930,
and 1931:31,000, 1932;82,000,
-Frank Helsel, County Auditor, will receive sealed bids until 11 a. m.
ING.
1933 and 1934; 31,000. 1935: 32 000, 1936.
11,107 54 East 139th St. paving bonds. Denom. $1.000. except one for Dec. 1 for 85.5006% county ditch Nos. 9 and 10 bonds. Date Dec. 11925.
51 107 54. Due on Nov. 1 as follows: $2.107 54. 1927;$1.000, Denom.$500 and $250. Due serially Dec. 1 1928 to 1933 Ind. A certified
check for $500, payable to the County Treasurer, is required.
1928 to 1936 incl.
5,032 04 Bartlan Ave. sewer and water main bonds.
HUDSON, Columbia County, N. Y.
-BOND OFFERING.
-Sealed
All the bonds are dated Nov. 1 1925 and interest on all will be payable
blds will be received until 5 p. m. Nov. 27 by the Finance Committee for
seani-annuaily (M. & N.).
37.500 44% coupon or registered street cleaning apparatus bonds. Denom. 81,500. Dated Feb. I 1926. Prin, and semi-ann. Int. (F. & A.)
GIBSON COUNTY (P. 0. Trenton), Tenn.-B0gD SALE,
-CO..
RECTION.-The 3500.000 57 coupon road bonds offered on Nov. 10 payable at the City Treasurer's office. Due 81.500 yearly from Aug. 1
(V. 121. p. 2068) were awarded to J. W. Hillman & Co. of Jackson, A. T. 1926 to 1930 incl. Certified check for 2%, payable to the City TreasBell & Co. of Toledo and the American National Co. of Nashville. bate urer, required.
Nov. 11925. Due $20.000. 1936 to 1945. inclusive. and 530.000. 1946 to
HUNTINGDON SCHOOL DISTRICT (P. 0. Huntingdon), Hunt1955, Inclusive. We incorrectly reported In V. 121. p. 2434, that J. H.
-On Nov. 16
Pa.
-BOND SALE.
Hilsrnan & Co. of Atlanta were in joint account with A. T. Bell & Co. of ingdon County, school building bonds offered on the 175.000 431%
that date (V. 121,
coupon new high
Toledo and the American National Co. of Nashville.
p. 2308) were awarded to the Union National Bank of Huntingdon at par.
GILMER, Upshur County, Tex.
-BONDS VOTED.
-At the election Dated Dec. 1 1925. Int. J.& D. Due 83.000 yearly beginning Dec. 11030.
held on Oct. 27 (V. 121. p. 1819) the voters authorized the issuance of
-BOND ELECTION.
HURON COUNTY (P. 0. Bad Axe), Mich.
$25.000 6% paving bonds by a count of 207 for to 48 against.
At the election to be held in April the voters will vote on the question of
GLADES COUNTY ROAD AND BRIDGE DISTRICTS (P. 0. issuing 3200.000 new court house bonds.
Moore Haven), Fla.
-N. S. Wainwright. Clark
-BOND OFFERING.
HUTCHINSON, Reno County, Kan.
-BONDS REGISTERED.Board of County Commissioners, will receive sealed bids until 2 p. m.
Dec. 15 for the following 6% bonds. aggregating $767.000:
During the month of October the State Auditor of Kansas registered
$300.000 Special Road and Bridge District No. 11 bonds. Due serial 390,474 77 431% paving bonds.
Jan. 1 1936 to 1956. Inclusive.
INDIANAPOLIS SCHOOL DISTRICT (P. 0. Indianapolis), Marion
250,000 Special Road and Bridge District No. 15 bonds. Due serially
Ind.-BOND OFFERING.
-Sealed bids will be received until
Jan. 11936 to 1956, inclusive.
County, William H. Book. Business Director Board of Education. for
Dec. 28by
217,000 Special Road and Bridge District No. 12 bonds. Due serially
11,200.000 4% Shortridge High School bonds.
Jan. 1.1936 to 1956, inclusive..
Date Jan. 1 1926. Denom. .000. Principal and interest (J.
-NOTES REGISTERED.
IOLA, Allen County, Kan.
-During the
payable at the Hanover National Dank,New York City. A certified & J.) months of September and October the State Auditor of Kansas registered
check
for 5% of bid, payable to J. H.Peeples, Chairman Board of
the following 431% notes, aggregating $41,963 55;
County Commissioners, Is required.
I $11,693 42 temporary notes.
59.053 87 temporary notes.
temporary notes.
GLENDIVE, Dawson County, Mont.
-BOND OFFER/NO.-August 21.211 26
Colin, City Clerk, will receive sealed bids until 8 p. m. Dec.7 for
Steubenville), Ohio.
JEFFERSON COUNTY(P. O.
-BOND SALE.
835,000
water works refunding bonds. Denom. $1.000.
On Nov. 13 the $110,782 5% I. C. H. No. 75 Section "K." "Richmond"
GLENVILLE SCHOOL DISTRICT NO. 12 (P. O. Scotia), Schenec- and "J" Canton-Steubenville road In Salem, Island Creek and Cross Creek
tady County, N. Y.
-V. 121. p. 2069
townships bonds offered on that date
-for $113.239 75
-BOND OFFERING-Sealed bids will
until 12 m. Dec. 7 by William C. Weise, School Trustee, at be received equal to 102.21. a basis of about 4.59%. Dated Dec. 11925. Due $6.001)
the District Superintendent of Schools at Schenectady for the office of each six months from June 1 1927 to June 11935. incl.. and $8,782 Dec. I
330.000 5% 1935. A partial list of the other bidders is as follows:
school bonds. Denom. $1.000. Dated April 1 1926. Prin, and
semiPremium.
ann. int. (A. & 0.) payable at the Glenville Bank, Scotia. Due
re
Pmium.
as follows: 81,000. 1927 to 1936 Incl.. and $2,000, 1937 to on April 1 Well, Roth & Irving, Cinc_32.401 00 W.L. Slayton & Co.. Tol_32.280 00
1946
Certified check for 10% of the amount of bonds bid for required. incl. Prov, S. B.& Tr. Co., Cm..2.423 91 Geo. H.Burr & Co., Chic- _ 2,25200
Detroit Trust Co., Detroit_ 2.306 00 N.S. Hlli & Co.,Cinc
2.19200
GOFF, Nemaha County, Kan.
-BONDS
Assel.Goetz&Moerlein,Cin. 2,381 81
the month of October the State Auditor of Kansas REGISTERED.-Duriug
registered $24.000
%
water works bonds.
JEFFERSON COUNTY (P. 0. Oskaloosa), Kan.
-BONDS REGIS-During the month of October the State Auditor of Kansas
TERED.
GOODING, Gooding County, I.:Ia.-BOND SALE.
.
-The 865.000 registered the following 431% bonds, aggregating 5112,572 20
coupon water-works bonds offered on Nov. 13 (V. 121, P.
825,920 00 road impt. bonds.
2185) were $60,000 00 road 'rapt. bonds.
awarded to Ross Beason & Co., of Salt Lake City, as 545 at par.
26.652 20 road impt. bonds.
Date
Nov. 11925. Due July 1 1945.
JEFFERSON COUNTY SCHOOL DISTRICT NO. 16 (P. 0.
Oaks.
GRAHAM COUNTY SCHOOL DISTRICT NO. 72 (P. 0. Hill
-BONDS REGISTERED.
loose), Kan.
-BONDS REOISTERED.-During the month of October theCity). the State Auditor of Kansas registered -During the month of October
Kan.
865.000 431% school bonds
.
State
kuditor of Kansas registered $5,000 5% school building bonds.
JOHN SWETT SCHOOL DISTRICT (P. 0. Martin z), Contra
GRAND PRAIRIE, Dallas County, Tex.
-BONDS REGISTERED.- Costa County, Calif.
-BOND SALE.
On Oct. 13 the State Comptroller of Texas registered 820.000 54% Water- offered on Nov. 16-V. 121, p. 2309 -The $450.000 5% 7ichool bonds
-were awarded to holler, Bruce &
works bonds. Due serially.
Co. of NsBFranoel(TOWN)soc .
i0H San uR
HADDAM SCHOOL DISTRICT, Washington County, Kan.
UNION FREE SCHOOL DISTRICT
SALE.
-An issue of $40,000 4)4% rural high school building
NO. 1
BOND
North Creek), Warren County, N. Y
.-BOND SALE.
-On Nov.
ens purchased by the School Fund Commission at par. Date July bonds (P.O.8119.0006% school bonds,
offered on that date
11925. 14 the
-V.121, p.2309
Dee $2,000 July 11926 to 1945 incl.
were awarded to Geo. B. Gibbons ,Sc Co., Inc., of New York at 112.81,
2550
THE CHRONICLE
a basis of about 4.97%. Dated Dec. 11925. Due on Dec. 1 as follows:
$1,000, 1926 to 1928,incl.;$2,000. 1929 to 1935,inel.; $3.000. 1936 to 1939
inel.; 94.000, 1940 to 1942, incl.; $5.000. 1943 to 1946, incl.; $6.000, 1947
and 1948: $7,000, 1949 and 1950; $8,000, 1951 to 1954, incl.
JOHNSON COUNTY (P. 0. Olathe), Kan.
-NOTES REGISTERED.
-During the month of October the State Auditor of Kansas registered the
following 6% notes, aggregating $95,000:
$75,000 temporary notes.
I $20,000 temporary notes.
-During
KANSAS (State of).
-BONDS AND NOTES REGISTERED.
the months of September and October the State Auditor of Kansas registered
the following bonds and notes aggregating $38,405.80:
Amount.
Int. Rate.
Place.
Purpose.
$2,595.36
Horton
4 %
Temporary note
0.00
Hiawatha
434%
Water works ext. bonds
3,000.00
Sherman County
5 %
School District No. 62 bonds
4,000.00
Harveyville
5 %
Electric light bonds
5
1,000.00
McFarland
Park bonds
5
2,000.00
McFarland
Public bldg. and Grounds
1,500.00
5
Marshall County
School District No. 89 bonds
2,261.10
Anna
5‘,
Paving bonds
435%
,
1,000.00
Coffeyville
Refunding bonds
5 %
3,500.00
Barton County
School District No. 85 bonds
5 %
4,610.44
Cherryvale
White Way bonds
434%
4,000.00
Abilene
Bridge bonds
200.00
Rooks
5 %
School District No. 52 bonds
-BONDS REGISTERED.
KANSAS CITY, Wyandotte County, Kan.
-During the month of September the State Auditor of Kansas registered
the following 4)4% bonds, aggregating $162,474:
$18,358 paving bonds.
$144,116 paving bonds.
-At the Nov.3
KENMORE,Summit County,Ohio.
-BONDS VOTED.
election both the $480,000 sewer bond issue and the $50,000 new viaduct
bond issue passed by a large majority.
-BONDS REGISTERED.
KINGMAN, Kingman County, Kan.
During the month of September the State Auditor of Kansas registered
$31,000 4)4% paving bonds.
-On Nov. 17 the
KINGSTON, Ulster County, N. Y.
-BOND SALE.
$15,000 414% registered fire apparatus and repair bonds, offered on that
date
-V. 121. p. 2434
-were awarded to the Ulster County Savings Institution of Kingston at par. Due $5,000 yearly from April 1 1928 to 1930.
incl.
-The $3.000
KIRON, Crawford County, Iowa.
-BOND SALE.
-were awarded to
water works bonds offered on Sept. 28-V. 121. p. 1596
Geo. M. Bechtel & Co. of Davenport. Date Oct. 1 1925. Due $500,
Oct. 1 1928 to 1933 incl.
-The following
LA CROSSE,La Crosse County, Wis.-BOND SALE.
1•
4%% coupon bonds, aggregating $95,000. offered on Nov. 13 (V. 121, 1:
2434) were awarded to the First Wisconsin Co. of Milwaukee at a discount
of $831, equal to 99.12-a basis of about 4.37%:
$50,000 street impt. bonds. Due Jan. I as follows: $3,000, 1926:$2,000.
1927; $3,000. 1928: $2.000. 1929: $3.000, 1930; $2.000, 1931;
$3.000, 1932: $2.000, 1933: $3,000. 1934; $2,000, 1935; 93,000.
1936; $2,000, 1937; $3,000. 1938; 92.000. 1939; $3,000. 1940;
$2,000. 1941;$3,000, 1942; $2,000. 1943;$3.000. 1944,and $9,000.
1945.
45.000 water main extension bonds. Due Jan. 1 as follows: $3.000.
1926; 82,000, 1927 to 1929 Incl.; $3,000. 1930; $2,000, 1931 to
1933 incl.: $3,000. 1934; $2.000, 1935 to 1937 incl.; $3,000, 1938;
82.000. 1939 to 19421nel;$3,000, 1943.and $2,000. 1944 and 1945.
Date July 1 1925.
-All bids
LAKE WALES, Polk County, Fla.
-BIDS REJECTED.
received for the $327,000 6% bonds offered on Nov. 12 (V. 121, p. 2435)
were rejected.
-At the
-BONDS VOTED.
LAKEWOOD, Cuyahoga County, Ohio.
Nov. 3 election the voters approved the issuance of $275.000 street impt.
bonds.
BONDS DEFEATED.
-At the same election the voters defeated a proposition to issue $300.000 additional park land purchase bonds.
LAKE WORTH,Palm Beach County,FLa.-BOND DESCRIPTION.'
The $1,250.000 6% coupon general impt. tfonds purchased by Vandersall
& Co. of Toledo
-V. 120. p. 1653
-are described as follows: Date April I
1925. Denom. $1,000. Due in 1930, 1935, 1940, 1945 and 1950. Int.
Payable A. & 0.
-BOND DESCRIPTION.
LARCHMONT, Westchester County, N. Y.
-The $128.720 sewer bonds awarded to the Larchmont National Bank &
Trust Co. of Larchmont as 4)6 at 100.873. a basis of about 4.43% (V. 121.
p. 2309) are described as follows: Coupon or registered bonds. Dated
Dec. 1 1925. Prin. and semi-ann. int. (J. & D. payable at the First
National Bank, New York. Due on Dec. 1 as follows: $3,100. 1926 to
1964 incl. and $7,820, 1965. Legality approved by Clay & Dillon of New
York.
Financial Statement.
$30,000,000
Actual valuation, estimated
22,211,853
Assessed valuation, 1925
81.570,387
Total bonded debt, including this issue
Less water bonds
435.000
1,135,387
Net bonded debt
Population, present estimate. 4,500.
Estes Park),
LARIMER COUNTY SCHOOL DISTRICT NO.30(P.O.
Colo.
-BOND DESCRIPTION.-The $71.000 4%% gymnasium and auditorium coupon bonds purchased by Bosworth.Chanute & Co.,and Boettcher
& Co., of Denver, jointly, at 101.26 (V. 121. p. 2187)-a basis of about
4.60% to optional date and a basis of about 4.66% if allowed to run full
term of years
-are described as follows: Date Nov. 1 1925. Denom.
$1,000. Due Nov.1 1945,optional Nov.1 1935. Interest payable M.& N.
LEESBURG,Lake County, Fla.
-BOND SALE NOT COMPLETED.
The sale of the $265,000 6% development bonds reported sold to Braun,
Bosworth & Co. of Toledo
-was not completed.
-V. 121, p. 1596
-BOND DESCRIPTION.
LENOIR CITY, Loudon County, Tenn.
The following 6% coupon street impt. bonds aggregating $10,500 purchased
-are described as
by I. B. Tigrett & Co. of Jackson-V. 121, p. 2186
follows: Date Oct. 1 1925. Denom. $500. Due serially 1926 to 1935
incl. Int. payable A. & 0.
LIBERTY TOWNSHIP CENTRALIZED SCHOOL DISTRICT,
Hancock County, Ohio.
-At the election held on
-BONDS VOTED.
Nov. 3-V. 121. p. 1943
-the voters authorized the issuance of $12,000
school building addition bonds. Unofficial vote on the issue was 232 for
to 67 against.
LINN COUNTY SCHOOL DISTRICT NO. 100 (P. 0. Mound City),
Kan.
-BONDS REGISTERED.
-During the month of October the
State Auditor of Kansas registered 815.000
% school bonds.
-Sealed
LIVE OAK, Suwannee County, Fla.
-BOND OFFERING.
bids will be received until Dec. 23 by E. S. Conner, Bond Trustee, for
$125,000 5% impt. bonds.
LYON COUNTY (P. 0. Emporia), Kan.
-NOTES REGISTERED.
During the month of October the State Auditor of Kansas registered
$7.000 4i% temporary notes.
LYON COUNTY RURAL HIGH SCHOOL DISTRICT NO. 1 (P. 0.
Emporia), Kan.
-BONDS REGISTERED.
-During the month of September the State Auditor of Kansas registered $12,000 434% school building
bonds.
McCOMB, Pike County, Miss.
-The $50.000
-BOND DESCRIPTION.
5% coupon refunding bonds purchased by A. K. Tigrett & Co. of Memphis
-V.121. p. 1943
-are described as follows: Date Nov. 1 1925. Denoms.
$1,000 and $500. Due serially. Int. payable M.& N.
-BOND SALE.
I MACOMB COUNTY (P. 0. Mt. Clemens), Mich.
On Nov. 17 the 9140.000 coupon Road Assessment District No. 87 impt.
that date
awarded to the Citizens
bonds, offered on
-V. 121, p. 2435
-were
Savings Bank of Mt. Clemens as 4 kis at a premium of $224 equal to 100.16.
Denom. $1.000. Date Nov. 1 1925. Int. M. & N. Due serially from
1926 to 1935, incl.
[vol. 121.
MARBLE CLIFFS (P. 0. Columbus) Franklin County, Ohio.
BOND SALE.
-On Oct. 23 the $10.000 534% coupon sidewalk bonds
offered on that date (V. 121. p. 2070) were awarded to the Ohio State
Teachers Retirement System. at a premium of $128, equal to 101.28. a
basis of about 5.23%. Dated Oct. 1 1925. Due $2,000 yearly from Oct.
1 1926 to 1930 incl.
MARENGO COUNTY (P. 0. Linden), Ala.
-BOND OFFERING.
Sealed bids will be received until Dec. 7 by the Clerk Board of Revenue for
$250,000 5% county bonds. Dated Jan. 1 or Feb. 1 1926. Due $8.000,
1928 and 1929: $10,000. 1930 to 1934 Incl.: $12,000, 1935 to 1940 incl.,
and $16.000, 1941 to 1947 incl. A certified check for $500 is required.
MARION COUNTY SCHOOL DISTRICT NO. 90 (P. 0. Marion),
Kan.
-BONDS REGISTERED.
-During the month of September the State
Auditor of Kansas registered $13.000 43.4% school bonds.
MASSACHUSETTS (State of).
-NOTE SALE.
-The Grafton Company of Boston has been awarded *1.000.000 bridge notes at 3.725%
plus a 91 52 premium. Dated Nov. 20 1925. Prin. and semi-ann. tht.
(M. & N.) payable at the Bankers Trust Co., New York, or at the State
Treasury, Boston, Due Nov. 20 1926.
MAYETTA, Jackson County, Kan.
-NOTES REGISTERED.
-During the month of September and October the State Auditor of Kansas registered the following notes, aggregating $17,789 77:
$11.319 165% temporary notes.
6,470 61 6% temporary notes.
MEDICINE LODGE, Barber County, Kan.
-BONDS REGISTERED.
-During the month of September the State Auditor of Kansas registered
$10,000 43.1% electric light bonds.
MELVIN, COUNTY LINE INDEPENDENT SCHOOL DISTRICT,
McCulloch County, Tex.
-On Oct. 9 the
-BONDS REGISTERED.
State Comptroller of Texas registered $8.000 6% school bonds. Due
serially.
MEMPHIS, Shelby County, Tenn.
-C. C.
-BOND OFFERING.
Pashly, City Clerk, will receive sealed bids until 2:30 P. m. Dec. 8 for
$785,000 coupon (registerable as to principal) bonds. $625,000 of these
bonds will be dated Jan. 1 1925 and $160.000 will be dated July 1 1925.
Those dated Jan. 1 will average approximately 20
-year maturities and those
dated July 1 will average 234-year maturities. Legality approved by
John C. Thomson, New York City.
MENOMINEE, Menominee County, Mich.
-The
-BOND SALE.
Board of Cemetery Trustees purchased the issue of 818.000 43% Riverside Cemetery impt. bonds at par, voted on July 18-V. 121, p. 743.
Denom.$500. Due in 1941 and 1942.
MEYERSDALE, Somerset County Pa.-BOND SALE.
-On Oct. 30
the $12.000 43,1% coupon (with privilege of registration) street impt.,
Series E, bonds offered on that date
-V. 121. p. 2070
-were awarded to
W. H. Hable of Meyersdale. Date Nov. 1 1925. Due Nov. 1 1955,
optional Nov. 1 1935 or any interest paying date thereafter.
MIDDLEBURY SCHOOL DISTRICT (P. 0. Middlebury Center
R. D.), Tioga County, Pa.
-The
-BOND OFFERING POSTPONED.
1110,000 5% school bonds scheduled for offering on Nov.5(V. 121, p. 2071)
has been postponed until after Dec. 8.
MIAMI COUNTY (P. 0. Troy), Ohio.
-Sealed
-BONDS OFFERED.
bids were received until 10 a. in. Nov. 20 by T. B. Radabaugh, County
Auditor, for $4,700 5% coupon Broadford Bridge bonds. Denom. 9500.
except 1 for 8200. Dated Nov. 11925. Prin. and semi-ann. int.(M.& N.)
payable at the Court House in the City of Troy. Due on Nov. 1 as follows: $700, 1927, and $1.000, 1928 to 1931 incl. Certified check or cash
deposit on some solvent bank for 5% of the amount of bid, payable to the
County Treasurer, required.
-BONDS VOTED.
-At the
MIAMI COUNTY (P. 0. Troy), Ohio.
election held on Nov. 3 the proposition of issuing $60,000 county home
bonds(V. 121, p. 2070) was carried.
-BONDS DEFEATED.
MIDDLETOWN, Butler County, Ohio.
On Nov. 3 the proposition of issuing $92.500 (city's portion) street paving
bonds, submitted to the voters (V. 121, p. 1943) was defeated.
MIDDLETOWN SCHOOL DISTRICT (P. 0. Middletown) Butler
County, Ohio.
-At the Nov. 3 election (V. 121,
-BONDS VOTED.
p. 1375) the voters sanctioned the issuance of $200,000 new school building
bonds.
-BOND ELECTION.
MONROVIA, Los Angeles County, Calif.
An election was held on Nov. 20 for the purpose of voting on the question
of issuing $150.000 school bonds.
-BOND OFFERMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
ING.
-Sealed bids will be received until 10 a. m.(Central standard time)
Nov. 28 by F. A. Kilmer, Clerk of Board of County Commissioners, for
$61,500 5% coupon College Hill Plat Sanitary Sewer bonds. Denom.
$2,500, $3,000 and $5.000. Dated Dec. 1 1925. Prin. and semi-ann.
int. (A. & 0.) payable at the County Treasurer's office. Due on Oct. 1
as follows: $2,500, 1927 to 1929, incl.; 93,000, 1930 to 1932, incl.. and
85,000, 1933 to 1941, incl. Certified check on any solvent bank or
trust company for $50. payable to the County Treasurer, required.
Delivery of bonds to be made at County Treasurer's office. D. W. and
A. S. Iddings, Dayton, Ohio, and Peck. Schaffer & Williams, Cincinnati,
who have been employed to assist in the preparation of legislation and the
Issue and sale of these bonds, will certify as to the legality thereof; otherwise
bids must be unconditional.
-Sealed bids will also be received by F. A. Kilmer,
BOND OFFERING.
Clerk of Board of County Commissioners, until that time and date for
$61,500 57 Cornell Heights Plat Sanitary Sewer bonds. Denom. $5,000,
$3.000 and$2.500. Dated Dec. 11925. Prin. and semi-ann. int.(A.& 0.)
payable at the County Treasurer's office. Due on Oct. 1 as follows:
92,500. 1927 to 1929; $3,000, 1930 to 1932, and $5.000. 1933 to 1941, incl.
Certified check for $50. payable to the County Treasurer, required. Legality approved by D. W. & A. S. Iddings of Dayton and Peck, Schaffer &
Williams of Cincinnati.
MORROW COUNTY (P. O. Heppner), Ore.
-BOND SALE.
-The
$100,000 registered road bonds offered on Nov. 10 (V. 121, p. 2071) were
awarded to Peirce. Fair & Co. of San Francisco as 5s at 101.03 a basis of
about 4.91%. Date Oct. 11925. Due $5,000 Oct. 1 1931 to 1950 incl.
Other BiddersPrice Bid. Int. Rate.
Geo. H. Burr Conrad & Broom, Ralph H. Schneeloch 75000
Company and Baillargeon & Winslow Co
25:000
4
-Dickey Co. and Detroit
A. D. Wakeman & Co., Wells
Trust Co
100.750
Trust Co
Lumbermen's
78,000
1 22,000
4
MT CORY TOWNSHIP SCHOOL DISTRICT, Hancock County,
-At the Nov. 3 election $55.000 bonds were
Ohio.
-BONDS VOTED.
carried, according to unofficial returns, which give the issue 280 affirmative
votes and 51 negative votes.
MOUNT LEBANON TOWNSHIP (P. 0. Pittsburgh), Allegheny
-Sealed bids will be received until
County, Pa.
-BOND OFFERING.
8 p. m. Dec. 7 by F. W. Cooke, Township Clerk, for $125.000
%
coupon township bonds. Denom. $1.000. Dated July 1 1925. Int.
J. & J. Due on July 1 as follows: ii20.000. 1930. 1935, 1940. 1945, 1950,
and $25.000. 1955. Certified check for $1,000, payable to the Township
Treasurer, required.
MU RPHYSBORO, Jackson County, Ill.
-BOND ELECTION
SALE.
-The H. C. Speer & Sons Co. of Chicago have purchased subject
to being voted at an election to be held Nov. 24 an issue of $118 000 5%
funding bonds. Dated Oct. 15 1925. Prin. and semi-ann. int. (F. & A.)
payable at the Continental & Commercial National Bank Chicago. Due
on Aug. 1 as follows: $5 000 1931: $6000 1932 to 1934 incl.; $7 000'
1935 to 1937 incl.; $8000 1938 and 1939: $9 000 104010 1042:310 0001943 and 1944 and $11 000 1945.
NAMPA AND MERIDIAN IRRIcATION DISTRICT (P.O. Nampa),
Ida.
-Sealed bids will be received until 2 1)• m•
-BOND OFFERING.
Dec. 15 by the Secretary of Board of Directors for $53,600 6% irrigation
bonds.
A
Nov.21 1925.1
THE CHRONICLE
2551
-BOND ELECTION.PACIFIC GROVE, Monterey County, Calif.
An election will be held on Nov. 25 for the purpose of voting on the question of issuing $61.700 municipal improvement bonds.
PALA SCHOOL DISTRICT (P. 0. San Jose) Santa Clara County,
-Henry A. Pfister. County Clerk, will receive
-BOND OFFERING.
Calif.
sealed bids until 11 a. m. Dec. 7 for $35.000 5% school bonds. Date Dec.
1 1925. Denom. $1.000. Due Dec. 1 as follows: 31,000. 1927 to 1929
hid. and 32.000. 1930 to 1945 incl. Prin. and semi-annual int, payable
at the County Treasurer's office. A certified check for 5% of bid is required.
-BOND SALE.
-The 3157,000 5%
PALATKA, Putnam County, Fla.
paving Series B special assessment bonds offered on Oct. 22-V. 121. p.
-were awarded to the East Florida Savings & Trust Co. of Palatka
1944
at a premium of $15 75. equal to 100.01.
PENNSAUKEN TOWNSHIP SCHOOL DISTRICT (P. 0. Delair),
-Sealed bids will be re-BOND OFFERING.
Camden County, N. J.
ceived until 8 p. m. Dec. 1 by G. Harry Carson, District Clerk, for an
issue of 43 % coupon (with privilege of registration as to principal only or
as to both principal and interest) school district bonds not to exceed $650.000
no more bonds to be awarded than will produce a premium of 31.000 over
semi-ann.
$650.000. Denom. $1,000. Dated Sept. 1 1925. Prin andof America
Wt.(M. & S.) payable in lawful money of the United States
at the Merchantville Trust Co., Merchantville. Due on Sept. 1 as follows:
32.000. 1965.
312.000. 1926 to 1934 incl.: 318.000, 1935 to 1964 incl., andfor
2% of the
Certified check on an incorporated bank or trust company
amount of bonds bid for, payable to the Township Board of Education,
required.
-M. W.
-BOND SALE.
PERRY COUNTY (P. 0. Perryville), Ark.
Elkins & Co. of Little Rock have purchased an issue of 335.000 5% funding
years. Interest payable semi-annually.
bonds. Due in 1 to 20
-On Nov. 16 the two
-BOND SALE.
PIQUA, Miami County, Ohio.
NILE TOWNSHIP, RURAL SCHOOL DISTRICT (P. O. Friend- issues of 431% coupon water-works system bonds offered on that date
the election held
-At
-BONDS VOTED.
ship), Scioto County, Ohio.
2188) were awarded to the First Trust & Savings Bank of Chicago
on Nov. 3 (V. 121 D. 1944) the voters authorized the issuance of $7,500 (V. 121. p.
at a premium of $4.599.98, equal to 102.19, a basis of about 4.52%.
non-fireproof school house bonds by a vote of 97 for to 48 against.
as follows: $6,000,
3160.000 water-works system bonds. Due on Oct. 1 incl.
-NOTE OFFERING.
COUNTY (P. 0. Dedham), Mass.
NORFOLK
1927 to 1941 incl. and $7.000, 1942 to 1951
50,000 water-works system bonds. Due $5,000 yearly from Oct. 1 1927
Sealed bids will be received until 11 a. m. Nov. 24 by Frederic C. Cobb.
to 1936 incl.
County Treasurer. for $72.920.19 431% coupon "Monatiquot River
Bridge" notes. Denom 31.000. except 1 for $920.19. Dated Dec. 11925.
Dated Oct. 1 1925.
Prin. and semi-ann. int. (J. & D.) payable at the First National Bank of
-On Nov.
-BOND SALE.
PITTSFIELD,. Berkshire County, Mass.
Boston. Due on Dec. 1 as follows: $12.920.19. 1926 and $12.000, 1927 to
4l% coupon building loan year of 1925 bonds offered on
1931 incl. Bonds are engraved under the supervision of and certified as 18 the 366.000121. p. 2437) were awarded to Edmunds Bros. of Boston
to genuineness by the First National Bank of 130ston, their legality will be that date (V.
4.03%. Dated Nov. 15 1925. Due on Nov. 15
approved by Ropes. Gray. Boyden & Perkins, whose opinion will be at 101.34, a basis of about
1927 to 1938 incl. Other bidders
furnished the purchaser. All legal papers incident to this issue will be filed as follows: 36,000, 1926 and 35,000.
with the above bank where they may be inspected at any time. Delivery were:
Rate.
Rate.
of notes to be made to the purchaser on or about Dec. 1 1925 at the First
11
110011..04
101.321 VIerrill. Oldham & Co
Old Colony Trust Co
National Bank of Boston.
101.27 F. S. Moseley & Co
Eldredge & Co
101.032
101.267 Make Bros. & Co
National City Co
NORTH TAMPA SPECIAL ROAD AND BRIDGE DISTRICT
101.023
101.24 Putnam & Storer
-BOND OFFERING.
(P. 0. Tampa), Hillsborouwh County, Fla.
-The E. H. Rollins & Sons
101.23 Harris. Forbes & Co.. Inc_ _ -101.
Clerk of Board of County Commissioners will receive sealed bids until Estabrook & Co
100.942
101.19 Paine. Webber & Co
Co
R.L.Day &
Dec. 11 for $350.000 road bonds.
100.911
101.131 Curtis & Sanger
Arthur Perry & Co
NOTUS PARMA HIGHWAY DISTRICT (P. 0. Parma), Canyon
PLANT CITY SPECIAL ROAD AND BRIDGE DISTRICT (P. 0
-The Central Trust Co. of Salt Lake
-BOND SALE.
County, Idaho.
A
-BOND OFFERING.
City and Walter S. Bruce & Co. of Boise jointly purchased an issue of Tampa) HillsboroughofCounty, Fla.
-W.
County Commissioners, will receive sealed bids
Dickenson, Clerk Board
375.000 highway bonds at a premium of $5 36, equal to 100.007.
$1.100.000. not exceeding 6% coupon road and
until 11 a. m. Dec. 4 for
-Sealed bridge bonds. Date Jan. 11926. Denom 31.000. Due Jan. 1 as follows:
-BOND OFFERING.
OAKFIELD, Genesee County, N. Y.
and
bids will be received until 8 p. m. Nov. 23 by G. Edward Hotchktss,Village 320.000 in 1929 and 1930:322.000 in 1931 and 1932: 325.000, 1933and 1934;
1940:
Clerk, for $125.000 coupon (with privilege of registration as to principal 328.000, 1935 and 1936: 330.000, 1937 and 1938: 335.000. 1939
only or as to both principal and interest) sewer bonds. Denom. $1,000. 340.000. 1941 and 1942: 345,000. 1943 and 1944; 350.000. 1945 to 1948
1949 to 1950 incl.: 370.000. 1951 and 1952: and 375.000. in
Dated Nov. 1 1925. Prin. and semi-ann. in (M. & N.) payable at the incl.: 360.000,
N. Y. C. The
office of the United States Mortgage & Trust Co.. New York. Due 35.000 1953 and 1954. Prin. and int. (J. & J.) payable in gold in Bank & Trust
yearly from Nov. 1 1930 to 1954, incl. Certified check on an incorporated bonds will be prepared under the supervision of the Citizens signatures of
certify as to the genuineness of the
bank or trust company for 2% of the amount ofbonds bid for required. The Co. of Tampa. which will
approved
bonds will be prepared under the supervision of the United States Mort the officials and the seal impressed thereon, and the legality will be
the
gate Sr Trust Co. of New York City, which will certify as to the genuine- by Clay & Dillon. N. Y. C. A certified check for $22,000 payable to
ness of the signatures of the village officers and the seal impressed thereon. above named clerk, is required.
approved by Caldwell & Raymond of New York, whose
Legality will be
-NOTES REGISTERED.-DnrPLEASANTON, Linn County, Kan.
approving opinion will be furnished to the purchaser without charge.
State Auditor of Kansas registered $15,081 93
Deli very of bonds to be made at 11 a. m. Nov.30 at the office of the United ing the month of October the
New York. or as soon after the date as the temporary notes.
States Mortgage & Trust Co..
-BOND OFFERING.
bonds may be prepared. Bidders are requested to name the rate of interest
PLYMOUTH COUNTY(P.O.Plymouth), Mass.
the bonds shall bear, at not exceeding 6% interest, expressed hi multiples -Sealed bids will be received until 10 a. m. Nov. 24 for the purchase of
of 31 of 1%.
$72.000 4%% bonds. Dated Dec. 1 1925. Due 1926 to 1937 incl.
-BOND
-BOND OFFERING.
OAKWOOD (P. 0. Dayton), Montgomery County, Ohio.
POINT PLEASANT, Ocean County, N. J.
.SALE.
-On Nov. 14 the following four issues of 6% coupon impt. bondsc Sealed bids will be received until 7:30 p. m. Nov.28 by Joseph F.Sherman,
aggregating $54.552 73, offered on that date (V. 121,p. 2071) were awarded Borough Clerk, for an issue of 5% coupon (but may be registered as to
to Seasongood & Mayer of Cincinnati at a premium of $2,676, equal to principal only at the option of the owner thereof) borough hall and munici104.90, a basis of about 4.86%.
pal building bonds not to exceed 325.000. no more bonds to be awarded
$22,802 00 Schantz Ave. improvement No. 2 bonds. Due $2.500 yearly than will produce a premium of $1,000 over 325.000. Denom. 31,000.
from Oct. 1 1926 to 1933. incl., and $2.802 Oct. 1 1934.
Dated Aug. 15 1925. Prin. and semi-ann. nit. (F. & A. 15) payable at
5,17600 Acacia Ave. improvement bonds. Due $500 Yearly from the Ocean County National Bank, Point Pleasant. Due 31.000 yearly
Oct. 1 1926 to 1933. incl.. and $1,176 Oct. 1 1934.
from Aug. 1 1926 to 1950 incl. Certified check upon an incorporaetd
18,494 00 Schantz Ave. Improvement No. 3 bonds. Due $2,000 yearly bank or trust company for 2% of the amount of bonds bid for, payable
from Oct. 1 1926 to 1933, incl.. and 32.494. Oct. 1 1934.
to the Borough Treasurer, required.
8.08073 Schafer Boulevard improvement No. 2 bonds. Due $1,000
-Sealed
-BONDS OFFERED.
PONTIAC, Oakland County, Mich.
yearly from Oct. 1 1926 to 1933 and $80 73. Oct. 1 1934.
bids were received until 1 n. m.(eastern standard time) Nov. 20'by FL A.
Dated Oct. 1 1925. The following is a list of the bids received:
Amount Premium
Total
Maurer, City Clerk for the following two issues of (special assessment)
Bonds Bid. Offered.
Bid.
bonds, at not exceeding 6% interest.
$54.552 73 $2,281 00 $56.833 73 $150,000 Willow Ave. condemnation bonds. Due 315.000 yearly from
A. T. Bell & Co
54.55273 2.47900 57.031 73
Dec. 1 1926 to Dec. 1 1935 incl. A certified check for $3.000.
& Co
Herrick
54.55273 2.47700 57,079 73
required. Bids for .this issue to be based upon the approving
A. E. Aub & Co
54.552 73 2.263 80 56,816 53
opinion of Attorney John C. Spaulding of Detroit, as to the
Stranahan. Harris & (Jetts, Inc
validity of bonds which opinion will be furnished by the City of
54,552 73 1.84900 56,401 73
W. K. Terry & Co
54.552 73 2.484 00 57.086 73
Pontiac.
Ryan, Sutherland & Co
54 55? 73 2,631 no 57.183 73
Otis & Co
50.000 paving bonds. Due 35.000 yearly from Dec. 1 1926 to 1935 incl.
A certified check for $1.000. required.
Provident Savings Bank & Trust Co___- 54,552 73 2.574 79 57,127 52
54.552 73 2,229 19 56,781 92
N. S. Hill & Co
Denom. $1.000. Dated Dec. 11925. Prin. and semi-ann. Int. (J. & D.)
Merchants National Bank & Trust Co-------552 73 2.599 00 57.151 73 payable at the office of the City Treasurer. Pontiac. Printed bonds to be
54.58273 2,676 00 57.228 73 furnished by the purchaser. Action on bids for the two issues to be conSeasongood & Mayer
54,552 73 2,44000 56,992 73 sidered by the City Commission. Nov. 23 at 2:30 p. m.
Well, Roth Sc Irving Co
54.552 73 c.329 92 56.882 65
Breed. Elliott Sc Harrison
Financial Statement (Nov.1 1925).
Title Guarantee & Trust Co
36,058 73 1.50248 37.561 21
31.277.750
Durfee, Niles & Co
36.058 73 1.51280 37.571 53 General bonded debt
1.269,000
Water bonds (additional)
241.000
-BONDS REGISTERP:D.- Special assessment bonds (additional)
OHIO TOWNSHIP,Salina County, Kan.
Durinir the month of October the State Auditor of Kansas registered $7,500 Assessed valuation as equalized.
$39.864.150
5% refunding bonds.
Real estate
12,323,890
Personal
-BONDS REGISTERED
OLATHE, Johnson County, Kan.
ing the month of October the State Auditor of Kansas registered $13,523 21
$.52.188,040
Total
% paving bonds.
Census. 1920 population. 34.273: estimated population 1925. 45.000.
OLMSTEAD COUNTY SCHOOL DISTRICT NO. SO (P. 0. RochesThe city is $1,628,293.20 below bonding limit, according to official
ter), Minn.
-The $3.000 coupon (registerable computation.
-BOND DESCRIPTION.,
as to principal) school bonds awarded to the First State Bank of Rochester
PORTAGE SCHOOL TOWNSHIP (P. 0. Gary R. F. D. No. A_
on Sept. 29 as 5s (V. 121. p. 2187) are described as follows: Date Aucc. 1
-On Nov. 10 the 310.000 5%
-BOND SALE.
1925. Denoms. $250 and $500. Due $250 in 1926 and 1927 and $500. Porter County, Ind. bonds offered on that date (V. 121. p. 2072) were
coupon school township
1928 to 1932 incl. Int. payable F. & A.
awarded to the Citizens' Savings & Trust Co. of Valparaiso at a premium
OMAHA INDEPENDENT SCHOOL DISTRICT, Morris County, of $165. equal to 101.65. a basis of about 4.68%. Dated Nov. 10 1925.
Tex.
-BOND OFFERING.
-W.0.Robertson, Secretary Board of Trustees, Due $1.000 yearly from Dec.30 1926 to 1934 incl., and $1.000 Nov. 10 1935.
will receive sealed bids until 12 m. Dec. 1 for $20.000 school bonds.
-On
-BOND SALE.
PORTER COUNTY (P. 0. Valparaiso), Ind.
-BONDS DEFEATED.
ORION, Oakland County, Mich.
-Tax- Nov. 13 the following two issues of 434% road bonds offered on that date
payers of this village have defeated a proposed $150,000 bond issue for (V• 121, P.2437) were awarded to the Merchants National Bank of Muncie
4.395%:
new school.
at a premium of $345 25. equal to 100.47, a basis of aboutfrom
May 15
Twp. bonds. Due $2.650 each six months
ORLEANS PARISH SCHOOL DISTRICT (P. O. New Orleans), $53,000 PortageNov. 15 1935 inclusive.
1926 to
La.
-BOND SALE.
-The $1.500,000 431% coupon school bonds offered
20.000 Pleasant Twp. bonds. Due $1,000 each six months from May 15
awarded to a syndicate composed of
on Nov. 10-V. 121. p. 2187
-were
1926 to Nov. 15 1935 inclusive.
the First Chicago Corp. of Chicago. the Detroit Co. of Detroit. the Northern
Date Nov. 15 1925.
Trust CO. and Ames. Emerich & Co., both of Chicago at 100.40. a basis
-BONDS OFFERED.
of about 4.67%. Date Dec. 1 1925. Due Dec. 1 as follows: 3202.000,
PORT HURON, Saint Clair County., Mich.
1926; 3118.000, 1927: 3124,000. 1928: 3129.000. 1929: $136,000. 1930: Sealed bids were received until 11 a. m. Nov. 20 by Thomas H. Molloy.
1931: 3151.000, 1932; 3158.000. 1933; $166.000, 1934. and Commissioner of Finance, for the following two issues of paving bonds at
3143.000.
$173.000 in 1935.
not exceeding 5% interest:
Financial Statement.
$106,160 43 (special assessment) paving bonds. Denom. $1,000 except 1
Assessed valuation, 1925
for $160 43. Due on Dec. 1 as follows: 39.000 1926 to 1929,
$476,708,584
incl.: slomoo 1930 to 1935, incl., and $10,160 43 1936.
Total bonded debt, including this issue
1,900.000
Sinking fund
411,272
51 025 81 (city's portion) paving bonds. Denom. 31.000. 3500 and 1
for t525 81. Due on Dec. 1 as follows: 35,000 1926 to 1935.
1,488,728
Net bond debt
incl.. and 81.025 81 1938.
Population,Cestimated, 418,000.
-On Nov. 17 the
-BOND SALE.
IF NEWARK, Licking County, Ohio.
13,500 5% coupon (city's portion) sewer irnpt. bonds offered on that date
the First Citizens Corporation Co. of
V. 121, p. 2187) were awarded to
Columbus at a premium of 2295.65. equal to 102.19. a basis of about
4.67%. Dated Sept. 11925. Due $1,000 yearly from Oct. 1 1927 to 1939
incl. and $500 Oct. 11940.
-TEMPORARY LOAN.
NEW BEDFORD, Bristol County, Mass.
The National Shawmut Bank of Boston has been awarded a $500,000
temporary loan, payable April 7 1926. on a 3.70% discount basis.
-BOND OFFERING.NEW BRIGHTON, Beaver County, Pa.
Sealed bids will be received until 8 p. m. Nov. 24 by Harry Wohlwend,
Borough Secretary, for $40 000 414% borough bonds. Denom. $1.000.
Dated Sept. 1 1925. Int. M. & S. Due on Sept. 1 as follows: $1.000,
1927, 1929. 1930 and 1932 to 1940 incl.: $2.000. 1941:$1.000, 1942 and 1943;
92.000, 1944: $1.000, 1945: $2.000, 1946 and 1947: 31.000. 1948: $2,000.
1949 to 1953 incl., and 33.000. 1954 and 1955. Certified check for $1,000
required. Bids will be received on the following three propositions:(1) For
entire issue of $40,000:(2) for the first $10,000 of the bonds; and (3) for the
first 320.000 of the bonds.
-BOND OFFERING.
-Sealed
NEWTON, Middlesex County, Mass.
bids will be received until 1 p. m. Nov. 24 by Francis Newhall, City Treasurer, for $100.000 4% registered high school bonds. Dated Dec. 1 1925.
Prin. and semi-ann. int. (J. & D.) payable at the First National Bank of
Boston, Boston. Due Dec. 1 1926. Legality approved by Ropes, Gray.
Boyden & Perkins of Boston. These bonds will be registerable in units of
$1.000 or multiples thereof.
NILAND WATER DISTRICT (P. 0. Niland), Imperial County,
-An election will be held on Nov. 25 for the
Calif.
-BOND ELECTION.
Purpose of voting on the question of issuing $140,000 water bonds.
2552
THE CHRONICLE
Dated Dec.1 1925. Principal and semi-annual interest (J.& D.)payable
at the Hanover National Bank. New York.
PORTO RICO (Government of).
-BOND SALE.
-The following
434% Series "V" to "EE" irrigation bonds, aggregating $750,000. offered
on Nov. 19-V. 121, p. 2437
-were awarded to a syndicate composed of
Hallgarten & Co., Blair & Co., Inc., Chase Securities Corp. and Hornblower & Weeks, all of New York, at 102.866, a basis of about
4.33%;
$75,000 Ser."V"due Jan. 1 1950
475,000 Ser. "AA," due Jan. 1 1955
75.000 Ser.
, due Jan. 1 1951
75.000 Ser. "B,' due Jan. 1
due
75,000 Ser. "X," due Jan. 1 1952. 75,000 Ser. "CC." due Jan. 11956
1957
75.000 Ser. "y," due Jan. 1 1953
75,000 Ser. "DD," due Jan. 1 1958
Ser. Z,' due Jan. 1 1954
Following is a list of other bidders: 75,000 Ser. "EE," due Jan. 1 1959
BidderBarr Bros. & Co., N. Y.; Edmunds Bros., Boston: Lee, IligginsonRate Bid.
& Co., N. Y.; Old Colony Trust Co.. Boston; The Herrick Co.,
Cleveland; Fletcher American Co., Indianapolis; Second Ward
Securities Co., Milwaukee
10248.
George H. Burr & Co., New York
102.261
Bank of America, New York
102.237
Riggs National Bank, Washington, D. C
102.134
Mercantile Trust Co. St Louis
101.0101
I. A. Sisto & Co., N. Y.; Illinois Merchants Trust Co., Chicago100.59
City National Bank, Pt. Smith
98.00
PROVIDENCE, R. I.
-BOND OFFERING.
-Sealed bids will be
received until 2:15 p. m. Dec. 15 by Clarence E. Cray, City Treasurer,
for the whole or any part of $2.500,000 4% water supply loan bonds. Dated
Jan. 2 1926. Prin, and semi-ann. Int. (J. & J.) payable in gold coin of the
United States, equal to the present value of fineness and weight. Due
$1500000 Jan. 2 1936 and $1.000.000 Jan. 2 1946. Either coupon bonds
of $1.000 each, or registered bonds in sums of 41.000. 45.000, 410.000 or
$20.000 each, as desired, will be issued for the whole or any portion of the
loan, and coupon bonds may at time thereafter be converted Into registered
bonds of the above denominations at the option of the holder. The principal
and interest of coupon bonds will be payable at the fiscal agency of the City
of Providence in New York City. The City of Providence transmits by
mall Interest on all registered bonds. If desired. Bonds will be ready for
delivery Jan. 4 1926. A certified check for 2% of the amount of bonds
bid for, payable to the City Treasurer, required.
Financial Statement.
Population.
-1910 Census (Federal), 224,326: 1920 Census (Federal),
237.595: 1925 Census (State), 267.918.
Assessor's Valuation 1925.
Real
$343.180.770
Tangible personal
99.074,300
Intangible personal
132,665,600
Bank & Trust Co.. all of Kansas City, have purchased an issue of $605.082
43-5% water works bonds. Date Oct. 1 1925. Denom. 41,000. Due
serially Oct. 1 1926 to 1945, inclusive.
Financial Statement.
Assessed valuation (1925)
$29,520,404
Total bonded debt (including this issue)
1 683 440
,,
Population 15.085.
SALINA, Salina County, Kan.
-BONDS REGISTERED.
-During
the month of October the State Auditor of Kansas registered 87.517 04
4( paving bonds.
SALISBURY Rowan County, No. Caro.
-BOND OFFERING.C. G. Wells, City Clerk, will receive sealed bids until 8 p. m. Nov. 30 for
the following, not exceeding 6% coupon bonds, aggregating 8295.000:
440,000 water and sewer bonds. Due 41.000 Dec. 11928 to 1945 Ind.
225,000 street and sidewalk bonds. Due Dec. 1 as follows: 410.000. 1927
to 1934 incl.;$15,000. 1935 and $16,000. 1936 to 1945 incl.
Date Dec. 1 1925. Denom. $1,000. Prin. and Int. (J. & D.) payable
in gold in N. Y. C. A certified check for 2% of bid, payable to city Is
required. Legality approved by Reed, Dougherty & Hoyt of N. Y. C.
SAN DIEGO, San Diego County, Calif.
-Allen
-BOND OFFERING.
H. Wright, City Clerk, will receive sealed bids until 11 a. m. Nov. 23 for
$500,000 4% San Diequito water system bonds. Date Dec. 1 1925.
Denom. $1.000. Due $25.000 Dec. 1 1926 to 1945 incl. Prin. and int.
(J. & D.) payable at the East Rivet National Bank, N. Y. City, at any
branch of the Bank of Italy in California or at the City Treasurer's office,
at option of holder. A certified check for 1% of bid, payable to the City
Clerk, is required. Legality approved by John C. Thomson, N. Y. City.
SANDUSKY, Erie County, Ohio.
-A proposal to
-BONDS VOTED.
bond the city for 460,000 to provide funds for the elimination of a grade
crossing was ratified by the voters on Nov. 3.
SAN LEANDRO, Alameda County, Calif.
-BOND ELECTION.
An election will be held on Nov.30 for the purpose of voting on the questies
of issuing 8300.000 municipal 1mpt. bonds.
SEATTLE, King County, Wash.
-During the mon*
-BOND SALE.
of October the City of Seattle sold the following 6% bonds, aggregating
$126,719.39, at par.
Dist. No,
Amount.
Date.
3924t.15'21.937
3968
$14,263.77
Oct. 2 1925
3987
1,617.35
Oct. 2 1937
Oct. 2 1925
3925Oct.ct 3 1925
2,757.77
O
O
Oct. 3 1937
3,244.15
Oct. 3 1925
3949
8.733.12
Oct. 3 1925
Oet. 3 193
Oct. 3 9 7
3
3967
1,509.50
Oct. 3 1925
Oct. 3 1937
3 26
3988
18.227.32
Oct. 5 1925
Oct. 5 1937
3.584.90
Oct. 17 1925
Total
Oct. 17 1937
$574,920,670
2.369.27
Oct. 17 1925
Estimated Income. 1925 Oct. 17 1937
-26.
43900956
2,451.01
Oct. 17 1925
Tax of 1925 (rate $23 per M.on real and tangible personal,
Oct. 17 1937
3956
21.556.57
and $4 per M.on Intangible personal. incl. State tax)..110.702.529.01
Oct. 19 1925
Oct. 19 1937
. 3988887
6.975.55
Oct. 24 1925
From all other sources
O.24 1937
ct
2,227,124.63
3957
2,862.27
Oct. 24 1925
Oct. 24 1937
3930
.56061
.
Oct. 26 1925
Oct. 26 1937
$12.929,653.64
20,228.87
Oct. 26 1925
Oct. 26 1937
Assessor's Valuation of Property Owned by the City.48090879
Oct. 26 1925
2.152.48
Oct. 26 1937
Real estate
$27,631,771.95
.
8,957.87
Oct. 30 1925
Oct. 30 1937
Personal property
1.589,191.92
4002
2,072.19
Oct. 30 1925
Oct. 30 1937
4013
Oct. 30 1925
3,152.63
Oct. 30 1937
429,220,963.87
Subject to call at any interest payment date.
Water Works, 1924-25.Receipts
SEATTLE, King County, Wash.
41,410,981.61
-The Marla*
-BOND SALE.
Transfer from water deprec. & exten. fund. 100.000.00
National Bank and John E. Prke & Co., both of Seattle, and Ballargeon,
41,510,981.61 Winslow & Co. of Portland, jointly, purchased on Oct. 29 an Issue of
Cost of managing
$90,000 6% local improvement bonds at 96.50.
$733,705.59
Interest on water debt
444,592.67
SHERMAN; Grayson County, Tex.
-J. A.
-BOND OFFERING.
Depreciation and extension fund
143,204.76 1.321,503.02 Henderson, City Clerk, will receive sealed bids until 7:30 P. m. Dec. 21
for 4100.000 434% street kiipt. bonds.
Surplus
$189.478.59
•Indebtedness Nov. 11926.
SHIRLEY (P. 0. Woodburn), Allen County Ind.-BOND OFFERBonded
$34.338,000.00 ING.-Sealed bids will be received until Nov. 23 by the Town Treasurer
'
Floating
lo $1. 6 1 8ped
3,463.406.76 for fo5, 147 10a l street Improvement bonds. Denom. 10 for $400 and
47
Total debt
437.801.406.76
SIBLEY, Ford County, 111.
-On July 1 H. C. Speer
-BOND SALE.
Sinking funds, Sept. 30 1925
12.557.044.23 & Sons CO. of Chicago purchased an Issue of $25,000 5% coupon bonds.
Denom. $1,000. Dated June
Int. J. & J. Due $1,000 1928 to
Net debt '
$25,244,362.53 1932 Incl., and $2,000 1933 to 15 1925.
1942 Incl.
SHOREWOOD (P. 0. Milwaukee), Milwaukee County, Wis.Total water debt included in above
$14,893,000.00 BOND
SALE.
Sinking funds for water debt
-The $29.000 4, % electric light bonds offered on Nov. 111
Ji
4.266,273.96 -V.
121, p. 2188
-were awarded to the Second Ward Securities Co. of
Milwaukee
Net water debt
410,626,726.04 Date May at a premium of 8787 10. equal to 102.71. a basis of about 4.45%.
1 1924. Due May 1 as follows: 41,000, 1926 to 1934 Incl.,
RANKIN COUNTY (P. 0. Brandon), Miss.
-The and 82,000, 1935 to 1944 incl.
-BOND SALE.
Al
Merchants Bank & Trust Co. of Jackson has purchased an issue of 440,000
SIOUX CITY, Woodbury County, Iowa.
-BOND OFFERING.5% road bonds at a premium of $200, equal to 100.50. Due in 20 years.
Sealed bids will be received until 2 p. m. Dec. 3 by C. A. Carlson, City
READING. Lyon County, Kan.
-BONDS REGISTERED.
-During Treasurer for $225,000 414% sanitary bunt. bonds. Date Nov. 1 1925.
the month of September the State Auditor of Kansas registered 47.500 Due $9.000 Nov. 1 1926 to 1950 Incl. Prin, and semi-annual Int. payable
43 % electric transit line bonds.
at the City Treasurers' office or at the Hanover National Bank. N.Y.0.,
REEDsPORT. Douglas Cminty, Ore.
-flown OFFERTNO.-Olen at option of holder. Legality approved by Chapman, Cutler & Parker of
Carley; City Recorder, will receive sealed bids until 8 p. m. Nov. 23 for Chicago. A certified check for 2% of bid is required.
the following 6% bonds aggregating $11,236 14:
SPENCERVILLE SCHOOL DISTRICT (P. 0. Spencerville), Allen
49.843 04 Improvement bonds. Date Oct. 10 1925. Due Oct. 10 1935.
-At the Nov. 3 election the voters
County, Ohio.
-BONDS VOTED.
optional on any Interest payment date.
approved 596,000 school bonds by a vote of 587 for to 205 against.
1,392 30 improvement bonds. Date Oct. 1 1925. Due Oct. 1 1935,
optional on any Interest payment date.
-BOND OFFERSPENCER SCHOOL TOWN, Owen County, Ind.
Principal and interest (A. & 0.) payable at the office of the City Treas- /NO.
-Sealed bids will be received until 2 p. m. Dec. 4 by the Board of
urer. A certified check for 5% of par value Of bonds Is required. Legality School Trustees at the Exchange Bank of Spencer. for $8.800 44% school
approved by Teal, Winfree, Johnson & McCulloch, of Portland.
building bonds. Denom. $400. Date Dec. 2 1925. Prin. and semi-ann.
Int. (J. & J.) payable at the Exchange Bank of Spencer. Due $400 each
ROCHESTER, N. Y.-NOTR SALE.
-On Nov. 19 the National Bank six months from Jan. 1 1928 to July 1 1938 inclusive.
NW
of Rochester was awarded the following three issues of notes aggregating
4975.000 at 3.88% Interest:
-BONDS REGISTERED.
STAFFORD, Stafford County, Kan.
$300.000 local impt., as ner ordinance of the Common Council Nov. 101925. During the month of September the State Auditor of Kansas registered
75,000 municipal
construction, as per ordinance of the Com- 418,000 414% refunding bonds.
mon Council Feb. 11 1919.
-BONDS REGISTF,RED.
STANTON COUNTY (P.0.Johnson), Kan.
600,000 school revenue, as per ordinance of the Common Council Nov.
-During the month of September the State Auditor of Kansas registered
10 1925.
Local impt. and municipal building construction notes will be made $40.000 5% court house bonds.
payable three months and school revenue notes will be made payable seven
STOKES COUNTY (P. 0. Danbury), No. Caro.
months from Nov. 24 1925 at the Central Union Trust Co.. New York CORRECTION -The Warhovia Bank & Trust Co. -BOND SALE
of
City, will be drawn with interest and will be deliverable at the Central purchased on April 18 an issue of 830.0004H% paving bonds.Winston-Salem
We originally
Union Trust Co., New York City, Nov. 24 1925. Other bidders were:
reported in
120. p. 3100 the amount of these bonds as 475.000. which
Premium.
Interest.
Salomon Bros. & Hutzler, New York
3.98%
$11 00
SYLVAN GROVE, Lincoln County, Kan.-130NDS REGISTERED.
R. W. Pressprich & Co., New York
23 00 -During the month of October the State Auditor of Kansas
4.00%
registered
Genesee Valley Trust Co.. Rochester
11 00 412.500 4H% water works bonds.
4.00%
Barr Bras. & Co., Inc., New York
Local improvement. $300.000
TENNANT, Shelby County, lowa.-BOND SALE.
30 00
-The 46.500 5%
4.05%
Municipal building construction, $75,000
10 00 electric system bonds offered on Nov. 13-V. 121. p. 2438
-were awarded
4.05
School '"",'e.ne onn
s, ge
4000 to the Henningson Engineering Co. of Omaha at par. Purchaser agreed
4.05%
ROCHESTER, Olmsted County, Minn.
-A. F. to print the bonds and furnish the legal opinion.
-BOND OFFERING.
Wright. City Clerk, will receive sealed bids until 7.30 p. m. Nov. 30 for
TERRE HAUTE SCHOOL CITY (P.0. Terre Haute), Vigo County,
10,000 4 ti (. permanent Improvement bonds. Date Dec. 11925. Denom. Ind.
-BOND SALE.
-On Nov. 13 the
00. Due 41.000 Dec. 1 1926 to 1935. Inclusive. Principal and interest provement bonds offered on that date3900.000 434'7 coupon school im(V.
J. & D.) payable at the office of the City Treasurer. A certified check for to a syndicate composed of the Harris Trust 121. p. 2)73) were awarded
& Savings Bank of Chicago,
% of bid payable to the City Treasurer is required.
Indiana Trust Co., Merchants' National Bank, both of Indianapolis. and
-ROSLYN, Day County, So. Dak.-BOND OFFERING.
-Sealed bids the Terre Haute Trust Co. of Terre Haute, for 4921,039, equal to 102.33.
will be received until 2 p. m. Nov. 30 for $7.000 6% town bonds. Date a basis of about 4.29%. Dated as of or after Sept. 10 1925. Due on Sept. I
Dec. 1 1925. Denim). 4500. A certified check for $500, payable to the as follows: $10.000. 1930; 45,000. 1931; $15,000. 1932 and 1933; $20,000.
1934: 825.000. 1935: 830.000. 1936: 475.000. 1937; 480.000. 1938: $85,000,
Town C erk. is required.
1939;
390,000, 1942 to 1944 incl., and $85.000.
1940: 495.000.
ROYAL OAK DRAINAGE DISTRICT, Oakland County, Mich.
- 1945.$90.000.bidders were: 1941:
Other
BONDS OFFERED BY BANKERS.
-Halsey. Stuart & Co., Inc., whose
Amount Bid.
main office is Chicago, is offering to investors to yield from 4.75% to 5.00%
according to maturity, an issue of 43,796.000 5 H % coupon drainage bonds. Fletcher Savings & Trust Co., J. F. Wild & Co. and FletcherAmerican Co.,Indianapolis, and Northern Trust Co., Chicago$920,628 84
Denom. 41.000. Dated Nov. 1 1925. interest M. & N. Due on May 1 Meyer
-Kiser Bank, Breed. Elliott & Harrison, City Trust Co.
as follows: $111,000 1928. 2115,000 1929, 8245.000 1930, 4265.000 1931
and Union Trust Co., all of Indianapolis
$270,000 1932, 4315,000 1933 and 1934, 4360.000 1935 to 1940, Inclusive; National
City Co. and Halsey. Stuart & Co., Inc.. Chicago
916 00 70
914
,r 01
Financial Statement.
Wm. R. Compton Co.. Illinois Merchants Trust Co. and First
Assessed valuation 1925
459.000,000
Trust & Savings Bank, all of Chicago
913,709 00
Total bonded debt
3,796,000
TILLAMOOK CITY, Tillamook County, Ore.
Population (official estimate) 40,000.
-BOND SALE.
An issue of $12.439.95 6% impt. bonds was awarded on Nov.
Geo. H.
-BOND SALE.
-A syndicate composed Burr, Conrad & Broom of Seattle at 102.47. Due in 10 years. 2 to payable
p''SALINA,Saline County, Kan.
int,
Commerce Trust Co.. Stern Bros. & Co. and the Fidelity National semi-annually.
of the
I
Nov.211925.]
THE CHRONICLE
-An election
-BOND ELECTION.
TOPEKA, Shawnee County, Kan.
will be held on Nov. 24 for the purpose of voting on the question of issuing
bonds, aggregating $3.970,000:
the following
$275.000 new city library.
37.500 Biddle Creek flood control.
120.000 Shunganunga Creek flood control.
300,000 to acquire additional park lands.
200.000 to improve existing parks.
70.000 reconstruct Branner Street viaduct.
162,000 reconstruct Sixth Avenue viaduct.
337,000 new viaduct at Tenth.
545,000 Topeka Avenue bridge.
90,000 repairs to Melan bridge.
200,000 new fire stations.
550.000 new city auditorium.
50,000 remodeling city hall.
.
970,090 for new schools.
-During
-BONDS REGISTERED.
TOPEKA, Shawnee County, Kan.
the month of October the State Auditor of Kansas registered $13,152 85
434% paving bonds.
-During
TOPEKA, Shawnee County,Kan.-BONDS REGISTERED.
the month of September the State Auditor of Kansas registered $379.047 22
paving bonds.
434% general improvement
2553
int.(M.& N.)
$1.000 and $700. Dated Nov. 1 1925. Prin. and semi-ann. yearly from
payable at the office of the Director of Finance. Due $5.700
to 1945 incl. Certified check for 207 of the amount of bonds
Nov. 11928
bonds will be
bid for, payable to the City of Watervliet, required. The
will certify
prepared by the U. S. Mtge. & Trust Co. of New York, which impressed
of the signatures of the city officials and seal
as to the genuineness
of New York.
thereon. Legality to be approved by Caldwell & Raymond
the
Delivery of bonds to be made on Dec. 10 1925 or as soon thereafter as
S. Mtge. & Trust 06.,
bonds are ready for delivery, at the office of the U.interest the bonds shall
N. Y. City. Bidders are asked to name the rate of
of
bear, not exceeding 5%, expressed in multiples of 34 of 1%, any rate
interest bid to apply to the entire issue.
Financial Statement Nes. 1 1925.
21,221,675
Present bonded debt
81,555
Floating debt
21.033.230
$61.705
Deductions for sinking fund
528,500
Water bonds (issued since Jan. 1 1910)
Total deductions
Net debt
Assessed valuation. 1925. real estate
Assessed valuation, 1925, special franchise
$590,205
$713,025
9,569,407
608.030
210.177,437
-On Nov. 19 the
-BOND SALE.
Total
TRENTON, Mercer County, N. J.
Population, 1920 census, 16.073; estimated population, 18.000.
three issues of 4)4% coupon or registered bonds offered on that date(V.
-BOND OFFERJ.
121, p. 2311) were awarded to a syndicate composed of Eldredge & Co.
WEST LONG BRANCH, Monmouth County, N. by J. Russell WoolFreeman & Co. of Philadelphia and Edward C. Rose
of New York, M. M.
-Sealed bids will be received until 8 p. m. Dec.3
ING.
privilege of registra& Co. of Trenton as follows:
Borough Clerk, for an issue of 5% coupon (with Interest) general imley.
$1.918,000 ($1.963.000 offered) general fund bonds, for $1,963.159.98 tion as to principal only or as to both principal and
equal to 102.35, a basis of about 4.26%. Due on Dec. 1 as
bonds. not• to exceed 526.000. no more bonds to be awarded
follows: $75.000. 1927 to 1937 incl : $103,000, 1938 to 1946 provementproduce a premium of $1,000 over $26,000. Denom. 21,000.
than will
. incl.; $108.000. 1947 and $58.000, 1948.
& N.) payable at the
Dated Nov. 1 1925. Prin. and semi-ann. Int. (M.
287.000 ($289.000 offered) street assessment funding bonds, for 2289,- office of the Borough Collector. The interestlon registered bonds will be reDue
410.80, equal to 100.84, a basis of about 4.32%. Due on Dec.
New York exchange at the request of the holder. incl.
mall in
1 as follows: $40.000. 1926:$28,000.1927 to 1933 incl.;$25,000, mitted by as follows: $3,000, 1926 to 1931 incl.: 22.000. 1932 to 1935
on Nov. 1
2% of the
1934 and $26.000. 1935.
check on an incorporated bank or trust company for and TreasCertified
99,000 (299.000 offered) sewer assessment funding bonds,at a premium amount of bid, payable to James Atcheson, Borough Collector
of $831.60, equal to 100.84. a basis of about 4.32%. Due on
Legality will be approved by William A. Stevens. whose
Dec. 1 as follows: $15.000. 1926; $10.000. 1927 to 1929 incl. urer. required. furnished to the purchaser without charge. Delivery of
opinion will be
and $9.000. 1930 to 1935 incl.
as they can be
bonds to be made on Dec. 10 1925, or as soon thereafter
Dated Dec. 1 1925. The following is a list of the bids received:
prepared.
Issue,
Issue,
15
WHARTON COUNTY COMMON SCHOOL DISTRICT NO. (P.O.
-Issve,$1,963,000--- $289.000. c $99,000.
-BONDS REGISTERED-On Oct. 13 the State CompAmount
Amt.of Bids Amount.
Amount
Wharton), Tex.
serially.
Bid.
Bid.
Bid For.
•
troller of Texas registered $2,200 5% school bonds. Due
Edward C.Rose& Co.,Trenton
-BOND SALEJi
WHITLEY COUNTY (P. 0. Columbia), Ind.
Eldredge & Co., New York.._- 41,918,000 $1,983,159 98 25289,410 80 599,831 60
bonds offered on that date
Oct. 23 the six issues of 43.4% coupon road impt.
M. M.Freeman & Co.. Phlia__)
121. p. 1946) were awarded as follows:
(V.
White. Weld & Co., New York.)
To A. P. Flynn of Logansport:
Kinnicutt & Co.. N. Y_? 1,920,000 1.963,182 70 2289.204 16 99,730 97
in Union Township bonds at a
$4,200 Philip Le Fever, et al., highway a basis of about 4.47%. Denom.
Barr Bros.& Co.,Inc., N.Y._ _
premium of $6.50.equal to 100.15.
Phelps, Fenn & Co., N.Y
months from May 15 1927 to Nov. 151938.
$210. Due $210 each 6
Blair & Co.. Inc.. New York_ _
in Smith Township bonds ata premium
4.800 Cleveland Linvill,et al..roadbasis of about 4.475%. Denom. $240.
Halsey,Stuart & Co.,Ine..N.Y.
of $9.50. equal to 100.19. a
incl.
Hallgarten & Co.. New York_ _ 1,928.000 1,963,335 00 289,044 00 99,325 00
1927
Due $240 each 6 months from May 15Smithto Nov. 16 1936 at a
Township bonds
The Detroit Co., New York_
9,200 P. H. McClain, et al. highway inbasis ofabout4.43%. Denom.
Old Colony Trust Co.. N. Y
to 100.38.a
premium of$35.50.equal
to Nov. 15 1936
A. G.Becker & Co.. New York.
2460. Due $460 each 6 months from May 15 1927
Geo. B. Gibbons & Co., Inc.,
In Cl.
New York
-Riser Bank of Indianapolis. Troy Township bonds at a
To the Meyer
in
E. H. Rollins & Son. New York 1,929.000 1,963.825 50 289,558 00 99.545 00
et al.,
5.920 Glenwood Groves, equal tohighwaya basis ofabout 4.27%. Denom.
Eastman, Dillon & Co., N.Y
101.24,
premium of$73.50,
& Co., N.Y
to Nov. 151935
Ames, Emrich
296. Due $296 each 6 months from May 15 1927
Lehman Bros., New York
rid.
W. A. Harriman & Co., Inc.,
highway in Columbia Township bonds
15.600 John W.Mark walder, et al.,
of about 4.28%.
New York
at a premium of $188.75, equal to 101.20. a basis 15 1927 to Nov.
1,929.000 1,963,797 50 6289,924 80 99.287 10
Kountze Bros., New York
Denom.$780. Due $780 each 6 months from May
York
Detroit Co., New
15 1936 Ind.
Blodget & Co., New York
Dated Sept. 15 1925.
Curtis& Sanger. New York_ __
WHITTIER CITY SCHOOL DISTRICT (P. 0. Los Angeles), Los
National City Co., New York__
-The $280,000 5% school bonds
-BOND SALE.
Bankers Trust Co., New York_
Angeles County, Calif.
-were awarded to Hunter, Dulln &
_
Co. of N. Y., N. Y. 1,931,000 1,963,189 77 289,177 92 99,404 91 offered on Nov. 16-V. 121. p. 2312
Guaranty
Paris Co. both of San Francisco, jointly, at a
Harris, Forbes & Co., N.Y__
Co. and the Anglo. London- 104.65. a basis of about 4.57%. Date Nov.
Estabrook & Co., New York__
premium of 213.026. equal to
Due Nov. 1 as follows: $6,000. 1927 to 1932 Incl.: 28.000. 1933 to
Kean,Taylor & Co., N.Y
1943 to 1945 incl. and
68 289,758 80 99,584 10 1 1925.
1,932,000 1,983,375
Hannahs, Bailin & Lee, N.Y
1937 incl.•. 512.000. 1938 to 1942 incl.; $18,000.
Allen & Co.. New York..
1946 to 1948 incl.
H.L.
1,963,178 69 289,229 00 99,339 00 $30,000.
Capital City Tr. Co., Trenton_ 1.933,000
-BONDS REGISTERED.-DurWICHITA, Sedgwick County, Kan.
Graham, Parsons & Co.. N. Y.
Auditor of Kansas registered 272,490
Ina the month of September the State
J.S.'tippet& Co., Newark ..
1,983,377 46 289,027 20 99,32670 434% internal improvement street bonds.
Roosevelt & Son, New York... 1,934.000
,
Robt. Winthrop & Co., N. Y..
WILDERNESS MAGISTERIAL DISTRICT (P. 0. Summerville)
-The 590 000 59
W. Va.-BONDS NOT SOLD.
Trenton Banking Co.,Trenton_
289,050 00 99.338 00 Nicholas County,
-were
on Nov.9-V. 121, p.
A. B. Leach & Co., Inc., N.Y
road bonds scheduled to be soldCounty Court, informs 2073
coupon
us that the
of
not sold. C. E. Stephenson, Clerk
a For 5287,000 bonds. b For $289,000; all other bids for this issue were for $288,- Court expects to sell the bonds at a private sale. Date Sept. 11925. Due
000 bonds. c All bids for this issue were for $99,000 bonds.
to 1955. incl.
$3,000 1926
-BOND SALE.
WARREN COUNTY (P. 0. Williamsport), Ind.
VENTURA UNION HIGH SCHOOL DISTRICT (P. 0. Ventura)
coupon Charles L. McKinnis et al, assess-L. E. Hallowell. County
-BOND OFFERING.
Ventura County, Calif.
On Nov. 17 the 510.427.80 6%
awarded
bids until 11 a. m. Dec. 1 for $100,000 5% school ment drainage bonds offered on that date (V. 121. p. 2188) were equal to
Clerk, ill receive sealed
of $313,
bonds. Date Dec. 1 1925. Denom. $1.000. Due Dec. 1 as follows: to the Farmers Bank of West Lebanon at a premium
Dated Oct. 8 1925. Due 21.042.78
53,000. 1926 to 1955 Incl. and $2,000, 1956 to 1960 Ind. Prin. and int. 103.001. a basis of about 4.985%.to May 15 1931 incl.
the County Treasury. A certified check for 3% of each six months from Nov. 15 1926
(J. & D.) payable at
-BOND SALE.
-At•
N. J.
bid, payable to the County Clerk, is required.
WEST NEW YORK, Hudson County,
disposed
-On Nov. 12 the meeting of the Town Council on Nov. 13 the cityThese ere of at a private
-BOND SALE.
the same thst
VERNON, Jennings County, Ind.
offered on that date (V. 121, p. sale four %SUES of bonds aggregating $886,000.
$1,100 6% coupon fire apparatus bonds North Vernon, at a
premium of had been offered for sale at public offering on Oct. 14 (V. 121 p. 1709).
2073) were awarded to Frank Selmier, of
dated Nov.14 said in reporting the sale.
The' Jersey Observer" of Hoboken of the West New York Town Council
$66 85. equal to 106.07. Due serially one to ten years.
"At yesterday afternoon's meeting
disposed of by private
VERNON PARISH SUB-ROAD DISTRICT NO, 1 OF ROAD DI& the several issues of bonds aggregating 2886,000 were
-BOND OFFERING.-A. B. sale under conditions and terms that were considered highly satisfactory
0
TRICT NO. 5 (P. 0. Leesville), La.
sealed bids until Dec. 5 for
as could be accomplished.
Cavanaugh. Clerk Police Jury, will receive
and as advantageous to the town
sold to R. M. Grant & Co. Inc.
5125.000 6% road bonds.
"The $308,000 of school bonds were
dated as of July 1 1925. It is the
at 43.4% as originally advertised and that have been sold carrying as low
-BONDS REGISTERED
Trego County, Kan.
WAHEENEY.
Auditor of Kansas registered $20,878.58 first issue of West New York's bonds
Mg the month of October the State
a rate as 4 3.4%•
5% oaving bonds.
offered as 434'7 bonds dating
"The several other issues were originally
-BOND OFFERING.
• WALTERS, Faribault County, Minn.
-Sealed as of July 1 1925. Of them the 2118,000 improvement bonds were sold
bids will be received until Dec. 8 by Geo. W. Ahnemann, Village Clerk, at 43
issue to run four and a half years.
4% as a temporary
bonds werelsold at 5% as a tempofor $4,000 village bonds. Date Mar. 11926.
"The $377 000 general improvement and the $83.000 street assessment
a half years
-BONDS DEFEATED.
-At the rary Issue to run four and temporay Issue to run for four and a half years.
WARREN, Trumbull County, Ohio.
bonds were sold at 5% as a
election held on Nov. 3 $826.000 city 'rapt. bonds were voted down.
premium of $125 was received.
-BOND OFFERING. A 'The average rate of interest was figured at 1.65. the lowest at which
WARREN COUNTY (P. 0. Williamsport), Ind.
-Sealed bids will be received until Nov. 23 by the County Treasurer for any bonds have been heretofore floated it was pointed out by West
$7.702 gravel road bonds.
New York.
when put up for bidding
"Although there were no offers for the bonds
WASHINGTON TOWNSHIP RURAL SCHOOL DISTRICT, Scioto there afterward took place a competition among several dealers in bonds
-At the Nov. 3 election the voters
County, Ohio.
-BONDS VOTED.
private sale and yesterday's terms were the best received.
approved the issuance of 550,000 school bonds by a vote of 326 for to 233 to get them by
-BONDS RE.GISTERED.-During
against.
WINFIELD, Cowley County, Kan.
the State Auditor of Kansas registered $44,434 56
-BOND the month of September
WASHINGTON SCHOOL TOWNSHIP,Owen County, Ind.
paving bonds.
OFFERINO.-Sealed bids will be received until 1:30 p. m. Dec. 4 by the 434%
WOOD COUNTY (P. 0. Bowling Green), Ohlo.-130ND SALE
Advisory Board of Trustees at the Spencer National Bank of Spencer, for
the
$6.500 434% coupon school township bonds. Denom. 2250. Dated Nov.9 W.L. Slayton & Co., of Toledo. purchased of following nine Issues
$248,494 10, equal ts
Dec. 1 1925. Principal and semi-annual interest (J. & 3.) payable at the of 5% bonds. aggregating $245,000, for a premium
$260 each six months from Jan. 1 101.42:
Spencer National Bank, Spencer. Due
*$40.000 Bates Stone Road improvement in Perrysburg Township bonds.
1928 to Jan. 1 1940. inclusive.
Due $4.000 each six monthsfrom Mar. 1 1927 to Sept. 1 1931,incl.
-BOND OFFERING.
-Sealed
WATERLOO, Seneca County, N. Y.
*18.000 O. E. Smith Stone Road improvement In Portage Township bonds
bids will be received until 8 p. in. Nov. 23 by Leonard V. Fillingha-m,
Due 22.000 each six months from March 1 1926 to Sept. 1 1929
bonds at not exceeding
Village Clerk, for $16,000 coupon street pavement
inclusive, and $1,000 March 1 and 11.000 Sept. 11930.
6% interest. Denom. $1.000. Dated Nov. 1 1925. Int. M.& N. Due
7.000 Fred W. Henry bonds.
$1.000 yearly from Nov. 1 1926 to 1941 incl. Certified check for 2500.
7,000 Hixon Street improvement bonds.
payable to John E. Becker, City Treasurer, required. Legality approved
8.000 John H. Blecke bonds.
by Clay & Dillon of New York. Bidders are requested to state interest
40,000 Geo. Brim bonds.
rate in multiples of 34 of 1%•
40.000 J. G. H. Stein bonds.
-BOND OFFERING.
40,000 C. S. Lusher bonds.
-Sealed
r WATERVLIET, Albany County, N. Y.
45.000 Wale-Soash bonds.
bids will be received until 7 p. m. Nov. 28 by William B. Riley, Director
improvement bonds of 1925. Denom.
*Notice of the offering of these two issues was given in V. 121. p. 2312.
of Finance, for $114,000 general
2554
•
[VOL 121.
THE CHRONICLE
WORCESTER, Worcester County, Mass.
-TEMPORARY LOAN.
F. S. Moseley & Co. of Boston was awarded on Nov. 13 a temporary loan
of $600,000 offered on that date on a 3.69% discount basis pans a $1 25
premium. Notes will be in denominations of $50,000, $25,000. $10.000
and $5,000, and dated Nov. 6 1925. Due $300000 May and J_ly 20
1926, payable at the Old Colony Trust
Boston, or by arrangement
at the Bankers Trust Co. New York. The notes will be certified as to
•
Co..
genuineness by the Old Colony Trust Co.. Boston. Legality approved by
Storey, Thorndike. Palmer & Dodge of Boston.
WORTH COUNTY (P. 0. Northwood), Iowa.
-CERTIFICATE
SALE.
-The White-Phillips Co. of Davenport has purchased an issue of
$10,000 4%% road certificates. Date Nov. 1 1925. Denom. $1.000.
Due Dec. 31 1926. Prin. and annual int. (Nov. 1) payable at the office
of the County Treasurer or at the office of the above named firm. Legality
approved by F. C. Duncan, Davenport.
VVYANDOTTE COUNTY (P. 0. Kansas City), Kan.
-NOTES
REGISTERED.
-During the month of October the State Auditor of Kansas
registered $33.916.50 5% temporary notes.
-NOTES
WYANDOTTE COUNTY (P. 0. Kansas City), Kan.
REGISTERED.
-During the month of September the State Auditor of
Kansas registered $44.300 22 5% temporary notes.
YAKIMA COUNTY (P. 0. Yakima), Wash.
-BOND OFFERING.Sealed bids will be received until 10 a. m. Dec. 3 at the office of the Board
of County Commissioners for $205,000 not exceeding 5% road refunding
bonds. Date Jan. 1 1926. Denom. $1,000. Due Jan. 1 as follows:
$10.000, 1928: $11,000. 1929 and 1930: 512.000, 1931 and 1932: $13,000.
1933; $14,000. 1934: $15,000, 1935; $16,000. 1936: $17,000, 1937 and 1938:
$18,000, 1939:$19,000. 1940, and 520.000 in 1941. Prin. and int. (J. & J.)
payable at the office of the County Treasurer. A certified check for 5%
of bid is required. Legality approved by Preston, Thorgrimson & Turner
of Seattle. Geo. Alexander. Chairman of Board of County Commissioners.
Financial Statement.
Actual value of property, 1925 (estimated)
Assessed valuation for taxation
Total bonded debt
Sinking fund on hand to retire bonds
898,456,772 00
49,228.386 00
1,131,403 00
87,441 87
$50,000 debentures of East Whitby Township, County of Ontario. for
School Section No. 10.
6.880 debentwes of East Whitby Township, County of Ontario, for
Union School Section No. 6.
Denom. $1,000 and odd amounts. Dated Dec. 1 1925. Int. payable
annually on Dec. 1. Due Dec. 1 1955.
-During the month of October
EDMONTON, Sask.-BOND SALE.
this city awarded to MacNeil, Graham & Co. of Toronto and associates
$400.000 5;4% bonds, due Nov. 1 1945.
HAMILTON, Ont.-MATURITY.-We now learn that the $390.000
434% coupon local impt. bonds purchased by the Sinking Funds (V. 121,
P. 496) mature as follows: Some run 1 to 2, some 1 to 6,some 1 to 5 and
some 1 to 10 years. All are coupon bonds.
LA TUQUE, Que.-BOND SALE.
-On Nov. 12 the $288,800 5%%
coupon or registered bonds offered on that date (V. 121, p. 2313) were •
awarded to Bray. Caron & Dube, Ltd. of Quebec at 97.55, a basis of about
5.825%. Dated Nov. 11925. Int. M.& N. Due Nov. 11935.
-At an election to be held on
LONDON, Ont.-BOND ELECTION.
Dec. 7 the voters will vote on the question of issuing the following three
issues of 5% bonds:
$225,000 Nurses' Home.
75.000 street bridge.
75.000 Home for Incurables.
Due serially in from 1 to 20 years.
-The ratepayers will be asked
MONTREAL,Que.-BOND ELECTION.
to vote on a $550.000 street railway by-law.
NEW BRUNSWICK (Province of).
-BOND SALE.
-On Nov. 20 the
$2,275.000 434% coupon (registered as to principal only) refunding Provincial bonds offered on that date (V. 121, p. 2439) were awarded to Dillon,
Read & Co. of New York and Dominion Securities Corp., Ltd.. of Toronto,
at 98.775 (New York funds). Denom. $1,000. Dated Dec. 1 1925.
Int. J. & D. Due Dec. 1 1928. The bonds will be issued for the following
purposes:
Refunding $575,000 permanent bridges.
Refunding 1,700,000 St. John & Quebec By.
NORTH YORK TOWNSHIP (P. 0. Willowdale), Ont.-BONDS
OFFERED.
-H. D. Goode, Township Clerk, received separate bids until
- 12 m. Nov.16 for the purchase of each of the following issues of 53. % bonds:
YOUNGSTOWN,Mahoning County, Ohio.
-BONDS DEFEATED.
:
At the election held on Nov. 3 the voters of this city voted down several aggregating $177,923 19
issues of bonds totaling $3,640,000.
15 years
$15,000 00
30 years1$78.836 55
5 years
30,414 64
15 years
2,535 00
ZEPHYRHILLS, Pasco County, Fla.
-The $52,000
-BOND SALE.
4,731 60
30 years
30 years 46,405 40
6% paving bonds offered on Nov.2(V. 121, p. 1947) were disposed of at 95.
The above debentures are all of the installment type. Legal opinion by'
Date Sept. 1 1925. Due in 20 years.
Long & Daly.
QUEBEC ROMAN CATHOLIC SCHOOL DISTRICT, Qua.
-BIDS.
-The following is a complete list of the bids received on Nov. 4 for the
8525,000 coupon school'bonds, awarded on that date to the Dominion
Securities
, Ltd., of Toronto, at 99.28 for Si, a basis of about 5.05%,
ANCASTER TOWNSHIP, Wentworth County, Ont.-BONDS as stated in V. 121. D.2313:
Corp.
OFFERED.
-C. E. Reinke, Township Clerk and Treasurer, received bids
4%%. 5%.
until 12 m. Nov. 20 for $8.487 54 5%% 10
-installment bonds. Int. pay- Dominion Securities Corp., Ltd
99.28
able annually. Debenture debt, $81,979 16; assessed valuation, $2,991.- McLeod,Young, Weir & Co.and L.G.Beaubien & Co
91.35
99.20
798; population, 5,676.
91.07
99.19
Hanson Bros.. Mead & Co. and Rene T. Leclerc,Inc
99.06
91.07
Bell. Gouinlock & Co
BURLINGTON, Ont.-BOND SALE.
-On Nov. 5 the following three The National City Co. and Bank of Montreal
91.31
99.08
issues of 5%% bonds, offered on that date
-were sold Municipal Debentures Corp., Gourdeau & Co. and Credit
-V. 121, p. 2189
locally:
99.04
Anglo-Francais, Ltd
$4.260 83 15
-installment bonds.
-installment bonds.
1$11,453 14 30
91.17
98.89
Fry, Mills, Spence & Co
5,579 86 10
-installment bonds.
98.83
91.10
Wood, Gundy & Co
91.138 98.827
A. E. Ames Co., Ltd
DELTA DISTRICT, B. C.
-BOND ELECTION.
-The ratepayers wil
Alternative bids were asked for 435% and 5% bonds.
be asked to vote on a $40.000 10
-year school bond by-law.
-On Nov. 23 the ratepayers
RED DEER, Alta.
-BOND ELECTION.
DRUMHELLER, Alta.
-BOND ELECTION HELD.
-On Nov. 14 the will be asked to vote on a $85.000 hydro-electric bond by-law. This issue
ratepayers were asked to vote on a $6,040 sewer by-law.
was recently approved by the Public Utility Commissioners (V. 121, p.
EAST WHITBY TOWNSHIP (P. 0. Columbus), Ont.-BOND 2439).
SALE.
-On Nov. 27 the ratepayers
-On Nov. 13 the following two issues of 534% coupon school bonds,
-BOND ELECTION.
WINNIPEG, Man.
offered on that date
-V.121, p. 2439
-were awarded to Dyment, Anderson will vote on a $450.000 bonds by-law, the proceeds to pay an overdraft
& Co. of Toronto at 105.22. a basis of about 5.155%.
of the central heating plant.
CANADA, its Provinces and Municipalities.
NEW LOANS
FINANCIAL
NEW LOANS
PHILADELPHIA
$785,000
We Specialize in
City of Philadelphia
3s
32
/
1
s
4s
44
/
1
s
41 28
/
58
51/
45
528
/
1
Biddle & Henry
104 South Fifth Street
Philadelphia
Private Wire to New York
Call Canal 8437
Memphis, Tennessee
BONDS
November 11, 1925.
C. C.Pashby, City Clerk, Memphis,Tennesee,
will receive sealed bids at the City Hall until
2:30 o'clock p.TUESDAY, DECEMBER
8th, 1925, for $785,000.00 general liability,
serial, negotiable, registerable, coupon bonds.
$625,000 00 of these bonds will be dated January 1. 1925, and $160.000 00 will be dated
July 1, 1925. Those dated January 1st will
average approximate twenty-year maturities,
and those dated July 1st two and one-half years.
These bonds are tax exempt in Tennessee and
free from Federal Income Tax.
The City furnishes bonds and legal opinion
of John C. Thomson, Esq. New York City
delivery and payment of principal and interest.
These bonds may be registered as to principal.
The interest is left to bidder with certain limitations. These bonds cannot be sold below par.
Delivery about December 29th, 1925. The right
Is reserved to reject any and all bids.
Complete data regarding sale may be had
from the undersigned.
ROWLETT PAINE, Mayor.
Attest:
C. C. PASHBY, City Clerk.
Bond Salesmanship
Inquiries to Buy or Sell Solicited I
"The Human Side of Business and The
An of Sellino Bonds are the best basks
an this subJect ever written.- Price. ST
each, cash with order. Descriptive circulars free
Published and for sale by'
BANKERS
321 Chestnut St., Philadelphia
Established 1837
Members New York and Philadelphia/
Stock Exchanges
BOLESPhi1a.151or1c
&WESTWOOD
Membefs
Exchanle
INVESTMENT
SECURITIES
Calvin 0.Srn Ith Co.
Frederick Peirce & Co.
60 Wall Street, New York
207 So Fifteenth Street. PhIledelphi•
Caldwell & Company
SOUTHERN MUNICIPALS
Cumberland Tel. & Telep. Co. Ss
Nashville Chattanooga & St. Louis By.
Nashville & Decatur Ry.
Nashville Railway & Light Co. Securities
NASHVILLE, TENN.
400 Union Street
MUNICIPAL BONDS
105 SO. LA SALLE STREET
CHICAGO
WARREN A. TYSON & CO.
Investment Bonds
1427 Walnut Street
PHILADELPHIA
I
Packard B1d4,Philadelphia
PHONE
RITTENHOUSE 2496
PAUL & CO.
207.212 PENNSYLVANIA BLOC.
PHILADELPHIA
Member Philadelphia Stock Exchange
PENNA. TAX FREE BONDS
@FedFRASER