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The
mumtrcttl
ftitantiat
rtintrie
INCLUDING
Public Utility Compendium
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Railway Earnings Section
State & Municipal Compendium
SATURDAY,OCTOBER 10 1925
VOL. 121.
Ixe Throtxxcle.
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The Financial Situation.
The slight flurry in money rates during the first
week of the month, with call money touching temporarily.51 2 to 6%, places new emphasis on the un/
exampled ease that prevails. This is not surprising
when the whole situation is taken into consideration.
True, we are in the height of the crop moving season
and business as a whole is in record proportions, securities are high and speculation rampant, so that
the call for money in many directions is heavy. However, the Federal Reserve banks sae to it that there
is no lack of supply. Doubtless, also, the uncertain
conditions of currencies in several European countries have caused the flight of much liquid capital
to take refuge over here. This movement has been
stimulated by the failure of the recent French-American debt negotiations. Europe's very poverty thus
is contributing to the abundance here.
Another factor, and one not yet much noticed, is
the movement of capital from Great Britain to the
United States. We do not refer only to the $160,000,000 being paid annually on the debt settlement,
or interest on private war loans, but constant new
purchases by British investors of American securities. Most of this is by British investment trusts.
Business is poor in Great Britain, profits are meagre,
openings for new investment are neither frequent
nor promising. More and more the wealth owning
classes of England and Scotland are looking overseas
for chances of profitable investment. And the choice
is more and more frequently of securities of United
States enterprises. This is because of our prosperity, because of our vast home market and the promise of uninterrupted growth. Perhaps most of all,
because of our comparatively satisfactory labor situation. The British capitalist is becoming increas
Bank and Quotation Section
Bankers' Convention Section
Ni) 3146
ingly skeptical of home industries. The labor situation is disturbing; costs are above world levels, and
yet more than a million and a quarter workers are
consuming and not producing, thus adding to national costs a great additional burden on top of that
of war interest. British labor does not seem to realize that it is causing a flight of capital from Great
Britain, something which if not checked will ultimately strangle British business and starve British
labor. This development is a grave problem for
Great Britain, but it is adding to the ease of money
here and complicating the problem of keeping sterling at par. This is another illustration of the great
economic and moral law "to him that hath shall be
given." Just as the United States was the world's
political asylum during the first century of its life,
so in this second century it has become the world's
economic asylum. Gradually we are learning the
benefit of free political institutions, free trade and
good transportation over a great continental area.
Business and banking leaders must clearly realize
that in order to preserve the splendid business situation now existing, means must be found of restraining reckless and strong-arm methods of speculation
other than by scarcity of money, as money is not
scarce. Unfortunately, the Federal Reserve authorities have made it artificially more abundant than it
would otherwise be.
Freight car loadings continue to break all records
of previous seasons, and railroad earnings over the
country as a whole are nearly at peak figures. Yet
railroad securities have responded far less to present favorable market conditions than have the industrial shares. This is no doubt due to unsatisfactory
elements in the railroad situation. The rate regulating purposes of the railroad law are good, but actual functioning is tar from satisfactory. Rate
changes cannot be obtained except after long delay.
The Inter-State Commerce Commission has had before it the request for higher rates in the Northwest
for many months, and yet has reached no decision.
Apparently the Commission is prOceeding in a fashion that precludes hope of a settlement in the near
future. The matter of railroad consolidation, too,
is not progressing as could be wished. The Nickel
Plate merger possesses features that put it in a class
by itself, so that a slow method of procedure in that
case has perhaps been unavoidable, and yet the suggestion in certain quarters that consolidations must
be all-inclusive and embrace all mileage in a given
district, the poor with the good, is holding down
credit conditions for the roads and wearing out the
really good men in the business. If the administration is in earnest in wishing to restore the finan-
1712
THE CHRONICLE
[Vor. 121.
cial health of the railroads, a suitable method of gain. For most of the Southern States, excepting
eliminating worthless mileage should be devised.
Texas, the estimated yield per acre this year also
exceeds that of 1924, and for all of them, excepting
The acquisition during the week of control of the Texas, the Oct. 1 condition, as set forth in the latest
Mississippi River Power Co. by the North American Government report,shows a much larger production
Co..shortly after acquirement of control of the of cotton than for 1924, the total for all of these
Western Power Co., thus bringing the North Ameri- States, omitting Texas, in the latest report, being
can Co. to perhaps first place in size among the 10,884,000 bales, against 8,677,000. for the same
great electric systems, is of interest in emphasizing States in 1924, an increase for this year for these
the very 'rapid progress that is being made in the States of 2,207,000 bales. In passing it is proper to
electrification of the whole country and the develop- explain that the ginning report, covering the cotton
ment of great inter-connected power systems. This season to Oct. 1 of this year shows 7,101,710 bales
development is an element of progress and is not of cotton ginned, these figures contrasting with
yet fully appreciated. With this increased harness- 4,527,668 bales of cotton ginned during the same
ing of natural powers, the well-being of men is being period of 1924, the increase this year thus being
increased and the relative cost of living decreased. 2,574,000 bales.
•
With the enormous acreage planted to cotton this
year a large crop has been practically assured from
the opening of the growing season and the semimonthly report issued by the Department of Agriculture at Washington on Thursday of this week,finally
acknowledges this, by estimating the production at
14,759,000 bales. When the final ginning returns
are in it will probably be found that the yield this
year will exceed the above figures. The Department
now bases its estimate on a production of 152 pounds
of lint to the acre. Two weeks earlier the Department allowed only 143.5 pounds to the acre, while
the final estimate of yield for 1924 was 157.4 pounds,
and as recently as 1920 the yield was 178.4 pounds.
The year 1914 was one of six seasons, out of more
than fifty years, in which the production exceeded
200 pounds to the acre. Considering conditions in
Texas, as set forth in the Department's latest report,
which relates to the situation on Oct. 1, a production in that State of 102 pounds of lint to the acre is
probably too low. This is the same estimate of yield
as was allowed for in the report of the Department
which showed the situation as of Sept. 16. This estimate contrasts with a yield of 138 pounds per acre
for the Texas crop of 1924. And yet the report declares that September rains "revived droughtstricken plants to an unexpected extent," benefiting
many plants "that had been regarded as hopelessly
damaged." Referring particularly to Texas, the report says that "considerable cotton acreage has revived and will be picked," yields now turning out
"better than had been expected only two weeks ago,"
in a large portion of the belt. Much more to the
same purport is set forth, and while rains have "reduced the grade of open cotton," they have also
"tended to stop premature epening of bolls and increased the size of immature bolls."
This is exactly what frequently happens with cotton. It is what makes the top crop, and the top
crop in Texas is no inconsiderable quantity, as has
been proven very frequently. Statistics of production at this period are extremely problematical and
that is true of Texas, where 3,875,000 bales is now
indicated for the crop of 1925, a loss from last year
of more than 20%, in spite of the fact that the area
planted to cotton this year in that State exceeded
that of 1924. With the exception of Texas, every one
of the Southern Cotton States, in the latest Government report shows a larger yield per acre than that
indicated only two weeks earlier in the report of
Sept. 16. As to some of these States, the increase
is large, notably Alabama, with a gain of 22 pounds,
Mississippi 43 pounds gain and Louisiana 27 pounds
Agricultural conditions in other respects than for
cotton have also improved during the past month,
according to the report of the Department issued at
Washington yesterday afternoon. A somewhat
larger yield is indicated for corn and oats this year,
as shown by the Oct. 1 condition, in contrast with
the estimates based on the condition of Sept. 1, but
spring wheat suffers a slight setback. The condition
of corn on Oct. 1 is placed by the Department at
76.2% of normal, which contrasts with 75.5% a
month earlier and a five-year average of 77.7%; a
year ago, when the crop was very poor, the condition
was only 65.3%. A yield per acre for corn of 27.4
bushels is now indicated, which promises a harvest
of 2,918,000,000 bushels, and compares with a fiveyear average of 28.3 bushels per acre, and a five-year
average yield of 2,935,000,000 bushels; for 1924 the
corn crop amounted to only 2,437,000,000 bushels.
The improvement in corn during the past month
has been mainly in Nebraska, Iowa and Minnesota,
a slight decline appears in Kansas and Missouri,
conditions in Kansas this year being very low, only
49% of normal on Oct. 1. Corn suffered severely
this year throughout the Southwest.
The estimated yield per acre for spring wheat in
the latest report is reduced to 13.3 bushels, against
13.4 bushels a month earlier; last year it was 15.9
bushels per acre. The harvest of spring wheat is now
estimated at 282,000,000 bushels for the current year
and the total of all wheat, including winter wheat,
698,000,000 bushels; last year it was 873,000,000
bushels, while the five-year average is 837,000,000
bushels. A slight improvement as to the yield of
oats will add somewhat to the earlier estimates for
that important crop, the production for this year
now being placed at 1,470,000,000 bushels, as against
1,328,000,000 bushels, the five-year average. In 1924
the production of oats was 1,542,000,000 bushels,
which was close to the record yield.
The conference for the purpose of reaching a security agreement between the leading Powers of
Europe began its sessions at the little Swiss city of
Locarno, on Monday. Mayor Rusca made the speech
of welcome. The sessions were held "in the cantonal
court room on the second floor of the Palace of Justice and were formally opened shortly after 11 a. m.
The sessions were held in private." The Associated
Press correspondent cabled that "the statesmen not
only got down to business at the first session, but
made considerable progress. They examined every
article in the Rhine pact guarantees as drawn up
at the London meeting of juridical experts. A num-
OCT. 10 1925.]
THE CHRONICLE
1713
her of obscure clauses were referred back to the the Premier said, `if our two peoples—I speak of the
jurists, who are meeting this afternoon and are ex- great mass of our peoples which knows nothing of
pected to have their report ready to-morrow." He imperialist ambitions and intrigues—can rid themadded that "the British, French, German and Bel- selves of tenacious mistrust and reach a belief in
gian Foreign Ministers, Mr. Chamberlain, M. Bri- their mutual sincerity. It is in that spirit that the
and, Dr. Stresemann and M. Vandervelde, all par- Government, faithfully interpreting the spirit of the
ticipated in the general discussion, as well as Chan- nation, and in the person of its eminent Minister of
cellor Luther of Germany and Signor Scialoia, rep- Foreign Affairs, will attempt at Locarno the most
resenting Italy. The negotiations were character- audacious effort for real peace which has been made
ized by the participants as exceedingly friendly and since the armistice.'"
dominated by a desire to reach an accord." Mr.
It was made clear in cable advices, both from LoChamberlain was quoted as having stated to newspaper correspondents before the conference began carno and London, that Great Britain was friendly
that "the present conference differed from any held disposed toward the German attitude. In fact, it
between the Allies and Germany since the signature was asserted in a dispatch from the former centre
of peace, for none of the delegates had come to Lo- to the New York "Evening Post" that "the English
carno to impose conditions or make demands, 'but delegation had nothing except friendly approval for
as representatives of free and equal nations, to put Dr. Stresemann's theme."
The attitude of the German delegation toward the
our minds into common stock and seek a solution of
the difficulties. I am encouraged to hope, soberly Locarno conference, as revealed in the earliest sesand with moderation, that we may succeed, though sions, was outlined in part as follows by the "Times"
it would be foolish to speak with over-confidence correspondent the next day: "The Germans leaped
until results are achieved.'" The correspondent into the work of the Locarno conference in a manner
also cabled that "the conference is concerned with showing that they intended to make the fullest use
the question of security for one of its chief delegates, of their rights as equals in the negotiations, and
Dr. Gustav Stresemann, Germany's Foreign Min- within 36 hours after the opening of the session it
ister. Stories of plots by German ultra-National- has become plain that the Berlin delegates will
ists or Fascists against Dr. Stresemann because he fight to remove the proposed Rhineland treaty as
had come to Locarno to discuss security without hav- far away as possible from the results of their deing insisted on the question of 'war guilt' being feat in the World War as embodied in the Treaty of
added to agenda caused the police to assign guards Versailles. This for them means particularly a
to his hotel. When he came to Locarno, Dr. Strese- fight to end as far as possible the association of the
mann, who was accompanied by Chancellor Luther, Allies. In a word, the German program here is to
left his special train at Bellinzonia as a protective cause a split between France and the Allies with the
measure against possible attack, and motored into hope that in future diplomatic gatherings in Europe,
France will have one vote and no more. The Gerthe village."
mans' best ammunition is being prepared for use
In reporting, in considerable detail, the interview against the French intention to guarantee the treawith Dr. Stresemann, the Berlin correspondent of ties of arbitration to be made between Berlin and
the New York "Evening Post," cabling from Locarno, Warsaw and Berlin and Prague. France having desaid: "The keynote of the Locarno security confer- manded this right at the behest of her allies because
ence, which opened to-day, was struck by Foreign of their belief in the danger of an eventual attack by
Minister Stresemann of Germany when, in discuss- Germany,it is easy to see that just as France's guaring its problems with the foreign correspondents, he antee would not only preserve but probably increase
resuscitated the phrase 'the European Idea.' The French domination in Poland and Czechoslovakia,
purpose of the conference, he emphasized, is to work so German success in preventing France's doing so
for the revival of Europe, for the replacement of the would weaken the European political combination
intelligence which had been destroyed in the lives which has its headquarters on the banks of the
lost in the war, for the reestablishment of a sound Seine."
financial foundation and for the restoration of the
technical equipment of peaceful work." The GerIn a cable message to his paper on the evening of
man Foreign Minister was quoted as saying, "I will Oct. 6, the Paris correspondent of the New York
not say that Europe is to be brought back to what "Herald Tribune," who was at Locarno, claimed to
might be called its world hegemony, but it must at have gained access to a draft of the proposed security
least be brought back to its equality with the other agreement. He stated that "a solemn preamble
parts of the world." The "Post" correspondent said, names in alphabetical order the chief' States—Bel"in other words, Europe is to be united so that it gium, France, Germany and Great Britain—declarmay emerge from dependence on America."
ing that they are anxious to preserve the peace of
Indicative of the French attitude toward the Lo- this region so often the scene of bloody conflicts and
carno gathering, the Paris correspondent of the New to establish this peace as permanent under the mainYork "Times" cabled on Oct. 3 that, "with the tenance of a territorial status quo, with the cancelwords, 'Franco-German reconciliation is like the lation at the same time of the Belgian neutrality
keystone of European civilization,' Premier Pain- treaty of 1839." Continuing, he said: "Eleven arleve to-day at Nimes spoke the prelude to the 'Little ticles follow the preamble, asserting that the neutralGenoa' conference which opens on Monday in Lo- ized area on the Rhine will never be violated by any
carno. The speech was delivered at a Franco-Czech nation except in the cases provided in the treaties,
celebration in memory of Ernest Denis, who had a especially by Articles 42 and 44 and Article 180 of
great role in the development of Bohemian independ- the Treaty of Versailles, which gives the Allies the
ence. 'Despite anger and bitterness, despite our un- right to reoccupy the region after complete default
forgotten sorrow, such reconciliation is possible,' by Germany in the Versailles provisions. It also
1714
THE CHRONICLE
is provided that the League of Nations shall be empowered to deal with the question of danger of actual conflict in the event of German violation of the
neutral area under the provisions of Articles 42 to
44, but if the ordinary means of arbitration under
the League prove insufficient a special commission
of conciliation would be instituted among the interested Powers themselves to put an end to the conflict. Article V of the Rhineland pact, however,
contains the famous French reservation giving
France the right of immediate passage through the
neutralized area if there is violation of the treaties
of arbitration concluded 'on this same day' between
Germany and Poland and Germany and Czechoslovakia. This intervention would be permitted only in
case the aggressor is using armed force and it does
not become a question of arbitration with which the
League or, in the last analysis, a commission of conciliation alone would be empowered. Further articles of the Rhineland pact are of a juridical character, except two: One—that the treaty will not be
in force until Germany becomes a member of the
League and the other that the British dominions or
India will be in no way concerned with the pact unless they make a formal demand to be included. This
is the first time Great Britain has attempted any
European co-operation without the Dominions. Another noticeable feature of the preamble is that Italy
is not included in the pact, although probably she
would be permitted to join if she desires."
Quite possibly the following excerpts from a special Locarno dispatch to the New York "Times" on
Oct. 7 contain the most important news that has
come from Europe in a long time. At any rate, the
incident was dramatic. The correspondent said:
"The Locarno conference is developing into a tremendous effort to get Europe away from the aftermath of the World War. It is a gigantic task.
Statesmen may .have all the good-will in the world,
but there remain in their countries memories of suffering and prejudices, and even hate, to which their
spokesmen cannot turn a deaf ear. Here we have the
fear of the Allies' peoples that they will lose what
little fruits their victory gave, and here we have the
Germans trying their best to wipe out the results of
their awful blunder. To-day Chancellor Luther of
Germany and Foreign Minister Briand of France
broke away from the various meetings of delegates,
jurists and experts, and going to a little village ten
miles away, sat by the side of Lago Maggiore for
more than an hour trying to reach agreements on
mooted points by human rather than technical
means." The name of the village was Ascona. The
New York "Herald Tribune" representative at Locarno said the same evening that he was able to
state that "the conversation left France and Germany no nearer an agreement on France's demand
for the right to march across the Rhine to the defense of Poland or Czechoslovakia if either is the
victim of an armed invasion. In fact, Briand indicated to Luther that if the conference here fails he
would remain in Locarno to negotiate with Dr.
Eduard Benes,- the Czechoslovakian Foreign Minister and Count Skrzynski, the Polish Foreign Minister, for even more complete treaties than the defensive alliances now existing among the three countries. Dr. Benes arrived here to-day and the Polish
Minister is due to-morrow. Luther asked Briand if
he insisted on the position France has taken with
[voL 121.
regard to her Eastern allies, and the latter replied
with extreme frankness that he did. The Chancellor, with admirable moderation, agreed that even
though such a pact seemed impossible for his Government to accept, he would remain at Locarno and
strive to find a way out of the deadlock." Later the
New York "Times' representative cabled the encouraging statement that "M. Briand and Dr. Luther
will continue their conversations to try and reach
a compromise on this point" (the settling of reparations defaults by arbitration). The following day
the Locarno representative of the New York "Evening Post" cabled that "to-day Austen Chamberlain,
the British Foreign Secretary, and Foreign Minister Stresemann of Germany held another of these
private conferences, which are expected to exert a
strong influence upon the deliberations on the security compacts." The Associated Press correspondent at the seat of the conference sent word that,
"like Chancellor Luther and Foreign Minister Briand of France, who met yesterday, Dr. Stresemann
and Mr. Chamberlain not only discussed the problems immediately before the conference, but the
whole range of European questions on which mutual
understanding and agreement are essential before
political reconstruction can be achieved." He
added that "Mr. Chamberlain is anxious to serve as
mediator between the opposing views of France and
Germany on the problem of a French guarantee for
Poland. The two statesmen went over this matter
in an endeavor to find a formula."
As a result of developments on Thursday, the outlook for reaching a settlement was still brighter, according to a special Locarno dispatch to the New
York "Times" that evening. It was stated that "important progress toward the completion of the Rhineland compact was made to-day when as a result of
private conversations the German delegation agreed
to proceed to negotiate on a basis of dropping the
Reich's demand for special conditions for Germany's
entry into the League of Nations, while the League
members represented here agreed to support favorably certain proposals which Germany might make
as a League member." It was said "this means that
Germany has at last seen the impossibility of getting any prior special dispensation for entering the
League and to-day's development marks the elimination from the Locarno negotiations of an issue which
threatened many complications. What now remains
to be done is to work out a program of the proposals
which Germany as a League member would make.
This problem presents difficulties for Dr. Luther and
Dr. Stresemann because of the opinions of the Nationalists in Germany."
The New York "Evening Post" representative at
Locarno said in a cable message last evening that a
member of the French delegation claimed that "the
security pact will be finished by next Wednesday,"
as he left the conference rooms. The Associated
Press representative cabled that "optimism over the
outcome of the security pact negotiations here is
shared by all the delegates except the Germans.
The feeling of the majority was notably voiced to-day
by Foreign Secretary Chamberlain of Great Britain,
who declared he was convinced the delegates would
leave Locarno with real progress achieved toward
assurance of peace in Europe. Failure in this respect, he added, would mean disaster. Mr. Chamberlain asserted that no secret engagements would be
negotiated here. 'We have talked in secret in the
Ocr. 10 1921]
THE CHRONICLE
1715
interest of obtaining results,' he said. 'We cook the handling the French debt to England." The Paris
meal in the kitchen, but when it is ready it will be representative of the New York "Herald Tribune"
served openly in the world parliaments.'"
claimed that, "while official circles remain silent
pending the return of Finance Minister Caillaux,
Joseph Caillaux, Finance Minister of France and the general unofficial sentiment here regarding the
head of the French War Debt Commission to the temporary debt agreement is that it is even more
United States, sailed from New York for Paris on advantageous than some character of a final settlethe evening of Oct. 2, on the steamship "France," ment. That it will be ratified by Parliament seems
after having been "the guest of honor at a dinner at- a foregone conclusion. M. Caillaux enjoys the contended by about 400 members of the Lotos Club." fidence of his Cabinet colleagues with the possible
In a speech at the dinner he "appealed to the 'heart' exception of M. de Monzie, the Minister of Public
of the American people and to those spiritual bonds Instruction, who belongs to the Independent Radbetween France and America, which he described ical group in the Chamber." The next evening, acas 'above questions of interest payments,' as the cording to a special Paris cable message from the
basis for a settlement of the Franco-American debt New York "Times" correspondent, "the chances of
problem." The New York "Times" said that "Nich- the French Parliament ratifying the five-year debt
olas Murray Butler, President of Columbia Univer- agreement are about fifty-fifty, if to-day's Paris
sity, who was toastmaster, was loudly applauded press is to be taken as an indication. Probably if
when he assured the French statesman that the the matter were submitted to a referendum of the
American people had a heart and that it would re- country it would be rejected by an enormous majorspond generously to the needs of France, despite ity, but in the Chamber its chances are rather bet'timorous' politicians." According to the same ac- ter." Paris opinion appeared to grow more optimiscount of the dinner, "Myron T. Herrick, United tic from day to day. On Oct. 4 the Paris represenStates Ambassador to France, also met with ap- tative of the New York "Times" cabled
that "Preproval when he declared that money, politics or mier Painleve, who to-day
returned to Paris from
propaganda must not be allowed to sever the bonds Nimes, gave a clear indication in
a short interview
between this country and France which have been a representative of the 'Temps' had
with him that
made sacred by two wars. Tears came to the eyes he did not believe the rejection of
the last French
of M. Caillaux as he listened,to President Butler, offer by the American Debt Funding
Commission
who paid an eloquent tribute to France, saying that would be the last word. Until
he had an opportuher incalculable contribution to Western civiliza- nity of consulting M. Caillaux
and studying the
tion and her repeated defense of that civilization on texts of the various proposals, he
said, he did not
her own battlefield for many centuries Lad made the wish to make any statement."
He also said that
whole world, including the United States, perma- "the Premier refused to commit
himself to any statenently her debtor." M. Caillaux was reported to ment on the probability of
acceptance by the Govhave said: "To the heart of America I appeal, with ernment and Parliament of the
five-year agreement.
no other thought than to ask all the people of Amer- To his interviewer he recalled
that he was Premier
ica to look at my country with the same sentiments of France when America sent
the first million men
that were expressed here a few minutes ago by Mr. to battle, and said his faith that
America would
Butler. In settling our obligations, be assured that grant a settlement on the basis of what
France could
we will do what we must do to the limit of our surely undertake to pay was
still strong. He restrength and that the real wealth of France and the garded the failure of Washington
to make a definite
United States is the common friendship of their settlement this time as an interrupt
ion only in the
peoples."
negotiations, which the loyalty of Franco-American
friendship and the common interest of the two reThe outcome of the French war debt negotiations publics would yet bring
to success."
at Washington, according to Paris cable dispatches,
was not regarded with as great a degree of appreAccording to a special Washington dispatch to
hension in the French capital, on second thought, as the "Times" the same evening,
"President Coolidge
when the news was first received that a comprehen- and
other Administration officials were represented
sive agreement had not been reached. The Paris to-day
as feeling that the negotiations by the French
correspondent of the New York "Times" cabled on and American
Debt Commissions for a funding of
the evening of Oct. 2 that "the French do not take the
French war-time debt to the United States were
tragically the failure to reach a debt settlement at by no
means a complete failure, and that an imporWashington, but they take it regretfully. While it tant step
forward will have been taken if the temhad been expected that the terms of settlement would
porary agreement covering a period of five years,
add to the tax burdens of France, business leaders
during which France would make annual payments
and bankers, as well as Government officials, had
of $40,000,000, is ratified by the American Congress
believed an arrangement would inject &Lability into
and the legislative bodies of France." It was also
the fiscal situation here and would give the French
stated that, "in fact, the opinion was expressed both
people confidence born of knowledge of just where
at the White House and the Treasury Department
they stood in the•matter. With its large floating
that a final adjustment may be accomplished before
debt the Government stands in absolute need of pubthe conclusion of the proposed five-year period.
lic, confidence." The correspondent added that
There were reports also that Finance Minister Cail"there is very little comment in the French capital
laux before leaving Washington this morning had
on the provisory accord being brought back by M.
suggested that he might be in a position to resume
Caillaux. Paris is awaiting his explanations of it negotiati
ons within a relatively short time, possibly
and in the meanwhile public interest is settled on the
before another twelve months, if in the meantime
failure to reach a full agreement with the
Debt public opinion in France became crystallized in su-3,
Funding Commission and the probable effect on
port of his efforts to bring about a rehabilitation of
1716
THE CHRONICLE
French finances." The correspondent added that
"at the White House it was made plain to-day that
the President would stand squarely behind the proposed temporary agreement when it is presented toapproved, despite the fact that the United States in
return for the annual payments of $40,000,000 by
France during the next five years makes the very
material concession that the interest which otherwise would continue to accumulate at 5% on the
principal of the debt, shall cease during that period."
Discussing further the steps that were said to have
led up to the temporary arrangement, the Washington correspondent of the "Times" said: "In view
of the many published reports that the action of a
spokesman for Finance Minister Caillaux on Wednesday night, in erroneously indicating that subcommittees of the French and American Commissions had agreed to the acceptance of the final
French proposal, had been responsible for wrecking
the negotiations, the reaction of the President to-day
to such suggestions is of very great importance. A
spokesman for President Coolidge made it known in
the most emphatic terms that as the President knew
the situation the reported indiscretion of M. Caillaux's spokesman had nothing to do with the decision
finally made and that rejection of the French offer
had been determined upon before the erroneous
reports had become generally known, either at the
White House or among the American Commissioners. The viewpoint of the President concerning the
debt negotiations and their result was given in
some detail to-day. As the President understood it,
the French Commission represented that France required an interval to restore currency, balance its
budget and refund domestic or internal debts, and
that the French Commission also had represented
that during that period it would be within the capacity of France to pay $40,000,000 annually. The
American Commission, so the President's spokesman said, took into consideration these representations and suggested that there should be an agreement for a.temporary adjustment. The adoption of
such a program,in the opinion of the President, does
not constitute a break in the negotiations, but merely
a recess, and therefore further consideration of
debt funding may be taken up at any time. It further was stated that the President believed that the
French made a very sincere effort to reach a final
settlement and joined in the regret that it was not
possible to have a complete meeting of minds."
It was natural that the British Government should
have given careful consideration to the temporary
plan for funding the war debt of France to the
United States because of its probable direct bearing
upon a plan for settling the war debt of France to
Great Britain. It was indicated in a special London
cable dispatch to the New York "Herald Tribune"
under date of Oct. 5 that the latter would make the
necessary modifications of the tentative plan agreed
upon by Joseph Caillaux, Finance Minister of
France, and Winston Churchill, Chancellor of the
British Exchequer. That correspondent said that
"the British Government will accept from France
for the next five years annuities proportionately no
greater than the French payments to the United
States, and at the end of that period the terms of
the French debt will come up automatically for revision. That this would be the effect of the temporary agreement reached at Washington, if ratified
[VOL. 121.
by France and the United States, upon the settlement provisionally arranged between Winston
Churchill, British Chancellor of the Exchequer, and
Joseph Caillaux, the French Minister of Finance,
was stated to-day in circles close to the Treasury,
after experts had exhaustively studied the situation
over the week-end. It is recognized in official circles here that the situation arising from the Washington negotiations has created an obscure and awkward position between Great Britain and France,
but it is considered that the formula outlined above
will meet all the difficulties. The figure of D.2,500,000 annually fixed by Mr. Churchill is regarded as
the basic average amount, which is reducible during
the first five years provided the later annuities are
increased to make up the average for 62 years. Reductions to the scale suggested in the French payments to the United States for the five-year period
would, it is felt, both meet M. Caillaux's request for
a partial moratorium from this country and enable
France's funding arrangements with both creditors
to be co-ordinated." Word came from Paris Thursday evening that "a special meeting of the Cabinet
with President Doumergue presiding has been called
for Saturday afternoon to hear the report of Joseph
Caillaux, 1(inister of Finance, on the Washington
negotiations regarding the funding of France's debt
to the United States. M. Caillaux is expected to
land at Havre early Saturday and to arrive at Paris
at noon."
It would seem from a special Paris dispatch to the
New York "Evening Post" that when M. Caillaux
reaches home he will receive a much more friendly
welcome than was regarded possible soon after the
outcome of the war debt negotiations in Washington
became known in the French capital. It was stated
in that dispatch that "France is tremendously relieved at the failure of Finance Minister Caillaux
and the debt Mission in the Washington funding
negotiations, and by the time the Finance Minister
steps upon the pier at Havre his name will be on the
tip of boulevard tongues as the 'savior of France
"
from slavery to the American Shylock.' The correspondent also suggested that,"taking his cue from
a press trained in the art of distorting facts, a man
in the street to-day talks of France having rejected
America's attempt to fetter her in century chains,
ignoring the fact that it was the United States which
rejected the altogether inadequate French proposal.
M. Caillaux has saved himself politically by his
quick shift at Washington, for the evidence multiplies that his enemies at home were ready to stage
his fall had there been a settlement in the form prematurely published."
The Czechoslovakian Debt Commission, headed
by Dr. Vilem Pospisil, Director of Savings Banks in
Prague, held its first session with the American
Debt Commission on Tuesday. Optimism was expressed in Washington dispatches in advance that
a settlement would be reached without special difficulty. It was explained that "the debt, as computed
with interest in the books of the Treasury Department, aggregates $117,679,095, but the Czechoslovakian Treasury computes it at less than $100,000,000. It is probable that the American figures will
be scaled down considerably through revision of accrued interest and some of the items in the principal
also may be changed. There are several advances
OCT. 10 1925.]
THE CFTRONTCLE
involved in the loan, including War Department
supplies, supplies from the United States Grain Corporation, a general relief account and an account
with tile United States Shipping Board in which several millions are involved."
It turned out, however, that "sharp disagreement
over the amount of Czechoslovakia's war-time obligation to the United States marked the first joint session of the Debt Commission representing the two
countries held at the Treasury Department to-day"
(Tuesday). It was also stated that "the United
States stood ready before to-day's negotiations to
fund the debt on the basis of $117,000,000, including
interest calculated at the rate of 5%. At the outset
of to-day's meeting it was made known by the Czechoslovakian Commissioners that in their opinion this
figure was too high, and it is understood that a counterclaim may be made designed to effect a substantial reduction in any funding arrangement that may
be concluded. Spokesmen for Czechoslovakia fix
the amount of the debt at a little in excess of $80,000,000." The New York "Times" representative
said that "it is the understanding that the items disputed by the visiting commission are principally
those covering advances made prior to the establishment of Czechoslovakia as a republic. After the formal meeting this morning between the commissions,
Dr. Vilent l'ospisil, head of the Foreign Commission,
and Under-Secretary Winston of the Treasury, representing the American body, held a long conference.
This talk, it is said, disclosed that the differences
over the amount of the debt may be found on further
inquiry to be a matter of bookkeeping that may readily be adjusted." It was stated in Washington dispatches on Thursday that probably a plenary session would be held yesterday.
With the announcement that only the temporary
agreement had been reached with respect to the
French debt, naturally the question at once arose,
both in this country and in Europe, as to the probable effect on the forthcoming Italian negotiations.
The Rome correspondent of the New York "Herald
Tribune" cabled on the evening of Oct. 2 that "the
failure of the Franco-American debt negotiations
has caused pessimism in financial circles here owing
to the proximity of the departure for Washington of
the Italian mission headed by Count Volpi. There
are even rumors that the journey may be called off,
but these reports have been officially denied." He
added that "the 'Herald Trbune' is informed in official quarters here that the failure of the negotiations
between France and the United States will in no
way interfere with the conference for funding Italy's
debt to America. This sentiment is echoed, at least
outwardly, in financial circles." According to a
Washington dispatch to the same newspaper three
days later, "the American Debt Commission is continuing its study of the Italian financial situation
and Italy's capacity to fund her $2,000,000,000 war
debt. Failure of the Prench negotiations may have
an effect on the ontcome of the Italian deliberations,
but, so far as known here, the Italian Commission is
coming despite the outcome with France. The Italian Ambassador, it was learned, called at the Treasury a few days ago to state that the Italian Commission would surely arrive in Washington late this
month."
• In a Rome dispatch dated Oct. S it u-as announced
definitely that a.Cabinet council held that morning
1717
after ample exposition of the financial situation by
the Minister of Finance, Count .Volpi, delegated to
him powers to negotiate a settlement of the ItaloAmerican war debts in the forthcoming meetings at
Washington." It was added that "contrary to what
is asserted in some newspapers, no postponement of
the departure of the Italian delegation is contemplated, Count Volpi remaining firm in his intention
to depart on the 22d of this month from Naples
aboard the 'Duilio.' It is expected here that the negotiations will last not less than a week, but no time
limit has been fixed, it being the intention of the
delegates to remain in America as long as necessary for a satisfactory solution of the difficult problem. But the fact that two prospective members of
the delegation to Washington are also members of
the Italian delegation at the Locarno conference renders the exact composition of the debt funding mission uncertain, as it is possible that the Locarno
conference may not be over by the 22d. The two
members in question are Signor Grand:, Under-Secretary for Foreign Affairs, and Signor Buti, First
Secretary of Legation. If Locarno does not necessitate a change of personnel the Italian delegation
will be composed of the following: Count Volpi,
Deputy Dino Grandi, Ambassador de Martino, Count
Bonin Longare, Honorary Ambassador; Dr. Alberto
Pirelli, Honorary Minister Plenipotentiary; Dr. Alberti, Honorary Minister Plenipotentiary, and Commendatore Buti, who will act as Secretary."
Benito Mussolini, Premier of Italy in name, but
virtual dictator, has taken several big steps recently
toward making his power still more complete than
ever before. According to a special Rome dispatch
to the New York "Evening Post" on Oct. 3, "an extraordinary project designed to complete Fascist
autocracy throughout Italy by abolishing local administration elections has been presented to Premier
Mussolini by signor Federsoni, Minister of the Interior." The project was outlined as follows: "According to this program, virtually 8,000 communes
in Italy, represented in villages, towns and sections
up to 5,000 population, would revert to the system
of podesta government, notorious in medieval ages,
with a Federal head in Rome, a system of traveling
inspectors and a local prefectural Government having communal and provincial membership in the
local councils, which must conform to the political
faith of the Black Shirt regime. The podesta system
has long been the ideal of the Mussolini Government
and recently both the Premier and Signor Farinacci,
Secretary of the Fascist Party, voiced the not
original philosophy that 'liberty is a privilege imposed only by the State and the people really do not
want liberty, inasmuch as individual liberty is only
theoretical.' Under the project the affairs of communities would be run by the Federal and Prefectural Administration, with the exception of matters
coming under the Departments of -Justice; War,
Navy and Aeronautics. Provincial inspectors would
be appointed by the decree to oversee the local administration, and it is stated any member could be
expelled from the council who was deemed to hold
political faith subversive to the Government. The
power of determining the status of communities
would be most elastic, inasmuch as two communes
could be joined under one podesta and a commune of
more than five thousand population con!d fall tinder
the podesta regime if the community council so voted
1718
THE CHRONICLE
for two consecutive years. The administration of
Rome would be under a Governor, two Vice-Governors and ten Rectors to be nominated by royal decree; also a council would be formed representing
economic and cultural institutions and professional
syndicates. The State and municipal police would
be reorganized in Rome under a questor having complete charge of the maintenance of public safety and
order in the capital."
Only a few days later word came from Rome that
the Fascisti had taken steps to weld capital and
labor. The Rome representative of the New York
"Times" said that "an agreement of the greatest
importance not only in its effects on the future of
Fascismo but also of labor was reached to-day between the Confederation of Fascist Trade Unions,
representing some 2,000,000 organized Fascist workers, and the Confederation of Industry, representing
almost the whole of the Italian employers of labor.
Each organization agreed to deal exclusively with
the other in all matters appertaining to what_ is
needed in the disputes." He explained that "by this
agreement, in other words, the Socialists, who for
over 30 years have monopolized the right to speak in
the name of and to defend the workers';nterests, see
themselves completely put out of any participation
in labor disputes, their monopoly being transferred
to the Fascist trade unions." The Associated Press
correspondent cabled that "the new labor agreement
in Italy was brought to fruition by Deputy Farinacci, Secretary of the Fascist Party, but the principles motivating it have been espoused for many
months by such experts as Minister of Justice Rocco
in accord with general lines laid down by Premier
Mussolini." He also said that "the kernel of these
principles is that the old idea of Socialist labor
unions has proved a failure because it was based on
the theory of a class struggle to obtain the rights of
the workingmen, whereas the Fascist principle, its
exponents say, is that the best results can be obtained by class co-operation. The Fascist idea is
that class struggle amounts to cutting off the nose to
spite the face, whereas class co-operation means
proper recognition not only of the rights of manual
labor but also those who furnish capital."
Mussolini's most radical step so far was announced in a special Rome cable message to the New
York "Times" under date of Oct. 7. It was stated
that "if a radical change in the basic principles
whereon the whole structure of the State is founded
can be termed a revolution, then it can be said beyond a doubt that a Fascist revolution begins now.
In October 1922 Mussolini merely seized power
through an armed insurrection. Now he is actively
engaged in tearing down the existing edifice of the
Italian State and creating a new one to stand in its
place. The first hint that important reforms were
under way was obtained several days ago when it
w,as announced that the next Cabinet council would
approve a bill practically abolishing local self-government by suppressing town councils in all municipalities with a population under 5,000 and placing the administration of local affairs in the hands
of commissioners appointed by royal decree. These
are to be known by the ancient name of Todesta'and
to be assisted by a council appointed by local industrial and agricultural interests." Continuing, the
correspondent said: "The importance of these innovations was not readily realized because they were
[VOL 121.
considered as isolated facts instead of as a small
part of a vast scheme which Premier Mussolini was
slowly elaborating in his mind. When considered
in conjunction with a whole series of reformg which
the Fascist Grand Council in night sittings yesterday and to-day recommended for immediate translation into law, it is seen that Fascism indeed intends
to revolutionize the Italian State. As Premier Mussolini himself originated these reforms it is not difficult to prophesy that they will soon appear on the
Italian statute books. They are all intended to
strengthen organizations of workers and employers,
known here as corporations or syndicates, in such a
way that the representatives of the national industrial and agricultural productive forces will become
the controlling factor in the nation's life."
Still other features of the plan were outlined in
part as follows by the Rome correspondent of the
New York "Evening Post" in a dispatch dated
Oct. 8: "The proposals would divide the executive
and administrative power between the Premier and
the so-called provincial corporations, which eventually are to be composed of three classes—farmers,
industrials and intellectuals. These corporations
will eventually elect the Senate. Meanwhile it is
proposed that the executive power be strengthened
through the establishment of a'Ministry of the President,' which would place Premier Mussolini in complete control of the legislative, legal and administrative functions of the Government. It is proposed
that the Chamber of Deputies, which now has a majority of Fascists, remain unchanged, though with
diminished powers as concerns its prerogatives of
voting for or against the Government. The Senate
would be elected 'from the people' by the provincial
syndicates, hold office for life, and the roster would
be doubled. Those now in the Senate may continue
to hold their seats, though the exact status of the
Senate under the proposed regime appears to be
sociological rather than political. If the project is
applied by Premier Mussolini, it will complete the
Fascitization of the country, under which the entire Government will be run by one party, crushing
the Opposition except for a few Senators and a few
Deputies who got into Parliament under the old
regime. The idea is an experiment in government
which is novel in Europe. It contains some of the
features of the Russian Soviet's system with autocratic powers centralized in the chief executive.
The project has met with only the feeblest opposition, inasmuch as its critics assert there is likely to
be little physical change from the existing form of
government, which already is in absolute control of
Italy."
Definite announcement was made in Rome on
Oct. 8 that "the Cabinet Council this morning began
the important series of reforms already outlined
in
these dispatches by approving the bill supplanting
municipal self-government in Rome and placing the
city administration in the hands of a
Government
appointee nominated by royal decree." It was
explained that "he will be designated Governor
of
Rome and will have full powers and entire
responsibility for the administration of the
municipality.
He will be assisted by two Vice-Governors,
ten Rectors and eighty Consulters, also appointed by
royal
decree. The citizens of Rome, therefore,
will not
have any voice in the choice of the men who
run its
local affairs, the system in this respect
somewhat
OCT. 10 1925].
THE CHRONICLE
resembling the one existing in the District of Columbia. The Governor will have powers hitherto
possessed by the Mayor, the Board of Aldermen and
the Municipal Council, the two Vice-Governors being empowered at his request and under his responsibility to perform part or the whole of his duties."
1719
4 %. The 5% rate had been effective only from the
/
1
2
23d of last July. Apart from these changes, official discounts at leading European centres remain at
9% in Berlin; 7% in Italy; 6% in Paris; 5 % in
/
1
2
Belgium, Denmark and Norway; 5% in Madrid, and
4% in Switzerland. In London the open market
discount rate was a shade firmer, finishing at 3/
14@
3 5-16% for short bills, against 33-16(4)314%, while
/
three months' bills closed at 3 5-16%, against 35-16
@3%70 a week ago. Call money touched 2%%, but
closed at 2/
14%,1113 compared with 2 % a week ear/
1
2
lier. At Paris open market discounts continue to be
quoted at 5% and in Switzerland at 2%.
For still another week the French forces seem to
have been largely victorious over the Riffians in the
Moroccan campaign. At the beginning of the week
it was stated in an Associated Press dispatch from
Fez that "optimism prevails in army circles that,
after the successes of last week, the end of the warfare against the rebellious tribesmen may come
sooner than had seemed possible, provided the rainy
The statement of the Bank of England for this
season holds off for another ten days." The French week revealed another and materially larger decline
kept up a vigorous campaign, particularly because in gold holdings, the result, of course, of the new
the rainy season was expected to begin soon. The movement in the export of gold to this country.
Spanish troops rendered valuable service to the The loss amounted to £2,550,000, but reserve fell
French forces, fighting in conjunction with the lat- only £1,736,000 because of a reduction in note cirter. The Spaniards took Adjir, "capital and strong- culation of £814,000. The proportion of reserve to
hord of the rebellious Riffian leader, Abd-el-Krim." liabilities advanced to 28.31%, from 27.37% last
Madrid is said to have begun celebrating the victory week. At this time a year ago the ratio
stood at
as soon as news of it was received. The extent to 19% and at 1978% in 1923. Public deposits regis/
which the co-operative fighting was carried on was tered the very large decline of £17,562,
000, but in
illustrated still further in the following special dis- "other" deposits, there was an
increase of £7,117,patch from Fez to the New York "Evening Post" on 000. The Bank's temporary loans
to the GovernOct. 7: "French troops are now thirteen miles north ment decreased £3,030,000 and loans on
other secuof Kifane and are meeting with almost no resistance. rities fell £6,339,000. Gold holdings now
are £157,French and Spanish forces have established contact 916,689. This compares with £128,481
,074 a year
at Syah, northeast of Kifane." The rains that had ago (before the transfer to the Bank of
England of
been feared came even sooner than expected, as it the £27,000,000 formerly held by the
Redemption,
was stated in the same dispatch that "torrential Account of the Currency Note issue) and £127,670
,
rains are hampering the cavalry's progress in the 558 a year earlier. Reserve stands at
£33,706,000,
eastern sectors and important units of cavalry and against £23,746,589 in 1924 and £23,511,428
the year
automobiles are held up in the region of Msoum, before that. Loans aggregate £69,237,000, in comwhich is stormbound. Marshal Petain has hurried parison with £73,911,624 and £71,309,
461 one and
to Taza to direct operations for getting the cavalry two years ago, respectively, while note
circulation
and motor transports out of their predicament."
is now £143,961,000, as against £124,484,485 the pre
Jules Steeg, formerly Minister of Justice in the vious year and £123,909,130 in 1923. No
further
French Cabinet, has been appointed French Resi- change has been made in the official
discount rate,
dent-General in Morocco, succeeding Marshal Ly- from 4%, the figure set last week.
Clearings
autey, who resigned recently. Anatole de Monzie through the London banks for the week
totaled £813,succeeds M. Steeg in the Cabinet.
052,000, which compares with £718,536,000 last year.
Abd-el-Krim, the Riffian leader, was still harder We append herewith comparisons
of the different
pressed, according to an Associated Press message items of the Bank of England
statement for a series
from Fez yesterday morning. It stated that "Abd- of years:
el-Krim, the Riffian chieftain, hemmed in by the
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
French advance from Kifane northward and
the
1925.
1924.
1923.
1922.
1921.
movement of the Spanish troops southward from
Oct. 7.
Oct. 8.
Oct. 10.
Oct. 11.
Oct. 12.
Ajdir, is reported to have taken refuge with
b143,961,000 124,484,485 123,909,130 122.569,890 124.613.620
his Circulation
brother, Si Mohammed,in the Beni Arous Mountain, Public deposits
9,547.000 10,866.507 13.501.395 15.160.226 15.015.758
Other deposits
one of the most inaccessible of the Atlas Range, Governm't securities109,507.000 113,881,925 104,910,991 112.051.745 134.789.528
33,742,000 44.733,443 41.228,834 54,891.973 64.850.907
Other securities__
69,237.000 73.911,624 71.309.461 66.704.309
where he is said to be assembling reserves and
mu- Reserve notes& coin 33,706,000 23,746,589 23.511,428 23.306.798 60,371.836
22.257,967
nitions. Information at French headquarters
Coin and bullion_ _8157,916,689 128,481,074 127,670,558 127.426,688
128.421.587
has Proportion of reserve
it that the surrender of Abd-el-Krim's followers dur- to liabilities
28.31%
19%
19%
18.36%
14.88%
Bank rate
4%
4%
4%
ing the recent occupation of his territory by
3%
534%
the a Includes, beginning with April 29 1925,
£27,000.000
French has caused his faithful to dwindle from
coin and
32,- Previously held as security for currency note issues and whichgold transferredbullion
was
to the
000 to 15,000. But these are all tried men and true, Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925. includes £27,000,000
of Bank
upon whom the Riffian leader may count to the of England notes issued in return for the same amount of gold coin
and bullion held
up to that time in redemption account of currency note issue.
death." It was reported in a Fez dispatch last
evening that he was massing his troops for "a surprise
The Bank of France in its statement the present
blow at Spanish forces."
week shows another large expansion in note circulation, namely 81 134,000 francs, bringing the total
Two more reductions in official discount rates
up to the new high level of 47,165,204,680 francs.
were announced this week. One was the Netherlands
•The previous high record was reached last week when
Bank, which announced a cut of / to 3 %,
%, / the
1
2
1
2
formmer rate having been in effect since Jan. 14 last, the total was 46,353,559,100 francs. Last year at
this time note circulation stood at 40,648,504,260
while on Thursday it became known that the Swedish
francs, and in 1923 at 38,489,354,315 francs. The
Riksbank had reduced its discount rate from 5%, to
gold item shows another small gain of 69,325 francs.
1720
WEE CHRONTTOLE
FoL 121.
System showed a gain of $1,400,000 in gold, an expansion of about $10,800,000 in rediscounting of
Government secured paper and "other" bills, combined. Holdings of bills bought in the open market
gained $15,600,000. Total bills and securities (earning assets) expanded $8,100,000 and total deposits
$15,000,000. Federal Reserve notes in actual circulation increased $16,000,000. The New York bank
reported a decline in gold reserve of $6,600,000. Rediscounts of paper secured by Government obligations were reduced $4,800,000. "Other" bills, however, increased $7,600,000; with the result that total
bills discounted gained $2,800,000. Open market
purchases moved up $2,300,000. On the other hand,
a shrinkage of $16,000,000 was shown in total bills
BANK OF FRANCE'S COMPARATIVE STATEMENT.
and securities (because of a reduction in the holdStatus as of
Changes
Oct. 8 1925. Oct 9 1924. Oct. 11 1923.
for Week.
ings of Government securities), and of $13,200,000
Francs.
Francs.
Francs.
Francs.
Holdings—
Gold
69,325 3,682.978.793 3.679,912.865 3,674.225,852 in total deposits. The amount of Federal Reserve
Inc.
In France
1,864.320,907 1,864,320,907 1.864,320,907
Unchanged
Abroad
notes in circulation fell off $2,000,000. Member
69.325 5,547.299.700 5,544,233.772 5,538.546.759
Inc.
Total
295.072,736 bank reserve accounts declined $8,900,000 locally,
301.715.741
309.986.154
78.000
Inc.
Silver
3,091.102.133
Bills discounted_ _ _ _DOc847,129,0(0 2.843,987.932 4,996.962.240 2.268.194,264 but gained $28,200,000 for the banks as e group. As
Inc. 67.837,000 2,744,626.646 2,842.9/47.239
Advances
Ine.811.345.000 47,165,204.680 40.648,504.260 38,489.354,315 to the reserve ratios, that of the System was again
Note clreulatlon
21,309,492
15.475.609
35,529,452
Treasury depoelts_Inc. 12,365.000
1,965,422,567 reduced slightly, declining 0.7%, to 71.8%,. but at
General deposIts_Dec436,971,000 2.271,604,147 1,876,550,222
New York the lowering in deposits was sufficient to
to note circulation (as is usual counteract a decline in gold and cause an advance in
A large addition
in the final week of the month), accompanied by the reserve ratio to 76.0%, up 0.4% for the week.
partially compensating reductions in some of the
Last Saturday's statement of New York Clearing
other liability items, featured the statement of the
Imperial Bank of Germany, issued as of Sept. 30. House banks and trust companies reflected the
In round numbers, the figures show that note cir- strain of meeting month-end requirements, by a loss
culation expanded 337,425,000 marks. Other ma- of all excess reserves and the establishment of a deturing obligations were reduced 261,255,000 marks, ficiency in reserve of more than $21,000,000. The
and other liabilities 44,393,000 marks. On the assets report was also featured by heavy expansion in loans
side there was an increase in the holdings of bills of and deposits. The loan item increased $77,733,000.
exchange asd checks amounting to 18,809,000 marks, Net demand deposits showed an expansion of $79,while advances expanded 47,916,000 marks and re- 361,000, to $4,410,981,000, which is exclusive of Govserve in foreign currencies 34,381,000 marks. De- ernment deposits to the amount of $39,757.000. Time
posits held abroad fell 30,000,000 marks and silver deposits aggregated $587,718,000, an increase for the
and other coins 3,559,000 marks. Notes on other week of $18,113,000. In cash in own vaults of membanks declined 26,575,000 marks. A large contrac- bers of the Federal Reserve banks there was an intion was shown in other assets, namely 209,262,000 crease of $107,000, to $45,779,000. This is not
marks. A gain was reported in investments of 124,- counted as reserve. Reserve of State banks and trust
000 marks. Gold and bullion holdings, for the first companies in own vaults increased $465,000 and retime in many weeks, showed a decrease, albeit a serves kept by these institutions in other depositories
small one, 57,000 marks. This leaves the Bank's increased $266,000. Member banks drew on their
stock of gold 1,174,709,000 marks, against 577,919,- reserves at the Reserve institution to the extent of
000 marks last year and 443,927,000 marks in 1923. $30,621,000. The result of this contraction, in conOutstanding note circulation stands at 2,649,135,000 junction with materially enlarged deposits, was to
bring about a loss in surplus of $40,761,730, which
marks.
after eliminating last week's surplus of $19,228,740,
The Federal Reserve Banks' weekly statements, left a deficit in reserve of $21,532,990. The above
legal reserve rewhich were issued at the close of business on Thurs- figures for surplus are based on
official announcement quirements of 13%, against demand deposits for
day, were accompanied by an
to the effect that commencing with the current week member banks of the Federal Reserve, but do not intwo new items had been added for the purpose of clude $45,779,000 held by these member institutions
showing separately the amount of balances held on Saturday last.
abroad and the amounts due to foreign correspondCall money advanced to 6% in the early part of
ents. In addition, the caption "All other earning
2
1
/
the week, and later declined to 4 %. On Thursday
assets,". which is now made up of Federal Interme4%, while 42
%
1
/
changed to the renewal rate was as low as 43
diate Credit Bank debentures, has been
"Total earning was the only quotation yesterday. As was expected,
"Other securities," and the caption
assets" to "Total bills and securities." The latter no change was made in the New York Federal Reterm has been adopted, it is stated, to afford a more serve rediscount rate. On the other hand, it was
accurate description of the total of discounts, ac- definitely reported that several mill ions of gold were
ceptances and securities acquired under the provi- on the way to the United States. and the prediction
sions of Sections 13 and 14 of the Reserve Act, the was made in some circles that the movement would
reach $2:1,000,000. Irrespective or the gold situaonly items included therein.
re tion, money appeared to he in more plentiful supply,
The most noteworthy feature of this week's
ports was a further increase in redisconnts, as well both on time and call, toward the end or the week,
as in open market operations. The statement for the notwithstanding the high level to which loans of all
The total gold holdings now aggregate 5,547,299,700
francs as against 5,544,233,772 francs for the corresponding date last year and 5,538,546,759 francs for
the year previous. Of the foregoing amounts
1,864,320,907 francs were held abroad in 1925, in 1924
and in 1923. During the week silver increased 78,000
francs. Advances registered an expansion of 67,837,000 francs and treasury deposits rose 12,365,000
francs. On the other hand, bills discounted decreased 847,129,000 francs and general deposits fell
off 436,971,000 francs. Comparisons of the various
items in this week's return with the statement of last
week and with corresponding dates in both 1924 and
1923 are as follows:
OCT- 10 19251
kinds have gone, and the predictions of still greater
business activity during the rest of the year. Yesterday's 4 % quotation for call money throughout
/
1
2
the business session was the more striking because
the transactions in stocks on the New York Stock
Exchange were in excess of 2,000,000 shares, and
because the loans made yesterday carry over to Tuesday morning. That the movement of railroad traffic continues large was shown once again by the
car loadings for the week ended Sept. 26, which for
the tenth consecutive week were well in excess of
1,000,000 cars. Production of steel ingots increased
moderately in September, and further expansion in
steel production is looked for in the remaining
weeks of this year. The buying power of the farmers and residents of small towns is clearly reflected
in the good-sized and steady increases in the sales
of the mail order houses. While the stock market
reacted somewhat for several days, it recovered on
Thursday and yesterday and it is to be doubted that
brokers' loans have undergone a big net change.
Referring to money rates in detail, loans on call
A
ranged between 43/i and 51 during the week, as
against 41% ® 6% a week ago. On Monday the
A
high was 51 , the low 5, with 5% also for renewals.
Tuesday all loans on call were negotiated at 532%,
this being the only rate named. Call funds again
renewed at 532% on Wednesday, which was the high
for the day; before the close, however, there was a
decline to 43/2%. Increased ease made itself evident
on Thursday and the range was lowered to 41% ®
43 %, with 43
4
4% the renewal basis. On Friday a
further decline took place that brought the ruling
quotation to 43.%, and this was also the high and
low, in fact the only rate named during the day. For
fixed date maturities the tendency was toward slightly
higher levels, so that ninety days, and four and five
4
months' money advanced to 43 ® 5%, against
43 ® 434% last week; sixty days remained at
4% ® 44%, and six months at 43 ® 5% un4
changed. The market was very dull with offerings
light and the inquiry equally so. The former differential between regular mixed collateral funds and
all-industrial money is no longer observed.
Mercantile paper rates have not been changed from
43( ® 43'% for four to six months' names of choice
character, with 432% required for names not so well
known. New England mill paper and the shorter
choice names are usually dealt in at 41 %. Most of
4
the business on the best names was at the inside figure of 4%. Trading was only moderately active
and offerings light. Country banks are still the
principal buyers.
Banks' and bankers' acceptances were dealt in to
a limited extent, chiefly as a result of the stiffening in
the call market. Most of the inquiry was from
interior institutions, though toward the latter part
of the week local banks displayed more interest. The
undertone was firm but quotations not changed. For
call loans against bankers' acceptances the posted
rate of the American Acceptance Council was reduced yesterday from 43'% to 41 %.
4
The Acceptance Council makes the discount rate
on prime bankers' acceptances eligible for purchase
by the Federal Reserve banks 3%% bid and 33.%
asked for bills running 30 days, 33/2% bid and 33 %
4
asked for 60 days, 34% bid and 332% asked for 90
days, 33 % bid and 33 % asked for 120 days, 37
4
4%
4
,3%% asked for 150 days, and 4% bid and
bid andi
1721
THE CHRONTCLE
37
4% asked for 180 days. Open market quotations
are as follows:
Prime eligible bills
SPOT DELIVERY.
90 Days.
3%@3%
:34
.
334
60D
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
'
30 Dap..
33403%
34 bid
34 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DII3C0UNT RATES OF FEDERAL RESERVE BANI03 IN EFFECT
OCTOBER 9 1925.
Paper Maturing—
After 90 After 6
Days, but
but
Within 6 Within 9
Months. Months.
Wfthtn
90 Days.
FEDERAL RESERVE
BANK.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Conerciat Secured
Aerie! & by U. S. Bankers
Livestock Gorernm't Accep.
Paper. Oblfga- lances.
Hons.
n.e.s.
334
334
334
334
4
4
4
4
4
4
4
334
334
334
334
334
4
4
4
4
4
4
4
334
334
334
334
334
4
4
a
4
a
4
4
334
Trade Agricul.• Myriad.
Accepand
and
lances Livestock Livestock
Paper. Paper
334
334
334
334
4
4
4
4
4
4
4
334
334
334
334
334
4
4
4
4
4
4
4
334
334
334
334
334
a
a
a
a
4
4
a
• Including bankers' acceptances drawn for an agricultural Durum and swung
by warehouse receipts. &o.
Actual inauguration of a movement of gold from
London to New York was the chief event of the
week in sterling exchange, and the market responded
thereto by a general undertone of firmness and resiliency. Prices, it is true, remained at a few points
under 4 84 for demand, but it should be noted that
the trend was upward instead of downward, as has
been the case lately. The opening quotation was
%
4 83%; gradually this was advanced to 4 833 ,then
and subsequently to 4 83 15-16, notwith4 83 13-16.
standing the pressure of a steady stream of cotton
bills. As a matter of fact, the influence of the expected gold influx was largely sentimental, since the
market here was far from active, most of the transactions based on the gold engagements having, thus
far, been made in England. Trading in futures was
quite active, and a number of banks were reported
as increasing their sterling holdings by means of
future purchases. As a result the premium on
sterling futures to the end of December for a time
sold at nearly $.00% above the cable rate. The
explanation is found in the belief that for the present
at least sterling cannot go below its present level.
Any change is likely to be, so it is claimed, upward,
and hence there would be almost no possibility of
loss. This opens an apparently attractive opportunity for speculation in these bills. British speculators are said to have been selling dollar futures with
this end in view.
Discussion in banking circles centred around the
probable extent and duration of the gold import
movement. No anxiety is expressed that it will
reach large proportions. Some place the amount at
about $25,000,000, others not more than $5,000,000.
Opinion in some quarters was that these gold shipments represented a return of dollars that had been
placed in sterling balances several months ago, when
monetary conditions were easy in this market and
firm abroad. It is believed that should the efflux
affect the Bank of England's reserve position unfavorably, steps will be taken to shut off the outflow.
However, heavy gold arrivals from South Africa are
expected to more than make up the losses.
1722
rnE CHRONICLE
Referring to the more detailed quotations, sterling
exchange on Saturday of the preceding week was a
shade firmer, although the range was very narrow at
/@4 83 11-16 for demand, 4 84@4 84 1-16 for
835
cable transfers and 4 81%@4 81 7-16 for sixty days.
On Monday trading was still inactive; prices, however, were inclined to be firmer and demand was fractionally up to 4 8334, cable transfers to 4 841g and
/
sixty days 4 813/2. Increased firmness developed on
Tuesday as a result of announcement that gold had
begun to come this way; the market continued quiet,
however, and as commercial offerings were considerable the advance was confined to 1-16c.; demand
ranged at 4 8334@,4 83 13-16, cable transfers 4 843/i
@.4 84 3-16 and sixty days 4 813/@4 81 9-16.
2
Wednesday's dealings were rather narrow though
rates were well maintained and advanced• a small
fraction to 4 8334@,4 83 15-16 for demand, 4 84%
@4 84 5-16 for cable transfers and 4 813/@4 8111-16
2
for sixty days. Dulness characterized trading on
Thursday; nevertheless price levels were maintained;
demand bills sold at 4 83%@.4 83%, cable transA
fers at 4 843' ® 4 843, and sixty days at 4 811 @
/
4 815 . On Friday the undertone was slightly reactionary and prices ranged at 4 8334@4 83 13-16
for demand, 4 843'@4 84 3-16 for cable transfers
2
and 4 813/@4 81 9-16 for sixty days. Closing quotations were 4 813/b for sixty days, 4 8334 for demand
4
and 4 841 for cable transfers. Commercial sight
bills finished at 4 83%, sixty days at 4 80, ninety
days at 4 793, documents for payment (sixty days)
2
at 4 803 and seven-day grain bills at 4 823/. Cotton and grain for payment closed at 4 83%.
Gold imports to the amount of about 040,000 are
said to be coming from London to New York. Of
this, £215,000 is on the Homeric for the Seaboard National Bank and £425,000 (the same steamer) for
the Farmers' Loan & Trust Co. In addition, the
Bank of England sold £268,000 in bullion bars and
exported £18,000 in sovereigns for Java, £45,000 to
India and £5,000 to Singapore, and £500,000 in
sovereigns from South Africa.
Inactivity accompanied by irregular changes and
weakness marked trading in the Continental exchanges and the volume of business was again small,
relatively speaking. A more or less general atmosphere of nervous hesitancy pervaded the market
and operations were restricted throughout. French
francs, though dealt in to a limited extent, were
closely watched and at times showed signs of considerable selling pressure. The bulk of this was of foreign
origin, emanating from both Paris and London,
where the French financial situation is not liked.
It is considered doubtful that the debt agreement
tentatively drawn up between M. Caillaux and the
American Debt Funding Commission will be ratified
by the Parliament of France. In any event, it is
sure to meet strong opposition and cause delay and
unsettlement, while the assembling of the French
Chamber is likely to be the signal for the airing of
various grievances, including the Moroccan campaign,
the Syrian troubles and last but not least the burdensome tax increases entailed by the new budget for
1926. At present tax receipts are said to be falling
below expectations while the "gold" rente issue
brought in comparatively little new money. Later
in the week some comfort was derived from the
Finance Minister's statement that the 100,000,000
franc Morgan loan was still intact and would be used
[VOL. 121.
to crush speculators should they attempt to take
advantage of the franc. The close, however, was
weak-4.593, a decline of about 4 points for the
week. Belgian francs made an entirely different
4
showing, advancing about 6 points to 4.523 on good
buying, on talk of stabilization and loan prospects.
Italian lire continue inactive and slightly lower, there
having been a further decline to 3.9932 Selling by
.
Swiss and Italian interests was held responsible for
the weakness, but it is asserted that the governmental authorities in Italy have the exchange situation well in hand. Recessions are not unusual at
this season owing to increased imports and the
closing of the summer tourist season. German
reichsmarks moved within a radius of 3/2 point, to
23.803/ Greek exchange was heavy and lost ground
2
.
to the extent of another 6 points, declining to 1.38%,
the lowest level of the year, mainly on selling for
foreign account. Polish zloties were inactive and
still irregular but somewhat firmer, ranging between
16.60 and 16.75, against 16.50 last week. The
other minor exchanges were quiet and steady, except
Finmarks, which lost %, the first decline in a long
3
period. A movement is said to be on foot in Germany
to prevent the use of dollar quotations by German
merchants. Business interests are likely to oppose
this move of their Government strenuously, since a
resumption of mark quotations would bring about a
return of speculation and its resultant dangers.
The London check rate on Paris closed at 104.65,
which compares with 103.50 a week ago. In New
York, sight bills on the French centre finished at
4.60, against 4.66; cable transfers at 4.61, against
4.67; commercial sight bills at 4.59, against 4.65,
and commercial sixty days at 4.543 , against 4.603/
4
last week. Antwerp francs closed the week at 4.513/
2
for checks and 4.523. for cable transfers, in comparison with 4 463/i and 4.473/ a week earlier. Final
.
quotations for Berlin marks were 23.81 (one rate)
for both checks and cable transfers, against 23.8034
the previous week. Austrian kronen closed at
%
0.00141 unchanged. Lire finished at 3.9934 for
bankers' sight bills and 4.003 for cable transfers.
4
Last week the close was 4.033j and 4.043. Exchange on Czechoslovakia closed at 2.96% (unchanged); on Bucharest at 0.483/g, against 0.4734,
and on Finland at 2.523, against 2.53. Polish exchange finished at 16.75, against 16.50 a week ago.
Greek drachmae closed at 1.383 for checks and 1.39%
4
for cable remittances, which compares with 1.44 and
1.443/ the week preceding.
Mixed movements occurred in the former neutral
exchanges, so far as regards the Scandinavian currencies. Apart from this, the tone of the market was
sluggish, and Dutch guilders and Swiss francs covered
an exceptionally narrow range, at within a point or
two of the levels prevailing last week, on a small volume of trading. Spanish pesetas gave a better account of themselves and rallied about 7 points to
14.42,though losing some of the gain later in the week.
Danish and Norwegian exchanges both showed signs
of heavy selling pressure and the former declined
about 12 points to 23.99, but recovered and finished
at 24.16, while the latter broke to 19.50, a loss of
61 points, then closed at 19.98, a net decline of 13
points. Dealers explained the fluctuations as representing liquidation of long accounts as well as operations on the short side. When Norwegian krone
had touched its lowest point, banking:support was
OCT. 10 1925.]
put forth and the net decline thus reduced appreciably. Swedish exchange, which has long remained
almost stationary, advanced 4 points to 26.86, then
dropped back to 26.78 as a result of the reduction of
the Swedish bank rate.
Bankers' sight on Amsterdam closed at 40.16,
against 40.17; cable transfers at 40.18, against 40.19;
commercial sight at 40.08, against 40.09, and commercial sixty days at 39.72, against 39.73 a week
ago. Closing rates on Swiss francs were 19.273/
for bankers'sight bills and 19.28 for cable transfers.
which compares with 19.28 and 19.29 last week.
Copenhagen checks finished at 24.16 and cable
transfers at 24.20, against 24.11 and 24.15. Checks
on Sweden closed at 26.78 and cable transfers at
26.82, against 26.82 and 26.86, while checks on
Norway finished at 19.98 and cable transfers at 20.02,
against 20.11 and 20.15 the previous 'week. Spanish
pesetas closed the week at 14.38 for checks and 14.40
for cable transfers. A week ago the .close was
14.35 and 14.37.
FOREIGN =CHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
OCT. 3 1925 TO OCT. 9 1925, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rrue for Cable Transfers in New York
Value In United State. Atones
Oct. 3.
Oct. 5.
EUROPE$
$
Austria,echilling•--- 5.14074 5.14070
Belgium, frano
.0447
.0448
Bulgaria, ley
.007331 .007294
Czechoslovakia, krone .029617 .029619
Denmark, krone
2409
.2400
England, pound sterling
.8400
4.8406
Finland, markka
.025227 .025222
France.franc
0463
.0463
Germany, relchsmark .2380
.2380
Greece, drachma
.014425 .014258
Holland, guilder
.4018
.4019
Hungary, krone
.000044 .000014
Italy, lira
.0102
.0404
Norway, krone
.2007
.1973
Poland,zloty
.1665
.1669
.0510
0508
Portugal, escudo
004810
.004781
Rumania.leu
.1441
.1439
Spain, peseta
Sweden,krona
.2684
.2685
.1928
.1929
Switzerland. frano
.017726 .017722
Yugoslavia, dinar
ASIAChina.8033
.8067
Chefoo. tadl
.7928
.7953
Hankow,tael
.7758
.7775
Shanghai, tadl
.8150
.8183
Tientsin, tael
Hong Kong, dollar. .5906
.5896
Mexican dollar-------5713
.5708
Tientsin or Peiyang,
.5763
dollar
5779
.5888
.5896
Yuan, dollar
.3661
3659
India, rupee
.4090
4083
Japan, yen
5650
.5650
Ellizgapore(S.S.), do
NORTH AMER.
.000042 1.000052
Canada, dollar
Cuba, peso
998307 .998802
492600 .492767
Mexico. peso
.997563 .997594
Newfoundland, dol
SOUTH AMER.Argentina. peso (gold) .9238
.
9736
brazil, milrele
.1459
1428
.1206
Chile. peso (paper)...._ 1205
.9973
9969
Uruguay. peso
Oct. 6.
Oct. 7.
Oct. 8.
Oct. 9.
g
$
5
2
5.14065 5.14073 8.14080 5.14070
.0447
.0447
.0453
.0453
.007297 .007294 .007281 .007292
.029617 .029619 .029618 .029622
.2409
.2401
.2414
.2421
4.8421
4.8412
.025234 .025228
.0460
.0462
.2380
.2380
.014110 .013768
.4018
.4018
.000014 .000014
.0402
.0402
.1958
.1981
.1655
.1666
.0510
.0510
.004805 .004783
.1439
.1438
.2684
.2684
.1928
.1928
.017715 .017703
4.8418
4.8413
.025223 .022219
.0404
.0462
.2380
.2380
.013938 .013962
.4018
.4018
.000014 .000014
.0401
0401
.1995
.2011
.1667
.1667
.0510
.0510
.004785 .004801
.1438
.1440
.2682
.2682
.1928
.1928
.017724 .017752
.8042
.7934
.7755
.8158
.5893
.5706
.8058
.7950
.7776
.8175
.5912
.5729
.8033
.7931
.7763
.8150
.5916
.5735
.8050
.7941
.7767
.8167
.5907
.5765
.5767
.5900
.3658
.4083
.5633
.5767
.5900
.3660
.4086
.5650
.5746
.5879
.3658
.4081
.5650
.5767
.5896
.3659
.4084
.5650
1.000201 1.000257
.998750 .998594
.492433 .492000,
.997688 .997594
1.000279 1.000479
.998802 .998854
.492083 .491667
.997781 .998000
.
9768
.1491
.1205
1.0024
.9743
.1512
.1205
1.006e
.9718
.1481
.1205
1.0059
.9381
.1496
.1206
,L
1 01 ,
•One whining le equivalent to 10.000 paper crowns
As to the South American exchanges, these continued to show marked buoyancy, although trading
was only intermittently active. Argentine currency
scored further important gains and closed at 41.39
for checks and 41.44 for cable transfers, against
40.67 and 40.72. Buying of pesos was said to be
for the purpose of covering requirements of foreign
nations who are going to import Argentine wheat.
Brazilian milreis were also in brisk demand and sold
up to 15.93 for checks, though closing at 15.02 for
demand, with cable transfers at 15.07, against 14.37
and 14.42 a week ago. While the strnegth is really
due to an improved trade balance and better financial conditions, it is said to be reacting unfavorably
on business and has already caused a stiffening in
money at that centre. Stabilization is urged rather
than inflation. Chilean exchange was firm at 12.06,
against 12 1-16, but Peru was weak and declined
to 3 89, against 3 95.
1723
THE CHRONICLE
Far Eastern exchange was as follows: Hong Kong,
closed at 5932@.59%, against 593/@.60; Shanghai,
2
at 78@.79, against 783/(4)79; Yokohama at 413.@
2
413/2 (unchanged); Manila at 49%@50 (unchanged);
Singapore at 573/@.57% (unchanged); Bombay at
8
36%@37 (unchanged); and Calcutta 36%@.37 (unchanged).
The New York Clearing House banks, in their
operations with inteiior banking institution have
gained $5,242,103 net in cash as a result of the currency movements for the week ended act. 8.
Their receipts from the interior have aggregated
$6,126;603, while the shipments have reached $884,500, as per the following table:
CURRENCY.RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended October 8.
96,126,603
Banks'interior movement
Gain or Lose
to Banks.
Out of
Banks.
Into
Banks.
5884,500 Gain $5,242.103
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 BANKS
AT CLEARING HOUSE
Saturday,
Oct. 3.
Monday,
Oct. 5.
Tuesday. Wedriesdli. Thursday,
Oct. 8.
Oct. 7.
Oct. 6.
Friday,
Oct. 9.
Aggregate
for Week.
97.000,000 96.000.000 80.000,000 79.000.000 79.000 000 70.000.000 Cr. 501.000,000
-The foregoing heavy credits reflect the huge mass of cheeks which come
Note.
of
to the New York Reserve Bank from all parts of the country in the operation
the Federal Reserve Systems' par collection scheme. These large credit balances,
only a part of the Reserve Bank's operations with the Clearing
however, reflect
House institutions, as only the items payable in New York City are represented In
of
on Institut ions
the daily balances. The large volume of checksthese balances, located outside do
as such checks
New York are not accounted for In arriving at
are deposited with the Federal Reserve
not pass through the Clearing House but
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:
Oct. 9 1924.
Oct. 8 1925.
Banks Of
-
Gold.
Silver.
Total.
Gold.
Silver.
Total.
128.481,074
59,916,689128,481,074
England -- 159,916,689
France __ 147,319,152 12,360,000 159.679;152 147,105,374 12,080.000 159.275.374
Germany c 52,604.200 d994,600 53,688.800 22,072,800 1.401,700 23,474.500
62,000,000
b2,060.000 b2.000.000
Aus.-Hun b2,000.000
101.467,000 26,238,000127.705,000 101.394.000 26,218.000127.612.000
Spain
38,992.000
3.418,
35,611.000 3,342,000 38,953,000 35,574,00
Italy
941.000 45.032.000
NetherTds. 34.863,000 1,895.000 36,758,000 44,091,000
13,498.000
Nat. Belg _ 10.891.000 3,455,000 14.346,000 10,819,000 2,679,000 23,948.000
3,751.000
Switzeri'd. 19.620.000 3,563,000 23,183,000 20,197,00
13.711,000
12,875.000 13,711.00
Sweden_ _ 12,875,000
12,761,000
Denmark _ 11,634,000 1,149,000 12,783.000 11,642,000 1,119,0
8,179,000
8.180.000 8,179,006
8,180.000
Norway -Total week 517,071,041 52,996,600650.067,641 545,356,248 51.607,700596.983,948
Prey. week 597,611,292 52,983,600 650.594,892 545,495.167 51,603,500597,098.667
held
a Gold holdings of the Bank of France this year are exclusive of £74,572,836 year
Germany this
abroad. b No recent figures. c Gold holdings of the Bank of
are exclusive of £6,044,100 held abroad. d As of Oct. 7 1924.
Problems of the Security Conference.
The long-awaited security conference met on Monday, and in the quiet seclusion of Locarno, Switzerland, the representatives of Great Britain, France,
Belgium, Italy and Germany have been laboring
earnestly to perfect an agreement which shall assure
peace to Europe and rid the world of some of the
irritating incitements to war which for six years
have beset it. It was a happy thought of Mr. Chamberlain, the British Foreign Secretary, to suggest
that the discussions should go on informally, without even troubling to designate a chairman, and the
consideration of the terms of a security pact appears
to have proceeded in an atmosphere of personal cordiality which, if supported by public opinion and the
press in the various countries represented, may be
expected to do much to insure acceptance and loyal
execution of any compact that may be made.
1724
THE CHEONICLE
[Vol, 121.
It would be idle, however, to underestimate the of armaments, and that it will have a special reason
difficulty of the problems which the Locarno con- for so doing because of the bearing of the question
ference is trying to solve. The peace treaties, with upon the position of France in Europe. Were the
their distorted geographical and political arrange- issue simply one of disarmament the League, in the
ments and their provisions for Allied sanctions and present state of opinion on the subject, might be
control in Germany, are still in force. It is an un- disposed to welcome German support even if the supnatural Europe, shaken in its historical foundations port were not exactly welcome to France. From the
by a great war and replanned more in vengeance and point of view of Germany, however, security and
fear than in far-seeing wisdom, whose peace is, if alliances do not go well together where one of the
possible, to be insured. None of the Continental parties is disarmed while the others are not, and
Allies,, moreover, has thus far been willing to abate since the League has approved of alliances at the
to any appreciable extent the political advantages same time that it has done nothing to bring about
which the peace treaties give. On the other hand, disarmament, a complicated problem would remain
Germany,stronger economically and politically than to be resolved. A separate security pact between
it has been at any time since the peace, and with Germany and Belgium, for example, such as Gerthe frank acceptance and straightforward •applica- many has been reported to desire, would at once
tion of the Dawes plan to its credit, is obviously de- raise the question of the virtual alliance between
sirous of circumventing as far as possible the re- Belgium and France, and the same question is vital
strictions which the peace arrangements imposed. to the claim of France to be recognized as the guarIt resents deeply the imputation of responsibility antor of any treaties of arbitration or security that
for the war which the Treaty of Versailles attaches Germany may make with Czechoslovakia or Poland.
We have more than once commented upon the sigto it and its Allies, as well as the continuance of
Allied supervision and interference now that Ger- nificant fact that whenever the Powers that domimany has been disarmed and the reparations issue nate the League of Nations have any really serious
settled. An American correspondent has spoken of differences to adjust, they proceed without hesitathe Locarno conference as marking the readmission tion to deal with them with small reference to the
of Germany to good society, but the society is still League. It was so with Corfu, it is so with the large
bound by privileges and prescriptions which are ex- issue of security, it threatens to be so with Mosul.
tremely burdensome to the' spirit of the new mem- Within the membership of the League, moreover, the
Powers that thought they saw advantage in doing
ber.
The wide ramifications of the peace treaties in so have been busy with the formation of alliances
their relation to a security compact is shown par- and understandings, open or secret, as best served
ticularly in the questions which are reported to have their purpose. We have the alliances or mutual uncaused the greatest difficulty at Locarno. It has derstandings of the Little Entente, of France, Pobeen assumed by the Allied Governments, for exam- land and Czechoslovakia, of France and Belgium,
ple, that Germany, as a part of the security under- of Italy and Jugoslavia. The League itself, in the
taking, would promptly enter the League of Nations famous protocol that is still talked about notwithwithout conditions or reservations, and to this, it is standing that it is dead, gave its benediction to such
reported, Germany is preparing to agree. The Ger- regional agreements. The conference at Locarno,
man representatives have made it clear, however, called to deal with the most serious single problem
that the position of Germany in the League will be that concerns Western Europe, stands out conspicuanomalous if the Covenant provisions remain un- ously as a conference which owes nothing to the
changed. As a member of the League, Germany League and is acting independently of its advice;
would be bound, at the direction of the League, to and if, as seems probable, the conclusion of a secuallow foreign troops to cross its territory in the rity pact in the West is followed by the conclusion
event of a war to which it was not a party, even of a similar pact in the East, the guarantees which
though one or all of the belligerent nations were will have been set up will have been constructed, as
among those with which Germany particularly de- they certainly will be maintained, by the Powers
sired to remain at peace. What this would mean in directly concerned in them, without resort to the
practice is that France would be at liberty to march League or any of its agencies; and if there shall be
its troops across Germany in aid of Poland and any conflict between the terms of the pact and those
Czechoslovakia, thereby• making powerfully effec- of the Covenant, it will be the Covenant that will
tive, for both offense and defense, the alliances with yield.
those countries which France has labored to build
After all is said and done, however, the real probup. Germany would also become liable to the sanc- lem of security is not in the attitude of the statestions, military, economic or personal, which by the men who sit in conference at Locarno, but in the
Covenant may be imposed upon it if the League attitude of the peoples whom the statesmen reprejudged it to be an aggressor, notwithstanding that sent. Elihu Root, in a paper read at the recent
it has been disarmed and is still subject to Allied conference of the Interparliamentary Union at
supervision. If, on the other hand, as has been re- Washington, pointed out that war "results from a
ported, Germany is prepared to waive its objection at state of mind, and in these modern times that has
these points for the time being, on condition that the to be the state of mind of a people." "Governments,"
Allies shall support it in demanding a revision of he declared, "may promote or Governments may
the Covenant in these particulars, the security pact allay such a state of mind, but we have reached,a
will be provisional until the changes are made, at the point where war cannot be successfully carried on
same time that the League will be threatened with unless it gratifies the feelings of the great body of
the loss of some of its most important prerogatives. the people of the country. . . . The time for the
It has further been pointed out that Germany, as application of whatever force, moral or physical, we
a member of the League, and with a seat in the may rely upon to prevent war is when that state of
Council, will be in a position to raise the question mind has arisen. No previous agreements or decla-
OCT. 10 1925.]
THE CHRONICLE
rations against war, made at a time when there was
nothing to fight about, have any substantial effect
when the quarrel comes. Practically all modern
wars have been made in the face of solemn agreements for perpetual peace."
These are the words of wisdom. If the reports of
what is being done and said at Locarno are correct,
every one of the statesmen there assembled is not
only sincerely desirous of peace, but is willing to
go much farther in the direction of concession and
of oblivion of the past than the delegates at any conference have been willing to go since the peace treaties were signed. What restrains them is public
opinion at home. As Chancellor Luther is quoted
as saying to one of the delegates on Friday: "What
is necessary now is to find a formula that will be acceptable to the German people." It is imposssible
for the League, a body of little direct interest to
the people of any country, and embodying no ideal
for which popular enthusiasm can be aroused, to
cultivate the will to peace upon which the maintenance of peace depends. That is the task of each
Government whose peace is threatened. Everyone
will hope that the Locarno conference, keenly aware
as its members are of the calamitous consequences of
failure, may succeed in framing an agreement so
just, generous and workable as to commend it not
only to the Cabinets and Parliaments which must
give it formal approval, but also to the people from
whose state of mind peace can alone be insured.
Light, Heat and Power—Our Public
Utilities.
The tenth Exposition of Chemical Industries at
the Grand Central Palace, for the week ending
Oct. 3, by its displays and predictions, assures mankind that there is no danger of extinction by freezing.
Chemistry stands ready to produce, by creative
knowledge, substitutes for coal and oil. And these
marvels, though not commercially perfected, are but
a part of its achievements. In the fields of light,
heat and power it is pressing forward until its wizardry shames even the charlatan claims of the astrologers and alchemists of old. When we think of this
in connection with the industries that already minister to our daily living, when we put behind these
discoveries the magic of credit, we must look upon
the future with wonder and upon the present with
profound respect. It is our purpose at this time to
consider the advances in chemical industry in connection with our public utilities. Visitors to the exposition have had ample opportunity to studt the
scientific side of the question, aided by explanatory
lectures. We cannot visualize the progress of life
and trade through our public utility companies without a backward look to the time of the tallow candle, the wood stove and the tread mill. We cannot
conceive of our cities as they exist to-day if no progress had been made in these ministries. If on the
other hand we look forward with the same confidence in progress our fears are dissipated and our
problems are simplified. And let it be understood
at the outset that Government has directly had little
to do with the achievements of to-day, now so commonplace as to cause us little thought. To touch a
button and illuminate a building, a street, or a city,
though often now done on the occasion of some celebration, by a high official of Government, was not
within the conception of even the wisest at the time
of framing the charter of our liberties, the Constitu-
1725
tion of the United States. But there is nothing in
this document which prevented or now prevents
scientific discovery or industrial progress. What
the Constitution did do was to protect the individual
in his right of initiative, ownership and operation.
It is true that municipal and other divisional Governments in their public duties now take advantage
of these discoveries and improvements, as do the
citizens in their commerce and industry. We have
gone a step further in that certain departments of
our national Government institute specific studies
that tend to aid in the general advance. But they
gain by adoption far more than they give. And as
we look backward we are convinced that the guaranty of Government to enterprise and energy has
been all that was necessary. Public ownership of
our utilities would not have aided and must have
hindered this great and amazing growth. If this is
true of the past, must it not be so of the future?
Light, heat and power are our pre-eminent utilities.
Light corresponds to love in our spiritual world.
Light is truth, it is wisdom, it is love. Light is the
great discoverer and revealer. It shows us the way,
it conquers ignorance, it vitalizes and extends human life. Lincoln reading by the light of a pine
knot is all but a legend. The children of our cities
may not, do not, realize the boon of electric light,
flooding homes, public buildings, and streets, with
radiance, but their lives are more potential thereby.
If artificial light was once a luxury, it is now a necessity. Its production has become a great and
profitable business. The industry requires no spur;
it grows out of the very conditions of modern living.
The story is told of the wizard, Edison, that he performed innumerable experiments to discover the
right filament for the electric globe or lamp. Others
took up the work and have added to its perfectness.
Industrial laboratories are now a necessary and a
regular part of the light-producing equipment. Millions of miles of light wires thread our cities and
prairies. Go to the great stations and huge whirling dynamos manufacture light out of apparent
nothing. The Indian rubbed two sticks together,
•producing by friction flame and fire. The dynamo
does the same thing, but controlled, distributed, utilized, by those who call themselves civilized. Prometheus for bringing fire from heaven was chained to
the rocks. Franklin flying a kite into a summer
storm-cloud is given a high place in the Pantheon of
reverential memory. Goethe, dying, exclaimed:
"Light, more light
And the intellectual world of
to-day is inconceivable without it. And as we strive
for "more light" in a spiritual world, so we seek to
perfect it in a physical. And behold the mysterious
manifestation we call electricity, which we gain
from friction by the price of vast consumption of
coal, we are soon to get, and already do to some extent, from water falling over a precipice and from
the incessant ebb and flow of the tides. Physics and
chemistry combine, Nature is harnessed to work for
man, and the lamp on the lonely road, the lighthouse
at sea, are the result. Comfort, happiness, progress!
Why do we say these things—for the sole purpose
of pressing home the truth that here is an ever-expanding industry whose well-fortified and wellfounded securities in the market will never grow
stale. Why? Because the demand ever grows with
the increase of population, the intelligence of mankind, and the joy of life. And though invention is
ever discarding old forms, it is ever producing new:
1726
THE CHRONICLE
[Dot. 121,
depreciations of plant, and for
and the industry of producing light is able to pay its tions, for losses, for
inventive change and advance, cannot be accumuown way without subsidy or subvention.
is admittedly more costly
And the same is true of heat! Someone said: lated. Political operation
have and less effective. The tendency of public ownership
"Heat means life, and cold means death." We
necessary limits of econscarcely commenced to discover the hidden sources of utilities is to exceed the
no dividends, no rewards for
of heat. At an enormous cost we dig coal and oil. omy, for above service
people, who are, in a way,
But somewhere in the archives of Nature there is a use, are returnable to the
Here is danger, and abuse.
law that will unlock inexhaustible heat. Perhaps the stockholders.
Great central feeding stations for light, heat and
one of the sources lies in the activities inside the
the near future, inter-conatom. Chemistry is probing for the secret. And in power are predicted for
nected, and thus capable of shifting health and joy
whatever way it comes to us it will be through the
Consolidations are going
voluntary researches cf fmlustry -_-_•rged on by the throughout the country.
life. Not on all the time, co-extensive with discovery and denecessities of what we term the civilized
commercial-credit propothat we always put these wonderful advantages to velopment. It is purely a
resources for the
the best use—but that is another story and one too sition. Industry fits the natural
power to the wants and
patent to dwell upon in this vast presence of indus- generation of light, heat and
over the land and
trial progress. It is now suggested the coal may be needs of a population scattered
the cities. The use of water power and
burned at the mine pit and heat distribued. An congested in
But in no sense can
artificial anthracite is predicted. "Cheap oxygen is air power is only in its infancy.
these public utilities be made to fit the geographical
almost here," it is said—a revolutionary triumph—
s. These may emwhile a bottling process for the sun's heat has long divisions of our local Government
may well ploy them, but they cannot own and operate them,
been sought. The "wonders of science" we
self-government.
believe are never to cease. And wherever and when- because of the restrictions of local
capital and
ever there is a discovery made, the immediate study If, in time, transmission is by wireless,
municipal plants out
is to make it commercially practical and profitable. credit will soon drive the small
ct
Capital stands waiting. And capital is credit, that of existence. Already consolidation of inter-conne
transmitting light by wire
inestimable device by which we make the future work ing private companies
for the present, by which we build out of the immate- are reducing small municipal lighting plants to the
rial the material, and by which we turn into perma- verge of failure in some instances. And there is not
nent joy and life the ideas that urge us onward and much doubt that it will soon be demonstrated that
upward. And it is well worth while in this connec- it is better to buy than to borrow. Our whole Indus.
tion to think on the part credit plays in to-day. By trial development demands freedom, little more.
the sale of bonds our public utilities are fostered The urge of making a profit by larger and larger
and maintained. But we may abuse this splendid and cheaper service is sufficient to control price
very
scheme for the promotion of the public good. When Regulation by a. Governmental rule becomes
soon interference. Business ideas soon put to rout
private companies issue these bonds they expect to
pay them. But when our towns and cities issue them political ideals. We have little to fear when we look
of
there is less concern about the final payment. The into these fastnesses of nature now by the genius
True, re- man ministering to the better and happier life.
voting power that borrows can refund.
We must look at life as a whole. For every one of
funding issues by private corporations are common.
of this credit in exist- us enjoyment of these improvements and advantages
There is always a large body
ence. But borrowing on a business basis, and bor- afforded by "public utilities" is a possibility. But
rowing on the mere desire of communities, are dif- neither collectively nor individually can we have
them all. The trouble of to-day is that we abuse
ferent propositions. Here is danger.
In this great triumvirate of utilities, and almost credit rather than wisely use it; that we want all we
in a direct line of usefulness stands "power." Fif- see and try to get it before we have the means; that
teen or sixteen millions of motor vehicles attest it. we do not practice ordinary economy in private or
At this point comes a suggestion that the explosive public life. These utilities are sometimes at fault
dust, which sometimes shatters our mills, may some- because they, rush the people into improved appli
time be made to take th6 place of explosive gas. ances before they are able to enjoy them or pay for
us a modicum of
Power, also, may be distributed by wire, and to some them. Always there will be with
eager are we for the new that
extent by wireless. It is a law that natural power the Md. Yet so unduly
the map of life. We
transforms, but is never lost. Chemistry touches we absolutely drive the old off
do not use things until they wear out, we throw them
that power in its practieal application to wants and
needs may be generated. And though we say it is away half used up, and the waste here is exceeding
only captured, transformed, and distributed, to serve large. As for the business conduct of these utilities,
its master, man, industry is constantly seeking there is a sanity of management which fits developcheaper and more permanent power. Contrast this ment to the saving power of the people. Always
with the power sought to be created by legislative there are more customers coming on to purchase serenactment. The law which sustains the fabric of vice. The natural increase in population, the growth
government, which points out the rule of right action in property through labor and saving, widen the out
for the individual in his relation to his fellows, can- look for legitimate service and profit. Bonds of
not enter the industrial field to supply human needs. these companies, gauged to meet a rational developAnd it is for this inescapable reason that Govern- ment, are among the best of our credit securities.
ments cannot operate industry. In municipal own- But for reasons we have stated, ownership by comership they only borrow from the original achieve- munities cannot meet changing conditions, and the
ments of free industry. It is conceivable that they people will some day wake up to the fact that they
may have research laboratories, and that they may have been bonding themselves for uses which do not
employ the device of credit, but the costs can only fit into our scheme of things and owe debts for
be paid by taxation. Surpluses to pay for investiga- superseded advantages. For the rest, light is our
Oar. 10 1925.]
THE CHRONICLE
1727
liberator, heat is our health and joy of life, and ity of courts of justice, and eventually of open marpower is our strength, to be conserved or wasted as kets and seas. We cannot take up the separate acwe may elect.
counts of these factors 01 our American history or
discuss the present importance and bearing of each.
The Fluctuating Factors in American
We have to confine ourselves to calling attention to
History.
two facts of main importance which apply to them
Now that the Washington conference has failed all. These are that they are, one and all, of foreign
to do more than furnish a plan for a delay of five birth, whatever changes they have gone through
years in settling the question of the French debt, it with us; that everyone has since its adoption in
disappears from the headlines of the newspapers America been proclaimed, interpreted, developed,
and over the front pages flows again the full stream reversed, rejected and even again adopted amid the
changes and progress of our own national history.
of local occurrences.
America meanwhile is conscious of a world con- This is the most suggestive and profitable fact of
dition, but is as yet not directly concerned. The the whole history, and is the least generally known.
Look, for instance, at the doctrine of State sovEuropean nations are, at best, in a condition of unereignty. This is to-day held an axiomatic truth.
stable equilibrium. No man can tell what the future has in store. The East is stirring with a move- The sovereignty of States is unimpugnable and to be
ment as of the tide. The political seismograph guarded against every even remote chance of immakes its record to be studied by the professional ob- pairment. Singularly, just the opposite was the
servers and noted by the historian of the future, main contention of the Magna Charta of English libbut Mayoralty campaigns and investigating com- erty when the rights of the people against the power
missions pursue their customary way while the peo- of the Barons representing the State, were once for
ple, unfortunately, give little more than a passing all established. The House of Commons stood thereafter for the rights of the people. In time Parliaglance to the daily news.
With the thoughtful,lowever, there are many un- ment assumed similar authority, and while Parliaanswered questions. What is the real situation? Can ment in 1649 declared England and all its dominions
we stand the pace? Is this swelling prosperity likely to be a Free State governed by Parliament without
to continue? Are prices to hold? Is peace to be any King or House of Lords it proceeded to exercise
maintained? Are we pursuing the right course and powers that were "wholly unprecedented and enliving up to our opportunities? We are well satisfied tirely illegal." The declaration of Parliament in
with ourselves, but in fundamentals what do we 1649 included all that the Americans protested
really stand for in the political and civil progress of against from 1765 to 1776, but the colonists faced the
the world? These are questions not so much for practical difficulty of maintaining the revolutiondebate as for statement of fact—facts of our his- ary principle, asserted as well by the French Repubtory, and the general course and conduct of the lic in 1793 and by the United States in 1861, and protecting the existence of ttie State. When in 1896 Mr.
nation, no less than of the last acts of Congress.
Some years ago Sir George Watson created a Olney, Secretary of State, declared in the Venezuela
Foundation to provide an annual course of lectures controversy, "To-day the United States is practicon American history. These have been delivered by ally sovereign on this continent and its fiat is law,"
Americans since their inaugural by Lord Bryce, until the theory of the sovereignty of the State found its
the past year, when the appointment was given to an complete expression.
This was the conception of sovereignty against
Englishman, Professor A. F. Pollard of the Univerwhich the founders of the United States continually
sity of London. After their delivery in some half
dozen English universities they are now published contended. The Virginia resolution on the Stamp
by Macmillan.* It suffices to say that they are Act invoked the distinguishing characteristics of
gracious, comprehensive and in the highest degree British freedom without which they said "the anscholarly. One wonders to find in so small a vol- cient Constitution cannot exist." They had to resent
ume such a mass of first hand irformation so at- an intruding imperialism which they claimed was
tractively presented. Though the Foundation was as unsound in Britain as it was inapplicable to them.
intended to create among the English a better under- They were opposed to the doctrine of the sovereigpty
standing of America, Professor Pollard's purpose of the State, even their own. This was an English
was not to promote any cause or to bring the United conception long before it became American. The
States and Great Britain together in any particu- colonists brought it with them over the sea, and it
doctrine of the equality,of
lar council, but merely to tell the story of the
causes contained for them the
and growth of the habit of the two nations to
men, of taxes as a grant, and the law of nature and
take
counsel together and to move in similar lines. Co- of God with which they had combated the sovereignty
operation in a democratic age should extend beyond of Parliament. "With it," says Professor Pollard,
diplomatic intercourse of Governments, to all "in 1774 Congress furnished the formula under
spheres of intellectual and commercial activities. which the British Empire of self-governing colonies
Finding themselves in similar situation, the two has become possible, an empire absolutely unique in
peoples have behaved in the same way by force of its structure and its working in the history of the
inherited traditions, but with little consciousness of world." The disappearance of the tea thrown overthat intent.
board in Boston Harbor was the official burial of
He points out the chief factors in American
State sovereignty so far as America is concerned.
history, indicates their origin and details their
When the delegates gathered for the framing of
history. These are chiefly the idea of sovereignty, of the Constitution they were but a handful and found
individual equality, of personal liberty, of recogni- themselves arrayed against the charge of threatention of the rights of other peoples, and of the author- ing the sovereignty of the States on the one hand
and destroying the liberties of the people on the
"Factors in American History," by A. F. Pollard,
M.A., Hon.Litt.,
F.B.A. Macmillan.
other. They felt obliged to hold their meetings in
1728
THE CHRONICLE
[vor, 121.
the other
secret and under individual charge not to disclose 1812, when we fought to secure it. On
affair of the Trent at
their proceedings. The Constitution when submit- hand, we challenged it in the
to claim
ted to the States was confirmed by a bare majority, the opening of the Civil War. We returned
essential to world freedom at Verthe other States coming in slowly. New York did its recognition as
acceptnot do so until after long controversy and North sailles, and it to-day at least has i formal
1790. ance everywhere.
Carolina and Rhode Island not till 1789 and
Much more might be said. Even in recent years
Once adopted, rebellion and nullification broke out
South, requiring the there has been growth in the position both of the
both in the North and in the
military to suppress it. A dozen amendments had President and of the Senate. The Vice-President
withsoon to be made. The Constitution was sustained has been drawn into the Cabinet and been
established and Secreby the Court and was growingly effective, despite drawn. The caucus has been
two organized plans to overthrow the State in con- tarial change is always under discussion. All this
nection with Presidential elections, the autocracy of is germane to the history of the Constitution and
President Jackson, the declaration of President Van will doubtless continue.
The fact is, as our author says, that the American
Buren that "to the victors belongs the spoil," and
under the lead people were not born as an entity in 1776. As such
the persistent protest of the South
of Calhoun denying its authority. The wisdom and it merely asserted itself as having attained its macourage of President Lincoln forced the issue in the jority with the right to a national inheritance. No
known
Civil War and saved the Union. The immediate sub- principles developed then which were not
meaning and
sequent amendments closed the debate, and estab- elsewhere. We had to learn their
worth. The ideas prevalent with them,including the
lishd all that was won.
For forty years no further amendments were made rights and equality of men, had an old and even a
until the four, legalizing an income tax, chang- European ancestry. Blackstone supplied the coloing election of Senators, prohibition and Woman's nies with their handbook of law, and John Locke,
suffrage. Not before the end of the 18th century another Englishman, with their guide to revolution.
was manhood suffrage practically established, when The contest only broke cut because the Declaration
three new States, Vermont, Kentucky and Tennessee, of Rights failed to secure for the colonists the politwere formed out of frontier territory. Massachu- ical rights it asserted for Englishmen at home. The
setts did not extend her suffrage until 1820, New American Revolution he esteems only the second
York in 1821, Virgina in 1830 and Rhode Island in volume of the one history. Through the entire gam1842. It required the freer and bolder spirit of the ut American ideas and institutions track back to
newer States to carry the reforms. The aggressive the ancient origin. Our history is far the most valforeign policy developed in the 1840's was the ex- uable existing record of the making of a nation. It
pression of what has been called the "land hunger records the stages from a parochial to a provincial
of a people with an irrepressible desire to make a consciousness, from provincialism to nationalism,
Large country larger," awl also a purpose to'seek in and then to imperialism and a world-wide career.
"In art the halo belongs to a primitive stage bea spirited foreign policy a cure for domestic disthere is much more fore men can distinguish a saint." In our day any
ease. Taken as a whole, and
of it than we have noted, the outcome of the first man is free to contend for its possession. John
century of our history was to emphasize national Adams said 150 years ago: "This country has been
sovereignty and to account for the present glorifi a theatre of parties and feuds for near 200 years."
That by no means ceased in his day. The contest of
cation of American sufficiency.
The Supreme Court which was the keystone in the parties and of men goes on, and power with them, no
Union created by the Constitution, was immediately less than with the nation, lies not in the possession
and viciously attacked. It has thoroughly justified of great wealth or successful diplomacy, but in the
itself, both at home and abroad. Influenced by its persuasive influence of ideas of law and of politics.
example and history, Great Britain has just now Through a long period we have contended for our
detached its court of last resort, the Privy Council, rights, the time has come, and we have recognized it,
from all connection with the House of Lords. But when we were called to witness to our obligations for
hardly a session of Congress occurs which is not the the rights of others. Isolation may have been for a
signal of attack from one section of the country or time a privilege, it has quietly merged in a recognianother, or some group or interest, demanding modi- tion of responsibility. Satiated rowers of expanfication or abolishing of the rowel. of the Supreme sion and strength came at last and almost simultaCourt. It has interpreted its own powers and modi- neously to the British Empire, says our author, and
fied both its methods and its decisions as it has seen to the United States, a time to rest and be thankful,
the need. But it is the representative of the earliest and idealism began to pervade, if not to supplant imsteps to establish justice in the laying of the foun- perialism. The climax apparently now secured is a
dations of modern civilization, and may be regarded Supreme Court of Justice for the world. Without
as the chief honor and more firmly settled of the justice accepted and assured, national liberty for
different factors and forms of American history. It which America has always stood, and which is the
was created at the outset to complete the guaranty ultimate product of the true functioning of the
of the natural rights which men did not surrender American factors and the American spirit, would
when they entered into political society. It was not only mean, he contends, international anarchy.
To secure the one and prevent the other, America
adopted in 1787 without considerable discussion; it
as is no longer to stand "mewing the thews of her
now is thoroughly acclimatized and is regarded
mighty youth," but to take her place in the Parliaespecially American.
carrying the assurance ment of the world, where she is at once in her puisThe freedom of the seas
of open markets which was first proclaimed in the sant strength and her unexhausted vigor the youngspacious days of Queen Elizabeth, the American est and the oldest of its children. "We are provincolonists took for granted until it was attacked in cials no longer! President Wilson cried in his sec-
tom 10 1925.]
TTTE CARONICT,F,
1729
total amount covering these insolvencies being $15,920,860; in September of last year the number was
34 and the liabilities were $18,664,758. The noteworthy difference in this comparison relates to the
manufacturing class, the larger manufacturing defaults numbering 16, with liabilities of $3,199,560,
while a year ago the number was 23 and the indebtedness $13,431,337. The larger trading failures last
month numbered 13, against 7 a year ago, while the
liabilities were, respectively, $5,773,800 and $1,407,621. It is in the reduction in the number of large
Mercantile Failures in September and the
defaults, chiefly of manufacturing concerns, that
Nine Months.
the lower amount of indebtedness reported for SepInsolvencies in commercial lines in the United tember this year is mainly due.
States during September were fewer in number than
In number, commercial defaults in the United
in any preceding month this year, or in fact, in any States for the third quarter of 1925 were somewhat
month since September a year ago, and the total more numerous than they were during the correliabilities last month were less than in any month sponding period of the preceding year, as was the
since June 1923. As the year advances, failures case in both the first and second quarters of this
usually decline, but this year the decline has been year, but the liabilities show a heavy falling off in
somewhat more marked than in most other years. each quarter, compared with 1924, mainly due to the
This applies not only to September, but to the two reduction in the amount reported this year for the
preceding months, so that the record for the third larger failures. The increase in the number of merquarter of 1925 is in several respects somewhat more cantile defaults in the third quarter of 1925 over
satisfactory than for any quarter of the past two the preceding year is about 5%, while the total inyears. Furthermore, banking suspensions, which debtedness reported for that period this year is
have not been serious, show a very sharp decline for nearly 20% less than it was a year ago. The inthe third quarter of 1925, both as to number and crease in number is among trading concerns, where •
indebtedness, as contrasted with every three months an increase in liabilities is also shown, while manuperiod back to 1922. Our comments on insolvencies facturing failures were somewhat less numerous this
are based on the tabulations compiled from the rec- year than they were last and the indebtedness due
ords of R. G. Dun & Co. Mercantile defaults in to manufacturing defaults shows a decline from a
September numbered 1,465, with liabilities of $30,- year ago of more than 40%. The larger number of
296,276. These figures contrast with 1,513 defaults mercantile defaults for the third quarter of 1925
in August for $37,158,861 and 1,306 suspensions in contrasted with a year ago are mainly in the New
September of last year for $34,296,276. As in most England States, the Central Eastern States, embracof the earlier months of 1925, the increase in Sep- ing Ohio, Michigan, Indiana and Illinois, and two
tember is quite marked in trading failures, amount- of the• three Pacific Coast States. Many of the
ing to 15%. There was also a small gain in the Southern and Western States report fewer defaults
number of manufacturing defaults last month, al- for the third quarter this year than last, and there
though in most of the preceding months this year is a considerable decrease this year both as to the
a decrease has been shown. Manufacturing liabili- number of insolvencies and the indebtedness shown
ties in September, however, continue to be much for New York and New Jersey, especially as to lialess than they were a year ago, the amount last month bilities. Practically all of the increase in New Engbeing less than one-half of what it was in September land is for the States of Massachusetts and Connec1924. There were 388 manufacturing defaults in ticut, where both manufacturing and trading lines
September this year, with indebtedness of $8,167,- are larger this year in number and indebtedness than
172; 1,015 trading failures for $14,909,871, and 62 of in the corresponding period of 1924, some large failagents and brokers owing $7,530,276, the corre- ures in Massachusetts increasing the liabilities for
sponding figures for September 1924 being, respec- that State this year over 240%. The growth in intively, 360 for $19,468,185 of manufacturers; 883 for debtedness this year over last, for Connecticut, is
$10,125,648 of traders, and 63 of agents owing about 43%. On the other hand, the decline in de$4,702,443.
faults for New York and New Jersey is attended by
The increase for September this year for the manu- a reduction in liabilities for the former of 60% and
facturing group is largely in the lumber class. On for the latter of nearly 50%. As to both the States
the other hand, there is a heavy decrease both in last mentioned the decline is almost entirely in the
number and indebtedness, in machinery and tools; manufacturing division, trading defaults being morealso, fewer failures shown in September this year numerous and with larger liabilities this year than
for manufacturers of clothing, hats and furs, and they were a year ago. In the Central Eastern States,
leather goods, the latter including shoes. For the including Ohio, Illinois and the three other States
trading class, the larger gain in September is re- in that section, the number of defaults this year is
ported for insolvencies among grocers, hotels and larger than a year ago, but the liabilities are somerestaurants, dealers in clothing and in furniture, what smaller in amount. Illinois and Ohio show an
while there is a falling off in defaults of general increase in the number and indebtedness reported'
stores, dealers in dry goods,in drugs, and in jewelry, for manufacturing failures, while for trading deas compared with September of last year. In the lia- faults the number and liabilities are larger this yearbilities the large increase of the trading class is than last in Illinois, Indiana and Wisconsin—this
among grocers and dealers in clothing.
also applies to agents and brokers, some large failThere were 33 defaults last month, where the ures in Illinois in that division adding to the indebtindebtedness exceeded $100,000 in each instance, the edness of that section. The fact is that of the total
ond inaugural, March 5 1917. "The idea of national
service to the world," says this English professor and
scholar,"and the idealism of the United States raised
its President to an eminence no man ever reached before. The sacrifice of the lesser loyalties of nationalism, isolation and individualism gave the United
States the decisive voice in the war of the world."
Thus reasons our author and his argument is persuasive, even if it be not accepted by all as conclusive.
1730
THE CHRONICLE
liabilities for the third quarter, attributable to failures of agents and brokers, amounting to ;16,502,698, more than 80% is supplied by the three States
of New York, Massachusetts and Illinois, of which
amount more than $6,000,000 each is for the first
two States mentioned.
In the South the variation in the report of insolvencies for the two years is not great, except that
manufacturing defaults this year in the main show
,a decline while trading defaults are more numerous
-than they were a year ago, and the indebtedness is
larger this year. In the aggregate failures are less
numerous this year than last in Maryland, Delaware, Virginia, Tennessee and Alabama, while in
Florida only 10 insolvencies are reported for the
third quarter of 1925, involving $133,000, against 58
for $568,000 a year ago. An increase is shown for
the Carolinas, for Georgia, Oklahoma and Texas and
some of the remaining Southern States this year.
In the West the declines this year are more numerous than the gains, both as to number and liabilities,
although in this section the reduction as to manufacturing defaults this year is relatively greater
than in trading classes, most of the Western States
showing an increase in trading failures, especially
the States of Minnesota, Iowa and Colorado. On
the other hand, defaults in Missouri this year, both
manufacturing and trading, are fewer in number
and for a smaller indebtedness than a year ago, and
the same thing applies to Kansas. One receivership
In Washington contributed very largely to the total
defaulted indebtedness shown for the thre,e Pacific
Coast States, and in consequence, liabilities reported for the third quarter this year are considerably more than double what they were a year ago.
[VOL. 121.
The indebtedness reported for California and Oregon this year also exceeds the amount indicated for
the corresponding period of 1924. Manufacturing
defaults in California and Washington were more
numerous this year than last, likewise trading defaults in Oregon and Washington, but Oregon reports fewer manufacturing failures this year, and
for California trading defaults were slightly reduced
in number.
The notable improvement in the record of banking
suspensions for the third quarter of 1925 is reflected
in the large decrease both in number and indebtedness that appears in the comparison with both preceding quarters this year; also, in comparison with
the corresponding periods of 1924 and 1923. Total
banking defaults in the United States for the past
three months number 46, for which the indebtedness
was $11,613,262. These figures contrast with 80
similar failures in the third quarter of last year for
$21,543,382, and 84 two years ago for $24,293,973.
As in recent preceding periods with which comparison is made, most of the banking defaults this year
were in the Central West—for the quarter just ended
practically 60% of the number, or 27 banks, with
$6,911,987 of liabilities were located in the seven
Central Western States, which include Minnesota,
Iowa, Missouri, the Dakotas, Nebraska and Kansas.
There were also 7 other banking defaults for $1,517,000 in the States of Montana, Wyoming, Colorado,
New Mexico and Utah. The South contributed eight
banking defaults for $1,800,000; three for Texas and
one each for the Carolinas, West Virginia, Kentucky
and Oklahoma. One each occurred in Pennsylvania and Indiana and there were two in Washington.
Railroad Gross and Net Earnings for August
outcome of the Presidential election, and this great
shrinkage in trade and industry having been refleeted in diminished traffic and,railroad earnings.
In August last year business reaction was perhaps
less pronounced than it had been in July, when apparently it reached its most acute stage, but nevertheless trade at that time practically everywhere
continued depressed, and accordingly the volume of
traffic passing over the railroads was substantially
smaller than in August 1923. Gross earnings fell
off simply because the carriers had less tonnage to
move. Traffic was smaller, too, in all the different
geographical groups, though the falling off in tonnage was heaviest in the great manufacturing districts which in the year preceding (1923) had had a
traffic of record-breaking proportions, the manufacturing industries of the country being then in enjoyment of unwonted prosperity.
In this situation, with the roads in all parts of the
country having a reduced tonnage, a very substantial diminution in the gross receipts was inevitable
and our compilations then showed (August 1924) a
decrease in gross of $55,952,018, or only a trifle less
than 10%. This was met, however, by a reduction
in expenses of $53,803,777, or 12.61%, leaving a loss
+0.09
236.750
236,546
Miles of road
than $2,148,281, or but 1.57%.
$554.559.318 $507.537.554 +847.021.764 +9.26% in net of no more
Gross earnings
expenses
388.000,652 372.800 343 +15.200,309 +4.07%
Operating
has once more been pursuing its norThis year trade
69.96%
7344%
Bath, of expenses to earnings._
$166,558.666 5134,737.211 +831,821,455 +23.62% mal course, though not at the rate of activity witNet earnings
of 1925, and railroad
We have stated that comparison is wit'a poor re- nessed in the opening months
traffic has correspondingly improved, bringing with
turns a year ego, a great slump in business having
been experienced in the summer of 1924, pending the it also larger railroad revenues. And yet, while the
Earnings of United States railroads continue to
make a very favorable showing. Our compilations
this time cover the month of August and, as in the
months immediately preceding, they register a substantial improvement in the gross earnings and an
even more notable expansion in the net earnings.
Of course, comparison is with poor results last year,
and the gains now reflect to that extent merely a
recovery of what was lost in 1924 and, as far at least
as the gross earnings are concerned, not a full recovery at that. In the net, however, the 1925 gain
far exceeds the amount of the 1924 loss and in that
circumstance we have a repetition of what has been
the most encouraging feature of the returns for
many months past—and in truth for several years
past—namely increasing economy and efficiency in
operations, the result of which is confinement of
expenditures within very strict limits and notable
reduction in operating costs. The addition to gross
earnings (as compared with August 1924) is $47,021,764, or 9.26%, the augmentation in expenses
only $15,200,309, or 4.07%. Consequently, there is
a gain in net.of no less than $31,821,455, or 23.62%.
The totals for the two years are as follows:
Inc.(+) or Dec. (—)
1925.
1924.
Mon!): of August—
+204
OCT. 10 1925.]
THE CHRONICLE
1731
loss in gross in August 1924 was $55,952,018, the 31 1923 in the case of the anthracite miners. The
gain in August 1925, as we have already seen, is only settlement in this last instance did not come until
$47,021,764. The conclusion follows as a matter of after the close of August, but the settlement with
course that trade and business in 1925, while far bet- the soft coal miners was reached about the middle
ter than in 1924, when great depression prevailed, of the month, though even here full resumption did
did not get back to the volume and dimensions of the not occur until about the last week of the month.
summer of 1923, when the country was in enjoyment All this, naturally, proved costly to the roads. In
addition, the roads, in the matter of gross revenues,
of exceptional prosperity.
It is the course of the expenses that affords occa- also suffered by reason of the horizontal reduction
sion for the greatest gratification, as already noted. of 10% in freight rates made by the Inter-State ComIt will be observed from the table above that the merce Commission effective July 1 1922. Altogether,
roads in August 1925 were operated at less than therefore, conditions in August 1922 for the rail
70%, the ratio of expenses to earnings (not includ- carriers were highly unfavorable throughout the
ing taxes) having been only 69.96%. This compares month. On the other hand, the fact should not be
with 73.44% in August 1924, and if we should ex- overlooked that in August 1921 (with which comtend the comparison a year further back, to August parison was then being made) there had been a re1923, it would be found that the ratio then was duction in expenses of prodigious magnitude---so
75.71%. It is this growing efficiency in operations much so that though gross earnings then suffered a
that has enabled the roads to show an increase in reduction of $50,119,218, due to business depression,
net results the present year of $31,821,455, after a net recorded an improvement of no less than $248,237,870, expenditures having been reduced in this
loss in August 1924 of only $2,148,281.
The improvement in the relation of expenses to single month $298,357,088. This improvement in the
earnings has not been confined, however, to the last net then did not, it should be understood, mean an
two years. It has been in steady progress ever since absolute addition of that amount to the net, but repthe railroads were returned to private control, after resented to a very great extent the wiping out of very
their sad experience under Government management heavy deficits suffered by these rail carriers in 1920.
In August 1920 the roads had fallen $125,167,103
during the period of the war. The small loss in net
in August 1924 was especially noteworthy, because short of meeting their bare operating expenses, not
it had followed a prodigious gain in August 1923. including taxes, while in August 1921 there were net
The year 1923, as already pointed out, was a period earnings above the expenses of $123,070,767. In no
of very great trade activity and many of the trunk small measure the prodigious reduction in expenses
lines in the manufacturing districts of the country in 1921 followed from the huge augmentation in exthen recorded the largest traffic and gross revenues penes the year before. In August 1920 expendiin their entire history. The result was that our Aug- tures had run up in amount of $319,579,099—this on
ust 1923 compilations were noted for the magnitude a gain of $83,071,497 in the gross, leaving net diminof the gains disclosed in gross and net alike—the ad- ished, therefore, in amount of $236,507,602. The
dition to the gross earnings then having been no less truth is, the statement for August 1920 was one of
than $90,181,967, or 19.06%, and the addition to the the worst on record, due to the peculiar circumnet $49,897,384, or 57.59%. It should be noted, of stances existing at the time. The roads had been
course, that the magnitude of the improvement fol- returned to private control on the previous March 1,
lowed in part because comparison had been with but for a period of six months thereafter (or until
extremely bad results in the year preceding-1922.. the end of August) Congress had provided that the
In its general results August 1922 was conspicuously carriers should receive the same amount of net inunfavorable. It was indeed one of the worst months come (irrespective of their own earnings) as they
of that year. Business revival had then already had been receiving as rental during the period of
made considerable headway, but adverse influences Government control—except in cases where a carof large size were retarding recovery and in some rier preferred to take, instead, its own net earnings,
respects operated to cause a setback. Both the coal which very few elected to do. Expenses were runminers' strike and that of the railroad shopmen ning very heavy at the time and were further inreached a climax in that month. The coal strike had creased by the wage award announced by the Railbeen in progress since the previous April 1 and in road Labor Board the previous month, and which
that long interval no anthracite whatever had been was made retroactive back to May 1. This wage inmined, while the soft coal output had been confined crease was estimated to add at least $50,000,000 a
entirely to the non-union mines; this latter, though Month to the payroll of the railroads, apart from the
by no means inconsiderable, amounting, indeed, to retroactive feature. While the retroactive feature
3,000,000 to 4,000,000 tons a week, fell far short of had been in great part taken care of in the June and
current needs. The result was a scarcity of fuel July returns, nevertheless some of it also was carsupplies to the extent of interfering seriously with ried forward into the August returns. In 1921, on
mercantile and manufacturing operations in many the other hand, the railroads got the benefit of the
different parts of the country. The shopmen's strike wage reduction which went into effect July 1 of that
on the railroads came in to accentuate the trouble, year, and which on a normal volume of traffic—the
the consequence being that even the non-union coal traffic in 1921, of course, was away below the normal
could not all be sent to market. It was then that —was estimated to work a reduction in expenses of
President Harding made his memorable address to about $33,333,000 a mouth.
Congress. Fortunately, when things were at their
Even prior to 1920 net results had been steadily
worst a turn came for the better. A truce was growing smaller. For instance, in August 1919, our
patched up between the miners and the operators compilations showed a loss in both gross and net—
under which work was resumed on the basis of the $32,636,656 in the former and $31,315,528 in the latold wage scale, this to continue until April 1 1923 ter. In 1918, while the showing was very satisfacin the case of the bituminous miners and until Aug. tory under the increase in rates then made by the
Director-General of Railroads as a war measure, the
situation nevertheless was that an addition of $135,759,795 in the gross brought with it an addition of
no more than $24,312,758 to the net. Going back yet
a year further we find that in 1917 a gain of $39,771,575 in the gross was accompanied by a decrease of
$4,668,838 in the net. In the following summaries
the comparisons are shown back to 1906:
Na Earnings.
Gross Earnings.
Year.
Year
Given.
[VOL 121.
THE CHRONICLE
1732
Year
Inc. (+) or
Preceding. Dec.(—).
Year
Given.
Inc. (+) or
Year
Preceding. Dec.(—).
$
August.
$
$
1908
137,589,560 122,898,469 +14,691,092 48.074,911 42,719,768 +5,355,143
4-779,119
1907 ___ 144,913,337128,178,064 +16,735.273 45,629,104 44,849.985
1908 -__ 06,755,864 241,122,442-34.366,579 75,028,707 84,251,096 —9,222,389
1909 ___ 36,559.877206,877,014 +29,682,863 90.384,539 75,319,538 +15,065,001
1910 .._ _ 54,005,972235,726,000 +18,279,972 89.517.075 90,176.937 —659.863
1911 -__ 43.816,494 245.784.289 —1,967,695 86,224.971 86,820,040 —595,069
1912 -__ 276,927.416251,067.032 +25,860,384 99,143,971 87,718,505 +11.425,466
1913 ___ 59,835,029255,493,023 +4.342.006 83,143,024 92,249,194 —9,106.170
+471,544
1914 __ _ 69,593,446 280,919,858 —11,326,412 87,772.384 87.300,840
1915 ___ 79,891.224274,618.381 +5,272,843 99,713,187 89,673.609 q-10.039.578
1916 _ _ _ 33,460.457278,787.021 +54,673,436 125,837.849 99,464,834 4-38,373,215
1917 ___ 73,326,711 333,555,138 +39.771.575 121,230,736 125,899,546 —4,888,810
1918....98,269,356 382,539.561 +135759795 142,427,118118,114,360 +24,312,758
1919 _ _ _ 9,868,678502,505.334 —32.636,656 112,245,680143,561,208—31.315,528
1920 __ _ 54,785,872471,714.375 +83,071,497*123942810112,584,791-236,507,601
,599,664 554,718,882—50,119.218 123,070,767*125167 103 +248237870
1921 _ _
1922 _ _ 72.242,561 504.154,065-31.911.054 86,586,595123,353,665 —36,787,070
3,292,105 473.110.138 +90,181,981 136,519,553 86,622,169 +49.897,384
1923 ___
7,406,011563.358,029 —55 952 018 134,669.714136,817.995 —2,148,181
1924
134,737,211 +31,821.455
554.559,318507,537.554 +47,021.764
1925
•Deficit.
month of August was 91; in
Note.—In 1906 the number of roads Included for the
1907, 86; in 1908 the returns were based on 231,220 miles; in 1909 on 247,544 miles:
In 1910 on 238,493 miles: in 1911 on 230,536 miles: In 1912 on 239.230 miles; in 1913
on 219,492 miles; in 1914 on 240.831 miles; in 1915 on 247,809 miles; In 1916 on
245,516 miles; In 1917 on 247,009 miles; in 1918 on 230,743 miles; in 1919 on 233,422
miles; in 1920 on 199.957 miles: In 1921 on 233.815 miles; in 1922 on 235,294 miles;
In 1923 on 235,357 miles: in 1924 on 235,172 miles; in 1925 on 236,750 miles.
With the general totals the present year showing
such large improvement over those for August 1924,
the returns of the separate roads and systems naturally reveal the same characteristics and make extremely favorable comparisons with a year ago.
There is a long list of gains, some for very large
amounts, in both the gross earnings and the net
earnings, while losses are comparatively few, either
in the gross or the net. Southwestern roads did less
well in August, speaking of them collectively, than
those of any other group or section, probably reflecting in this the effects of the long period of drought
suffered in that part of the country, but even here
we find only three roads which suffered decreases in
gross for amounts in excess of $100,000, these being
the Atchison, with a loss of $1,200,250; the Rock
Island with a loss of $592,885, and the Louisiana
Railway & Navigation, which fell behind in gross
$108,602. In like manner, there are only three systems which report decreases in net in excess of $100,000, namely the Rock Island, with a decrease of
$495,157; the Union Pacific, with a decrease of $331,438, and the Texas & Pacific, with a decrease of
$118,215.
The Pennsylvania Railroad on its entire system,
including all roads owned and controlled, reports an
increase in gross of $4,456,576, and an increase in
net of $3,243,291. This is after a decrease of $9,569,084 in gross, but an increase of $868,313 in net, in
August last year. The New York Central proper
the present year shows $4,073,398 increase in gross
and $1,970,939 increase in net, following $6,127,128
decrease in gross and $1,754,647 decrease in net last
year. Including the various auxiliary and controlled
roads, the whole going to form the New York Central
Lines, the result for August 1925 is an increase of
$6,379,204 in gross and of $3,947,681 in net; in August 1924 the New York Central Lines showed $10,038,776 decrease in gross and $4,059,396 decrease in
net. The Baltimore & Ohio the present year reports
$2,957,329 increase in gross and $998,110 increase in
net; last year in August it showed $4,024,219 decrease in gross and $157,184 decrease in net. The
Erie this time adds $1,472,439 to its gross and
$1,195,735 to its net, after $1,793,565 loss in gross
and $263,914 loss in net in August 1924. In the
following we show all changes for the separate roads
for amounts in excess of $100,000, whether increases
or decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR MONTH OF
AUGUST 1925.
Increase.
Increase.
a$4,163,975 Long Island
Pennsylvania
$312,614
New York Central
b4,073,398 Wheeling dc Lake Erie_
296.339
2,957,329 Buffalo Rochester & Pitts
Baltimore & Ohio
292,135
Chicago Mllw & St Paul_ 2,135,785 Western Maryland
285,200
1,970,875 Yazoo & Mississippi Val_
Chesapeake & Ohio
253,518
Great Northern
1,861,505 NY Chicago & St Louis..
244,832
1,722,866 Grand Trunk Western
Reading
234,679
1,599,828 Pittsburgh & Lake Erie_ _
Norfolk & Western....,231,822
Louisville & Nashville.. 1,560.267 Chicago Burl & Quincy_
228.879
1,472.439 Hocking Valley
Erie (3)
224,140
1,374,410 Chicago & East Illinois_ _
Atlantic Coast Lines_
218,207
Chicago & North Western 1.277.406 Minneapolis& St Louis
201.390
Seaboard Air Line
1,104,878 Georgia Southern & Fla_
200,816
1,068.180 Richm Fred & Potomac_
Florida East Coast
178.846
,
Cies Cinc Chic & St Louis 1.039.581 Lehigh & New England178,029
Northern Pacific
162,709
1,029,100 Western Pacific
Illinois Central
160.211
979.551 Duluth & Iron Range_
154.098
947,105 NY Susq & Western....
Michigan Central
153.166
944.285 Los Angeles & Salt Lake_
Lehigh Valley
151.137
NYNH& Hartford...
780,650 Port Reading
144,212
Delaware& Hudson_
756,705 Monongahela
142,952
Delaware Lack & West—
716.700 Bessemer & Lake Erie...
139,861
636,716 Det Grand Hay & Milw.
Minn St Paul & S S M.
126,682
Wabash
596.012 Chic Indianap & Loulsv_
117,484
St Louis-San Fran (3)_ _ _
575.830 Det & Tol So Shore....
106.774
553.918 Denver & Salt Lake
Elgin Joliet & Eastern
100,568
Central New Jersey
506.836 Chic N 0 & Texas Pac
504.865
Central of Georgia
485,972
$47,085,747
Southern Railway
Total (72 roads)
Decrease.
Boston & Maine
,7 0
53 2
4 8 517 Atch Top & Santa Fe (3) $1,200,250
Southern Pacific (7)
419,489 Chic R I & Pacific (2)_
692,885
Missouri Pacific
391.080 Louisiana Ry & Nay_ _ _ _
Duluth Missabe & North
108.602
,
382947
Pere Marquette
Chic St Paul Minn & Om
$1,901.737
335.
727
Total(6 roads)
Note.—All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
separate returns so as to make the results conform as nearly as possible
to those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company. the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids & Indiana), the Pennsylvania RR. reporting $4,163,975
Increase. For the entire Pennsylvania System, including all roads owned
and controlled, the result is an increase in gross of $4,456.576.
b The New York Central proper shows $4.073,398 increase. Including
the various auxiliary and controlled roads, like the Michigan Central, the
"Big Four," &c. the whole going to form the New York Central System,
the result is an increase of $6,379,204•
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF AUGUST 1925.
Increase
Increase.
37 814
2 98
02,861,225 St Louis-San Fran (3).... $22:9 4
'Pennsylvania
236.434
Wheeling & Lake Erie.—
New York Central
51,970.939
Chicago St North West'n 1,578.593 Western Maryland
217.309
Norfolk & Western.... 1,483,997 Chic St Paul M & Om
2 :9
186 955
4
036
1,375,518 Elgin Joliet & Eastern.Chesapeake & Ohio
h calc)
Crie 3 Milw & St Paul 1.205,297 Union Railroad
o
195,879
1,195,735 Southern Pacific (7)_ _ —
1.064.666 Grand Trunk Western,...
Atlantic Coast Lines..
18.1.769
1,057.803 NY Chicago & St Louis_
Great Northern
183,755
1,020,207 Indiana Harbor Belt_ ___
140.311
Reading
Baltimore & Ohio
998,110 Pittsburgh & Lake Erie__
876.588 Western Pacific
Clev Cin Chic & St Louis
13 ...353
3 74
55 7
3°
750,872 Chicago & East Illinois__
Michigan Central
Port Re ding
a
,
Louisville & Nashville_ _ _
121:779
5
3 769
Duluth & Iron Range
671,273
Lehigh Valley
648,132 Monongahela
Delaware & Hudson_ _ _ _
4
0 9
2 08
127..5 6
624,014 Cinc New Orl & Tex Pac
Deny & Rio Grande West
127.097
601,849 Kansas City Southern...
Southern Railway
592.827 Pere Marquette
Minn St Paul & S S M
119.959
565,078 Rid= Fred & PotomacDelaware Lack & West__
115 933
312 365
.
.
549.808 N Y Susq & Western_ _ _
Northern Pacific
110 3 8
5 48
:72
532.971 Chicago Great Western.Boston & Maine
Denver & Salt Lake
524.782
Seaboard Air Line
7
3
72
9 0 Wabash
Illinois Central
105 649
8 1
:
427,061 Det Grd Haven & Milw_
Florida East Coast
Georgia Sou & Florida__
N Y N H & Hartford...
00
481,
Central of Georgia
$31.706. 2
04
.Total (73 roads)
Long Island
Decrease.
oisnAngelesnea po s
:
, 7
18 138
3135 13
:6
Bessemer & Lak t,eia:.i..
tlkrnl : 36785 251192 Chic Rock Isl & Pac (2)- $491:245
3334761..828 1
Le
Union Pacific (4)
.
300,718 Texas & Pacific
Duluth Missabe & North
267.099
Chicago Burl & Quincy__
Total (7 roads)
$944.810
0
265 13
Missouri Pacific
241:209
Atch Top & Santa Pe (3)
a This is the result for ,
the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids & Indiana), the Pennsylvania RR. reporting $2,861,225
Increase. For the entire Pennsylvania System, including all roads owned
and controlled, the result is an increase of $3,243,291.
S These figures merely cover the operations of the New York Centre
itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four," &c., the result is an increase of $3,947,681.
r
The same favorable results are shown when the
roads are arranged in groups or geographical divisions according to their location. It is then
found that every group reveals improvement in
gross with the single exception of the Southwestern
)
while in the net every group without a single exception records an increase. Our summary by groups is
as follows:
SUMMARY BY GROUPS.
Gross Earnings
1924. Inc.(+) or Dec.(—)
$
$
%
21,403,626 +1,332,875 8.22
158,418,397 +18,906,434 11.93
43.874.582 +5,312,506 12.11
69.802.031 +10,895,449 15.58
103.458.791 +10.170.704 9.83
82 049 164
—916 558 1.12
28,530,963 +1,320.354 4.62
1925.
Section or Group—
$
August—
22,736,501
Group 1(9 roads), New England
Middle._ _ _177,324.831
Group 2133 roads),East &
49,187,088
Group 3(27 roads). Middle West
80,897.480
Groups 4 & 5(34 roads), Southern_
Groups 6 & 7(29 roads), Northwest_ _113,629 495
Groups 8 & 9(48 roads),Southwest... 81 132 606
Group 10(10 roads), Pacific Coast_ _ _ _ 29,851.317
Total(190roads)
554.559.318 507,537.554 +47,021,764 9.26
1733
THE CHRONICLE
OCT. 10 1925.]
Wheal.
Flour.
Jan. 1 to
(bush.)
(tots.)
Aug. 29.
Chicago
1925. 1924.
1925 -- 8,668,000 21,420,000
+985,770 19.85
1924 ___ 7,791,000 39,916,000
7,240 7,366 5,950,259 4.964,489
34.705 34.710 52,783,040 41.406.689 +11,376,351 27.48 Milwaukee
1925 ___ 1.313.000 3,042,000
15,988 15.967 15,677,096 12.203,622 +3,473,474 28.46
1924 ___ 1,425.000 3,071,000
39,289 39,345 24,957.941 17,402.125 +7,555.816 43.42
St. Louis
67,143 66.971 34,655,732 27.518.860 +7.136,872 25.93
1925 ___ 3,479.000 25,914,000
+317.343 1.39
3,409,000 23,581.000
1924
55,321 55.167 22,969,438 22,652.095
+975,829 11.36 Toledo
17.064 17.020 9,565,160 8,589,331
4.078.000
1925 _-6,262,000
236,750 236,546 166,558 666 134,737,211 +31,821,455 23.26
1024.
Total
Detroit
NOTE.
-Group I. Includes all of the New England States,
962,000
37.000
1925 ___
952,000
5,000
1924 -__
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and Peoria
1,439,000 1,072,000
1925 __
the extreme northern portion of West Virginia.
1924.._ 1,511,000 1,212,000
Group III. includes all of Ohio and Indiana, all of Michigan except the northern Duluth
22,945,000
Peninsula, and that portion of New York and Pennsylvania west of Buffalo ana
1925 14,374,000
1924
Pittsburgh.
Minneapolis
Groups IV. and V. combined include the Southern States south of the Ohio and
50,305,000
1925
east of the Mississippi River.
14,000 41,491,000
1924 ___
Groups VI. and VII. combined include the northern peninsula of Michigan, all of Kansas City
33,312.000
1925 -_and Illinois, all of South Dakota and North Dakota
Minnesota, Wisconsin, Iowa
19,000 59,020.000
1924 ___
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
Omaha & Indianapolis
and Nebraska. together with Colorado north of a line parallel to the State line
14,469,000
1925
23,330,000
Waging through Denver.
1924 _
Groups VIII. and IX,combined include all of Kansas, Oklahoma, Arkansas and Sioux City
1.193.000
1925 Indian Territory, Missouri gaups of St. Louis and Kansas City, Colorado south
1,000 1.166,000
1924 ___
Texas and the bulk of Louisiana, and that portion of New
Of Denver, the whole of
Joseph
Si.
Mexico north of a line running from the northwest corner of the State through
6,874.000
1925 -.6,725,000
Banta Fe and east of a line running from Santa Fe to El Paso.
1924
Group X. includes all of Washington, Oregon, Idaho, California, Nevada. Utah Wichita
10,913,000
and Arizona, and the western Dart of New Mexico.
4,257,000
1924 ___
Mileage
Section or Group.
AugustGroup 1
Group 2
Group 3
Groups 4 de 5
Groups 6 & 7
Groups 8 & 9
Group 10
1925.
Corn.
(bush.)
Net Earnings
Inc.(+) or Dec.(-)
1924.
Western roads suffered a great contraction of
grain traffic. The falling off was almost entirely in
wheat, comparison being with a time in 1924 when
the United States wheat crop was much larger than
that of the present season and when there was an
extremely urgent foreign demand for it at high
prices, resulting in wheat being shipped to market
with great rapidity. For the four weeks ending
Aug. 30 1924 the wheat receipts at the Western primary markets aggregated no less than 87,412,000
bushels; in the corresponding four weeks of 1925
they reached no more than 39,164,000 bushels. The
corn movement was also smaller than that of last
year, and so were the receipts of rye. On the other
hand, the receipts of oats for the four weeks of 1925
were 45,868,000 bushels, as against only 26,360,000
bushels, and the receipts of barley 10,172,000 bushels, against 3,071,000 bushels. Even with the increase in these two cereals, aggregate receipts for
wheat, corn, oats, barley and rye combined were
only 113,710,000 bushels in the four weeks of 1925,
against 137,526,000 bushels in the four weeks of 1924.
In the following we give the details of the Western
grain movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS,
Corn.
4 Wks.End. Flour.
Wheat.
Oats.
Barley.
(bush.)
(bush.)
Aug. 24.
(bush.)
(bbls.)
(bush.)
Chicago
1925 ___ 878,000 4,733,000 7,296,000 13.366.000 1,733,000
1924 ___ 983,000 27,201,000 7,247,000 9,609,000
756,000
Milwaukee
367.000 2,872.000 2,159.000
1925 ___ 235,000 1,031.000
972,000 1,419,000
1924 ___ 286.000 2,171,000
599,000
Rye.
(bush.)
91,000
276,000
113,000
512,000
1.716,000
1,839,000
2,438,000
3,552,000
164,000
74,000
2,032,000
1,353,000
23,000
11.000
15,000
42,000
12,000
159.000
270.000
1,000
1,000
2.000
2,000
1.731,000
1.024,000
1,708,000
807.000
145,000 , 1,000
23,000
33,000
9,000
592,000
2.719.000 2,730,000
370,000
1,076,000
502,000 1,383,000
441,000
592.000
757,000
5.860.000 11,147,000 8,156,000
11,098,000 8,470.000 4.750,000 1,014,000
16,414,000 23.415.000
28,152,000 23.640.000
345,000
500,000
97.000
309,000
2,446,000
2.863,000
6,387,000
3.528.000
30.000
34,000
89.000
349.000
266.000
1.190,000
985,000
1,656.000
43.000
5,000
135,000
3,000
14,300,000
10.197,000
7.496,000
6,874,000
732.000
606,000
24,000
46,000
685,000
8.157.000
8.346,000 6.125,000 5.187,000
3,630,000 1,278,000 10,672,000
12.180.000 26,121,000 11,679,000 2,753,000
10,886,000 12.946,000 6.525.000 3.861,000
8,903,000
5,719,000
6,000
7,000
21,071,000 18,434,000
30,533.000 17,308.000
269,000
298,000
2,963,000
6.285,000
3,050,000
3,357,000
70.000
58.000
9,000
65,000
6.717,000
7,637.000
1,026,000
1.009.000
1,918,000
103.000
406,000
80,000
14,742,000
15,813.000
The Western live stock movement in August last
year had shown a heavy reduction. The present year
there appears to have been a slight further falling
off. At all events at Chit:ago the receipts for August
1925 comprised only 19,368 carloads, against 20,656
cars in August 1924 and 23,893 cars in August 1923,
while at Omaha the receipts for August 1925 were
9,080 cars, against 9,671 cars in August 1924 and
10,759 cars in August 1923. At Kansas City, however, the receipts were a trifle larger the present
year, being 13,109 in August 1925, against 12,230
cars in August 1924 and 17,131 cars in August 1923.
Southern roads had the advantage of an increased
cotton movement, the 1925 crop being larger and
much earlier than that of 1924. The gross shipments
overland do not, of course, attain extensive dimensions at the beginning of the season, and for August
1925 were 16,501 bales, against 38,414 bales in August 1924; 27,644 bales in August 1923; 45,186 bales
in August 1922, and 141,067 bales in August 1921.
On the other hand, the receipts at the Southern outports reached 439,618 bales, against 226,959 bales in
August 1924; 284,564 bales in 1923, and only 189,436 bales in 1922. Details for the last three seasons
are shown in the subjoined table:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM
JAN. 1 TO AUG.311925. 1924 AND 1923.
Since Jan. 1.
August,
Ports.
Galveston
Texas City, dee
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
1925.
1924.
1923.
1925.
110.339 137,377 201.921 1,065,766
117.325 26.351 45,793 972,022
82.312 32,273 19,860 705,269
56.885
467
9,005 6,343
19
3,381
44
507
100,671 19,864 7,542 289,664
89413
155,200
15,0)17 2,284 4,52
51.781
88 1,028
2.131
2,241 2,246 3.412 153,532
1924.
1923.
786,409 711.862
293.775 243,328
605,224 521,670
21,661
58,030
5,615
3,702
,
212,360 198,22,
183
3,451
82,642
51,364
33,398
37,130
115,780
97.336
9.358,000 3.181,000
804,000
2,729.000 1,093,000 1,052,000
1,333,000
977,000
2,386.000
2,538,000
5,526,000
3,622,000
164,000
521.000
878.000
865,000
887,000
1,177.000
198,000
195.000
120,000
103.000
T6tal
439,618 226,959 284,564 3,463.913 2,162,138 1.921,015
-A
Real Estate Loans by National Banks
Plain Warning.
4,446,000
783,000
118,000
80.000
[From the "Wall Street Journal," Sept. 80 1925.]
36,000
23,000
15,000
Total all
.
1925 - 1,686,000 39,164,000 17,044,000 45,868.000 10,172,000 1.462.000
1.844,000 87,412,000 17,738,000 26,360,000 3,071,000 3,015.000
1924
Rye.
(bush.)
Total all
12,120,000
1925 _14,936,000 196,499.000 151,968,000 156.337,000 33,465,000 20,229,000
1924 ___14,175,000 225,357,000 194,927,000 131,344.000 19,321,000
70.000
117,000
552,000
144,000
Barley.
(bush.)
52,406,000 40,621,000 6,279,000 3,065,000
62,013,000 43,127,000 5.289,000 3,612,000
St. 1,0111,1-
1925 ___ 448,000 3.950.000
1924
400,000 8.429.000
Toledo
783,000
1925
2,424,000
1924
Detroit
132,000
1925 ___
200,000
1924 ___
Peoria
242,000
1925 ___ 125,000
609,000
155,000
1924
Duluth
2.223.000
1925 ___
1924
2,903,000
Minneapolis
11,535,000
1925 ___
1924 _
6,075.000
Kansas City
7,662,000
1925 --1924 --19,000 21.626,000
Omaha dk Indianapolis
3,620,000
1925 --1924 ___
9,288,000
Sioux City
1925 ___
225,000
276.000
1,000
1924 --.51. Joseph
1925 ___
1,131,000
1924 ___
1,953.000
Wichita
1925 ___
1,897,000
1924 -4,257,000
Oats.
(bush.)
Speaking to the bankers' convention now in session at
Atlantic City, President A. F. Dawson, of the First National
Bank of Davenport, Iowa, submitted a proposition to enable
national banks to advance money on improved city real
estate, even to the extent of permitting first mortgage loans
on such property for a five-year period. He would increase
the aggregate amount loanable on real estate to 50% of the
time deposits, assumed to make up 35% of the deposits of
1734
THE CHRONICLE
all national banks and 45% of the banks outside Reserve
cities.
It is contended that, because of the wider latitude of
State banks, national banks are losing business to them on
this account. That is exactly the sort of business the national banks should be glad to lose. It would be difficult to
name a proposition more thoroughly dangerous, or one more
certainly calculated to tie up bank resources—which should
be of all things liquid—just at the time when they are likely
to be needed most.
If this were a day when real estate were emerging from
a period of depression and liquidation, some sort of case
might be made out; but even then the security, would be
eminently unsuited for the purpose of a bank. But to put
the national banks of this country in the business of lending
money on mortgage at the very top of a wildly inflated real
estate boom, containing in itself the seeds of future disaster,
and almost the one real threat to business to-day, would be
[Vol. 121.
an act of short-sighted folly for which our banking history
records no parallel.
Bankers confidentially report that there has been overbuilding of office accommodation in cities all over the
United States. The temptation of a small city to show a
business building as tall as its neighbor's has resulted in
many ill-considered enterprises. If these speculators are
permitted to tie up the national banks on a basis of fictitious
values, in buildings doubly inflated by watered labor, we
shall run into a situation which will not merely require the
deflation of the land boom but the liquidation of the banks
themselves.
It is the province of this column to deal straightly with
the questions which other newspapers shirk. The limitations of the Federal Reserve System may look like a handicap, now, against the competition of unwise State bank laws.
Those limitations will be the salvation of the country before
we are many years older.
Indications of Business Activity
ton has been the enormous buying by the mills. It helped
THE STATE OF TRADE—COMMERCIAL EPITOME.
to rally the price to-day very noticeably. The Government
Friday Night, Oct. 9 1925.
Climatic conditions have been more favorable for business hints that the crop may yet turn out to be 15,000,000 bales.
In clothing and coal. There has been snow in Iowa and The answer of those who take an optimistic view of the
Illinois and cold rains in other parts of the West. Retail situation is that at around present prices it would not be at
trade Is steadily expanding and the shares of one of the mail all surprising if the world should absorb easily enough even
order concerns has just reached $700 on a relatively small such a crop. Recently the tendency has been toward incapitalization. There has been rather more forward buying creased activity in cotton goods, but not unnaturally the
in some cases, although it is not general. In parts of the crop report of Thursday has sobered the dry goods market
Northwest, and even the Middle West, snows have made for the time being. Though the feeling is more hopeful
travel rather difficult, and to some extent delayed business. than recently, and in the fore part of the week there was
But in the main retail trade is making a very good show- a good business. The mills are now favored with very
ing. That of the mail order houses shows an increase in the much cheaper cotton than they have had for a considerable
last nine months of over 13%. The total sales of the two period. The price of middling uplands at the close to-day
largest houses were $292,169,739, against -257,969,903 for was nearly 3 cents cheaper than a year ago. Wool manuthe corresponding nine months of last year. Chain stores facturers are also favored with lower raw material than was
also make a very good exhibit for the same period, the in- the case a year ago. The silk and rayon trades are active.
crease being over 14%. The total sales were $382,426,142, Sugar has advanced somewhat on the raw product, but reagainst $334,712,751 during the same time last year. Wheat fined has declined with the demand indifferent. Supplies
has advanced during the week, as it appears that Soviet In the world are very large, but of course there is a limit to
Russian statistics as to the exportable surplus available in a decline, in the operation of economic law. Building was
that country seem to hate been largely overestimated, pos- very heavy in September, reaching a 311
%
/ greater total
2
sibly for political reasons. The Government report this than in the same month last year, though 8 % less than in
/
1
2
afternoon showed that the winter wheat crop is 416,000,000 August. Building labor troubles have been settled here rebushels, or about 175,000,000 bushels less than last year, cently and the tendency is toward greater expansion of
with the spring wheat crop at 282,000,000 bushels, or about building in New York this fall. In other parts of the
the same as then. The total of spring and winter is some country construction is also active. Indeed, there seems to
173,000,000 bushels smaller than last year. Prices have ad- be considerable speculation in real estate in different parts
vanced some 4 to 5 cents per bushel during the week, as the of the country, not excepting Florida, which may yet be
recent great decline was evidently overdone. It is true carried too far. Crude rubber advanced sharply, both here
that the foreign sales of American wheat are small. But and in London, as supplies have become depleted in some
If Russia is to fail Western Europe, not improbably ther; centres. This country will import freely in the near future,
will be a larger export demand in this country later on for but it is only to replenish supplies which had become very
any wheat that we may have to spare. The quantity is not small. It is significant, however, that even the British
supposed to be large. The corn crop is closer to 3,000,000,- trade now asks for a suspension of the plan of restriction
000 bushels than was at one time expected. The total is in the matter of rubber productioa, for which the British
now 2,918,000,000 bushels, or nearly 500,000,000 bushels Government has stood sponsor for some time past, and it is
larger than the last crop. The price of corn is unduly low hoped that their request will be granted. In steel the feaas compared with that of live hogs. And oats are also rela- ture is the increased buying of rails and the demand for
tively cheap, as well as rye, which is considered altogether structural steel. It is believed, too, that the pig iron busitoo low by comparison with wheat.
ness will increase in the near future. Prices of both iron
Wool has been in better demand and firmer. The London and steel, however, still seem to be eased occasionally to
auction sales closed yesterday, and on the whole the result meet competition or to secure worthwhile orders. Automohas been more favorable to owners than had been expected. bile manufacturers are said to be buying steel on a larger
Wool in this country is now at the highest price seen for scale. Copper has been dull and, if anything, tending downsome months past, and there is said to be a good demand in ward. The unhappy effect of the anthracite strike is
seen
Boston for medium quality of both domestic and foreign. In the fact that the weekly production has dwindled to
the
Cotton prices got a severe blow on Thursday from a Govern- mere nothing of 5,000 tons, as against 2,250.000 tons on
the
ment estimate of the crop of 14,750,000 bales. which was eve of the strike, which shows no signs of being settled
at
fully half a million hales more than the generality of people once. Stocks have been somewhat irregular. but were active
bad expected. The ginning lip to Oct. 1 reached the unpre- and higher to-day. Exchange rates have continued
to be
cedented total of 7,100.000 bales. The effect of these re- irregular. London to-day was firm in the stock
market with
ports was to cause a sudden collapse of the price. It broke rubber shares advancing not
but with the whole
some $550 per bale. But to-day there was a recovery of market strong. London Is shipping gold to this
country,
$2 to $2 50, owing to fears of killing frost in Texas. and but the fact does not brace its discount rate. Money
on this
In any case. on apprehension that cold rains In the South- side has been firmer. Railroad earnings in August were
the
west bad done dninage. There Is much cotton open in the largest since war times. The feeling in the
business world
fields over a wide area. Cold rains and frost admittedly of the United States is conservatively optimistic.
could do eonsiderable harm. The usual date for general
The American Federation of Labor refuses to affiliate
killing frost In the bolt comes later by several weeks. and with the Red labor organization of Soviet Russia.
That is
Indeed, sometimes by a month. One bright feature in cot- much more creditable than the attitude of British labor
OCT. 10 1925.]
THE CHRONICLE
blowing hot and cold about the matter. Seeming at one
convention to repudiate Russia at another it appears to
face the other way and a British labor delegation goes to
Russia. A British delegate to the Atlantic City labor convention coolly in effect proposed that American labor should
countenance Russia and its treachery toward other nations
and its readiness to undermine their institutions.
It may be of no slight significance that Mussolini is suspected of trying to make himself more than ever dictator of
Italy with the King more than ever a figurehead. Apparently he is imitating Lenin, Trotzky and Zinovieff. It
throws another sinister shadow over Europe, whether the
project su.cceeds or not. Sooner or later there will come a
reaction against such usurpations. Italy, unlike Russia, has
not been under the heel of tyranny. Politicians hampered
it by their selfish policies. Russia threatens to be isolated
in Europe when Germany enters the League of Nations.
The refusal of the American Federation of Labor to have
any relations with Russian Reds is a sign of the times and
of the repudiation of Communism by the clear common
sense of the plain people.
An important event in the building trades is the settling
of a quarrel of four years' standing between the bricklayers and plasterers' unions on jurisdictional disagreements
which had tied up $250,000,000 in construction throughout
the country and $25,000,000 in this city. Builders and contractors have feared heretofore to undertake new projects.
The resumption of building it is believed will raise construction for October to a new record.
At Fall River No.2 mill of the Chace mills resumed operations on Oct. 5 after a shutdown of a year and a half, during
which time the entire plant had been idle. In Rhode Island
seven mills of the B. B. & R. Knight, Inc., mills, some of
which have been closed for several months, while others
have been on short time, resumed operations on Oct. 6 on
full time at some plants and half time at others. At West
Peterborough, N. H., the White mills, after working at 30
hours a week since last spring, will start at once on a 54
hour schedule. Charlotte, N. C., reports marked improvement in the textile situation. Most mills find no trouble in
selling their production. Further curtailment of power by
the Southern Power Co. means that more than 5,000,000
spindles served by the company will be idle for 2 days
/
1
2
per week until sufficient rainfall ends the drought. Recent Georgia rains have increased the water supply somewhat. More, however, is much needed. Charlotte, N. C.,
wired that a further power curtailment amounting to half
a day a week by consumers using power from the Southern
Power Co. was announced. At Greenville, S. C., and in the
vicinity textile mills will be closed two and a half days each
week instead of two days, until the power situation is improved. W. J. Vereen, President of the American Cotton
Manufacturers' Association, estimates the mill production
of the entire South has been shortened by 25% by the
drought. Columbus, Ga., wired that last week's rains did
not increase the supply of power for textile plants in that
territory and that even greater curtailment is being considered. Operations of the American Woolen Co. are reported
approaching 80% capacity. At Ware, Mass., the plant of
the Ware Woolen Co. mills will shut down for several weeks,
following the running off of the current stock on the looms.
The shutdown is said to be due to poor trade. The mills
employ some 600 operatives and have been running full time
for some months. At Biddeford, Me., the Saco-Lowell machine shops have gone on a five-day week after running on
a basis of 3 to 4 days a week. This increase in working
time is due to new large orders for cotton machinery. At
Gardiner, Me., on Oct. 6 workers of the Commonwealth
Shoe & Leather Co. accepted recent reduction in their bonus
of 10%, 1. e., from 30 to 20%.
F. W. Woolworth & Co.'s sales for September amounted to
$18,129,210, an increase of 0.7% over September 1924. Sales
for the first nine months of this year amounted to $150.036,449, an increase of 10.8% over the corresponding period
of 1924. At Akron, Ohio. further curtailment is noted in
October schedules of leading automobile tire manufacturers
located there. The industry in the territory is now running
about 75% of capacity. Memphis advices said that several
cotton gins in the South will be compelled to stop soon if a
shortage of cotton bagging continues. An unexpectedly
early cotton crop has ca used it. Some of the ginners are
trying to get bagging from American sugar sack manufacturers. On the Pacific Coast factories are working overtime.
1735
It,was cool here, with rain, on the 5th inst. The next day
was clear and still cool. Snow was reported in Nebraska
and Iowa on the 5th inst. All over Canada rains and snows
occurred, with high winds. It was 46 in Chicago, 42 in Milwaukee, 38 in St. Paul, 52 in Cleveland and 48 in Portland,
Me. In Northwestern Canada rain and snow delayed
threshing of wheat. It was down to 42 in Montreal and 48
In Northwestern Texas and Oklahoma. On the 7th inst.
snow was general over Nebraska, Wyoming and South Dakota. At Helena, Mont., it was down to 25 degrees. In New
York it has been 44, in Chicago 45, in Cincinnati 46, in Cleveland 42, in Montreal and St. Paul 38. To-day it was 54 here
at 4 p. m. In Texas and Oklahoma it was as low as 38 to 45.
Business Indicators in B Cities in Federal Reserve
District of Philadelphia.
In presenting in its Oct. 1 Business Review a table showing, for 13 important areas in the Philadelphia Federal
Reserve District, the position of certain business indicators
in August as compared with the previous month and with
Aug. 1924, the Federal Reserve Bank of Philadelphia says:
In each case the "area" includes not only the designated city but the surrounding suburbs and territory which may be considered part of that city's
Industrial and commercial territory.
The general betterment in business conditions since last year is evident
from the fact that in nearly all of the cities the various indicators show gains
In Aug. 1925. as compared with Aug. 1924. As compared with July of this
year, however, many declines occurred. Moreover, wide divergences exist
in conditions in the different areas. Wage payments, indicative of manufacturing activity, varied from an increase of 16% in Reading to a decline of
10% in Wilkes Barre. Fluctuations in debits, retail trade and other indicators also show wide variations between the different cities. Debits were
larger in Aug. 1925 than in Aug. 1924 in all instances and retail sales in most
cases, although the latter showed declines in Wilkes-Barre. Scranton and
Altoona.
The table follows:
August 1925 Compared with July 1925.
Industrial Areas.
EmWage Value of
Sayings Retail Hearts
ployPayBldg. Debits. DeTrade Power
mad. metals. Permits.
posits. Sales. Sales.
Area%
%
%
+3.0 +8.7 -67.6
Philadelphia
-2.3 +2.1 -24.8
Trenton
Wilmington
-1.2 -2.0 -56.8
Reading
+3.2 +18.2 -18.9
Lancaster
+2.8 +3.5 +72.1
York
+2.4 +7.3 +39.8
Harrisburg
+1.2 -1.4 -41.9
Allentown
-0.1 +3.8 +38.5
Wilkes-Barre
+0.2 -10.3 -1.8
Scranton
+2.8 +8.6 +40.5
Altoona
+7.3 +12.8
+0.
Johnstown
+10.8
____
+
Williamsport
. -39.3
August 1925 Compared with August 1924.
-58.8
Philadelphia
Trenton
+69.7
Wilmington
+18.9
Reading
+142.4
Lancaster
+95.
York
+104.
+87.
Harrisburg
Allentown
+86.3
Wilkes-Barre
-21.8
Scranton
+11.9
Altoona
-8.5
Johnstown
4.12n a
%
%
%
%
-10.2 +0.0 +0.7 +0.11
,
-14.7 -0.3 +2.0 4
.4-5.8.
-12.4 -0.2 +8.0 +12.6
+5.0 +4.0 +9.4
_-8.5 +0.2 -13.1 +1.5
+3.1 +1.3 +1.7 +9.8
-3.0 +2.0 +3.9 ...-5.0 +1.0 +6.1 a-0.5
+15.7 -0.0 . +0.4
0
-5.1 -OS +2.5
----17.
+0.5 +4.7 +1.0
-3. -0.4 -0.3
-5.9 +0.2 +14.9
5
+9.7
+14.9
+9.1
+24.2
+15.5
+32.5
+18.0
+20.0
+12.0
+8.2
-13.0
+5.7
4.154
+7.8 +2.5 +21.9
+0.7 +2.3 •+38.3
+5.3 +4.2 +35.9
+18.2 +9.0
---+18.9 +3.8 +14.1
+12.1 +9.0 +15.6
+19.9 +3.0
---+5.6 +10.1 a+30.2
+9.9 -1.3
5
+8.0 -4.7
+12.8 -0.8 4:31:7
+2.1 +11.1
-4.04
4.52
5
•Includes Camden area. a Includes Wilkes-Barre and Williamsport areas.
b Included in Allentown area.
Survey of Current Business by United States Depart.,
ment of Commerce-Production in August 192E
Compared With August 1924.
Comparing figures of production in August 1925 with
those for August 1924 and July 1925, the United States
Department of Commerce on Oct. 5 stated:
Manufacturing Produdion.
Manufacturing production in August was less than in July at 122% of
the 1919 average, according to the index number of the Department of
Commerce, and was 12% higher than in August 1924. The principal
Increases over July occurred in the production of iron and steel, with s
gain of 10%, and lumber with a gain of 7%,while slight increases occurred
in leather and stone, clay and glass products. Decreases occurred in the
production of foodstuffs, textiles, non-ferrous metals, tobacco and miscellaneous items, while paper and printing output and the production of
chemicals and oils remained the same. Compared with a year ago all
groups except manufactured foodstuffs showed increased output.
Output of Raw 4aterials.
The output of raw materials was 6% less than in August
11124. the
marketings of animal products decreasing 1% and crop marketings
111%.
while mineral and forestry products showed
increases of 17% and 4%.
respectively.
Unfilled Orders.
The index of unfilled orders showed a slight
increase over July and was
13% higher than a year ago, both the iron and
steel and building materials
groups being higher than August 1924.
Stocks of Commodities.
Stocks of commodities held at the end of August
showed an Increase of
5% over July when allowance is made for seasonal
variation, and Increased
2% over a year ago. Stocks In the raw foodstuffs
group Increased over
July. but were slightly less than a year ago, those
for raw materials foe
manufacture and manufactured commodities increasing
over both period,,
while the manufactured foodstuffs group declined
from July 1925 and
August 1924.
1736
THE CHRONICLE
[Vol, 121.
The index numbers of the Department of Commerce are given below:
1924.
1925.
June.
Production
(Index numbers: 1919 .--- 100)
Raw materials-Total
Minerals
Animal products
Czops
Forestry
Manufacturing, grand total(adjusted).Total (unadjusted)
Foodstuffs
Textiles
Iron and steel
Other metals
Lumber
Leather
Paper and printh3g
Chemicals
Stone and clay producta
Tobacco
Automobiles°
Miscellaneous
Commodity Stocks
(Index numbers: 1919= 100)
(Unadjusted)
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Manufactuted commodities
(Adjusted for seasonal element)
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Manufactured commodities
Unfilled Orders
Total (based on 1920 as 100)
Iron and steel
Building materials
•Included in miscellaneous group also.
July.
August..July.
93
131
120
55
133
127
127
115
94
107
183
153
79
112
167
149
113
241
153
97
136
111
69
125
129
129
117
95
105
190
148
81
106
172
152
127
246
156
114
143
107
105
129
122
122
111
89
116
187
158
88
106
172
156
120
151
120
97
121
117
73
111
101
101
129
71
67
158
126
71
100
138
131
119
161
100
135
164
91
76
177
124
122
87
85
172
123
117
93
85
170
121
112
82
100
164
141
182
98
76
176
129
146
95
75
16T
138
155
124
• 72
170
129
145
95
89
161
as overbuilding. Then, too, civic pride is resulting in great numbers of
antiquated structures being replaced by substantial modern buildings.
Money is available for carrying out numerous important projects long
delayed, and this has added largely to general building.
August.
In recent months New York has regained its rapid stride, breaking all
previous records. In the Middle Atlantic States and the general Pittsburgh district construction has proceeded on an exceptionally broad scale.
125
The New England, Southeastern, Central West and Northwest States
122
show slight falling off, due partly to the amount of construction completed
108
in the earlier months.
129
124
Chicago's fall building is expected to outstrip anything the city has
109
ever seen. Valuation of permits issued in nine months is approximately
109
$280,000,000. The city's total to date exceeds 1924 by $68,000,000.
117
78
Residential construction, chiefly hotels and large apartment houses,
87
continues to head the country's program, accounting for approximately
165
60% of all building. Commercial and industrial projects are developing
138
rapidly.
81
102
New York leads in valuation of, permits issued, with Chicago, Phila143
delphia, Detroit, Los Angeles, Cleveland, Boston, St. Louis, Baltimore,
141
San Francisco, Pittsburgh, Kansas City, Milwaukee, Seattle, Dallas,
115
Minneapolis, Buffalo, Indianapolis, New Orleans, and Atlanta following
171
111
in about the order named.
There is a strong trend for a comprehensive public-building program
in some sections where it is believed the immediate building shortage is
120
gradually being overcome.. Construction of this sort has been held in
114
reserve until more urgent projects were completed.
83
It is an established fact that by judicious foresight the building industry
102
has in the past averted periods of depression. While there is nothing on
159
the horizon to indicate inflation, men of vision are preparing to offset
133
any downward swing in the business cycle by having ready a "constructive
156
reserve" with which to stimulate activity in event of a slackening.
100
87
164
Building Construction Activity Promises Full Employment for Labor.
With wage scales in the building crafts well stabilized and
only one major dispute disturbing thetransquillity of labor
conditions, a survey completed by S. W. Straus & Co. and
Indexes of the Federal Reserve Board.
Business
made public on Oct. 3 shows that the volume of fall
The Division of Research and Statistics of the Federal construction is furnishing ample employment for building
following statement
Reserve Board issued on Oct. 1 the
workers throughout the country. In some middle western,
giving current figures of its various business indexes:
Pacific coast and Southern cities the usual fall let-up of buildINDEX OF PRODUCTION IN BASIC INDUSTRIES.
ing activities has set in. In Florida and in most eastern
(Adjusted for seasonal variations. Monthly average 1911100.)
July August cities, however, activity continues unabated except where
August
August
July August
1925 1925 1924
1925 1925 1924
87 influenced by jurisdictional disputes and even in the other
105
109
94 Bituminous
109
113
Total
95
116
119
71 Anthracite
102
105
Pig Iron
132 sections of the country the autumn decline is likely to be
138
136
117
110
87 Copper
Steel Ingots
106 much less than normal in view of the record-breaking issue
121
122
91
99
72 Zino
Cotton
62
71
69
87
82 Sole leather
90
Wool
101 of permits in recent months, especially in August. Replies
108
105
122
100 Newsprint
87
Wheat flour
190
215
207
117
107
104 Cement
Sugar melting
190 to a nation-wide questionnaire indicate that the effect has
204
206
197
94 Petroleum
Cattle slaughtered.... 97
95
94
91
131
118 Cigars
Calves slaughtered_..138
157 been to stabilize working conditions in the building industry
179
173
101
Sheep slaughtered... 89
91 Cigarettes
93 of the nation rather than to create unemployment. Further
101
Hogs slaughtered._ _108
.
96
136 Manufactured tobacco 94
119
125
Lumber
105
extracts from the S. W. Straus & Co. survey are subjoined.
INDEXES OF EMPLOYMENT AND PAYROLLS nsr MANUFACTURING
decline of construction in comparison with the
51
37
106
51
36
113
52
36
121
44
31
96
46
32
107
INDUSTRIES.
(Not adjusted for seasonal variations. Monthly average 1919=100.)
-Payrolls
-Employment---Aug:25. July '25. Aug:24. Aug:25. July '25. Aug.'24.
96.0
102.7
104.8
89.5
93.9
93.1
Total
78.3
86.1
88.8
78.9
85.4
84.9
Iron and steel
92.3
101.2
103.8
87.4
94.0
93.3
Textilea-Group
91.5
100.9
101.7
87.4
Fabrics
93.6
93.1
93.4
1C1.6
106.2
87.4
93.4
Products
94.5
105.0
105.9
108.0
99.9
99.3
Lumber
99.9
91.6
86.7
88.0
88.4
Railroad vehicles
84.5
84.5
107.6
150.0
146.1
96.4
Automobiles
124.2
122.2
128.0
133.8
133.7
printing
101.5
Paper and
103.2
103.4
101.5
102.8
102.9
90.0
85.4
Foods,.4c
85.9
91.0
98.989.0
84.8
85.7
Leather, da
90.2
14814
145.9
155.7
121.3
Stone, clay, glass
124.9
121.3
90.2
89.0
90.0
87.4
85.9
Tobacco, Acc
85.0
89.9
95.6
93.1
68.7
73.0
Chemicals, lac
72.6
INDEXES OF WHOLESALE AND RETAIL TRADE.
July August
August
Retail
August
July August
Wholesale
1925 1925 1924
Trade1925 1925 1924
TradeDept.store sales
83
85
83
Groceries'
118
128
125
Adjusted
79
68
• 78
Meat
93
95
98
Unadjusted
102
85
Dry goods
107
56 Dept. store stocks
45
66
Shoes
'
126
133
132
Adjusted
93
99
97
=ware
126
125
131
Unadjusted
107
111
108
83 Mall order sales
Tom!
83
87
98
117
118
Adjusted
74
87
89
Unadjusted
Unprecedented Building Activity in the United States
for Nine Months to Sept. 30.
Five billion dollars represents America's enormous building
total for the nine months' periods just ended, according to
a review to-day by the Indiana Limestone Quarrymen's
Association. "This is larger than the total for all of last
year," says Thomas J. Vernia, President of the association.
"It exceeds any 12 month period in history. Moreover, the
barometer points to continued broad-scale activity during the
final quarter of this year. A building total of more than
$650,000,000 for the whole nation was attained in September, based on preliminary reports from several hundred
cities and towns. This far exceeded the same period of a
year ago. Plans are going forward for a heavy winter construction program in virtually all districts. There is every
reason to believe that building, the atlas of industries, will
continue at practically the same high level for at least another
year, and that a period of sustained prosperity is almost
inevitable." It is added:
Industrial expansion has been accounting for a vast volume, which
has swollen the totals to a proportion that would appear to the uninformed
The expected seasonal
boom summer months will remedy, to a certain extent, the acute shortage
of plasterers, bricklayers and lathers, a condition which has been a source
of worry to contractors for the last three years. It is reported that contractors can now hire tradesmen in those crafts without having to pay
bonuses along with the minimum wage rates.
In former years Pacific coast cities were selected by itinerant building
tradesworkers as places with ideal climates to spend the winter months.
This year, according to reports from contractors, the travelling tradesmen
are headed toward Florida where plenty of employment is assured by the
building boom in its principal cities.
Chicago continues to keep abreast of its former building records, the
valuation of premits issued in September being larger than those issued in
the same month last year. Leaders of practically all trades report their
entire memberships are fully employed. They report also that in the last
three years the membership of the building trades has about doubled. The
wage fixed last spring remains in effect. It ranges from $1.37% to $1.50
an hour for skilled workers, with the building laborers receiving 873i cents
an hour.
Contractors in practically all cities in Florida are rushing their Jobs so
that the work will be completed before January 1. This is especially true
of hotel construction which is being erected to accommodate winter tourists
who begin to arrive at Florida resorts in the latter part of December and the
first part of January. Contractors are working their employees nine and
ten hours a day. The pay scale there ranges from $12 to $15 a day for
skilled building workers with time and a half being paid after eight hours
work. While there is plenty of construction now in progress the contractors
report they have but little trouble in hiring sufficient help.
An attempt of the National Board for Jurisdictional Awards to settle the
interunion dispute between plasterers and bricklayers at its recent meeting
In Washington fell through when the representatives of the bricklayers
failed to appear before the board.
Negotiations between the international officials of the bricklayers and
plasterers and the contractors involved, however, are now under way which
may bring a successful termination to the dispute within the next ten days.
In Boston contractors have succeeded in signing new wage agreements
with the building trades on a scale which is slightly lower than those paid
in most eastern cities. The Boston scale was signed after several months'
negotiations which also entailed a strike of building workers. It is reported
there is sufficient construction in progress to keep both the skilled and
unskilled workers there busy for the fall season. No shortage of mechanics
is reported.
Fall construction in Washington is reported to be progressing at a healthy
rate with no labor trouble to mar the city's building program. The labor
.
supply at Washington is said to be sufficient to meet the building demands
The dispute between the painters and employers was ironed out after the
involve other trades.
controversy threatened to
High wage scales prevalent in St. Louis are said to be hampering the
building program in that city. Painters there are paid $1.75 an hour along
with electricians, plasterers, plumbers, brieklayers and other trades.
Reports from the Mound City indicate that many building workers have
.
left there to seek employment in other cities.
work for the fall season with
Contraors in Pittsburgh reliert plenty
ct
an ample labor supply to meet demands. Similar conditions are reported
In Cincinnati.
Ocr. 10 1925.]
THE CHRONICLE
1737
In Cleveland, construction is restricted at this time to small residences
and apartment houses. Considerable employment is being afforded building workers by the sub-work which is being done in connection with the
railroad subway. Labor officials there report but little unemployment
among the workers.
There was a slight decline in employment in the building industry at
Memphis, New Orleans, Birmingham, Houston, Galveston and El Paso.
In these cities, however, construction can be done on a year around basis
and reports from those cities indicate that contractors expect to resume
building activities on or about the middle of October.
Los Angeles and San Francisco are maintaining a well-balanced employment keel. The dispute between the bricklayers and plasterers tied up
several jobs in Los Angeles but the local trades council there settled the
dispute in a local way. It is reported that in both cities there is sufficient
building in progress to keep the building workers busy until the latter part
of December. In former years also the usual let-up in building on the
Pacific coast occurred about the latter part of December with activities
starting again the latter part of February or the first of March. Portland
reports a building program of sufficient volume to supply its resident
building workers with employment during the fall months.
Seattle makes a timilar report. Milwaukee's fall building program is
continuing to maintain a fast pace. Contractors there claim that they
can use some skilled mechanics and a number of metal tradesmen. Detroit's
building program consists largely of small home construction but the building workers there are all reported to be employed.
in the Bureau's report, and under date of Oct. 7 makes the
following announcement as to the changes:
Real Estate Market Index in August Declines Twentyseven Points
-Reduction of Interest Rates on
Farm Mortgages Expected To Stimulate Farm
Movement.
Real estate activity for August showed a decided decline
from the pronouncedly high July showing, according to the
index of market activity compiled monthly by the National
Association of Real Estate Boards. The computation is
based on official records of the total number of transfers
and conveyances recorded in 41 typical cities. The index
for August read 151. The index for July reached 178, the
highest figure recorded for the month of July during the 9%
years covered by the association's records, and the highest
point reached for any month of the present year. The real
estate market as a whole is active but spotted,reports coming
to the association show. Some regions are experiencing very
high activity. Somewhat in contrast to the decline ir &bated
for the month in real estate market activity in August construction as indicated by the totals of construction contracts
reported to F. W. Dodge Corp. showed an increase of 11%
over the July volume, and totaled $589,690,200, the highest
total on record. The following further observations are
made:
Dun's Report of Mercantile Failures in September.
For the fifth consecutive month,the number of commercial
failures in the United States shows a decrease, the September
total being 1,465. This compares with 1,513 defaults in
August, 1,685 in July, 1745, in June and with this year's
maximum of 2,317 recorded in January. The reductionfrom
the latter figure is 36.8%. The number for September is less
than for all months since Sept. 1924, when there were 1,306
failures, and last month's liabilities of $30,687,319 are the
smallest reported to R. G. Dun & Co. in two years. The
decrease from the indebtedness for August of the current
year is more than 16%, while there is a failing off of approximately 43% from the high point for the year, reached last
January. Comparing with the $34,296,276 of Sept. 1924, a
reduction of about 10% appears. For nine months of the
present year, the number of defaults, 16,083, shows an increase of 5%% over the total for the corresponding period of
1924, but the $341,750,000 of liabilities disclose a decrease of
more than 20% from the amount for the earlier year.
Monthly and quarterly reports of business failures, showing number and liabilities, are contrasted below for the
periods mentioned:
Money for real estate investment continues to be plentiful, without any
inclination for rates to increase. The privilege of reducing the interest
rate on mortgages to farmers to 5% instead of 53%.recently granted to
the Federal Land Bank of St. Paul at a hearing before the Secretary of
the Treasury and the Federal Farm Loan Board, is cited by the association
as marking a decrease in the cost of money to farmers and as probably to
result in the further stimulation of the farm market, which has generally
shown increased activity.
Other land banks and other loaning institutions are expected to follow
the action taken in the case of the Federal Land Bank of St. Paul.
Number of farm sales and prices of farm lands in a number of sections
are reported increasing.
Confirming in general the indications as to building demand made by
the association's last semi-annual survey of general real estate conditions,
a study just published by the United States Bureau of Labor Statistics
from records of building permits issued in 130 identical cities for the period
1914-24 indicates that building construction in the country as a whole
has been so active in the last three years as to have made up for the slump
of the war years. Indeed, a comparison made• by the Bureau between
the index figure for the growth of population in the ten-year period and
the index figure for building construction indicates that building construction at the end of the year 1924 was about four-tenths of a year ahead of
current needs.
The study points out that while for the nation as a whole the amount of
construction is now no longer behind the population growth for the tenyear period, there are many cities where this is not true, and where more
than the normal amount of building construction will still be needed before
the supply is equal to the demand. The study, which covers both residential and non-residential construction, shows that over four times as
much money was spent for building construction in 1924 as was spent
In 1914.
Making proper allowance, however, for the effect of rising construction
cost, tvhich 2.07 times as great in 1924 as in 1914, the study finds that
in 1915 increase in construction just matched increase in population.
In 1916 it showed an excess of building operation over population of 10
points in the index number. In 1917, with the entry of the United States
into the World War and the consequent restriction of building, construction
showed 43 points below population demand. In 1916 it was 73 points
below the new population requirement normal to the year. The three
years 1919. 1920 and 1921 each showed less construction than would care
normally Tor the population increase of that year. The year 1922, however, began a construction movement far in excess of the norm, and the
movement increased in volume in 1923 and again in 1924.
The close of 1923 showed the aggregate of construction for the period
still 27 points in index below the index for the aggregate of population
increase, approximately a quarter of a year behind.
Somewhere in the year 1924 the two indexes found their balance, the
Bureau estimates.
Food Prices by Cities-Increase During August
September.
The U. S. Department of Labor, through the Bureau of
' Labor Statistics, has completed the compilations showing
changes in the retail cost of food in 24 of the 51 cities included
Retail
During the month from Aug. 15 to Sept. 15 1925 19 of the 24 cities
showed decreases as follows: Charleston, Cleveland, Indianapolis, Manchester, Milwaukee, Mobile, Pittsburgh and Rochester, 2%; Baltimore,
Bridgeport, Jacksonville, Memphis, Norfolk, Providence, Richmond and
Scranton, 1%;and Dallas, Fall River and New York, less than five-tenths
of 1%. Five cities increased as follows: Louisville and Minneapolis, 1%,
and Atlanta, New Haven and St. Louis, less than five-tenths of 1%.
For the year period, Sept. 15 1924 to Sept. 15 1925. all of the 24 cities
showed increases as follows: Atlanta, 13%; Louisville, 12%; Jacksonville,
Minneapolis, Norfolk and St. Louis. 11%; Memphis and Scranton, 10%;
Bridgeport and New York,9%; Baltimore, Charleston, S. C., New Haven,
Richmond and Rochester.8%; Cleveland, Fall River, Indianapolis, Mobile
and Pittsburgh, 7%; Providence, 6%; Dallas. 5%; Manchester, 4%, and
Milwaukee, 3%.
As compared with the average cost in the year 1913, the retail cost of
food on Sept. 15 1925 was 67% higher in Richmond, 65% in Baltimore.
64% in Scranton, 63% in Atlanta, 62% in New York and St. Louis. 61%
in Providence, 60% in Charleston, S. C.. 59% in New Haven. 58% in
Cleveland and Pittsburgh, 57% in Fall River and Minneapolis, 56% in
Dallas, Jacksonville and Louisville, 55% in Milwaukee. 54% in Manchester, 53% in Indianapolis, and 52% in Memphis. Prices were not obtained
from Bridgeport. Mobile, Norfolk and Rochester in 1913. hence no com-year period can be given for those cities.
parison for the 12
-Number- Mabilittes.
Number- Liabilides.
1924.
1924. 1923. 1922.
1925.
1925. 1924. 1923.
1,306 1,226 $30,687,319 Dec ____2,040 1,841 1,814 545,279,281
Sept__ _ _1,465
August_1,513 1,520 1,319 37,158,861 Nov ____1,653 1.704 1,737 31,123,910
July____1,685 1,615 1,231 34,505,191 October_1,696 1,673 1,707 36,098,804
3d quar..4,663 4,441 3,776 $102,351,371 4thquar_5,389 5,218 5,259 $112,501.995
....1,306 1,226 1,566 834,296.276
Sept_- __1,520 1,319 1,714 55,153,981
August
June____1,745 1.607 1,358 $36,701,496 July __1,615 1,231 1,753 36,813,238
May___1,767 1,816 1,530 37,026,552
April ___1,939 1,707 1,520 37,188,622 3d quar.4,441 3,776 5,033 5126,263.495
June ..l.607 1,358 1,740 $34,099,031
36,590,905
2d quar_5,451 5,130 4,408 $110,916,670 May ..1,816 1,530 1,960 48,904.452
April ___1,707 1,520 2,167
26 quar_5,130 4,408 5,887 $119.594,388
March _1,859 1,817 1,682 534,004,731 March__1,817 1,682 2,463 597,651,026
February1,793 1,730 1,508 40,123,017 February1,730 1,508 2,331 35,942,037
January_2,317 2,108 2,120 54,354,032 January_2,108 2,126 2,723 51,272,508
Istquar_5,969 5,655 5,316 8128,481.780 Istquar.5,655 5,316 7,517 5184,865,571
Loading of Railroad Revenue Freight Continues Heavy.
Loading of revenue freight for this season of the year continues to be well in excess of any corresponding period on
record, according to reports filed by the carriers with the
Car Service Division of the American Railway Association.
The total for the week of Sept. 26 was 1,120,645 cars, the
second highest week's loading this year, being only 3,791
cars behind the week of Aug. 29, this year, which marked
the peak loading so far this year and also the high record for
all time. This makes the tenth consecutive week that
freight loadings have exceeded the million car mark. Further
details are given as follows:
Compared with the previous week this year, the total for the week of
Sept. 26 was an increase of 22,217 oars, increases being reported in the total
loading of all commodities except ore. It also was an increase of 32,691
cars over the corresponding week in 1924 and 23,152 cars over the same
period in 1923, and exceeds by a wide margin the corresponding weeks in
1920, 1921 and 1922.
Miscellaneous freight loading totaled 440,189 cars, an Increase of 11,722
cars over the week before and 35,194 cars over the same week last year.
It also was an increase of 46,554 cars over the same week two years ago.
Loading of merchandise and less than carload lot freight amounted to
270,343 cars, an increase of 1,485 cars over the week before and 11,875
cars over the same week last year. Compared with the corresponding
week two years ago, it also was an increase of 17,123 cars.
Coal loading totaled 178,463 cars, an increase of 6,862 cars over the week
before but 15.737 cars under the same week last year. Compared with the
same week in 1923. it also was a decrease of 22,492 cars.
Grain and grain products loading amounted to 55,199 cars, 1,158 cars
above the week before but 14,111 cars under the same week last year. It
was, however, an Increase of 4.314 cars above the same 'week in 1923.
In the western districts alone, grain and grain products loading totaled
37,708 cars, a decrease of 13,419 cars under the corresponding week last year.
1738
THE CHRONICLE
Livestock loading for the week amounted to 36.805 cars, an increase of
3,319 cars over the week before and 45 cars above the corresponding week
last year. It was, however, a decrease of 4.296 cars under two years ago.
In the western districts alone, 28,493 cars were loaded with live stock
during the week, 334 cars above the same week last year.
Coke loading totaled 11,772 cars, an increase of 291 cars above the
preceding week and 2.381 cars above the corresponding period in 1924.
Compared with the same period in 1923, it was a decrease of 1,164 cars.
Forest products loading totaled 72,100 cars, 1,700 cars above the week
before and 3,446 cars above the same week last year. It was, however, a
decrease of 3,397 cars below the same week two years ago.
Ore loading totaled 55,774 cars, a decrease of 4,320 cars below the preceding week but 9.598 cars above the corresponding week last year. It was,
however, a decrease of 13,490 cars under the same period two years ago.
Compared with the preceding week this year. all districts reported increases in the total loading of all commodities except the Southwestern.
All districts reported increases over the corresponding week last year except
the Eastern and Central-Western, while all districts except the Eastern,
Allegheny and Northwestern reported increases over the corresponding
week in 1923.
Loading of revenue freight this year compared with the two previous
years follows:
1923.
1925.
1924.
Five weeks in January
4,239,379
4,294,270
4.450.993
Four weeks in February
3,414.809
3,619,326
3,631.819
Four weeks in March
3.662.552
3,661.922
3.694.916
Four weeks in April
3,764.266
3.498,230
3,721,662
Five weeks in May
4,876.893
4.473,729
4.854,720
Four weeks in June
4,047.603
3,625,182
3.956.011
Four weeks in July
3,940.735
3,887,834
3,524,909
Five weeks in August
5,209,219
5,364,010
4,843,997
Four weeks in September
4,147,783
4347,885
4,297,453
Total
37.846.925
35,701,943
37.303,239
Crude Oil Output Shows Continued Decline.
The weekly advance summary issued by the American
Petroleum Institute states that the production of crude oil
in the United States continued to decline. The Institute
estimates that the daily average gross crude oil production in
the Smackover heavy oil field was 172,100 barrels, a decrease
of 2,300 barrels for the week ended Oct.3. The daily average
production in the United States for the week ended Oct. 3
was 2,096,250 barrels as compared with 2,107,400 barrels
for the preceding week, a decrease of 11,150 barrels. The
daily average production in the United States excluding
Smackover heavy, decreased 8,8.50 barrels. The daily
average production east of California was 1,443,250 barrels,
as compared with 1,454,400 barrels, a decrease of 11,150
barrels.
California production was 653,000 barrels, no change.
Santa Fe Springs is reported at 55,000 barrels as compared
with 54,000 barrels; Long Beach, 106,000 barrels, no change;
Huntington Beach, 44,000 barrels, no change; Torrance,
33,500 barrels, as compared with 34,000 barrels; Dominguez,
28,500 barrels, no change; Rosecrans, 22,000 barrels, as
compared with 23,000 barrels; Inglewood, 87,500 barrels
as compared with 90,000 barrels; Midway-Sunset, 102,500
barrels, as compared with 100,500 barrels.
The estimated daily average gross production of the MidContinent field including Oklahoma, Kansas, North, East
Central and West Central Texas, North Louisiana and
Arkansas, for the week ended Oct. 3 was 1,093,550 barrels,
as compared with 1,098,100 barrels for the preceding week, a
decrease of 4,550 barrels. The Mid-Continent productions
excluding Smackover, Arkansas, heavy oil, was 921,450
barrels, against 923,700 barrels, a decrease of 2,250 barrels.
The following are estimates of daily average gross production for the weeks indicated:
DAILY AVERAGE PRODUCTION.
(In barrels)Oct.3'25. Sept. 26'25. Sept. 19'25. Oct. 4'24.
Oklahoma
493,950527,850
488.550
489.850
Kansas
84.600
111,500
111.300
111.050
North Texas
72,850
77,230
76.600
76.150
East Central Texas
127,800
87,700
86,900
86.250
West Central Texas74,600
49.500
74.950
74,650
North Louisiana
52.550
47.800
47.600
47,750
Arkansas
130,250
218,800
212,350
208,050
Gulf Coast
95,050
90.450
89.850
93,950
Southwest Texas
48,950
45,450
45,150
45,050
Eastern
108,000
107,500
107,000
106,000
Wyoming
95.950
87.800
84,950
87,250
Montana
11.300
15.050
14,950
16,150
Colorado
• 1.350
3,800
3,900
4,000
New Mexico
650
4,000
3,800
4,000
California
608.400
661,000
653,000
653.000
[VoL 121.
Forty-three per cent of the lumber shipments moved by water. This
amounted to 46,401,158 feet, of which 36,184,271 feet moved coastwise
and intercoastal, and 10,216,887 feet export. Rail shipments totaled 1,877
can.
Local auto and team deliveries totaled 5,974.019 feet.
Unfilled domestic cargo orders totaled 122,032.775 feet. Unfilled export
orders, 92,543,719 feet. Unfilled rail trade orders. 4,163 cars.
In the first thirty-nine weeks of the year, production reported to West
Coast Lumbermen's Association has been 3,898,176.343 feet, new business
4,036,228,675 feet, and shipments 4,075,259,450 feet.
Weekly Lumber Production Remains About the Same.
According to reports received by the National Lumber
Manufacturers Association from 352 of the larger softwood
mills of the country, for the week ended Oct. 3, production
was about the same, while some decrease in shipments and
new business was indicated, in comparison with reports
received the previous week. Slight increases in all three items
were noted when compared with reports received covering
the same period a year ago.
The unfilled orders of 233 Southern Pine and West Coast
mills at the end of last week amounted to 583,694,972 ft.
as against 611,921,662 ft. for 239 mills the previous week.
The 132 identical Southern Pine mills in the group showed
unfilled orders of 266,094,592 ft. last week as against 272,455,168 ft. for the week before. For the 101 West Coast
Mills the unfilled orders were 317,600,380 ft. as against
339,466,494 ft. for 107 mills a week earlier.
Altogether the 352 comparably reporting mills had shipments 100% and orders 92% of actual production. For the
Southern Pine mills these percentages were respectively 105
and 96; and for the West Coast mills 101 and 95.
Of the reporting mills, the 348 with an established normal
production for the week of 217,183,105 ft. gave actual
production 106%, shipments 105% and orders 99% thereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
Past
Week.
Mills
Production
Shipments
Orders (new business)
352
234,787,027
233,761,304
217,124,526
Corresponding Preceding Week
Week 1924. 1925 (Revised).
353
354
230.114.433
234,622.962
228,000,867
246,388,043
200,623.057
228.463,502
The following revised figures compare the lumber movement of the seven associations for the first forty weeks of
1925 with the same period of 1924:
1925
1924
1925 increase
Production.
Shipments.
Orders.
9,600.864,685 9.526,650,315 9,345,697,026
9,209,039.776 9,160.631.550 8.873,009.859
391,824,909
366,018,765
472,687.167
The mills of the California White & 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. Eight of these mills reported
a cut of 12,953,000 ft., shipments 12,025,000 ft., and orders
11,457,000 ft. The reported cut represents 30% of the total
of the California Pine region.
The Southern Cypress Manufacturers Association of New
Orleans, (also omitted from above tables) for the week
ending Sept. 30, reported from 15 mills a production of
5,818,746 ft., shipments 5,900,000 ft., and orders 6,700,000
ft. With one less mill reporting, this Association indicated
production, shipments and new business about the same as
reported for the week before.
The World Cotton Outlook.
Forecasts of cotton production in foreign countries received to date indicate some increase for this year as compared
with last, says the United States Department of Agriculture
and then presents the following elaborate summary and
review:
Latest forecasts of production in Egypt, Russia, Chosen, Lower California and the Laguna district of Mexico total 2.886.000 bales, compared
Total
2.096,250 2,107.400 2,131,600 2.010,450 with an estimate of 2,301,000 bales produced last year. Adding the forecasts of production in the United States as of Oct. 1, the total of latest
forecasts amounts to 17,645,000 bales as compared with estimated proWeekly Lumber Review of West Coast Lumbermen's duction of 15,929,000 bales in the same countries last year. These
countries
produced about 64% of the world's crop last year.
Association.
The world production of cotton has been increasing steadily since 1921
One hundred and seven mills reporting to West Coast but is not yet equal to the pre-war production. The total
world crop of
Lumbermen's Association for the week ended Sept. 26 1924-25 is estimated to be about 24,700,000 bales, as compared with
15.300,000 bales in 1921-22. The Department of Commerce estimates
manufactured 100,819,573 feet of lumber; sold 107,100,908 the
world commercial crop at 23,377,000 bales, as compared with 15,300,000
feet, and shipped 108,685,177 feet. New business was 6% in 1921-22 and 24.900.000 bales in 1914-15.
Cotton mill consumption made a record last year. It is estimated that
above production. Shipments were 13i% above new busitotal consumption of all kinds of cotton amounted to 23.177,000 bales, as
ness.
compared,with 20,234,000 bales in the previous year, according to the
Forty-five per cent of all new business taken during the week was for International Federation of Master Cotton Spinners and
Manufacturers
future water delivery. This amounted to 47.726.889 feet, of which Associations. Mill consumption, however, did not increase quite
as
32,407,516 feet was for domestic cargo delivery and 15,319.373 feet export. much as production, and stocks at the end of the year were reported
to
New business by rail amounted to 1.780 cars.
be greater than at the beginning of the year.
OCT. 10 1925.]
THE CHRONICLE
1739
111111111111.8.
4.,C
40,t•-0000 clet.3
tiC!..14,
ViCINNN
I I
I I I
South American countries have also shown a tendency to increase proMill stocks of all kinds of cotton are reported to have increased from
3,574,000 bales on Aug. 1 1924 to 4,264,00 on Aug. 1 1925. This last duction in recent years, but as in the case of the British Empire, countries
figure is, however, still far below stocks at the beginning of the year 1922-23, outside of India, the total production is still a minor factor in the total
supply.
which were estimated to be 5,068.000 bales.
The Trend of Cotton Prices.
A survey of world market conditions for cotton indicates that present
prospects for marketing the crop of 1925 are relatively good. Economic
In ten designated domestic spot markets the average price for middling
conditions in Europe generally have improved in the past year. The result spot cotton of the 1924 United States crop was subjected to fewer extreme
has been an increase of 42% in the exports of American cotton. The price movements than have occurred during other post-war seasons. At the
improved economic conditions in Europe and small carryover of American beginning of the season the price worked down from 29.36 cents in August
cotton are strengthening factors in the outlook. On the other hand, to 20.89 cents in September. The season averaged 24.22 cents, against
present indications point to a somewhat larger supply of cotton as a result 30.14 cents for 1923-24. Aside from the fluctuations in the early part of
both of a larger production and some increase in the carryover ffom last year. the season, the prices moved within a comparatively narrow range near the
Detailed statistics will be published in "Foreign Crops and Markets," average.
Oct. 12.
The grade of the 1924 crop was quite high, with no excessive quantities
The Cotton Production Outlook.
of either very high or low grades, although the staple was not as good RS
The first official forecast of the coming crop in Egypt is equivalent to that of the preceding season. The 1925 crop began to move in heavy
1.507,000 bales of 478 pounds against an estimate of 1,471.000 bales volume unusually early, both the August and September ginnings being
reported by the International Institute of Agriculture for last year. Of comparatively large. In addition to the earlier maturity of the crop.
this year's crop the Sakel harvest is expected to approximate 738,000 excessive drought and high temperatures have caused cotton to open veer
bales, against the 505,000 bales reported in the preliminary estimate for rapidly, with the result that much opened and unpicked cotton has been
last year. Weather conditions as, reported so far have been generally subjected to rains, which will tend to materially lower the grade. The
favorable to the growing crop. On the other hand, cooler weather has situation is one which will be closely watched, particularly by countries
been reported for lower Egypt and Sakel is still somewhat backward. consuming the coarser grades of cotton. Some mills are equipped to handle
In upper Egypt picking results indicate a large crop. The Russian c.'op, low-grade staple from the source quoting the most satisfactory price.
The cotton year 1924-25 closed with prices at Liverpool on standard
according to reports to the Internationl Institute of Agriculture, is forecast at 1.010,000 bales of 478 pounds net, against an earlier forecast for grades of American cotton considerably lower than for July 1924. Fully
Good No. 1 Oomras is outstanding in showling little or no variation in the
this year of 755,000 bales and an estimate of 453,000 bales last year.
Less definite reports are available for China. Chosen, and Brazil. In July prices for three years. Good Egyptian offers, however, showed a
China reports from the Hankow consular district indicate normal yields decline below the July 1924 figure of about 2 cents per pound,and American
but poor quality. In the Tientsin consular district good yields and better middling about 3 cents. The monthly average American price in Liverpool
quality than last year are expected. Those districts last year produced was below the 1923-24 level all last year. Egyptian cotton, on the other
roughly between a quarter and a third of the reported crop of China. In hand, was higher than last season, until May, when it fell below.
the Shanghai consular district (covering all of the Province of Chekiang
Review of the 1924-25 Cotton Situation.
and part of Kiangsu, which is the most important cotton-producing Province
The 1924-25 season opened with low reserves, but a large production
in China) cotton is believed to be in better condition than at this time
year. The total
last year and acreage has been increased. The Chosen cotton crop is brought the world supply well above that of the preceding
of Agrireported by the International Institute of Agriculture at 136,800 bales of world crop as indicated by reports received by the Department
as compared with
478 pounds, which represents a 31.1% increase over the 121,000 bales culture amounted to 24.700,000 bales of 478 pounds
reported for 1924-25. In Brazil the latest available information indicates 19.590,000 bales in the year 1923-24. The world's commercial production.
according to a preliminary estimate of the Department of Commerce. WSS
generally insufficient rains in both cotton-growing areas.
Although it is too early for the official estimates of the total Indian 23.377,000 bales of 478 pounds net compared with 18,969.000 bales for
production, the preliminary estimate for the acreage of the crop seeded 1923-24. While consumption during the year. according to private estiup to Aug. 1, shows an increase of 27% over last year. This, however, mates, is the largest on record, stocks at the close of the year were larger
does not necessarily indicate a material increase in the total area. Ac- than at the beginning, the total visible supply and mill stocks, as compiled
cording to a cable of Oct. 2 from the International Institute of Agriculture, from private, being 6,591.000 bales at the first of August 1925. as compared
with 5,750,000 bales at the first of August 1924. Carryover in the United
rain in the Indian cotton districts was "nearly general."
States is placed by the Bureau of the Census at 1.610,455 bales on Aug. 1
The Trend of World Cotton Production.
1925 as compared with 1,555.514 on Aug. 1 1924.
The world production of cotton which had been increasing steadily ever
World mill consumption of all growths increased from 20,234,000 bales
a long period of years first reached the equivalent of 25.000.000 bales of for the year ending July 31 1924 to 23,177,000 bales for the year ending
478 pounds net in 1911. In the season 1914-15 more than 28.600,000 July 31 1925, according to the International Federation of Master Cotton
bales were produced. The decreased deman in Europe as a result of war Spinners' & Manufacturers' Associations. Figures compiled by the Fedconditions in that year resulted in the accumulation of record stocks in eration are incomplete for pre-war years, but statistics from other sources
producing countries, particularly in the United States. Even with a indicate that this is the largest consumption on record. A table showing
decrease of 8,000,000 bales in the world crop the following year, prices mill consumption of cotton according to country of origin Is given on page 3.
remained low and there was a further decrease of 1.000,000 bales in the
World mill consumption of American cotton during the year has been
next year. Relatively low prices caused by the disorganization of European greater than for the preceding four years, but is not yet up to the 1913
industry and transportation difficulties, and the ravages of the bolllweevil volume. The rate of consumption of Indian cotton has been practically
In the United States combined to keep world production for several years stationary for the past three years. Aside from the increase in consumpat a level approximately that of the ten years before 1911. The lowest tion of American cotton, the most noticeable feature of world consumption
world production came in 1921-22. Since that year there has been a rapid during the past year has been that only 18,000 more bales of Indian cotton
increase until it reached 24.70,000 bales in the season 1924-25.
were used than in 1923-24, while production in that country was 737.000
In the United States production reached its highest point in 1914-15 bales more. Consumption of Egyptian cotton fell off 55.000 bales during
With a crop of 16,000,000 bales. In the following year the production the past year, in spite of a crop in that country from 100.000 to 150,000
declined to 11.000.000 bales, remaining near this point until 1920-21, when bales above that of the year before. Consumption of cotton from other
it rose to 13,400,000 bales, only to fall again to 7,900,000 bales in the sources, however, increased during the past year.
following year. Since that season the increase has again been steady. In
The following comparisons indicate that foreign mill stocks have shown
Egypt cotton production has been fairly constant for about thirty years, considerable increase during the year as compared with visible supply:
the crops were much larger than at any
although in the five years 1911-14
COTTON—WORLD VISIBLE SUPPLY, FOREIGN STOCKS AND CONother period, reaching the equivalent of 1.588,000 bales of 478 pounds in
SUMPTION OF AMERICAN COTTON AND EXPORTS FROM THE
1913-14. Egyptian production also dropped in war years, but since 1921 it
UNITED STATES.
has again shown an upward trend. The crop in India was less affected by
the war than that in the other leading cotton-producing countries, but it
Exports from
Foreign
Foreign
World's
has increased steadily since 1920 to the largest crop on record in 1924-25.
the United
Mill
Mitt
Visible
States.c
Consumptionb
Stocks.b
Supply.a
Year Ending
COTTON—WORLD PRODUCTION AND PRODUCTION rx PRINCIPAL
COUNTRIES.
Bales.
Bales.
Bales.
Bales.
8,005,248
(Bales equivalent of 475 pounds net.)
6,709,196
1,004,929
July 31 1925
1,119,000
5,655,858
5,180,113
598,800
932,000
July 31 1924
Total Crop Produced in—
World Croy.
2.349.392
1.529 083
am 129
Is, non
inermAR
Total
Year.a
a See f gures above 4. b World's mill stocks from International Federation of
Commercial United
Crop
Manufacturers' Associat ons less United States stocks
Master Cotton
States.
Croy.d
India.
Egypt. Brazil. as compiled bySpinners' and of the Census. c Bureau of Foreign and Domestic
Produced.
the Bureau
Commerce.
15,693,000 2,730,000 1,530,000 360,000
13,703,000 3,702.000 1,554,000 418.000
Cotton growers in the important cotton-producing countries are now
14,156,000 4,239,000 1,588,000 477,000 enjoying an advantage over producers of other commodities as far as
16,135,000 1,359.000 1,337,000 465,000
available. The American cotton grower
11,192,000 3.128,000
989,000 339,000 can be determined by statistics
11,450,000 3,759,000 1,048,000 337,000 has enjoyed a relative advantage over most growers of other agricultural
19,875,000 18,140,C00 11,302.000 3,393,C00 1,3(4,000 114,000 commodities since 1921. The following table shows the combined farm
999,000 166.000 price in the United States of cotton and cottonseed weighted according
20,613,000 18.755,000 12,041,000 3,328,000
21,384,000 20,220,000 11,421,000 4.853.000 1,155.000 461,000
percentage of the average for the period August
20,875,000 19,665,000 13,440,000 3,013,000 1,251,000 476,000 to value and expressed as a
902,000 504.00C 1909 to July 1914, compared with a similar index of farm prices of thirty
15,330,000 15,334,000 7,954,000 3,753,000
19.170.000 17.959,000 9,762,000 4,247,000 1,391,000 553,000 commodities:
Thirty Farm
Cotton and
19,590,000 18.969.00(1 40.140.000 4,332,000 1,353,000 576.000
Products,
Cottonseed.
24,700,000 b23,377,000 13,828,000 5,069.000 1,471,000 605,000
Year
116
cl.507 000
101
1921
124
156
Department of Commerce, Bureau of the 1922
Commercial production supplied by the
135
216
Census. Other figures comp' ed by the United States Department of Ag 'culture 1923
134
211
from figures received from ofncial sources and the International Institute of Agri- 1924
148
188
1925 July only
culture for the principal producing countries and most of the minor producing areas.
a Data for crop year as given are for crops harvested between about Aug. 1 and
A similar situation exists in Egypt, the average price of good fair Sakel
July 31 of the following year. This applies to the northern and southern hemi- at Alexandria for 1924 being 221% of the average for Jan. 1 1913 to July 31
spheres. For the United States prior to 1914-15 the figures apply to the year
1914 as compared with a wholesale index of 141 for other commodities.
beginning Sept. 1.
b Preliminary.
mostly agricultural. In India for July 1925 the wholesale price of raw
C First official estimate.
cotton at Calcutta was 215% of the price in July 1914, as compared with
d Estimated by the Bureau of the Census.
135% for cereals and 180% for miscellaneous food articles.
In the British Empire, excluding India, according to figures compiled
A survey of world market conditions for cotton indicates that conditions
by the British Cotton Growing Corporation, total production has increased affecting the demand for the crop of 1925 are relatively good. With a
over 40% each year since 1921-22. Total production for the British cotton crop in 1924 equal to the average of the five years just preceding
Empire,excluding India in 1924-25, however,was only 293.000 bales of 478 the world war, the weighted average farm price was 22.9 cents as compared
pounds, or less than the production in the State of Tennessee and only with 12.3 cents in the five pre-war years. Even allowing for a dll'ferenee
about 1% of the world's production. The most notable increase for any in the general price level this represents an advance over the average presingle colony for the coming year is expected In the Sudan as a result of war price. Part of this increase, however, goes to cover an increased cost,
opening of the Makwar dam. The area for the coming crop in Uganda. owing to weevils, poorer yields and higher labor costs. With larger
the biggest cotton producer in the Empire aside from India, Is reported supplies of cotton last year than in any of the three preceding years mill
activity was greatly stimulated, particularly in Europe and there seems to
to be about the same as last year.
I
1740
THE CFIRONTCLE
have been a good market for finished cotton goods. Stocks of cotton in
European markets are somewhat heavier than a year ago, but are not abnormally large. Economic conditions generally have shown distinct
Improvement in the past year. The market situation as affecting the price
of American cotton may bo summarized as follows: (a) Strengthening
factors; improved economic conditions in Europe and a small carryover
in the United States. (b) Depressing factors; a relatively large crop in ths
United States following another large crop: slightly larger European stocks.
The resultant of these factors will determine the world price of American
cotton for the coming year.
Steel Orders Increase Somewhat-Prices Steady-Pig
Iron Slow.
Steel companies in the Pittsburgh district report some
further increase in orders in the past week, and as mill
schedules are keeping pace with demand the industry is
now close to an 80% operation, declares the "Iron Age" in
its Oct. 8 weekly review of market conditions. At Chicago
rail buying and inquiry are now to the front. The week's
orders are put at 100,000 tons. Pending inquiry calls for
200,000 tons more, and 250,000 tons are expected to come
out in the next few weeks. Track fastening requirements
will add 75,000 tons, adds the "Age," continuing:
[vol. 121.
according to the summary of market conditions issued by the
"Review," which then goes on to say:
These marks of greater strength, however, are offset by now weakness
in other directions illustrating the unbalanced condition of the market
due largely to the lack of comparable railroad tonnage. Youngstown mills
this week sold some thousands of tons of sheet bars under last quarter
contracts at $33 50. Plates in the East are lower at 1.70c. to 1.75c..
Pittsburgh. Cold-finished steel has softened. Black sheets are weak.
Mill bookings with certain exceptions are gaining but producers are
inclined to be conservative in putting on additional capacity. Merchant
bars stand out with mills filled generally 30 to 45 days and at Chicago
some equipment is engaged to the year-end. Mahoning Valley sheet
mills are running at 94%, the best this year.
Complete figures of pig iron production for September show a gain of
4% over August on an average daily basis making a total increase over the
low point in July of 5.6%. The September gross output was 2,725.885
tons. In September the country made iron at the annual rate of 33,200,000
tons. Furnaces in blast during the month increased by 8 to 200 in all.
This represents 51.7% of the total number of furnaces in the country.
Railroad buying looks better now that rail orders for 1926 delivery are
crystallizing. The Louisville & Nashville has placed 68,250 tons and
the Illinois Central 60,000 tons. Other Southern roads are credited with
closing on 40,000 tons. Chicago expects 200,000 to 250,000 tons of rails
and 100,000 to 125,000 tons of track fastenings to be placed soon. The
equipment market shows some fair items though buying manifestly is
under restraint. The Louisville & Nashville added 1.000 gondolas to its
recent purchase and the Baltimore & Ohio 500 cars. The Montour bought
500 gondolas. The Now York Central has a new inquiry out for 3,000
box cars.
Approach of the less favorable season for building operations appears to
have greatly stimulated the placing of work under contract, as reflected
by the week's high total of structural steel awards. This reached 55,920
tons, the largest week since March. Now York has 50,000 tons of additional
subway work for this year and 100,000 tons for next year in sight. Total
awards of all kinds in metropolitan area this year roach 450,000 tons.
Chicago, where bookings now are 20% ahead of last year. has 50,000 tons
pending. September was the record month of the year in tonnage booked
by shape mills.
•
Forward buying of pig iron is on the increase as buyers' needs grow and
prices show more buoyancy. Cleveland reports sales of 45,000 tons, ono
half for next year. Sellers usually want 50 cents higher on deliveries after
Jan. 1 but they do not always obtain it. Tennessee iron has been advanced
to $19. Silveries and Bessemer ferrosilicon are up another 50 cents. Automobile companies have substantially increased fourth quarter orders. A
Cleveland merchant interest shipped more iron in September than any
month in history while at Chicago the tonnage moved last month was the
heaviest since August 1920.
The "Iron Trade Review" composite of 14 leading iron and steel products
shows another practically stationary week, standing at $37 43 against
537 42 last week and $38 65 one year ago.
While current demand, which comes from diversified industries, continues
to be for actual business which manufacturing buyers have in sight, more
mills are reporting, particularly in the Central West, that their bookings
are running ahead of shipments, and this condition promises to last for
several weeks in the heavier products.
Irregularity in prices persists, and it is still true, as it was in August and
September, that steel manufacturers are rather striving, with varying
success, to maintain the present level than to secure advances. Something
is heard, particularly from bar mills, of orders that will support present
schedules for a number of weeks, but there is no such drawing out of delivery
periods as commonly leads to an advance in prices.
The Illinois Central's rail order for 60,000 tons is the largest of the week.
On 175,000 tons for the New York Central bids will be opened Oct. 21.
The Pennsylvania RR. has Just specified on 16,000 tons of its 100.000
-ton
order for this year, and is not likely to buy for 1926 for some months.
Railroad equipment business gives more promise. The St. Louis
-San
Francisco is inquiring for 1,000 cars. the New York Central for 1,000 and
the Atlantic Coast Line for 500. The Louisville & Nashville has ordered
an additional 500 all-steel gondolas, making its total purchases of freight
cars within the past two weeks 1,750.
Since Oct. 1 two Steel Corp. and two Bethlehem furnaces have started
up and the corporation is expected to make some further additions to the
active list later in the month.
Structural steel lettings continue in heavy volume, indicating that
October tonnage may exceed that of September, which was the best month
Larger Output of Steel During September.
of the year. Awards of the week total 49,000 tons, of which 8,000 tons
was for the Savoy-Plaza Hotel, New York,
There was a further increase in steel production in Sepand 6,700 tons for a bridge at
Pittsburgh. A pending inquiry is for 25,000 to 30,000 tons for a new
tember. According to figures prepared by the American
office building in New York, designed to be the largest in the world.
Specifications for automobile steel have increased within tho week. Iron & Steel Institute, from companies which in 1924 proAlloy steels have led in this activity, one large mill being assured full duced 94.43% of the steel ingot output in that year, the
operation far into November.
Demand for wire products that has long dragged is better than in several production of steel in Sept. 1925 totaled 3,298,349 tons, of
months, Jobbers ordering more freely. But variations in nail prices have which 2,737,251 tons were open-hearth, 547,121 tons
not been eliminated.
Bessemer and 13,977 tons all other grades. The calculated
While the basis for sheet bar deliveries in the fourth quarter is not yet
all
settled, a Northern Ohio sheet mill has bought close to 3,500 tons for monthly production of- companies on this basis during
October at $33 50, Youngstown, as against $35 as the third quarter figure. Sept. 1925 was 3,492,904 tons as against 3,424,034 tons in
Inquiry for 10.000 to 20,000 tons, coming from a radiator company that August,
3,087,590 tons in July and 3,207,056 tons in June.
bought 40,000 tons in August, is the feature of the Eastern pig iron market.
There is also the reported purchase of 20,000 tons of Welsh pig iron by a In September of last year the calculated monthly production
Philadelphia cast iron pipe company, 10,000 tons of it to come in in October. was only 2,827,625 tons. The average daily production of
Generally pig iron markets are inactive. In the Chicago district foundries steel
during Sept. 1925 was 134,342 tons which compares
are increasing their melt slightly and another
blast furnace is blowing in
there. It does not appear that large buyers of pig iron in any district have with 131,694 tons in August, 118,753 tons in July, 123,348
paid the higher prices recently announced by furnace companies.
tons in June and with 133,010 tons in May. In Sept. 1925
Some 1,500 tons of heavy rails for Japan have Just been bought in Europe
the average daily production was 108,755 tons.
at a delivered price around $33. or about
$6 a ton under a low American
price. Japan has been for some time a diminishing figure in the American
sheet market, after buying 100.000 tons here in a single year. The starting Pig Iron Production in September Shows Substantial
of a new sheet mill at Kobe last month and the proposed higher tariff on
Gain.
foreign sheets will leave little of this trade for the United States.
The "Iron Age" composite price for finished steel remains at 2.403c.
11 et in
7
The increase in pig iron output whie- - - during August
per lb., but the pig iron composite advanced to $19 71 per gross ton from
continued in September with increasing momentum. The
$19 63 a week ago, as shown by the usual tables which are appended:
daily rate in September was 3,632 tons higher than in
Oct. 6 1925, Finished Steel, 2.403c. Per Lb.
4.2%. In
August or an increase of - - August the increase
Based on prices of steel bars, beams, tankOne week ago
----2.403c.
I
plates, plain wire, open-hearth rails, One month ago
2.396c. over July was 1,305 tons per day or 1.5%, declares
-the
black pipe and black sheets, constitut- One year ago
2.474c.
tag 88% of the United States output__ 10
-year pre-war average_ _ I.689c. "Iron Age" Oct. 8 in its monthly estimate. The production
Oct. 6 1925, Pig Iron, $19.71 Per Goss Ton.
of coke pig iron for the 30 days in September amounted to
Based on average of basic and foundry One week ago
$19.63 2,726,198 gross tons or 90,873 tons per day, as compared
irons, the basic being Valley quotation, One month ago
19.13
the foundry an average of Chicago, One year ago
19.46 with 2,704,476 tons or 87,241 tons per day for the 31 days
Philadelphia and Birmingham
-year pre-war average-- 15.72 in August. A year ago the daily rate was only 68,442
10
tons,
-1923-- -1924- -1925Finished steel.._. High 2.824c. Apr. 24 2.789c. Jan. 15 2.560c. Jan. 6 continues the "Age," adding:
Low 2.446c. Jan. 2 2.460c. Oct. 14 2.396e. Aug. 18
There was a not gain of 8 furnaces in September, 11 having been blown
Pig iron
High $30.86 Mar. 20 $22.88 Feb. 26 $22.50 Jan. 13
Low $20.17 Nov. 20 $19.21 'Nov. 3 $18.96 July 7 in and 3 blown out or banked. This brings the number active on Oct. 1
to 200, having an estimated daily capacity of 92,050 tons. This contrasts
As new tonnage from steel buyers has held up, in many with an estimated capacity of 88,250 tons per day for the 192furnaces active
extending shipments, producers are making more on Sept. 1. Of the 11 furnaces blown in 4 were Steel Corp. stacks and 4
cases
The
were those of
earnest efforts to lift prices which in certain products at were equally independent steel companies.Corp.,3 furnaces shut down
the independent steel
distributed between the Steel
least are pronounced as unremunerative, states the Oct. 8 companies and the merchant furnaces.
Ferromanganese production in September was 18.381 tons as compared
"Iron Trade Review." This week has brought out a
with
August. The September output
number of definite or tentative moves of this kind. Leading 5,16218,867 tons in August production 4,939 tons. of spiegeleisen was
tons with the
Pittsburgh and some independent producers have raised
Among the furnaces blown in during September were the following:
their quotations on structural shapes $2 per ton. Western G furnace of the Lackawanna plant of the Bethlehem Steel Corp. and
1 Susquehanna furnace in the Buffalo district in New York; a furnace at
rains are trying out the situation with advances in one or the Steelton plant of the Bethlehem Steel Corp. in the Lower Susquehanna
two minor products. There is talk of $5 additional on Valley; 1 Carrie and 2 Edgar Thomson furnaces of the Carnegie Steel Co.
and 1
automobile sheets for first quarter, of higher galvanized burgh Alliquippa furnace of the Jones & Laughlin Steel Corp. in the Pittsdistrict; the Claire furnace in the Shenango Valley; 1 Ohio furnace
sheet prices and of some early action in wire products, of the Carnegie Steel Co. in the Mahoning Valley: the Elelfent furnace in
THE CHRONICLE
OCT. 10 19251
plant of
southern Ohio, and No. 2 Mark furnace at the Indiana Harbor
the Youngstown Sheet & Tube Co. in Indiana.
were the
Among the furnaces blown out or banked during September
the Pittsburgh
followhag: 1 Carrie furnace of the Carnegie Steel Co. in
RR. Co. and
district; No. 2 Ensley furnace of the Tennessee Coal, Iron &
Alabama.
1 Pioneer furnace of the Republic Iron & Steel Co. in
-GROSS TONS.
TOTAL PIG IRON PRODUCTION BY MONTHS
1925.
1924.
1928.
3,370,836
3,018,890
3,229,004
January
3,214,143
3,074,757
2,994.187
February
3.564,247
3.466,086
3,523,868
March
3,258,958
3,233,428
3,549,736
April
2.930,807
2,615.110
3,867,694
May
2,673,457
2,026,221
3,676,445
June
19,011.948
17,434,492
20,841,534
Half year
2,664,024
1,784.899
3,678,334
July
2.704,476
1.887,145
3,449,493
August
2.726,198
2.053.264
3,125,512
September
2,477,127
3,149,158
October
2,509,673
2.894.295
November
2.961,702
2,920.982
December
31,108,302
40.059,308
not Include charcoal pig iron. The 1924 production of this iron
*These totals do
was 212,710 tons.
-GROSS TONS.
DAILY RATE OF PIG MON PRODUCTION BY MONTHS
Total.
Merchant.
Steel Works.
84,358
22,182
62,176
-May
1924
67.541
17.304
50,237
June
57,577
14,224
43.353
July
60,875
15,284
45,591
August
68.442
18.130
50,312
September
79,907
19,955
59,952
October
83,656
20,428
63,230
November
95,539
18,857
76.682
December
108,720
21,864
86,856
-January
1925
114,791
24.084
90,707
February
114.975
24,234
90,741
March
108.632
24.805
83,82T
April
94,542
20.127
74,415
May
89,115
18.663
70.452
Juno
85,936
20,221
65,715
July
87,241
18.711
68,580
August
90,873
20,573
70,300
September
-GROSS TONS
ON OF STEEL COMPANIES
PRODUCTI
-Total Production b- -Sptegeleisen and Ferromanganese*
1924
-----1925-----Ferrom. Spiegel. Ferrrorn. Spiegel.
1925.
1924.
5,418
7.948 23,578
2,274,005 2,692,537 20,735
January
4,910
9.870 18,184
2,410,658 2,539,785 22.405
February
5,449
2.812,995 22,351 13,796 20,062
2,674,565
March
5,341
4.240 21,448
2,463,027 2.514,828 23,580
ApriL
5,294
9,336 22,679
1,927,461 2,306,887 14,913
May
4,972
9,405 19,836
20.049
1,507,110 2,113.566
June
14,980,598 124.113 54.595 125,787 31,384
13,256,826
Hall year
5,074
1,343.952 2,037,160 14.367 15,328 16,614
July
4,939
8,010 18,867
1,413,314 2,124,439 10,718
August
5.162
5,033 18,381
1,509.380 2,109,205 13,263
September
7,780 10,047
1,858.502
October
8,835
13,448
1,896,888
November
6.284
21,220
2,377,141
December
Year*
Year
23,656,981
1741
of
they were early in September. All smokeless prices, with the exception
mine-run, eased off and, although production was still well up, operators
in
were guarding against overproduction. High volatile prices, though
was
some cases a bit lower, were holding their own well though production
a few "no bills" but
somewhat curtailed. Logan and Kanawha fields had
not enough to be a serious factor in the market. Stocks of New River and
e,
Gulf coal at tide were large and prices somewhat depressed in consequenc
not
but production was not curtailed. Pocahontas and Tug River coals were
heavier moveIn as great demani at tidewater and prices were lower. A
with
ment was reported from the Upper Potomac and Georges Creek fields
Virginia
shipments for export a little greater. Production and prices in the
demand for
field was unchanged though, due to warmer weather, the
domestic grades was not as strong as it had been.
Precedent has been set at naught in the soft-coal market
to the extent that despite the fact that production of anthracite has been at a standstill for more than 5 weeks, conditions in the trade give but slight indication of boom or runaway characteristics, the "Coal Age" said in its Oct. 8th
market review. On the contrary, the market has experienced
and still feels the inevitable reaction that follows overplaying
and hasty running up of prices such as were in evidence when
the hard-coal suspension began. In haste to be on the "safe"
side, large consumers and dealers alike stocked up genrush
erously and prices started to climb, but the promise of a
to
market was short-lived .as demand soon simmered down
proportions while idle mines began to resume operanormal
care of the
tion and production mounted in order to take
expected upturn, adds the "Age," continuing as follows:
204.909 107,132
•Includes output of merchant furnaces.
S Ferromanganese and splegeleisen Included.
Slight Drop in Demand for Bituminous Coal in East
Trifle Lower-Substitutes for AnthraPrices a
cite Are Fairly Strong.
Due to a slight drop in demand in the East for bituminous
coals, caused partly by warmer weather, ptices have eased
off a bit and activities are confined more to producing territories observes the "Coal Trade Journal" this week. This
is particularly true of coals from central Pennsylvania. The
demand for tidewater bituminous coal is not keeping pace
with improved industrial conditions at Boston and Providence so new business at these places has been small. Buying
of Pennsylvania bituminous for domestic use was fairly active
and reorders were noted. Heating coke was very active and
New England ovens were sold up, opening the field for the
Connellsville product. Anthracite deliveries kept up well
and retail prices advanced materially, continues the "Journal's" weekly review, adding:
is still quite marked, prices
The tendency to softness in smokeless coalinstances. Demand for praca drop of 10 cents to 15 cents in some
showing
last week, though prices
tically all grades declined in the Midwest market
to move tonnage. Screenings
remained fairly firm except for some shading
professing to be well fixed
prices are unsatisfactory, however, consumers
in Kentucky and the market held
for supplies. More mines are resuming
fuel being good. The sharp
firm last week, the general demand for steam
ago has disappeared, however, due
advance in prepared sizes of a few weeks
output.
to keen competition and heavy
last week, more buyers
Cincinnati saw a buying flurry by lake shippers
spring. Slack is very active, but
in evidence than at any time since
being
weather conditions. Business at
the domestic market suffers from adverse
and the same is true of Kansas.
the Head of the Lakes continues to improve
at Pittsburgh is rather quiet. A
Trade in southern and eastern Ohio and
York and the other seaboard markets,
slowing tendency prevails in New
England.
buying being especially dull in New
consumers preRegardless of the approach of colder weather, hard-coal enters its sixth
of comparative indifference as the strike
serve an attitude
offerings of wholesalers, the larger
week. Stock coal largely makes up the
Stray cargoes of domestic sizes at New
sizes being pretty well cleaned up.
for chestnut and $20 for stove.
York bring $17 25 alongside for egg, $19
by the companies, one company
Pea and buckwheat are still being shipped
and 10 cents on buckwheat last
having added 25 cents to the price of pea
domestic sizes, demand for stove
week. Retail yards have fair stocks of
being strongest.
of bituminous coal on Oct.5 stood at
The "Coal Age" index of spot prices
$2 11.
175 the corresponding price being
week ended Oct. 4, according to
Dumping's at Lake Erie ports during the
792,975 net tons; steamship fuel
the Ore r Coal Exchange, were: Cargo,
789,617 tons in the
-a total of 837,410 net tons, compared with
44,435 tons
during the week ended Oct. 1
preceding week. Hampton Roads dumpings
with 427,363 tons in the previous week.
totaled 458,996 net tons, compared
Coal Production Much Heavier-Anthracite Output Virtually Nil.
us coal,
The weekly report on the production of bitumino
Bureau of
anthracite, and beehive coke, issued by the
shows an
Mines, Department of Commerce, Oct. 3 1925,
fuel over the
increase in the output, of all three classes of
the case of
amounts produced in the preceding week. In
to be from dredges and
anthracite the output is presumed
washeries. The report follows in substance: coal,including
Bituminous
of bituminous
For the week ended Sept. 26,the production
estimated at 11,199.000 net tons.
lignite and coal coked at the mines, is
is within a few thousand tons
This is an advance of some 300,000 tons, and
Aug. 29. Production for this
of the recent high figure for the week ended
the corresponding
Anthracite middle houses at New York reported a good business being last week in September compares favorably with output in
indusdone in buckwheat but that all other sizes were practically out of the market. year of 1923, which was a year of unusual activity in the bituminous
Prices obtained for the above size were well in line with those prevailing for try.
the past month or so. Wholesalers of bituminous reported that the demand
(a)
States Production of Bituminous'Coal (Net Tons)
had fallen off and price dropped slightly, resulting in mines withdrawing Estimated United
Including Coal Coked,
their offers as better prices were obtainable at the mines. The demand for
1925
coke and other substitutes for anthracite kept up and prices on coke regisWeek. Cal.Yr.toDate.b
Week. Cal.Yr.toDate.
tered another rise. The soft coal market showed little change at Baltimore
9.835,000 318.413.000
on and due to heavy arrivals. Latest Sept. 12
last week and there was a surplus
9.983,000 338.234.000
1,480,000
1.639.000
1,569,000
reports during the third quarter of this year were double those of the first Daily average
1,849.000
10,156.000 328,569,000
6 months together from this port. Anthracite orders increased but there Sept. 19_ c
10,881,000 349,115,000
1,486.000
as their stock piles were still Daily average
1,693.000
was no sign of dealers paying premium prices
1,575,000
1,814,000
10,458,000 339,027,000
holding up. Standing tonnage at the Virginia Piers showed no signs of Sept. 26_d
11,199,000 360,314,000
1,492,000
1.743,000
1,583,000
diminishing as shipments to the west had not increased and prices on pool 1 Daily average
1,867,000
softened again in consequence.
a Original estimates corrected for usual error, which in past has averaged
ia continued to increase
of
Demand and production in central Pennsylvan
two days' production in January to equalize number
due to seasonable demand and increased shipments to New England. Prices 2%. b Minus
in the two years. c Revised. d Subject to revision.
on some of the pools were up a nickel. Production in the Broad Top district days
The output during the calendar year 1925 to Sept. 26 is 360,314.000 net
was reported at 50%. Buying in the Pittsburgh district became spotty last
more than that
week, with fair demand for steam sizes and lump, but with slack draggy at tons. This is approximately 21.287,000 tons, or 6.3%
ing figures for recent years
concessions in price. Industrial activity in the district was good and fuel during the same period of 1924. Correspond
consumption in proportion. The gas coal market showed no change but by- are given below:
Years of Depression.
Years of Activity.
product coal slumped slightly. The Connellsville coke region scored
348.188,000 net tens
1919
436,936,000 net tons
1918
another gain in production with the price for the foundry grade up again.
296,546,000 net tons
say that the operators claim that 1920
1921
0 net tons
401,093.00
Reports from northern West Virginia
339,027.000 net tons
1924
420,906,000 net tons
strike so far is a "flivver" and that production has not been affected to 1923
the
any great degree. Lump coal was in the greatest demand. The railroads
ANTHRACITE.
continued their policy of buying only enough coal to last over the current
Production of anthracite during the week of Sept. 26 is estimated at
month. The southern West Virginia markets all slumped slightly after the
week. This producflurry of the hard coal strike and buying and prices were not as strong as 13,000 net tons, a gain of 4,000 tons over the preceding
1742
THE CHRONICLE
{VOL 121.
tion is presumably all from dredges and small washeries. Total production
The "Weekly Courier" states that output in the Connellsville District
from Jan. 1 1925 is now 61,666,000 tons, or 8.5% less than in the corre- for the week of Sept. 26 amounted to 122.130 tons, a gain of 2.6% when
sponding period of 1924.
compared with the preceding week. The gain was principally from merchant plants.
Estimated United States Production of Anthracite (Net Tons).
Estimated Production of Beehive Coke (Net Tons).
1925—
1924
Week Ended—
Week. Cal.Yr.toDate.
Week Ended
1924
1925
Week. Cal.Yr.toDate.a
Sept. 12
5,000 61.644.000
to
Sept. 26 Sept. 19 Sept. 27
to
63,578,000
1,820.000
Sept. 19
Date.a
Date.
9.000 61,653.000
1925.b 1925.c 1924.
65,429,000
1,851,000
Sept. 26
13.000
140.000 135.000 94.000 5,386.000 5,635,000
67,371,000 Pennsylvania & Ohio
61.666,000
1.942,000
West Virginia
a Less two days in January to equalize number of days in the two years.
7,000 448.000 386.000
12.000 11,000
Ala., Ky., Tenn. & Ga
11.000 12,000 14.000 670.000 702,000
BEEHIVE COKE.
Virginia
6,000
6.000
8,000 263,000 302,000
Based on reports received from the principal coke-carrying roads, the Colorado & Now Mexico
4,000
4,000 5,000 177,000 198,000
production of beehive coke during the week ended Sept. 26 is estimated Washington & Utah
3,000
3,000 4,000 146.000 157.000
at 176.000 net tons, an increase of 5,000 tons, or 2.9%, when compared
with the preceding week. Compared with the corresponding week of
United States total
176,000 171.000 132,000 7,090,000 7.380,000
1924, there is a gain of 44,000 tons, or 33.3%. Total production for the Daily average
29,000 29,000 22,000
31,000
32,000
calendar year to date is now 7,090.000 tons, or 3.9% less than during
a Adjusted to make comparable the number of days covered in the two
he same period of last year.
years. b Subject to revision. c Revised since last report.
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Oct. 7, made public by the Federal Reserve
Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows an increase ot
$10,800,000 in holdings of discounted bills and of $15,600,000
in acceptances purchased in open market, partly offset by
a reduction of $18,800,000 in Government securities. Total
bills and securities went up $8,100,000 and Federal Reserve
note circulation $16,000,000, while cash reserves declined
$3,100,000.
Increases of $14,400,000 and $13,500,000, respectively,
in discount holdings are reported by the Federal Reserve
banks of Cleveland and Chicago. The Boston Bank shows
a decrease of $12,400,000, St. Louis of $6,600,000, and
Atlanta of $4,200,000, and the remaining banks show smaller
-changes in discount holdings for the week. After noting
these facts, the Federal Reserve Board proceeds as follows:
Larger holdings of acceptances purchased in open markets are reported
by all Federal Reserve banks except Philadelphia and Minneapolis, which
show small declines. Treasury notes on hand declined $18.300.004
Treasury certificates of indebtedness $400.000. and holdings of United
States bonds remained practically unchanged.
The principal changes in Federal Reserve note circulation during the
week comprise increases as follows: Atlanta $4,200,000, Richmond
$3,800,000, and San Francisco $2.400.000.
Beginning this week two new items have been added to
the statement in order to show separately the amount of
balances held abroad and amounts due to foreign correspondents. In addition, the caption "All other earning
assets," now made up of Federal Intermediate Credit Bank
debentures, has been changed to "Other securities," and the
caption "Total earning assets" to "Total bills and securities." 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 Sections 13 and
14 of the Federal Reserve Act, which are the only items
included therein.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages—namely, pages 1766 and 1767. A
summary of changes in the principal assets and liabilities of
the Reserve banks during the week and the year ending
Oct. 7 1925 follows:
borrowings from the Federal Reserve banks. It should be
noted that the figures for these member banks are always a
week behind those of the Reserve banks themselves. Member banks in New York City reported increases of $138,000,000 in loans and discounts. of $6,000,000 in investments, of
$167,000,000 in net demand deposits and of $11,000,000 in
time deposits, together with a reduction of $12,000,000 in
borrowings from the Federal Reserve Bank. Further comments regarding the changes shown by these member banks
are as follows:
Larger totals than a week ago are reported for all classes of loans. Loans
on U. S. Government obligations increased $20.000,000
in the New York
district. Loans on corporate stocks and bonds went
up 3138.000,000,
of which $100,000,000 was reported by banks in the New York
district and
$16,000,000 and $11.000,000 by banks in the Chicago and Boston districts,
respectively. "All other" loans and discounts, largely commercial.
were
$43,000,000 larger than a week ago, the New York district reporting an
increase of $16,000,000, the Boston district an increase of
$14,000,000.
and the San Francisco district an increase of $9.000.000.
Investments in U. S. securities declined by $6,000,000. increases of
$8,000,000 in the Chicago and Kansas City districts being more than offset
by small reductions in other districts. Holdings of other bonds,stocks and
securities went up $30.000,000, of which $11.000.000 each was reported by
banks in the New York and Chicago districts.
Net demand deposits show an increase of $286,000,000 for the week. increases being reported for all districts except Minneapolis. The principa
increases by districts were as follows: New York. $184.000,000; Chicago,'
$30,000,000; Roston,$23,000,000; Philadelphia and Cleveland.$9,000 each,
and Atlanta. Kansas City and San Francisco $8,000,000 each.
Comparatively small changes in borrowings from the Federal Reserve
banks are shown for all twelve districts except Boston, which shows an increase of $9,000,000, and New York and San Francisco, which show reductions of $7,000,000 each.
On a subsequent page—that is, on page 1767—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (+) or Decrease (—)
During
Year.
Week.
Loans and discounts, total
+S201.000.000 +$1,050.000,000
Secured by U. S. Govt. obligations
+20.000.000
+8,000.000
Secured by stocks and bonds
+138.000.000
+801,000,000
All other
+43,000.000
+241,000,000
Investments, total
+24.000.000
+29,000,000
U. S. bonds
—2,000,000
+264,000,000
U. S. Treasury notes
+9.000.000
—225.000.000
U. S. Treasury certificates
—13.000.000
—192.000,000
Other bonds, stocks and securities..
+30.000,000
+182.000.000
Reserve balances with F. R. banks
+1.000.000
+29,000.000
Cash in vault
+1.000,000
+11.000,000
Net demand deposits
+286,000.000
+177.000.000
Time deposits
+45.000.000
+559,000.000
Government deposits
—2.000.000
—91,000,000
Total accommodation at F. R. banks__ -- —11,000,000
+351.000,000
Increase(+)or Decrease(—)
During
Year.
Week.
Total reserves
—$3,100.000 —$269,200.000
Gold reserves
—284,600.000
+1.400,000
Total bills and securities
+240.400.000
+8,100,000
Bills discounted, total
+377,600,000 Gold Drain Follows Bank of England 4%
+10,800.000
Rate—
Secured by U. S. Govt. obligations
+209,900.000
+3,600.000
Movement Regarded as Seasonal, Not Wholly
Other bills discounted
+167.700,000
+7.300.000
Bills bought in open market
Unexpected.
+108,600,000
+15,600.000
U. S. Government securities, total
—257 100 000
—18,800,000
A special cable gram from London Oct. 6 to the New York
Bonds
+16.300,000
—100 000
Treasury notes
—148,100,000 "Journal of Commerce" stated:
—18,300,000
Certificates of indebtedness
—125,300.000
—400,000
The Bank of England sold to-day £1,566.000 gold for export. This makes
Federal Reserve notes in circulation
—56.300.000 £2,421.000 exported since the bank rate was reduced on Oct. 1, and
+16,000.000
leaves
Total deposits
+27,500.000 the net amount imported since April 1 at £2,166.000. Many
+15.100.000
critics cite
Members reserve deposits
+48,600.000 these exports as proof of the unwisdom of lowering the bank rate last
+28,200,000
week.
Government deposits
—20,800,000
—14,600,000
It must be noted, however, that gold shipments from Africa are being
delayed by the shipping strike, otherwise such large withdrawalsfrom the
Bank of England would probably be unnecessary. It is assumed that the
The Week with the Member Banks of the Federal
gold is going to New York. Any way, the movement is seasonal and
not wholly unexpected.
Reserve System.
The Federal Reserve Board's weekly statement of condition of 725 reporting member banks in leading cities as of Two New York Banks Have Gold Afloat—Sent from
Sept. 30 shows increases during the week of $201,000,000 in
London—Third Shipment Will Leave on the
loans and discounts, of $24,000,000 in investments, of
Aquitania To-Day.
$286,000,000 in net demand deposits and of $45,000,000 in
The following appeared in the New York "Journal of
time deposits, together with a decrease of $11,000,000 in Commerce" of Oct. 7:
Ocr. 10 1925.]
THE CHRONTCLE
1743
A total of between 57.500,000 and 58.500.000 in gold, the first important
shipments of the metal from London to New York since Great Britain
adopted the gold standard, is expected by local banks. The Homeric,
Which leaves Southampton to-day, will carry the first consignments to the
Seaboard National and the Farmers' Loan & Trust Co. The forme=v I
receive £215,000. while the latter will receive £425.000. Then on Saturday, it is expected, another shipment will leave on the Aquitania for the
Irving Bank-Columbia Trust Co. No amount is mentioned.
The Bank of England has reported the withdrawal of £1.566,800 in
bullion for export, all of which, it is thought, is destined for New York,
though names of the other receiving banks were not disclosed.
American exchange has fallen below the gold exporting point and exchanges
on all other gold export countries are moving against London. Exactly
what lies behind the Bank of England's action is unknown. But City
bankers are making a guess as to its policy.
Soon after gold commenced to flow in, the money market situation began
to ease, owing to the broadening basis of credit implied by the gold influx,
and it has remained very easy ever since despite the recent loss of gold
through the reduction of foreign balances in London. Slack trade must be
held partly responsible, because it has released money usually employed in
industry, which money has gone to replace foreign balances, and the loss of
credit arising from the gold efflux.
Some Recent Reports.
In May of this year London banks exported $1,000,000 in gold. The
Guaranty Trust Co. also at that time imported a small lot to determine by
actual trial the point at which gold shipments were profitable. In February
$3,000,000 gold was imported from London; in July 1924, $13,000.000; and
in May 1924. $24.000,000. These shipments were Possible through purchases at the Monday auctions of South African gold.
The shipments just announced are the result of the decline in sterling to
below the point where purchase and shipment of gold is less expensive than
the purchase of dollar exchange.
Bankers here expect that the gold flow from London will continue, as the
Bank of England now has a gold reserve of £160.466.000. This will be
increased by importations from South Africa which have been interrupted in
recent weeks by the shipping strike but which are about to resume. How
much of this gold will come here is a question whicti cannot be determined
as yet. Then, too, it must not be forgotten that Great Britain has credits
of 5300,000,000 arranged with the Federal Reserve Bank of New York and
J.P. Morgan & Co.,for use in lieu of gold whenever it is thought expedient.
The actual profit which the bank which took the initiative in arranging
the announced shipments is about one-eighth of a cent a pound sterling, or
$125 Per 100,000 pounds sterling.
daking the Rate "Effective."
But owing to the continued ease of money the bank rate has been renthe open market discount rate having been as much
dered quite ineffective,
as 1% under the bank rate for some time past. Instead of endeavoring to
raise the discount rates, the bank has recognized the situation by reducing
its own rate, in the hope that the steadying of money rates may be automatically effected. There seems to be little doubt, however, that its policy
is in the nature of an experiment.
Currency notes outstanding at the end of the week aggregated £293,004.171, as compared with £291.731,167 one week ago and £293,772,841 two
weeks ago. The figure of £305,484,190 in the first week of August is the
highest point of the year to date; the lowest was /281,165.917 at the end of
February.
WSells Above 763's.
WiNewIBritish
Regarding the new British conversion loan, we quote the
following advices to the New York "Journal of Commerce"
from London, Sept. 29:
Bank of Britain to Give Bills—Currency Will Replace
Notes Now Circulating—Finish Gold Return.
Last night's issue of the New York "Evening Post"
contained the following Associated Press cablegram from
London:
The result of the Government's offer of £40.000,0003H% conversion loan
enthusiasm
by tender today proved satisfactory but provided no cause for
Tenders totaled £51,210,000 and the average price of accepted tenders is a
shade above £76 5s 63, which is 63 above the minimum fixed by the
Treasury.
Last April, when £30,000.000 33 % loan was offered with a minimum
price set at 76t. tenders totaled £83,610,000 and the average price was a
shade below £76 178. The new issue was immediately quoted at 1-32 above
the minimum price.
The entire investment market developed a better tone and was thankful
The Daily Express gives the Midland Bank of which Reginald McKenna.
former Chancellor of the Exchequer, is president, as authority for the this issue was absorbed.
statement that British currency notes will probably be replaced some time
The New York "Times" in a copyright cablegram from
In 1926 by Bank of England notes of the same denomination—namely, one
London, Sept. 27, had the following to say relative to the
pound and ten shillings.
The monetary system, it is pointed out, would then be true gold standard loan:
as in 1914, except that no gold would circulate, notes being used instead.
The decision of the Government to make an immediate offer of a £40.an
000,000 33 % Conversion Loan was a surprise to the City. It brought
abrupt check to the rise in Government securities which had been under
Poland and England Using Credits Here.
represents entirely new money, as there are no long-term
way. The loan
The following is from the New York "Journal of Com- Government obligations maturing before 1927.
It is generally understood that the issue is being made for the purpose
merce" of yesterday (Oct. 9):
financial
of reducing the floating debt, which, since the beginning of the
Poland and Great Britain are apparently drawing on the New York year, has expanded by E25,000.000.
Federal Reserve Bank to support their exchanges. Figures now available
Reference to the loan appeared in these columns Sept. 26,
show that foreign loans on gold amount to $10,604,000, a large part of which
represents advances against gold to stabilize the zloty, in the opinion of page 1525.
bankers. It is also believed in the financial district that the sum of $639.000
due from foreign banks, which appears in the weekly Federal Reserve Bank
British Industries Says
report, indicates that England has drawn on its credit to the extent of Col. Willey of Federation of
5639,000.
Inter-Allied Debts and Chinese Position Are
The New York Federal Reserve announced yesterday that beginning this
Obstacles to Trade Revival.
week it would include in its weekly statement items to show its foreign
commitments.
Addressing the British Empire Chamber of Commerce in
The credit of $10,000,000 extended by the Federal Reserve
Bank of New York to the Bank of Poland was referred to
in these columns Sept. 5, page 1170. The New York News
Bureau reported the following from the Central News,
London, Oct. 9:
It is reported that the Bank of Poland has sent £1,250,000 gold to this
city, part of which has already arrived. It is assumed that the gold will be
deposited in the Bank of England,against a credit arranged with the Federal
Reserve Bank of New York, as security for a $10,000.000 loan.
The following appeared in the "Wall Street Journal" of
Oct. 7:
Neither the Federal Reserve Bank, nor J. P. Morgan & Co. will say
whether any of the British credits have been used to support sterling. It
is declared in both instances that this is "customers' business." The
Federal Reserve statements will give some intimation, however, of further
extensions of credit along this line. Under "foreign loans on gold" the
combined system reports $10,200,000 of which New York extends $2.700,000. This, it is understood, does not represent any loans to the Bank of
England.
Cut in Bank Rate Bewilders London—Conjectured
That the Bank May Favor Gold Export as a
Means for Stabilizing Money Rates.
The following copyright advices from London Oct. 4 were
announced by the New York "Times" in its issue of the 5th:
The bank rate reduction on Thursday caused a mixture of bewilderment
and surprise. When the gold standard was restored last April. every one
feared a substantial continuing drain upon the Bank of England's gold
reserve. Exactly the contrary happened. With confidence in sterling fully
restored, foreign balances in London increased while gold flowed steadily in,
assisted by the favorable interest rates then ruling and by the knowledge
that the funds deposited in London could always be withdrawn immediately
In gold.
Consequently, between the end of April and Aug. 6, the influx of gold
amounted to E8,700.000. Influenced by this unexpected gold influx, the
Bank of England then decided to reduce the rate from 5 to 4%. The
effect of that reduction was immediately seen in the withdrawal of foreign
balances and the efflux of gold. Gold withdrawals have continued steadily
ever since, more than half of the gold which flowed in under the 5% rate
has been lost, and the net influx since April has now been reduced to £4,700,000.
Exchange Market and Gold.
Under these circumstances the Bank of England's action in lowering its
rate appeared to the market as on its face wholly abnormal. Moreover,
the United States, at the monthly luncheon meeting held at
the Bankers' Club this city on Oct.8, Col. F. Vernon Willey,
president of the Federation of British Industries declarel
that the question of the inter-allied debts must be solved•
if we are to make the wheels of world trade revolve at their
former speed. "As business men," he said "we all wish to
see a definite settlement arrived at on this question." He
added:
the question
Happily in so far as the British debt to America is concerned,
obligations in accordhas been settled, and Great Britain is discharging her
think this is a great asset,
ance with the traditions of her financial policy. I
in the general settleboth to Anglo-American relations, and as a first step
ment of the problem of inter-allied indebtedness.
should shoulder their
We feel, however, that the other debtor nations
and we in England
burdens in the same way that Great Britain has done,
present moment the
believe that it is possible for them to do so. At the
for no country more than for Great
position is most unsatisfactory, and
Britain.
arrangement with
As you know the British Government has made an
Debt.
France by which Great Britain writes off two-thirds of the French
to pay as interest on
As a result the British tax-payer will be called on
&liars a
money raised for France no less a sum than one hundred million
that amount.
Year. British industry will subsidize French Industry to
As business men I need not dwell on the serious results to British industry
of this sacrifice, results which are intensified by the failure of France to
assume any serious burden in connection with her debt to America. I will
say no more on this subject but I admit that I feel very strongly on it.
In addition to the inter-allied indebtedness, Colonel Willey
also referred to the situation in China as one of the obstacles
blocking the return of world trade to its former position,
saying:
Apart from this particular European problem [the inter-allied indebtedness], there are other difficulties which are operating against the free development of international trade, and one of these of particular moment to
America and Great Britain is the present condition of affairs in China.
Every business man must deplore the chaotic conditions which have prevailed in that country during the last few years, but I sometimes feel that
people are unduly pessimistic about the future. One should realize that
China is going through a period of transition and if one looks back upon
Chinese history it has always been the case that the spread of new ideas has
been accompanied by prolonged disturbance and great dislocation, and I
am afraid that at the present time this still holds good. In many minds today there is a feeling of irritation against China, but I think that really we
of the West should rather be feeling sympathy with her in her difficulties.
1744
THE CHRONICLE
[VOL 121.
and should try to make clear to her that to the best of our ability we wish to stood
in the front line in facing enemies that have always come from all
help China, and not to hinder her normal development.
quarters to assail civilization.
The Conference which is to be held in China with regard to a revision of
Facts which Frenchmen will never forget, said M. Caillaux,
are the
the Chinese tariff will give the Powers an opportunity of proving their good manner
in which Franch stood beside the young American Republic in its
will, but it is to be hoped that further steps will be taken, beyond the con- early days
and the repayment made by the United States when American
sideration of the tariff question,to remove the sense of grievance from which
troops joined the French in the World War "to preserve civilization
once
China is undoubtedly suffering. It seems to me that the whole question of more."
the future development of China and her relations with the rest of the world
"I shall go back after a hard journey," he went on,"to give
new proof
should be settled at the earliest possible date. China, like other countries, of
the good-will of America toward France."
is imbued to-day with a strong spirit of nationalism which has this much to
"It is not a question of gratefulness on either part," he added.
"If.
the good that it shows that some of her sons desire her to take up her re- perhaps,
America owes us something, we also owe her a great deal. These
sponsibilities, and prove herself an equal with other countries. I think that facts
are in every mind."
her claims desire sympathetic consideration and that it would be bad polio
,
M. Caillaux asserted that he had never ralized how close the
heart of
for those Powers interested in China to oppose a flat negative to her deAmerica was to the heart of France until he attended last night's dinner
mands. I should like to think that as the years pass. China will more and and
heard President Butler speak.
more have the conduct of her own affairs in her own hands, but I think that
it would be only prudence for those with interests in China to make clear
Appeal to the Heart of America.
that this must be a gradual process and that the full grant of fiscal and
"To the heart of America I appeal," he continued,"with no other
thought
judicial autonomy to China must depend upon the steps she herself takes to than to ask all the people of America
to look at my country with the same
put her house in order. Take the case of ex-territorial rights. It is essential sentiments that were expressed
here a few minutes ago by Mr. Butler. In
before these rights are abandoned that China should demonstrate that there settling our obligations, he assured that
we will do what we must do to the
is reasonable security that foreigners shall receive adequate protection both limit of our strength and that
the real wealth of France and the United
as regards their persons and their properties. As soon as confidence is felt States is the common friendship
of their peoples.
that this will be the case I am sure that public opinion in Great Britain
"There is something higher than the question of interest between
men and
would be overwhelmingly in favor of China enjoying all the sovereign rights between nations, and that something
is the common friendship between our
of self-government.
two peoples. In all these things I make an
appealfor the sake of the common
You may ask "How is China to prove she can afford adequate protection welfare of France and the United
States."
to foreigners unless the Powers give her an opportunity of doing so by relin"Leaving your beautiful land and your friendly citizens. I bring to France
quishing their extra-territorial rights?" How is it possible for her to con- memories of the kindest greeting I ever had,of
the most gracious, kindly and
vince the Powers in advance? What steps can she take to obtain the con- generous treatment on every hand."
M. Caillaux declared that France
fidence of the Powers?
hoped for "peace eternal." but that if
Well, such a difficulty always exists in a case of this sort, but I consider civilization should ever be threatened by another war she would do her duty
that we should throw off out attitude of suspicion towards China, that we again as she has done it in the past.
should try to improve the atmosphere, and I believe that such an endeavor
Ambassador Herrick speaking at the dinner emphasized
on our part would meet with a ready response from all responsible Chinese,
for the present state of affairs is just as disastrous to Chinese as to foreign the sincere efforts of the French and American Debt Cominterests.
missions to arrive at a settlement, says the New York
I think, too, that there is one practical step open to China which if
"Times," from which the following is also taken:
taken by her, would have a great effect on Western opinion. For years
That no final solution had been reached, he said,
past the railways of China have been the means not of peaceful commerce,
was a "grievous disbut the means by which the military operations of the various leaders of appointment" to Americans as well as to French, especially because
a
warring factions have been facilitated. Let the Chinese Central Govern- settlement would have stabilized the uncertain situation which
has prement initiate a really efficient policing of the railways, at first maybe vailed for so long.
with foreign assistance, and let the Chinese police force be sufficiently
"However," he went on, "we must content outselves with the
fact that
strong to deny to the military war lords of the Provinces the use of the substantial progress has been made. We better understand
-each other's
railways for transporting troops. This would do more than anything else viewpoint, and consequently shall exorcise greater patience
and deepen
to put an end to internal disorder, to Increase the authority of the Central our determination to bring this task to a happy conclusion.
"Therefore let us consider that the day of final settlement
Government, and incidentally to inspire the foreigner with confidence.
is brought
If China can feel that she has the sympathy and can count upon the nearer, and we shall now resume the study of the problem better
quitlified
co-operation of the Powers in such a task, if she is prepared to co-operate to cope with its difficulties without bias or bitterness.
One of the outstanding facts of this conference had been the
with them and believe in their good-will towards her one can look forward
mutual
to a period during which she can gradually organize her national life in respect displayed by the members of the two commissions for each other's
accordance with modern ideas, and eventually, with the full confidence opinions and the evidence of mutual regard and determination to
make
no commitments that would embarrass their respective parliaments.
of the world, take her place in the family of nations.
If I may say so, this is a task which Anglo-American co-operation would who entrusted their delegates with this delicate and important mission,
be not only desirable, but essential, if this ideal is eventually to be attained. each relying upon the sense of fairness of the other.
"There seems to me to have been a concrete realliation throughout the
Now, gentlemen, I have touched upon some of the difficulties which
confront commerce to-day, and I do not think that time permits me to deal conference that Franco and the United States cherish memories and unwritten pledges, in trust for posterity too sacred to be effaced or marred
with any further aspects of the international trade position.
In conclusion I should, however,like to say that whatever the difficulties In any circumstances. Therefore, the spirit which from the very first
may be during the coming years, they will, to my mind, be greatly simplified animated the Washington conference, impels me to say in paraphrase:
If America and England work together. For this there is no need of 'What God has joined together, and mingled in the blood of French and
alliances, no need of any formal agreements, but only a realization of each American youth in two wars let not money, politics or propaganda put
other's points of view, and a common desire, which I firmly believe already asunder'."
exists, to work together for the common good.
Ambassador Herrick announced that he would sail for France in a few
days to resume his duties there.
Departure of French Debt Mission—Finance Minister
Caillaux Says France Will Work to Limit of
Strength to Pay.
In a farewell speech in New York, at a dinner of the
Lotos Club on Oct. 2, Joseph Caillaux, French Minister of
Finance, promised that France "will do what we must do
to the limit of our strength," in settling her obligations.
Immediately after the dinner M. Caillaux, with the other
members of the French debt mission (who had been the
guests of the Lotos Club dinner) left to embark on the
steamer France, which sailed at midnight on the 2d. Senator
Henry Beranger, one of the members of the Commission,
issued the following statement prior to the departure of
the France:
"Our leave-taking is in no sense a stopping of our negotiations. It is
merely a necessary interruption produced by the 3,000 miles. It would have
been a joyous thing for us to have completed what we have started immediately, but when one realizes that one is dealing with millions of persons who
are so far away from each other, we believe we have accomplished a great
deal."
Besides M. Caillaux the speakers at the dinner were:
Nicholas Murray Butler, President of Columbia University
(toastmaster), and Myron T. Herrick, United States
Ambassador to France. M. Caillaux's remarks were brief,
the New York "Times" reporting what he had to say as
follows:
As Dr. Butler ended the audience rose to its feet applauding. M. Calllaux himself, who sat on Dr. Butler's right, turned to him on rising and
embraced him affectionately, the applause increasing as he did so.
As he began his own speech M. Caillaux's voice shook with emotion. He
spoke ma low, tired tone, broken by occasional flashes of the[Ire he showed
ten days ago on his arrival in this country. Apparently he was greatly
fatigued by the strain of the Washington negotiations.
"It is impossible," he said. "for me to answer Mr. Butler's wonderful
speech as I should do in my native language."
M. Caillaux confessed that he wept when he hoard a foreigner pay such
eloquent tribute as did Mr. Butler to the battles France had fought for the
common good of humanity and of civilization. He declared that Dr. Butler
had spoken no more than the truth when he said that France had always
As was made known in these columns last week (page
1630), the conferences between the French and U. S. debt
missions on the subject of the refunding of the French war
debt were terminated on the 1st inst. when a tentative
arrangement was brought forward by the U. S. mission that
France pay the United States the sum of $40,000,000 a year
for the next five years pending the working out of a final
agreement
Describing a talk to the "Herald Tribune's" representative on the way from Washington to New York, that paper
on Oct. 3 said:
His characteristic vivacity and fire were lacking as he lay back wearily in
his compartment.
M. Caillaux was emphatic in declaring that, difficult though he feels
it
would have been to obtain the sanction of the French Parliament for
the
terms of his highest offer, he would have preferred to undertake that
task
than to take back to France the temporary settlement on which the
negotiators finally had to fall back.
Not Committed to Five-Year Plan.
M. Caillaux also said on the train that he was not committed to
acceptance of the American debt proposal. He added:
"I have not even made up my own mind, but I am going home
full of
confidence the debt question will be settled to the satisfaction of all.
It is
only a matter of time. I cannot say whether the proposal by Mr.
Mellon
will be acceptable to France. I was not empowered to sign anything
except
a full funding agreement.
"The reaction of the public in both countries must be observed and
must
eventually be reconciled. We leave Washington on the best of
terms with
the American commission, and I have no fault to find except
with the
American press.
"It appears to me that the newspapers have been inclined to
scoff at
France's offer. This must be taken seriously. A nation in France's
present
financial condition cannot offer such huge sums and undertake to
pay them
without a tremendous sacrifice."
M. Caillaux was asked if he would return to America in the
event of
further negotiations.
Europe Recovering Slowly.
"I do not think so," he said. "It is probable that I would send
some one
else, because of the time consumed in the journey. If I could make
the trip
In a fleet airplane, I would come myself and gladly." .
Associated Press advices from Paris yesterday (Oct. 9)
indicated that opposition to the tentative arrangements had
OCT. 10 1925.]
THE CHRONICLE
1745
already been evidenced by one member of the French Government Acts To Bolster Franc—French Finance
Minister Gives Warning to Speculators of
Chamber; we quote this cablegram herewith:
With the near approach of Finanee Minister Caillaux on his return to
Strong Measures—Will Use Morgan
seems apparent
France from the Debt Funding Conference at Washington,it
Credits.
to hover which may, when they break,
that storm clouds are beginning
sweep away the tentative debt agreement reached by the French and
The French Finance Ministry on Oct. 7 issued a stern
American commissions.
warning that strong measures would be taken to arrest
M. Caillaux is expected to arrive at Havre Saturday and to make his
report to the Cabinet and the Finance Committee of the Chamber of the fall of the franc, which has been sinking consistently
Deputies before nightfall.
since the Washington debt negotiations failed, says the
But already the tentative plan calling for an annual payment of $40,000,enough, in New York "Times" in a wireless message (copyright) from
000 for five years has met with opposition from a source strong
the opinion of political observers, to militate against final passage of the Paris Oct. 7. This account published the edict as follows:
project by Parliament.
Attempt to Gain Time.
This opposition comes from no less a personage than M. Franklin-Bouillon, President of the Foreign Relations Committee of the chamber. M.
Franklin-Bouillon considers the Washington arrangement "an attempt to
gain time on the basis of postponing a definite solution for five years." He
so told the guests at a luncheon at the American Club and added that he
would vote against the tentative agreement.
The statement of M. Franklin-Bouillon has set the political world talking, for it is realized that his opposition as president of the foreign committee likely will mean rejection of the project—that is if precedent is followed by the deputies when they are called upon to vote on the question.
There seems to be a feeling in some quarters that not alone will M.
Franklin-Bouillon be victorious in his opposition, but that the Painleve
government may be cast out of power on the debt question.
French Keep Loan Open—Again Extend Closing Date
to Allow Farmers and Others to Invest.
The New York "Times" reports the following (copyright)
from Paris, Sept. 29:
The French Council of Ministers today decided to postpone for the second
time the closing date of subscriptions for the 4% gold coupon loan, which so
far is well below the result when the books were opened July 20. In more
than two months the public takings have amounted to less than one-half
of the 10,000,000,000 francs which it was originally believed a "conservative" estimate of the loan's prospects.
The new closing date set is Oct. 20. Which is three months from the
opening date.
The chief reason for the extension of the loan is to permit farmers to invest
their harvest earnings in the Government issue, and a secondary reason is
to make up for the delay due to the seven weeks' bank strike this month and
last. Agricultural experts, however, point out that the farmers are in a
serious position because foreign wheat growers are selling wheat at 118
francs per hundred-weight, while the French producers cannot make a
profit if they sell at less than 125 francs. Because the 1924 crop was very
unsatisfactory the Government urged farmers to do all in their power to
increase production, and consequently fortunes were spent on fertilizers to
attain this end.
The French Algerian wheat crop combined to give France an exportable
surplus, but the abundance of the Russian and Central European grain
offered here is putting the French in the position in which the American
farmers were when wheat was below a dollar a bushel.
The question thus raised is whether the farmers will be able to invest in
the 4%, loan after the crops are sold.
Premier Painieve announced today that the Ford Motor Company had
invested 1,000,000 francs in the gold coupon loan.
The official communique reads:
"Following adjourning of final settlement of debts to the United States,
a rise of several points on strong exchanges has been registered in the
course of the last few days. This movement is all the more noticeable,
as it succeeded a long period of franc stability on the exchange markets.
It appears that beyond purchases due commercial needs purely speculative
operations are being made, as much on foreign markets as in France.
Such operations have the effect, if not the purpose, of ending stabilization
which the Government considers indispensable for normal development
of commerce and industry.
"Therefore measures already have been taken to prevent speculation by
the time comes, and as
all means. Use will be particularly made when of the Morgan credits—
fully as necessary, of the reserve funds made up
this amount($100,000,000) being quite intact and available."
Erratic moves on exchange are considered by experts to be such as the
Government describes—due to a realizing by foreign speculators who
discounted a Washington agreement and to hasty purchases of foreign
raw materials by French business men who fear the franc fall will continue.
While the Government asserts the Morgan credits have not yet been
touched, it is well known that several banking firms have been selling
foreign exchanges, especially pounds, for the Government account in the
last few days.
Business circles appear to hold the theory that the United States injured
both itself and France by not accepting the final French offer, which
already are a burden greater than the country is able to contemplate
under its present condition but which, it is said, M. Caillaux offered to
Washington because he wished to settle the matter at once and for all and
to work out the financial situation on a definite basis of what England
and America expect to receive.
The uncertainty which remains and which will be the main reason why
the temporary arrangement Washington asks will fail to receive support
of the French Government is bound not only to hinder M. Cailluax's
work of reorganization and even oblige him to forsake the job, which no
one here is capable of carrying on, but it will be a great stumbling block
In the way of United States trade with France, French business men
believe.
It is hoped the last word has not been said, but there is little belief
that the United States will reverse the position taken, for it is pointed
and
out that if the United States really wished to meet France half way
help her out of her present difficulties it would have allowed M. Callluax
and
to bring back a plan which the country would be able to adhere to
not one which will cause his downfall.
French Plan Nord Loan—Fifteen-Year Sinking Fund
Would Aid Trade in Restored Regions.
A cablegram from Paris, Oat. 7 (copyright) is published
as follows by the New York "Times":
yesterday
The General Council for the Department of Nord, France,
the restored
advanced plans for a fifteen-year sinking fund loan providing
enable trade to be carried on
regions with sufficient business credits to
issues prowithout hindrance. Hitherto Government credit In national
Ford Company Buys French Bonds—Subscribes for vided the devastated departments with sufficient funds to expand business
1,000,000 Francs, About $47,000, of Gold Loan.
undertakings. The new plans also provide for the reconstruction of 18,000
uses which still remain unbuilt.
dwellings or
The New York "Evening Post" prints the following privateNord business school-ho
men are entirely agreed that this policy is wise in that
The
have
Associated Press advices from Paris, Sept. 28:
families which are still obliged to live in huts or old dugouts will
preThe Presidency of the French Cabinet today issued the following note:
proper roofs over their heads, but feel that as Government economy
a letter from the manager of the Ford vents it from caring for business interests, a short-term loan of about
"Premier Painlove has received
plant in France announcing the Ford company is subscribing 100,000.000 francs is necessary to keep the department on its feet and on
automobile
for 1,000,000 francs of the French four per cent gold loan." At the present the road to prosperity.
exchange rate 1,000,000 francs is equivalent to a little more than $47,000.
Dr. Schacht, of German Reichsbank, Sails for the
German External Loan 1924 Gold Bonds Ready for
United States, Returning Visit of Governor
Delivery.
Strong, New York Federal Reserve Bank.
J. P. Morgan & Co. announced on Sept. 30 that they are
Advices from Hamburg yesterday (Associated Press,
now prepared to deliver German External Loan 1924 7% Oct. 10), stated:
sailed for New York on
Dr. Hjalmar Schacht, head of the Reichsbank,
Gold bonds dated Oct. 15 1924 in definitive form,in exchange
Deutschland to-day, on what he termed an unofficial and
for interim receipts now outstanding. The flotation of the the steamshipto return the visit made to Germany by Benjamin Strong,
personal trip
loan was noted in these columns Oct. 18 1924, page 1796.
head of the New York Federal Reserve Bank.
Redemption of Oslo (Christiania) Norway
Bonds of 1920.
Kuhn, Loeb & Co. as fiscal agents issued a notice on Sept.
29 to holders of City of Christiania, Norway, municipal external loan of 1920 8% sinking fund gold bonds announcing
that the City of Oslo (formerly Christiania) has elected to
redeem on April 1 1926 all of the bonds then outstanding at
110% of the principal amount and accrued interest to April
11926, The bonds together with all coupons maturing on
and after April 1 1926 should be presented and surrendered
for redemption and payment on or after the redemption date
at the office of Kuhn, Loeb & Co., 52 William St. Bonds will
cease to bear interest from April 11926.
de Haas. Chief
Max Warburg, prominent German banker, and Walter
Office, also were passengers
of the American Division of the German Foreign
on the vessel.
Payment of First Installment Account of Budget
Contribution to Annuity Payable During Second
Year of Dawes Plan.
The Agent-General for Reparation Payments announced
on Cot. 15 that the German Government that day made
payment of the sum of 30,000,000 gold marks due Sept. 15
1925, representing the first installment on account of the
budget contribution to the annuity payable during the
second year of operations under the experts' plan. The
payment was made by credit of the equivalent sum in
-General for Reparareichsmarks to the account of the Agent
Payments with the Reichsbank.
tion
Greek Refugee Loan Drawing.
Account of
On Sept. 29 Speyer & Co. announced that the first drawing Payment by German Railway Company
Transport Tax.
sinking fund of the Greek Government 7% Refugee
for the
-General for ReparaSeymour Parker Gilbert Jr., Agent
Loan of 1924 has taken place and that bonds of the American
Payments, issued the following statement under
series so drawn will be paid at par on and after Nov. 1 1925 tions
date of Sept. 21:
at the office of Speyer & Co.
1746
nib. CHRONICLE
The Agent
-General for Reparation Payments announces that
the German
Railway Co. has to-day made payment of the sum
of 28,010.776.15 gold
marks, being the first installment on account
of the transport tax payable
on behalf of the German Government to
the annuity during the second
year of operations under the Experts'
Plan. The total amount of the
transport tax thus due during the second
annuity year is 250,000,000
gold marks, which is payable on substantia
lly a monthly basis in accordance
with the arrangement concluded between
the Agent
-General for Reparation
Payments, the German Government and the
railway company.
[VOL 121.
settlement will restore activity to the Boerse and
will also operate against
violent price fluctuations. The stock exchanges
of Hamburg, Cologne and
Frankfort-on-Main, also probably other stock exchanges
, are to follow
Berlin's example.
German Banks Reflect Inactivity of Trade—Bi-Monthly
Statements Show Revival Following Currency
Stabilization Has Ended.
From Berlin under date of Oct. 4 the New York "Times"
German Banks Grant Credit of $18,000,000 to Russian
printed the following:
Soviet State Bank.
The Locarno conference, although watched
closely in financial circles,
Associate Press advices from Moscow, Oct. 5, state:
has had no visible effect on the
Boerse or on any other market,
Finance Minister M. Sokolnikoff announced to-day an agreemen
t with a
group of German banks for $18,000,000 credit
to the Soviet State Bank.
"This short term credit." he said, "besides
its practical value to the Government, has great political importance in breaking
down the policy of the
financial blockade of Russia by foreign countries. Combined
with other
trade credits in Germany, the Soviet Government
has been able to place
there orders of more than $25.000,000 for the rehabilita
tion of Russian industry and agriculture."
The Minister added that this was the first of a number of agreement
s for
credit now being negotiated by the State Bank with foreign
banks.
1A, M.Tumanoff. Chairman of the State Bank, emphasized
the importance
of the deal for Germany,as Russia had agreed to repay the credit
in dollars,
which would help pay reparations in accordance with the Dawes plan.
Referring to the negotiations between France and Russia for debt settlement, M. Sokonikoff said Russia was willing to make adequate concessions
In order to re-establish normal economic relations with France, but, he explained, "our attempts in this direction are meeting with stubborn resistance. due to France's wavering general policy."
He expressed the hope that after the temporary agreement for the settlement of her debts to Great Britain and America the French Government
Would pay greater attention to the settlement with Russia.
where,
however, most indications now point
to a further slight increase of business
depression. The greater trade inactivity since midsumme
r is reflected in
the bi-monthly balance sheets of conunerci
al banks as of Aug. 31. They
show that the increase in banking activities
which followed currency stabilization have practically come to an
end.
Since the last preceding reports of June
30, the total balance sheets of
the six principal Berlin credit institutio
ns showed increase only from
5,013,000,000 marks to 5,051,000,000, of which bills discounte
d rose from
1,095,000,000 to 1,113.000,000, and advances
on security of merchandise
from 339,000.000 marks to 343,000,0
00. The total of liquid assets declined
from 2.342,000,000 to 2,308.000
,000, bringing the ratio of liquid resources
to liabilities down from 53.8
to 52.6.
This decline in liquidity has been proceedin
g since the beginning of the
year. Total liabilities, excluding capital,
reserves and acceptances, rose
from 4.127.000,000 marks to 4,139,000
,000, of which 1,687.000.000 marks
were deposited on call. In some
quarters the reduced liquidity is commented on unfavorably as an indication
that the banks are tying up their assets
too greatly with industry.
lialt11011611111$
Economic Trend in Austria Favorable—Reduction
in
Number of Unemployed Receiving Relief from
Under date of Oct. 4, radio advices to the New York
Government.
"Journal of Commerce" from Frankfort-on-the-Main said:
According to cable advices received from Vienna by
It is understood here that the 100.000,000 mark credit just granted by
F. J.
German banks to the Russian Government will carry the restriction that it Lisman & Co. unemplo
yed persons receiving relief from the
betused exclusively for the purchase of German manufactured goods.
Austrian Government in August last numbere
d 110,000, a
reduction of 37,000 since N1ay. As to its further advices
the
Russians Pay High for German Credit—Soviets Are firm
states:
Charged 15%, While Germany Borrows From Us
Lignite production was 256,000 tons in July
and 220,000 tons in June.
comparing with 213,000 and 190,000 tons in those
at 7%—Austria to Extend Credit.
months of 1924.
On an assumed basis of 100 schillings for the first
half of 1914, the index
From the New York "Times" of Oct. 8 we take the fol- number of foodstuff costs for the months
of June, July, August and September indicates a steadily falling tendency from 200
lowing copyright advices from Berlin Oct. 7:
to 168; whereas the index
numbers
for industrial production, computed on the same
German banking concerns and industrialists which yesterday concluded
basis, rose from
ar$25,000,000 credit extension to the Soviet Government for the purchase 212 in June to 219 in September.
The note circulation, including liabilities in current
of German farming machinery for Russian agriculturists will profit to the
account, of the national banks amounted to 878,000,0 schillings in
extent of $1,000,000 on the six months'credit extended.
00
September, covered by
It is learned from an authoritative source that the Soviets agreed to pay 521.000,000 schillings gold and foreign currency held in reserve,%gainst
15% annually. It is also learned that the Krupps will supply a large por- 822,000,000 schillings in circulation with 397,000,000 schillings in reserveat
the end of June this year.
tion of the Soviet order.
Saving banks deposits aggregated 500,000,000 schillings in Septembe
German loans from America bear about 7% interest, giving the German
r, as
compared with 403,000,000 schillings in May.
bankers and industrialists the benefit of the difference in interest payments.
The exchange value of the schilling in Vienna was steady with
The Russians are paying the industrialists 75% of the value of the purchases
an upward
on delivery and the industrialists will collect the remaining 25% direct from trend: 707.90 schillings for $100 in September; 708. 87 schillings in August.
and 709.35 schillings in July, average for the months named.
the Soviet Government six months after the deliveries are made.
These figures illustrate well the favorable trend of economic
conditions in
Vienna advices to the same paper Oct. 7 (also copyright) Austria during the past few months.
state:
According to reports in well-informed quarters, the Austrian National
Soviet Government's Reconstruction Loan of
Bank has decided to discount Russian bills of exchange accruing from
300,000,000 Gold Rubles.
Austrian export transactions. A conference of all the big Austrian
banks
will be held shortly, where this decision will be announced and the details
A bulletin from the Commissariat for Finances of the
discussed. The National Bank will undertake discount limited amount
to
a
Soviet Union, received by the Russian Information Bureau
of export paper, contingent in each case on endorsement by one of the big
at Washington last month, stated that the first installment
banks of Vienna.
This means that the Austrian National Bank is prepared to finance Aus- of the Government's projecte 300,000
d
,000 rubles ($154,trian exports to Russia. So far these exports have been hindered by the
000,000) 10% internal reconstruction loan would be placed
Impossibility of discounting Russian commercial paper here and the great
difficulty of disposing of such paper in the international markets through on the market Oct. 1. Subsequent equal installments
the Vienna banks.
will be offered Dec. 1, Feb. 1 and April 1. Redemption
of
It is learned that the National Bank's decision has been prompted by
the bonds will begin Oct. 1 1926 and close April 1 1930.
the possible retirement at an early date of its Dutch adviser, Dr. Van Gyn,
as it is assumed that Van Gyn will be succeeded by an Englishman and the The loan will be applied to increasing the basic capital
new adviser would put his foot down against financing Russian trade. of Soviet industry
. The Information Bureau also says:
The decision is also influenced by the recent credit agreement between the
Under the terms of the issue, as announced by N. P. Briukhanov,
Russian State and a big group of German banks and industrialists, as AusActing
Commisar for Finances, the bonds will be tax exempt, they will
be accepted
tria does not want to allow Germany to attract Russian business.
at par value as security for all State contracts and deliveries, as
guarantee
for excise taxes and customs duties, and as security by
lessees of State
Fortnightly Settlements at Berlin, Frankfort and and municipal properties and enterprises.
This will be the fifth internal loan issued by the Soviet
Government.
Hamburg Markets.
Three peasant lottery loans, aggregating 220,000,000 rubles,
were Issued
By a recently decided modification of stock market trading in 1924. The first of these, for 100,000,000 rubles, was issued in part
rules, the twenty-six leading banking and industrial stocks under a system of compulsory subscription among the well-to-do strata
of the population. Shortly after
will be dealt in on the Berlin, Frankfort and Hamburg Stock was issued, the financial situation the second loan (70,000,000 moles)
cleared sufficiently to make possible
Exchanges on a mid-monthly or end of the month settlement the abolition of obligatory subscriptions, and since that period the
State
Treasury has pursued the customary policy of floating loans
basis. This announcement was contained in special radio banks and stock
through the
exchanges.
advices to the New York "Journal of Commerce" from
The fourth State loan, 100,000,000 rubles at 8%, was
issued in the
Frankfort-on-the-Main, Sept. 29, which added that this list spring of the present year. It serves principally as an investment medium
for the capital reserves of the State industrial and trading
enterprises.
will be increased later to 48 issues.
Reference to the proposed 300,000,000 gold ruble
The New York "Times" announced the following advices
reconstruction loan was made in our issue of July 25, page
in the matter, (copyright) from Berlin, Oct. 4:
406.
Beginning Oct. 1, the Berlin Boerse restored to members the privilege of
New Soviet Budget 3,560,000,000 Rubles—It
dealing in stocks for a future settlement, which
was suspended at the
Balances
beginning of the war. Settlement days will fall
at a Sum 500,000,000 Rubles Higher Than
in the middle and at the end
Czarist
each month. Trading in futures will be controlled by a new organizat
of
ion
Budget of 1913.
called the "Boerse Liquidation Union for Time Trading." Into this organisation 250 bankers and brokers have paid quotas varying according to their
From the Now York "Times" of Sept. 30 we take
the folimportance from 20.000 to 250,000 marks; in
all, 10,000.000 marks. This lowing copyright advices from Moscow Sept.
29:
will constitute the fund guaranteeing the fulfillment of obligations on
settlement day by members of the union.
For the present future trading is confined to the twenty-six principal
stocks. The general expectation is that resumption of trading for future
The Soviet Union budget for the coming fiscal year,
carries a total of 3.560.000,000 gold rubles—more than beginning Oct. 1,
half a billion greater
than the Czarist budget of 1913. It is divided in two
sections, for ordinary
and extraordinary receipts and expenditures. Ordinary
receipts comprise
OCT. 10 1925.]
THE CHRONTCLE
1747
had in view adjustments of
In adopting that method the commission
from State enterprises; the extraorThe American records show that
direct and indirect taxation, profits
ry expenditure differences on the amount of the debt.
ions, &c. The ordina
accrued interest,
dinary receipts are credit operat
&c. the Czechoslovakians owe, roughly, $91,000,000 plus
been for a
Army, Transport, Post. Telegraphs,
covers the different Ministries of
of $117.679,000. Czechoslovakia's plea has
y to credits for industry, agriculture, making a total
st accrued since the
The extraordinary is devoted entirel
ment based on a debt of $80.234,000 and intere
settle
s given in gold rubles:
ago.
&c. Receipts are as follows, all figure
loans were made some five or six years
the two commissions, experts
Direct Taxes.
Immediately after the formal session of
240,000,000
that the
s on the point at issue. It has been said
tax
I Single peasant
120,000,000 began conversation
profits
on the full
cial
120.000.000 Americans were willing, despite their insistence on a settlement
b Tax on industrial and commer
c Income tax
8.700,000 amount claimed, to include a provision for adjusting the differences in
ded
( Various
oming at a later time that they had deman
is
568,700,000 event further proof forthc
Total
too much.
its WashingIndirect Taxation.
The New York "Commercial,"in advices from
750.000,000
(a) Excise
120.000.000
bureau, Oct. 5, said:
ton
(b) Customs
pate serious difficulty in ironing
American officials do not appear to antici
870.000.000
oibigations.
Total indirect taxation tax
130.000.000 out the dispute over the exact amount of the Czechoslovaldan
120.000.000 It is explained that the total principal, which amounts to $91,879.671,
3 Stamp and registration telegraphs
0
Receipts from posts and
4
1,250,000,00
can officials, includes, besides adon
according to the calculations of Ameri
5 Receipts from transportati ns and enterprises—industry,
ts involved in transactions of
domai
347,000,000 vances under the Liberty Loan Acts, amoun
6 Receipts from State forests, &c
and the
commerce, banks,
26.000.000 the Grain Corporation, the War Department, the Shipping Board
loans. &c
5,300.000
(7) Repayment to State of
American Relief Administration.
Various revenues
(8)
3,317,000,000
Total ordinary receipts
Czechoslovakia Loan.
Extraordinary Receipts.
13.000.000
in the "Wall Street
holdings
Sale of various State
100.000.000
The following London advices appeared
2 Credit operations—internal loans
30.000.000
al" of Oct. 8:
of silver and copper money
Journ
Emissions
a $50,000.000 loan to Czechoslovakia
143,000.000
National City Bank plans to make
with
Total extraordinary receipts of a favorable harvest of 100,000.000
ately after debt settlement is reached
first half to be floated immedi
tation as a result
Possible augmen
s it was learned C. E. Mitchell. president
0.
Washington. From Czech source
gives a grand total of 3.560.000.00 s:
concluded details
returning to New York,
Expenditures are given as follow
of National City Bank. who is
now in Washington has authority to
Ordinary Expenditures.
Prague. Czech financial delegation
reached. It
540,000.000 in
Bank the moment debt settlement is
ia
and navy
0 close with National City
Army
1.175.000.00
has already advanced Czechoslovak
Transportation
110,000.000 Is an open secret National City Bank
repay from the
s will
Posts and telegraphs
61,100.000 $10,000,000 through Czech banks, which the Czech
Other commissariats
160.400.000
Federal administrations and institutionstions
348.000.000 $50,000,000.
Non-Federal administrations and institu
105,000.000
Cancels Trip.
Reserve funds
300.000.000
Rumanian Debt Funding Commission
Local budgets and subventions
210,000.000
from Bucharest yesterday
ry operations
Treasu
Associated Press cablegrams
3.010.000,000
the Rumanian Debt FundTotal ordinary expenditure
(Oct. 9)stated that it learned that
Extraordinary Expenditures.
was due to sail from Cherbourg for
83.000.000 ing Commission, which
Industry
140,000,000
s to-day (Oct. 10) has cancelled its passage.
Agriculture
60.000.000 the United State
in our
Electrification
60.000.000 References to the Rumanian debt mission appeared
Communal credits
10.000,000
and Sept. 19, page 1414.
Public works
25.000.000 issues of Sept. 5, page 1170
Co-operation
72.000,000
my
Subventions and other branches of national econo
hant's $5,000,000
450.000.000
Grain Crash in Rumania—Merc
Total extraordinary expenditures
ernment
3.460.000,000
Failure Causes Panic on Exchange—Gov
Grand total expenditure
t
s Bank Note Circulation.
of expenditure as a result of a favorable harves
Raise
Possible augmentation
of 3.560,000.000 rubles.
Oct. 6 (copyadds 100,000,000, giving a grand total
Vienna advices to the New York "Times"
r
1i
3ri
Sail Oct. 22. right), state: of the wheat market is reported from Rumania as a sequel
Italian Debt Mission to United States to
A general rout
M. Podimatopol, at
cablegrams to the flight of the country's biggest grain merchant,estimated at $5,000.It was announced in Rome Associated Press
left liabilities
and the other the Port of Braila, on the Danube, who es several leading grain exporters
Oct.6 that Count Volpi, the Finance Minister,
Podimatopol's bankruptcy involv
on to America, 000. M. est and Braila.
at Buchar
the
members of the Italian debt funding missi
t collapse caused consternation on
s Oct. 22 on the
News of the Rumania marke
of slack trade, big orders
have definitely decided to sail from Naple
nded Budapest Grain Exchange, where, after a period nes have been sent from
was suspe
Airpla
steamer Duilio. The Italian debt conference
ly were received from Rumania.
r commission to recentest to recall a fleet of grain ships now headed down the Danube bound
Budap
on June 30 to permit members of the debto
on their Govern- for Braila.
return to Rome to assemble additional data
rest on Oct. 6
Associated Press cablegrams from Bucha
fiscal situation. This was noted in our
ment's economic and
new debt mission were also announced as follows:
be
issue of July 4, page 31. References to the
and brokerage firms are reported to
Many Rumanian grain exporting
19,
n and
to inability to export under Russia
in these columns Sept. 5, page 1169, and Sept.
appeared
In a serious financial plight, owing
nced, and
s already have been annou
Jugo Slav competition. Several failure
ately
page 1414.
be more unless the Government immedi
fear is expressed that there will
ent of grain.
vernment Experimenting reduces its export taxes and facilitates the outward movemcalled to consider
Italy Sells Dollar Bonds—Go
mic Council has been
A meeting of the Supreme Econo
to
Postal Issue.
has raised its banknote circulation
With 3
remedies. Meanwhile the Government
t 1. (The
ts the following (copyright) 20,500,000,000 lei—an increase of 1.000,000,000 since Augus
The New York "Times" repor
)
normal value of the lei is 19.3 cents.
from Rome Oct. 4:
n
nment is provision
the new financial measures of the Italia Gover
Among
to Issue Bonds of
g 3 % interest. They are to be repaya- Mexican Government Authorized
for the issue of postal bonds bearin
for Indemnification of
Agrarian Debt
ble in dollars or sterling.
Cummunal Grants.
co, this city, issued the
g of Hong Kong Exchange.
Reopenin
The Consulate General of Mexi
ted
repor
28:
following notice on Sept.received official information that according
The following Associated Press cablegram was
This Consulate General has
of indemnificafrom Hong Kong Oct. 2:
1920. and for the exclusive use
closed since late in June, when the
The Hong Kong Stock Exchange,
business conditions here, will reopen on
anti-foreign strike demoralized
Oct. 5.
with the law of January 10
government of Mexico is authorized to issue
tions of communal grants, the the amount of fifty million pesos at 5%
Agrarian debt for
bonds of the
s, and
years. every bond having twenty coupon
interest, maturity twenty
ly for
principal will be amortized each year. Probab
the vigesimal part of the
and then
the first claim settled shall be received
the later part of this year
pesos will be issued.
the first series of five million
s War Debt
Conferences on Funding of Czechoslovakia'
to the United States.
The debt commissions representing Czechoslovakia and
ng Mexican Debt Discussed—Finance Minister Pani Meets
the United States began consideration on Oct. 6 of a fundi
Chairman Lamont of Bankers.
s debt. The previous day
arrangement for Czechoslovakia'
York "Times" of Oct. 2:
of the Czechoslovakian commission, headed
The following is from the New Mexico, and Thomas W. Lamont.
the members
Finance of
Alberto Pani, Minister of
met
made formal calls at the Treasury and
by Dr. V. Pospisil,
l Committee of Bankers on Mexico.
Chairman of the Internationa
situation in Mexico.
State Departments as the first official act of the conference. informally yesterday and discussed the financial It Is expected in Wall
New York Is not official.
On the commission with Dr. Pospisil, who is Director of the While Mr. Pani's visit toin a clearer understanding of the prospects of a
Street that it will result
Savings Bank of Prague, are Karel Kucera, Assistant resumption of payments on Mexico's external debt of $500.000,000, susGeneral Director of the Banking Office of the Ministry of pended since July. 1924.
been
's new bank of issue, bankers have
Since the organization of Mexico
the last
Finance; Dr. Karel Brabenec, and Dr. Eugen Lippansky
nts on the nation's debt. Mexico in
und Konecny of the optimistic regarding paymefinancial and economic position, but there are
of the Ministry of Finance, and Zikm
year has strengthened her
ing
Ministry of Foreign Affairs. Regarding the conference on many features, such as Improving the agricultural industry and arrang a
tion with
dispatches from Washington, for necessary foreign purchases to be considered in connec
the 6th the Associated Press
resumption of debt payments.
bankers
en Mr.Paul and American
Oct. 6, said:
There will be further conferences betwe
an official nor
of the two groups was brief, It lasted
Although the first formal meeting
of procedure, which will permit of
sufficiently long for adoption of a plan
the issues involved.
sub-committee conversations on
York. Neither the Mexic
during the former's stay in New
on the debt situation.
the bankers would comment yesterday
1748
THE CHRONICLE
_Vox. 121.
Brazil Borrows Internally—Uruguay May Float Loan Federal
Land Bank of St. Paul Reduces Rate to 5%.
Here.
The Federal Farm Loan Board on Sept. 25 unanimously
The following information from Moody's was made public voted
authorization to the Federal Land Bank at St. Paul to
under date of Oct. 6:
reduce its interest rate from 53' % to 5%, making the fourth
According to information received by Moody's Foreign Department, the
U. S. of Brazil are selling additional bonds of the Apolices (Consols) 55 to institution whose condition permitted a cut in the rate
the amount of 15,000,000 mitre's, equivalent to about $2,130,000 Proceeds charged on loans. The change
.
is effective Oct. 1. The Asfrom the sale of bonds will be used for additions and improvements to
sociated Press advices from Washington in reporting this said:
Government owned railways.
Considerat
ion is being given to the interest rates charged by the
In connection with the recent rise in the value of the Uruguayan peso
other
to above El 00, Moody's learns from its Montevideo correspondent that banks and Copuniasioner Cooper said that similar reductions may be expected for some of them in the near future. It is the policy of
Uruguay has already entered or is about to enter into negotiations with
the board to
go thoroughly into the economic conditions of each land bank
American bankers for the flotation of a loan of' $45,000,00
district, how0. The bonds
will bear 6% interest per annum and will be redeemabl by an annual ever, before changes are authorized, so that neither the efficiency nor the
e
service of the bank may be impaired.
sinking fund of 1% to be applied to purchase of bonds at
or below par or
drawings at par. It is also reported that the existing revenues of the
Republic are sufficient to take care of the loan without making
it neces- War Finance Winding Up—Farms Loans Reduce to
sary to take recourse to new taxes. Of the proceeds
from the sale of bonds,
$24,000,000, Compared with $46,000,000, December.
$10,000,000 are to be used for the redemption of bonds of the Port Works
and State Railways: a similar amount for the National Frigorifica: $5,000.The "Wall Street Journal" of Oct. 5 printed the following
000 as a capital for a new bank of Colonization and Agriculture: similar
a
from Washington:
amount for the purpose of increasing the capital of
the Government Bank;
Agricultural loans, including those to raisers oflivestock which
$2,000,000 for increase in the capital of the Government
have been
Mortgage Bank. made by the War Finance Corporatio
and $13,000,000 for mLscellaneous public works.
n, have been so reduced that there
are now outstanding only a total of $24,000.000, compared
with $46,000,000
Referring to conflicting advices the New York "Times" last December. Indications are
that when the corporation
of Oct. 8 stated that at the office of the Uruguayan Consul Its affairs it will show that the Government will come outfinally winds up
about even, in
in New York it was declared that discussions were purely Its dealings with the farmers and others who have had occasion to call upon
It for assistance.
tentative. The "Times" added:
This means that whatever losses may occur here and there,
the GovernThe Uruguayan Congress, the Consul said, had not authorized a foreign ment will, in the final accounting
, come
loan,a necessary step before arrangements could be made,so that a flotation balance sheet and with the knowledge out of the enterprise with an even
that it has performed an invaluable
here would not be possible for at least several weeks. Several New York service, not only to the agricultura
l interests of the country but the banks
banking groups are understood to have made separate proffers of a loan to In the West and South as well.
This
Uruguay to which the Government responded by asking for terms. If a cost to the Government of the money takes into account the fact that the
advanced is calculated on a basis of
loan is arranged it is expected to be handled by the First National Bank, 43
,
1%. It also covers all the costs and operating
expenses in utilizing the
which has a branch in Montevideo and handled the last Uruayan loan here. original capital of $500.000,0
00.
Talk of a Uruguayan loan followed the recent rise in exchange, which sent
The annual report of Director Eugene Meyer, which
will be made public
the peso above $1. According to the report from Montevideo the new bonds early in December, in setting
forth these Mures, will indicate that the
if issued would bear 6% interest and would be redeemable through an annual farmers have staged a remarkabl
e comeback as the result of good prices for
sinkinng fund of I% to be applied to the purchase of the bonds at or below their products and that the agricultura
l districts are in better shape than
ar or to drawings at par.
they have been for several years.
Offering of
Bonds of Pennsylvania Joint Stock Land
Bank.
A new issue of $500,000 5% Farm Loan bonds of the
Pennsylvania Joint Stock Land Bank was offered on Oct. 5
by Martin & Co. of Philadelphia, and Brooke, Stokes & Co.
of Philadelphia, Baltimore and Washington, at 104 and
accrued interest, to yield 4.50% to 1935 and 5% thereafter
to maturity. The bonds will be dated Feb. 1 1925, will
become due Feb. 1 1955 and will be redeemable at the option
of the bank at par and accrued interest on Feb. 1 1935, or
on any interest date thereafter. Coupon bonds will be in
denominations of $500, $1,000 and $10,000 and registered
bonds $1,000 and $10,000. Interest (Feb. 1 and Aug. 1)
will be payable at the offices of the bank; arrangements have
also been made for the payment of coupons at the office of
Fidelity Trust Co., Philadelphia. The bonds are issued
under the Federal Farm Loan Act and are exempt from
Federal, State, municipal and local taxation. The bank
operates in the States of Pennsylvania and Maryland. Its
loan statistics as of Aug. 31 1925 are announced as follows:
Yearly Figures of New York Clearing House
Association.
New clearings records were established by:thel
New York
Clearing House Association during the year ended
Sept. 30
1925. The total transactions, at $306,595,037,912,
were
largest on record, as were also the two items making up the
that
total, viz., exchanges of $276,873,934,638 and balances
of
$29,721,103,273. The total transactions for the year ending
Sept. 30 1924 were $261,888,500,822 of which
$235,498,649,045 were exchanges and $26,389,851,778 balances.
The
largest exchanges on any one day was recorded on
May 1
1925, the figures being $1,697,265,369. The largest
day's
transactions on record were those of Jan. 2 1925 at $1,800,963,200. In the 72 years of the Clearing House existence
the
transactions have totaled $5,043,114,898,107, the
exchanges
aggregating $4,714,560,102,206 and the balances $328,554
,795,901. The following extract is from the manager's annual report for year ending Sept. 30 1925:
The Clearing House transactions for the year have been as
follows:
Exchanges
$276.873,934,638 08
Balances
29,721,103,273 49
Total transactions
$306,595,037,911 57
The average daily transactions:
Amount loaned __________________________________________
.000,100 Exchanges
Appraised value of real estate and improvements
$913,775,361 84
$12,261.843 Balances
Number of loans
98.089,449 74
850
Average appraised value per acre
$115.06
Total
Average amount loaned per acre
$1,011,864,811 58
$37.54
Total transactions since organization of Clearing House
Ratio of loans to valuation
(72 years):
32.62% Exchanges
$4,714.560,102,206 55
Balances
The following is the statement of the bank Aug.31 1925:
328,554,795.900 83
Total
Assets.
$5,043,114,898,107 38
Largest exchanges on any one day during the year(May 1
Mortgage loans (net of amortization payments on account of
1925)
principal) and accrued interest
$4,003,637 41 Largest balances on any one day during the year (May $1,697,265,368 88
6
Farm Loan bonds (own) on hand and pledged
200.000 0
1925)
Accrued interest on Farm Loan bonds (own)
833 33 Largest transactions on any one day during the year 192,901.069 42
Cash in banks and on hand
9,421 84
2 1925)
Amortization Installments in process of collection
6,828 89 Smallest exchanges on any one day during the year 1,800.963,199 84
Furniture and fixtures, net of reserve for depreciation
2.779 15
(April 111925)
Real estate acquired
11.833 63 Smallest balances on any one day during the year 399,861,256 59
Other assets
21,286 32
(Nov. 26 1924)
71,841,044 33
Smallest transactions on any one day during the year
$4.256,620 57
(April 111925)
480,227.982 59
Liabilities and Capital.
Largest day's transactions on record, Jan. 2 1925:
Capital stock, paid in
Exchanges
$250,000 00
Surelus and reserves
$1,665,591,352 62
Balances
8,224 12
Farm Loan bonds outstanding
135,371,847 22
3,684.000 00
Accrued interest on Farm Loan bonds
Total transactions
41.220 83
Reserve for coupons not presented for payment
$1.800,963,199 84
Largest exchanges, May 1 1925
15.75000
Amortization installments paid in advance
31,697,265,368 88
3.731 00 Largest balances, May 6 1925
Deferred loans
192,901,069 42
Transactions of the Federal Reserve Bank of New York:
4.504 35
Notes payable and accrued intrest
Debit exchanges
244.637 44
$2,828.258,246 79
Accounts payable
Credit exchanges
2,239 80
2
Application deposits
7.714,104,113 42
2.313 03 Credit balances
24.885,845,866 63
The Association is now composed of 14 national
94.256,620 57 and 11 trust companies. The Federal Reserve Bankbanks, 9 State banks,
of
Clearing House City Collection Department also makeNew York and the
House,
Kansas City Joint Stock Land Bank Purchases Liberty Clearing are 6 making 36 institutions clearing direct. exchanges at the
There
banks and trust companies in
members of the Association, that make their the city and vicinity, not
Central Joint Stock Land Bank.
exchanges through hanks
that are members, in accordance with constitutional
provisions.
Gran.
It was announced this week that the Kansas City Joint
Stock Land Bank as acquired through purchase the Liberty
Central Joint Stock Land Bank of St. Louis from the Liberty
Central Trust Co. of St. Louis. The Liberty Central Joint
Stock Land Bank was organized three years ago and on
July 3 this year had total assets of $4,390,000. The Kansas
City bank on Aug.31 of this year had total assets of $44,751,000. It is one of the Guy Huston group.
At this week's annual meeting, Stephen Baker,
President
of the Bank of the Manhattan Co., was elected
President of
the Association for the ensuing year, succeeding
James S.
Alexander, retired. Samuel H. Miller, Vice
-President of the
Chase National Bank,succeeds Dunham B. Sherer
tary. The following were re-elected: William as SecreJ. Gilpin,
Manager; Clarence E. Bacon, Assistant
Manager, and
Charles A. Hanna, Examiner. Charles E.
Mitchell, Presi-
OCT. 10 1925.]
TFITI elTRONTOLE
dent of the National City Bank, has been made Chairman
of the Clearing House Committee. Mr. Mitchell and
Harry E. Ward, President of the Irving Bank-Columbia
Trust Co., were re-elected members of the Clearing House
Committee. Walter E. Frew, President of the Corn Exchange Bank; John McHugh, President of the Mechanics &
Metals National Bank, and William C. Potter, President of
the Guaranty Trust Co., are the new members.
Jackson E. Reynolds Nominated as Class A Director of
Federal Reserve Bank of New York—Owen D.
Young Nominated for Re-Election as Class B
Director.
A committee (under the chairmanship of J. S. Alexand
er)
appbinted by the bankers associations of New York, New
Jersey and Connecticut, to make recommendations of
candidates for directors of the Federal Reserve Bank of
New
York, has nominated for Class A Director Jackson
E.
Reynolds,President of the First National Bank of New
York,
and as Class B Director has recommended for re-elect
ion
Owen D. Young, Chairman of the Board of the General
Electric Co. Mr. Young's term as Class B Directo
r expires
on Dec. 31, and on the same date the term of
Gates W.
McGarrah as Class A Director will likewise expire.
Mr.
Reynolds has been named to succeed Mr. McGarr
ah. The
notice regarding the nominations, issued by
the New York
State Bankers Association, says:
Mr. Reynolds was born in Woodstock,
Ill., in 1873, and was graduated
from Leland Stanford
Junior University in 1896, and Columbia
University
Law School in 1899. For 10 years after
graduation he was professor of law
at Stanford and Columbia Universities.
Thereafter he engaged in the
general practice of law in New York City,
and was General Counsel of the
Central RR. Co. of New Jersey from 1906
until he became Vice-President
of the First National Bank of the City of
New York late in 1917. He became
President of that Bank in 1922.
Mr. Reynolds was a director of the Mercantil
e Trust Co.(now merged
with the Seaboard National Bank) from April
1917 until Jan. 1920; chairman of Group VIII, New York State Bankers
Assn. for the year 1923:
served on the Conference Committee of the
New York Clearing House for
the year 1923, and has been a member of
the Clearing House Committee for
the years 1924 and 1925.
Mr. Reynolds is Chairman of the Board of
Directors of Lehigh & WilkesBarre Coal Co.; Vice-President and Director of New
Co.; Director of National Biscuit Co., New York Jersey General Security
Central RR. Co.(and its
affiliated companies), Southern By.Co.and Great
American Insurance Co.,
and a Trustee of Columbia University.
Mr. Young has served as a Class B Director of the
of New York since Jan. 1 1923 and has consented to Federal Reserve Bank
stand for re-election.
Mr. Young was born in Van liomesville, N. Y., in
B.degree from St. Lawrence University, New York, 1874, received his A.
1894. his LL.B. degree
from Boston University in 1896. He began the
practice of law in Boston,
and in 1913 became Vice-President and General
Counsel for the General
Electric Co. In 1922 he became Chairman of the
Board of the General
Electric Co.
In 1924 Mr. Young was one of the three Americans
invited to serve on the
so-called Dawes Commission to stabilize Germany currency
and balance the
German budged, and took a leading part in the work
of
and in the preparation of its report. After the adoption that Commission
of the Dawes Plan,
Mr. Young was unanimously elected by the allied
governments as Agent
General for Reparations and served as such during the
period when the work
of that office was being organized.
Mr.Young is Chairman of the Board ofthe Radio
a Director of General Motors Corp., Adirondack Corporation of America,
Power & Light Corp.,
Buffalo General Electric Co., International General
Electric Co., Mohawk
Hudson Power Corp., American & Foreign Power
Corp.. International
Chamber of Commerce and the Merchants Assn. of New
York. He is also
Honorary Vice-President of the Chamber of Commerce
of
and President of the Board of Directors of St. Lawrence the United States
University.
Class A and B directors will be elected by the
member
banks of Group 1, as classified by the Federal Reserve
Board,
that is, those having a capital and surplus of
more th
$1,999,000. The following is the Committee on
Nominations: J. S. Alexander, Chairman, Chairman
National Bank
of Commerce in New York, New York; William
C. Potter,
President Guaranty Trust Co., New York; Theodore
Hetzler,
President Fifth Avenue Bank, New York; D. E.
KcMinstry,
• President Highland National Bank, Newbur
gh, N. Y.;
M. E. Clark, President First National Bank,
Ellenville,
N. Y.; W. W. Young, President First Nationa
l Bank,
Hoboken, N. J., representing the New Jersey
Association; Edmund S. Wolfe, President First Bankers
National
Bank, Bridgeport, Conn., representing the
Connecticut
Bankers Association.
The Federal Reserve Bank of New York announc
es that
on Nov. 12 the period in which nominations of director
s may
made will terminate. The Federal Reserve Board
be
has
fixed Nov. 17 as the date for opening the polls. The
results
of the election will be announced about Dec. 4.
1749
membership issued on October 3 and superseding the former
list published as of Feb. 15 1924. Total membership in
this district now stands at a new high level of 881 banks,
representing resources of over $12,400,000,000, or approxi
mately 85% of the total resources of all banks other than
savings banks in the district. The New York Federal
Reserve Bank in announcing this states:
Although most of the increase in members was due to
the establishment
of new national banks, which are required by law to
become members, 11
State banks and trust companies, whose membership
is entirely voluntary,
also joined the System, so that, despite losses due
largely to mergers and
consolidation, the State bank membership was
increased by 4. This
brings the total of State bank and trust company members
to 147, which is
higher than ever before. The resources of these
State bank and trust
company members, aggregating approximately 95,857,00
0,000. constitute
about 80% of the total resources of all State institutio
ns in the district
which are eligible for membership.
The following table comparing membership chqnges
within the Second
District since Feb. 1924 indicates in detail the changes in
State bank and
trust company members. Against the addition of 11
new State bank
members, losses numbered 7, of which 4 represented merger
or consolidation with or conversion to, other banks within the System.
Feb. 15 1924 to Oct. 1 1925.
State banks and trust companies, net change in membership
+4
Additions to membership—Admission of State banks
Losses from Membership—Merger with other State bank members11
1
Absorption by national banks
2
Conversion to national banks
1
Absorption by non-member banks
1
Withdrawals
2
Total losses
National banks, net change in membership
+39
Total membership, net change
+43
Increases in active membership in the Reserve Bank, together
with
changes in the capitalization of older member banks, resulted
in an increase
In the capital stock of the Federal Reserve Bank of New York
from $20.720.350 on Feb. 15 1924 to $31,952,700 on Sept. 30 1925, which is a new
high level. This stock is limited in ownership to member
banks, which
are required to subscribe an amount equal to 3% of their own capital
and
surplus, subject to a possible call for an additional 3%. Dividend
s amount
to 6%, after which 10% of net earnings is paid into the surplus and
any
remainder goes to the Government in lieu of a franchise tax.
Samuel Rea's Final Word.
The final personal message to the employees of the Pennsylvania Railroad System from Samuel Rea, who retired on
Sept. 29 from the Presidency of the company, under the
pension regulations, was published in the edition for Sept.
30 of"The Pennsylvania News,"the employees' newspaper.
In it Mr. Rea says:
In taking my place to-day among our pensioned employees, it is a great
pleasure
to know that my name will also appear on the "Roll of Honor."
The very rule concerning the retirement age, which I helped to formulate
years ago, now applies to me.
While I continue as a director and stockholder, as I hand over the reins of
responsibility to my friend and successor, I should like to add that in all of
my more than half a century of railroading I have been actuated by the spirit
of loyalty and love of hard work, which have been, and I hope always will
be, a tradition of Pennsylvania RR.service.
My interest and confidence in our railroad has never wavered and to-day
I have an even greater faith in it. I am happy to say that the railroad has
kept pace with the growth of the country, and that it is on a solid foundation
with a wonderful outlook for the future if we continue our service at a high
standard and pay the stockholders a fair return.
The Pennsylvania RR. will not stand still, and as the country grows it
must grow. My ad ,therefore,to all employees and officers alike is to
stick close toget
and support the policy and work of your Directors and
Executive Off
who have always protected your interests; give the public
your high s • dard and courteous service, and look ahead and go forwar
Great su
and happiness will be yours because you do your full duty.
eting in Atlantic City of Opponents of Branch
Banking—Remarks of Andrew J. Frame—
Situation in Canada Created by Branch
Banking.
Some additional information has come to us, since our
item of a week ago (page 1639) regarding the anti-branch
bankers A. B. A. conference at Atlantic City on Sept. 27.
Secretary of the meeting, W. R. Stephens, Asst. Secretary
and Treasurer of the Monessen Trust Co. of Monosson, Pa.,
in advices to us regarding the conclusions arrived at, says:
The meeting went on record approving the McFadde
n bill as passed by
the House and authorized the Chairman to appoint
a
an organization in each State to work for its passage. committee to form
This committee is
to be announced later.
The general conclusion was favorable to
branch banking confined to
city limits, but opposed to State-wide branch
banking.
The veteran banker, Andrew J. Frame, Chairman of the
Board of the Waukesha (Wis.) National Bank, one of the
speakers at the meeting, in attacking branch banking,
directed his remarks,to conditions in Canada and declared
that "after over a half century of study of the progress of
the United States, as compared to that of Canada, we conChanges in Membership of the Federal Reserve
Bank clude thatfhe branch bank octopus is largely the cause for
of New York.
paralysis in Canada." We give herewith Mr. Frame's
An increase of 43 during the past year and three-quarters remarkg:
in the number of banks in this district which are members Mr. Chairman and Brother Bankers:—
At
of the Federal Reserve System is shown by the new list of could 81, plus, my day is nearly done. I have fought the best tight I
for many years to prevent branch banking in the United
States.
1750
THE CHRONICLE
If this nation is to enjoy the blessings of liberty and the greatest progress
the world ever knew maintained under the benign spur "to progress of
the independent banking systems of the United States," then younger
men must take the helm to fight what fairly may be termed an octopus
which is bending its energies to monopolizing the banking business of the
United States.
When we. through 63 years of banking experience, have seen practical
freedom in banking in Europe superseded by say five great central banks
in Germany, five in France and the "big five" in Great Britain, wherein
under branch systems these few banks practically dominate the destiny
of these nations; when we see Canada described by Frank R. Kent,I believe
an Associated Editor of the Baltimore "Sun," wherein he says. "Canada
has 3.000,000 square miles of territory (about equal to ours barring
Alaska), she has but 9.000,000 population and is crying for more, against
our 114,000,000. As Canada has wonderful natural resources, with
more water power possibilities than the United States can produce, and
yet Mr. Kent's headings read: "Canadians Pour Across the Border to
the United States," "Drift of Population to Southern Neighbors Blow to
&c."
Dominion,""Canada Dazed by United States Income Tax Payments.
Mr. Kent seems uncertain as to the underlying MUMS therefor. May I
express an opinion?
as
After over a half century of study of the progress of the United States,
is
compared to that of Canada. we conclude that the Branch Bank Octopus
largely the cause for paralysis in Canada. Let us see.
Toronto
Canada's banking power, with 11 central banks in Montreal.
is
and Quecbec, which owns 4,500 branches throughout the Dominion,
The reducexceeded by the banking power of little Massachusetts alone.
through
tion from 17 central banks to 11 in the past 3 years is brought about
or by
amalgamation to save failures of big banks with hundred of branches
some 60
calamitous failures such as the "Home Bank of Canada" with
branches, wherein the official estimate of losses approximated $10,000,000•
the
May I say this sum, according to the United States Comptroller of
depositors
Currency's report, is about one-fifth of the total losses to all the
staggering
in all the National Banks in the United States in 60 years, a
under
comparison. Contrast this experience with Wisconsin State laws
years ago I was
"Legal Protection and Law Enforcement." Some 25
became a
Chairman of a Committee to draw a bank bill for Wisconsin. It
loss
law in 1903. For 19 years thereafter with some 850 state banks "No
stated by
to any depositor of any failed bank" and failures since 1922,as
the Bank Comptroller, are very light indeed.
As to the fear of monopoly, is not California with more than half of her
according
independent banks absorbed by big banks within five years with,
and
to Ex-Comptroller Crissinger, some 180 suburban banks in Detroit
"put out of busipractically all suburban banks in Cleveland have been
ness." by central banks; with New York City in a Kilkenny cat fight as to
who shall have the main corners, thus preying upon the suburban banks,
and
I say, are not these sufficient object lessons that our liberty is at stake
the octopus is endeavoring to absorb us all? Of one thing we feel certain,
are
if Section 9 of the McFadden bill is not retained, then our liberties
destroyed and ere long Canada's fate will be ours.
ParliaAs it requires $500,000 capital and a charter from the Canadian
as
ment to open a bank there, with the opposition of the octopus it is about
a
difficult to enter the field there as it is to get into a modern safe with
toothpick.
The 4,500 branches have no capital, no presidents, no boards of directors.
no stockholders; they pay no dividends, make no loans to farmers on
local
mortgages, as against, say, 20,000 country banks owned largely by
for
.
people in the United States, making it their main business to care
Canadian
farmers on personal security or farm mortgage loans. The
changed
branch banks have figure-heads for managers, and, as they are
loans of
every few years, they are not inspired to upbuild their localities;
before
over $500 generally must be approved by central bank management
managers
closing. The human element is practically a nonentity and few
are alive to upbuilding their localities.
are disAnother more serious objection is that practically no profits
from
tributed locally where they are made, but such profits are skimmed
impoverthem to enrich the eleven great octopuses in the great centres, thus
ishing the nation at large.
own
Is it not common sense that if one cannot enjoy the fruits of his
labors his fire ceases and progress halts?
conLet us contrast these local conditions throughout Canada with like
ditions in the United States.
and prosTo illustrate: Waukesha county has 20 independent banks,
12,500 popuperity, as a whole, abounds throughout. Waukesha City has
industries. Whd
lation with some 2,500 people employed in manufacturing
and whose
inspired it? Largely, the bankers whose fire never smoulders
banks pay
interests lie at home first, then as the nation's builders. The
$60,000(6%
annually, say, $40,000 a year in taxes, and the profits of, say,
used to fructify
on capital employed) belong to local stockholders and are
hundred thousand improve our city instead of enriching the octopus. One
morsel in upbuilding
and dollars for 10 years equals a million, which is a tidy
at large and the
one section alone. Apply these illustrations to the nation
Canada's fire
answer seems simply why the United States prospers while
smoulders.
Canadian Royal
To confirm this view may I say: The chairman of a
me says:
committee to investigate branch banking in a letter to
that it concenW"The great objection to the Canadian banking system is Toronto. This
trates the banking profits in two large cities. Montreal and and mortgage
applies to all business, manufacturing, trading, insurance
loans."
skims the
IllETo my mind,the octopus is a "leech at Canada's throat" which
the producers
cream from her broad domain, thus leaving but dregs for
that "Canadians
thereof. For these reasons alone it seems not surprising
Pour Across Line into the United States," &c.
some Andrew Jackson
To my mind. Canada will remain a paralytic until
the creamarouses the sleeping masses to arise in their power to overthrow
repeat, as a founskimming octopus and give liberty to the masses. May I
free to enjoy
dation-stone to all progress, that our fire kindles if we are left
follow in the
the fruits of our own jabors, whereas discontent and paralysis
"Golden Rule."
footsteps of despotic power and neglect of the
there, the lack of
We confidently believe that the lack of population over
very largely
progress, especially in farming and also in manufacturing, is due
central banks, who practo the cream-skimming process of the eleven great
bank system. Absentee
tically pay no taxes in Canada under their branch
interest in the
landlordism in banking prevails. There is a lack of personal
that are made from
upbullding of the nation practically universal. Profits
to the great centers of the big
the branches throughout Canada are sent
country outside of the big
banks, thus impoverishing every section of the
cities.
in population and in wealth, we can
If Canada is a paralytic in progress,
Toronto Star once said of these great central
liken these results to what the
throat, killing local industry, depopulating
banks: "A leech at Canada's
I say? Which will you choose—liberty
rural districts." What more need
or paralysis?
[Vol, 121.
Review of A.B.A. Convention—Los Angeles Chosen
as 1926 Convention City—New Officers.
Los Angeles, Cal., has been chosen by the Executive Council as the place for the holding of the annual convention next year of the American Bankers Association. Invitations were received from three cities—the other two being
Philadelphia and Houston, Tex. The Executive Council's
decision was announced on the last day of the convention,
which was held in Atlantic City a week ago—Sept. 28 to
Oct. 1.
Oscar Wells, President of the First National Bank of
Birmingham, Ala., was elected President of the association
at its Atlantic City convention, at which, as we noted last
week (page 1638), the association went on record as favoring the re-chartering of the Federal Reserve banks indeterminately or for 99 years. The association further recommended that the re-chartering of the Federal Reserve banks
be kept entirely separate in Congress from all questions of
detailed amendments to the Federal Reserve Act. An innovation at this convention was the limitation of the resolutions in the general convention to two major questions, the
only other subject treated in addition to the Federal Reserve
being the advocacy of elimination of the Federal estate tax
and the Federal gift tax and of State inheritance taxes on
intangible personal property of non-residents.
As was made known in our issue of a week ago (page
1632), Representative Louis T. McFadden, Chairman of the
House Committee on Banking and Currency, sent a telegram
to the convention saying that since opponents of the McFadden bill passed by the House at its last session were attempting to defeat it when reintroduced next session by
confusing it with another bill introduced by him dealing
with legal reserves and other Federal Reserve banks matters, he would defer the reintroduction of the last-mentioned
bill until the first McFadden bill had been disposed of.
Educational Fund.
The raising of a fund of $500,000 to endow scholarships
and research in economics in American colleges in celebration of the association's golden anniversary, was also a
feature of last week's convention. The establishment of
the $500,000 educational fund was formally announced by
Lewis E. Pierson, Chairman, Irving Bank-Columbia Trust
Co., New York, as head of the Fiftieth Anniversary Committee. He said that the intention of the Foundation was
to broaden educational effort in the direction of sounder
economic understanding. He stated that $216,000 had been
raised in advance of the meeting; and by the final session
of the general convention a total of $468,225 had been subscribed, while condition pledges outstanding assured more
than the full amount. One-half represents subscriptions
by the American Bankers Association, the American Institute of Banking and individual bankers, and the other half
quotas assigned to each State. The Executive Council voted
$50,000 from the reserve funds of the association and the
American Institute of Banking, through individual subscriptions from its members, subscribed $25,000. Individual
subscriptions of $5,000 each were made by the following:
In New York: Walter E.Frew, President, Corn Exchange Bank; Lewis E.
Pierson, Chairman, Irving Bank-Columbia Trust Co.; William Halls, Jr.,
Director, Hanover National Bank; Gates W. McGarrah. Chairman,
Mechanics and Metals National Bank; William Woodward, President,
Hanover National Bank; John McHugh, President. Mechanics and Metals
National Bank; James S. Alexander, Chairman, National Bank of Commerce; John H. Fulton, President, National Park Bank; George W. Davison, President, Central Union Trust Co.; George F. Baker, Chairman, First
National Bank; Hornblower & Weeks;J.P. Morgan & Co.(2 subscriptions).
In Chicago: George M. Reynolds, Chairman, Continental & Commercial
National Bank; Arthur Reynolds, President, Continental and Commercial
National Dank; John J. Mitchell, President, Illinois Merchants Trust Co.;
F. H.Rawson,Chairman, Union Trust Co.; M.A. Traylor, President, First
National Bank;George Woodruff,President, National Bank of the Republic.
In San Francisco: A. P. °tannin!, Chairman. Executive Committee,
Bank of Italy; Herbert FleIshhacker, President, Anglo & London-Paris National Bank. In Baltimore: Waldo Newcomer, Chairman, Baltimore Trust
Co. In Seattle: M. F. Backus, President, National Bank of Commerce.
In Pittsburgh: Andrew W. Mellon, Secretary of the U. S. Treasury. In
Detroit: Emory W.Clark, Chairman, First National Bank. In Milwaukee:
John J. Puelicher, President, Marshall & Ilsley Bank jointly with his bank.
In St. Louis: Frank 0. Watts, President, First National Bank. In Philadelphia: William A. Law, Chairman, First National Bank.
Subscriptions of $2,500 each were made by Oscar Wells,
President, First National Bank, Birmingham, Ala.; the
directors of the Irving Bank-Columbia Trust Co., New York,
and Henry L. Doherty & Co., New York.
Subscriptions of $1,000 each were reported from the following:
In New York: Alexander Gilbert, Vice-Chairman, Irving Bank-Columbia
Trust Co.; Harry E. Ward, President, Irving Bank-Columbia Trust Co.:
William E. Knox, President, Bowery Savings Bank; Fred I. Kent, Vice-
Oar. 10 1925.]
THE CHRONICLE
President, Bankers Trust Co.; Percy II. Johnston. Preside
nt. Chemical
National Bank, and Fred N. Shepherd, Executive Manage
r, American
Bankers Association. In Minneapolis: Charles B. Mills,
President, Midland National Bank. In Grand Rapids; Clay H. Holliste
r, President, Old
National Bank. In Detroit: William Livingstone, Preside
nt. Dime Savings
Bank. In Los Angeles: Henry M. Robinson. Preside
nt, First National
In Buffalo:E.C. McDougal,President, Marine Trust Co.
In New Orleans:
R.S. Hecht,President, Hibernia Bank & Trust Co.
1751
Teter, of Chicago. Edward J. Fox, President of the Easto
n
Trust Co., Easton, Pa., was elected Vice-President.
Mr.
Teter, the retiring President, stated that trust compa
nies
in the association were now stronger, more prospe
rous and
more useful to the American public than at any time
in their
history. During the past year, he said, there had
been an
Martin W. Littleton of New York spoke at the third
ses- increase of $2,000,000,000 in the banking resources of these
sion of the general convention Thursday morning, his
ad- companies. Uzal H. McCarter, President of the Fidelity
dress being on "Representative Government Versus
Direct Union Trust Co., of Newark, N. J., said that the day is
Democracy." Much of his address was devoted to
a defense coming when trust company administration of estates will
of the Constitution and the Supreme Court agains
t the at- be as commonly accepted as the use of a checking account.
tacks of the school of philosophic democracy which
aimed The vision of the pioneers in this field had, he said, in less
to destroy them. While other addresses presented
at the than thirty years been realized beyond their expectations.
convention are referred to in this issue (some
were dealt
Community Trust Conference.
with in items in last week's "Chronicle") we are unable
, of
Fifty-five community trusts or foundations for charit
course, to report in detail here all the speeches. They
able
will, giving are now functioning
in cities throughout the country
however, be given in our American Bakers Conven
tion Sec- and twenty-one others
are in process of formation, Frank J.
tion, to be issued on Oct. 17.
Parsons reported at a conference on community trusts held
George F. Baker of First National Bank of New
York in by the Trust Company Division on Sept. 29. Ralph Hayes
,
Attendance.
Director of the New York Community Trust recited inAmong those who attended the golden annive
rsary was stances of "tired endowments." funds that become unworkGeorge F. Baker, Chairman of the First Nation
al Bank of able and useless through the years. Fiscal management of
New York, one of the original founders and Treasu
rer of the charitable trusts should be placed in the hands of experiassociation from its organization in 1875
until 1894. Mr. enced, responsible administrators, said Mr. Hayes. The
Baker received an ovation from the audien
ce when pre- social application of the funds should be committed to the
sented by President Knox.
care of specialized and permanently organized representatives and their distribution should be carried out by an
New Officers.
agency entrusted with the discretion required to do effecMelvin A. Traylor, President of the First
Trust & Sav- tive work "under circumstance
s no man can forecast."
ings Bank, of Chicago, was elected First
Vice-President of
the association, and Thomas R. Presto
State Secretaries Section Meeting.
n, President of the
Hamilton National Bank, of Chatta
Eugene P. Gum, of Oklahoma City, was elected Presid
nooga, Tenn., Second
ent
Vice-President. At an organization
meeting of the new of the State Secretaries Section at the session on Sept. 30,
Executive Council of the association on
succeeding William F. Augustine, of Richmond, Va.
Thursday afternoon,
Other
the closing day of the convention,
Nathan D. Prince, Vice- officers elected were: Harry G. Smith, of Louisville, Ky.,
President of the Hartford-Connecticut Trust
Co., Hartford, First Vice-President; W. A. Philpott Jr., of Dallas, Tex.,
Conn., was elected Treasurer, succee
ding J. Elwood Cox, Second Vice-President. Thomas B. Paton, General Counsel
President of the Commercial Bank,
of High Point, N. C. of the association, addressed the section on "The McFadden
F. N. Shepherd, of New York, was re-elec
ted Executive Man- Bill and Branch Banking," tracing the course of the bill
ager; Thomas B. Paton, of New York,
General Counsel, and through Congress. He explained the changes recommended
William G. Fitzwilson, of New York, Secret
ary and Assist- at the last convention of the association and analyzed the
ant Treasurer.
several provisions of the bill. Better bank manag
ement
would have reduced the number of bank failures in
Savings Bank Division Meeting.
1924,
C. B. Hazlewood, Vice-President of the Union Trust Co.,
Thomas F. Wallace, Treasurer of the Farmers
& Mechan- Chicago, told the State
secretaries. As the common causes
ics Savings Bank, Minneapolis, Minn.,
was elected Presiof bank failures, most of which he said are due in one
dent of the Savings Bank Division at its
phase
session Sept. 28, or anothe
r to lack of proper management, he specified excessucceeding Alvin P. Howard, of New Orlean
s. The new sive loans, inexpe
rience, too many banks for all to live, too
Vice-President is W. R. Morehouse, Vice
-President of the much loaned
to special interests, no diversification of loans,
Security Trust & Savings Bank of Los Angele
s.
and too much loaned to one industry.
National Bank Division Meeting.
State Bank Division Meeting.
W. C. Wilkinson, President of the Merchants
& Farmers
Grant McPherrin, President of the Central State
National Bank, of Charlotte, N. C., was electe
Bank,
d President of Des Moines, Ia., was electe
d President of the State Bank
the National Bank Division at the openin
g session of that Division at its sessio
n on Oct. 1, succeeding W. G. Gordon,
division Sept. 28. Charles W. Carey, Presid
ent of the First President of the Farme
rs Savings Bank of Marshall, Mo.
National Bank, Wichita, Kan., was elected
Vice-President.
G. E. Bowman, Vice-President of the Fremont Count
Inordinately high surtax rates must go, and
y Bank,
they will go, Sugar City, Idaho, was
elected Vice-President. Co-operain the revision to be made in the coming
session of Congress, tive grain
marketing is entirely practicable, Mr. Gordon
Representative John Q. Tilson, of Connecticut,
declared in said in his annual address,
addressing the division. They were never
despite some conspicuous failjustified from ures recently to establ
ish associations. The number of assothe beginning, he said. The permanent peace
-time maximum ciations now operat
ing profitably prove that the scheme is
rates should not exceed 15%, he declar
ed. Some of the entirely
feasible and practicable, he said. The election
"new and vicious" features added to
or
the present revenue nomina
tion of State bank commissioners by banke
bill, which Mr. Tilson asserted should be
rs was
eliminated, were one of the major
the inheritance tax, the gift tax and
recommendations put forth by Mr. Gordon,
"the Peeping Tom" others
for the reform of State bank supervision
publicity amendment to the income tax law.
being for an
adequate salary and a term of five
years for commissioners,
Clearing House Section.
larger discretionary powers for
them in granting charters
Alexander Dunbar, Vice-President of the
Bank of Pitts- and enforcing regulations, a sufficient staff of well-qualifi
ed
burgh, N. A., was elected President of
examiners with adequate pay,
the Clearing House
whose appointment shall be
Section, succeeding C. W. Allendoerfer, of
Kansas City, Mo. free from partisan influence, and full author
ity to the
John R. Downing, Vice-President of the
Citizens Union Na- banking department to act as receivers in the
case of failed
tional Bank, Louisville, was elected
Vice-President. Mr. banks. George V. McLaughlin, Superi
ntendent of Banks,
Allendoerfer in his presidential address, said
that free ser- New York, and President of the National Associ
ation of
vice to the public was being overdone
State Bank Supervisors, spoke
in some instances.
on "Uniformity of State
This condition was an outgrowth of the
keen competition Banking Laws."
between banks that has sprung up in the
The State Bank Division adopted a
past few years, he
resolution urging that
said. All business of a bank, he urged,
should be more care- the charters of the Federal Reserve banks
be renewed withfully examined to determine whether it is
profitable to the out delay for either an indeterminate period or for
99 years.
bank or otherwise.
The division also went on record
as favoring a greater uniformity in the banking laws of
Trust Company Division Meeting.
the various States and the
separation of the office of bank
Francis H. Sisson, Vice-President of the
commissioner from all parGuaranty Trust tisan and politic
al influence. It also recom
Co. of New York, was elected President of the
mended the exTrust Com- tension of clearing
house associations and the install
pany Division at its session on Sept. 30, succeeding
ation of
Lucius the examiner system. It re
-expressed its opposition to any
1752
THE CHRONICLE
[VOL 121.
A. Lincoln Markowitz has been made one of the Assistants
system of branch banking in the United States, and its supural prod- to the President of the Manufacturers Trust Co. of this city.
port of co-operative marketing of staple agricult
ucts.
H. F. Skey, whose appointment as Second Agent in New
York of the Bank of Montreal (head office, Montreal,
R. F. McNally on Fundamentalism in Banking.
Canada) was mentioned in our issue of Aug. 29, page 1049,
Fundamentalism in banking was described as the belief assumed his new post on Sept. 28. Mr. Skey was previously
that a bank should do all its business under one roof, as Associate Manager of the Winnipeg branch of the institution.
against the "service station" idea of branch banking, in an He became connected with the Bank of Montreal in 1897.
address by R. F. McNally before the Clearing House Section
of the American Bankers Association convention on Sept. 29.
The stockholders of the Bancitaly Corp. of this city voted
"In the states where branch banking is permissible," said on Sept. 26 to increase the capital stock of the corporation
Mr. McNally, who is vice-president of the National Bank of from $20,000,000 to $50,000,000 by the issuance of 300,000
Commerce, St. Louis, "we see fundamentalists, who believe shares at par,$100. The Bancitaly Corp. proposes to issue
in
in the bank doing all its business under one roof, arrayed
additional shares of stock as the occasion arises, 100,000
who hold that safety and con- being offered to stockholders at $225 on the basis of one
opposition to the liberals,
venience are best assured to the public by large banks with share for every two owned. Mention of the proposed
737 to
is cat - -- meeting to increase the capital stook was made in our
service stations wherever needed. The public - v7
as issue of Sept. 12, page 1313.
in every other line of business and it regards convenience
of course." Mr. McNally added:
a matter
patrons restless, and
"A bank failure in a community makes all the bank
The Madison Ave. Office of the Farmers' Loan & Trust
the calamity would ever have
it is not hard to instil in them the notion that
first year of service.
a chain instead of an unsupported Co. of this city completed on Oct. 5 its
happened if the bank had been one of
The steady increase in the number of new accounts we learn
link.
the true functions of banks
"It is time that the principles of banking and
and justifies the belief in the need
the individual bank is to has been very gratifying
were clearly brought home to the people, for if
the city.
it will be solely because the voters for an office removed from the congested districts of
survive the branch bank competition
mere convenience, as J. H. Perkins, president, says:
want it that way. They must be convinced that
minor
is a
of business,
We have sought to provide at the Madison Ave. Office surroundings which
represented by handiness to one's home or place
d to them that the safe will
meet every demand for ease and convenience in the transaction of permatter and, above all, they must have it emphasize
y understands the needs of its sonal and household banking, and also to offer safe and readily accessible
bank is the well run bank which thoroughl
willing to meet those needs as prudence dictates." vaults for the protection of jewelry and valuable papers.
customers and is able and
said Mr. McNally, with
With the beginning of another year we are looking forward to an ever
Over-regulation is a peril confronting the banks,
"ranging all the way
widening field of service to the residents of the Upper East Side.
so many laws already enacted and now being agitated,
" Referring to the imposifrom congressional enactment to city ordinance.
where the average
tion of a service charge on small accounts, he said that
Due to the increasing number of students from Stock Exhandled at a positive
balance falls below a certain amount the account is
practically impossible change houses and investment banking institutions, Now
loss to the bank, yet experience had shown that it is
making a service charge
n Institute of Banking,
for one bank in a community to protect itself by
American cities, York Chapter, Inc., of the America
unless the other banks do the same. Banks in sixty-two action, and he
has included in its educational program this year a number of
have had the courage and the Judgment to take such
he said,
his own city through investment courses. The courses have been carefully planned
estimated that the total annual saving to the banks of
dollars.
in the work of the finanthis charge would amount to several hundred thousand
•
W. J. Bailey's Defense of Individual Banks as Against
Branch Banking.
the individual bank against the argument of
A defense of
those favoring branch banking, that the individual bank system is responsible for the number of bank failures, was made
before the general session of the American Bankers Associar of
tion convention on Sept. 29 by W. J. Bailey, Governo
Bank of Kansas City, Mo. Advocates
the Federal Reserve
pride to the
of branch banking, Mr. Bailey said, point with
n system as being the ideal banking system, and
Canadia
would apply it to the United States. Asserting that the
best test of a pudding is in the eating, he pointed out that
Canada has accumulated a population of nine million people
in the same time that the United States have accumulated
114,000,000 population. There is something in the individhe said,
ual bank system that is worth fighting to maintain,
do away with
and to take over the Canadian system and
ng to the counthe individual system would be doing somethi
went out
try. In 1923, he said, 290 branch banks in Canada
, adding that there is one bank in Canada and if it
of business
665 failures in
should have a failure it would be the same as
is such a
United States. "If this branch banking system
the
" he continued, "let's measure it by the
wonderful system,
ng like 3,400
commercial failures in 1923. They had somethi
with nine million population. In the United
in Canada
ought to
States we had 18,000. Based on population, we
have had 50,000 failures on that kind of a basis."
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
New York Stock Exchange membership sold at their
highest this week when the membership of Hugo Blumenthal was reported posted for transfer to Arthur L. Kerrigan
for a consideration of $125,000. The membership of the
late Charles H. Leland was reported sold to Louis Gress
for a consideration stated to be $122,000. The last previous
transaction was at $120,000.
The banking firm of Harris, Forbes & Co., of this city,
at
has purchased the seven-story building which it occupies in
company has been located
56-58 William Street. The
building
its present offices for twenty-three years. The
d from the Commercial Union Assurance Co.
was purchase
is in excess of
of London. The price paid, it is announced,
valuation of $1,000,000. The organization also
the assessed
and in
owns twenty-story buildings in Boston and Chicago,
United
addition has branch offices in forty-two cities in the
States, Canada and Europe.
to meet the needs of those engaged
cial district and include investment banking practice, distribution and sale of investment securities, industrial securities, corporation and finance investments. Among the
instructors on these subjects will be S. S. Rodman of Harris,
Forbes & Company,Dr. Binl E.Shultz, Educational Director
of the New York Stock Exchange, James M. Shaw of the
National City Bank and Q. Forrest Walker of R. H. Macy &
Company. Problems of the employees of New York Stock
Exchange houses and investment banking institutions have
been included in the educational program at the chapter this
year. Enrollment was required to be made at the chapter
headquarters, 15 West 37th St., prior to Oct. 3 1925.
A gain of $860,000 in tho undivided profits account of the
Guaranty Trust Company of New York during the last
quarter is shown in that company's statement of condition
as of Sept. 30 issued this week. The new statement shows
surplus and undivided profits of $21,229,296, deposits of
$528,971,656 and total resources of $649,815,086.
Clark B. Davis, Assistant Vice-President• of the Bank of
America of New York, will resign that position to become
President of the newly organized City National Bank of
Miami, recently approved by the Comptroller of the Currency in Washington, as noted in our issue of Sept. 26, page
1533. The City National Bank of Miami will have capital
of $1,000,000 and surplus of $250,000, as large as any
existing Florida bank. It is planned to organize an advisory
board for the bank composed of five men with national
reputation. The President of one bank in each of the five
largest cities will be invited to sit on the board. The new
bank plans also to open a trust department and a New
York trust officer will be invited to go to Miami. Mr.
Davis was born in Georgia and his first banking experience
was in his native State and in Florida. He came East when
nineteen and later organized the First National Bank of
Amityville, L. I. He also built up and now is President of
the First National Bank of Bellmore, L. I. Mr. Davis
became an assistant secretary in the Franklin Trust Co.,
and when that bank merged with the Bank of America he
became an officer in the latter institution.
New York Title & Mortgage Co., which is affiliated with
the American Trust Co., this week opened its now office at
373 East 149th St., Bronx. This property, which was recently acquired by the company, constitutes one of the
prominent locations in the Borough. It has a frontage of 50
feet on 149th St. and a depth of 80 feet. New York Title &
OCT. 10 1925.]
THE CHRONICLE
Mortgage Co. has present quarters on the second floor.
Leases on the first floor are still in effect and possession of
this part of the building cannot be had until their expiration.
Extensive alterations have provided a direct entrance from
the street and adequate housing for the institution. Its
facilities comprise a title insurance department, a section for
applications for loans on bond and mortgage and a department which sells Guaranteed 1st Mortgages and Certificates.
Charles R. Van Anden, assistant secretary, is in charge of the
office.
1753
A later dispatch from Willimantic by the Associated Press
(Sept. 26), printed in the New York "Times" of Sept. 27,
stated that Herbert C. Ladd, a carpenter, had been arrested
for making "derogatory statements" as to the conditionTa
affairs of the trust company and had been granted a week's
continuance of his case under a bond of $1,000.
The Washington Trust Co. of Washington, N. J., has
received a charter from the New Jersey State Banking DepTicment to organize with a capital of $100,000. The
former Post Office Bldg. will be the headquarters of the
The Comptroller of the Currency announces under date new institution. A surplus of $40,000 will be created
- - m. 1
of Sept. 24 that the Peoples National Bank of Belleville, through the sale of the stock at $140 per $100 share7 Sir—
N. J., has changed its name to "Peoples National Bank & has been set,as the date for the opening of the company.
Trust Co. of Belleville."
The National State Bank of Newark, N.J., announces the
Frank H. Doolittle, Vice-President of the Citizens Trust completion and installation of its new safe deposit vaults,
Co. of Utica, N. Y., died on Sept. 26. Mr. Doolittle, who which are of modern construction with up-to-date facilities.
was 66 years of age, joined the Citizens Trust as secretary in Boxes in these vaults rent as low as $5.00 per annum. Private
1905 coming from the Oneida National Bank where he had rooms are provided for the convenience of executors and
been teller. Mr. Doolittle had also previously been con- trustees, representatives of institutions, societies and other
nected with the clerical departments of the National Mohawk organizations.
Valley Bank of Mohawk and the Black River National Bank
Within a few weeks, when the National Bank of America,
at Lo-wville, and he served 10 years as bookkeeper for the of Paterson, N. J., will open its new quarters in the National
Savings Bank of Utica.
Bank of America Building, Colt and Ellison streets, Patersonpass that corner, on each quarter hour will
The following Associated Press dispatch from Watertown, ians, as they
hear the peal of the new and massive Westminster chime
N. Y. on Sept. 17, which appeared in the New York daily
clock, which projects from the corner of the
papers of the following day, reports the proposed union of the clock. • The
- building at Colt and Ellison streets, can be seen from four
Jefferson County National Bank of Watertown and the City
sides and is expected to be in operation some time between
National Bank of that place:
Oct. 15 and Nov. 1.
Consolidation of two of the leading banks of this city, the
Jefferson
County National and the City National, was announced here today (Sept.
17). The action was decided upon and ratified at a meeting of the stockholders of the two institutions Wednesday. The banks have combined
resources of $9,000,000. The Jefferson County National Bank is the
oldest national bank in Northern New York. It received its charter 12.1818.
On Sept. 28 the Harvard Trust Co. of Cambridge, Mass.
took over the offices of the Manufacturers' National Bank
at Kendall Square, that city. In this regard the Boston
"Transcript" of Sept. 28 said in part:
This provides the complete banking facilities of the Harvard Trust Company at the three principal centers of Cambridge—Kendall, Central and
Harvard squares—where the subway stations are located.
is*
The entrance of a large banking institution into this vicinity is significant
of the developments which are in progress around Kendall square. Millions
of dollars are being spent in providing necessary factory buildings and
railroad trackage. Recently the Industrial Commission of the City of
Cambridge has offered 350,000 ft. of land for lease to new industries.
The absorption of the Manufacturers' National Bank gives the Harvard
Trust Company assets of twenty-five millions.
The Willimansett Trust Company of Willimansett, Mass.,
Is being organized with a capital of $100,000 and surplus of
$50,000 and will shortly apply to the Massachusetts State
Banking Department for a charter. This will be the first
banking institution to be established in Willimansett. We
are advised that the affairs of the proposed bank are now in
the hands of an organizing committee and that ins not
possible at the present time to state who the officers will be.
Very probably, it is stated, these will be prominent business
men ands few well known bankers. The stock (par $100) is
being placed at $150 per share.
The Mutual Bank & Trust Co. of Hartford, Conn. opened
its new quarters at 75 Pearl Street, that city, on Sept. 21.
Throughout the day the attractive banking rooms were
filled with visitors who came to extend their congratulations
to President .Arthur H. Cooley and the other officers of the
institution. Quantities of flowers, the gifts of other Hartford banks, out of town institutions, friends of the officials
and the patrons of the bank were sent to mark the occasion.
The Mutual Bank & Trust Co., which is capitalized at
$300,000, was organized by Mr. Cooley and others in 1919.
A brief "run" on its savings department was suffered the
latter part of September by the Willimantic Trust Co.,
Willimantic, Conn. caused by false rumors as to the bank's
condition. In this regard a special dispatch from Willimantic to the Hartford "Courant" on Sept. 24, said:
Banking conditions at the Willimantic Trust Company were normal
today after the run of Monday afternoon and Tuesday which resulted in
heavy withdrawals. This forenoon Treasurer, Herbert W. Huber received
the following letter from Deputy Bank Commissioner L. E. Shippee:
"We regret to learn that your bank has suffered heavy withdrawals
through the circulation of false rumors regarding its solvency. Some weeks
ago in a letter to you, Commissioner Byrne pointed out that our recent
examination disclosed that your bank is In an exceedingly sound and
liquid condition.
"Inasmuch as the derogatory gossip you report is absolutely malicious
and unfounded, we are anxious to co-operate in prosecuting any person who
may be found responsible for its circulation."
According to a special press dispatch from Crawfordsville,
nd
I•,on Sept. 18, to the Indianapolis "News,"
wit_h the Secretary of State _1333112
--- have beenpapers — - - filedElston Bank St Trust Co. of Crawfordsville formed by the
`-"
merger of the Farmers-Merchants& Clements _Trust Co.
with the Elston National Bank. The capitalization of the
—
be
new-bank iris said, will- $200 000 and the institution is
—
-_
authorized to begin business Oct. 1 next. Isaac C.-Elston'
_
it is said will head the new bank, while Robert M.
McMaken will be Vice-President and Will L.Stump, Cashier.
__•__
At a recent meeting of the board of directors of the Aetna
Trust dr Savings Co. of Indianapolis, Joseph S. Griggs and
01af H. Olsen were elected Secretary and Treasurer, respectively, of the_ institution, according to the Indianapolis
'News"- Sept. 21. These offices had formerly been cornof
.
bined, it was stated, but had been vacant for some time.
Prior to their promotion, Mr. Griggs had been for many
—
—
years Assistant Secretary, while Mr. Olsen had for along
- a
—
time held the office of "Assistant Tre- surer. Both appointments came as a reward for their efficient service, according
.
to Ross H Wallace,the President of the company,it was said.
estate
Scott R. Brewer, heretofore .Manager of the real.
department of the Washington Bank 8C Trust Co. of Indianapolis, and Treasurer of its affiliated institution, the
Washington Co., was elected President of the State Savings
Trust Co. of Indianapolis on Oct. 1 to succeed William
&_
.
E. Paul, whose resignation was announced on that day,
according to the Indianapolis "News" of Oct. 1. The
new President of the State Savings & Trust Co. is said to be
well known in business and financial circles of Indianapolis.
He is a graduate of the De Pauw University and the Indiana
Law School and practiced his profession in Indianapolis
until the outbreak of the war, when he enlisted in the army
and attained the rank of Captain and observer in the balloon
corps. At present, it is said, Mr. Brewer is a member
of the appraisal committee of the Indianapolis Real Estate
Board and a member of the Indianapolis Chamber of
Commerce.
--.-Announcement was made on Sept. 23 by E. E. Nicholson,
Chief Bank Examiner for the State of Illinois, that he had
closed the Farmers State Bank of Decatur for examination
as a precautionary measure because of the suicide of Frank E.
Harrold, the Cashier of the institution, according to an
Associated Press dispatch from Springfield, Ill., appearing
in the Chicago "Tribune" on Sept. 24.
Followingthe news last week that the Chicago Title &
the
Trust Co. of Chicago was about to extend its title work to include DuPage County, announcement is made that the DuPage Title Co.,a subsidiary of the Chicago company,has been
mcorporated and has acquired by purchase the plant, business and good-will of T. M. and D. C. Hull, Abstractors, of
1754
[Vox, 121.
THE CHRONICLE
Wheaton, Ill. The purchasing company assumed control
on Sept. 28. The officers of the new company are:President,
A. R. Marriott, Vice-President and Treasurer, Ralph Adams
and Secretary, Thomas C. Hull. Mr. Marriott recently
completed his 50th year of service with the Chicago Title &
Trust Co. of which he is senior vice-president. Mr. Adams
is vice-president in the same organization. Harrison B. Riley,
president of the Chicago company, says:
The purchase will result in a modification of the plans of the DuPage Title
Co. which instead of building an entirely new abstract of title plant, will
proceed at once to remodel the purchased property into a modern and efficient organization. This will include a substantial addition to the personnel of experienced abstract makers and an extension of the necessary
searches to include Judgments, decrees and bankruptcy proceedings in the
United States Court and special assessments levied by all the various
municipalities. The Chicago Title & Trust Co. already owns a plant at
Gary in Lake County, Ind. The purchase of the DuPage plant will enable
us to give the same kind of out-of-town service which has featured our Gary
division.
A special meeting of the stockholders of Lake State Bank
of Chicago has been called for Oct.26 to ratify a proposed
increase in the capital of the institution from $300,000 to
$500,000.
The First State Bank & Trust Co. of Columbus, Miss.,
has been converted into First National Bank in Columbus,
effective Sept. 19 1925. The same officers and directors
who served the First State Bank & Trust Co. will serve
First National Bank in Columbus.
The following cable was received this week by the New
York agency of the Anglo-South American Bank, Ltd.,from
the London office:
Dividend Anglo-South American Bank Ltd. 5 shillings per share less tax,
making total dividend 10% per annum payable Oct. 26. Carried forward
£416,000, placed to pension fund 125,000. Annual general meeting to be
held on Oct. 20.
THE CURB MARKET.
While the tone of this week's Curb Market was irregular
still considerable strength was shown at times, prices generally tending upward. The volume of business was good.
Talk of a Federal investigation of the proposed baking merger
had a depressing effect on Continental Baking *shares, the
Class "A" com, dropping from 140% to 131%, and the
Class "B" corn. from 423 to 35%. Close to-day was at
1333/ and 363, respectively. Reports that Armour Class
"B" stock is shortly to be listed caused heavy trading in
that stock up from 16% to 183 and at 18% finally. Eureka
4
Vacuum Cleaner sold up from 48 to 553, reacted to 513(
and finished to-day at 523'. Federal Motor Truck gained
four points to 38. Goodyear Tire & Rubber corn. advanced
from 373 to 483 and ends the week at 48%. Kelvinator
4
Corp. rose from 503 to 60, the final transaction to-day
being at 583 . National Tea sold up from 465 to 540.
4
Victor Talking Machine rose from 87% to 99 and closed
to-day at 98%. Public utility issues were rather quiet.
Middle Wert Utilities com, fell from 111% to 1043 and
recovered finally to 1083.. Mississippi River Power was
conspicuous for an advance from 973 to 108%, a reaction
4
to 1043' and upward movement again reaching 1093. The
close to-day was at 1083 . United Light & Power, Class
4
"A," gained some eight points to 165 and finished to-day at
1643 . Oil shares were comparatively quiet and lower,
%
though changes for the most part were small. Humble Oil
& Refining declined from 6734 to 63% and recovered to 653
4
finally. Magnolia Petroleum rose from 149% to 163%
and closed to-day at 163%.
A complete record of Curb Market transactions for the
week will be found on page 1781.
DAILY TRANSACTIONS AT TEE NEW YORK CURB MARKET.
STOCKS (No. Shares).
Week Ended oa. 9.
Ind AMU.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
230,660
429,835
378,605
266,670
301,53e
344,630
64,100
95,745
89,405
68,360
51,420
101,830
1,951.936
Total
BONDS (Par Value).
Mining.
Oil.
470,860
Domestic. Por'n Goa,
32,750 $429,000
62,200
971,000
45,970 1,073,000
50,040
832,000
81,930
682.000
37,505
887,000
$95,000
62,000
89,000
71.000
89,000
22,000
310,395 $4,874,0001 $428,000
Coarse of Bank Clearings
Bank clearings for the present week will again show a
substantial increase as compared with a year ago. Preliminary figures compiled by us, based upon telegraphic advices
from the chief cities of the country, indicate that for the week
ending to-day (Saturday, Oct. 10) bank exchanges for all the
cities of the United States from which it is possible to obtain
weekly returns will aggregate 22.5% more than in the corresponding week last year. The total stands at $10,030,211,731, against $8,185,663,314 for the same week in 1924. At
this centre there is an increase for the five days of 31.7%.
Our comparative summary for the week is as follows:
1925.
1924.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$4,608,000,000
580,602,838
484,000,000
392,000,000
121,401.497
130,100,000
155.169,000
149,977,000
141,517.084
131.831.272
97.862,439
101,117,592
70,897,934
$3,499,291,415
498,687.698
381,000,000
300,000,000
117,741,336
124,300,000
139,300,000
115,909,000
136.344,458
103.929,081
88,487.462
80,553,532
74,935,423
+31.7
+16.4
+27.0
+30.7
+3.0
+4.7
+11.4
+29.4
+3.8
+26.8
+10.6
+25.4
-5.4
13 cities, 5 days
Other cities, 5 days
$7,164,476,656
1,194,033,120
$5,680,479,405
1,160,906,690
+26.6
+2.9
Total all cities, 5 days
All cities, 1 day
$8,358,509,776
1,671,701.955
$6,821.386,095
1,364,277,219
+22.5
+22.5
510 ngn 91 1 711
88.185.663.314
+22.5
Clearings-Returns Si, Telegraph.
Week Ended Oaober 9.
Total all cities for week
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 Oct. 3. For
that week there is an increase of 17.5%, the 1925 aggregate
of the clearings being $11,132,453,009, and the 1924 aggregate $9,471,514,808. Outside of New York City the increase
is 18.0%, the bank exchanges at this centre recording a gain
of 17.2%. 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 the totals are
larger by 25.5%, in the New York Reserve District (including this city) by 17.2% and in the Philadelphia Reserve District by 24.1%. In the Cleveland Reserve District there is
an improvement of 9.9%, in the Richmond Reserve District
of 16.1% and in the Atlanta Reserve District (chiefly by
reason of the gain at Miami) of 56.8%. The Chicago Reserve District has a gain of 18.4%,and the St. Louis Reserve
District of 19.5% but in the Minneapolis Reserve District
there is a loss of 7.0%. In the Kansas City Reserve District
the totals are better by 2.6%, in the Dallas Reserve District
by 3.1% and in the San Francisco Reserve District by 14.5%.
In the following we furnish a summary by Federal Reserve
Districts:
SUMMARY OF BANE CLEARINGS.
Week Ended Oct. 3 1925.
1925.
1924.
$
Federal Reserve Districts.
$
1st Boston
12 cities 564,751,573 449,892,792
2nd New York
11• 8,558,638,029 5,591,883,406
712,133,899 574,020,003
3rd Philadelphia
10 "
429,934,956 390,891,368
4th Cleveland
5 •
5th Richmond
225,955,502 194,641,424
6 ..
5th Atlanta
13 " 285,287,886 181,883,890
7th Chicago
20 " 1,046,782,981 884,025,812
262.715,119 219,862,712
Rh St. Louis
8 "
155,623,642 167,289,179
6th Minneapolis
7 .•
265,253,944 258,463,598
10th Kansas City
12 "
92,862,899 90,052,611
11th Dallas
5 •
536,512,579 468,628,013
12th San Francisco..._17 "
Ine.or
Dec.
1923.
1922.
$
%
$
+25.5 434,568,656 439,439,773
+17.2 8,781,722,648 4,847,770,807
+24.1 537,050,084 515,212,531
+9.9 381,619,702 361,726,375
+162 191,535,997 190,555,491
+58.8 192,271,467 180,065,856
+18.4 863,820,269 865,352,110
+19.5 71,884,629 73,383,883
-7.0 141,915,892 136,608,682
+26 248,761,974 261,949,986
+3.1 86,779,188 69,149,302
+14.5 515,025,580 424,048,849
Grand total
129 cities 11132453,009 9,471,514.808 +17.58,448,966,0368,365,283,668
8,716,355,572 3,996,701,516 +18.0 3,794,998,966 3,640,224,512
Outside New York City
flAnada
90 offI.
loci Ma 1116
107064.217
+0.5
997489 WI
gat •rr, R.
P
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of September. For
that month there is an increase for the whole country of
12.9%, the 1925 aggregate of the clearings being $40,667,296,398 and the 1924 aggregate $36,001,648,381. As in
March, April, May, June, July and August, when new high
totals were recorded for the respective months,the September
total of $40,667,296,398 also establishes a new high record for
that month. Outside of New York City the increase is 13.1%
the bank exchanges at this centre showing an increase of
12.9%. In the Boston Reserve District there is an improve.ment of 6.0%, in the New York Reserve District (including
this city) of 13.0% and in the Philadelphia Reserve District
OCT- 10 1925.]
THE CHRONIOLE
1755
of 14.3%. The Cleveland Reserve District has a gain of
The course of bank clearings at leading Cities of the country
12.2%, the Richmond Reserve District of 17.9% and the for the month of September and since Jan. 1 in each of the
Atlanta Reserve District of 34.4%. In the Chicago Reserve
last four years is shown in the subjoined statement:
District there is an increase of 12.1%,in the St. Louis Reserve
BANK CLEARINGS AT LEADING CITIES.
District of 22.6% and in the Minneapolis Reserve District of
September
Jan. 1 to Sept. 30-(000,0003
1925. 1924. 1923. 1922. 1925.
1923.
1924.
1922.
9.4%. In the Kansas City Reserve District the totals are
omitted).
3
$
$
$
$
$
$
$
21,774 19,290 15,071 17,285 207,231 180,224 158,722 162,001
larger by only 0.6% in the Dallas Reserve District by 3.1% New York
2,858 2.544 2,304 2,309 26,399 23,416 23.348 20,484
Chicago
and in the San Francisco Reserve District of 14.9%.
Boston
1,691 1,602 1,379 1,305 16.163 15,511 14.296 11,679
Philadelphia
2,375
September
1925.
September
1924.
Ine.or
Dec.
September
1923.
September
1922.
Federal Reserve Dists.
$
$
$
%
$
1st Boston_ __ _13 cities 1,915,813,340 1,808,225,832 +6.0 1,570,815,665
2nd New York_14 " 22,378,759,956 19,798,506,515 +13.0 15,432,255,030 1,491,360,554
17,551,249,397
3rd Philadelphial4 "
2,592,487,196 2,267,144,852 +14.3 2,034,831,650 2,063,142,907
4th Cleveland _15 "
1, , .
703 848 880 1,518,500,341 +12.2 1,518,758,915 1,418,250,759
5th Richmond _10 "
919,329,020
779,103,427 +17.9
720,955,965
715,421,561
6th Atlanta __ _17 "
1,157,812,765
861,706,274 +34.4
730,472,913
700,644,360
7th Chicago._ _29 "
4,173,954,836 3,721,616,007 +12.1 3,413,848,047 3,252,157,290
8th St. Louis_ _10 "
1,077,814,783
878,8E8,768 +22.6
801,731,341
830,671,618
9th Minneapolls13 "
672,694,690
615,152,68E +9.
547,663,841
4
541,563,292
10th KansasCity15 "
1,184,768,76
1,177,291,656 +0.6 1,060,184,064 1,081,909,013
11th Dallas
609,939,439
12 "
590,939,439 +3.1
529,684,802
458,734,258
12th San Fran_ _27 "
2,280,845,89
1,984,572,582 +14.9 1,933,179,942 1,695,659,504
Total
189 cities 40,667,296,39E 38,001,648,381 +12.9 30,294,382,184
Outside New York City. 18,892,857,919 16,710,997,645 +13.1 15,223,518,813 31,801,264,613
14,516,494,069
Canada
1.309.070.279 1.363.399.0 5 -41 1 71757F Oil 1 nKm nIn xi_
'
•"
We append another table showing the clearings by Federal Reserve districts for the nine months back to 1922:
Nine Months.
Inc.07
Dec.
1925.
Federal Reserve Dists.
1st Boston- - __13 cities
2nd New York_14 "
3rd Philadelphial4 "
4th Cleveland _15 "
5th Richmond _10 "
6th Atlanta ___17 "
7th Chicago...29 "
8th St. Louis_ _10 "
9th Minneapolls13 "
10th KansasCity15 "
11th Dallas _ _ _ _12 "
12th San Fran.
.27 "
1924.
$
18,343,2E6,979
12,677,174,519
23,373,981,432
15,374,794,317
7,967,874,826
8,767,971,131
38,099,942,19
8,685,983,346
5,214,922,377
10,599,294,922
4,623,401,655
19,623,311,655
$
17,487,117,768
185,167,327,455
20,580,978,91E
14,041,421,937
7,243,048,539
7,394,632,856
34,099,770,990
7,947,624,414
4,480,695,275
9,701,874,962
4,003,581,092
18,058,368,762
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
Total
Other cities
623
703
791
307
495
589
503
305
432
135
716
169
655
50
174
230
132
69
144
244
127
204
58
80
2,074 1,855 1,902 21,395
534
575
558
559
622
581
635
6,522
699
640 6,841
652
270
254
262
2,739
394
360
367 4,252
590
582 5.144
550
409 4,431
444
447
271
205
205
2,252
389
310
311
3,284
129
113
1,301
108
618
482 6,159
549
151
128
149
1,532
430
574
5,821
549
44
44
45
516
182
158
173
1,622
184
160
183
2.020
126
139
140
1,183
81
74
83
652
135
137
85
1,256
229
205
204
2,035
80
69
814
77
162
1,609
166
142
42
51
41
548
63
623
66
55
18,755 18,344 16.186
526
4,873
5,345
5,931
6,141
4,829
5,935
6,183
5,292
2,598
2.476
2,181
3,704
2,911
3.597
4.768 5,180
4,977
4,012 4.170
3,369
1,940
2,090
1,668
2,660
2,366
2,672
1.182
1,165
967
4,974
5,500
3,913
1,389
1,410
1,140
5,371
5,175
3,701
447
455
407
1,474
1,604
1,452
1,685
1,442
1,738
1,173
1,318
1,164
747
788
634
1,161
1,115
1,024
2,023
1,616
1,860
704
624
760
1,429
1,522
1,216
488
420
360
568
460
551
36.633 32.557 27,230 29,054 334,903 295,711 277,029 262,938
4,044 3,444 3,064 2,747 38,449 34,489 27.388 22,339
40,677 36,001 30.294 31.801 373,352 330,200 304,415 285,275
Total all
Outside New York_18,892 16,710 15.223 14,516 166.121 149,926 145,693 123,274
1923.
1922.
%
$
+4.9 18,213,80%816
+14.8 162,237,327,601
+13.5 20,118,347,386
+95 14,617,538,010
+100 6,973,273,666
+18.5 7,006,324,701
+11.7 33,516,859,740
+9.3 8,057,347,277
+18.4 4,744,128,785
+9.2 10,087,174,812
+15.5 3,819,283,911
+8.7 17,224,446,509
$
13,368,957,717
164,423,660,460
17,606,875,101
11,877,684,348
5,830,084,664
5,672,244,445
28,456,224,583
7,091,345,131
4,198,418,594
9,503,351,907
3,102,895,578
14,144,021,403
Total
189 cities 373,351,858,35' 330,200,442,942 +13.1 304,415,878,217
Outside New York City_ 166,121,224,675 149,975,562,56' +10 E 145,693,464,156 285,275,574,926
123,274,205,554
Canada
11346.617,25P 11.8541,528,626 -4.2 11,629.431.054 11.501 Fr4 417
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
September and the nine months of 1925 and 1924 are given
below:
Month of September.
Nine Months.
Description.
1925.
1924.
1925.
1924.
18,184,160
307,871,524
178,131.911
Stock, number of shares. 37,109,231
Railroad & rntscell. bonds $154.531,700 $164,151.400 81,820,261.575 81,663,607.400
309.224,260
708,023,480
U. S. Government bonds 20,531,350 49,061,880
State,foreign, &c., bonds 62,267.500 44,918,500
490,484.260
364.124,500
$238,330.550 8258,131.780 82.619.970.095 $2,733,748,330
Total bonds
The volume of transactions in share properties on the New
The following compilation covers the clearings by months York Stock Exchange each month since Jan. 1 in 1922 to
since Jan. 1 in 1925 and 1924:
1925 is indicated in the following:
MONTHLY CLEARINGS.
Ckarings, Total AIL
Month
1925.
1924.
1925.
1925.
%
1924.
%
Jan_ _ .46,155,456,86838.462.681328 +20.019.434,762.88217.7
Feb__ .37,441.979.16033.689,089.698 +11.216,384,919.90715,573.552,856
68,979.852
March 41,946,379,28836.656,140,245 +14.418,597.368,53917,005,913.083
.
let qu . 125543815,316 108807911,271 +15.454,417,051,328 50,348,445,791
+9.3
+53
+9.4
+8.1
April_ . 41.408.313.79337.218,375.765+11.318.557.429,18
816.892.514.550 +9.9
May.. 41,806,717.164 37.470.299.217 +11.617.959.282.744
.
16.748,694,473
Juno_ . 43,150,263.754 36,059,911,877 +19.7 19,131,420.039 16,101.362.823 +7.2
+18.8
2d qu • 126363294,711 110748586,859 +14.1 55,648.131,971 49,742,571,946
+11.9
8 mos • 251907110.027 219556498.130 +14.7 110065183,299 100091017,737
+10.0
July _ .42,879,479,146 38,234,162.694 +12.1 19.483,729.039
17,125,529.668 +13 8
Aug__ .37,897,972,782 36.390,133.737 +4.117.679.454.41716.04
8,017,512 +10.2
Sept _ . 40,667.296,39836.001,648.381 +12.9 18,892,857,919
16,710,997,645
3d qu • 121444748,326 110643944,812 +9.850,056.041,37640.884.544,826 +13.1
+12.3
9 mos. 373351858.353 330200442.942 +13.1 166121224.670 149975562.553 4.15
4
1924.
No. Shares.
Clearings Outside New York.
No. Shares.
1923.
1922.
No. Shares. No. Shares.
41.570.543
32,794.456
38,294,393
16,472,377
16,175,095
22,820,173
65,894.859
68,858.982
55,467.648
18.116.82/.
13.513.967
17,003,145
20,091.98a
23,155,730
10.754,197
30.634.353
28.921,124
24,080,787
92 242.735
48,633.935
63,001.913
83.636,264
32.812,918
33.047.248
37,109,231
Total second quarter
Mouth of July
August
September
19.914,827
22.979.487
25,964,666
24.844,207
38,647,760
30,750,768
Total first quarter
Month of April
May
June
26,8.57.386
20.721,562
18,315,911
112,609,392
Month of January
February
March
24,318,182
21.809.031
18,184,160
12,551.851
13.144.641
14,642,289
15.118.063
17.862,553
21,712,048
307.871.524 178.131.911
Total third quarter
172.200.676 190.824.771
We now add our detailed statement showing the figures
for each city separately for September and since Jan. 1 for
two years and for the week ending Oct. 3 for four years:
CLEARINGS FOR SEPTEMBER, SINCE JANUARY 1, AND FOR WEEK ENDING OCT. 3.
Month of September.
Since January 1.
Clearings al
1925.
1924.
$
$
First Federal Reso rye District- Boston
Me.
-Bangor
3,288.204
2.922.572
Portland
13.751.459
15,333,540
Mess.
-Boston
1,691,000.000 1,602,000,000
Fall River
7,348.464
8,592,726
Holyoke
3,357,864
3,635,028
Lowell
4,340,441
4,592,583
Lynn
a
a
New Bedford
5,09,414
5,821,747
Springfield
19,900,104
24,409,255
Worcester
14.558.000
14.521,571
Conn -Hartford.. _
57,915,584
51,487,248
New Haven
28.762,101
28.210,367
Waterbury
9,708,200
9,215,700
R. I.
-Providence_
43.902,000
49,965,000
N. H.
-Manchester_ _
93.031,822
82,807,747
Total(13 cities)_ _
.
Inc.or
Dec.
1925.
%
$
1924.
1925.
1924.
Inc. or
Dec.
1923.
$
%
$
$
%
$
-11.1
27.887,548
30,466,842 -8.5
+11.5
127,912,773
114,793,843
+5.6 16,162.622,835 15,511,000,000 +11.4
+4.2
+16.9
86,938,641
77,807,345 +11.7
+8.3
36,402.049
34,436,757
+5.7
+5.8
43.513,360
44,052.989 -1.2
a
a
a
a
-5.6
56,047,0434
50,835,212 +10.3
+22.7
228,975,009
202,445,431 +13.1
-0.2
143,195,832
136.507,375 +11.3
+12.5
548,069,224
488,005.407 +12.3
-1.9
274,111,644
269,224,267
+1.4
-5.1
91,182,500
80,612,600 +13 1
+13.8
516,347,500
446,929,700 +15.5
-7.4
829.689,531
823,004,839 +29.1
18,343,205,979 17,487,117,768
Second Federal Re serve District -New York
N. Y.
-Albany
23,048,094
24.751,795
Binghamton
3,941,700
4,397.300
Buffalo
230,102,977
183,786.799
Elmira
3,638,463
3.913,216
Jamestown
5,228.000
6,827,558
New York
21.774,438,479 19,290.650,736
Niagara Falls
3,838,094
4,790.044
Rochester
44,472,859
50.811,224
Syracuse
21.418.107
23,449.825
Conn.
-Stamford. _ .._
11,136,976
18,504,044
-Montclair
N. J.
2,358,994
2,719,385
Newark
85,290,315
75,599.862
Northern N.J
143,188,430
124.631.467
Oranges
4,756,564
5,572,355
250,244.096
219,198,558
44,443,200
39,341.275
2,019.984,379 1,684,556.193
36,689,857
31,667.871
57.315,256
46,548,913
207,230,633,678 180.224,880,379
40,152,567
38.222.726
491,876,393
439,738,976
222,119,458
194.420,093
133,699,608
117,624,479
23,536,216
22,528.529
799,443,453
721,848,112
1,276,742,436 1.342.786,392
50,293,922
43,964.959
22 178 7A0 CIAR 10 709 ana A1A
i.aioboi.24261)ipeo
1,915.813,310 1.808,225,832
Tntal(14a1t1eRl
Week Ended October 3.
Inc. or
Dec.
+4.9
1922.
$
-14.4
+18.0
+27.2
+16.6
a
-0.4
a
+2.2
+47.2
+3.1
+12.3
-1.5
1,131,025
5,360,018
376,000,000
2,766.776
a
*1,500,00C
a
1,703,265
5,697,400
4,030.000
13,651,856
7,903.890
1,198,676
*3.500,000
386,000,000
2,308,691
a
1.212,191
a
1,631.257
5,778,948
4.178,000
12,262,857
6,940,388
14,825,300
909.486
12,591,900 +17.7
886,135 +2.6
14.020,400
803,976
13.614,900
815,885
564,751,573
449,892,792 +25.5
434.568,606
439,439,773
985,772
6,022,583
499.000,000
2,374,585
a
1.082.286
a
1,526,204
7,906,198
4.277,955
17,660,478
8,180,726
1,101,002
5,103,484
392,000,000
2,036,633
a
1,086,187
a
1,492,887
5,369,931
4,148,000
15,719,049
8,307,584
+14.1
7,223,635
6,743,207
1,409,600
+13.0
1,258,500
+19.9 d56,858,542
48,022,389
1,056.516
+15.9
842,315
1,638.683
+23.1
1,085,383
+15.0 6,416.097,437 5,474,813,292
4-5.1
16,691,107
+11.9
14,101,031
7,579,168
-37.2
6,756.766
c3,947,272
+13.7
3,733,257
+4.5
947,076
567,945
+10.7
41,188.993
-4.9
33.959,321
+17.2
4.11 3 212,577,174.8101RA 167 997 5n5 111 4 A KSARRQ 090 k 505 557 AAR
+7.1
5,522,067
4.228,082
+12.0
1,423.211
1,606,800
+18.4
44,972,001
51,448,000
+25.3
669,747
808,709
+50.9
1,205,119
1,185,426
+17.24,651.957,0704,726.039.056
+18.4
+12.2
+5.7
+66.8
13,665,912
7,946,452
4,843,755
563,807
14,000.238
5,840.377
3,507.760
586,837
+21.3
43,448,942
45,124.050
_1_1,0A '01 '00 RAO A 557 7711 007
fVor. 121.
THE CHRONICLE
OLEARINGS-(0ontinued.)
Since January I.
Month of September.
Week Ended October
3.
Clearings at
1925.
1924.
Inc. or
Dec.
1925.
1924.
Inc.01'
Dec.
$
$
%
$
S
%
Third Federal Res erve District -Philadelph la
54,743,223 +4.1
-Altoona
57,010.488
Pa.
6.784,786
6.533,438 +3.8
145.385,405 +12.2
163,130.614
Bethlehem
18,034,840
*15000,010 +20.2
49.213,106 +17.9
Cheater
58,005,766
6,446,214
5,327,697 +21.0
163,838,405 +12.0
Harrisburg
189,151,309
19,553,387
10,475,449 +0.3
113.828,526 -3.3
110,082,436
Lancaster
11,372,173
11,113,206
+2.3
22,535,274
+8.4
24,431,801
Lebanon
+9.6
2,604,182
2,375,231
33.493.867 +18.0
39.509,390
Norristown
4,472,542
3,224,131 +38.7
Philadelphia
2,375,000,000 2,074,000,000 +14.5 21,394,855,000 18,754,546.000 +14.1
133,140,090 +8.9
145,035,354
Reading
15,934,938
13.311,097 +19.7
222,336,926
+8.4
Scranton
241,057,299
25,501,345
24,765,525 +3.0
+6.0
148,557,966
157,443,450
Wilkes-Barre
+5.0
15,923,986
16,725,556
65.642,620 +13.8
York
74,678.061
6,785,285 +12.1
7,493,706
460,845,566
+5.0
N. J.
483,916,775
-Camden
45.468,396 +26.4
57.506,014
207.871,935 +13.4
Trenton
235.671,689
+5.1
25,057,513
23,841,411
a
a
Del.
a
a
-Wilmington
a
a
Total (14 cities)
2.592,487.196 2,267.144,852 1-14.3 23,373,981,432 20,580,978,918 +13.6
‘.
Fourth Federal Re servo District -ClevelandOhio-Akron
34,471,000
28,893,000
Canton
19,945.948
18,511,515
Cincinnati
269.673,763
306.755,220
Cleveland
503,045,703
447.331,685
Columbus
62,798,200
66,065,400
a
a
Dayton
Hamilton
3,817,287
4,743,280
a
a
Lima
Lorain
2,159,066
2.267.276
8,447,630
9,259,949
Mansfield
a
Springfield
a
a
a
Toledo
16,380,884
25,877.922
Youngstown
3,240,211
Pa.
-Beaver County_
3,075,701
a
a
Erie
1,485,057
Franklin
1,403,263
3,421,801
7,091,147
Greensburg
621,831,236
Pittsburgh
703,495,224
5,487,690
Ky.-Lexington
6.159.405
W. Va.-Wheeling
18,255,187
16,958,571
Total(15 citles)___ _
293,213.000
180.002,368
2,475.536.590
4,012,407,792
541,228,800
a
32,138,083
a
15.001.811
71,032,916
a
a
171,725,077
28,828,432
a
11,917,777
46,099,989
5,931,274,011
70,074,069
160,941,222
-19.4
-1.1
+10.6
+10.4
+9.2
a
+9.2
a
+34.3
+8.3
a
a
+8.3
+0.7
a
+13.7
+31.7
+9.9
+7.3
+2.6
1,703,848,88C 1,518,500,341 +12.2 15,374,794,317 14,041,421,937
Fifth Federal Rose rye District- tichmondW. Va.-Huntington_
6,312,351
6,549,730
a
Va.-Newport News_
a
Norfolk
32,296,710
28,385,591
Richmond
229,236,769
243,562,008
N. C.
a
a
-Asheville__ _ _
Raleigh
11,933,181
10,056,857
a
a
Wilmington
B.C -Charleston__
11,886,721
9,140,271
Columbia
7,621,021
7,977,733
aid -Baltimore
393.982,909
494,622,255
Frederick
1,834,027
2,147,952
Hagerstown
3,242,313
3,271,787
D. C.
89,003,939
-Washington
105,318,310
Total(10 cities) _ __ _
919,329,020
-16.2
-7.3
+13.7
+12.5
+5.2
a
+24.3
a
+5.0
+9.6
a
a
+58.0
+5.3
a
+5.8
+107.2
+13.1
+12.2
-7.1
236,258,000
178.023,257
2.738,868,589
4,430.837,191
590,817,800
a
35,104,135
a
20,153,406
76,930.080
a
a
201,990,805
29,059,028
a
13,561,825
60.604.387
6,522,311,901
75,197,721
165,076.192
1925.
1924.
$
$
1922.
$
1.733,052
5.145.417
1,927,915
1,523,981
3,893,312
2,011,112
c1,568,338
3,523,673 -55.5
4,254.253
4,000.726
+25.6
+10.2
-13.2
+8.4
+17.0
501.000,000
3,600,654
7,512,386
4,356,963
2,357,082
484,000,000
3,754,874
5,882,259
3,562,172
1,872,297
6,695,153
a
5,541,343 +20.8
a
a
5.162,360
a
4,711.798
a
712,133,899
574,020,003 +24.1
537,050,084
515,212,531
d7,571,000
4.097,732
76,241,928
127.477,004
18,046.400
a
7,343,000 +3.1
4,780,903 -14.3
68,750,271 +10.9
122,719.113 +3.9
17.484,000 +3.2
a
a
7,299,000
5,068.046
66,785,509
114,699,446
17,610,000
a
6,286,000
4,335.548
63,659,948
98,370,715
16,283,400
a
677,000,000
4,448,933
7,009,000
4,335,375
3,003,329
a
d2,064,325
a
a
d8,286,081
a
539,000,000
4,037.538
8,066,016
3,998,596
2,547,817
a
a
1,749,658 +17.9
a
a
a
a
5,726.468 +44.7
a
a
a
1,977.264
a
a
5,403,723
a
a
1,474,617
a
a
4,516,147
a
186,150,486
162,337,055 +46.6
162,770,714
166,800.000
-1-9.5
429.934.956
390,891,368
+9.9
381,619,702
301,726.375
-13.7
a
+5.3
+0.6
a
+12.9
a
+0.6
+0.2
+14.8
+10.4
+1.1
+15.9
1,518,444
a
d8,478,281
60,640,000
a
1,715,903 -11.6
a
a
7,416,097 +14.3
56,493.000 +7.3
a
a
2,236,157
a
8,848,277
53,674,000
a
2,014,959
a
8.147,504
51,872,120
a
a
3,215,790
a
a
2,162,646 +48.7
a
3,184,412
a
2,486,637
125,393.206
106,998,778 +17.2
101,531,151
103.911,309
71,070,986
a
289.684,243
2,023,240,162
a
91.255,513
a
89,123,763
71,560,248
3.703.745,756
14,926,086
29,511,458
857,929,724
779,103,427 +17.9
7,967,874,826
7,243,048,539 +10.0
+26.4
-4.3
+11.7
+50.5
+11.4
+23.1
+23.5
a
+129.8
+760.2
+213.4
+9.4
+16.5
+26.3
+4.8
+35.6
+27.1
+35.6
+12.9
268,303.221
122,873.644
828,478.284
2,516,475,865
78.487.785
40,847,593
64,457,061
a
978,554,507
g756,170,857
303,307,747
1.000,607,075
77,441,965
67,071,231
64,978,924
54,164,139
32,852,131
16,957,797
2.252,112,162
238,566,979
122.066,590
734,876.788
2,041,661,502
69,473,406
32,713,166
55,022,120
a
595,418,933
g141,736,675
138,557,465
989,023,178
70,480,524
63,320,250
58,268.150
47,705,872
33,493,197
14,228,605
2,089,756,131
+12.5
+0.7
+12.7
+23.3
+13.0
+24.9
+17.1
a
+64.3
+433.'
+118.0
+1.1
+9.9
+5.9
+11.5
+13.5
-1.9
+19.2
+7.8
d6,833,021
3,223,583
22,006,210
81,649,145
2,950,056
4.487.703
3,225,962
19,511,786
55,161,808
.2,500,000
1-34.4
8,767,971,131
-12.8
+8.6
+15.9
1
+7.
+13.9
+4.7
+35.6
+19.8
+50.7
-15.3
+25.0
+7.8
+9.8
+11.9
+8.0
+7.2
+18.7
-3.9
14.2-44.3
-6 0
-18.5
+29.1
%
$
1,681,088 +2.4
3,977,960 +18.8
1,645,972 -1.2
61,364.121
a
305,073,020
2,034,619,632
a
103,033,087
a
97,637.625
71,687,094
4,252.166,683
17,584.859
29,857,356
994,851,340
Seventh Federal R °servo Distric -Chicago1.001,964
931,673
111ch.-Adrian
3,979,824
4,322,270
Ann Arbor
617,600,987
716,086.437
Dotroit
10,580,400
Flint
11,488,000
.31,467,004
35,849,390
Grand Rapids
6,987,208
7,317,239
Jackson
10,704,980
15,365,964
Lansing
9,487.701
Ind.
11.368,718
-Fort Wayne
*15,000,000
Gary
22,600,896
81,288,000
68,847,956
Indianapolis
9,457.787
South Bend
11,819,000
21,423,590
Terre Haute
23,105,593
10,471,511
.11,500,000
Wis.-Madison
151,102,023
Milwaukee
169,066,530
Oshkosh
3,270,851
3.533,955
Iowa-Cedar Rapids.
10,627,116
11,395,734
Davenport
39.354,734
46,715,895
Des Moines
45,608,828
43,811,016
Iowa City
2,105,704
1,826,501
Mason City
2,129,000
1,143,000
Sioux City
28,673,817
26,966,332
Waterloo
6,986,835
5,697,235
11.-Aurora
6,980,352
5,407,825
Bloomington
6.326,112
7.240,456
Chicago
2,858,381,499 2,544,263,648
Danville
a
a
Decatur
6,410,363
6.336,259
Peoria
19,680,534
20,941,308
Rockford
9.757,243
11,720,341
10,434,432
11,551,183
Springfield
1923.
1,722.971
4,725,427
1,627,373
-3.6
a
+13.8
+6.2
a
+18.7
a
+30.0
+4.7
+25.5
+14.0
+0.9
+18.3
Sixth Federal Rese rye District- Atlanta
Tenn.
24,425,760
30,864,302
-Chattanooga.
14,313,302
Knoxville
13,703,452
Nashville
82,811,258
92,473,286
-Atlanta
3a.
233,546,877
351,689,017
Augusta
10,388,902
11,582,916
4,122,696
Columbus
5,076,519
Macon
7.267,681
8,976,472
a
a
Savannah
Fla.
56,067,401
-Jacksonville
128,867,061
Miami
g14,468,996
g124,464,044
Tampa
14,114,000
44,244,739
Ala.
109,345.631
119,587.150
-Birmingham_
Mobile
8,083,346
9,416,556
8,251,138
Montgomery
10,211,661
7.014,057
Miss.
-Hattiesburg
10,153,283
Jackson
5,908,089
8.011.292
3,531,634
Meridian
4.487,005
Vicksburg
1,890,882
2.969,670
-New Orleans...
14.
270,623,620
305,498,384
Total(17cities)
861,706,274
1.157.812.765
Inc.or
Dec.
26.709,781
19,855,000 +34.5
22,062,000
22,122,962
225,955,502
194,641,424 +10.1
191,535,097
190,555,491
+52.3
-0.1
+12.7
+48.0
+18.0
6,802,040
3,322,884
21,865,926
56,015,296
3,201,372
5.722,735
2,989,887
20,139,415
54,697,870
2,564,509
2,320,783
a
30,095,599
25,341,968
1,898,443 +22.2
a
a
13,474.361 4-123.3
3,569,934 +73.8
1,918,932
a
11,267,644
1,789,722
a
8.903,304
29,938,791
2,248,568
26,767,894 +11.8
+5.3
2,133,474
28,003,551
2,063,567
28,568,537
1,740,000
1,438390
+20.9
1,334,569
1,074,141
561,744
75,378,418
529,361
47,164,96 .
+6.1
+59.8
475,686
56,000,000
425,723
53.190,013
7,394.632,856 +18.5
285,287,886
181,863,800
+56.8
192,271,467
180,065,856
9,048.257 +6.5
9,640,889
33,029,205 +13.0
37,337,915
6,159,455,618 5.499,770,046 +12.0
89,917,219 +4.6
94,056,228
+9.4
267,473,076
292,639.609
67,042.019 +0.5
67,353.079
96,218,962
+8.7
104.608,488
92.511.869 +17.8
108,080,514
149,962.281 +29.9
194,479,460
747,865,000 -12.9
651,932,956
89,803,969 +22.3
109.790,249
218,490.543 +4.6
228.708.931
+6.8
103,519,654
120,865,716
+9.1
1,531,894,546 1,410.391,345
28,166,022 +14.7
32,305,003
93.780,758 +11.6
104,749,143
399,674,229 +13.2
452,585,945
417,801,750 +2.0
426,356,537
18.339,392 -10.5
16,407,796
19,466,425 -23.6
16.812,736
278,945.395
245.033.593 +134
57.442,343 -8.2
52,740,145
47.761.075 +20.1
57,375,299
56.166,444 +16.4
05,356,743
26,399,373,785 23,415,617,174 +12.7
a
a
a
53,448,640 +12.6
60,163,650
174,939.107 4-12.1
196,091,601
97,277.595 +12.2
100,743,392
98,912.961 +10.3
109,187.82C
237,154
1,141,563
177,002,723
,
265,63 -10.7
+3.6
1,101,26;
128,926,834 +37.3
298.065
1,026,271
125,354,656
250,974
1,063,045
118,730,197
8,046,612
7,704,495
+4.4
7,142,519
6,584,304
2,794,004
2,435,107
2,666,551
2,395.941
+4.8
+1.6
2,527,912
2,640,523
1,879,109
2,384,916
-15.6
16,523,000
3,367,825
3,527,756
19,657,000
2,537,800 +32.7
4,941.828 -18.6
20,440,000
2,905,000
5,399,051
19,613,000
2,857,144
39,841,571
39,601,903
36,471,821
3.239,631
+0.6
-5.8
--- +1.8
----
40,825,777
3,053,798
3,320,019
2,824,360
12,656,223
11,458,611
+1.5
-5.6
7.649,294
1,660,156
6,686,158
1,605,734
1,653,848
752,132,846
a
1,458,037
5,250,236
3,093,732
3,202,539
11-910
1,638.539
636,435,055 +18.1
a
a
1,383,913 +5.4
4,847,690 +8.3
2,293,717 +34.0
2,622,131 +22.1
1,625,104
616,658,047
a
1,415,177
4,725,314
2,648,857
2,900,467
1,388,243
641,211,419
a
1,248,788
4,204,688
2,266,828
2,622,733
. 4,173,984,836 3.721,616,007 +12.1 38,099,942,194 34,099,770,963 +11.7 1,046,782,981
Total(29cities) ___
884,025,812 +18.4
863,820,269
865,352,110
4,644,083
4,242,847
28,616.744
426,852
27,029,514
387,279
22,212.370
t/ a75 358
--.. .
419.840
1,589,376
27,208,389
12.532,020
363,043
1,620,771
71.884,029
73 383 803
4-14.5
+12.3
a
+1.2
+6.4
+20.1
+10.7
Eighth Federal Re serve District -St. Louis
20,983,694 -0.9
20,799,067
-Evansville
Ind.
673.837
676,466 -0.4
New Albany
622.656,085
574,723,278 +8.3
-St. Louis
do.
a
a
a
Springfield
+3.8
129,099,912
134,762,503
Ky.-Louisville
1.425.686
1,633.667 -15.3
Owensboro
83,337.176
*11,000,000 +657.6
Paducah
76.623.853 +65.9
.
['ann. Me/)9111s- 127 184323
1
78,756.713
56,265.601 +40.0
-Little Rock__ _
irk.
1,806,196
. .
1,685,823 +7.1
-Jacksonville_ .
11.
1-4.7
6.146.474
433.397
6.
Quincy
209,646,082
6.554,620
5,587,302,338
a
1,301,351,743
16.451,061
162,448,701
813,564,561
508,892,066
16,592,262
63,179,912
188,910,665
8,191,347
5,257,910,816
a
1,182,062,180
17,004,693
95,673,915
704,340,250
426.848,329
13,107,043
55,566,177
+11.0
+5.9
+6.3
a
+10.1
-3.3
+69.7
+15.5
+19.2
+26.6
+13.7
878,888.768 +22.6
8,685,983.346
7,947.624,414
+9.3
. 1,077,814,783
Total(10 cities) _ .._
13,002,894 • 12,763,067
7,308,785
1,707,931
7,202,287
1,800,524
5,531,871
4.875.750
+3.8
169,300,000
144,800.000
6
+1-:15
31,189,006
298,066
30,696,879
342,928
35,728.116
18,5134,631
496,578
1,606,851
22,181.170
15.199,539
486,510
1,279.036
262,715,119
- -- +1.6
-13.1
-- -+61.0
+22.1
+2.1
+25.5
219.862.712 +19.5
OCT. 10 19251
1757
THE CHRONICLE
CLEARINGS-(Concluded.)
Week Ended October 3.
Since January 1.
Monill of September.
Clearings at
1925.
1924.
Inc. or
Dec.
$
$
%
Ninth Federal Res erve District -Minneapoll s
Minn.
57,664,217
53,413,144
+8.0
-Duluth
432,100,048
388,651.626 +11.2
Minneapolis
1,851,509
1,344,813 +37.7
Rochester
St. Paul
125.953,688 +5.1
132,379,086
No. Dak.-Fargo_ _. _
7,560,390 -3.4
7,304,776
Grand Forks
6,025,000 +4.7
6,306,000
Minot
1,327,387
1.108,248 +19.8
B. D.
7,146,598 -0.3
-Aberdeen__ _..
7,123,758
Sioux Falls
4,501,927 +21.9
5,488,302
Mont.
2,705.311
+6.9
-Billings
2,891,039
Great Falls
3,544,515 +11.2
3,943,179
Helena
13,477,377
13,197,428
+2.1
Lewistown
838,010
1
1
Total(13 cities) _ _
672,694,690
615,152,685
+9.4
1925.
1924.
Inc. or
Dec.
5
$
%
284,889,118
2,659,988,697
14,436,897
1,172.764,771
65,644,672
47,224.694
8,020,047
47,428,542
41,172,347
19,173,358
21,914,559
98,037,573
f
5,214.922,377
4,480,695,275 +16.4
Tenth Federal Res erve District -Kansas Clt yNeb.-Fremont
1,772,836 +11.0
1,968,366
17,547.578
Hastings
2,531,037
*2,300.000 +100
24,148,257
Lincoln
17,071,341 -76.6
3,999,989
172,171,081
Omaha
182,483,337 -4.7 1,621,500,924
173,972,962
Kan.
-Kansas City
17,181,325
19,025,858 -9.7
160,491,197
Lawrence
a
a
a
a
a
a
Pittsburgh
aa
Topeka
14,736,111
12,158,207 +21.2
138,488,345
Wichita
32,837,513 -1.2
32,794,256
303,415,629
7,988,691
Mo.-Joplin
6,403.000 +24.5
65,147,656
Kansas City
590,038,363. -1.1 5,143,979,844
589,247,753
St. Joseph
29,457.398
29,705,275 -0.0
297.461,683
Okla.
-Lawton
a
a
aa
1,442,256
McAlester
1,256,360 +18.6
9,805,363
Muskogee
a
a
a
a
117,945.279
109,820,806
Oklahoma City_ _ _
+7.4
988,032,387
36,732,230
Tulsa
26.123,596 +40.6
309,920.426
5,483,220
Colo.
-Colorado Spgs.
4,718,071 +16.2
47,359,695
Denver
144.247.186
137,364,882
+5.0 1,255,816,169
5,040,768
Pueblo
4,212,221 +19.7
44,008,688
Total(11 cities)
1,184,768.767 1,177,291,656
Eleventh Federal Reserve Distr let
-Dallas
Texas
-Austin
8,130,837
9,979,688
Beaumont
5,696,000
5.956,217
Dallas
241,091,583
218,421,658
El Paso
18,506,186
*20,000,000
Fort Worth
.56,553,858
56,275,375
Galveston
41,130,000
46,242,000
Houston
176,277.127
174,945,524
Port Arthur
2,161,623
2,365,552
Texarkana
3,628,986
5,115,915
Waco
22,581,021
12,119,683
Wichita Falls
8,839,482
12,540,786
La.
-Shreveport
31,422.756
20,093,850
Total(12 cities)
609,136,268
590,939,439
+0.6 10,599,294,922
OUtside New York _
1923.
$
%
$
1922.
$
12,301,524
102,875,477
15,637,328 -21.4
110,949.161 -7.3
10,126,766
84,633,037
9,113,971
80,744,081
'
32,870,824
1,798,243
32,497,758 +1.1
2,218,703 -19.0
38,818,329
2,394,667
37,840.674
2.530,452
+1.4
1,560,668
1,638,603
733,284 +13.5
672,665
770,662
1,795,087
833,723
1,769,060
3,483.885
-9.6
3.709,760
3,970,239
155.623,642
167,289,179
-7.0
141,915,892
136,608,682
+8.2
d402,514
176,178 +128.4
630,534
+21.0
759,438 -17.0
+10.1
5,240,848
4,846,788
+8.1
+4.3
42,128,252
42,761,100 -1.5
-12.1
a
a
+20.4
d3,425,652
2,413,664 +41.9
d7,877,581
7,970,761 -1.2
+5.2
+14.6
142.786,143 140,398,690 +1.7
+7.9
d6,814,599
6,272,995 +8.6
+10.3
a
+16.6
a
a
a
a
+17.5 d27,945,991
28,663.307 -2.6
+17.7a
:00,392 -19.9
'
641,405
+12.8
22.367,528 +16.6
26,078,641
+8.2
e1,281,784
1,032.757 +24.1
+19.0
458,976
631,967
4,261,530
38,703,194
338,329
666,227
4,740,163
45,080,125
3,595.571
7,846,692
2,795,320
10,535,080
138,680.388
7,555,513
146,109,217
a
22,373,932
a
1,170,522
22,510,509
973,180
a
27.633,852
a
1,167,372
22,011,647
872.634
248,761,974
261,949.066
0,701,874,962
+9.2
+28.4
-2.1
+18.8
-4.5
+5.2
+17.7
+18.
9
-0.8
+24.8
-15.6
+49.7
+12.7
80.145,936
53,578,674
1,773.294,979
174,158,083
443,546,910
352,560,804
1,279,037,311
19,349,400
29,304,828
93.759,617
123,451,502
201,213,611
62,412,461
54,717,563
1,493.025.570
182,351,779
421,502,219
298,670,541
1,075,422,900
19,513,086
23,474,515
111,450,855
82,484.489
178,555,115
+3.1
4,623,401,655
4,003,581,093 +15.5
29,461,000
1,521,602.802
419.828,000
a
46,687,253
39,897,002
16,521.182
1,395,538,225
52,421,000
567,657,155
23.387,714
76.710349
35,656,703
157,134,636
136,483,760
284,496,266
5,370,629,000
27,487,680
617,673,469
219,790,919
30,335,999
315.163,199
159,307,350
6,183.400,000
88,577,142
46.522.746
75,263.547
18,452,557
96,282,307
+8.3
+5.7
+6.6
a
+18.4
+0.0
+21.8
+4.5
+0.4
+9.8
+10.2
+10.6
+17.8
+3.4
-6.9
-15.2
+8.4
+13.5
+25.1
+5.5
+8.4
+2.9
+24.1
+10.7
+14.6
+9.3
+4.6
+4.5
+11.5
2,280,845,897 1,984,572,582 +14.9 19,623,311,655 18,052,368,762
+8.7
Gr'd total (189 cities) 40,667,296,398 36,001,648,381
Inc or
Dec.
3,148,764
-18.5
-4.4
+10.4
-7.5
-1.5
-11.1
-0.8
-8.6
+41.0
-46.3
+41.9
+564
Twelfth Federal II eserve Distric t-San Franc iscoWash.-Bellingham _
.
3,700,000 +14.8
4,248,000
31,901,000
Seattle
166,465,436 +22.8 1,608,561,341
204.353,996
Spokane
54,044,000 +0.3
54,200,033
437,488,033
Tacoma
a
a
aa
6,342,366 +20.9
Yakima
7,667,193
55,282,480
Idaho-Boise
4,750,592 +18.9
.5,648.540
39,911,249
2,005,285 +38.5
Oregon-Eugene
2,778,222
20,122,362
162,448,841
+9.0 1,458,728,787
Portland
177.130.875
7,033,000 +8.2
Utah-Ogden
7,613,000
52,618,000
66,028.424 +20.5
Salt Lake City
79,575,370
623,322,634
Hey -Steno
Nev.-R
2.874,615 +6.9
3,073,033
25.763,895
8,560,000
+4.6
Arizona-phoenix
8,950,000
84,878,000
3,883,990 +26.6
Calif.
4,915,445
42.021,907
-Bakersfield- - _
16.955,299
17,626.659
+4.0
Berkeley
162,943,895
21.122,527
+4.4
22,049,004
Fresno
126,960,846
26,277,787 +201.1
Long Beach
7,910,775
241,474,675
Los Angeles
548,881,000 +19.4 5,821,391,000
655,324.000
3.908,106 +19.8
4,562,150
Modesto
31,209,381
69,030,296 +31.7
90.894.454
Oakland
772,741,650
21.318,632
+5.4
22,474.506
Pasadena
231,805,091
2,874,157 +11.1
3,193,738
Riverside
32,891,858
39,514,682
+0.4
39,670,544
Sacramento
324,437,315
15,843,720 +39.9
San Diego
22,170.449
197,703.957
698,900,000 +13.2 6,841,473,138
San Francisco
791,032,000
11,166.352 +13.8
12,704,161
San Jose
101,497,523
5,584,352 +14.8
Santa Barbara
6,413,511
50,832,385
8,344,695
+7.3
Santa Monica
8,957,399
78,725,803
2,427.340
2.407.567
+0.5
Santa ROSA
19,275.250
12,651,200 +5.0
Stockton
13,281,500
107,350,200
Total(28 citles)
16,211,037
19,960,618
156.417,663
1,473,993,443
182.617,026
a
a
115,065,916
288,465,405
56,859,000
4,768.078,170
269,776,724
a
10,360.663
a
840,961,565
263,406,300
41,974,672
1,160,747,498
36,979,263
+7.8
+23.5
+12.4
+0.9
+3.7
+16.5
+16.9
+17.2
+19.3
+19.0
+23.8
+9.5
f
1924.
$
335,650,047
3,284,480,598
16,287,251
1,183,369,441
68,085,192
55,000,000
9,385,602
55,358,017
45,577,421
22,819,548
27,132,291
107,385,842
4,393,127
1925.
265,253,944
2,206,030
58,363,780
d12,856.123
13,218,000
a
6,218,966
258,483.598
+2.6
1,733,944 +27.2
2,502,658
2,258,457
+3.0
51,164.162
38,072,712
14,821,795 -13.2
11,951,455 +10.6
a
a
14,549,010
12,747,168
a
14,283.115
9,682,475
a
56,135.464
5,816.190
4,854,543
92,862,899
90,052,611
5,409,953 +14.9
+3.1
86,779.188
69,149.302
45,604,254
12,275.000
a
1,863,625
39.392,618 +15.8
11,837,000 +3.6
a
a
1,621,822 +14.9
39,872.701
12,278,000
a
1,653,206
33,626,176
12,224,000
a
1,457,497
42,129.723
39,683.133
+6.2
43,243,155
43,089,898
19,623.968
a
a
17,317,121
a
a
+13.3
a
a
17,296,061
a
a
15,790.947
a
a
5,579,690
6,486,360
159,093,000
4,767,261 +17.6
6,063,808
+6.9
130,333,000 +22.1
5,466,300
9,053.805
148,648,000
6,589,061
5,691,514
106.709.000
21,631,865
5,575,020
19,061,141 +26.7
4,944,015 +12 8
17,975,082
6,122,046
15,908,246
4,070,728
8,688,827
5,803,124
192.803.000
3.338,195
1,379,549
8.246,472 +5.3
4,036,156 +43.5
172,500,000 +11.7
3,298,952
+1.2
1,106,919 +24.5
8,529,846
3,895,312
194,200.000
2,784,919
1,032,947
8,226,706
*3,500,000
160,600,000
2,965,069
964.107
2,592,000
2,045,379
2,733,500 -5.2
1,685,095 +21.4
2,974,200
2,635.900
536,512,579
468.628,013 +14.5
515,025,580
424,048,849
+12.9 373 351 858,353330,200,442,942 +13.1 11132453,0099,471,514,808 +17.5 8,446,958,036 8,365,263.605
. .
18.882.857,910 16.710,997.645 +13.1 166.121.224,675 149,975,562.563 +10.3 4.716.355.572 1 996.701.51F
4-13 n 1 704 995.960 1.640 224.512
CANADIAN CLEARINGS FOR SEPTEMBER SINCE JANUARY 1, AND FOR WEEK ENDING OCTOBER 1.
Month of September.
Since January 1.
Clearings at
1925.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_ _ _ _
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
$
399,208,343
383,202,776
231,955,720
67.263.115
26,075,797
28,040,527
13,816,119
21,296,414
24,893,465
10,649,648
8,683,615
10,585,833
18,833.516
21,427,339
2,830.306
2.461,251
7,392,564
5,031,005
3,865,811
4,039.580
3,270,640
1.341,471
3,263,782
3,535,789
3.986.741
14,389,554
1,217.871
3,258,286
3,253,401
1924.
$
425.880,858
476.592.843
177,153.874
62,931,140
24,595,409
22,850,141
12.041,184
20.971,089
21,456,516
10.223,575
7.978,211
10,416,412
17,366,485
12,791,875
2,527,681
2,231,478
6,289.226
4,497,977
3,634,077
4,978.883
2,769,239
1,215,879
3,274,277
3,104,987
3.662,772
14,043,929
1,237.179
3.678,795
3.003,054
Inc. or
Dec.
%
-6.3
-19.6
+31.0
+6.9
+6.0
+22.7
+14.7
+1.5
+16.1
+4.1
+8.8
-1.5
+8.4
*67.5
+12.0
+10.3
+17.5
+11.8
+8.5
-18.9
+18.1
+10.3
-0.4
+12.6
+8.8
+2.5
-1.6
-11.4
+8.3
1925.
$
3,566.395,378
3,394.180,381
1.726,594,454
583,511,538
234,031,379
219,170,279
111,795,003
179,835,445
221,888,661
97,355,827
74,333,310
99.262,365
172,464,696
134,063,541
22,294,703
19,836,618
57.994,893
40.771,650
35,899,698
29,938,283
23,781,670
11,286,211
29,905,449
31,635,916
35,863,437
124,630,131
11,716,511
29,272,583
26,007,253
1924.
$
%
3,783,527,821 -5.7
3,726,238,311 -8.1
1,699,335,737
+1.6
588,193,619 --0.8
238,840,439 -1.6
209,096,215 +4.8
107.741.679 +3.8
188,993,354 -4.8
230,532,227 -3.7
100,463,176 -5.1
82,381,997 -9.8
102,576,374 -3.2
158,806,243 +48.8
115,865.970 +15.7
19,475,126 +14.5
19,336,531
+2.6
58,214.000 -0.4
39,176,741
+3.8
33,891,125 +5.9
32,609,116 -8.2
23,011,205
+3.3
11,789,683 -4.3
29,206,250
+2.4
31,729,540 -0.3
35.318,880
+1.5
124,089,974
+0.4
12.026,990 -2.6
30.375.589 -3.6
25,884,714
+1.3
_
Total(29 cities) . 1.309.070,279 1.363,399,045 -4.1 11.346,617,258 11.858.528,626
a No longer report clearings. 13 Do not respond to reauests for figures_ c Waok proifol
clearings, all banks closed. g Not included In total.
No
Week Ended October 1.
Inc. or
Dec.
-4.3
Soot
RIO
1925.
5
119,013,863
131,648,991
73,197.888
16.889.876
5,480,496
6,139,963
3.701,843
5,009,312
5.613.550
2,285,978
2,112,798
2,274,751
4,768,844
6,679,324
829,877
550,103
1,799,169
1,329.186
931,662
909.848
861,267
301,594
685,470
705,077
904,729
3,229,657
283.735
805,082
684,901
399.608.839
1924.
Inc. or
Dec.
1923.
1922.
$
116,570,440
102,081.430
69.025,426
15,499,907
8,288,094
6,478,128
2,985,854
6,862,483
5,933,358
2,761,333
2,095,910
3,368.830
4,586,606
3,303,082
952,609
724,938
2,251,090
1,872,269
1,274,010
1.299.365
751,270
502,867
926,603
949,077
1,050,424
2,951,493
423.461
835,465
856,745
$
110,314,539
120,517,870
68,040,812
14,644.240
7,318.101
6,300,065
3,633,967
6.995,059
4,495,972
2,736.969
2,353.193
3,185,814
4,886,446
4,488.519
824,554
757,221
2,419,763
1,679.998
1,326,689
1,028,764
647,155
455.485
800.133
860,897
1,261,891
2,900,000
. 402,833
1,148,568
808.009
397.664.217
+0.5 367.402.507
1
- uv,..... ....A-A rt.... o
• w.f....1M
$
135,926,000
135,486.322
54,037,462
15,875,282
6,002,106
5,623,325
3,124,774
5,096,820
6,258,413
2,463,755
1,909.815
2,723.705
5,029,039
3,614,101
682.221
557.945
1.517,303
1,245,487
861.831
1.395,564
757.317
331,318
787,654
674,705
917,157
2,862,350
309.107
731,661
861.678
fl Wowir touirol Clni•
%
-12.4
-2.8
+35.5
+6.4
-18.7
+9.2
+18.5
-1.7
-0.3
-7.2
+10.6
-16.5
-5.2
+638.2
+21.6
-1.4
+18.6
+6.7
+8.1
-34.4
+13.7
-9.1
-13.0
+4.5
-1.9
+12.8
-14.7
+10.0
-20.5
377.231.519
1758
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
After some irregularity early in the week, the stock market
the last few days has again tended strongly upward, with
further spectacular advances in the specialties. Many new
high records for the year have been established. The main
interest continued to center in motor stocks. On Saturday
trading was particularly active, the total turnover for
the two-hour session exceeding a million shares. Motor
shares continued in the foreground, with Dodge "A" shares
and Studebaker leading the advance with substantial gains
Other strong stocks included Ward Baking, Woolworth,
Foundation and Worthington Pump. The market was
uncertain on Monday and the general trend was toward lower
levels. Dodge Bros."A" stock was the outstanding feature
of the motor issues and shot upward 3 points, making a net
gain of 10 points from the same period a week ago. New high
records were scored by Railway Steel Spring, Timken Roller
Bearing, Foundation Co., Woolworth and New York Shipbuilding. United States Rubber moved upward 4 points,
and B. F. Goodrich made a net gain of 2 points to 693'.
Price movements were again irregular on Tuesday, though
trading was remarkably active and for the fourth successive
day exceeded the 2,000,000-share mark. Packard Motors
crossed 40 and Willys-Overland reached a new high at 30.
New tops were scored by Coca Cola, Woolworth, Barnett
Leather, Foundation Company and New York Shipbuilding. As the day advanced prices turned downward and in
the final hour numerous issues reached their lowest levels
of the day. American Can, Mack Trucks and American
Smelting were among the weakest of the day. The market
was weak and prices irregular as the session got under way
on Wednesday, though there were some brisk movements
among the specialties, motor stocks and rubber shares. The
strong features were Fleischmann, Remington Typewriter,
Burns Bros., Timken Roller Bearing and Barnett Leather.
Packard Motor stocks made further progress and crossed
42, and rubber stocks under the leadership of U. S. Rubber
moved sharply upward. American Can scored a net gain
of 354 points for the day. Trading centred largely around
speculative issues on Thursday, though the general advance
included all sorts of stocks and the gains ranged from 2 to 5
points. Steel stocks were especially prominent, United
4
States Steel common scoring an advance of 23 points at its
high for the day. Motor stocks resumed their remarkable
upswing, Studebaker crossing 60 and Willys-Overland topping 29. Mack Trucks was particularly conspicuous for
its brisk advance to 2103, though it slipped back to 209 in
the final hour. Rubber stocks showed further improvement, United States Rubber reaching a new peak for the
year at 73. Railroad shares were active again, substantial
advances being scored by Atlantic Coast Line, Seaboard
Air Line, Texas & Pacific, and St. Louis Southwestern.
Trading continued remarkably active on Friday, going
well past 2,000,000 shares. United States Steel common reached new high ground for the present movement
and several of the more active leaders scored record high
levels. Included in this list were Chrysler, General Motors,
Kresge and Foundation Co. Other notable advances included Detroit Edison, Dodge Bros. "A," Mack Trucks,
U. S. Rubber, Atlantic Coast Line, Barnett Leather, Fisher
Body, Timken Roller Bearing and Mathieson Alkali. The
final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY. WEEKLY AND YEARLY.
Total
Sales at
New York Stock
Exchange.
Stocks
-NO. shares_
Bonds.
•Government bonds_ _
State & foreign bonds_
Railroad & misc. bonds
.
Total bends
United
States
Bond*.
Stocks
Number of
'
Shares,
Railroad,
&c.
Bonds.
State.
Municipal &
Foreign Bonds.
1,246,110
2,014,061
2,179,621
1,652,621
1,689,311
2,116,600
58,900,000
7,245,500
6,359,000
6,384,000
6,312,000
7,201,000
$1,529,000
2,445,500
2,293,000
2,563,000
2,504,500
2,102,000
$470,000
756,500
1,000.000
605,000
916,400
456,000
10,898,324
Week Ended Oct. 9.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
[VOL 121.
THE CHRONICLE
$40.401,500
$13,437,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ending
Oct. 9 1925.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1925.
1924.
Jan. I 10 Oct. 9.
1925.
3,461,210
315,976,547
$8,504,010
11,353,500
41,128.500
1280,241,160
546,008,500
2,436.235.275
$740,389,646
382.330.500
1,709,805,600
558.042,400
se0,986.010
53,262,484,935 $2,832,525,740
1,546
5,522
4,610
2,770
4,612
3,694
$14,000
20,500
39,600
17.900
55,000
39,200
$110,000
125,351
1198,800
22,756
$186,200
5210.090
112.854
5214.900
16,556
$172.100
218.71e
In addition. sales of rights were: 191.
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for September 1925
and 1924 and the three months of the fiscal years 1925-1926
and 1924-25.
ReceiptsSept. 1925. Sept. 1924. 3 Mar.'25. *3 Meg.'24.
Ordinary
Customs
61,017,334 49,759,402 145,287.134 139,324,720
Internal revenue:
Income and profits tax
361.186,612 346,848,753 435,061,434 401,723,941
Miscellaneous internal revenue 81,376,655 67,645,931 252.130,051 219,474.567
Miscellaneous receipts:
Proceeds Govt.
-owned securities
Foreign obligations
146,939
Principal
146,743
132,852
Interest
2,360 10,247,662 10,236,761
15,300
Railroad securities
2,568,119 5,278,318 9,244.413 29.254.459
All others
808,379
1,129.731
186,926 10,913,687
Trust fund receipts (reapproprinted for investment)
2,150,669
8.723.999 6.247,244
1,822,390
Proceeds sale of surplus prop'ty 1,069,845
1,974,322
4.333,058 8,249,520
Panama Canal tolls, See
1,395,878
3,407.719 5,270,016 6,629,061
Receipts from miscell. sources
credited direct to apPropria's 2,125,009
2,010,118 6,151,658 6,884,116
Other miscellaneous
8.036,763
8.320.817 32,422,634 39,877,011
Total ordinary
512,071,915 487,389,908 919,932,489 868,856,718
Excess of ordinary receipts over
total expenditures chargeable
against ordinary receipts
181.220,968 78,592,792 129,280.881 55,173,163
Excess of total expenditures
chargeable against ordinary receipts over ordinary receipts__
Expend ituresOrd!nary
(Checks and warrants paid, &c.)
163,487,634
General expenditures
88,242,353
Interest on public debt a
Refunds of receipts:
2,255,080
Customs
18,441,382
Internal revenue
7,000,000
Postal deficiency
547,447
Panama Canal
Operations In special accounts
44,356
Railroads
62,137.487
War Finance Corporation
3,833,674
Shipping Board
1,077,666
Alien Property funds
5222,286
Adjusted service ctf. fund c
.
Investment of trust funds:
Government life insurance__ _ - 2,156,350
6776.043
Civil service retirement
Dist. of Col. Teachers' Retire't
61,499
Foreign service retirement.. __ 55,680
General Railroad Contingent
Total ordinary
158,836,929 480,753,599 478,622.974
118,396,518 112,128,005 145,169.947
1,397,058 6,983,435
4.736,993
15,766,352 49,070,535 41,297.875
27,000.000
2,887,592 2.943.551
1,739,369
6475,630 2,142,541
2.750,627
53.452,695 65,252,459 613,170,231
7,030.965 10,840,260
2,973,079
1,213.986
2,626,363
3,096.034
684,703
1,815,412 8,498,937 6.129,333
621.524 13.594,495 12,283.910
35,016
23,519
134.541
60,984
60.984
6,978
190,046
94,392
283,942,947 298,256,816 707.738,908 694,880,169
Public debt retirements chargeable against ordinary receipts
46,900,000 110,174,000 82,900,000 118,374.000
Sinking fund
208,600
208,600
Purchases from for'n repaym'ts
Received from for. govts. under
debt settlements
47.550
Received for estate taxes
Purchases and retirements from
franchise tax receipts (Federal Reserve and Federal In152,200
152,200
termediate Credit banks) -5,500
8,000
12,700
21,035
Forfeitures, gifts, a‘c
46,908,000 110,540,300 82,912,700 118.803,385
Total
Total expenditures chargeable
against ordinary receipts_ _ _ -330,850,947 408,797,115 790,651,608 813.683,553
Receipts and expenditures for June reaching the Treasury In July are included.
a The figures for the month include $382,869 09 and for the fiscal year 1926 to
date 11,373,233 34 accrued discount on war-savings certificates of the series of
1918, 1919 and 1920; and for the corresponding periods last year the figures include
$769,599 62 and $2,686,800 45, respectively, for the series 01 1918 and 1919.
S Excess of credits (deduct).
c The figures shown represent variations In the working balance. The appropriation available Jan. 1 1925 was invested in $100,000,000 face amount of Government obligations, of which $4,600,000 face amount were redeemed to June 30 1925,
to provide for payments from the fund by the Veterans' Bureau. For redemptions
since June 30 for that purpose. see items of adjusted service series under public debt
expenditures.
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Sept. 30 1925 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of Sept. 30 1925.
AssetsGold coin
Gold bullion
184,693,626
14,203,900
13.437,000
40.401,500
$28,000
28.300
29,000
37,600
49,900
26,000
111,000
50,000
17,000
19.000
13,000
164,711
Total
1924.
10,898.324
Balt more.
15,175
23,922
18,144
15,926
13,331
43.853
16,713
32,798
.31,041
30,069
30,620
23,470
Prey, week revised
14,203,900
Week Ended Oct. 9.
Philadelphia.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities
629.165.987 29 Gold ctfs. outstanding_ _1,670.227,80g 00
3,080,857,149 70 Gold fund. F. R. Board
(Act of Dec. 23 1913,
as amended June 21
1917)
1 695,325.235 12
Gold reserve
153,620,985 51
Gold In general fund..._ 190,849,107 36
Total
3 710,023.136 99
3,710,023,136 99
Note.-Reeerved against $348,681,016 of U. S. notes and $1,379,005 of Treasw7
notes of 1890 outstanding. Treasury notes 01 1800 are also secured by silver dollars
in the Treasury.
Total
Ocr. 10 19251
Assets
Silver dollars
Total
Assets
-Gold (see above)
Silver dollars (see above)
United States notes_ _
Federal Reserve notes_ F. R. bank notes
National bank notes_ _
Subsidiary silver coin__ Minor coin
Silver bullion
Unclassifled-Collections, drc
Deposits in F.R. banks_
Deposits in special denositaries account of
sales of ctfs. of indebt_
Deposits in foreign depositaries:
To credit of Treasurer
United States
To credit of other
Govt. officers
Deposits in nat. banks:
To credit of Treasurer
United States
To credit of other
Govt. officers
Deposits in Philippine
treasury:
To credit of Treasurer
United States
THE CHIMNICLE
SILVER DOLLARS.
8
Liabilities
454.777,936 00 Silver ctIs. outstanding_ 448.713,88800
Treasury notes of 1890
1,379,005 00
outstanding
Silver dols. in gen.fund_
6,685.043 00
454,777.936 00
Total
454,777,936 00
GENERAL FUND.
Liabilities
Treasurer's checks out190,849,107 36
standing
1,246,42563
6,685,043 00 Deposits of Government
4,359,401 00
officers:
849,806 50
P. 0. Department_ _ _
7,551,29445
216,343 00
Bd. of Trustees Postal
17,444,489 50
Savings System
6,882,871 50
5% reserve, lawful
1,540,267 21
money
6,571,740 49
15,260,241 98
Other deposits
614.380 78
Postmasters, clerks of
2,226,629 17
courts, disbursing of42,329,901 73
ficers, 5rc
34,052,290 27
Deposits for:
Redemption of F. R.
267,475,000 00
notes(5% Id.. gold). 169,580.208 98
Redemp'n of nat. bk.
notes(5% fund, lawful money)
28,127,608 55
118,43085
Retirement of add'l
circulating notes, Act
218,72613
May 30. 1908
4,67000
Uncollected items, ex4,476,912 11
changes. Arc
7,252,322 49
252,225,531 26
18.915,03402 Net balance
331,588,907 95
1,190,823 77
583,814,439 21
Total
Total
583,814.439 21
Note.
-The amount to the credit of disbursing officers and agencies to-day was
3394,082,393 02. Book credits for which obligations of foreign Governments are
held by the United States amount to 333,236,629 05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid
Into the Treasury as miscellaneous receipts, and these obligations are made under
the Acts mentioned a part of the public debt. The amount of such obligations today was $63,250,467.
$654,747 in Federal Reserve notes and $17,389,951 in national bank notes are in
the Treasury in process of redemption and are charges against the deposits for the
respective 5% redemption funds.
Holdings in
U.S Treasury.
Net gold coin and bullion_
1759
July 1 1925. Aug. 1 1925. Sept. 1 1925. Oct. 1 1925.
$
$
$
$
330,099,389
21,754.070
4,828,475
19,595,231
1,390,238
87,890
7,457,181
5,833,175
321,811,595
19,472,155
3,353,478
17,324,200
1,146,114
248,901
7,841,586
4,754.676
334,343,404
15,870,182
3,100,455
16,083,848
1,109,339
60,478
7,375,459
3,536.005
Total cash In Treasury_ 391,045.649
Less gold reserve fund _ _
. . 153,620,985
375,952,705
153,620,986
381,479,170 *399,935,186
153,620,986 153,620,986
Cash balance in Treasury_
€ p In spec'l depositories:
Acct. Ws. of indebt
Dep. In Fed'I Res. banks_
Dep. In national banks:
To credit Treas. U. S
To credit dist). officers_
Cash in Philippine Islands
Deposits In foreign depts.
Dep.In Fed'i Land banks_
237,424,664
222,331,719
227,858,184
246,314,200
150,739,000
41,624,510
95.582,000
38,228,787
7,435,481
267,475,000
42,329,902
7,252.322
6.799,288
21,746,427
1,042,034
295,225
68,824,000
43,817,204
6,771,635
19,662,605
808,181
401,399
19,290,325
1,286,322
348,044
18,915,034
1,190,824
337.157
Net cash in Treasury
and in banks
Deduct current liabilities_
459,671,148
241,835.416
384,430,172
236,214,133
368,195,714
235,826,359
583,814,439
252,225,531
Available cash balance_
217.835.732
148,236,039
132.369.355
331,588,908
Net silver coin and bullion
Net Unite" States notes__
,
Net natio]) i bank notes__
Net Forl ,ieserve notes__
Net Fed' Hes, bank notes
Net subsidiary silver
Minor coin.dm
344,470.093
21,945.285
4,359,401
17,444,490
849,806
216,343
6,882,872
3,766.896
•Includes Oct. 1, 515,260,241 98 silver bullion and 81.5415,26721 minor coin
Ac., not Included In statement "Stock of Money."
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 23 1925:
GOLD.
The Bank of England gold reserve against notes on the 16th inst.amounted
compared with £159.561,265 on the previous Wednesto £159,235,660. as
day. The following movements of gold to and from the Bank of England
-have been reported since our last issue:
Sept. 17 Sept. 18. Sept. 19. Sept. 21, Sept. 22. Sept. 23.
Received
£31,000 £14,000
Withdrawn
£48,000 £208,000 £93,000
The destinations of the £112.000 sovereigns withdrawn were given as
follows: India, £33,000: Singapore, £50.000: Holland, £3,000: Straits SetPreliminary Debt Statement of U. S. Sept. 30 1925.
/13,000.
The preliminary statement of the public debt of the tlements, £11,000. and Java,withdrawn During the week under review
from
£394,000 on balance has been
reducing the net
United States Sept. 30 1925, as made tip on the basis of the Influx since the resumption of an effective goldthe Bank. to £4,836,000.
standard
daily Treasury statements, is as follows:
The imports and exports of gold bullion and coin to and from the United
BondsKingdom during the week ending the 16th inst. were:
$599,724,050 00
Oonaolo of 1930
48,954,180 00
Panama's of 1916-1935
ImportsExports
25,947,400 00
Panama's of 1918-1938
£27,949 Germany
British West Africa
£48.670
49,800,000 00
Panama's of 1961
1,943 Netherlands
Other countries
229,551
28,894,500 00
Conversion bonds
France
15.060
12,234.220 00
Postal Savings bonds
Switzerland
212,435
8765.554.35000
Other countries
18,512
First Liberty Loan of 1932-1947
*1,951,518,55000
3,104,550.450 00
Second Liberty Loan of 1927-1942
E29,892
£524.228
2,802,477,150 00
Third Liberty Loan 01 1928
The following figures (in lacs of rupees) relate to India's foreign trade
6,324,479,300 00
Fourth Liberty Loan of 1933-1938
14,183,025,450 00 during August last:
*763,948,30000
Treasury bonds of 1947-1952
Imports of private merchandise
18,80
1,047,088,500 00
Treasury Bonds of 1944-1954
Exports of private
(including re-exports)
29.24
1,811.038.80000 Net imports of goldmerchandiseaccount
on private
2,73
Net imports of silver on private account
67
Total bonds
*16.759.616,60000 Net imports of currency notes on
private account
2
Notes
Treasury notes
The total visible balance of trade in private merchandise and treasure
$299,659,900 00
Series B-1925, maturing Dec. 15 1925
was 7.13 lacs in favor of India. The net balance of Government transfers
615,677,900 00
Series A-1928, maturing Mar. 15 1926
of funds was 5,29 lacs against India.
414,922.30000
Semen B-1926, maturing Sept. 151928
It is announced that the gold production of Canada for the first half of
355.779.90000
Series A-1927, maturing Dec. 15 1927
668,201,400 00
Series B-1927, maturing Mar. 15 1927
1925 is valued at 517,034,000 as compared with $14,475.000 last year, and
50.000,000 00
Adjusted Service Series, maturing Jan. 1 1930
that 82% of the total was produced in the Porcupine district.
2,404,241,400 00
Treasury Certificates:
Series T-D-1925. maturing Dec. 15 1925._
SeriesT-J-1926, maturing June 15 1926_
8179,462,000 00
124,247,00000
251,936,000 00
Series T-J2-1926, maturing June 15 1926
41,700,000 00
Adjusted Service series, maturing Jan. 1 1926
597,345,000 00
Treasury(War) Savings Securities
War Savings Certificates:
811,082,38626
Series 1921_a
Treasury Savings Certificates:
1,800.74785
Series 1921. Issue of Dec. 15 1921 b
96,478,030 00
Series 1922, tame of Dee. 15 1921 0
14,911,498 05
Series 1922. Issue of Sept.30 19225
Series 1923. Issue of Sept. 30 1922 b
132.796,02320
24.097,677 10
Settee 1923, Issue of Dec. I 19230
Series 1924. Issue of Dec. 11923097,150,03 75
6
Thrift and Treasury Savings Stamps. uncleanfled sales,.to
3,833,892 46
382.150,291 67
TotalInterest-bearing debt
Matured Debt on W WA Interest Has Ceased
Old debt matured at various dame prior to
April 1 1917
Spanish War Loan of 1908-1918
Loan of 1925
Certificates of Indebtedness
Treasury notes
% Victory Notes of 1922-1923
% Victory Notes of 1922-1923
Called for redemption Dec. 15 1922
Matured May 20 1923
Debt Bearing No Interest
-
United States notes
Less gold reserve
Deposits for retirement ot national bank notes
and Federal Reserve bank notes
Old demand notes and fractional currency
820,143,353,291 67
31,279,170 26
244,380 00
1,173.150 00
888.500 00
6,384,100 00
38,150 00
1,934,900 00
4,098,900.00
16,041,250 26
8346,681,016 00
153,620,985 51
8193,060,030 49
63,250,467 00
2,048,443 08
258,358,94057
Total gross debt
820,417,753,482 50
•Net cash reeding. b Net redemption value of certificates outstanding.
Treasury Money Holdings.
The following compilation made up from the daily Government statements shows the money holdings of the Treasury
at the beginning of business on the first of July, August, September and October, 1925:
SILVER.
The silver market has continued quiet. Firmer advices from China have
restricted offerings from that quarter and supplies have not been forthcoming with any freedom. America has been inclined more to buy than to sell.
The Indian Bazaars have been buyers and prices hardened until the 21st
inst. when 3350. was quoted for both cash and forward deliveries. The
,
demand, however, was not maintained and prices lapsed yesterday on a
little profit taking to 33 1-16d. and 33d. for the respective deliveries, followed to-day by a further fall of 1-16d.
Silver imports and exports to and from the United Kingdom during the
week ending 16th inst. were as follows:
Imports
Exports
United States of America_ _ - E49,305 Austria
£5,810
British West Africa
49.050
67,518 British India
Other countries
4,245 Other countries
7,589
Total
Total
£121,068
£62.449
Movements shown by the statistics relating to exports of silver from the
U. S. A. during the month of August last include:
U. S. A. to Germany
439.377 ounces
U. S. A. to India
3,662,578 ounces
U. S. A. to China
6,852.955 ounces
INDIAN CURRENCY RETURNS.
(in lacs of rupees.)
Aug. 31. Sept. 7 Sept. 15.
.
Notes Its circulation
18821
18810
18799
Silver coin and bullion in India
8878
8887
8856
of India
Silver coin and bullion out
Gold coin and bullion in India
2232
2232
2232
Gold coin and bullion out of India
Securities (Indian Government)
5711
5711
5711
Securities (British Government)
2000
2000
2000
No silver coinage was reported during the week ending 15th Inst.
The stocks in Shanghai on the 19th inst. consisted of about 52,800,000
ounces in sycee. 57,500,000 dollars and 1.330 silver bars as compared with
about 52,800,000 ounces in sycee. 55.000,000 dollars and 2.490 silver bars
on thell2th Inst.
-Bar Silver, Per Oz. Ski,-
Bar Gold,
Cash.
Quotations2 Mos,
Per Oz. Fine.
32 11-16d.
Sept. 17
3234cl.
84s. 11 d.
32d.
18
329-16d.
Ms. 11 d.
32 d.
19
32 KAI.
84s 11 d.
33)d.
21
84s. 11 id.
33)'d.
22
331-16(1.
848.11d.
33d.
23
33d
84s. 113d.
3215-188.
Average
32.875d.
32.833d.
848. 11.5d.
The sliver quotations to-day for caab and two months' delivery aie 73:
above those fixed a Week ago.
[Vol. 121.
THE CHRONICLE
Tho destination of theso exports for the week and since
ENGLISH FINANCIAL MARKETS
-PER CABLE.
July 1 1925 is as below:
The daily closing quotations for securities, &c., at London,
Corn.
1Vheat.
Flour.
as reported by cable, have been as follows the past week:
Exportsfor Week
and Since
July lit-
London,
00. 3. 00. 5. Oct. 6. 00.7. 00. 8. Oct. 9.
Frt.
Week Ended Oct. 9.
Mon.
Sat,
Wed, Thurs.
Tues.
Silver, per on
d 32)4
32 15-1632 11-16 33 3-16 32 15-16 3235
Gold, per fine ounce
84s.1135d 848.11%d 848.1135d84s.1135d 84s.11%d 84s.1134d.
Consols, 235 per cents
5535
554
55%
5534
554
1023-6
British, 5 per cents
102%
102%
102%
1023-8
British, 4% per cents
9674
9635
9634
9676
963-6
46.25
French Rentes (in Paris)._ fr.
46.10
46.60
46.95
46.71
French War Loan(in Paris)fr.
57.35
56.65
56.30
56.10
57.25
7074
7074
7076
71
7035
Week
Oct. 3
1025.
Since
July 1
1925.
Since
July 1
1925.
Bushels, Bushels.
Bushels.
Bushels.
Barrels. Barrels.
181,000
60,000
United Kingdom. 88,120
796,326 1.774,937 22,791,906
214,000
Continent
93,178 1,691,352 3,100,791 34,388,018
372,000
70,000
291,100
14,000
So.& Cent. Amer_
138,487
3,000
543,900
21,000
131,925
1,000
West Indies
275,989
18,000
2,355
183,845
28,000
Other countries_
208,764
7,000
The price of silver in New York on the same day has been:
Silver in N. Y., per oz. (ete.):
Foreign
704
Week
Oct. 3
1925.
Since
July 1
1925.
Week
Oct. 3
1925.
Total 1925
Total 1024
151,00C 1,313,255
931,540
40,000
209,298 3,110,915 4,918,728 57,786.794
584.736 3.988.757 9.587.061 79,637,623
Sommercial antlXiscellaneonsgnus
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Oct. 3, and since July 1 1925 and 1924,
-MONTHLY are shown in the following:
TRADE OF NEW YORK
STATEMENT.
FOREIGN
Corn.
Wheat.
Customs Receipts
at New Yrok.
Merchandise Movement at New York.
Month.
Imports.
1925.
1924.
$
26,121,252
26,072,503
27,666,955
22,893,230
21,933,377
23,298,326
24,327,006
6
24,779,787
28,444.581
27,625,870
26,752,166
23,179,124
23,802,661
25.426.495
1924.
1925.
1924.
1925.
1925.
Exports.
$
$
$
$
January._ 156,923.263 130,402,242 156,313,003 146,793,889
February. 160,460,910 155,554,136 123,210,344 139,028,108
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
May
149,170,016 135,620,732 147,545,548 143,742,987
June
160,308,912 131,236,366 123,740,727 118,752,946
154,206,974 134,244,024 135,781,354 113,857,700
July
Total
Silver-New York.
Cold Movement at New York.
1925.
January
February _
March__
April
May
June
July
Imports.
Exports.
1924.
$
1,029,134
612,514
3,662,342
5,694,336
7,776,455
948,811
6,489,017
1925.
1924.
$
35,558,071
28,514,809
27,968,134
37,018,743
35.003,505
20,402,503
15,222,422
:
66,002,262
33,520,792
21,435,084
19,899,381
10.304,670
2,641,349
2,468,247
$
Total... 26,212.609 199.688,187 156.271.785
750
315,000
201,600
740,500
24,880
230,512
1925.
$
4,070,277
2,289,472
3,705,805
2,396,063
521,974
1,659,578
1,663,473
$
7,604,975
4,556,080
5,254,216
6,922,769
3,812,598
5,873,792
3,684,687
1,513.242 16,306,642 37,709,117
Breadstuffs figures brought from page 1812.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts al-
Flour.
Wheat.
Corn.
Oats,
Barley.
Rye.
h.48lbs bush.56Ibs.
• bls.198lbs • sh.60 lbs. bush.56 lbs. 'ash.32 lbs.
503,000
Chicago
608,000
20.000
259,000
608,000 2,014,000
277,000
58,000 1,167,000 1,018,000
Minneapolis..
3,972.000
Duluth
5.187,411
1,389,000
582,000 883,000
327,000
Milwaukee._ _
402,000
20,000
53,000
204,000
251,000
Toledo
81,000
26,000
167,000
Detroit
13,000
8,000
2,000
22,000
Indianapolis
184,C00
297,000
79,000
St. Louis__
100,000
568,000
504,000
541,000
22,600
102,000
Peoria
488,000
222,000
1,000
31,000
68,000
75,000
Kansas City_ _
333,000
188,000
802,000
Omaha
496,000
272,000
319,000
St. Joseph81,000
154,000
36,000
142,000
Wichita
36,000
27.000
Sioux City__
116,000
46,000
55,000
Total week'25
Same wk. '24
Same wk. '23
445,000 12,374,000
513,000 17,511,000
401,000 9.373.000
4,213,000
6,030,000
2,911,000
5,651,000 2.598,000 1,225,000
9,029,000 2,992,000 4,003,000
6,587,000 1,171,000
855.000
Since Aug.14,396,000118,889,000 35,263,000 86,560,00027,814,000 8,765,000
1925
4,791,000197.843,000 48,480,000 90,218.000 18,634,00020,176,000
1924
4,040,000 125,545.000 43,267,000 62,876,000 11.638,000 8.768.000
1923
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Oct. 3, 1925 follow:
Receipts atNew York _
Philadelphia _
Baltimore_.._
Newport New,
New Orleans •
Galveston___
Montreal...
Boston
Flour.
Corn.
Wheal.
Barrels.
343,0011
41,000
14,000
2,000
60,000
70,000
37,000
Oats.
Barley.
Bushels.
59,000
1,000
9,000
3,000
17,000
5,210,000
36,0(0
280,000
51,000
15,000
569,000
65,000
Total week '25 567,000 8,823,000
Since Jan.1'25 18,669,000149.141,000
819,000
229,000
364,000 1,435,000 1.469,000
5,739.000 61,262,00027,551,000 28,275,000
The exports from the several seaboard ports for the week
ending Saturday, Oct. 3, 1925, are shown in the annexed
statement:
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Montreal
Wheat.
135.000
2.418,000
Total week 1925_ 4,918,728
game week i924.._ - 9.887.061
Corn.
Flour.
Oats.
Rye.
Barley.
Barrels, Bushels. Bushels. Bushels.
17,29,2 321.448
64,298 195.079
49,000
1,000
17,000
85.000
25,000
8,000
2,000
10,490
21.000
91,000
43.000 1.017.000
60,000 113,000 295.001
-
Bushels. Bushels.
1,763.728
55,000
255,000
292,000
151.000
40.000
60.292 1.380.448
209.298 46/3'A07V
5•815.736 .7fi4..10. .952.208 1.093.964
GRAIN STOCKS.
Barley.
Rye.
Oats.
Corn.
Wheat.
bush.
bush.
bush.
bush.
bush,
284,000
170,000
1,890,000
16,000
205,000
1
1,00
3,000
45,000
1,000
5,000
,
5,001
7,000
620,000
32,000
1,015,000
41,000
53,000
188,000
44,000
2,171,000
36,000
2,000
83,000
202,000
391,000
14,000
329,000
540,000
824,000
292,000 3,566,000
3,008,000
576,000
387,000
4,000
6,000
126,000 1,246,000
866,000
25,000
220,000
35,000
210,000
610,000
5,940,000 2,520.000 9,982,000 2,215,000
230.000
227,000
33,000
189,000 1,658,000
556,000
8,004,000 3,070,000 1,239,000
13,499,000
95,000 22,868,000 2,084,000 2,240,000
6,526,000
9,000
1,000
732,000
67,000
149,000
85,000
26,000
998,000
227,000
1,907,000
63,000
95,000
485,000 5,638,000
4,707,000
192,000
2,668,000
2,000
6,000
68,000
69,000
1,361,000
14,000 1,365,000
3,000
2,000
746.000
262,000
612,000
11,000
19,000
74,000 4,118.000
1,169,000
458,000
845,000
470,060
1,530,000
196,000
81.000
134.000
157,000
8.726,000
Total Oct. 3 1925 _ _ _49,371,000 5,470,000 65,818,000 7,840,000 6,025.000
5.583,000
14.
Total Sept.26 1925_ _44,822,000 4,409,000 64, 6,000 12,440,000 5,254,000
Total Oct. 4 1924. _81,896,000 7,153,000 52 '44.5,000
above: Oatz, New York, 7,000 bushels,
Note.-13onded grain not Included
bushels, against
altimore, 1,000, Buffalo, 100.000, Duluth, 16,000, total, 124,000
bushels, Baltimore, 19,000.
10,000 bushels in 1924. Barley, New York, 12,000
71.000. canal, 424,000, on
uffalo, 1.210,000. Buffalo afloat, 66,000, Duluth,
bushels in 1924. Wheat,
akes, 157,000. total, 1,959.000 bushels, against 450,000
232,000, Baltimore,
ew York, 620,000 bushels, Boston, 78,000. Philadelphia,
Duluth, 127,000. Toledo,
30,000, Buffalo, 1,084,000. Buffalo afloat, 395.000. 1,723,000, total, 5,672,000
canal, 844,000. on lakes,
9,000, Toledo afloat, 100,000,
ushels, against 1,774,000 bushels in 1924.
Canadian100,000 1,152,000
667,000
284,000
1,899.000
ontreal
1,523,000 1,259,000 4,235,000
. William & Pt. Arthur _17,842,000
149,000 1,032,000
1,072,000
, ther Canadian
2,593,000
1,408,000 6,419,000
1,117,000 6,061,000
2,429,000 2,546,000
284,000 3,265,000
Total Oct. 3 1925_ _ _22,334,000
307,000 2,128,000
Total Sept. 26 1925......14,672.000
178,000 7,971,000
8,722,000
Total Oct. 4 1925_ .._
Summary5,470,000 65,818,000
49,371,000
, merican
284,000 3,265,000
22,334,000
I
8,726,000 6.025,000
1,408,000 6,419,000
10,134,000
Total Oct. 3 1925. _ _71,705,00' 5,754,000 69.083,000 8,957,000 12,444,000
11,644.000
_59,494,000 4,716,000 66,594,000
Total Sept.26 1925
7.331,000 60.887,000 14.869,000 7,800,000
Total Oct. 4 1924...90,618.000
-Record of transactions at
Chicago Stock Exchange.
hicago Stock Exchange Oct. 3 to Oct 9, both inclusive,
4 ompiled from official sales lists:
i
148,000
Week 1924..
594,000 10,108.000
106,000 2,043,000 1,145,000 1,877,000
Since Jan.1'24 19.305.000203,11l.000 15,885.000 38,882,00013.028.00021.853.000
•Receipts do not include grain passing through New Orleans for foreign ports
on through b Us of lading.
Exports from-
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
" afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On lakes
On canal and river
Rye.
Bushels. Bushels.
Bushels.
78,000
518,000
618,000
2,000
125,000
1,000
132,000
7,000
Bushels.
2,363,000
694.000
1
520,000
Since
July 1.
87,884,000
11,540,000 121,144,000 162,479,000 5,037,000 68,671,000
Exports.
1924.
1924.
Since
July 1.
Week
Oct. 3.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Oct. 3, were as follows:
Movement of gold and silver for the seven months:
Imports.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
332,000
898.000
130,000
North Amer_ 8,915,000 82,703,000 106,718,000
672.000 8,207,000 7,239,000
Black Sea _ _ 1,088,000 6,288,000 2.560,000
2,968,000 49,792,000 80.218,000
Argentina__ _
489,000 17,321,000 28,561,000
Australia _ _ _
736,000 12,320,000 12,976,000
India
312,000 2,512,000 11,664,000
95,000
1,267,000 9,774,000
0th. countr'
Total_. _ 1131258 582 1000955 912 1033296 072 940,866.168 172,312,649 180,001,684
Month,
Since
July 1.
Week
Oct. 3.
1925.
1924.
Stocks
Sales
riday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High Shares.
11 America Radio cl A_ _5
mer Pub Serv pref....l00
mer Pub Util pr pret _100
merican Shipbuilding-100
rmour & Co(Del)pref _100
100
rmour & Co pret
Common cl A v t c..25
Common el B v t
)rmour Leather
15
t uburn Auto Co cool,. _ _25
I laban Sr Katz v t c_ 25
I eaver I3oard v t c
-- •
Preferred certificates_100
10
I endlx Corp cl A
I org & Beek
•
1 unte Bros
10
(entral Ill Pub Serv
(entral Ind Power met_100
(en S %V
pref
•
Prior lien
(hie City & Con Ry pt sh_•
•
Preferred
(hicago Fuse Mfg Co_ _ _ _•
(hicago Nipple Mfg el B 15
r hie No Sh & Mil com _ 100
30
74
99
92
26%
1835
4%
47
75%
32
36%
28%
17
97%
99%
35
28
91
7934
73
95
89%
25
1634
4
4634
75
3%
30
35%
2734
15
87
89%
97
99%
55
434
30
1834
39
3035
9255
so
74
99
92
29
1855
435
4835
77
434
34
36%
29
1835
87
90
9835
99%
3.8
5
35
1834
40
3,050
516
85
320
1,632
1,475
26,820
61,850
414
4,735
3,675
255
430
1,400
3.100
2,140
291
22
695
100
100
225
2.055
200
249
Range Since Jan. 1.
Low.
18
89
75
49
so
84
194
11%
334
31%
5134
3%
21%
24
24%
11%
83
89
97
96%
54
335
27%
114
3614
High.
June 3634
May 93%
Apr 85%
Apr 85
Mar 99
Apr 94
Mar 29
Apr 18%
May
6
Aug 4934
Feb 8355
July
7
June 40
Mar 38%
Mar 3034
Jan 18%
Sept 9135
Feb 93
Oct 100
Sept 100
1%
Apr
0%
Apr
Aug 394
June 184
Sept 44
Feb
Mar
May
Sept
Oct
Feb
Oct
Oct
July
Sept
July
Apr
July
Sept
Aug
Oct
Mar
May
Sept
Sept
Jan
Jan
Apr
Oct
Sept
Stocks-
Friday
Last
Sale
Par. Price.
Sales
Week's Range for
Week.
ofPrices.
Low. High. Shares.
Chic No Shore & MU pr lien
Chicago Title & Trust_ _100 450
Commonwealth Edison 100 139%
20
735
Consumers Co
100 64
Preferred
11%
'Continental Motors
26 60
Crane Co
100 115%
Preferred
Cudahy Packing Co__ _100 104%
Cuneo Press "A"
50
Daniel Boone Wool Mills 25
Deere & Co pref
100 106%
Diamond Match
100 125
Elee Research Lab
• 35%
Evans & Co Inc cl A_ _ _ _5 29%
• 34%
Fair Co (The)
Foote Bros(G & M)Co... 1534
9%
Godschaux Sugar
4134
Gossard Co(H W)
Great Lakes D & D_ _100 17635
Hart, &hat & Marx_ _ _100
Hupp Motor
10 23%
Hurley Machine Co
* 49%
Illinois Brick
100 3335
Illinois Nor UPI pref.
.100
Indep Pneumatic Tool__ *
Kellogg Switchboard_
Kentucky Hydro-Elec_100 91
25 92%
Kraft Cheese Co
Kuppenheimer, pref -100
La Salle Ext Unlit WO_.10 16
8%
Libby,MeN&Libby,new.10
McCord Radiator Mfg A..' 42%
•
MeQuay-Norris Mfg
2235
Maytag Co
Middle West Utilities_
*
Preferred
100 96%
Prior lien preferred--100 105
Midland Steel Products--* 49
Midland Util prior lien_100 9935
Morgan Lithograph Co_...• 54%
Nat Carbon, pref, new..100
(Nat)El Pow Corp"A" w I 26%
94%
Preferred
4%
National Leather
10
North American Car Cl A.*
Omnibus, pref A,w L -100
Voting trust ctfs w I a.*
Pick (Albert) & Co
10 21%
Pines Winterfront A
5 51
Serv of Nor Illinois...*
Pub Serv of N Ill, pref _100
7% preferred
100
Quaker Oats Co
100
Preferred
100 104
Real Silk Hosiery Mills.
.10 60%
Reo Motor
10 23
Ryan Car Co(The)
25
Serv-EI Corp el A
•
Southw 0& El pre/7% 100
Stand Gas& Mee pref._.80
Stewart-Warner Speedom * 82%
SAM & Co
100 113%
Swift International
15 29%
Thompson (.1 R)
25 45
Union Carbide & Carbon_* 72%
United Iron Works v t c.50
United L&P corn cl Awls* 165
Common cl w I a__ --• 175
Preferred cl A w I a- __• 92%
Preferred el Et w I a_ _• 55%
United Paper Board_ _100 273(
Preferred
100 68
US Gypsum
20 201
UM), Theatres Cone el A.5
Utilities Pow & Lt cl A• 18%
•
Vesta Battery Corp
Wahl Co
•
735
Ward(M)& Co'
10 68
• 115
Class A
Wolff Mfg Corp
Wolverine Portl Cem___10 1031
55%
Wrigley Jr
Yates Mach part pref.. • 30
Yellow Cab Mfg cl B___10 46
100
Preferred
Yellow Cab Co Inc(Chic) • 4831
Bonds
Chicago City Ry 5s_ ...1927
Chic City & Con Rys 5s'27
Chicago Rya Is sec A_ _1927
1927
48 series B
Purchase money 59
Commonw Edison 58_1943
Federated Util6% A.1945
1950
Jewelers Bldg 68
Northwestern Elev 58_1941
Swift & Co 1st 5!g 68.1924
Union Elev RR 5s....1945
1761
TELE CHRONICLE
Ocr. 10 1925.]
50%
•No par value.
220
99% 100
120
445 450
631
137% 139%
735 735 2,650
1,200
59% 65
10% 11% 1,290
60 .1,270
60
165
115% 115%
725
103 106%
385
47% 4834
670
1
135
20
10635 10635
305
124% 12535
3534 37
1,125
2855 2934 1,950
3331 343.4 4,125
15% 16
3,900
850
934 10%
41
42
1,005
3,570
167 178
14
11235 11235
24% 12,345
22
49% 50%
935
32% 3335 1,225
90% 90%
60
50
63% 03%
145
38
38%
170
89
91
85% 92% 2,285
9931 99%
50
Is% 16% 3,124
834 834 3.160
40% 4235 1,946
18
50
18
21% 22% 8,100
108 111% 1,625
96% 96%
3
55
104 105
475
48% 50%
715
9935 9934
883
5434 55
750
125 125
75
24% 27
31,910
1,475
94
95
434 5
2,025
27
29
525
90
91
30
12
1235 2,235
2034 2134 4,000
51
53
1,095
12634 128
140
190
98% 99
110 110
10
335
118 120
225
104 104
60% 4,450
58
855
22% 23
65
1714 18
200
29% 2954
25
9735 9736
75
54
54
39,776
7934 83
852
113 11434
28
3054 11,070
1,915
4431 47
7154 7334 10,585
550
13( 2
13,340
157 165
570
171 175
924 9254 1,745
49
5654 1 705
.
26% 2735 3.600
10
68
68
1,450
19735 203
30
63( 6%
400
18%
18
25
1334 1334
631 73.4 4,315
6731 70% 1,275
145
115 115
750
735 734
10
10%
43
5534 56% 2 7
. 00
8.22
2954 31
4735 1.130
45
250
92
92
48
4834 1,775
Range Since Jan. 1.
Low.
99% Sept
400
Feb
13035 Apr
% Jan
30
Mar
8% Jan
51 May
113
Apr
Jan
79
4734 Oct
31 July
83
Jan
11535 Feb
16
Mar
23% Mar
3135 Aug
12
Apr
3
Jan
2634 Jan
9435 Jan
111
Jan
1434 Ma
41% Ma
28 May
85
Jan
50
Apr
36 Sept
85% May
35% Jan
98% Mar
14% June
634 Apr
37% Apr
13
Mar
20% Aug
8235 Feb
91% Jan
98
Jan
3234 Jan
983( Apr
42
Mar
120
Feb
23% Aug
94
Aug
4
Apr
24% Aug
89 Sept
9 Sept
1734 July
33 June
10735 Jan
92
Jan
102 July
95
Apr
10235 Jan
48
Mar
14% Mar
1735 Sept
29% Oct
9235 July
50
Jan
5535 Mar
109% Apr
2434 June
43% July
65
Mar
31 Feb
44
Mar
49
Jan
81
Apr
42
Jan
1835 Apr
64 June
112
Feb
235 Aug
1334 May
13 Sept
6
Oct
41
Mar
110 May
531 Jan
931 Sept
4635 Jan
28 July
323( Feb
92
Oct
45 July
74
77
7731 415,00
4835 5034 76,000 46
53
54% 54% 2,00
39
2,00
35
39
1,000 36
36
36
1,00
102 102
99%
2,00 100
100 100
4,00 100
100 100
79%
7935 7934 5,00
3,00
98
100 100
77
5,00
77
77
Apr
Apr
Sept
Mar
Oct
July
Oct
June
Oct
Jan
Oct
High.
100 Sent
455
July
141% June
83( Sept
67 Sept
11% May
70
Feb
118
Feb
10635 Oct
48% Sept
134 Sept
107 Sept
129 July
37% Jan
30% Jan
3534 Mar
16% Mar
10% Oct
423/ July
195 Sept
125
Jan
25% Sept
56
Jan
3434 Aug
9231 Apr
70
Jan
Jan
48
92% Feb
90% Sept
100
Feb
Aug
22
9% Jan
42% Oct
19% Sept
2235 Oct
125
July
98% Mar
107% may
57
Aug
101 June
59
Aug
130 July
27
Oct
96% June
63( Jan
29
Jan
9534 Feb
17% Mar
23% Jan
74
Jan
128% Aug
100 June
110% June
120
Oct
106
July
75% Feb
4235 July
25% June
29% Oct
9735 Aug
54% Sept
83
Oct
12035 Feb
36
Jan
48
Apr
74% Aug
5
Jan
165
Oct
180 Sept
99 June
54 June
2734 Oct
71 May
206 Sent
53
Jan
19 July
24
Jan
2334 Feb
7231 July
123
Jan
1031 Mar
1435 Jan
58% Oct
3135 Aug
4835 June
92
Oct
5535 Jan
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock ExchangeI were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
$ Per sh.
Shares. Stocks.
24
288 John Farnum Co., corn
105 Rimouski Lumber Co., Ltd-420 lot
100,000 Canadel Gold, Ltd.,3
3325,000
Par 31
4823.948.30indebtedness of Can-I
adel Gold, Ltd., to Canadian I
i lot
Gold Mines Corp
10,000 Armstrong Oil Co., par $1_34 lot
APPLICATIONS TO ORGANIZE RECEIVED.
-The Citizens National Bank of Benton, Ark
Sept.29
$25,000
Correspondent, W. A. Utley, Benton, Ark.
-The Peoples National Bank of Irvington, N. J
Oct. 1
100,000
Correspondent: Charles H. Stewart, 924 Sanford Ave.,
Irvington, N. J.
-The First National Bank of Encinitas, Calif
Oa. 3
50,000
Correspondent: Charles R. Henderson, Encinitas, Calif.
-The First National Bank of Polk City. Fla
25,000
Oct. 3
Correspondent: Isaac Van Horn, Polk City, Fla.
APPLICATIONS TO ORGANIZE APPROVED.
25,000
Oct. 1-New First National Bank in Farmland, Ind
Correspondent: G. W. Turner, Farmland, Ind.
-The Industrial National Bank of Fruitland, Calif
50,000
Oct. 3
Correspondent: P. C. Turman, 1016 N. Edgemont St.,
Los Angeles, Calif.
-The Inkster National Bank, Inkster, Mich
25,000
Oct. 3
Correspondent: Richard Holland, Box 41, tnkster, Mich.
-The Security National Bank of Brookings, So. Dak
50,000
Oct. 3
Correspondent: Horace Fishback, Brookings. So. Dak.
APPLICATION TO CONVERT RECEIVED.
-The First National Bank of Anna, Texas
,
35,000
Sept.29
Conversion of the Collin County State Bank of Anna,Tex,
CHARTERS ISSUED.
J---100,000
-12828
-The Citizens National Bank of Rahway.
Sept.29
President, P. R. Forman; Cashier, A. J. Chapin,
-12829
-The Hamilton National Bank of Weehawken,'
2
Oct.
N. J
100,000
President, Alfred J. Curtin; Cashier, S. K. Sullivan.
Shares. Stocks.
$ path.
$7,780.98 note of Allen T. Haight,
due Oct. 15 1924, Judgment
secured
$125 lot
125 Minnesota Ry. Construe. Co.,
par $5
$12 lot
Bonds.
Per Cent.
$1,000 Chemical Co. of America
40
lst s. f. 7s, 1933
By R. L. Day & Co., Boston:
Shares, Stocks.$Per oh.
381
2 Second National Bank'
214
5 Webster & Atlas Nat. Bank
18
20 Great Falls Mfg. Co
2331
600 Hill Mfg. Co
535
50 U. S. Worsted Corp., corn
110
35 Bates Mfg. co
75 Saco Lowell Shops, 1st pref.... 4431
11
600 Saco Lowell Shops, corn
14 Merrimack mfg. co., corn
102
13535
2 Pepperell Mfg. Co
16534
2 Ludlow Mfg. Associates
5 Boston & Chelsea RR., par 350 4234
83
1 State Thea.re, pref
4435
21 American Glue Co.. corn
6 Puget Sound Power & Light Co.,
84 ex-div.
6% pref
7 reg. units First Peoples Trust- 75%
3
125 Gold Cement Syndicate
5,000 Gold Channel Mining Co.-3411ot
$500 note Gold Channel Min'g Co.)
11 New Eng. Pr. Co., pref _ _101% & div.
16 Charleston Gas & Elec. Co.,
10831
Par $25
Shares. Stocks.
$ per all.
10 Baxter D. Whitney lc Sons.
Inc., pref
8735
10 New England Co.,1st pref_9335 de div.
2 New England Co. 2d pref
12035
50 Heywood Wakefield Co., corn- 90
6 reg. units First Peoples Trust__ 7531
12 spec. units First Peoples Trust_ 5%
2 State Theatre, corn., par $10_-_ 8
20 U. S. Envelope Co., pref
106
10
250 West Chop Land Trust
5 Hood Rubber Co., pref
10035
25 Haymarket Trust
56
5 Draper Corp
144
Rights.
3 per right.
100 Edison Elec, Ell. Co.,Brockton 234
I%
22 Lowell Electric Light Co
Bonds.
Per cent.
41.000 Jersey Central Pow.& Light
9535
Co. 534s, Feb. 1945
$1,000 Androscoggin Electric Co.
9454
1st Mtge..55, Oct. 1934
41,000 Illinois Power & Light Co
10034
6s, Api111953
By Wise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Stocks.
1 National Shawmut Bank,Boston.232
182
Alpaca Co
5 Farr
39
10 Chace Mills
13 New Hampshire Spinning Mills_ 79
160
7 Quissett Mills, corn
182
20 Farr Alpaca Co
5 Quincy Market Cold Storage dr
89
Warehouse Co., pref
8434 Mar
Hose & Rubber
63 Mar 5 Boston Woven
95
7835 May 10Co., comCorp
144
Draper
4635 Mar 9 Heywood Wakefield Co ,1st pref_105
43
Mar
9434
American Mfg.Co..com
102% Aug 5 special units First Peoples Trust.- 531
100
Oct 4
Lt. & Pr.
100 June 2 Montpelier & Barre
4834
Co., corn
8435 Feb
16435
100% May 6 Ludlow Mfg. Associates
32
15 Library Bureau, corn
77
Oct 395 National Dock & Warehouse
Co. underwriting Ws. MOO paid
$2 lot
in)
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
-The First National Bank of Springfield. N. J---- 50,000
-12830
Oct. 2
President, W. 13. Morris; Cashier, Walter 8. Jacobus.
-The First National Bank of O'Donnell, Texas25,000
-12831
Oct. 3
President, D. R. Couch; Cashier, L. Dennis.
CORRECTION OF FORMER BULLETIN.
In the daily bulletin of Friday. Sept. 18, and in Weekly Bulletin No.
1692, issued on Monday, Sept. 21, Mr. M. S. Willever was erroneously
reported as Cashier of the Alpha National Bank, Alpha, N. J., No. 12.823
instead of H. J. Curry. Mr. Willever is Vice-President of the bank.
CHANGE OF TITLE AND LOCATION.
-The Farmers National Bank of South Shore, S. D., to
-11689
Sept.28
The Farmers National Bank of Strandburg, So. Dak.
CHANGE OF TITLE.
-New First National Bank in Burbank, Calif., to
-12435
Sept.29
First National Bank in Burbank.
VOLUNTARY LIQUIDATIONS.
Capital.
-The First National Bank of Tecumseh, Okla --325,000
-5378
Sept.28
Effective Sept. 22 1925. Liquidating Agent: S. P. Larah,
Tecumseh, Okla.
Absorbed by the Tecumseh National Bank, Tecumseh,
Okla., No. 10304.
-The First National Bank of Laurel, Nob
-9793
40,000
Sept.28
Effective Sept. 18 1925. Liquidating Agents: Geo. A.
Wright, Laurel, Neb.. and F. A. McCornack.Sioux
City, Iowa.
Absorbed by the Laurel National Bank, Laurel, Neb.,
No. 9979.
CONSOLIDATION.
1,500.000
-1
Oct. 3 -The First National Bank of Philadelphia, Pa
and -2317-The Centennial National Bank of the City of
Philadelphia,Pa
300.000
Consolidated under the Act of Nov. 7 1918 under the
charter and title of "The First National Bank of
Philadelphia"(No. 1) with capital of $1,950,000.
Shares. Stocks.
8 Per all.
150 Boston Real Estate Trust Sec.
underwriting synd
$1 lot
6 Merrimac Chemical Co., par $50. 8235
43 units First Peoples Trust
7531
6 Massachusetts Ltg. Cos
5434
7 Massachusetts Ltg. Cos., 6%
pref. ex-div
94 ex-div
2-100 State Theatre Co., scrip__ 850.
8
2 State Theatre Co., corn
25 Cambridge Gas Light Co
66%
30 North Boston Ltg. Prop., corn.
8334 ex-div.
Percent.
Bonds.
55
$5,000 Monon Coal Co.55, 1936_
8 Per Right.
_Rights.
24 Edison Electric Co.of Brockton- 234
10 Elec. Lt. & Pr. Co. of Abington
2
&Rockland
134
20 Lowell Electric Light Corp
188 Edison Elec. Co.of Brockton_ 234
124 Lowell Electric Light Corp_ __ _ 134
By Barnes & Lofland, Philadelphia:
8 per oh.
Shares. Stocks.
45 Otto Eisenlohr & Brothers, Inc.,
14%
common, par $25
4634
27 Phila. Electric Co., corn
5 McCaban Sugar Ref. & Molasses
89%
Co., pref
.
20 MeCahan Sug. Ref.& M.Co., pf 87%
$4,781.25 Ohio Syndicate 6% cer$50 lot
tificates of participation
5 Hale & Kilburn Corp., corn
43 lot
7 Penn. Co. for Ins. on Lives, &c_ _8503(
5 Nat. Bank of Commerce
211
176
13 Nat. Bank of North Phila
5 Market Street Nat. Bank
387
7 Kensington Nat. Bank, par 450- _186
125
6 Overbrook Nat. Bank
17 Colonial Trust Co.. par $50-- -.167
20 Colonial Trust Co., par $50_ __ _165
20 Bank of No. Amer. & Tr. Co__ _29534
15 Logan Bank & Trust, par $50.... 66
4 63d Street Title & Tr., par 450.- 55
11735
8 Mutual Trust Co., par $50
11735
5 Mutual Trust Co., par $50
1 Montgomery Trust Co., Norris226
town, Pa
2 Nat. Bank of Catasaqua. Pa.,
6534
par $30
Shares. Stocks.
8 per oh.
108
3 Belmont Trust Co., par $50
2 Penn. Co. for Ins. on Lives. &c-890
58
5 Glenside Trust Co., par $50
10 Philadelphia Traction Co
58
10 Delaware Valley Forge Co.
preferred
' lot
18
60 Hunt. & Broad Top Mt. RR.
& Coal, pref. etf. of deposit...$100 lot
_ _43 lot
50 Aero Service Corp., par
8,000 Penn Beaver Oil Co.,$25Par 41-4301ot
20 Horn & Hardart Co. of N. Y.,
no par
5633
25 Horn & Hardart Baking Co. of
288
Philadelphia, no par
32
50 Midland Valley RR., pref
38 Manufacturers Fire Insur. Co 20
100 Bankers Bond & Mtge. Co.,
new pref., 25% paid
2035
41
6 Chester & Philadelphia Ry
Bonds,
Per Cent.
$5,000 Georges Township Fayette
Co. road inapt. 58, Nov. 1 1935_100
$10.000 Imperial Russian Govt.
535s, ctf. of dep., Dee. 1 1921_4900
45,000 Benevolent Protective Order
of Elks, gen. Os, 1942
8534
By A. J. Wright & Co., Buffalo:
$ per oh.
Shares. Stocks.
1135
1,000 Cons, West Dome Lake
52
10 Pratt & Lambert
2654
50 Rand Kardex
10 Buffalo Niagara & East. Power
2434
preferred A
6.26
100 Wright Hargreaves
•
Shares. Stocks.
$ per sh.
10 Buffalo Niagara & East. Power
Class B
27
3734 Enter Qualltel,Inc
21 lot
200 Lake Erie Oil & Gas Co
$1.25 lot
1,000 Silver Bar Mining
44.30 lot
1762
121.
THE CHRONICLE[VoL.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, butwhich have
not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
Atch.Topeka dr Santa Fe,corn.(quar.)
Chicago & Western Indiana (quar.)__
Internat. Rys. of Cent. Amer., pf.(qu.)_
1,1 Dec. 1 Holders of rec. Oct. 300
1% Oct. 6 Holders of rec. Sept. 30a
UI Nov.16 Holders of rec. Oct. 30a
Public Utilities.
Amer. Light & Trsc. corn. (quar.)
1%
Preferred (quar.)
135
Associated Gas & Elec., class A (qu.)-- 2%
Bangor Hydro-Elec. Co. common
1X
California-Oregon Power, pref.(guar.)-- 1%
Cape Breton Electric Co., pref
3
Central Power dt Light, pref. (quar.)__ - $1.75
Edison Elec. Ilium., Boston (quar.)-3
Fall River Gas Works (quar.)
.75c
Green dr Coates Ste. Pass., Phila., (qu.) $1.30
,
Havana Elec. Ry., Lt. Sr Pr. com.drpref _ 43
Mohawk-Hudson Power (quar.)
Montreal Water & Power, corn
Preferred
National Electric Power, corn. cl. A--Northern N. Y. Utilities, pref.(quar.)-North Shore Gas Co., pref. (quar.)
Northwestern Electric, 7% pref.(qu.)
Six per cent. preferred (quar.)
Public Service Co. of Nor. Illinois
Common (no par value) (quar.)
$2
Common ($100 par value) (quar.)--- $2
Six per cent. preferred (quar.)
*1%
Seven per cent. preferred (quar.)
*151
Southern Cities Utilities, corn.(quar.)_
1M
Preferred (quar.)
1%
Southern Counties Gas Co. of Calif.
Eight per cent. preferred (quar.)
2
Seven per cent. preferred (quar.)
1%
Wisconsin River Power, 7% pref. (qu.). $1.75
Oct. 15 Holders of rec. Sept.30a
Oct. 15 Holders of rec. Sept.30a
Nov.20 Holders of rec. Oct. 31
Banks.
Corn Exchange (quar.)
Nov. 2 Holders of rec. Oct. 31
5
Nov. 2 Oct. 17 to Oct. 29
Nov. 2 Oct. 17 to Oct. 29
Nov. 2 Holders of rec. Oct. 14
Nov. ,2 Holders of rec. Oct. 10
Oct. 30 Holders of rec. Oct. 15a
Nov. 2 Holders of rec. Oct. 15
Nov. 1 Holders of rec. Oct. 15
Nov. 2 Holders of rec. Oct. 15
Nov. 2 *Holders of rec. Oct. 17
Oct. 7 Sept. 23 to Oct. 7
Nov.16 *Holders of rec. Oct. 23
Nov. 2 *Holders of rec. Oct. 20
Nov. 14 Holders of rec. Oct. 310
Nov. 14 Holders of rec. Oct. 31a
Nov. 2 Holders of rec. Oct. 15
Nov. 1 Oct. 16 to Oct. 31
Oct. 1 Sept.21 to Sept.30
Oct. 1 Holders of rec. Sept. 180
0
Oct. 1 Holders of rec. Sept.18
Nov. 2 *Holders of rec. Oct. 15
Nov. 2 *Holders of rec. Oct. 15
Nov. 2 *Holders of rec. Oct. 15
Nov. 2 *Holders of rec. Oct. 15
Oct. 10 Holders of rec. Oct. la
Oct. 10 Holders of rec. Sept. 154
Miscellaneous.
Allis-Chalmers Mfg., corn. (quar.)
$1.50 Nov. 16 Holders of rec. Oct. 240
American Cigar, corn. (quar.)
134 Nov. 2 Holders of rec. Oct. 150
American Glue, pref. (guar.)
Nov. 2 Holders of rec. Oct. 170
2
Amer. Smelt. & Ref., corn. (quar.)_151 Nov. 2 Holders of rec. Oct. 16a
Preferred (quar.)
1% Dec. 1 Holders of rec. Nov. (la
Best
-Clymer Co.(quar.)
50c. Nov. 1 Holders of rec. Oct. 22
Bon Ami Co., pref.(quar.)
1% Oct. 1 Holders of rec. Sept.20a
Brown Shoe, pref.(quar.)
Nov. 1 Holders of rec. Oct. 20a
Buffalo Loewe Theatres. pref.(guar.)._ _
Nov. I Oct. 16 to Oct. 31
2
Bunte Bros., pref. (quar.)
*151 Nov. 2 Holders of rec. Oct. 154
30
California Pack. Corp.(quar.)
$1 5() Dec. 15 Holders of rec. Nov.216
Century Ribbon Mills, corn.(quar.)*50e. Oat. 31 Holders of rec. Oct.
Preferred (quar)
*151 Dec. I *Holders of rec. Nov.206
Chief Consolidated Mining
*10e.
Cluett,Peabody &CO.,corn.(quar.)_ _
$1.25 Nov. 2 Holders of rec. Oct. 21a
Cleveland-Cliffs Iron (guar.)
75c. Oct. 25 Holders of rec. Oct. 150
to Nov. 1
Columbian Carbon (quar.)
Nov. 2 Oct. 20
gl
Commercial Invest. Trust, corn. (quar.) *63c. Nov.15 "Holders of rec. Oct. 31
Congoleum-Nairn, Inc., corn.(guar.)._ _ *50c. Oct. 30 *Holders of rec. Oct. 20
•15.‘ Dec. 1 *Holders of rec. Nov.17
Preferred (quar.)
Consolidated Ice, pref
1% Oct. 20 Holders of rec. Oct. 90
Credit Alliance Corp., corn. & class A... 50c. Oct. 15 Holders of rec. Oct. 76
Preferred(qUar.)
1% Oct. 15 Holders of rec. Oct. 76
*3
Cudahy Packing 6% pref.(quar.)
Nov. 1 *Holders of rec. Oct. 22
Seven per cent pref. (quar.)
*3% Nov. I *Holders of ree. Oct. 22
Cuyamel Fruit (quar.)
Oct. 30 *Holders of rec. Oct. 156
*81
fold (Jacob)Packing, pref.(quar.)
.151 Sept.30 Holders of rce. Sept.30a
Exchange Buffet (quar.)
37%c Oct. 31 Holders of rec. Oct. 196
Fair, The,common (monthly)
.20c. Nov. 1 *Holders of rec. Oct. 20
Common (monthly)
•200. Dec. 1 *Holders of rec. Nov.20
Common (monthly)
*20e. Jan. 1 *Holders of rec. Dec. 20
Preferred (quar.)
•1,1 Nov. 1 'Holders of rec. Oct. 20
Fajardo Sugar (quar.)
2% Nov. 2 Holders of rec. Oct. 176
Fisher Body Corp., corn, (quar.)
$1.25 Nov. 2 Holders of rec. Oct. 216
General Development(quar.)
25c. Nov.20 Holders of rec. Nov. 106
Gimbel Bros., pref. (quar.)
•151 Nov. 1 "Holders of rec. Oct. 17
•15,i Nov. 1 *Holders of rec. Oct. 21
Gossard (H. W.) Co., pref.(quar.)
Grand (F.& W.) 5-10-250. St., Pt.(qu.) 151 Nov. 1 Holders of rec. Oct. 17a
Hercules Powder, pref. (quar.)
*I 51 Nov.14 *Holders of rec. Nov. 5
Homestake Mining (monthly)
500. Oct. 26 Holders of rec. Oct. 20
Hupp Motor Car Corp., cont. (quar.). 25e. Nov. 1 Holders of rec. Oct. 150
Oct. 23 *Holders of rec. Oct. 19
Burley Machine Co.(quar.)
*31
International Nickel, pref. (quar.)
1% Nov. 2 Holders of rec. Oct. 15
International Shoe, pref. (quar.)
*50c. Nov. 1 *Holders of rec. Oct. 16
Intertype Corp., corn. (quar.)
250. Nov. 16 Holders of rec. Nov. 2
Kelsey Wheel, Inc., pref. (quar.)
1% Nov. 1 Holders of rec. Oct. 20
,01
Kress (S. H.) & Co., corn. (quar.)
Nov. 2 "Holders of rec. Oct. 20
Loewe Boston Theatres, corn.(quar.)._* 3131c. Nov. 1 "Holders of rec. Oct. 19
Metrop. Chain Stores, lstdr2d p1. OBE/- 151 Nov. 1 Holders of rec. Oct. 210
Miami Copper Co.(quar.)
25c. Nov. 16 Holders of rec. Nov. 2a
Michigan Limestone & Chem.,Pf.(qu.). 1% Oct. 15 Holders of rec. Oct. 8a
Moon Motor Car (guar.)
75c. Nov. 1 *Holders of rec. Oct. 15
Moore Drop Forging, class A (quar.)__. *$1.50 Nov. 1 'Holders of rec. Oct. 20
Mullins Body Corp., pref.(quar)
Nov. I *Holders of Icc. Oct. 17
*2
National Carbon, pref.(quar.)
Nov. 2 • Holders of rec. Oct. 20
2
Nat. Department Stores, pref.(quar.)-Nov. 2 Holders of rec. Oct. 15a
1,1
Second preferred (guar.)
1% Dec. 1 Holders of rec. Nov. 160
New York Merchandise Co., prof.(a11.)- •$1.75 Nov. 1 *Holders of rec. Oct. 15
to Nov. 1
Oil Well Supply (monthly)
58 1-3c Nov. 1 Oct. 20
Oppenheim Collins dr Co. (quar.)
*75e. Nov. 15 *Holders of rec. Nov. 1
Outlet Co., tot pref. (quar.) (No. 1)
Nov. I Holders of rec. Oct. 15
131
Paraffine Cos., cone, (guar.)
Sept.28 Holders of rec. Sept.180
$1
Preferred (quar.)
1,1 Sept.28 Holders of rec. Sept. 18a
Plymouth Oil
.500. Oct. 15 Holders of rec. Oct. 10
Pyrene Mfg.. corn (guar.)
.214 Nov. 2 *Holders of rec. Oct 20
Realty Associates, corn
$2.50 Oct. 15 Holders of rec. Oct. 10
Second preferred
S2 50 Oct. 11 Holders of rec. Oct. 10
Salt Creek Producers Assoc. (quar.).___ 20c. Nov. 2 Holders of rec. Oct. 16a
Extra
42 Sic. Nov. 2 Holders of rec. Oct. tria
Savannah Sugar Refining, corn. (cmar.). $1.50 Nov. 2 Holders of roe. Oct. 15
Preferred (quar.)
151 Nov. 2 Holders of rec. Oct. 15
Scott Parer
nref (nose )
Nov. 1 Holders of rec 0^t. 240
Securities Management Corp..el. A (qu.) 114 Oct. 15 Holders of rec. Oct. 1
Selberling Rubber. pref.(cHar.)
Oct. 15 Holders of rec. Oct. 5
2
SlIversiriths Mines. Ltd. (quar.)
IC, Oct. 10 Holders of rec. Oct. la
Union Oil of Calif. (guar.)
*45c. Nov. 10 *Holders of rec. Oct. 17
Universal Ptpe & Radiator. pref.(010
1% Nov. 2 Holders of rec. Oct. I66
*Holders of ree. Oct. 15
*5nr. Nov.
Wirer.* (H. F.) oil & (las Poor.)
b Payable at option of bolder either In cash or class A stock at the rate of one
fiftieth of a share of class A common stock for each share held.
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.
Per
When
Cent, Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Baltimore & Ohio,common (quar.)
13( Dec. 1 Oct. 18 to Oct. 19
Preferred (quar.)
Dec. 1 Oct. 18 to Oct. 19
1
Carolina Clinchfield & Ohio,corn.(quar.)
31 Oct. 10 Holders of rec. Sept.30a
Stamped certificates (quar.)
iy, Oct. 10 Holders of rec. Sept.30a
Cloy. Ctn. Chic.& St. Louis,conc.(qu.)- 131 Oct. 20 Holders of rec. Sept.250
Preferred (guar.)
111 Oct. 20 Holders of rec. Sept.25a
Cuba Railroad, pref
Febl'26 Holders of rec. Jan. 15a
3
Delaware Lackawanna dr Western'(qu.)- $1.50 Oct. 20 Holders of rec. Oct. 30
Georgia RR.& Banking (guar.)
2% Oct. 15 Oct. 2 to Oct. 14
Gulf Mobile & Northern, Prof.(quar.).. 1 1
.5 Nov 16 Holders of rec. Nov. 2a
Kansas City Southern, pref.(quar.).-- 1
Oct. 15 Holders of rec. Sept.30a
Midland Valley
$1.25 Oct. 15 Holders of rec. Sept.30a
Missouri
-Kansas-Texas, pref. A (quar.). 1% Nov. 2 Holders of ree. Oct. 15a
Morris & Essex Extension RR
2
Nov. 2 Holders of rec. Oct. 24a
New York Central Railroad (quar.)_
1% Nov. 2 Holders of rec. Sept.25a
Norfolk dr Western, adj. pref.(guar.)--- 1
Nov.19 Holders of rec. Oct. 31a
Northern Pacific (quar.)
131 Nov. 2 Holders of rec. Sept.30a
Passaic & Delaware Ex tension RR
2
Nov. 2 Holders of rec. Oct. 24a
Pere Marquette, prior pref.(quar.)
111 Nov. 2 Holders of rec. Oct. 15a
Preferred (guar.)
132 Nov. 2 Holders of ree. Oct. 15a
Philadelphia & Trenton (quar.)
2% Oct. 10 Oct. 1 to Oct. 10
Reading Company,corn.(quar.)
Nov.12 Holders of rec. Oct. 15a
$1
St. Louis-San Fran., pref., Series A (qu.) 1% Nov. 2 Holders of rec. Oct. 15a
Southern Railway, corn. (guar.)
1% Nov. 2 Holders of roe. Sept.22a
Preferred (guar.)
1% Oct. 15 Holders of rec. Sept.22a
Syracuse Binghamton dc N Y (quar.).., 3
. .
Nov. 2 Holders of rec. Oct. 24e
United N.J.RR.dr Canal Cos.(quar.).,. 2,5 Oct. 10 Sept.20 to Sept.30
Utica Chenango & Susquehanna Valley _ 3
Nov. 2 Holders of rec. Oct. 140
Wabash Ry.,Prof. A (quar.)
$1.25 Nv.425 Oct. 25 to Nov. 3
Warren
3% Oct. 15 Holders of rec. Oct. 50
Western Pacific RR.Corp., Pref.(quar.) 1% Oct. 20 Holders of rec. Oct. 80
West Jersey dr Seashore
$1.25 Oct. 15 Holders of rec. Oct. la
Public Utilities.
All-America Cables (quar.)
1% Oct. 14 Holders of rec. Sept.30a
Amer. Elec. Power, pref.(quar.)
131 Nv.d16 Holders of rec. Nov. 6a
American Gas (guar.)
2
Oct. 13 Oct. 1 to Oct. 12
American Gas & Electric, pref.(quar.)_ 51.50 Nov. 2 Holders of rec. Oct. 10
Amer. Superpower Corp., Class A and B 41.50 Nov.15 Holders of rec. Oct. 15
Participating preferred (guar.)
1% Nov.15 Holders of rec. Oct. 15
Participating preferred (extra)
1
Nov.15 Holders of rec. Oct. 15
American Telep. & Teleg. (guar.)
231 Oct. 16 Holders of rec. Sept.19a
.1.1% Oct. 15 Holders of rec. Sept.30
Appalachian Power, pref. (quar.)
First preferred (guar.)
'1% Nov. I Holders of rec. Oct. 15
Associated Gas & Elec. Co., pref.(extra) 1215c. Jan.116 Holders of rec. Dec. 100
Class A (guar.)
6215c. Nov. I Holders of rec. Oct. 9a
Bell Telephone Co.of Canada (quar.) _ 2
Oct. 15 Holders of rec. Sept.23
Bell Telephone of Penna.,pref.(quar.)-- 1% Oct. 15 Holders of rec. Sept.1915
Brooklyn Borough Gas,common (quar.) 50c. Oct. 10 Holders of rec. Sept.30a
Brooklyn-Manhattan Tran., pf A (qu.) 81.50 Oct. 15 Holders of rec. Oct. la
.
Carolina Power & Light, corn. (guar.).134 Nov. 2 Holders of rec. Oct. 15
Central Illinois Pub. Serv., pref. (quar.) $1.50 Oct. 15 Holders of rec. Sent.300
Central Power, preferred (quar.)
1% Oct. 15 Holders of rec. Sept.30.
Ches. & Potomac Telep. of Balt.(qu.).. 151 Oct. 15 Holders of rec. Sept.30
Chicago Rapid Transit. pref.(monthly)- 65e. Nov. 1 Holders of rec. Oct. 200
Monthly
65c. Dec. 1 Holders of rec. Nov.170
Ctn. Newp.& Coy.L.& Tr., corn.(qu.) 1% Oct. 15 Oct. 1 to Oct. 15
Preferred (guar.)
1% Oct. 15 Oct. 1 to Oct. 15
Cleveland Elec.Illum.,common (quar.). 215 Oct. 15 Holders of rec. Oct. la
Commonwealth Power,new corn.(quar.) 40e. Nov. 2 Holders of rec. Oct. 14a
Preferred (quar.)
1% Nov. 2 Holders of rec. Oct. 14a
Commonwealth-Edison Co.(quar.)
"2
Nov. 2 *Holders of rec. Oct. 15
Commonveth Gas & Elec. Cos.. Pf.(qu.) $1.50 Oct. 15 Holders of rec. Oct. la
Consolidated Gas, New York, pref.(qu.) .8715e Nov. 2 *Holders of rec. dSept. 1ri
Consol Gas,El.L.& Pr,Bait.,corn.(au.) 6214c Jan.2'26 Holders of rec. Dec. 15a
2
Preferred, Series A (guar.)
Jan 2'28 Holders of ree. Dec. 15a
Preferred, Series B (quar.)
151 Jan 2'26 Holders of rec. Dec. lfra
Preferred, Series C (quar.)
134 Jan 2'26 Holders of rec. Doe. 150
*Continental Gas & Elec., corn. (quar.) Si.10 Jan.1'26
Prior preference (guar.)
131 Jan.1'26
115 Jan.r26
Participating preferred (quar.)
Participating preferred (extra)
35 Jan.1'26
2
Detroit Edison (quar.)
Oct. 15 Holders of rec. Sept.21a
Diamond State Telephone, pref. (quar.) 154 Oct. 15 Holders of rec. Sept,190
Dominion Pow.& Transmission, pf.(qu.) 1% Oct. 15 Sept.22 to seri C.30
East Bay Water, pref., Class A (quar.)-134 Oct. 15 Holders of rec. Sept.30
Preferred, Class B (quar.)
111 Oct. 15 Holders of rec. Sept.30
Edison Electric Ilium.. Brockton (quar.) 6215c Nov. 2 Holders of rec. Oct. 20a
Electric Bond & Share, pref.(quar.).__. 115 Nov. 2 Holders of rec. Oct. 15
Electric Bond dr Share Securities (quay.) 35c. Oct. 15 Holders of rec. Sept,19
El Paso Electric Co., pref. A (quar.) -- 1% Oct. 15 Holders of rec. Oct. la
Preferred B (quar.)
135 Oct. 15 Holders of rec. Oct. la
1
Dec. 1 Holders of rec. Nov.20
Georgia Ry.& Power. 2d pref.(quar.)
Illinois Northern Utilities, pref.(quite.). 1% Nov. 2 Holders of rec. Oct. 15
International Telep. dr Teleg.(quar.)--- 115 Oct. 15 Holders of rec. Sept.26a
International Utilities, class A (quar.) -- 8754c Oct. 15 Holders of rec. Oct. 3a
81.75 Nov. 1 Holders of rec. Oct. 20a
Preferred (quar.)
25e. Nov. 2 Oct. 17 to Nov. 2
Interstate Railways,common
Kentucky Securities Corp., pref. (quar.) 134 Oct. 15 Sept.19 to Oct. 14
Oct. 15 Oct. 11 to Oct. 14
Kinloch-Bloomington Telep., corn.(qu.) 2
3% Oct. 15 Oct. 11 to Oct. 14
Preferred
131 Oct. 15 Holders of rec. Sept.30a
Laurentide Power (quar.)
LOuLsville Gas& Elec.of Ky.7% Pf (Qtr.) 1% Oct. 15 Holders of rec. Sept.30a
115 Oct. 15 Holders of rec. Sept.300
Six per cent preferred (quar.)
623-4c Nov. 2 Holders of rec. Oct. 2Ia
Lowell Electric Light Corp.(quar.)
Oct. 12 Holders of rec. Sept.30a
Manufacturers Light & Heat (quar.)- _ 2
111 Nov. 2 Holders of rec. Oct. 15
Massachusetts Gas Cos., conc.(quar.)-Massachusetts Ltg. Cos.,6% pref. (tau.) 115 Oct.• 15 Holders of rec. Sept.25
2
Oct. 15 Holders of rec. Sept.25
8% preferred (quar.)
Middle West Utilities, pref. (quar.)- -- 144 Oct. 15 Holders of rec. Sept.30a
1% Oct. 31 Holders of rec. Oct. 20a
Milwaukee El. Ry.& L.6% pf•(66)
'
Missouri Gas& El. Secur. pr.lien (au).. 1% Oct. 15 Holders of rec. Sept.300
2
Oct. 15 Holders of rec. Sept.30
Montreal Telegraph (quar.)
Mountain States Power, pref.(guar.).-- 151 Oct. 20 Holders of rec. Sent.30
50c. Oct. 25 Oct. 11 to Oct. 25
Mtmicipal Service,corn.(quar.)
115 Nov. 1 Oct. 16 to Nov. 1
Preferred (quar.)
Nevada-Calif. Elec. Co.. pref.(Quar.) - 1% Nov. 2 Holders of rec. Sept.30a
154 Oct. 15 Holders of rec. Sept.19
New York Telephone, pref.(quar.)
4351c. Oct. 15 Holders of rec. Sept.30a
Niagara Falls Power, pref. (quar.)
North Boston Lighting Prop.,corn.(qu.) $1.13 Oct. 15 Holders of rec. Oet. 3a
51.50 Oct. 15 Holders Of rec. Oct. 3a
Preferred (quar.)
Nov. 2 Holders of rec. Sept.30
Northern States Power,corn., Cl.A (qu.) 2
1% Oct. 20 Holders of rec. Sept.30
Preferred (guar.)
115 Dec. 1 Holders of rec. Nov.16
Ohio Edison,6% pref.(quar.)
$1.65 Dec. 1 Holders of rec. Nov.16
6.6% preferred (quar.)
1% Dec. 1 Holders of rec. Nov.16
7% preferred (quar.)
55c. Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
55c. Dee. 1 Holders of rec. Nov. 16
6.6% preferred (monthly)
151 )et. 1. Holders of rec. Sept.30
Ottawa-Montreal Power, pref.(quar.)-2
Oct. 15 Holders of rec. Sept.30a
Pacific Gas & Electric, corn. (guar.)_
115 ;et. 15 Holders of rec. Sept.30a
Pacific Telep. & Teleg., pref. (guar.)._ _
Nov. 2 Holders of rec. Oct. 22
Pennsylvania-Ohio P.& L..8% Pf.(qu.) 2
1,1 Nov.
7% preferred (guar.)
Holden of rec. Oct. 22
wt. 17 Holders of rec. Oct. 30
2
Peoples Gas Light & Coke (quar.)
Oat. 10 Holders of rec. Sept.25a
Philadelphia & Camden Ferry (guar.)._. 5
rct 31 Holders of rec. Oct. la
Philadelphia Company, corn. (quar.)..- $l
$1.50 Nov. 2 Holders of rec. Oct. la
Six per cent preferred (quar.)
)et. 31 Holders of rec. Oct. 15,5
Philadelphia Rapid Transit.corn.(quar.) $1
$1.75 Nov.
Holdeis of rec. Oct. la
Preferred No. 1
Philadelphia & Western Ry., pref. (qu.)_ 8714e. Oct. 15 Holders of rec. Sept. 30a ,
51
Nov.
Pittsburgh Utilities, common
Holders of rec. Oct. 10a
(to) Nov. 2 Holders of rec. Oct. 10a
Common (extra)
35c. Nov. 2 Holders of rec. Oct. 10a
Preferred
25c. Nov. '2 Holders of rec. Oct. 100
Preferred (extra)
Power Corp of Canada. pt.(No.1)(flu.) 134 'Set. is Holders of rec. Sept. 30
Power Corp. of New York, pref.(quar.). 151 Nov. 1 Holders of rec. Oct. 150
Public Service Elec. Power. pref.(quar.) $1.71 Nov. 5 Holders if rec. Oct. 150
')et. 15 Holders of rec. Sept.210
Puget Sound Pow.& Light, corn.(quar.) 1
131 Oct. 15 Holders of rec. Sept.21a
Prior preferred (quar.)
115 let. 15 Holders of roe. SePt.21a
Preferred (User.)
131 Oct. 15 Holders of rec. SeP1.80
Quebec Power Co., corn.(quar.)
1% Oct. 15 Holders of roe. SePt.30
Preferred (quar.)
OCT. 10 1925.]
Name of Company.
Ti CIE CHRONICLE
Per
When
Cent. Payable
Booka Closed,
Days Inclusive.
Public Utilities (Concluded).
San Diego Cons. Gas & Elec., Pref.(qu.) 154 Oct. 15 Holders of rec. Sept.30
Shawinigan Water & Power (guar.)
2
Oct. 10 Holders of rec. Sept.25
Southern Canada Power, pref.(guar.)
1)4 Oct. 15 Holders of rec. Sept.254
douthern New Eng. Telephone(quar.).
2
Oct. 15 Holders of rec. Sept.300
South Pittsburgh Water, pref.(guar.)
154 Oct. 15 Holders of rec. Oct. la
Standard Gas & Electric, corn.(guar.)
- 75e. Oct. 28 Holders of rec. Sept.30a
Preferred (guar.)
1
Oct. 26 Holders of rec. Sept.30
Tennessee Elec. Pow.,6% 1st pref.(gu.) 1)4 Jan.r26 Holders of rec. Dec. lb
7% first preferred (guar.)
1,4 Jan.r26 Holders of rec. Dec. 15
7.2% first preferred (guar.)
$1.80 Jan.r26 Holders of rec. Dec. 15
8% second preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 14
6% first preferred (monthly)
b0c. Nov. 1 Holders of rec. Oct. 15
6% first preferred (monthly)
50e. Dec. 1 Holders of rec. Nov.16
6% first preferred (monthly)
50e. Jan.r26 Holders of rec. Dec. 15
7.2% first preferred (monthly)
60c. Nov. 1 Holders of rec Oct. 15
7.2% first preferred (monthly)
60e. Dec. 1 Holders of rec. Oct. 15
7.2% first preferred (monthly)
80e. Jan.116 Holders of rec. Oct. 15
Texas Electric Ry., 2d pref.(quar.)
154 Nov. 1 Holders of zee. Oct. 15
'Fri-City Ry. & Light, com.(quar.)__
234 Jan.r26 Holders of rec. Dec. 20
Trinidad Electric Co., common
5
Oct. 10 Oct. 1 to Oct. 10
United Gas Improvement (quar.)
$I
Oct. lb Holders of rec. Sept.30a
United Light & Power, corn. A (guar.)... 600. Nov. 2 Holders of rec. Oct. 15
Corn., Class A (in Class A stock)
Nov. 2 Holders of rec. Oct. 15
Corn.. Class A(extra) (in Class A stk.) (a) Nov. 2 Holders of rec. Oct. 15
Common, Class B (guar.)
60c. Nov. 2 Holders of rec. Oct. 15
Corn., Class B (in Class A stock)
(5) Nov. 2 Holders of ree Oct. 15
Corn.. Class 13 (extra)(in Class A stk.) (I) Nov. 2 Holders of reo. Oct. 15
United Light & Railways, corn. (quar.)_
2
Nov. 2 Holders of rec. Oct. 15a
Utica Gas & Electric Co., corn
$3
Oct. 15 Holders of rec. Oct. ba
Virginia Railway & Power,corn
3
Dec. 16 Holders of rec. Oct. 31a
Preferred (guar.)
1% Oct. 20 Holders of rec. Sept.30a
Washington Water Power,Spokane(qu.) 2
Oct. 15 Holders of rec. Sept.250
West Penn Power Co..7% pref.(guar.). 154 Nov. 2 Holders of rec. Oct. 15a
Western Power Corp.. pref. (guar.)_
Oct. 1 Holders of rec. Sept.30a
Western States Gas & Elec., pref.((luar.) 154 Oct. 1 Holders of rec. Sept.30
Western Union Telegraph (guar.)
1% Oct. 1 Holders of rec. Sept.25a
York Railways, corn. (guar.)
75c Oct. 1 Oct. 7 to Oct. 18
Preferred (guar.)
13( Oct. 31 Oct. 21 to Oct. 31
Fire Insurance.
American Alliance (guar.)
4
Oct. 15 Holders of rec. Sept.30a
Great American (guar.)
4
Oct. 15 Holders of reo. Sept.30a
Miscellaneous.
Abitibi Power a, Paper,corn.(guar.).__ $1
Oct. 20 Holders of reo. Oct. 100
Aeolian, Weber Piano & Pianola, pf.(qu.) 134 Oct. 15 Oct. 6 to Oct 15
Air Reduction, Inc. (guar.)
$1
Oct. lb Holders of rec. Sept.30a
Extra
$1
Oct. 15 Holders of rec. Sept.300
Alliance Realty (guar.)
2
Oct. 19 Holders of rec. Oct. 10a
Allied Chemical & Dye Corp.,corn.(qu.) $1
Nov. 2 Holders of rec. Oct. 15a
Allis-Chalmers Mfg., pref. (guar.)
1
Oct. 15 Holders of rec. Sept.24a
Aluminum Manufactures,Inc.,com.(qu.) 37340. Dec. 31 Holders of rec. Dec. lbes
Preferred (quar.)
154 Jan.r26 Holders of rec. Dec. 20a
Amalgamated Sugar.first pref.(guar.)_
Nov. 1 Holders of rec. Oct. 17a
American Art Works,corn. & pref.((au.) 1% Oct. 16 Holders of rec. Sept.30a
American Bank Note,common (guar.)
$1.25 Nov.18 Holders of rec. Nov. 2a
American Beet Sugar,corn.(guar.)
1
Oct. 31 Holders of rec. Oct. Ma
Common (guar.)
1
Jan30213 Holders of ree.Jan.9'28a
American Can,common (guar-)
$1.25 Nov. 16 *Holders of rec. Oct. 31a
American Coal
$I Nov. 1 Oct. 11 to Nov. 1
American Fork df Hoe,first pref
3)4 Oct. 15 Holders of rec. Oct. 5a
American Greenhouse Mfg., pref.
.)
Oct. lb Holders of rec. Sept.300
American Ice, common (guar.)
2
Oct. 28 Holders of rec. Oct. 90
Preferred (guar.)
134 Oct. 26 Holders of rec. Oct. 90
Am.La France Fire Eng.,Ine.,com.(qu.) 25e. Nov.16 Holders of rec. Nov. 2a
Amer. Laundry Machinery, com.(Quar-) 750. Dec. 1 Nov.23 to Dec. 1
Preferred (guar.)
154 Oct. lb Oct. 6 to Oct. 15
American Linseed, pref.(guar.)
154 Jan.218 Holders of rec. Dec. 20a
Preferred (guar.)
15 Aprl'26 Holders rec. Mar.19'26a
American Locomotive. corn. (extra) . $2.50 Dec. 31 Holders of rec. Dec. 14a
American Manufacturing. corn. (quar.)
1% Dec. 31 Dec. 16 to Dec. 30
Preferred(guar.)
134 Dec. 31 Dec. 18 to Dec. 30
American Rolling Mill, corn.(guar.).50c. Oct. 15 Holders of rec. Sept.30a
American Seeding Machine, pref.(guar.) 1% Oct. 16 Holders of rec. Sept.30a
American Shipbuilding, corn.(guar.)
Nov. 2 Holders of rec. Oct. 150
- 2
Preferred (guar.)
134 Nov. 2 Holders of rec. Oct. 15
American Steel Foundries, corn.(guar.). 750. Oct. 15 Holders of rec. Oct. la
American Type Founders,corn.(guar.)- 2
Oct. 15 Holders of rec. Oct. ba
Preferred (guar.)
15( Oct. 15 Holders of rec. Oct. ba
American Vitrified Prod., corn (guar)
750 Oct 15 Holders of rec. Oct.
Common (extra)
260 Oct. 15 Holders of rec. Oct. 5a
Common (guar.)
Jan. 15 Holders of rec. dJan. 5a
$I
American Woolen, pref.(guar.)
13( Oct. 15 Sept 18 to Sept.24
Anaconda Copper Mining (quar.)
75e. Nov.23 Holders of rec. Oct. 170
Apco Manufacturing, Class A (quar.)
50e. Oct. 10 Holders of rec. Sept.20a
Asbestos Corporation, corn.& pref.(qu) 1)4 Oct. 15 Holders of rec. Sept.30
Associated Dry Goods,corn.(quar.)_
62e. Nov. 2 Holders of rec. Oct. 15a
First preferred (quar.)
134 Dec. 1 Holders of rec. Nov.180
Second preferred (guar.)
1)4 Dec. 1 Holders of rec. Nov.160
Associated Oil (guar.)
50e. Oct. 26 Holders of rec. Sept.300
Atlantic Refining, pref. (guar.)
lit Nov. 2 Holders of rec. Oct. 150
Atlas Plywood (guar.)
$I
Oct. 15 Holders of rec. Oct. 1
Atlas Powder, preferred (guar.)
164 Nov. 2 Holders of rec. Oct. 20a
Austin, Nichols & Co.,Inc., pref.(guar.) 154 Nov. 1 Holders of rec. Oct. 15a
Babcock & Wilcox Co.(guar.)
Jan.1'26 Holders of rec. Dec 20
Quarterly
154 Aprl'28 Holders rec. Mar.20'26a
Balaban & Katz, corn.(monthly)
*25c. Nov. I *Holders of rec. Oct. 20a
Common (monthly)
*250. Dec. 1 *Holders of rec. Nov.20a
Common (monthly)
*25c. Jan.r26 *Holders of rec. Dee. 200
Barnhart Brothers dr Spindler
First and second preferred (guar.).- 1,‘ Nov. 1 Holders of rec. Oct. 24a
Bayuk Cigars, 1st pref. (guar.)
I
Oct. 15 Holders of rec. Sept.30a
Convertible 2d pref. (guar.)
154 Oct. 15 Holders of ree Sept.30a
8% second preferred (guar.)
2
Oct. 15 Holders of rec. Sept.30a
Beacon Oil, preferred (guar.)
$ 1.87% Nov.16 Holders of rec. Nov. 2
Beech-Nut Packing, corn.(guar.)
600. Oct. 10 Holders of rec. Sept.25
Preferred, Class B (guar.)
15 Oct. 15 Holders of rec. Oct. 1
Beigo-Canadian Paper. corn. (guar.)
1% Oct. 12 Holders of rec. Sept.30a
Big Store Realty
25e. Oct. 15 Holders of rec. Oct. 1
Blackstone Company
Oct. 31 *Holders of rec. Oct. 20
Blaw-Knox Co., corn. (guar.)
2
Nov. 2 Holders of rec. Oct. 21
Preferred (guar.)
154 Nov. 2 Holders of rec. Oct. 21
Borne Scrymser Co
4
Oct. 15 Sept.27 to Oct. 14
Extra
4
Oct. 15 Sept.27 to Oct. 14
Brantford Cordage, Ltd.,first pref.(qu.) 2
Oct. 16 Holders of rec. Sept.20
Briggs Manufacturing (guar.)
37% Oct. 28 Holders of ree. Oct. 100
Bush Terminal, 7% deb.stock (guar.)_ $1.7 Oct. 15 Holders of rec. Oct.
la
Byers (A. M.) Co., pref.(guar.)
154 Nov. 2 *Holders of roe. Oct. 15
Cadillac Storage Co.((uar.)
1% Oct. lb
Oct. 1
Extra
34 Oct. 15
Oct. 1
Canada Cement (guar.)
1% Oct. 18 Holders of rec. Sept.30a
Canada Dry Ginger Ale (guar.)
25c. Oct. 15 Holders of rec. Oct. 1
Extra
25e. Oct. 15 Holders of rec. Oet. 1
Canadian Evplosives. corn,(guar.)
3
Oct. 30 Holders of rec. Sept.300
Preferred (quar.)
154 Xt. 16 Holders of rec. Sept.:10a
Canadian Industrial Alcohol (quar.)
32e. Oct. lb Holders of rec. Sept.30n
Canter, Inc., preferred ((uar.)
I,' Oct. 31 Holders of rec. Oct. 16a
Carey-Hedges Co., corn. (guar.)
234 Nov.16 Holders of rec. Nov. la
Central Aguirre Sugar
Common (payable In common stock). 20
Nov.
Holders of rec. Oct. I5a
Central Steel, corn.(gust .)
Oct. 10 Holders of leo. Sept.26a
Chicago Pneumatic Tool (guar.)
114 Oct. 2( Holders of rec. Oct. I5n
Chi-ago Yellow Cab (monthly)
43 I-3c Nov. t Holders of rec. Oct. 20n
Monthly
13 I-3e liee.
Holders of rec. Nov.20n
Chrysler Corporation. pref.(guar.)
Oct. 2 Holders of ree. Oct iu
$2
Cities Service Co., eon).(monthly)
Holders of rec. Oct. 15
34 Nov.
Common (payable In corn. stoek).
HAders of ree Oct. 15
Nov.
Preferred and prepaid B (monthly)..
Nov.
Holders of rec. Oct. 15
City Ice & Fuel or Clevelsnd. eom.(qu.) 50e. Dee.
Holden of tee. Nov. 11
Cohn-Halt-Marx Co.. corn. (guar.)
The. Oct. 15 Holders Of rec. Oct. b
Common (guar.)
78c. in15'21 Holders of rec. Jan.5'26
Common (guar.)
70e. 405'28 Holders of rec. Apr.526
70e.
uly5'213 Holders of rec July 5'26
Common (guar.)
Name of Company.
1763
Per
When
Cent. Payable.
Books Closed.
Days !nautili.
Miscellaneous.
Consolidated Car Heating (guar.)
134 Oct. 15 Holders of rec. Sept.30a
Consolidated Royalty Oil
10
Oct. 25 Oct. 16 to Oct. 25
Continental Motors ((oar.)
20e. Oct 30 Holders of rec. Oct. 15a
Corn Products Refining, corn. (guar.)._ 50e. Oct. 20 Holders of rec. Oct. 5
Preferred (guar.)
154 Oct. 15 Holders of rec. Oct. ba
3
Dec. 31 Holders of rec. Dec. 154
Craddock-Terry Co., corn. (guar.)
Dec. 31 Holders of rec. Dee. 15
First and second preferred
3
334 Dec. 31 Holders of rec. Dec. 15
Class C preferred
50e. Oct. 10 Oct. 2 to Oct. 10
Creamery Package Mfg., corn. Mani
Common (extra)
$1
Oct. 10 Oct. 2 to Oct. 10
134 Oct. 10 Oct. 2 to Oct. 10
Preferred ((uar.)
Cresson Cons. Gold Min.& Mill.(guar.) 10
Oct. 10 Holders of rec. Sept.30
$1
Oct. 15 Holders of rec. Sept.30
Crex Carpet(quar)
1
Oct. 31 Holders of rec. Oct. 15
Crucible Steel, corn.(guar.)
Cudahy Packing. corn.(guar.)
154 Oct. 15 Oct. 6 to Oct. lb
$1.25 Oct. lb Holden of rec. Oct. la
Delaw.Lack.& West.Coal(guar.)
2
Detroit Motor Bus ((uar.)
Oct. lb Holders of rec. Sept.3134
1
Oct. lb Holders of tee. Sept.304
Extra
25c. Nov.15 Holders of rec. Nov. 54
Detroit Steel Products, corn
2
Dictograph Products, pref. (guar.)
Oct. 15 Holders of rec. Sept.306
Dodge Brothers. pref. ((uar.)
Oct. 15 Holders of rec. Oct. 1
50e. Oct. 20 Holders of rec. Sept.30a
Dome Mines,Ltd. Mar.)
Dominion Textile, pref.(guar.)
134 Oct. 15 Holders of rec. Sept.30
Drake Hotel, corn,and pref.(guar.). - *I% Oct. 31 *Holders of rec. Oct. 20
duPont(E.I.) de Nem.& Co.,deb. Wu.) 134 Oct. 26 Holders of rec. Oct. 100
duPont(El.)de Nem.Powd.,com.(gu.) 134 Nov. 2 Holders of rec. Oct. 206
134 Nov. 2 Holders of rec. Oct. 200
Preferred ((uar.)
Eagle-Picher Lead Co., pref. (guar.)--- 134 Oct. 15 Oct. 1 to Oct. 14
Eastern Steamship, no par pref.(quar.)_ 8734c Oct. 15 Holders of ree. Oct. 86
50c. Nov. 1 Holders of rec. Oct. lba
Eaton Axle & Spring (guar.)
Economy Grocery Stores Corp.(guar.)... 25e. Oct. lb Holders of rec. Oct. I
Elgin National Watch (guar.)
6234 Nov. 2 Holders of rec. Oct. 156
$1
Nov. 2 Holders of rec. Oct. 15
Eureka Pipe Line (guar.)
20e. Nov. 1 Holders of rec. Oct. 206
Fair (The), corn.(monthly)
Nov. 2 Holders of rec. Oct. 156
Famous Players-Lasky Corp., pref.((lu.) 2
Fifth Avenue Bus Securities ((uar.).- 160. Oct. 18 Holders of rec. Oct. 26
41.76 Jan.2'26 Holders of rec. Sept.2
Finance & Trading Corp.. COM
6a
Finance Co.of America (Baltimore)
8234c. Oct. 15 Holders of rec. Oct. ba
Common A and B ((uar.)
Oct. lb Holders of rec. Oct. ba
4334e.
Seven per cent pref. ((uar.)
Eight per cent convertible pref.(guar.) 50c. Oct. 15 Holders of rec. Oct. ba
Firestone Tire & Rubber, corn.(guar.)._ $1.50 Oct. 20 Holders of rec. Oct. 10a
1% Oct. 15 Holders of rec. Oct. I
Six per cent preferred (guar.)
Foot Bros. Gear & Machine,corn.((uar.) 25c. Jan.r26 Dec. 21 to Dec. 31
$I
Oct. 15 Holders of rec. Oct. la
Fox Film Corp., com., Class A and B
2
Oct. 15 Holders of rec. Sept. 30
General Electric, corn.(guar.)
Oct. 15 Holders of rec. Sept. 36
Common (payable in special stock).- (o)
Special stock ((uar.)
15e. Oct. 15 Holders of rec. Sept. 36
General Ice Cream Corp.. corn.(No. D. $1
Oct. 16 Holders of rec. Oct. 1
General Motors,7% Pref,(quar.)
131 Nov. 2 Holders of rec. Oct. ba
6% preferred (guar.)
134 Nov. 2 Holders of rec. Oct. 5
134 Nov. 2 Holders of rec. Oct. 50
8% debenture stock ((uar.)
General Refractories (guar.)
50c. Oct. lb Holders of rec. Oct. 76
Gilchrist Co. (guar.)
.75c. Oct. 15
Ginter Company,corn.(guar.)
3734c Oct. 20 Holders of rec. Oct. 100
Uodfredson Corporation.Ltd.(guar.)... 3734c Oct. 15 Holders of rec. Sept.30
Goodyear Tire & Run.of Calif., pf.(gu-) '134 Oct. 15 *Holders of rec. Oct. 1
.
Prof.(account accumulated dividends) MIif Oct. 15 *Holders of rec. Oct. 1
Goodyear Tire & Rubber, pref.(guar.)._
134 Oct. 15 Holders of rec. Sept.154
Gossard (H.W.)Co.(monthly)
25c. Nov. 2 Holders of rec. Oct. 21a
Monthly
25e. Dec. 1 Holders of rec. Nov.206
(guar.).- 134 Oct. 29 Holders of rec. Sept.19
Goulds Manufacturing,corn,
lit Jan3'26 Holders of rec. Dec. lba
Gulf States Steel, lat pref.(guar.)
25e. Dec. 15 Holders of rec. Dec. 106
Hall (C. M.) Lamp
Halle Bros. pref. ((uar.)
134 Oct. 31 Oct. 25 to Nov. 1
Harbison-Walker Refractories. Wel
.(gu ) 134 Oct. 20 Holders of rec. Oct. 106
75e. Dec. 15 Holders of rec. Nov.30.3
Hayes Wheel Co., corn.(guar.)
25e. Dec. 15 Holders of rec. Nov.300
Common (extra)
Preferred (guar.)
I% Dec. 15 Holders of rec. Nov.306
Hibbard,Spencer,Bartlett& Co.(mthly) 35e. Oct. 30 Holders of rec. Oct. 23
35c. Nov. 27 Holders of rec. Nov.20
Monthly
35e. Dec. 24 Holders of rec. Dec. 18
Monthly
20c. Dec. 24 Holders of rec. Dec. 18 •
Extra
Hillerest Collieries, corn.(quar-)
134 Oct. 15 Holders of rec. Sept.30a
134 Oct. 15 Holders of rec. Sept.304
Preferred (guar.)
Oct. 15 Holders of rec. Oct. ba
Hoe(R.)& Co., Inc., Class A (guar.)... $1
lit Nov. 2 Holders of rec. Oct. 15
Holly Sugar Corp.. pref. (Muir.)
Preferred (account accum. dividends)_ ill ii Nov. 2 Holders of rec. Oct. 15
lit Nov. 1 Oct. 21 to Oct. 31
Hood Rubber. pref. (guar.)
500. Oct. 15 Holders of rec. Oct. ba
Howe Sound Co.(guar.)
.50e. Nov. 1 *Holders of rec. Oct. 15
Hunt Brothers Packing (qua?.)
$2.40 Oct. 15 Oct. 4 to Oct. 15
Illinois Brick (guar.)
500. Nov. 1 Holders of rec. Oct. 154
Indian Motocycle, corn.(No. 1)
Nov. 14 Holders of rec. Oct. 20
$I
Indiana Pipe Line (guar.)
Oct. 10 Holders of rec. Sept.246
International Business Machines(guar.). $2
International Harvester,corn.(guar.)... 134 Oct. 15 Holders of reo. Sept.254
Internat. Match Corp., panic. pf.(gu.). 80e. Oct. 15 Holders of rec. Sept.254
International Paper, 7% pref. (guar.).- lit Oct. 15 Holders of rec. Oct. la
Six per cent preferred (guar.)
134 Oct. 15 Holders of rec. Oct. la
500. Oct. 28 Holders of rec. Oct. 13a
Iron Products Corp., corn. (gear.)
Oct. 28 Holders of rec. Oct. 20
Kaufmann Dept. Stores, corn. (guar.).- $2
750. Nov. 2 Holders of rec. Oct. 206
Kayser (Julius) Co., corn.(No. 1)
12340. Oct. 15 Holders of rec. Oct. 1
Kerr Lake Mines, Ltd. (guar.)
$1.60 Oct. 15 Holders of rec. Oct. ba
Lakewood Engineering (guar-)
el0
Oct. 15 Holders of rec. Oct. la
La Salle Extension University
Loose-Wiles Biscuit, 2d pref. (guar.)... lit Nov. 1 Holders of rec. Oct. 19a
2
Nov. 1 Holders of rec. Oct. 250
Lord 5, Taylor, 2d pref.(guar.)
MacAndrews & Forbes, corn. (guar.)... 234 Oct. 15 Holders of rec. Sept.306
134 Oct. 15 Holders of rec. Sept.30a
Preferred ((uar.)
134 Nov. 1 Holders of rec. Oct. 176
Macy (R. II.) & Co.. pref. (guar.)
75c. Oct. 16 Holders of rec. Oct. la
Magma Copper Co
Maple Leaf Milling, pref. (guar.)
134 Oct. 19 Holders of rec. Oct. 30
May Department Stores. corn,(guar.).- 41 34 Dec. 1 Holders of rec. Nov. 14a
134 Jan 2'26 Holders of rec. Dec. 15a
Preferred (guar.)
McCrory Stores, pref. (guar.)
134 Nov. 1 Holders of rec. Oct. 20a
Mexican Petroleum, corn. ((uar.)
Oct. 20 Holders of rec. Sept.30a
$3
Preferred ((uar.)
Oct. 20 Holders of rec. Sept.306
$2
Miles Detroit Theatre Co
4
Oct. 10 Holders of rec. Sept.30a
Miller Rubber, corn. (guar.)
134 Oct. 25 Oct. 6 to Oct. 21
Nov. 1 Holders of rec. Oct. 20a
Missourl-Illinols Stores, pref. (guar.)_ _ _
2
Motion Picture Cap. Corp., pref.(guar.) 2
Oct. 15 Holders Of rec. Oct. 1
Motor Products Corp., pref.(guar.)
Nov. 2 *Holders of rec. Oct. 20
ill
Mountain & Gulf Oil (guar.)
20. Oct. 15 Holders of roe. Oct. la
Extra
10. Oct. 15 Holders of ree. Oct. la
Murray Body Corporation
Common (payable in common stock)._ 1134 Jan.r213 Holders of rec. Dec. 16a
National Biscuit. corn.(guar.)
75c. Oct. I. Holders of ree. Sept.306
National Cloak & Suit, corn. (qua?'.).. _ _ $1
(let. l• Holders of tee. Oct. 96
Nat. F.namelIng & Stamping, pref. (gu.) 134 Dee. 31 Holders of rec. Dec. 11
National Fireproofing, pref. (orrar.)_ - . 134 Oct. 15 Holders of res. Oct. la
National Filer Gas (guar.)
$1.50 Oct. 15 Holders of rec. Sept.30
AN:Atonal Grocer. corn. (special)
2
Oct. If Holders of ree Oct. 056
National Paper & Type. pref.(guar.)
2
Oct. 16 Holders of rec. Sept.304
New Bradford 011 (guar.)
12140. Oct. 15 Holders of rec. Oct. la
Newmont Mining Corporation
60c. Oct. 15 Holders of rec. Oct. 1
New York Air Brake. corn. (guar.)
50c. Nov. : Holders of ree. Oct. 76
Class A (guar.)
$1
lan.4'21 Holders of rec. Dec. 26
New York Canners, inc.. 1st pre
334 Febl'2f Holders of rec. Jan. 22'26
Second preferred
4
Febl'2( Holders of rec. Jan. 22'26
New York Transit (guar.)
7Ec. Oct. 15 Holders of ree. Sept.18
New York Transportation (guar.)
58c. Oct. 16 Holders or rec. Oct. la
NInIssing Miner Co.(guar.)
'15c. Oct. 20 Oct 1
to Ot. 18
Ohio Brom Class B (guar.)
$1
Oct. I: Holders of rec. Sept.306
,
Preferred (guar.)
114 'let. 1 r Holders of rec. Sept.306
Ohio Fuel Corporation (guar.)
2
Oct. 15 Holders of rec. Sept.300
Ohio Fuel Supply (guar.)
2
Oct. 15 Holders of rec. Sept.300
Oklahoma vs,trral Car (guar.)
60c. Oct. 21, Holders nf Ice Sept.286
Olympia Theatres. Inc.. corn. (guar.)._ 45e. Oct. 16 Holders of rec. Oct. la
Preferred (guar )
13.4 Oct. 15 Holders of rec. Oct. la
Ornheum Circuit. corn.(monthly)
lac. Nov. 2 Holders of rec. Oct. 206
Common (monthly)
15e. Dee. 1 Holders of tee. Nov.206
154
Miscellaneous (Concluded).
81.50 Oct. 15 Holders of tee. Sept.30a
Otis Elevator, corn. (guar.)
$1.50 Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
Oct. 20 *Holders of rec. Sept.30
Overman Cushion Tire,corn. A & B ((u.)
Nov. 2 Holders of rec. Oct. 230
1
Pacific Coast Co.. 2d pref
500. Oct. 31 Holders of rec. Oct. 150
Packard Motor Car (guar.)
Pan Am.Pet.&Tran..com.dtcom.B(qu.)_ 61.50 Oct. 20 Holders of rec. Sept.300
*2M Jan.1•26
Pan American Petroleum of California
Pan American Petroleum of California_ *2% Apr1'26
Pan Am. West Petrol., cl. A & B(No. 1) 50c. Oct. 30 Holders of rec. Oct.d10a
59c. Nov. 2 Holders of rec. Oct. 200
Peabody Coal, preferred (monthly)
58c. Dec. I Holders of rec. Nov.200
Preferred (monthly)
580. Jan. 2 Holders of rec. Dec. 19a
Preferred (monthly)
Nov. 16 Holders of rec. Nov. 5
2
Penmans, Limited, corn. (guar.)
134 Nov. 2 Holders of rec. Oct. 21
Preferred (quar.)
Oct 15 Holders of rec Sept 30a
61.25
Pennsylvania Salt Mfg.(quar.)
1% Nov. 2 Holders of rec. Oct. 200
Phillips-Jones Corp., pref.(guar.)
Pierce, Butler & Pierce Mfg.,corn.(qu.)_ 2% Oct. 15 Holders of rec. Oct. 5a
134 Nov. 1 Holders of rec. Oct. 20a
Seven per cent preferred (guar.)
Nov. 1 Holders of rec. Oct. 200
Eight per cent preferred (guar.)
134 Oct. 24 Holders of rec. Oct. 9a
Pittsburgh Coal, pref. (guar.)
•lii Oct. 20 *Holders of rec. Oct. 1
Plymouth Cordage (guar.)
Oct. 20 *Holders of rec. Oct. 1
*2
Extra
Nov. 1 Holders of rec. Oct. 2Ia
$I
Postum Cereal, corn. (quar.)
Oct. 31 Holders of rec. Sept.30a
2
Prairie Pipe Line (guar.)
134 Dec. 8 Holders of rec. Nov.17a
Pressed Steel Car, pref. (guar.)
Oct. 15 Sept.27 to Oct. 14
Procter & Gamble,8% Pref. (quar.)
Nov.15 Holders of rec. Qct. 31
Producers Oil Corp. of Amer., pref.(qu.) 2
500. Oct. 15 Holders of rec. Oct. la
Pro-phy-lac-tic Brush (guar.)
250. Oct. 15 Holders of rec. Oct. la
Extra
750. Oct. 15 Holders of rec. Oct. la
Quaker Oats, corn. (quar.)
134 Nov.30 Holders of rec. Nov. 20
Preferred (guar.)
Oct. 3
134
Remington-Noiseless Typewt.. pre.(qu.) 4'1 yi Oct. 15 Holders of rec. Dec. 15
Jan. 2 *Holders of rec.
Reynolds Spring, pref. A & B (guar.)
134 Oct. 15 Holders of rec. Sept.30a
Richmond Radiator, pref.(guar.)
134 Jan15 26 Holders of rec. Dec. 31a
Preferred (guar.)
134 Oct. 15 Holders of rec. Oct. 5a
River Raisin Paper, pref. (guar.)
500. Dec. 21 Dec. 10 to Doe. 21
St. Joseph Lead (guar.)
Dec. 21 Dec. 10 to Dec. 21
$1
Extra
rec. Nov. 2
Savage Arms Corp., 2d pref.(quar.)__ - '134 Nov. 16 *Holders of rec. Sept.21a
$1.75 Oct. 15 Holders of
Scott & Williams, Inc.(guar.)
Holders of rec. Oct. la
- 30o. Oct. 20
Seagrave Corporation. com. (guar.).
e23.4 Oct. 20 Holders of rec. Oct. la
Stock dividend
*81.50 Nov. 1 *Holders of roe. Oct. 15
Sears, Roebuck dc Co., corn. (quar.)
50o. Oct. 10 Holders of rec. Sept.21a
Shattuck (F. G.) Co.(quar.)
Oct. 200
Silver (Isaac) & Bros. Co., pref.(guar.). 134 Nov.dl Holders of rec. Oct. 15a
1% Nov. 2 Holders of rec.
Simmons Co., pref. (guar.)
Oct. 20 Holders of rec. Oct. 10
Smith(How.)Paper MIlls,Ltd., p1.(qu.) 2
Oct. 15 Holders of rec. Oct. 7
Spalding(A. G.) Bros.& Co.,coin.(qu.) 2
1% Dec. 1 Holders of rec. Nov.17
First preferred (guar.)
Dec. 1 Holders of rec. Nov. 17
2
Second preferred (guar.)
30
Spanish Riv.Pulp&Pap.,corn.& pi.(qu.) 1% Oct. 15 Holders of rec. Sept. la
Standard Publishing. Chum A Mar.). _ 134 Oct. 20 Holders of rec. Oct. 84
Steel Co.of Canada,corn.lc pref.(gild) 1% Nov. 2 Holders of rec. Oct. 150
Nov. 2 Holders of rec. Oct.
81
Sterling Products(guar.)
Oct. 15 Oct. 1 to Oct. 13
$1
Sullivan Machinery(guar.)
31.50 Oct. 15 Holders of rec. Oct. 5
Superheater Co. (guar.)
25c Nov. 2 Holders of roe. Oct. 150
Telautograph Corporation, coin
1% Oct. 10 Holders of roe. Sept.30
Preferred (guar.)
'Sc, Oct. 10 *Holders of roe. Oct. 5
Tem,011 & Land (guar.)
Thompson (J. R.) Co., corn.(monthly) 25c. Nov. 2 Holders of rec. Oct. 23a
25c. Dec. 1 Holders of rec. Nov.23a
Common (monthly)
1
Tobacco Products Corp., corn. (quar.)_. 81.50 Oct. 15 Holders of rec. Oct. 6
734o Oct. 21 Oct. 1 to Oct.
Tonopah Mining
((uar ) 500. Oct. 15 Holders of rec. Sept.30a
Transue & Williams Steel Forging
Oct. 15 Holders of rec. Sept.30a
1
'Puckett Tobacco, corn,(quar.)
1% Oct. 15 Holders of rec Sept.30a
Preferred (guar.)
81.25 Oct. 15 Holders of rec. Sept.30a
Union Discount Co.,common (guar.).- _
I% Oct. 15 Holders of rec. Sept.30a
Preferred (quar.)
2% Nov.II Holders of rec. Nov. 1
Union Storage Mani
1% Dec. 1 Holders of rec. Nov.lea
United Drug, corn.(guar.)
1% Nov. 2 Holders of rec. Oct. 15a
First preferred (guar.)
1% Dec. I Holders of rec. Nov.16a
Second preferred ((uar.)
Jan.1'26 Holders of rec. Dec. 16a
United Dyewood, pref. (guar.)
Oct. 15 Holders of rec. Oct. 1
SI
United Equities Corporation
75c. Oct. 15 Oct. 6 to Oct. 15
United 011
Oct. 31 Holders of rec. Sept.30a
5
United Profit-Sharing, pref
750. Nov. 2 Holders of rec. Oct. 6a
United Verde Extension Mining
75c. Oct. 15 Holders of rec. Sept.30a
United States Can, corn.((uar.)
1% Oct. 15 Holders of rec. Sept.300
Preferred (quar.)
la
rec.
U.S.Cast Iron Pipe de Fdy., pref.(guar.) 134 Dec. 15 Holders of to Dec. 2
Nov.
U.S. & Foreign Securities, let pt.(qu.)_ 1% Nov. 2 Oct. 4 of rec. Sept.30a
1% Oct. 15 Holders
U.S.Industrial Alcohol, pref.(guar.)
Oct. 15 Holders of rec. Oct. 1
1
U.S. Radiator Corp.,corn.(guar.)
1% Oct 15 Holden of rec. Oct. 1
Preferred (guar.)
Nov. 4 Holders of rec. Sept. 40
1,4
U.S. Realty dc Impt., Pref.(quar.)
Nov.14 Holders of rec. Oct. 206
2
U.S. Rubber. 1st pref. (guar.)
U. S. Smelt., Ref. & Min., corn.(qu.)- 75c. Oct. 15 Holders of rec. Oct. 7a
8734c. Oct. 15 Holders of rec. Oct. 7a
Preferred (guar.)
35c. Oct. 15 Holders of rec. Oct. 3
Utah Apex Mining ((uar.)
50c. Nov. 2 Holders of roe. Oct. 15
Ventura Consol. 011 Fields (guar.)
8734c Nov. 1 Holders of rec. Oct. 15
Vick Chemical(No. 1)(guar.)
of rec. Oct. 90
Vulcan DetinnIng, pref.& Prof. A (guar) 1% Oct. 20 Holders of rec. Oct. 96
Oct. 20 Holders
Preferred (acct. accumulated divs.)„ hl
50o. Oct. 10 Holders of roe. Sept.30a
Warner (Chas.) co., corn.(guar.)
134 Oct. 22 Holders of rec. Sept.30a
First and second preferred (quar.)____
Dec. 30 Holders of rec. Dec. 15
81
Weber & Hellbroner, corn.(guar.)
1% Dec. 1 Holders of rec. Nov. 16
Preferred (guar.)
334 Jan.1'26 Dec. 20 60 Jan. 1 1926
Western Grocer. pref
31.50 Oct. 31 Holders of rec. Sept.300
Westinghouse Air Brake (guar.)
Oct. 31 Holders of rec. Sept.30a
Westinghouse Elec.& Mfg.,corn.(guar.) $1
Oct. 15 Holders of rec. Sept. 300
tl
Preferred (quar.)
50c. Oct. 20 Holders of rec. Sept.306
White Eagle 011 & Refining (guar.)
Holders of rec. Dec. 22
White Rock Mineral Sims., corn. (guar ) 30e. Dec. 31 Holders of rec. Dec. 22
20c. Dec. 31
Common (extra)
31 Holders of rec. Dec. 22
1% Dec.
First preferred (quar.)
1% Dec. 31 Holders of roe. Dee. 22a
Second preferred (guar.)
Dec. 31 Holders of rec. Dec. 22a
1
Second preferred (extra)
Oct.
•131 Oct. 31 *Holders of rec. Sept.28
WI:acetone Co.. pref.(quar.)
30
15c. Oct. 15 Holders of rec.
Woodley Petroleum ((uar.)
2 Holders of rec. Oct. 200
Wrigley (Wm.) Jr.. & Co.(monthly).,,. 25o. Nov.
25o Dec. 1 Holders of rec. Nov.200
Monthly
4% Oct. 15 Holders of rec. Oct. 1
Yale Leasing Corporation (annual)
Oct. 15
Yellow Taxi Co. of Detroit, pref.(guar.) 1% Oct. 15 Oct. 2 to
Truck & Coach Manufacturing
Yellow
Oct. 10 Holders of rec. Oct. z2a
(z)
Class!) Work dividend)
that stock
•From unofficial sources. t The New York Stock Exchange has ruled
ex-dividend on this date and not until further notice. 3 The
will not be quoted
stock will not be quoted ex
New York Curb Market Association has ruled that
dividend on this date and not until further notice.
on April 1
I Annual dividend for 1925 all payable in equarquarterly Installments common
the
Tully 1, Oct. 1 1925 and Jan. 11926. have been declared as follows: On installments
,quarterly
irtock 64 40, quarterly Installments 8110: prior preference,7%
% Participating
134%.Participating Preferred, 7% regular, quarterly installment 134
quarterly installpreferred, 2% extra, quarterly Installment %%, preferred, 6%.
ment, %•
in stock.
a Transfer books not closed for this dividend. d Correction. e Payable
On account of accumulated
IPayable in common stock. g Payable in scrip. h in Canadian funds.
stock. n Payable
dividends. m Payable in preferred
each two shares
o General Electric stock dividend is one share of special stock for
of common stock.
at option of holder either in cash or common Class A stock at a price
y Payable
of $25 per share.
-fortieth of a share
s Stock dividends are the regular semi-annual dividend of one share of Class A
of a
of Class A common and an extra dividend of one-fortieth
common, Payable on both Class A and B stocks.
t Payable in participating preferred stock.
le Extra dividend on common stock is 6187,500. share of preferred for each four
Payable in 7% preferred in the proportion of one
stock ex-dividend on Oct. 14.
Shares of Class B held. N.Y.Stock Exchange rules
Weekly Returns of New York City Clearing House;
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Oct. 3. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
,
act/m/ figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
-that is, three eiPhera (000) arn(rtsd.)
masa fa Mown& of dollars
New
lea
a
pilot iProfits.1 Loans.
Time Bash
Net
with
Discount. Cash
Week Endin
De- Circa
Legal Demand
Sc
Oct. 3 1925 Nat'l, June 80 investState, June ao menu. vows. Dora+ DePosits• Pattie. laMos.
tortes.
(000 omitted.) r.Coe June 30 etc.
Members of ed. Res. Bank.
Bank of N Y &
$
$
Trust Co_ _ 4,000 12,519
Bk of Manhat'n 10,000 14,230
Meth & MetN ,t 10,000 16,280
Bank of Ameri a 6,500 5,120
National City _ 50.000 62,755
4.500 17,166
Chemical Nat
Am Ex-Pac N I a7,500 a12.208
Nat Bk of Corn - 25,000 40,235
Chat Ph NB&F 13,500 12,554
Hanover Nat_ _ 5,000 24,391
Corn Exchange 10,000 13,777
National Par _ 10,000 23,761
East River Na _ 2,500 2,251
.
First National 10.000 70.102
irvingBk-Col 'r 17,500 12,869
Continental_ _ _ _ 1,000 1,123
.
Chase National 20,000 26,365
Fifth Avenue_ _
500 2,787
600 1.030
Commonwealt ,
Garfield Nat'l_ _ 1.000 1.686
Seaboard Nat'l _ 5,000 8.448
Coal & Iron N t 1.500 1.476
Bankers Trust_ 20,000 27,999
US Mtge St Tr_ 3,000 4.464
Guaranty Tenst 25,000 20,369
Fidelity-Inter r 2,000 2,140
New York Truet 10,000 19,145
Farmers L & r 10,000 18,028
Equitable Trust 23,000 11,686
Average Average
$
$
527
72,636
159,287 2,703
176,920 3,347
79,417 1,808
636,354 4,615
138,584 1,153
145.854 2,053
985
364,541
219,204 2,544
684
120,176
192,828 6,460
178.834 1,004
42.202 1,350
473
344,324
293,792 2.694
8,219
143
364,095 3,983
926
26.688
13.682
451
439
16.615
114,978
986
311
20.017
343,891
849
721
58,965
416,296 1,254
22,264
401
171,944
508
551
144,940
253,673 1,616
D.
Books Closed.
Days Inclusive.
2
s- 0. .
04,
. 7 101.
- ;91.2W100.1.7=1,"g
0
....a.c...—ow.ao...........
When
Per
Cent. Payable.
Ito.. a. w . a. we* .m.ww..o.w.
.
Fo pmwwwwa.w.wa.r.woom-aw.a.w-4-4
Name of Company.
[Vol, 121.
THE CHRONICLE
1761
e Average Average Ae• g,
$
s
$
56,077 7,973
7
1 126,673 26,387
r 166.369 11,735 541
1
86,880 3,786
l *664,253 80,231 851
116,698 6,392 341
l
132.287 10,066 4,931
i
; 301,846 14.257
161,548 41,139 5,901
I
: 106,798
, 168,418 29,690
131,975 10,263 3,531
619
29,156 10,77
217,861 19,332 4,952
284,166 34,53:
371
6,432
*355,877 17,942 986
24.306
8,349 4.348 _ ......
224
10,319
47
110.210 3.241
16,646 1.886 415
*280,163 59.392 __ _ _
52,556 5.608
*425,459 45,639 _ __ ..
18,516 1,836
149.441 19,316 ---*116,954 18,484
*291.716 25,933
Total of grew ,308,600486.4745,l41,219 45,439576,384c4,292.614 509,681 23,038
23,057
Totals, actual c )ndi.lon Oct. 38.160.035 45,779551.088c4,291,606 517,
ndition Sept.26 5,081.334 45.672681.709 e4.212,814499,73.23,068
Totals, actual c)
ndltion Sept.195.086,038 43,518550,184c4,242.137 502,94. 23,124
Totals, actual c,
State Banks Not Me mbers of Fed'I Res've Bank.
21,778 1.58
Greenwich Ban r 1,000 2,485 22,621 1,872 1,946
2,933 .1,92
200
363
5,633
918
Bowery Bank...
250
35,781 63,471 -State Bank.... 3,500 5,477 103,228 4,182 2.256
Total of ammo 7
4,750
8,880 131,482
Totals, actual c)
ndltion Oct. 3 131.355
Totals, actual c )ndltion Sept.26 131.118
Totals, actual c ndltlon Sept.19 130,358
Trust Compan le. Not Members of Fed I
Title Guar & Tr. 10.000 16,421 63,310
Lawyers Trust
3,000 3,083 22.353
Total of ate:
13.000 19.504
Totals, actual c ,ndition Oct. 3
Totals, actual c 'ndition Sept.26
Totals, actual c 'ndltion Sept.19
6,417
4.402
6,400 4.629
6,460 4.474
6,547 4.855
Res'v e Bank.
1,425 4,792
921 1,776
60,492 66,982
60,492 67,0
60,183 66,69
60,204 66,438
41,263
17,710
_
2.076
1,080
2,346
85,663 '
6,568
58,973
3,156
2.710
2.185
2,209
6,896
6,685
6,493
58.883
58.623
67,065
3,088
3,17,
3,161
84.646
85,851
84,177
.
_ __
Gr'd aggr.,aver_ 326,350514,860 5.358,364 54,202 587,354 4,412,079579,819 23,038
Comparison wit h prey.week- +66,406 -708+6.406 +70,887 +8,421 -32
.
Gr'd aggr., act' cond'n Oct. 35,376.036 54.889562,613 4,410,981 587,71823,057
Comparison wi h prey.week.. +77,733 .+572-30.365 +79.361 +18113 -11
Gr'd aggr.,
cond'n Sest.265,298,303 54,317 592.868 4,331,620569,605 23,068
Ord aggr., act'l cond'n Sept.1 5,300,573 52.274 561,532 4,359.406 572.544 23,124
Gr'd aggr., acvl cond'n Sept.125,229.778 58.470583.084 4,328.408575,618 22,923
Gr'd agrr., acel cond'n Sept. 55.244.894 53,697656.333 4,338,588 676,179 23,101
Gr'd aggr., aft cond'n Aug.295,243,367 53,439580,135 4,371,835686.629 23,123
Gr'd aggr., act':cond'n Aug.225,267,861 53,193606.676 4,385.556 588,438 23,067
Note-U. S. deposits deducted from net demand deposits in the genera totals
above were as follows: Average total Oct. 3, 539,757,000. Actual totals Oct. 3,
339.757,000; Sept. 26, 839,757,000; Sept. 19, 539,758,000: Sept. 12, 83,612,000:
Sept. 5, 83.632,000. Bills payable, rediscounts, acceptances and other liabilities,
average for the week Oct. 3, 6606,487,000; Sept. 26, 8600,602,000; Sept. 19, $546,205,000; Sept. 12, 5571.480,000; Sept. 5, 3523,396,000. Actual totals Oct. 3,
$607,127,000;Sept.26,8641,604.000:Sept.19,$568,371,900;Sept.12,$578,910,000;
Sept. 5, 3532,569,000.
•Includes deposits In foreign branches not included in total footings as follows:
National City Bank, 8146,548,000; Chase National Bank, 310,324,000: Bankers
Trust Co., $14,854,000; Guaranty Trust Co., 881,586.000; Farmers' Loan 6. Trust
Co., 86,935,000; Equitable Trust Co.. 671.077,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank,$19,724,000;
Chase National Bank. 81.505.000; Bankers Trust Co., 33,379,000: Guaranty Trust
Co., 34,536,000; Farmers' Loan & Trust Co., $6,935,000; Equitable Trust
Co"
$7,855,000. a As of Aug. 1 1925. 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
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank.
State banks*
Trust companies*._ -
6,417,000
2,346.000
Total
FUE706.
Reserve
Required.
576,384,000 576,384,000 573,336,250
4.402,000 10,819,000 10,888.660
6,568,000 8,914.000 8,845,950
Surplus
Reserve,
3,053,750
69.560
68,050
8,763,000 587,354,000 506.117.000 593.064,760 3,052,240
8,816,000 580.948.000 589.764,000 583,546,770 6,217,230
8.939,000 588.017,000 596.956.000 587.589,690 9,366,310
8
8.868.000 581 920.000 590.788.000 5 3.154,380 7.633.620
• Not members of Federal Reserve Bank.
a This lathe reserve required on the net demand deposits n the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
includes also amount In reserve required on net time depos ts, which was as follows:
Oct. 3, 515,290.430: Sept. 26, $15,048.480; Sept. 19, 315 108,180; Sept. 12, $15.227,640; Sept. 5, 815,314,340.
Total Oct. 3
Total Sept. 26.
Total Sept. 19_ _
Sept. 12_ _ _
OCT. 101925.]
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Reserve
Cash
its
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank_ _
Slate banks.
Trust companies'__ Total Oct 3_
Total Sept. 26__
Total Sept. 19_ -Total Sept. Ia.__
a
Reserve
Required.
Total
Reserve.
St1117i118
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
6,400,000
2,710,000
551.088,000 551,088.000 573,434,980 -22,346,980
40.440
4,520,000 10,929.000 10,888,560
773,550
6,896,000 9,606,000 8.832.450
9,110,000 562.513,000 571,623,000 593,155,990 -21.532.990
8.645.000 592,868,000 601,513.000 582.284360 19.228.740
8,756,000 561.532,000 570.288.000 585.962,630 15.674.630
8,889,000 583.084.000 591,973300 581,988,470 9,984,530
•Not member. of Federal Reserve Bank.
a This la the reserve required on net demand deposits in the case of State banks
and trustcompanies, but in the case of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: Oct.3,
$15.526,200; Sept. 26, $14,992.050; Sept. 19, $15.088,350: Sept. 12, 515,186,840;
Sept. 5, 515,210,030.
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differencesfrom
Oct. 3.
Previous Week
Loans and Investments
$1,122,577,200 Inc.311.216,300
Gold
4,713,500 Inc.
123,900
Currency notes
23,164,0(0 Dec. 30,1900
Deposits with Federal Reserve Bank of New York
87,058,700 Inc. 4,320.300
Total deposits
1,153,972,600 Inc. 25.289,000
Deposita, eliminating amounts due from reserve depositaries and from other banks and trust corapaniee in N.Y.City,exchanges and U.S.deposits 1,084.651,100 Inc. 21,444,800
Reserve on deposits
157,618,900 Inc. 7,175,500
Percentage of. reserve, 20.2%.
RESERVE.
State Banks
-Trust Companies
Cash In vault*
333.817,800 15.79%
$81,064,400 14.39%
Deposits in banks and trust cos
10,465.400 04.88%
32,217,300 05.72%
Total
544,337,200 20.67%
5113,281,700 20.11%
• Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on Oct. 3 was $87,058,700.
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
*Total Cash
in Vaults.
Loans and
Investments.
Week EndedTune 8
June 13
June 20
June 27
July 3
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Oct. 3_ _ ____ __
Demand
Deposits.
$
6.329.320,400
6,319,885,700
6,336,178.900
6,311,487.200
6.403.112.800
6.353375.000
6,320,677.200
6.284,570,900
6,302.682.100
6,324,244.800
,
6,332,14 7,800
6,345,708,100
6.341302,700
6,354,728,100
6,345.880.300
6.361.302,700
6,403,318.900
fi 460.941.200
$
5,508,073.800
5,471,996.200
5.502.440300
5,469,225.600
5,508.609,700
5334,240.800
5309.425.100
5,466.210,300
5,472.674,300
5,481,392,100
5,463,129,200
5,442336,800
5.443,132,500
5,466,107,300
5,419,137.800
5.465.413,400
5,404,398,300
5.496.730.100
$
81,243300
83,427.400
81337.200
81,431.500
81.367.100
85.120300
82.246,400
79,116,400
79,377,600
79.866,100
82.507,800
79.454,700
80,540,400
81,151,400
84,211,400
83,247.000
82,965,500
82.079.500
Reserve in
Depositaries.
$
732.827.700
726.011.100
741,188300
724,783.000
750.531.400
741,205.700
734,107.700
724.866.500
718,669.200
721,005,000
723.923300
712.983,700
715,040.400
711.813.900
718,328,800
731,651300
703,335,90e
717 MS Ann
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE
(Stated in thousands of dollars-that is, three ciphers 10001 omitted.)
Net
Loans,
Capital.' Profits.
DiaCIEARING
counts,
NON-MEMBERS
.
Nat. bk. Dec. 31 InvestWeek Ending State bks. Nov.15 merits,
dtc.
r. cos. Dec. 31
Oct. 3 1925.
$
1,000
$
1.773
Cash
in
Vault.
Reserve
Net
Net
with Demand Time
Legal Deposits. Deposits.
Deport
tortes.
Average Average Average Average Average.
$
$
$
$
$
49
12,019
933
5,846
4,251
Total
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash. Hta
Colonial Bank
1,i i
1,773
12,019
49
933
5,846
4,251
200
1,200
543
2,469
8.773
30,100
851
3,147
379
1,479
6.394
26,100
2,528
4,142
Total
Trust Company.
Not Member of the
Federal Reserve Bank
Mesh Tr, Bayonne
1,400
3,012
38.873
3,998
1,858
32,494
6.670
500
532
8,977
303
123
3,068 , 5,989
500
532
8,977
363
123
3,068
5,989
2,900
Grand aggregate- -Comparison with la ev. week
5,319
59,869
397
4,410
. 21
2,914 .41,408
30
417
16,910
8
2,900
2,900
2,900
2.900
5,319
5.319
5,319
5.319
59,472
57,197
57,859
57.4171
4,389
4.448
4,376
4.158
2,884
3,157
3,035
2.820
16,902
16,880
16,761
16.7.81
Total
Gr'd aggr., Sept 2
Gr'd agar., Sept. 1
Gr'd aggr., Sept. l'
Gr'd agar.. Sept.
.40,991
a40,720
a39,848
239.650
a United States deposits deducted, $19,000
Bills payable, rediscounts, acceptances and other liabilities, 51.601,000.
Excess reserve, 53.580 decrease.
Sept. 30
1925.
Changes from
precious week.
Oct. 7
1925.
Sept 33
1935.
$
$
3
$
65,800300 66.800.000
65,800,000 Unchanged
Capital
88,518,000 Inc. 1.343,000 87,175,000 88,862,000
Surplus and profits
Loans, insets & Investments_ 1017527000 Inc. 28,852,000 9E8,675.000 977,174,000
Individual depositainel. U.S.713.191300 Inc. 25.159,000688.032,000 682,264,000
141.581,000 Inc. 8,360,000 133,221.000 129325.000
Due to banks
208.448,000 Inc. 13,120.000 195,328.000 197.755,000
Time deposits
13,544.000 Dec.
191,000 13.735,000 13.673.000
United States deposits
Exchanges for Clearing House 43,047,000 Inc. 14,587,000 28.460,000 26.426.000
85,540,000 Inc.
239,000 85.301.000 85.929.000
Due front other banks
Reserve in Fed. Res Bank- 82,968.000 Inc. 3,561,000 79,407,000 79,312.000
174,000 6.298300 9381,000
Cash in bank and F. R. Bank 9,472,000 Inc.
Reserve excesa in bank and
822.000
876.000
464.000
1.286.000 Inc.
Federal Reserve Bank
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Oct. 3, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
Two Ciphers (00)
omitted.
Week Ended October 3 1925.
!
Membersof, Dm!
1925
Total.
F.R.Systens Companies
i
Capital_
Surplus and profits
Loans. disets & investnetal
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposit,
Time deposits
Total deposits- U. S. deposits (not incl.)Ree've with legal depos•les
Reserve with F. R. Bank..
Cash In vault •
Total reserve & cash held__
Reserve required
Excess res. & cash in vault
$41,575.0
126,221,0
833,638,0
41,616,0
121,177.0
154,268,0
605,099,0
103.093,0
862,460,0
65,077.0
9,519.0
74.596,0
64.961,0
9,635.0
Sept. 19
1926.
Sept. 26
1925
$5,000.0 $46,575,0 $46.875.0
10,869,0 143,090.0 143,609.0
46,558,0 880.196,0 876,357,0
632,0 42,248,0 36.544,0
21,0 121,198,0 109,288,0
896,0 155,164,0
29,018,0 634,117,0625.793,0
1,969,0 105,062,01 95,220,0
31,883,0 894,343,01 864.136,0
13,218,01 13,336.0
4,085,0
3,543,0
4,685,0
65,077,01 64,809,0
1.590,0 11,109,0; 11,064,0
6,275.0 80,871,0, 79,416,0
4,437,0 69.448,0' 68,877,0
1.788,0 11,423,0 10,539.0
346.875,0
143.609,0
871.039,0
37,621,0
117,667.0
149,688,0
623,114.0
95,711.0
868,513,0
12,036,0
3,668,0
63.916.0
10.722,0
78.306,0
68,334,0
9.972.0
•Cash in vault not counted as reserve for Federal Reserve members.
New York City Non-Member Banks and Trust Com-The following are the returns to the Clearing House
panies.
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
Members of
Fecirl Reeve Ban
Grace Nat Bank__
1765
THE CHRONICLE
•
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 Oct. 7 1925 in
comparison with the previous week and the corresponding
date last year:
Oct. 7 1925. Sept.30 1925. Oct.8 1924.
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
300.609.000
12,600.000
300,609,000
13,886.000
509,827,000
7,761,000
Gold held exclusively agst.F.R.notes_
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank
313,209.000
253.001,000
341.508.000
314,495,000
260,222.000
339,641,000
517.588,000
189.614,000
172,305,000
Total gold reserves
Reserves other than gold
907.718,000
24,851.000
914,358,000
24,771,000
879.507300
18358,000
Total reserves
Non-reserve cash
Bills discounted
Secured by U. S. Govt. obligations
Other bills discounted
932,569.000
18,039.000
939,129.000
17,083.000
897,765.000
17,958.000
144,058,000
87,798.000
148,922.000
80338.000
56,446300
18,430,000
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of Indebtedness
231,858,000
31.055,000
229,060,000
28,753.000
74,876,000
94,335,000
1,257,000
54,268.000
2,344.000
1,257300
73,737,000
4,299,000
4,902,000
136,394,000
46,020,000
Total U.S. Government securities_
Foreign loans on gold _
57.869.000
2.889.000
79.293.000
2,754,000
187,316,0011
Total bills and securities (See Note)...
323,669,000
339,860300
356,527,000
Due from foreign banks (See Note)._
Uncollected Items
Bank premises
All other resources
639,000
157.119,000
17363.000
3,509,000
639.000
143,759.000
17,161.600
3,993.000
477,000
139,528,000
16,718,000
8,461,000
Total resources
1,452,707,000 1,460,985,000 1,437,434,000
LtabgitiesFedi Reserve notes In actual circulation_
-Member bank, reserve excl._
Deposits
Government
Foreign bank (See NW)
Other deposits
353,669,000
854,193.000
2,546,000
6,380,000
9,718,000
355,684,000
863,184.000
7,753,000
6.084.000
9.108.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
872,837.000
131,751,000
31,967,000
58,749,000
3,734,000
886,129,000 921,876.000
124,914,000 111,793,000
30,201,000
31,953,000
59.929,000
58,749,000
1,823.000
3,556,000
Total liabilities
Ratlo of total reserves to deposit and
Fed'i Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondents
311,812,080
894,584,000
8,759,000
10.491.000
8,042.000
1,452307.000 1,460385300 1,437,434,009
76.0%
75.6%
72,8%
11,183,000
8.863,000
5,191,000
NOTE.-Beginning this week two new items have been added to the statement In
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption "Total earning assets" has been
changed to "Total bills and securities." 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 Sections 13 and 14 of the Federal Reserve Act,
which are the only Items included therein.
1766
THE CHRONT CI E
[VoL 121.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct. 8, 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 1742, 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 OCT. 7 1925.
Oct. 7 1125. Sept. 30 1925. Sept. 23 1925. Sept. 16 1925. Sept. 9 1925 Sept. 2 1925 Atty. 26 1925. Aug. 19 1925. Oct.8 1924.
RESOURCES.
S
$
$
$
-s
$
s
$
$
1.365.341.000 1,381,941.000 1.405.694,000 1,459,568,000 1.451,175.000 1.441.993.000 1,444,444,000 1.437.985.000 1,984,893,000
Gold with Federal Reserve agents
48.726,000
39,605,000
58.906,000
54,197,000
64,433,000
Gold redemption fund with U. S. Treas.
48,019,000
54,343,000
44,340.000
42.787.000
Gold held exclusively agst. F.R.notes 1.424,247,000 1,436,138,000 1.454.420,000 1,537,587,000 1,495,515,000 1.484,780,009 1.498,787.000 1.502,418,000 2,024,498,000
Gold settlement fund with F. R. Board_ 748,208.000 738.603,000 719,341,000 636,567,000 679.410.000 689.685.000 665,842.000 633.307.000 619,128,000
Gold and gold certificates held by banks_ 588,933.000 587.226,000 591,784,000 598.530,000 595,696.000 602.230.0110 597.524,000 609,481,000 402,320,000
Total gold reserves
Reserves other than gold
2.761,388.000 2,759,967.000 2,765,545,000 2,772,684,000 2,770,691,000 2,776.695,000 2.762,153,000 2.775.206,000 3,045,946,000
101.093.000 105,567.000 105,394,000 109,020.000 110,230,000 121,205.001 125,374,000 130,218,000
85,694,000
Total reserves
2.862.481.000 2.865.534,000 2,870.939,0002.881.704,000 2,880,921.000 2.897,900.000 2.887.527.000 2,905,424,000 3,131,640,000
51,872,000
48.409.000
48,189,000
46,771,000
Non-reserve cash
51,520,000
50.309,000
43,614.000
51.416.000
46,237.000
Bills discounted:
Secured by U. S. Govt. obligations- -- 320,381.000 316,794.000 337,649,000 228,594,000 361,724.000 320,527.000 310.690.000 290,432.000 110,444,000
323.648,000 316.394,000 303,078,000 259,346,000 274.468.000 256.363.000 268,985.000 269.051,000 155,944,000
Other bills discounted
644.029,000 633,188,000 640,727,000 487.940,000 639.192.000 578.890.000 579,675,0011 559,483.000 266,388,000
Total bills discounted
283,944.000 268,310,000 238.493.000 211,962.000 214,143,000 213,167.000 201,519.000 195.309,000 175,392,000
Bills bought in open market
U. S. Government securities:
39,316,000
55,618,000
55,610,000
55,418.000
55.658,000
70,403.000
69,188,000
Bonds
69,942.000
69,688,000
249.811,000 268,155.000 251.603,000 245,751.000 236,801,000 230,996.000 230.255,000 224,699,000 397.916,000
Treasury notes
18,695.000
15,919,000 108,080.000
19,093.000
19.910.000
29.373,000 143,989,000
Certificates of Indebtedness
25,274.000
32.306,000
Total U. S. Government securities_ _ _
*
Other securities (See note)
Foreign loans on gold
324,124.000
2.420.000
10,604.000
342,906.000
2.420,000
10.200.000
323,132,000
2,420,000
8,100.000
409.249,000
2,420.000
7,500,000
327,114.000
2,320.000
7,500.000
326.212.06
0
2,320,000
7.500.000
332,249,000
2.350.000
10.500,000
323,260.000
2,350,000
10,500.000
581,221,000
1,750,000
Total bills and securities (See Nage)_ _ _ 1,265,121.000 1,257,024.000 1.212.872,000 1,119.071,000 1.190.269.000 1.126,089,000 1.126.293,000 1.090,902,000 1,024,751,000
713.311,000 655.053,000 685.239.000 928,961,000 658,563.000 628,059,000 579.518.000 664.573,000 626,384.000
Uncollected items
61.475.000
61,401,000
61,399,000
60,070,000
61,370,000
Bank premises
61,333.000
61.245.000
61,180.000
61,210.000
639.000
639,000 1
477;000
Due from foreign banks (See Note)
J
18.062,000
17,700.000 1 18,751,000
20,305,000
All other resources
23.260,000
22.097,000
21,983,000
21.849,000 1 25,992.000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits
-reserve account
Member banks
Government
Foreign bank (See Note)
Other deposits
1,969,498,000 4,905,540,000 4.901.072,000 5,062,931,000 4,857,960,000 4.781.627.000 4.727,947,000 1.794,237,000 4,916,085,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2.283,057.000 2,267,979,000 2,267,454,000 2,230.198,000 2.244.506.000 2,235.728.000 2.236,538.000 2,237,193,000 2,255,551,000
636.162,000 603.977.000 614,787.000 807,583,000 585.596.000 561,085.000 528.297.000 594.188,000 557.432,000
116,461.000 116,440,000 116,433.000 116.423,000 116.380.000 116,363.0011 116,324.000 116,313.000 111,981.000
217.537,000 217,837.000 217,837,000 217.837,000 217.837,000 217,837,000 217.837.000 217,837,000 220,915,000
14,853.000
14,213,000
14,193.000
13,591.000 . 13.526.000
13,064.000
12,889,000
12,754,000
12,517.000
1,701.128,000 1,685,114,000 1,670,348,000 1,677,299,000 1.680,115,000 1.637,725.000 1.615,887,000 1,616,189,000 1,757,452,000
2.238,154,000 2.209,937,000 2.207,090.000 2,197.663,000 2.195.648,000 2.186,513,000 2,183,487,060 2,183,668,000 2,189,536.000
16,732,000
32,169.000
31.302,000
3.528.000
37,546.000
22,786.000
25.321.000
28.688,000
28,687,000
8,300.000
7.530,000 1
J 11,643,000
19.865.000
29,007,000
19.210,000 1 28.195 000
26.072,000
23,814,000
24.363,000
24,858,000 1 16,826,000
Total liabilities
1.969,498.000 4,905,540.000 4,901,072,000 5.062,931,000 4.857,960,000 4,781,627,000 4,727.947.000 4,794,237.000 1.916,085,000
Ratio of gold reserves to deposit and
69.3%
70.2%
70.9%
75.9%
F. R. note liabilities combined
69.8%
70.5%
1.6%
71.6%
72.0%
Ratio of total reserves to deposit and
71.8%
72.9%
72.5%
73.7%
78.0%
F. R. note liabilities combined
74.8%
75.0%
75.4%
73.4%
Contingent liability on bills purchased
35.697.000
34,027.000
33.581,000
34,665,000
for foreign correspondents
34,646,000
31,113.000
31.148.000
31,128.000
18,865,000
Distribution by Maturities1-16 day bills bought in open market1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
2-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness.
16-30 days municipal Warrants
31-60 days bills bought in open market31-60 days bills discounted
31-60 days U. S. certif. of indebtedness
81-60 days municipal warrants
81-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 60 days bills bought in open market
,_
Over 90 days bills discounted
Over 90 days certif of indebtedness_ _ _-_
Over 90 days municipal warrants
F. R. notes received from Comptroller
F. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
Total
$
92.931.000
500.588.000
2.644,000
$
85,686,000
488.986,000
4,409.000
$
74.270.000
492.635,000
865,000
$
50,778.000
352,410.000
94.810,000
46,870,000
35.822,000
49,306,000
36.430,000
46.240,000
38,323,000
43,260.000
38.305.000
36.335.000
36.084,000
34,973.000
37.050.000
37,205.000
27,961,000
17,144.000
38.188,000
24,783,000
30.423,000 . 31,199,000
15.846.000
74.242.000
58,608,000
65,989.000
59,502,000
58.431,000
62.630,000
61,111,000
55,844,000
64,095.000
56,859,000
1.275.000
62,690.000
55.633,000
2,000.000
53.601.000
62.041,000
2.000.000
49,027,000
64,961.000
1,625,000
43,102,000
43,993,000
3,000
55.930,000
42,216.00(1
1,618,000
55.055,000
41.776.000
1,746,000
49,141,000
41,407,000
1,684.000
45,022,000
34,858.000
1.203,000
41,988.000
33,024.000
39,900.000
40,916,000
550.000
36,469.000
39.568,000
37.905,000
44,151,000
21,581.000
25,992,000
68,264,000
13.962.000
6.795.000
14,433,000
11,374.000
6.494.000
12,938,000
10,108.000
5,732.000
13,370,000
11,791.000
6.723.000
12,067,000
13,451,000
8,114.000
4,459.000
14.921.000
8,987.000
4,534.000
12,160,000
11.849,000
8.882.000
11,132.000
15.612.000
8,655,000
7,150,000
7,318,000
75,722,000
$
$
58,274.000 60,683.000
505.311.000 434.304,000
14.176.000
18.100,000
$
62,084.000
438,256.000
4,280.00(1
$
59,057,000
404,336,000
3,247,000
0
78,776,000
157,886,000
,
2,944.762.000 2.940.580,000 2,950,946.000 2.946,295,000 2,907.442,000 2.917.358.000 2.908,605.000 2.907,445,000 3 163,884,000
949.821.000 960,287,000 963,786.000 970,667.000 953.899.000 991.769.000 992,998.000 1.000,504.000 913,747,000
1.994,941.00(1 1,980.293,000 1,987,160,000 1.975,628,000 1.953,543.000 1,925,589,000 1.915,607,000 1.906,941.000 2 520,137,000
.
307,901,000 308,701,000 310.698,000 309.098,000 309,098,000 307.501.000 331,504,000
105,346,000 110,150,000 112.018,000 113,963,000 101,659,000 105,034.000 111,364,000
992.447,000 1.070,717.000 1,028,4591100 1.018.932.00(1 1.033.687.000 1,025,450.000 1,542,025.000
838,938.000 869.519,000 808.848,000 745,186.000 747,811.000 719,937.000 423,368.000
)v50 720 00r 2,242,005 000 2,244,632.000 2.159.097.0 2,250 023 000 2,147 170 000 2,102 215 000 2.117 9220002408.261,000
00
307.731.000
110,905.000
946.705,00)
885.379,000
307,731,000
115,490,000
958.720.000
860,064,000
NCYFE.-BegInnIng this week two n .w itelnl have been added to the stater/jell in order to show superately the alouuot or iminbe,s held abroad and amodnla due
to foreign correspondents. In addition, the caption, "All other earning assets," now made of Federal Intermediate Credit Bank debentures, has been changed to
"Other securities." and the 991
4109 "Total earning assets" to "Total bills and securities." 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 Sections 13 and 14 of the Federal Reserve ACt, which are the only Items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT.7 1925.
Two ciphers (00) waned.
Federal Reserve Hank of-
B03104.
RESOURCES.
$
Gold with Federal Reserve Agents 119.610.0
0,166,0
Gold reci'n fund with U.S. Treas_
Gold held exel. agst• R.F. nOtee 128,775.0
Gold settle't fund with F.R.Board 18,863.0
28,354.0
Gold and gold certificates
'Total gold reserves
Reserves other than gold
203,992.0
13.667,0
217,659,0
Total reserves
4.214.0
Non-reserve cash
Bills discounted:
Sec. by U. S. Govt. obligations 14,509,0
23,153.0
Other bills discounted
New York.
Phila.
Cleveland. Richmond Anataa. Chicago. Si. Louis. Mioneap. Kan. City
Dallas. San Fran.
Total.
$
$
$
$
$
$
$
$
$
$
II
$
300.609,0 130,319,0 181.022,0 54.752,0 133,638.0 115.003,0 19.701.0 44.420.0 43.257,0 32,181.0 190,799,0 1,366 341,
.
0
12,600,0 12,861,0 4,162,0 1,766,0 2,502,0 31338.0 1,334,0
1,563.0 4,311.0 1,710.0 3,094,0
58.908,0
313,209,0 143,210,0 185,184,0 56.518,0 136,140,0 118.841,0 21,035.0 45,983,0 47,568,0 33,891,0 193.893M
253,001,0 46,965,0 58,241.0 35,161,0 28.037,0 124.645.0 40,371,0 26,224,0 29.740,0 17,783,0 41,170,0 1.424,247,0
748.208.0
341,508.0 22,244.0 47,535,0 9,273,0 2,578.0 84,179,0 9,283,0 7 420.0 4,350,0 7,321,0 2
4,888.1 588.933,0
212,419,0 290,960,0 100,952,0 166,755,0 327,665,0 70,696,0 79,627,0 81,658.0 58,995.0 259.951,0
907,718.0
24,851,0 5.775,0 6.557,0 3,900,0 6,037,0 14.893.0 9,218,0 1,469.0 3,899.0 5,155,0 5,672.0 2,761.388,0
101.093,0
932,569,0 218,194,0 297,517,0 104,852,0 172,792,0 342.558,0 79,914,0 81,096,0 85,557,0 64,150,0 265,623,0 2,862,411.0
565,0 1,964,1 1,815.0 2,661.0
18,039,0 1.058,0 2,369.0 2,909,0 2,761,0 7,641,0 2,613,0
48,409,0
144,058,0 22,917,0 41,175,0 10,226,0 5,635,0 43,142,0 5,370,C 2,952.0 3,302,0 2,126,0 24,969,0
320,381,0
87,798.0 22.368,0 32,868,0 36,122,0 19,086,0 33,541,0 24,038,0 3,568,0 7,256,0 5,989,0 27,861,0 323,648,0
231,856,0 45.285,0 74,043,0 48,348.0 24,721,0 76,683,0 29,408.0 6,520,0 10,558.0 8,115,0 52,830,0
31,055,0 19,456,0 20,243,0 4,967.0 20,587,0 38,961,0 2,670.0 24,641,0 28,117.0 16,472,0 25,016,0
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness_
37,662,0
51,759,0
537,0
2,238,0
4,896.0
585,0 7,965,0
1.257,0
54,268,0 18,428,0 21.989,0
50,0 1,021,0
2,344.0
1,191,0
835,0 19,928,0 1,197.0
4,252,0 12,398.0 23,480,0 18,873,0
1,048,0 1,610,0
93.0
7,558,0 8,138.0 6.373,0
54,0
9.020,0 22,980,0 22,944,0 38,941.0
1,998,0
700,0 4,937,0
55,618,0
249,811.0
18,695,0
Total U.S. Govt. securities_ _ _
71171.0
57,91190 19.0030 30,075 1
5 443 0 14,079 I 4s sol q 0 10.163.0 19.574 I 33 119 0 30.017,0
43.0320
8241240
644,029,0
283,944.0
OCT. 10 1925.]
RESOURCES (Concluded)
Two ciphers (00) milled.
New York.
Boston.
Phila.
$
$
Other securities
Foreign banks
2,839,0
792,0
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
Another resources
1767
THE CHRONICLE
s
5
541,0
1,092,0
$
439,0
1,477,0
5
492,0
$
$
333,0
Total.
Dallas. San Fran.
Cleveland Richmond Atlanta. Chicago. St. Louis Ifinneap Kan City
$
2,320,0
995,0
$
$
2.420,0
10,604,0
$
357,0
5
100,0
428.0
749.0
323.669,0 87,119,0 126,353,0 57,299,0 60,026,0 162,139,0 52,733,0 48,092.0 72.319.0 54,961,0 122,527,0 1,265,121,0
639.0
639.0
157,119.0 63,131.0 63,131,0 62,960,0 41,786,0 85.201,0 40,038.0 17,510,0 45,281,0 30,589.0 39,968,0 713,311,0
61.475,0
17.163,0 1,289,0 7,948,0 2,446,0 2.780,0 8.099,0 4,709,0 3,047,0 4,646,0 1,834,0 3,324,0
18,062,0
733,0 1,364,0 4,099,0
376,0 2.905,0
603,0 2,248,0 1,444.0
309.0
306,0
3.509,0
97,834.0
66,597,0
4,190,0
166,0
390,710,0 1,452,707,0 371,100,0 497,624,0 231.069,0 282,393,0 607,082.0 180,383,0 153.215,0 210,500,0 154,513,0 138,202,0 4,969,498,0
Total resources
LIABILITIES.
1,701,128.0
T.R.notes in actual circulation_ _ 158,333,0 353,669,0 145,925,0 225,076,0 82,572,0 156,854,0 147,026,0 41,116,0 68,644.0 67.261,0 47,997,0 206,655,0
Deposits:
332,624,0 80.440,0 55.672,0 88,994.0 61,871.0 159,403.0 2,238,154,0
Member bank-reserve acct, 142,818,C 854,193,0 136.286,0 176.748.0 68.819,0 80,286,0
16,732,0
754,0
741,0
5070
955,0
144.0 5,100,0 1.669,0
933,0
2,546,0 1,138,0
1,138,0
1,104,0
Government
8,306.0
185.0
92.0
106.0
87,0
121,0
364,0
109,0
245,0
140,0
283.0
6,330,0
195,0
Foreign bank
19,865,0
795.0
98,0 5,045.0
362,0
1.151,0
939,0
71,0
263,0 1,076,0
166.0
9.718,0
131,0
Other deposits
144,248,0 872,837,0 137.932,0 179,245,0 70,058,0 80,609,0 339.080,0 83,381,0 56,862.0 90.850.0 62,568.0 165,387.0 2,283,057,0
Total deposits
636,162,0
62,428,0 131,751,0 55.176,0 56,571,0 59.693,0 30,412,0 73,027.0 40,092.0 15,885.0 38,469,1 31,185.0 41,473.0 116.461,0
Deferred availability items
31,967.0 11.501.0 13,058,0 5,984,0 4,614,0 15.623,0 5,126,0 3,189.0 4.268,0 4,331.0 8,194.0
8,606.0
Capital pald in
30,426,0 9,971,0 7,407,0 8,977.0 7.592.0 15,071.0 217.837.0
58,749,0 20.059,0 22.462,0 11,701,0 8,050,0
16,332,0
Surplus
14,853,0
840.0 1.422.0
675.0
697.0 1,138.0
954,0 1,900,0
507,0 1,212,0
1,061,0
3.734,0
713,0
All other liabilities
--153,215,0 210,500.0 154,513,0 438,202,0 1,969,498,0
390,710,0 1,452,707,0 371,100,0 497,624,0 231,069,0 282,393,0 607,082,0 180,383,0
Total liabilities
Memoranda.
71.8
71.4
58.0
54.1
64.6
64.2
70.5
72.8
76.9
68.7
76.0
73.6
71.9
Reaerve ratio (per cent)
Contingent liability on bills pur
35,697,0
1,377,0 4,634,0 1,545.0 1,103,0 1,343.0 1,175.0 2,351.0
3,593,0 1,780,0
11.183,0 3,123,0
foreign correspond'ts 2.485,0
chased for
It. It. notes on hand (notes rec'd
from F. R. Agent less notes In
5,9900 38.229.0 293,813e
14,834,0 116,301 0 36,052.0 16.828.0 13.719.1 20.533.0 14,027.0 6,695.0 3.787.0 6,769,0
eIrculation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS OCT. 7 1925.
Federal Reserve Agent at-
New York
Boston
(Two Ciphers (00) Omitted.)
$
T.R. notes rec'd from Comptrol'r 267,497,0
V.R. notes held by F.R. Agent... 94,280,0
P.R.notes Issued to F.R. bank 173,217,0
Collateral held as security for
F.R. notes issued to F.R. Bk.:
Gold and gold certificates___ 35,300.0
Gold redemption fund
14,310,0
Gold fund-F.R.Board
70,000,0
Eligible paper
89,421,0
Total collateral
209.031,0
Phila,
Atlanta
Cleveland Richmond
Chicago
Minn.
St. Louis
Kan. City
Total
San Fr.
Dallas
$
5
5
$
$
$
7 5
S
$
$
$
5
309,883.0 2.944,762,0
753,670,0 213,177.0 282.974.0 120,850.0 224,007.0 431,130,0 73,211,0 91,081,0 99,813.0 72.469,0 65,000.0 919,821,0
288.700,0 31,200,0 41,070,0 24,559,0 46,620,0 270,077,0 25,400,0 18,650,0 25,783,0 18,482.0
244,883,0 1.994,941,0
469,970,0 181.977.0 241,904,0 96.291,0 177.387,0 161,053,0 47,811,0 72,431.0 74,030.0 53,987,0
307,731,0
17,136,0
10,575,0 13,052,0
186.698,0 4,800.0 8,780,0 21,160.0 10,230,0
110.905,0
27,911.0 12,160,0 12,242,0 4,092.0 7.408.0 4,359,0 1.626,0 1,368,0 3,897.0 3.545.0 17,987.0 946,705.0
172.812,0
86,000.0 113,389.0 160,000.0 29,500,0 116,000.0 110,644,0 7.500.0 30.000,0 39.360.0 11.500.0
45,159,0 115,566.0 32,061,0 30,586.0 38,555.0 24,562,0 77,623.0 835,379,0
233.736,0 54,038,0 93,172,0 50,900.0
2,250,720.
534,345,0 184.387.0 274.194.0 105.652.0 178,797.0 230,569,0 51,762.0 75.006,0 81,812.0 56,743.0 268,422,0
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;
the liabilities of the 725 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 1742
ciphers OMB omitted.
I. Data for all reporting member banks in each Federal Reserve District at close of business Sept. 3D 1925. Three
Federal Reserve District.
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts
Boston. New York
41
102
$
$
88,640
10,245
336,977 2,347.847
664,863 2.562,579
1,012,085 4,999.066
Total loans and discounts
Investments:
39,784
9,786
U. S. pre-war bonds
76,899 591.943
U.S. Liberty bonds
22.593 196,461
U.S. Treasury bonds
4.418 177,990
U.S. Treasury notes
16,460
7.261
U. S. Treasury certificates
Other bonds, stocks and securities 202,424 1,142,123
Phila.
Ciereiand, Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City
Total.
Dallas. San Fran.
25
70
49
725
$
$
200.171
8,202
240,845 5,270.752
894,269 8,361,191
67
75
3
19,667
504,615
769,482
72
$
7,757
134,778
377.663
100
36
S
S
30.696
7,352
98,549 820.554
418,997 1,243,248
33
S
6,913
174.229
325.385
$
2,548
66,406
178.917
S
3.666
108,439
324,313
S
3.009
79.101
220.624
750,674 1,293.764
520,198
524,898 2,094,498
506,532
247,871
436.418
302,794 1,143,316 13,832,114
12,729
22.742
11.001
6,938
2,602
111.265
6.896
25,712
12.277
18.871
1.821
42.561
8.998
55,240
16,173
16.048
3.800
80.412
55
$
11.411
358,412
380,851
9,690
49,967
15.801
7,946
4,810
254,573
32,731
169,600
34,371
34,247
18,724
347,026
25,763
29.228
7,607
2024,
2.362
61,518
14.986
14.349
5,781
2,344
4,894
52,846
17,607
170,695
54,570
76,513
6,937
429,418
323,381 2,164,761 342,787 636,699 128,502
95,200 755,740 167.277 108,138 180,671
Total Investments
-----Total loans and Investments._ 1,335,466 7,163.827 1,093.461 1.930,463 648,700 620,098 2,850,238 673.809 356.009 617.089
53,523
24,232
45,771
42.279 240.620
Rirerve balances with F. R. Bank..
38,782
.
79 916 121,527
.133 773.489
97
13,666
6.015
8,189
50.047
79,451
19,325
15,339
30,278
15.138
Garin In vault
14,094
1.798.854 384,846 229.129 503,720
907.939 5.661.419 770,677 1.015,487 371,378 360.632
Net demand deposits
362,298 1.182,225 188.238 760.204 198,718 207,109 985.959 210,404 107,130 138,028
Time deposits
2,174
3,048
5.108
5.251
13.463
17,897
23,001
11,322
Government deposits
28.493
1,209
Bills pay'le & redise. with F it. Bk.
628
1,055
2,696
9,395 129.926
8.826
26.877
19,940
Secured by 13,5. Gov't obligation
1,960
6,433
2,540
1,097
17,880
67,016
21,604
11,387
All other
16,080
19,478
17,118
16,644
Bankers' balances of reporting member banks in F. R. Bank cities:
58,206 106,483
127,189 1,137,278 186,514
85,165
Due to bank
47,536
25,888 378.690
33,985
44.192
24.248
31,334
41,225 112.342
66,587
Due from bank
22.445
13,178 165.336
19.320
17.090
16.178
7.104
7.847
4.759
21.932
220.065
24,005
144.401 1,367,044
431.546
47.807
382.549
27.363
97.903
23.473
194,722 2.940,820
74.910
461,861 5.439,927
377,704 1.605,177 9.272.041
28.685 103.331 1,649.288
284.282
21,176
11.564
270.318 771.970 13,046.369
798.392 5,233.986
95.281
142,381
22,859
8,556
1,434
1,742
40.753
31.513
26.406
15.367
235.576
207,952
104,334 2,330,021
620.181
47.967
2. Data of reporting member banks in New York City. Chicago, and for whole country.
All Reporting Mertkpe
Sept. 30 1925. Sept. 231925.
Banks,
Reporting Member Banks In N. Y. City
Reporting Member Banks in Chicago.
Oct. 11924. Sept. 30 1925. Sept. 23 1925. Oct. 11924. Sept. 30 1925 Sept. 23 1925. Oct 11924.
-
725
'umber of reporting banks
725
67
745
61
61
$
$
cans and discounts. gross:
$
$
$
3
200,171,000
180,510,003
69,049.000
Secured by U. S. Govt. obligations
192.796.000
63,745.000
83,335,000
5,270.752.000 5.133,144.000 4,469.802.000 2,108.688,000 2,002.979.000 1.891.285.000
Secured by stocks and bonds
8,361,191,000 8,317.998,000 8,119,801,000 2,252,945,000 2,240.125.000 2.320.373,000
All other loans and discounts
46
$
22,739.000
623,400,000
697,348.000
46
$
23,530,000
607.689,060
700.843,000
47
$
25.884.1300
521,080.000
731,436,000
Total loans and discounts
13,832,114,000 13,631,682,000 12,782,399,000 4,444,968,000 4,306,849.000 4.280.707.000 1,343,487,000 1,332,C62,C00 1,278,400,000
3vestments:
4,127.000
220.065.000
219,292,000
U.S. pre-war bonds
1,917.000
1,917.000
40,864,000
265.995,000
29,098.000
29.098,000
82.882,000
1,367,044,000 1,365.496.000 1,421,347,000 497,803.000 495,187.000 590,237,000
U. S. Liberty bonds
96,661,000
95,889,000
3.451,000
431.546.000
436.452,000
U. EL Treasury bonds
16.702.000
16.308,000
13.209.000
66.788,000 180,448,000 183.432.000
94.798 000
373,791.000
382.549,000
53.163.000
61.926.000
U.S. Treasury notes
607,872.000 166.479.000 167,321,000 269.253.000
18.006,000
97,903.000
110,459.000
838.000
U. S. Treasury certificates
1.165,000
13,828.000 138.456.000
290,278,000
13,478.000
Oth erbonds, stocks and securities. 2.940.820,000 2.910,410.000 2,758,372,000 844,522,000 837,107.000 839.842.000 195.622.000 185.510.000 138,372.000
Total Investments
5,439.927,000 5,415,900,000 5.410.652,000 1,731.828.000 1,725,973,000 1,891,861,000
372,500.000
355,118.000
391.636,000
Total loans and Investments_ _ _ 19.272.041.000 19,047,582.000 18,193.051,000 6,176.796.000 6,032,822.000 8,172.568.000 1,715.937.000 1.687.180.050 1.670.036.000
ieeerve balances with F. R. banks.. 1,649,288.000 1,647.998.000 1,620.172,000 718,570,000 714,784,000 730.419.000 166,489,000 160.208.000 163.190.000
26.726,000
63,196,000
283,360,000
61.861.000
22,498.0011
284,282,000
24.345,000
iash In vault
272,789,000
64,336,000
13,046,369.000 12.760.126.000 12.869.706,000 5,110,543,000 4,944.013,000 5.298.065.000 1,208.293,000 1,176.056.000 1.228.085.006
let demand deposits
5,233.986.000 5,188.643.000 4.674.883.000 795.406.000 784.436.000 775.559.000 477 15(1.000 475.317.000 407,884,000
'ime deposits
7
9,834,000
37,909,000
4,120,000
143.954,030
9,916,000
lovernment deposits
9,916.000
. 142,381,000
232,964,000
4,120,000
lIll, payable and rediscounts with
Federal Reserve Banks:
17.450.000
9,111.000
260.784.000
8,681,000
235,576.000
49,183.000 102,740,000 121.040.000
Secured by U.S. Govt. obligations
75.000
8.203.000
2,411.000
207.953.000
56.119.000
194,160.000
4,996.000
42.855,000
62,885,000
All other
Total borrowings from F. R. bks.
443.929,000
454,944.090
92,038,0)50
165.625.000
177,159.000
25.653.000
13,677.000
11.522,000
75.00(1
TH E
Wall Street, Friday Night, Oct. 9 1925.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 1758.
The blowing are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
,E
[VOL 1.21..
were dull and irregular,though prices changes were not particularly striking.
CaultertV 05azeitt.
STOCKS.
Weut Ended Oct. 9.
RONT
Highest.
Railroads.
Par.Shares $ per share. $ per share. 18 per share.X per share.
Ala & Vicksburg__ _ _100
200103
Oct 9103
Oct 9 103
Oct 105
July
Brun Term & Ry Sec 100 5,000 7
Oct 6 934 Oct 9 3
Feb 93( Oct
Buff Roch & Pitts pr_100
20 95
Oct 8 86
Oct 8 95
July
Apr 100
Chic M & StPaul et% 100
300 734 Oct 5 734 Oct 5 7
Sept
Sept 15
Prior ctfs
100
806 1214 Oct 7 1534 Oct 5 1214 Oct 1534 . Oct
Cuba RR pref
100
100 84
Oct 9 84
Oct 9 84
Jan
Oct 89
Duluth S S& Atl _ _ _ _100
300 334 Oct 6 314 Oct 6 234 Apr 434 Aug
Duluth S9& Ati pref 100
200 554 Oct 7 534 Oct 7 354 Apr 634 Jan
100
100 3134 Oct 7 siii Oct 7 2534 July 3314 Aug
Erie ctfs
let Preferred etfs_ -100
100 3914 Oct 7 3914 Oct 7 3634 July 3934 Oct
15,596 I% Oct 5 134 Oct 3, 134 Oct 114 Oct
Illinois Central Rts
50
10 80
Morris & Essex
Oct 3 7734 J.,. 8034 July
Oct 3 80
200 121
New On Tex & Mex_100
Oct 9 12134 Oct 8 11334 Feb 12354 May
*
161 287
NY Rys Part etts
Oct 8 262
Oct 6300
Oct
Aug300
• 300 834 Oct
Oct 7, 834 Sept 12 June
9
Pr Otis
100 2934 Oct 3 2934 Oct 3 28
N Y State Rallways_100
July
Sept 36
Oct 7 71
200 71
Pere Marquette ctfs_100
Oct 71 6034 July 7314 Aug
100 82
Oct 3 82
Oct 3 82
Prior pref etre
Aug
Aug 82
100
3,000 1734 Oct 7 18
Oct 7 hi% Aug 2434 Jan
Reading Eta
To-day's (Friday's) actual rates for sterling exchange were 4 8130
4 81 9-16 for sixty days,4 833:04 83 13-16 for checks and 4 84304 84 3-16
for cables. Commercial on banks sight, 4 83304 83 11-16, sixty days.
4 8004 80 1-16: ninety days, 4 7934a4 79 5-16, and documents for payment
(60 days). 4 80304 805-16, cotton for payment, 4 83%04 83 11-16, and
grain for payment, 4 83304 83 11-16.
To
-days (Friday's) actual rates for Paris bankers' francs were 4.54a
4.5634 for long and 4.58304.6134 for short. German bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.72 for long and 40.08 for short.
Exchange at Paris on London, 104.65; week's range, 104.54 high and
104.88 low.
The range for foreign exchange for the week follows:
Sterling. Actual—
Checks.
60 Days.
Cables.
High for the week
483 15-16
4 81 11-16
4 84 5-16
Low for the week
484
48354
48154
Paris Bankers' Francs—
High for the week
4 5734
4 6334
4 6434
Low for the week
45834
45234
45934
Germany Bankers Marks—
High for the week
23.81
23.81
Low for the week
23.8034
23.8034
Amsterdam Bankers' Guilders—
High for the week
40.21
40.19
39.7534
Low for the week
40.15
39 72
40.17
Domestic Exchange.—Chicago, par; St. Louis, 15025e. per $1,000 discount; Boston, par; San Francisco, par; Montreal, 80.9375 Per 81.000 Premium; Cincinnati, par.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—Below
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York tilook
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Industrial & Misc.
Oct 9 5034 Oct 52
Am Brown Boyer' El wl_ 34,700 5034 Oct 3 52
Oct
Oct 9 86
Oct 7 85
Am Chicle Prior pref___• 1,000 85
July
Oct 92
100 9634 Oct 8 9634 Oct 5 9534 Feb 100 June
100
Preferred
Oct 9 9034 Oct 8 go
Am Piano Pr
Oct 96
100 400 90
July
* 40015834 Oct 5 60
Oct 3 48
Am Republics
June
Jan 76
America. swan
100
200, 4554 Oct 714534 Oct 7 13834 Apr 15034 Feb
Arnold Constable ctfs___ 2,1001 1214 Oct 6 1334 Oct 9 10
Sept 1434 Sept
200 17
Oct 8 1734 Oct 5 15
Art Metal Construe__10
Jan 1734 Sept
• 300 5134 Oct 9 52
Oct 9 45 June 5234 Feb
Atlas Powder
Oct 9 9334 Jan 105
Barnet Leather Pr- _ -1C0 30010334 Oct 9105
Oct
2001 9334 Oct 5 9414 Oct 6 93% Oct 9834 Feb
Bayuk Bros 1st pref_100
Oct 3 4914 Oct 5 25 June 50
Booth Fisheries lszpf 100 1,300' 45
Oct
Oct 7 22 June 3334 Feb
20(1 28
Oct 6 30
Brit Emp Steel let pf 1C0
Bunn Bras mei
100
900 94
Oct 6 9834 Oct 7 9134 July 9834 Oct
Bush Term Bldg pref 100
10010034 Oct 510034 Oct 5 96% Jan 102
Aug
Oct 9 1334 „hull I 9
IC0101) • Oct 9109
Cluett,Peab & Co p1100
Sept
Cbmmercial Credit__•17.800 3834 Oct 5 4011 Oct 8 3834 Sept 4034 Oct
Oct 3 2734 Oct 7 2534 Sept 2714 Oct
600 26
Preferred
2
Preferred B
25 300 2734 Oct 3 2734 Oct 3 2634 Sept 2734 Oct
Jan 7634 Oct
Corn Investment Trust_• 2,600 7434 Oct 6 7534 Oct 3 80
Prefened
100 200 10631 Oct 810634 Oct 7 102
Mar 106% Oct
Continental Can pf_ _100
100,11734 Oct 311734 Oct 3 119
Feb 118
Aug
* 1,3001 8214 Oct 7 8934 Oct 3 62
Cuehman's Sons
Mar 9034 Oct
100
200,10514 Oct 107
Oct 8 8234 Jan 107
Deere & Co pref
July
7,8981 4
Oct 6 534 Oct 9 234 Sept 634 Sept
Detroit Ealson Eta
Durham Hosiery
50
10 17
Oct
0
Jan 17
Oct 3 17
Oct 3 8
Oct 6 112
100112
Eastman Kodak pref_100
Oct 6112
Oct
Oct112
% Oct 8
X Oct 9
Eaton Axle & Spring Rts 4.400
yi Oct
14 ;Oct
Oct 3 yyi Feb 15
Oct 3 13
Sept
Elk Horn Coal Corp._50 800 13
Preferred
100 2134 Oct 6 2134 Oct 6 1234 Sept 25
50
Sept
Oct 5 2234 Oct eI
Emerson-Brant pref_100 2,400 21
May 2634 Aug
Oct 71 go
NO 96
Aug 9714 Apr
Oct 7 96
Essex Cot Mills lstpf 100
Fairbanks
-Morse pf.100
10010934 Oct 510934 Oct 5]j9634 June 110
Sept
Oct 8 8234 Sept 87
Oct 8 83
Feet Light & Trac 0.100 200 83
Mar
Oct 5 100 June 105
First Nat Pic 1st pt_ too
50010434 Oct 5105
Oct
*15,700 6934 Oct 3 7234 Oct 5 6834 Sept 7234 Oct
Fox Film A
Franklin-81mm preL leo
180 10534 Oct 710534 Oct 7 10134 Mar 106
Aug
Oct 9102
100 120
Oct p118
*
Gen Baking Co pref
Oct 12014 Apr
Oct 5 234 Oct 8 1
Gen Railway Sig•nal Rts_ 11,459 1
Oct 234 Oct
Great West Sugar pf.100
40011334 Oct 711334 Oct 7 107
Apr 1153k June
* 3,000 2134 Oct 7 2251 Oct 8 2114 Oct 23
Gould Coupler A
Sept
Guantanamo Sugar_ _ _ _• 400 434 Oct 5 434 Oct 8 334 Sept 655 June
Oct 5 9234 July 89
500 6234 Oct 3 63
Hanna 1st pref C I A_100
Feb
Helme(G VV)
25 300 7234 Oct 6 7334 Oct 8 66
Apr
May 83
100115
Preferred
0c3 5115
Oct 5 11434 Sept 115
100
Oct
5
Hydraulic Steel lstpf 100
logl 5
Oct 7 5
Oct 751 Apr
Oct 3 8534 Oct 6 74
Indian Refining pf_100 30 85
Sept 95
Jan
100
165,280
Oct 5289
Ingersoll Rand
Oct 8 218
Oct
May 289
Oct 5105
Oct 8 104
Internet Cement pf _ .100 1,400,104
sept107
Aug
Jones & L Steel pref_100
10011514 Oct 911534 Oct 9 11134 Feb 116 TAug
500107
Oct 610734 Oct 6 99
K C Pow & Lt Ist pi_ _ _*
Jan 10914 Sept
10
1001
% Oct 9
34 Oct 9
Kansas & Gulf
34 may 114 June
Oct 7 95
100
100101
Kinney Co pref
Oct 7101
Sept
Apr 101
Oct 8400
Oct 8 390
Kress Co
100 200390
Oct400
July
Kuppenheimer & Co —5 100 2434 Oct 6 24% Oct 6 2334 Sept 27
Feb
Oct
Oct 7201
100201
Aug 232
Mack Trucks 1st Paid.*
199
Aug
100 200 7134 Oct 7 7134 fact 9 66
Mar 7834 Feb
Mackay Cos pref
100 20011734 Oct 711734 Oct 9 11434 Jan 118
Macy Co pref
Aug
Oct 3 43
Oct 8 45
Oct 55
100
700 43
July
Manati Sugar
Oct 7 9234 Oct 6 8334 Apr 94 June
Mid-Coot Petrol pf—100 200 01
Oct 6 3134 Oct 7 30
• 500 30
Oct 4214 Mar
Murray Body
Oct 9 212
Oct 5222
500212
Oct 222
Oct
Nat Surety
Oct 6 8234 Jan 111
100
Oct 6 90
100 90
July
Preferred
Oct 7 17
Oct 3 87
Feb 87
Oct
N Y Shipbuilding
* 5,200 69
Oct 7 97
Oct 7100
100100
Jan 102 June
NY Steam 1st pref._ _ _*
Norwalk T & Rub__10 14,100 1434 Oct 7 1614 Oct 0 1234 Sept1834 Aug
Onyx Hosiery pref _100 200 88
Oct 5 8834 Oct 6 7834 Mar 9331 Sept
Owens Bottle pref___100
10011434 Oct 611434 Oct 6 11034 Apr 11434 Oct
Parish & Bingham Mpg• 100 134 Oct 9 134 Oct 0 134 Jan 134 Feb
Pathe F.xchange A
•15.300 7734 Oct 3 8134 Oct 6 7634 Oct85
Sept
Philadelphia Co pref__50
Oct 9 4534 Jan 49
Oct 9 49
100 49
July
Oct 5 18
Phoenix Hosiery
5 1,400 35
Apr 4234 July
Oct 6 36
Oct 7 84
Preferred
Oct 7 97
100 97
Apr 97
100
Sept
Pitts Term Coal pref _100 400 87
Oct 8 79
July 88
Oct 8 87
Jan
Pitts Ut Pr etre, New _
200 1334 Oct 3 1334 Oct 3 13
Aug 1514 July
Porto Rican-Am Tob 100
Oct 7 4054 Mar 62
100 56
Oct 7 56
Sept
Oct 5 27
Prod & Ref Crop pi_ _ _50
Oct 5 30
200 30
Sept4754 Feb
P S Elec & Gas pref_ _100 1.200 91334 Oct 6 9734 Oct 5 9234 May 9734 Sept
Pub Serv Elec Pr pf _ _ 100
20010434 Oct 7 105
Oct 8 9654 Sept10534 Sept
Oct 9 11454 Mar 121
Aug
fly steel Spring pref _100 60011734 Oct 3119
Sept 9554 Sept
Reid Ice Cream pref _100
Oct 3 94
Oct 3 95
100 95
Oct 6 63 May 9434 July
Oct 6 81
100 81
Reis(Rt)& Co 1st p1100
Simmons Co pref_ _ _100
.
Oct 5 10034 Jan 106
30010534 Oct 6 106
Oct
Oct 5 9954 Jan 110% Aug
Oct 5 107
200 106
So Porto Rieo Sue pf _100
Stand Gas & El pref __50 601 5354 Oct 5 5354 Oct 6 5034 Mar 5534 Aug
11 415
Oct 8 255
Texas Pac Land Tr_ _ 100
Ap 425
Oct 8415
Sept
•10, Ii 3354 Oct 6 35
Oct 6 3234 Sept 35
The Fair
Sept
Oct 5 100
Tidewater 011 pref_ _ _100 900 100
Oct 5 100
Aug 100
Aug
Oct 3 115
100120
Mar 120 June
Oct 9 120
Under Typewriter pf _100
10011934 Oct 711934 Oct 7 116
June 11934 Oct
Un Cigar Stores pref _ 100
Oct 8 2734 Oct 9 issi Apr 2734 Sept
Un Paperboard Co 100 1,000 26
*
200 5734 Oct 7 5734 Oct 7 5134 Mar 5734 Sept
II S Tobacco
Oct 6 134 Oct 6 1
200 1
Sept 5
Virginia Carolina ctfs _
July
1,000 1034 Oct 7 1234 Oct 5 4
Mar 18
Apr
Preferred etfs
Oct 7 104
21110854 Oct 5 109
Jan III
July
West Penn Power pf _ 100
Oct 3 20
Oct 3 17
1 i i 20
Sept 42
100
Mar
Preferred ctis
•No par value.
Foreign Exchange.—Sterling exchange was quiet but
steady and fractionally higher, as a result of the sentimental
influence of gold imports. The Continental exchanges
Daily Record of U. S. Bond Prices. O2.3. Oct. 5. Oct.6. Oct. T Oct. 8. Oct.9.
.
First Liberty Loan
:High 1002s. 1001., 100
1001
., 10011, 100%,
334% bonds of 1932-47__4Low_ 11)0,
,,
993132 993%1 991
.4. 99311, 99“,,
(First 334s)
(Close 100%.
99.
111 99"2: 100lis
99441 1002st
Total sales in $1,000 units.- 17
118
44
211
22
38
Converted 4% bonds of illigh
- --_
-- -----------Total sales in $1,000 units...
Converted 434% bonds (High
of 1932-47 (First 434s)4 Low_
(Close
Total sales in $1,000 units..Second Converted 434%(High
bonds of 1932-47 (First{ Low.
Second 434s
Total sales in $1,000 units.-Converted 454% bonds (High
4% bonds of 1927-42._ _ _ 4 Low.
(Second is)
(Close
Total sales in $1,000 units_ - Second Liberty Loan
(High
of 1927-42 (Second
i Low.
414s)
(Close
Total sates in $1,000 units- -Third Liberty Loan
(High
434% bonds of 1928
{Low(Third 454s)
(Close
Total sales in $1,000 units_ _
.
Fourth Liberty Loan
(High
434 % bonds of 1933-38...( Low.
(Fourth 434s)
(Close
Total sales in $1,000 units__
Treasury
(HIV;
454s, 1947-52
(Low_
(Close
Total sales in $1,000
uses--{High
4$, 1944-1954
Low_
Close
Total sales in St non Matt
----- --- ----—
10123
- .. 10131
- ., 101%, 10121ss 102lis 101"ii
1012%, 10121
., 10122
., 10110
., 1012%. 101.
211
1012%. 1012
.., 1012
%, 10124
., 101. .1 101..,
2
2
2
22
162
17
24
67
- ------------------ --- ----------------___.
-------- -100.1..
100"is
1002%.
15
,
10110
101%.
1018,1
73
1024,,
1021s:
.2
1023
333
____
-- ----_
---103...
1032n
103.rs
6
---10010s.
1031%.
1001%.
1002
.,,
100"21
.,
10020
107
101121,
1010,2
1012n
203
1024
,,
102
1021,1
274
1061in
1061.2
1064,2
28
1033,,
102"ri
102
,7,2
2
---------------100
---------100
--------100
I
10 .2i,, 10 2i, 1002
0
0
%,
100"st 100", 100"n
10020
., 10010
, 1001%,
233
44
102
101%, 101%, 101%,
101.,1 101%, 101in
101'., 101%, 1012
.,
55
167
265
1024,2 1024,, 10241,
102in 102iss 102 is
,
102%, 1023
., 102%,
364
53
302
106lin 106in 1061in
1060,1 106Trs 1064,,
1061%, 106%, 10611U
23
11
12
1033
., 103%, 103%,
102",, 102"21 102":1
102118 10334 1031a
77
78
113
-_.....
__-..-1002%,
1002%,
1001%,
183
101%,
101'n
101%,
42
1020,1
102%,
102%,
63
106"Is
1064n
10644n
80
1032s,
103 r2
,
103 82
,
17
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
5 lst4Sks
11 2d 454s
1011%2 to 1012211 13 3d 434,
100.3,, to 1013,. 81 4th 434,
1012 to 102%,
.,
10120,,10 102',,
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Ana.
!M.
Maturity.
awe. Bid. Asked.
Asked.
Rate. Bid.
Maturity.
Mar.15 1928_ 434% 10071,
Dec. 15 1925_ 454% 100116
Sept.15 1926-- 434% 10071,
June 15 102R
20
1001,26
.1
10017
10054
100,7,,
0013
.,
June 15 1926— 334% 9914 100ili.
Dec. 15 1927— 434% 1010
., iii113,1
vier. 15 1927_ 434% 101%, 101%,
Dec. 15 1925— 8%
9912
. 0412t
New York City Banks and Trust Companies.
An prices dollars per share
Ask
Bid
Trust Co.Bid
Banks
New York
BHaamnocitoorn- — 185
Amer Exch -. 455 4 1085 lib Ametican _ ---55
Amer Unlon•_ 190
_ ... Harriman-- 485 505 flank of N Y
BroadwayCen 210 240 Manhattan* - 220 225
& Trust C 610 620
Bronx 3,1ot:
B
13n.
___Mesh&itt 555 565
ro
Met_ 440 450 Bankers Tru
M
425
___ Bronx Co Tr_ 200 225
... 650
22
__ _ Mutual*
5
___
Bryant Park* 215 225 Nat American 155
3entral Union No 890
Butch & Doe, _188
National City 525 530 Empire
355 365
Capitol Nat__ '235 250 New Neth*
265 285 v.:imitable Tr. 329 322
Cent Merean. 270 290 Park
arm
510 520 , L & Tr_ 570 580
Chase
115 125 Fidelity Inter 330 $60.
535 540 Penn Exch
Chath Phenix
Fulton
ort Morris— 200
nnilo
350
Nat Bk &Tr 357 362 P
3uaranty Tr_ 34° 400
600 bib
390
Chelsea Etch* 220 235 Seaboard.... 635 645 Irving RankChemical
665 675 Seventh Ave_ 145 155
Columbia Tr 335 340
c rlniol
C io ds Iron... 340
425 450 Lawyers Tr
...... Standard
.
633 650 vlanufasiturer 498 ioi
___ State
140 150 Autual
Commerce... 395 400 Trade*
(wen225
Com'nwealt • 330 340 United
-- _
cheater) __. 200
h
.
28
Continental
230
— UnitedStates* 275 . 2_
Eia
cosn 0 xchn
Corm, . 535
E la _
['ltTe T dr-Ti
l
ifft
190
_....__ Wash'n lite_ 300
655
(IStootri taeo 1875 380
orooklyn
ki s Tt 330
East River... 350 365 Coney Island' 210
1850
450
Fifth Avenue* 2300 2-00 First
Neetchea Tr. 400
First
2875 2925 Mechanics' - 225
Brooklyn
Franklin
Brookly n Tr_ 830
150 160 Montauk* — 265
m ow Co
315 536 iClingsoodun_tx: 2250 2350
e
eld
60 370 Nassau
120
450
Grace
People's
270
.
Greenwtch•
2
450 Queeissboro* 175 4 0 People%
900 925
-dividend
*Banks .narked()are State banks (3)Es
Banks—N.Y. 2
nnierion......90
8id
Ask
:12
New York City Realty and Surety Companies.
AU writes dollars per share.
Bid
170
158
295
232
Alliance R'Ity1
Amer SuretyBond & M G.
Lawyers Mtge
Lawyers Title
& Guarantee 330
Ask
180
162
305
240
340
Mtge Bond__
Nat Surety-N Y Title &
Mortgage..
S CasualtyUS Title Guar
Bid
135
219
Ask
140
223
465
315
345
355
475
Bid
Realty Assoc
(Bklyn)eom 460
let prof
93
2d pref____ 86
Westchester
Title & 'Fr. 415
40$
480
es
89
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1769
OCCUPYING FIVE PAGES.
For sales during the week of stocks usually Inactive, see preceding page.
-PER SHARE, NOT PER CENT.
HIGH AND WW SALE PRICES
Estarday,
Oct. 3.
Ai °tidal/.
Oct. 5.
Tuesday.
Oct. 6.
Wednesday
Oct. 7.
Thursday.
Oct. 8.
Friday,
Oct. 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
-share lots.
On basis of 100
Lowest
Highest
PER SHARI!
Ranee for Prow"'
Year 1924.
Lowest
Hiyhest
per Mtn,
Per share
Par
Railroads.
4
1
/
12 Apr 22 Do!
100 22 Feb 17 44 Aug 19
*3934 40
*37
*37
40
40
4034 403
400 Ann Arbor
40
4
/
4 411 413
4 40
25 Mar 44314 Dix
100 40 Mar 24 6012May 8
Do prof
*5612 57
*5612 57
*56
*5612 59
5812 *56
59
*5512 59
4
4
1
/ Jan 1202 Dee
97
2
2
1217 1204 12114 12018 121
3
120 8 12112 7,600 Atch Topeka & Banta Fe_ _100 11614 Jan 16 1277 Mar 2
4
12114 122
121 122
1203
1
/
8613 Jan 964 Dec
100 9212 Feb 17 ggeOune 25
9412 9412 9412 943
2
900 Do pref
95
947 95
4
95
3
95 8 954 95
95
5 Dec
1
/
14 Feb
712Mar 6
3 Jan 14
4 6
53
6
6
6
4,600 Allantc Birm & At1antio100
4
558 53
6
512 512
64
54
Jan 15214 Dec
193 19512 194 197
19134 193
198 19914 194 1963 192 195
6,200 Atlantic Coast Line RR_ 100 14714 Jan 16 201 Sept 18 112 Apr 84 Dec
4
4
1
/
4
1
/
52
4
1
/
100 71 Mar 30 84 Mar 13
814 821
8112 8014 8134 80
813 21,100 Baltimore & Ohio
4 8012 8118 81
803
81
4
4
1
/
4
1
/
58 Apr 88 Dec
4
1
/
100 82 Apr 21 8612 Jan 8
6612
*66
66 66
664 664 *63
900 Do pref
661s 6618 664 66 66
1
39 4 Dec 4414 Dec
3514 Mar 23 49 Oct 5
50
4612 4738 4712 4712 46
474 473
48
47
46
46
4
1
/ 8,300 Bangor & Arooetook
49
Jan 95 Nov
86
100 89 June 22 96 Sept 15
8
4
2
947
* 1; 96 • 8 964 *947 953 *947 953 *947 953 *947 953
8
4
8
Do prof
4
4
947
1
/
12
13 Jan 414 Dec
15
4
564 57
,
8 5614 56 2 553 56 4 56
4
5612 8,700 Bklyn Manh Tr v t c___No par 351s Jan 5 59 Sept 28
,
564 563
4 553 573
8
4
482 Jan 75 4 Dee
4
1
/
No par 72 Jan 2 82 July
8 794 80
81
8012 804 1,300 Do pref v t c
*79
,
86 4 794 797
8
803 804 80
4
1
/
92.sMay 2; 40 May 88 Dee
76
Buffalo Rochester & PItts_100 48 Apr 2
.
76
86
76
*70
76
86 .70
*70
86 .76
*76
4
1
/
4
1
/
100 13612 Mar 30 152 Jan 8' 142 Ma 15812 Nov
148 149
148 14812 2,400 Canadian Pacific
149 149
2
4
14712 1483 1473 148
4
1483 149
Jan 3; 199 Marl 295 Dec
290 2933 *285 295 *280 290 280 292 *280 295 *280 295
4
400 Central RR of New Jersey 100 265 Mar 30 321
8
1
/
100 8914 Mar 30 1114Sept 25; 67 4 Feb 9814 Del
108 10918 10712 1083 106 1073 1053 107
4
4
10612 107 4 1063 1073 25,700 Chesapeake & Ohlo
4
,
4
1
/
100 10514 Apr 14 115125ept 25; 9912 Jan 1094 July
•115 11532 11514 1154 11412 11412 *1133 116 .11134 11418 *1133 1141
Do pref
4
4
300
34 Apr 1012 Dec
10.1 Feb 91
4
1
/
3 Apr 24
100
512 518
54 *5
5
514
600 Chicago AC Alton
,
54 51
*5 4 6
514 5 4
,
2
Ells May 197 Dee
514 Apr 23 1912 Feb 21
100
3
1014 10
Do pref
10 8 1012 1014 103
918 91
8 1018 1013 10
10
2,300
4
100 140 May 20 165 Oct 5, 100 Apr 1501 Nov
0165 170
C
165 165 •155 160 *155 170 .155 170 *155 170
100 C C & St Louis
21 May 88 Dee
4
1
/
100 29 Mar 30 3814 Aug 25
*33
35
36
*33
35
Chic & East.!!! RR.
*33
35
*33
*33
35
*33
36
4
1
/
37 May 62 Del
100 40 Mar 30 5714 Jan 2
*
46
44
*4312 46
43
46
43
*43
Do prof
*4312 451
46
*44
200
1
/
4 Apr 114 Nov
9 Jan 2 15 Feb 7
11
1112 103 103
4
3
4,200 Chicago Great Weetern_A00
4 1014 104 101g 1014 10 2 104 1014 107
1012 June 31.s Nov
4
1
/
100 1914 Mar 30 32 Feb 6
243 25
4
Do pre:
8 2312 2438 224 2314 223 237
244 247
9,700
4
8 2318 231
4
1
/
4
1
/ Oct.18 Nov
10
4
1
/
314 Apr 20 16 Jan 7
83
8
74 83
8 8118
4 8
73
8 87
83
8 812
77
8 3 21,000 Chicago Milw & St Paul_ 100
8
8
4
1
/
1814 Oct32 Nov
7
7 Apr 20 2812 J
100
1514 154 1518 1512 14
15
1418 35'2 1414 1512 147 164 26,200
Do pre
8
4
1
/
4914 Jan 75 Dee
4
1
/
881s 5814 6778 687
6813 6612 671
67
Chicago & North Weetern_100 47 Apr 14 75 Jan 12 100
6612 6712 67
s
674 9,500
4
Jan 1141 Dee
4
1015 Apr 14 117 Mar 5
100
O115 11612 •116 117
116 116
115 115 *115 116 *114 116
Do pref
400
2112 Feb 50 Nov
3
457 463
s
8 4418 443
4 454 464 444 457
4 4412 4513 443* 4512 29,100 Chicago Rock Id & Paciflo_100 4018 Mar 30 5414 Mar 21
4
4
1
/
713 Feb 971 DM
100 92 Jan 2 9914 Feb
preferred
4
, 9734 9712 9712 9612 9612 .9514 97
97
Do 7%
97
96
600
97
96
4
1
/
85 Jan 8714 Nov
100 82 Mar 30 8912 Mar 3
,
84 4 8434 84
84
Do 8% preferred
844 84
84
8312 837
84
2 83 8 837
7
2 1,600
12
Jan 57 Dec
13
29
4
1
/
,
*4313 47 .
43
47 .42
47
Chic St Paul Minn & Om 100 331 Apr 22 59 Jan
*42
47
*42
47
*42
47
4
681 Apr 94 Dee
4
1
/
100 73 Apr 21 108 Jan 13
•95 100
*95 100 .94 100 •944 100
Do pref
*9412 97
944 9418
200
Jan 49 Nov
20
100 441s Jan 8 7012Sept 1
62
63
62
4 624 6214 6114 6114 *6114 62 .60
623
61 14 1,000 Colorado & Southern
60 Jan 8514 Dee
100 60 Mar 26 8412June 18
*6312 64 .
prof
64
63
*63
Do jet
*63
64
*63
64
*60
64
64
Not
: 71118
3460721 44 AA21182281
100 54 Jan 21 66 2 A:7
6214 *61
•61
6218 .61
Do 26 pref
64 .61
64 .61
64 .61
63
5 mr 8
4
4
1
/
4
/ jau
100 133 Mar 30 15730A pe 8 104451 M ar li99*.
14438 145
4
1443 1447 14312 144
8
4
143 1438 144 14412 1434 144
2,800 Delaware dr Hudson
4
1
/
11054 Feb 149 Dec
137 137
13612 137
Delaware Lack & Western_ 50 125 Mar 30
13612 1363 136 136
8,900
4
135 136
135 136
42 Dec 6312 Dee
434 438 4218 43
40
421
384 40
3,200 Denver Rio Or & West prof 100 34.8 Oct
3812 3914 344 40
4
1
/
20.4 Jan 35 AIII
100 284,May 1
323 327
4
3214 324 3132 3238 3138 3134 3112 314 31
8 6,700 Erie
313
4
1
/
28 Feb 4914 Dee
4
1
/
100 35 June 23 46 Jan 2
404 414 4084 411
pref
Do let
3952 401
6,200
3913 40
3912 40
4
393 40
4
4
/
251 Jan 461 Dee
4
1
/
43 Jan 6
2
100 34 June
• 4 40
383
•3734 391
Do 2d Prat
374 373 *3712 38
300
*3712 38
*3712 38
4
1
/
53 Mar 75 Dec
100 80 Apr 24
8 7212 731
7178 73
8
733 737
8
72
7112 72
728 723 727 12,400 Great Northern prat
4
1
/
20 Aug 15 40 Jan 19, 28 May 39 Nov
4
4
1
/
_No pa
3114 3114 3058 307
Iron Ore Properties_
8 3012 3034 304 31
3112 321 11,100
317
31
12
4
1
/
100 23 Mar 30 364Sept 8' 112 Apr29 Dee
3138 3132 31
3113 307 31
4
5,100 Gulf Mob & Nor
31
31
304 304 304 32
99 Dec
100 8912 Mar 30 10914 Sept
•101 10218 102 102
Do pref
100 100 *100 103
1,000
10012 10114 10114 102
i
i_ 14 e
ja . . .
51:1_ : 8. _ii .
__
112 Slay 16 246 Sep- 10 _ 205s w
239 239
236 237
235 23512 1,200 Havana Elec Ry, Lt de P100
235 235 *235 239
236 236
4
1
/
4
/
100 211 Mar 18 37 Oct 5'
36
3738 37
8 36
377
8 363 364 16,900 Hudson& Manhattan
374 36
3614 367
361
8
4
1
/
4
/
4
1
/
64 Feb 18 72 July 10' 571 Oct64 Dee
10
*6912 71
Do pref
69
69
7012 70
300
70
*70
6912 6912 *69
70
4
1
/
1
/
100 111 Mar 31 1194 Jai .1 10014 Mar 117 Dec
8
*115 11512 .115 11534 11538 11578 11514 11512 115 115
1147 11512 3,900 Illinois Central
100 11212 Apr 23 119 Jan 7 104 Mar 11714 Dec
Do prof
•1153* 117 *11552 117
400
11634 1163 •1154 1163 115 1154 •113 1153
4
8
4
1812 Nov
4
/
111 July
_100 18 Jan 8 33181341ot III
•
30
31
200 Sot Rye of Cent America_
3012 3012 *3014 303
4
4
4 304 3012 .3018 323 .3012 323
100 5912 Jan 2 witjuly 14, 4414 May 63 Nov
Do pre!
651 .6212 65
85
.
•6318 6514 •6312 6512 .6318 6584
65
*63
8
1312 Mar 23 3412 Feb 9; 12 4 Jan 8914 July
•
26
261
25
25
24
2312 2412 23
244 25
25
234 5,000 Interboro Rap Tran v t c 100 285
,
8141/4
17 Mar 4881% DecD
/Mar 30 4312Sep
100
4
393 4014 3914 4014 37
3812 3912 3912 404 13,700 Kansas City Southern
4014 374 38
Mar
9!
100 57 Jan 15 62 Sent 14
5913 597 597 *5912 6012 *5914 5912 *59
8
Do prat
8
400
5912
60
*59
60
4
1
/
60 69 Mar 30 83 June 6; 83912 Apr 85 Dee
784 79
7714 7714 773 774 3,100 Lehigh Valley
4
2 7718 784 767 77
8
783 787
8
4
1
/ Jan 109 Des
s
100 108 Jan le 1207 Aug 51 87
119 119
118 11912 6,700 Loulaville & Nashville
11714 119
117 11712 117 11712 11612 118
42 Jan 85 Dec
90
400 Manhattan Elevated guar_100 64 May 20 119125ePt 141
88
90
87 .
89
89
87
*87
88
85
89
88
.7
s
4
1
/ Jan 517 3111
30
4
/
1
/
100 324 Mar 23 511 Feb 9
Do modified guar
43
4384 4314 4314 43
,
,
,
8 1,900
4314 4212 423
4 42 8 42 8 42 8 423
4
1
/
6 Mar 1312 Jan
7'4Marll 12 Sept 21
100
93
700 Market Street RY
.812 9
*94 1012
*9
9
9
978 10
10
10
42 Dec
3*.;
20
100 20 Jan 13 4814Sept 21
Do prof
•38
100
32 32
38
46 .38
32
.30
38 .25
.28
41
41 Nov 714 Jan
1
/
100 4314 Mar 20 6514 Sept 21
Do prior prof
4,900
8
475 48
4
463 48
50
5313 5312 54
54
5312 4512 483
Jan
14 Mar 80
100 16 Mar 19 35 Sept 21
Do 2d pre:
•22
2,100
8
187 187
1812 181
25
2214 2214
16
25
16
•22
4 Jan
1
/
14 Jan
4 Mar 6
4
1
/
2 Jan 5
100
3
3
.316 314
318
3
3
3
8 2,100 Miamian & St L
4 27
23
8 3
*27
2814 Mar 53 Dec
4
1
/
16
4
1
/
•40
400 Minn St Paul & SS Marle_100 30 Apr 4 6214Sept
3912 391 .38
42
43
40
*40
41
43
41
40
50 June 75 Dee
40 Mar 30 73 Sept 28
10
Do prof
06912 73
100
.6812 69
71
71
*68
6912 6912 *68
72 .68
4
1
/
1
/
104 May 34 Dee
2814 Jan 2 4512Sept 8
401
4114 4112 41
, 4114 413 31,300 Mo-Kan-Texae RR_ _--NO Pa
4
4014 417
4218 4014 4138 40
4
1
/
4
1
/
29 Feb75 Dee
1
/
1
/
744 Jan 2 914 Aug 18
10
Do pref
5,400
83.4 84.4 8412 85
8412 834 841
8514 8412 8412 84
44
8
4
1
/ Jan 3414 Nov
9
4
1
/
100 30 Jan 5 41 Feb 8
Pacific
3512 3512 357 16,700 Missouri
36
8
8
3
36'3 352 3614 3413 35 2 3414 343
4 34
Jan 74 Des
29
100 71 Mar 30 8812 Aug 24
Do pref
8278 833* 813* 821* 81
4
1
/ 82 8 8112 824 18,700
,
8178 805 8114 80
8
8 Dec
4
/
11 July
112June 24
4
1
/
2 Jan 12
•2
200 Nat Rye of Met 29 pref_ 100
2
174
2
178
4 214
21
•2
214 •17
4
1
/
4
1
/
99 Feb 119 Dee
1
/
100 11314June 10 1244 Jan 13
1213* 1221 121 12212 1204 122
8
1203 121 s12034 12112 1214 1214 39,300 New York Central
7212 Feb 128 Dee
100 118 June 24 13914 Oct 9
4
•137 138
137 13714 *13612 13712 1374 137, 13714 1373 138 13914 1,300 NYC&StLCo
8
4
1
/
83 May 93 Sept
100 8812 Jan 6 96 Aug 7
pref
9312 94
Do
8
94
•
9312
500
9414 944 943
941 *9312 9414 94
94
4
1
/
4
1
/ Jan 33 Dee,
14
4
1
/
100 28 Mar 24 39 Aug 19
4 3514 367
30,100 N Y N H & Hartford
8 35 8 36
3512 353
,
354 3512 3512 357
8
8 353 36
18 May 2814 Nov
4
1
/
4
1
/
2612 2714 26
27 2 12,200 NY Ontario & Western.. .100 20 Apr 4 34 Aug 13
2512 2612 2512 2612 26
,
4 254 26
263
1212 Algr, .9 Nov
4
/
211 Apr 22 45 Sept 29
100
43
1,800 Norfolk Southern
43
*4314 433
4314 *424 43
4212 424 424 43
43
4
1
/
4
1
/ Jan l 133 Dee
100 12312 Mar 30 14112Sept 25 102
13912 13934 13812 13914 13712 13914 13712 13814 13712 13812 1374 1387 12.600 Norfolk & Western
8
6
4
1
/
72 Feb 801 JODI
100 7513 Jan 8 81 Sept 24
81
Do prof
81
*80
080
200
81
8018 8084 *80
*80
83
81
81
,
41.77 Mar 73 Dee
14
4Sept
1
/
100 5814 Apr 25 72
4
8
883 6912 883 693 11,41)0 Northern Pacific
4
8 684 69
4
1
/ 684 693
4
1
/ 6912 6914 69
69
JIM 50 Dec
4214
4Sept 18
1
/
50 4212 Apr 9 49
48
4778 48
4818 4818 481 17,600 Pennsylvania
4814 483
4 4818 4838 4778 481
914 Mar 2212 Nov
4
1
/
4
1
/
100 13 Apr 30 20 Jan 12
19
Peoria & Eastern
.17
*17
19
19
•17
*17
19
*17
20
20
*17
4
1
/
40 Mar 73 Dee
100 61114June 24 74 Aug 20
723
71
71
73 .71
1,700 Pere Marquette
4
,
73 4 7312 73 7312 713 7134 72
4
1
/
7112 Apr 85 Aug
100 78 July 29 8412Sept 17
841
*84
84
84
84
Do Prior Prot
200
8412 84
8412 .84
8412 *84
.84
Jan 77 AU/
60
4
1
/
100 6812 Apr 16 75 Jan 10
7312 731 *7312 74
Do prof
75
*734 74
300
75
*7312 7412 *7312 74
Jan 7514 Dee
88
7
100 63 Mar 19 83 3SePt 14
8113 81
811
804 804 804 81
2,300 Pittsburgh & West Vi..
8112 8112 81
8112 82
517s May 7912 Dee
4
/
4
/
50 691 Mar 30 911June 1
8414 853 17,800 Reading
85
8462 847
8
s 844 8534 8418 8514 844 848k 84
4
1
/ Jan
Oct 58
34
8
50 357 Mar 18 41 June 1
3978
Do let pre:
39
*39
600
3978 3918 394 3912 3912 3934 393 .
2
397 *39
Jan
6
11331 J11.4 66
1
/
50 3614 Mar 18 444June 1
401
40
Do 2d prof
4018 401g 1,300
40
4
*393 4014 *3934 40
404 40 40
Jan 88 Nev
32
4
1
/
5312 5312
100 42 Apr 24 82 Jan 0
55
RR pref
*45
58
*50
400 Rutland
58
*50
.50
59
*50
55
4
/
191 Apr 85 Des
10214 Aug 28
100 5711 Jan 16
4
953 97
9612 9718 16,700 St Louis-San Francisco_
4 9512 961
963
963 9714 963 974 96
4
4
4
1
/
4
1
/ Jan 82 Dee
42
100 76 Jan 20 92¼ July 28
89
.87
89 89
89
89 89
Do pref A
*87
*86
90 •87
90
300
7
33 Jan 55 8 Dee
5212 5334 5212 54
554 56
5212 55
8
534 54 4 10,300 St Louis Southwestern......_100 4334June II 63 Aug 24
553 56
,
7
57 s Jan 74 Nov
Oct 2
100 7010une 25 88
76
76
76
Do prof
76
75
7614 *75
76
8 76
1,700
754 7512 757
4
1
/
6 Jan 244 Des
4
1
/
4
1
/
100 20 Jan 18 48 Au ,27
8 45
8
8
46
4614 464 4518 464 443 457
4512 474 467 474 34,500 Seaboard Air Line
4
1
/
,
14 4 Jan 45 Dec
100 35 Mar 30 5112 Aug 27
*4714 48
464 473
8 4612 4612 4612 4612 47
Do Prat
484 4712 4812 6,400
4
1
/
85 Mat 10512 Noy
4
1
/
100 96 Oct 7 108 Jan 9
97
9714 9612 974 96
97 4 97
8
964 964 963* 963 97
19,700 Southern Pacific Co
,
4
1
/
12 Jan 79 Dec
38
4
1
/
100 77 Jan 2 108i2sera 25
10512 10638 10514 10612 1054 10612 1053 1063 28,900 Southern Railway
4
1074 1074 106 107
4
GM Jan 85 Dee
100 83 Jan 2 9512Sept 19
2 9112 9112 914 9112 2,500
4
/
911 92
914 9138 0138 9138 9038 903
Do prof
4
1
/
Jan 48 Dec
19
4
100 4314 Jan 27 583 Mar 13
50
49
4912 50
4978 50
4814 50
51
51
5012 52
8,80C Tema & Pacific
4
1
/
8 May 18.1' PAU
4Sept 9
1
/
1
/
74 Apr 17 15
100
121
12
*11
12
*11
•12
12
12
12
12
12
12
SOO Third Avenue
Jan
3912 Oct 68
8
*577 60
61
5914 59 4
*60
6014 6014 .59
8
200 Twin City Rapid Translt_100 58 Jan 22 70114July 1
614 *577 60
,
1
/
4
1
/
100 13314 Apr 2 15314 Jan 10 128 Mar 1514 Dee
8
140 1401 1393 140 2 13818 1393 138 13812 1384 1397 139 139 8 8,500 Union Pacific)
4
3
4
,
4
1
/
70 Mar 78 Aul
4July 31
1
/
100 72 Jan 30 77
8
7
Do pre(
2
8 75 4 753
2
400
4 757 75 8 *7512 757 *767 77
7512 753
3
4
1
/ 757
•75
41 Dee
18
4
1
/
7 14P
21
2118 2118 *23
25
21
•23
23
25
2114 2114 *21
300 United Railways Invest_ _100 18 Aug 31 3312Ivlay
7
84 1 Dee
4
1
/ 4P
26 1
1130 4812 Mar 23 8314June 25
70
6912 6912 *664 6712 *6612 67 2 *6612 6712
Do pref
,
70
701
500
70
36 Feb 72.4 July
1243 1243
4
4
125 125 •120 135 •120 135
*120 130
350 Virginia RallwaY & Power-100 544 Jan 14 13512Aug 7
125 125
4
1
/
10.4 Jan 24 Dec
100 1912 Mar 30 4714 Aug 26
4 3914 40 4 56,700 Wabash
8
403 4178 4012 413
4
,
,
2 3712 40 4 373 384 3812 393
Jan 60.4 Dec
34
1
/
100 554 Jan 20 7312 Aug 17
6912 6912 70
69
8
683 69
693
Do pref A
704 70,
69
4
17,200
2 693 701
1
/
4
1
/
224 Jan 42 Dee
100 381g Jai)21 6012 Aug 22
*50
55
*50
55
55
Do pref B
300
*50 _ _ _ _ 544 5438 .50
4
1
/
8 June 1614 Dee
4
1
/
100 11 Mar 24 18 Aug 25
1514 144 15
144 15
Western Maryland
15
151
15
4
153 154 1512 16
11,800
,
15 4 May 2814 Dee
100 18 Mar 27 21314 Jan 9
204 21
21
21
Do 26 prat
204 21
2214 2214 213s 2212 2118 211
2,200
4Sept 23
1
/
100 193*July 31 33
---s
297 301
304 303
313 313
4
293 30
8 9,500 Western Pacific new
8
4 303 314 294 31
8
4
/
100 72 July 27 771 Oct 2 ---76
76
Do pref new
,
76 4 2,090
774 7714 z76
,
77 8 77 2 7712 777
,
8 7714 771
3
712 3513 171s Dec
1914 1914 191
19
4
183 19
7,000 Wheeling & Lake Erie Ry_ _100 10 4 Mar 31 2212 Aug 18
2018 2014
1913 2014 1812 191
1414 Jan 32 De*
4
1
/
100 22 Apr 2 47se July 18
424 421
,
42 4 4214 421
Do pref
42
4312 4312 43
4314 4212 43
2,000
$ per share $ per share $ per share $ per share $ per share
per share Shares.
4
683 691 x68
68
6812 70
72
70
12934 130 *1294 132 •12912 130
•130 132
99 1051 108 1171
99 1011
99
98
97
15
141
1514 151
15
14
1412 15
15
5612 561
5514 551
561
55
5712 5612 571
8
93 10
972 101
3
8 9
93
101
1038 10
10718 1083 1083 1097
4
10812 1101 108 108
111
11 1• 12
11 14 113
121, 12
124 1131 12
• 1116 and asked prices. x Ex-dividend. y Ex rights.
8
707 7312 7112
•130 -•130
*951 97
97
15
15
15
5712
4
.573 58
2 1014
8
103 103
10938 11178 10918
, 1174
123
12
8
733
7,500
200
18,000
2,000
1,500
11,400
10,200
18.600
$ Per share
$ per share
Industrial & Miscellaneous
82 Jan 6 7512May 29
Abitibi Power ge Paper-No Pa
100 119 Jan 5 133 May 26
All American Cables
10
90 Apr 16 11714 Oct 9
Adams Express
1812May 13
100 13 Apr 11
Advance RumeLY
100 47 Feb IS 62 July 28
Do pref
4
1
/
9 Oct 8 12
1
4May ;17
1
/
Ahurnada Lead
4
/
Air Reduction. Inc____No par 861 Jan 30 114 Aug, 19
4June 19
1
/
A130c Rubber. Inc____Nn par 10 Mar 19 15
81 Dec 84 Dee
9812 May 12210 Del
4
1
/ Jan 0312 Dee
78
4
1
/
6 June 16 Deg
2814 June 54 Dee
_ -•
14
87 Jan 93 De
1412 Des
412 May
1770
New York Stock Record-Continued-Page 2
Fog sales during the week of stocks usually Inactive, see second page preceding.
H1011 AND LOW SAGS; PR1Cli8-PER SHARE, NOT PER CENT.
Saturday,
Oct. 3.
Monday,
Oct. 5.
Tuesday.
Oct 6.
Wednesday. Thursday,
Oct. 7
Oct. 8.
Friday'
Oct. 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SH ARE
Range for Year 1925.
On basis of 100
-share tots
PER SHARE
Range for Prestos.
Year 1924.
Lowest
Highest
Lowest
Highest
per share $ per share $ per share $ per share $ per share $ Per share Shares. Indus.
& Miscall. (Con.) Par $ per share $ per slu.re $ per share $ per *hare
.2
218
13
8 2
•15
8 2
•138 2
.138 2
•158 2
2,000 Alaska Juneau Gold Min__ 10
1 Jan 6
7 Jan
214 Ma 27
1,
14 Mar
102 10378 1003 103
8
103 10512 1023 10312 103 104
8
1034 10712 103,400 Allied Chemical & Dye_No par 80 Mar 30 10713 (let 9
65 Mar 874 Deo
11912 1197s 11938 1195 1193 1198g 1193 119% 11953 11933 119% 1193
.2
8
2
Do pref
4 2,400
100 117 Jan 9 12012Sept 11 110
Apr 1185* Dce
87
8714 8612 8634 87
89
8811 8714 87
8712 8712 8812 7,200 Allls-Chalmers Mfg
100 7112 Jan 5 91 Sept 12
4152 May 735 Dec
*106 107
1063 1063 *106 10612 106 106
4
4
1063 1063 1063 10612
8
8
Do prat
500
8
100 10314 Jan 3 10812Sept 17
90
Apr 1044 Dec
2614 27
255 265s 243 2512 24% 25 8 253 273
8
8
3
8
2
8 273 2814 32.500 Amer Agricultural Chem 100 1312 Mar 19 2814 Oet 9
718 Apr 1718 July
753 7714 7412 7614 733 747
4
4
8 7314 753
2 753 773* 77
Do pref
7918 19.500
1834 Apr 493 Jan
100 3612 Mar 23 79180et 9
2
36
364 3878 367 *3512 3612 3512 3512 35
8
3512 1343 343
4
4 1,100 American Beet Sugar
100 3412Sept 2 43 Jan 7
36 Mar 4912 Feb
*8212 85 .8212 85
.8212 85
.8212 85 .8212 85
.8212 85
Do pre/
100 8014 Jan 19 877
6812 Oct 83 Dec
2June 19
367 373
2
4 363 384 3518 3718 353 354 3512 36% 3534 37
4
2
18,200 Amer Bosch Magneto_ _No par 2612 Mar 24 5412 Jan 3
2214 Apr 387 Jan
2
•113 115
112 112
11178 113
11212 113
114 11712 11812 121
5,100 Am Brake Shoe & F____No par 9014 Mar 30 122 Sept 10
76
Apr 102 Dec
*112 115 .112 115
112 112
112 112 .110 115 •l10 113
Do prat
200
100 1074 Jan 12 114'2Sept 29 10414 July 110 Mar
23812 240
23514 23814 23214 23714 232 23712 235 2384 2363 2393 97,700 American Can
4
4
100 15812 Jan 16 250 Sept 17
9572 Apr 1634 Dec
*118 119
11812 11812 919 120 .119 120 *119 120
11912 11912 1,200
Do prof
8Sept 14 109
100 115 Jan 29 1217
Jan 119
OM
10834 1103 10833 110
8
107 109
10612 1073 1063 10912 10812 10912 9,700 American Car& FoundryNopar 9712 Apr 27 11.534Sept 17
4
4
*122 1253 122 120.4 •122 1253 *122 12512 *12312 124
4
4
124 124
Do pref
100
100 1203 Apr 2 128 July 28 118'* Apr 126 lui;
4
2212 2212 227 23
8
2318 2312 2312 2312 23% 24
233 233
4
4 3,600 American Chain,class A
218g Mar 25 Sinn
25 2212 0'S 3 27 Feb 14
•47
4812 4712 4712 4614 4612 *4612 48
4712 473
4 474 48
1,200 American Chicle
No par; 37 Jan 27 62 Apr 18
1484 Apr 404 Dee
*44
443 *44
4
4712 •45
473 *44
4
474 *44
4712
4712 *44
Do certificates
No parl 37 Jan 7 5812 Apr 18
23 Sept 39 Dec
458 434
434 43
4
433 43
412 43
4
43
4 43
4 5,600 Amer Druggists Syndicate_ 10
4
43
4 43
912 Oot 7
6% Jan 22
312 June
7
Oe
*137 138
137 13714 13514 13612 1344 138
13512 14012 139 14312 5,300 American Express
88
Apr 1643* Dee
100 125 Apr 27 166 Jan 2
4612 474 46
47
44
465
8 433 4514 443 4514 443 463 31,300 Amer & For'n Pow new _No par 2714 Apr 7 513
4
4
4
8
sSePt 3
92
92
9112 917
8 0114 92
915 9152 9134 914 914 92
s
2,600
Do prof
No par 87 Jan 6 94 Feb 19
Do 25% paid
9211 iCia; 15531/TCc
114% Apr 7 142 Sept 23
11 11
1014 1013
-,
11
,
714
14 Jan 14
6414 6414 .63 65 6212 -ill:, 6312 6312 "1034 -1113; iio" 6378 - 1.166 American Hide dc Leather 100 812 Mar 31 7578 Jan 14 504 Apr 141 Dec
6212
63
6312' 6212
Do pref
1,300
Jan 728s Dec
100 5812Sept 2
11634 1174 11612 11712 117 119
117 117 •117 118 '•116 117
2,000 American Ice
72 Aug 96
100 83 Mar 18 124 Aug 24
Feb
*83
84
83
83 .83
847 .83
s
8414 *8312 8414 .83
100
Do pref
8412
100 7412 Mar 17 80 July 9
7312 Nov 83 Feb
394 4114 4012 4212 4033 4214 40
4133 404 414 4033 413 78.000 Amer International Corp _100 3218 Mar 30 4212 Om 5
8
1738 Mar 3532 Nov
1314 1312 1314 1312 1314 1312 1314 1314
1312 131
1318 133
2 4,300 American La France F E
10 1114 Jan 2 143
430,4 26
10 May 1214 Jan
50
51
49
5012 47
4912 45
47
47
48
4712 483 12,400 American Linseed
4
100 20 Mar 25 52 Oct 2
135 May 288* Dec
883 89
4
884 89
873 873
4
4 87
87
87 4 8712 877 874 2,200
,
8
Do prof
Apr 533 Dee
100 53 Jan 2 89 Oct 2
2
30
115 1153 11514 118
115 1157s 114 115
1143 11512 11312 11 533 9,900 American Locom new _No par 10412 Jan 5 1447 Mar
4
7012 Apr 10984 Dee
*115 120 *11512 120 .115 120
11914 11914 •118 11912 *118 119
Do prof
200
100 115 Aug 14 124 Feb 18 11614 Apr 12012 SeP1
5012 50% 5014 51 14 504 51 12 50% 51
5012 513* 503 514 5,800 American Metals
4
No par 45% Mar 30 54 Aug 24
385 June 54 Dee
11078 1113 11214 1127 11114 11212 11114 112
4
8
11114 1117 11114 1117
8
8 4,400 American Radiator 1
25 897 Jan 3 116 Sept 12
9414 Apr 136 Dec
•77
80
7912 7912 .76
80
*78
80
80
8012 80
80
500 Amer Railway Express___ _100 z76 Sept 15 84 Jan 13
774 Nov
83 0031
644 64% 633 6414 63
4
6312 63
63
6312 6312 6312 63
2,400 American Safety Razor.___100 367 Jan 2 69 Sept 16
2
54 Apr 1014 Nov
64 614
6
6
6's
61
6
6 18
618 614
618 612 2,900 Amer Ship & Comm.
558.hily 7 1412 Feb 2F
...No par
101s Oct
153 Feb
2
1123 11314 11233 116
1124 1133 11234 11312 11212 113% 66,500 Amer Smelting dr Refining _100 903 Mar 30 116 Oct 5
11233 116
8
s
574 Jan 1003 Des
2
11212 11212 1137 1137 •11212 11312 112 11212 11312 115
8
2
115 11514 2,300
Do pref
100 10512 Jan 5 11514 Oct 9
Jan 10755 Dee
96
4012 407
8 408 41
4014 40% 4018 403
4 4018 404 403 41
2
10,000 Amer Steel Foundries __No par 3752.1une 11 44 Sept 14
'111 114
111 114 .111 114
112 112
112 112
112 112
Do prof
400
100 108 Jan 7 112 Apr 18 10114 Apr 10914 NOV
67 6712 6614 67
657 663
8
645 66
4 6512 66
8
6152 66
16,600 American Sugar Refining 100 47% Jan 16 714 Apr 14
Oct 8134 Fab
36
9812 9812 983 983 .9712 9812 9714 973 *9712 944 *98
4
4
Do prat
981
4
300
100 914 Jan 16 101 12 Feb 28
Oct 997s Feb
77
11
107 11
11
•1018 1012
1018 11
107 137
8
8
137 1812 28,600 Amer Sumatra Tobacco...100
6 May 6 2412 Feb 14
Bag July 2812 Jan
*88 113
*90
____ *90 140 .90 146 •100 120
120 120
100
Do prof
100 28 Apr 27 120 Oet 9
2212 Sept 69
Jan
*41
42
MI
42
*41
42
.41
42
41
41
42
.41
300 Amer Telegraph & Cable_ _100 373 1une 1 47 Feb 25
4
3814 Dec 4312 Jan
14114 14278 140 1413 13912 140
4
13918 1394 14014 1413 Ill 142's 17.590 Amer Telep & Teleg
100 1305 Jan 2 14414June 18 12112 June 1343 Dell
8
1154 1163 1143 1163 11414 1157 11333 11533 1157 11633 115 ll67 19,900 American Tobacco
4
8
8
8
s
50 85 Feb 17 1187 Sept 25 13658 Mar 16972 NOV
8
•106% 107
1063 10634 90614 10634 10614 10614 *10612 107
4
1063 10633
8
Do prat
400
100 10412 Jan 5 108 June 8 101
Apr 1064 July
11418 1143 11334 115
11212 11334 11133 1133 114 114% 11312 1143 17,400
4
4
Do common Class B____50 8412 Feb 17 117's Sept 24 1354 Mar 168% NOV
•118 121 *118 120
118 118 .116 118.4 •11614 118
11818 11818
200 American Type Founders_ -100 103 Apr 22 124 June 25 106 Sept 115 Sept
5512 5512 54
5532 52
54
52
5314 527 5512 554 5512 8,400 Am Wat Wks & El
8
20 343 Jan 13 6812July 21
2
40 Feb 144 Deg
•100 10112 10112 10112 101 10112 10084 1003 101 12 101 12'1003 10112
4
4
Do 1st pref (7%)
.700
100 9714 Aug 6 103 Feb 18
8912 Mar 101 Dec
3912 40
3912 40
3812 3912 3814 3914 3914 397
3934 15,300 American Woolen
39
6414 Jan 6
100 343
4MaY
514 Bent 78% Jan
8512 8512 84
85 8 85
3
854 8512 8512 8533 86
8618 864 1,600
Do pref
100 6912May 6 9612 Jan 20
Oct 1025* Jan
90
3
3
3
3
.212 2%
272 27
24 24
8
*212 278
500 Amer Writing Paper Dref 100
712 Jan 3
2 Aug 31
7 July
Iii Apr
733 753
712 784
4
8 8 83
,
814 812
83
2 812 *74 812 2,800 Amer Zinc, Lead & Smelt
25
7 May 12 124 Jan 9
7 Mar 1214 Dee
3012 3034 .304 304 3012 314 31
31
32
31
31
31
Do prof
1,800
2478Nlay 1 39 Jan 9
25
24 June
WI Dee
434 44
4353 45
4312 4433 4312 437
8 44
4414 44
4
443 22,100 Anaconda Copper Mining..50 3514 Apr 21
48 Jan 3
28'; May 4814 Dec
44
4212 433
45
4 4112 42
4012 4112 41
4112 4112 42
2,900 Archer. Dan'Is Midi'd_No par 26 Jan 7 457
8Oct 1
2812 Dec 29 Des
•100 103
100 103 *100 105 *100 105 •100 105 .100 105
200
Do pref
100 904 Jan 5 103 Oct 5
90 Dec 9112 Des
*9513 96
954 9612 964 9612 96% 97
97 100
94
99
4.400 Armour & Co (Del) pref
100 9018 Mar 34 100 Oct 8
8314 June 943 Des
25
25% 2512 2712 26 4 2712 2614 27
2614 2634 2633 26% 200,900 Armour of Illinois Class A_25 20 Mar 191 2712 Oct 5
,
1412 14% 14
1312 1313 *1312 14
14% 1372 14
137 14
3,300 Arnold Coastle&Covte No par
8 Jan 5 15 Sept 17
6
Oct 15
Jan
•4518 47
45
45
46
*45
47
47
•45
*45
47
47
800 Artioom
No par 39 June 19 483*Sept 17
•10214 106
10214 106 .10214 106 90212 105 *10212 103 *10212 105
Preferred
100 101 12 Awl 20 105 Sept 24
5412 533 543* 53
54
54
5218 5312 533 55 2 553 58
2
49.100 Associated Dry Goods._...i00 4612 Aug 17 58 Oct 9
,
*98 100
100 10012 *99 10012 .99 10012 *100 101
*99 100
Do lot prof
200
100 94 Jan 7 10018 Oat 5
-iii No
.
•105 10612 106 106
10614 10614 *106 107 ,•106 107 •106 107
Do .d prof
200
100 101 Jan 2 10814 Feb 7
89
Jan 1024 Del
3614 37
37
36
36
3612 35 4 353
364 3614 5,100 Associated 011
3
4 36
36
25 32 Mar 30 4112June 15
274 July 34% Feb
71
723 73
72% 691 72% 6712 7058; 673 703* 6918 7114 17,400 AU Gulf & W 1 SS L1ne____100 20 Jan 5 77 Sept 29
4
8
103 Mar 23 Des
4
8 5714 5712 57
*58
58 2 5712 577
,
8
5712' 565 57
5612 564 2,200
Do prof
100 31 Jan 5 60 Sept 23
1212 Jan 3112 Dec
102 10312 10012 102
10012 101
10014 10014 1004 101
101 102
4,400 Atlantic Refining
100 954 Jan 2 11712 Feb 5
784 July 14012 Jan
*116 1173 .116 1173 *116 1173, 11733 1173* •116 118 •116 118
2
2
Do pref
100
100 11312 Jan 6 1173 tune 8 108
4
Oct 118 Feb
134 13
•13
13
1218 123
4 1212 123 *12
4
1212 1,200 Atlas Tack
12, •12
2
No par
912 Feb 16
1412Sept 18
5 June 1112 Jan
29
294 3114 30
28
8
3038 27,500 Austin, Nichols&CovteNopar
2
313
8 295 30% 293 3012 30
22 July 6 3212 J80 12
9312 9312 937 94
8
94
*93
94
9318 9318 9314 9314
94
Do pref
700
100 8738 Jan 27 05 Aug 15
7:083 MPr 91/ Nov
: a
8 A
9
4
334 De9
1
21
*V
21
21
2
•218 214 *I% 2
2
400 Auto Knitter Hosiery. _No par
*13
4 2
Ds Ana 19
414May 14
112 Nov
812 Jan
11834 1207 119 1203 11712 120
11712 11812 11814 1197 1183 1197 33,500 Baldwin Locomotive Wks_100 107 Mar 30 146 Feb 26
8
2
4
*111 115 .111 114 .1114 114 *11112 114
11212 11212 112 112
Do prof
200
100 107 Aug 7 11633 Jan 31
Juay 11411 No1;
M ne
37% De
217 2214 213 213
s
4 21
2112 20% 2114 21 14 21% 22
2214 6,400 Barnsdall Corp. Class A.__ 25 18% Aug 12 30 Mar 3
10 Fab 27 D44
4 l. 13 Des
e
e43
8
•17
1712 1812 1812 •17
1712 1712 .18
18
Do Class B.
1812 183 1512 1,100
25 16 Aug 18 23 Feb 6
10
5512 54
54
56
57
63
t3arnet Leather
61
63
63
6812
6712 13.900
7318
No par 35 Jan 5, 7318 Oct 8
2312 Nov 39 Dee
*40
43
4014 404 40% 41
42
Mt
MI
300 Bayuk Cigars. Inc
41% .4114 42
No par 3814Sept 291 5314 Feb 14
3912 May 59
Jan
713 7218 7012 7012 6912 7014 69
4
69
69
69% 5.700 Beech Nut Packing
7012 69
20 60 NIAr 23 773 4,12 26
4234 Apr 723 Dee
4
3814 39
4
383 39
3812 394 383 387
3812 38% 383* 384 10,200 Belding Bros
No par 37 Sept 4 405
2
8,1ePt 9 _-_- ---- ---- ____
4112 413
41
4 40
40
404 3934 40
395 407
2 4034 4138 14.500 Bethlehem Steel Corp
100 37 June 5 534 Jan 13
•1143 115 .11434 115
4
115 115 •11434 115
11434 115
115 115
Co cum cony 8% Pref 100 109 Mar 18 1164 Feb 8 18393: A a1 1061072141/4 FebFFta
300
074
31%
cr
*94
96
96 .94
96
Do pref 7%
300
96 .94
97
963 .94
067 *94
8
2
June
100 9314June 1 102 Jan 31
7% 74
73
4 8%
2 872
812 87
83
812 812
7
83
4 8 8 10,700 Booth Fisheries
No par
418Nlay 4
8% Oct 61
June
74 Jan
4312 433 433 •42
*43
4312 .42
4312 .42
200 Botany Cons Mills Class A.50 403 AIR 26 46 July 211
4312 4312 4312
8
--_- -_-_
2934 3052 2912 30
2912 297
8 2918 293
2918 293* 22832 29% 25,600 Briggs Manufacturing. No par 2714Sept 28 4412May 25
144 1443 144 145
144 14433 14334 14514 14514 146
143% 1447
4
2 3.000 Brooklyn Edison, inc
100 12055 Jan 2 147 Sept 28 - 074 :11;e; Iiii, -Li;
1- - 8918 897
90% 91
90
8' 894 9012 89
904 8918 90
9012 15,300 Bklyn Union Gail
No par
754 Feb 17 9132May 22
565* Apr 823 Dec
•141 143
142 144 *140 143 *138 143 *138 142 •133 143
600 Brown Shoe Inc
100 6412 Mar 31 14812Sept 14
May
De
•108 109 •108 109 *108 109 *108 109 .903 109
Do prof
200
109 109
100 96 Mar 25 109 OA 9
84 June9
8
y 20 NI
7631
99 Dog
v
31% 31% 3212 324 3212 3212 32
324' 313 324 32
32 4 1,400 Brunswlek-Balke-Coll'r No par 24 June 25 493 Jan 21
,
8
4
117% 11812 11812 120
11,000 Burns Brothers
1193 12112 12114 12378 12112 1233 122 123
4
.
No par 9212 Feb 11 1237 ()et 7 -15 Dec - 1- -12.G0
8
4
95
1- 2
314 32
7,100
Do new Cia.48 El com No par
32
34% 35
33
333
3652 347 353
34
2 3214
8 ,
4
17 Mar 31 303 0,t 7
6129844 NovFeb ..71
.3
.95
96
95
800 Burroughs Add'g Mach_No par 65 Jan 3 103 Sept 4
95 9512 •93
95
9214 9233 393
*9'214 95
Oat
17
17
17
17
17
912.1une 15
17
17
173
8 1712 1712 17% 1712 2,600 Bush Terminal new__ No par
1432Ju11e 4
*85
87
Debenture
600
8612
4
863 86% *853 8614 8512 863
4
2.1une 20
100 80 May 14 897
4 85% 85% .85
612 618
6
57
2 6
6
6
6
2,700 Butte Copper & Zino
6
6
6
6
83 Jan 2
4
414 Mar 31
5
June
Dec
•195 20
8
20
19
20
800 Butterick Co
1953 19% •19
19
19
20
19
4
100 17 May 13 283 Jan 3
17
1-371/4 9
-- -5i Dec
2
1112 1112 1114 117
2 113 113
12
1152 12
12
4,300 Butte & Superior Mining _10
4
4
4 113 12
612MaY 5 2414 Jan 0
14 May 2512 Dea
.1,88
3
4 5,300 Caddo Cent Oil & Ref_ _No par
3
4
3
4
34
"8
7
2
2
3
4
Is Apr 25
23 Jan 12
5
8
3
8
3
4
3
4
1 Nov
294,1
127 128
12512 12512 12452 126
12212 123
5,400 California Packing.. __No par 1004 Jan 27 13212 Aug 21
125 12512 123 124
80 JA Py 1084 Dec
1014 0l r
29
2914 2812 29
2814 29
283 32,600 California Petroleum
4
283* 28
2814 23
28
25 23% Jan 2 3272 Mar 7
Feb
218 218 *2
17
8 2
218
2
5,600 Callahan Zino-Lead
2
2
24 218
212
Oat 0
19
1%
10
4% Feb
212 isa ay
, M r
sta
Vs Jan
5014 5014 5014 503
4
504 505
2 503 51% 2,300 Calumet Arizona Mining
5018 5014 *5014 507
10 45 Apr 22 58 Jan 7
2134 Mar 58% Dee
14
1414 1414 143* •14
145
1414 133 1334 .1418 1412 14
2.300 Calumet & Ueda
25 1214May 26
1855 Jan 5
1 4 8 May 31594
3
*4514 4512 4412 45
44
50
44
3,300 Case Thresh Machine___ _100 24 Mar 18 50 Oct 9
45
4614 474 48
46
Dee
94
94
92
94
9312 2,300
97
933 94
Do pref
4
97
94
100 60 Mar 11 9812 Oct 9
953
4 97
4114 May 77
Jan
2014 19
20
1912 1812 19
2 7,400 Central Leather
1812 1834
1812 194 1918 193
100 143 Wlar 28 21% Feb 7
4
554 Dact
213 D o
8 e
63% 65
63
6414 6134 634 6218 6314 6312 643
65
Do prof
64
15,900
4
100 494 Mar 24 68 Feb 7
29 Mar
971
ar
38% 39% 3812 3912 38
3712 373
3812 374 373* 37
6,900 Century Ribbon Mills_ _No par 3
38
,134Sept 2 4712 Mar 11
05 Apn 3514
21% ja r
NOT
94
9412 9412 *93
.93
Do pref
97
.93
97
100
*93
97
97
*93
100 . 9412 Oct 5 9834 Jan 14
9512 July
52% 533
533
8 53
8 53
537
8 524 53
8,400 Corrode Pasco Copper_No par 4:312 Mar 24 654 Jan 2
53
53% 5312 54
40% Mar 5614 Dec
5312 534 53
53% 51
5312 523 527
2
5212 527
8 524 527 10,600 Certain-Teed Products_No par 403 Mat 24 5848e1't 8
8
4
244 June
eDog
36% 3714 3612 371
2 36
37
3614 364 364 38% 3712 3914 14,300 Chandler Motor Car_..No par 2712 Aug 20, 395*June 9
267 Nov
267;
8
115 11712 114 11514 114 1154 11214 1134 113 11412 11412 115
5,500 Chicago Pneumatic Tool_ _100 8014 Mar 19 1224 Aug 22
7978 May 1001 Dec
011 Dja o
64467' A y
*48
49 .45
49
46
*48
Chic Yellow Cab tern elf No par 4-112J111Y 7 65 Jan 3
•48
49
•48
49
39 May
68
6712 677
68
8 6634 63
12,500 Childs Co
6714 69
6714 68
6714 68
No par 497 Mar 31 69185ePt 25
8
3414 34% 3334 3414 3358 3112 3312 335
3412 8,400 Chile Copper
3312 3418 34
2
25 3012 Mar 30 373 Jan 2 -- - ! i,- ei -- -- ---25 ,
8 2
*21
21
2212 2114 2114 2012 2012 2012 2012 *20
21
2212
700 Chino Copper
Apr 23 283 Feb ;
2
5 19
Mar 204
/
187 188% 18112 18834 182 185
1824 18812 1863* 1934 1944 200 122,900 Chrysler Corp
No par 10814July 14 200 Oct 9 ---- ---- 381 De*
1084 109% 10812 109 *108 10312 10314 10314 10818 1083 z1067 10712 4,900
_--Do preferred
8
4
No par 10018.July 24 1012 Oct 3
*6112 6212 6112 6112 6114 6214 *6114 63
*6112 63
63
600 Cluett, Peabody & Co
63
4
100 584 Mar 17 713 Jan 12
144% 14914 1493 154
4
1493 1525 15112 1524 1513 154
14218 144
4
37,000 Coca Cola Co
No par 80 Jan 6 154 Oct 6 -4- -A -c-t - 3
61 6 r i:Dee
p
8E:1'3812 394 387 39
3938 40
6,600 Colorado Fuel & Iron
397
39
3814 39
3812 393
4814 Jan 13
100 3214 Apr 21
247 Feb
8
473 4314 48
4
4912 .9814 99
49
2,200 Columbian Carbon v to No par 45 Mar 24 51t4 Jan 8
48
48
4814 48
48
3 % Sept 253, Jan
9
7618 7634 76
763
4 7512 7614 7512 763
458 Jan 21 7812Sept 25
7612 77
We par
4
4 753 7731 26.100 Col Gas & Elea
33 Mar 54i4:
48 A 2
D 1
• Bid and asked prices, no sales on this day. z Ex-rights s Ex-dividend.
10
1771
New York Stock Record-Continued-Page 3
page preceding.
ales during the week of stocks usually inactive, see third
Pah SHARI,
Range for Year 1925.
STOCKS
Sales
HIGH AND LOW SALE PRICEC-PER ,sti ARE, NOT PER CENT.
-share iota.
On basis of 100
NEW YORK STOCK
for
EXCHANGE
the
Friday,
Wednesday. Thursday,
Tuesday,
Saturday,
Monday,
Highest
Lowest
Oct. 9.
Week.
Oct. 8.
Oct. 7.
Oct. 3.
Oct. 6.
Oct. 5.
Foe
PER SHARE
Range for Precious
Year 1924.
Lowest
Bichsel
per sears $ per Oars
Shares. Indus. & Miscell. (Con.) Par $ per share $ per share
$ per share
per share
100 10414 Jan 5 113 Sept 29 10314 Dec 105 Dee
400 Col Gas & Elec prof
11232 1123 113 113
8
43% Jan 13114 Dec
1,600 Commercial Solvents A No Far 80 May 25 190 Jan 29
•98 101
98 98
Jan 129% Dee
33
No par 76 May 25 189 Jan 29
Do "B"
1,200
4 96
9812 983
96
8
323 May 6834 Feb
2012Sept 29 43% Jan 2
57,500 Congoleum Co new___ _No par
2112 2314 22
2314
4
73 May 1414 Del
12May 19 17 Feb 10
Conley Tin FollstampedNo par
100
4
3
4
3
4
5%
3
8
113 Mar 30 Nov
3,900 Consolidated Cigar___.Ne par 2612 Jan 2 4418Nlay 29
3912
4014 4012 39
Jan
5912 Apr 84
4
100 793 Jan 2 89% Feb 14
Do prof
200
8812 *87
87
•
3% Deo
8812
9% Feb 19
318 Jan 7
% Jan
Consolidated Distribtrs No par
1.300
5
5
5 14
5
8
8
,
807 Jan 797 Dec
Mar 30 94 2Sept 18
24,200 Consolidated Gas(NY) No par 7418
915 9214 9014 9134
8
Jan
8
2% Apr
5% Jan 7
234Julle 9
9,600 Consolidated Textile___No par
3
3
2% 318
8
July 29
43% Apr 695 Dee
17,200 Continental Can, IOC_ ..No par 6012 Mar 29 80 Jan 2t;
7514 76 4 75
8
757
,
89% Apr 10918 Dec
25 103 Jan 5 12012
1,700 Continental Insurance
11212 112 1123
s
87 Dec
11213
4
6
Apr
814 Jan 2 1112Sepl 16
48,800 Conti Motors tern ctfs_No par
11
8
107 1114
1114
3111 Jan 4334 Nov
3Nlay 29 41% Feb 25
25 323
26,400 Corn Products Rein w
363 304 235% 36 4
4
,
4
.100 11818 Jan 7 127 July 3 116% Apr 1233 Aug
Do pref
100
•120 122 •120 1204
53 Oct 6
Vo par 48 Aug 21
6,800 Coty, Inc
54% 5412 55
5712
fei" -Dee
48 May 798, Jan 17
5,900 Crucible Steel of America_ _100 6412 Mar 30
7314 7314 7212 7312
88 May 98 Dee
100 92 May 8 10012Sept 14
Do pref
800
*99 100
*9912 99%
1012 Oct 18 Feb
812 Aug 28 145s Feb 9
No Par
2,400 Cuba Cane Sugar
9% 9%
9% 953
53% Apr 71% Feb
8
100 4018 Oct 9 625 Feb 26
Do pref
8
4134 4018 407 11,900
4
423 4314 42
8 4158 4214 4158 4218 41
433
8
2814 Nov
387 Feb
Oct 9 33% Mar 3
2218 2178 2218 11.200 Cuban-American Sugar____10 217
22% 23
22% 2278 2214 22% 2218 2253 22
Jan 10014 Nov
96
100 95.2May 5 101 Mar 13
Do pref
200
9612 9613
0612 9622 .9612 97
812 Feb
98
•93
97 .96
4% June
98 .96
6% Feb 27
212 Oct 1
4 1,400 Cuban Dominican Sug_No par
4 23
23
4
24 23
258 278
3
3
•314 312
3
3
38 Dec 52 Feb
100 17.3 Oct 8 44% Jan 6
Do pref
400
19
.17
1712 18
20
.18
21
22 .18
•1712 24
•18
100 95 Aug 20 107 Oct 3
10212 10514 10414 10514 29,70 Cudahy Packing
10212 104
4514 10513 107 210318 10412 103 105
741 Jan
NOV
No par 47 Sept 30 59 May 25
48
7,100 Cuyamel Fruit
49
4953 .487 49
4912 4912 4818
7% Jan g
5018 48
50
48
Mat
6 Nov
1 June 25
500 Daniel Hone Woolen Mills_25
1
1 14
14
1
1 14 .1
1 14 *1
114 .1
•1
6913 Jan
3813 Nov
Apr 30 49% JIM 23
8 8,100 Davison Chemical vi c_No par 27%
8
4 395 417
4 3912 393
393
39
,
8
8
8 385 397
-1- - 40
407
40 "4 3
2512 Oct 7
1814 Jan 221 Dee
300 De Beers Cons Mines...No par 2014 Mar 18 15912Sept 29 10114 Jan 115% Deo
8
.253 27
4
25 I 2512 2512 •253 27%
2438 25% .
2438 2553 25
•
100 110 Jan 5
4
145 1543 41,600 Detroit Edison
143 147
141 14412 14012 14212 140 1463* 14312 146
,
9 4014 0 1 9
4
373 4014 533,900 Dodge Bros Class A___No par 2134June 7 89 Sept 14
3712 393
4 3714 38
34% 38
4 375 3934 3714 383
Preferred certifs____No par 7312May
43,400
87,2 • 8718 8712 8728 88
4 87
873
8714 8853 87
8612 88
20's Jan
113* Nov
4
123 Apr 14 16% Jan 19
par
No
8 3.000 Dome Mine& Ltd
4 145s 145
4 143
4 141
4 1458 143
4
143 143
8
8
145 1434 147 147
9% June 18 Dec
No par 14 Feb 18 2312 Aug 4
1,800 Douglas Pectin
.2012 21
21 ! 2018 2018 •2012 21
2112 21
2112 ' 21
Mar 10814 Sept
*21
Light 1st pref___100 105 Jan 7 113 Sept 23 10012 Apr 1147 Nov
400 Duquesne
11112 11112
4
4
8
4
1113 1117 1113 1113 •11112 112
3
•111 112 •11113 112
4Ju1y 18 118 Jan 19 10418
_No par 1043
10978 Ill
6.400 Eastman Kodak Co
109 110
10934 11112 10913 110
110 11112 11018 111
4
83 Sept 24% Jan
2712 Oct 3
1012
263* 26% 40.000 Eaton Axle & SpringNo par 13414 Feb 13 20112 Aug
2558 2.524 27
8 25
2714 2512 265
263 2712 26
4
112 May 142 Dee
Jan 5
-100
187 189
18912 0712 28,700 El du Pont de Nem & Co
187 191 I 18512 187
187 190
190 192
Apr 96 Do
85
100 94 Jan 23 103 Oct 5
Do pref 6%
8
101 10112 102 102 .101 10112 .1007 1024 1.100
8
1023 1023 1025 103
4
4
8
173 Apr 25 4018July 16
8
3014 3213 41,700 Eiec Pow & Lt etfs____No par 100 Mar 18 110 June 16
8 305 307
3014 307
32
3112 3213 31 14 323* 30
40% Pr Pd
10612 10658 106 107
1,900
8
10614 1065 10612 10612 106 106
1061
. 4 109
4June 24,
10012 Mar 28 1103
Pre( full paid
106 10812 .105 10.813 .106 109 •108 108 .106 108
,10612 107
1
8978 Aug 28 94 June 10
Do pref ctfs
9214 2,400
8
13eO
- 9112 9112 9112 9112 9112 92 I 917 9218 9218 923* 92
4
603 Mar 30 7112SePt 18 id% May iff .
3 6814 6834 11,100 Elec Storage Battery _No Par
68 18 683
4 8738 68
6714 683
312 July
683
68
4 6712 68
8
7 June
2JulY 31
53
1 18May 1
4
4
4.700 Emerson-Brantingham Co 100
4 4
*33
453 •33
4 4
4%
414
*358 4
4
2
557 May 73% Dec
4
-Johnson Corp__ 60 633 Apr 2 7478Sept 17
4
,
6819 68
6814 684 6812 683 69 8 3,800 Endicott
6958 69% 6834 69% 68
Jan
100 111 May 28 1185 Oct 9 105% June 115
Do pref
500
4
4
11812 11812 •117 11812 1181 11813 .118 1191 11812 11812 1183 1183
18 Dec 2412 141311
2July 23 114% Jan 3
400 Exchange Buffet CorD_NO Dar 131 Mar 27
1712 .17
4% Jan
1712
•1612 1712 .1612 1712 17
17
16
1612 17
2 Dee
434 Aug 5
214
25
Fairbanks Co
413
412 .3
4121 .3
412 •3
412 .3
•3
412 •3
2512 May 34 Dee
No par 3214 Jan 2 51 Ocl 6
4814 4914 4614 4712 4818 48
51
,2 10,700 Fairbanks Morse
4518 45% 4512 483
Jan 9811 Dec
4 48
81
Players-Lasky_No par 904 Feb 17 114%July 27
2
4
8
4
8
108 10812 10612 109% 10734 1107 1073 1095 1083 1093 10814 11018 43,100 Famous
87% Jan 10812 Dec
100 10378 Feb 17 120 July 27
Do pref (8%)
100
4
8
*110 11712 *11418 11712 1153 11534 '116 118 I•116 1175 *1153 117
4
17
Full paid receipts____No par 102 Aug 31 111128ep1 19
_
15 26 Oct 2 38 June
3Be;
2612 Vfils 261, 26 4 "iais 262, - 3,100 Federal Light & Trac
28
27
"ii
27 ii 4 27
518 Apr
31514 Mar 13 25 Jan 19
1,100 Federal Mining & Smelrg_100 4912 Mar 11 653 Oct 9
2012 2034 23
21 14: •20
•2112 2312 21% 21% .2114 2212 21
4112 Jan 6412 Del
8
100
Do pref
8
62 14 653 10,400
4 8154 62
623
4
623 62% 613 6212 6212 6312 62
8
Y_ _25 14712 Jan 8 175 May 15 119 Mar 146 Dee
200 Fidel Phen Fire Ins of N
163 163
162 162 •162 163
162 163 .162 163
•162 163 .
3
9% Jan 133 Jan
4JulY 13
12 Jan 8 173
100 Fifth Ave Bus tern ctfs_No par 6014 Feb 17 102 Oct 9
17
•14
17
17 I .14
•14
17 .14
_
4
143 1434 •14
17
25
19.200 Fisher Body Corp
4 9718 102
973
6
13% Deo
98% 100
9512 9672, 9
5% June -.
8 97
99
9612 99,
Mat 24 2834 Oct 2
par
1012
No
273* 28 105.700 Fisk Rubber
27% 28% 2714 28% 2712 2812 2714 2814 2712 28
3818 Ally 88 Dee
100 751 Jan 16 120 Sept 18
Do 1st pref
1.600
4414 Jan 9014 Nov
11312 11414 114 11412 114 114 .11314 11413 11353 11412 113 114
No par 75 Mar 19 146 Oct 9
83,400 Fleischman Co
4
4
8
140 143
13713 141
1345 1373 135 1383 13714 1425s 142 146
8612 Jan 94% Dec
15414 Oct 9
90 Jan 6
No pa
4
1473 14914 14914 15414 73.900 Foundation Co
3
4
13978 143
8
14212 1467 14812 1523 148 150
7% Sept 137 Jan
8 Mar 18 2418 Oct 9
No pa
Texas Co
8
8
1912 2232, '223 2312 227 2432.252,700 Freeport
20
213
1814 211
4 1912 2034
8
287 Aug 25 3712 Oct 9
3712 20,500 Gabriel Snubber A__._No INI
36 I 361g 3714 37
3512 35
35
353
353
35
4 35
31 Oct
Jan
7
4% Jan 2 1614 Mar 2
No Pa
Gardner Motor
4
912 93
3512 May 53 Dee
4
93 103* •912 97
912 012
8
*913 10
4412 Aug 4 5912SePt 18
10
Gen Amer Tank Car
s
573
56
56
92 Feb 99% Dee
2
5512 5614 5538 56
553 5814 55
8
9334 Feb 16 1027 Aug 8
10
Do pref
17,012000
8
•101 103 .101 102 •101 102 .101 102 .101 1021
3153 Apr 833 Dec
100 4212 Mar 30 63% Jan 2
General Asphalt
56
55
56
7118 Apr 100 Dee
8 55
4
5712 5812 56% 5712 543 573
8612Mar 17 101 Sept 14
10
Do pref
1,300
98
98
98
93 .97
98 I .96
Jan 160 Sept
9938 9912 .06
93
4
993 100
121 Mar 7 226 Oct 2
No pa
223 2233 223 22314 23,600 General Baking
8
2243 225
22414 22412 22312 224
8214 Apr 985 Dec
4
22414 225
4
8412May 4 1013 Mar 4
10
97
97
2.500 General Cigar Inc
4
9518 953 953
96
4
96
953 953
4 0434 05112 05
100 22714 Feb 17 337% Aug 24 19312 Jan 322 Dee
29912 30314 20.30 General Electric
4
4
10% Apr 1112 July
80512 3063* 300 302
296 302 I 293 2983 2963 299
8July 10
2 117
11 Jan
10
Do special
1.700
11 18 11 1
11
558 Oct 6673 Dec
11 18 11
1 1 la
11
11
11 18 Ills
11
11
8
par 645 Jan 5 11512 Oct 9
8
1115 11253 11134 11513 181,000 General Motors Corp _NO 100 102 Jan 5 11438 Oct 2
8
4
1113 11278 11058 1123 1113 11314: 11118 112
4
95% July 10313 Dec
Do 7% pref
2.000
114 11418 114 114
11418 11418 114 114
11414 1143 211414 11414
8
13 54348ept 21
Gen Outdoor Ads' ANo par .1518 Aug 13 33 Sent 16
8 52
523
8 3,200
523
8 52
523
4
4 513 5214' 52
523
8
523 5212 52
Trust certificates___ _No par 2618 Aug
2
g
4
3122 3113 30% 3153 303 3112 303 31 18 303 30,2 .3014 3012 2,602
38 e
25 42 Jan 16 59 June 12 - 3 June 45 Aug
4714 21,800 General Petroleum
4012 46
4612 46
47 I 46
46
4734 4814 463 43
4
100 144 June 11 3117 Sept 1
900 Gen Railway Signal
31512 320
320 3243 3243 3243 324 325 .320 325 *315 325
4
4
4
100 9012July 10 102 Sept 26
Do preferred
200
101 12 10112
31 June 55
*10112 10212 .10112 10212 .101 12 103 .1002 103 *10112 103
42 Oct 7 5818 Jan 14
44
45
43
1,000 General Refractories___No par
45
42
44 1 242
44
3
*4213 44
471a June 647 Dee
*4212 44
No par 47 Mar 16 69 a Oct 9
4 65% 895 28,300 Gimbel Bros
8
613
64
65
4 64
653
Jan 107 Sent
64
63
99
647
64% 64
Mar 14 107 Aug 11
100 10214
Do pref
300
,
10512 10512 105 4 10514 •104 10518
21 Dec 27% Nov
8
1057 1058 •10512 106
•105 106
22% Feb 13 4912 Aug 5
24578 4613 8,100 Ginter Co temp ctts___Na par
4414 44% 4612
4412 4412 44
4413 445
8 June 15 Nov
4412 45
4
121 Mar 19 243 Oct 8
No pa
2214 22% 2414 2353 248 34,100 Glidden Co
8 22
3
223 227
4 2218 225
2312 Apr 437 Nov
4
8 2214 223
37 Mar 3 51 Oct 9
51
10,100 Gold Dust Corp v t c_ N0 pa
4
41% 443 473* 48
4412 44
44
4412 4412 4234 45
17 June 38 Dec
3814 Jan 5 7012 Oct 9
891s 6918 7012 53,900 Goodrich Co (B F)
Ne Pa
6912 6812
8
665 68
654 6912 6718 69% 87
7014 May la Dec
100 92 Jan 8 10014 Aug 3
Do pre!
850
8
9915 9914 9912 995 *9913 997
99
8
Jan 905 Dec
99
39
•987 99 .987 99
8
Rub p1,t o_100 8618 Jan 8 11134 Oct 6
4
10914 1093* 10811 11014 109 1113 1091 11018 110 11013 110 11012 8,000 Goodyear T dr
8814 Jan 10818 Dee
100 103 Apr 27 108 Aug 7
Do prior prof
8
1051 1053 1063 1063 106 1067 '107 10712 107 1073 107 10712 1,50
)
8
1212 Apr 2172 Dee
8
4
_100 13 Mar 30 2114 Jail 14
191
19
1814 19
7,50 Granby Cons Mln Sm & Pr
191 1 •I812 15
1814 19
1834 1913 19
8314 Oct 9672 Dee
16 11318June 19
4
3,60 Great Western Sugar tens ctf 25 91 Jan
4
100 1003 1004 100% 1003 102
10113 1017 10058 10112 100 100
8
10 May 21% Dec
1914 Jan 2
40 Greene Cananea Copper .100 11% Mar 19 947 Feb 5
1212 1212 1214 1214
1212 121 .1212 13
:
1212 121 *1212 13
62 May 89% Feb
24
100 6718 Mar
4
823 14.400 Gulf States Steel
82
827
4 7912 8012 80
813
8034 8114 8018 Si
80
31 Sept 44% Feb
2534 Apr 24 3712 Jan 7
29 18 2914 4,000 Hartman Corporation No pa
29
2912 29
2812 30
3214 May 5272 Feb
,
2912 2978 2912 29 2 .29
30 Mar 14 4514 (let 9
No pa
4
433 4514 62,100 Hayes Wheel
8
427 4414 4338 4414 42
4331 4212 4312 4314 44
4814 Dec 5172 Dec
487 Ian 9
45 Apr 1
4
4
0
4
5 0
1,0 Hoe(R)& Co tern Ctfe_No pa
4
4
34712 48 .4634 47
'
463 46, 463 4634 *453 4614 453 48
35 July 5612 Jan
100 43 Jan 2 50 Jan 12
fling
45
400 Hornestake NI
.461 2 49
.4712 50
*4834 491
4812 49
49
8
313 Apr 38 NOT
49
8July 18
44
Jan 5 433
.T142 4124
Househ Prod,Inc,tenIctf Novae 3413
8
8
4112 417
Apr 8212 Feb
4112 4hz 4138 41f.: 413 413* 413 4138
61
Jan 29
67 12 6915 3,300 Houston 011 of Tex tern ctfs _100 59 Apr 22 85 55e11 14
67
67
67
671:: •66
66
69
68
6958 70
1012June 11 247
No par
4
8 233 24
2,800 II owe Sound
a
237 237
2318 24
2458 245* 22312 243
18 2312 24
Sept 29 16 2 May 16- Dee
No par 33% Jan 5 98
8
913 93 107,800 Hudson Motor Car
93
91
93
3
93 8 95
Jan
1118 May 18
904 937
9014 9331 90
14% Star 18 261814e111 23
2212 227g 2212 3334 234 241 84.000 Hupp Motor Car Corp__ 10 1312 Jan 5 413 une 17
2312 243
8 2212 2424 223* 23
4
53 Sept 18% Dec
4J
8 247 26
21,000 Independent Oil& Gas_No par
4
243 253
28
28 251:1 2412 25
1 2 263
2634 25
8 24
1518 June 2514 Feb
No par 13 Star 24 24 Aug 28
1912 193
4 197 20 .11
8
811 211,800 Indian Motocycle
08
)
201,
8
713 Juno
203* 203* 203 2018 20
4
33 Apr
8
512 Jan 2 103 Feb ti
10
8
2,400 Indian Refining
8
8
814 8%
9
9
_
,
814 8 4
812 • 87
912Sept 17
6 Sept 4
10
Certificates
7,400
712 8
712 758
712 78
*814 83
3
4
8,
878 87
8
Nov
31 3
4May 1 50 Feb 2 - -1- May
No par 383
43
4212 4212 1,700 Inland Steel
4212 43
43
4178 4214 4113 42 .42
43
100 103412 Apr 13 112 Sept 28 10114 Jan 10784 Dec
112 112
Do pref
100
•112 114 .112 114 .112 114 •112 114 .112 114
2218 Feb 3373 Dec
20 2214 Apr 22 32% Jan 12
4
4 263 283
4 1,900 Inspiration Cons Copper
2
263 263
27
8
s
267 273
8 27
8
263 2614 .265
27
3 June
9% Jan
7% Jan 7 1738July 24
No par
3,700 Internet Agricul
4
153 161
1512 16
2
153 1614
8
•163 163
4 1614 1634 16
16
83 Apr 118% Dec
2,500 Int Business Machines_No par 110 Mar 30 1553 Oct 2
150 15014 151 15214 15212 1521
150 150
150 15214 15014 153
59% Nov
403 AD
4
3,700 International Cement_ _No par 52 Jan 5 81i2Sept 30
7612 7718 7653 771
78
4 7614
793
39 Dee
7924 78
22 Ma
7815 7912 79
4
8 4314 437 65,100 Inter Condom Engine. No par 313 Jan 21 51 Aug 14
8 4212 433
443
457 4714 45
4514 43
46
44
Jan 110% Dee
78
4
12512 12814 1267s 1293 12814 12912 25,20(1 International Harvester __-100 9618 Mar 25 13814Sept 18 106 Feb 115% Nov
131 13134 1291g 131
12434 130
8July 29
100 114 Mar 3 1203
Do pref
900
.119 12018 119 119
•120 12018 120 120 '11834 120 *119 12018
at Jan 15% Dec
718J une 25 14% Feb 5
g
97 103
8 8,400 Int Mercantile Marine_ ___1(10
972 10
914 1018
914
834 83
9
4
852 834
4738 Dee
2612 Ma
4
100 27 Aug 15 523 Feb 5
Do pref
3118 317s 3118 3212 3132 3314 3214 344 3318 347g 3412 3534 50,00(1
1112 May 2718 Deo
4 3252 33 8 39,300 International Nickel (The)_25 2414 Mar 18 3535 Aug 24
323
3
3212
3212 33
4
g
323 33
3314 323 33
33
75'! May 95 Ncv
94 Jan 6 10018 Oct 5
100
Do pref
200
599 100
99 .99 100
9912 99
•100 10014 1004 10018 .98
3413 Apr 60 Doe
76 Oct 3
100 4814 Mar 19
7212 35.600 International Paper
4
7114 7234 713 728 72
2
7412 76
723 7478 702 735
8
6213 Mar 747 Ott
100 71 Mar 9 8312 Oct 6
Do stamped pref
83. 83
831a 1,200
83
83
8314 823 83
83
4
8313 082
83
_
July 31
913 Oct 9
4
102) 86
Do pref (7)
2 9312 943
4 2,100
8
2
933 933* 933 933
94
94
94
93
9324 9312 •
73 Apr 119 Nov
,July 27
No par 108 Feb 2 1998
200 International Shoe
.135 190 .185 190
187 187 •187 138
187 187 .135 190
,July 9 121 June 3 11514 May 11915 Dee
100 1151
1
Do pref
*115 11714 *115 11714 *115 117 .115 116 .115 11714 .115 1 17 4 8,100 Internet Telep & Teleig
66 Feb 94 Dec
100 8712 Apr 3 144 Aug 14
117% 118%
,
11614 118 8 117 119
,
118 8 119
12014 121 12 11914 121
2411 Dec 321s May
No par 18 July 8 2812 Jan 6
600 IntertyPe Corp
2012 21
21 12 22
23
•22
22
22
21% 21 18 *2112 24
,
8
165 Apr 2314 Jan
100 1012.1u1) 21 217 Feb 26
,
1,100 sewel Tea, Inc
177s 18
•1712 18
1712 1713 175 18
18 .1713 IS
8
18
78 Mar 106 Dee
100 10212 Jac 19 113 Aug 12
Do pref
.107 112 .107 112
107 112 .107 112 *107 112 .107 112
14% Sept 2712 Jan
8
900 Jones Bros Tea. Inc,stpd_ _1001 1334June 23 217 Feb 3
1712
8
4
*16% 1713 165 1653 1718 4212
1714 1714 1712 1712 163 17
8
21% May 1523 Dec
No pal 3553 Aug 10 5913 Mar 3
5,500 Jordan Motor Car
4 42
423
42
43
8
423 4312 4212 4314 42
43
43
1614 Aug 38% Jan
5,600 Kayser (J) Co v t o__No pan 1884 Mar 171 37 Oct 1
8
353 3614 3538 357
8 3518 3514 348 3512 353* 36
364 37
77 Aug 102% Feb
No Par' 83 Mar 30 10014June 2
let pref
Do
300
98
9912 .96
.98
98 .95 100
•95
100 100 •
k Par value changed from $100 to $50 and prices on that basis beginning June 3. z Ex-rights.
• Bid and asked prices, no sales on this day. a Es-dividend
per share $ per share
per share S per share
8
11258 1125 113 113 .11212 113 511212 1127
96
9414 9412 93
98
.97 100 .93
4
913
88
95
•90
98
09 .92
•92
s 2414 24% 2412 2518
2412 253
23% 25
54
8
*5
54
*58
4
3
"8
4
5
•52
3912 4034
3812 3912 40
38
•3914 40
87
8812 87
.87
87
8812 87
.87
4 47
43
43
4
4 43
5
5
5
5
8
91 1 2
8 905 9114 91
9014 9114 894 907
3
3
3
318
2% 3
3
3
751s 757
7514 76
8
4 743 75
4
743 753
8
11214 11214 11214 1125 •113 11312 11312 116
108 II%
11 14
11
8
8
107 1118 107 11 18
2
4 3518 3453 357 3812 354 363
3518 353
4
120 120 *11914 1214 •120 121 14 *1193 12114
5612 5612 .5714 5758 58
56
58
57
8
4 7213 7453 7312 743
7214 723
7214 73
8
995 100 •100 10018 100 10018
8
995 995
914
84 9
91
4 924 •
83
93
9%
5V1 5V4 11:42
;
2,121,1
-ii;
1772
New York Stock Record-Continued-Page 4
For sales during the week of it aka usually inactive, see
fourth page preceding.
PER SHARE
RIM AND LOW 8AL11 PRICES
PER SNARL
-PEE BRAES, NOT PER CENT.
Sates
STOCKS
Range for Year 1925.
Range for Prettie.,
for
NEW YORK STOCK
On basis of 100-s807e lots.
Monday.
Year 1924.
Tuesday.
Wednesday Thuradatl.
Friday.
the
EXCHANGE
Oct. 5.
Oct. 6.
Oct. 7. I Oct. 8.
Oct. 9.
Week.
Lowest
Highest
Lowest
Highest
I per share 3 per share $ per share $ per
share $ per share $ per share Shares. Indus. & Miscall.(Con.)
Par $ per share $ Per share 1$ Per share $ Per Oar,
1712 173
4 1652 1814 174 18
17
18
1752 1814 173 18 141,300 Kelly-Springfield Tire
4
25 1214 Mart24 211
6512 654 6513 6513 66
/
4July 3
984 June 85
Jar
65
6514 6514 '64
65 .64
66
400
Do 8% pref
100 41 Mar(25 74 July 3
•
6512 67
*62
33 June 88
Jar
65
*62
64
62
.61
65
*61
65
100
Do 6% prat
10613 1064 10612 1093 109 10912 10514 62
100 43 Mar 25 72 July 3
40 June 784 Jan
4
1083 108 108
4
107 107
2,000 Kelsey Wheel. Inc
100 87 Aug 4 114 Sept 18
544 5413 537 544 533 5452 5312
76 May 104 Dee
2
4
4
544 543 553
4 5514 557 47,500 Kennecott COUPOr
2
No par 4612 Mar 30 am Jan 13
*2
214
3414 Jan 573 Dec
2
4
23
8
2
2
2
2
2
24 23
24
2 3,200 Keystone Tire & Rubb_No par
*75
17s Jan 9
312July 16
78 •75
4
/ Ja.
1
4
14 Oct
•
76 '
575
76
75
75
75
76
*7412 7812
300 Kinney Co
No par 74 Mar 25 8734May 25
•572 578 578 580 589 59152 589
5214 May 8614 Dee
617
625 659 6, 7 738 29:9100 Kresge (El S) Co
65
3 38 05
3
4 00
34
100 355 Apr 28 705 Oct 9 2874 Jan 4754 Dee
3614 3612 37
353 3612 36
2
3612 36
373
2
Kresge Dept Stores_ _ _-No Par 3111 Jan
•160 165
4 Jan 7
424 Nov 62 s Jam
162 168
7
168 173
169 172 •168 170
16814 16814 2,400 Laclede Gas L (St Louis)_100 11014 Jan 21 451
174 1814 1714 18
79
Jan 113 Nor
17
1512 174 163 17
18
1612 163 11,200 Lee Rubber & Tire_ _ _ _No par 111 Feb 5 178 Mar 31
3
4
765 7652 *7612 78
/
4
8
8 May 1718 Jar
20 19 Oct 1
7512 76
7514
7512 744 751 1 2,501 Liggett & Myers Tob new
784 Sept 28
*11934 122 *11934 122 *12014 122 *12014 7612 75
25 57 Mar 25
50 Mar 684 Dee
122 •12014 122 *12014 122
Do pref.
77
100 1161s Jan 18 12284 July 20 11478 July 121 June
77
7612 7612 7452 751s 72
74
7313 743
2 4,800
4 744 747
Do rB" new
6614 663
25 5512 Mar 27 7712Sept 28
487 Mar 684 De
4 66
s
6618 6614 6714 66
6612 6512 665
8 654 653
4 2,900 Lima Loa Wks
No par 60 June 23 744 Jan 14
345 344 344 353
8
58 June 71 De.
2 354 367
3 3514 3614 354 363
8 353 3612 49.300 Loew's Incorporated_ No par 22 Feb 17 36 3 Oct 6
3
714 733
7
1512 June 25 De
714 714
74 714
71
71
73
2 712 4,500 Loft Incorporated
7 3 712
3
4812 4914 49
No par
6 Jan
54 Apr
8.114 Jai
94 Apr 6
4973 4852 4914 4713 484 *4713 49
484 4912 2,800 Long Bell I.umber A_ _ _No par 4514 Mar 28
9034 9034 8712 9012 8814 8814 .87
20 53 Sent 19
90
8854 883
4 1,400 Loose-Wiles Biscuit
4 894 893
100 77 Feb 17 9712Mar 7
50 Mar 84 NO;
3512 357
g 35
3572 35
353* 3512 354
114 114 *112 115 *11212 1144 *11213 11412 354 3512 3512 3712 22,400 Lorillard
25 3014 Jan 24 393
4Sept 25
334 Dec 404 JUI)
*11212 11412 *11212 11412
100
Do oral
1614 163
4 1511 1612
Fe.
1512 16
1538 1512 1512 1572 1514 1513 15.800 Louisiana 011 temp ctfs_No 100 10812 Feb 27 116 Aug 26 112 Nor 117
234 2312 233 24
par 1353 Aug 26 233 Feb 3
4
4
2312 24
2352 24
24
2414 21
2414 6,000 Lo,tivilie G & El A_ _ _ _No par 2312.9ep1
*36
3July 23
3612 36
19 283
4052 3934 4053 39
40
3912 443
42
4412 45,600 Ludlum Steel
4
*134 138
No par 313 Feb 17 55 Mar 4 If" Oct "ii1 "
4
13414 13414 *135 138
OW
100 Mackay Companies
215 216 4 20912 21414 206 21312 *135 138 •135 138 .135 138
100 114 Mar 20 141 Sept 23 107
Jan 119 Anli
1
20434
s
No par 117 Jan 16 238 Aug 18
•110 11012 1104 11014 11012 11012 *109 2084 20712 21014 20814 2117 77,800 Mack Trucks, Inc
753 Apr 1184 De.
4
*1093 11012 11012 11012
4
11012
400
Do 1st pref.
984 Jan 1071 Dee
100 104 Jan 27 113 Aug 17
104 104
/
4
104 101 .10312 105 *10312 10412 104 10112 105 105 •
700
Do 2d prof_
100 99 Jan 2 1065 Aug 7
102 102
Apr 10114 Dee
2
87
102 102
100 102
10012 101
100 1035 10112 1033
8
4 5,500 Macy (R H)& Co, Ino_No par 6913 Jan 3 10734Sept 12
4212 4253 4213 423
69 may 7112 De.
4 413 424 41
4
4112 42
42 12 4112 42
5,500 Magma Copper
No par 34 Mar 31 4412Sept 19
25
2513 25
261s June 45 De.
/
1
4
257
2 25
25
*24
25
243 2512 25
4
2514 3,800 Mallinson (H R) & Co_No par 2152 Mar 30 3713 Jan
*53
18 Mar 414 Dee
544 5214 523 *523 53
4
4
52
5314 .523 5314 1,700 Manh Elec Slim)tem ctfs No par 32 Mar 21 59 Mar 23
523
4
4 53
2812 29
4
10
3314 Mar 493 Jul,
28
2812 284 2853 .2814 20
2814 2852 2814 2814 3,000 Manhattan Shirt
25 2014 Mar 16 3114Sept 17
*3812 40
Jan
2613 Dec 44
384 3814 *373 39
4
*37
3912 *373 38
2
38
3912
700 Manila Electric Corp. No par 2813Mar 5 4912 Apr 24
*2212 23
283 Dec 314 Dec
4
204 2014 2053 213
2 203 201
4
4 2114 2114 2052 204 1,400 Maracaibo 011 Eget._ No par 203
477 484 474 4772 463 473
2Sept 29 3913 Jan 31
2
244 Oct 874 Jar
/
1
2
4 4614 4672 464 474 473 483 142,500 Marland 011
2
2
No par 325 Mar 30 4812 Oct 3
3
*2713 28
29 May 62 Feb
2712 274 2714 2714 2714 2714 2712 2712 *2714 23
600 Marlin-Rockwell
No par 104
•
2014 2012 2014 2014 20
8 Jan
173 Mal
4
2014 20
20
20
20
204 2013 1,500 Martin Parry Corp ...._No par 1912 Mar 13 30 Sept 15
854 874 853 8712 84
Aug 31
811s Nov 87
/ Jar
1
4
4
867
2 83
84
8212 8314 34
8612 9,600 Mathieson Alkali Wkstemaf50 51 Jan 6 371s Jan 7
123 124
29os May 581.4 Dec
874 Oct 3
12334 1263 126 128 2 12553 1293 125 12612 126 1273 62,500 May
4
7
4
4
Department Stores__-50 101 Mar
93 9312 9412 967
824 Apr 115 Dec
4
3 93
95
944 9412 9413 98
99 1013 20,200 McCrory Stores Class B No par 79 Mar 23 1293 Oct 7
4
193 193 •195 20
4
17
Oct 10614 July
4
4
88
8
194 194 1912 1912 •1952 193 *193 193
4
2
4
400 McIntyre Porcupine Mines_ _5 16 Jan 2 1013 Oct 9
193 Aug 4
4
144 Dec 1814 Jam
/
1
•21
211
s 214 2113 *21
2112 21
214 21
21
21
21
1,500 Metro-Goldwyn Pictures I2-271 18 Jan 3 2214 Feb
1312 1352 1212 13
15 'Sept 19 Der
6
1134 1212 1034 12
114 12
1114 1114 10.500 Mexican Seaboard 011 No par
91g 94
1034 Oct 7 224 Jan 6
144 Jan 253 SePt
872 912
/
1
4
9
9
9
914
9
9 12
918 912 6,100 Miami Copper
314 32
6
8 May 12 2434 Jan
3012 3112 304 31
20 May 25 Apr
3012 301
304 304 303 31
33,100 Mid Continent Petro No Par 253 Aug 19 364June 13
8
•13
8 112
4
8
114
13
3
114
138
133
Ds
114
2
13
114
134 5,400 Middle States Oil Corn- _ 10
138 139
1363 1384 13712 139
34June 6
4
i Aug 67 Jan
1354 1364 137 13813 1383 13952 2,900 Nficliand Stee 1'rod Drat_ _ _100 9653 Apr 16
4
Jan 2 147 Aug 10
8412 85 2 8312 85
911,June 98 Nov
3
83
86
8258 831
8312 843
4 833 8414 11,000 Montana Power
4
100 64 Ayr 17 0914 Aug 6
68
6914 68
6114 June 744 Des
694 68
703
4 6712 6852 673 683
5
2 674 6452 105,000 Montg Ward & Co Ill corp_-10 41 Mar 33 73 July 28
3814 3834 3753 394 373 394
2134 May 4812 Dee
4
383
4 384 3872 37,000 Moon Motors
3712 35
4 38
223 Mar 19 393
3Sept 29
74 712
4
1713 Oct 274 Fa
Vs 74
714 713
712 73
73
2
8 73 12,000 Mother Lode Coalltion_NO 9at
s
714 71
N pw
4034 41
6 May 4
94 Jan 2
6 May
94 Feb
4052 4O7
40s 42
42
443g 434 444 433 443 31,600 Motor Meter A
4
4
4014 Sept 2 417 Oct 8
3114 32
2
3153 32
314 313
4 3134 33 •
33
31
3312 34
39,700 Motor Wheel
18 Apr 9 35 June 29
N Par
a
17
17
*16
1612 16
1612 16
16
16
1513 163
16
4
900 Mullins Body Corp _ _No par 13 Aug 26 2113 Feb 20
•3113 34
9 Mar *33
18; Dec
34
*33
34
*3314 34
33
3312 *33
34
200 Munsingwear Co.
No par 3012 Apr 23 35 July 23
.455 460
291s July 3914 Jaz
467 438 *467 499
476
479 480
467 475
2,000 Nash Motors Co
.No par 1934 Jan 5 488 Oct 5
•10614 10612 •106% 10612 *10614 10612 *10614 476
964 Apr 204 Dee
1064 10614 10614 106 106
200
Do pref
1034 Jan 21 107 July 15
100
9814 July 1044 NOT
8'! 8
*8
/
1
83
4
8
73
4 73
4
8 I
8
818 *73
900 National Acme stamped_
4 8
414 Mar 24 107
2July 24
72 2 7314 7134 72 4 714 7212 72
33 Oct 1018 Jar,
3
4
3
3
7212 714 7212 713 723
3 9,300 National Biscuit
26 65 Apr 29 7553 Aug 24
O125 12712 *125 128
5014 Mar 774 HelP
126 126•123 123 *17532 17 7 '17514 12734
, 77
7o 5 2
2
, 27 .
100
Do pre!
100 12313 Mar 11 12812May 9 12012 Jan 1261 Diu
7112 723
4 71
4
73
7412 70 I 76
78
31,000 National Cloak & Sult
100 654 Mar 5 79 Oct 6
•100 101
44 June 704 Der
100 100
100 10012 *100 10012 997 994 100 100
2
650
Do prof
100 99 Jan 13 104 Jan 29
9112 Mar 1004 Der
65
66
6512 6653 663 6752 6714 704 7212 76
4
703 74
4
70,100 Nat Dairy Prod tens 002N° par 42 Jan 2 76 Oct 8
4012 41
801s AP
444 Der
404 404 404 41 ' •405 4114 41
8
4114 43
41
5,100 Nat Department Stores No par 384 Jan 2 45 May 12
3814 Oct 43
Jan
*97
9712 •97
9712 *97
9712 *97
9712 *97
9712 9712 9712
100
Do pref
100 96 Apr 15 102 Jan 2
92 Jun 101 Der
/
1
4
36
367
3 36
363
3 3512 3673 3552 3612 36
363
5 3614 3612 13,000 Nat Distill Products._ _No par 30 Apr 9 3838 Oct 2
77
7812 75 4 7834 7313 76
3
7614 7614 *74
*74
76
76
3,400 Nat Distil Prod fir tem ctiNo Pa
3I31 Aug 54
5211 Jan 8 81 Oct 2
3413 3412 34
3412 *334 3412 3412 343 *34
4
35
357
2 2,600 Nat Enam & Stamping _ _100 25 Apr 30 39 Aug 29
35
1818 Sept 444 Jai
*87
89
*87
89
87
87
87
87 '
88
585
8812 88
500
D
100 75 June 22 8934 Jan 12
67 Beat 89
159 16014 158 159
Jab
159 160 4 158 160 *157 15812 158 1603
3
4 2,600 National Lead
100 13812 Apr 27 1684 Jan 9 1234 Apr 1691 Allf
0116 117 •116 117 *116 117
4
116 116 *1164 117 *11612 117
100
Do pre(
100 11412Sept 2 1183 Aug 13 11112 May 118 Saps
4
*5614 57
*5612 57
554 5614 55 4 56
3
554 56
4
1,500 National Supply
*553 57
$54seat 24 71 Jan 29
5
544 Oct 724 Feb
1312 133
4 1353 137
s 1334 15
1433 1452 145 1514 1413 151 30.900 Nevada Coneol Copper _ _ _
8
113 Apr 27 1638 Jan 7
117 Jan 164 Dee
4
s
*3512 353
4 35
351
35
35
x34
343
3114 311
4 344 35
NY Air Brake tens ctls.No pa
34 Oct 7 564 Jan 3
3818 Apr 57 Dec
*51
527 *5112 5234 514 5172 5172 5172 5212 521* *52
8
300
52
Do Class A
51 Mar 19 87 Jan 7
4714 Jan 57 Dec
5812 6014 58
584 59
6232 6032 6213 614 6312 6212 633 48,700 N Y Canners temp ctfs_Nu gu
2
6312 Oct 8
N o par 313 Mar 30
82
une 37 Dee
4
*3012 3112 *3012 31
3114 3114 31
31
*3012 32
*3114 32
300 New York Dock
100 18 Mar 24 3652 Aug 8
19
Jan 3718 May
*65
70
*65
70
*65
70
*65
69
*65
69
6512 653
100
Do prof
414 Feb 5514 May
5212 Jan 14 7214June 28
•2812 2814 2814 2814 '28
2814 2734 273
4 2752 273 *2752 2814
4
500 Niagara Falls Power pf new 2
275 Oct 8 29 Jan 12
27 June 29 Sept
8
634 64
6252 663
s 6552 6712 6452 6572 6112 654 6414 67 222,200 Nortb American Co
414 Jan 6 6712 Oct 8
1
22
Jan 45 Des
5012 5018 50
50
4953 50
49
2 49
4912 5,900
494 4812 493
Do pref
5
s
46 Jan 2 5012Sept 12
437 Jan 604 July
/
1
4
157 154 15
2
1514 1514 154 15 4 153
3
4
4 153 153
4 157 163
2
2 2,900 Nunnally Co (The).- _.No Par
8 Jan 16 17 Sept 21
914 94
7 Apr
912 91
94 Dee
94 07
97 104 •104 1012 1014 1012 2,000 Ontario Sliver Min new No o :
54 Jan 22 1012 Oct 7
p
4114 Mar
*3412 3514 343 343
8
/ Oct
1
4
4
3434 3514 3414 3472 3113 35
3512 354 2,600 Onyx Hosiery
No
183 Jan 6 36 Sept 8
18 May 30
3
45
454 4514 46
Jan
454 4572 *4513 46
46
4612 4652 484 7,800 Oppenhelm.Collins&CoNo par 4114 A11231 484 Oct 9
3014 3012 3014 303
s 3012 3052 3012 304 3012 3012 30'A 3012 3,200 Orptieum Circuit, Ino
204 Jan 18 327
2July 30 16 Feb Ili- Dec
130 4 131
1303 1303 127 128
3
3
2
127 128
130 130
130 13114 2,888 Otis Elevator (k)
50 87 Feb 27 14011 Aug 21
68 June 92 Dee
/
1
4
/
1
4
1214
12
1112 1214 1113 12
1114 113
4 1112 113
6,300 Otis Steel
4 1134 12
8 Mar 18 154 Aug 28
No par
614 Nov 117 Jan
s
83
83 .83
85
8312 8312 83
834 8314 8314 8314
600
Do prof
83
100 604 Mar 18 9712 Aug 28
44 Oot 743 Mat
6012 614 60 6014 6012 6134 61
4
4
614 614 613 10,100 Owens Bottle
623
4 61
25 423 Mar 17 623 Oct 7
4
3914 May 6
4
119 120
11814 1193 11734 11812 11612 117
74 Jan
117 118
11714 11812 2,700 Pacific Gas & Electric
100 10211 Jan 5 12312Sept 28
901s Jan 105 Dee
543 554 5414 551
4
5334 5414 533 54
534 534 534 543 24,400 Pacific 011
4
8
515 Aug 18 6514 Jan 31
8
No par
45 Apr 584 Feb
3953 404 394 393
39
403
4112 421
411 423
4
s 414 423 130,200 Packard Motor Car
2
4Sepi 19
_ 10 15 Jan 18 433
9 s may 164 Dee
7
245 2512 2414 25
8
24
243
4 2438 2452 2412 2472 245 25
8
12,100 Paige Oct Motor Car_ _No par
173
2May 6 274Sept 23
_
65
63
6512 634 641
64
62 623
4 62 6212 6212 6314 4,900 Pan-Amer Petr & Trans_ _ _ 50 5912Sept 3 837 Mar 3
8
444 Feb 65 De.
6453 6512 6313 643
6212 64
6112 63 2 624 627
3
8 6214 633 65,600
4
Do Class B
50 604 Aug 27 844 Mar 3
4114 Feb 64 Dee
312 312
/
1
4
212 21
*212 3
*212 318
•
212 314 *212 3
600 Panhandle Prod & Ret_No par
5 Feb 26
/
1
4
214 Aug 28
14 Sept
418 Jan
*26
2612 26
263
2614 253 251
2 26
8
26
2652 2612 2712 6,600 Park & Tilford tens ctfs_No par 25145701 8 3513 Jan 10
24 Sept 354
20
2013 20
194 lO7g 20
20
2012 20
Dee
20
20
*20
800 Penick & Ford
No par
1914 Ala 11 28 Apr 14
*14
18
*14
*14
17
17 .14
17
100 Penn Coal & Coke
1114 1414 •1414 17
50 123 Apr 29 264 Jan 2
4
184 Nov -ilia -jai
112
152
112 153
112 153
132
112
153
112 14
13 14,300 Penn-Seaboard St'l ate NO Par
4
1 Aug 12
3 Jan 9
lls Oct
118 118
117 118
414 Jae
117 11714 *117 118
116 117
117 117
1,800 People's(I L & 0(Chic)_ _ _100 112 Jan 16 122.4J unto 18
923 Apr
4
58
58
58
4
58
58
5713 58
57
53
3,300 Philadelphia Co (Pitteb) 60 6112 Mar 18 623 Aug
58
38
58
42 1 May 119 Der
4
7
5
3934 4014 3912 393
4
3914 391
3914 4013 3914 397
9,900 Mitt & Read 0 de I ___No par 37a4May 6 524 Jan 9
2 394 40
844 mu 57 Dee
•3934 4014 *3834 41
5414 Dee
414 *3814 403
*3814 4014 .39
100
4 394 3914
Certificates of Int___No par 38 July 11 5011 Jan 23
35 Mar 52 jay
*51
54
/
1
4
*51
60
*51
55
60
*51
35 .51
*51
60
Phillips-Jones Corp
No par 52 July 13 904 Jan 12
44 May 88 July
22
2214 22
22
2012 214 1953 21
213 224 17,500 Phillip Morris a, Co. Lt _ _10 123 Mar 19 2514Sept 1
/
1
4
2014 22
4
11 July 23
4012 41
/ JAB
1
4
40
4114 394 403
4 3914 4014 3952 394 3912 4012 46,500 Phillips Petroleum
No par 3614 Mar 30 4712June 12
2818 Oct 424 Apt
434 4414 4114 431
4053 42 2 404 4214 4214 4312 424 433 158,400 Pierce-Arrow Mot Car..No par 107 Mar 30 4553 Oct 2
7
3
2
61s May 16
9114 927
2 8912 90
89 8914 8912 904 904 914 90
91
5.200
Do prof
100 43 Mar 24 94 Befit 8
1812 May 54 Dec
Dee
Do prior prof
______
No Par 85 Mar 18 210 Sept 14
i; 134 - a "Ii4
95 Dee
-12
--1i --1 2 -- ii2 -112
800 Pierce 011 Corporation
113 Aug 1
25
34 Feb 6
59114 JA pr
•2632 2712 *2612 2714 *2612 30
.2632 28
Do pref
•2633 28
•263 27
2
100 2512 Jan 2 40 Feb 26
20 Mar 36
512 54
513 552
54 558
Jan
54 538
53 121,900 Pierce Petram tem etfs_ No pa
2
512 5
/
1
4
5
5 Aug 10
814 Feb 5
4
/ Oat
1
4
•42
43
*42
43
42
42
*4112 43
*41
43
414 4113
700 Pittsburgh Coal of Pa
4
100 37. klay 2 544 Jan 13
477 Dee 6334
1
*87
90
*87
00
*S7
Mat
90 '
*8512 90
Do pre!
587
90
*8712 90
go may 4 99 Jan 5
100
944 Aug 10 :pee
•
95
984 •95
0 A
4
5
9814 *95
jappr
081 *95
Pittsburgh Steel pref
981 *95
9312 *95
9812
100 94 Mar 26 10213 Jan 8
95
*4612 50
Jan 103 Aug
*46
50 .47
50
1,700 Pitts Term Coa :
*47
474 493 .4712 49
4
50
.
100 30 Apr 27 633 Jan 17
,
587 Dee
0
: jau
*143 1514 •143 15 '
4
4
51434 15
Dec
*1434 151
200 Pittsburgh Uttatles pref____1
4 144 *1412 15
143
124 Mar 24 17 4June 25
7
•13
1412 *13
1512 *13
618371
151 *13
1513 *13
1513 *13
Do pref ,
1412
,ertificates_ _ -.1
123 Mar 20 16 June 26
4
114 Feb 164 Dee
13014 13014 13013 1344 125 139
13512 13672 13512 1367 135 13672 9,500 Post'n)CerCo Inc temctfNo Pa
2
934 Feb 16 143 Aug 25
4812 Apr 1034 Der
5353 544 5312 5334 5312 533
2 53
1,700 Prrszedprtee1 Car
53
5352 53
e
51
53
S of
100 45 June 26 69 Jan 23
81
79
•
*78
81
*78
81
80
*78
*73
80 .78
80
100 7612July 9 9212 Jan 3
8
3
9 A ug 62 Fea
7
15
1512 15
90 3
15
a
15
15
15
1,500 Producers & Refiners Corp_ 50 1212 Aug 26 3252 Feb 3
15
15
15
221 Apr 434 Jan
4
8133 8212 80
82
7914 804 7812 80
801 18,300 PubServCorp of NJ newNo par 6252 Mar 30 874 Aug 5
8 80
794 803
Mar
*103 1047 1044 10414 10472 10472 10413 10412 *10313 10412 10412 1041
3
Dee
500
Do 7% prat
90 Jan 7 10512Sept 14
100
99
34
6
116 116 *115 11714 *11513 11714 *116 11.714 117 11714 *116 119
107014
ee
e
200
Do 8% Pre
100 10853 Apr 1 11714 OA 8
162 163
16114 163
159 1614 1584 160
1593 1644 164 1661 19,500 Pullman Company
4
100 129 Mar 30 17312SePt 17
991g11312 Apr 119/ D
343 343
4
4 3413 347
2 3412 3412 3414 344 344 3413 344 34's
5114 E)
1
:
1,600 Punta Alegre Sugar
50 33 July 23 474 Jan 7
37l13 Dec 871 Mar
27
3
273
8 26 4 2714 264 263
/
4
4 264 263
3 8,400 Pure Oil (The)
s 2612 264 2612 263
25 2512 Aug 13 3334 Feb 4
90 Jj
22 uan 130,Dce
051 Ely,
n
4
108 108
108 108 *1063 108 *10612 108
4
300
107 107 *107 109
Do 8% pref
100 1024 Jan 5 10812Sept 9
574 584 574 5812 564 583
8 55
574 554 564 55
61,700 Radio Corp of Amer___No par 483 Mar 27 777 Jan 2
/ 57
1
4
3
2
254 Oct1 667 Dee
49
49
493 493 .49
4
4
4914 *48
8
403
4 484 454 .4814 49
400
Do pref
50 48 Sept 3 54 Feb 4
454 Oct 50 De:
• Bid and asked prices, no sales on this day. r Ex-dividend. a Ex new rights. n No
par. s Ex-rights. k Trading on New York Stock exchange
because of small amount of stock outstanding.
suspended
Saturday.
Oct 3.
-owe
New York Stock Record-Continued-Page 5
1773
For sales during the weex of stocks usually inactive, see firth paz.e preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 3.
Monday,
Oct. 5.
Tuesday,
Oct. 6.
Wednesday. Thursday.
Oct. 7.
Oct. 8.
Friday,
Oct. 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rnn an AKA
Range for Year 1925.
On basis of 100
-share lots
Lowest
Highest
YAK JHAIM
Range for Previous
Year 1924.
Lou est
Highest
$ per share $ per share $ per share S per share $ per share 3 per share Shares. Indus. & Miscell. (Con.) Par $ per share
$ per share 3 per share $ per share
17334 175
175 17934 174 17812 172 174
17312 17412 17234 17514 8,100 Railway Steel Spring
100 12212 Feb 17 17934 Oct 5 106
Jan 13712 Dee
•38
4712 .381 3814 374 3718 36 4 363 •363 3814 .3614 3814
3
4
3
No par 337 Jan 7 3912 Aug 5
8
200 Rand Mines, Ltd
30
Jan 3312 Nov
134 1314 134 1333 1278 1314
1273 13
13
1312 1333 1334 21,500 Ray Consolidated Copper. 10 1138 Apr 22 17% Feb 9
9 Mar 1712 Dec
*44
4412 44
4412 •4414 4434 443 45
4
45
45
•4413 447
No par 43 Oct 1 534 Aug 31
700 Reid Ice-Cream
•I8
1812 18
185
8
1814 1834 18% 185
1812 22
10 May 16 2814July 9
20
No par
203
4 4,000 Reis (Robt) Sz Co
9 Oct 164 Jan
93
92
9412 9314 9712 96 10112 100 10212 22,200 Remington Typewriter____100 4634 Jan 27 10212 Oct 9
9434 94
96
3214 Jan 5412 Deo
•100 105 *100 105 *100 10312 10312 10312 •10112 105 .104 105
100 100 Jan 2 105 Apr 21
100
Do lot prof
9014 July 9914 Dee
•100 105 .100 105 *100 10312 .100 103 '100 105 .100 105
100 107 June 19 11312 Apr 29
Do 2d pref
9012May 110 Dee
154 16
15
1512 1413 15
1434 147
143 153
4
No par 125
4
1513 16
8June 12 2314 Jan 13
9,200 Replogle Steel
714 June 231 Nov
5113 504 52
51
5012 5112 494 50
/ 504 5212 504 513
1
4
4 8,800 Republic Iron & Steel
100 424 Apr 30 84% Jan 3
42 June 8313 Dee
•92
9212 •92
92
/ *92
1
4
9212 92 9212 92
3 923 •9214 93
2
100 8414Ju3y 7 95 Jan 13
Do prof
500
82 June 95 Mar
*93 10
4
94 9 4
3
3
9
53 914
9
12 912
93 10
8
10
10
No par
8 July 2
18 Jan 5
2,900 Reynolds Spring
97 May 22 4 Jan
8
3
894 90
89
897
897
89
89
8912 8914 9112 11,700 Reynolds(R J) Tob Class B 25 7214 Mar 24 93 3Sept 25
8913 89
3
6153 Mar 79 3 Dec
3
•120 12014 •1204 12014 *12013 12014 *120 12014 .120 120% •120 12013
100 1197 Jan 8 122 Apr 29 11514 Mar 121 June
Do 7% (ref
88 88
88
88
88
88 .88
89
•88
89
*88
89
25 85 June 25 9713 Feb 20
300 Rossla Insurance Co
86 Mar 96 Sept
5112 5513 514 5018 504 50
51
7 5114 14,300 Royal Dutch Co(NY shares)_ 484 Mar 24 57% Jan 31
5013 5084 507
2 50
4038 Sept 5912 Feb
43 4 4414 4313 443
3
8 43% 44
43
4314 4314 43
/ 4314 44
1
4
10 353
4July 1 .5212May 25
8,900 it Joseph Lead
22 Jan 457 Dee
6613 67
66
66% 654 66
65
13578 6512 6552 6612 67
8
32 Jan 88 Dee
53
3,100 Savage Arms Corporation_100 4812July 15 1083 Mar 3
7
•
10312 1053 103% 10412 10353 10412 104 104
8
1033 10578 10512 10714 7,100 Schulte Retail Stores_No par 1013
4
4Sept 3 1167 Feb 9
963 Apr 12914 Aug
4
o
•111 11434 .111 11434 '111 11434 *111 11434 "111 1143 1143 1143
100 110 Jan 6 118 Aug 21 105 May 11234 Del
4
4
Do pref
4
200
1438 14
8
1414
14
1413 14
4 143 1438 .14
1414 144 144 1,100 Seagrave Corp
No par
1312June 9 1634June 22
211 21134 211 21473 208 21334 207 2093 20812 2097 208 21112 12,700 Sears, Roebuck & Co
4
100 14712Mar 30 223735ept 14 -- 3
7 4May 155 8
Dee
•57
*5 3 6
7
8
8
6
6
6
6
6514 Apr 22
3
4 Apr
*57
3 6
8 July
77 Jan 3
1,100 Shattuck Arizona Copper__ 10
72
7214 71
723
3 7012 71
654 7014 6512 0 4 6614 673 10,100 Shattuck (F G)
3
No par 4018 Mar 30 92 Aug 6
4
*4014 41
4014 403s *404 41
4038 4033 4012 4012 4034 414 1,000 Shell Transport Ss Trading_ a 39 4June 3 4534 Jan 30 33 Jan 3
ii bee
4 2314 2353 2314 2358 2314 233
2313 24
2313 233
4 2313 23 8 22,600 Shell Union 011
No par 2113 Aug 12 283 Feb 4
153 July 2212 Dec
4
5
3
•103 1044 .103% 104 *104 10412 *104 10412 *104 10412 104 104
100 9913 Jan 2 10553Sept 4
9112 Jan 9912 Dee
Do prof
100
214 2118 2013 207
20
8 20
1912 1934 1912 20
10 173
1038 Jan 24 Dee
1934 20
4Sept 3 2634 Jan 12
8.700 Simms Petroleum
514 413
8 5114 5134 5114 5153 5114 5153 51
5112 51
5112 4,400 Simmons Co
No par 3114 Mar 17 533*Sept 17
22 Apr 37 Dee
1933 197k
182 1914 1812 1878 1814 1812 1814 19
4
15 July 2713 Jan
1853 187 28,100 Sinclair Cons 011 Corp_No par 17 Jan 8 247 Feb 2
3
8913 891 *8914 90
*883 894 .8834 8912 883 883
4
4
100 783 Jan 2 9413 Feb 3
4 89
75 Oct 90 Jan
4
89
Do prat
300
2853 2914 28
2812 2712 2814 274 275
8 273 273
3
25 213 Mar 30 3012 Feb 3
174 July 29 Feb
4
4 2714 283 24,800 Skelly Oil Co
3
102 10338 10112 1033* 10114 1044 1013 10312 10214 10812 10812 1093 24,600 Sloss-Shettleld Steel & Iron 100 8014 Mar 30 10938 Oct 9
3
52 May 84% Dec
8
*70
85
*7712 843 .774 80 .774 80 .7713 80
4
57712 80
3
58 Oct 957 Mar
South Porto Rico Sugar-100 62 Jan 6 894 Aug 7
•1513 17
*1512 17 .1513 17
*1512 17
*1512 17
1413 Aug 31
.51512 17
24 May 2/4
No par
Spear & Co
*8113 821 .81
821 *82
824 8212 8212 .81
8312 *82
831
100 7913 Aug 31 92 May 19
Do prat
100
334 3414 3112 33'i 313 325
3
8 3112 3212 3111 32
3134 33
20 3Sept 23
No par 1512 Feb 17 367
Dee
- 3 June 73
49,000 Spicer Mfg Co
.10212 104 •10212 1031 *10212 10312 *10212 10314 *10212 104
1024 l02's
100 92 Apr 1 108 July 10
14
78 July 98 Dec
Do pref
100
684 59
57
5814 573 583
3 57
5712 574 5712 57
4
5814 25,000 Standard Gas & El Co.No par 4014 Jan 2 593 Aug 3
311s May 413* Dee
714 7114 7014 7014 70
71
70
100 62 May 19 8073June 18
71
7112 7112 71
391: May 733 Dee
7114 1,400 Standard Milling
4
*80
86 .8014 86
*8014 84
83 4 833 *8014 84
3
4
100 81 Jan 20 8633June 12
.81
70 July 85 Mar
84
Do pref
100
&414 548g 53% 5414 534 545
5353 5353 5314 5312 534 537
5512 Apr 6812 Jan
3 7.700 Standard Oil of California_ 25 5112 Aug 13 6714 Feb 2
4013 4114 4034 4114 3934 407
8 3934 4012 393 404 397 40 3 35,000 Standard 011 at New Jersey 25 383
4
8Mar 30 474 Feb 3
33 May 4214 Jan
3
117 117
117 11718 117 11718 1167 117
117 117
117 117
_100 11814July 7 119 Feb 24 1158 Ma 1194 Aug
1,300
Do pref non-voting
*64 63
4
613 61
612 45
3
6 4 63
3
4
7
5 Aug 31 16 Jan 16
53
-714
712 8
134 Oct35 June
14
1,100 Stand Plate Glass Co__No par
nrs 72 72 721 73 73 734 74 7313 73's 74 741 1,300 Sterling Products
No par 6214 Mar 25 7514Ju1Y 16
5512 Apr 6512 Nov
8133 83
80
82
80
811
79
803* 804 811
8133 83
8
-Warn Sp Corp_No par 55 Mar 18 83 Oct 3
32,700 Stewart
4813 July 1007 Jan
744 744 7212 723
3 72 72
72
7214 *72
73
73
75
2,900 Stromberg Carburetor_No par 61 Mar 18 793* Jan 3
54's May 8478 Jan
67
5914 584 5914 583 603
4 583 604 587 601
3
4
4
30': May 4614 Dec
6018 6114 442,300 Studeb*r Corp(The)newNo par 4114 Jan 28 614 Oct 9
•118 123 .118 122 *120 123 •120 123 *120 122 *120 122
100 112 Mar 13 125 Sent 29 10973 Nov115
Jan
Do pref
37
31
3114 4
4
4
7
3% 37
3% Oct 1
3% 37
12 Mar 6
No par
38 3
4,800 Submarine Boat
6 Nov12 3 Dec
3
$14 312
3
313
2
7
3's
3
33*
3
273 Aug 17
31
*3
No par
31
614 Feb 9
2 3 Jan
3
5,500 Superior Oil
85 Aug
8
no 24 •22 25 2112 211 22 22 *22 25 22 22
100 20 May 1 4133 Jan 10
23 July 35 Dec
400 Superior Steel
12
1212 12
1214 1133 113* 11
11
11
11
578 Mar 19 133 Sept 30
1112 1112 5,400 Sweets Co of America
3 Jan
4
50
134 Sept
18
1814 1814 187
1813 l87
1012 Jan 15 20 3Sept lb
7
1812 l97
s 1814 18
4
7
o 183 19% 16,700 Symington temp ctts-No par
2134 2173 224 2238 217e 224 217k 217
3 213 231
4
* 224 23
5,400
Class A temp ctfs- _ _No par 20 Aug 19 2018Sept 18
*12
1233 •12
128* •12
1238 *12
123* •12
11 Aug 14 15 Feb 7
123* •12
I434 Dee
Telautograph Corp_ -__No par
1 June -- 14
121
s
125 13
*
12% 13
124 12*4 122 127 19,300 Tenn Copp & C
1212 127
:
75 Apr 1 13 Oct 1
3 121 123
8
9% Jan
No par
63 Mar
4
3
497 5014 4953 504 484 4934 4814 49
8
4
3June 12
4
818 4 7
3734 June 4534 Jan
8 8 4853 493* 54.600 Texas Company (The)_-__ 25 423 Jan 5 543
11334 1157 11314 11412 11238 1141g 1118 1133* 1123 11312 11212 116% 38,100 Texas Gull Sulphur
s
4
10 9712 Feb 17 1163 Oct 9
4
5714 Apr 110 Dec
1334 144 1312 147
8 1314 133
4 134 133
4 1353 1433 23,300 Texas Pacific Coal &Oil
4 133 133
*
8
10 107 Aug 27 233* Feb 6
8 Oct 1514 Feb
3214 3214 3012 323
3113 3112 3133 3153 3012 31
3133 3133 4,700 Tidewater Oil
100 3012 Aug 17 3614July 17 11614 Oct 151 Feb
46
4614 46
4814 4634 488 478 5014 50
531* 5212 5514 218,000 Timken Roller Bearing_No par 3734 Mar 18 5514 Oct 9
Jan
3112May 41
883 89% 893* 9014 883 905
4
4
8 57
887
3 8734 9014 913 92% 52,800 Tobacco Products Corp.-100 70 Jan 2 9412July 24
8
52 Apr 73 4 Dec
1
1033 104
4
1033 104
4
10314 10312 10353 1037
7 103 103
10318 103
100 9314 Jan 2 106 Aug 7
8314 Mar 9312 Oct
3 3,800
Do Class A
37
4
33
4 37
37
s 4
312Sept 26
8
3 4 37
3
334 37
5 3MaY 9
7
3 4 Apr
3
614 Jan
3
53 33 13.900 Transet'1011 temettnewNo par
4
25
25 .25
*2414 2612 26
264 25
25
2612 *25
2838 Oct 3513 Jan
26
300 Transue & Williams St'l No par z25 Oct 3 35 Jan 10
494 4918 49
012 4913 49 8 48 4 5214 5138 5412 53
3
5434 15,500 Underwood Typewriter.-- 25 3813 Mar 26 5434 Oct 9
5
364 Sept 43 Jan
704 7118 67
714 6812 693
4 683 6934 6914 71
8
70
35ept 29
3312 Sept 645* Feb
7153 4,500 Union Bag & Paper Corp-100 36 Apr 1 747
3433 341
3
3414 343* 3412 3412 3413 3434 34
343
3 33 3 344 6,300 Union Oil, California
7
28 33% Aug 18 43 Feb 5
35 Nov 39 Nov
•124 125
124 124 *122 125 *122 125 .122 125 *122 125
100 118 Sept 2 134 June 19
94 Jan 13273 Sept
100 Union Tank Car
•115 1161 *115 11612 *115 11812 *115 116 *115 11512 115 115
100 11314June 17 11718May 6 10614 Feb 11634 July
100
Do pref
297
8 2514 2914 28
2712 28
27
2514 28
2913 29
3
2934 6.000 United Alloy Steel
No par 24 May 15 367 Mar 4
20 Oct 37 Feb
813g 8214 8012 82
80% 8414 8313 90
80% 83
92
97 110,600 United Cigar Stores
4212June 6414 Nov
25 6014 Jan 6 97 Oct 9
12914 130
12912 131
12973 13012 1293* 13434 133 1353 133 134
4
4
100 1107 Feb 4 13584 Oct 8
71 May 12138 Dec
21,000 United Drug
55
55
55
5514 5514 5514 55
55 55
55
55
50 52 Jan 16 56 June 15
4612 May 53 Dec
5513 2,000
Do 1st pref
24212 2443 *239 243
234 234 *235 239
2383 238 4 1,210 United Fruit
8
4
2 9 239
3
100 2047 Mar 31 246 Sept 30 182
Jan 22412 Aug
8
3512 3614 35
3214 3512 3512 363 49,200 Universal Pipe & Rad_ _No par 2612 Apr 27 5073 Feb 11
34
36
323 3512 31
s
13 July 48 Dec
3
794 79 8 79
79
81
7812 7812 82
787 787
8
8 76
84 •
100 65 July 10 94 Feb 11
4712 Oct79 Dec
5,700
Do pref
167 185
167 l677s 165 169
165 167
167 16734 3,300 US Cast Iron Pipe & Fdy_100 13114 Apr 22 250 Feb 11
162 165
64 Feb 1695a Dec
*100 103
100 100 .100 103
*96 103
100 100 .101 104
8178 Jan 10414 Oct
100 91 July 1 I 113 Aug 21
200
Do pref
33
3353 3218 32% 3213 323* 324 32 8 3212 33
7
*3212 33
4
42 Dec
2112May
8,100 tJ5DlstrjbCorpt.emctfNOpar 3013 Feb 17 393 Jan 17
•120 150 •120 130 *120 150 •120 150 .121 150 *121 150
100 130 Mar 9 154 Jan 8
98 July 168 Dec
Do pref
4114 4134 4113 4115 413 411
7
444 457
s
45
417 43
4
165 Mar 2453 Oct
3
453 13,000 USnoffMachCorpvtoNopar 23 Jan 3 457 Oct 8
4
853 551
8
8912 921
904 924 9113 911
el1s 52
8May 26
4 913 9412 64,000 US Industrial Alcohol---100 70 Mar 19 943
6112 May
8714 Dec
4
•109 112 *110 112 .110 112 *11113 112
112 112 *11118 1144
98 Jan 106% Deo
100 105 Jan 29 115 June 22
Do prat
100
1447 1471 1463 1463 147 153
s
4
4
14812 152
148 150
1491s 150
16,500 u s Realty 4 Improv't__.lOO 11412Mar 30 153 Oct 8
t
90 June 14312 Dec
721
65
6712 88 4 66
69
72% 714 73
3
721s
72% 7514 241.300 United States Rubber
2213 May 42% Jan
100 33I2Mar 30 7514 Oct 9
10714 1073 1074 1073 1063 107% 1063 10714 107 10713 107 10712 2,800
3
3
4
4July 18
100 923 Mar 30 1083
4
Do 1st pref
6613 May 9573 Dee
47
457 4612 443 46
46
8
4612 46
4
454 45% 4512 464 5,500 US Smelting, Ref & Min- 50 30 Feb 17 483
85ePt 24
1812 Mar 4112 Dee
4712 48
*4713 48
4753 471 *4612 48
*4813 48
48
49
3712 Mar 467 Dec
8
1,000
50 44 Apr 16 49 Oct 9
Do pref
1217 123
3
120 4 12213 1207 12284 12034 122's 121 12414 1234 1241:278,400 United states steel Corp 100 112313 Mar 30 12953 Jan 23
3
9414 June 121 DeO
•1243 125
4
1247 125
12473 125
3
1247 125
12473 1247 1247 125
3
8
8
100 12218May 7 1265 Jan 26 118% Feb 123 July
2,500
Do prat
954 9514 9514 954 .95
9912 .95 100
96
95
4
Jan 883 Dee
958 *95
64
10 82 Mar 19 1004 Aug 21
700 Utah Copper
3214 33
3212 33
32
3212 32
32
3112 32
324 4.400 Utilities Pow & Lt ANo par 30 Aug 27 38 Aug 6
32
_- --- --- --29
29
2913 29
2834 29
29
3014 30
29
29
303
3312 Feb
4 3,900 Yanadlum Corp
4July 9 -- June 194
8May 4 343
No par 255
17
22
23
24
2312 2414 2312 24
233 2312 *2112 2312 2,900 Van Raalte
3
15% Oct 3313 Jan
No par 1514 Aug 20 2434May 19
67 67
70
71
72
72
*72
80
*72
80 .74
82
Jan
53 Sept 80
800
100 60 Apr 1 73 May 22
Do 1st pref
2
2 18
21s 218
2
2
2
2
2's
2
2's
2
834July 9
112Sept 23
3 June 103g Jae
4
2.000 Virginia-Caro Chem--No par
*12
1212 12
12
1012 11
12
12
•10 8 12
5
11
113
3 1,200
212June 3434 Jan
Do pref
812 Jan 5 2312July 8
100
•153 .134 •11 13
/
4
4 •138 13
•11 153 •11I3
/
4
11
/
4
13
3 1%
33 June
7
100
Jan
47 JulY 9
8
Do "II"
7 Aug 28
8
No par
18
183
8 173 1814 1712 1734 173 1758 1734 18
4
3
1814 197 39,000 Ylvadou (V) new
3
4 July
/
1
4
1518 Jan
714 Jan 13 197 Oct 9
No par
15 4 1534 1530 1613 16
3
16
16
164 1578 16
1512 157
3 3.600 Waldorf System
14 Apr 20 Nov
No par 1412 Aug 10 197 Jan 3
188 188
186 186
186 186
185 192 .185 195
185 185
1,300 Ward Baking Class A_No par 116 Apr 30 192 Oct 6 ---- ---- ---- ---85 4 9512 8012 8812 81
3
8434 85
871j 823 8714 8212 8412 258,100
4
Class II
12
No par 3714 Mar 30 95 Oct 3
110 110
*109 110
110 110
110 110 *109 110
109 110
2,500
4
Preferred (100)
__- --- ---- ---No par 9412 Feb 11 1103 Aug 13
1934 20
3 203
1914 193
4 1953 1978 194 191
1912 195
8 19
4 8,000 Warner Bros Pictures A_ __ 10 1914 Oct 5 2234Sept 24
__---- ---- ---.
*47
48
474 473
8 4734 483 •4712 48
4 474 4718 4712 483
3
1.900 Warren Bros
No par 43 June 24 5012July 6 ---- --__ ___. --7512 7514 78 4 7512 7613 75
75
3
757
744 75
74 747
8 8,400 Weber & Hellbr, new_c No par 51 Apr 17 7634 Oct 5
Western
11712June 25 fills "Atv 1
.
17 Jitil
I2ii2 118 3 i5ii: 1161; iii" fif iiii I if. iiii 14214 i55- fif - Vizi,I..-AA Western Elec 7% pref. _100 110 Aug 15
.
- 4
4 i
2
...
Union Telegraph_100 1164 Jan 2 1447
8Sept 18 105 May 118% Del
126 128
1233 128
124 1254 122 125
4
126 128
125 126
10,000 Westinghouse Air Drake__ 50 97 Apr 9 144 Aug 17
84 Jan 111 De*
74 s 743
3
4 733 7414 727 7414 73
2
734 727 7314 734 74
3
19,800 Westinghouse Elec & Mfg_ 50 6614 Mar 28 84 Jan 3
55's May 75 Mal
s 1714 1813 17
1714 177
173
* 167 1712 17
2
17
18 3 173* 7,300 West Elec Instrument
7
94 Apr 1 204 Aug 17
8 28
2714 2712 2712 283
2812 273 2818 277 28
4
28
2812 4.500
Class A
1954/Mar 31 284 Oct 6
1130.11301 113 11334 110 3 112
3
110 110
3
111 111
1107 III
1,800 West Penn Co
No par 100 Sept 4 145 May 21 1 13 Jan 127 Deo
.
/
4
96 s 97 .963 97
7
9612 *96
9612 963 .96
9612 "95
4
97
400
Do 7% pf tern et! new_100 94 Apr 3 100 July 22
874 Arp 97 Del
261: 27
267 267
8
8 2612 2612 26
2814 253 253
4
4 26
26
4,7013 White Eagle 011
No par 2512 Aug 28 313 Feb 2
4
2314 May 2932 Fet
983
3 93
9514 9318 96
95
9313 9514 933* 95
933 95 101,790 White Motor
4
50 5718 Mar 30 10412 Aug 18
5012 Apr 7212 De*
4 364 37
*37
373
3611 3612 3512 364 3512 36
35
3518 2,800 White RR, M & S etts_No par 35 Oct 9 493 Aug 7 __-- ---_ ---- ---.
3
3
3
3
314 314 6,600 Wickwire Spencer Steel ctf _
3
34 3
314 314
27
8 34
27 Sept 2
8
53
sMay
15-263 2714 2633 27
4
Ms 304 2814 30 3 2814 2912 283 2912 386,500 Willys-Overland (The)
4
3
i
918 Jan 26 304 Oct 6
1114 Jat
- i May 137
10812 10914 108 10938 10914 11034 11014 11334 11012 111
111 11112 10,700
Do pref
100 7214 Jan 28 11334 Oct 7
6112May 88 Jat
•813 6
.54 6
.513 6
•513 6
.513 6
*513 6
No par
Wilson & Co,Inc
513Sept 24 131 Mar 7
4
413 May 28 Jar
21
.18
20 .18
•20
*18
21
20
.18
*18
21
21
100
Do prat
100 17 Sept 2 60 Mar 7
11 Aug 7213 Jai
192 1963 96.900 Woolworth Co(F NY)
17314 179
190 192
18012 1933 19113 19912 18914 193
4
25 11214 Jan 2S 1994 Oct 6
7212 Apr 1283 Del
4
463
4 4412 4712 444 465
444 453
43
4 45
46
8 4312 44
28,100 Worthington P &M
100 3514 Aug 12 80 Sept 10
2314 June 81 Del
80 .79
80 .79
80
79
79
•79
80
*79
80
*78
200
100 7-7 Aug 20 88 Jan 9
Do pref A
88 July 8912 13e4
3
64
4 637 64
64
64
*63
•63
3
64
63 4 633
6312 *83
400
100 58 Aug 19 764 Feb 11
Do prat B
5812 Jan 753 Deo
4
2712 28
273 2814 4,800 Wright Aeronautical-No par 16 Mar 30 323
4
2814 2914 2712 28
2718 2714 27% 28
953 May 233 Del
8
3July 1
56
56
50
*5412 56
4
4
5413 5412 *543 553 *5512 5534
56
700 Wrigley(Wm Jr)
No par 4512 Mar 30 50 Oct 2
35 Apr 464 Del
*6512 67
654 663
4 67 67
8 69% 693
8 1,300 Yale & Towne
674 695
67
67
25 62 Sept 23 70% July 29
- --- -- ---47
477
8 46
4712 45
467
8 4412 4533 45
453
4 4512 483 16,900 Yellow Cab Mfg tern Ws
8
10 3312 Feb 18 483 Oct 1
4
ii Nov 85% Mal
7638 7714 76
7731 754 771 1 747 755
3
8 7612 787
5 773 7137 10.200 Youngstown .1121.0 & T No par fla Mar 27 81 Rent 12
4
.
5934 Oct 72 Dos
•Bid and asked prices, no sales on this day. x Ex-dividend. a Ex-rights. a New stook on the basis of 1 new share for 3 old share'.
1774
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
1 MI)the 'exchange method of snottng hands was changed amid prices are now .
.and interest" -excel,: fer 'new's. an,/ 4,,,
,,arm 30s4,s.
BONDS
N. Y. ErTOCK EXCHANGE
Week Ended Oct. 9.
t
t
Price
Friday
Oct. 9,
IFeel's
Range Of
Last Sale
a
.731
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Oct. 9.
Price
Frtstay
Oct. 9.
Week's
Range or
Last Sale
Rased
54548
Jas. 1.
U. S. Government.
Did
Ask Low
High No. Low
Rio:.
120
Mob No, Low
High
.40 Lott
lint Liberty Loan—
Netherlands 6s (flat prices)._1972 m 8 1063 Salo 1063
1063
4
4 14 10244 10914
s
• % of 1932 1947
3,1
99153, 100133 267 99. 011.3,
J D 10013, Sale
10312 93 10018 10413
10-year external Os 0311..1954 A 0 1034 Sale 10314
,
Cony 4% of 1932-47
100
Oct'25
0214, Panama (Rep) 6340 tr rects_11)53
1
J D 100 101 1 4, 100
1023
192(4 103 1023
9913 104
4
4
Cony 434% of 1932-47
,
977 103
J D 101113, sale 101 4, 1021n 275 101114, 0323, Peru (Rep of) esti 85
8
10112 26
,
1944 A 0 1011 Sale 111012
341 cony 434% of 1932-47
103
101
Poland (Rep of) g Os
3,
663 79
D 101"n03.32 1010 SelY213
8
6312 14
6814 Sale 6712
1940 A 01
Second Liberty Loan—
Ext'l s 1 g 85 Interim rects_1950 J
86
874 139
96
8753 Sale 874
do of 1927-1942
3 100
011112 Porto Alegre (City of) 86_ _1961 J O 99 Sale 98
15
100"3,
MN 100 1001.3, 100
99
94
99
Cony 434% of 1927-1942
7 109 11234
4
1123
MN 100163, Sale 100.13,100.13, 584 100203, 011.31 Queensland (State) est f 78 1041 A0 1123 Sale 112
4
Third Liberty Loan—
15 1014 107
25
-year 68
1947 FA 104 Sale 10312 104
• % of 1928
,
55
98
94
MS 101.3, Sale 1014, 101133, 803 10111.02 1, Rio Grande do Sul 8s
9813
1946 A0 98 Sale 964
7Ourth Liberty Loan
57
Rio de Janeiro 25-yr s 1 85_1946 A0 9634 Sale 96
97
93
9812
434% of 1933-1938
102.3, 13S9 1011.1,
25-yr extl 88
AO 102.3, Sale 102
92
9613 110
97
. 1947 * 0 96 Sale 95
Treasury 434s
1947-1952 AO 1061.3, Sale 1064, 1061.3, 154 1041.3,0814, Rotterdam (City) external 661964 M
10312 16 100 10412
1031e Sale 1024
Treaffury 48
18n 041'w El Salvador (Rep) 8s
1944-1954 ID 10333, Sale 10211,, 10313, 293 100
12 10214 10613
106
105 Sale 105
11448 .1
State and City Securities.
14
Sao Paulo (City) s f 88
101
97 102
1952 MN 1004 101 100
X Y City-433s Corp stock_1911()
2 100 10112 San Paulo (State) ext f 833_1936 J J 103 1033 103 4
100
100
•S
1034 35 100 104
,
4
6300 Corporate stock
3 1003 1037
4
1964
8
4
8
1007
Externals I Ss int recta_ _1950 J J 1003 Sale 933
•S iooi4 gate 1004
9912 1013
1004 53
4
4
4
614s Corporate stock
102 19314 Seine (France) ext 75
1972 AO
102 Sept'25
91, 220
4
8214 9218
4
1942 ./ I 91, Sale 89
430 Corporate stock
8
_ 10114 1023 Serbs. Croats & Slovenes 85_1962 MN 88 Sale 874
145
1966 AO
8
1023 Apr'2"
89
84 90
4345 Corporate stock
9 1(3614 10812 Soissons (City) es
1971 J D
_ 10614 1061
86 2 18
88
,
82
1936 MN 8512 Sale 8412
430 Corporate stock _July 1967 J J
10573 1077 Sweden 20
8
153 103 10614
1074 May'25
105
-year es
1939• D 105 Sale 1044
4345 Corporate stock
8
4 1047 108
1047
1965 J
8
1047
External loan 5149
102 4 181
,
984 10314
3
1954 MN 10213 Sale 1013
634e Corporate stock
4
1047 1083 Swim Confeder'n 20-yr, f 8s 194,1 2
8
1963 M S
105 Sept'25
116,
2 28 113 117
11612 Sale 11614
s
4% Corporate stock
9734 10014 Switzerland Govt ext 534* 1948
Si
1959 M N
9814 Sept'25
103
9812 10484
1023 Sale 1024
4
Registered
9814 993 Tokyo City 58 loan of 1912 1952 * 0 6612 6714 663
8
7
MN
994 July'25
674
6414 684
4
MS
6% Corporate stock
9814 100, Trondidem (City) WI 845.1944• 1 10(113 Sale 100
4
1958 M N
7
984 Aug'25
100 4
97 1014
,
4% Corporate stock
98 1091s Uruguay (Republic) ext 88..1946 FA 109 Sale 10814
1957 M N
9813 Sept'25
1093
4 32 10614 1104
4% Corporate stock
9818 100
11 10712 11111
1956 M N
Zurich (City of) 5 f 88
994 June'2
108
4
8
1945 A0 1073 10812 1075
6% Corporate stock
9844 983
4
1955 M N
9334 Mar'25
Railroad.
Registered
974 100
Ala Gt Sou 1st cons A 58
100 June'2
M N
102
4
1003 102
4
1943 ID 1003 102 1014
434% Corporate stock_1957 MN ioirs
10514 1075 Ala Mid 1st guar gold 513_ _1928 M N 1003 -_ 10012 Sept'25
8
10514 Aug'25
10012 1018
0
3
44% Corporate stock
8
17 10412 1073 Alb & Susq cony 34s
8114 8414
1051
1054
_1957 M N 104,
8
1946 * 0 8233 ____ 824 Sept'25
84% Corporate stk_May1953 V N
8758 907 Alleg & West let g 4s gu _1998 * 0 84
8
874 Sept'25
8112 84
84 Sept'25
itm% Corporate stk _Nov 1954 56 N
8
8714 91
Alleg Val gen guar g 4s
874
88
1144
90
'32 Sept'25 -1942 MS 9113 94
New York State Canal Im-45196 i 4 J
102 1034 Ann Arbor let g Is.. July 1995
102 Sept'25
6314 77
7512 744
75
4
75
12
10118 1014 Atch Top & S Fe—Gen g 45_1995 Q
4sCanal
1942 1 J
10118 Mar'25
1
884 9211
89, 224
A0 8912 Sale 89
64s Canal impt
1094 11414
1094 Aug'25
196-, 9 J
Registered
84
8812 25
908
0
0 ---- --- - 8714
ls Highway inlet register'd195s
1027 103
8
1024 July'25
11
Adjustment gold 48_ _July 1995 Nov 84 Sale 8312
814 85
84
Highway Improv't 4Ha 1963
1113 114
4
Stamped
114 July'25
8
8418 8514
8
843 Sale 837
3
8412 41
July 1995 MN
71rginia 2-35
1991
76 3 76'2
,
Itwdstered
7612 Feb'25
61F4
794 82
• N -_-- --__ 82 Sept'25
Foreign Government.
Cony gold 48 1909
2
814 85
8333
1955 ID
Argentine(Nat Got of, 75 _192'; F A 10214 Sale 102
4
Cony 4s 1905
1023 112 1018 10314
8
814 854
83: 8
4
8333 4
1955 ID 8358 - - -- 88337
8377
8 16
▪ Os of June1926 temp..,i959 1 D 9613 Sale 96
552
954 97
97
Cony g 4s Issue of 1910
3
81
8313
1960 J o 8233-83 4
8314
,
Extls I es of Oet 23 w 1_1959 h 0 9612 Sale 9612
0(.35 963
8
East Okla Div let R 45_1928 MS 984 983 984 Sept'25
06,
2 52
98 100
-4
Sinking fund 60 Ser A__ .1957 xl 5 9612 Sale 9614
95
973
4
Rocky Mtn Div 1st 4a. __ _1965
963 172
4
834 878
1
844 Sept'25
J 83,2 90
Ext1 es ser B temp. Dec 19518 I D 96, Sale 96
943 97
4
3
Trans
9612 332
-Con Short I. 1st 45.190-' II 8713 88
1
89
86
874
873
8
Argentine Treasury 58_E. _..194555
8113 89
5
89 Sale 8712
89
Cal-Ariz let & ref 4142)"A"1962 MS 9414 Sale 9.514
2
954
92
9414
9612 993
Australia 30-yr 5s_ _ _July 15 1905 .1
478
8
97
963 Sale 9613
4
Registered__
918 911
3
/
4
MS ---- ---- 9133 Jan'25
93, 10112 Atl Knotty & an Div
Austrian (Govt) 5 f 7/1
8
10113 103
1943 1 D 10012 Salo 100
2
8714 924
4s _195, MN
_- - ---- 8814
8814
Belgium 25-yr tut 5 f 7340 5_1945 I D 1093 Sale 10814
4
8
1093
4 48 107 110, Atl Knotty & Nor let g 5s_ _ _1946 3D 10212-__ 10214 Aug'25
10214 103
20-year of 80
1063 1094 All & Chad A List
8
4
1941 F A 1073 Sale 1074 1074 35
3
95
8963: 1 ..1)2_ 81(653, JulyAllg.25 __ __ i _
9814
2
'5
A 434s..1944 J
25-year ext 6 Rs
221
903 96
4
1st 30-year 55 Series B _ _1944 1 J 10213 104 10214
93
4
923 Sale 913
4
5 10112 1034
23
4
Extl• f Os inter rets
833 8814 Atlantic City 1st cons 48_1951 J
s
8613 Sale 86
14
195
a
8612 123
8512 8513
Extl s tic Int etre
9538 9812 Atl Coast Line 1st con 46_91952 MS 92 Sale 92
9614 Sale 06
1955 J
9612 194
2
92
89
9411
Bergen (Norway, f Se
1945 M N 1133 Sale 11312 1134 10 10818 11514
10
4
-year secured 78
10714
7 10544 108
1930 MN 10714 Sale 1074
25
-year sinking fund 68_1949 A 0 977 98
95
9914
13
General unified 445
8
88
974
907 95
934 Sale 933
17
8
94
4
1964 J
Berlin (Germany) 634s
15
L & N col! gold 4s____Oct 1952 MN
88
89,
4
19.50 A 0 8914 Sale 89
891 1
8514 897
2
88 Sale 88
88 3
8
9
Berne (City on qf38
9 107 11112 ALI & Darn" 1st g 421
8
1945 MN 1084 Sale 1084 1084
7913 Sale 785
8
760 80
0
7d12•
,
3
1948 J
Bogota (City) ext'l 1 8s A945 4 0 117 Sale 9613
8
2d 4a
94 98
97
81 17
643
024 7012
194s 1 1 6418 Sale 6118
Of:WC/1 (Republic of) 8s
4
156
All dr Yad let g guar 4s
923 97
8
8
97
1947 M N 963 Sale 957
75
4
80
783 7812 Sept'25'
194' AO 78
,
Bordeaux (City of) 15-yr 65.11+34 xi N 87 Sale 85
128
80
87
893 A & N W 1st gu g 5a____ _1941 .1 1 993 101 11)014 July'23 -4
983 10014
2
4
Brash ITS, external 88
9518 100
343
Bait as ohlo lot g 4o.. __July 191 * 0 8838 Sale 8818
1941 1 D 100 Sale 9814 100
8918, 59
854 924
,
70 (Central Ry)
8014 8512
1952 I D 85 Sale 8313
8512 301
Registered
1
87
854 904
87
July1948 Q
730(coffee secur) (fiat) _1552 A 0 1043 Sale 1043
14 10312 10812
10-year cony 448
3
3 105
894 95
4
4
034 129
1933 MS 923 Sale 923
Buenos Aires (City) esti 6301952 3 J 183 Sale 98
9512 99 4
33
,
8
Refund & gen Is Series A_1995 3D 903 Sale 9O4
99
76
51
853 924
4
4
Canada(Dominion or) g 00._13/28 A 0 100 100 2 1004
14 10018 1023
4
100,
10214 202 100 104
1st e Saint ctfs
8
1948 * 0 101.4 Sale 101
50
8
10
1023
• 1931 A 0 1023 Sale 1024
3 16 1914 10312
-year 66
10314 129 10212 10414
1034 Sale 10214
1929 I
10
-year 530
4
1929 F A 10212 Sale 10213 1024 47 102 1038
Ref & gen 6s ger C temp.
10214 84 1003 1048
4
4
.1995 3D 192 Sale 10114
50
158 1014 105
8
P Jet & M 131v isle 330.1925• N 87 8ale 8 4 July8, __4
1952 M N 1023 Sale 10213
103
4
'5
, 993 9104
8 22 -6
93
6
9
39.4 100
Carlsbad (City) s I 88
96 102
12
P E & W Va Sys ref 4a_1941 MN
1954 J J 102 Sale 102
834 9914,
102
Chile (Republic) ant's f 85 1941 F A 1087 Sale 1083
8
8
Southw Div 1st 58 _
1093
3) 44 10614 119
953 99%
4
9714 139
4
_ .195( 3 1 97 Sale 963
External 5
3
36 1017 103 4
8
-year al 88
Tol & Cln Div let ref 48 A 1959 J J 72 Sale 71
8
102
0812 784
27
1928 A 0 102 Sale 1017
72
/
1
20
-year ext1 75
984 103
Battle Cr & Star 1st gu 38._1981 J
1014 72
1942 M N 1014 Sale 11104
601 621
/
4
8
/
4
6118 644 625 May'25
3
25
-year 5180
30 10614 11014 Beech Creek 1st gu g 4a_....1936
110
1946 M N 10912 110 10912
921g 9334
2
8
933
9314 9612 934
Chile Mtge ilk 645 June 30'1957 J I) 95 Sale 9434
937 9514
247
8
05
Registered
9013 9114
9114 Oct'25 ____
.1 D
=nese(Hukuang
4014 483 Beech Cr Ext 1st g 34s____1951 AO
4
4
484 71
1951 J
483 Sale 47
77 0113
14
___ 77 Sept'25
Christiania (Oslo) Elf 88
4
Big Sandy 1st 42)
1113
1945 A 0 11114 Sale 11114
8 50 1093 112
85
8814
8
88 Sept'25 ____
875 89
1941 J O 7730-year e 1 68
9512 10112 B & N Y Air Line 1st 45
12
99
,
67
4
1058M S 933 100 4 99
75
7214, 8
7214
7213 75
1955 • A
9712 114014 Brune & W 1st Cu
30
-year sfOs Int etf
23
911
2
92
195555 N 9812 984 98,
94
914 - _ 92 Sept'251 ____
9914 10114 Buffalo R & P gengold 45_ _ _198s J J 10018 1011 101 Sept'25.--- 10012 10212
Colombia (Republic)645_ _ _1927 A 0 10918 1004 10018
1001
4 59
- gold 5e....1937 MS
Copenhagen 25
9414 100
9812 Sale 98
45
-year s f 530_1944 J J
99
Conaol 434s
8013 8814
87141 33
1957 MN 864 Sale 864
9512 10212
(Juba 50 of 1904
9
82 814
4
10014
Registered
1944 PA SI 100 1003 10014
823 May'25,____
8
MN
934 106
Exter debt 55 1914 Her A 1949 le A 98
3
Burl C R & Nor 1st 58
9814
983
8
99
99 101
/
1
4
8
1934 AO 99, 101 101 Sept'25 __-_
External loan 434s
94
84
9
Canada Sou cons R11 A be__ _1962 A 0 102 1024 102
94
2 10013 103
102 I
49
19 12 94 Sale 934
9 F A
53
/
1
4
5345
9612 102
1013 Sale 1004
101.4 132
Canadian Nat 44s_Sept 15 1954 al 5 933 93 4 9312
4
5
9312
9314 9914
3
8
9814 10112
Ciechosloyak (Repub of) 88_1951 A 0 101 Sale 1003
5-year gold 4 14s _Fell
4
9812 99
1014 120
984 20
984 984 9812
1930 FA
Sink fund 85 Sec B int etfa.1952 A 0 101 Sale 1003
9734 10112 Canadian North deb s f 1.5
58
8
101
116 I 18 11414 117 4
8
703..1940 3D 11518 Sale 11514
Danish Con Munielp 80" _1948 F A 11012 Sale 10913 1104 60 109 11212
20
-year 5 f deb 630
4 16 116 11815
8
1175 Sale 117.34 1173
_190 J
Serlut s 1 8a
10 10812 112
10-yr gold 44s. _Feb 15 1935 P A 9814 983 9618
119
5
9618
3
110.2 111 10912
964 9634
Denmark external 51 88
101) Ill
23
110
Canadian Pee Ry 4% deb stork_
79
1!046 F O 110 Sale 1094
80
45 A A
/ 134
1
4
81
J 8194 Sale 8014
9915 105
20-year is
62
Carb dr Shaw 1st gold 48_1032 MS 92 8
3 103
I 93 934
4
1942 J J 1023 Sale 102,
- 9312 May'25
,
Dominican Rep Con Adtu a f 53'58 F A 102,
101 1033 Caro Cent lit con a 4s
4
3
:
78
82
604 :848 0
0
8
8814
1938 • D 8774 ss1-8:5111-:42 804 Sept'25
- 1023 Sept'25
Custom Administr 5145._ _1942 55 11 0333 Sale 933
96
92
Caro Clinch & 0 1st :8-yr 55_1938• D 101
4101 Sept'25
s
933
4 10
100 10112
Dutch East Indies ext 6s
983 103 2
4
,
let & con g flscer A
1074
1947.1 J 10314 Sale 103
10312 116
1073
4'
9 1057 10813
•
1052 Jo
40
9873 10312 Cart & Ad 1st gu g4a
-year is
136
84
1033
8414 Aug'25
8
5414
1034 Sale 103
1981 JO
934 103, Cent Branch LT P 1st
80
-year ext 545
8
_ I
78 July'25
10214 26
102 Sale 102
744 80
/
1
g 4s
1948 J o
923 1024 Cent New Eng 1st gu
4
80
-year ext 544s
1023
677
653
3 26
8 26
s
111214 Sale 102
13
644 7014
french Repub 25-yr ext 8s .1945 M S 1044 Sale 104
983 19512 Central Ohio Reorg 4 48_ _1930 MS
231
4
105
974 99
93 10112 Central of Oa 1st gold 5s_p1945 P A 19761 :7- - 103 :t 2
265
20-yr external loan 7348..1941 1 D 993 Sale 9913 100
4
S pt
1011 104
02 - 0
7
; 38- 98'4 S P :25
86
9212 528
937
8
External 7s of 1924
10112
Como' gold 58
5
92 Sale 91
994 1924
1945 M N 10112 Sale 101.2
Midst] Man L'n 6345 A
8512 9212
24
91
Registered
...._ 10014 June'25
98 10012
M N
54
19 9 j 0 89
114 A °
9012 89
8512 92 2
10
External 64s Serles B
,
10-year secur 68
91
103
4 1014 196
1954 A 0 89 Sale 89
June 1929 J o 103 103,4 103
834 894
Finland (Rep) ext es
Re( & gen 645 ser B
8812 14
1017
3 14
8
8712 874 87t2
1959 * 0 1013 Sale 1014
99 103
External s f 78
93 4 9713
,
Chatt Div our money g 48_1951 1 1
__
844 8544 8512 Aug'25
9514 94
84
8612
It 45 P.
4( 41
5)
*
95 Sale 94
German external loan 7s.'_ _ _ _ 1940 A 0 984 Sale 977
914 993
4
Mac & Nor Div lst g 55_ _1946 ii 9913 Sale 992
9984 21
984 681
8
9811 100
German Cent Agric ilk 7s
93, 95
5
Mobile Division 58
9412 559
10012 Oct'25
4
1946 ii
9413 Sale 933
10012 10072
1950 M
Ot Brit & Irel (UK of) 541_1937 F A 10412 Sale 10418
8
10513 120 104 1077 Cent RR & B of Ga coil g 56_1937
10012- 4
974 9812 373 Oct'25
415
99
10
-year cony 5145
51 11513 119
Central of NJ gen gold 58_ _ _1987 JJ 10744 1093 110
119
8
110
1 107 110
8
11812 Sale 1183
9514
Greater Prague 748
89
944 54
Registered
,
10714
4
5 106 i083
21937 Q J 107 108 107 4
4
1T2:1 11 94 Sale 033
Greek Govt 7s lot rots
83 8812 Cent Pac let ref gu g 45____1114, P A spy Sale 8712
864 Sale 8614
8613 19
877
8 21
1
864 90
1964 M N
/
1
Haiti (Republic) 68
9114 97
Mtge guar gold 3%e. 81929 J
86 S347
9 14 811 86
6
6
4 9 34
9612 73
8, 35
964
63
9512 954
96.3 Sale 964
i
Hungary (glygyaof) ifkf notes7
nk
97
87
97
213
ad
Through St L 1st RU 45_ _1054 * 0
7
85, 893
1B ' 9614 Sale 95
1
8
0
1
4
9812 100
9913 70
Guaranteed g 59
965 Sale 963
8
8
99, Sale 994
2
1960 3
97
312
964 984
Japanese Govt E loan 4s
833
4
81
16
8412 Charleston & Savannah 75_1936 J J 117
11212 Feb'25
8
1124 11735
8
1931 J J 833 Sale 833
30
-year f 640
9318 305
90
95
Chef & Ohio fund dr Impt 58_1929 J J 10053 Sale 1004
1004 22
927 Sale 924
8
984 102
Oriental Development es_ 11 t_
834 873
lot consol gold ba
4
4
9
8714 33
t 864 Sale 8613
103
1939 MN 10012 1003 1024
5 101 1031
1
Lyons (City of) 15
803 893
4
4
... 101, July'25
-year ea 1934 St N 864 Sale 85
4
87
Registered
73
_ 1007 10214
1939 MN
3
Marseilles (City of) 15-yr 65_1934
80
894
General gold 444s
N 863 Sale 85
32
864 60
1992 MS 02 Sale 914
27
4
877 93
2
Mexican Irrigation 43413__1943 M
24
16
0018 July'25 _ _ _
Registered
1913 Sept'25
1992 MS
19
17
N
854 9012
Assenting 5 f 430
164 24
20-year convertible 414s.._1930 FA 9712 Sale 9718
18
9712 134
18
1943
943 984
4
Mexico ((7 S) ext1 523 of'99 E 1945 Q J 39
38
4512
1
30-year cony secured 55
120
1946 AO 118 Sale 11612
4312
716 1014 12212
3912 4312
Assenting 5sof 1899
44
31
*0
11512 Sept'25
Registered
404 57
1945 ---- 395 Sale 39
8
_ 1033 115 3
4
,
Aasenting bn I trge_ _ _ _______
35, 403
8
4
J
Craig Valley let g 53
1910
404 Sept'25
9711 991
4
Assenting 5s small
35
3712
Potts Creek Branch ist421.1946 J J
3713 May'25
8213 85
Gold deb 45 of 1904
184 26
J -D 224 23
R & A Div 1st con g 45_1989
Sept'25
e 88::
98:2 8% - 93 0 t'28 _ _ 23
.8- 14 82
1
3
c9883 5
1964
22
_
8113 853
4
Assenting 45 of 1904
18 2 2514
,
25
2d consol gold 48
83
82 Sept'25
80
24
1989 I
_
2318 Sale_ 224
79
83
Assenting 48 of 1904 small__
2412
20
8 98 2
Warm Springs V 1st g 5a 1941
,
984
2314 Aug'25
983
4
1
954 983
4
Assenting 40 01 1910
204 2412 Chic & Alton RR ref g 3s_ _ 1949IA
1i
614 -; 593
3
3
-26- - 4
4
5
593
2
814 223 Sept'25
594 66
Assenting 48 01 1910 large
22
3084
Certif dep strand Apr 1925 lot --- - 5914 6112
283
4 76
2712 Sale 2512
59
6213
Assenting 45 01 1910 small
1933 2117s
Railway Drat lien 3145.. _1950121 J 47 Sale 69 .1
47'12
97
/
1
4
--- 233 Sale 233
26
6811 18
40
3
3
2
4414 584
Tress es of '31 assent(large) '33 J J 393 404 4214 Sept25
33
43,
4
CtD dep Jan '23drsub couP- - --46 Sale 413
46
4
17
45
554
3415 43
Chic Burl & Q-111 Div 348_1949 J • 8318 834 831s Oct'25
6
424
4014 Sale 4014
8114 8611
Montevtdeo 7s
97
88
1952 J D 9634 Sale • 9534
J • ((l's Sale
Illinois T)IvInion 45
1919
964 53
8812 9414
Norway external of 8a
1940 A 0
N 994 100
1 10934 11312
Nebraska Extension 4s
1927
11018
11018
9812 100
20
-year ext 68
M
9712 10112
1943 F A ioi- Sale 100,
333
Registered
74
087s - - 911$998 Se p99 4 _4_
98 _
'
t25
2
101
9834 994
-Year external es
20
9712 1011
1944 F A 100 3 Sale 10014
/
4
85
General 48
4
101
1958 1 81 883 Sale 883
4
141
,
8913 14
8818 924
80
-year extt Os
1952 A 0 101 Sale 10012
974 10111
let & ref 5s
43
1971 F A 102 Sale 1017
101
8
10214 36 10012 10314
-year s 6 tis temp__
40
94
Chic City dt Conn Rvs 08_ ..19'27 A O 4913 - J D 953 Sale 954
186
96
97
484
12
4
5012 12
4512 63
25=11. a Due Jan 6 Due July. 8 Due Aug. p Due Nov
Option sale
r'i
s1,911
1775
New York Bond Record-continued -Page 2
BONDS.
W. I. STOCK EXCHANGE
Week Ended Oct. 9.
ft
Prise
Friday
Oct. 9.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS,
N Y STOCK EXCHANGE
Week Ended Oct. 9.
.44
Price
Friday
oa. 9.
Week's
Range or
Lan Bale
ft
Range
Steae
Jan. 1.
BIB
Ask Low
High No. Low
H115
Ask Low
High
Bid
Nish No, Low
84 84
1
4
10514 1414 Erle & Pitts gu g 3%if 13-1940 y y 841s ____ 8433 July'25 --__
8
8
Chicago & East 111 let 65-1934 A 0 1044 1063 1063 June'25
8454 84 4
5
J• j 845 881 845 Aug'25 ---8
/
4
8
Series 0
723 7912
4
7414 98
0& B III RR (new eo) gen/N.1961 M N 7312 Sale 73
1 1023 Fla Cent & Pen let int g tia-1930 J J 10018 ____ 1001 Oct'25 ____
. 4
993 10014
2
/
4
99,
4
s
1012
8
Chic & Erie let gold 58
1982 SI N 1013 Sale 1013
1913 j j 100 102 100
9814 10014
944 m s
100
5
59 4 13812
3
Consol gold 55
623
4 53
Chicago Great West let 45_1959 M S 6214 Sale 6214
92
967
8
/
4
4
/
4
10914 11212 Florida East Coast let 4345-1959 J D 941 953 941
/
4
953
4 17
3
Ohio Ind & Loulev-Ref 6s...1947 J J 1103 1111 11012 Sept'25
9712
93
1974 m s 952 Sale 953
8
9912 10014
9934 Aug'25
let & ref 55 Series A
953
57
1947 J J 9958
Refunding gold 55
9514 967
8
96 July'25 -- - let & ref 55 Sec A
Refunding 48 Series C
1947 J .1 8712 -- 87 June'25 ---.
155 102 4 197
7
1
-178
4
8534 8712 Fla West & Nor 7s Series A 1934 m N ii,- - iile 168
7
9112 90%
92
1966 M N 91
905
General 5a A
634 73
1
64 18 18
4 1033
Fonda Johns & Glov 4348_1952 MN 64 Sale 64
General 68 B
May 1966 I I 10233 Sale 1023
s 35 101 104
821 90
4
7714 804 Fort St U D Co let g 434e-1941 y J 9012 -___ 8214 Aug'25 ---7912 Aug'25
Ind & Louisville let gu 45_1956 J
104 4 1047
4
4
8
/
1
83 881s Ft W & Den C let g 5314....1961 y D 1043 105 1044 Sept'25 --12
853 Sept'25
J 8584 87
Olge Ind & Sou 50
-year 48_1956
9214 98
i
-no4 OM
93% 94
9512 94 Sept'25
Ft Worth & Rio Or let g 48-1928 J y 9c14 - -- 4
96%
Uhle LS & East IM 4%8_1969 J D 94
4311 581 From Elk & Mo Val let 6a-1933 A 0 1074 ---- 107% Aug'25 ---- 10612 10914
/
4
/
1
4
503 262
8
GM & Puget Sd 1st gu 4s___1949 J J 5018 Sale 47
47
7014 8012 CI H & SAM & P let 58.-1931 m N 10018 10012 10033 Sept'25 ---- 100 101
/
4
79 5
Oh M & Eit P gen g 48 Sec A_e1989 J J 791 Sale 79
99% 101
.
1931 3 .1 1001 100% 100 4 Sept'25 --6214 70
3
3
70
70
2d extenti 5e guar
General gold 394e Sec 13...e1989 J .1
0i 9012 94
93
95
93 • 93%
57
7718 9233 Galv How & Heed let 5a
1933 A
89
Gen 434a Series 0_ -May 1989 .11 .1 89 Sale 8818
103
7 10014 1051
1
1957 3 j 10233 105 103
43
/ 5414 Genesee River lst a f 55
1
4
4
5114 441
Gen & ref Series A 4348__a2014 A 43 51 Bale 473
1
93 102 4
Oct'25 ---47
5014 Sale 493
Certificates of deposit
% 9512 94
5014 Ga & Ala Ry let cons 55 01945 3 J 94
4
504 12
/
1
2
3
99 100
8
997
2
6
8
44:: 5918 Ga Caro & Nor let gu g Se _1929 3 j 997 Sale 99%
8
4,
82
A 5012 Sale 473
4
Gen ref eon, Bar B 5a___a201415012 32
64 68
14
1946 A 0 68% ---- 68 Sept'25 ---40 Sale 483
Georgia Midland let 35
4
Certificates of deposit
4914
92
14 9614
984 105
10412 Sale 10418 10413 51
1934
GI R & I eat let gu g 4345-1941 3 3 9312 --_- 9415 Sept'25 -lit 888 Be
8 11414 117
11588
44 6012 Grand Trunk of Can deb 76_1940 S 0 1154 116 1151
5114 641
1932 J D 5012 Sale 48
Debenture 44s
13714 11 10604 108/e
1936 M s 107 10714 107
2
8
46 4 502
461 7812
5012 Sale 4818
Certificates of deposit ______
15
-year 4 fee
5013 314
11014 85 10814 III
Great Nor gen 7s Series A 1936 3 3 110 Bale 110
5013 Sale 4712
Debenture 45
1925
5114
109 109
-__
_ 109 Sept'25 --J
Registered
473 4934
493 Sale 4912
4
Certificates of deposit......
494 10
89 934
5
1
903 921
,
907
8
44
5614
287
/
1
4
51
let & ref 4%5 Series A-1961 .1 y- 4 -- ; 90 8
50 Sale 48
25-year debenture 40
1934
99 4 103
8
101% 87
46% 4914
4912 ___
534e Series B___-1952 3 j 10112 Sale 101
491 Sept'25 ____
/
4
deposit......
General
Certificates of
92 96
9514 73
1973 3 3 9518 Sale 9418
941 100
General 511 Settee C
99
/ 997 995 Oct'25
1
4
Ohio & Mo RI, Div 56_1926
72 80
7712 Sept'25 ---8
983 101% Green Bay & West deb etfa "A"__ Feb 7712 80
5
8
100
Ohio & N'weet Est 48_1886-1926 F A 995 100 100
1214 18
14
89% 99%
Debentures ate "B"
Feb 14% 1412 1412 Oct'25 -/
1
4
1886-1926 F A 984 9958 983 June'25
Registered
86
118
/
1
4
1
7318 77
4
Greenbrier By let gu 45.---1940 MN 8612. 87 Aug'25 ---_
4
General gold 330
1987 M N 743 7514 743
748
9934 103
10212 12
7212 Gulf Mob & Nor 1st 53.18 -1950 A 0 10214 10212 102
72
Q
7212 July'25
Registered
981s 103 4
5
102
5
____ 102
8112 8612 Gulf & 8 1 1st ref & t g 5a_C1952 J J 102
N 8112 8412 8412 Oct'25
General 48
1987 M F80
8444
___ 83% Oct'25 -82 8512 Harlem It & Pt Ches let 45-1954 IN N - ___ 84 Sept'25
1987 M N
Stamped 45
8813 92
i
8
/ 9114 903
4
9058
7 101 105
430-1999 J J 561 8010212
1987 M N 10212 10312 10212
Hocking Val let cone g
General Sc stamped
88
9014
1999 3 ,1 ____ __ 9012 May'25 ...._,
10312 1067
_ 104 Sept'25 _
8
1879-1929 A 0 10414
Sinking fund Be
Registered
994 1002.
_ 100
8
1007
s
3
A 0 1033
1937J 3 1007
} 103 104
4
_ 10312 July'25 _
Registered
11 & T C 1st g int guar
95 99
1
96
9112 96
4 100 10112 Houston Belt & Term let 5s-1937 3 J 96 Sinking fund 513
1879-1929 A 0 100 Sale .100
100
8
991 10014
2
100
99 10012 Houston E & W Tel letg 5e-1933 MN 1.00 Sale 100
/
1
4
9912 July'25
1879-1929 A 0
Registered
in% 100
1933 m N 100 ____ 100 Sept'25 --115012 Sale :10011
Sinking fund deb 55
1933 M N .
let guar 5s red
10014 9 9914 103
921, 95
4
9912 101
M N 9913 mow 9912 Sept'25
Registered
Housatonic By cons g 58.-- _1937 MN 933 ---- 95 Sept'25 __-_
8612 93 1
1
9212 93
3 105 112% Hud & Manhat fai Settee A._1957 F A, 92 Sale 9112
/
4
10
-year secured 7e e
1930 .1 D 1071 10712 10718
10718
9114 911
4
.
/
1
4
11012 Sale 11012 11058
F A ---- _-- - 9114 Juxe 25
9 107 112
15
-year secured 6346
Registered
- -1936 M
67% 771s
77
76
9712 28
4
9112 102
May 2037J D 9712 Sale 9658
let & ref g 58
Adjustment income 5L....1957 A 0 753 Sale 75%
9114 94
5
84 86
8214 8314 IIIReis sCentral let gold 48-19 1 .1 J 9012 ____ 92 Sept'25 __ _ _
1
84
Ohio R I & P-Railway gen 421988 1 .1 8312 84
1 8 J
843
8 33
inogi teyed
9014 93 s
1
93% July'25
8112 Aug'25
Registered
.1 .1 8258
814 847
.
Refunding gold 418
19.51 J 1 -1.3i- ii- 82% Sept'25 __/ 8958
1
4
1934 A 0 8612 Sale 855
1st gold 3 348
863 280i 83
4
83
8514
4
Registered
A 0
83
8814
83
1 J --------832 June'25
13
83
Registered
14
8014 84
8312 May'25
2 1011 10314
/
4
Oble Elt L & N 0 gold 55____1951
D 10314 ____ 10318 10318
Extended let gold 3%8_....1951 A 0 81
62 62
1951 pa 8 64
71
62 Feb'25 ---Registered
.1 D 10058
10114 103
- 10214 June'25
let gold &sterling
87% 15
8015 89
78 79%
78 Sept'25
Gold 334e
D
1951
Collateral trust gold 45-1952 A 0 87 Sale 87
851 85 e
. 1
A 0 ---- ---- 85% Apr'25
7
Memphis Div let g 42.--1951 J D 8518 ---- 8.514 Aug'25
83% 85 8
Registered
87 92 6
14
1
8914 18
1955 M N 8812 Sale 8812
101 103
C) St L & P let cons g 55
1932 A 0 101 10114 101 Sept'25
let refunding 4s
781 84
1
14
834 8214 Sept'25 -/
1
1003 100 8
_ 10058 Jan'25
Registered
A 0 10012
1952 J J 82
5
3
Purchased lines 3345
79
841
2
_
8414 July'25 _-_J
102% 1084
Chic St P M & 0 cons 68_1930 J D 103
/
1
12
Ju 03
ly 28
Registered
83 85 4
1
8
J---- - -4
843
4
44-1953 M N 84843 8458
9214 23
Cone Be reduced to 3345-1930 J D 90
Collateral trust gold
81
82
55
5
114-82 May'25 --i'd N
497
97
19
Debenture 58
Registered
90% 10514
1930 M •El 953
4
14
1048
13 1023 106
11:121
3 10433
4
1955 M N .2
95
/ 991
1
4
8
9518 9612 9614 Sept'25
Stamped
Refunding Se
4
3
52 1017 103 4
1934 J J 103 Sale 10212 103
88
45
Ohio T H & So East let 58_1960 J D 8712 Sale 85%
75 90%
15
-year secured 5348
10914 113
2
17
:
19 , 2 101
Inc gu 5s
83
-year secured 6345 g__1936 J .1 18112 11018 1911 Oct'25
95
55
8412
15
Dec 1 1960 M S 8211 Sale 8012
88 9114
14
i
1950 J D
J 9312 94
Olga Un Stan let gu 4345 A.1963
9314
9312 30
9114 9458
Calro Bridge gold 45
70
734
8 io 1
4
102% 17 100 10312
let 55 Series B
Litchfield Div let gold 384951 1 3 70 - -1- 7114 Aug'25 --__
1963 J J 102 Sale 102
77 82 4
14
1
SO
8018 10
97 10012
/
1
4
10013 16
J 1 07 n
Guaranteed g 55
1944 J D 1101 Sale 10014
Loutsv Div & Term g 3344 19533 J
701 74
s
7314 --__ 7314 Oct'25
11734 118
17 116 11813
,
lat 6%5 Series C
Omaha Div let gold 35-1951 F A
/
1
4
1963 .1
7114 77
106 Aug'25
1054 106
/
1
Ohio & West Ind gen g 88_44932 QM 105% r
St Louts Div & Term g 35_1951 J J 733374 Sept'25 ....--_-_
79 834
8
8 ii- 79% Sept'25
/
1
1951 J J 793 764 8312
788
77
Consol 50
Gold 330
1952 ▪ J 7812 Sale 7814
-year 411
79 4 112 s
7
7
82 May'25
%
983
63
97 1003
let ref 5120 ser A
Springfield Div let g 330-1951 3 J 7814
4
1962 M S 981 Sale 98
86 88
ill- 86 Sept'25
1951 F A 86
10058 Aug'25 ___
994 101
N 101
Choc Okla & Gulf cons 5a_.1952
Lines let g 48
86 ST
1951 F A ---- ---- 84 Aug'25
9612 Oct'25
' 9612
I
Gin H & D 241 gold 4345_.-1937
Registered
93
13 9
613
• 0 1 St L & C let g 4a-Aug1936 Q F 9333 9413 93 Sept'25
9133 9313 Ill Central & Chic St L & N 0
96581005.
993
4 36
1963 J D 99% 9958 9914
/
4
Aug1936 Q F 911 -- 92 May'25
Joint let ref Se Series A
Registered
8814 894
8814 Aug'25 ---8911 9212 Ind Bloom Sr West 1st ext 4s 1940 A 0 8912 95
97
_
873 Sept'25
4
89
Oin Leb & Nor gn 4s g
1942 MN
874 92
1
Oct'25 --__
8
1950 J J 885 9018 92
3
88142
9988 10112 Ind III& Iowa 1st g 40
Cfn 8 & Cl cons let g 58
1928• J 10078 10112 100 8 10112
99 101
p
9912 Sept'25
9%
84
8133 8
8412 84
8
Oleic Cm Ch & St L gen 454993 3D 84
512 Ind Union Ry gen Sa Bar A 1965 J J 9912 ___
9914 1003
4
1965 J J 9912
safl
lOie 9858
98%
1931 31
5
20
Gen Jr ref fa Series B
96
-year deb 4345
987
8
2 100 10511
1017s
4 - 1
1005e 10112
4
98 1053 Int & Girt Nor let 65 Ser A1952 J J 1003 101 10178
8
General 513 Series B
1993 3D 10909%14
88
79
197
76
8
1952 AprI 753 Sale 7514
103
J
1033
8 35 102la 1041
03% 0
78
Ref & impt Be Series A
1929
Adjustment 6s, Settee A
87
78
2
76
Apr --------75
,
0 4 4
Stamped
1941• J 1033 13ale 106 8 Sept'25
Be Serlei C
7614 80%
7914 87
9413 100
9812 40
1963 J J 9814 Bale 98
Int Rya Cent Amer let 55_1972 M N 784 Sale 7812
tm Sviee D
57 65
587
I
/
4
587
D 571 58
..1938 J
891
/
4
8918
2
8812 91
/
1
1939 J J 894 91
Iowa Central let gold St.
Cairo Div let gold 48
5714 624
1
6112 5912 Sept'25
-li57
81
2
80
83
,
Certificates of deposit
Cin W & M Div let g45_1991 J J 80 8 Sale 8058
19/1 2614
1
8
1912
7
1951 II S 193 Sale 1938
8118 85
Refunding gold 40
St L Div lat coil tr g g 08._1990 MN 8212 _--- 84 Sept'25
86 90
1
8713
MN
801 July'25 ____
/
4
8018 83
James Frank & Clear let 48_1959 1 D 8712 Sale 8712
Registered
8718 Sept'25
1938 J J 100% ____ 100 Nov'24
864 8912 Ka A & G R let gu g 513
Apr St Col Div lat g 45.-19 0 MS
4
80 ir
1990 A 0 8114 -_- 8114 Aug'25 ---8812 July'25 ____
8733 8812
2
W W Val Div 1st g 48____1940 13 867
9914100'.
1
WO 10012 10012 10012
1927 J
1071
/
4
1 10611 108
"
Kgg & M 1g1 5s g 49
2d 20-year
OCC&I gen cons g tis.__1934 .1 .1 10712 -- 10718
s
10112
2 10 / 10213 K C Ft S &NI eons g 6e-__4928111 N 10212 1027 1027 Oct'25 --- 102% 103114
0
1
4
Olev Lor & W con let g 5s-1933 AO 10112 104 10112
8054 881s
87 8 85
,
98% 9818 K C Ft El & M Ry ref g 481-1936 A 0 874 Sale 8758
C1& Mar lat gu g4345
1935 ▪ N 954 ---- 9818 June'25
98 10014
981 1004 KC&Mrt&B /Stall 58-1929 A 0 . 9958 _--- 9912 Aug'25 --/
4
8
Cleve & Mahon Vail g 55_4938• J 985 -- 99 Aug'25 __
7014 75
7212 13
31 9612 -- 99 May'25 __
99 994 Kansas City Boo 1st gold 3/3_1950 A 0 7258 7212 7238
1942
01 & P gen gu 4%a Ser A
884 93 4
1
47
8518 81318
91
8
Apr 1950 J J 91 Sale 9012
Rat de impt Se
1948 MN 823 871s 8512 Sept'25 _
Series C 3Sis
83 87 2
1s
7
85
56
4
84
858 Kansas City Term let 4e__19603 J 85 Sale 843
8
1950 FA 81% 853 853 Mar'25'____
Series D 3345
84 87
864 847 Sept'25 _14
971
/
4
1
95 8 100
,
8
98% 9718
Kentucky Central gold 48_1987 J .1 85
Cleve Shor Line let gu 4348-1961 AO 97
1
Cfleve Union Term 5145
1972 A 0 106 Sale 10558 10614 20 10433 1071± Knoxville dc Ohio let g 6s___1925 J J100 June'25 -- 100 100 4
9984101¼
1 102
4
99,
1973A 0 1004 Sale 10018
10012 66
Lake Erie & West let g 511_1937 J J ' a ---- 10018 10018
loof _-__
/
1
In 5 f 59 Ser B
951 97
i
8
8314 88%
/
1
1945 J D 844 853 8512 Sept'25
1941 J .1 97
-- 967 Sept'25 ---Coal River By let gu 45
2d gold 5e
78 81
14
10
8
0
78%
78%
981s 10
9
6% 99
/
4
1997 J D 7812 -Lake Shore gold 330
Colorado & South let g 45.4929 F A 981 Sale 981s
7614 7914
Sept'25 ---9518 138
Sale 94
1997 .1 D 763 80
4
78
Registered
Refunding & eaten 4346_1935 M N 04
97 s 9914
1
9
86': 901
0
9812i 259
4
863
8
001 & H V Ist ext g 4a
1948 A 0 857 86% 863 June'25 _
Debenture gold 4a
1928 M S 9814 Sale 98
941 974
1
33
8414 8414
Igss F A 84% -- 8414 Apr'25 __
97
Oel & Tol let eat 48
1931 M N 9638 Sale 9134
25
-year gold 4a
95 4 99 4
7
7
8133 8158
84
4 Jan'25
8133 Jan'25
Conn & Paasum RI, let 4e_.1943 A 0 81
Reel tared
1931 M N 9412
1
1 100 4 1031
4
2
- Leh Val Harbor Term 55_1954 F A 10233 I0312 102% 1025
Cubs RR let 50-year 58 g
1952iJ J 8712 Sale 87
95 98
1e
104
87'z 31 1021 10 2 Leh Val N Y let gu g 4345-1940 3 J 95% 9612 955 Sept'25 -5
9 4 88'
3
6
10313 10412 10214
8
1st ref 7144
19361 .1
93 93
93
55
89
9312
4
Cuba Northern By let 6s
Registered
923 Sale 9212
mug g 44_2001940.1
M
83
19661J
79
84s4
9812
jgg1 2 --15
8 212
.
1
92
Day & Mich lot cons 4348_1931
93
-12
9812 Lehigh Val
981s - - - 9812
N --1- Sale 81
j
7814 81
90% 46
8811 9213
Del& Hudson 1st & ref 4s
Registered
MI N --__ ____ 81 July'25
1943N_ 90% Sale 9014
ss 93
4 43 10114 10812
1934 A o 10614 Sale 10558 1063
__
90
/
1
4
904
3
80
-year cony Se
General cons 41.4.
2003 M N --98 1017
1e
8
4
101
16
15
/
4
4
-- 4
-year 5345
1937 M N 1023 10312 10212 1031 11 101 1033 Lehigh Val RR gen 5a Series_2003 M N 100 1003 100
10112 10244
2 107 110
8
10
Leh V Term By let gu it 65 1941 A 0 10258_ 10212 Sept'25
/
4
-year secured 78
1930 J D 1081 1087 10858 1087
845 89
4
94
9514 Leh & N Y let guar gold 48._1945 M S 8618 D RR & Dego 1st gu 44 g
8512 10
- 9514 Aug'25 ___
ii 8512
1936 F A 94%
82
85 4 Lex & East let 50-yr 5e go. 1965 A 0 10412 106 10412 10412
3
Den & R 0-12t cons g M 1936 1
1 10313 107
/
1
4
84
51
833 8 4 83
8 3,
83 85
/
1
4
1952 MN 85 Sale 85
857 904 Lfttle Miami 44
8
85
1
Coneol gold 4348
8712 883 8714 Sept'25 _.
8
1936
107% 108
98
35
95 99
Long Dock coneol g 6s
108 Apr'25
1935 A 0 1083
Improvement gold 5s.....1928i D 98 Sale 974
62
589
55
70
Den & R G West gen Sa_Aug 1955 MN 613 Sale 60
993310254
Long laid let con gold 511„h1931 Q J 10018 1007 1003 Sept'25
4
8- _8
8
94
9534
49
I
Des M & Ft D
394 517
let consol gold 4e-----.91931 Q J 9414 .
8
49 Sale 49
953 Sept'25
4
gu 4s.
1935 1
533 50
88 9113
12
J D 891s - 9_ - 8312 Sept'25
4618
1
4
Temporary ctfs of deposit
46
46% 4618
General gold 4s
91
- 90
93% Me
9312 Feb 25 ____
.
897 9314
1
Dee Plaines Val let 434s. __1947 MN 90%
Gold e
1932 . 0 9278
1
8214 85
8
0
75
Dot & Mack-let lien g 45_1995 J D 7014 76
71% Sept'25
0 14 8711
7
Unified gold 4e
1949 M B 833 -- - 84 Sept'25
4 8
95 98
14
Gold 48
1934 1 0 9614 973 973 Sept'25
6613 66% 65 July'25 _
Debenture gold Si
1995
Del RI, Tun 434s
87% 9312
2
102
93
3
1
4 9
20
1937 M N 933 9458 92
923 103
3
-year p in deb Ss
9313 26
1961 MN 92
102 10 1g
91
82 85
/
1
4
94
4
Del Missabe & Nor gen 155._1941
Guar refunding gold 48_1949 M El 833 85
5
103 Sale
83 g
7
85
4
1± 103
100
Del & Iron Range 1st 513
9888100',
Nor Sh B 1st con g gu 58-0932 O 3 10012 ____ 9933 Sept'25
1937 A 0 10112 10214 10112 Sept'25
8712
1
81
90
Dul Sou Shore & AU g 82_ _2937 J J 871 8712 g718
1927 M 5 997 ---- 1003
9914 102
Louisiana & Ark 1st g 5s
8
/
4
4
10112
9072 Lou CC Jeff Bdge Co gu g 48-1945 M 13 85
88
83 8714
10
90
East Hy Minn Nor Div let 45.'48 A 0 82% 9213 90
____.: 86 Sept'25
East Tenn reorg lien g 5e
19381311
8
9811 102% Louisville & Nashville 58_1937 91 N 10212 __
1s
10218
10212
2 100 105
10014 Sale 9914 10014
9958 101
917 95 4
4
1940 J J 92% Sate 927
Unified gold 48
8
EBStTVa&GaDi,gSe_.lg3oJ J 10012 101 10058 Sept'25
93%
7
8
102%
3 1003 103
Com let gold 58
Collateral trust gold 55_1931 M N 10218 Sale 10118 Sept'25
6 10012 103
1956 M N 10114 10214 10114
Elgin Joliet & East let g 5s-1941 M N 10112 _.-- 102 May'25 ____ 101 102%
1930 M N 1065 Sale 106%
10
-year secured 78
107
8 1058810858
Oct'25
995e 10212
El Paso & S W let 55
1964 A 0 101
7
1st refund 5348 Settee A 2003 A 0 10518 10618 105
1057
8 24 10414 108s
_- 101
Erie let coneol gold 7e ext. 1930 M
2003 A 0 10312 Sale 10112 10418 46 10114 105 4
1
1st & ref Ss Series B
10818 10814 10818 Oct'25 ____ 107 109%
93 97
8
693 7414
4
let eons g 45 prior
lot & ref 4358 Salm 0-2003 A 0 943 Sale 94
7358 33
95
48
73 Sale 73
1996
19303 .7 1033
67% 70
Registered
'
70 Sept'25
N 0 & Al let gold Be
4107
107
1 10414 107
1996 3
1930 3 3 10312 1:13:5:- 104 July'25
647
s 46
613 66%
4
104 105
let consol gen lien g 4s 1998.1
2d gold 65
.
64% Sale 64
58 6718
6718 Aug'25
Registered
86 911s.
Paducah & Mem Div 45-1946 F A 91
---- 908 Sept'25
1996.1 J
60
4
4
4
7
64
/
4
4
9558 99
62 65
971
Penn coil trust gold 44_1951 F A 961 - -3- 9718
St Louis 01, 241 gold 3a-1980 76 3 9044 ____ 6
f17 4
133
6212 69
68
-year cony 4s Set A1953 A 0 68 Sale 663
96 100 s
1
4
50
L&N&M&MINg4)48.1945 M 9
97
97
2
1952 3 J 8418 Sale 84%
1943 A 0 68 Sale 67
89
60
69
do Serie@ B
811 8612
4
L & N South Joint M 4s
, 5
68
841
74
74
6933 784 Loulev CM & Lex gold 4348_1932 34 N 983
Gen. cony. 4s Series D_1953 A 0 74 Sale 7312
9314 994
1
8
_ 981
4
4
4
981
1934 J J 1013 1023 102 July'25 - 99 108
Byte & Jersey 1st f 62
4
19651 .1 103% 104% 044 1044 10 10112 10614 Ashen Coal RR let fie
4
---.
a Due Jan. b Due Feb
c Due June. 6 Due May,
Due July. n Due Sept. o Due Oct. p Due Dec. s Opt on sale.
1776
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 9.
New York Bond Record-Continued--Page 3
ts
a.
Price
Friday
00. 9.
Week's
Ranee or
Lass Sale
:11
Range
Since
Jan. 1.
Price
Friday
Oct. 9.
BONDS
N. Y.STOCK EXCHANGE
Week Ended Oct. 9.
MN
Week's
Range Or
Last Sale
I
co M
Ramo
Sews
Jan. 1.
NW No. Low
High No Low
MA
Ask Low
8141
DVS
Ask Low
£146
Manila RR (South Lines) 48 1939 MN 6114 6214 8013
9434 98
7
5913 63% Vorfolk & Sou let gold 5a_1941
61
963 Sept'25
4
9714 98
let 41_
6312 6714 Nor? & West gen gold Ga.__ _1931 MN 10613 Sale 10612 1063
1959 MN 62 67% 67 June'25
4 11 106 10818
Manitoba Colonisation 5s 1934 J D 99%
log% 11/8%
9734 10C12
_ 10012 Sept'25
__ 108% Apr'25
Improvement & ext 68___1934 P A 1075
8
Man GB&N W let 3/42-1941
New River lat gold
805 84
6
106 103
' 803 ___ 8138 Aug'25
3
4
1932 * 0 1064 10814 1063 Sept'25
Michigan Central 6s
9934 102
4
88 923
4
N W Ry
10112
1931 MS 10013 ____ 10112
893
8
8934 89
cons g 48_1996 AO 89
100% 10012
86 89
MS 9918 10112 10012 May'25
87 July'25
1996 AO
4.
2 8814 92
9034 92
D1
1940 J J 908 ____ 9034 Sept'25
R69191v191ered & gen g 0_1944 J J 907 Sale 1,07
8
8
907
en
J L & 8 lat gold 3S411
10
12512 140111
-year cony 68
1951 MS 791g
7718 Apr'24
1929 MS --__ 138'2 140 Oct'25
lit gold 3338
88
Pocah C & C Joint 46-1941 J O 9012 91
81
1952 MN 7918 8312 8312 Sept'25
908 Oct'25
8
9018 931
4
20
-year debenture 48
Nor Cent gen & ref 58 A
9612 98
8
1929 *0 97% 98 98 Sept'25
100% 109
10112 102 1017 Sept'25
1974 M
hild of N J lst ext 50
88 93% North Ohio let guar g 58
se 94
1940 *0 89
8858. 14
93 9312 Aug'25
1945 AO 885* Sale 8712
1111w L
West imp g 5s 1929 P A
83 87
100 100% Nor Pacific prior lien 46-1997 Q
100 Sept'25
843
4 60
843* 8412 8414
82% 84%
MD & Nor let ext 434a(blue)1934 J D 905s 92
8513 94
833: 12
60
8314
0
Registered
6_ 8 1
603 6;1_ 6314
1997 Q
Cons ext 434a (brown)_ _ _1934 ID 90% 95 9714 S4aY.2
62
General lien gold 36
82% 9118
8 3 Sept'2
03
5914 62%
a2 7 Q F
1
047
1411 Spar & N W 1st gu 4a_ _ _1947 MS 8918 8818 887142
88 89%
5712 80
Registered
• F 5/13 ____ 5713 Sept'25 ---Milw & State L let gu 3348_1941 J J 803 ---2 83 87%
8413
Ref &'met 4S414er A.. 9 ° 7 33 844 8458 8413
80% 8112
Aug'25
4
s
.2 4
-2
04
Minn & St Louis let 78
98% 10218
Registered
8534 85%
1927 3D 100 102 100 Sept'25
854 Fel)'25 ---J
lit comet gold 58
8
Ref & inapt 68 ser B
51% 621s
1934 MN 58
64 4
0
0 14 196: 47 104% 10812
5
59 58 Sept'25
2047 J J 10584 fiZe" 159138
Temp ars of deposit__ -5612 60
Registered
e
MN 5612 61
1067 May'25 -- -- 105 1067
8
5612 Sept'25
J
let & refunding gold 4s 1949 MS 20% Sale 20%
Ref & Impt 5s ger C
1914 26
21
37
94% 9
/
4
7%
2047 3, 981 9812
Ref & eat 50-yr 58 Bar A.1962 Q F 1512 17
gel
: 14
Ref & impt 55 ear 13
1313 2114
17% Sept'25
94% 98
9612
2047 3' 96
lst guar g 7s
10018 102
St Paul & Duluth let 54_1931 Q F
0014
1927 3D 100 ____ 102 Sept'25
M St P&SSM eon gesint gu'38 J J 8614 Sale 86
let consol gold 4a
8412 90
- 3 -1 1
1/41 1 1
863
4 43
1
1968 3D
lit cons 6a
977 9778
94% 1007 Nor Par Term Co 1st g 88-1933 J
8
98
11
8938' P 5':::: 10914 109%
0
1938 J J 96
l09'g 1101 4. 2eep25
10
-year coil trust 634e
4
102 10314
14 10214 l043 No of Cal guar g 58
1931 MS 103 Sale 10212 103
1938 AO 9912 ____ 10311 Mar'25
1st & ref 63 Series A
9834 103
North Wisconsin let 613_1930 33 100 _ 1033 Apr*25 - -- 10334 10412
4
1946 ii 102 ____ 9918 Sept'25
25
-year 5303
8314 90% Og & L Chem 1st gu 441 41_1948 J
86
10
714 753
1949 M
4
8414 853 84%
7313 74, 733
/
1
7374
4
2
4
lit Chicago Term .f 46 194I MN 92%
98% 1011
6
Ohio River RR let g 58
92% Dec'24
1936 3D 100 10034 1001s 10018 12
9914 100'e
MI/BM& A Istg 4aIntgu_1926 J J
100
General gold 58
100
8
98% 100
8
1937 *0 993 ____ 987 Sept'25
91
94 Ore & Cal let guar g 6s
M1351111311/P1 Central let 58_ _1949 J J 938: 19
91 °
9
8
° 93 Sept'25
4
192 33 10013 Sale 10013 10118 25 1003 101%
3
7
Mo Kan & Tax-let gold 48_1990 3D 8312 8334 834
8014 8513 Ore RR & Nay con g 45
88'4 903
833
4 46
4
5
89%
1948 3D 894 90 89%
86
9618 Ore Short Line-1st cons g 58248 33 10214 110 10314 Oct'25 -- 10034 107
Mo-K-T ER-Pr I 56 Bar A_1982 33 958 Sale 953
43
96
40
Guar cons 514
-year la Series B
7114 80%
' 7911 Sale 7913
3
803
44 39
3 10214 107
1962
4
1946 33 10314 Sale 10314 1033
10
Guar refund 48
-year fla Series C
1932 J J 10258 Sale 10218 10253 22 10118 1041.
968 9
8 "4
97% Sale 97
9s 42
Cum adjust 68 Sea A Jan 1967 A0 8812 Sale 88
76 4 92% Oregon-Wash let & ref 45-1929
3
89 334
8312 37 8138 85
11 8213 Sale 8213
3
1961
Missouri Pacific (reorg Co)
Pacific Coast Co let g 5a
82 94
1946 J D
let & refunding 68 Sec A_ _1965 P A 883 Sale 8734
90 98%
1
83 90% Pao RR of Mo lst ext g 4s_1938 F A 9114 Sale 91%1 4 Se°. 4
885
* 18
1%
9 213
11
99 10214
let & refunding Si See D I949 FA 10014 Sale 10014 1013
2d extended gold 54
9814 100
8 83
9912 993 99% Sept'25
998 102 Paducah & Ills let
5
let & refund 6e Ser Z In1-1955 MN 10014 100% 10014 1008 155
94% 96
4348_1955 3 3 9314 ___ 95 Aug'25
1933
6213 67
General 46
6514 280
Paris-Lyons-Med RR 68
1975 MS 8414 Sale 64
70 81
1s
1958 F A 8014 Sale 7912
%
8014 301
Mo Pao ad 78 ext at 4%
f external 7s
84 4 89%
3
80% 89
1
1938 MN 8614 Sale 8614
8614
8618 Sale 8513
86% 123
99 103% Paris-Orleans RR a f 761
Mob & Blr prior lien g 54-1945 J J 99 100 99 Sept'25
8613 28
9
1
951 M S 86 Sale 8412
8013 90
91
76
97 1011
Pauline Ry 78
Mortgage gold 4.
1
1945 J J 781 82 8018 July'25
6
1003 10034 1003
8
8 100
1s
Mobile & Ohio new gold Os 1927 J D 103 10312 10318 10318
1
5 10138 10414 Pennsylvania ER-con.g 94 M N 9412 ____ 95
917 96
8
95
2
°
1943
let extended gold 6e__31927 Q
102 104
Coneol gold 48
10112 10318 10316 Oct'25
8
9112
9112 91
3 86% 951
91
8113 90%
General gold 40
4.8 stam.)ed
90 Sept'25
1938 MS 90 91
May 1 1948
903 9
91
8 3
9154 92% July'25
9618 101
Montgomery Der lit g 55_1947 P A 9812 9912 9812
C011801 41413
9813
9854
9858 9834 9814
9712 100
St Louie Dly 68
95 10013
General 434e
100
5
1927• D 100 101% 100
9338 72
9312 Sale 9212
9118 95
Koh & Mar lat eu g 4a
883 1033
4
General Ss
843 85
4
1991 MS 8618 8834 85 Feb'25
8 30
4
1013 Sale 013* 1017
8
Mont C let gu g 6a
109 113
10-year secured 7e
• J 110 11212 11213 11212
1937
10838 36 107% 110%
19 0 P °N 10818 Sale 108
111 9199398 3MM O
4 A NA
let guar gold 5e
101 10312
15-year secured 6348
4
1937 3, 102 10378 101 Sept'25
11118 Salo 1lOs 11138 34 1098 111%
9 F NA
193 3 D
9613 ,413 A
777
la & E let gu 3341
763 82
4
3D 7734 79% 7758
109% 10911
2000
5
Registered
e8
'25
8
1093 ____ 0912 Jun9
Neehy Chatt & St L let 58_1928 *0 10158 10213 101
40-year gold 58
143 97 98%
2 100% 102
10112
98 Sale 97
1964
NFla&SIstgug5s
997 102 Pa CO
s
-Cu 3148 coil tr A reg 1937 MS 85% 8714 847 Sept'25
1937 FA 101 10212 101 Sept'25 _
s
84% 8614
Nat Ry of Max pr lien 41.4e..1957 3,
Guar 3448 coil trust Ser 5_1941 P A 82 84 83 Sept'25
30 Sept'23
83 84
July 1914 coupon on
19 19
Guar 334* trust etre O..._1942
19 Apr'25 _
82 83
D 8118 ____ 82 Sept'25 ---8
Ament 6 f red June coup on
1314 21%
Guar 3/4s trust etre D
81% 82%
-F7i3
17
1712 19
8218
1944 J O 8244 Sale 82%
Guar 70
-year a f 49
15
Guar 15 -year gold 414_1931 *0 9538 9534 9558 Sept'25 -9414 9618
1 3
'2
-25
1977 873 July511
15
1
Gen a f 4s assenting red
_ 15
Guar 43 Ser E
85 8818
4
2
155*
4
1952 MN 853 86% 85, Sept'25 - Nat RR Max prior lien 4348_1926 J
Peoria & East 1st con e4e
77% 823
4
13
3812 July'25
73
3
9
3
7312 3 5
39 78 8
73
1940 AO 38
July 1914 coupon on
J J
24 2412
Income 4s.
24 Sept'25
313 38%
8
1990 Apr.
Ament with July '24 coup on
24 3213 Poo L, Pekin Un 1st 534s
99 101
274 2936 2712
191% 56
0
9
09
0
2913 108
,
0
1974 AG 191% Sale ,
Lit consol 45
1•
Pere Marquette let Sec A 58_1956 3,
971g 100 4
45
1951 -1
_ 28 Apr'25
1
Sale
Assent with Apr 1924 coupon
let 4,9 Ser B
1f 4
go 85
10
1412 - - 1478
15
147
8
10 . 3- 21)
4
83
1956 33 8214 821s 818
94 96 Phil& Balt & W lat g 444
New England eons 6a
1945 33 933 96 94 Sept'25
92 3 Sept'25
,
9212 94%
1943 MN f 214
Consol 45
Gen 58 Series B
2 104 10
81
1946 J J 81 Sale 80
3 80 81%
8
1974 P A 10518 10613 10518 105%
88 86 Philippine By let 30-yr•
N 3 June RR guar let 443
40 44
1988 P A 83% 86 86 May'25
/
1
4
4
54 1937 J J 421s Sale 413 • 4212 113
86 9214 Pine Creek regatd 66
NO&NElstref.timp454sA'52 J J 9058 91
_ 105% 10512
9058
9058
2
1932 3D 105% ____ 10513 Mar'25
8014 847 PC CdiSt Lgu 4345A
New Orleans Term let 46_ _ .1953 J J 8112 8212 8214 Sept'25
4
96 99%
9612 Sept'25
_.
AO 100 S441
1940
100 101%
NO Texas & Max lit 814 Oct 1925 J D ____ 10112 100 Sept'25
Series B 4348 guar
987
8
8
98% 43 96
1942 * 0 985 Sale 98%
Non-cum income 5e Oct 1935 A0 964 9713 963
Series C 43-4e gum
4
91
9e%
7 92% 9814
94 Sept'25 -9714
1942 MN 94
90% 973
4
let as Series B
Series D 48 guar
1954 AO 9512 Sale 9512
893 95
4
9 8 26
57
MN 9012 94 95 Sept'25
1945
98 1021
lit 51314 Series A
: Series E 334e guar gold___1949 P A 90
1954 *0 10112 Sale 10112 1017
8 32
9013 94
94 94 Sept'25
N & C Bdge gen gu 4345-1945 I .1 9413 Bale 9412
93% 93%
Series F 48 guar gold
2 931g 9412
94'2
1953 3D 90 -___ 93% Sept'25
9914 100
8
90% 94%
NYB&MB 1st con g 55_1935 AO 998 1o5 9913 July'25
Serfeell 413 guar
93 Aug'25
0
1957 MN 90
Y Cent RR cony deb 6e 1935 MN 10812 Sale 10812 1087
Series H 48
8 19 106% 11713
91
94
--_ 9334 Sept'25
1960 P A
106 116%
MN 107 116 107 Sept'25
Series I cons MO 4318_1963 FA 94
Reentered
95 967
8
9534 July'25 _
96
4
82% 8714
000601 4s Series A
_
Series J 4348
841
1998 FA 845 85 841
45
94% 98
9458 Sept'25
1964 MN
Ref & impt 433s"A"
88s 93%
96Ig 101
20
91% 68
General M 59 Series A
2013 * 0 9178 Sale 9113
-011 98% 100
1970 3D 99% 1
99 10214
Ref & impt 58 Series C-2013 A0 10114 Sale 101
97% 99%
65
Gen natge 5s Series B
99
10113 179
1975 A0 99 Sale 98%
Registered
997 101
4
A0
99 102
13
Pitts & L Erie 2d g 5e
10034 Aug'25
101 June'25 _-_8
21928 AO 1003
Y Central & Hudson River
Pitte MeK & Y 1st gu(Se193233 100% 1._
(1_6_1: 106 Aug'25 ____ 106 107
0 10
75 79% Pitts Sh & L E let g 58
3
Mortgage 314.
1 100 102%
77% 32
1997 J J 777 Sale 7758
1
0014
0048 100 8
1940 AO 9614 ____ 100
74 7814
Regatered
let consol gold 5e
77 Sept'25
1 10018 101
1997 J , 7614 78
1943 33
9213 96 Pitts Va & Char let 45
Debenture gold es
91% 9114
1934 MN 9418 9414 9312
15
94
1943 MN 88% -___ 9114 May'25
9214 9234 Pitts Y & Ash lit cons 541_1927 MN 100% --__ 10014 July'25
MN 92%_ 923 Aug'25
Registered
4
100 10014
9058 92%
' 90% - 1
3
1st gen 413 series A
-year debenture 46
10
87 89%
1942
905* 15
1- 9038
1948 3D 90% ____ 89% July'25
93 93
Registered
let gen 5s series B
100 10218
93 Feb'25 _
8
1962 FA 1007 ____ 10014 Aug'25
74% 7812 Providence Elecur deb 4e___ _1957 MN
Lake Shore coll gold 3348_1998 FA 753 7614 7634
53% 60
7614 17
4
74 79 Providence Term lit 48
Registered
7512 7714
8134 818
1998 P A 75
7714
:
8
8
1
MB 8318 --- 8984 J uly 2
5 4 831: 5 13 A ug 253
88
1958
3
75 78 8 Reading Co gen gold 4e
Mich Cent coil gold 33-4*- _1998 FA 753 773 77% Oct'25
4
4
921s 96
1997• J
9412 9514
75% 761s
Registered
Registered
1998 P A 75
7614 July'25 _
80
3
91 94%
Jersey Central coil g 4s_....1951 * 0 992
1937 AO 93
If Y Chic & St L lst g 411
88 95
9412 9314
9314
7
89 89
Regletered
Gen & ref 4H8 Sec A
1937 AO 921s
16
92% 96
89 Jan'25
'
3
9278 9613 Richm & Dany deb 5estpd 1997 * 0 10;: 10999903245%7182 May'25S: 9932 75
25
-year debenture 441
1931 MN 94% 9434 9418
3:
9414 28
1 2
25
99% 100%
999:
425
0
933 4 :
1927
797 74 Aug'25
ltd 65 Series A B C
74 7914
1931 MN 10258 Sale 10258 1031s
7 102% 10412 Rlch & Mock let g 4e
1948 MN 74
93 8 983 Richin Term By let gu 5s___1952 ii 193 10212 100 Sept'25
7
4
Ref 15.330 Series A
1974 * 0 97 Sale 9834
94
%
99% 102
9714 89
01% ____
90 9313 Rio Grande June let gu 50-1939
9413
NY Connect let in 4/4e A-1953, A 914 9213 9134
94l
9238 98%
917
s
3
D
89 89
N Y & Erie 1st ext g 4•--- 1947 M N 89
Rio Grande Sou let gold 45-1940 33
513 _7_ _1 6 3ua e:2:
5 m ny 2
89 June'25
a 7
5
937g 9612
Ed eat gold 414s
Guaranteed
1933 M
93%
93% July'25 _
6
6
1940 3,
99 10118 Rio Grande West let gold 48_1939
ig30 A 0 10014 ____ 10014 July'25 _
4th eat gold 5e
8 24 :
.
52
77
8814 - 67 8 3 A ug715 12 82% 8918
75 2 8 8 7 14
9712 9713
5th ext gold 48
14
7313 :3:1
733
ge & coil trust 4/4 A____1949 A 0 7318 74
1928 J D 9713---- 9712 Sept'25
71 75%
111 Y & Green L gu g ria
90 94
RI Ark & Louis let 43-4e ,1934 MS 88 Sale 875
6
1948 MN 9314 1;- 9314
88
4
85 89%
9314
1
N Y & Harlem g 3Ha
75 8 78 4 Rut
7
3
-Canada 1st gu g 444
7834 June'25
2000 MN 7912
'
3
7314 77
1949
80
N Y.Lack & W Sat & ref 58 1973 MN
80
Rutland let con g 4Hs
3 85 89
8814 8613
80 July'25
/
1
4
8612
1941 33 86
10014 10034 St Jos & Grand Isllst g 48_1947
1st & ref 4348
8014 15
7512 83
1973 MN 9812
81 80%
' 80
3
__ 10012 Sept'25
10512 10712 fit Lawr & Adir 1st g 5a
NY LE& W let 75 ext1930 MS 106 107 106 Aug'25
-91% 953
1996 3, 95 ____ 95 Sept'25
4
241 gold
Dock & inapt 65
99% 99%
1943 J
8
997 Mar'25
101 10213
1996 A0 10034 102 10213 Sept'25
993 10034 St L & Cairo guar
3
NY & Jersey let 58
1932 P A itiois Sale 1003* 100%
4
1
94 9611
1931 33 941 9512 943 Sept'25
91% St L Ir M & S geng 44
NY & Long Branch gen g 491941 MS
9118
8 10014 20
_ 9112 June'25
99% 101
con g 01_1931 *0 100 10058 997
N YNH& Hart n-c deb 48_1947 111 8 661 677 68 Sept'25
6012 68
9034-- 8
Unified & ref gold 40
95% 64
9134 9613
1929 J J 95.3 Sale 95%
Registered
MS 61-60 60
Registered
3, 9311 95 93 Apr'25 -5 9118 93
60 June'25
655 6214
3
Non-cony deben 3/.38__ _1947 MS 6112 6212 6112 Sept'25
Riv & Div 1st g 48
123 8378 90
88
1933 MN 88 Sale 8714
Non-cony deben 3/ ____1954 AO 57
5412 eo St L M Brldge Ter gu g 5s930 AO 9934 Sale 9918
3s
9934
0 99% 10018
5778 57
Non-cony deben 48
60 65 St L& San Fran (reorg co)461950 J J 7614 Sale 7
1955 J J 63 Sale 62 8
15
1
7
63
71
78
Non-cony deben 4
66 65%
1956 MN 6212 Sale 6213
Prior lien Ser B 514
J
04
3
63
rifri4 2 1
1950
4
9
8514 9313
Cony debenture 3341-__1956
53 59%
Prior lien SerC 544
8 102% 23 101% 1033
5534 Sale 5534
57
7
108* °839 1023
4 Sale
:
1928 3
4
19°
Cony debenture Si
995
Prior lien 53-46 Ser D
1948 J J 92% Sale 9113
923
4 53 8614 94
38
1942 33 993* Sale 93
9358 100%
8313 90
33
Registered
Cum adjust See A 613____h1955 A0 9214 Sale 9113
93 273 84% 94'4
4
- 883 Sept'25
*0 -5E4 96 98% Sept'25
Collateral trust 68
9014 963
4
1940
Income Series A 6.
76% 977
90 381
81960 Oct. 88 Sale 88
3
Debenture 4s
1957 MN 59
601*
4
60 60
7 53% 6114 StLoula & San Fran Ry gen 66 '31 J
1033 10558 10413 Sept'25
10334 105 8
7
55 64
Cone Ry non-cony 4a
63 60
1954 JJ 59
General gold 5s
60
2
1 100% 101
1931 J J 100% 10012 10034 100%
Non-cony deben
'3
58 64 St L Pao & N W let gu Si 1948 J
6114 Sept'25
8
1003 10134 100% Oct'25
61
10015 10411
Non-cony deben 4e..
57% 64 St Louie Sou lat gu g 4s
1956 J J 59 -_-- 5814 Sept'25
931 Aug'25
92% 93%
1931 MS 93-2
100 1003 St LB W let g 4s bond etre_ _1989 MN 83 Sale 827
A0 10078
4
MY & Northern let g
4
1003 Aug'25
e
83
17
78 83%
65 7012
NYO&W ref let g 4s_June 1992 MS 67 2d g 48 income bond 0.12_141989 J 3 73% 757 73%
6812 11
68 663
4
2
735
72% 78
6212 6912
General 4s
1955 J D 6213 Sale 6213
.1
Como! gold 49
8014 90 8013
62%
5
9018 27
1932
85% 90%
3D
Registered
85 85
65 Apr'25
let terminal & unifying 58_1952 33 8712 874 87%
8758 18
81% 90
861 8618 St Paul di K C SI] L let 4348_1941 P A 85% Sale 84%
/
4
NY Prey & Beaton 4a
1942 *0 85% ____ 8812 Feb'25
8534 208
80 873
4
8214 87% At Paul E Or Trunk 414e_1947• 3 9118 9313 91% Aug'25
N Y & Putnam let con gu 4s_'93 AO 8414 ____ 8414 Sept'25 _ _ _ _
90% 964
100 1003 St Paul Minn & Man eon 48_1933 3D 943s
1927 MS 100
s
NY&RB lat gold te
100 Sept'25
9418 9611
8
1937 J
N Y Stun & W let ref 56
7113 7234
31)
724 9312 92:: J uIy 3
94 ° 1
72%
3 667 76
Registered
c1
9214 94%
59% 68
1937 P A 591g
2/3 gold Ois
61 Aug'25
lit 6011501 g4.
10754
4
1933 3D 10788 168810614 1091g
597 66
General gold iSs
s
1940 FA 60% 61
61
61%
106
3Registrd J 10538 10814 106
8
105% 105
MN 98
93 97
Terminal let gold 56
1943
98% 97 Sept'25
Si reduced to gold 4/48.--1933 J J 9814 Sale 98
/
1
4
9814
2 95% 10014
59% 701.
NY Welles& B letSer1434e_'46 J J 68 Sale 6718
97% 99 9711 Apr'25 _Registered
8814 60
1933
97% 98
7913 85%
1950 AO 834 sale 8114
8312 133
Mont ext let gold 48
Nord Ry extl f 6SO
4
925
1937 .1 D 9214 933 928
1
87% 994
787 7934 79
4
J /3 9014 9313 9014 Sept'25 -79
Norfolk Sou let & ref A 5a1961
5 I 70% 84
Registered
90 92
11
p.eeri...yr [mar 4.
__Ig40
991+ 991• A e-'15
SR
J 99
a Due Jan. 8 Due July V Due Nov. a Option mac
&
1777
New York Bond Record-Continued-Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 9.
Pyle*
Friday
Oct. 9.
West's
Rano or
Lost Sale
ft
Rowe
Mom
Jan. 1.
BONDS
N Y. STOCK EXCHANGE
Week Ended Oct. 9.
t
It
et a.
Price
Freckle
Oct. 9.
Week's
Range Oe
Last Sale
ft
lame
Mos
Jos. 1.
II1(16
Low Mob NO. Low
BM
Ask
HMO
Illoh No Low
Act Low
514
91
81
68
89
4
1
/ ermour & Co let realest 4)401939 J DI 89 Sale 8812
16 100 102
102
8
It Paul Union Depot Ss __A972 J J 1013 Sale 10114
91
1
94 4
9338 161
3
8
854 Armour & Coot Del 514e.._ _1943 ▪ J; 935 Sale 92 4
7
81
8
837
4
111 A & A Pass let gug 4a---1943 J J 8318 833 8312
8 12 1014 1034
1023
1935 M 14 102 10212 10214
4840elated 0116% gold notes
904.102
993 9914 Sept'25
4
Banta Fe Pres & Phen 58_1942 M S 99
9714 964
8
s
J D 987 ---. 983 May'25
Atlanta Gas L let 5e_
1074 Ill
Ill 10918 Sept'25
Bev Fla & West let g 68.-1934 A 0 10912
26
18
193* Sept'25
21
18
9937
Atlantic Fruit 74 etts deo-1 44• D
102 102
1934 A 0 10018 -- 102 June'25
1st g 5s
154 33
8
397 1512241E1.3'25
12
Stamped etre of deposit
15
4
4
873 903
89
8
4
9714 1001
Scioto V & NE let gu g 4a 1989 M N 8818 897 8814
43
e 9914 Sale 991
1937
74 8112 Atlantic Berg deb 58
7712
3
8
1950A 0 773 8012 7712
9914 103
Seaboard Air Line g 48
3
103
8211 Baldw Loco Works let 58_1940 IN N 103 1034 103
8 22
74
777
8
1950 A 0 777 Sale 7714
Gold 48 stamped
3 103 107
105
13714 liaragua(Coup As)7 H a__ _1937 J J 105 10514 105
73
8514 251
844 Sale 83
Oct 1949 F A
Adjustment es
10512 23 10212 106
69
594 7312 BarnadallCorps f cony 8% A1931 1 3 105 Sale 10434
71
1959 A 0 7034 Sale 7012
Refunding 4.4
1013
8 56 10014 103
8
1948 5 5 1003 Sale 10012
4
161
84% 953 Bell Telephoue of Pa be
95
4
let & cont. ris Series A__ _1945 M 6 943 Sale 9412
834 1004 10114
101
IWO A 0 1003 Sale 10018
8
Is ref 5s 8er C
5
834 89%
8812
884 8812
AU & Birm 30-yr let g 48_121933 M 8 88
1 100 1014
10014
1926 J J 100 10014 100
Steel let ext S f be
9924 101 18 Beth
10018 37
1926 J J 100 10012 100
aboard & Roan let 5a
3
934 93 4
9812 10
Sale 974
l942 IN N 974
tel & ref 5s soar A
10214 10414
103 1041s 10418 July'25
1938
9094
& N Ala cone gu g be
9318 31
30-yr p in & imp e f be__ _1936 j J 93 sate 924
1 1027 109
8
8
1035
8
934 974
Oen cone guar 50-yr 51-1983 A 0 103% 10412 1033
9412 52
940
Series A._ 1958
B
A 9414 Sale 9334
Cone 30-year Ss
84
884
4 19
853
8
80 Pao Col 4.(Cent Pac col)k1949 J D 853 Sale 8514
8912
85
8612 47
-year 5 He Series B 1953 F A 8512 Sale 854
Cone 30
85
81
85 Sept'25
J D 814 85
Registered.
9212 96
5
9412
4
953 944
95
Wog & Bing deb 6 He
9612 98
9714 259
June 1929 M 8 97 Sale 97
7012 93
20
-year cony 48
39
93
91
92
91
9912 1034 Booth Mehemet. deb 4 1 64_1926 A 0
4 29
1003
4
1934 J D 10018 1003 100
20
964
-year cony 58
94
29
95
1934 A 0 944 Sale 94
Botany Cons Mills rt He
984 101
1944 M N 99 10014 10018 Sept'25
97 102
20
-year g 55
45
102
884 Brier 11111 Steel let 5 sig....1942 A 0 102 Sale 101
84
8518
79
Ban Fran Terml let 48_1950 A 0 8518 85% 8318
68
29
77
Sale 76
78
83 854 B'wey & 7th Av let c g 58_ _1943
84 July'25
A 0
3
Registered
67 4 78
1
76
76
7412 76
Ctfe of dep etmpd June'25 lot
1024 104
104 Aug'25
1927 MN
SO Fee of Cal-Gu g 58
90% 96%
8
4
924
3
4
1941 J 5 923 Sale 92 4
944 944 Brooklyn City RR 5e.
9412 Jan'25
994 103
le Pac Coast let gu g 40-1937 J .
11 944
10134 41
4
Bklyn Edison Inc gen 58 A....1949• J 1013 Sale 10118
8714 92
93
88 Sale 88
8811
1955J J
So Pac RR let ref 4.
1930 5 5 1043 SAle 10438 1054 16 1034 108
General 6. Series B
8
1035 134 10014 10413
8
Southern-let cone g 58_1994 J J 1033 Sale 10318
8
897 2071 8214 92
4
1968 J j 893 Sale 8912
99 10114 Bklyn-Man R Tr Sec 65
1
J 0 10012 Sale 10012 10012
Registered
_ 1 814 71
4
N 6318 633 6312 Sept'25
7348 8012 Bklyn Q11 CO & Sub con gtd 58'41
134
7818 Sale 78
78%
734 81
Develop & gen 4. Ser A1956 A 0
11
4
763
4
4
J 5 733 7812 763
let be
8 10812 66 103 107
4
1956 A 0 1053 Sale 1055
92 92
Develop & gen (la
92 June'25
1942
11114 148 1063 11112 Brooklyn R Tr let cony g 4e-2001 J J 884 ---- 10912 Sept'24
4
3
1958 A 0 11034 Sale 110 4
Develop & gen 8145
3-yr 7% secured notes._ _1921 J
994 1024
10014 Sept'25
1996 1 J 10038
Mom Div let g 434e-5e
12314 May'25 -- iii"
Ctrs of deposit stamped__ _
8514 8712
Oct'25
5714 87
19613 J 87
814 90
Bt Louls Div let g 4a
18
89
1950 F A 8812 Sale 8812
5
82% 884 13141391 Un El let g 4-511
13112 8984
8
8614
Mob & Ohio coil tr g 48_1938 M S 853 Sale 853*
4 14
1950 s A 8812 Sale 8812 ' 883
guar 4-58
Stamped
10112 Aug'25
1004 103
994 102
ISO Car & Ga let ext 544e_ _ _1929 M N
3
101 18
8
sale 1003
8
827 8712 Bklyn Un Gas let cons g 54.-1945 IN N 1003*
6
8
827
83 e
8
166 176
Internet let g 5.3.. _1955 J .1 80 - -7- 827
Spokane
176 July'25
19:32 IN N 13514
10-yr cony deb 7s .
9514 984
1074 11041
9812 Sept'25
8
Term Assn of St L lat g 4 He_1939 A 0 965
Sept'25
us
leta o& , f 52e8
99 10114 Bu tllesti ref 6111eri A-1947 IN N 10818 109 108 July'25
10012 Aug'25
_
1944 F
911s 934
let cone gold 5s
__-- 9112
19325 D 91
Irons
4
808 8514
84
6
8i
4
84
91
19635 J 1004- 12 833
64
Gen refund e I g 4e
4 16
873
1952 A 0 874 Sale 874
Terminal let 48
Bush
9614 July'25
19433 5 963
4
964 99
810s 92
Telt & N 0 con gold be
5
92 1
91
19555 5 913* Sale
Consul S.
4
9974 1023
20
102
1021
981599'.
Team & Pee let gold 58_ 2000 1 D 10218
k
4 10
963
Building Se guar tax ex_ _1980 A 13 967 Bale 96
99 1004
1001
9
1931 J .1 91)11---.I 99%
98 1014
La Dli B L let g 50
6
10014
10014 100
10
97 10014 Cal(.1 & E Corp unit& ref 53_1937 MN 100 Sale 10312 1033
4
99
4
4
Tea Pee-Mo Pac Ter 151is_ _1964 M 8 983 993 99
4 14 1063 10412
_ 1933 A 0 1037
99% 10112 Cal Petroleum a f g 6
4
384 951
& Ohio Cent let gu Se..1935 J 1 10114-_ 10114 Oct'2
Tol
8812
8918 18
Camaguey Bug lst f g 7e_ _ _1942 A 0 8812 89
99% 10014
1935 A 0 9514 1004 100 Sept'2
Western Div 1st g be
9634 10014
20
100
coil.1 78'42 M N 100 Bale 99%
98
3
1424
96% 99 4 Canada SS Linen let
*
1935 .1 0 974 983 98
General gold ba
8
. 15 10
101
3112 Cent Dial Tel NI ill-yr 58_1943 3 D 10018 1003* 101
32
28
2812 Aug'2
Toledo Peoria & West 48.„1917 .1 1 27
6
923 994
8
997 Sept'25
1931 F A 954 100
9912 994 Cent Foundry let a f tla
994 May'2
Tol St L & W pr lien g 330_1925 J J
974 1014
8 75
1007
Cent Leather 181 lieu 41 6e. _1915 5 J 10012 Sale 10038
s53
4
8218 87
553
3
86
1950 A 0 "8534 -year gold 48
60
3 110 116
4
4
Central Steel let it s f 8s....1941 MN 1143 Sale 11312 1143
ova SepC2
1931J J 9614
984 1014
4
WA 97
Tol w V A Ogu 414sA
8 11
1007
4
8
9712 Ch G L & Coke tel gu g Es-1937 J J 1007 Bale 1003
97
19333 J 9712 ____ 9712 July'25
Series B 4314
12
73 88
7712 25
1927 F A 77 Sale 77
Chicago Rye let 5e
89% 90
90 Aug'25
8
1942M 11 897
Series C 4e
8
1083 203 11M 11111
1932 A 0 10812 Bale 108
864 Clint Copper Its &ler A
Oct'25
84
Tor Ham & Buff let g 44.....1946 1 D 86's.... 84
084 104%
10112 10
0 10112 Silo 10112
9218 Clueln Gas & Elee let & ref be '56 A
71
8114
794
8
80
1928 J 0 80
Ulster & Del let cons g 6s
10312 11 10012 105
1967 A 0 10338 104 10314
62
530 der B due Jan 1
49
1952 A 0 4612 49 497 Oct'25
let refunding g la
130
80
_ 80
Jan'25
9084 9412 Clearfield Bit Coal let 48___1940 J J 764 _ _
4
4
1947 J J 913 Sale 913
Union Pacific let g 441
924 40
874 93
6
9012
1943F A 90 Sale 90
Colo F & I Co gene f 5
8918 93
J .1 914 _--- 8912 Aug'25
Registered
8812
80
13
85
984 994 Col Indus let & coil 58 gu---1934 F A 8414 8412 84
8 40
993
1927 3 1 9914 Salt 99
62 82
20
-year cony 4111
82 Feb'25
19271F A 80
Registered
834 99
8
8
woe 32
2008 M 8 883 Bile 853
let & refunding Is
4 100 1024
1004
5 J 1004 1004 10014
8
let lien & ref 55
2008 M S 10412 107 10412 10412 17 1037 l0712 Columbia G & E let 5s
111012 17 100 1002
1927 J J 10012 Bale 10014
Stamped
10312 36 1023 104%
4
-year perm secured 68._1928 3'1 103 Sale 103
10
94 14
Oct'25
10
Col & 90) Av let gu g 58----1993 M
9214 93
93 Aug'25
1944 M 8 9138
984 991.
ONJRItt Can ge9 48
4
.1932 J 5 9914 9914 993 Sept'25
10014
2
4 Columbus Gas let gold Se..
___. 100
3
99 4 10,
1926 J 1 100
Utah & Nor gold be
714 774
8 15
737
7
2
71% 737 73 8
Cable let g 41 2397 Q J
4
1
/ Commercial
93% 93
1933 .1 5 9314 9414 933* Sept'25
lit extended 48
4
98 1013
16
10014
8
863 8714 Commercial Credit s f 6s____1934 M N too 10018 10014
1955 F A 8714 ---- 8714 Jan'25
974 10104
irandalla cone g 48 Ser A
10212 30
8 64
865 8 8 Commonwealth Power Se_ _.1947 M N 1024 Sale 10214
1957 M N 874 ____ 8658 Apr'25
Consol 4. Series B
29 1014 10414
104
1034 Site 102%
.1941 J
Computing-Tab-Roe a f 6a_
20
20
20 Sept'25
9
9012 921
Vera Cruz & P let gu 4He__1934 .1 5
894 904 92 July'25
2412 24.2 Cone Ry & 1, let & ref 41148 1951 J
2411 Jan'25
1934
8193
Assenting let 41.4.
J 894 9114 904 Sept'25
195Stamped
suer 4114s
100
4
99 2 100'4
0
3
1926M 8 16E1 G- " No
7812 90
VerdIVI&Wistgbe
$3
30
8
100 10012 Cons Coal of Md 181 & ref Si.19503 D 8212 S ito 523
Virginia Mid Berke E 5a_1926 M 8 0034 10018 100 Sept'25
4
1033 211 1014 105
8
Consul Gas(N Y1 deb 5)0_1945 F t 10344 Sale 1023
9912 101
_.101 June'25
19:11 1 .5 100
68 Series F
2 1904 105
10414
100 10212 Cowed Pr & lag 1st 6348._1943 IN 8 10414 Sale 19414
1936 M N 10018 ___ 10014 Sept'25
794 934
Denerelbs
82
8
Con' Pap & Bag Mille 6 114e...1944 F A 8112 1014 817 Sept'25
12
93 102
99 Sept'25
1 J 99 102
92141001
Fa & Bouthw'n let gu 51-2003
8
10154 Sept'25
J 1003
8414 934 Consumers Gas of Chic gu 561936
90
90
4
893
36
1958 A 0
1
Sale 964
9714 74' 9044 100
8
96 1013 Commuters Power let 50-.1952 M N 9612
4 131
99
Virginian lets. Series A___1961 M N 9914 Sale 99
5
93 8 July'24
1931 M N
10114
12 10014 10212 Corn Prod Refg e f g 5s
1939 IN N 1014 sate tott4
100 192's
Wabash let gold be
1934 M N 10018 10112 10484 88112'25 _ e 25
1s1 25-year 8158
9411 9914
8
4
8
967
1939 F A 967 973 965
$e
74
211 gold ba
8514 Oct'25
e
9412 997 Crown Cork Is seal let elIte 1943 F A 8012 81
9714 169
1975M d 9718 Sale 9612
$2.6
Ref a f 5 tes ear A
9414 74
4
Cane Sugar cony 78_1930 S J 933 Sale 9212
4
933 Feb'25
4
934 93% Cuba
11
96 101 4
Debenture B Its registered.1939 IN 8
,
7 Site 9612
102
98
Cony debeu ataluped 8'4.1930 J 3 97
8
7712 837
let lien 50-yr g terru 48_1954 J J 804 83 824 July'25
10R14
9 1074 110 4
9912 10112 Cuban Am Sugar 1St Coll 88.1931 IN S 108 10814 105
- _ 101 Sept'25
3
9512 98
Det & Ch ext 1st g bs.....1941 J 5 101
89
8
97
Dom Sug let 714e..A944M N 97 Sale 963
Cuban
4
813 80
88 May'25
97 1014
Dee Moines Div let it 4a. _1939 1 5 86% 87
13
100
4
Comb T & T let dr gen 63_..1937,1 J 993 10014 99%
77
74
1941 A 0 7614 ____ 764 Oct'25
9412 9918
Om Div let g 3 His
5
95
4
9412
Cuyamel Fruit let fla Int ctft.'40• 0 943 96
8512
13 8514 90
89
8512
1941 M
2
894
132.a 834
Tol & Ch Div g 4
e
_ 8218 Aug'25 ___
Denv City Trellis, let con 5s 1933 A 0
77
77
77
77
2
20110 F A
924 97
Warren Is ref gu g 3 Ha
8 62
957
8184 86% Den Gas& EL Ist&ref s f g 58'51 MN 9518 Bile 9412
8144 Oct'25
194/1 el IN
Wash Cent let gold 48
14
3
92 4 95
14
9514
4
M N 95 Sale 947
4tamPae1
814 8512
834 Sept'25
8314 11146
114
76
Wash Term let gu 3lie
8 18
843
8
893 Dery Corp (I) CI) 1st 51 78_ _1942 M S 84 13 de 84
83
1945 F A 894 .___ 81 Sept'25
9914 1034
-year guar 46
let 40
9612
9612
9712 Detroit Edison let coil tr 58_1933 5 J 10112 Sale lot12 1014 IS
97
994 103 4
3
4
95 4
3
W Min W & N W let gu 58 19311 e A 9614
6
10218 1924 9912 1014
let & ref 58 Series A_July 1940 M
18
63 6712
4 42
663
1952 A 0 6518 Bile 6518
974 1004
West Maryland lat g 48
23
4
1
/ 100
Gen & ref 55 eerie.) A.. ..I949 A 0 I.00 841e 99
9824 10112
10014
10012
19371J J 10018
2
Best N Y & Pa let g 5s
39 1064 10612
108
794 83
let & ref 68 tierles B_July 1940 M 8 10714 Rile 107
82
1943 A 0 82
8
817
6
83
9344
66
Gen gold 48
,
87 2 10
45
45
Del United 151 cons g 4341a-1932 J J 8558 Sale 8718
45 Feb'25
94 100
Apr 1 1943 Nov
Income g be
100 5746
Dodge Bros deb Its lot rcts .1941 111 5 97 Sale 9524
9014 96
9 4 40
4,
79 04
3
Western Par let Sec A *3_1946 9.1 IS 94 Site 9318
24
8'1
let 611_1942 M N 79 Silo 79
1004 1044 Dold (Jacob) Pack
1946 M 8 10212 193 10112 10312
08%
let gold fie Series B
1. 60
4
69
83
8614 Dominion Iron & Steel Sa_1939 J 5 6014 6114 604
81
24
2361 5 J 83 Bile 8218
4
88 4 97
West Shore lat 4a guar
8
9212
924 10
4
1
/ Donner Steel let ref 78 .....1942 J J 923 93
7944 102
8212 4:3
J 8214 8212 824
2361 1
904 95
Registered
1
95
101
22 too 101% du Pont(E I) Powder 410..1938 J D 95 Site 95
4
1
/
Wheeling & LE lat g 58.-1926 A 0 10012 Sale 10(112
11 104 1074
1083*
983* 101
Duquesne 11,1 let & coil tia_ _1949 J 5 106 Sale 106
4
Wheeling Div let gold 58.1928 2 S 1(10 .-- 983 Aug'25
14 104 106
105
.1 1047s 105 1047
510 Series 13.1949
1st eon trwe
9818 99%
99
5
Ext'n Is impt gold 58 . 19311 F A 99 Sale 99
71 103 106%
104
81
East Cuba Sue IS-yr. f g 71.4.'37 M 5 104 sate 10314
66
7612
8
7
954
Refunding 414e Series A_191111 M 9 764 767 7612
8 171 $9
933
783* Ed El III Btu let con g 48-1939 5 J 92 Sale 92
72
8
773
78
12
78
1949 M S 77
9912 103
RR let coneol 45
5
4
1
/ 6712 Ed Elee Ill let eons it 56.___1995 J 5 l0.._ 103 July'25
8
61
637
8
11142.1 1
637 Sate 63
1364 884
Ink & East let gu g 5s
17
871
'611 M 8 87 Sale 87
6
tot to'02 10212 10212 16 102 10314 Klee Pow Corp(Germany)
97 100
W111 & S F 1st gold 5a
109
3
4
8
824 8712 Elkhorn Coal6% notes .....1925 J D 994 10014 100
8414 Oct'25
544 55
974 105
Wh
60
19 J
Winston-Salem S B let 4e-193S 5 1
Iwo 163
774 814 Empire Gas & Fuel 7 He__1937 IN N 10312 Sale ion
2
7914 Sale 797
%
79
Ms Cent 50-yr lat gen 48_1949 .1
4
993 100
4
7
4
1
/ 8714 Elj1111 Gas Light 1st con 5s...1932 111 d 100 .._ 100 Sept'25
82
86
4
853
4
Sop & Dul div & term let 4.e3a IN N 853 86
91
17, 88 101%
9314 92
754 814 Federal Light & Tr let 58.-1942 IN 8 92
4
7814 824 753 Aug'25
Wor & Con East let 4 14s.--0943 J •
96% 103
4
2
. 1003
1942 IN 8 10918 Site 1001
let lieu 68 stamped.
INDUSTRIALS
9112 144%
8
11151.3 0 9258 913 92 Sept'25
874
85
87
30 yea, deb Its Ser B
85
13
8518 86
Adams Express coil Ira 4s .1948 M
9912 107
994
3
9912
1939 .1 13 9912 100
944 1027 Federated Metals f 78
8
102
27
4
Ajax Rubber let 15-yr a f 814.19:3.. Jo 1013 1112 10114
11314 Sale 11314
11311 20 We 11$
34 6% Flak Rubber let a f 88
418 Oct'25
44 5
1925 M
/duke Gold M deb (le A
764 623
4
3
7812
75
PAS
M S
67 Ft Smith I,t & Tr let g 58_199 31
6
4
4
2
MB
1
,
44 74 418 Sepe25
Cony deb 6. Series B
8914 902
8
9414 21
94 Sale 915
91
91 12 Framerie Ind & 14ev 20-yr 710'42 S J
112
AlpIne el ontan Steel 7e....19 M S Si Site 91
.2
1 151
4 10312 106%
105
9814 103
AO 1113 Sale 1024
Frames...sugar let st 7448 1942 IN N 1044 Sale 10412
4
108
10
am Agile Chem let 5s
1928
,
984 99 4
_
.1 I) 994 -- 9114 Sept'25
3
94 4 1043 Gas & El of Berg Co cone
4
FA 1033 Bile 10312 104
91
4
121 ret s t 7402 g
_ _ 101 104%
1044 Scot'25
974 102
Gen Aeubalt cony Its . g 5811A9 A 0 104
111014
25.yr 641.1 4
18
5
Amer Beet Rug eon, deb 68.199 11 FA 10018 SIM 100
_ 2044 105%
1044 Aug'25
I)
31
93/3
let
99
94
RN 0 3 General Baking
American Chain deb a f 68_.1933 AO 9818 Bile 8844
88
1181
88
1
1942 F A
97
Gen Electric deb g 3 Hs. _
573* -- 88
914 97
2
97 Sale 97
Am Cot 011 debenture 58_1931 M N
9 2
1 too 1 11
101
10534 111812 Gen Refr 141 f g es der A...1952 F A 100 1014 101
10814 Sept'25
AM Dock & lmpt gu 80
1936 J S 10614
95
92
95
131
1945 .1 J 93 Sale 9412
Gerrie., Gen Klee 74.Jan 15
11212 117 11712 117% lb 11514 123
Amer fee deb 7s July 15 113 ,
'
19475 5 1044 Sale 1044
10514 27 WO% 1004
98 10112 Goodrich Co 61.4.
10112 15
AM Mach & Fdy a f ge.
.1939 AO 101 Site 101
8
4 57 119 1814
1203
9712
9112 98
A
Tire & Rub let•f 1941 IN N 12934 Sate 12112
9718
Gtxelyeer
9718 Sale
Am Republic. Corn deb fle 1937
4 41 1064 111
119
41931 F A 11014 Site 11014
954 993*
4
-year et drug fin
11)
98% 117
Arn am & R let 30-yr 15e serA 1947 AO 9811 Sale 973
92% 95
9412 51
.1.1111 F A 934 Sill, 914
8
A0 10614 10612 10614
4 19 1035 10811 eurae (wittier 10 s f 64
1063
let M ge series B
934 101
994 1(11 191 Sept'2.
A'2/1 IN N
9712 203
102
5
6
994 10412 Granby Cons MS & Peon 6.
Amer Sugar Ref 15-yr 13e_ 11947 J J 102 Sill, 10114
93
934 100%
1928 IN N 101) 101 1014 Sept'25
Stamped
964 977
Am Telen & Teleg cod tr 45 1929 J J (1718 Sale 97
98
92
9414
4
90314 9714 Gray Is Davie let eon,s t 7s 1932 F A 944 943 94
Oct'25
9112 93
11136 M S 9014
Convertible 48
8714 914
994 20
11712
9712 25. 9485115
Gt Cone El Power(Japan175 1944 F A 91 Sale R.14
-year cony 4 44
20
1933 M S
mpg i02 4
7
1023* Ort•ai
65 100 10214 Great Falls Power 151 11 53_1940 M N 1024
101
8
2 0 1007 Site 101112
-year cell tr Si
30
.1946
8
1331 87
Ill
2
8
967 409, 944 1184 !lark...meek Water let 44._ .19.52 1 1 8312 ___ 87
8
35-er s f deb be
1960 2 J 967 Site 9612
8
823 85'2
S 8414 ..... 8112 Aue'25
M
ilartford al By III. IS
103
173 101 105
8
8
-year n f 5 Hs
20
1943 M N 1027 Site 1025
3
Re% 95 6
91
S 93 Rile lleat
A '54
10
9658 41, 924 9
Havana El Re I. & P geo
8
4
Am Wai WM & Else 42____11434 A 0 553 Bite. 9512
9252 974
974 03125
_1952 F A 974
44
57
63., ...ens eate..toreeti Is
55
2
1
/
Am Writ Paper s f 7-6e . 1939 1 J 63 Sale 52
103 106
1114
4
.1042.M N 104 1.1414 194
43
1134. teetthe•(lion' 1st 515 1
6514 26
634 31 de 524
Temp Interchangeable etfe det. - 98 99
10012 20e, 9918 1112
Ws 14')
let M Is coil 514s int etf _1940 J 3 9814 Bile 9912
Anaconda rot. Min 1st Ils_ 1953 F A 1901 1 Sill' MIN
4
ios4 51 100% 1051
9914 104
10274 238
toe fit,• C.. let a 144 temp 19,4 A o, Ina site 1024
-veer eonv deb 74
15
. 193R F A 10234 Bile 19214
904
79
12
RS
9912 385
04 10012 loinuni-4mer Line 64 (flats .I947 M NI 88 Bile R712
Andee("op 13lin deb 74 509 Pd IS 5 i 9912 s tie 99
92ta 1004
.1940 IN V 10)3*
19•112 ()ere')
,
88 2 O.+ 1.14gen co tam let e 54
Rg12
7
!
get 91
1939 I J
Antilla (Comp As.ie) 744s
•
•
‘7„
994 111312
I I., ,
,
941; • -see."... • ...Ono q.g• 1•11.
nu
Ark 4 M arr. 14.140.. t -..... 44 lea . m It
•Due May. a Due June, 5 Due July. A, Due August. a 09000 sale.
1778
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Oct. 9.
New York Bond Record—Continued—Page 5
5,
5
t
Price
Friday
Oct. 9.
Week's
Range or
Last Sale
Range
Since
Jas. 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 9.
h
e" e
Friday
Oct. 9.
1Veek's
Range or
Last Sale
Range
Since
Jas. 1,
1
Rid
Ask Low
High
High No Low
Ask Low
1 840
HUM No. Low
Higa
Illinois Bel! Telephone 56_1956 J D 100 Sale 997
97 1017 Pleree-Arrow Mot Car deb /141943 M 8 10614 Sale
10011 50
s
1063
4 12
10614
Illinois Steel deb 4546
1940 AO 935 9414 94% Oct'25
8
923 963 Pierce Oil of 89____Dee 15..1931 J
4
4
103 105 10314 Sept'25
102% 107
Ind Nut Gas dr 011 5e
1936 MN 90
91
8712 94
5
9012
Pillsbury Fl Mills 20-yr 66 1943 A 0 10113 Sale 101
9012
19
995 102%
1013
8
Indiana Steel let 56
4
1952
5 101 1041s Pleasant Val Coal let g f 59_1928 2
N 103 Sale 103
10314
977 99
973 Oct'25
4
97
9814
ngersoll-Rand lot 58
1935 J J 993 ____ 99% Sept'25
4
92
9934 Pocah Con Collieries let 615131957 J J 8912 9114 8912
8912
88 94%
Interbero Metrop coil 4 48._1956 AO
10
11
11
Apr'25
Port Arthur Can & Dk 69 A_1953 FA 101 14 Sale 1007
9912 1023
11
g
10114
4
Guaranty Tr Co Ws dep.....
412 712
13
413 Aug'25
Ist 53 Ss Series 13
1953 FA 101 10112 1007
1 10014 102
100%
Ctf dep stpd asstd 16% sub
8
1013 Mar'25
1012 1012 Portland Elec Pow let 68 B_1947 MN
4
99 Sale 983
99
9612 100 8
,
listerboro Rap Tress let 5a 19613 .14
68- Sale 673
59% 743 Portland Gen Elec let 69
4
4
683 154
4
983 1007
3
1935 J J 9914 995 994 Sept'25
3
4
Stamped
675 Sale 67%
8
124
59
7312 Portland Ry let & ref le
68
95
.1930 MN
9212 9613
943
963 943k
4
lb-year 65
8
1932 A
7018 71
4
613 80
4
703
Portland By Lt & P let ref 581942 FA 8814 884 873
70%
87%
10
-year cony 7% notes_ _ _1932 MS 89 Sale 89 s
8414 92
4
95
30
85
89 3
let 1 & ref 66 der 13
4
9.53 Sale 983
4
1947 MN
5
94 1004
99
Bat Agric Corp let 20-yr 56_ _1932 MN 85 Sale 8212
4
67
85
20
85
let & refund 74s Ser A_ _1946 MN 106 Sale 106
4 1054 108
106,
8
Stamped extended to 1942_ __ _ MN 7414 Sale 73
624 7512 Porto Rican Am Tob 8a__1931 MN 103 Sale 103
7518 104
1 101 106
103
Inter Mercan Marine I be_ _1941 AD 843 Sale 8318
8
823 9112 Pressed Steel Car 58
84% 165
4
4
193'i J J 9413 947 9412
95
9214 97
International Paper 58
1947 J J 913 Sale 915
4
Prod & Ref a f ga(with war'nta)'31 J O
60
92
87'2 94
104 11514
_ Ill 1104 Sept'25
Ref s f 68 Sec A
1955 M
9618 Sale 957
95
98
8
Without warrants attached
964 108
J O HO 111 no
110 8 48 110 1134
Int Telep & Teleg cony 5559
,
4
300 10112 108
1945 M S 1063 Sale 1061s
108
Pub Serv Corp of NJ gen 58_1959 A0 10434 105 105
Oct'25
103% 1054
Jurgene Works63(.
12af Drtre)- 1947 j j 9812 Sale 97
88 107,
69
99
Secured g 68
2
1944 P A 993 Sale 9912
4
95 100
997 124
2
111102118 City Pow & Lt be_ 1952 MS 9912 Sale 983
95% 101
4
Pub Serv Elec & Gas let 65491959 Ii 0 10212 Sale 10213
995 161
21
103
987 1054
2
Haman Gas & Electric 6s
1952 M
9814 10312
10112 Sale 1003
29
102
4
1st & ref 5 45
1981 A0 1027 Sale l02i
99% 105
10314 34
Kayser & Co 7s
1942 FA 10614 1077 1065
20 1014 107
, 107
Pub Serv El Pow & Ltg 6s. 19411 A0 106 Sale l05a
e
1063
Kelly-Springfield Tire 8a
8 18 10212 1074
1932 MN 10613 Sale 105
90 109
10612 150
Punta Alegre Sugar 7s
10 102% 10712
103 Sale 103
1937 J
104
Keystone Telco Co let 59_1936 J J 87
9912
82
91
3
9212 Remington Arms tie
9012
4
1937 MN 834 Sale 89
8612 92
Kings County El & P g be__ _1937 A 0 102%
89,
4
99 103
Repub I & 5 10-30-Yr 566 f 1940 AO 112 Sale 9512
---- 03 Aug'25
8
9312 98
96
Purchase money 6e
11412 12014
1997 A 0 118
11912 Oct'25
Ref dr gen 54e ser A,..1953 23 90 Sale 8912
8918 94
9018 13
Kings County El let g 4.9
75
1949 F A
7812 - 7912 79 Sept'25
79 4 Rime Steel let 79
,
4
1955 P A 884 883 884
8818 90
8
8814
(Ramped guar le
7812 7912 797 Sept'25
74
1949 F A
80
Robbins & Myers e f 75
7
65
60
1952• D 58
5712 734
65
Kings County Lighting 68_1954 J J
89 101 14 Rochester Ga.s & El 75 ser
985 983 98%
8
13
4
99
2 110 112
112
8_1946 NI S 111 112 111
614o
10353 10818
1954J J 106, 107 105
8
Oct'25
Gen Mtge 54s series C_ 1918 MS 103 10414 1031, Sept'25
1023 10514
4
Kinney Co 754a
104% 109
1936 J D 10612 10812 10812
Roch & Pitts Coal & Iron 58.1946 MN 993 ____ 90 Aug'24
10812
8
Lackawanna Steel 6a A
1950 M
895 943 Rogers
94 Sale 924
6
28
94
4
-Brown Iron Co 75...1912 MN 62 Sale 614
60 - -5
6
13;
6214
Lac Gas L of St L refdrext be 1934 A 0 913 100
9814 1017 St Jos Ry Lt Ht & Pr 56._ _
4
193
10018
4
8
8518 92
_1937 MN 91.14
8 91% Oct'25
Coll & ref 54s Series C_1953 F A 993 Sale 995
9514 102
4
St Joseph Stk Yds let 4540_1930 J J 953 915_ 953 0(4'25
1004 71
4
954 96
4
Lehigh C & Nav s f 4349 A_ _1954 J J
95% 100
96 Sept'25
_
St L Rock Mt & P ba stmpd _1955 J
7712 80
774 87
7814 Sept'25
Lehigh Valley Coal 1st g 59_1933 J .1 100 10134 10014 Oct'25
97- - 99% 101 12 St Louis Transit 56
1929 A0
74 8612
8612 Aug'25
Let Ave & PP lot gug5e..A993M S
3912 444 St Paul City Cable 55
89% Sept'24
95
97
97
95 Sept'25
Liggett & Myers Tobacco 78_1944 A 0 415, 16- 4113 Sept'25
116 12033 Saxon Pub Wks(Germany) 1937• .1 95
A 92% Sale 921s
7s'45
9012 934
9213 63
Registered
115 1173 Saks Co 75
A 0 11613 11818 120 Sept'25
4
1063 10611 106 8
1992 M
8
9 104 109
,
10612
68
973 10212 San Antonio Pub Sec
1951F
11514 11812 115
4
1
11518
994 104
1952 J J 10214 Sale 1018
10214 19
Registered
F A 10114 Sale 1003
977 07% Sharon Steel Hoop let 6e
8
9
4
1014
fle ser A '41 MS 106 10612 106
1057 10713
8
Oct'25
Lorillard Co (P) 76
1944 A 0 974 10114 97% Aug'25 - - 11414 117% Sheffield Farms 654e
1942 A0 10612 Sale
4' 105 1073
4
1063
Registered
4
A o 116 1163 116
s
2 11312 1153 Sierra & San Fran Power 50.1949 FA 90% Sale 10612
116
4
90
903
3
95 4
Si
3
914 16
943 9812 Sinclair Cone 011 I5
4
1951 F A 114
__ 1153
5
4
1153
4
-year 78.1937 MS 9214 Sale
88
Registered
96
92 12 89
F A
9712 08
90, 9014
4
07
let In coil trlis C with ware 1927 J O 10614 Sale 92
9712 13
10514
Louisville Gag at Electric 66.1952 M N
s
1067 165 104% 11812
96'2 Sale
90% 993
96
let Hen 654e Ser B
9612 34
4
19311 J D 8618 87
8612
Louis," Ry let con 5e
82% 90 4
8713 92
8
1931) J J
9114 9312 Sinclair Crude Oil 3-yr
9313 94
9312 July'25
6s A 1928 P A 1001a Sale
gto. 101
Lower Austrian Hydro-Elec Co10014 123
3-yr 8% notes B Feb 15_ _19211 FA 10014 Sale 100
10018
9912 1.0114
1etel63o
100 4 17
8518 8612 Sinclair Plpe Line
,
1944 FA 8514 Sale 8518
3
851 1
55
1942 A0 85
8514 85
Manatl Sugar 7449
88
8513 124
82
99 102
1942 AO 9934 Sale 99
1004 50
Skelly 01164% notes
1927 AO 11512 Sale 114
3danhat Ry(NY)cons g 4a_1990 AO 6018 Sale 60
241 106% 1204
118
574 64
South Porto Rico Sugar 7s_ 1941 J O 106 111612 106
6012 20
2434e
5 102 106
106
51
56
2013 J D 534 54
54
Oct'25
South Bell Tel & Tel
Manila Electric 7s
10112 30
99 1024
9714 10234 S'west Bell Tel let lot 61581941 J J 10112 Sale 10112
1942 MN 101 10144 1013
5
102
4
& ref 56_
P A 10018 Sale 997
9618 10113
Manila Elec Ry & Lt if 69_1953 M
8
10014 33
85
89
90
92
89
2
Southern Colo Power 6s_ _1955
89
98 Sale 98
15
Market St Ry 7e Series A
93
08,
4
997
11
9713 10214 Soling Val Water g 55 __.1947 J J
993 Sale 9914
1940 @
1005 118
8
4
1944 MN 973 997 98 3
Metr Ed Ist & ref g 60 Fier 8_1952 FA 1043 10512 111412
965 98111
1
,
3
9813
4
15 10112 106
Standard Milling let 5s
10511
MN
997 101
993
2
4
9911 101
let & ref be Series C
993
4
9113 97
1953 J J 953 953 954
8
4
10
Steel & Tube gen 0 f 7s Ser C 1930 .1 .1 108
955
8
_ _ 108
10818 16 105 108%
1951
Metropolitan Power 69
100 104
1953 J D 103 1037s 104
Oct'25
Sugar Estates (Oriente) 75._1942 53 S 894 Sale 89
53
Met West Side El (Chic)49_1938 FA 7212 7312 7113 Oct'25
89% 9712
4
90
68% 80
Superior Oil let 6 f
4
38
1929 FA-I 97 Sale 944
Mld-Cont Petr let 6148....._1940 MS 100 Sale 993
97
90
99
954 10012 Syracuse Lighting 76
1001 4 100
4
1st
99%__ 1015, 101%
9712 10034
2
Midvale Steel dr0cony elSe 1936 MS 913g Sale 91
8718 9314 Tenn Coal Iron & RR g 5i3 1951 J
915
67
2 J 102 1623 1014
gen 58 1951
4
1013
100% 103
Milw Elec By dr Lt cons g 56_1926 FA 10018 1004 100
997 10112 Tenneesee Cop let
8
12
100,
8
cony (is_ _1925 MN
993 10118 993 Sept'25
4
4
99% 102
Refunding & eaten 41.46.. _1931 J J 97
91% 97
____ 07
1
Tennessee Elm' Power let 63_1947 J
97
1023 Sale 10212 1023
4
9914 10414
4 63
General Es A
94 100
1951 J D 984 Sale 98
984 20
Third Ave let ref 4s
5612 Sale 553
20
1960 J
51
let 56 B
5812
57
84% 927
1961 J D 89 Sale 884
8913 20
s
Atli Inc 58 tax-ex N
AO 3414 Sale 38
147
3414 504
39
let & ref a 66 Series C
983 104
4
1953 MS 10014 10012 100
10012 18
Third Ave By let g 55 Y___a1960 J
933 95
8
84%
5
1937
05
Milwaukee Gas Lt let 48._ _1927
9352 96
N 985 09
8
964 993 Toledo Edison let 7s
983
4
4
4
98%
16 10836 110
1041 MS 10914 Sale 1084 109%
Montana Power let 5s A
97% 100% Toledo Tr L & P532%
1943 J J 1912 Sale 9913
997
9 28
7
7
97% 10012
Montreal Tram let & ref 69_1941 j
977
975 Sale 975
94
8
9812 Trenton G & El 1st notes 1930 J J 97 Sale 97
973
4 29
g 58.__ _1949
98 102
983 Aug'25 _
98 100
Morris & Co 1st a f 4 4s__ _ _1939 J
85
8512 84%
7813 87
8512 40
Trumbull Steel deb(4
A
97 Sept'25
1940
97
973
4
Mortgage
-Bond Co 4s Ser 2_1966 AO
77
_ _ 7718 Nfar'25
774 Twenty-third St By
•
61
70
10 -year 6e, Series 3
-25
.25
95% 9712 Underged of Londonref be_ _1962• J 6014 6614 6118 A118
97
9714
1932 J J 79- - 9614
2
97
J 91% ____ 95 Sept'25
44o._1933
89
95
Murray Body 1st 654e
941% 10012
1934 J O 9812 Sale 98
9812 31
Income (is
Apr'25
864 89
1948 .12 913, ____ 89
Mu Fuel Gas let gu g 58
awl 9812 Union Bag & Paper
9812 Sept'25
1947 MN 9838 99
let M 69_1942 MN
964 Sale 964
9712 15
944 9912
Mut tin gtd bonds ext 4% 1941 MN 99
97% 101
__ 101 June'25
Union Elec Lt & Pr let g 59.1932 NI S 101 12 Sale 10113 1017
99 4 102
s
5
3
Nassau Elec guar gold 48_ 1951 J J 6014 Sale 60
5712 64
6012 11
Ref & ext Is
993
9.15, Sale 994
16
9814 101
1933 MN
Nat Enam & Stampg let 56_1929 J D 087s 101
98
993
9912 May'25
4
lat g 546 deries A
J J 1005, 10012 10014
10012 13 100 104
1954
National Acme 74e
80
96
1931 J O 96 Sale 95
96
86
Union Elev By (Chic) 55_1945 AO 76
75
7713 76% Sept'25
Nat Starch 20
7714
-year deb 5a 1930 J J 98% 99
98% 1014 Union 011 let lien
99 Sept'25
e I 544._ _ _1931 J
10012_
100
4
86 101
100
National Tube let 58
10012 103
N 1015 1013 1011s Oct'25
1952
3
30-yr 65 Ser A
10312 10312
5 1024 10514
May 1942 FA 103 10312
Newark Consol Gas 5e
984 101
1948 J D 100118-- _ 1003 Sept'25
3
Union Tank Car eaulp 79_.1930 P A
101 10514
Aug'25
_ 101
New England Tel & Tel bs 1952 J O 9918 I0018 100
9912 102
10012
8
N Y Air Brake lot cony 6a 1928 MN 10313 104 10314 Sept'25 32 10112 1043 United Drug 20-yr 6s _Oct 15 1944 AO 1031 Sale 10212 103 2 37 10014 104%
,
4 United Fuel Gas Isle f 69_ _
102
58 103
10212 21
New On Pub Serv lot 58 A 1952 A0 90% Sale 90
.1936 • J
90
92
9
904
United Rye Inv 59 Pitts Issue 1926 MN 102- 4 9912 100
99 10012
0912 993
12
18t & ref 5s ser B
88% 0012
1955 JD 887 Sale 88%
s
8912 43
Stamped
9912 100
993 Sept'25
99 10012
8
N Y Dock 50
-year let g 4a. 1951 P A 81 Sale 804
77% 813 United Rys St L let
4
9
81
3
g 9s____1934 ii 6912 70
69
6712 744
69
ff Y Edison let & ref 648 A 1441 AO 115 Sale 11412
11514 23 112 11512 United SS Co 15-yr 64
9412 Sale 944
91
9412 19
1937 MN
95%
let lien & ref ob 11
. I.144 A0 101
99% 102
Sale 100
101
180
United Stores Realty 20-yr fle
15 10212 105
10314
'42 A0 10318 Sale 103
NYGa8EtLt&Powg6e.l948J D 1033 10312 103
10012 10412 U S Rubber let &
8
1035,
5
9018 Sale 90
ref Se ser A 1947 J J
9012 525
85
9012
Purchase money 3 98
86
90%
1949 F A 89 Sale 89%
8918 12
10-yr 754% sec notes
FA 1063 Sale 1063
4
29 10413 108
3 107
1930
NYL FAWestC&RR5Se 1942 M N
10012 101)12 US Smelt Ref & M cony
100 10012 Apr'25
P A 1003 Sale 10012
8
101
23 100% 102
Y Q El L & P 1st g bs_ _ _ _1930 F A 1001.8 _ -- 10014
9912 1003 U S Steel Corp I coupon 69.1926
4
1001 1
3
_ _ _61963,M N 10514 Sale 105,
8
1053
4 83 10414 106%
N Y Rye let R E ref 41942 J 2 9S2 537 49
45
5412
Oct'25
8
_
f 10-60-yr 5slregistered 41963 MN
10514 Sept'25
1037 10614
2
Certificates of deposit
42% 54
48% 51
Utah Lt & True lot & ref 69_1944 A0 8714 Sale 8712
493
5
8
494
8712 26
834 9113
80
-year ad1 Inc ba_ __ _Jan 1942i- -1
3% 6
43
8 512 37
Utah Power & Lt let 5s
E
3% 10
941p Sale 9414
91
9418 34
1944 P A
9812
Certificates of deposit
3% 53 Utica Flee I. & P 1st 5s_
43
4
8 514 4
4
10
8
_ _1950• J 1013 ____ 102 Sept'25
1003 102
4
Y Rys Corpine 6s. _ _ _Jan 1965 - - - - 27 Sale 263
25, 32% Utica Gas & Flee
4
8
277 162
8
J 2
102
4
984 103
If Y & Rich Gas let 69
9914 10212 Victor Fuel let 6 fref & ext be 1957 J J 1003 101% 102
1951 M N 10018 Sale 100
10018
4
58
57 June'25
58
63
1953
5
3 57
NY State Rye let cone 4548-1962 M N 607 Sale 60
58 6814 Va-Caro Chem let 79
15
62
73 102,4
102
02
1947 J o 101% Sale 101
Registered
M N
63
63
63 Apr'25
Certificates of deposit
101% 102 101,
10131
4
6
7113 102
let con 614e series B
79 4 97
3
1982 M N 83 Sale 8112
5
83
Certificates of deposit stirrad
8
1015 102
9712
2
97 3
68 1004
,
Y $team let 25-yr 6sSer A 1947 M N 1023 103 102%
9712 104
Stpd as to payt 40% of prin
4
a
103
Y Teter) let & gen 1449_1939 53 N
96
99
9718 Sale 97
1st is
9718 80
102
91
1947 ---- 1017 Sale 110118
9812 102
30
-year deben 6 f 68_ _ _Feb 1049
4
11014 Sale 1033
17 107% 1103
4
Ctf of deposit
110 4
,
10178 112
2
1012 Sale 10114
pa 1o17
20
,
-year refunding gold 69_1941 AO 107 Sale 1065
107
8
64 1061s 10812
Ctf of deposit start_
10114
10134 60
944 101%
Niagara Falls Power let 5a_ _1932 JJ 25 104 103
100 103
Oct'25
7448 with & without war_ _1937 Ili 87 Sale 8612
1%3
4 63
893
43 89
Ref & gen fls
34
1033 loalz
4
AO
Jan 1932
3
10612
10612
Certife of dep without warr ---87
90
97
!flag Lock & 0 Pow let be__1954 MN
424 90
10412 110
983
Certife of den with warrants
9818 -- 4 109% July'25
85
Oct'25
41
88%
-- le & ref 59 ser A temp_ _1955 AO 983 Sale9712 100
Va Iron Coal & Coke
9818 81
4
984
-oiis -6112 9158 915
1
Refunding 69 Series A____1958 FA
90 95
104% 1103 Va By Pow 1st & ref Iota 55 1949 M
2
109% July'25
8
bs
9712 43
1943 J J 971g Salo 965
Nor Amer Edison 86____ __1952 M
93 4 99
,
96% 11)212 Vertlentes Sugar let ref
16113 Sale 1008
4 58
1013
8s12 Sale 8812
885
8
7e_ .1942 J
8612 944
Secured s f g 6 431 Ser B__1948 NI El 104 Sale 104
Warner Sugar Refin 1st 79_ 1991 J
10412 32 100% 106
4
913 Sale 903
9
92
37
897 994
2
Nor Ohio Trac & Light 66 __1947 MS 94
91
97
3
Warner Sugar Corp lot 7s
9414
9414 944
11112 79
91
8018
1939 J
3
Nor States Pow 25-yr be A__1941 AO 9612 Sale_
77 3 874
,
93 994 Wash Wat Power e f
957
9612 61
1004 ____ 101 13 Sept'25
..1930 J J
Registered
99% 1017
9314 9314 Westches Ltg g 55 strripci
AO
8
934 Jan'25
101 19 Sale 1014
gtd 1960 J
2
1014
98 10214
let & ref 25-yr 69 See B___1941 AO 104 Sale 104
17 103 10714 West Ky Coal let 7s
105
101.14
N 101 10114 101
1944
3 10012 102%
Nortbwest'n Bell T let 79 A.1941 AA
107% 1077 West Penn Power Ser A 68_ _1946 M
10712 Jan'25
8
9812 983 984
M
North W T let fd g 448 gtd_1934 j J 9512 9713 9912 Sept'25
993
4 10
9354 100
94% 98
let 75 Series D
107
63 m S
4
2 6 M S 107 Sale 1064
31 10414 1075
Ohio Public Service 754e A 1948 AO ill 11112 111
2
111
lat 5a Series E
2 108 112%
9812 Sale ta
984 20
let dr ref 7s series B _ _. 1947 FA 109 Sale 109
934 9913
107% 1114
10918
7
Temporary 55 Series E 1983 M
98
983 984
s
9
813 32
9612 991,
Ohio River Edison lot 69___1948 J J 10112 Sale 101
984 104
let 53.4s Series F
1021, 25
103,
1953 A 0 103 104 103
2 17 10012
Old Ben Coal let 6a
96
105%
1944 FA 9618 Sale 9618
99
West Va C & C 1st 6s
8
97
86
J 8512 86
1950
8714 20
Ontario Power N F let 5a1943 FA 993 Sale 9918
8512 96
98 100% Western Eleatic deb 58......1944 J 0 1003 Sale 100 8
4
993
4 22
A
4
, 100%
Ontario Transmission 59__1945 MN 9912 ____
98 101%
97
993 Western Union coil tr cur 58_1938 J J 10214 Sale 1015, 10214 96
4
6
9918
9918
3
Mai Steel 8.9
994 10214
1054 16
1941 FA 1043 Sale 1043
95% 106
4
Fund & real estate g 440_1950 M N
4
9713 Sale 97
971
14
92% 9784
lst 25-yr s f g 74s Ser B_ _1947 P A 10014 Sale 100
89% 10112
101
15
15
-year 84s g
111
1936 F A 11018 111 110
8 10912 1124
Pacific Cl & El gen & ref be_ _1942 J
934 99
9614 Sale 964
964 51
Westinghouse E & NI 7s_
1931 M N 1061s Sale 106
1061
59 103% 1084
Pee Pow & Lt Ist&ref 20-yr 5830 P A
9918 9912 994
98 100
8
Wickwire Span Steel 1st 71_1935 J J
9112
76 Sale 76
7714
3
Pacific Tel & Tel let Ea
76
91
1937 J J 101 Sale 101
994 102
17
101
Certificates of deposit
78
85
76%
77
4
Ref NI be series A
764 88
1952 MN 973 Sale 97%
924 10012
4
50
Certificates of deposit stamped
77 Sale 77
98
8618
4
76
81
Pan-Amer PAT lot 19-7r 7111930 FA 1057 106 10514
9 1044 107
10518
Willye-Overland a f 6 As._ _1933 M S 10212 Sale 102
10212 35
Conv f 66
1934 M N 10512 Sale 105
9912 10234
8
106-18 153 103 1185 Wilson & Co let 25-yr of 63_1941 A 0 977 Sale_ 973
4
9818 36
Park-Lea St leasehold 614e..19113
91% 994
94 Sale 9218
91
99
9
Registered
93 Feb'25
93 93
Pat& Passalc0& El cons 56 1949 M 8 1003
96 10014
410018 Sept'25
_
10
-year cony s f 69
8; - 12 69
72
-6
1928
70
29
55
764
Peon Gas & C let cone it 681_1943 A 0 10934 11 2 1093 Sept'25
107 110%
0,
4
Certificates of depoeit
685, Sale 683
3
70
55
Refunding gold 68
53
973 977 984 Oct'25
1947 M S
76
94 100
8
10-yr cony s f 754s
D1931 / 1. 7114 Sale 68%
114
7
Philadelphia Co roil tr 68 A..1944 F A 1033 Sale 10353 104
5318 77
4
8
32 1015 105
Certificates of deposit...... -- 674 Sale 671s
6911 22
-year cony deb 5 4e__ _ _1938 M S 9812 Sale 98
I5
59% 794
933 100
4
Winchester Arms 714s
9812 18
1941 A 0 1013 Sale 1013
4
4 102
17 1004 10214
PhIla & Reading C & I ref 59.1973 J J
9912 Inn
99 1024 Young'n sheet AT 20-yr 119 1943 2
was
10018 35
10018 sale 10011
101
106 1 9514 10116
a Due Jan. 4 Due April, It Due Dec. a Option sale
a
--
1779
BOSTON STOCK EXCHANGE-Stock Record s..tritag.
-PER SHARE. NOT PER CENT.
MOH AND LOW SALE PRICES
Saturday,
Oct. 3.
Monday. , Tuesday.
Oct. 5. I Oct. 6.
Wednesday.. Thursaay.
Oct. 8.
Oct. 7
Friday,
Oct. 9.
Sales
for
the
Week.
STOCKS
BOSTON STOOK
F.KCHANGE
Range for Year 1925.
PER SHARE
Range for Preetoo4
Year 1924.
Lowest
Lowest
Highest
Highest
Railroads
100 158 Feb 18 1644 Jan 7 145 2 Mar DM Do'
7
176 Boston & Albany
181 161
160 161
160 160 160 161
181 161
*16012 162
7134 Aug 86 Do
100 7514 Mar 17 88 Jan 2
791k 7912 79
470 Bolton Elevated
7912 7914 7912 07912 80
7912 80
7912 80
4
8714 Dec 961 Ma
100 92 Jan 113 9812June 11
Do Prof
974 *96 ____
*97
107 Deo 11614 Jai.
100 109 Mar 31 116 Sept
31 Do let prof
113 113 113 113
*114 115
114 114 *113 114
92 Sept 10114 Dee
100 94 Mar 20 102 Jan
Do 80 prof
.9912 -9712
366
974 98
97 9712, 97
97 98
9712 98
84 Jan 25 Nov
14
100 10 Apr 17 38% Oct
3212 3314 3,591 Boston & Maine
8 33 334 3212 33
33 367
34
343
8 3312 34
12 Jan 264 Nov
100 114 Apr 24 3512Sept 2
Do prof
31
31
34 *31
31
31
31
*31
13 June 8714 NOv
1st pref-100 17 Apr 27 41 Sept 2
Do Series A
39
39
38
38 404 38
39
3914 3934 39
1713 Jan 48 Nov
Do Series B 1st pref.-100 29 Apr 27 60 Aug 2
55 55
55 56
56 57
57 57
56 56
16 Feb 41 Nov
---645 Do Series C 1st pref 100 25 Apr 25 54 Aug 2
4 50 50
50 503
50 5012 50 50
52 52
28 Jan 62 Nov.
---73
248 Do Series D 1st pref 100 3513 Apr 25 7812Sept 2
72 7312 73
73
72
74
74
73 73
43 Jan 172 Nov
100 167 Feb 26 180 May 2
Boston & Providence
*180
•180
*17912
*179
*179
18 May 8812 Dee
3612 3788 37 17
698 East Mass Street RI CO-100 28 Sept 4 39 Feb 11
.37
*35
3612 3612 36
38
584 Jan 71 Net
100 60 July 31 71 Aar 3
ii" "if" 580 Do let prof
62 62
62 65
604 62
*8034 62
62 62 .
48 May 614 Nov
100 51 Aug 26 6212 Jan 12
57
57
250 Do pret B
52 55
52 '52 *5112 55 *52 5412
28 May 484 Dee
100 35 Sept 3 48 Mar 10
3914 2,230 Do adjustment
36
37% 374 3912 39
37% 3738 3812 37% 3612 37
25 June 874 API
100 23 May 27 44 Aug 18
*39
41
10 Maine Central
*40 42 *40 41
41
41
040 .41
14 Jan 83 Dec
14
100 28 Mar 30 391 Aug 19
Y N H & Hartford
35
1,375 N
353
4
353 364 35 35%
8
0357 364 33 37
8
82 Jan 81 Nov
5 Northern New Hampeldre_100 70 Feb 16 80 Apr 29
280 83
2
.90 83
83 83 *82 83 *82 83
1300
80 Jan 108 1
-100 100 Jan 13 1244Sept 15
117
Norwich & Worcester pre!
____ 117
117
O117 120 O117 119
724 Jan 98 Nov
100 96 Jan 2 111 July 7
10934 110
173 Old Colony
110 110
010912 111
10912 10912 •10912 111
454May 1 634 Jan 2 84 Mar 64 Nov
100
lard
9314 9314 9314 933± ------ Rutland & Massachu8ette_100 87 Feb 24 98 June 26 70 Jan 934 No'
20 Vermont
*29212
Miscellaneous
1 Nov
414 Der
414 Jan 7
212 Mar 25
4
360 Amer Pneumatic Service_ _25
8
*312 4
312 3 4
*312 32
4 +312 32
334 4
*33
3 37
12 Jan 2014 Dee
50 1612 Mar 25 2234 Sept 14
2012 20
2012 20
800 Do prof
2012
20
2018 2018 2012 2012 20
201
T
Teleg_ _100 1303± Jan 2 14334June 18 121 June 1344 06
1403 142
4
139 13914 13912 141
1,729 Amer Telephone at
14112 1421 13934 14014 1394 140
574 Oct 83 Jan
No par 6112May 6 87 Aug 8
781
78
78
8052 5,530 Amoskeag Mfg
8 78 8014 7812 7912 .
73 771
763 787
4
69 Oct 79 Axle
No par 7014May 11 8834 Aug 20
774 771
136 Do prof
76
76
76 80
80 80 .
78
76
---13 Aug 16 Feb
•17
Art Metal Construe, Inc__ 10 14 Jan 16 18 Aug 20
_
O17
---- ---912 Aug 21 1714 Sept 19
6 June 1014 Jan
No
128 123 *12h 123 ---- ---- ----LO Atlas Tack Corp
8
8
•1314 133 *1314 1312 *1214 13
103 Jan 17 1084 Aug 31 100 Dec 108 July
.. 100
30 Boston Cons Gas Co pref..12ar
106 106
106 106 *105 106
107% 107% 106 106
---.05 Dec .20 Jan
Boston Mel Pet Trus_No par
204 Dec 284 Ma:
.07
10 20 Jan 28 344 Oct 8
341
13,112 Connor (John T)
31
2914 2912 33
2912 29
29
2812 281
2412 May 35 Sep!
2814 Jan 30 7112Sept 12
714 714 70 70
548 Dominion Stores, Ltd. NoPa
70 71
70
7012 7012 70
84 Jan 8812 Dee
100 99 June 12 99 June 12
*9212 ___ *9212
---- __ Do pret A
*9212
*9212 -- *924
632Sept 23
2 Sept8 Feb
112 Apr 30
1
Land
33
4
1,380 East Boston
4
312 4
34
2
3 4 _-1 *34
3 4 33
3
4
812 Feb
4 Oct
4
63 Jan 24
3 July 29
512
51
125 Eastern Manufacturing
5
512 '512 5 4
*5
8
12 *5
*43
4 6
5
5
88 Jan 5514 Mar
2
42 Mar 9 747 Oct 2
2
6814 7214 72
711
6,230 Eastern SS Lines. Inc
7312
72
70
7412 70
72 •
844 Jan 40 Feb
35 Jan 15 44 Oct 1
No Pa
431 *43 4312 24212 4212
130 Do pref.._
43 . 4312 *43 4312 *43
0412 Jan 98 Mat
100 89 Jan 3 100 Ally 20
97 97
*96
73 1st preferred
99
964 9612 97 97
*96 98
1
100 200 Jan 5 213 May 21 1834 Jan 204,Dec
878 Edison Electric Blum
207' 208 208 208 207 208 20812 209 20812 210 tioe" 210
5 Dec
Oct 9
212 Jan
534
312July 1
10
414 41
4% 5% 1,910 Elder Mfg Co(v to)
414 414
*4
5
18 Jan 41 Dee
165 Galveston-Houston Elea _100 17 Oct 8 38 Jan 7
_-_18
18
19
17
17 *16
17 *16
1812 19
4
100 11534 Feb 27 1153 Feb 27 1134 Mar 11613 Sent
____
------ Georgia RI& Eleo
79 Aug 80 JIM
Do 5% non-cum pre/ 100 7812 Apr 15 8414Sept 8
*803
4
_
;goi4
4
No par 323 Aug 29 43 July 1
393
3813 387
z
-"2",iii Gilchrist Co.
8
* 3812 3878 385 387 "H"
8
393 Wi "ao
*
5513 Oct iiii 00*
4
10612 107 4 3,833 Gillette Safety Rasor_No par 574 Jan 2 1093 Sent 24
,
1058 1064
4
1054 106
105 107
10612 10712 107 108
1218 Nov 1572 Jan
25 11 May 12 1512June 1
•
50 Greenfield Tap & Die
13
*123 133 •1234 1314 *1234 1314 *1234 1312 13
4
4
48 Mar 60 Dee
No par 52 May 8 72 Oct 2
89
69 16" 2,946 Hood Rubber
69
7012 72
8812 7114 6912 7012 6712 69
41 Apr 69 Nov
Jan 5 80 Oct 1
------ Internet Cement Corp-No par 5213
7912 *7614 77 *7612 7714
80 *79
07812 7912 *79
3 Dee
2 Jan 8 .10 Feb
------ International Products-No per .12 Aug 20
.30 .50 •.30 .50 +.30 .50
.
3.25 .50 •.30 .50 •
1 July 13 1012 Jan 9 .25 Feb 14 Dee
100
212 •1
212 *1
212
De prof
212 O1
*1
21
•1
Kidd, r. Peabody Acceptance
80 Jan 884 Dee
100 8212 Jan 8 95 June 18
6 Corp Class A prof
*95 --- *95 - -*95 --- *95 --__
84 Dec
4 June
938 Jan 7
814 Apr 16
08
61
349 Libby, McNeill & Libby- 10
812
8
8
8
8
812 - , 8
81
70 Jan 71 Nov
- 20 70 Mar 18 704 Mar 2
Lincoln Fire Insurance_
70
.
70 _
O70 _ _ 070
•70 --- •
9 Mar 13 Dee
25 111 Aug 11 137s Jan 5
74 boew's Theatres
212 1214 1212 1213 1212 •1212 13
1214 1214 1214 -1
68 Nov 81 Feb
606 Massachusetts Gas Coa-100 68 Feb 3 78 Sept 22
78 78
7712 78
7712 78
7734 78
7712 78
78 78
62 June 70 Jan
100 634 Jan 9 70 Oct 5
252 Do prof
68 68
68 68
6812 6812 68 68
69 69
70
70
105 Mergenthaler Linotype-100 167 Jan 7 195 Aug 15 150 Apr 172 De3
•193
189 189
189 18912 189 189 189 190 •190
3
612 Jan 173 Feb
7I4Sept2l 168g Jan 15
Mexican Investment, Ina__ 10
•1312 9
2612 9
.612 9
264 9
*612 9
4
19 Feb 861 Dec
8,249 Mississippi River Power-100 88 Jan 2 110 Oct 6
105 109
10412 106
9912 104
103 109 10613 110 105 107
100 874 Jan 10 95 Oct 8 80 Jan 90 Bent
prof
. 140 Do stamped
944 95
9312 94
9312 94
*9212 931
4 Apr 22
6 4 Jan 18
5
2 Apr
6 Nov
/
1
2
10
182 National Leather
45
8 453
45
43
4 43 . 8 5
4
4 5
*43
4 5
*43
64 Apt
2 June 22 .50 Dec
510 New Eng. 011 Ref. Co. tr °as .20 Feb 9
.45 .45
.40 .45
.40 .40
.40 .5
584 Apr 7 12 Sept 8
6 Dee 3114 Mar
100
150 Do pret (tr catO
10
10
' 10
*8
10
8
99 Apr 21 117 Oct 9 98 Dec 1154 Jan
881 New England Telephone-10
4
8
118 11614 11618 116% 11614 1164 11612 1165 11612 1163 11612 117
2112 Dec 2232 Dee
Olympia Theatres, Ino-No par 19 Mar 18 2634May 18
2534 Jan 16 3234July 30
14 Jan 2812 Dec
Inc
---100 Orpheum Circuit,
;55" "if" ;iii" "if" "56ii 3014 ;511 if" ;56" "if"
8918 Oct 87 Feb
100 5212June 12 814 Jan 13
183 Pacific Mills
4
4
4 593 60
59 59
3
583 59 4 5012 5012 583 408
4
184 Aug 12 18 Apr 3
1134 Jan 17 July
1
70 Reece Button Hole
16
16
*15 • 16 •15
8
8
1512 153 153 •1513 16
3 Jan
Vs May
254 Jan 8
las Sept 17
1
200 Reece Folding Machine
4
14 13
•-___
14
112
•
10 Oct 40 Feb
Simms Magneto
*__-- .15
10 10914 Apr 22 120 Feb 8 100 June 118 Dec
243 Swift & Co
11312
0114 1143 11412 11412 11358 11438 113 11334 113
4
4512 Apr 13 70 Oct 3
3512 June 52 Dee
2
215 Torrington
6812 68 68
---- 8812 68
69 70
69 70
69 69
3128ep 19
5 Dec 10 Feb
7 Jan 23
12
312
Union Twist Drill
*312 5
*312 5 .
*34 5
*312 5
84 Jan 4384 Dec
4034 Jul'29 4778 Sept 8
2
Mach Corp
4412 "ii" 14 4 2,680 United Shoe
7
4412 44
8 4418 444 44
444 443
4 4412 447
2612JanY 13 2812 Aug 8
245s Feb 2814 Nov
2
381 Do pref
2812
28 028
284 28
28
2818 28 28
ex28
2812 *28
1912 Jan 8 25 Feb 24
1914 Oct27 Jan
8 2212 234 8,102 Ventura Como!Oil Fields-4 2212 227
223 234 2212 223
4
23
2318 22 23
13% Apr 20 Nov
1412 Aug 4 19% Jan 3
530 WaldortSys,Ine,new eh No Da
8
163
4 157 16 •154 1618 1552 16
16
153 15 8 154 18
8
8
5 Jan 15 1818June 8
84 Jan 1012 Feb
130 Walth Watch CI B com_No par
_
18
18
18
17
17 *17
18
•I6
18 •18
14 June 2312 Feb
100 174 Jan 3 41 Oct '9
813 Do prof trust ads
39
41
374 39
38
36
38 •
38 *36
238
*38 38
6212 Dec 73 Feb
100 65 Jan 6 90 June 20
10 Do prior prof
88 88
85 88 *86 88
O85 88 *85 88 .
154 June 22 Feb
1,900 Walworth Manufacturing- 20 1634June 2 27'g July 29
6
4
4 213 213
211s 213
O22 2214 22 2214 214 22
ao 87 Jan 2 5012July 7 295s Jan 3934 Nov
4812 "ii" "a" 1,190 Warren Bros
s 48
47 47
12 4712 483
48 4814 47 48
3444 Apr41 Jan
50 3782 Jan 10 4312July 1
42
150 Do let met
41% 4134 41% 41% 42 *41
'*41
4173 41%
ao Ws Jan 17 48 Mar 2 88 Mar 42 Jan
20 Do 2d pref
4312 4412 4412 4422
*42 4412 2424 44 *43 4412 •
Mining
Advesture Consolidated-- 25 .15 Feb 18 .25 Jan 26 .15 Dec .51 Dee
.25 .50 O.20 .25 •.20 .25 •.18 .25
•.25 .50 *25 .50 •
25 .10 Mar 3 .25 Jan 2 .10 Jan .25 Des
Algomab Mining
•.10 .20 •.10 .20 •.10 .20 •.10 .20 •.10 .18 •.10 .18
312 Dec
3 Jan 10
5 Julie
25 .90 Sept 21
110 Arcadian Consolidated
•
.90 1
.90 .90 '.90 1
.90 .90 •.90 1
.90 1
to,Mar 28 15 8 Feb 6
8 Jan 16 Dee
3
.12
12
1214 2
1214 1,160 Arizona Commercial
123
8 1134 12
12
1212
12
1214 12
14 June 8111: Dec
10 2814July 1 59 Sept 23
3,535 Bingham Mines
53 5312 54
54%
4 5312 54
5413 563
4 54 543
57 573
18a May 19% Jan
8.1une 8 184 Jan 2
25 123
2,459 Calumet & Heels
141
s 14
1412 144 143
1412 14
14
144 14% 144 141
3 Feb
1 .20 May 5 .90 Aug 4 .37 Nov
.30 .30
100 Carson Hill Gold
.25 .40 +.25 .40 •.25 .40 •.25 .40
0.25 .40 •
12
18 June 833 Dec
1912 19% 20
4June 18 88 Jan 10
25 183
2014 2014 205
8 1,460 Copper Range Co
20 2012
1978 2014 2014 21
1 .02 July 6 .78 Feb 6 .80 Dec .70 Mar
Davis-Daly Copper
.05
.05
.05
.05
.0
673 Dee
814 July
3 June 5
64 Jan 2
44 414
414 44 1,143 East Butte Copper Mining_ 10
414 4%
418 438
41
4
4
41
1 Jan
las Jan 24 .40 May
25 .40 Jan 7
.85 1
270 Franklin
2.80 1
.85 1
•
•
.85 1
..85 1
.85 1..4 2
1% Feb 6 .80 Oct2 Jan
25 .50 June 18
•.75 11
150 Hancock Consolidated
2
..75 114 •.75 11
.
.7
1912 Dec 281* Jan
1512July 6 28 Jan 24
19 19
183
1834
150 Hardy Coal Co
19
1912 191 "1912 "1i912 191 l9'z 19
234 Dee
113 Jan 6
34 Feb 5 .80 May
•134 2
Helvetia
25
•134 2
O134 2
4 2
•112 2
*13
9414 Apr 142 Nor
1 121 Mar 28 150 Sept30
195 Island Creek Coal
145 147 •143 145
147 147
148 1481 147% 148
90 June 100 Sept
97
61 Do prof
1 9414May 27 99 Aug 28
98 98 *95 98 *95
98 99
98 98
12 June 2212 Dee
270 Isle Royal Copper
9 3 Apr 22 2012 Jan 7
7
25
1212 1134 1134 1112 111
12
1214 •12
12
12
Vs Feb
111 Mar
*1
11
6 .90 Aug 19 11214 Feb 4
320 Kerr Lake
1
1
.41
114
1
1
114 114
114 Nov
ligune 19 .50 Jan
.95 .9
26 .50 June 29
70 Keweenaw Copper
114 •.95 114
.95 .95 •.95 114 •1
314 Dec
8 Jan 2 .90 Apr
315 Lake Copper Co
11
1 Apr 11
25
134 134
PA 14 •1
14
1
114 114
11, 11
8 Dee
112 11
4
112May 14
23 Jan 10 .70 June
50 La Salle Copper
25
•112 2
•113 2
•112 2
114 Oct
2 4 Dec
,
1% Apr 23
214 Jan 13
----- Mason Valley Mine
*2
22
3
21
5
24 *2
.2
23
s *2
214 2
02
1% Aug
.71
114 Jan 2 .50 Jan
25 .40 May 14
265 Mass Consolidated
.
.70 .7
.70 .70 •.70 1
.70 .70
•.70 1
6 July
Oct
80 Apr
.95 .99 1,200 Mayflower-Old Colony__ 25
8 Jan 2
.90 .95
.95 .9
1
1
.90 .95
.
2.90 1
231: June 41 Dec
395 Mohawk
3214 323
8112 32
2512June 9 41 Jan 13
9
25 . 0
2
32 3214 3112 3134 3012 311
32
031
455 New Cornelia Copper
5 18 Mar30 25 Jan 2 184 Jan 2532 Dee
185 184
8
8
185 19
1912 18% 19
*1812 1912 19
284 Apt
.10 July 2 .85 Feb 18
250 New Dominion Copper
40 Dec
•.15 .25 0.15 .25 •.15 .25 •.15 .25 0.15 .25
.30
New River Company
100 25 Apr 2 31 Aug 28 85 June 40 Mar
30
30
30
30
---100 Do prof
•
4
574 Dec 75 Mao
100 40 June 30 85 Aug 81
623 63
*38014 63
'
*z60 65 s60 65 2360 65
140 NIpleelng Mines
a 43 July 8 84 Jan 10 53 Jan 634 Dee
45
8 48
4
4
412 43
4
8
.23458 4% *244 47 2z412 4%
1,582 North Butte
314 Jan 14
17 Oct
15 .89 June 5
a% July
114
114
1% 1%
pa 118
s
114 13
14 118
84 Ojibvray Mining
25 .35 Apr 22
.50
14 Jan 10 .40 •111611
.50
1 Nov
.51 .51 •.62 70
.51 .75
.51 .51
1913
595 Old Dominion Co
--15 Jan 284 Dee
25 1712June 9 27 Jan 10
1912 1912
1914 1912 19 h 1912 •1912 20
•1(02 20
31 Jan
Park City Mining & Smelt._ 5
4 May 19
64 Aug 24
54 Feb
"ii" 161- 157 16 -2,439 Pd Crk Pocahontas Co-No par 104June 18 1872Sept 21 103 July 1513 July
2
4
181± "IV
116 161- -la- 11 2 16
2
220 Quincy
24
14 June 3434 Dee
25 19 Apr 22 8913 Jan 10
2312 2312 24
24
23
24
2412 *2312 24 .
O23 24
25 2812 Apr 21 48 Jan 12
195 St Mary's Mineral Land
213 June 49 Dec
3412 3412 3412
34
34
34
36
35
3512 +35
35
*34
112 Sept
10 .50 May 1
113 Jan 9 .80 Apr
25 Shannon
.52 .52
.70
•.55 .75 •.50 .75 155 .75 •.55 .75 •.55 .75
South Lake
25
- .25 July .75 Dee
•.25 .75 •.25 .75 •.25 .75 •.25 .75 •.25 las
218 Dec
114 114 - 1:875 Superior & Boston Copper- 10 .70 May 13
2 Jan 5 .25 Aug
1
114
114 •1
•1
114 *1
1
1
37 Dec
5
34 Jan 2 81,4 Jan 23
172 June
68* 61
.2 1,805 Utah-Apex Mining
Os 6%
652 6%
6 4 Vs
8
6% 6%
64 7
1 .40 July 7 .98 Jan 29 .14 June .70 July
---- 1,500 Utah Metal& Tunnel
.74 .78 0.78 .80
.78 .78
.81 .81 •.78 .83
1 Aug
25 .25 Aug 3
114 Jan 31 .15 Apr
Victoria
2.35 .50 •.35 .50
.35
.40 .60 •.30 .80 •.30 .60' .50 '
0
25 .15 Aug 17 .48 Jan 7 .13 Feb .71 July
.16 .18
510 Winona
.16 .18
.20 .20 •18 .25
.15 .18 0.16 .25
25 .05 Apr 14 .21 Feb 11 .10 July .25 July
Wyandot
.75
•
-64
aii,
1,111
•Bid and aaked prices, no salmi on this day
-rights. S Ex-diV and rights. a Ex-div. 0 Ex-stock div. a Assessment paid. g Price on new beets.
a Etc
1780
THE CHRONICLE
Quotations of Sundry Securities
All bond prices are "and interest" accept where marked "f."
[Vol. 121.
Outside Stock Exchanges
Standard oil Stack. Par Bid. tist•
Boston Bond Record.
-Transactions in bonds at Boston
Railroad Equipments Per Cl. Basis
Anglo AmerMan 011 new.C1 *2218 2211 Atlantic Coast Line (ki
5.20 5.00 Stock Exchange Oct. 3 to Oct 9, both inclusive:
Stlantic Refining
100 10112 102
Equipment 654e
5.05 4.85
Preferred
100 116 118 Baltimore & Orno 138
5.30 5.10
.
Priv-las
Borne Elerymser Co
100 215 225
Equipment 4549 & ris___ 5.05 4.50
Last iVeek's Range Sales
Range Sines Jan. 1.
Buckeye Pipe Line Co- 50 *5512 5612 Buff Roch &
Putts equip 6.. 5.25 5.00
Sale
of Prices.
for
Cheeebrough Mfg new__ 25 *63'2
BondsCanadianPacific 4 441 & 6.. 5.00 4.75
Price ',ow. High. Week.
Low.
High.
Preferred
100
CentralRR of
5.20 5.00
Continental Oil new____ 25 *2318 2333 Chesapeake & N .1 68
5.35 5.10 Anaconda Cop M 78_1938
Ohio 6s
0
104% 104% 51.00 10454 Oet 10454 Oct
Rights
*82c 850.
Equipment 684.
5.10 4.85 Atl0& WI SS L 55._1959 ____
7434 754 8,0041 63
Jan 7854 Sept
Crescent Pipe Line Co__ 50 *17
1712
Equipment
5.05 4.80 East Mass St RR
Cumberland Pipe Line...100 143 14512 Chicago Burl 5s
59 Ser B
194?
& Quincy 68.. 5.25 5.00
70
71
6.001
67
Sept 78
Mar
Eureka Plpe Line Co____100 *69
65 Ser 0
7012 Chicago & Eastern III 541- 5.50 5.15
, 80
194
7.0(84 80
80
80
Oct 8854 Feb
Galena signal Oil com.....100 37
38 Chicago & North West 6e.
5.40 5.15 Hood Rubber 7s . 1931. 10454 104 4 105
.
9.001 101% Jan 106
July
Preferred old
100 102 110
Equipment6548
5.10 4.85 K C Mem & B Inc 55 1934
9734 97% 28.000 9554 Mar 9934 SepS
Preferred new
100 101 10112 Chic R I & Pac 45415 & Se... 5.10 4.75 Karstadt (Ruth)7s
10.0011 97
97
97
Oct 97
Oct
Humble 011 & Ref new
25*
Equipmentfla
5.50 5.25 Mass Gas 44s
66
1931 ____
1.00(1 9414 Jan 9754 Jung
96
98
Minot,' Pipe Line
137:13812 Colorado & Southern 6...... 5.50 5.20 Miss River Power 55 1951
98% 984 9954 11.000 9654 Jan WO June
Imperial 011
25 *13412 135 Delaware& Hudson 6s
New England Tel 55_191
5.25 5.00
100% 100% 10084 8. 0
0 0 9931 Jan 10154 Aug
New when issued
1 311 32 Erie 414e &15i
.
5.25 5.00 P C Pocah Co deb 78 19 I..
112 112
Atm 120
5.00(4 101
sees
Indiana Pipe Line Co_ 50 8.51 68
.
EquIPment 6s
5.80 5.25 Punta Alegre Sugar 7a 1113
1.00(1 103 June 1034 Oct
10354 103%
International Petroleum..(0 *2614 2153 Great Northern
11
5.35 5.10 Swift & Co 58
Si
151
8,00(1 9754 Jan 10034 June
100
100 100%
Magnolia Petroleum_ .._ _100 16312 1633
Equipment 55
5.05 4.85 Warren Bros 7541 .... 193
4
4.004 123
Jan 160
Oct
15354 160
National Transit Co_12.50 •194 20 Hocking Valley
4
5.10 4.85 West Re El Pr 550_1955 ....
58
9224 9214 5.000 9214 Oct 9254 Oct
New York Trangit Co_ _100 52
54
Equipment (is
5.40 5.10 Western Tel .5 Tel 5. 1919
9914 99114 2.000 9914 .1an 10054 June
Northern Pipe Line Co_100 7912 8012 Illinole Central
4.95 4.70
484. & be
Ohio Oil new
25 *6314 63 4
Equipment 6s
3
5.20 5.00
Chicago Stock Exchange.
Penn Me: Fuel Co
-For this week's record of
24
25 *22
Equipment 7s & 6%a._._ 5.05 4.80
Prairie Oil & Gas new... 25 *493 501s Kanawha & Michigan
4
Os.... 5.50 5.20 transactions on the Chicago Stock Exchange see page 1760.
Prairie Pipe Line new
100 12312 12412
Equipment 4%.
5.20 5.00
Solar RefInIng
100 220 224
Kanaaa City Southern 530_ 5.35, 5.00
Baltimore Stock Exchange.
Southern Pipe Line Co.
-Record of transactions at
.1007
76 Louisville & Nashville 65- _ 5.201 5.00
4
South Penn Oil
100 155 156
Equipment 6548
5.001 4.80 Baltimore Stock Exchange Oct. 3 to Oct. 9, both inBonthwest Pa Pipe Lines 100 *59
61
Michigan Central ris & 60... 5.25 4.75 clusive, compiled
from official sales lists:
Standard 011 (California) 25 *535 53 4 Minn St P&SSM 45.45
8
3
& 5s 5.30 5.00
Standard 011 (Indiana)._ 25 *82
6214
Equipment 654s & 7,.._. 5.35 5.05
',taus
sates
Standard 011 (Kansas). 25 *31
3112 Missouri Kansas & Texas 61 5.65 5.35
.
Last Week's Range for
RWIL78 Since Jan. 1.
Standard Oil (Kentucky) 25 *134, 136 Missouri Pacific 6a & 654s
2
5.60 5.25
Sale
of Prices.
Week.
Standard 011(Nebraska) 100 243 24912 Mobile & (Min 4548
117
Stocks& 58._ 5.05 4.80
Par. Price. lrtsw. High. Shares.
Low.
High.
Btanard 011 of New Jet. 3
d
New York Central 4)4s as
4.85 4.70
2 1
Preferred
100 * 16t 4°
Equipment (is
5.20 5.00 Amer Wholesale pref. _ _10.1
15 984 Sept 100
984 9834
Sept
Standard 011 of New York 25 *4314 4344
Equipment 78
5.05 4.80 Arundel Corp nee stock..• 35
34
3531 6.470 204 Mar 3934 July
Standard 011 (0121o)__100 258 262 Norfolk & Weetern
4.80 4.60 Bait Eladrie pref
514
Feb 4554 Bent
454 4534
10 42
Preferred
100 117 118
Northern Pacific 714
5.10 4.90 Baltimore Trust Co
Si, 143% 143 144
200 1114 Feb 150 Sent
Swan & Finch
100 15
1612 Pacific Fruit Express 71_
5.10 4.90 Baltimore Tube
10'
18
18
Union Tank Car Co
Selet 32 • Jan
50 18
100 122 125 Pennsylvania RR eq 50 & 83 5.20 4.75
Preferred.
100
46
Jan
46
Sept 70
5 46
Preferred
100 113 115 Pitt, & Lake Erie 650
5.10 4.85 Bencith (I)corn
• 3954
3954 41.1
Vacuum 011 new
15 3834 Jan 40
May
25 *9714 9712 Equipment S.
5.50 5.25
Preferred
25
Washington 011
27
27
July 274 Aug
6 25
10 *30
35
Reading Co 454e & 59
4.85 4.60 Century Trost
fit, 151
151 15154
Other 011
15 los
Jan 15154 Sept
Si Lel& & San Francisco 511. 5.15 4.91) Chas& Po
Atlantic Lobo. 011
41 110% Jan 114% June
7) *2
218 Seaboard Air Line 5548 & 6e- 5.50 5.25 CommerceTel of Balt pf 10., 113% 1124 113%
Tr'it
lih, 594 5954 59%
Preferred.
Feb
60 574 Mar 60
50 *33
8 3 1 Southern Pacific Co 445-- 4.85 4.70 Commenial
1,
Ci edit
• 3934
Gulf Oil new
39
40
5.395 224 Mar 40
Sent
25 *77
77 2
,
Equipment 79
5.05 4.80
Preferred,
25
Mountain Producers__ 10 *207s
254 26
324 24
Apr 2634 Sent
21 Southern Ry 4848 &Si.... 5.05 4.80
Preferred B
26 27
264 27
Mexican Eagle Oil
885 2354 Sept 27
Sept
5
Equipment lis
5.35 5.10
National Fuel Gas
44
404 32
45
Jan 4734 Aug
100 116 121 Toledo & Ohio Central Si... 5.50 5.10 Consol Gm E L & Pow ... _•
854% preferred
100 110
10 .618 618 UnionPacifi
110 1104
Salt Creek (Ione Oil
40 105
Apr 11054 Sept
c 79
5.00 4.80
7% preferred
100 113
112% 113
Salt Creek Producers_ II) 2618 2614
30 109
Mar 114
Sept
8% prenrred.
100 12534 12534 126
140 122
Public tallithim
Mar 12754 May
Tobacco Stocks
Consolidation Coal _ _ __100 5054 8034 53
Amer Gas & Elec new ---(8) *80
51 36
May 72
.
Jan
82 American Cigar common 100 95
98
Eastern Rolling Mill
.115 103
a
8% prof new
Apr 110
13434 136
()) *91
Aug
93
Preferred
100 93 96
8% preferred
Deb 641 2014
100 138
263 111
133 138
Apr 140
M&N 97
Aug
Amer Machine & Fdry._100 185 200
18
_
Emp 45th St Corp all'd ctfa. 101
Amer Light & Tram oom_100 235 236
101 101
Sept 101
50 101
Sept
British-Amer Tobaa ord_ 21 *25
26
Fidelity & Deno dt. _50 112
164 89
Preferred
10654 112
Jan 112
Sept
100 101 103
Bearer.
El *25
26
Finance Co of America..2.
Arne Power & Lt common . 58
61. 50
,
55
56
Apr 5634 Sept
59 Imperial Tob of 08 & Irel'd 24
25
Finance Ser Ace clans A._ I,
Preferred
61. 1834 Jan 22
20
204
.
July
mi s 9 . 961 Int Cigar Machinery. _100 89
lk
9 2 931
9
5
:
95
Preferred
Deb es 2018
10
133
10
Jan 11
9
1034
July
Johnson Tin Foil & Met_100 60
80
Oa Sou & Fla 2d pref __Ili
Amer Public Utll isom._ AM
5 67
145 145
Jan 147
Sept
82 86
MaeAndrews & Forbes_ _100 163 185
Houston °Beret tr us.101)
Jan
70 78
Apr 97
85
85
7% Prior Preferred--100 87
Preferred
8
9
100 103
100
Humphrey Mfg pref
lb 25
.5.,
25
Jan 25
25
6% Partle prat
Jan
100 78
Mengel Co
81
100 60
62
14 14
Lorraine Pet Cc..1 c share
100
Demisted Gas & El pt._() .50
14 Sept
44 Feb
)
52 Porto Rican-Amer'Fob_ _100 50 60
Manufacturers Finanee..2, 60
125 5054 July 60
Secured g 65ss 1954 Jrttll 102 104
584 60
Aug
universal Leaf'Fob com_100 49
51
Blackatone ValakE corn 50 *89
1st preferred
138 22 June 25
23%
23
25 23
Jan
92
Prefer-ed
100 97 100
2d preferred
20.5 22 June 2554 Aug
Carolina Pow & Lt °ow_ _. 407 415
24%
24
25 2434
Voting 3 8) CO
100 123 127
Mire Service common_ _ 20 38 3812
Mfrs Fin Trust pref ....23 22% 22
June 244'June
76 21
23
Preened
100 105 110
431 8254 Apr 102Sept
Preferred
Maryland Cimalty Co._25 102
101 102
100 84 8412
175 18334
March .5 Min Tr Co. Ile
210 115
Preferred B
Jan 18254 Sept
8 8
Rubber Stocks (Cleveland)
10 *73
Mtge & Accept Corn
383 1354 Jan 20
Preferred B
• 20
1754 20
Sept
-B
.100 7912 80 _ Am Tire & Rub corn
10
Preferred __ ..
690 4334 Jan 45
Cities Servioe Banker,Shares •19
.....51
4334 45
Jan
45
Preferred
40
Mt V-Woodb Mills v..195 ......
150
COm'w•ith Pow Corp pew(t) *32 ii Firestone Tire & Rub corn 10
954 Apr 15
1254 1234
Jan
.
*13612 137
481. 55
Preferred
Preferred v t r
Mar 68
68
65
10
68
Sept
6% preferred
*82
83
100 10014
Dee Bond & Share pref.100 1031. 105
New Amsterdam Cas Co.!.
16.5 4234 Jan 56
54
54
54
July
7% preferred
100 100 101
Mee BOIld & Rh Recur __
5 7654 Jan 814 June
Northern Central.
80
80
5,
.66
67 ' General Tire & Rub corn_ 50 *345 370
Mee Ry Securities
Stand G VI Equip uom _10 .._. 110 110
50 9734 Mar 110
Sept
....(I) •15
Preferred
17
100 103
Lehigh Power Securities-(t) •146 150 Goodyear Tire & R com_100
1.020 1534 Apr 21
Sepl
18%
1814 19
,
48 13 2 United Ity & E13.trte.__5
.
1- US
Mississippi RI, Pow corn 100 105 110 Cloody'r T & R of Can pf
127 179
Jan 215
20314 210
Fidelity & Gear......' 210
July
100 -- -- 92
Preferred_
260
554 Apr 174 Sept
16
15
.___100
-- - Mason Tire & Rub corn-(t) *2
212 Wash Balt & Annan._ _ _50 15
First mtge 5. 1951._ _J&J 94- 2
501
11
22
May 23 June
22
Preferred
50
Preferred
983 99,
4
100 14
16
S F c deb 71 1935 _M&N 102 103
10 44
Apr 61
West Md Dairy Inc com
61
61
Sent
Miller Rubber
104) 225
Rat Power & Lt corn
Apr 60
1 44
524.4 5254
51
Prefer-el
(7) *317 395
Aug
Preferred
100 104 friV
Preferred
Bonds(t) •10012 103 Mohawk Rubber
100 55
88
Inmsee le 1972
Mar 10154 Sept
1014 10184 2.000 100
Balt Elee Stpd 58
191
J&J 102 103
Preferred
80
87
North State/ Pow eom_101 127 12712 Selherlina Tire & Rubber
2.000 8454 JUnc 884 Feb
85
85
(2)•--- 293
4 Bait £3parP &C 1548_19.5.,
Preferred_ ... . .....100 9811 101
1,000 9954 Jan 1041-4 Sepl
Bernh el mer-Leader 75_1.14
_. 10)54 103%
Preferred
100 9812 100
2.000 99
Nor Texas Elm Co 0om_100 40
Ma
, 994 Mat
Central Ry cons 5 a....11.3
____
9934 9954
45 SwInehart Tire & K 00111-100 ---Preferred_ .. _ _lot
4.000 9854 Apr 101
Preferred----------lot, 50
Commercial Credit 68.191 100
100 100
June
Preferred
55
100
1.000 99 June 10154 June
Pacific Gas & El
101
101
Consolidated Gas 53..19.1
pref-100 9
712 98,
2
944 944 2.000 9254 Jan 95
Power Securities corn_(7) •14
Sept
1951
General 4 qs
Sugar St
18
974 974
Second preferred
4,000 9384 Mar 97% July
Consol0 Elk P4243.19.1.•
(2) *28
32 Ceram, sugar
50 *2
3
Coll trust 8a 1949_ __J&D *90
8.000 1044 Jan 106% Sept
6% notes Ser A _ .194
10555 10
93 Cent Aguirre Sugar coin_ 20 *8712 89
0 1063i
19,0i3O 974 Junc 100
Incomes June 1949__F&A *79
9914 100
Elkhorn Cool C irp 68.192
100
Jan
82 Fajardo Sugar
100 12512 127
Puget Sound Pow & Lt..100 48
Geotgla& AI I Cens 55.191
1.0011 9254 Jan 9514 June
945. 9454 9454
Federal Sugar Ref corn..100 --- 65
51
99% 99%
fyi% preferred
1.00,, 9714 Ja•
Norfolk Street Ry 55-191
9954 &pi
__
Preferred
100 84
86
100
90
7% preferred
1. 1 10054 Sep 101
01
Petersburg B 63.
192 ..... 100% 100%
Jupe
104 10612 10812 Godchaux Sugar. Inc...() *8
11
let & ref 514e 1949.-Ma) 99 100
17 000 8794 Sept
674 68
71
68
Juni
United KY .5 E 43_ _ _ _151
Preferred
100 47
54
50
Republic Ry & tight...100 60
501; 13.0010 49
Apr 6254 Jar
Income 48
191
63 Holly Rugar Corp corn.
.f*40 44
Preferred
12.600 69
71
Apr 74
70
Funding 55
Preferred
Jar
191
100 81
83
100 94
98
South Calif Edison com_100 139 140 Juneos Central Sugar..
192
9.00 1 9734 Sept 9934 Jar
_ __ _. 9734 08
,
6% notes
.100 105 125
Bot preferred
3.00
Apr 964 Jar
0 93
9531
6s when Dined '
95
100 120 135 , National Sugar RefrnIng.100 10312
19 t' ._ __
Standard CI& El 7% pr 74100 99 101 I New Niquero Sugar._ .100 Si) 105
6914 ,55.00' 58
Apr 744 Sept
Wash Ball & Annap 5.1511
69
90
66
ialt( I99-1
I on
Ten nem.. Elee Power. _ _(7) .
10154 Sent 102
WII •I',' 'W, , , 1.
11.
Ma]
,
II'
50-1 Santa Cecilia Snif Corp pf100
1
4
1st pref 7%
f ft lob Savannah Rimer com- (t) *13014 132
No par valae.
Western Power Corp.
Preferred
100 79
81
100 ill 115
Preferred
100 97
-Record of transactions at
91, Sugar Estates Oriente pf _100 45
55
Cincinnati Stock Exchange.
Wen M!mould Pr 7% pfr . 94
97
Cincinnati Stock Exchange Oct. 3 to Oct. 9, both inIndustrial &MIseell
Short Term Securities
American Hardware
25 r1101 10112 clusive, comeiled from official sales lies:
Anaconda Cop Mirl .29J&J 1024 10318 Babcock .5 Wilcox
8
100 147 149
Chic R 1 & Par 50 1929 3.53 9918 991:
,
A.
,
(FI W)Co new
(I) *28
30
Federal Rug Ref 6s '33 M& J 94
Range Since Jan. 1.
Last .Veers Range for
Preferred
1,6
Hocking Valley 6* 1926 M&S 100 11003 Borden Company oom--(t)
Week.
of Prices.
Sale
s
*86
88
Law.
C' Term 11,•eis
1926 101 1011.
StocksPreferred
Par Price ',ow. High Shares
High.
100 112 115
Lehigh Pow See 6s '27 F& A 1003 1013 Celluloid Company
3
100 26
8
30
brtleomirt Pacific 5. '27 J&J MOIR 10038
5.491 72
127 135
Feb 126% Oct
Am Laundry Mach.com.25 133
Preferred
100 69
75
Slow 811er A& I Its 29 F&A 10234 10334 C011,15 Company prei___100 115
77 118
12354 125
Jan 126
Aug
10 125
Preferred_
117
Wls Cent 5128 Apr IS '27 _ 1001 4 10034 Herrodee Powder
4934 51% 4.98'
47% Sept 574 Jan
Amer Roll Mill, con....')
.5154
100 128 132
Joint Mk Land Bk Bends
22 106% Feb 1114 May
Preferred10 1134 103 1084
i
Preferred
100 111
Chic Jt Stk IA Ilk &i..1951 10114 103 International Silver pref_ 100 107 113
105
Jan 113
Carey (Ph110)). pref -10 1114 11154 111%
Sept
.
109
5n
5s 1952 opt 1932.
1013 10234 Lehigh Valley Coal Sales 50 81
4
Caamp C nited Pap.01.10 1034 108% 1034
83
58 1003 opt 1933
81. 9954 Jan 105
8
10214 103 4 Phelps Dodge Corp
Apr
Champ Fibre. pier
10 10134 103% 1044
100 133 135
1.01
76
74
5%a 1951 opt 1931
103 4 10512 'Royal Baking Pow oom.100 141 144
74
,
4854 Jai
Chi 0'n/old C irporation •
8) Sept
1004 1023
4
134e 1952 opt 1932
4
90
90
Freferred
91
CBs Po dal Term. pref _10
100 109 192
45 1952 oot 1932
33: 23 June 26
2354 2334
Jan
23%
City Ice k Fuel
100 1014 Binger Manufacturing...100 30
•
315
4
4144, 1964 opt 1934..... in018 102 11
110 112%
954 Apr 117
110
Sept
C toper Cerp. new pref.
1948 14463 opt 1833
221
6911 72%4
56
101 14 103
Jan 7754 Jan
D titon Add 54 tch,com.10
Ire
149
ll'ae Coast of Por land
1745 200
Sept
108
Ma' ISO
Dew Druz. con
5. 1985 opt 1935_ M&
1013 103 I
107
112 112.
4
Oct
Fel 112
10' 112
Preferred
NI& N 10112 10238
34% 35% 3.54
31
Ma
158 1954 op 1934
1054 Jan
Evsle-Plrner Leal. coM.21
5 3555
25'
5
0.-1
5
5%
1
53( Oct
5
E ccel dor Shoe. COM
qa.le rt Per .h Iser also pays accrued dividend;
• Per enure. • NO Dsr valae.
65
AI)
65
Jan
Au'
65
90
_
1 11/ & Btu% pref
,
New stock. /11at price t 1.wit
n lomi iaI
5-dI8I44,
r1
v Ex-rights
1,
02,,
II Ex-stock divIdetd. a Sale price. r Canadian quotation. •H454040r0
OCT. 10 1925.]
Friday
sates
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares.
Formica Insulation
•
French Bros.
-Bauer, pf.100
Gibson Art, cons
•
Globe Wernicke, com _100
Preferred
100
Gruen Watch, corn
•
Preferred
100
Johnston Paint, pre!.. _ _100
Kodel Radio, pref
20
10
Kroger, corn
New preferred
100
McLaren "A"
•
Paragon Refining, corn_ _25
Procter & Gamble, com_20
100
6% preferred
Pure Oil, 6% pref
100
100
8% Preferred
Richardson, corn
100
Preferred
100
U S Can,com
•
100
Preferred
20
U S Playing Card
U 8 Print & Litho,com_100
100
Preferred
•
US Shoe, corn
100
Preferred
Whitaker Paper, com _ - - _•
100
Preferred
Wurlitzer, 8% pref _ _ _ _100
28%
88
3734
86
100
34
10234
99
2154
137
11154
13
8%
12934
1113.4
88
107
114
105
6634
103
130
7834
95
7%
5934
58
90
10434
Banks- •
100
Citizens National
Fifth-Third-Union units100
100
First National
100
Second National
Western Bank & Trust_100
283.4 28%
88
88
3734 3754
8454 86
100 101
3334 34
102 10234
99 102
2154 2134
1363414134
111 11134
13
1334
834 8%
12434 131
110 11134
88
88
107 107
1133 114
%
105 105
6434 6634
103 103
130 135
7934
77
94
95
754
734
56
5934
585.4
53
90
90
10434 10454
TractionsCin & Ham Trac, pref _ _100
Ohio Traction,com _ _100
100
Preferred
300
4
549
239
69
30
82
115
85
1,215
191
19
20
1,892
201
34
5
65
8
322
103
110
444
14
556
395
680
10
6
MUG',
High.
Low.
1834
8234
35
8234
0834
30
10034
100
2054
7334
10334
1134
554
112
10734
81
103
90
102
51
100
10754
59
7734
534
47
1634
43
104
Sept
Apr
Apr
Sent
Feb
Feb
Jan
Mar
Apr
Mar
Jan
May
Jan
Jan
Jan
Jan
Jan
Feb
May
Jan
Apr
Mar
Feb
Jan
Apr
Jan
Jan
Jan
Feb
32
88
40
8854
10234
35
103
103
2134
14034
11334
14
10
131
11034
8834
108
116
107
6454
105
138
80
98
1034
64
5834
90
10934
Sept
Oct
Feb
May
May
Sept
Mar
Feb
July
Sept
July
Sept
July
Apr
Aug
Sept
Aug
May
Aug
Oct
July
Sept
Oct
June
Feb
Feb
Sept
Sept
June
217
310
310
186
291
217
310
310
185
291
217
310
310
186
29134
3634
934
81
3634 37
934 934
8035 81%
,
10
10
1
63
20
275
270
165
291
Jan
Jan
Jan
Oct
426 79
335 82
2 103
55 75
20 60
133 106
346
10
1,142
310
July
31334 Aug
191
June
29134 Oct
Jan 97 June
Jan 90
May
Jan 12634 Sept
Jan 84 June
Apr 6354 Feb
l‘lar 110
May
3134 Aug
9
Apr
40
Jan
38
15
85
May
May
Sept
•No par value.
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange Oct. 3 to Oct. 9, both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares
Am Vitrified Prod, com_50
100
Preferred
Am Wind Glass Mach_100
106
Preferred
Arkansas Nat Gas, com_10
Byers(AM)Co, corn....•
10
Carnegie Metals
Consolidated Ice, pref _ _50
Devonian Oil
Duquesne Light pref _ _ _100
Fidelity Title & Trust_ _100
Indep Brewing, corn_ _ _50
50
Preferred
Jones & Laughlin pref _ _100
Lone Star Gas
25
Nat Fireproofing, com_ _50
50
Preferred
Ohio Fuel Corp
25
Ohio Fuel Oil
1
Oklahoma Natural Gas_ _25
Peoples Say & Trust_..l00
Pittsburgh Brew, com 50
50
Preferred
Rich & Boynton part pf •_ _
Pittsburgh Oil & Gas __5
Pittsburgh Plate Glass_100
10
Salt Creek Cons 011
Stand Saint Mfg corn... _25
Preferred
100
Tidal Osage Oil
10
U S Glass
25
West'house Air Brake_ _50
West Penn Rys, pref _ _100
34
z30
30
9434 z9434 134%
805.1 80
81
94
94
634 63.4
634
17% 23
2254
15
16
16
1734 1754
1434 15
112 112
405 405
234 2%
7
7
1143% 11434
4134 4054 4234
13% 1434
3635 35% 3634
3234 3334
33
1355 14
13%
3036 3034
400 400
4%
4
434
14
1334 14
37
37
37
534 554
273 273
6% 634
1073% 10734
1163% 11634
10%
1036 1234
14
14
14
12234 135
92
9236
BondsPittsb Melt de Conn 58 '31
•No par value.
Range Since Jan. 1.
Low.
160 1934
75 85
500 80
10 93
1,635
534
555 17
1,700 14
300 12
258 1434
30 10534
25 390
70
13%
70
4
20 11 134
1,668 32
280 ' 1134
970 3134
2,594 31
331 12
1,185 26
127 325
780
1%
520
6
30 37
220
5
48 255
350
634
145 100
60 11434
1,520
834
155 13
340 97
86 89
9754 973.4 $3,000
96
High.
Jan
May
Sept
May
AMJuly
Aug
June
Oct
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Feb
Mar
Mar
Sept
Aug
Aug
Aug
Jung
Mar
Jan
Apr
Apr
Apr
35
Oct
98
Sept
110
Mar
110
Feb
8% Feb
23
Oct
16
Aug
1754 Oct
15
Sept
11234 Oct
405
May
334 Apr
8
Sept
115% Sept
4454 Aug
143% June
363% Oct
3434 Feb
1634 Mar
3134 Feb
400
Sept
434 Sept
15
Sept
40
July
8% Feb
295
Feb
9
Feb
136
Jan
11634 Sept
13% Feb
2
03% Jan
14034 Aug
95
Feb
Mar
9834 May
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange Oct. 3 to Oct. 9, both inclusive, compiled from official sales lists:
Stocks-
&nes
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
• 2951 29
2954
Ind Pkg com
100
166 108
Preferred
* 48
47
4954
Johansen Shoe
• 10034 99 101
Johnson-S dc S Shoe
Laclede Gas Light com_100
8634 86%
147 150
100
Laclede Steel Co
72
Mo Portland Cement__25 7034 70
100
95
96
Nat Candy corn
100
110 110
1st preferred
•
463% 4936
Pedigo-Weber Shoe
275 285
Rice-Stiz D G com_ ._ _100 285
100
110 110
1st preferred
100
107 107
Scullin Steel pref
• 43
43
43
Securities Inv corn
• 59
59
6134
Skouras Bros "A"
So West Bell Tel pref _ _100 112% 111% 11234
* 23
2334 25
Sieloff Pkg corn
39% 44
Wagner Electric corn..... _• 41
89
91
Wagner Elec Corp pref _100 89
Mining Stocks
Granite Bi-Metallic_
25c
10
Street Railway Bonds
United Railways 4s...1934
1934
4s, ctf of deP
25c
365
48
265
436
40
66
371
80
5
222
446
40
10
180
1,130
228
1,080
506
40
Range Since Jan. 1.
Low.
103
103
High.
28
10254
40
86
81
130
4134
94
107
40
200
107
10034
41
36
1073%
23%
26%
79
Aug
Aug
Mar
Aug
Jan
Aug
Feb
Apr
Mar
Mar
Aug
Jan
May
May
Apr
Apr
Oct
Jan
Aug
3334
10754
5234
115
88
150
75
107
110
55
285
110
10754
4434
63
11234
25
50
91
Aug
Aug
Jan
Aug
May
Oct
Sept
Jan
Oct
Sept
Oct
Oct
Aug
Jan
Oct
Oct
Oct
Feb
Oct
25
Oct
40c
May
400
69
693% $12,000
6734 6734 1,000
Miscellaneous BondsKinlo'Th Telephone 63.1928
6834 Aug
67
Oct
74
Jan
7334 Jan
5.000 10234 May 106
Aug
Range Since Jan. 1.
Low.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Oct. 3 to Oct. 9, both
inclusive, compiled from official sales lists:
51
Miscellaneous Stocks
•
Berry Motor
•
Best Clymer Co
Boyd-Welsh Shoe
*
Certain-teed Products
1st preferred
100
2d preferred
100
Consol Lead & Zinc
20
E I. Bruce, corn
*
Preferred
100
Emerson Electric pref_ 101)
Ely & Walker D G corn _25 303.4
Fulton Iron Works com _ _• 41
Hamilton-Brown Shoe_ _25 6434
Hussmann Refr corn
• 48
•
Matte 8 & D corn
Preferred
100
Hydr Press Brick corn _100
735
100
Preferred
3 181
r.tcrcsa Shoe corn
220 220
14534 145%
10
Alliance Insurance
_ _100
Amer Flee Pr Co pref.
•
American Stores
13ell Telep of Pa pref
100
Brill(J G)Co
100
Preferred
50
Cambria Iron
•
Congoleum Co Inc
Consol Traction of N J _100
East Shore G & E 8% p1.25
100
Eisenlohr (Otto)
Electric Storage Batt'y _100
50
Fire Association
Giant Portland Cement_50
Insurance Co of N A_ _ _10
Keystone Telephone pref 50
Keystone Watch Case_ _100
Lake Superior Corp_ _100
50
Lehigh Navigation
10
Lit Brothers
50
Northern Central
Penn Cent Light & Pow_ _•
50
Pennsylvania RR
Pennsylvania Salt Mfg _50
Phila Co (Pitts)
Preferred (cumul6%)_50
25
Phila. Electric of Pa
25
Preferred
Phila. Rapid Transit_ _ _ _50
Philadelphia Traction.. _50
50
Pulls & Western
50
Preferred
Scott Paper Co pref _ _ .100
Tono-Belmont Devel_ __ _1
1
Tonopah Mining
50
Union Traction
100
United Cos of NJ
50
United Gas Impt
West Jersey &Sea Shore_50
Victory Pg rich Impt_ _ _ _10
50
York Rya preferred
400
265
.51
400
265
51
5
5
33
35
73
71
4334 443/4
103
96
103
96
82%
100
98
30
41
64
4654
3354
1013%
734
9934
185
65
100
98
3034
4135
65
51
34
102
755
101
190
15 396
1 242
20 45
50
108
425
425
Sept 400
Feb 280
Apr 51
4% API'
7
Oct
Apr
Oct
Feb
21
May
4234 Feb
38 June
35
73
503%
Oct
Oct
Jan
Jan
Jan
Sept
Apr
Oct
Aug
Jan
May
Jan
Mar
Mat
Apr
June
Jan
Feb
105
96
4634
65
10154
101
32
45
70
51
40
102
834
101
19734
Sept
Oct
Sept
Sept
June
Jan
Sept
Sept
Sept
Oct
Feb
Oct
Jan
Sept
Jilv
10 87
10 77
600 42
160 38
85 100
5 95
1,670 2234
55 35
575 4454
585 373%
90 3134
70 100
110
5
306 81
104 115
5934
83
110
40
27534
6055
9736
2334
80
71
463.4
4 97
8
1234
3834
98
44
3555
lV....,, 17........c. la. Co 11117
Range Since Jan. 1.
Low.
High.
56
5934
835 37
Jan 60 June
102 102%
130 96
Jan 10454 Apr
8134 8434 21,291 4554 Jan 8834 July
109% 110
66 107% Apr 11034 June
135 140
445 95
Mar 47
Sept
103 103
7 98 June 110
Mur
3934
30 38
Mar 40
Jan
3954
23
25
1,600 23
Oct 43
Mar
40
40
10 3556 Mar 43
Mar
26
72 25
2655
Feb 27
July
1434 15
519
1534 Sept
934 July
6734 6834
137 8154 Apr 7034 Feb
27534 27534
10 227
Jan 280
Ma!
5 173% Jan 41
38
38
Sept
6,983 4634 Feb 70
Jar
553.4 61
32
32
95 20
Apr 35 Jon)
175 175
.5 55 Juni. 175
Oct
149
3
754 Feb
Aug
334
33.4
9674 9834 2,793 8034 Mar 110 Jun(
605 2134 May 2534 Sept
2354 233
,
1
80
80
10 76% Feb 8054 Job
71
Oct
70
387 60
Jan 71
46% 4834 5.116 4234 Apr 4934 sap+
71
95 70
70
May
853% Jar
4734
4834
4634
4034
58
1234
48
125 45
Apr 493.4 July
473% 30,544 3734 Apr 4934 Aui
46%
371 373.4 Apr 46% Oa
Oa
.50
522 40
Jan 50
58%
Apr 6334 Ma
308 57
13
165 1234 Oct
1854 Jar
30 3554 Oct 37
Ma
3554 354
35 96
9834 9834
Jan 9834 Set)
,
*its Fel
550
16 '
Ilia Sept
4
4 811 2,120
534 Ain
154 Mar
Ma
645 3854 Sept 44
3
874 39
205 205
10 19934 Jan 205
Oe
97 100
21,360 7954 Mar 10034 An/
44
44
100 3134 Jan 48
Aui
5
5
200
4
Apr
5
Oc
50 3534 Feb 38
3534 3555
Atli
Bonds
1940
AT Baker 634/3
9855 9854
60
61
Elec & Peoples tr ctfs 4s'45 60
9034 9034
Keystone Telep lat 58.1935
15
15
Lake Superior Corp 5s 1924 15
9854 9834
Lehigh C&NaY gen 4%s 24
Lehigh Nay Cons 5s stpd- 9454 9454 9454
6134 6134
Peoples Pass tr ctfs 4a_1943
10134 10134
1949
Plana Co 1st 53
9454 9435
Stamped sk fd & red 1951
1960 100% 100 100%
Phila Elec 5s
1966 10154 10134 10234
1st 50
106 10654
1947 106
554s
1953
1053% 10634
554s
107 1073/4
1941
6s
041.4
OA 1.4
$9,000
1,870
13,200
37,000
1,000
2,000
1,000
2,30
3,000
15,000
23,600
4,000
41,000
28,000
1 rum
9854
57
8254
15
9554
9434
6134
3
94%
9354
100
100
1033.4
10434
106
SW
Jan
Jan
June
Oct
Sept
Oct
Oct
Sept
Jan
Aug
Aug
Jan
Feb
Jan
Jan
99
65
9294
17
101
101
70
104
9834
104
10494
1C7
1073%
10834
9531
Jun
Ma
Jun
Jaia
Jun
Jun
Jai
Sep
Sep
Sep
Sett
Jun
:
Ma
Jun
Jun
•No par value.
-Below is a record of the
New York Curb Market.
transactions in the New York Curb Market from Oct. 3 to
Oct. 9, both inclus've, as compiled from the official lists.
High.
26 205
Feb 222
Sept
40 14334 Jan 15054 Feb
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par, Price. Low. High. Shares.
Stocks-
Week Ended
Bank Stocks
First National Bank_ 100
Nat Bank of Comrn__100 145
Trust Co Stocks
Mercantile Trust
100
Mississippi Valley Tr_ _100
Title Guaranty Trust_ _100
Street Railway StocksUnited Rys, pref c d..100
ofilla
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
*No par value.
Public Utilities
7834 82
Cincinnati & Sub TeL _ _50 87
8754
Cincinnati Gas & Elec _ _100 8734 87
124 124
Cinc Gas Transport'n_ _100 124
7934 80
C N & C Lt& Trac,com100 7934
61
61
100 61
Preferred
100 10854 10834 1083%
Ohio Bell Tel, pref
Stocks-
1781
THE CHRONICLE
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
mi. 9.
Indus. & Miscellaneous
Adirond'k P&L 7% Pref100
Aero Supply Mfg,Class A.•
Class B
•
Allied Packers,corn
•
Alpha Portland Cement 100
Amalgam Leather, corn. _"
Preferred
100
American Gas & Elec com •
Preferred
•
American Hawaiian SSj_10
Amer Laundry Mach corn •
Amer Lt & Trite, oom__100
100
Preferred
•
Amer Pow & Lt corn new.
100
Preferred
Amer Rayon Products_ _ _•
Amer Rolling Mill pref 100
American seating
100
Am Superpow Corp,CI A -•
•
Clam B
25
Prior preferred
American Thread, pref-.5
25
Apco Mfg Class A
Arizona Power corn. _ _ 100
trmour & Co (Ills) cOmB26
100
Preferred
Arondci rornoration ___ •
20
13
434
1334
81
14
133
235
10234
573%
93
37
205
393:
4154
2734
4
1834
9034
3545
,
40
101 10134
20
300
203%
15
1,200
13
100
434
434
136 136
10
1334 143.4
300
62
62
200
78
83
15,600
9234 9234
100
1,900
1334 14
130 13- 34
17
230 237
10,025
102 10234
300
5734 5954 5,200
9234 93%
170
37
38
3,600
106 106
30
205 215
60
3736 3934 9,500
39
42
60,200
2734 2734
100
4
434 2,500
22
24%
300
2734 28
300
1655 183% 134,600
89
91,1,230
351 35,
'
4
AM
Range Since Jan. 1.
Low.
92
18
1154
454
130
854
42
6834
8354
83.4
923-4
187
94
4894
84
2634
108
205
2634
2734
243%
334
21
1754
113%
84
Jan
Sept
Sept
Sept
Sept
Aug
Jan
AM'
Apr
may
Apr
Jan
Jan
Feb
Apr
May
Oct
Oct
Mar
Mar
Feb
Jan
July
Jan
Apr
Apr
331!
Am,
High.
107
May
2054 Sept
1634 Sept
10
Feb
136
Aug
153% Sept
82
Oct
8434 May
9234 Oct
Sept
18
13534 Oct
238 Sept
10354 July
6754 Jan
95
July
5134 June
108
May
230
Sent
Oct
40
Oct
42
27'.-4 Sept
454 Feb
2854 'Noy
31
June
1834 tier
9434 Feb
30
T/ylv
1782
Friday
Sates
Las: Week's Range for
Sale
ofPricek.
Week.
Stocks (Continued) Par• Price. Low. High. Shares.
THE CHRONICLE
Range Since Jan. 1.
Low.
High.
92
Oct
Asbestos Corp of Canada__
92
Oct 92
100 92
•
*woe
& E Class A
37
3834 6,606 254 Ma
45% Aug
•
atlantic Fruit & Sue
1(4 Mar
75c 86e
1.406 75e Sept
Oct
60
June 68
Atlas Portl Cement new_.• 60
6534 2,004. 44
Auburn Automobile corn 25 47% 47
260 40
47%
Sept 49% Sept
Balaban & Katz v t c_ _25
79
July
78
200 69
Aug 81
Barcelona Ti. Lt & Pow_
23
2134 21%
100 21% Sept
Sep'
Beaver Board Co pref. _100
33
33
20t, 33
July
Oct 39
Bigelow-Hartf Carpet corn*
108 110
Sept 110
Oct
100
204, 9134 Oct 96
Blackstone Val Gas & El 50
9134 914
July
Oct
Bliss(E W)Co common._• 29
35
2,400 2234 Aug
28
35
Boissonnuult(G)Co
• 65c
650 74c
3% Feb
700 31e Ma)
Borden Co.corn.each fok50 8734 8334 89% 3.501) 6731 Mal
41934 Oct
9034 8634
Corn subscription stk_50
1.400 67% Mar 8631 Oct
Preferred
109 1134
100 112
Jai. I) May
210 106
Bridgeport Machine com.•
8
8
8
May
300
11
454 Feb
Brit Am Tob ord bear..£1 2554 2534 2531
700 24% Jun.
281 4 Apr
,
Ordinary registered_ _El
25% 25% 1,10b 214 Feb 2834 Apr
110
Brooklyn City RR .
94 Feb
734
734 Sept
7% 7% 2.800
Jan 17
Brown & Will Tob el B10
1534 17
Oct
200 lo
10 10534 Oct 107
Burroughs Adding M 91100
1054 10534
Oct
June
Cantpbell Soup pref_ _ _106
1104 1104
Mar 111
20 110
3435 354
1,100 33% Scot
• 3434
Can Dry Ginger Ale new..
5134 July
24 7,300
2
535 May
Car Ltg & Power corn,. _21,
234
154 Jan
400 415
July
Yet 445
30u MO
Carolina Power & Lt_._100 412
26
16 1434 Jun, 27% Sept
26
160 26
Celt. 101d Co, corn
,
70
20 65 June 97
70
Jan
_100
PrefeTed
40 7914 Jan 90
Sept
8835 87% 884
Central Aguirre Sugar._ _21
Mar 2734 Jan
Centrifugal Pipe Corp .. • 2434 21% 24% 13.800 10
606 29
Apr 40 June
Oble Nipple Mfg. Cl A...50 37% 37% 373.
Oct
20
1.500 114 Juts
184 20
20
Class B.
Feb
60 113% Jar. 117
100 11634 116 116%
Childs Co pref
48
201, 48
50
5734 Aug
Christie. Brown & Co-.. 48
Sept
37% 3,34 14,304, 35
Feb
Mar 43
Cities Service oom.....-20 38
1(mi 84
2504, 4114 Ja,
8334 8434
Preferred
8434 Aug
lm,
74 Mar
734 7.4
Aug
10
8
Preferred B
1834 1534
200 17% Mar 214 Feb
4
Bankers shares
2334 2334
2434 Sept
23% Oct
City Ice az Fuel
7.6414. 1934 Feb 26
MAY
Cleveland Automobile corn• 244 2334 25
14
134 16,001) mac
13y
la,
Colombian Syndicate
2% Sept
13834 13834
14, 133
Com'w'Ith-Edison Co. 100
Jar 140
May
Conewealth Power Corp
33
324 3434 16.000 3014 sent
434 May
Common, new
May
8234 843. 1,500 7934 Jet. 85
100 84
Preferred
52
52
350 2514 Feb 86
may
Warrant@
34
3,700 28
30
Oct
Sept
Connor (John TI Co._ _10 34
34
43% 4434 7.100 814 Jai, 4734 Aug
0.ne Gas,E la&P Bait new• 44
July
Jet, 144
C ifitinental Baking.comA• 1334 131% 140% 12,200 108
3534 4234 375.900 214 Jan 4234 Oct
Common B
• 3035
8% preferred
101, 10054 9934 10234 11,200 914 Jai. 10634 Aug
1.200 1434 Oct 2634 Jan
Continental Tobacco..__• 1434 1434 14%
4834 50
8,700 354 Apr 51
• 495
Cubs Company
July
54
Oct
400
55
Cuban Tobacco v t c
64 Jan 55
19)4 215.4 13,800 13
Feb 22 May
Curtiss Aeropl & M,coin_• 21
7734 7734
Mar 79
lou 55
Preferred
May
100
37
Oct
200 1745 Mar
Curtiss Aeropl Assets Corp 38
36
38
Feb
De Forest Radio Corp...* 244 2234 2634 4,800 1814 Ma. 34
45
Oct
Oct 47
600 45
Denver Tramway new prel
46
4974 4834 52
Sept
2,300 4734 Oct
Devoe & Reynolds ci A _ _
55
149% 149%
lit 143
June 152
Dixon (Jos) Crucible_ -100
Oct
1314 1334
Apr 20% Jan
400 10
•
Doehler Die Casting
6134 62
204. 50
•
Oct
Dow Chemical corn
Sent 62
15% 17%
3,000 1234 Mar 354 Jan
Dubiller Condenser & Bad' 16
1.90t, 2034 Sept 31
Jan
DunhUl International_ _.• 2534 224 2634
54
54 8
Jan
b00
Duplex Cond & Rad v t
344 Mar 17
55c 61/c
401 51% May
•
Du Pont Motors. Inc_
134 Jan
134 1434 16.500
• 13%
Durant Motors. Inc
Jan
934 Aug 21
18
400 17
Duz & Co, Class A v t o_.• le
194
2234 July
Sept
1834 19
19
1,000 183.4 Oct 33
Class A
Feb
35
Eagle-Picher Lead
35
Oct 35
109 35
35
Oct
400 80 • Oct 813( Oct
814
East Texas Elm Co, new.' 8134 80
144 144 2,000 12% Aug
Eisenlohr (Otto)& Bro_100 1435
1544 Sent
86
10 86
86
Oct
Oct 86
Preferred
6934 724 2.800 614 Yoh, 77
Electric Auto Lite Co_ _ .• 70
Sept
500 10154 Sept 107
July
Mee Bond & Share.pref 100 10434 104% 105 ,
6534 7034 15,706 55% Ayr 914 Feb
Else Bond & Share Set. .• 66
6254 10,100 40
Jan 66% July
Eh- Invest without *mete* 6034 60
1,600 19% Sent 29
2135 22
Aug
Engineers Public Sees corn' 22
2,700 99 Sept 10034 Sent
994 100
Preferred (50% paid)_.' 100
55% 27,000 42
Eureka Vacuum Cleaner.... 5234 48
5534 Oct
Seim
0% 1234 31.34.0
Fatten' Motors Co. corn.10 11%
15, Sept
6% Atte
4
14.0
834 835
Preferred
1035 Aug
84 Sent
10
127 127
20 120
Fajardo Sugar
Apr
100
Feb 129
4.500 30 Sept 394 Aug.
34
38
Federal Motor Truck... t0 38
25% 26
220 254 AUP
•
Federated Metals
00
Sept
3,300
434 534
5
•
434 June
Film Inspection Mach
1 14 Jan
9834 9,54
20 96 June 9832 Oct
Firestone T & R 7% Pf.100
210 462
506 550
Oct
Mar 550
Ford Motor Co of Can.lim 545
3,000 1734 Sept
1734 18%
Forhan Co, class A w l..' 18h
19
Sept
Mfg corn • 384 35% 37% 3,000 16's Apr 42% MY
Franklin (H
600 78
91
1110 90% 90
Apr 92% June
Preferred
1,400
1234 14%
Freed-Eisemann Radio...• 1434
Apr 33% Jan
7
6,010
1554 19
jet
18
• 18
Freshman (Cheat re
9)4 Me.
5934 59%
100 57
Sept 59% Oct
•
Gamewell Co, corn
124 134
• 1234
17% Jet
2
AIR
(Mend Corporation
Gen.° & E of Del Cl A w I. 5634 5534 5734 4,21s, 5432 Ang 64% July
53
s(10 45
55
54
Aug 6235 July
Class B w I
690 103 Alit! 107 Sept
10534 105 1054
Class A preferred
39% 41
Sou 34
Jul) 45 Sept
Genet Tee Cream Corn w I-• 40
65
65
Sent
Sept 70
6634 1,600 64
General Rr Signal new. _.
59
80u 31% Jan 774 July
60%
Georgia L.P&Rys.00m.loll
383. 38% 3.1h
10t, 3834 Oct 3931 0-c
Gilchrist Co
•
Gillette Safety Razor.... 10634 104% 10835 11.000 5734 Jan 109% Sept
134 136
2.300 117
Fe' 145
135
Aug
Glen Alden Coal
Goodyear Tire & R.00mil; 48% 3734 4834 116,90(1 24% Jai. 484 Oct
500 55 Junc 824 Aug
793.4
Grand (F W)5-10-25c St.
• 793. 77
183. 1,700 154 Mar 214 Ma)
18
Gramm Bakeries Inc.__ .• 1834
7% Oct 27
734 1234 29,50(1
Aex
Grimes Ra & Cam Ree--.•
834
9(4 July
3.000
Jet
Happiness Candy St al A •
64
8% 9
834
1.600
514 Feb
Founders share/
84
834
954 Aug
8
,
Loon 4234 Oct 45 Sept
Havana Else & URI v t o
42% 44%
4234
600 66
Oct
66
Preferred
70% Sept
66
6745
1.000 1434 June 5132 Ja,
Haseltine Corp
21
20% 21
Hellman (Richard). Inn
100 1434 Aug 15
Common
14% 144
1434
Aug
806 32
Pref with warrants_
Sent 3434 Sept
33
•
33h
1,200
Eleyden Chemical
Jan
2
•
234
23.
3
135 AP.
2.700 614 Aug 724 Oct
Hood Rubber corn
7234
• 694 89
2,7ou 46
Horn & Hardly t Co
56
Ma) 5834 Oct
• 6635
5835
Hunt Bros Pack ci A ....• 2s
1,0uu 2534 Au.
2734 30
0.1t
30
171. 9634 Sept 9734 Sept
Illinois Pow & Lt 7% pref.
97% kl754
Ingersoll-Rand Co new w I 77
Oct 77
400 71
71
Oct
77
61
Insurance Co of North An
56% 6135 3.300 5634 Oct 6134 Oct
Inter000t1nentai Runt/. Its
14% 134 14% 7.500 • 534 Jab
1631 Jul)
,
Mar
lot Concrete Ind Fdrs ehr
8%
1135 9
13% Jul)
500
7
Inter Match non-vot of .35 503: 5034 51)4 6.20o 5734 Jan 564 July
.....
Int Utilities. Class A
300 31
46% Jan
Sep
3/3 3035
4
•
CPtss
8
17
634 MaJ
Jan
34
3. 5.500
155 165
• 165
Johns-Manville Inc
Aug 185
575 163
Aug
3
5.000
Mat
Jones(Jos %I Radio Mfg •
ti
is.
234 - 334
40,700 WU Feb 60
• 583. 50% 60
Eelclamor Corp
Oct
1.3%, 49c
It
50c
Keystone Solether
Jut
% Feb
50c 554
93
Mat
Kraft cheese
89
994 Ant'
1.050 64
93%
7134 62
Land Co of Florida
74
7.701, 504 Seta
9i
Sept
27
Landover Holding Corp A
23% 2,500
834 Jet. 29 Sept
154 1535
101, 15% Juru
La Salle Exten Univ._ _ II
2134 Aug
97
51
104) 90
Lehigh Coal & Nay
97
Ma) 109 June
14234 148
Fel. 160 Jut.
2.400 32
Leulan Power SeeUrttlect
8134. 81
May
813.
325 78
Lehigh Valley Coal Sales 54
37
Jai
34
37% 3,4 3.not
33
Mat
In% la,
Len veil coal etre mew _
Lebo & Fink Products...* 3635 364 3834 3,30) 3 54 Sept 37% Sent
Friday
Sales
Last Week's Range for
ofPrices.
Sate
Week
Stocks (Continued) Par. Price. Low. High. Shares.
[vol. 121.
Range Since Jan, 1.
Low.
High.
Libby McNeill & Libby_10
834 834
10
9% Jan
614 Apr
190 194
JULY
130 182 June 219
Libby Owens Sheet Glass25 193
Liberty Radio C b Storm. •
Jan
II
8
8% 4,30u
834
632 June
Lupton(F II) Pub,CIA._•
4
4
104,
4
335 June
854 Jan
Marconi WirelTel of Can.1
134
134
1
100
Aug 1 11-16Mar
Marconi Wire'Tel Lonci-41
6% Au, 10
Jun
900
7
734
Maytag Co. w I
• 2234 21% 2274 111.60u 20% Sent 22% Oct
McCord Rad & Mfg vte..* 23
2234 '23.4
700 2114 Sept 25 Sept
McCrory Stores
92 102
1,101, 87
Mar 102
102
Oct
Warrants
58
100 43
58
Oct
Apr 58
Mengel Co
2.506 30
6254
100 6234 55
Jan 6042 Jul)
Mesabi Iron Co
2.500
2
2
July
•
431 Jan
2
Middle West tJtIUtles corn' 10834 10434 11134
1,9.51 8234 Feb 124% Aug
Prior lien stock
10435 1054
220 984 Jan I117% Aug
1011 105
Preferred
91
100 96% 9534 964
Jan 99 June
Midland Steel Products..* 5031 504 51
204, 47
Sept 58
Aug
Midvale Co
18
400 18
•
1934
Oct 28% Jan
220 230
Miller Rubber corn.. -100 227
Sept
1,57u 145 June 246
May 10934 Oct
M Is-assiP01 River Pow.11)0 10854 9734 10934 9.150 47
Mohawk Valley Co new..' 3331, 31
2,600 31
Ocl 45% July
3534
Moore Drop I orge
3.700 63% Mar 69
• 684 65
69
Oct
Motion Pict Capital Corp• 184
clA.1834 18%
900 17
Mar 19% June
Preferred
25
25
300 25
25
2534 Sept
July
Municipal Service Corp. •
14
10u 124 July
14
Aug
15
Mu-Rad Radio Corp
6
534 63/ 9.000
•
44 Sept
634 Oct
Music Master Corp
1334 1434
900
• 134
814 Mar 2131 Jan
National Grocer
534 54
600
534 Sept
64 June
434 44
National Leather
101.,
10
4
Apr
634 Jan
Nat Power & Light. own • 398
383 400
2,6
Sept
1844 Feb 402
Preferred
101 10234
•
Jan 10234 Oct
80 95
Nat Pub Sem CI A corn_ • 25% 2432 28
13,800 22% June 30
Aug
Class 11 common
1534 17%
2,50u- 14 June 20 June
• 17
National Tea
465 540
Jan 540
814, 230
• 540
Oct
Nev-Calif Elec Co com_100
34
Sept 5034 July
25 31
34
New England Company- - ...... 193 193
Oct
10 19035 Sept 193
New Mei. & Arts Lew_..1 15
15
16% 16.
4 Jai, 1932 sent
N Y Mdse Co, Inc
2734 29
• 29
400 2734 Oct 3034 Aug
N Y Teley 634% Met _100
11134 112
FRO
7o ,tun Jan 114
Nickel Plate corn new w L. 94
9334 9434 11.800 82(4 Aug 04% Oct
87% 874 88
Preferred new w I
20
8134 Mar 8834 Sept
Nicer Corp Class A
61% 6334
• 62
1.901, 37
Sept
Apr 70
Class B
6035 63
6.7
• 61
4334 June 65
Sent
Northern Ohio Power Co.' 12% 114 12% 22,h00
6% May 13)2 July
Nor Ont Lt & Pr corn,.100 49% 48
50
2.300 43% July 53 May
No States P Corp.com_ 100 127
123 1324 14.500 102%
Oct
Jeu 131
Preferred_
100
99 100%
56 94% Fell 1014 July
Nor States Pow Del war'nts
14
7,800
2034
Feb 2934 JUDO
6
Ohio Traction. pref.._ .100
78
8254
800 62
Aug 8434 Sept
12
Omnibus Corp v t o
• 12
124
500
174 Jan
94 Sept
Outlet Co corn
40
• 42
4254 2.3uu 38
July 42% Oct
7% preferred
100 9534 93
900 98
9oh
Oct 101134 Sent
Penns Power & Light. pf •
104 104h
254.1 102 sent 107 Sent
Penns Water & Power 100 16334 162 168%
1,390 127
Aug
Jan 187
103 103
Pet Milk 7% pref
100
100 10234 May 10334 Aug
48
Phi% Elect'ic
_ 25
48
108 39
Apr 49% Aug
l() 100
Pierce, Butlercorn_70 91
& P.8% Pi.
Jan 100
Oct
111141etry Flour Mills
3674 40
600 3114 Peru
Oct
40
274 274
Pittsburgh Plate Glass-100
. 10 260
July 290 June
Power Corp of N Y. corn _• 77% 76
8034 13,100 33
Jan 91% July
1434 1454
Power Securities, corn...
100 1334 Apr 20
Jan
Pratt& Lambert Ino
50
53
1,300 40
• 53
Feb 55
Aug
125 136
930 109
130
Procter & Gamble, com_20
Mar 136
Oct
1,100 35
Purity Bakeries class A.26
42% 48
Apr 46% June
4434 1,700 34
Class 11
• 424
Mar 47
June
10% 11
Pyrene Manufacturing_ .10 11
900
94 JUIY
1214 Mar
51
4835 51% 5.400 37
Rem Noiseless Typew, A.
Mar 56
Sept
Roo Motor Car
10 22% 2234 22% 4.500 15% Air 244 July
50c 50e
500 500 July 75c Mar
5
RepettI, Inc
.2,100
5
Republic Motor Truck v t c 11
11
11
44 Sept
Oct
18
Richmond Radiator new.. 20%
2031 +3,00u 1334 Sept 20% Oct
3335 40%
600 3834 Oct 4034 Sept
Preferred, new
100
834
73,4 sh 107,400
Rickenbacker Motor
7.4 Oct
834 Sept
2,700
13( 2
1%
Rove Radio Corp tr Ws14 Oct
•
144 Jan
3334 334
106 20
Royal Typewriter, corn...*
Feb 3334 Oct
1184 1204
20 1074 May 12134 Sept
Safety Car Heat & Ltg.100
St Regis Paper com.. _• 8234 804 82% 5,500 3615 Apr 95
July
25
300 22 June 29
29
Seiberling Rubber, coin... 29
Oct
18,500
31
Servel Corp A
934 Apr 32% Sept
• 3034 30
500 42% Sept 4335 Oct
Sher% in-WilliamsCocom 25 4334 4234 4334
17% 17%
loo 16
Sierra Pac Elec Co com_100
May 2034 Jan
16
600 124 Mar 21
16%
Silica Gel Corp corn v t c •
Jan
7
7
200
Sin , M f • Ltd
er
Mar 10 June
4
1
734 2,500
6
64
Sleeper Radio v t o
4% May 1934 Jan
•
25 47
50
50
Srnith (A 0)Corp
July 50
Oct
Sou Calif Edison corn. _100 138% 1334 139% 14,075 10114 Jan 149
Sept
1114 111%
400 10435 Mar I ,334 Sept
Prof Series A__ _100
600 88
9734 9754
Jan 98 Sept
6% pref series fl
100
61
$00 5331 Sent 7154 July
SouthCities URI Co corn100 5831 57
37
500 37
Common v t
Oet
33%
55
July
200 83
843
2
84
Preferred
July 87
100
July
404 8,300 30 Sept
South Dairies CIA w
3954 37
56
Aug
2334 22% 244 11,709 19 Sept 34% Aug
Class II w
4'eastern Pr & Lt new WI, 2834 28% 3034 11,400 28% Aug 314 Sept
60o 22% Sept 244 July
2334 23%
Southern()& P el A.... •
111 11135
240 106% Mar 111% Sept
Sow hw 13.11 Tel,7% o11110
111
2.100 19
Stand Publishing Cl A 26 2034 2032 21
May
3734 Fee
11534 116
Stand ird Slew
1144 Oct 116
101.
Oct
13% 16
700
Standard Tank Car corn •
84 June 1654 Aug
31% 35
Stand Te stile Prod,B pref
34
Sept 414 July
1234 1744 12.700
Stutz Motor Car._
17
6
Ato
18)4 Sept
•
11234 115
310 109
Swift & Co
101, 113
May 120
Feb
294 2734 304 13,800 2414 June 3504 Jan
dwIft International_
1.700
934 1034
Thermicidyne Radio64 Mar 3214 Jail
• 10%
1034 104 11% 3,000
6
Thompson(RE) Radio ate*
Ma) 25
Jan
84 834
500
3% Jell
Timken Detroit Axle___lit
94 June
Fob Prod Export Coro.. •
8% 02.10o
834
6
34 May
.
8% Oct
3134 32
200 31% Sept 42
Todd Shipyards Corp....
Mar
•
600
7
Tower Manufacturing. _ _1,
935
7%
5
Mar 2431 Jan
Trans
-Lux Day Pict Scree .
,
64 3.700
6
634
•
Class A corn
634 Sept
834 9
noo
Trumbull Steel, corn....25
pp
1934 Feb
140 147 434 S8 ur 180 June
163 169
Tubize Art if 81Ik A vie.'
5
7
t
166 169
50
169
Class B
Aug 200 June
200 143-4 F
Tully Cup Corp
•
16 34 May
7134 7334 10,soo
Union Carbide & Carbon • 72%
Mar 7414 Aug
1,300 39
42
4434
United Else CORI COs V t C. 44
Sept 47% Sent
2,400 25
424 46
United CI & E coni new._.
Feb 52
•
July
40
40
100 37
Trust certificates
Jan 44
Juno
9934 .7.500 905-4 Feb 101% Aug
United Gas ituproveml_60 9834 97
*3,600
United Lt & Pow coin A • 16434 157 165
Mar 165
Oct
1.100
1435 15
1435
United Profit 'baring
I
'6'4 Mar
100 404 Jja
4435 4434
44 4July 464 Sept
United Shoe Mach com_25
1
ul
10%
9
900
1034
U S Light a fleet cum._ 1,
toi Sept
434 6% 5.000
534
Preferred. _ _ ....11
8% Oct
64 11% 5
.10,
U Ii Rubber Reclaiming_ -• 1054
11% OCC
. 3135
•
314
31
200 24
Universal Met orto
Mar 37 4 AUR
42
41% 41
2.100 431 4 jA 7 13 Sept
12 41 A
41
Vick Chemical Co
A
9.315 65
Victor Talking Macblneldo 9334 87% 99
Jan
Apr 106
16
174 10,300
17
Va Car Chem (new co) w I
18 Sept
6.300 454 Aug 54
51% 54
53
Preferred w I
Sent
9074 3%00
90% 89
Prior onderred w I _ _ _
Sept 9034 Sept
2135 22
1.000 294 Sepr 2534 Aug
Walworth Co
85
1
m at
20 22
144 1554
500
Ware Radio Corp
•
4034 Jan
1.000
1634 17
17
Warner Bros Piet corn...'
134 Jul) 19 Sept
7834 84
w totem Pr Coro ,.on, 100 84
10
Oct
Ma. 84
8131 7734 82% -4.700 74% Sept 8234 Oct
Cer
es of deposit.
96
.1011
960 8644 Jar. 4
93%
Preferred
9 Bea
36
100 16
38
White Rock Spg coin_
Feb 4934 Aug
•
1.900 11
1234 14
12%
W iteon & Co (new) WI..
Aug
to% lot?
1.100 2(134 A.
27% 2935
CI tss A
AM'
•
35
11,
+Tv
"111
-
OCT. 10 1925.]
THE CHRONICLE
Pr taus
&Ufa
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares
Wolvei toe Portl Cement_
Yellow Taxi Corp. N
Former Standard 011
Subsidiaries.
Anglo-American (AL._ el
Buckeye Pipe Line
51
20
Cheeebrough life
C.,ntinetilal 011 v t c_...10
Crescent Pipe Line
20
Cumberland Pipe Line_ 100
Eureka Pipe Line
100
Galena-Signal Oil, corn. Rs.
New preferred
100
Old preferred
100
Humble OH& Refining..21,
Illinois Pipe Line
100
Imperial , (Can) new.
Indiana Pipe Line
50
Magnolia Petroleum_ _ _100
National Transit.___12.50
New York Transit
101
Northern Pipe Line_ ..100
Moo OIL
25
Penn Mee Fuel
25
Prairie Oil & Gee
25
Prairie Pipe Line
100
Solar Refining
110
South Penn Oil
100
Southern Pipe Line....100
So West Pa Pipe Lines,101
Standard 011 (indiana)...25
Standard OH (Kansas)..25
Standard 011 (Ky.)
25
Standard Oil(Neb). __100
Standard 01101 N
_20
Standard Oil(0) corn. _ I nn
Preferred
100
Swan & Finch
100
25
Vacuum 00
1435
22%
56
64
23%
70
101
105
65%
138%
3195
65%
16335
1934
6335
22%
49%
2223k
156
75
62%
3134
135
43%
360
15),
97%
23
22
55% 57
6434
64
24
23
17% 17%
144 147
71
70
37
40
101 101
105 105
63% 67%
136% 139%
31% 32%
66
65
149% 16334
19)4 2035
53
Si
80
80
61% 63%
21% 22%
49% 5154
122 124%
216 223
155 159%
75
76
59
59
6144 63%
31% 3134
132% 137
248 249
42% 44%
360 365
116% 118
1534 16%
93
98%
Other Oil Stocks.
3%
AmerContr oil Ficids ..5
3
3%
5%
Amer Maracelbo Co
534 5%
10
Argo MCorp
3
3
Arkansas N.t.tural Gas_10
614 6%
2%
Atlanta. Lobos011com_ •
2
2%
25
44
Brit Amer 011
44
Cardinal Petroleum Corp_
2% 235
....._
5%
Leath
554 5%
9%
Creole SI ndicate.
5
934 10
Crown Cent Petrol con)•
7% 8
Enelid 011
1'11
1 t,
,
Gibson 011Corp_.
1
245
2
234
0111111 011 corn v t c___ *
134
1%
Glenrock Oil
10
13c 13e
0011 011 Corp of Pa
26 77%
7634 79%
Into, national Pe roleum_ _• 26% 2634 27
Kin Y Pet oleurn
23,
•
234 235
Lsvo P (demo Corp____•
,
,
434 55
Lion 011 & Refining
• 21
19
21
Livingston eterclerim___ •
1
1
1%
Lone Ftar Gaa
4134 4134
Margay 011 Corp
.
95c
134
Mexican Pith,.. I L....11,1
234 3
Mountain & Gulf Oil
1
1%
1%
134
Mountain Producers._ _10 21
2
034 2134
National Fuel Gas
119 119
Nee Bradford Oil
4% 5
New York Oil
25
945 9%
Noble Oil & Gaa com
7c
7c
1
Ohio Fuel Corp
3334 333'.
2
Pan-Am West Pet Class B• 131
030% 323,,
Peer Oil Corp
13,
135
134
Pennock 011 Corp
2234 2434
23
Red Bank Oil
23
23
25
Reiter-Foster 011 Corp_ _.• 15%
15
1534
Royal Can Oil Syndicate.. 56c
51c 60c
Ryan Consol Petroleum_ *
4
4
4%
Salt Creek Consol Oil_ _10
6% 634
631,
Salt Creek Produeers_...10 26%
26
2635
Sun 011 Co_
363.4 38%
• 38
Tidal Osage 011
1034 103',
Non-vo; stock
•
9% 12
Venezuelan Petro sum..
335
3% 4%
Wilcox (II F)Oil& Goa new 2535, 2445 26
Wooten y Petrol. , m Ga_ •
5% 5%
"Y" Oil& Gee
Sc
Sc
1
•
Mining e•teeksArlsona G'obe topper_ .1
18c 22c
Butte & V)evert, M inIng I
13c 13c
Calte eras Copper
2
2
2
1
()Ansel° Copper
7% 8%
8
10
(huTo Extension
142 14c
Comm' Copper Mince- __1
254 2%
Consol Ne atm Utah
Sc
Sc
Co.tee Sliver Mince CO. -1
Sc
8c
Cr. won Cons Gold M &M
2% 235
Dolores Esperanza Corp_ _
50c 50c
. Engineer Gold MInes.Ltel 6 22%
19% 26%
Eureka Croesus
7c
7c
First Thought Gold M.._ I
Sc
7c
7c
Forty-nine Mining
7c
Sc
1
Golden Centre Mines
3% 4%
4%
Golden State Mining
2c
2c
Goldfield Consol Mines._1
6c
6c
Goldfield Florence
1
6c
Sc
8c
Green Monster M ining_ 50;
5c
Sc
Hawthorne Mines too__ I
18c
16c 18c
Heel& Mining
rig
.....2fo
16% 17%
Hollinger Consol0 M__ _
15% 16
Jerome Verde Develop-.
50e' 500 soc
Kay Copper Co
2.0
2
2,
1t
Kerr Lake
1% 145
13..
Mallon Valley Mines.... 5
2
2
2%
National Tin Corp
80
50)
8c
New Cornelia Copper_...b
19
19
New Jersey Zhu.
201% 196% 201%
Newmont Mining Corp _ IC 4354
43% 43%
NIpissing Mines
6
4% 4%
Ohio Copper
83e
81c 85c
pr,r Oand Gold Mining._ _1
41c 42c
Premier Gold Min, Ltd..1
,
24,
234 2 ,.
Red Warrior Mining
20c 20c
Shaw Mines Corp_
1
95(
90c
Silver King Coalition
10
10
South Amer Gold & MALI
2%
21.4
Spearhead (told Mining.
6c
6c
Teck Hughes
1
1% 2
Tonopah Belmont Devel. I
75c 75c
Tonopah Extension
,
1,
Pre 1)
Tonopah Mining
4,
14 4%
United Eastern Mining._ .1
51e
51c 52c
u Atm Verde DITtenn .5(1.
25% 26
U S Continental M Ines_ _ .5
7c
7e
Utah Apex...
6% )t3
,T.
Verde Mining & Milling...
24c 24c
W.
ropp Voppor
3,
3
3.
Yukon Aloska Trust ctf
IS
10
5
Friday
Range gases Jan. I.
Pratt!
L .
Si
Lou
High.
I(I
9
8, 0,
Sept
18
55%
48%
2134
10
132
69%
34
100
102
42%
127
27%
65
130%
19%
50
78
80%
21
45%
106
202
139
75
58%
59%
30%
114%
'231
40
338
116
12
80%
3.0
Oct
Jan
Mar
Feb
Mar
Aug
Sept
Fri
Jur e
'an
Jan
Mar
Oct
Apr
Atte
AM
June
Aug
Sept
Oct
Jan
Jan
Jan
Sept
Sept
Mar
Apr
Mar
Aug
Aug
Jan
July
Aue
Jan
1,300
1
4.200
2%
100
3
1.000
5
200
2
le
38
900
2%
5.000
334
5,40
8%
1,600
73(
4,100 87c
10,100
1%
20
144
1,000 12c
9.00
83%
22,000 22%
1.300
2%
61,400
4%
3.100 Is
2,400 75c
301 3214
200 50c
6,001, 56c
1,700
1
8,100 1844
10 106
1,601
3%
300
814
2,001
7c
10(1 31
40.901 2334
10.001
900
1.200 17 1
4
100
16
2,000
9
5.100
50o
2.700
3%
2.100
6%
9.000 24
7,110et 33%
300
9
400
8
15,600
14
3,200 22%
200
814
1,000
Sc
Sept
Jan
Oct
Apr
Jul)
Aue
July
Mar
Jab
Oct
Jan
Jan
May
Sept
Mar
Ma
Sept
June
Oct
Jan
Jan
Jan
Apr
July
Jan
Jan
Jan
Feb
Sept
Mar
Sept
May
Jan
Mar
Sept
July
Jan
Oct
Jr%
Sept
Fel
Jell
Sept
Sept
Mar
Jan
7,001
70
1,000 10c
201.
15.5
18,100
3%
2.00
10c
1.900
1%
1,001
4c
1.001
7c
3.501
2%
40( 35c
14,300 1414
8,00(
7c
71,400
Sc
5,00(
Sc
5,60(
354
1,000
2c
2000,
lc
7,00
Sc
1,000
3c
31,001.
Sc
2,00(
1234
901
13%
40(
501
30.40,
1%
2.30(
88c
60(
134
2,00;
Sc
10;
185(
2,57( 181
43(
43%
3.50;
4%
8.80,
73e
40c
5.00;
2.40(
2
1.00(
20c
24.70.
32c
10,
5
80.
2%
18.00
40
3,80
1%
1,00)
52c
I%
1.90;
PIG
60,
39c
2.20(
2014
1.70;
lot"
60
43(
50(
1,0(1.
22c
10,2)5
en(
Jet,
Mar
Jar,
Feb
Aug
July
API
Jun;
Oct
Jai
Jar,
Jut,
Sept
Jan
Sept
Oct
Jar
June
Ale
Feb
Apr
Mar
Sept
Jar,
May
Mai
Au
Mar
MEN
Oct
Mav
Aug
Jr.
Jan
Fet
Aug
Jr.,
Mu:.
Fe"
Jae
AP'
Aim
Me.
Jar
An.
Aug
Is
Jul
400
10% 11
13
15% 12.900
3,500
221
301
16,000
500
150
60
600
20
10
20,000
160
5,300
50
23,520
900
80
110
1,701
300
10.600
1,28(
17(
370
11;
10
29,600
1,800
3,201
40
19,500
141
70
340
32.000
1783
13% Sept
22
Jar
Bonds
-
Week's Range Sales
of Prices.
for
Low. High. Week.
Range S:rwe Jan. 1.
Low.
High.
7
9
halted Pack, deb 6s...1 93399 854(
75
1 9
75% $7.00' 7314 Set)
8414 Feb
Cony deb 8s
Mar 945( Feb
8934 89% 01.000 84
Aluminum Co of Am 7s '33 10645 106% 106% 13.000 10635 Aug 107% June
192:
7s
100 100
1,000 100
Oct 102% Jan
toter 0 & E deb 68_2014 97% 97% 98 188,000 95
Jul. 9944 July
26% Apt
toterican Power & Light 72
Jan
is old without warn 2014 9635 96
96% 128,000 93% Jan
9854 May
66% Ma)
96
96% 44.000 9.5
96%
68 new
Mar
9834 May
10135 101%
3154 Feb
Amer Rolling MI1168_1938
2,000 100
Jan 103% June
100% 101
17% Oct Amer Type Fdrs deb 65'40 101
57,00u 100% Oct 101
Oct
1928
102% 102% 3,000 102% Jul 104
155
July
Amer Thread Os
Feb
96
Jan
102% 103% 19,000 102% Jan .04
t naeonda Cop Mines 1929 103
May
119 120
Feb
65
15.000 103
Andian Nat Corp 68..1940
Apr 125
June
107% July
97
98
20.00(
Without warrants.
Sept 100% May
96
114
ist.,y
Assoc Gas dr Flee 6e ..I965 9304 93% 94
41,000 92
AU4 96 JUIN
tweed Simmons Hardware
7234 June
154% Jan
.1931 94% 9234 9434 120.000 81
......
Fee 94)5 Oct
6
20
2034 28.000 18% Jan
34% June Atlantic Fruit 88
27
Mar
Jar
11
44,000 62
75% 77
AtiG&WISSL 5e. 1959 76
Jan 7834 Sept
163% Oct Beaver Board Co 8s. 1933 9035 89% 90% 45.000 8755 Sept
96
Jan
2549 Jan
Sell Telep of Can 58..1955 9945 99% 99% 80,000 97% Aue 100
June
79
an
Mar 104% Oct
Beth Steel equip 79_ _ _ 1935 10434 104 104% 9,000 103
24.001 82% Mar 96
94
Feb Boston & Maine RR 65 '33 96
96
88
Oct
et
, Canadian Nat Rys 7e 1938 11045 II() 110% 22,000 10841 Jan 11234 Apr
7514
44% Star Chic Milw & sr, P (new Co.
53% 54% 42,000 52% Sept
65% Jan
Me( Sept
Adj M 58 w I
1,000 81
85
85
1999
June 85
Oct
50-yr g 5s Ser A et L2975 54
127% July
254
1966 903e 90)5 90% 115,001 90
Jan Cities Service 6s
Bete
9114 June
175 175
5.000 150% Jan 178% Feb
197
Jan Cities Service 7s Ser B 1966
124% 12435 9,000 III
Jan 128
F'l'
Cities Service 78 Ser C_1966
103
Jan
102 102% 48,000 9814 Jan ina 14 Feb
Jan Mice Service 7sSer D 1966 102
85
FPI, 94% Oct
Feb Citles Sere Pr & Lt fie 1944 9434 94% 9435 340,000 92
70
Fet. Cons G. E LAP.Belt
46
99% 40,000 98
99
Aug 100% June
1965
Oct
137
5s Series F
1952 103% 1034( 103% 5,000 101% Jan 105% Aug
Jan
270
534s Scrip E
Apr 96
3,000 80
b334 83%
4844 Feb Como]Textile 88...1941
Jan
Jan Cosgrove-Meehan Coal
369
97% 65,000 95
95
sew
Mar
123
98% June
644s
93% 69.000 91% Sept 98
1935 9335 92
MelJ
27
Jan Cuba Co 68
Jan 112% Aug
2.0.10 106
99% Oct Cuban Telep 7%s- - -11995441 97% 109 109%
92% 92% 25,0.20 89% Jan 95
Feb
Cudahy Pk deb 510..1937
34,0(e. 102% July 05
103% 103
Feb
Deere & Co 7 Sis
1937 105% 104% 105% 20,011 10214 Jab t00% May
941
Det City Gaa fls
119,001 11054 Jan 155 Rein
140 154
7% July Detroit Edt9013 68.... _1932 154
1956 99% 99% 99% 18.0u, 9744 Ang 100 June
Ill', June
58 Series B
147 151
6.00)1 125
inc June
1928 151
July' 156% Sept
Debenture 7s
140 157
8,000 12114 Juni 15854 Sept
1930 151
8% Feb
Debenture is
82% 86 170.000 7814 Ayr
4% May Est RR of France 78 _.1954 85
88% Feb
93
9,000 92(4 Apr 99
94%
Oct Federal Sugar 7s
44
Mat
10334 1033', 1
4% Aug (lair Robert) (lo 78..1933
99
1 37
Apr 10434 July
1.000 104
105 105
7% Aug Galena-Signal Oil 78._1930 105
Aug 10604 July
111% 111% 11,001 104
1434 Apr General Ice Cream 6
Sept
Jul) 117
'35
5
123 May General Petroleum 63.1928 10134 101% 101% 50,001 100% Jan 102% July
Me Oct
Aug 16 1940 94% 94% 94% 60,000 94% Sept 94% Sept
lat 58
3% June Grenti 'I runk R)0145.1931. 1073,. i0734 107% 4.001, 10614 Jai 110
July
29,00.. 88
06
86
34.4 Mar Great Cone Fier 6348-1050
Jul, 86% July
99% 100
9,000 9814 Jan 101% May
1937 9934
29c June Gulf Oil of Pa Es
1936 1043. 104% 104% 12.001 102
Jan 105% July
7945 Oc.. Hood Rubber 75
83
July 88% July
28% Feb Han City Term 5%s_ _1960 8434 8435 84% 164,001
24,00t. 87
89
90
534 Jan
91
Sep ,
Keystone Telep 5Sig. _1955
Aug
91
92
30.00. 86
74 Apr
A, 9914 ins
Krupp(Fried, Ltd 71) 1929 92
1,000 10714 Bert 1083i Aug
108 108
July Leggett Winchester 78 1942 108
23
101% 101% 6.000 100% July WI% Mar
Secur lis 1927
1% Sept
Lehigh Pow
104% 104% 8,000 102
42% Sept Libby. McN & Lib 78_1931
Atte
Jan 105
100 100% 12,000 99% Aug 102
1 14 Sept Long Island leg 6s___1954 100
JU17
104% 104% 12,000 98% Jan 104% Oct
3% Scot Manitoba Power 7s_ _194 I
10035 100% 16.001 99% ApT 101
Mar SI lesouri Pac RR 5s_ _ _1927
2
May
,
1930 104% 104% 1044 40,000 9814 Jan 10434 Oct
23% June
Morrie& Co 7198
Mar Nat Diets Prod 7s_ _ _1930 104
122
103% 104e1 81,000 993.4 July 104% Oct
811 June No Amer Cement 6358194))
98% 98% 98%
5.000 98% Aug 99% Aug
12% June
With warrants
120 128% 728,00t. 105% Jan 12854 Oct
Feb Nor States Pow 6)0..1933 123
13c
102% 103
44.000 99% Jan 10414 May
1933 103
34% Feb
63es gold notee
Sept
33
Jan 064 May
Ohio Power 5s Ser B..1952 923'. 92% 92% 9,000 89
1,000 106
1% Oct
1951 106% 106% 106%
Apr 10634 Oct
7s
91% 58,000 91
OT t 95
2814 June Oklahoma(las & El 5s 195)1 9134 91
Mar
10034 100% 15.000 97
44% June Pennok Oil Corp 68_ ..1927
Jan 10044 June
12,000 95
33% June Penn Power & Light 58 '52 96% 96% 97
Apr 98% May
30,001 96
1953 9635 96% 97
Apr
2
Apr 9814 Ma,
56 Series D
100 100
914 Mar Phila Electric Is
2.001 98 June 10134 June
1t,60
844 Mar
Philu Rap Transit 68..1962 9834 98% 98% 22.000 96% Aug 99
Mat
102 102% 57.001
28% June Pure tIll Co % __AVM 102
102% May
973.', J
4634 June Schulte R E Co 68_ _ _1935 100% 100 101
54,001 100
Oct
June 101
15% Feb Seaboard Air Line 6s_ _194.5 9434
94% 95
44,001
944( Se
, '75
Sept
12
Oct Siemens & Elalske 75..1928 9534 92% 95% 19.00) 92% Oct 9914 Feb
414 Apr
4.00(
1935 92% 92% 94
78
905s Aug 9654 Feb
31% June Sloae-Shett St a I 88 1929
102% 103% 4,00; .01
Jan
344 Sent
7
Mat Solvay & Cie 68
1934
104 104% 26,00, 100
Jan 105
July
9c June Southeast P & L 68 A.2020 96% 96% 9735 .18,00
96% Sept 9714 Aug
95%
South Calif Edison 54.1944 95% 95
4.00
92
Jan 9741 May
Stand Milling 5148.. 194%
23.00,
9534 96
94
July 9634 May
86e
Fe Stand 011 of N Y 6%8.1933 106% 106 106% 26.00
Feb
Aug 108
106
19c
Feb Swift & Co Ss. _Oct 15 1932 96% 96% 96% 112,001 94
July
Jan 97
2
Feb
rhyreten(Aug) MS 7s 1910 933', 93
945i 57,00,
ADP 09% Feb
90
8% Oct Tidal Osage Oil 7s___ _1931
5,00, 103
10444 10434
Jan 10444 Jan
I% June
1 oho 1.3 POW iJapan) 78 55 90
75.00,
8935 90
A. t
,,
91% May
87
4
Fri
Tokyo Elec Light 68 1928
98% 99% 20 00
9834 Aug 9911 Sent
6c
Apr
Eraite-Coutinental 0117s 31
96
96
9634 16,010 9444 Sep 103% ktsl
25c Feb Tyrol Iled-E1 l'ow 7148 '55 96% 96% 96% 23,000 943.4 June 96% May
4
Feb
Unloe 011 Calif 58_
1935
94% 95
2?3,0(4) 941'S Max 96% Mar
75c
Feb United 011 Prod 88...1931 37
37
39
Jan 50 June
13,000 28
July
109
United Rys of Hay 7Sis '3. 10954 109% 109%
July
1.000 10754 Mar 112
23o Feb
US Rubber Ber 6%8..1926
10034 100% 14 000 10044 Oct 10214 Mar
58e
Jan
Serial 634'S notes_ _1927
Mar
101% 101% 16,000 100% Apr 102
42e July
Serial 634% note...1925
101% 102
10.000 .00% Apr 102% MaT
1% July
101% 102
Oct
Serial 635% notes..192e 102
45,000 99)4 AP 102
10c
Jan
Serial 654% [Ram -1934
100 101% 18.000 99% Apr 102
Sept
8c Mar
Serial 634% noWe..1931 161
100 101
July
23.000 9734 Apr 1111
I4c Feb
Serial 6%% notes..1932 101
100% 101
Mar 101
Sept
11.000 97
Sc Mar
ltllu4 10)4%
Serial
% notes..1931 100%
16.000 96% Apr 100% Sept
23e
Apt
100% 100%
Serial 654% note.. 1934
3.00(1 9654 May 10034 Sept
17
Aug
Serial 834% notes_ .1931 10034 100 100% 15.00(1 96
Apr 10035 Oct
16% May
Serial
% notes. _193t 100% 99% 100% 31.000 95% Apr 10041 Sept
Apt
2
28.000 95% May 100% Sept
Serial 6)4% notes.. 1937 99% 99% 100
235 July
Serial 634% notes .1931' IGO
99% 100
20 000 95% Apr 100% Sept
135 Feb
99
9944 32 000 9534 MEN 10054
Serial 61.4% notes 193!
Sept
2% Jan
99% 100
Serial 634% notes..1941
20.000 95% May 10014 Sept
I8c Mar
Vacuum 011 is
104% 105% 31.000 10434 Sept Tul Is Jan
1937 105
2444 Jan
98
Walworth Co 6 50...A93.
98
Oct 98
5.000 98
Oct
201% 0,1 Foreign Government ant. Munk !panties
46% July
Cologne (City) 6 Sis..19.50
87)5 87% 18,000 87
Sept
88
Aug
8% Jut
Denmark (Kg)5Sid wl 1955 99% 99% 99% 40 000 99% Aug 100 Sept
1 4 1sr
1
99
50.000 97
.rat ,City Austria 85 '54 99
99
May
9955 Sept
47e Beet
French Nat Mall SS 781049 82% 81% 83% 116.000 7734 Apr
4.
Jan
234 Sept ilunearlan Cons Mon
Sic
1940 89% 89
Jul
Loan 7%8
89% 106.000 89
89% Bent
1
OCt
Indust Mtge Bk of lelnlauti
10
Oct
lot 01 %di s f 7,
94% 94% 21.000 92% Mar 97
19.4.
June
98
3 000 97% July 98% July
98
3YE Jan
Medellin (Colon.) 88_1948
12e May Netherlands(Kingd)68B'72
2 00t. 102% Mar 119% Aug
10644 107
2
Sept
Jul 10114 June
101 101% 2.001. 99
eru (Republic oft 815.193
89, A., Russian Govt6
12% 12% 20 000 II% Aut
_191'
17% Feb
3 1. Feb
,
12)5 12), 5.000 11
Aug
191P 12%
17
6458 ctN
Feb
6
Aug
5.4.1
12% 13% mewl 11
Pr%
Jul.
1754 Feb
63c Feb Santa
(Prov) Argentina
19 4 Ise
,
944( 94% 62.001
Crest ex is
92% Sept 98% July
1942
16c Mar 4tvIr....r1hrpt ,:nvt 54. 19'?
102 102% 19.01x
102
to4
July
”I.
•
82% 92% 92% II 000 co% tills
4% lan
0114 .11117
39e 13.mt
eCorre'ton. I Listed on the Sto. k Exchange Ltd week, where
• NIO oar value.
5
Am
ound. o New stock s Option sale. to When
16
J in additional trere art Ions w 11 be
lamed. z Ex-dividend. y Ex-rights. z Ex-stock dividend.
1784
Xnuestment and
"11
ailaratl intelligence,
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the fourth
week of September. The table covers 13 roads and shows
10.73% increase over the same week last year.
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
Companies.
Balance,
Surplus.
$
663,963 --367.594
296,369
Aug '25 2.492,881
667,007 --445.820
221,187
'24 2.444,009
105,822
75,760
181.582
Aug '25
770,378
112,846
58.047
170,893
796,194
'24
Increase. Decrease.
866,799
492,413
Fourth Week of September.
1924.
8 mos ended Aug 31 '25 6.266,691 1.359.212
3925
;
502,282
915,167
'24 6,584,538 1,417,449
$
$
$
$
Florida Pub Serv
83,322
17,409
Aug '25
Ann Arbor
163,960
149.780 14,180
Co
5,089
57,983
'24
55,491
Buffalo Rochester & Pittsburgh
441,328
496.819
203,272
12 mos ended Aug 31 '25
282.058
78,786
901,510
Canadian Pacific
6,518,000 5,481.000 1.037,000
114,636
482,252
5,871 Havana Elec Ry, Aug '25 1.244,357 *596.888
Duluth South Shore & Atlantic_
162,804
168,675
Light & Power Co
462.212
117,224
'24 1,189.029 *579.436
Great Northern
4.057.000 3,764.630 292,370
8 mos ended Aug 31 '25 10,058.966 *5,085.886
933,680 4,152.206
Minneapolis & St Louis
359.621
535
360.156
939,302 3,837,920
'24 9,386.803 *4.777.222
6.387
Mineral Range
14.533
8,146
Metropolitan
Aug 25
706.971 a300.762
77.240
Mobile & Ohio
503,889
581.129
Edison Co & sub cos 24
620.864 a229,005
St Louis
-San Francisco
94.674
2,749.632 2,654.958
12 mos ended Aug 31 25 8,310,861*03,559,862 1,717,377 1,882.485
60,828
716,572
St Louis Southwestern
777.400
24 7,855.386*a3m88,954 1.504,924 1.564,030
Southern Ry System
5,571,748 5,048,546 523.202
43.777
New Jersey Power Aug 25
Texas & Pacific
940.571
984.348
a27,994
113,796
40.516
& Light Co
Western Maryland
500,182
540.698
81,839
022,339
24
12 mos ended Aug 31 25 1,211,823 *a365.239
197,122
168,116
12.258
Total (13 roads)
22.971.840 20,744.285 2.239,813
143,456
140,365
24 1.051,476 *0283.821
Net incrpasa (1 n 7IX 01-1
2.227.555
Nor Carolina Pub Aug 25
45,022
144,053
Ser Co, Inc, & sub cos 24
41.988
141.560
earnings for a number
In the following we show the weekly
12 mos ended Aug 31 25 1,835.552
292.992
293,093
586.085
of weeks past:
Penna Edison
Aug 25
243,412
a77.536
Co & sub cos
236,544
a79.183
'24
12 mos ended Aug 31 '25 2,913,6465a1,051.766
528,349
523,416
Increase or
Previous
Current
577,801
478,669
'24 3,110,899.01,056.470
%
Decrease.
Year.
Year.
Week.
Reading Transit Co Aug '25
016,799
256.264
& sub cos
a22,778
'24
252,790
$
$
$
12 mos ended Aug 31 '25 3,021,633 *6269.627
89,116
180,511
-261,838 1.51
1st week June 16 roads)---- 17,075,429 17.337.267
84,658
189,999
'24 3,050,943 *a274,657
-405,984 2.33
2d week June 16 roads)--- - 16,982,661 17.388.645
-288,496 1.65 Sayre Electric Co Aug '25
21,245
a6,140
3d week June 16 roads)____ 17,170,036 17,458,532
+610.569 2.68
'24
16,256
a4,270
4th week June 16 roads)---- 23,465,981 22.855.412
+243.852 1.43
12 mos ended Aug 31 '25
31,768
50,267
260.271 *082,035
1st week July 16 roads)...-- 17.280,373 17,037.297
+258,533 1.47
25,632
44,298
217,364 *069,930
'24
2d week July 16 roads)---- 17,742.468 17,483.935
+922.795 5.35 Texas Electric Ry Aug '25
3d week July 16 roads)____ 18.163.598 17.240.803
36.032
25,417
61,449
184.668
4th week July 16 roads)....-- 27.201.378 25,022.731 +2.178.647 8.70
'24
35.427
51.168
222.674
86.595
1st week Aug. 16 roads)-_-.. 18.408.362 17,160.592 +1.247.770 7.27
12 mos ended Aug 31 '25 2,566.244
527,902
954,092
426,190
week Aug. 16 roads)...._. 18.693.557 17,140.935 +1.552.622 9.05
2d
431.754
802,979
'24 2,977.613 1.234,733
3d week Aug. 16 roads)-_-_ 19.313,356 17.533.547 +1,779,809 10.15 York Utilities Co Aug '25
-4,205
14.523
k4,097
*1-108
4th week Aug. 16 roads)_-_ 27,448,599 24,984.483 -1-2.464,116 9.86
-3.881
'24
k3,763
11,515
*j---118
let week Sent 16 roads)____ 1A.849.977 17,369.297 +1.00.680 19 93
8 mos ended Aug 31 '25
832,686 -21,130
126.120 111.556
2d week Sept.(16 roads)____ 21.682.538 18,301,073 +3,381.465 18.48
'24
128.509
832.741 -23,446
•j9,295
3d week Sept.(16 roads).- 22,365.276 19,393.235 +2,972,041 15.32
* Includes other Income. a After depreciation and rentals. c After
09 071 esn 91; 755 988 -I-9 997 M.5 10.73
depreciation. j Before taxes. k Includes taxes.
Boston Elevated
East Mass St Ry
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
FINANCIAL REPORTS.
the deduction of taxes), these being very comprehensive.
country, with a total
They include all the Class A roads in the
Financial Reports.
-An index to annual reports of steam
mileage.each month as stated in the footnote to the table.
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
Net Earnings.
Gross Earnings.
on the last Saturday of each month. This index will not
Month
Increase or
include reports in the issue of the "Chronicle" in which it is
Increase or
1924.
Decrease.
1925.
1924.
1925.
Decrease.
published. The latest index will be found in the issue of
Oct. 3. The next will appear in that of Oct. 31.
$
Jan _ 483,195,642 487,329,225 +15.866,417 101,022,458 83,680,754
Feb -- 454.009,669 478,451,607 -24.441.938 99,460,389 104,441,895
Mar-- 485,498,143 504.362,976 -18,864,833 109.230,086 114,677.751
Apr _- 472,591.665 474,287.768 -1,696,103 102,861,475 97,471,685
+17,341,704
-4,981,606
-5,447.665
+5,389,790
May _ 487,664,386 476,549,801 +11,114,584 112,859,524 96,054,494 +16,805.030
June 506,002.03) 464,774,329 +41.227,707 130.837,324 101,487.318 +29.35J,008
July. _ 521,538,604 480,943,003 +40,595,601 139,606,752 111,786.887 +27,819,865
Aug_ _ .554.559.31 107.537,554 *47.021.764 166,558.66C 134.737.211 +31.821.455
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.. Apri .5.53% Inc.,
May, 17.49% Inc.: June. 18.91% Inc.: July, 24.88% Inc.: Aug.. 23.26% Inc.
In Jan. the length of road covered was 236,149 miles in 1925, against 235,498
miles 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.
-The table
Net Earnings Monthly to Latest Dates.
following
shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Na from
1925.
1924.
1925.
$
8
8
American Ry Express Co
267,868
August._ _ _ 12,447,478 12,531,711
From Jan 174,169.911 76,851,561 1.577,722
Chicago Peoria dr Western
19,199
120,547
98,075
August _ __
38,634
822,944
711,555
1
From Jan Denver & Salt Lake
143,307
331,948
_ 438,722
August
214,733
From Jan 1 2,043,508 1,893,567
Louisiana Ry & Navigation
56,807
429,382
320,780
August __
377,112
From Jani 2,437,514 2,642,345
Pennsylvania
Toledo Peoria & Western12,676
154,980
161,384
From Jan- 1.067,352 1,273,573 -73,988
1
AugustPullman Co
August
7,768,347 7,181,572 2,761,135
From Jan - 50,238,351 49.111.642 12,113,042
1
Railway- -Net alter Taxes
1924.
1924.
1925.
$
$
8
262,611
1,521,409
94,741
524,115
73,965
469,772
18,241
15,945
16,449
14,576
14,738
-12,510
30,972
-94,582
21.972
134,307
142,577 -166,591
36,684
215,402
73,270
159,913
6,676
516
140,528 -122,045
-11.011
51,441
91,272
304,643
2,199,202 2,208,037 1,745,202
8,410,490 9,148.362 5,988,280
Interest &
Net
Gross
Taxes.
Earnings. Earnings.
$
$
$
Bellefonte Central
Aug '25
'24
From Jan 1 to Aug 31
'25
'24
- Deficit
10,364
9,911
88,275
66,018
2,557
2,827
4,153
6,767
200
170
1,600
1,360
Balance,
Surplus.
$
2,357
2,657
2,553
5,407
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Julius Kayser & Co.
(Financial Report-Year Ended August 31, 1925.)
President Edwin S. Bayer, Oct. 1, wrote in brief:
Net earnings for the year. after making ample provision for depreciation
of capital assets, for bond interest and for Federal and State taxes, were
$1.174,642, or at the rate of $5.58 per share upon the Common stock outstanding after the payment of the full dividend upon the Preferred stock.
Inventories of materials, work in process and finished goods have been
valued on a basis of cost, which at the time of such valuation was substantially less than current market prices.
Company is well In advance of its obligations with respect to tne retirement of its 1st Mtge. bonds. There has been added out of surplus $150.000
to the reserve for market fluctuations in raw silk, making a total of $500.000
in such reserve. Its financial condition is strong, healthy and sound-and
it enters upon its new year with a gratifying increase in volume of business
booked at a satisfactory profit.
INCOME ACCOUNT YEARS ENDED AUGUST 31.
1923-24.
1922-23.
1924-25.
1921-22.
$206.954 $1,714.630 $1,685,058
x Profits
$1.174,642
633.475
Inventory adjustment_
Res.raw silk fluctuations
250.000
150,000
New pref. stock dl vs _ --48)528.920 ($8)528,920 ($8)528,920
y220.383
Divs. on old pref. stocks
99.008
Divs, on old com. stocks
396,690
$495.722 def$955.441
$935,710
Balance, surplus
$968.977
x After depreciation, interest and taxes. y Being amount of dividend
amounting to $132,230 ($2 per share) on
paid on the Preferred stock
July 1 1922 and the dividend accrued on the Preferred stock to Aug. 31,
CONSOLIDATED BALANCE SHEET AUG. 31 (INCL. AFFIL'D COS.).
1925.
Assets$
Land, bldgs., machtnery & enuip_x5,138.370
Patents,trade-mks.
and good-will... 5,644,000
Cash
592,492
Dep. with mutual
83,300
Insurance cos__ _
Notes St accts. rec.
(less reserve)._ 3,021,546
let M.bds. pur. in
adv.of sink.fund
at par and Int_ _ 400,200
Due from officers
41,605
and employees_ _
Sundry debtorE_ _ _ 102,198
6,310
Marketable secure.
2,570
Stk. pur.for empl_
7,262,094
Inventories
43,437
Deferred charges
1924.
$
5,648,949
5,644,000
732,615
92,996
2,400,328
201,586
1925,
Liabilities$
Preferred stock.. _y7,933.800
Common stock...27,743,936
-year 7s_ 3,508,000
1st M.20
Bonds and mtges.
of affiliated cos- 101,300
Notes payable_ __ - 600,000
Accounts payable_
83,765
Pref. dive. reserve.
.
88,153
Sundry cred. & habill ties accrued_
67,050
Due to officers and
employees
143,424
Federal taxes
6125,027
Reserves
525,750
Surplus
a1,415,916
1924.
$
7,933,800
7,248 214
3.692:00
0
104,400
500,000
64,750
88.153
82.321
99,548
27,327
19,807
372,750
94.716
1,889,847
6.310
2.569
7,011,564
27,670 Total(each sIde) _22,336,122 21,883.111
.
a Capital surplus arising from property appraisals. b Federal andforeign
taxes on income. due or accrued. a Lanthlioulldings, machinery and equipment valued as to principal properties on basis of 1922 appraisals, $8,530.ed,
368; less reserve for depreciation. $3.393.997, leaving, as above stat
- $5,139,370. y Preferred stock authorized, 70.000 shares of no par value;
-Gross Earnings--Net Earnings
Current
Previous
Previous
Current
Issued and outstanding. 66,115 shares. z Common stock authorized.
Year.
Year.
Year.
Year.
Companies
150,000 shares of no par value; issued and outstanding. 115,700 shares.
$
$
$
$
and surplus, $7,743,936.-V. 121. p. 1684.
Aug 7,152.000 6.251,000 3.011.000 2.553,000
American Tel & Tel
8 mos ended Aug. 31_ _ _55,840,000 49,168.000 24,717,000 20.226,000
Crucible Steel Co. of America.
301.699 *146,081 *140.798
Community P & L & Sub.Aug 339.761
(25th Annual Report-Fiscal Year Ending Aug. 31 1925.)
12 mos ended Aug 31--- 3,250,200 2.733.433 *1,368,330 *1,027,169
•After taxes.
Companies.
Binghamton Light, Aug '25
'24
Heat & Power Co
12 mos ended Aug 31 '25
'24
Net after
Gross
Taxes.
Earnings.
$
$
c44,757
134.576
c24,275
106.602
1,584,018 *c594,822
1,317,209 *c442,583
Fixed
Charges.
$
298.676
187,738
H. S. Wilkinson, Chairman, Oct. 3, wrote in part:
Balance,
Surplus.
$
296,146
254,845
In continuation of our previously announced policy, company has
expended $1,011.416 during the past year in additional new machinery,
new equipment and for other purposes in connection with our program to
decrease the cost of our products. It is the aim of the company to be able
to manufacture at the lowest possible costs that we may supply to the
trade our products at the lowest price consistent with the high standard of
quality to meet any competition that may arise. This plan has been con-
OCT. 10 1925.]
THE CHRONICLE
1785
eistently followed during the past three years and shall be continued until
Chicago Milwaukee & St. Paul Ry.-Reorganization
our program has been completed.
-Kuhn,Loeb & Co.and the National
At the close of the last fiscal year, Aug. 31 1924, the unfilled orders on Plan Declared Operative.
the books of the company and the reduced volume of business in the steel City Co. the reorganization managers under the plan and
Industry was such that it was impossible for us during the first 6 months to
manufacture and obtain the normal results anticipated, and for that reason agreement dated June 1 1925, on Oct. 9 declared the plan
only about one-third of our year's operating profit was the result of our first6 operative. The reorganization managers state that the
months' business. After Nov. the volume of business in the steel industry
Increased and the last 6 months up to Aug. 31 1925, have been decidedly bonds assenting to the plan now aggregate over $111,500,000,
better, and we have been able to increase production and earn double the or nearly 49% of the aggregate amounts of outstanding bonds
amount that we did in the first 6 months.
affected by the reorganization. This total includes over
Unfilled Orders (Tons).
$19,000,000 of the Puget Sound Extension bonds, or apAug. 31 1924
49,2521Feb.28 1925
140.446
proximately 73% of the outstanding bonds of that issue,
Aug. 31 1925
144,1611
We now look forward with anticipation to a larger volume of business and and over $92,500,000 of the various issues secured under the
profit for the coming year.
The management has had under contemplation for some time closing its Gen. & Ref. Mtge., or more than 45% of the outstanding
fiscal year Dec. 31, to make it correspond with the calendar year, instead bonds of those issues. In addition, $80,800,000 par value
of August 31. The preparation of Federal reports and reports to the
various states in which we are doing business, as well as matters of taxation, of stock has been deposited, making a total of over $192,make it desirable that this change be made. At the last meeting of the 000,000 of securities assenting to the plan. Substantial
Directors this was authorized. In accordance with this change the date of
the annual meeting has been set for the third Wednesday of April each deposits of bonds and stock are being made daily. The
year. We feel that this will meet the approval of everyone interested in statement given out by the reorganization managers further
OW Company.
• The number of stockholders on Aug. 31 1925, was: Preferred 4,863; states:
Bonds and stock not already deposited may be deposited without penalty
Common 1,725.
until Nov. 20. After that date deposits will be received only upon payment
CONSOLIDATED INCOME AND PROFIT AND LOSS STATEMENT at the time of deposit of penalties in such amounts as may be imposed by
FOR YEARS ENDED AUG. 31.
the reorganization managers, who reserve the power at any time to increase
penalties. All payments on account of penalties will be applied to the
1924-25.
1923-24.
1922-23.
1921-22.
expenses of reorganization.
Operating profits
47,837.683 57.434.461 $5,884.316
Regarding the recent published statement of the committee of which
Other income
897,852
268.616
208.046
George E. Roosevelt is Chairman, that informal efforts to secure modificaTax and res.adjustments
691.131
tion of the reorganization plan had failed, the reorganization managers
Profits
$8.735,535 57,703,076 56,783.493 y$2,165.768 state that the modifications proposed on behalf of the Roosevelt group
were carefully considered, both on behalf of the reorganization managers
Maintenance of plants
2,753.819
1.984.277
1,200,000
Depreciation & renewals 1,200,000
1,200,000
1,250.000 and the bondholders' committee of which Frederick H. Ecker is Chairman.
268,750
Int. on bonds ofsub. cos.
256.250
281,250
293,750 They were rejected as not being in the interest of the bondholders or Preferred stockholders, as were similar proposals made on behalf of stockholdInventory adjustments_
See x
Prof. dividends (7%)_ _ 1,750.000
1,750,000
1,750.000
1.750.000 ers during the protracted negotiations between the three committees repCommon dividends
2,199.939
2.199.924
549,979
999,817 resenting respectively bonds, Preferred stock and Common stock that
preceded the adoption of the plan. Indeed,it was their conviction that the
Balance, surplus
5575.527
$300,125 $3,002,264df$6,450,334 full discussion of the past few weeks had failed to develop any sound critix After deducting Federal and other taxes. y Loss after depreciation cisms of the plan or any improvements in its structure, together with the
In the value of inventories and loss from operations.
broad support that it had received from security holders, that prompted
managers to declare the plan operative at this time. To further delay
COMPLETE DIVIDEND RECORD OF COMMON STOCK (DIVIDENDS the reorganization would only continue the large additional expense incident
the
ARE NOT SHOWN IN THE REPORT).
to receivership, estimated at more than 31,000,000 a year, all to the detriIn Cash.
In Stock.
Date Paid.
Date Paid.
In Cash.
ment of the bondholders.
Jan. 1921_ _2 41,000,000
July 1919_..14%-$375.000
In commenting on the changes in the plan proposed on behalf of the
Apr. 1921- _2
Oct. 1919- _ _3%- 750.000
Roosevelt group, the managers pointed out that the most radical change
Jan. 1920---3 - 760.000
July 1921_2 - 500,000 Proposed is that the Government debt of $55,000,000 should not be liquiApr. 1920-.3
750,000 50%
0412.500.000 Oct. 1921-1
.
dated but should be extended, thereby relieving the stockholders of the
July 1920_--2 0- 750,000 16 1-3 6.250.000 Jan. 1922_1%- 500.000 greater part of the cash asses(ment provided for in the existing plan. It
Aug. 1920_..
14 2-7 6.250.000 Apr. 1922_ _Div. passed.
was further proposed that the extended Government notes shall be secured
July '23 to July
Oct. 1920......2%- 1.000,000
by, and eventually paid from, the proceeds of 1st & Ref. Mtge. bonds, all
'25(1% qu.) $4.950.000 of which, under the existing plan, are reserved for future financing. This
proposal is wholly unacceptable to the bondholders' committee, who insist
CONSOLIDATED BALANCE SHEET AUG. 31.
that in return for the bondholders concession in accepting income bonds
1925.
1924.
1925.
1924.
' AssetsIn the plade of fixed-interest-bearing bonds, the stockholders shall provide
Liabilitiesx
•$
$
5
the Government debt and accept for this money
Property
stock. 25,000,000 25,000,000 the money to liquidate the new financing mortgage. The bondholders'
x81,851,941 82,345,154 Preferred
new 5% bonds junior to
Investments
5,725,616 2,839,340 Common stock_ 55,000,000 55,000,000 committee express themselves as unalterably opposed to weakening the
U. S. GovernBonds
5,000,000 5,250,000 financial structure of the new company by expanding the issue of 1st &
meat securs_.
87,000
87,000 Accts. Day., int.
Ref. bonds by using bonds of that issue to secure the Government
Materials & sup5,703,437 2,578,033 debt and subjecting them to being sold to pay it. Such a course would re& taxes accr
plies
17,447,846 17,260,264 Pref. thy. parle
437,500
437,500 duce the investment value of the bonds of that issue and increase the cost
Unexpired taxes
Depr., &c., res. See a
See a
of financing future capital expenditures, thereby reducing the income
and insurance
328,266 Res,for exhaust.
351,800
available for interest upon the new income bonds.
Notes receivable
. See a
of minerals_ _
See x
7.5,777
76,374
Apartfrom this fundamental objection from the point of view of the bondConting. reserve
500,000
Accounts reedy720,000 holders, the Roosevelt proposals involve Congressional legislation permit786,514
able,less res.. 5,060,986 3,433,663 Insurance refeve
771,871 ting the proposed extension of the Government notes and the reduction in
22,394,316 21,818,789 the rate of interest. Whether such legislation can be secured is wholly
Cash
4,220,203 5,206,730 Surplus
problematical. A bill authorizing the reduction in interest on Government
Total
Total
114,821,766 111,576,193 loans to railroads to less than 6% failed of passage at the last session of Con114,821.766 111,576,193
x After deducting $25,490,233 reserve for depreciation for the year 1925 gress, notwithstanding that its enactment was recommended by the Secreas against $24.076,204 for 1924, and making a reserve of $595,179 for tary of the Treasury. To the uncertainty of the Roosevelt proposal the
exhaustion of minerals for 1925 compared with $504,579 in 1924.-V. bonihriciers' conniittee naturally prefers the provision of the present plan,
120, D. 1464.
which insures the funding of the Government debt by the issue of junior
lien 50
-year 5% bonds to be taken by the stockholders at par.
In the hope of influencing the bondholders to waive the greater part of
the proposed cash assessment upon the stockholders and to consent to the
proposed extension of the Government debt, it was proposed on behalf of
the Roosevelt group that the bondholders receive a contingent participation
In earnings not to exceed an additional 1% after 5% has been paid upon the
STEAM RAILROADS.
Preferred stock. This suggestion was rejected by the bondholders' comErie RR. Protests Against Bus Cos. Operating Lines into New York City.- mittee, as a similar suggestion had been rejected prior to the promulgation
Manager R. H. Wallace of ee of the plan, as being an entirely inadequate substitute for the cash assessAt Hackensack, N. J. Traffic Passenger
the payment of the Government
RR. objects to granting of permits to bus companies which propose to run ment upon stockholders to provide for committee attach greater imporbuses between Hackensack and Times Square for 50c. per trip. They are loan. Furthermore, the bondholders'
cumulativesinidng fund of ti of1% after 1936 for the retirement
tance to the
said to be cheaper and faster than the train service. New York "TLnes
of their bonds, which has priority over the entire Preferred stock dividend.
Oct. 7, p. 40.
expected
New York Central RR. Places Gasoline-Driven RR. Cars in Operation on It WRS recognized that the stockholders could not beof 1%. to consent to
Two Branch Lines.
-Service will probably be extended to more thin traffic both this sinking fund and the contingent payment
Certainly, it cannot be seriously questioned that the adoption of the suglines. N. Y. "Evening Post Oct. 8, p. 29.
seriously weaken
Car Surplus.
-Class I roads on Sept. 22 had 150,453 surplus freight cars gestions offered on behalf of the Roosevelt group would
In good repair and immediately available for service, according to reports the plan from the bondholders' point of view.
A further suggestion was made on behalf of the Roosevelt group, that the
filed by the carriers with the Car Service Division of the American Railway
Association. This was a decrease of 0,915 cars under thenumber reported existing Preferred stock, instead of receiving $ for $ in new Preferred stock
on Sept. 14. Surplus coal cars in good repair on Sept. 22 totaled 63,320, carrying 5% dividends with a right to participate with the Common after
an increase of 3,391 cars within approximately a week, while surplus box It had received 5%,should receive only part of its par value in new Preferred
cars in good repair totaled 61,349, a decrease of 7,430 during the same stock carrying flat 6% dividends and the remainder In Common stock.
period. Reports also showed 13.977 surplus stock cars, a decrease of 1,866 A similar suggestion was vigorously pressed by the Common stockholders'
under the number reported on Sept. 14, while surplus refrigerator cars committee and fully considered in the negotiations leading up to the adoptotaled 6,167, a decrease of 3.372 cars compared with the previous period. tion of the plan. It was rejected by the Preferred stockholders' committee.
Car Shortage.-Praetically no car shortage Is being reported.
The charter of the St. Paul company gives to the present Preferred stock a
Repair of Locomotives.-LocornotIves in need of repair on Sept. 15 this preference in assets over the Common stock and a preference of 7% in diviyear totaled 11,286. or 17.7% of the number on line, according to report dends with a pro rata participation in dividends after the Common stock
filed by the railroads with the Car Service Division of toe American Rail- has received 79w. The reduction of the preference to 5% was all that the
way Association. This was an increase of 735 compared with Sept. 1, Preferred stockholders' committee would yield.
when there were 10,551, or 16.5%. Of the total number in need of repair
Regarding the Roosevelt statement that the existing plan has met with
on Sept. 15, 5.894, or 9.2%, were in need of classified repairs, an increase general opposition, it is stated that on the contrary the plan has met with
of 380 compared with Sept. 1 this year. while 5,392, or 8.5%, were in need widespread approval. It is doubtful if In any previous reorganization of
of running repairs, an increase of 355 locomotives within the same period. similar magnitude so large a volume of securities has been deposited in so
Class I railroads had 5,681 serviceable locomotives in storage on Sept. 15, a short a time after the promulgation of the plan and the deposits actually
decrease of 221 compared with the number of such locomotives on Sept. 1.
made only partially reflect the support that has been assured. It is
Repair of Freight Cars.
-Freight cars in need of repair on Sept. 15 totaled significant that out of the 14,700.000 bonds held by 36 savings banks in
190.674, or 8.2% of the number on line, according to reports filed by the the State of New York, over $3,400,000 held by 25 savings banks have alcarriers with the Car Service Division of the American Railway Association. ready been deposited. All the known holdings of the large life insurance
This was a decrease of 6,504 cars under the number reported on Sept. 1, at companies have been deposited.
which time there were 197,178. or 8.4% Freight cars in need of heavy
Roosevelt dc Son Form Another Bondholders' Protective
repair on Sept. 15 totaled 146,481, or 6.3%, a decrease of 3,224 compared
with Sept. 1. Freight cars in need of light repair totaled 44,193. or 1.9%, Committee to Draft New Reorganization Plan.
-A bondholders'
a decrease of 3,280 compared with Sept. 1.
Roosevelt (Roose-
GENERAL INVESTMENT NEWS
Baltimore ISC Ohio RR.
-Permanent Ctfs. Ready.
Delivery of the permanent certificates of the Baltimore & Ohio RR.
Equipment Trust Series "B" is now being made at the office of the Girard
Trust Co.. trustee. Philadelphia, and (or) at the office of the Bait. & Ohio
RR., 2 Wall Street, N. Y. City, in exchange for temporary certificates.
(See offering in V. 120. p. 2265.)-V. 121. P. 1345.
protective committee headed by George S.
velt & Son) has been formed "to secure a reorganization more
equitable to the junior bondholders," and to oppose the consummation of the plan proposed by Kuhn, Loeb & Co. and
the National City Co.
The announcement, which is addressed to (1) 4% Gold bonds, due 1925:
-Tentative Valuation.
Birmingham (Ala.) Belt RR.
(2) 4% 15-Yr. European Loan of 1910 bonds, due 1925: (3) 43.% Cony.
The I.
-S. 0. Commission has placed a tentative valuation of $751.096 on erlold bonds, due 1932: (4) 4% 25-Yr. Gold bonds of 1909. due 1934; (5)
the total used and $843.920 on the total owned properties of the company, Chicago. Milwaukee & Puget Sound By. Co. 1st Mtge. 4% Gold bonds.
due 1949, and (6) Gen. & Ref. Mtge. Gold bonds, Series A and B. due
as of Juno 30 1918.-V. 75, p. 1146.
2014, says:
Butte Anaconda & Pacific Ry.-Abandonment of
"The undersigned have organized as a protective committee; first, to
secure a reorganization more equitable to the junior bondholders; second,
Georgetown Extension.
-National
to oppose the consummation of the proposed Kuhn, Loeb & Co.
-S. O. Commission on Sept. 22 issued a certificate authorizing the City Co. Reorganization Plan.
The I.
abandonment, as to inter-State and foreign commerce, of the Georgetown
"This committee is preparing an alternative plan of reorganization which
Extension. extending from Browns in a northwesterly direction to a point the committee believes will be far more favorable to the bondholders.
"As compensation for any sacrifice of fixed interest and mortgage Posiat Southern Cross, a distance of 16.75 miles, all in Deer Lodge County, I
-V. 120. p. 827.
tion which may be required, we propose, though a participating feature,
Mont.
1786
THE CHRONICLE
that the junior bonds be given an opportunity to share in future restoration
of earning power.
"Informal efforts to secure modification of the Kuhn, Loeb & Co. plan
have failed. To prevent that plan from being forced on unwilling bondholders, it has become essential to organize effectively and without further
delay. The committee offers to serve without compensation. Bondholders
are invited to deposit their bonds."
Protective Committee.—George E. Roosevelt, chairman (Roosevelt & Son);
Philip A. Benson (Trustee & Sec., Dime Savings Bank, Brooklyn, and
Chairman of committee on Investments of the Savings Banks Association
of the State of New York); Charles A. Collins (Pres. Lynn Institution for
Savings, and Chairman, Chicago Milwaukee & St. Paul Ry. Committee,
Savings Banks Assn. of the State of Mass.); Edwin G. Merrill (Pres., Bank
of New York & Trust Co.); Willis D. Wood (Wood, Low & Co.) with
E. T. Gregory, Sec., 30 Pine St. N. Y. City and Root. Clark, Howland &
Bal!entitle, Counsel.
Depositary.—Bank of New York & Trust Co.. 52 Wall St., New York.
Mr. Roosevelt Says Bondholders Should Not Be Alarmed
Over Threats of Penalties.—
Declaring that the Kuhn. Loeb-National City statement that their
reorganization plan is operative indicates the depserate measures on the
part of the reorganization managers. George E. Roosevelt stated that the
bondholders should not be frightened over threats of penalties. Ample
time will be had. Mr. Roosevelt added,for all security holders to determioe
their position after weighing the reorganization plan soon to be announced
by the Roosevelt committee. Mr. Roosevelt said:
"The announcement figures of deposit show that the Kuhn, LoebNational City plan is supported by less than 49% of the refunding bonds
and by less than 35% of the outstanding stock. Before any plan can be
consummated a sale must be had under the approval of the Federal courts
and the reorganization must have the approval of the I.
-S. C.Commission."
Frederick H. Ecker, Vice-President of the Metropolitar
Life Insurance Co. and Chairman of the committee representing holders of junior bonds of the St. Paul, says in part:
I don't believe the reorganization plan of Roosevelt & Sons will endanger the final adoption of the Kuhn, Loeb-National City plan. Adoption of
our plan may be hastened by the offering of an alternative plan if securityholders find the plan of Roosevelt & Sons unfavorable in comparison with
ours.
The Kuhn, Loeb-National City plan is not a plan of expediency, looking
to the present only. I have had dealings with plans that were expedient,
and they generally break down in the lean years.
We have carefully conOdered the suggestions and plan of Roosevelt &
Sons. It favors the stockholders too much, and is not so soudn a plan as
ours.—V. 121,p. 1674.
[VOL 121.
The equipment
-trust agreement will be dated Oct. 1 1925, Bankers
Trust Co.. New York, trustee. Denom. $1,000 c*. Will mature in
amounts of $70.000 on Oct. 1 in each of the years 1926 to 1935, incl. Dividend warrants payable A. & 0.—V. 121, p. 1345.
Manchester & Oneida Ry. (Ia.).—Final Valuation.—
The I. 0. Commission has placed a final valuation of $121,415 on the
-S.
owned and used property of the company, as of June 30 I916.—V. 113.
p. 2614.
Manufacturers' Ry., St. Louis.—Tentative Valuation.—
The I.
-S. 0. Commission has placed a tentative valuation of $1,180,000
on the total owned, and S1,618,564 on the total used properties of the company. as of June 30 191I.—V. 119. p. 1172.
New York Dock Ry.—Stock.—
The I.
-S. C. Commission on Sept. 28 authorized the New York Dock
Ry. to issue $3,300 capital stock, consisting of 30 shares of 6% Cumulative
Preferred and three shares of Common, of the par value of $100 a share.—
V. 90, p. 1364.
St. Louis Merchants Bridge Terminal Co.—Lease.—
See Terminal RR. Association of St. Louis below.—V. 108, p. 2241.
St. Louis Southwestern Ry.—An,tuq Meeting
.—
The annual meeting of the stockholders and directors was held in St.
Louis Oct.6. The company has outstanding 365,000 shares ofcapital stock.
of which amount there were 49,998 shares represented in person at the meeting and 245,222i4 shares represented by proxy. No change was made in
the
of the officers and directors of the road.
f
The stockholders voted to change the date of the annual meeting from
the first Tuesday in Oct. to the Wednesday next preceding the first "'bursda3 in May.
,
Edwin Gould, Chairman of the Board, stated that the program of rebel
lasting 121 miles of road and the relaying of 72 miles of heavy steel rails
this year was proceeding on schedule time and that with the recent purchase of 1,000 new 40
-ton-capacity box cars and with the cars that have been
rebuilt in the shops,the road has ample equipment to handle all of its business. Business along the entire line is highly satisfactory.—V. 121, p. 837.
195.
St. Louis Transfer Ry.—Lease.—
See Terminal RR. Association of St. Louis below.—.
Savannah & Atlanta Ry.—Receivers' Certificate.—
The I.
-S. C.Commission on Sept. 28 authorized an issue of8% receivers'
certificate for $150,000 to retire a certificate of like amount, which matured
on June 29 1925.—V. 114, p. 628.
Chicago Rock Island & Pacific Ry.—Cancels $7,500,000
Terminal Railroad Association of St. Louis.—ConNote Issue Designed to Get Control of St. Louis-Southwestern.— trol of Subsidiaries.—
The I.
The following notice was issued from the offices of Speyer &
-S. C. Commission on Sept. 19 approved and authorized the
acquisition by the Terminal Railroad Association of St. Louis of control
Co., Oct. 6:
of the St. Louis Merchants Bridge Terminal By. the East St. Louis Con-
"The I.
-S. C. Commission not having given its approval to the issue and necting By., and the St. Louis Transfer By. by lease. Provided, however,
sale by the Chicago Rock Island & Pacific Ry. of its $7,500,000 3
-Year and the approval and authorization of acquisition of control of the Mer% Notes to be secured by St. Louis Southwestern stock, the railway chants Bridge Terminal By. is upon the express condition, that an applicacompapy, in agreement with the bankers, has canceled the sale of these tion under the provisions of Sec 20-a of the Inter-State Commerce Act
"
notes.
for authority to assume obligation and liability in respect of the bonds
The above note issue (see public offering in V. 121, P. 326) was to be of the Merchants Bride Terminal By. shall first be filed by the Terminal
secured by deposit of $13,480,000 par value St. Louis Southwestern Ry.5% Railroad Association of St. Louis with the Commission, and an appropriate
Preferred stock. The Rock Island, early this year, arranged for the order entered upon such application.
purchase of the Gould holdings in the Cotton pelt. C. V. Burnside,
The report of the Commission says in part:
Assistant Director Bureau of Finance of the I.
-S. C.Commission, in August
last recommended that the application for approval of this plan (still before
The terminal system of St. Louis and East St. Louis is made up of the
the Commission) be denied (V. 121, p. 800)•
properties of 17 companies, including the applicant and carriers. The
lines, which hold in
Chairman Hayden Corrects Some Erroneous Impressions.— applicant is controlled by 15 proprietary eight shares issued equal amounts
to individuals
all its outstanding capital stock, except
inspectors of election. Through stock
Charles Hayden, Chairman, says that many erroneous im- to qualify them as directors and indirectly, each of the other companies
ownership it controls, directly or
pressions have been gathered from reports regarding the embraced in the system. It operates its own property and that of eight
of its subsidiaries. It also operates the properties of the St. Louis Bridge
Rock Island-Cotton Belt situation. He says:
them under lease in
"Last summer Speyer & Co. purchased an issue of Rock Island notes Co.and the Tunnel RE.of St. Louis,holdingcorporation, owns perpetuity.
the entire
The
secured by Cotton Belt stock as collateral which they sold to the public capital Merchants company. a Missouriand in addition to operating its
the 17 companies
stock
subject to the I.
-S. C. Commission approval. The object of the Rock own propertyof two of of its subsidiaries, holds under lease and operates
and that
Island in selling them was to save 1% interest. The I.
-S. C. Commission
constituent companies. It is controlled
property of another
not having authorized the note issue, the public who „purchased them have the the applicant, which of the 99.99%. of its capital stock. The Conby
OWns
had their money lying idle, without interest, waiting to get investment necting company, an Illinois corporation, and the Transfer company. a
which they made last July. Bankers cannot, naturally, ask clients to Missouri corporation, operate their own properties. The Transfer cornhold money idle indefinitely, and the Rock Island has, therefore, handled pany holds
under lease and operates the side and yard tracks of the Wiggins
the sale at the request of the bankers.
Ferry Co. which controls the Connecting company and the Transfer
"We have no comment to make on the delay of the I.
-S. C. Commission company through ownership of the entire c tpital stock of both companies
in issuing authority for the note issue. There is no connection between this and is itself
controlled by the appllant through ownership of its entire
note issue and stock already owned by the Rock Island and the broad capital stock.
question of approval by the I.
-S. C. Commission of Rock Island's right to
The railroad properties of the constituent companies of the system are
acquire control of the Cotton Belt. Rock Island's ownership of its present operated
by the applicant and the carriers, the other operating companies
holdings of stock does not constitute a majority, and therefore is not subject of the system, namely, the Wiggins Ferry Co. and the Interstate Car
to the jurisdiction of the I.
-S. C. Commission.
operation of ferries.
"The application of the Rock Island to acquire control throuzla the pur- Transfer Co., confining their service to the one comprehensive terminal
The several properties are operated as
chase offurther Cotton Belt stock has not yet been heard by the Commission system, performing terminal and interchange service for the 28 railroad
and_probably will not be until some time in November.
lines with
connect. It appears that the properties have f tr a
"We are not at all disturbed by the report of the examiner which in effect number ofwhich they
conjunctively for the purpose of economy
years
amounted only to a recommendation that the present status be preserved. and expedition. been operatedoperation has obviated the necessity of
Connective
We have no reason to doubt that the Commission on full hearing will be making formal interchange of traffic and has relieved the applicant and
convinced that control of the Cotton Belt by the Rock Island is in the public the carriers of the work of keeping numerous burdensome records, thus
interest."
effecting economies in the movement and distribution of cars, and making
the purpose of interchange,
Edwin Gould, Chairman of the St. Louis Southwestern, possible the use of their classification yards for of the yards of
directly into and out
when asked about the withdrawal by the Rock Island of the each company haulingIt is stated that the handling of traffic the other
over the
terminal companies.
without formal interchange and the elimination
proposed issue of $7,500,000 3
-Year notes secured by a pledge lines of least resistancedone much to speed up the movement and
of duplicate records has
delivery
of Cotton Belt stock owned by the Rock Island, stated that of cars to connections. It is claimed, however, that notwithstanding conhe considered this a matter of detail which had to be changed siderable savings that have been accomplished by the present method of
operation further economies of operation and
on account of the delay by the I.-S. C. Commission in acting the application is approved and certain existing accounting can be had If
restrictions removed.
upon the application of the Rock Island for authority to
As now operated each of the four companies must file with us the standard
reports required of first-class carriers and must also file reports with the
issue these notes. Mr. Gould further stated that this had Public Service Commission of the State in which it operates. To do this
no bearing on the question of the acquisition by the Rock it is necessary that each company keep separate accounts and other records.
The applicant and the carriers
Each company
Island of Cotton Belt stock now held by that company which has Its own superintendent andhave over 6.000 employees. own employees,
to a considerable extent its
was consummated several months ago and was being financed but in many instances it uses the services of an employee in common with
the other companies. This requires the keeping of separate time sheets,
satisfactorily in another manner.—V. 121, p. 1098, 874.
it often being necessary to issue six or seven pay checks to one employee
where only one check would be required under united operation. During
Chicago & Wabash ValleyRR.—Final Valuation.—
the year 1924 the applicant and the carvers interchanged with their conThe I.
-S. C. Commission has placed a final valuation of $463 220 on nections at the St. Louis gateway 2,317,104 loaded cars and 1,566.012
the owned and used property of the company as of June 30 1915.—V. empty cars, a
total of 3,883,116 cars, or more than 10,000 cars a day.
102.p. 1811.
Most of these cars were received from one connection for delivery to another
connection. A car between two of the system's connections may Paw;
Cincinnati Indianapolis & Western RR.—Obituary.--- over thejine of
applicant and each of the
President Fred Zimmerman died at Battle Creek, Mich., on Oct. 5.— standpoint thisthe one movement, from an carriers. From an operating
accounting standpoint it is
is
V. 120, IL 3058.
four, requiring an apportionment of revenues and expenses to eatth of
the companies. As substantial portion of the terminal business is
Delaware & Hudson Co.—Valuation Petition Denied.— over more than onealine. it is readily apparent that considerable han lied
Is
wn
The I.
-S. C. Commission has denied the petition of the Delaware &
make the separation of revenues and expenses
Hudson Co. and its subsidiaries to withdraw and reconsider the tentative necessary to testimony is that it requires a large number offor each company. The
employeea to
valuation of their railroad properties. The petition was denied subject to make the separation, keep the accounts, and make up the
various reports
the right of the railroads to put to the Commission their views concerning required for each company.
pertinent questions of law, after they have placed in the record evidence in
To obviate the necessity of keeping separate records and making separate
support of such matters of fact as they may wish to have considered by the reports, and in order that all of the terminal properties
may, for the purCommission.—V. 121, p. 1457.
poses of economy, be operated as a unit, the applicant propose: to enter
into an indenture of lease with each of the carriers whereby it wit' aciulre
East St. Louis Connecting Ry.—Lease.—
years from the date of the lease. all the TO ierty:
and hold for a period of 99
see Terminal RR. Association of St. Louis below.
rights, privileges, leases, leaseholds, interests, estates, rights-of-way. and
franchises of any and every kind and description which the carrier now
Florida East Coast Ry.—Equipment Trust Series G
has or owns or may hereafter acquire.
-S. C. Commission on Sept. 28 authorized the company to assume
The I.
By the terms of each of the proposed leases the applicant is to pay as
obligation and liability in respect of $700.000 4 % Equipment Trust rental for the property acquired all taxes, assessments, and other like
Certificates. Series "G," to be issued by the Bankers Trust Co. of New charges imposed upon the corporate property and franchises of the lessor
York, under an agreement to be dated Oct. 11925. and to be sold at not and upon the leased premises, or any part thereof, or upon the revenues or
less than 97.6984 and divs. in connection with the procurement of 10 earnings thereof: and is to maintain and keep the leased premises in good
mountain-type locomotives and 20 passenger coaches, costing a total of condition, making all necessary repairs and renewals, and operating and
using the properties for the purpose for which the lessor company holds
$954,150.
OCT. 10 1925.]
THE CHRONICLE
them. Each lease provides that either party thereto may withdraw from
and terminate the lease upon giving the other party 30 days' written
notice of its desire to do so.
In addition to the rental stated above, the applicant proposes to Pay
as rental for the property of the Merchants company interest on $5,500,000
of thelatter's bonds, of which $3,500.000 are secured by mortgage dated
Oct. 1 1890 to the St. Louis Trust Co., bear interest at the rate of 5%
per annum,and mature Oct. 11930.and $2,000,000 are secured by mortgage
of the St. Louis Merchants Bridge Co. dated Feb. 1 1889, to the Farmers
Loan & Trust Co., bear interest at the rate of 6% per annum, and mature
Feb. 1 1929.-V. 120, p. 2398.
Toledo Peoria & Western Ry.-Deposits.-
-Year Gold bonds due July 1 1917 who have not
Holders of the 4% 20
deposited them with the Farmers' Loan & Trust Co., depositary under the
bondholders' agreement dated Mar. 22 1917, may deposit their bonds
on or before Oct. 20 1925 upon terms fixed by the committee. The committee consists of Thomas Denny, Chairman; Adrian Iselin Jr. and Henry
-V. 121, P• 1675.
K. McHarg, with John M. Shedd, counsel.
1787
the principal plant of this series, which is located at Cherokee Blufli3.
7 miles upstream from the Upper Tallassee plant mentioned above. This
plant should be in service with an initial installed capacity of approximately
135.000 h.p. in the fall of 1926. Provision is made for an ultimate capacity
of 180.000 h.p.
This development is planned for storage of flood waters to be released
In times of drought, the reservoir covering approximately 40.000 acres of
land. Its completion will make possible the utilization of the full capacity
planned for the Upper Tallassee and the Tallassee Falls sites.
Upstream from the Cherokee Bluffs development a series of three or more
plants have been planned for which the company has obtained a Federal
license and the other necessary governmental authority.
-Southeastern Power & Light Co. was incorp. in Maine
Management.
and recently acquired from Alabama Traction, Light & Power Co., Ltd.,
all of the assets of the latter company, including the Common stock of
Alabama Power Co.(the Common and Preferred stock of Alabama Traction,
Light & Power Co., Ltd.. being exchanged for the Common and Preferred
-V. 121, p. 1567. 1226.
stock of the new Southeastern Power & Light Co.
-ConverAlabama Traction Light & Power Co., Ltd.
sion of Bonds Authorized.
The holders of the 5% 1st Mtge. 50-Yr. Gold bonds on Oct. 7 voted to
accept an offer which has been made by the Southeastern Power & Light .
Co. for the exchange or conversion of the bonds into 6% Gold Debenture
Series A of the Southeastern Power & Light Co., due 2025. together with
warrants entitling the holders to purchase shares of Common stock of the
Southeastern company. Holders of the traction company bonds may present
their certificates for exchange at the offices of the trustees for the company
in Montreal and London, or tmthe Irving Bank-Columbia Trust Co., N. Y.
Issuance.
-The Alabama P. S. Commission has approved the issuance of City. (See also Southeastern Power & Light Co. in V. 121,P.980 and 841.)
these bonds.
-V. 121, p. 1226.
Data From Letter of Pres. Thos. W.Martin, Birmingham, Ala., Oct. 5.
-Redemption.
American Pipe & Construction Co.
Company.
-The principal operating company under the management of
eighty American Pipe Mfg. Co. 5% Coll. Trust Ctfs.,
One hundred
Southeastern Power & Light Co. Serves directly or at wholesale practically Series "B," dueand 1 1929, of $1,000 each, and forty certificates of $800
Feb.
all the urban population and industrial power requirements in a territory each (a total of 8200,000). have been called for payment Feb. 1 1926 at
comprising the northern two-thirds of the State of Alabama, including the
Girard Trust Co.. trustee, Pailadelphia, Pa.
Important Birmingham industrial district. Company does, directly, all 102'i and interest at tse are given the option of receiving payment at
Holders of certificates
the electric light and power business in some 100 cities and towns, including
delivery prior to Feb. 1 1926, upon presentation
Montgomery, Anniston, Tuscaloosa. Gadsden, Attalla, Talladega. Hunts- 102% and int. to date of -V. 119, p. 2408.
ville. Selma. Roanoke. Decatur, Sheffield Florence, Tuscumbia. and of certificates to the trustee.
Albany; all the street railway business in Montgomery, Anniston, Tusca-Certificates Called.
American Pipe Manufacturing Co.
loosa, Gadsden, Sheffield, Florence, Tuscumbia, and Huntsville, and the
See American Pipe & Construction Co. above -V. 119. p. 1174.
gas business in Montgomery, Anniston, Tuscaloosa, Selma, Decatur and
A.lbany, and it furnishes under contract all the current used by the Birming-New Phone
American Telephone & Telegraph Co.
ham Electric Co. in Greater Birmingham and Bessemer and all the current
used by the local public utilities in Alexander City, Cordova, Opelika, Cable to Chicago Opened.
Sylacauga, La Fayette and Piedmont. It also serves under contract a
Commercial telephone service was inaugurated on Oct. 1 over the longest
number of large industrial power consumers.
telephone cable in the world which connects New York and Chicago. This
Company now has in direct service a total of 47.024 customers' meters, cable, which is 2% inches in diameter, is 861 miles long. (See also V. 121.
and current is being supplied directly and indirectly to approximately p. 975.)-V. 121, p. 1226, 975.
80.000 customers. The present connected load of the system is approxi-Class "A" Div.,
Associated Gas & Electric Co.
mately 540,000 h.p.. and for the year ended Sept. 30 1925. the electrical
output of the system was over 1.000,000.000 kw. h.
The directors have declared the quarterly dividend on the Class "A"
Company serves the great manufacturing and industrial territory center- stock payable Nov. 2 to holders of record, Oct. 14. at 24% of one share of
ing around the widely-known "Birmingham District" in Alabama.
Class "A" stock, or at the rate of 10°4 per annum. On the basis of $38 per
Authorized. Outstanding.
Capitalizationshare for the Class "A"stock, this dividend is at the rate of $3 80 per share
600,000 shs. 391,020 shs. per annum. Stockholders may purchase sufficient additional scrip to comCommon stock, no par value
Pref. stk.(no par val.,(flys. $7 per sh., cum.) 390,000 shs. a160.488 shs. plete a full share or sell their scrip at the rate of $1 above or below, respec10,000 shs.
4,927 shs. tively, the last sale price of Class "A" stock on the day preceding, upon
Preferred stock (par $100. 7% cumulative)$13,000,000 b$12,170.000 request to the Seaboard National Bank, 115 Broadway, N. Y. City. (See
Income debenture certificates, due 2020_
First Mtge. Lien St Ref. bonds 5% Series due
also V. 120, p. 2813.)
112.700.000
1951 (incl. this issue)
It is reported that over 50% of the Pennsylvania Electric Corp.'s Pref.
do 6% Series due 1951
21,000,000 stock and practically all of the Common stock have been acquired by the
10 221.000 Associated Gas & Electric Co.
First Mortgage bs. due 1946
(Closed)
Underlying divisional bonds
J840,500
Sales of electric energy for the four weeks ending Sept. 25 total 50.a Including 7.422 shares of no par value sold on time payments maturing 560,272 k. w. h., an increase of 22.7% over the corresponding period of 1924.
during the next few months. b These Debentures are a non-foreclosable
The largest increase noted was on the Staten Island properties where
security, having a contingent interest in the balance available after the pay- sales showed an advance of 50% over 1924. Substantial increases were
ment of Pref. stock dividends. c Unlimited except by the conservative also noted in the Champlain properties where the increase was 35%. in
restrictions of the indenture. d $28,418,000 additional 1st Mtge. bonds the New York-Vermont properties where the increase was 31%, and in
and $1,260,000 additional underlying divisional bonds (including those to the Kentucky-Tennessee properties where sales increased 27%. A part of
be pledged in connection with the authentication of bonds now offered) are these properties were added to the Associated system within the past
pledged under the indenture securing the 1st Mtge. Lien & Ref. bonds and year and were previously operated as municipal plants or as independently
no additional 1st Mtge. Ss may be issued except for pledge thereunder.
operated companies. Since inclusion in the Associated system they have
Earnings 12 Months Ended August 31 1925.
largely been interconnected and the area for power distribution widened.
The August earnings, which will be published shortly, will show a sub(Including earnings of the recently acquired properties in Sheffield. Florence
stantial increase of earning power after allowing for all interest charges
and Tuscumbia.i
including those issued during the past
$10,615.807 on the securities now outstanding, 1675.
Gross earnings, incl. other income
-V. 121, p.
5,565,940 year, it is announced.
Operating expenses, maintenance & taxes
PUBLIC UTILITIES.
-Bonds Offered.
-Harris, Forbes &
Alabama Power Co.
3
Co. and Coffin & Burr, Inc. are offering at 95% and int.,
yielding 5.30% $5,000,000 1st Mtge. Lien & Ref. Gold bonds
5% Series due 1951. Dated Dec. 1 1922; due June 11951.
$5.049,867
Net earnings
Annual int. on funded debt with public (incl. this offering)._ - _ 2,448.075
82,601,792
Balance
-Property of company includes 2 of the largest hydroPhysical Property.
electric developments in the South with a present combined capacity of
182,000 h. p. The Lock 12 hydro-electric plant on the Coosa River, 45
miles southeast of Birmingham, has a completed installation with 6 generating units aggregating 110,000 h.p. capacity. Company has also completed
and put into service a second large hydro-electric development on the Coosa
River 14 miles downstream from the Lock 12 plant, known as the Mitchell
power plant, which has a present installed generating capacity of 72,000
h.p. with provision for an ultimate capacity of 120,000 h.p.
Company also owns a steam turbine station of 100.000 h_.p. located at
Gorgas, 25 miles northwest of Birmingham, on the Black Warrior River
In the heart of the Warrior coal fields. This station, known as the Warrior
reserve steam plant, was brought up to its present capacity by the Installation of a new 30,000 h.p. unit, completed and put in service during the past
year.
The first installations at 2 new hydro-electric plants on the Tallapoosa
River were completed in 1924. The one at the site designated as the Upper
Tsllassee plant has a present installed capacity of 8,500 h.p., with provision
for an ultimate installation totalling 50,000 h.p. to be made when the dam
is raised to its full height.
Immediately down stream the company purchased from the cotton mills
plants at Tallassee Falls the right to build a dam and install a power plant.
An installation of 10,600 h.p. was completed last year and is now in operation. The full development when completed will have an ultimate capacity
of about 70.000 h.p.
In addition, company owns a reserve steam turbine station of 15.000 h.p.
capacity located at Gadsden, 60 miles northeast of Birmingham, a steam
reserve plant at Montgomery of 6,700 h.p. capacity, a steam reserve plant
at Selma of 1.700 h.p. capacity, and a hydro-electric development of 2.000
h.p. capacity at Jackson Shoals about forty miles east of Birmingham.
The new steam and hydro-electric installations put in service during the
past year together with the 3,300 h.p. steam plant at Sheffield recently
acquired, have increased the present total installed generating capacity of
the compan y's system to 329,800 h.p,
of which almost two-thirds is
hydro-electric.
These stations are connected with each other and with Birmingham and
other markets by a comprehensive system of modern transmission lines,
aggregating over 2,000 circuit miles in length. Company also controls,
largely through subsidiary companies, hydro-electric possibilities aggregating several hundred thousand horsepower, on which much preliminary
engineering work has been done.
Further to relieve the demand for power in Alabama and adjoining states
during the present year, the company has leased from the U. S. Government for a period of one year, subject to termination, its 80,000 h.p.
steam plant constructed during the war at Sheffield, Ala.
The system of the company is connected by transmission lines with those
of the Columbus (Ga.) Electric & Power Co. and the Georgia Ry. & Power
CO. and these companies are connected by means of transmission lines with
the systems of all the major power companies in the States of Georgia,
Tennessee, North and South Carolina. By means of these connecting lines
the several companies are enabled to render assistance to each other in
emergencies. and the Alabama Power Co. by the operation of the large
steam plants just mentioned which are located at or near the Alabama
coal fields supplies a large amount of energy to the Columbus Electric &
Power Co. and the Georgia Ry. & Power Co. for use by those companies as
well as by other power companies in North and South Carolina, tha latter
being at a distance of about 700 miles from points of generation in Alabama
New Hydro-Electric Plants.
-In order to meet the rapidly growing demands
for power in the territory served by the company, plans have been made
and legal authority obtained for a comprehensive development of the
Tanapoosa River by 6 or more power plants. Work is now in progress on
Atlanta (Ga.) Northern Ry.-Decision.-
The Georgia Court of Appeals recently refused a petition of Judge Newt
A. Morris, a citizen of Marietta, in which he asked for an injunction to
compel the railway either to resume operations or relinquish its charter.
The Georgia Court of Appeals ruled that a public utility had the right to
discontinue service at any time when such a utility failed to earn a fair
income.
The City Council of Marietta recently outlawed the buses from their
city and entered into an agreement to grant the interurban an increase.
After this was done, the track was put back in condition and service restored. See also V. 121,p. 1099, 1346.
-New Financing.
Bell Telephone Co. of Canada.
The company has sold $5,000,000 1st Mtge. 5% Gold bonds to Lee,
Higginson & Co., Harris Trust & Savings Bank, Chicago, and Royal
Securities Corp. of Canada. A public offering is expected in near future.
-V. 120. p. 2144.
-Acquisitions.
Bell Telephone Co. of Pennsylvania.
-S. C. Commission on Sept. 19 approved the acquisition by the
The I.
company of the telephone properties of the Tri-State Telephone Co. The
latter company owns and operates a telephone system in Fayette and
Westmoreland counties, Pa., consisting of 13 exchanges and approximately
120 miles of toll lines.
By a contract made April 27 1925, the Bell company agrees to purchase
the properties of the State company, excepting real estate, for $70.000
in cash, subject to the lien of a mortgage under which bonds to the amount
of $50,000 are outstanding. An appraisal made by the appraisal engineer
of the Bell company finds the reproduction cost new of the properties,
less depreciation, to be $156,000. The estimated value of property to be
retired from service is $140,000.
The Commission also approved the acquisition by the Bell Telephone
Co. of the _elephone properties of the Beaver County Telephone Co.
The Beaver company owns and operates a telephone system in Beaver
County, Pa., consisting of two exchanges, both of which are duplicated
by the Bell company, and 1134 pole miles of toll lines.
By a contract made Feb. 11 1925, the Bell company agrees to purchase
all of the telephone plant of the Beaver company, excepting real estate,
central office, and subscribers' station equipment, free from all incumbrances, for $150.000 in cash. No additional securities will be issued to
effect the proposed acquisition. Beaver company will surrender its
charter and take the necessary steps to dissolve.
The Commission on Sept. 28 also authorized the acquisition by the
Bell Telephone Co. of Pa. of the telephone properties of the Penn State
Telephone Co.
By a contract made April 28 1925 the Bell company agrees to purchase
all of the properties of the Penn company excepting certain real estate in
Altoona and Lancaster, office furniture in the general office at Lancaster,
supplies, and accounts receivable, for $363,500, subject to the liens of two
mortgages under which bonds are outstanding to the amounts of $413,000
and 1148,500, respectively, which the Bell company agrees to pay. The
consideration will be paid in cash and no additional securities will be issued.
-V. 121, p. 1459, 1226.
Boston Elevated Ry.-Bus Permit.
A temporary permit has been issued by the Massachusetts Department
of Public Utilities to the Boston Elevated Ry. for operating buses in Arling-V. 121, p. 1099, 837.
ton, Somerville and Medford, Mass.
-Power Development.
British Columbia El. Ry., Ltd.
President George Kidd announces that this company plans to start early
development of a power scheme on the Bridge River, 135 miles north of
Vancouver, on the Pacific Great Eastern Ry. The first units to cost
$13.000,000 and provide 60,000 h. p., will be started in 1927 and then completed in 1930. After that the plant will be increased to use up to 90,000.
1788
THE CHRONTCLE
150.000 and 210.000 h. p. available as desired at a total expenditure of
130.000,000. spread over a period of 15 years. There Is a total estimated
horsepower of 700.000 at Bridge River. Additions to the company's plant
at Stave Lake, 40 miles east of Vancouver, costing 33,720,000, were formally opened.-V. 118. p. 1266.
Burlington County (N. J.) Transit Co.
-Bus Substien.
The company has been granted permission by the Common Council of
Burlington (N. J.) to substitute buses for trolley cars within the city of
Burlington.
-V. 121, p. 838.
California-Oregon Power Co.
-Stock Issue.
The company has been authorized by the California RR. Commission to
Issue and sell $1.000.000 6% Preferred stock. Funds derived from the proceeds will be used for power development projects.
-V. 120, p. 1448.
Charlotteville (Va.) & Albemarle Ry.-Sale.-
This company was purchased by the National Public Service Corp. as of
July 1 1925 and is being managed by General Engineering & Management
Corp., 165 Broadway, N. Y. City.
-V. 117, p. 781.
Cities Service Co.
-Dividend on Bankers' Shares.
The directors have declared a monthly dividend on the bankers' shares
of 14.40625c, a share, payable Nov. 1 to holders of record Oct. 15. A
cash dividend of 14.5625 was paid on these share on Oct. 1.-V. 121,p. 1460.
Cleveland & Chagrin Falls Ry.-Liquidation.-
This company has been sold out and liquidated.
-V. 119, p. 1394.
[VOL 121.
ate the line on their own responsibility until June 1 1926 will be considered
at a later meeting.
-V. 113, p. 1772.
Geneva Seneca Falls & Auburn RR.
-Bus Petition.
The company has applied to the New York P. S. Commission for permission to abandon part of its Geneva (N. Y.) city line. The company
has also made application, through its subsidiary, the Geneva Ry. Bus
Lines, Inc., for a certificate to permit operation of buses in the city. The
company in its petition states that the parts sought to be abandoned are
no longer necessary for successful operation or convenience.
-V.120, p.211.
Georgia Ry. & Power Co.
-Subs. to Issue Stock.
The East Georgia Power Co., a subsidiary, has applied to the Georgia
P. S. Commission for authority to issue 10.000 shares of Preferred stock,
par $100, and 1,000 shares of Common stock, par $100. The stock issue
has been subscribed for by the Georgia Ry. & Power Co. H. M. Atkinson
Is Chairman, and Preston S. Arkwright is President of the East Georgia
Power Co.
The lease of the latter company, which has been taken by the Georgia
R. & Power Co. (subject to approval of the Commission) covers the
electric transmission and distribution system from the electric substation
of the Georgia R.8c Power Co. at Toccoa through the southeast in a direct
line through Stephens, Franklin, Hart, Elbert, Lincoln and Columbia
counties to the Stevens Creek hydro-electric plant of the Augusta-Aiken
Ry. & Electric Corp. on the Savannah River, a distance of 104.6 miles,
with a carrying capacity of 110,000 volts.
-V. 121, p. 1100.
Great Western Power Co.
-Tenders.
-
The Bankers Trust Co., trustee, 10 Wall St., N. Y. City will until
Nov. 2 receive bids for the sale to it of 1st & Ref. Mtge. Shiking Fund
This company has been sold out and liquidated. See also V. 120, p. 2399. Gold bonds, series "A," "C" and "D" to an amount sufficient to exhaust
$133,144 at not exceeding the following prices and accrued interest. Berke
Commonwealth Power Corp.
"A," 103; series "C,' 106 and series "D," 102%.-V. 121,p. 1461.
-New Director.
Martin S. Watts of W. C. Langley & Co. has been elected a director.
V. 121, p. 1568, 1100.
Indianapolis Street Ry.-Pref. Div. Deferred.
The payment of the usually quarterly dividend of 1;4% on the 6%
Consol. Water Co. of Utica, N. Y.
-Earnings.
Cumulative Pref. stock, due Sept. 1 1923 was deferred.
-V. 120. p. 3181.
6 Mos. End.-Years Ended December 31PeriodInternational Telephone & Telegraph Corp.
-Listing.
June 30'25.
1922.
1924.
1923.
The New York Stock Exchange has authorized the listing of $9.995,300
Operating revenue
3375.208 $735.695 $738,263 $670,416
Operating expenses
194,221
182,293
190,506 additional capital stock (par $100). making the total amount applied for
99.584
$441.242,900.
Net operating revenue_ _ _ _ $275,624 $553,402 8544.041 $479.910
Under date of Aug. 14 1925 the corporation entered into an agreement
Taxes
98.351 with Western Electric Co., Inc. by the terms of which agreement the
58,800
102.000
95,417
corporation agreed to purchase from Western Electric Co., Inc., on Sept. 30
Operating income
$216.824 $457,985 $442.041 $381.558 1925. all of the issued and outstanding shares of the capital stock and
Miscellaneous income
3,998
9,428
7,640
16.479 certain notes payable of International Western Electric Co. Inc. Said
capital stock consists of 55,000 shares of Pref. stock (par $100) and 100,000
'
Gross corporate income_ _ $220.822 $465,625 $451,470 $3398.037 shares of Common stock (no par value).
Deductions from income_ _ _ _
The proceeds of the 99,953 shares of the capital stock of the International
200,000
208.027
113,525
200.323
Telephone & Telegraph Corp. will be used as part payment for the above
Net corporate income
$107,297 3265.625 $251,146 $190.010 securities of International Western Electric Co., and for other corporate
-V.121, p. 74.
purposes of the corporation.
Consolidated Balance Sheet June 30 1925.
Cumberland Tel. & Tel. Co., Inc.
-Earnings.
:Before
:After
:After
:Before
12 Mos. End.
Years End. Dec. 31.
Period.Financing. Financing.
Financing. Financing
June 30'25.
1922.
1923.
1924.
Assets
Tel. operating revenue_ _320.38.5.407 818.696,111 $16,455.638 $15.650,433
Liabilities
Plant dc property_27,740,034 27,740,034 Common stock_ _a31,771,713b21,357.867
Net oper. inc. aft. taxes_ 4.146,712
2,221.994
2,808,033
3,694,291
Non-operating revenue.
Pref.stock subs.__ 5,974,400 5,974,400
182,685
82.261 Plant & prop. Int.
52.918
138,144
Elec. Co., Inc_ _19,173,838
Minor. srkholders
Gross income
475,136
4,909,049 4,642,170 int. subs
475,136
$4,329.397 $3,832.435 $2,860.950 $2.304,255 Advances
Interest,rent, &c.
Stocks subsc. for,
1,590.011
1,537,129 Expend. In seq.
1.539,055
1.388,363
new prop
424,727
337.097
but not Issued
134,636
134,636
Net income
33,875.344 9,687,972
80.970 Funded debt
60,970
32.739,386 32,444,072 $1,321,895
$767,126 Special deposits.
Other appropriations
Deferred charges 2,401,580 1.421,505 Deferred liabilities 290,860
290,860
178,000
Credits to surplus (net).
Cash
318,801
11.302,712 7,403,185 Accts..1: wages pay 4.777,908
Cr.377,995
Sinking fund, &c
Empl. benefit as
411.000 Dep. for mat,int.,
Dividends
dive., &c
88,583
pension fund._ _ 222.583
213.585
213,585
1.924,993
1,749.993
345,000
1.078,125
Empl. worleg fund
33.043 Mat'l int. & diva.
33,043
Surplus
224,552
224,552
Market. securities. 3,251.216 3,251,216
unpaid
$814,393
$443,765
$11,126
3694.079
The authorized capital stock has been increased from $25,000,000 to Bills receivable_ _ _ 893,000
419,377
Dividends payable
$35.000,000. Of the outstanding stock $22,897,000 is owned by the Ameri- Accts. receivable 6,781,507
119,569
119,569
884,507 Accr. int. & dive_
can Tel. & Tel Co. and $12,100.500 by the Southern Bell Telephone Co.- Matis & supplies_ 7,797,230
290,148
784,230 Tax.pay. & earned 290,146
V. 120, p. 1201.
11,919
Accr. Int. & dive.
11,919
0th. accr. items
receivable
94,170
94,170 Res. exch. adjts.
Dakota Central Telephone Co.-Earninos.208,232
208,232
Sundry investm'ts 894,000
& conting
8 Mos. Ended Aug. 31Deprec. reserve__ _ 3,482,993 3,482,993
1924.
1925.
Gross earnings from all sources
3,288,118 3,288,118
Surplus
5731.668
3806.040
Maintenance and other expenses
380,936
351,284
85.350,570 46,663,252
Federal, state and municiP• taxes
Total
Total
85.350,570 46,663,252
73.308
68.000
Reserved for depreciation
x Adjusted to give effect to proposed financing and acquisition of Inter145.456
138.137
Interest paid
50,827
48.382 national Western Electric Co., Inc. y International 'Telephone & Telegraph Corp. and its subsidiaries (excluding International Western Electric
Net earnings after interest
$155,522
$125,863 Co., Inc.. acquisition of which occurred Sept. 30 1925). a Represented by
-V. 120, p. 1881.
-V. 121, P. 1677, 1227.
395,927 shares. b Represented by 279.585 shares.
Cleveland & Eastern Traction Co.
-Sold.
-
Dallas (Tex.) Telephone Co.
-Transfer of Franchise.
See Southwestern Bell Telephone Co. below.
-V.107 IL 1581.
Detroit United Ry.-Receivers Appointed for Sub. Bus Co.
In the opinion of those interested, it has been found advisable for practical purpose of administration to have the same receivers as are now acting for the Detroit United Ry., the Security Trust Co. and W.C. Dunbar.
appointed for all of the subsidiary corporations and interests of the Detroit
nited Ry. As a result an order has been entered in the U. S. District
Court in an equity proceeding appointing the Security Trust Co. and W. C.
Dunbar receivers for the Highway Motor Bus Co.
Negotiations have been completed by the Security Trust Co. and W. C.
Dunbar receivers for the People's Motor Coach Co., a subsidiary, for the
purchase of the Star Motor Coach Line from W.McCallum of Birmingham.
Mich. and associates. The Star Line operates 24 coaches between Pontiac
and Detroit. Mich., with a branch line from the Ford Motor Co. and
Highland Park, to Berkley. The price, which included coaches, real estate,
leases and other property, was said to be $185,000.-V. 121, p. 1676. 1568,
U
-Officers.Kansas City Public Service Co.
Officers of the above company incorporated in Missouri on June 16 by
the 1st mtge. bondholders' committee of the Kansas City Rys. as a step in
the reorganization of the latter company (See V. 121, p. 75). were recently
elected as follows: William G. Woolfolk, Chicago, president; John V.
McKinney. Kansas City, secretary and assistant to the president; Frank
L. Conrad. Chicago. vice-president; Powell C. Groner, Chicago, vicePresident and general counsel and Andrew F. Evans, Kansas City, treasurer.
Laconia (N. H.) Street Ry.-Foreclosure.-
Foreclosure proceedings, it is reported, have been brought in Superior
Court. Belknap County. N. H.. by the American Trust Co.. representing
holders of the $91,000 1st Mtge, bonds outstanding. A receiver has been
appointed who, it is understood, will sell the property to new company.
-Annual Report.
Lincoln Telephone 8c Telegraph Co.
1922.
1923.
Calendar Years1921.
1924.
$2.512.580 32.417,619 12.378.305
Total telephone revenue_ -32,538.928
694.738
711,145
Operating expenses
708,282
780.800
433.008
475.123
Current maintenance
460.085
449,813
555.313
540.906
566.368
Depreciation
523.990
175.500
163.000
Taxes
181,000
153.301
-Permanent Ctfs.-Initial Div.
Electric Investors, Inc.
on $6 Preferred Stock Expected.
The Bankers Trust Co. in an advertisement says in part:
"It is expected that permanent certificates of the $6 Pref. stock of
Net telephone earnings_ _ - $623.193
Electric Investors. Inc. will be ready for delivery on Oct. 14 in exchange
62.581
for outstanding interim receipts at the Bankers Trust Co., 16 Wall St.. Sundry net earnings
'
N. Y. City.
Total net earnings
1685.774
"We are advised that the company experts to declare a quarterly dividend
116.648
payable Nov. 1 to holders of record of said $6 Pref. stock on Oct. 19 and Interest
471,990
therefore all interim receipts should be surrendered promptly to be exchanged Divs.(Pref. & Common)
for the $6 Prof. stock, as no dividends will be paid until the interim receipt
Balance,
$97,136
representing the stock on which the dividend is payable has been sur- -V. 120, surplus
p. 1458.
rendered." See also V. 121, p. 705, 977.
Empire Gas & Fuel Co.
-Bonds Called.
Certain 1st Mtge. & Coll. Trust S. F. 6% Gold bonds, due May 11928
(aggregating $611,000). have been called for payment Nov. 1 at 104 and
Int. at the Bankers Trust Co., 10 Wall St., N.Y.City.
-V.121.9. 1460.
$611.906
43.841
$569.560
26.030
$470.401
24.869
$655.747
113.850
469.391
$595.590
111,369
411.454
$495.270
103,759
390.127
172,506
$72,767
$1,384
Los Angeles Gas & Electric Corp.
-Earnings.
-
12 Months Ended Aug. 31Gross earnings
Operating expenses and taxes
1925.
1924.
$17,176,534 $14,620,210
9.813,527 8,878,989
Net earnings
$7 383,007 $5,741,221
.
Escanaba Power & Traction Co.
-Fares Increased.
2,430,407
1,994,524
The Michigan P. U. Commission recently authorized the company to Bond interest
1,534,574
1,253,575
charge a cash fare of 10 cents or sell 4 tickets for 25 cents in Escanaba, Depreciation
effective Oct. 1. The company asked for a cash fare of 10 cents and
Balance for dividends and surplus
$3,398,024 $2,493.121
3 tickets for 25 cents. The Commission's order stated that it was evident -V.121,p. 1227.
the company could not operate under the old rates, as revenues would not
-V. 114, p. 1650.
meet operating expenses.
Luzerne County Gas & Electric Co.
-Tenders.
as trustee, will
The
Equitable Illuminating Gas Lt. Co.of Phila.-Tenders. receive United States Mortgage & Trust Co.. Sinking Fund until Oct. 26
-Year 7%
bids for the sale to it of 20
Gold bonds to
The New York Trust Co. will, until Oct. 23. receive bids for the sale to it an amount sufficient to exhaust 360.000, at prices not exceeding
105 and
of 1st Mtge. 5% gold bonds, due 1928, to an amount sufficient to exhaust Interest.
-V. 119, p. 1742.
$441,494 at a price not exceeding 105 and int.-V. 120, p. 582.
Ry.-Sa/e to City Opposed.
Market Street
Exeter Hampton & Amesbury Street Ry.-Discontinues
Supervisors of the Market Street,Ry. purchase committee have passed
Operations.
a motion unanimously condemning the prcposed sale of company to the city
The trustees of the Exeter Hampton & Amesbury Street Ry., owned by of San Francisco at $36,000,000. The Utilities and Finance Committee
the Town of Hampton. N. H.. voted on Sept. 29 to discontinue all service was directed to prepare a statement to be mailed to all registered voters
line, which is 21 before Nov. 3, the date of the plebiscite on the purchase plan. John
On the line on Oct. 1 due to heavy operating losses. TheBeach.
Hampton McGregor, Chairman of the Supervisors, calls the figure "preposterously
miles long operates between Exeter, Hampton, Hampton
-V.121,9. 1462, 978.
Falls and Seabrook. N. H. An offer by a committee of employees to oper- high."
THE CHRONICLE
OcT. 10 1925.]
Milford & Uxbridge St. Ry.-Default-Committee.-
The company defaulted in the payment of the July 1 1925 interest on the
$335.000 Milford & Uxbridge Street By. 7s and the $165,000 Milford,
Holliston & Framingham St. By. 75. A protective committee has been
formed, under agreement dated Sept. 30 1925. to act for such of the bondholders as may deposit their bonds under said agreement.
All bondholders are Invited to deposit their bonds with the Atlantic
National Bank, Boston as depositary.
Committee. Fred W. Young. Arthur S. Dewing, Kenneth T.Young with
Holmes & Worthen, 414 Shawmut Bank Bldg.. Boston, Mass., Counsel
-V.120. p. 86.
and Allan W. Bagnell, 70 State St.. Boston. Masa., Sec.
-Earnings.
Minneapolis Gas Light Co.
PeriodGross income
Expenses and taxes
Depreciation
Interest charges, &c
Sinking fund
12 Mos.End. -Years Ended December 311923.
1922.
1924.
Aua. 31 '25.
$3.612.603 *3.667.840 $3,640,076 $3.355.332
2,649,489 2.702.179 2,691.659 2,599.186
163.286
174.194
180.840
183.128
349.704
338.503
374,422
420.200
9.000
Net income
-V.121, p.1569.
$359.786
$410.399
$424,519
$245,357
The directors stated that the policy would be to extend the privilege of
taking dividends in stock for at least the next three quarterly dividend
payments. (See also offering of Class "A" stock in V. 121, p.
121. p. 1462.
-Bonds Called.
National Light, Heat & Power Co.
Forty-two 5% Collateral Trust bonds, Series "A," dated Nov. 1 1908,
have been called for payment Nov. 1 at 102 and interest at the Empire Trust
-V. 121, p. 1678.
Co., 120 Broadway, N. Y. City.
-Proposed Power Merger.
New England Co.
It was stated on behalf of the interests involved in the projected consolidation of New England and New York power properties with the New England Power Corp. as the nucleus, that the announcement made last week
relative to the enlargement and reorganization of the New England company
(V. 121, p. 1678) is but preliminary to later developments of a far-reaching
character. Negotiations relative to the consolidation of the various power
interests are still proceeding and it is expected that a later announcement
will make public the terms of the projected consolidation.
It is expected that the completion of present merger plans will result
eventually in the formation of a electrical power combination that will
-V. 121.
constitute a northeastern superpower unit of tremendous scope.
1:1• 1678.
-New Control.
Mississippi River Power Co.
-V. 121, p. 1678.
See North American Co. below.
-Sale Shortly.
Mississippi Valley Ry. & Power Co.
This company which has been in financial difficulties for some time past,
we are advised will be probably eliminated next year and its holdings all
-V. 110, p. 1642.
disposed of.
New England Public Service Co.-Pref. Stock Sold.
Tucker, Anthony & Co., Spencer Trask & Co., Edward B.
Smith & Co. and Bonbright & Co., Inc., have sold at
$96 50 per share and div., to yield 7Y4% 40,000 shares
Pref. stock, $7 dividend series (no par value).
-Bonds Offered.-HambleMissouri Power & Light Co.
ton & Co., E. H. Rollins & Sons, H. M. BI yllesby & Co.,
Inc. and Federal Securities Corp. are offering at 98M and
int. to yield 5.60% $6,500,000 1st Mtge. Series "A" 53.%
Gold bonds.
Dated Sept. 11925: due Sept. 11955. Red. all or part on 60 days' notice
on any interest date up to and incl. Sept. 1 1950 at 105 and interest with
successive reductions in redemption price of 1% during each year thereafter.
Interest(M.& S.) payable in Chicago or New York. Denom. $1.000, $500
and $100, o*. Central Trust Co. of III., Chicago, trustee. Company agrees
to pay interest without deduction for any normal Federal income tax not
exceeding 2%, Conn., Penn. and Calif. personal property tax not exceeding
4 mills, District of Columbia 5 mills taxes, Maryland securities tax not
exceeding 4,t mills per $1 per annum and Mass. income tax on interest not
exceeding 6% of such interest per annum refunded.
Issuance.
-Approved by the Public Service Commission of Missouri.
Data From Letter of Pres. Clement Studebaker, Jr., Oct. S.
Company.
-Organized in Missouri. Directly owns and operates electric
power and light, gas, heating, water, ice and street railway properties in
over 100 cities and towns in Missouri. Total population served estimated
at 115,000.
Company furnishes electricity without competition to over 100 cities and
towns in Missouri. The electric power and light properties comprise steam
electric generating stations with an installed generating capacity of 18,448
h.p. and 2,682 h.p. additional now under construction, together with 686
miles of transmission lines, and distributing systems serve without competition 29,800 customers. The gas properties, with a generating capacity of
over 1,900.000 cubic feet of artificial gas a day, serve, also without competition, over 6.400 customers in the following cities: Jefferson City, Moberly,
Mexico, Boonville and Excelsior Springs, Mo.
In addition the company does a heating, water and ice business in a
portion of the territory served. Approximately 71% of the net earnings are
derived from the sale of electricity, 11% from the sale of gas, the balance
being from miscellaneous sources. Company operates one street railway
system consisting of 6 miles of line serving Jefferson City, Mo,
Capitalization Outstanding upon Completion of Present Financing.
Ist Mtge. Gold bonds due 1955, Series"A"53i% (this issue)36.500,000
7% Pref. stock (par $100)
2,600.000
35.000 shs.
Common stock (no par value)
Escrow Provisions -Mortgage provides for the issuance of additional
bonds of such maturity and bearing such rates of interest and otherwise of
such tenor as directors may from time to time determine. Such additional
bonds, however. may be issued only (1) for not exceeding in face value 80%
of the cash cost or fair value, whichever is less of additions extensions
improvements or new acquisitions to be subjected to the lien of the mortgage
either directly or througn pledge of securities and of permanent improvements additions or betterments to properties thus subjected to the lien
thereof provided that annual net earnings shall have been not less than 1U
times the annual interest charges on all bonds including the bonds requested
to be certified and on all indebtedness secured by a lien or liens prior to the
lien of the mortgage securing these bonds if any or (2) to refund underlying
bonds if any: or (3) for the refunding of bonds of other series.
-Deed of Trust provides for the payMaintenance et Improvement Fund.
ment to the trustee annually of a sum equal to 25% of gross operating
revenues derived from city railways and 1234% from other utility properties
during the preceding calendar year less the amount expended for maintenance and to satisfy the sinking fund requirements of underlying bonds if
any. Funds so deposited shall be employed either for the retirement of underlying bonds if any or first mortgage bonds or for renewals and replacements or for additions improvements or acquisitions which shall not be
made the basis for the certification of additional bonds. The above percentages are subject to periodical redetermination.
Purpose.
-Refunding of all previous funded debt and for property additions, expenditures for which have been and are to be made.
Earnings-Statement 12 Months Ended July 31.
1924.
1925.
Gross earnings
$1 918 849 32,142.505
Operating expenses
1.240.753
1,313,088
Net earnings
$678,096
Annual int. charges on 1st Mtge. 5ti% bonds (this issue)
1789
$829,417
357.500
Balance
$471.917
Management.-Company is controlled by the same interests which control
Illinois Power & Light Corp.
-V.121,P. 1678.
-Preferred Dividend.
Mohawk-Hudson Power Corp.
-
The directors have declared a regular quarterly dividend of $1 75 per share
on the $7 Preferred stock (no par value), payable Nov.2 to holders of record
Oct. 20. (See also V. 120. p. 2948.)-V. 121. p. 1102.
-Sale.
Montour & Columbia Telephone Co.
The sale of the company on Jan. 16 next has been ordered by the Montour
County Court. Bondholders under a mortgage issued 25 years ago petitioned for sale. Company operates 5 exchanges in Columbia and Montour
counties, and for several years has been in financial difficulties. Until a
year ago it was operated by Penn State Telephone Co.under a lease and since
then by a receiver. (Philadelphia "News Bureau.")
-On or before Jan. 15 1926 the holder of record on
Stock Option Warrant.
Dec. 31 1925 of each share of this stock is entitled to a warrant, giving such
for a period of 12 months the right to buy one share of
holder thereof
Common stock at $30 per share.
-Listed on the Boston Stock Exchange. Transfer Offices: Old
Listing.
Colony Trust Co., Boston, Middlewest Stock Transfer Co., Chicago.
Registrars: American Trust Co. Boston: Illinois Merchants Trust Co..
Chicago. Preferred as to assets and dividends over the Common stock.
This series red. at $120 per share and diva. Fully paid and non-assessable.
-J. Dividends exempt from present
Cumulative dividends payable Q.
normal Federal income tax.
,
-On completion of present financing, will own practically all
Company.
Manchester
of the Common stock of Central Maine Power Co. andthe Common 'tracstock
substantial majority of
and a
tion, Light & Power Co.,& Power Co. Through the latter It will control
of National Light, Heat
through stock ownership Twin State Gas & Electric Co., Berwick & Salmon
Falls Electric Co., Vermont Hydro-Electric Corp., Rutland Railway, Light
& Power Co., and Pittsford Power Co.
-For the year ended July 31 1925 the balance of earnings
Earnings.
available for reserves and for dividends on the Preferred stock, after all
deductions, was $1,063,049, or 3.79 times the annual dividend requireprior
ment of *280.000 on this issue.
After an allowance for retirement reserve equal, together with maintenance expenditures, to about 12% of gross operating revenues, and after
deducting dividend requirements of both the Prior Lien and Preferred
stocks, the balance is equal to 82.26 per share on the 181,600 shares of
Common stock to be issued at this time.
-Proceeds of this Issue will be used in part for the acquisition of
Equity.
stocks of subsidiaries and for other corporate purposes. On completion of
strong
this financing the company will have no funded debt, and will be in a
stock, representing the
cash position. The 181,600 shares of Commonissued in exchange for
Preferred stock, have been
equity junior to the
stocks of subsidiaries and for a large cash investment.
-Company is controlled by Middle West Utilities Co.
Management.
Compare also V. 121, p. 1678.
-Service Discontinued.
New Jersey Interurban Co.
This company which operated 17 miles of track from Phillipsburg, N. J.
through Washington, N. J.to Port Murray, N. J., has received permission
heretofore
to abandon service and is taking legal steps to dissolve. ServiceInterurban
given by the company Is being rendered by the New Jersey previously
operating yellow gasoline motor coaches over the route
Coach Co.,
-V. 117. p. 1462.
jserved by the railway company.
--Tenders.
New York Telephone Co.
The Farmers' Loan & Trust Co. of New York, trustee, will, until Nov. 2.
receive bids for the sale to it of First & Gen. Mtge. Sinking Fundabonds
at price
dated Oct. 1 1909, to an amount sufficient to absorb *750.000.in pounds
sot exceeding par and interest. Tenders or bonds payable States of
submitted in terms of currency of the United
sterling must be
America. and such bids will be considered on the basis of a currency par or
in
face value of $4 85 for £1 sterling, the fixed rate of exchange designated
-V. 121, p. 1678.
the bonds.
-Negotiations Concluded for Control
North American Co.
-President Frank L. Dame
of Mississippi River Power Co.
on Oct. 3 announced that negotiations have been concluded
for the purchase of control of the Mississippi River Power
Co. by the North American Co. on behalf of its subsidiary,
the Union Electric Light & Power Co. of St. Louis, Mo.
Control of the Mississippi River Power system will make possible the free
interchange of power over the largest superpower system in the middle
Light &
west, connecting the new Caholda plant of the Union Electric
Power of Illinois on the Mississippi River opposite St. Louis with the huge
Keokuk, Ia.
hydro-electric development across the Mississippi River atfrom Keokuk
The Union Electric Light & Power system will then extend
of about
on the north to the lead belt of Missouri on the south, a distanceterritory.
250 miles. with consequent benefits to St. Louis and surrounding
generating sources will
This combination of steam and hydro-electric the Mississippi River, a
permit the utilization of the full flow of water in
condition which heretofore has been impossible.system is now larger than
The electric output of the North American
with the addition
that of any group of properties under one ownership, andsystem will be one
of the Mississippi River Power Co., the North American
of the largest producers of electricity by water power. offered 1 2-3 shares
The Mississippi River Power Co. stockholders will be
share of
of North American Common stock for each to provide Mississippi River
a cash alternative
Power Co. stock, this offer being underwritten
than a majority
of$100 per share of Mississippi River Common stock. Moreminority stockof the Common stock has assented to the proposal and
opportunity to participate on the same basis.
holders will he given an
V. 121, p. 1679. 1569.
-Preferred Stock Offered.
North American Edison Co.
Dillon, Read & Co. are offering at $97 per share and dividend, to yield about 6.18%, 200,000 shares Preferred stock.
Cumulative dividends, $6 per share per annum.
rate
Preferred over the Common shares as to cumulative dividends at the$100
at
of $6 per share per annum and as to assets in case of liquidation upon 30
part,
per share and dividends. Redeemable at any time, all orpayable Q.
-M.
-To Increase Stock. days notice at $105 per share and dividend. Dividend Bankers Trust
Narragansett Electric Lighting Co.
tax.
Federal normal
The stockholders will vote Oct. 16 on increasing the Capital stock and Dividends free of the present Robert Randallincome
and Albert E. Taylor, 60
Co., New York. registrar.
-V.121, p. 330.
on authorising the directors to issue same in their discretion.
Broadway, N. Y., transfer agents.
course for listing
Listing.
-Initial Class "A" Divi- this issue-Company agrees to make application in due
National Electric Power Co.
on the New York Stock Exchange.
-An initial quarterly dividend of 45 cents per share
dend.
Data from Letter of President Edwin Om hi, New York, Oct. 8.
-Organized in Delaware in March 1922 as a subsidiary of the
has been declared on the Class "A" stock (no par value)
Company.
successful
North American Co. Controls some of the most important and Illuminatpayable Nov. 2 to holders of record Oct. 15.
utility corporations in the country. including: Cleveland Electric
The stockholders are also given the option of receiving in ing Co.: Union Electric Light & Power Co.(St. Louis); Milwaukee Electric
Co.; Wisconsin Gas & Electric
By.
lieu of cash additional Class "A" at the rate of one-fiftieth of Co.;& Light Co.: Wisconsin Electric Power
Wisconsin Traction, Light, Heat & Power Co.. and Peninsular Power
one share for each share of Class "A" stock held.
Co. The territories in which the operating subsidiaries operate Include
Stockholders will receive non-interest bearing scrip for fractional shares. important industrial centres and the total population served is estimated to
The company has also arranged to purchase such scrip at the rate of $1 be in excess of 3,800,000.
Cleveland Electric Illuminating Co. does substantially all of the central
(for each full share) below the price of the last sale on the Chicago Stock
city of
Exchange on Oct. 23. and to sell to holders of fractional scrip, enough station electric light and power business in the& Power Cleveland and in
Co. does substanadditional scrip at the rate of $1 (for each full share) above such closing 45 adjacent communities. Union Electric Light power business in the city
central station electric light and
tially all of the
price on October 23 to make up full shares.
1790
THE CHRONICLE
[vol. 121.
of St. Louis, and, directly or through affiliated companies, substantially
The Capital stock of the Peoples Ry. is owned by the American Electric
all of the electric light and power business in 78 other communities in Co. and is deposited m collateral
security under the Deed of Trust securing
Missouri. Milwaukee Electric Ry. & Light Co.and other subsidiaries of the American Railways Co.
57, bonds, due 1931.
North American Edison Co. in Wisconsin serve highly developed industrial
The property of the Peoples Railway Company was appraised as of Jan.
districts in the eastern section of that State, including the cities of Mil- 1 1918. by A. L. Drum & Co. of
Chicago at a cost (new) of the physical
waukee, Racine and Kenosha.
property basedupon pre-war average prices prior to 1915. at
Income of the subsidiary companies is derived principally from the dis- l'his value was approved by Ross Harris, acting for the City 32.845,913.
of Dayton.
tribution of electric current for power and light: more than 70% of the gross New additions and betterments
from
earnings and more than 80% of net income from operation,in the 12 months to $252.045, making the total value Jan. 1 1918 to June 13 1925, amounted
as of June 13 1925, *3,097,958. The
ended June 30 1925 having come from this source.
company operates a 5 cent fare and 1 cent additional for transfer.
Consolidated Earnings(Company and Subsidiaries) 12 Mos.End. June 30 1925
Earnings for the 12 months Ended July 31 1925.
Gross earnings
$68,310,365 Gross
8670.155
Operating expenses, maintenance and taxes
41,386,123 Operating expenses & taxes
.11476,411
Int. charges, Pref. divs, of subs, and minority interests
12,638,003
Net income applicable to depreciation, interest, &c
*193.745
Balance before depreciation
$14.286.239 Bond interest
25,000
Depreciation reserve
6.766.389 -V. 97. p. 176.
Balance
$7,519,850
Public Service Co. of Missouri.-Acquigition.The above balance is more than 61‘ times the annual dividend requireSee Union Electric Light & Power Co. below.
-V. 120, p. 212.
ment of 81,200,000 on the 200,000 shares of Preferred stock presently to be
outstanding.
Public Service Corp. of N.J.
-Sub. Co. to Operate.
Dividends of Subsidiaries.
-The larger subsidiary companies have had
The Public Service RR., a subsidiary, recently modified the plan anexcellent dividend records. Dividends have been paid continuously for nounced last July
24 years, at annual rates averaging over 8%, on the Common stock of Brunswick, N. J. for the suspension of its line between Trenton and New
It will, however, run cars at longer intervals.
-V.121.
Cleveland Electric Illuminating Co.; continuously for 18 years, at annual p. 1570. 587.
rates averaging over 714%,on the par or stated value of the Common stock
of Union Electric Light & Power Co. and predecessor companies: and at
Radio Corporation of America.
-Loses Suit.
rates averaging over 8% annually, continuously for 22 years on the Common
A verdict for $6,600 for the non-delivery of a wireless message was directed
stock of Milwaukee Electric Railway & Light Co. continuously for 13 against the corporation on Oct.
5 by Supreme Court Justice Churchill, in
years on the Common stock of Wisconsin Gas & Electric Co.,and continu- favor of the
ously since its organization in 1920 on the Common stock of Wisconsin charges on a Kerr Steamship Co. The suit was based on the loss of freight
cargo of sugar from Manila, which would have been taken by
Electric Power Co.
the plaintiff's vessel, the Blossom Heath, then
In Manila Harbor, if
CapitalizationAuthorized. Outstanding. the message directing the ship to take the cargolyingbeen delivered.
had
0% Sec. Sink. Fund Gold bonds. Ser. A. due 1952
$13,160,000
x
Justice Churchill rejected the claim of the wireless company that damages
614% Sec. Sink. Fund Gold Bonds,Ser..12, due'48
v7.760.000 in the case were limited to the cost of
x
message, in accordance with the
Preferred stock (without par value)
500.000 shs. 260,000 shs. printed agreement on the back of thethe
wireless blank.
Common stock (without par value)
500,000 shs. 385,000 shs. verdict should be based on the damage actually sustained.He ruled that the
-V.121. p. 1103.
x Limited by restrictions in indenture under which these bonds were 460.
issued. y Does not include $324,000 bonds held in the treasury of the company.
Rapid Transit in N. Y. City.
-City Has No Authority
Purpose of Issue.-Proceeds are to be used for advances to, and investments in the securities of, the company's subsidiaries, for the rtirement to Operate Buses.
The City of New York has not the right to carry on the business of a comof floating debt heretofore incurred for like purposes, for investments in
other public utility properties or for other corporate purposes. The retire- mon carrier of passengers, the Court of Appeals at Albany decided Oct.
ment of the floating debt will materially reduce the company's present in determining the actions of Stewart Browne and William J. Schieffelin
and others against the City of New York. Judge Benjamin N. Cardozo
interest charges-V. 121, p. 1102.
wrote the prevailing opinion, in which all of the Judges concurred, and
Ohio Bell Telephone Co.
-Expenditures.
Judge Frederick H. Crane wrote a short concurring opinion.
The directors have authorized $14,050,000 for additions and betterments,
The appeal in the Browne action was from an order of the Appellate
of which $3,158,000 is to be spent this year and the remainder in 1926. Division, First Department, which reversed a Special Term order denying
a motion for an injunction pendente lite, and also from an order of the same
-V. 120. p. 1328.
Appellate Division which
Term, granting
- motion for the dismissal reversed the Special The second, or defendant's
Penn Central Light & Power Co.
-Sale of Properties.
of the complaint.
Schieffelin,
The stockholders on Oct. 12 approved the offer of the United Lighting action was by permission from like orders of the same Appellate Division
Co. for the purchase of all the properties and franchises of the company. reversing like order of the Special Term and certifying a like question.
See Penn Central Light & Power Corp. below and V. 121, p. 1102.-V. This question was: "Does the complaint state facts sufficient to constitute
121, p. 1463.
a cause of action?"
The opinion of Judge Cardozo stated that the Court concluded that
Penn Central Light & Power Corp.
-Bonds Sold.
- lation affecting the rights of cities before the enactment of the HomelegisRule
A. C. Allyn & Co., Inc.; Howe, Snow & Bertles, Inc., and law "excluded at every turn" municipal operation of buses.
Redmond & Co., have sold at 97 and interest, to yield over
Start Leval Field on 5-Cent Fare Vote.
The expected legal action to prevent the submission of the 5
-cent fare
5.65%, $5,500,000 First & Ref. Mtge. Gold bonds,.53'%
referendum, proposed by Controller Charles L. Craig and passed by the
-Year. Series of 1925.
50
Municipal Assembly, was begun Oct. 8. Upon application of Louis MarDated Oct. 1 1925: due Oct. 1 1O75. Denom. $1.000. $500 and $100. shall, attorney for Frank McCabe, a taxpayer, Supreme Court Justice
Redeemable, all or part. on 30 days' notice on any interest date to and Joseph M.Proskauer signed an order directing John R. Voorhis as President
including Oct. 1 1935. at 105 and interest, this premium of 5% decreasing at of the Board of Elections to show cause why he should not be ordered not
the rate of 14% on each April I thereafter to maturity. Principal and
.
e oet dum on the ballets to be used on election day.
eferen 13
interest (A. & 0.)'sayable at Seaboard National Bank. New York, trustee. Therlnter e pr tugrbI
ord th ls r pc
r
Interest also payable in Chicago and Philadelphia. Interest'Table without deduction for normal Federal income tax not to exceed 2 o. Free of
Sacramento Electric Gas & Railway Co.
-Tenders.Pennsylvania State 4
The Mercantile Trust Co., trustee, 464 California St., San Francisco,
-mill tax. Conn. 4-mill tax, Maryland 4
mill tax.
!
Calif. personal property tax not in excess of 4 mills per annum, and Mass. Calif.. will, until Oct. 31 receive bids for the sale to it of forty First Mort,
6% income tax refundable.
gage 5% Gold bonds, dated Nov. 1 1897.-V. 119. p. 1626.
Data from Letter of President Albert Emanuel, Dated Oct. 6 1925.
Southern Bell Telephone & Telegraph Co.
-Earnings.
Company.-Incorp. in 1915 in Pennsylvania as United Lighting Co. Is
n
Years Ended
l9 .Dec. 31
12 Mos.End.
to acquire the properties of Penn Central Light & Power Co. Upon comPeriod1922.
June 30'25.
1924.
pletion of the necessary legal proceedings, it is intended that the corporate Operating
m e
$19.473,231 *18.098.388 816.660.252 $15,476.8
00
name be changed to Penn Central Light & Power Co.
Operating income
4.117.973
4,502.967
3.540,520
5,007.384
Penn Central Light & Power Corp. will supply electric light and power in Gross
income
5,453.196 4.174.017
6,002.139
6,390.001
an important industrial, mining and agricultural territory in Central Penn- O
entrez mis pl iations _
435.141
452.270
487.419
446.507
sylvania. centering about Altoona, and also in certain territory in North- Rthe appr gerlaneous_ic
1 '7 203
236
western Pennsylvania. with an area of 5.500 square miles and a total popu1.643,447
1.269.248
964.162
992,523
lation estimatld to exceed 350.000.
Dividends
2,925,000 1.800.000
3.600,000 3.600.000
Security.
-Secured by a direct first mortgage upon a portion of the physical property of the corporation, and by a direct mortgage on the balance,
Balance, surplus
$116.860
$586,904
*985,707
$1,310,059
subject to certain divisional underlying bend issues, of which $13,629.000
are now outstanding with the public. There are also outstanding with the -V.121, p. 1103.
public 8731.300 of bonds of subsidiary companies. Based upon appraisals
Southern Cities Utilities Co.
-Dividend Rate Increased
by independent public utility appraisers and engineers as of Aug. 1 1925.
the reproduction cost of the property to be owned by the corporation and its and Extra of 25 Cents Per Share Declared on Common Stock.
subsidiaries is $35397560.88 against which the total funded debt outstandThe directors have declared a quarterly dividend of $1 per share and an
ing with the public. including this bond issue, is $19,860,300, the funded extra dividend of 25 cents per share on the Common stock, payable Oct. 10
debt representing less than 57% of such reproduction cost.
to holders of record Oct. 1. This issue had been on a $3 annual dividend
basis.
-V. 121. p. 1680.
Earnings 12 Months Ended Aug. 31 1925.
(Of properties to be owned by Penn Central Light & Power Corp. and its
Southern New England Telephone Co.-Earninos.Subsidiary Companies.]
6 Mos.End. -Years Ended Dec. 31
Gross income
$4.258.226
Period1923.
1924.
1922.
June 30'25.
O r.ext:n l cl. current maint. & taxes other than income taxes) 2,202.868 Total
It e tiYgs
e
revenues
$5,392,780 $10,040.350 i9.211.314 $8.383.985
$2,055,358 Net earnings
1,876.137
2.141.488
1.161.858
1.619.448
Interest
186.177
161.171
148,363
189,796
Annual interest requirements on divisional underlying and
Empl. appropriation
100.000
100.000
subsidiary bonds outstanding with public
827.423 Dividend
1.440.000 1,316,704
1,678.000
840.000
appropriations
Balance
$2,227,935
Balance, surplus
$202,317
$149.960
$173,495
Annual int, requirements on First & Ref. 534% bonds (this issue) $302,500
$112,948
-V. 120. p. 2685.
Capita/action to Be Outstanding with Public upon Completion of Present
Financing.
Southern Si
-To Issue Bonds.
Power Co.
First & Ref. Mtge. Gold bonds,534% 50
The company has applied to the California RR. Commission for authority
-Year Series of 1925 (this
issue)
*5.500.000 to issue 8314.000 of 1st & Ref. Mtge. bonds to finance extensions and betterDivisional underlying and subsidiary bonds
14.360 300 ments.
-V. 119. p. 1966.
Preferred stock ($5 series) (no par value)
89.278 shs.
Common stock (no par value)
-Granted Franchise.
Southwestern Bell Telephone Co.
a61.640 shs.
a All except directors'qualifying shares owned by National Elec. Pow,Co.
Approval of the transfer of the franchise of the Dallas Telephone co. to
Growth of Elect.lc Business of Propertia to Be Owned by Corporation and Subs. the above company was given by the City Commission of Dallas, Tex., on
Sept.
Gross Income, the 28 in passing an ordinance through the first two readings, permitting
Number of
Southwestern company to take over the franchise of the local company.
Electric
Electric Kilowatt-Hour
The Southwestern company has agreed to locate its State headquarters at
YearOutiMi.
Customers.
Business Only. Dallas, and
to construct an office building there to cost approximately
1921
89,137.390
81.988.785
25.891
85.000,000. Work on the first unit will commerce as soon as the ordinance
1922
105.808.484
28.297
2.219.593
is finally passed by the city. Actual construction is expected to start about
1923
149,026.348
35,276
2.954.804
Jan. 1 1926.
1924
166,206.543
38.495
3.365.266
Under the ordinance, the Southwestern company will take over the fran1925 (12 mos. ended Aug.31)- 40.252
190.797.710
3,683.393
chise of the Dallas Telephone Co.,changing in no way the regulatory powers
held by the city. The franchise of the Dallas Co. was granted Feb. 20 1918
Peoples Ry., Dayton, O.
-Bond Extension, &c.Newburger. Henderson & Loeb. Philadelphia are offering at 96 and int. for a period of 18 years, and the time will not be extended under the change,
the unsold portion of $300,000 White Line Ry. 1st Mtge.6% Gold bonds, -V.121, p. 1349.
due Oct. 1 1935.
Trenton (N. J.) Gas & Electric Co.
-Trustee.
These;300,000 First Mtge.6% bonds are an extension of a like amount of
been appointed trustee, paying
The
1st Mtge. 5% bonds which became due Oct. 11925, and will be secured by agent Guaranty Trust Co.of New York hasof
and registrar of an authorized issue
32,000,000 10
-Year Sinking
absolute first mortgage on the property of the former White Line Street
an
-V. 112. p. 169.
Ry., which was merged with the Peoples Railway Co. In 1896. the latter Fund Gold Debenture bonds,
company assuming the payment of these bonds as extended.
,
-Bonds Called.
Tri-State Utilities Co. (Del.).
Free of normal Federal income tax up to 2%. Penn. state tax of 4 milts
All
refunded. Coupons A. & 0. Subject to call at any int, period at 110 and been of the outstanding Income Mtge. bonds. dated Sept. 1 1919. have
called for redemption Dec. 1 at 103 and Interest at the Chicago Trust
Union Savings Bank & Trust Co., Cincinnati, 0., trustee.
int.
Peoples Ry. Company operates a total of 32.46 miles of trackage in the Co., 79 West Monroe St., Chicago, III.
H. H.Henley is president of the company; C. W.Salisbury, secretary.
City of Dayton. 0., of which 30 miles are owned solely by the Peoples
By. Of this trackage the White Line includes about 55% of the total.
Union Electric Light & Power Co. of St. Louis.
The balance of the property is covered by $200.000 mortgage on the Wayne
& Fifth Street property. The census of 1920 givesaithe population of To Acquire Mississippi River Power Co.
Dayton as 152,000.
See North American Co. above.
OCT. 10 1925.]
THE CHRONICLE
1791
The Union Electric Light & Power Co., St. Louis, and the Missouri field, has an excellent labor situation with non-union operation, and has
Public Utilities Co. of St. Louis in June last sold to the Public Service Co. 21 mines with present developed annual capacity in excess of 5.000,000
of Missouri electric properties and other utilities in 18 southeast Missouri tons. Its output is sold in 19 different States.
towns for a consideration of $2.759.000. The properties involved were Earnings of West Kentucky Electric Power Co. 12 Months Ended June 30 1925.
largely owned by Missouri Public Utilities Co., but had been operated Gross revenues
$327,718
by the Union Electric company with option to purchase.
Operating expenses and taxes
144,673
United Light & Power Co.(& Subs.).—Earnings.—
Earnings for 12 Months Ended Aug. 31.
Gross earnings, all sources
Operating exp.(incl. maint., gen.& inc. taxes)
a1924.
61925.
$34,074,202 $36,336,146
20,362,653 21,008,813
Net earnings
$13,711,549 $15,327,333
Interest on bonds and notes ofsub-cos. due public
4,123,329
Divs. on Prof. stocks of sub-cos. due public, and proportion of
net earn. attribut. to Com,stock not owned by company
2,487,350
Interest deductions, &c.
2,755.671
Class "A" Pref. dividends
780,473
Class "B" Prof. dividends
320,167
Net available for interest and depredation
Interest (12 mos.) on these $1,00(1,000 1st M. bonds, Ser."A,"
534%
$183,045
55,000
Balance
$128,045
Management & Control.—Both West Kentucky Electric Power Co. and
West Kentucky Coal Co. are part of North American Co.group of properties
and have been under that company's control and management since their
organization. West Kentucky Coal Co. is controlled through ownership
of entire Common stock, except directors' qualifying shares, by North
American Co.
Surplus earn, avail.for °mortis., deprec.& Com,stock divs._ 34,860,344
INDUSTRIAL AND MISCELLANEOUS.
a For comparison. b Figures for 1925 only partially reflect earnings
derived from recent acquisitions, while the outstanding Class "A" Prof.
Refined Sugar Prices.—On Oct. 2, Arbuckle reduced price 10 pts. to
stock and Class "A" Corn, stock reflect recent increases resulting from the 5.10c. per pound. On Oct. 5 the following companies each reduced price
sale of stock, to investors and common stockholders of the company in 5 pts. to 5.20c, per pound: American, National, Warner, Revere and
order to provide for payment of Public utility properties recently acquired McCahan. On Oct. 6 Atkins reduced price 5 pte. to 5.20c, per. pound.
and having annual gross revenues of $3,650,000 and annual net revenues On Oct. 7 Federal reduced price 5 pts. to 5.05c. per pound.
exceeding $1,000,000.—V. 121, p. 1349, 1228.
Swine/cart Tire 80 Rubber Co. Advances Prices of Automobile Tires 10%,
United Lighting Co. (Pa.).—Acquisition of Penn Central Effective at Once.—"Boston News Bureau" Oct. 3 Pending Arbitration.—
Plasterers' and Bricklayers' Unions Sign Agreement
Agree to resume work on $25,000,000 projects in N. Y. City at once and
Power cfc Light Co.—Name Changed.—
Oct. 3, p. 1.
of special board.
accept
The acquisition of the properties and franchises of the Penn Central to Mattersfindings in "Chronicle" Oct. New York "Times" paper production
3.—(a) Increase in
Covered
Light & Power Co. have been acquired by the United Lighting Co. The in
adopt conservation plan—set March 1
name of the latter company has been changed to Penn Central Light & forAugust, p. 1625. (b) Tire makers November—willcurb overproduction
shipment ofspring stocks instead of
Power Corp. See that company above and V. 121, p. 1103.
Ir• 1625. (c) New rules approved by directors of Chicago Board of Trade—
Curb on price fluctuations and Business Conduct Committee proed,
Washington-Virginia Ry.—Bus Co. Granted Charter.—
proposed
Board of Trade
The Virginia Corporation Commission has granted the Alexandria & P. 1634. (d) Amendments Agriculture by Chicago 1634. (e) Opening
Jardine p.
Suburban Vehicle Co., a subsidiary, a charter to operate a bus line between commended by Secretary of p. 1640. (f) Philippines as source for our
York Cocoa ,Exchange,
and Washington, D. C. This bus line was thought to of Newsupply—Prospects viewed by Judge J. W. Haussermann, V.-Pres,
Alexandria, Va.,
have been definitely barred from operating between Alexandria and Wash- rubber
ington when, on Jan. 29, the Virginia Corporation Commission granted a American Chamber of Commerce of the Philippines, p. 1641.
certificate of "necessity and convenience" to the Alexandria Barcroft &
Aluminum Co. of America.—Par of Common Changed.—
Washington Rapid Transit Co., operated by R. L. May of Barcroft Va.,
to change and convert
stockholders on Oct. 7
and denied the application of the Alexandria & Suburban line for a similar allThethe authorized Common approved a proposal1,500,000 shares par $5
stock, consisting of
of
charter. The Alexandria & Suburban line has been operating buses be- each (of which there are to be presently issued and outstanding 1,472,625
tween Alexandria and the Potomac yards, between Alexandria and Semishares of Common stock
and unissued 27,375 shares),
nary Hill, and between Fairfax and Washington, while the May line has sharespar value. The stockholdersinto 1,500,000 share of no par value in
will receive 1
operated,recently on a ten-minute schedule, between Alexandria and Wash- of no
ington, between Barcroft and Washington, an Columbia Pike and between exchange for each share of Common stock of the par value of $5 held.shares
The stockholders also authorized the issue of the 27,375 unissued
Alexandria and Fort Humphreys.—V. 120, P. 3317.
of Common stock,from time to time, for such consideration as may be fixed
Worcester Consolidated Street Ry.—Bus Substitution.— by the directors.—V. 121, p. 1681. 1571.
Effective Sept. 20, trolley car service between Worcester and Marlboro.
Alpine Montan Steel Corp.—Bonds Called.—
Mass., was replaced with motor buses. Trolley cars between Worcester
Ten First Mtge. 7% bonds, due 1955, have been drawn for payment at
and Shrewsbury to be continued but beyond that point service will be
par and interest on March 11926. according to F. J. Lisman & Co., fiscal
discontinued.
The company also proposes to abandon 12 miles of line from Leominster, agents.—V. 121, p. 1104.
through Lancaster and Clinton, to Boylston Centre, Mass., and substitute
American Brown Boveri Electric Corp. (Formerly
bus service.—V. 121, p. 1349.
-260,000 Shares ParticiNew York Shipbuilding Corp.).
West Kentucky Electric Power Co.—Guaranteed Bonds pating Stock Sold—Corporation to Take Leading Part in
Offered.—Lee, Higginson & Co. and Cassatt & Co. are Electrical Industry.—A syndicate headed by Pynchon & Co.,
offering at 923 and int., to yield about 6.05%, $1,000,000 West & Co. and Curtis & Sanger have sold at $50 per
1st Mtge. Gold Bonds, Series "A," 5
Unconditionally share 260,000 shares Participating stock (no par value).
guaranteed, principal and interest, by endorsement, by
The Participating stock (after Pref. stock requirements) is entitled to all
net earnings derived from the operation of the business during the period
West Kentucky Coal Co.
from Oct. 1 1925 to Jan. 11929, whether or not declared in dividends, prior
Dated Sept. 1 1925, due Sept. 1 1955. Denom. $1,000 and $500 c*.
Except in case of purchase of all or part of property by a municipality, or
accelerated maturity due to franchise non-renewal, in either of which cases
bonds may be retired at 100 and int., the bonds are callable at the company's
Option on 30 days' notice, as a whole at any time or in part on any int. date,
at 103 and int, on or prior to Sept. 1 1930,the premium thereafter decreasing
3‘ of 1% for each ensuing 5 years' period to a call price of 1003i and int.
during the last 5 years before maturity. Bankers Trust Co., New York,
trustee. Interest payable(M.& S.) without deduction for normal Federal
income tax up to 2%. Penna. and Conn. 4 mills taxes and Mass, income
tax up to 6% refundable.
Listed.—Listed on Boston Stock Exchange.
Data From Letter of Pres. C. F. Richardson, Sturgis, Ky., Oct. 5.
Company.—Furnishes electric light and power in the important coal
Producing territory centring at Earllngton and Sturgis, in the west Kentucky field. Supplies electric power to the West Kentucky Coal Co., the
largest coal mining company in this field: provides the principal source of
power supply for the transmission system of Kentucky 'Utilities Co. (part
of the Middle West Utilities Co.system)serving Madisonville, Morganfiel&
Princeton, Dawson Springs and adjacent towns in Kentucky, and through
its own retail distribution system furnishes light and power to Sturgis, Commercial Point, Earlington, Wheatcroft and Morton's Gap, Ky. Population directly or indirectly served with electricity, 50,000. Company also
furnishes domestic water supply in Sturgis. Earlington and Madisonville,
with combined population of 14,000, and supplies water locally to the Louisville Sr Nashville and Illinois Central railroads. Company was incorp. in
June 1924 in Delaware. Entire capital stock owned by West Kentucky
Coal Co.
Property.—Properties of the company, comprising electric power and
light and water properties formerly owned by West Kentucky Coal Co.,
Sturgis Electric Light Co., and St. Bernard Mining Co., in Union and
Hopkins counties, Ky..include 2steam electric generating plants at Earlington and Sturgis. Ky., with aggregate present installed capacity in excess
of 9,400 hp., and electric transmission and distribution systems. Company's plants and equipment are modern and in good operating condition.
Electric power generation throughout is 3 phase, 60 cycles. Company
also has 2 water pumping Plants with storage
reservoirs of distribution
'
gallons capacity and ,320 acres of water shed: and water 6°°,00° °°°
systems and purification equipment. Power for electric operation has
been used in the mines of the West Kentucky coal Co. since 1905. Total
electric output in 1924 was in excess of 15,000,000 k.w.h.
Funded Debt Upon Completion of This Financing.
1st Mtge. Gold Bonds, Series "A," 534% (this issue)
41.000,000
x Further bonds of this or other series irmuable under restrictions of
mortgage.
entire present fixed properties
Security.—Secured by first mortgage on the
POW owned and by mortgage on all fixed properties hereafter acquired, and
will constitute sole present funded debt. In addition, these Series "A"
bonds will be unconditionally guaranteed as to both principal and interest.
by endorsement, by the West Kentucky Coal Co. Total valuation of'
properties, based on appraisal in 1924, plus additions at cost, amounts to
more than $1,500,000. At this valuation these $1,000,000 1st Mtge.
bonds will now be outstanding at less than 86 2-3% of the value of the
mortgaged property.
Purpose.—Proceeds will be used to retire existing debt. Upon completion
of this financing, bonds will constitute the only funded debt of company
then outstanding.
Improvement ct Sinking Fund.—An improvement and sinking fund is
provided, payable semi-annually, first payment March 1 1926, to retire
13i% per annum of total 1st Mtge. bonds, Series "A," issued, if purchasable
at not exceeding 100 and int., or if Series "A" bonds are not so purchasable,
to be used for additions and improvements which could otherwise be made
the basis for issuance of additional first mortgage bonds.
West Kentucky Coal Co.—Will unconditionally guarantee by endorsement
the payment of principal of and interest on these bonds, and. owns the
entire capital stock of West Kentucky Electric Power Co. For the 12
months ended June 30 1925, income for West Kentucky Coal Co. available
for interest, depreciation, depletion and Federal taxes amounted to $1.110,766. Combined annual requirement for interest on total present debt
of West Kentucky Coal Co. and those guaranteed bonds is $413,255. Total
sinking fund requirement for retirement of its own bonds, based on production for the above 12 months' period, was $370,598. West Kentucky Coal
Co., incorporated in 1905, has properties part of which have an operating
history extending back, through predecessor companies, over 50 years.
It is the largest coal mining company in the western Kentucky bituminous
to said last mentioned date or thereafter, and to 65% of all other net income or gain. All net profit accruing from and after Jan. 1 1929 after
Pref. stock requirements shall be declarable in dividends, 65% to the Participating stock and 35% to the Founders' stock. On liquidation or dissolution, the Participating stock is entitled to receive, after Pref. stock reqdirements, all undistributed net earnings derived from the operation of the
business from Oct. 1 1925 to Jan. 11929, as well as 65% of the remaining
assets, the Founders' stock to receive the balance of 35%. The Participating stock has no voting power.
Transfer agent, Central Union Trust Co., New York. Registrar, Chase
National Bank, New York.
List4ng.—Stock listed on the New York Stock Exchange,"when issued.'
Data from Letter of Lawrence R. Wilder, New York, Oct. 2.
Company.—Corporation,being New York Shipbuilding Corp.after change
of name, with large modern manufacturing properties at Camden, N. J.,
will take over the properties and business of the Condit Electrical Manufacturing Co. at Boston and the Scintilla Magneto Co. at Sidney, N. Y.
Brown, Boveri & Co., Ltd., of Baden, Switzerland, one of the largest
electrical manufacturing companies in the world, will supervise the management of the corporation and will be a large holder of its Founders' stock.
Brown, Dover' direct the management and operation of.their subsidiary
and associated companies in every important European country, as follows:
(a) Great Britain—Brown, Boyer! & Co., Ltd.
(b) Belgium, Compagnie Industrielle pour l'Application des Precedes
Brown, Boveri. Societe Anonyme.
/c) Holland—N. V. Electriciteits Maatschappij Electrostoom.
d) Norway—Aktieselskabet Norsk Elektrisk & Brown, Boveri.
e) Finland—Finska Aktiebolaget G. Hartmanns Maskinaffar.
I) France—Compagnie Electro-Mecanique.
-G.
(a) Germany—Brown, Boveri & Cie. A.
-G.
(h) Austria—Oesterreichische Brown Boveri-Werke A.
(0 Denmark—A.-S. Nordisk Brown Boveri.
.
sesisc uaft ry—Ungarische Brown Boveri-Werke, Elektrizitaets-Aktien
GlHh nga
e
(k) Italy—Tecnomasio Italian° Brown Boveri.
(I) Sweden—A.-S. Nordisk Brown Boveri.
(m) Spain—Sociedad Espanola de Electricidad.
-G.
(n) Poland—Polnische Eicktrizitaetswerke Brown Boveri A. -G.
(o) Czechosloyakia—Oesterreichische Brown Boveri-Werke A.
Business.—Brown, Boveri & Co., Ltd., has made an outstanding record
of success in the design and manufacture of electrical apparatus and has
sucessfully installed this equipment in practically all parts of the world
during the last 35 years. The Swiss company manufactures complete
equipment for steam and water power generating stations, including the
largest units adopted by the public utilities; all equipment for the transmission of electric energy and the inter-connection of systems. It is the
only company designing and building all systems for the electrification of
railways and all types of electric locomotives, and in addition it builds
Diesel electric locomotives, rapid transit, traction and mine equipment.
all equipment for industrial electric application, marine drives, and a broad
line of mechanical equipment for gas utilities and the steel industry.
Properties.—The plants and properties of New York Shipbuilding Corp..
Condit Electrical Manufacturing Co. and Scintilla Magneto Co., which
American Brown Boveri Electrical Corp. will own and control upon completion of the present financing, have exceptional facilities for carrying
out the corporation's plans in the further development of its business in
this country.
The J. G. White Engineering Corp., which recently examined the property and plants, appraised them as having a present sound value in excess
of $30,000.000, or more than three times the depreciated book balue. All
the plants have been maintained in first class condition.
The New York Shipbuilding Corp. plants, located at Camden, N. J..
on the Delaware River, comprise 1,91 acres of land, with 4.272 feet of waterfront, and have 12 miles of standard gauge tracks and sidings connected
with the Pennsylvania and the Philadelphia & Reading railroads. The
plants are equipped with modern handling machinery, overhead cranes,
facilities for fabrication of steel and other metals, including complete machine,forge and fabrication shops.
In its reports the J. G. White Engineering Corp. estimates that an expenditure of less than $500.000 upon the Camden plants will produce a capacity sufficient to handle approximately $40,000,000 gross annual sales
of electrical machinery and apparatus, without interference with the existing shipbuilding operations. A business of more than double that amount
can be handled in the Camden plants without any large additional cash in-
1792
TilECITTRONTCLE
vestments. This is possible only because the corporation has available
to it the resources of Brown Boveri & Co., Ltd., under the contract above
outlined, and the adaptability of the Camden plant for electric manufacture. Ordinarily, in the electric industry, it is necessary to invest one dollar and a half in plant to produce an additional one dollar of gross annual
business.
The Condit Electrical Manufacturing Co. has been successfully engaged
for over 20 years in the manufacture of electrical switches, switch gears,
and other electrical apparatus. In order to care for its increased business, the company has purchased a new plant at Hyde Park. Mass., and
proposes to build an additional unit adjoining this plant.
Scintilla Magneto Co. owns and operates a specialty plant at Sidney,
N. Y. Its principal business is the manufacture of magnetos and other
electrical equipment. It is now supplying magnetos to both the U. S. Army
and the Navy as well as to the Curtiss Aeroplane Co. and the Wright
Aeronautical Co. It has also acted as American sales agent for Brown,
Boyer] products and has made installations for Ford Motor Co., West Penn
Power Co., Southern Power Co., American Gas & Electric Co., New York
Edison Co., United Stets Steel Corp., Aluminum Co. of America, Illinois
,
.
Central RR. and Niagara Falls Power Co., and many other prominent
utilities, railroads and industrials.
Capitalization
Authorized. Outstanding.
N. Y. Shipbuilding Corp. 30-Yr. 1st M. 5%
Sinking Fund Gold bonds, 1946
35,359.900
$25,000,000
7% Cumulative Preferred stock
3,000.000
10,000,000
Participating stock (without par value)
1,000,000 she. 285.000 shs.
Founders'stock (without par value)
300,000 shs. 300.000 shs.
Purpose.
-The constantly increasing demand for the products of Brown,
Dover' & Co., Ltd., by public utility companies, railroads and industrials
In the United States has made it necessary to establish an American organization to acquire manufacturing plants in the United States in which to
build their electrical and mechanical equipment and apparatus. to make
earlier deliveries possible and to render acequate service to the American
market.
Earnings.
-On the basis of the minimum amount of $10,000,000 of new
business, which amount the management expects to do in the first full year
of operation at the Camden plant, the J. G. White Engineering Corp.
estimates a profit of $1.100.000. This does not include earnings from the
present operation of the properties which are running at the rate of $950,000
per year after all charges including bond interest and Federal taxes. Bond
interest and general overhead are more than covered for the next two years
under existing contracts, including a contract with the U. S. Government
for the construction of one of the largest airplane carriers in the world on
a cost-plus basis.
It is believed that a rate of $40,000,000 of business per year can be reached
within a reasonably short time at the Camden plant and the engineers
state that on that volume net earnings of $3,996,000 should result after
Federal Taxes and Preferred stock dividends. All the net earnings. after
Preferred stock dividends, will be applicable to the Participating stock
until Jan. 1 1929. after which date it is assumed that normal growth in
business will be sufficient to yield at least an equal amount for the Participating stock out of the total accruing to the Participating stock and Founders' stock. This would amount to over $14 per share on the Participating
stock presently outstanding.
Management.
-Brown, Boveri & Co.. Ltd., will supervise the management of the corporation and more than a majority of the Founders' stock,
of which Brown, Boveri & Co., Ltd., will be large owners, will be held in a
voting trust.
J. Elink Schuurman (of Brown, Boyer! & Co.. Ltd.) will be Chairman
of the Board; Marvin A. Neeland (President of New York Shipbuilding
Corp.) will be Chairman of the executive committee; Laurence R. Wilder,
President.
Tentative Balance Sheet of June 30 1925.
Assets
Cash
.5$923,444
$1,894,692 Current liabilities
U. S. Govt. bonds
,359.600
3,164,453 1st M.55. 1946
Other bonds
c13.383.174
20,000 Capital and surplus
Accrued int. receivable__
37,210 Reserves for depreciation
Accounts receivable_ _ a3.437,783
and other purposes_ _ _ 9,395,886
Inventory
1,361,227
Ships in operation
1.875,000
b Property and plant
$29.062,105
Total (each side)
17,271,739
a Largely account U. S. Govt. contract. b This item is carried on the
books at a low figure and does not represent the true value of the property,
which J. G. White Engineering Corp. has recently appraised as having a
present depreciated value in excess of 330.000.000. c 7% Cumul. Pref.
stock, $3.000,000 par value; Participating stock, 285.000 shares (without
par value); Founders' stock. 300,000 shares (without par value).
-V. 121.
p. 1681.
[VoL. 121.
Data from Letter of Robert W. Nelson. President of the Company.
Company.
-Founded in 1892 and is the largest manufacturer of type
and the largest dealer in printers' equipment, materials and supplies in
the United States. Its manufacturing plant, located in Jersey City. is
the largest type founding plant in the world. Company's products are
distributed through 25 branches in the United States, and through agencies
in the leading foreign countries.
Foundry type is used principally in the printing of fine books, catalogues,
and in commercial printing, &c. Sales of type are steady and growing
and have not been seriously affected by depressions in general business.
The most rapidly growing branch of the company's business is the manufacture and sale of the Kelly press, a patented high-speed automatic
printing machine which has been developed at the companys' plants, and
for the exclusive manufacture of which the company has recently constructed a large plant at Elizabeth, N. J. This plant is just being brought
into full operation, and its full earning capacity has not yet been reflected
in the company's profits. Sales of Kelly presses have increased from
$1.968.307 in the fiscal year ended Aug. 31 1924 to $3.054.427 In the fiscal
year ended Aug. 31 1925. and it is expected that this branch of the company's business will continue to show rapid growth. Company sells not
only type and presses but also a full line of printers' machinery, equipment and supplies, for which there is a steady demand.
Company owns the entire issue of Common stock of Barnhart Bros. &
Spindler. which company operates the second largest type foundry in the
United States. There are outstanding, in the hands of the public, $1.250.000 1st Pref. and 3750.000 2d Pref. stock of Barnhart Bros. & Spindler.
being the entire amounts authorized. Net proits of Barnhart Bros. &
Spindler, since its organization in 1911. have amply covered the dividend
requirements on its Prof. stocks, which stocks are guaranteed by the
American Type Founders Co.
Purpose.
-Proceeds will be used to retire debentures due May 1 1926,
to pay off floating debt, and to supply additional working capital which
the growth of the business requires.
Listing -It is expected that application will be made in due course
to list these Debentures on the New York Stock Exchange.
Earnings-Years Ending Aug. 31
xlVet Profits. Times Int.
Net Sales.
1921
3.40
$1,308.074
39,510.867
1922
3.36
1.292.022
10,144,663
1923
3.81
1,468.332
11.863.790
1924
3.90
1.499.804
11,197,877
1925
4.32
1,663.167
12.133,600
x Net profits before charging debenture interest and Federal income and
profits taxes, adjusted to include in each year 5% of the new cash to be
provided through the present financing.
Dividends.
-Cash dividends have been paid regularly on the Pref. stock
since its issuance in 1902, and cash dividends have never been omitted
or reduced on the Common stock since payments were begun in 1898.
Balance Sheet Aug. 31 1925 (after Financing).
Assets.
Liabilities.
Cash
$716,008
$2.699.135 Accounts payable
Accotuats rec.. less rss_ _ _ 2,568.226 Reserve for taxes
200,000
Def'd installment, &c.,
23,000
Div, scrip outstanding
notes receivable
(Incl.this issue) 6,416,400
2,957.508 ti% Debs.
Mdse. & raw material_ _ _ 5,396,780 7% Pref. stock
4,000,000
Cash with trustee_ __ _
6,000,000
31,159 Common stock
Land, bldgs., machinery,
Surplus
4.232.500
&c., less depreciation.. 6,812,897
Invest'ts in stocks of
subsid. & affil. cos_ __
678,394
Miscellaneous securities_
8.914
Deferred charges
Total (each side)
434.896
$21.587.908
Contingent Liabilities.
-Customers notes discounted. $1,181.622.
V. 120. p. 3068.
Arcade Malleable Iron Co.
-Sells Plant.
The stockholders Sept. 29 voted to sell the Springfield plant formerly
owned by Springfield Malleable Iron Co. to a new corporation known as
Arcade Smelting & Refining Co., which will manufacture non-ferrous
metals
-V. 118, p. 3081.
-Copper Output (Lbs.).
Arizona Commercial Mining Co.
April.
May.
June.
July.
August.
Sept.
1925
487,000 570,000 543,000 639.000 642.000 755,000
1924
688.500 683,000 588,000 692,870 571,325 611,600
-V. 121. p. 981, 202.
-Earnings.
Associated Simmons Hardware Cos.
For the 8 months ended Aug. 31 1925, total earnings from operation
before interest were $855.363 as compared with total interest charges OD
The company recently formed a new subsidiary in Canada to be known funded and floating debt during this period of 3565.361.
as the Ferto Chemical Sales Co., with a capital of 70.000 shares of no par
Controlled Companies.
stock, to buy and sell cyanamid and kindred products. The stockholders Comparative General Balance Sheet, Trusteeship and
Aug.31 '25. Dec. 31 '24.
Aug.31 '25. Dec. 31 '24.
of the American Cyanamid Co. of record June 15 were given one share of
Assets$
$
stock of the new company for every share of American Cyanamid Co. held.
Real estate, bldgs.
Gold notes, due
-V. 121, p. 1229.
and equipment_ 2,582,564 3,037,820
9,111,000 9,952,000
July 1 1033_ _
Trade marks,goodAmerican International Corp.
-Earnings.
1st Mtge.7% notes
will, dm
300,000
1
of Grant CorP-1
Quarter Ended
9 Mos.End.
Period73,187
872,433 Min.Int.In sub.cos. 64,977
583,568
Sept. 30 '25. June 30 '25. Mar. 31 '25. Sept. 30'25. Cash
Int. on current assets_ _ _
Partly, share ctfs.:
$21,100
$83.069 Accts.& notes rec..
$28,151
$33,817
less reserve
Int. on securities
8,996,909 7,100,899 7% cum. pf.stk. 5,110.000 5,110.000
157.986
48.052
52.183
57.751
Common stock_x2,240.915 1,220,879
Divs. on stocks owned
423,504 Misc. Inv. & adv.,
122,595
115,035
185.873
Incl. sec. notes
Prof. on sale of securities
514,738 Accounts payable- 1,093,318
799,013
363,608
1,111,931
280,009
509.063
322,859
Prep.Ins.,int.,&c. 169,600
145,254 Due to MM. cos__ 218,226
Prof. on synd. & cr. participations
Notes pay.to b'nks 4,500,000 3,790,000
194.594 Adv, to employees
21,686
9,726
163,182
for exp., &c__
43,118 Due to employees
Miscellaneous
6.055
1,919
1,750
2,386
Winch.Co.& subs.
for comm.,&c__
236.353
71,619
Total income
8,758,750 8,753,489 Int. on notes due
$495,361 $1,977.138 Inventories
$715,910
3765,868
Jan. 1 1925_
342,036
206,509 Rec.fr. sale bldgs_ 446,951
Expenses
323,440
60,017
72,730
73,762
Res. for taxes, &c. 193.304
2,346 Def, charges to
Interest
627
640
1,079
197,460
future over
701,457
Taxes
22.626
629,789
7.745
7.080
7.801
American Cyanamid Co.
-New Subs. Organized.
Operating income..__-V.121, p. 202.
$685,418
$633,268
$426,972 $1,745,658
Total
22,531,741 21,837,598
Total
22,531,741 21,837.598
x Authorized and issued, 1,000,000 shares, DO par value.
-V. 120.
p. 2947.
-Common Dividend
American Smelting & Refining Co.
-Bonds Offered.
Aviation Country Club (Michigan).
Increased.
-The directors have declared a quarterly dividend
of 14% on the outstanding $60,998,000 Common stock, par A. J. Hood & Co., Detroit, Mich., are offering at prices to
3
$100, payable Nov. 2 to holders of record Oct. 16. This yield 6% to 7%, according to maturity, $750,000 1st 7%
places the stork on a 7% per annum basis, compared with Mtge. Sinking Fund Gold bonds.
investment for
Tax-exempt
quarterly dividends of 1M% paid since Feb. 2 1925. Record Dated July 1 in Michigan. Legal 1927 to 1935. Michigan savings banks.
Principal and interest
1925: due serially
of dividends paid since 1909 on the Common stock follows: (J. & J.) payable at Fidelity Trust Co., Detroit. trustee, without deduction
for any normal Federal income tax not in excess of 2%. Exempt from all
present taxes in Michigan. Red. all or part on any int. date upon 60 days'
notice at 102 and int. Denom. $500 and $1,000. Fidelity Trust Co. and
A. J. Hood, trustees.
American Soda Fountain Co.
-May Build Factory.
Guaranteed principal and interest by 25 prominent (club members)
The stockholders will vote on Oct. 20 on authorizing the officers and business men said to have a total net worth of several times the amount of
directors to purchase such real estate in such location as they may deem the bond issue.
advisable and arrange in their discretion for the construction of a factory,
Security.
-Secured by a closed first mortgage on approximately 400 acres,
plant, offices and showroom thereon with such machinery and equipment club house and 43 other buildings on the property, conservatively appraised
by the Fidelity Trust Co. at $1,512,000. The property is located on Green
-V. 110, p. 2413.
they deem advisable.
as
and Flanders lakes, in the Township of West Bloomfield, Oakland County,
American Type Founders Co.
-Bonds Sold.
-Lazard Mich.
Sinking Fund.-Fldellty Trust Co. will receive
Freres and Lehman Brothers have sold at 100 and int. retaining from monthly collections of all dues, and disburse all club funds,
fees and other income the
$5,000,000 15-Year 6% Sinking Fund Gold Debentures.
pro-rata proportion of all moneys so received, for the payment of principal
Dated Oct. 1 1925; due Oct. 1 1940. Denorm $1,000cs. Interest and interest of the bonds.
payable A. & 0. without deduction for any Federal income tax not in
-Rumanian Settlement.
Baldwin Locomotive Works.
excess of 2%. Principal and interest payable at the National Bank of
Commerce. New York, trustee. Red. on any int. date, all or part. on
A settlement reached between this company and the Rumanian Governdays' notice at 105 and int. Company will agree to refund the Calif., ment covering the latter's debt of 32.500.000 to Baldwin provides for a cash
60
mills per annum. the Maryland Payment of 325,000 on Oct. 15, 325.000 on Dec. 1, a substantial cash payPenna. and Conn. taxes not in excess of 4
securities tax not in excess of 4;4 mills per annum. the District of Columbia ment early next year and the balance spread over a period of 5 years,
tax not in excess of 5 mills per annum,and the Mass. income tax on interest with 6% interest. This agreement has not yet been consummated.
V. 121. p. 78.
not in excess of 6% per annum.
-As a sinking fund the company will agree to retire on or
Sinking Fund.
-Three New Wells Completed.
Barnsdall Corporation.
before Oct. 1 1926. $250.000 principal amount of these Debentures and a
The corporation has completed three new wells in the Rosecrans field,
like principal amount annually on or before Oct. 1 of each year thereafter,
Oct. 1 1929, by redemption by lot at 105 and int. or by California, two of these aggregating a flow of 3,600 bbls. of oil a day.to and including
V. 121. p. 1572. 711.
purchase at not exceeding the redemption price.
1909-11. 1912. 1913-15. 1916 1917-18. 1919-20. '21. '22. '23. '24. '25.
4 yearly 4 2-3 4 yearly 4
1
0 2.14 5 x63.1
6 yearly 4 yearly
x Including dividend of l %,payable Nov. 2.-V. 121, p. 1673.
Our. 10 19251
1793
111RONTCLE
THE (
-Control.
Baum Dairy Appliance Co.
announce that control of the
Strube V. Claggett & Co., bankers, Boston.
Lash of
above company Is now vested in their organization. David C.
(Lawrence
the banking firm has been elected Pres.: Guy G. Gabrielson Dr. E. G.
Ray henry, Sec'y.
Scudder & Co.), New York, Treasurer;
Strabo V.
Baum resigned as President but will continue as a director.
Claggett has also become a director.
Earnings 6 Months Ended June 30.
Car Corp.I
(Caddo Central Oil & Ref. Corp. and Caddo Tank
1923.
1924.
1925.
53.158,183 $3.242.350 $3.364,488
revenue
Gross operating
3.295.088
3,000.252
2.992.479
Operating expenses
Operating revenue
Other income
*242.098
V 65.704
Dr.11.066 Dr.15.132
$69.400
pr.58.690
Operating income
Inventory adjustments
$154.638
$226,966
Cr.51.137
5128.090
Dr.23.332
-Sale.
Boston Belting Co.
for sale at public auction Sept. 29
Total income
Reserve for taxes
Res. for deprec depl. and adj.
Accrued bond Interest
Tank car rentals accr.
5154.638
23.923
150,000
174,993
gCr.7.078
$278.103
55.775
180.000
174,993
6.760
$104,758
x
-Annual Report.
Boston Woven Hose & Rubber Co.
5129,280
*139.424
5187.200
Deficit
x Including taxes. y Caddo Tank Car Corp. net income.
depreciation,
The earnings as shown above are prior to deduction for
s, except
depletion or provision for abandoned leases or other adjustmentfor these
for the amount of $150,000 set up during the period as reserve
120, p. 2677.
-V.
items.
-To Increase Debt.
-Consumers Co.
Bertha
indebtedThe stockholders will vote Nov. 9 on increasing the authorized 2535.
ness of the corporation from $2.000.000 to 52.500,000.-V. 119, p.
Equipment of the company was offered
-V. 115.
and 30 by Henry S. Anthony & Co., Lowell, Mass., auctioneers.
p. 2271.
1921-22.
1922-23.
1923-24.
Years end. Aug. 31- 1924-25.
510,343.050 $8.892.780 $10.814.376 *9.431,588
Gross Saks
31,899,348
Poundage produced__.._ Not stated Not stated 39,102,789
Balance Sheet Sept. 1.
1924.
1925.
LiabilUies1924.
1925.
AssetsPreferred stock__ $750.000 $750.000
Land, bldge., machinery, &c___ _$3,617,539 $3,660,563 Common stock._ ..x4,300.000 4,300,000
1 Accounts payable
1
Patents
139.666
188,442
(not due)
Employees' notes
17,787
22,954
.
129,701 Accrued wages_ _ _
73,346
for stock subset._
535,000
659,824 Loans
556,677
Cash
129.000
885,439 Div. pay. Sept. 15 129,000
Acc'ts receivable__ 1,068.801
59,551
Res.for future dep.
Notes rec., accept10.171 Res. for taxes, &c_ 150,000
18,230
anew(& warrants
1,859,299 1,485,648
Mdse. inventory__ 2,065,102 2,065.953 Surplus
-Tenders.
& Coal Co.
Central Iron
Broadway, N. Y. City, will
trustee.
The Central Union Trust Co., sale to it80 1st Mtge. Sinking Fund 6%
of
until Oct. 19 receive bids for the
to an amount sufficient to exhaust $17,237.
Gold bonds due Aug. 1 1938
p. 2067.
at a price not exceeding 105 and int.-V. 119,
$7,399,695 $7,411,652
Total
17,399,695 $7,411,652
Total
x Represented by 86,000 shares of no par value.
direcCharles C. Case has been elected a Urector, thereby increasing the
-V. 119, p. 1737.
torate from 8 to 9 members.
(The) Branscome (Apartment Hotel), St. Louis.
Bonds Offered.-Greenebaum Sons Bank & Trust Co.,
Chicago, are offering at 100M and int. for 1926-1929 maturities and at par and int. for 1930-1937 maturities $600,000
1st Mtge. 63,4% Serial Real Estate bonds.
Dated Oct. 1 1925; due semi-annually Oct. 1 1926 to Oct. 11937. both
inclusive. Denom .$100, $500 and 31.000. 2% Federal normal income
office of
tax paid by borrower. Principal and interest (A. & 0.) payable at monthly
Greenebaum Sons Investment Co. Trust deed provides for
deposits with Greenebaum Sons Bank & Trust Co. to cover maturing
interest and principal installments. Privilege to prepay by giving 60 days'
written notice, at a premium of 3%,in addition to principal and interest.
Security -Closed first mortgage on land, building, equipment, furnish5372
ings and earnings. The site has a frontage of 275 ft. at'Nos. 5364 to from
Pershing Ave., just west of Union Boulevard, With a depth varying west
ely 181 ft. on the
approximately 225 ft. on the east line to approximatForest Park District of
line' this location is in the heart of the exclusive
St. Louis, generally recognized as the most attractive residential neighborhood of the city.
The Branscome. which is completed and in successful, profitable operation,
-shaped, 8 stories
is of steel, concrete and brick fireproof construction,"L"
high, and contains 88 hotel rooms and 72 apartments, the latter including
21 of 3 rooms and 51 of 2 rooms, each with private bath. On the ground
spacious dining
floor is a beautiful lobby, approximately 40 ft. square, aat
$1,012,500.
room,ladies' parlor and men's lounge. Total value placed and operating
-Property has a gross yearly rental of $176,640,
Income.
$58,291. leaving a net yearly income of 3118.349, which
expenses amount to
is more than three times the maximum annual interest charges on the entire
Issue.
-Prompt payments of principal and interest are assued by the
Guaranty.
other valuable St.
personal guaranty of Sam 'Copia'', owner ofobligation of Leo T.Louis real
Shannon.
estate. In addition, the bonds are a direct the Koplar Co.
The building is under the management of
-..- -Coal Output.
British Empire Steel Corporation. output from the corthe
A dispatch from Glace Bay, N. S., states that
totaled 447.122 tons, one of the best
poration's coal mines for September coal industry, notwithstanding that
months in the history of Nova Scotia operation following the end of the
September was the first full month of
-V. 119, p. 2067.
strike.
-Balance Sheet June 30.Central Steel Co.
1924.
1925.
$
MobilitiesPreferred stock___ 6,189,100 6,189,300
Common stock___x1.223.856 1.222,633
1st mtge. bonds__ 4.536,500 4,561.500
660.984
Accounts payable_ 1,976,030
368,312
Dividends payable
Accrued pay-rolls,
518,347
446,624
taxes, &c
Res. for deprec'n.
Fed'I taxes, &c_ 6.404,158 5.377.845
16.878,313 15.648.095
Surplus
Total (each side).37.654.783 34 547,016
-V. 121. p. 1682.
x Represented by 244,771 shares of no par value.
1924.
1925.
X
$
Assetsplant
Real estate,
and equipment_20,164.898 20,127,297
4,715.555 3,944,396
Cash
Notes &accep.rec.17,214,976 14,278.661
‘1.081,234
Accts.receivable_ _ J
3,605,632 3,061,361
Inventories
14.300
14,300
Liberty bonds_ _
584,863
1,014,060
Investments
161,277
Advances
125,065
. 345,254
Specific funds_ _ _
429,839
Deferred charges_ _ 418,831
-Dividend of 10 Cents.
ated Mining Co.
Chief Consolid
cents a share. Distributions
The directors have declared a dividend of 10 1925.-V. 120. p. 1884.
of like amount were made in May 1924 and
Childs Co. (N. Y.).-Notes &c , Called-Sales-1925 all
at 102 and int. on Dec. 1
The company has called for redemption6% Notes, dated June 1 1924.
-Year Convertible
of its outstanding 5
notes into 25 shares of Common stock
Holders have the right to convert the
Nov. 10.
for each 51,000 of notes until Improvement Corp. Serial 6% First Mtge.
All of the Childs Building &
called for redemption at
Convertible bonds. dated Jan. 1 1925. have been convertible into Childs
1 1926. These bonds are
105 and interest on Jan. the redemption date at the rate of $42.50 of bonds
Co. Common stock up to
for each share of stock. of meals served during September was 4.352,852.
-Total number
Sales.
other income, were 52.151.230. compared with
Sales of meals, excluding allOct. 1 the company opened its second restaurant
$2.108,806 for August. On restaurant will be opened in the Liggett Buildnew
in Cleveland. Ohio. A
Nov. 1.-V. 121, p. 1573.
ing on 42d Street. New York City, about
-To Buy Bonds.
Brompton Pulp & Paper Co., Ltd. the market to purchase
that they are in
,
The company recently announced
and 1941.
bonds of the different issues of 1927. 1935. 1939
East Angus, on Oct.
Bids will be opened at the company's office, -V. 121. p. 1751. 10.
will be purchased from the lowest bidders.
Bonds
-New Plant Proposed.
(Edward G.) Budd Mfg. Co.
Mich.. for upholstering
The company proposes to build a plant at Detroit,
a
The site
and finishing all-steel automobile bodies made in Philadelphi Co. The
a year ago from the Columbia Motor Car
was purchased about
floor space and will ocst
new building will have 336.540 square feet of
1681.
approximately 51,500.000.-V. 121. p.
-Additional Stock for Acquisitions.
Burns Brothers.
Stock Exchange for a uthority
The company has applied to the New York
to list 16.421 additional shares of Class ''A' stock and 16.427 additional
been issued to pay
shares of Class "B" stock. This additional stock hasCoal Co., Schuylkill
for the Steamship Fuel Corp. and the Wyoming Valley
Coal Co. and Temple Coal Co.and subsldiaries, recently acquired from S.
A. Werthehn.-V. 121. p. 1230.
-Acquisitions.
California Petroleum Corp.
See Ventura Consolidated 011 Fields.
It is also stated that the company acquired as of Oct. 1 the Mohawk
011 Co. of California. In acquiring the Mohawk Oil Co.. the California
a,transaction
approxiPetroleum Corp., it is said, completesCo. was owned involvingFrancisco
by San
mately $4,000,000. The Mohawk 011
refineries
interests, but operates in the southern fields. aThis company has 2Santa Fe
topping plant at
at Coalinga and at South Ban Francisco,
a
about
Springs, and wells producing a total of fields. 2,500 barrels day, in the
Coalinga, Santa Fe Springs and Athens
, President of Mohawk Oil Co., was made a director
Alfred L. Meyerstein
and V.-Pres., and C. L. Coppage a V.-Pres.-V. 121, p. 843.
-Receivership.
Caddo Central Oil & Refining Corp.
F. W. Garnjost, 2d V.-Pres. In charge of operations at Shreveport. and
Ben Johnson were on Oct. 5 appointed receivers by the Federal Court for
the Western District of Louisiana. In an equity action brought by the
Bank of North America & Trust Co. to foreclose the old Caddo oil mortgage
of 1917. In this action the Guaranty Trust Co. of New York has appeared.
joined in the petition for a receiver and filed a cross bill for the purpose of
, foreclosing the Caddo Central mortgage of 1919. of the
mortgages are all
The appointment of receivers and the foreclosure
part of the plan issued by the bondholders' protective committee under
date June 1 1925 (V. 120. p. 2677). providing for such foreclosure and sale
of the property and the organization of a new company to take over the
business on the basis of the present actual value of the property and to
raise new capital necessary for the installation of adequate cracking facilities without which it is impossible to operate the properties on a profitable
crude
basis. The company must rely largely on Smackover the usefor its raw
of cracking
material and such crude can be refined profitably only by
to secure a fair percentage of gasoline recovery.
processes necessary
says: "The accompanying
Vice-President James W. Williams further
is very unsatisfactory
statement of earnings for the first six months of 1925 with
present facilities
but not unexpected,as our average gaoline recovery
has fallen below 18%, against a possible 35% or 40% with the use of adequate cracking facilities.
The appointment of receivers, therefore, marks the beginning of the
readjustment of the capital structure of the company, and the plan of the
bondholders' protective committee also calls for $500,000 new capital to
place the new company in a position to operate successfully.
x234.038
-75c. Dividend.
Iron Co.
Cleveland-Cliffs
dividend of 75c. per share,
The directors have declared a quarterly
15.-V. 120. p. 2015.
payable Oct. 25 to holders of record Oct.
-Acquisition.
Corp., San Francisco.
Columbia Steel
Milner Corp. of Salt Lake City,
The corporation has acquired from the
holdings at Iron Mountain. The
Utah, its Milner-Dear-Lerch iron ore
of 51 claims. covering 921 acres -V.120, ls• 1752.
tract, it is said, consists
-Sales.T.) Connor Co. Boston.
(John
24 1925-6 mos.-1924
1
Period End. Sept. 30-1925- 3 mos.-19
57.628.989
$3,826,800 53,641.724 57.671,890
Sales
712.
-V. 121, p. 1231.
-Resumes Pref. Div.
Pittsburgh.
Consolidated Ice Co.,
dividend of 1 Si% on the 6% Cumul.
The directors last week declared a
of record Oct. 9. This is the first
Pref. stock. payable Oct. 20 to holders
totaling 6%
made on this issue since 1922, when dividends
distribution
-V. 120, p. 1209.
were paid.
-Knight,
-Stock Sold.
Consolidated Lead & Zinc Co.
$38 per share
Dysart & Gamble, St. Louis, recently sold at
5,000 shares of capital stock (par $20 per share).
American
$500.000 (par $20).
Capital stock authorized and issued, transfer agent.
and
Trust Co., St. Louis. Mo., registrarDec. 11 1924 as a consolidation of a
Delaware
Company.-lneerp. in
by the present stockholders.
number of mining properties formerly ownedsection of Oklahoma and the
The preperties are located in the northeastthe great zinc and lead mining
heart of
southeast section of Kansas. in the This district is the largest zinc producdistrict known as the Plater Field.
of lead in the United States.
ing field and one of the greatest sourcesof mining and milling lead and zinc
Company Is engaged in the business
to the large
the resultant product, known as concentrates,
ore and sells
being the Eagle-Picher Lead
buyers in its district, its principal customer of new ore bodies and uses a
Co. Company is active in the development of extending its holdings of
substantial part of its earnings for the purpose company is operating four
the
mining properties. At the present timeapproximately 31.000.000 worth
mines, from which it is estimated that
Company owns mills at
of zinc and lead concentrates will be recovered.
each of its mines.
depreciafor 6 months ended June 3() 1925, before
Earninos.-Earnings
$140,500 was created by
tion and aepletion, were *244.083. Of this profit. began business, leaving
sale of a property purchased since the company A charge for depreciathe
a profit from operation of 5103.584 for the period.
earnings, leaving a
tion and depletion of 531.998 was placed against these
from operations for the month
net profit for the period of $71.585. Earningsan expense of $3.702 for drillof August were 525.491, and after deducting
was received of 321.789.
ing and development of new properties, a net profit have been paid regu
Dividends -Dividends of I% or more per month
'
larly on the capital stock since incorporation.
Balance Shee July 11925.
Assets.
$
r labilities.
$23.490 Accounts payabie
Cash
Security bank (special account)_ 15.000 Notes payable payable
2,200 Accrued items
Pay-roll
3°5:5°°°
750 Reserve for depreciation and 31.998
funds13901
Insurance fund
depletion
127.500
Notes receivable
12.323 Capital stock issued
Inventories
"
5°0
157,.085
512 Surplus
Meter deposits
5,000
Insurance deposits
899
Accounts receivable
572
Prepaid values
Leases, plants, equipment, dtc 536.249
$724.805
309
Total (each side)
Organization expense
Lisfinc,-Listed on the St. Louis Stock Exchange. W.Potter. John A.
-T. C. Curry. Thomas S. Brown, George
Directors.
Schaeffer and Thomas N. Dysart.
Continental Baking corp.-Proposrd Merger.
-V. 120. p. 3192. 3070.
See General Baking Corp. below.
s
-Reopens Plant.
g Co.
Corn Product Refinin
plant which has been
The company has reopened its Edgewater, N. J.,
at this plant.
losed down since spring. Grinding has been resumed
1794
THE CHRONICLE
(VOL 121.
increasing operations of the company by
20%. The Pekin and Argo.
III., plants have been in continuou
still idle, was closed down earlier In s operation. The Kansas City plant,
the year.
-=V. 121, p. 982. 465.
Data From Letter of John R. Todd, Pres. of Eastern
Offices, Inc.
Security.-lst Mtge. on 29-story
to be in floor area the largest office office building now under construction.
building in the world:
Cudahy Packing Co.
leasehold estate on land thereunder, fronting 248 ft. 4% together with the
-Estimated Earnings for Year.in. on Lexington
Pres. E. A. Cudahy estimates that
Ave. between 43d and 44th Sts., running through
275 ft. to Depew Place.
deductions,for the fiscal year ending the company's net earnings, after all
Location.
-This site, comprisin
a share on the 212,495 outstanding Nov.30 next, will amount to about $13 Central Terminal district, is the g an entire block in the heart of the Grand
shares of Common stock as compared
most central and accessible office building
with approximately $16 a
location in N. Y.
shares then outstanding. share earned last year on the 172,495 Common tral Terminal andCity-the building connecting directly with Grand Centhe subway lines
A preliminary statement for the 10
radius of four blocks are many of the converging at that point. Within a
city's most successful and best known
sales of $180.000,000, as compared withmonths ended Sept. 30 shows gross office buildings and hotels,
as well
year, an increase of 13.5%.-V. 121, $162.300,000 in the same period last New York City banks, including as the mid-town offices of the principal
p. 1231, 591.
the National City Bank and the Bankers',
Central Union. Equitable, and Guaranty Trust Cos.
Denver Rock Drill Mfg. Co.-Pref. Stock Offered.
Building.
-The building will be 29 stories in height, of steel
skeleton,fireproof constructi
Bosworth, Chanute & Co., Boettcher & Co., Newton & - accordance with on. The Lexington Ave. frontage will have setbacks in
Co., rise to
the zoning law regulations. The other three frontages
Otis & Co. and Sidlo, Sinions, Day & Co. are offering
will
the full height of 29 stories, thereby creating
rentable
par and div. $550,000 7% Cum. Pref. (a. & d.) stock. at assured area and earning capacity. Unobstructed a greatly increased net
light from the west is
through the fact that the Grand Central Terminal,
directly in the
Redeemable, all or part, upon 60 days' notice
at 105 and diva. Divs. rear, reaches a height of only 6 stories.
payable Q.
-F. United States National
The arcade running
June 1 1927 the company agrees out of Bank, registrar. Beginning as of main concourse of thethrough the building will connect directly with the
earnings to retire annually 5% of
Grand Central Terminal. There will be banking
the maximum amount of
space on the Lexington Ave.
the entire issue in about 20this Pref. stock outstanding. This will retire on the arcade. The upper frontage of the first floor with stores fronting
years, giving the stock an average life of about
floors will be served by
10 years.
elevators and two freight elevators. Every office 32 high-speed passenger
will be an outside office,
CapitalizationAuthorized. Outstanding. with no space more than 27 ft. from exterior light.
7% Cumulative Preferred stock (par
Leasehold.
-The leasehold of
$550,000
$100)
$550,000
Common stock (no par value)
York Central RR. Is for a termthis property from a subsidiary of the New
100,000
56,925
newal for two further periods ofof 20 yrs. and 11 mos., with option of reData From Letter of Pres. W. H. Leonard, Denver, Sept.
21 yrs. each. For the first term, which
extends beyond
19.
Cornpany.-Business was established in Denver as Denver Rock Drill 000 per annum.the maturity of these bonds, the maximum rental is $300,& Machinery Co. in 1905, and was reincorpo
There can be no mortgage ahead of this leasehold,
rated
the railroad mortgages
as a Delaware corporation in 1913. Company under its present name having been released
manufactures
as to all of this plot.
line of patented pneumatic hammer rock drills, drill sharpener a popular
The Now 1. ork Central RR. Is erecting,
s. and single
at its own expense, the underand double-drum column hoists. Company's products
are used in precious structure to a point just below the street level, thereby relieving the bormetal mines (gold and silver), base metal
rowers of a heavy investment for a foundatio
n for this 29
&c.) in rock quarries, road construction mines (copper, zinc, lead, iron, Under the terms of the
-story structure.
work, driving railroad tunnels.
hydio-electric work, &c. Company's product finds a world market.
nual taxes on the land. lease, the borrowers will pay only one-half the anAt 39th and Gilpin Sts.. Denver, company owns in fee 40 city
Valuation.
-The building and leasehold securing this issue
proved with modern factory buildings, office building, foundries,lots, im- appraised as follows:
have been
Net earnings available for Preferred dividends, after depreciat&c.
Appraiser.ion and
Value Completed Property.
Federal taxes, years ended March 31:
Cushman and Wakefield, Inc.
$14,560,000
Douglas L. Elliman and Co., Inc.
Net Earnings Available for Preferred Dividends. after Depreciation and
16,000,000
Federal
Earnings.
-There is a constantl
Taxes, Years Ended March 31.
fice space in the Grand Central y increasing demand for high grade ofTerminal district. due not only to normal
1923..-_$170,278
_
1924_ _ _ _$297,647
growth, but also to the constantly increasing
1925_ _ _ _S333.425
For the first five months of the present
number of removals Into this
district yearly from
$152,653, or at the rate of $366,368 for the fiscal year, net earnings were the Grand Central other sections of the city. Every office building near
year.
Terminal is rented practically to capacity. The
Purpose.
-This Issue of Preferred stock has been made to provide a por- units of space available
in this building, and its unusual advantages large
tion of the funds for the acquisition of the controlling interest
tion and layout
of locastock. Part of the Common stock now being acquired willof the Common equivalent to have already resulted in negotiations for the leasing of space
be sold to the
approximately 17 floors to prominent business
officers and employees and part of it will be left in the treasury of the
concerns.
Based on a rental schedule which is
co.
considerably lower than actual rentals
now
Consolidated Balance Sheet Aug.31 1925(Amended by Proposed Recapitula
tion) ings,being paid in comparable Grand Central Terminal district office buildthe net earnings are estimated at $1,467,00
Assets.
0 per annum,after deducting
ground rent, taxes, operating expenses
Cash
397,443 Notes payable
including insurance, and with a
$552,050 liberal allowance for vacancies
Accounts receivable
392,692 Accounts payable
29,740 greatest annual principal and . This sum is nearly $500,000 in excess of the
Notes receivable
interest requirements
11,270 Accrued items
8,264
Ownership.
-Eastern Offices. Inc.. of which Johnon this loan.
Inventories
1,194,578 Accrued taxes, not due
R. Todd is Pres.: John
61,795 Sloan, V.-Pres.; James M. Todd,
Fixed assets
2nd V.-Pres.: Hugh S. Robertson, Sec. &
843,345 Preferred stock
550.000 Treas.
Patents and good-will
I Common stock and surplus_ __a1.458,551)
Investments
16,855
Eaton Axle & Spring Co.
-Rights.
Deferred charges
104,226
Total (each side)
The stockholders of record
22,860.409
offered the
a Represented by 56,925 shares of no par value Common stock
before Oct. 30 to additional Oct. 15 arepar value) right to subscribe on or
stock (no
(100.000 share
in the ratio of one new
shares authorized).
-V. 121. p. 1106
for each 10 shares now held, at $23 a share.
-V.121. p. 1683, 1573.
Detroit Electric Car
Economy Grocery Stores Corp.
-Gross Sales.es.-
Co.
-Successor Company.
Two Months Ended Aug. 31The Detroit Electric Car Co., which is awaiting dissolution through
1924.
proceedings Oct. 14, will it is said, be succeeded by Anderson Court Gross sales
$961.952
$624.530
Compare V. 121, p.983, 1231.
Electric
Car Co., headed by William H. Anderson, President of the former
company. The new organization, it is stated, will build passenger and commerElk Horn Coal Corp.
-To Reclassify Stock-New Bond Issue.
cial cars and maintain facilities for serving and rebuildin
The
electric cars now in use in Detroit and that section of g several thousand stock stockholders will vote shortly on changing the authorized Common
the Middle West.
from $22,000,000 (par $50) to 440.000 shares of no
V. 121, p. 1466.
par value.
The Mercantile Trust Co., Fidelity Trust Co., Robert
Baltimore and Spencer Trask & Co. and Hambleton & Garrett & Sons,
Co. have underDodge Brothers, Inc.
-$15.000.000 Bonds Convertedwritten an issue of $4.500,000 6
-Year 6%
1st
In aecordance with the terms of the indenture dated April
will be publicly offered soon. Proceeds will % usedMtge. bonds. The issue
be
to help retire the
by Dodge Brothers, Inc., to the central Union Trust Co. of15 1925, made 000 Issue of 10
-Year bonds of the corporation which mature on $6,000,New York as
trustee, the third $5,000,000 of6% Gold Debentures due May 11940,
Dec. 1.V. 120, p. 2949.
issued
thereunder have been surrendered for conversion into Class "A"Conunon
Emerson Shoe Co.
stock at the rate of $40 a share. The indenture provides that the fourth
-Dissolution, &c.
Permission for the company to dissolve as a corporati
$5.000,000 of debentures may be converted into the Class "A" Common
on was
stock at $50 a share. The first $5,000,000 of debentures were converted Oct. 2 by Judge Wait of the Mass. Supreme Court. He appointed granted
Edward
into Class "A" Common stock at the rate of $30 per share, and the second L. Prescott (Treasurer) as receiver to wind up its affairs.
Through Choate, Hall & Stewart, the Court was notified
$5.000,000 at the rate of $35 per share. (See also offering of debentures in
1924 the Emerson Shoe Co. experienced financial difficultiethat early in
V. 120, p. 1885.)-V. 121, p. 1351.
s which ultimately made it necessary to discontinue
dation has been largely accomplished.operations and to liquidate. LiquiDome Mines, Ltd.
The company's known creditors
-Gold Production (Value).
have been paid in full and an initial payment in liquidation has
Sept.
Aug.
July.
been made to
June.
May.
April.
March.
$361,166 8372,282 $364,767 $363.925 $361,165 S34,972 $356,084 stockholders.
In Nov. 1924 the company accepted an offer to sell its business
-V. 121. p. 1231. 712.
to the
Emerson Shoe Manufacturing Co. and conveyed
its accounts receivable or cash on hand, to the its assets, not Including
purchaser and thereupon
Dominion Stores, Ltd.
-Rights.
ceased to do business.
The Common stockholders of record Oct. 13 are to be given the right
The only remaining assets in
subscribe for 10,000 shares of treasury Common stock (no par value) to was told, are certain accountsthe company's treasury at present, the Court
at
receivable and the balance of the proceeds
$10"er share, on the basis of one share for each 5 shares owned.
-V. 120. of the sale to the Emerson Shoe Mfg. Co.
p.3)70.
At a meeting of stockholders in Jan. last it was voted to petition
the Supreme Court for dissolution and ask for a receiver to wind up the
Dueder-Hampden Inc., Canton, Ohio.
company's
-New Control affairs. The Nosreme Shoe Stores.
an organization operated by the
Control of the company has been acquired by Cleveland interests headed Emerson Shoe Co., is also dissolvedInc. Mr.
and
Prescott will be receiver to
by Walter Vretman. Mr. Vretman announced that "the company is capi- wind up its affairs.
talized with 10.000 shares of no par value Common stock and has assets of
[It was reported in Nov.
upward of 85.000.000. We have bought the company and there will be Freedman, Inc., shoe jobbers 1924 that interests identified with Edward
of New
no stock offered for sale.' The company plans the continuation of the Emerson Shoe Co. and Emerson ShoeYork, which purchased the assets of
Stores Co., formed a new company
manufacture of the present lines on an enlarged scale with the addition of to be known as Emerson Shoe Manufacturing Co.
Capitalization of new
automobile dashboard clocks and vanity cases.
company consisted, it was stated. of $300,000 7% Cumulative
Preferred
The new board of directors consists of Mr. Vretman, Fred K. Gatch, stock (par $100), 300 shares Common 'A" ,300 "B"
and 200 "C" shares,
J. B. Root, L. W. Wickham, D. M. Vretman and C. B. Williams, all of all without par value.)
-V. 119. p. 699.
Cleveland, and A. M. Dueber (former President of the company), of
Canton,Ohio. Walter Vretman will be the new President.
Empire 38th Street Corp., New York.
-V.118, p.316.
-Listin -The Baltimore Stock Exchange has authorized the listing g.
of $200.000
Du Pont Rayon Co.
Preferred stock (par $100) and 12,000 shares of Common
-To Erect New Plant.
stock, without
The company plans the erection of an $8,000,000 addition%o iterBuffalo par value, and approved the trading in allotment certificates
representing
(N. Y.) plant which will be double the capacity of the present factory
in 2.000 shares of Preferred and 4 000 shares Common stock until separated.
that city. The plant will be completed in about 8 or
will and then 2.000 shares of Preferred and 12,000 shares of
employ between 2,000 and 3,000 people in addition 10 months and now The allotment certificates provide for units of one share Common stock.
to the 2,000
employed. The present plant
two shares of Common stock or any multiples of such of Preferred and
4,000,000
annually and the new addition has an output ofcapacity topounds of rayon for delivery on June 1 1926. but not earlier, except atunits, and provide
will increase the
about 8,000,000 company,
the option of the
pounds.
-V. 121, p. 845.
of the number of shares of the Preferred and Common
stock called
for by the certificates.
Eastern Terminal Office Building (Eastern Offices,
Company was incorp. June 1 1925 in New York for the purpose
of owning
real estate, its holding at present consisting of the 14
-story structure known
Inc.), N. Y. City.
-Bonds Offered.
-S. W. Straus & Co., as the Lefcourt Building, 246-248-250 West
St
e.
u
Inc., are offering at 100 and interest $10,000,000 1st Mtge. consists of the above Preferred and Common stocks and a
N tiv City;idends a
Leasehold Sinking Fund 634% Gold bonds. The permanent debtedness of $735,000. -M. Common pays MulaY.e mortgage indl
l
annum, payable
stock pays dividends at Capitof
the rate
bonds will carry a 3 months' coupon bearing interest from 7% per share per year, Q.
payable Q.
-J.
of $1 per
Nov. 1 1925 to Feb. 1 1926. Interest from date of purchase
Financial Statement as of Aug. 31 1925.
Assets.
Liabilities.
to Nov. 1 1925 will be rebated on bonds purchased prior to
$9,049 Common stock
Cash
Nov. 1 1925.
$12,000
Accounts receivable
3.286 Preferred stock
200,000
Prepaid charges
Dated Sept. 101925;due Aug.1 1943. Interest
3,184 Accounts payable
F.& A. Denom.
1,185
$1.000,$500and $100,c*. Red.for sinkingfund at payableinterest. Callable Treasury stock (Preferred)
13,988 Mortgage Indebtedness
101 and
735,000
937.000 Liabilities accrued
all or part except as to sinking fund at 104 and interest up to and including Land and buildings
9,368
Aug. 11931; at 103 and interest after Aug. 1 1931 and up to and including
Surplus
8.936
Aug. 1 1937; and at 102 and interest after Aug. 1 1937, and before Aug.
1
Total
2986,487
1943. 2% Fed. income tax paid by the borrowers. Penn.. Conn. and
Total
066.487
Vermont 4 mills taxes; Maryland 4% mills tax: District
of
(The) Fair (Dept. Store), Chicago.
tax; Virginia 53i mills tax; New Hampshire state tax not Columbia 5 mills
-Kresge Dept Stores,
interest per annum; Mass. state income tax not in excessin excess of 3% of Inc., Reported Seeking Control
-Sales.
of 6% of interest
per annum, refunded.
See Kresge Department Stores. Inc., below.
Inrestments.-In opinion of counsel bonds are legal for investmen
Legal
t
Gross sales on Oct. 5 totaled $482,062, breaking all records
by National Banks.
In the company's history. A special sale is in progress.
-V. 121. p. 1573, 1352.
OCT. 10 19251
THE CHRONTCLE
1795
formed corporation at a price of $225 a share, and that Mr. Ward had de-AcquisitionFajardo Sugar Co., Porto Rico.
posited in escrow in the Guaranty Trust Co. $2,000.000 in cash as security
The directors have approved the purchase of all the outstanding 225,000 for the performance of this offer. At the same time, the President of the
shares of capital stock of the Lioza Sugar Co., at $90 a share, or a total General Baking Co., in a letter to his stockholders, stated that holders of
expenditure of $2,025,000. The Lioza Sugar Co. owns the Central Cano- more than a majority of the total of the stock had accepted the offer of Mr.
vanos in the northeastern part of Porto Rico in addition to valuable cane Ward and his associates. The letter further offered Its stockholders the
lands adjoining the property of Fajardo Sugar 00.-V. 120, p. 1886.
opportunity of turning over their stock to the new corporation.
-Coincident with the knowledge of the
Ward Resigns from Ward Baking.
-Report.
Falcon Steel Co.
incorporation of the new General Baking Corp.. it became known that a
special meeting of the directors of the Ward Baking Corp. was held Oct. 2.
Income Statement for Year Ended June 30 1925.
6397.914 The only information available about this meeting was that the beard
Net sales, 54,289,160;cost of sales, $3,891,247: mfg. profit
Selling expense, $116,259; general & admin. expense.5107.981-- $224,241 had accepted the resignation of William B. Ward as Chairman and Paul
H. Helms as Sec.-Treas. It could not be learned what active part
$173.673 Mr. Ward would play in the new corporation nor who, if anyone, would
Operating profit
138,035 take the Chairmanship.of the Ward company.
Depreciation, $129,356; interest charges. $8,678
-This further growth in the baking business.
Growth of Baking Business.
Prov.for doubtful accounts. $15,000; invest. charged off, $5,000:
36,077 evidenced by the new General Baking Corp., represents a tremendous unamort. of financing expense, $3,797; misc. deducs., 512,281._
Cr.11,779 dertaking. The taking over by the new corporation of the General Baking
Other income
Co. will represent $100.000,000. It is estimated that it will require
$11,340 $200,000,000 to take over the Continental Baking Corp. and to take over
Net profit
204,125 the Ward Baking Corp. 5100.000.000; this is based on estimates by experts
Previous surplus
who have gauged the value of these properties. The new corporation, if
$215,465 these deals are all consummated, would embrace the 106 plants of the ConTotal surplus
70.000 tinental Baking Corp., the 18 of the Ward Baking Corp. and the 33 of the
Dividends on Preferred stock (7%)
General Baking Co., a total of 157 plants. Even with these giant corpora$145,465 tions, the combination would have less than 10% of the total bread business
Profit and less surplus
of the United States. The combination of these companies would have an
Condensed Balance Sheet June 30 1925.
annual sales value of over 5200.000,000.
Liabilities
Assets-Was founded in 1911. To-day it has 33 modern
General Baking Co.
Land. bidgs.. machinery, Sze-51,925,027 7% Cumul. Preferred stock._ .$1,000,000 plants in 24 cities in 14 States. Its estimated annual sales are over $40,83,008 Common stock
1,351,300 000.000. It has 4.500 employees. "Bond" bread and cake, and its "GardCash
40.549 Note payable
100.000 ner's Famous" cakes are nationally advertised and known products. The
Notes & trade accept. receiv333,315 outstanding capital of the General Baking Co. consists of 90.775 shares of
Customers' acc'ts receivable ._ 295,107 Accounts payable
301,730 Dividend payable
17,500
Inventory
Cumulative Preferred stock (par $100) and 429,719 Common stock,
263,316 Accrued expenses
36,969 8% ar traluein
Other assets
: k
r
.
46,000 nowp
81,383 Res. for Rah. ins. & coating's_
Empl. Com.stock contracts.g Corp -Has a capital stock of 7% Cumulative Preferred
40,428 Surplus
145,465 stock (par $100), S30.352.200 outstanding; with 80,109 Class A shares
Deferred assets
outstanding and 500,000 shares of Class B Common outstanding (both no
$3,030,549 Total
$3,030,549 par value). Corporation was organized in Dec. 1923 and owns and operates
Total
The company was reported as being contingently liable at June 30 1925 18 baking plants throughout the East and Middle West, serving the cities
as endorser on notes receivable discounted aggregating 52,009.-V. 121, of Baltimore, Cambridge (Mass.), Chicago, Cleveland. Columbus (0.),
Newark New York,Pittsburgh, Providence, South Bend (Ind). Syracuse and
p. 1683.
Youngstown (0.). Plants, machinery and equipment of this group are
-Earnings.
First National Pictures, Inc.
most modern and efficient. It has a personnel of 6,000.
-Formed over a year ago with United Bakeries
Continental Baking Corp.
Income Account for Quarter End. June 27 1925.
as a nucleus. To-day has 106 bakeries and about 10.000 Personnel. CorOper. income $1,852,538; selling, gen. & adm. exp., $1,397,885;
poration since its formation has been adding to its system of plants by
net profit
$454,653 purchasing chains of bakeries all over the country. Continental has an
Other income
60,554 authorized issued capital of 550.000,000 (par $100) in Cumulative Preferred
282,000 shares of Class A and 2,000.000 shares of Class B Common
income
Total
$515,207 stock. both of no par value.
Cap.stock expense, $2,269; Fed. tax,$63,000: total
65,269 stock,
Ward to Mr. Deininger,
Net profits of domestic companies
Net profit of foreign subsidiaries
$449.938
1,678
Total net profits
-V. 120. p. 3194.
$451,616
Fleischmann Corp.
-Acquires Liberty Yeast Corporation
President Joseph Wilshire announces that the company has purchased
from the National Distillers' Products Corp. the plants and equipment
of the Liberty Yeast Corp. This sale terminates the litigation between
the Liberty and Fleischniann companies. The suit will not be carried
further, but will be settled by a decree in favor of the Fleischmann company. [See also National Distillers' Products Corp. below.j-V. 121,
p. 1574.
Fort Worth (Texas) Building Corp.
-Bonds Offered.
First National Co., Bennett Mortgage Co. and Mississippi
Valley Trust Co., St. Louis, are offering at prices to yield
from 5% to 53 %, according to maturity, 6800,000 1st
4
Mtge. Serial 6% Real Estate Gold bonds.
Dated Oct. 1 1924: due serially Oct. 1 1927 to Oct. 1 1936. Denom.
$1,000 and $500. Prin. and int. (A. & 0.) payable at Bennett Mortgage
Co., St. Louis, Mo. Mississippi Valley Trust Co.. St. Louis, Mo., trustee.
Subject to call at prices varying from 104% down to 101%, according to
date of redemption. Normal Federal income tax not exceeding 2% paid.
-Secured by a first mortgage deed of trust on the ground and
Security.
building erected thereon, described as follows: The ground is situated on
the west side of Throckmorton Street, extending from 6th St. to 7th St.
The new building now nearing completion is 12 stories in height with a full
basement extending out under the sidewalks. It is of steel and reinforced
concrete construction, with exterior walls ofstone and brick, and is equipped
throughout with all modern conveniences of the highest type. The store
portion of the building is equipped with automatic sprinkler system.
-The ground floor and the next 4 floors have been leased
Rental Income.
for a period of 15 years to Fakes & Co., one of the prominent retail furniture corporations of Fort Worth. at a net annual rental of $52,800. Portions of the 7th 8th, 9th and 10th floors have been leased for a period of
11 years to the Fort Worth & Denver City Ry. for its general offices at a
net annual rental of $32,500. The basement and remaining portions of
office floors, based upon rentals already contracted, will produce a net annual rental in excess of $12,000. The 2 top floors, to be occupied by the
Fort Worth Club, will be let at an annual rental (not yet determined). in
excess of $30,000. Minimum total of rentals, after payment of taxes, insurance, operating expenses. &c., is $127,300.
-Sales.
(Chas.) Freshman Co., Inc.
The letter from Mr.
29, follows:
understanding is correct, that
dated Sept.
General Baking Co.
On condition that my
has 429,719 shares of Common stock and 90,775 shares of Preferred stock
and outstanding, both classes with full voting power, I beg to submit
issued
the following otter:
I offer $225 a share for the outstanding Common stock of said company,
plus an additional sum equal to the proportionate share of $6 per share
per annum for the time between the last quarterly dividend date preceding
the payment and the date of the payment of the purchase price. This offer
is for all of the outstanding Common stock or for any part thereof, provided
it be the amount indicated In paragraph designated (1) below.
This offer is subject to the following conditions:
(1) I am to receive at least 51% of the outstanding voting stock of said
company, all of which shall be Common stock.
(2) The dividend rate of $8 per share per annum on the Preferred stock
and $6 per share per annum on the Common stock of said company will
not be increased pending the consummation of this transaction.
(3) Payment in full is to be made on or before Dec. 31 1925. with the understanding that it is my expectation to complete payment on or before
Dec. 1 1925; all stock is to be deposited with Guaranty Trust Co., 5th Ave.
and 44th St. Branch, N.Y. City,for which a proper receipt will be given.
(4) When I or my assignee am the owner or in possession of said 61% of
the voting stock of said company. all of which shall be Common stock, you
are to deliver the resignations of its directors and officers, to take effect
upon acceptance.
(5) In order that I may know within a reasonable time to what extent
I nay be obligated, this offer is limited to stock deposited on or before
Oct. 10 1925, or such later date as I may hereafter notify said Guaranty
Trust Co.
Upol receiving your advice of the acceptance of this offer. I will deposit
in escrow in Guaranty Trust Co. $2.000,000 in cash as security for the performance of my obligations under this offer, and in case I or my assign
shall fail fully to perform all obligations hereunder within the time agreed
upon as aforesaid, said deposited stock shall be returned to the several
depositors immediately after Dec. 311925. and said sum of52,000,000 shall
be paid over and distributed as liquidated damages, in full payment of all
obligations hereunder, to and among the depositors of stock in proportion
to the number of shares deposited by them respectively. I shall make this
deposit within 24 hours after the receipt of your acceptance.
For your information, please let me say that it is my present plan to form
a new company to acquire the stock of said company, and an opportunity
will be presented to its stockholders at a later date to exchange some or all
of their holdings for securities of this new company. You will understand,
of course, that this will not affect the obligation to pay the full amount in
cash set forth in this offer to those stockholders who desire it.
Your written acceptance of this offer when received by me shall constitute a binding contract, it being understood that your personal obligation
ceases when said 51% of the voting stock of said company,all of which shall
be Common stock, has been deposited as herein provided. If this offer is
not accepted on or before Oct. 1 1925, it shall be deemed withdrawn.
1925.
1924.
Month of SeptemberIncrease.
5690.709
Gross sales
$163.630 Abt. 400%
,
The company reports large amount of unfillec orders. It recently opened
a new factory in the Bronx, N. Y., and anothez factory in Chicago. NegoThe letter from Mr. Deininger to the holders of the Comtiations are now under way to triple the pr, sent Chicago facilities. As
soon as this latter arrangement is consummated the company will use the mon stock of General Baking Co. follows:
An offer has been received from W. B. Ward to purchase a controlling
Chicago factory for its central shipping point, thus relieving the New York
factories of the burden of shipping to the Central States. Additional interest in the Common stock of General Baking Co. and to pay for such
factories are planned in the near future in both San Francisco. California, Common stock $225 a share and accrued diva. in cash. This offer has been
given careful consideration by the officers and directors of the company and
and Toronto, Canada.
-V.121, p. 1684.
by certain stockholders who were immediately accessible. They believe
--Proposed Merger.
that the terms of the offer are fair and reasonable and holders of more than
General Baking Co.
a majority of the stock of the company, including the President (Win.
See General Baking Corp.(Md.) below.
-V. 121, p. 1684.
Deininger) and all of the other directors, have agreed to sell their stock
General Baking Corp. (Md.).-New Company to Effect to Mr. Ward on those terms.
offer that his
is limited to those
You will observe from Mr.
$400,000,000 Baking Merger Incorporated in Maryland-Gen- who deposit their stock on or Ward'sOct. 10 1925, offerit will therefore be
before
and
eral Baking, Ward and Continental Baking Companies Involved. necessary for you to act promptly in case you desire to join in the acceptance
deposited with the Guaranty
-It was learned Oct. 5 that the first steps in the gigantic of the offer. In such case your stock must beon or before
St.. N.Y.City,
Oct. 10 1925, and
baking merger which has been impending for some time Trust Co.,5th Ave.and 44th duly endorsed in blank, your signature guaryour stock certificates must be
have definitely taken place. It was ascertained that the anteed by a bank or a member of the N.Y. Stock Exchange and the necesinconvenient to have your
General Baking Corp., with 5,000,000 shares of Class A no- sary transfer stamps affixed. If you find it your endorsement before a
signature guaranteed, you may acknowledge
par-value stock, and 5,000,000 shares of Class B no-par-value notary public, and the necessary transfer stamps may be Omitted but the
Co. On receipt of your stock
Common stock was incorporated at Baltimore, Md., Oct. 3 amount thereof will be deducted by the Trust a negotiable certificate of deGuaranty Trust Co. will issue and mail you
to effect this merger, with which the names of General posit therefor.
part of it is held as collateral. you should
In case
Baking Co., the Ward Baking Corp. and the Continental this letteryour stock or any the collateral and arrange with him as totake
to the holder of
the
Baking Corp. have been linked. An official statement says: deposit of your stock, if it is your desire to make such deposit. In such
Paul H. Reline of New Rochelle, N. Y. formerly Sec. & Treas, of the case the certificate of deposit of Guaranty Trust Co. will undoubtedly be
Ward Baking Corp., is President, and J. W. Rumbough of New York is acceptable in place of the stock now on deposit as collateral.
[It is stated that more than a majority of the Common stock of the General
Secretary-Treasurer of the new corporation. No Chairman of the Board
has been elected. Bankers Trust Co. is registrar of stock for the new cor- Baking Co. has been deposited to date.]
poration and the Corporation Trust Co. is the transfer agent.
May Acquire Other Companies.
A $400,000,000 Merger Proposed.
-Acquisition of the concerns mentioned,
Reports state that in addition to the three companies stated above, the
if consummated, would mean that the new organization would become the
Southern Baking Co. In addition. the new
largest bakers of bread in the world, with an estimated total sales volume of new company may take in the to acquire
it is stated, intends
control of a milk-producing
5200.000,000 annually, and with a value, based upon conservative estimates company, a flour-milling company. Both are understood to be largecompany and
conof the companies to be included, of about $400,000,000.
The deal for the milk company it is said, has virtually been
General Baking Accepts Ward's Offer.
same time it was learned cerns. while the offer for the flour mill is still under negotiation. consum-At the
mated,
that William B. Ward had written a letter to William Deininger. President
The Southern Baking Co. was organized in 1924 to take over a group of
of the General Baking Co.. offering to purchase from the stockholders of
plants in the principal industrial centres of the South.
that company the 419,792 shares of Common stock on behalf of the newly- well-established 100,000 shares authorized (par $100) Preferred, not all of
The company has
1796
THE CHRONICLE
[Vol, 121.
which is outstanding, and 100.000 shares Common. The company at pres(W. T.) Grant Co.
-September Sales.
ent has a total of 9 plants located in Greensboro, Charlotte. Gastonia,
1925-September-1924, Increased 1925-9 Months
-1924. Increase.
Greenville, Atlanta, Jacksonville and Miami. A large new bread bakery
82,176,318 $1,700.248
8476,0701818,589,790 114,991.766 $3,598,024
is being erected in Jacksonville and an addition to the present cake plant,
at a total expenditure of $750,000. The Charlotte plant was finished last -V. 121, P. 1353. 714.
year at a cost of 8300,000.
Guerin Mills, Inc., Woonsocket, R. I.
-Voting Power
Baking Merger Faces Inquiry by Government.
-Justice De- Vested in First Preferred Stockholders.
partment Will Ascertain if Deal Violates Anti-Trust Laws
- The directors have deferred payment of the fourth consecutive
Complaint Against Continental Company to Federal Trade due on the 8% Cumul. 1st Prof. stock, thereby automaticallydividend
vesting
stockholders.
Board April 13 Disclosed.
-A Washington dispatch to the voting power in the 1st Preferred statement to the 1st Pref,
Pres. Theophile Guerin in his
stockholders
New York "Times" Oct. 5 stated:
declares that the management has been pursuing for over a year a
Strong intimation was given at the Department of Justice this afternoon of conserving liquid assets and that the Preferred dividends havepolicy
been
that the proposed new 8400.000.000 bakery merger will be placed under omitted with this end in view, lie adds that the company has bank loans
scrutiny for the purpose or determining whether any phase of the deal falls totallng $1,950,000 at present and that "the banks are co-operating with
Within the purview of the Anti-Trust laws. Department officials refused the comp?.ny_ in a friendly effort to find a satisfactory solution of this
to comment on the merger beyond informally authorizing the statement
that they intend to look into the matter.
The Federal Trade Commission was equally reticent, as a Commission,
with respect to the steps taken yesterday to effect the merger through the
incorporation at Baltimore of the General Baking Corp., but Commissioner
Huston Thompson and John F. Nugent disclosed the fact that complaint
was made on April 13 last by the Commission against the Continental Baking Co., which is proposed to be taken over in the new merger. This
complaint was never made public.
Commissioners Thompson and Nugent, who are a minority of the Trade
Commission. scored their colleagues, Commissioners Van Vieet, Humphrey
and Hunt, for withholding the Issuance of the complaint, pointing out that
under the law the respondents are allowed 30 days in which to reply. Commissioner Thompson stated that Instead of making reply, the Continental
Baking Co. asked for an informal hearing before the COMMISSIOD's Board
of Review.
Prior to the issuance of the joint statement of Commissioners Thompson
and Nugent, announcement was made by Basil M. Manly. Director of the
People's Legislative Service, that he had written to President Coolidge
urging him to demand the immediate resignation of "those members of the
Federal Trade Commission who have by their neglect of duty permitted
the formation of the bread trust."
In his statement in behalf of himself and Commissioner
Nugent, Commissioner Thompson said:
The courts have held that the Clayton Act was intended to arrest the creation of trusts &c., in their incipiency and before consummation.
I cannot see how we can now follow out that thought when from newspaper accounts this huge combine has already been effected. As has been
stated in a number of cases, more lately with respect to the Armour-Morris
merger. it Is a most difficult thing to unscramble one of these combinations
once they are created.
In the present case, making public the complaint on April 13 would have
notified the public of the steps that were being taken toward a huge bread
combination by the respondents. Such publicity in all probability, would
have had the effect of halting the combination of the respondent with other
great baking corporations until the legality ofsuch mergers was determined.
At the time of issuing the complaint there was such a prima-facie case
made out that the members of the Commission, a majority of the Board of
Review and those examiners who were in the case had reason to believe
that the facts set forth in the complaint constituted a tendency toward
monopoly.
I and Commissioner Nugent are of the opinion that the failure to make
public, after service upon the respondent on April 13, was contrary to the
spirit of the law as provided in the Clayton Act, and because of this failure
the public has been deprived of its rights in the premises.
-Merges Plants.
General Outdoor Advertising Co., Inc.
Coordinating the operations of the 21 organizations merged earlier in the
year, the corporation has now consolidated duplicate plants in Philadelphia.
New York, Pittsburg, Chicago and St. Louis. The Chicago branch has
reduced lease rentals from over $200,000 to $40,000 a month,it is stated.
V.121. p. 1684, 1574.
-To Increase Bonded Debt.
General Petroleum Corp.
The stockholders will vote Nov. 12:
bonded indebtedness from $25,000,000,
(1) On increasing the authorized
of which there is now outstanuing $17.262,900 represented by (a) $7,837,500
-Year 79' Sinking Fund Gold notes; (b) $138.400 of 6% Cony. Gold
of 10
-Year 6% Gold notes, to the authorized
notes, and (c) $9,287,000 of 5
amount of 160.000.000 by creating or authorizing the creation of a new
bonded indebtedness of $35.000.000. to be evidenced by the corporation's
1st Mtge. Sinking Fund Gold bonds, and with which new bonded Indebtedness the present outstanding bonded indebtedness will be retired, so that
the corporation will not have any outstanding bonded indebtedness In
excess of $35,000.000;
(2) On authorizing the directors to cause the corporation, with the
permission of the California Commissioner of Corporations, to presently
issue $18.000.000 of the proposed 1st Mtge. Sinking Fund Gold bonds
bearing interest at the rate of 5% per annum (see V. 121, p. 1352);
(3) On authorizing the directors to cause the corporation to issue from
time to time hereafter the whole or any part of the remaining 117.000,000
of the proposed 1st Mtge. Sinking Fund. Gold bonds, bearing interest at
such rate as the said board may at the time determine:
(4) On authorizing the redemption or payment of all the outstanding
10
-Year 7% Sinking Fund Gold notes;
(5) On authorizing the redemption or payment of all the outstanding
8% Cony. Gold notes. See also V.121. p. 1352. 1684.
-To Change Corn. Stock.
General Railway Signal Co.
The stockholders will vote Oct. 23 on changing the authorized Common
stock from 65.000 shares, par 8100. to 500,000 shares of no par value, and
on approving the issuance of five new no-par shares in exchange for each
share of Common stock (par $100) held. See also V. 121, p. 1467, 1353.
-Sales 1st 6 Mos.Gilette Safety Razor Co.
Calendar Years
6 Mos. End.
1922.
1923.
June 30 '25.
1924.
Period3.420.895
7,798.781
8.438.576
4.872,953
Razor sales
a23.547.642 a42.604,498 629.061.634 624.082.970
Blade sales (packets)
35.738.966 $10.122,473 $8.411.776 87.602.939
Net earnings
3.375,463
3.719.424
4.103,127
x Cash dividends
2.996.762
a Ten in packet. b Dozen in packet.
-17. 121,
x In addition, stock distributions were made from time to time.
p. 1574. 206.
-Sales Increase.Glidden Co. Cleveland.
Sales for September amounted to approximately 52.265.000, against
81,700,000 for the corresponding month in 1924, a gain of about $565,000.
or 33%
.-V. 121,p. 1353, 984.
-September Sales.
Ginter Co., Boston.
1925
-Sept.
-1924.
11,106.240
8980.824
-V. 121. p. 1353. 984.
1925-9 Mos.-1924.
Increase.
8125,416 1$9.907,985 $8.958,848
Increase.
8949.137
-Reclassification of Stock.
Godchaux Sugars, Inc.
The stockholders have approved the plan to increase, change and reclassify the Capital stock as outlined in V. 121. P. 1467.
-To
Goodyear Tire & Rubber Co. of Canada, Ltd.
Defer Payment of Accrued Preferred Dividendssays: "Due to the
C. H. Carlisle, Vice-President and General Manager,
high price of crude rubber and the uncertainty of the future trend of these
prices, the board deems it to be in the best interest of the Preferred shareholders to defer payment of dividends now in arrears, to conserve the company's cash resources and continue to keep the company in a strong liquid
position. Keen competitive conditions have existed during the past year,
and the margins of profit have been cut to a minimum, but due to a largely
Increased volume of business, the profits of the company are quite satisfactory, being considerably in excess of the profits of the previous fiscal year.
We have provided liberally for depreciation. We have no bank indebtedness, and will close the year with a liberal amount of cash on hand."
[Dividend arrears now amount to 5 Si %.)-V. 120. p. 3072.
-Sales.
(F. & W.) Grand 5-10-25 Cent Stores, Inc.
-1924.
-Sept.
1925
$488.339
:8646,639
-V. 121. p. 1232, 714.
Increase, I
1925-9 Mos.-1924.
8178,300 $5,101,046 $4,181,368
Increase.
$919,678
problem.
Mr. Guerin also states that the banks have appointed a committee composed of Harold T. Merriman, treasurer of the LIppitt Woolen
Co. and director of the Industrial Trust Co. and Irvin 8. Dunn, treasurer
and director of the Dunn Worsted Mills and member of the board of
managers of the Woonsocket branch of the Industrial Trust Co.
The financial statoment as of June 27 revealed current assets of $3,744,533, including $281,556 cash and $2,613,993 inventory. Current liabilities
totaled $2.492.307, against $2,789.368 at the close of 1924. Mr. Guerin
further states: "For many months the company has been discounting bills
in 10 days and on June 27 1925 accounts payable totaled only 8103,548,
against 8364.269 Dec. 31 1924. Business has been improving recently and
orders on our books are larger than for some time.
t
Members of the stockholders'committee are: H. N. Williams and Charks
Nichols, Boston: Col. Edmund Guerin, Andrew E. Jencks and Stanley
Smith.
-V. 116, p. 2643.
Hahirshaw Cable & Wire Corp.
-New Company.
See Habirshaw Electric Cable Co. below.
HAbirshaw Electric Cable Co.
-Certificates Ready.
Holders of certificates 6'deposit for claims against and notes and debentures of Habirshaw Electric Cable Co., Habirshaw Electric Cable Co. Inc.,
Electric Cable Co., and the Bare Wire Co., Inc., are notified that voting
trust certificates for stock of Hahirshaw Czble & Wire Co.. the new company
organized in pursuance of the plan of reorganization of the above-named
companies, will be ready for delivery on and after Oct. 13 1925 as follows:
At Central Union Trust Co. of New York,80 Broadway. New York City:
For holders of certificates of deposit issued by Central Union Trust Co. of
New York, as depositary under the plan of reorganization dated June 20
1923, as amend.
ed
At Guaranty Trust Co. of New York. 140 Broadway, New York: For
holders or certificates of deposit issued by Guaranty Trust Co.. as depositary
under the plan of reorganization dated Jan. 26 1924. as amended.
At Amalgamated Bank of New York. 103 E. 14th St., New York: For
holders of certificates of deposit issued by the Randolph Whitman committee.
Such holders of certificates of deposit are requested to present their certificates of deposit at such offices, respectively. for exchange for voting trust
certificates for stock of the new company and (or) scrip certificates (or
voting trust certificates for fractional shares in the amounts called for by
the plan of reorganization.
In the case of certificates of deposit for notes. claims or debentures
heretofore depesited under or subject to the plan and agreement of June 20
1923. and withdrawn therefrom upon the payment of a pro rata share of the
expenses of the committee under said plan and agreement and thereafter
redeposited under the present plan, the holders ofsuch certificates of deposit
will also be entitled, upon presentation and surrender thereof, to reimbursement of the sum so paid by them, respectively, in connection with such
withdrawal, plus 73's % of such sum as accumulated interest allowed by the
Court.
-V. 121, p. 984.
Harrisburg Foundry & Machine Works.
-Bids Rejected.
Howard M. Bingaman, trustee In bankruptcy, has rejected a bid of
$200.000 for the properties, received at recent public auction. New bids
have been called for.
-V. 121, p. 1353.
Hodgman Rubber Co., Tuckahoe, N. Y.
-Sale.
The assets and property, real and personal, of the company are offered
for sale. On or before Oct. 14, bids for the purchase of the whole or any
part of the assets and property may be lodged with the receivers at the
office of James Newton Gunn, 247 Park Ave.. N. Y. City. Each bidder
shall deposit with the receivers at the same time a certified cheek payable
to the order of the receivers in a sum not less than $25,000.
James Newton Gunn and Gordon Auchincloss,receivers.
-V.121,P. 1107,
Hupp Motor Car Co.
-Production.
Month of
Output
-V. 121, p. 984. 715.
Sept. 1925. Aug. 1925. Sept. 1924.
1,397 cars 1,493 cars 3,031 cars
In gersoll-R and Co.
,
-Common Stock RP 1,,ssified.The stockholders on Oct. 6 changed the authorized Cr mmon stock
from 300.000 shares, par $100. to 1500.000 shares without par value.
and approved the issuance of four shares of Common stock without par value
in exchange for each share of Common stock (par $100) now outstanding.
The Preferred stock Is to remain unchanged. As a result of the change,
there will be left, after the Common stockholders have received their new
shares. 537.748 shares of authorized Common stock without par value
for the future requirements of the company
The directors were also authorized to issue not exceeding 37.748 shares
of Common stock to be set aside for sale to the employees and those actively
engaged in the conduct of the business of the company and its eubsidiary
companies (other than directors of Ingersoll-Rand Co.) upon such terms and
In such amounts as the directors shall from time to time determine -V.121,
p. 1354.
i473eri ng C22.4 7 831242 t s
139 4
International Combustion Engsne.999 s6 or9 .-Earnh
9 ,3 ;
Six Months Ended June 30Net income from operations
Interest and miscellaneous income
1922
455.
. 00
41,716
29 67
$519.199 $674.691 $353.702
79.135
75,622
25.281
106,335
118,254
62,496
-Net earnings
$333,729 $480.815 8265,926
The surplus account shows: Balance Jan, 1 1925.
come for half year to June 30 1925, $333,729: dividends$1.419.593; net ininter.
Corp. $437.954; dividends, minority int. In subs.. $1.882; Comb. Eng.
miscellaneous
adjustments, $45,902; balance as at June 30 1925, 51.267,583.
Comparative Consolidated Balance Sheet,
June 3025.Dec. 31 '24.
June 30'25. Dec.31'24.
Assets
Plants. mach.&eq_z3,i01,014 2,836,826 Capital stock__ _ _79.665,855
8,694,657
Office building on
Cap,stock of subs_
55,481
56,814
leased land
737,449 Green Engineering
1730.967
1st 78
Co.
Pat'ts, trade inks.
150.000
150.000
and good-will_ ...x4,599.130 3.799,915 M tg. on office bldg. 220.000
233,750
Invest. In other cos. 191.528
661,704 R. B. I. P. Co. 1st
1
Cash
360.789 6% notes
1,050.533
100.000
100,000
Accts.& notes rec. 2,717,039 2,101.548 Notes payable__ _
. 888,643
107,659
U. S. and French
Accts. payable and
138,184
Govt. bonds. &e. 125,279
accnied ex0- - 1,276.482
899,139
Adv. on acct, of
Stokers, material
and work In
sales contracts._ 428.730
244,832
progress
1,951,720 1,802.466 Res, for tincompl.
65,580 stoker Instatia'ns 270.729
Prepayments
197.799
190,081
Organ's. exp., &o_
58,133 Unclaimed dim.69,516
8.087
7,922
Def. liabilities
129.061
18,500
Res. for Fed. taxes
& contingencies. 223.658
283,570
Income tax 1924._
50.216
Sundry reserves
156.076
Total (each side) _14.734.525 12,562.593 Surplus
1.267.583 1.419,693
x After deducting depreciation. y Represented by 470.589 shares (auth.
-V.121, p. 592.
750.000 shares) of no par value.
Total income
Depreciation
Interest, taxes & miscellaneous charges_
OCT. 10 1025.1
1797
THE CHRONICLE
additional stock. This cash will be used as additional working capital
and for additions and improvements to the company's properties.
at end of fiscal year.I
Gross Retail Sales.
[Subject to adjustment
1925.
1924.
-Guar. End. Sept. 30- -9 Mos. Sept. 301924.
1925.
$2.140.743 $2.485.448
1924.
1925.
PeriodFebruary
2.870.285
2.460.037
$443.289 $1,331.033 $1,383,452 March
Gross profits before depr. $438,933
2.767.228 3.251.047
Less-Head and branch
509.330 April
3,852,634
505,971
2.860.182
170.879
165,759
office selling expenses_
May
151.884 June •
97,612
2.502,966
2.385,954
50.250
33.804
Depreciation
107,000 July
110.800
3,398,621
3.179,013
24,500
23,800
Reserve for taxes
$615,239
$616.650
$15,793,157 318,361.001
$197.659
$215.570
Total
Not to surplus
-V. 121: p. 337.
It is the expectation of the management that retail sales for the current
fiscal year will aggregate more than $40.000.000. approximately 15.000,000
-Production:
Island Creek Coal Co.
more than In the past fiscal year, and that earnings also will show an
The company in September produced 552,000 tons of coal,against 561.000 Increase over the Past year. Export sales, a comparatively new departtons in August and 493.000 tons in September 1924. For the nine months ment, In the first six months' period of the current fiscal year were at the
to Sept. 30. production totaled 4,426,565 tons. against 3,476.907 tons in annual rate of approximately $650.000.
-V. 121. p. 1354. 984.
the same period last year.
Balance Sheet as of Jan. 31 1925 (Incl. Subsids.).
-Bonds Offered.
rdjusted to give effect to the issuance of bonds and additional Common
Keller-Boyd Building, Portland, Ore.
-Earnings.
.
Intertype Corp., Brooklyn, N. Y.
-Lumbermen's Trust Co. Bank, Portland, Ore:, is offering
at par and Mt. $350,000 1st Mtge.6% Serial Gold bonds.
Dated Sept. 11925: due serially 1927 to 1945. Principal and Int.(M.&
trustee.
S.) payable at United States National Bank, Portland, Ore., 60 days'
date on
Denom. $1,000 and $500. Red. all or part on any interestyear of
unexpired
par and Int. plus a premium of 34 of 1% for each
notice at
. Interest payable withterm, such premium however not to exceed 2 t in excess of 2%.
not
out deduction of normal Federal Income tax,side of Broadway from Salmon
.-Property Is located on the east
Location
and
to Main Streets, extending 200 ft. along Broadway, 100 ft. on Main conwill be of steel frame and
100 ft. on Salmon St. The theatre buildingand with a seating capacity of
stories in height
crete construction, over 4
and
space.
2.500. The front of the building will be used for storesland officebuilding.
and
-An absolute first mortgage against the
Security.
which have been appraised as having a value upon completion of $814,285.
The property is owned by Keller and Boyd, the owners and operators of the
Benson Hotel, Portland, Ore. Building has been leased for a period of 35
years at an annual rental of $57,000 to Ackerman and Harris, otherwise
known as the Oregon Hippodrome Co. Ackerman and Harris, well-known
theatrical men, operate a chain of vaudeville and moving-picture houses on
the Pacific Coast. The lease Is secured by a deposit of $60.000 cash and
theatre furniture and equipment valued at $100.000.
-New President, &c.
Keystone Watch Case Co.
Assets.
$5,662,077
Property accounts
Inv. in & adv.to affil. cos 1.051.519
896.747
Treas stk. & stk.subscr_
11,590,767
Inventories
Accounts rec.. trade --- 1,503.224
Accts. rec. from officers
151.988
and employees
179.494
Marketable securities.-387.297
Cash
26,354
Deferred charges
Total
$21.449.467
Liabilities.
Capital stock
$8.092.000
3,000.000
1st Mtge. 7s
633,362
Other mortgage debt....
1.150.589
Bank advances
232.401
Acceptances payable_
Accounts payable, trade_ 4.422,879
Accts payable to oMcers
650,413
and employees
2,070.425
General reserve
476.000
Pension reserve fund.--721.398
Earnings (unallocated).Total
121.449.467
-September Sales.(G. R.) Kinney Co., Inc.
1925-9 Mos.-1924.
Increase,
1925--Sept.-1924.
129,4531112,066.570 111.108,767
11.285,342 11,255,889
V.
- 121. P. 1233. 716.
-Acquires Plant.
Knickerbocker Ice Co.
The company has purchased the Kenny Coal & Ice Co.'s plant
-V. 119. p. 203.
head Bay. N. Y.
Increase.
$957.803
at Sheep.
-September Sale8.(S. S.) Kresge Co.
Charles H. Schlacks has been elected President, succeeding Fred E.
Increase.
Increase. I 1925-9 Mos.-1924.
1925-Sept.-1924.
Hyatt, who becomes Vice-President. Mr. Schlacks also becomes the
-V. $8,221,566 $6,850,949 11,370,6171168,564.570 $59,379,405 $9,185.165
Chairman of the board of the Riverside Metals Co., a subsidiary.
-V. 121, D. 1233. .16.
120. P. 1888
.
(Rudolph) Karstadt, Inc.(Rudolph Karstadt Aktien-Bonds Offered.
gesellschaft), Hamburg, Germany.
Dillon, Read & Co. and Seholle Brothers are offering at
97 and int. to yield about 7.73% $3,000,000 1st Mtge. 7%
Sinking Fund Gold bonds (and stock purchase warrants).
-Seeking Control of The Fair.
Kresge Dept. Stores, Inc.
to
A desire to complete his ownership and control of The Fair, Chicago,an
S. Kresge
add to his chain of department stores has elicited from S. their shares
offer to holders of the Common stock of The Fair to exchange Mr. Kresge
for Kresge's junior issue. This tender has been declined. and
of Kresge Preferred and
Is now said to be prepared to tender an offering "Economist").
-V. 121.
Common for The Fair's junior Issue-(Chicago
Dated Oct. 1 1925; due Oct. 1 1930. Principal, int. (A. & 0.) and P• 1108, 716.
Sales.
installments payable at the office of Dillon, Read & Co.,
-September
sinking fund
(S. H.) Kress St Co.
Increase.
N. Y.City,in U.S.gold coin of the present standard of weight and fineness.
Increased 1925-9 Mos.-1924.
-1924.
-Sept.
1925
Denom. 21.000c*. Callable all or part by lot after 30 days' notice on $3._439.739 13.123,458
2316,2811129,198,731 125.850.388 $3.348.343
and int.: To and Ind. Oct. 1 1927
any int, date, at the following prices
.
-IT 121, p. 1354. 716.
at 103: thereafter to and Incl. Oct. 1 1928 at 102; thereafter to and Incl.
-Stock.
Oct. 1 1929 at 101; thereafter prior to maturity at 100)4. Auth..$4.000,000
Kroger Grocery & Bakery Co., Cincinnati.
American Exchange-Pacific National Bank, N. Y. City. American trustee.
The company is offering Common stock to its employees at 195 s share,
Deutsche KreditAcherung, A. G., Berlin, German trustee. Principal, payments to extend over 6 years.
-V. 118, p. 1781.
int, and sinking fund payable without deduction for any taxes, present or
-Listing.
Ladew Realty Co., Newark, N. J.
future, levied by German Governmental authorities.
-The indenture will provide for a sinking fund of $240.000
Sinking Fund.
The Baltimore Stock Exchange has authorised the listing of 8400.000
operating semi-annually thereafter, 1st Mtge.6% Guar, Gold Bonds.
per annum,commencing Jan. 1 1926 and
Company was incorporated Dec. 15 1908 in New Jersey as a real estate
to be applied to the purchase of bonds at prices not exceeding 100 and
int. and, to the extent not so applied to the redemption of bonds by lot holding company. The bonds are dated May 1 1925 and are payable serially
comat 100 and mt.
May 1 1926 to 1934. They are the only funded obligations of the Int.
-Warrants will be issued entitling the bolder pany, and are Issued for the purpose of funding existing indebtedness.
Stock Purchase Warrants.
time on or before Oct. 1 1930 to purchase 15 Payable M. & N. Denom. 21.000 and $500. Mortgage securing bonds
of each $1,000 bond at any
Karstadt. Inc.,
shares of the Common stock of RudolphThe net earnings at $12 38 per guaranteed by Maryland Casualty Co., Baltimore. Century Trust Co..
for the fiscal
Md., trustee.
share (par value 40 marks per share). on
the 650,000 shares then out- Baltimore, -Income of company in derived from a lease to the Laneyyear ended Jan. 31 1925 were equivalent
Earnings.
allocation of
standing to 82 28 per share before the on the Stock 2883,694 profits for Jones Co., commencing May 1 1925 at 160.000 per annum.
Exchanges of Berlin,
Is traded in
special reserves. The stock
Financial Statement as of June 1 1925.
1925
Hamburg and Frankfurt, market prices having varied from Jan. 1
Liabilities.
Assets.
to (late from approximately $7 50 per share to approximately $14 per share.
$300.000
$10.000 Capital stock
$10 ,per share.
Cash
The current market price is approximately
400.000
le.-Year let Mtge. 6s
The book value of the stock as of Jan. 31 1925 was approximately $15 Construction, land, buildings & 875.215 Accrued interest on bonds
2.000
equipment
would be increased to more than $40 per share if the
178,091
Por share, which
Reserve for depreciation
estate as shown by Independent
quick sales value of the company's real
5.123
Profit and loss
1685.215
Total (each side)
appraisal were substituted for the amounts at which it was carried on the
-the
company's balance sheet. For the fiscal year ended Jan. 31 1925
-Sales (Approximate).
(Louis K.) Liggett Co.
first year since the inflation period during which operations have been
Increase. 1 1925-9 Mos.-1924. Increase.
-1924.
-Sept.
1925
-a 10% cash dividend was paid.
on a gold basis
$575.0001131.042.662 127,832,386 13.208.276
stockholders recently authorized an 13 561.000 12,986,000
-The
Increase in Capital Stock.
$8.092.000 par -i,T, 121, p. 1685, 1576.
Increase in the company's capital stock from $6,188,000 to by
the managevalue. The increased stock will be subscribed for above par
-Bonds Called.
Little River Redwood Co.
ment and other large stockholders.
Myer Redwood
All of the outstanding Lagoon Lumber Co.(now the Little been called for
-Listed on Boston Stock Exchange. operates the
Listing.
largest chain Co.) First Mtge. 5% Oold bonds. dated May 1 1912. have Savings Bank,
-Company owns and
Business and Properties.
and interest at the First Trust &
department store business in Germany. Beginning in 1881 as a small payment Nov. 1 at 102 S. De Graff is Secretary of the Redwood company.
employee, the business Chicago, III. Le Grand
shop established by Rudolph Karstadt with one floor
area of more than Bee also V. 121. p. 716.
now includes more than 50 retail stores with total
200 acres,several factories and a considerable wholesale and export business,
--Gross Sales.
Loft, Incorporated.
than 11.000 employees. The growth of the
with an aggregate of more
1923.
1924.
1925.
Period Ended Sept. 30business was effected partly through the acquisition of existing concerns.
11,815,670 $1,628,780 $1,691,951
In the year ended .,an. 31 1925 sales amounted to about $40.000.000, Three months
4,992.274
5.259,551
5,580.518
retail sales, the remainder being wholesale Nine months
of which about $35.000.000 were
and export. More than 95% of retail sales are for cash. The property -V. 121. p. 1108. 985.
of 42 of the retail stores is owned in fee, either directly or through sub-September Sales.
McCrory Stores Corp.
sidiaries.
increase.
1925-9 Mos.-1924.
Increase.
-1924.
-Sept.
1925
The output of 13 factories owned, directly or through subsidiaries, is
13903101112,842.408 116,585.624 22.256.784
11.893.536
retail stores. These properties include one 12.283,646
sold in large part through the
factories -V. 121. p. 1354, 1108.
of the largest cotton spinning and weaving mills in Germany,
manufacturing tin and lacquer-ware, print fabrics, ribbon, laces, clothing
-Balance Sheet June 30 1925.
Magor Car Corp.
for men, women, and children, aprons, linen, labels and printed matter.
Mobilities.
The company also owns substantial interests in concerns manufacturing
Assets.
$150,000
shoes, straw hats, fur goods, and curtains.
Perfumery. soap, glassware,
Land, bides.. plant & equip.-$1,187,737 Pref. 7% Cumulative stock.. 1,206.893
29.834 x Common stock
The new administration building, owned in fee and completed in 1924. Cash
536.000
Is one of the finest office buildings in Hamburg, having a street frontage Notes and accounts receivable 660,981 Equipment trust gold bonds
80.000
5.549 Notes payable
of nearly 400 ft. and a total floor area of more than five acres. Other Advances to officers & emprees
253,640
608.125 Accounts payable
properties include five central purchasing offices, and an extensive cottage Inventories
10.497
961 Accrued pay-roll
colony for employees.
Investments at cost
1,262
Security.
-Secured by first mortgage lien upon improved city real estate Def installment notes reedit - 536.809 Advance payments received
,
having a replacement value of more than $14,800.000 and a quick sales Deferred charges
36.761 Prov. for Fed, taxes prior yrs_ 210,604
63,933
All of the properties covered by the Patents and good-will
notes receiv.._
value of more than $9,000.000.
1 Deferred Int, on
75,000
mortgage are valuable business real estate advantageou.sly located in the
Bad debts
26.700
Experimental & develop. res..
cities of Berlin, Hamburg, Wandsbeck, Altona. Hanover, Essen. Stettin
company's retail stores except in
452,229
and Dortmund, and occupied by the
$3.066,758 Reserve for depreciation
Total (each side)
the case of the Berlin property which is used in the purchase, manufacture
issued and outstanding.
x Authorized, 200.000 shares of no par value:
and wholesale distribution of clothing. The company has been advised 32.530 shares represented by capital surplus and undivided profits.
by the German financial authorities that its property Is not subject to any
The usual comparative income account was published in V. 121, p. 1685.
lien under the Industrial Charges Law of Aug. 30 1924. and accordingly
It has not been called upon to issue Industrial Debentures under the Dawes
-Stock Offered.
Magazine Repeating Razor Co.
Plan. The company will, however, together with practically all German
17.500 shares of the Preferred stock and a like number of shares
Industrial and commercial concerns, be required to contribute toward the ofAn issue of
the Common stock of the company. in units of 1 share of Preferred and
Dawes Plan.
payment of charges in connection with the
stock are being offered at $110 per unit by Campbell.
Sales and Earninos.-For the fiscal year ended Jan. 31 1925 net earnings 1 share of Common Inc., New York.
available for corporation profits tax and managing directors' participation Stenzel & Peterson, has underwritten the purchase of part of the present
A responsible group
and all other operating
In profits, after current Interest, depreciation
offering, sufficient to produce 1500.000 cash Company will have available
expenses amounted to 21,994,802, or more than nine times the maximum for its corporate purposes more than $1,500,000 cash upon completion of
annual interest charge of 1210.000 on this Issue of bonds. The company's the present financing, after the payment of all expenses in connection thereIt is practically
accounts were placed on a gold mark basis on Feb. 11924.
with and expenses of organization and the issue of its securities and all other
Impossible to state in dollars the result of operations previous thereto, expenses to date. Company has no indebtedness except approximately
due to the rapid Inflation and extreme fluctuations of German currency 176.000 not yet due. 5 part of which represents deferred payments to the
In the post-war period.
payable in instalments running to Feb. 1927 and a part represents
In arriving at the above earnings, no allowance has been made for in- inventor, payments on machinery and tools. Company has set aside
unmatured
creased profits or for any saving in interest to result from the receipt by funds to meet these payments when due.
the company of the cash proceeds of these bonds and from the sale of
1798
THE CHRONICLE
Company.
-The company organized in New Jersey has acquired and owns
the basic patent covering the Schick repeating razor, embodying novel
attractive features, invented by Lieut. Col. Jacob Schick. The productand
is a
novel safety razor about the size of a fountain pen, containing
. magazine of 24 blades, which automatically supplies a new bladea refillable
as desired.
Capitalization.
-Authorized capital: 20,000 shares non par value non votinf Pref. stock, preferred as to assets on distribution at $100 per share and as
to dividends at $7 per share per annum cumul.from Jan. 1 1926, callable at
$110 per share, and 100,000 shares non par value voting Common stock.
Transfer agent, Corporation Trust Co., Jersey City. N. J.
Directors.
-Irving W. Bonbright, Jr. Starling W. Childs, Franklin J.
Horne, Albert C.Ludlum, V. Event Macy, Jr., C. W.Peelle, Jacob Schick,
George H. Walbridge and Orlando B. Wilcox.
VoL 121
by these 8roperties, which have been valued at an amount in
excess of
$20,000.00.
The directorate of the company will include Frank B. Anderson (Chairman Bank of California). Harry H. Fair (V.-Pres. Peirce, Fair &
Co.),
Charles R. Blyth (Pres. Blyth, Witter & Co.).
The company plans to develop its vast agricultural holdings aggressively
and funds received from the proceeds of these bond issues will be used in
refunding present mortgages and for corporate purposes.
-V. 117, p. 2117.
Miller Rubber Co., Akron, 0.
-To Change Capital.
-
The stockholders will vote Oct. 19 on changing the authorized capitalization from $20,000,000 Common stock and $40,000,000 8% Preferred stock,
Par $100, to 400,000 shares of no par value Common stock and 200,000
shares of 8% Cumul. Pref. stock. It is proposed to issue 5 new no par
Mammoth Oil Co.
-Demurrer Filed.
Attorney George P. Hoover, representing Harry F. Sinclair, filed a de- Common shares in exchange for each share of $100 par Common stock now
murrer in Dist. of Columbia Supreme Court Oct, 5 to the indictment charg- outstanding.
The present Common stockholders have been given the right to subscribe
ing conspiracy to defraud the Government in leasing Teapot Dome oil reserve
The demurrer sets out that there was no requirement in law for Secretary of on or before Oct. 10 for additional 8% Cumul. Pref. stock at $103
a
the Interior Fall to lease the reserve to anybody, and accordingly the lease share, on the basis of 4 shares of Preferred for every 5 shares of Common
could not be made the subject of charge of conspiracy. The second ground held.
The company's outstanding capitalization as of Dec. 31 1924 consisted
of the demurrer is that there was no law requiring competitive bidding for of
$5,186.840 Common and $8,557,100 8% Pref. stock, par $100.-V.
the leasing of the property. The indictment in question was returned
27 and named Fall, Edward L. Doheny, Sr., and Sinclair defendants.May 121, p. 1685.
-V.
121.p. 1685.
Mohawk Oil Co. of California.
-Sale.
Sea California Petroleum Corp. above.
-V. 116, p. 1904.
Manchester Avenue Co., Inglewood,
Calif.
-Bonds
Offered.
-Frick, Martin &
os Angeles, are offering at
par and interest $250,000 1st
Co.,Mtge. 7% Serial Gold bonds.
Dated July 15 1925; due serially 1927 to 1935. Interest payable Q.
-J.
without deduction for Federal normal income tax up to 2%. Denom.$1,000
and $500, c*. Red. on any int. date at 102% and int. Security Trust &
Savings Bank, Los Angeles, Cal., trustee. Principal and interest payable
at the office of trustee.
Bonds are secured by a first mortgage trust indenture on a fraction over
119 acres of land owned in fee located at the Southeast corner of Manchester
and Prairie Ave. in City of Inglewood, together with a club house to be
erected thereon which will cost at least $40,000 and a 6,571 yard. 18 hole
grass golf course, and a water well, pumping plant and distributing system
now being installed thereon, which will cast at least $75000. The land
alone has been appraised at $357,100. which sum taken with the $115,000
which will represent the cost of the improvements makes this issue of bonds
less than a 54% loan.
The entire property together with the improvements to be made has been
leased to Potrero Country Club (which owns all of the company's capital
stock with the exception of directors* qualifying shares), for a period running 5 years beyond the last bond maturity at an annual net rental of
$18,000 a year for the first year and $30,000 a year during the remainder of
the term; the tenant agreeing to pay all taxes and assessments and maintain
the property in good condition and insure the buildings against loss from
fire or earthquake, at its own expense. The annual net rental payable
under the lease is sufficient to meet the charges for interest and retire all but
5125,000 of the last installment of the principal of the bonds.
Manufacturers' Liability Insurance Co., Jersey City,
N. J.
-Stock Offered.
-First National Bank of Jersey City
is offering at $10 per share 20,000 sh. capital stock (par $5).
Com any.-Ineorp. in New Jersey. Organized in 1911 the company
started writing business in July 1912, and has enjoyed consistent progress.
Company is authorized to issue policies and transact the business of accident. health, liability, workmen's compensation, property damage, collision
and theft insurance as specified in its charter and amendments thereto, in
the following States: Connecticut, Delaware, Illinois, Indiana, Maine,
Maryland, Massachusetts,'Missouri. New Hampshire, New Jersey. New
York, Pennsylvania, Rhode Island, Vermont and Dist. of Columbia.
Company is not licensed to write workmen's compensation business in Conn.
Capitalization.
-Directors on June 17 1925 passed a resolution authorizing an increase in the capital stock to $500.000 by the sale of 20.000 shares
(par $5)for $10 per share. $5 to go to capital and $5 to surplus; this new stock
to be offered to present stockholders in the ratio of 25-100ths of a share of
the new stock for each share of the old stock so held by the subscriber,
any unsubscribed stock to be offered to the public at the same price. The
above action of the directors was duly approved by 77% of the stockholders at a special meeting June 29.
Surplus.
-After setting aside reserve for all known liabilities at June 30
1925, there remained a surplus for the protection of policyholders of $637,758. This amount includes capital stock of $400,000, leaving a surplus of
$237,758 over all liabilities and capital stock at June 30 1925.
This surplus does not include office fixtures insured for $40.000, and nonadmitted assets, 90
-day premiums overdue, &c., of $188,203.
Earnings.
-Since organization the company has written to June 30 1925
premiums of $18,460,935, and has made substantial profits. A liberal
dividend policy has been maintained, evidenced by cash dividends to stockholders over the last 10 years averaging 11.2% per year. In addition to
this stockholders received a 60% stock dividend in 1918 and a 25% stock
dividend in 1920. Policyholders have also received substantial dividends.
Directors.
-Frederick Atwater, S. Proctor Brady, Walter H. Cole,
Samuel H. Dodd, Edward I. Edwards, Edward I. Edwards Jr., J. G. S.
Johnson, Carleton D. Morse, Walter B. Pollock. George G. Raymond,
A. E. Williamson, George E. Williamson, D.'I'. Winter Jr.
Marland Tank Line Co.
-Certificates Called.
-
The company has called for retirement on Dec. 15 all of its outstanding
5521.0008% Equipment Trust Certificates of which $175,000 is due on the
above date, $175,000 due Dec. 15 1926 and $171,000 due Dec. 15 1927.
-V. 111, p. 2234.
Metropolitan Chain Stores, Inc.
-September Sales.-SeM.-1924.
1925
,
$512,365
$636,017
-V. 121, D. 1354, 848.
Increased 1925-9 Mos.-1924.
5123,652155,221.631
$4,435,992
Increase.
5785.639
Mohawk Rubber Co., Akron, Ohio.
-Listing.
-
The Cleveland Stock Exchange has authorized the listing of 20,000 shares
of no par Common stock and 51,963,4437% Cumulative Preferred stock.
8 Mos.End Cal. Year
Aug. 31'25
1924.
Sales
$3.425.133 $3.41.3,731
Net profits
5365.701
$343,656
-V. 119. P. 1515.
Motion Picture Capital Corp.
-Earnings.
Income Account for 8 Months Ended Aug. 31 1925.
Net profits
Provision for 1925 taxes
Prof. diva. $40,070; Com. diva., $26,221; total
$152,631
21,756
66,292
Balance surplus
Previous surplus
$64,583
58,342
Total surplus
-V.121, p. 1234.
$122,925
Nash Motors Co.
-Sales, &c.
The company in closing its books for Sept. reports a volume of business
greater by 83% than that of Sept. 1924. "The past month," says E. H.
McCarty, General Sales Manager. "was the 13th consecutive month to
show a substantially material gain over the corresponding period of the previous year.
"The number of cars shipped in Sept. was 10,314. This is but 361
less than the Aug. total of 10.675. During Aug. and Sept. there were cars
produced and sold 20.989 Nash cars. This constituted over 39% of our entire
business of the year 1924."-V. 121, P. 1471
.
National Casket Co.
-Balance Sheet June 30.
-
[As filed with the Massachusetts Commissioner of Corporations.)
1924.
1925.
1925.
1924.
AssetsLiabilities$
Real estate, mach.,
Capital stock
5,906,808 5,906,808
turn.,trucks,&c. 3,112,367 3,102.077 Mtges. br bonds
845,000
850,000
Merchandise
3,178,063 2,880,403 Accts. payable... 249.720
257,943
Accts.recelvable 2,916,910 1,828,501 Notes payable__
85,000
95,000
Oath
308,654
199.572 Reserve for taxes
234,345
Securities
405,008
247,035 Due subsidiaries_
59,990
Def. charges
148,317 Surplus
4,266,235 3.732,360
Patent rights and
trademarks. &c. 1,545,106 1,545.106
Mortgages
121,000
80,000
Due ft om sub.co.
871,088 Total (each side).11,587,108 10,902,101
V.
- 121. P. 1577.
Natl. Cement Co.(of Quebec).
-Changes in Personnel.
-
Hon. J. M. Wilson, Donat Raymond, Hon. Georges Simard, L. H.
Tinunins. E. C. Vidricaire, Richard K. Meade and Jos. Versailles, have
been elected directors.
Mr. Versailles has been elected President and Mr. Raymond VicePresident.
-V. 119, 1)• 819.
NationalDistillers' Products Corp.
-Notes Called
Liberty Yeast Corp. Sold to Fleischmann Co-
All of the outstanding_6
-Year 7% Guaranteed Convertible Gold notes,
dated May 1 1924 (see V. 120,_p. 2278). have been called for redemption
Nov. 6 at 104 and int, at the Equitable Trust Co., trustee. 37 Wall St.,
N. Y. City. The right to convert the notes into voting trust certificates
for the Common stock expires Oct. 27.
President Seton Porter announces the sale of the plant and physical assets
of the Liberty Yeast Corp., a subsidiary, to the
Flelschmann Co. A
portion of the procees of the sale will be used to retire the above note issue.
[See also'Fleischmann Co. above.i-V. 121, p. 717.
National Lead Co.
-Subs. Co. Sells Florida Land.
-
The Titanium Pigment Co., in which the National Lead Co. holds a
controlling interest has sold a o rtion of its ore lands in Florida,involving,
p
It is said, over $2,000.000.-V. 121. P. 1355.
National Steel Car Corp., Ltd.
-Balance Sheet June 30.
1925.
1924.
1925.
1924.
AssetsLiabiliiies$
Midland Packing Co., Sioux City.
-Stockholders Win.
- Land, bldgs., plant $
*Capital & surplus.2,198.716 2.396.250
and equipment___3,274,473 3,277,361 Bank loans (seed).
The Eighth Circuit Court of Appeals at St. Louis Oct. 1 affirmed a Fed664,895
eral District Court action dismissing ancilliary proceedings brought by 0. W. Patents dr good-will_
1 1st M. 6% bonds__1,360,000
1
Britton,receiver,to force payment by stockholders of approximately $3.000,- Cash
57,014 Accounts payable___ 105.278 1,610,000
25,295
Accts. & bills rec.__ 233.726 1.034,517 Accrued wages, &c__ 17,428 513,063
000 in stock subscriptions.
51,942
In an opinion written by Judge Wilbur F. Booth and concurred in by Sundry Investments_
9,001
14,911 Reserve for depreJudges Robert E. Lewis and One L. Phillips, the court held that Britton Inventories
ciation
754,012 1,436,969
966,674 945,531
had proceeded in the wrong manner to collect unpaid stock subscriptions. French Republic,
The proper method, the court said, would be for Britton to determine
&c.,claims
263,478 263,478
what he believed to be the liability of each stockholder and then to file indi- Deferred charges_ __
97,432
. 88,111
vidual suits in the State or Federal courts. By this procedure, it was pointed
out, the right of trial by Jury would be preserved.
Total
Total
4 648.096 6,181,682
4,648,096 6,181,682
The packing company, which built a $3,000,000 plant at Sioux City, went
* Represented
Into receivership in 1920. It was capitalized for $8,000,000 of which $3,- value (subject toby 100,000 shares of capital stock without nominal or par
realization of French Republic and Paris Lyons & Medi000.000 in stock was fully paid. The remaining $5,000,000 was subscribed terranean Ry. Co. claims).
but only $2,000,000 paid. Many stockholders had given notes for unpaid
The usual income account Was published in V. 121, p. 1685.
subscriptions.
-V. 118, p. 3206.
National Tea Co., Chicago.
-August Sales.-
Midwest Engine Co.
-Sale.
1925.- Aug.-1924.
Increase. I 1925.- 8 Mos.-1924.
The property of the company was disposed of Sept. 3, through the sale
$3735,975 52,967.803 5768,1721530,033.463 $24,941,180 Increase.
of the plant and property by a committee representing the bond owners -1.121. 1685,
$5,092,283
1
p.
1234.
of the Atlas Engine Works Co. to a syndicate headed by Samuel Fallander,
Indianapolis. The sale was approved in probate court in Indianapolis.
National Union Mortgage Co.
-Bonds Offered.-MSCMr. Fallender announced that the purchase was for investment purposes
and that negotiations will be started to bring to the plant a large motor kubin, Goodrich & Co., Baltimore, J. G. White & Co., New
York, Marine Bank & Trust Co., New Orleans and Bodell &
truck company. ("Iron Trade Review.")
-V. 121, p. 1109.
Co., New York, are offering at 100 and interest $5,000,000
Miller & Lux,Inc.
-9125,000,000 New Financing Arranged.
Arrangements have been completed for $25,000.000 financing of this 6% Gold bonds (issue of Sept. 11925).
company, one of California's largest corporations and one of the largest
Dated Sept. 11925: due Sept. 11945. Principal and interest (M.&
S.)
land-holding companies in the United States. The company's bankers, payable at the Maryland Trust Co., Baltimore, trustee, or at Bankers Trust
Peirce, Fair & Co., and Blyth, Witter & Co. have underwritten $15.000,000 Co., New York. Denom. $1,000 and $500, c*. Red. on any interest date
-Year 1st Mtge. 6% bends, and 510.000,000 10
20
-Year 7% Secured Gold In whole or in part at 101 and interest. For further details of company, &c..
see last week's "Chronicle," p. 1685.
notes, which will be offered to the public shortly.
Company owns over 800,000 acres of land in California. most of which
New England Guaranty Corp., Boston.
is located in the central part of the State in the San Joaquin Valley.
-Defers PreProperty which has been valued by independent appraisal in excess of ferred Dividend Due Oct. 1.
$30.000,000 will be the principal security for the $15.000,000 1st Mtge.
The directors on Sept. 30 voted to defer the quarterly dividend
of $1.75
bonds. Through subsidiary companies, company also owns in excess of a share usually paid Oct. 1 on the 7% Cumul.
Partic.
200.000 acres of land in Oregon and Nevada. and valuable water rights dividend requirements on the Preferred stock amountedPref. stock. The
to approximately
in California. The 7% Secured Gold notes will be collaterally secured $22,000 quarterly.
Ocr. 10 1925.]
THE CHRONICLE
1799
-Initial Dividend.
New York Merchandise Co., Inc.
In a letter to the Preferred stockholders, the company says in part:
%
The directors have declared an initial quarterly dividend of 1 j on
"The executive committee and the directors have but very recently become
aware of the fact that loans have been made on behalf of the corporation in the 7% Cumul. First Pref. stock, payable Nov. 1 to holders of record
excess of those known to or authorized by the executive oommittee. In the Oct. 15. See also offering of stock in V. 121, P. 718.
advanced
case of some of these excess loans, companies to whom money wasfound out
-Continental
are not in sound condition. As soon as the executive committee
New York Oil Co. (Wyo.).-Bonds Offered.
the situation, a meeting of directors was held, and subsequently it seemed
l Trust & Savings Bank and Central Trust Co.
advisable to call in conference representatives of local banks. These banks & ommercia
are among the larger holders of collateral trust notes. A preliminary com- of Ill. in Sept. offered at prices ranging from 97% and int.
mittee of bankers was formed.
int., to yield from 53'% to 63.% according to
the
"In view of this condition it seemed wise to the directors to pass out to 10034 and
maturity $2,000,000 1st Mtge Serial 6% Gold bonds.
October dividend. It is too early at this time to say what may develop
of the situation. In the meantime the company is carrying on its hilliness
Dated Aug. 1 1925: due $200.000 semi-annually Aug. 1 1926 to Feb. 1
as usual. As soon as the true condition of affairs can be determined, the 1930, both incl. and $400,000 Aug. 1 1930. Principal and int. (F. & A.)
Chicago,
stockholders of the company will be given a full report."
payable at Continental & Commercial Trust & Savings Bank.
tax
-William trustee, without deduction for Federal normalincomepartup to 2%. Denom.
-Stock Offered.
New England Lime Co. (Del.).
on any int. date,
$1,000 and $500 c*. Red. after Aug. 1 1926 all or of X of 1% for each
C. Simons, Inc., are offering 4,000 shares (par $100) 7% on 30 days' notice, at 100 and int., plus a premium
to maturity.
Cum. 1st Prof. stock, Series "B. Price, with accrued divi- year or part thereof prior E. H. Steiger, President of the Company.
Data From Letter of
dend, to yield 7.18%;2 shares of no par value Common.stock
ncorp.in Wyoming in 1913 and is engaged in the production,
Company.-I
the City of Casper
(v. t. c.) given with each purchase of 5 shares of Prof. stock. transportation and sale of oil and natural gas. It suppliesserving over 6,300
-J. Callable, all or part, on any dividend date on with natural gas, under a franchise running until 1940,
Dividends payable Q.
the
par plus a premium of 5%. 6% Mass, income tax consumers. Through a contract with the Producers & Refiners Corp. the
30 days' notice at
agent,
refundable on application. Tax-free in Connecticut. TransferBoston. company has the exclusive right to withdraw 75% of toe contents of cu.
,000
State Street Trust Co., Boston. Registrar, First National Bank of
Draw Field. estimated by geologists to contain 400,000,000 natural
Sand
-Is one of the largest producers of high calcium (chemical) and ft. of gas and constituting what is regarded as the largest known
Company.
a
Magnesium (building) lime. Its seven plants have Itsdaily capacity of gas field in the Rocky Mountain region, thus assuring an adequate gas
deposits of highthese bonds.
the maturity
ly 3,500 bbls. of lime of 280 lbs. each.
approximate
supply for a great many years beyond reimburse theof
company for expendigrade limestone represent over 50.000,000 tons of rock-over 100 year's
-Bonds are being issued to
Purpose.
supply, and with the plants and real estate are appraised at more than tures already made in connection with the building of a new compressor
-mile pipe line from the Sand Draw Field to the company's
$3.600,000.
station and a 75
-Earnings available after Federal taxes at present rate and !present line extending 25 miles west from Casper, and for the construction
Earnings.
interest, for depreciation, depletion and preferred dividends for the five of a 25
-mile pipe line from Casper to Glenrock. the fixed properties of the
years and ten months ended April 30 1925, were:
-Secured by a first mortgage on all of result of this financing.
Security.
$348,092
$239,57011924
$136,99011922
1920
company now owned and those to be acquired as a opinion the conserva244,80111925(10 mos.)_ 228,984 Hagenah and Erickson, engineers, state that in their
84.88011923
1921
by
-Beginning July 1 1927. 25% of net earnings for each tive present value of the physical and tangible properties to be covered
Sinking Fund.
year will be devoted to the sinking fund for the retirement of stock, beginning the mortgage is not less than $13,000,000.
the minimum to be paid
4 months ended April 30 1925. net
-For the 3 years and
with Series "A," with the further provision that
Earnings.
$986,228 per
in any year shall be $50,000. Series "B" may not be retired until after earnings available for interest and Federal taxes averaged $462,647 per
depletion, and
Series "A." Stock callable for sinking fund at par and accrued dividends. annum before deducting depreciation and depletion. based on cost. For
See also V. 121, p. 84.
annum after deducting all depreciation and details about property of the
other
table of
- companyearnings, balance sheet and
-Reorganization Plan Invalid.
New England Oil Corp.
see V. 121, p. 1577.
Judge Anderson at Boston Oct. 3 handed down an opinion in the
Federal
-Sale to Brown Bovericase of Henry Parker vs. the New England Oil Corp.in which one Wiltse, an
New York Shipbuilding Corp.
corporation will readjudicated, unpaid creditor of the respondent corporation brought this proArrangements have been completed whereby the
(see
himself and other creditors who wished to join and capitalize under the name of American Brown Boveri Electric Corp.been
ceeding on Imhoff of
challenged the validity of a reorganization of company!(V. 116, p. 523) above). Notices of a meeting on Oct. 14 to vote on the plan have their
effected through a receivership by a committee consisting of the following: sent to stockholders. Minority holders are requested to deposit same
Francis R. Hart, Alfred L. Aiken, Frank Finsthwait, Allan Forbes, Thomas stock with the Chase National Bank, depositary, and are offered the new
H.West, Jr.,and Daniel G. Wing,who on their own petition had been made basis as majority stockholders, that is. after receiving $15 a share in of
share
parties as representatives and assignees of creditors of the receivership estate 7% Preferred stock, their present stock may be exchanged for oneand one
Electric Corp.
in order to affect a reorganization.
Participating stock of American Brown Boyer!
Wiltse's creditor's petition contended that the committee as fiduciaries, so shares of Founders stock.
is offering for public subscription
raaladministered a solvent estate as to render themselves personally liable
A syndicate headed by Pynchon & Co.
to him and other creditors in a similar position for the amount of their unpaid 260,000 shares of American Brown Boveri Electric Corp. Participating
claims against the receivership plus reasonable sum for expenditures.
-V. 121, p. 1685..
stock.
"Under the reorganization as planned and carried out by the committee,"
-S.W.
-Bonds Offered.
says the court, "creditors of the receivership estate received for their claims
Normandie Hotel, Los Angeles.
Refining Co. equal at par to the
Preferred stock of the New England 011
at prices to yield from 5.95%
amount of their claims, plus a like number of shares of no-par common Straus & Co., Inc., are offering
stock. Wilts() claims that he is entitled to full payment of his claim, with to 6.35%, according to maturity, $280,000 1st Mtge. 63%
interest, from the committee, plus exoneration from expenditures incurred
in these proceedings, and that other creditors are entitled to rescind their Serial Coupon bonds.
Aug. 1 1927-1938. Interest payable
settlements and hays like relief.
Dated Aug. 1 1925: due serially Co. Callable at 104 for the first five
offices of S.W. Straus &
and $100 c*. Exempt
Judge Anderson in a 74-page opinion stated that the chief F. & A. at 102 thereafter. Denom. $1,000, $500 income tax, 2%, paid
years and at
Federal
from personal property tax in California.
points at issue are:
by borrower.
1. Was the reorganization invalid?
a closed first mortgage on the
Securitg.-This bond Issue is secured by and equipment. The land on
2. If invalid what affirmative present duty is owed by the court to
land in fee, building, complete furnishings
uniformed as to its validity?
of Sixth St. and
creditors now presumably
is to be erected is the southwest corner
3. If invalid may the other creditors return their stocks, rescind their which this buildingThis building is to boa 4-story and part basement, semiNormandie Ave.
settlements and thus be remitted to rights against the committee?
and with tiled parapets. It
brick
fireproof structure with facades of faceall but two have private bath. A
which
In answer to these issues the court said:
will contain 101 guest rooms of Normandie Ave., dining-room and kitchen
that
"Coming now to legal results and remedies, it is plain in the the first large public lobby opening off oftogether with eight stores which will front
Question, was the reorganization invalid, must be answered need affirma- will be located on the first floor St. and 46 ft. on Normandie Ave. The
now be approximately 144 ft. on Sixth
tive. It was invalid for several reasons, only a few which
large closets and have good exposure.
guest rooms are all of ample size, with a view to efficiency and satisfactory
catalogued."
The entire building is well planned with
guest rooms will be most attractively furng question No. 2 the court says:
Concerni
see that hotel service. The lobby and
"Plainly the court owes an affirmative duty to the creditors tocreditors nished.
deductions for
These
they have speedy and adequate knowledge of their rights. treatment in the
-Net annual earnings of this property, after for vacancies
Earnings.
received just and legal
depreciation and ample allowances
were entitled to assume that they
taxes,insurance,operation,available for payments under this bond issue.
nor
reorganization of this court trust estate. In fact they had neither just
are estimated at $50.386, the greatest annual interest charge and nearly
legal treatment.
This is nearly three times
interest and serial maturities.
No. 3 the court Says:
twice the average combined annual
In answer to question
n."It is equally clear that the mass of scattered creditors who in good faith
North American Cement Corp.-Aciuisitio 986.
and without notice took from the committee of their agents,stocks in settle-V. 121, p. 1234,
for
See Tidewater Portland Cement Corp.
ment of their debts claims, are entitled to the return of their stocks to or
to
the benefit of the committee and be thus reinstated onerights as unpaid
-To Retire Pref. Stock.
of a class,
is but
Norton Co., Worcester, Mass.
creditors of the receivership estate. As Wiltse must rest in abeyanceall of
outstanding 7% Cumul. Pref. stock
until
The company proposes to redeem its
whom are entitled to like treatment, his rights
was outstanding
1924 there
Dec.
Other creditors entitled to relief are before the court. Pending the return of on Jan. 2 1926 at 110 and diva. At 1890. 31
-V. 120, p.
the order of notice and the determination of the amounts due creditors seek- $3,536,100 of this issue.
ing to rescind and held entitled to rescind, the case is not ripe for final decree
-Copper Output (Lbs.).against the committee.
Old Dominion Co. (Me.).
May.
June.
July.
August.
September.
Creditors of a solvent estate are entitled to have their claims paid in full.
2,068,000 1,820,000 2,232.000 2.021,000
It is immaterial that this estate originally consisted mainly of stock of the 1925
2,252.000
status quo cannot be restored; the
1,823,000 1,668,000 1.987,000
Refining Company. Manifestly, the
1.943,000 1,872,000
1924
committee have by their invalid organization, made it utterly impossible for -V. 121. p. 986, 209.
the court now to remit creditors to rights against stock or against proceeds
-Sales.
obtained control of it. To
-Common Div.
of stock of the Refining Co. when the committee
Oppenheim, Collins & Co., Inc.
the
hold creditors of this estate entitled to rescind, imposes no hardship whatquarterly dividend of 75 cents a share on
if their representations, originally made and PIThe directors have declared a 15 to holders of rezord Oct. 31. An initial
ever upon the committee,
Common stock, payable Nov.
still made,are true.
amount was paid on this issue on Aug. 15 last.
At any rate the committee, fiduciaries of the creditors, have had their full quarterly dividend of like
Sept. 30.
Sales for Month and Two Months Ended
day in court: they have offered all the evidence they desired to offer as to the
Increase
Increase. i925-2 Mos.-104.
1925
-Month-1924status and the value of the State they took and their administration of it.
$96,506
0,282,042
$87,18710,378,548
$1,305,578
Their administration was Illegal and unfaithful. They have not suggested $1 392.764
the rights of rescinding creditors -V. 121, p. 1355, 986.
the insolvency of that estate. Probably On return at the order of
notice
should be worked out through the receiver.
-Initial Dividend.
(The) Outlet Co., Providence, R. I.
the case may stand for further hearing on all issues presented in appropriate
dividend of 1X% on the
pleadings.
The directors have declared an initial quarterly
15. See also V.
"Wiltse is entitled to exoneration from the expenses incurred by him in Preferred stock, payable Nov. 1 to- holders of record Oct.
these proceedings. The court will entertain a petition for the determination 121. p. 594.
of those expenses so far incurred; or it may rest until litigation is at or near
e.-Lisrg
Park Mortgage & Ground Rent Co. Baltimorof $100,000
is termination in this court."
authorized the listing
The Baltimore
Creditors of Right to Rescind Acceptance of additional CapitalStock Exchange has
Court Informs
stock (par $50).
1,980 shares of
The directors on April 15 last authorized the sale of
Stock in Settlement of Claims.
to Capital account, and
Federal Judge Anderson has approved the form of the decree and order treasury stock at $75 per share, $50 tosbe credited the right to subscribe
were given
of notice to be sent to former creditors of New England Oil Corp. informing $25 to Surplus account. Stockholder
at the rate of 8% per annum,
them of their right to rescind acceptance of stock in settlement of their to the new stock. The stock pays dividends
-F.
Creditors who elect to rescind must send notice of their intention, payable Q.
claims.
1925.
1924.
receiver, Irvin M. Garfield. by Nov. 9.
Earningstogether with their stock, to the
$62.992
$47,079
whose stock has been
The receiver by Nov. 12 will file a petition that all On or before Nov. 21, Gross earnings
30,736
35.606
Net earnings
with him may be held entitled to rescind.
deposited
this
alleged creditor to
Financial Statement as of Aug. 3 1925.
any party may file objection to the rights of anclaims of creditors. take 119.
-V.
action, and on Nov. 30 the court will hear the
Assets.
$500,000
8181.229 Capital stock
p. 1178.
Cash
185,200
rents pl. with trustee_ 177,633 Surplus account
- Ground
75,000
4,280 Notes payable
New England Oil Refining Co.-Reorg. Plan Invalid.
_
Ground rents not pledged_
787.150
-V.121, p.84.
trust notes
See New England 011 Corp. above.
Mtges. pledged with trustee__ 810,906 Collateralfor Income taxes_ _
1,384
364,624 Reserved
not pledged
-Contract Mortgages
13,882
Newport News Shipbuilding & Dry Dock Co. n of two Furniture and fixtures
2,284 Special accounts
1,500
for the constructio
150 Contingent account
The company on Sept. 26 secured contracts
Investment
28,152
Co. at a cost of ap14.000 Undivided profits accotmt
freight and passenger liners for the Clyde Steamship
Cash held by trustee as coLlat'l
16,964
proximately $2,500,000 each.
six freight and passenger Interest on coll. trust notes- __
The Newport company now has contracts for
51.572.069
work and hydraulic
$1.572,069 Total
steamers, four yachts, throe barges, some caboose
Total
-V. 117. p. 2441.
equipment construction.
1800
THE CHRONICLE
[VOL 121.
Pacific Mail Steamship Co.
-Sale.
of Lee, Higgin.son & Co. and J. Henry Schroder Banking
The last of the company's ships the tank steamer
Corp.. New York.,
sold to the Associated Oil Co. See also V. 120, "Solana" was recently and at offices of Lee, liigginson & Co. in Boston and ChIcago,vdthout
p. 3200.
deduction for any present or future taxes of the Government
or any State, municipality or other taxing authority therein. of Germany,
Park West Medical Building (170 West 76th St.
Mechanics &
Metals National Bank, New York, trustee.
ReaIt Co.) N. Y. City.
--S. W. Straus & Co., Inc. are
The President (The German Minister of Transportation)
offering at prices to yield from 5.95% to 6.15% according
and the Managing Directors of the corporation reports in
to maturity $250,000 1st Mtge. 6% serial Gold Loan.
substance to the bankers:
Dated Sept. 25 1925;due serially Sept. 151928,
to Sept.
$1.000. $500 and $100 c*. Principal and Int.(M. & S.) 151937. Denom.
payable at S. W.
Straus & Co. Callable at 104 and int. up to and incl.
Sept. 15 1928: at 103
and int. after Sept. 15 1928, and on or before
int. after Sept. 15 1931 and before Sept. 15 Sept. 15 1931; and at 102 and
1937. 2% Federal income tax
paid by the borrower.
Borrowers.
-Dr. Harold M. Hays, who has been most successful in the
management of a private hospital, is president of the borrowing corporation,
170 West 76th Street Realty Co.
Hays
corporation ane sev tt1 business Associated with Dr.wThhoeh in the above
ar oper n
:r
:encl.! physicians.
r
f:.propertyun will
be
company headed by
Hays
as
that
an up-to-date, fire-proof hospital of this character is most necessary and
y
a
real need in
Y. City. Dr. Hays during the War was in administrative
work and was associated in the organization of many of the Base Hospitals
in France. Based upon his experience in this work, he has operated for
the
past three years a private sanitarium at 205 West 70th
financially successful although inadequate to take careSt. which has been
of the number of
patients applying for admission.
Dr. Hays personally guarantees repayment of principal together with the
interest on this entire issue.
Security.
-First mortgage on the land owned in fee and the building to be
erected thereon, located on the south side of West 76th Street 120 ft. east
of Amsterdam Ave.,fronting 40 ft. on West 76th St. with a depth of about
102 ft. The building will be 8 stories in height, of steel skeleton fireproof
construction with facades of face brick, terra cotta and Uneaten° trimming,•
on a base of granite. It will have facilities for the care of 78 patients and
will be served by 2 elevators. The top floor is extra high and designed for
an operating room, and on the roof there will be an open-air solarium. The
building is so designed that, with slight alterations, it could be used for
dwelling purposes, arranged In small apartments.
Earnings.
-Simultaneously with the closing of the mortgage, the entire
property was leased to Dr. Harold M. Hays at a rental income of 840,000
per annum net, payable quarterly in advance. This lease will be assigned
to the trustee as additional security. The quarterly payments of this net
rental, under the terms of the lease which runs from May 1 1926 to April
30 1947. are more than ample to meet the principal and interest requirements of the loan as they become due. Based upon the schedule of occupancy and the average rate obtained in the 70th Street Sanitarium, the net
earnings of the Park West Medical Building, conservatively figured, will be
02.475, after deducting all operating expenses, insurance, and taxes.
Corporatior.-Incorporateci in Germany in
right to create and put into operation, within Dec. 1921. Holds exclusive
on the Main to Passau on the Danube, both the sector from A.schaffenburg
inclusive, the
for a canal 375 miles long, utilizing parts of the bed of the necessary units
River
pleting a water transportation route, 2,125 miles in length, byMain.comup two of the largest and most important rivers in Europe, the connecting
the Danube. Survey and construction work has been carried Rhine and
on over the
last 30 years.
Transportation Rottie.-The water
-way system, when completed, will be
navigable by vessels of up to 1,500 tons burthen and will form a through
route across Europe from the mouth of the Rhine at the North
Sea with
access to the Atlantic Ocean, on the northwest, to the
at the Black Sea, on the southeast, between easternmouth of the Danube
Asia. It will extend from the mouth of the Rhine at Europe and central
the North Sea in a
south-easterly direction to the junction of the Main with the Rhine in
southern Germany, thence east to the Danube, and thence again southeast
to the mouth of the Danube at the Black Sea.
The work is of the highest Tuitional and international Importance,
as the
Rhine and the Danube are internationalized and the connection,
now being
constructed by the corporation between these rivers when completed, will
also become an Interuational waterway open to the traffic of all
nations.
Teeetieee.--Cities along the completed route will include Rotterdam and
Amsterdam,in Holland; Duisburg,Ruhrort, Dusseldorf. Cologne,Mayence.
Frankfort, Hanau,Aschaffenburg, Wurzburg. Bamberg, Nurnberg, Regensburg and Passau, in Germany; Linz and Vienna, in Austria; Bratislava,
in
Czechoslovakia; Budapest, in Hungary; Belgrade, in Jugo-Siavia; Rustchuk, In Bulgaria;and in Rumania, Braila, Galatz and Selina, at the
mouth
of the Danube on the Black Sea. The State of Bavaria, through which
the
whole of the sector controlled by the corporation passes, has a population in
excess of 7,000,000 and is the second largest state both in area
tion in Germany. Fourteen European states come within the and populatraffic zone
of the water-way. A new and cheaper transportation route will be
for minerals, grains and numerous raw materials and manufactured created
products
along the line of the water-way. Careful study has been made of
the
territory tributary to and to be served by the new water-way, and it is estimated that the total yearly trade on the corporation's sector will ultimately
to 10,000,000 tons.
liyaro-Electric Power.
-The concession under which the corporation
operates gives it the right for a period extending to the year 2050, o construct anti operate, at the locks, 33 hydro-electric power plants, building of
which the
Pemberton Co., Lawrence, Mass.
-Offer Made to canal, to project provides for concurrently with the construction of the
have a total estimated average generating capacity of 223,000 h.p.
Stockholders.
an estimated maximum generating capacity of 325,000 h.p. and an estimted
The stockholders have received an offer of $60 a share for their stock,
of which there are 4,500 shares outstanding. The company, in a letter to annual electrical output of 1,500.000,000 kw. h.
Under a special law,the corporation has also the right to acquire land to a
the stockholders, says:
"In April 1924 the directors deemed it for the best interest of the stock- distance of one kilometer on both sides of the canal on the Main and Danube
holders to close the Pemberton mill and liquidate the stock in process and between Aschaffenburg and Passau.
Purpose.
-Proceeds of these $6.000,000 7% Sinking Fund Gold Debenthe goods on hand. Since that date it has been impossible to operate the tures,
Series
plant at a profit, and it has remained closed. The directors have con- Government A, will be ased, together with subsidies from the German
and the State of Bavaria. for part of the cost of construction
sidered various plans for the sale of the real estate, either at auction or by of the
connecting deep water-way system in Germany, and particularly for
private sale; but owing to the unsatisfactory condition of the textile business the cost
of
and the high cost of manufacturing cotton goods in Lawrence they have river Main construction of 3 dams and hydro-electric power plants on the
east of Aschaffenburg and for the completion of the Rachlet
deemed it inadvisable to offer the plant at auction, and no offer has been
obtained at private sale. If any opportunity offers to operate the mill works (56,000 12•11.) at Passau*
Security.-Unconditlonally guaranteed as to principal, sinking rung,
In the near future new financing will be necessary to increase the working Premium
capital. The stockholders are therefore given the option of receiving $60 Germany and interest, jointly and severally, by the Government of
and by the State of Bavaria, which together
a share or retaining holdings subject to any reorganization of the capital capital stock of the corporation, practicaUy all of the own over 50% of the
.
balance being owned
stock which may be deemed necessarY."
by the States of Prussia, Paden, Hesse, Thuringia, and various Rhineland
and Bavarian cities and towns.
(J. C.) Penney Co., Inc.
-September Sales.
The German Government and the State of Bavaria have already contri1925-September-1924 Increase. 11925-9 Mos.-1924 Increase. buted in
$8.297.817 86.855,437 $1,442,3801556,431,696 $46,573,992 $9,857,704 propertiesthe form of subsidies $6,400.000 invested in the corporation's
and business and have undertaken to provide at least a further
-V.121, P. 1686 1235
.
'
87.000,000 in subsidies during the next 4 years to constitute further invest
investits properties.
Pepperell Mfg. Co.
-Directors of Subsidiary Compary.- ment corporation will agree that so long as any of these debentures
The
are outDirectors of the Lewiston Bleachery and Dye Works, control of which standing,
it will not create, without equally securing this issue, any mortwas rcently acquired by the Pepperell Mfg. Co., are: William Amory
(Pres.); Gilbmt D. Harrison (V.-Pres. & (len. Mgr.); M. W. Colquhouo gage or pledge on any of its property, other than its $276.228 Mtge. 5%
Sec.), Amory Coolidge (Asst. Treas.), Brackett Parsons, Howard R. bonds, issued in 1922, and $1.786.426 Mtge. 5% bonds, Issued in 1923, to
Whitehouse and A. N. Sheldon. Russell H.Leonard succeeded Mr. Harri- be outstanding upon competion of this financing.
Revenues.
-Revenues of the corporation will be derived from (a) the folson as Treasurer.
-V. 121. p. 1579.
lowing subsidies from the German and Bavarian Governments to be provided for in their respective budgets In each year ending Mar.31:$2.923,354
Pillsbury Flour Mills Co.
-Balance Sheet June 30.
for 1926;$2.196,096for each of the years 1927 to 1929 incl.,and $522.200 an(As flied with the Massachusetts Commissioner of Corporations.]
nually thereafter while any of these Series A Debentures are outstanding.
1925.
1924.
1925.
1914.
and (b) earnings of the hydro-electric power plants to be operated by the
AssetsLiabilitiescorporation, which It is estimated by the corporation should by 1930 yield
Real estate, bldgs.,
Capital stock
10.000.000 10.000,000
machinery, Sic__ 8,906,564 8,831,512 1st Mtge. bonds.... 5,850,000 6,950.000 an annual net profit of $787,780, and by 1936, 21,190,000. There are no
of current.
Cash
958,916
812.301 Accts. payable.... 1,275,686 1,094,851 restrictions as to selling pricerequirementfor both interest and
The total combined annual
sinking fund,
Accts.receivable- 1.705,200 1,596.056 Notes payable____ 3,805,067 4,279.700
taken together, on this $6,000,000 issue of 7% Sinking Fund Gold DebenMerchandise
8,963.120 9,656.281 Reserves
819.161
737,236 tures anti the 2 issues of 5% mortgage bonds of 1922 and 1923.
aggregating
Securities
106,098
100,972 Capital surplus__ 1,614,934 1,614,934
Prepaid items-- 1,249.861 1,329,584 Earned surplus__ 1.819,248 1,215,597 $2,062,654. to constitute the total present funded debt of the corporation,
will amount to $645,959. The corporation's obligations under the Dawes
Trade-marks, &a.
2
2
plan are purely nominal amounting approximately to only $4.000 a year,
Sundry investmla
87.591
114,272
Sinking Fund.
-Corporation will agree under the terms of the debentures
Assoc. companies_ 3,021.738 2,279.918
and in the indenture under which they are to be issued, to make payments
Sun'. val. life Ins._ 185,008
171,421 Total (each idde)_25,184,096 24,892,318 for the service
of this loan at the rate of $522,200 a year, which will be un-V. 119. p. 2188.
conditionally guaranteed by the joint and several obligation of the German
Government and the State of Bavaria, to be used first for the payment of
Postum Cereal Co., Inc. & Subs.).
-Earnings.interest and the balance to be used as a sinking fund for the purchase or call
-3 Mos. End. Sept. 30- -9 Mos. End. Sept.30- and retirement of Series A Debentures. The sinking fund .payments will be
Period1925.
1929.
1924.
1925.
sufficient to retire the entire 86.000,000 issue of Series A Debentures
Sales to customers, net__ $8.044.047 $7,666.897 $21,322.011 $19.102.392 below 10234 and interest, at or before maturity. Sinking funds are at or
to be
All exp. (less misc. inc.)- 6.295.294
6.054,324 16.982.250 15.566.641 provided for each future series sufficient to retire that series by its maturity
Profit before taxes__ $1.748.753 $1,612.573 $4,339.761 $3.535,751
Riordon Co. Ltd.-Final Liquidating Dividend.Deduct
-For inc. taxes_
220.617
598.453
196.267
A first and final dividend, among the persons entitled thereto, will be
438.753
'
made Nov. 2 with the approval of the court.
Net profits
$1.531,136 $1.416,306 $3,791,308 $3.096,998
The report of Gordon W. Scott, liquidator to the creditors,
states in
-V. 121, p. 1686. 210.
substance:
During 1921, Company found itself in financial difficulties and obtained
Prairie Pipe Line Co.
-Shipments.
an extension or delay of one year from its creditors, under the provisions
of
Period Ended Sept. 30the bankruptcy act. A further extension or delay of
1925
-Monte-1924. 1925-9 Mos.-1924.
Crude oil shipments (bble.)-- 3,688,343 3,024,324 40,369,028 32,054,867 Obtained and in Sept. 1923 a plan of reorganization wasone year was later
drawn up and
-V. 121, p. 1355, 987.
to the creditors and shareholders. This plan failed, and on Nov. 20 sent
1923 a
Winding-up order was granted. On Dec. 11 1923 a liquidator was appointed.
(Robert) Reis & Co.
-Sales (Including Subsidiaries)
From that date on, the liquidator and inspectors have examined -into the
Quarter Ended Sept. 301923.
1924.
1925.
the company. Finally the
various matters relating to the affairs of
Gross sales
decision
$1,754,282 $1,646,660 $1,853,398 was made to sell the properties by public auction. Judgment was obtained
-V. 121. p. 210.
from the Court authorizing the sale, and notices were published in
accordance with the judgment, and in addition thereto the properties were eaten(R. J.) Reynolds Tobacco Co.
- sively
-To Retire Pref. Stock.
place on Sept. 8 1924.
The stockholders will vote Oct. 20 on approving the retirement of all of of saleadvertised. The sale took right, in the event of By the conditions
the liquidator reserved the
the sale price being
the outstanding $20,000,000 7% Cumul. Pref. stock at $120 a share. (See insufficient to meet certain charges which would have
to be satisfied in
also V. 121.p. 1579.)
order to make title, of calling upon the purchasers of the properties
for such
be
amounts
Rhine-Main-Danube Corp. (Rhein-Main-Donau Ak- additionalbidders at as wouldwererequired in order to meet such charges.
representatives of the
The only
the sale
tiengesellschaft).
mittees for the 20-Yr. Sinking Fund let Mtge. & Ref.8% bondholders' com-Bonds Sold.
-Lee, Higginson & Co. and
Gold bonds of the
the 10-Yr. 6% Gen.
J. Henry Schroder Banking Corp. have sold at 96 and int. company, and & Paper Co., Ltd., toMtge. Sinking Fund Gold Bonds of
whom the properties were
Riordon
yielding about 7.35%, $6,000,000 7% Sinking Fund Gold down for Pulp of $7,302,500.
knocked
the sum
In
Debentures, Series A. Guaranteed by Government of Ger- were accordance with the terms and conditions of the sale, thepurchaser
obliged to increase their bids by a further sum of $1,275.772,
many and State of Bavaria.
senting expenditures which benefited the purchasers or increases repreIn --the
Dated Sept. 1 1925; due Sept. 1 1950. Authorized 820.000,000 or its current assets between the date as of which the properties
were offered
eaulvalent in other gold currencies, tseuable in series; this Issue. Series A. for sale and the date of conveyance,so that the purchasers
were required to
Denom.$1,000 and $500. Non-callable during fired 5 yrs., except for tanking pay $8.578.272.
fund; callable for sinking fund on any 'merest date on 6 weeks' notice at
The sale, after having been approved by the Court on April 14
1925 WU
10234 and interest; callable as a whole on and after Sept. 1 1930 on any in- carried into effect on April 15 1925.
terest date on 60 days' notice at 105 and interest. Sinking Fund sufficient
The properties (including properties of the Gatineau Co., the:ostvoaeser
retire entire issue at or below 10219 and interest at or before maturity, any certain obligations of which were included in the sale) were tee
In
to
by the
Series A Debentures outstanding at maturity to be payable at 102t4 and purchasers, subject to obligations amounting to $8.873.706.
Interest. Principal. sint lug fund, premium and int. 09. & S.) payable in
The increased purchase price is sufficient to pay a dividend of
about 27%
States gold can of present standard of weight and fineness at officee on the principal of the $6.180.000 20-Yr. Sinking Fund
United
1st Mtge. & Rer.
THE CFIRONT(JLE
OCT. 10 1925.1
8% Gold bonds of the company but was not sufficient to make any payment on the 13,987.500 face amount of 10-Yr.6% Gen. Mtge. Sinking Fund
Gold bonds of the Riordon Pulp & Paper Co., Ltd. Interest has not been
paid on either class of these bonds since 1921.
The liquidator has received from unsecured creditors of the company in
liquidation claims totalling $4,4214,986. No monies are available for payment against any of these unsecured claims.
First & Final Dividend Sheet Including Statement of Receipts & Payments.
Receipts.
1293
Cash on hand at date of liquidation
47,364
Miscellaneous receipts
740,281
Loans to liquidator (since satisfied)
7,302,500
Accepted bids at auction sale
1.275,772
Increase in bids as provided
•
Total receipts
Payments.
Expenses of liquidation
Claims of Gov't. authorities
Bank and secured loans
Privileged & secured claims
Purchase money, mtges. and int.
Current operating liabilities
19,366.210
$85,830
586,639
5,792,696
32.083
368,622
731,468
1801
Dated May 1 1925; due serially May 1 1927-36. Principal and interest
(M. & N.) payable at office of American Trust Co., trustee. N. Y, City.
Redeemable on any interest date on three months' notice at a premium of
3%. together with interest. The normal Federal income tax up to 2%
will be paid or refunded. The Penna. 4 mills tax, the Maryland 434 mills
tax and the District of Columbia 5 mills tax refundable. Denoms. 1100,
1500 and 11.000.
-Secured by a closed first mortgage on the land and completed
Security.
-story fireproof elevator apartment building located at the southwest
15
corner of West End Ave. and 97th St., N. Y. City. The land and completed buildings have been valued at 11,153,000, which figure represents
more than 150% of the amount of the loan. The building is designed on
attractive modern lines, 15 stories high with a large pent house on the
roof and a finished basement. Each floor contains three housekeeping
apartments, one of 7 rooms and 3 baths, and two of 6 rooms and 3 baths.
The pent house contains 9 extra maids rooms with bath and lavatories.
and other
Passenger and service elevators, steam clothes drying equipment tenants is
modern installations designed for the comfort of discriminating
provided.
-It is estimated that the annual net earnings, with rentals
Earnings.
figured on a conservative basis, and with due allowance for expenses and
vacancies, will be 3123,000, or more than 2)( times the greatest annual
nterest charge.
17.597.339
Total payments
11,768,872
xBalance
:Balance Avail.for Distribution To- Amount of Claims AmOttal Of Dist.
1100,803
$1,276,759
(a) Holders of privileged claims
(b) Holders of 20-Yr. S. F. 1st Mtge.
& Ref. Gold bonds of Riordon
Co., Ltd. & accr. int. thereon
6,180,000
1.668,069
'
from June 1 1921
There is nothing available for distribution to (a) holders of 10-Yr. 6%
Gen. Mtge. Sinking Fund Gold Bonds of Riordon Pulp & Paper Co., Ltd.,
-V.120, p. 2952.
and (b) unsecured creditors of Riordon Co., Ltd.
-Tenders.
Shaffer Oil & Refining Co.
The Continental & Commercial Trust & Savings Bank, trustee, Chicago,
will until Oct. 27 receive bids for the sale to it of First Mtge. Cony.6%
Sinking Fund Gold bonds dated June 1 1919, to an amount sufficient to
On Dec. 1
exhaust $826,667, which will be deposited as a sinking fund. redemption
1925 the trustee will apply the sinking fund to the purchase or in effect.
of the bonds at prices not exceeding the redemption price then
-V. 121. p. 1356. 87.
-Equip. Trusts Offered.-PreeShippers' Car Line, Inc.
man. & Co. New York, are offering at prices to yield from
5.70%, according to maturity, $370,000 5%
4.90% to'
- Equip. Trust Gold certificates. Issued under the Phila-Bonds Offered.
Hotel, Miami, Fla.
Robert Clay
Meyer-Kiser Bank, Indianapolis, are offering at par and delphia plan.
to Sept. 15 1934.
Dated Sept. 15 1925; due semi-annually Mar. 15 1927 and diva. Both
int. $500.000 7% 1st Mtge. Real Estate Gold bonds.
all or part at any time at 101
Dated June 12 1925, due serially June 1927-1935. Interest payable J. &
D. at Meyer-Riser Bank and Fletcher American National Bank, Indian-
AC
8
"Ild$OTI.,Zrus,
IZIO
Denom. 11,000 c*. Red.
of normal Federal inprincipal and dividends payable without deduction Bank-Columbia Trust
come tax not in excess of 2% per annum. Irving
Co., New York, trustee. be secured through deposit with the trustee of
These certificates are to
standard capacities: 210
title to 370 all-steel tank cars of the following
160 8.000-gallon capacity tank cars.
10,000-gallon capacity tank cars;these cars In accordance with the interpresent replacement value of
The
Association is in excess of 1500.000,
change rules of the American Railwaycertificates now being issued.
or over 1357p of the total amount of 1918 in New York, is recognized as
Car Line, Inc., incorp. In
Shippers'
the United States. Company
one of the leading dealers in tank cars in
buying, selling, leasing and repairing of tank cars
is actively engagedin thestructural steel lines. Company operates a modand
and in the mere ant
and Philadel-acre plant at Milton, Pa., with offices in New York and the comern 26
phia. Other than car trusts, it has no bonded indebtedness
-V. 121. p. 1687.
unprofitable year.
pany has never had an
ank. eal
tees G
Pres. MerrgiliTeri rreY jr l
I
1
s
tergher-At T 11 5
prior to maturity at 102 and accrued interest.
-Bonds are secured by closed first mortgage on ground approxiSecurity.
mately 67)43(115 ft., located in Fort Dallas Park, Miami. Fla. Upon this
-story building covering the
10
site there is rapidly nearing completion afireproof, of reinforced concrete
entire ground area. The building will be
exterior being stucco attractively trimmed with stone.
construction-the
The building will contain 164 guest rooms, each with bath, together with
a large dining room and kitchen on the ground floor, and servants quarters.
There will also be ample lobby and lounging room.
The ground, owned in fee simple, and the hotel building and furnishings
based on cost, have been appraised at 11,002,500.
-Estimating the income from rooms at 110 to 115 a day, from
Income.
Dec. 20 to April 1, and for the balance of the year at only $3 50 a day, and
with nominal income from cigar stand, dining room and barber shop, shows,
-September Sales.(Isaac) Silver & Bros., Inc. 1925-9 Mos.-1924.
after deducting 10% for vacancies, total gross estimated income of $331,790;
Increase.
Increase.'
while expenses of all kinds, estimated on a most liberal basis, are estimated
1p2S-Sept.-1924.
1470,840
135,802112.465.266 11.994.426
-or approxi- $248,213
1212,411
at 191.250 per year,or a total estimated net income of 1240.990
mately 7 times the largest annual interest charge on these bonds, and nearly -V. 121, p. 1356. 720.
3)4 times the maximum combined interest and redemption charges for any
Sixth Avenue & 30th St. Corp., N. Y. City.-Loan.year except the year of final maturity.
negotiated loan of
Hewson, Wolfe & Co. havecorporation,aand first1335.000 for a period of
Chvnership.-These bonds will be the direct obligation of Dr. Robert
mortgage covering plot
Clay Hogue of Norfolk, Va.
10 years, on the bond of the
Loew's
-Beginning June 12 1926 the borrower agrees to deposit on the northwest corner of Sixth Ave. and 30th St., occupied by of the
Sinking Fund.
throughout the life of this issue, a sum equal to Greeley Square Theatre. Edmund L. Mooney,attorney, is president been
with the trustees monthly,
Title to the major portion of this property has
1-12th of all sums necessary to fully pay interest and installment of principal borrowing corporation.
of years, the
a
fixed for payment within the 12 months ending on the next succeeding June vested In the interests comprising the corporation for number term ground
a long
12. except that during the 12 months ending June 12 1935 the deposits theatre having been erected by the Loew interests under Bank.
the Greenwich Sayings
will be based on interest charges only, the principal maturing on that lease. The loan was placed with
date being treated as an item to be refunded.
Corp.),
-To
Roxana Petroleum Corp. (Okla.).the Expand.
corporation will spend
Vice-President T. F. Lydon announces that
15,000,000 during the coming year to enlarge the capacity of its pipe line
from Oklahoma, and to extend its refinery south of Alton, Ill. Enlargement
of the pipe line is now under way, and when it is completed its capacity will
be increased from 25,000 barrels daily to 40.000 barrels. Approximately
$3,000,000 will be spent on the enlarged refinery, and work on the new
structures will begin within 90 days, it is announced.
The company on Sept. 28 completed arrangements for the purchase of
two 80 acre tracts of land in Madison County, Ill., for a consideration of
197,500, according to Lydon. The property adjoins the company's refining
Plant in Roxana, Ill., 7 miles south of Alton, near Wood River, Ill.
V. 119, p. 2074.
-Bonds Called.
(F. S.) Royster Guano Co.
All of the outstanding 1st Mtge. 20 year 8% Sinking Fund Gold bonds,
dated June 1 1925 have been called for redemption Dec. 1 at 10634 and int.
-V. 121, p. 340.
at the Chase National Bank, 57 Broadway, N. Y. City.
-Bonds Offered.-Lorenzo E.
St. Louis Amusement Co.
Anderson & Co., Liberty Central Trust Co. and Taussig,
Day, Fairbanks & Co., Inc., St. Louis, are offering at prices
to yield 54% to 6%, according to maturity, $600,000 1st
Mtge. 6% Real Estate Gold bonds.
Dated Oct. 1 1925, due serially Oct. 1. Denom. $1.000 and 1600.
Principal and interest (A. & 0.) payable at Liberty Central Trust Co.,
trustee. Callable at 102 and int, in inverse numerical order.
Security.
-Obligation of company,and on the completion of this financing
will be secured by a closed first mortgage on the buildings, land and other
now owned. The controlling interest in the company is owned
property
by Skouras Brothers Enterprises, Inc., and the properties are operated
under their direct supervision. Company has agreed that during the life
of the bond issue they will retain Skouras Brothers as managers.
-Company operates and owns in fee simple in the city of
• Property.
St. Louis 10 moving picture theatres. These theatres embrace some of
the leading motion picture houses in St. Louis. In addition to the 10
theatres owned in fee simple, the company operates under attractive
eases 10 additional theatres in St. Louts. Practically all of the theatres
operated by the company are neighborhood theatres and enjoy a steady
year round patronage.
-The properties owned in fee simple have been appraised us
Valuation.
at 11.232.500. This valuation does not take into consideration any value
accruing from leaseholds some of which are extremely attractive.
Forntngs.-An audit of the company shows average net annual earnings,
before Federal taxes but after charging a total depreciation of /124,618.
for the 2 years ending Dec. 31 1924. of 1125.452. This net return Is
approximately 31.4 times the maximum interest charge; of 136,000 on this
issue. and over 5 times the average interest charges thereon.
-Proceeds will be used for the retirement of the present funded
Purpose.
obligations and for other corporate purposes.
-:-Extra Dividend.
Salt Creek Producers' Association.
The directors have declared an extra dividend of 4214 cents per share in
addition to the regular quarterly dividend of 20 cents per share, both
payable Nov. 2 to holders of record Oct. 16. Like amounts were paid on
Aug. 1. An extra of 4% (40 cents) was paid May 1, while extra dividends
of3% each were paid May'1, Aug. 1 and Nov. 1 1924 and on Feb. 2 1925.V. 121, P. 86.
61 Broadway Building (Broadway Exchange
-P. W. Chapman & Co. Inc.,
-Bonds Offered.
N. Y. City.
RolHalsey, Stuart & Co. Inc., Blyth Witter & Co., E.
lins & Sons, White, Weld & Co. and Peabody, Houghteling
Co. Inc. are offering at 9914 and interest, to vield over5%
$9,g00,000 1st Mtge.5%% Sinking Fund Gold Loan. Dated
Oct. 1 1925; due Oct. 1 1950.
Peabody, Houghteling & Co., Inc., Hemphill, Noye &.
Co.and F. R. Sawyer & Co., Inc. are also offering at 100 and
interest $3,000,000 7% Gen. Mtge. Sink. Fund Gold bonds.
Oct. 1 1945.
Dated Oct. 1 1925; dueheart of the financial district at Broadw v and
The building located in the
and
Exchange Alley is 32 stories tall and offireproof construction. The land
stock
building have a total valuation of 316,079,736 The entire Common
of the Broadway-Exchange Corp. is owned by the Anahma Realty Corp•• of
which August Heckscher is president.
-Tenders.
0.) Smith Corporation.
(A.
bids for
The Irving Bank-Columbia Trust Co. will until Oct. 22 receive
the sale to it of Preferred stock to an amount sufficient to exhaust $146.697,
at prices not exceeding 110 and divs.-V. 121. p. 340.
-Bonds
(The) Society of Redemptorists New Orleans.
-Whitney-Central Banks, New Orleans, are offering
Offered.
at prices to yield from 5% to 5.40%, according to maturity,
$200,000 First Mortgage 5% Serial Gold bonds.
and
Dated Aug. 1 1925; due serially Aug. 1 1626-1935. Damn.$1,000
$510.
Redemptorists,
These bonds are the direct obligations of the Society of
established in New Orleans in 1847. and are secured by.a closed First
Mortgage on St. Mary's Church, the monastery of the Redemptorist
Fathers, and two large three-story brick school buildings, located on
Constance. Josephine and St. Andrew St.s. These properties have been
conservatively valued by Leo Penman, realtor, at 1663.000. or more than
three times the amount of the bond issue. The bonds are free from State
and city taxation in Louisiana.
The Aociety's annual net income for the last two years, available for principal and interest payments on this issue, has averaged 130,000 per annum,
or three times the largest interest requirement.
-May Go into Merger.Southern Baking Co.
-V. 121. p. 87.
See General Baking Corp. above.
-Acquires Dairy Products Co.
Southern Dairies, Inc.
The corporation has acquired, by purchase, control of the Selma Dairy
Products Co. of Selma, Ala. The corporation operates in the so-called
"black belt" of Alabama. This territory covers a considerable portion of
the central part of the State. It is one of the largest producers of milk,
-V. 121, p. 1687.
cream and other dairy products in the country.
Starck Building (228 South Wabash Ave. Building
-Bonds Offered. --De Wolf & Co. Inc.,
Corp.), Chicago.
and
hicago, are offering at 160
and A. C. Allyn &
Co.,iltge. Leasehold 63.% Sinking Fund
$700,000 First
F. Fairella, Inc.)., N. Y. interest,
755 West End Ave.(Joseph
Gold bonds.
-Empire Bond & Mortgage Corp. is
-Bonds Offered.
City.
Dated Aug. 11925;due Aug. 1 1945. Interest payable F.& A. Denom.
date upon
ca. Callable, all
$750,000 First Mortgage Serial $1,000, 1500 and 1100and interest plus aor part, on any interestprincipal if
offering at par and interest
premium of 3% of the
60 days' notice at par
Gold Loan. At the option of the investor these bonds may called for redemption prior to Aug. 1 1940; the premium thereafter decreasof the principal per annum. Principal and interof
be purchased with principal and interest unconditionally ing at the ratetheX of 1%Foreman Trust & Savings Bank, Chicago. trustee.
office of
guaranteed by Metropolitan Casualty Insurance Co. of ' est payable at
without deduction for the normal Federal income tax not in excess of 2%•
Location.-Starck Building will be located at 228 South Wabash Ave..
New York to yield 5%%.
1802
THE CHRONTCLE
Chicago, within the Loop and in the very heart of
the retail furniture.
carpet and (ano district.
Security.
-Bonds will be secured by a closed first mortgage on the leasehold estate in the land at 228 South Sabash Ave., and on
be erected thereon. The land has an area of approximatelthe building to
y 9,280
fronting 54 ft. on Wabash Ave., with a depth of approximately sq• ft.,
172 ft.
Upon this site will be erected at once a modern 10
-story retail store and
commercial building of reinforced concrete and brick fireproof
containing approximately 75.000 sq. ft. of rentable floor space. construction
The ground
lease, running for a period of 99 years from
Jan. 1 1888 at an extremely low
rental and without revaluation, has an unexpired
term of over 61 years.
The fair market value of the leasehold
estate and
has been independently appraised at more than the completed building,
$1.200,000.
Earnings.
-The P. A. Starck Piano Co.
ground floor and the basement of the buildinghas contracted to lease the
for a term of years. Negotiations for long term leases for the remaining space with responsible
wholesalers and retailers of carpets and household
the entire building will be leased at satisfactory furnishings indicate that
Based on leases already contracted for and under rentals before completion.
annual net earnings of the building available fornegotiation, the estimated
payments, after operating expenses, ground rent, interest and sinking fund
ance for vacancies, will be in excess of $106.000 taxes and a liberal dllowthe maximum annual interest requirements of per annum, or 2 1-3 times
the
Rentals payable under the P. A. Starck Piano Co. first mortggage bonds.
will be nearly
sufficient to meet the payment of yearly ground lease alonethe maximum
rent and
annual interest requirements of the entire bond issue during the period
such lease, without taking into account the decreasing interest charges of
to sinking fund retirements. This lease will be specifically pledged with due
the
trustee under the mortgage.
Sinking Fund.
-Mortgage will provide for monthly payments to the
trustee equal to 1-12 of the annual interest and sinking fund requirements.
Beginning Aug. 1 1927 and continuing to July 1 1931, these payments shall
aggregate $55,000 per annum; from Aug. 1 1931 to July 1 1935, $58,000
per annum;from Aug. 1 1935 to July 1 1940. $63,000 per annum, and from
Aug. 1 1940 to July 1 th45 875.000 per annum.
Texon Oil & Land Co.
-Decision-Dividend.
-
Private advices from Wilmington, Del., state that Judge Morris in the
Federal Court there has rendered a decision in a suit brought by W. A.
Schenck, on behalf of large stockholders of the company against Messrs.
Krupp, Pickerell and Cromwell and other officers of the company which
is generally in favor of the plaintiff.
By the terms of the decree the defendants transfer to the Texon company
512 shares of Group No. 1 Oil Corp., an affiliated company, and also give a
-day option on an additional 113 shares at $3,000 a share. The defend60
ants. however, are confirmed in their title to 1.400,000 shares of Texon
stock which was also in dispute.
The effect of this decree will be to increase the holdings of Texon Oil &
Land Co. In the Group No. 1 Oil Corp. from 661 shares to 1,286 shares.
The latter has a total of 2,048 shares outstanding. The Court decree made
no disposition of approximately 400.000 shares of Texon Oil & Land Co.
stock in the name of Levy Brothers and which is now in custody of a stock
receiver in Delaware.
According to a statement made by a representative of the Texon Oil &
Land Co.'s stockholders' protective committee, which originated proceedings against the management of Texon Oil company, the matter of
taking the necessary steps to set aside the decision of Judge Morris is now
being considered
It is asserted that while the stockholders' protective
committee had retained the lawyers in the Delaware suit they were unaware
of any steps taken between lawyers representing the plaintiff and defendants
to bring about a settlemnt or of any judgment entered by the Court.
("Wall Street News.")
The directors have declared a quarterly dividend of Sc. a share payable
Oct. 10 to holders of record Oct. 5. A dividend of the same amount was
paid on July 10. last.
-V. 121. D. 989.
Terminal Wharf & Railroad Warehouse Co.
-To
Finance New Terminal Through Stock and Bond Issue.
-
[vol. 121.
Consol. Income Account of Sub. Companiesfor Six Months End. June 30
1925.
Net profit from °per.. $269.358; misc. Inc.,$6,852; gross income
Deprec'n, taxes & misc. int., &c., 8103.956; provision for re- $276,210
serves, $34.725
138.681
Net income
$137,529
Profit and loss surplus Jan. 1 1925 (adj.)
2,612.168
Gross surplus
$2,749,697
Divs. paid to United Dyewood Corp., $276,869; divs. paid to
minority interests. $754
277,623
x Profit and loss June 30 1925
82.472,074
x Equity therein of United Dyewood Corp., 32,449.071; equity therein of
minority interests, $23,003.
Note.
-In the above statement the accounts of foreign companies are
included at rates of exchange prevailing on June 30 1925.-V. 120. p.2954.
United States Dairy Products Corp.
-Acquisition.
-
The corporation has acquired the Markle Dairies of Aremore,
suburb of Philadelphia which will probably be merged with the Pa. a
Scott
Powell Dairies,
one of the seven subsidiaries of the U. S. Dairy
Products Corp. Inc..
-V. 121, p. 1688. 1681.
United Verde Extension Mining Co.
-Production.
-
Month ofCopper output (lbs.)
-V. 121, p. 1473. 1358.
Sept.
3,730.994
Aug.
July.
June.
3,855.742 3,861.794 3,130.812
Ventura Consolidated Oil Fields.
-California Petroleum
Corp. Offers to Acquire Stock on Exchange Basis.
Certain stockholders of the company have come to the conclusion that
it would be advantageous to exchange Ventura shares for the Common
shares of the California Petroleum Corp.. and arrangements have been
made subject to the approval of a sufficient number of Ventura stockholders
to make such exchange. The basis of exchange agreed upon is
of Ventura for 5 Common shares of California Petroleum stock with 6 shares
arrangement as to fractions of shares and dividend. The same opportunity is
offered to each and every Ventura stockholder.
The First National Bank, Boston, and Blair & Co., Inc., New York
and San Francisco, will be prepared on and after Oct. 8 to and incl. Oct.
15,
to receive upon deposit the shares of Ventura stock which holders
desire to exchange for California Petroleum stock. The shares thereof
of the
Ventura stock will remain in the form in which they are deposited until
after Oct. 15 and, thus the depositors thereof will receive the dividend of
50 cents per share due and payable Nov. 1. In lieu of any fraction of share,
Ventura stockholders will receive cash at the rate of $25 per California
Petroleum share, and also in the event of the declaration of a dividend pay*
able to stockholders of record of California Petroleum Corp. on or before
Nov. 20 1925, an amount per share of California Petroleum stock represented in cash equal to the portion of such dividend pro-rated from Oct.
15
1925 to the date of payment of such dividend.
There will be a commission of 50 cents per share to be paid by Ventura
stockholders to the brokers who have arranged the transaction.
In case at least two-thirds of the Ventura shares shall be deposited on
or before Oct. 15 1925, the time of deposit will be extended to Nov.
In case at least a majority but less than two-thirds of the shares11926.
deposited the California Petroleum Corp. at its option may still are so
carry
through the exchange, in which case the time of deposit will likewise be
extended to Nov. 11925.
Certificates of deposit of the First National Bank of Boston have been
listed on the Boston Stock Exchange.
-V. 120. p. 3326.
Virginia-Carolina Chemical Co.
-Deposits.
-
Blair & Co., Inc., Hallgarten & Co., the Chase Securities Corp. and the
Equitable Trust Co. of New York, as reorganization managers, have issued
a notice to holders of bonds, obligations and stocks of the company stating
that over 80% of the total indebtedness of the company having been deposited under the reorganization _plan they will continue to receive deposits
under the plan until the close a business on Oct. 26, after which date deposits will not be received except upon such terms and conditions as the
reorganization managers may determine. It is expected that a decree of
foreclosure will be entered early in November.
-V. 121. p. 1688. 853.
The stockholders will vote Oct. 14 (1) on authorizing a change in the
name of the company to Wiggin Terminals, Inc.; (2) on increasing the
authorized Preferred stock to $1,000,000 and on increasing the dividend
on this stock from 6% to 7% and to participate up to 2% additional with
the Common stock after latter has received 5%. The company also proposes to issue $2,200,000 bonds to refund the present outstanding bonds
and for the acquisition of site and other necessary expenditures in the conWard Baking Corp.
-Proposed Merger.
struction and equipment of the new terminal.
See General Baking Corp. above.
The company proposes to build a site adjoining its Mystic River property
-V. 121, p. 472.
and the Boston & Maine tracks what will be the largest lumber terminal
Warren Brothers Co. Boston.
and one of the largest merchandise terminals on the Atlantic coast. An
-To Retire Bonds.The directors have authorized the calling for redemption on Jan. 1 1926,
870,000 sq. ft. plot of land has been acquired.
-V.88, p. 382.
at 107 and int. of all outstanding 15
-Year
% Gold Debenture bonds.
The issue was originally $2,000.000 in amount and there have been converted
Tide Water Oil Co.
-Sales Corp. President.
John F. Plummer, has resigned as president of Tide Water Oil Sales Into stock or retired through sinldng fund all but $338,500 of the bonds.
• Corp. F. Bailey Vanderhoef, general sales manager of Tide Water 011 Co. The latter are convertible into Common stock on the basis of 33 1-3 shares
and a director, has been elected to succeed Mr.Plummer, F. H. Dicldson, of Common stock for $1,000 of bonds.
-V. 121, p. 1688.
director of sales and advertising, was appointed vice-president and general
Wausau Sulphate Fibre Co., Mosinee, Wis.-Notes.manager.
-V. 121. p. 1472.
Certain 7% 10
-Year Sinking Fund Gold notes, dated April 15 1922,
aggregating $75.000. have been called for redemption Oct. 15 at 105% and
Tidewater Portland Cement Co.
-Sale.
Chicago, Ill., or at the Second
The North American Cement Corp.. which recently acquired the proper- Interest at the Illinois Merchants Trust
Co..
ties and assets of the Security Cement & Lime Co., with plants at Hagers- Ward Savings Bank. Milwaukee. Wis.-V. 114, D. 2025.
town, Md.. and Berkeley,
Va., and the Helderberg Cement Corp.,
with plant at Howes Cove. fq.Y., has purchased, subject to the approval
Welch-Wilmarth Corp., Grand Rapids, Mich.
W.
-Bonds
of the court, the property of the Tidewater Portland Cement Co. at Union
-Howe,Snow & Bertles, Inc. have sold at 100 and int.
Bridge, Carroll County. Md., and the assets in the hands of the receivers. Sold.
The deal, it is.stated, involves the payment in case of nearly $3,000.000.
75,000 6%% 1st Mtge. Sinking Fund Gold bonds.
'
Holders of the company's First Mtge. 6% bonds are given the option of
Dated Oct.
receiving payment in Preferred stock of the purchasing company at 90. $1,000, $500 11925'due Oct. 11945. Tax exempt in Michigan. Denom.
Principal and
The company has outstanding $1,750,000 First Mtge. bonds and $680,000 Rapids Trustand $1000. Rapids. Mich.,int. (A. & 0.) payable at Grand
without deduction of the normal
Co., Grand
6% notes, also two note issues of $75,000 and $105,000. reseeeti
Federal income tax up to 2
Red., all or part, upon any int. date
V. 120, p. 3326.
30 days' notice at 105 for first five years; 103 for second five years; on
102
for third fiveyears; 101 until maturity plus int. in each case. Grand
Todd Shipyards Corp.-Subsid. Cos. Consolidate.
Rapids Trust Co. and Frank G. Deane, Grand Rapids. Mich. trustees.
The Tobo Yacht Basin Co.. Clinton Dry Docks, Inc., and the plant of
Company.
-Incorporated in Michigan. Is a recent consolidation of the
Todd Oil Burner & Engineering Corp. will be merged and known as the Welch Mfg. Co. and the Wilmarth Show Case.Co. Is now
Todd Dry Dock, Engineering & Repair Corp. J. Herbert Todd, former largest manufacturer of store fixtures in the United States and the second
recognized
President of Clinton plant, will head the new corporation as President. as producing the highest grade standardized store equipment in this
country.
Vice-Presidents are: James McDonald; W. H. Smith and Jos. Haag Jr.;
The companies entering into the consolidation started business nearly
Secretary. J. L. Lowder, and Treasurer. Frank H. Reimers.
-V.121, p.88. 40 years ago and are pioneers in the manufacture of store fixtures. Both
have shown a steady and substantial growth since their inception.
Their
Transcontinental Oil Co.
-Acquisition.
properties consist a three large plants in the City of
A despatch from Pittsburgh states that the company has purchased the and a plant in Sparta, Mich. About 800 people Grand Rapids, Mich.,
are
distributing properties of the Bristow Gasoline Supply Co. in Lincoln, and company's operations, and branches and offices are employed in the
maintained in the
Creek counties Okla. The system consists of 10 filling stations and 6 principal cities of the United States and foreign countries.
bulk stations. In the past Trangbontinental has had only a few stations in
Companies report net sales for the year 1924 in excess
Oklahoma, all of which were at Muskogee.
with average annual net sales during the past five years and of 33,000,000
-V. 121, P. 1472, 721.
eight months
of $2,658.820 68.
Union Oil Co. of California.-Earnings.-Security.
-Secured by a first mortgage on all real estate, buildings, and
Profits.-Prenta from all operations, after general expenses, taxes (includ- fixed assets together with hereditaments and appurtenances and income
ing income tax), interest charges, employees share of profits and provident thereof, and additions and improvements. Total net assets, less depreciation, are appraised at over $2,900,000, or in excess of $3,300 for each
fund, were approximately;
bond of this issue. Net current assets are over $1,340,000 or in $1,000
9 Mos. End. Sept..301925.
1924.
1923.
1922.
excess of
Profit subj. to depr'n. &c$17,425.000 817.500.000 $17.000,000 $17,000.000 $1,500 for each $1,000 bond of this issue. Fixed assets are approximately
Prov.for depr. & depl'n- $5,275.000 $5,200,000 $4.650,000 33.950,000 $1,390,000 based on replacement value less depreciation. Corporation
covenants to maintain current assets in excess of current liabilities, equal
Prov.for labor & incidenat least 125% of the principal amount of bonds outstanding at all
tal cost of new drilling. 3.400,000
3,300.000 5.150,000
3.800,000 toEarnings.
times.
-Net earnings for 1924, available for interest charges on
Net profits for 9 mos-- $8,750,000 59.000,000 $7.200,000 $9,250,000 these bonds, after Federal taxes (computed at the current rate), were
-V. 121, p. 471, 342.
approximately $350,000, or equivalent to over six times interest requirements on these bonds. For the past five years and eight months
ended
United Dyewood Corp.
Aug. 31 1925, average annual net earnings, after Federal taxes (computed
-Earnings.
at the current rate) were over 5M times interest requirements
Income Account for Six Months Ended June 30 1925.
on
bonds. From the effect of this consolidation it is estimated that these
subDivs. received, $272,341; int. received, $26,798; total income__
stantial savings will result
Gen.& adm.exp.,$55.679;foreign exchange.$10,474;total___. $299,139 approximating $100,000 Twr in overhead, manufacturing economies, &c.,
66.153
year.
Purpose.
-Proceeds will be used to effect the consolidation of the two
Net income
$232,986 companies and provide additional working capital.
Profit and loss surplus Jan. 1 1925
Management.
914.458
-Present management includes Tom Thoits, Kenneth
C. Welch, H. C. Wilmarth, Edmund Morris and 0. B. Wilmarth,
Grand
Total surplus
81,147.444 Rapids, Mich.
Miscellaneous adjustments (Dr.)
54.118
7% dividend on Preferred stock for year 1925
266,000
Wesson Oil & Snowdrift Co., Inc.
-Stock Oversubscribed.
Hambleton & Co., on behalf of the syndicate which offered 135,000
Profit and loss surplus June 30 1925
$8827,325 shares $7 per share Cumulative Preferred stock, announced
that the issue
OCT. 10 1925.]
1803
THE CHRONICLE
has been sold. The sale of this stock does not represent any financing by
the company. See also V. 121, p. 1688.
-Patent Suit Filed &c.
Westinghouse Electric & Mfg. Co.
The company has brought suit against the Scintilla Magneto Co., Sidney.
N. Y.upon a Harris patent relating to large circuit breakers used in
power 'houses and sub-stations. Another suit against the same company
has also been instituted. This last one, brought in the United States
District Court for the Southern District of New 'York, alleges infringement
of three patents relating to the electric and automotive industries. The
Scintilla Magneto Co. is being acquired by the American Brown Boveri
Electric Corp.
Richard B. Mellon, of Pittsburgh, has been elected a director to succeed
the late William McConway,
Edward D. Kilburn and Walter S. Rugg have been elected Vice-Presidents.
-V. 121, p. 1689, 1237.
-To Retire DebenWeston Electrical Instrument Corp.
tures and Increase Common Stock.
friends and alumnae of Whitman College payable in 5 annual installments.
These notes will be assigned to the Whitman Dormitory Building Association and deposited with the trustee as additional security under this bond
issue.
Whitman College will enter Into an agreement with the building corporation to repurchase each year during the first 7 years of this issue, at their
already colface value, notes in an amount which, when added to the sum take care of
to
lected from maturing subscription notes, will be sufficientprovided for by
maturing principal and interest charges in that year, not bonds will be
funds received from the rental money. 8160.000 of these this issue.
first 7 years of
retired in this manner with interest during the thoroughly modern women's
-In addition to constructing a
Purpose.
proceeds of this issue will retire all current indebtedness of
dormitory, the
the college enWhitman College and will add approximately $175,000 to
-V. 116, p. 627.
dowment funds.
-Proposed New NameWiggins Terminals, Inc.
See Terminal Wharf & Railroad Warehouse Co. above.
-Tenders.
Co., Inc.
Wilson &
Y. City, until
President Weston, in a circular to stockholders issued in connection with
The Guaranty Trust Co., trustee, 140 Broadway, N.
-Year S. F. Gold
the proposed increase in stock, says:
Oct. 20 received bids for the sale to it of 1st Mtge.6% 25
he directors as a first step have desired particularly to retire the out- bonds Series "A," due April 1 1941, to an amount sufficient to absorb
-Year 6% Gold Debentures, of which $790,000 are outstanding, $68,969, at prices not exceeding 1073 and int.-V. 121, p. 1689.
standing 15
in order that the fixed interest charge upon them and the annual sinking
-September Sales.
fund charge of $50,000 might be eliminated and thus made available for
(F. W.) Woolworth Co.
Increase.
1924.
1925.
dividends, provided, of course, that funds for the retirement of the deben$18,129,210 $16.527,937 81.591.273
tures might be raised by a sale of Common stock.
September sales
156,036,449 140,703,024 15,333.425
"In the judgment of the directors it is advisable that the authorized 9 months ended Sept. 30
a year or more were
number of Common shares be increased from 100,000 to 250,000; that
Of the gain for September the old stores operating
50,000 Common shares of such increase be offered to the stockholders (both responsible for $986,803, an increase of 5.97%. In the nine months the
in the proportion of one new share for each four old stores were responsible for 88.053.993, or a gain of 5.72% in sales.
Class "A" and Common)
operating, compared
shares held, at $15 per share: and that the remaining 100,000 Common
At Sept. 30 1925 the company had 1,415 stores
shares authorized remain for the present unLssued and available from time with 1.295 a year ago.
-V. 121. P. 1358, 722.
"
to time for general corporate purposes. -V. 121, p. 1689.
-Acquisitions.
Yale & Towne Mfg. Co.
purchase of all the physical
-Guaranty Earnings, &c.West Kentucky Coal Co.
The company on Oct. 6 announced the
'
See West Kentucky Electric Power Co. under IPublic Utilities" above. assets, good will, trade names and book accounts of the Sager Lock Co. of
Lock Co. of Lockport, Ill. These
V. 121, p. 1237.
North Chicago, Ill., and the Barrows titles of Sager Lock Works and the
operated under the
-V. 121. p. 473.
- plants will be hereafter the Yale & Towne Mfg. Co.
-Stock Sold.
Western Dairy Products Co. (Del.).
Works of
Barrows Lock
Spencer Trask & Co., Bond & Goodwin, Inc., Bond & Goodwin & Tucker, Inc. and Smith & Strout, Inc., have sold at
$45 per share 80,000shares Class A stock (without par value).
Entitled to cumulative dividends at rate of $4 per share per annum before
any divs. shall be paid upon Class B stock and whenever a dividend shall
be paid upon Class B stock, each share of Class A stock shall be entitled
to receive a further dividend equal to one-quarter of the dividend paid upon
each share of Class B stock. Dividends payable Q.
-M. It is the intention
of the management to inaugurate dividends on the Class A stock Dec. 1
next at the full cumulative rate of $4 per share per annum from Oct. 1 1925.
Entitled on liquidation or dissolution, whether voluntary or involuntary,
to $60 per share and divs. before any distribution to Class B stock. Red.
all or part at any time upon 30 days' notice at $60 per share and diva.
Transfer agents and registrars. Seaboard National Bank of the City of New
York and Dexter Horton National Bank of Seattle.
Convertible -Convertible at any time until any date specified for redemption into voting trust certificates representing Class B stock at the rate of
1M shares of Class B stock for each share of Class A stock.
Listing.
-Application will be made to list Class A stock on Chicago Stock
Exchange and San Francisco Stock & Bond Exchange.
Data From Letter of Pres. S. H. Berch, Seattle, Wash., Oct. 2.
Company.-Incorp. in Delaware Sept. 30 1925 to acquire the assets, property (except certain real estate not needed in the conduct of the business),
business and good-will of the following manufacturers of ice cream in the
States of Washington and Oregon:
(a) Washington companies: Seattle Ice Cream Co. Inc., Velvet Ice
Cream Co. Inc. Olympic Ice Cream Co., Maid O'Watina Ice Cream Co.,
Polar Ice dream'Co.
_(b) Oregon companies: Crystal Ice & Storage Co. (manufacturer of
"Weatherly" ice cream), Hazelwood Ice Cream Co., Mt. Hood Ice Cream
Co., White Clover Ice Cream Co., Buttercup Ice Cream Co., McMinnville
Ice Co.
These companies distribute ice cream throughout western Washington
and northwestern Oregon, in a territory including the important cities of
Seattle, Tacoma, Everett, Brernerton, Centralia and Vancouver, Wash.,
and Portland, Salem, Astoria and McMinnville. Ore. The present annual
production er ice cream is about 2,200,000 gallons. Company will operate 15 plants. Main plants located at Seattle and Portland.
Authorized. Outstanding.
CapitalizationClass A stock (no par value)
150,000 shs. 80,000 shs.
*500,000 shs. 117,000 shs.
Class II stock (no par value)
* 225.000 shares reserved to provide for conversion of Class A stock.
Purpose.
-The 80,000 shares of Class A stock and 117,000 shares of Class
B stock are being issued to acquire the assets, property, business and goodwill of ice cream companies mentioned above, and to provide additional
Working capital.
Consolidated Sales and Net Profits of Above companies After All Charges,
Including Depreciation and Federal Taxes.
Sales.
Net Profits.
$2,944,572
Calendar year 1923
$413,874
2,997,267
Calendar year 1924
432,227
7 months ended July 31 1925
2,110.240
380,317
Average
$3,116,934
$474,742
Annual requirement for cumulative dividend of 24 a
share on 80,000 shares of Class A stock
$320,000
Consolidated Balance Sheet as of July 31 1925.
Liabilities
Assets•
Cash
$254,510 Accounts payable
$271,016
364,600 Notes payable
Acc'ts & notes receivable_
200,748
226,879 Int., taxes, &c., accrued_ _
Inventories
19,187
Ins., int., &c., prepaid__..
18,063 Reserve for Federal taxes_
58.325
Capital stock
Plant and equipment- 2,184,464
2,258.500
37,496 Paid-in surplus
Investments
345,683
43,942
Sundry assets
23,506
Deferred charges
Total (each side)
1
Good-will
$3,153,460
-Orders Received.
Western Electric Co.
Orders received by the company for August totaled approximately
$27,775,000. For the first eight months ended Aug. 31 1925, orders
totaled $196,738,000. an iincrease of $2,154,000 over the same period of
1924.-V. 121, p. 993, 1689.
CURRENT NOTICES.
been associated with the Loa
Harry L. Jones, who for many years has
been appointed manager of
office of R. H. Moulton & Co., has
Angeles
Share Co., Van Nuys Building, Los Angeles,
sales of the Investment Bond &
Share Co. was formed a few months NM
Calif. The Investment Bond &
who had conducted a general bond business in
by Andrew W. Stewart,
in investment trusts. They are
Pasadena for some years, to specialize
this type of investment.
pioneers on the Pacific Coast handling
temporary offices in the Essex Building,
-Prince & Whitely have opened
offices on or about Nov..15
Hartford, Conn., and will open permanent
Welden, formerly with E. II. Rollins &
under the management of G. F.
will be Charles Kelly, as trader, and C. W.
Sons. Associated with him
Their wire system
formerly with Judd & Co., Hartford, Conn.
Wilson,
Hartford office.
will be extended to the new
of the City of New York has been
-The Seaboard National Bank
Class A and Class B stocks, and transfer
appointed transfer agent of the
representing Class B stock of Western
agent of voting trust certificates
stock of Safety Cable Co., and trustee
Dairies, Inc.; registrar of the capital
Mtge.5% bonds of Roanoke
indenture dated Aug. 1 1925 securing 1st
under
Water Works Co.
Witter & Co., George H. Burr,
- D. Leavitt, formerly with Blyth,
Stephens & Co., and Gordon W. Brayley, forConrad & Broom, Inc., and
have organized the investment firm of E. D.
merly with Stephens & Co.,
the Hellman Bank Building, Los Angeles,
Leavitt & Co., with offices in
business.
a general investment.
to transact
Seattle Title Trust Co., and H. A.
-Reginald H. Parsons, Chairman,
Hart & Co.,to engage in
formed the investment firm of Parsons,
Hart have
business, with offices in the Dexter Horton Builda general investment bond
ing, Seattle, Wash.
for several years been In charge of the wholeA.
- W. Towelle, who has
office of Blair & Co., has recently resale distribution of the Los Angeles
Angeles investment house
accept a vice-presidency with the Los
signed to
Brashears & Co.
of G.
York, are distributing a six-page
-Rutter & Co., 14 Wall St., New
of the Ann Arbor RR. Co.. its
circular containing a detailed analysis
future prospects. On the last page of the
history, present position and
October investment.
circular appears a list of bonds for
circular on The Fair,
-Hornblower & Weeks have prepared a special
25 years in five-year periods, and
Chicago, showing earnings for the past
expansion of the company £.11103
other data concerning the growth and
its formation 50 years ago.
Madison Ave., New York
cox & Trainer, Investment counsel, 280 Investor, or Speculator?"
City, are distributing a circular entitled "Partner,
of this circular will be sent
"Which Do You Think You Are?" Copies
free on request.
bankers,of Salt Lake City,
-Announcement is made by Walker Brothers,
has been estabdepartment to deal in municipal securities
Utah,that a bond
Cashier.
lished under the direction of E. A. Bering, Assistant
announce that Frank A.
-Samuel McCreery & Co., Philadelphia, representative in Scranton
Pierce has become associated with them as sales
with an office in the Raub Building, Scranton.
transfer agent
-Irving Bank-Columbia Trust Co. has been appointed
Omnibus
and registrar of the preferred and common stock of the Midtown
Corporation.
William A. Maus & Co., Franklin Trust Building, Philadelphia, antheir
nounce that Robert A. English has become associated with them as
• Whitman Building Corp. (Walla Walla), Wash.
-Murphey, Favre & Co., John E. Price &
Bonds Offered.
Co., Ferris & Hardgrove and Carstens & Earle, Inc. PortOre.,
land, Ore. are offering at 100 and interest $320,0b0 1st
& Coll. Trust Serial Gold bonds.
(Closed)
Dated Oct. 15 1925; due serially Oct. 1926-1945. Principal and interest
(A. & 0.) payable through offices of Murphey, Fevre & Co. Denom.$500
and $100. Callable to and incl. Oct. 15 1931 in numerical order at oar and
interest plus a premium of j.4 of 1% for each year of the unexpired life of the
bond, not to exceed 2%. Callable after Oct. 15 1931 at 102 and interest.
Union Trust Co., Walla Walla, Wash.,trustee.
-Bonds will be the direct obligation of the corporation and in
Security.
addition will be secured by:(1) A first closed mortgage on a new thoroughly
modern women's dormitory being erected on the campus of Whitman College
at an approximate cost of *150.000. This building will be constructed of
red brick with 3 stories and full basement, providing living and study accommodations and recreation rooms for 150 women students. The bullding
will be built in the form of an "H,"dimensions 175 ft. by 175 ft.lease of
the
-year irrevocable
(2) Whitman College will enter into a 20
dormitory from the Dormitory Building Association at an annual rental of
which amount will retire $160,000 principal amount of this Issue with
$14,000
Interest. This lease will be assigned to the trustee for the additional security
of the bondholders.
(3) in addition to the mortgaged property and the lease to Whitman
College, these bonds will be further secured by 8200.000 of notes signed by
bond trader.
the
-Don Mullen, formerly Secretary of the Clearing House Division of
American Bankers Association, has become associated with Hornblower
& Weeks in their New York office.
The Bank of America, New York, has been appointed registrar of
voting trust certificates for 90,000 shares Class B stock of the Pie Bakeries
of America, Inc.
Eastman, Dillon & Co. announce that Messrs. Wilson C. Clarke and
Leroy Smith have been transferred from Reading to a new branch office at
Allentown, Pa., and Mr. Harold Kinsbury to Pottsville, Pa.
-The Equitable Trust Co. of New York has been appointed transfer
agent for the Preferred and Common stocks of the Oil Well Supply Co.
Stephens & Co., dealers in general market bonds, havelMovedrtheir
offices to the Standard Oil Building, San Francisco.
Wright, Alexander & Greeley announce the removal of their,Toffices to
the Standard Oil Building, San Francisco, Calif.
-The New York Trust Co. has been appointed registrar:of Forhan Co.
Class A stock of no par value.
-Andrews & White, of New York City, announce that Clifford E. Moss,
formerly with Stewart & Co., has become associated with them.
THE 01-TRON'Tely
1804
[Pot,. 121.
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-METALS
PETROLEUM-RUBBER-HIDES
-ETC.
-DRY GOODS
-WOOL
COMMERCIAL EPITOME.
The introductory remarks formerly appearing here will now he
found in an earlier part of this paper immediately following the
editorial matter. in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
•
•
year. Some contend that American buyers are better supplied on the spot and afloat with Victoria 7s and 7s-8s than
for months, and that to effect new business of consequence
prices will have to be eased. They look for a narrowing of
the difference and think December's big premium over
March and other months will be greatly reduced. An Act
for the protection and valorization of coffee is likely to be
passed by the State of Minas Geraes. To-day futures declined somewhat in a dull market, with the cables weaker.
The transactions were only 38,000 bags. Longs sold. Last
prices were 5 points lower for the week on December and 17
to 20 higher on May and July. Closing prices as follows:
Friday Night, October 9 1925.
COFFEE on the spot has been dull and at times lower.
Santos fell% on the better grades and milds 'Ac. Santos 4s
were 23 to 23'Ac.; Rio 7s 195 to 19%c. Maracaibo Trujillo
%
25 to 25%e.• fair to good Cucuta 26 to 26% prime to choice
26% to 27Xe.; washed 28 to 293'e.; washed Caracas fair 28
to 2834c.; good 28X to 29Xo. Porto Cabello washed 28%
to 29c. Columbian, Ocana 25 to 25%43.• Bucaramanga, Spot (unofficial)_19Sic.I March
16.30c.I July
c 14.72a14.75
15.45 bidi8ept. 1928_ _14 20a14.22
17.80c. I MaY
Natural 26% to 27c. Medellin 29% to 30qc. Mild coffees December
were quiet. Brazilian shippers sell on low bids but the size
SUGAR.
-Cuban raws advanced to 2 3-16c. to 2 5-32c.
of the U.• S. visible supply makes American buyers rather after 1,000 tons of Cuban store sugars had sold at 254e. or
more independent. Cost and freight offers were irregular 3.90c. delivered basis and 1,132 tons. Philippine Island
with advancing exchange. Sales of Santos 3s-4s were reported centrifugals due this week at 2 5-32c. or 3.93c. c.i.f. Refiners
/
early at 21c. and 4s at 2034c. these being considerably below wanted more on the 3.93e. basis. Yet refined was down to
the average run of other offers. Other prompt shipment 5.10 to 5.20e. Sales at 5.10c. took up the output of one
offers included Bourbon 38-4s at 21.50 to 21.850.; 3s-5s at refiner so readily that he was behind on deliveries. Stocks
21.20 to 22.1Co.; 4s-5s at 21.35 to 21.50c.; 4s-6s at 210.; of raw sugars in New York licensed warehouses were 327,255
7-8s at 19%o. part Bourbon flat bean 3s-4s at 21 %c.• 3s-5s bags. Some Wall Street interests think that sugar futures
20.80e. are too low and are buying the months that are not at
at 213% to 21.40c.; 4s-6s at 21c.; 6s at 20%c.;7s-8s at'
Santos peaberry 4s-5s at 21%c. Rio 5s at 19.70c.; 7s at premiums. Hedge selling in the later months on rallies is
18.55 to 18.90e. Victoria 7s-8s at 173 0. Spots dull with expected to check advances. Later 9,500 tons of Cuba sold
/
Santos 4s quoted at 23 to 231 d. and Rio 7s at195 to 193
4c. at 2 3-16e. c. & f. and 40,000 bags to Montreal at something
4
%
Estimates of the coming Santos crop ranged from 10,000,- over this; 20,000 bags of Cuba prompt sold at 27-32e. to
12,000,000 bags. They are considered in the local Gulf refiners or 3.99c. delivered. Refined in one case, how000 to
trade as premature, it being entirely too early to make any ever, was cut to 5.05e. the lowest price in 3 years. The
worth-while estimate. The outlook for prices, it is argued, California & Hawaiian quoted 5.20c. less a 10 point concesdepends largely on such questions as Brazilian control and sion in competitive territory and 5.35e. on the Coast. Old
Brazilian crop prospects. As some see it, statistics are crop beets were quoted at 5c; Seaboard and Western beet
bullish on their face and Brazil can easily control the situation sugars at 5c. It was reported that American granulated
if she sees fit, especially if reports of unfavorable crop had sold at 14s. 43/2d. to the United Kingdom. The Cuban
reports should gain c:edence through an unsatisfactory crop to Sept. 30th is computed at 5,125,967 tons. Some look
October flowering. In that case the current dibeounts on for another good Cuban crop. Rains have been well disdistant months would be lessened. Recently, however, tributed in Cuba. Europe's 1925-26 sugar production will
Brazil has seemed disposed to sell more freely, especially in be 7,605,000 tons according to latest estimates. Reports
Rio. Mild coffee countries have recently also offered coffee from Germany and Czecho-Slovakia show crops superior in
more freely; mild is costly, and there is no very confident weight and content over 1924. Last year's production was
or vigorous demand for it. Possibly the rise has been over- 7,175,000 tons. The new production was 7,175,000 tons.
done. The Coffee Roasters of the United States after an The new estimate predicts 1,680,000 tons for Germany,
investigation of the Brazil coffee industry and the work of 1,600,000 for Czecho-Slovakia, 780,000 for France, 380,000
the Institute for the Permanent Defense of Coffee, of Sao for Belgium, 300,000 for Holland, 950,000 for Russia, and
Paulo, Brazil, has determined to co-operate with the Bra- 1,915,000 for the other countries
zilian organization in its work of protecting the coffee indusSome are disinclined to sell futures short at
try, according to an official report of the visit of the American they consider below cost of production. Largeprices which
holders are
commission. They plan to do everything possible to in- apparently not disposed to sell at
crease the sales in this country. Regular, not spasmodic, recently touched was significant current prices. The "low"
enough as some
buying is urged and Americans pledge aid to facilitate the not accompanied by much business. Some regard it,
are buying
granting of credits here to the Brazilian Institute. To-day distant months considering them cheap
spot trade was dull. Rio 7s, 19%c.; Santos 6s, nominally entirely convinced that crop estimates may and not being
not be more or
23 to 23'Ac., and rather weak.
less conjectural. Covering hedges might cause
Futures declined especially on Dec., with cables lower, for futures. Some others think that with the higher prices
price close to
spot prices off in a dull trade and a disposition to ignore a the extreme low of 3 years ago it must be near
the
rise in Brazilian exchange. Guesses on the crop range from even conceding another big production of both cane bottom
7,000,000 to 9,000,000 bags. On the 6th inst. early cables sugar. Low and unprofitable prices will tend to and beet
cause a
were firm. Exchange with Rio on London up 9-32d. to smaller production. Some are disposed to
7%d. though there was a setback later of 1-16d. to 7 9-16d. this level. F. 0. Licht's belt crop estimate ofbuy futures at
7,605,000 tons
Rio terme prices, however, fell 975 to 1225 reis. Santos compared with the 1924-25 figure of 7,175,000
exchange rose 7-32d. to 7 19-32d., with the dollar rate off increase of 430,000 tons. Russia's production is tons, an
estimated
170 reis. Terme prices dropped 1125 to 1425 reis. Later at 950,000 tons against last year's outturn
came a rise here of 18 to 31 points net. Brazilian exchange or 500,000 tons increase which leaves the of 450,000 tons
rest of Europe
continued strong. It was cabled here from Rio that stocks actually showing a decrease of 70,000 tons.
on hand in interior warehouses and railroads in the State decrease of 45,061 tons in raw sugar stocks on There was a
of Sao Paulo on Oct. 7 were 2,604,000 bags. Yet it had no to 594,378 tons. Receipts fell off 27,408 tons. hand in Cuba
depressing effect here. The demand here was large enough dropped sharply to 31,702 tons. Cuban receipts Exports also
for the week
to offset it. Santos terme prices advanced 473 to 825 reis were 26,861 tons against 54,209 in previous
week, 29,883 in
with exchange at 7 9-16d. and the dollar rate unchanged. the same week last year and 23,350 two
Rio terme prices were 525 to 575 reis higher at tho opening; 71,922 tons against 103,524 in previous years ago; exports
week, 76,451 last
exchange lost 1-16d., closing at 7 9-16d. with the dollar year and 67,000 two years ago; stock
594,378 tons against
rate up 40 reis. Transactions here were 68,0 0 bags, includ- 639,439 in previous week, 226,858 last year
0
and
ing March-Sept. switches at 200 to 201 points, Dec.
-Sept. years ago; centrals grinding none against none 241,803 two
at 350 points, Dec.
-July at 305 to 310, Dec.
-Mar. at 148 and week and for 3 years past at this time. Of the in previous
exports U. S.
July-Sept. at 53.
Atlantic ports received 43,223 tons,
Duuring & Zoon stated the world's visible at 5,230,000 Canada 6,835 tons, and Europe New Orleans 8,048 tons,
13,815 tons. Havana
bags, a decrease of 7,000 bags from Sept. 1 and 469,000 cabled: "Weather favorable for growing
crop."
bags from a year ago. Total world's deliveries of coffee for
Himely's Cuban statistics for the week give receipts
the three months ended with September were computed as 28,453 tons against 21,420 last year;
as
5,254,000 bags. September deliveries include 1,015,000 against 60,093 last year; stock 627,800 exports 76,727 tons
tons against 260,156
bags for the United States and 1,007,000 bags for Europe. last year. Of the exports 41,391 went
The stock at Santos was 1,032,587 bags at one time, against Facts about Sugar suggest a possible to North of Hatteras.
1,823,000 a year ago; at Rio 200,000 bags, against 358,000 from 1924-25 crop supplies. The surplus of 300,000 tons
a year ago. The quantity in sight for the United States was factories are now reported to be well Rocky Mountain Beet
1,032,587 bags, against 943,063 bags a year ago. Of course Advices from the West say that the under way with slicing.
such statistics as the above vary from day to day. They may be somewhat larger than was crop has improved and
give a fair idea, however, of the statistical position. New raws were 2 3-16c. asked for Cuba expected. Today spot
York held 356,992 bags of Brazil coffee, against 269,245 last best bid. There was very little with 2 5-32c. generally the
trade. Futures closed 1 to
year; the United States 409,687 bags, against 402,063 last 3 points higher with total sales of
25,500 tons. Last prices
OCT. 10 19251
TAR eTTRONTOLF:
1805
on futures were 2 to 3 points lower for the week. Prompt was a better demand for gasoline at 17o. Kerosene was
rather more active; Gulf 6% to 634o. Waxes were quiet
Cuba was 1-16c. higher for the week.
2.42c. 'and unchanged. Spindle oils were dull. Lubricating oils
2.23c.1July
Spot(unofficial) 23-16c.1March
2.51c. met with only a light demand. New York refined export
.32c.18eptember
2
2.18c.1May
December
-In London on Oct. 5th of Indian teas 36,300 pack- prices: Gasoline, cases, cargo lots, U.S. Motor specifications
TEA.
ages offered some 34,000 sold at unchanged or firm prices. deodorized, 27.650.; U. S. Motor bulk refinery, 11 4o.;
In London on Oct. 6th of Ceylon teas 16,500 packages were kerosene, cargo lots, cases, 16.650.; fuel oil (bunkers),per
offered and mostly sold at firm prices as follows: Medium bhl.f o. b. dock, $1 65; Diesel oil, Bayonne, bbl., $2 10.
/
/
pekoe Is 4 Md. to is. 8d.; fine pekoe is. 83/2d. to 2s. 61 2d.; Gas oil, Bayonne, tank cars, 28 to 34 degrees, 480.; 36-40
medium orange pekoe is. 5d. to is. 9d.; fine orange pekoe degrees, 5c. Furnace•oil, bulk refinery, 53%o.; tank wagon,
is. 10Md. to 2s. i03.d. In London on Oct. 7th Indian teas 53c. Petroleum, refined, tanks, wagon to store, 13o.;
were unchanged to somewhat firmer. Offerings were 30,500 Motor gasoline, garages (steel bbls.), 17o.; Up-State, 17 to
180. Closing prices were as follows:
packages of which 29,000 sold.
3.00
$2.80 Eureka
23.15 Buckeye
Pennsylvania
steady but quiet; prime Western, Corning
1.87
3.15 Illinois_
LARD on the spot was
1.70 Bradford
1.60
1.98 Crichton
2.10 Lima
Western, 17.35 to 17.450.• city lard, Cabell
17.50 to 17.60c.; Middle
1.88 Plymouth
1.40
'
17.75c.; in tubs, 183% to 18Mc.; com- Somerset. light- 2.35 IndianaMexia. 38 deg____ -in tierces, 17.50 to
1.75 Princeton
Rock Creek
2.38 ulf Coastal -A".. 1.50
13 to 133%o. Refined Continent, Smackover,27deg. 1.30 Canadian
pound carlots, in tierces,
2.00
Wortham. 38 deg.. 1.95 Wooster
18.50 to 18.75c.; South America, 91.25c.; Brazil, 20.25c. Oklahoma, Kansas and Texas-51.90
Elk Basin
1.75
To-day spot was weaker. Prime Western, 16.70c.; refined
$1.00 Big Muddy
Under 28
1.52
1.59 CatCreek
32-32.9
Continent, 18c.; South America, 19c.; Brazil, 20c. Stocks
1.75
2 01 Homer 35 and above
39 and above
the end of the month were 28,832,105
of lard at Chicago at
1.35 Caddo
Texas Co 28-28.9
1.65
Below 32 deg
1.65
-33.9
33
lbs., against 52,353,139 a month ago and 50,187,585 on
1.75
2.27
42 and above
reduction was apparently discounted
Sept.30 last year. The
1.95
38 and above
for it was not a market factor. The lack of hedge pressure
RUBBER was firm late last week with London up M to
continues to be one of the outstanding features and probably
/
to 13 3d with a brisk local demand
comparative steadiness. Exports from the 3/24:1. and Singapore some buying for long account. Later
accounts for the
on Oct. I were 2,966,025 lbs. of lard largely to cover with with London boomirg. Yet at one
port of New York
came rise of 10 cents
and 110,000 lbs. of grease. Exports of lard for the week time aPlantations, first latex crepe spot was 92 to 93c.;
ended Sept. 26 were 12,641,000 lbs.; pickled pork, 329.000
903.c.; Nov. 83 to 84c.; Dec. 81 to 82c.; Jan.
lbs.; bacon, including Cumberlands, 3,765.000 lbs.; hams Oct. 893' to 771/0. Ribbed smoked sheets, spot 90M to
including Wiltshires, 1,091,000 lbs. Futures Mar. 76M to
and shoulders,
Nov. 82 to 83c.; Dec. 80M to 813c.;
declined at one time despite a sharp decrease in the stocks 91Mc.• Oct. 88 to 89c.•
-Mar. 76M to 774c. London cabled early in the week
warehouses. Stop orders hastened the decline. Jan.
of lard in
not appear probable that an increased exportable
It was largely due to falling prices for hogs and the persistent that it did under the Stevenson scheme could be brought
of the cash trade. Meats were unchanged to 45 allowance
dulness
labor in the plantations. Spot
points lower. Declining prices for corn affected lard at about owing to shortage ofOct. 42 to 42Md. Singapore was
broke 22 to 42 points later with hogs, corn at that time was 43 to 431/;
times. Futures
-Dec. 373%d. Later it was a very
/
and cottonseed oil lower and English cables 6d. to Is. 3d. off. active; spot 383sd bid; Nov.
declined. Hog products generally different story.
To-day futures further
On the 6th inst. came a sensational advance, owing to regot down to a new level on this movement, with hogs lower,
were
drastic and no support from ports of delays in steamers carrying rubber. They stimselling general, liquidation
shorts took profits and punctuated by activity in London at a big rise. That near
packers. On the declines, however,
Still nearby ulated New York. Big covering of factory sales in
there was some buying for long account.
Hogs ended 20 to 40c. months and a sharp demand for the more distant futures
months were plainly depressed.
violently. Para was in
lower with the top $12 15. Chicago expects 5,000 hogs suddenly shook up a torpid market Brown crepes were 880.
fair demand at 76c.for upriver fine.
to-morrow.
first latex crepe, spot, was $1 01 to
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO for clean. Plantations,
91c.•
Wed. Thurs.
Fri.
Tues.
Mon.
Sat.
$1 02; Oct. 98 to 99c.; Nov. 92 to 93c.; Dec., 90 to 98 to
16.45
16.02
15.82
16.55
16.47
October delivery__ _cts_16.62
/
'
-Mar.,83 to 841 2c. Ribbed smoked sheets, spot,
Jan.
14.42
14.20
14.27
14.72
14.65
December delivery_ ---14 80
14.07
13.92
14.05
14.37
14.32
14.45
January delivery
99c.; Oct., 96 to 97c.• Nov., 91 to 920.; Dec. 80 to 90c.;
-Mar. 83 to 84Mc. London, in an electrified market,
PORK in light demand; mess, $41; family, $46 to $48; Jan.
fat back pork, $39 50 to $43 50. Ribs, cash, 17.50c., jumped 2 to 3d., the latter on spot rubber. Big London and
basis 40 to 60 lbs. average. Beef steady; supplies small; American interests were leading buyers. Spot, 471/d. to
-Dec., 453% to 451/d.; Jan.mess, $18 to $19; packet, $20 to $21; family, $22 to $24; 48d.; Oct. 463% to 46 Md.; Oct.
extra India mess, $35 to $37; No: I canned corned beef, Mar. 40 to 41d. Singapore on Oct. 6 was active and M
$2 75; No. 2, $5; six pounds, $18 50. Meats steady; pickled to 141. higher. Here also it was spot that rose the most;
-Mar., 3734d.; April-Dec. 40%d.; Jan.
hams, 10 to 20 lbs., 233% to 243c.; bellies, 6 to 12 lbs., spot, 411/d.; Nov.
253 to 26c. Butter, creamery range, 43M to 51Mc. June, 33%d. The excitement here died down later. Trade
Cheese,flats, 25 to 27c.; eggsfresh mediurd to extras,32to 54c. became only moderately active. Spot latex was still $1 01
Lon-Linseed was quiet and easier at 13.1c. a pound in to $1 02, however. Smoked sheets, spot, 98 to 99c.though,
OILS.
barrels, carlots, for spot. Buyers were only taking enough don was unchanged to Id. lower on profit-taking, lower
to fill immediate wants. Tanks, 12.3c.k less than carlots, closing firm; spot, 47 to 471/d. Singapore was Md.
13.4c.; boiled in carlots, 13.4c. Later in the week trade to Md. higher; spot, 42d.
in linseed was dull at 13.30. per pound in carlots. Cocoanut
In London rubber and motor car manufacturers have just
oil, Ceylon barrels, N. Y., nom.; Cochin, N. Y., barrels, asked the British government to end the Stevenson scheme
nom. Corn, 100 barrel lots, edible, 14e. China wood, of output restriction which has been in force for nearly 3
N. Y. spot barrels, 131/20. Olive, edible, $2 to $2 50. years. It is now declared to be hurting British trade. RubSoya bean,coast, 11 Mc. Lard, prime,20%c.;extra strained ber shares were active and higher in London early in the week.
winter, N. Y., 183c. Cod, domestic, 60c.; Newfoundland, and somewhat less active later though still strong. Later
620. Spirits of turpentine, $1 13M to $1 18. Rosin, New York was active and strong. Imports this month will
$15 85 to $16 45. Cottonseed oil sales to-day including be big but stocks are depleted. Plantation first latex spot
/
switches, 20,200 barrels. Crude S. E., 838c. bid. Prices 1.01 to 1.02c.; Oct.98 to 99c.;ribbed smoked,spot 98 to 99o.;
closed as follows: •
Oct. 961/ to 971/c.; brown thin 90c.; Para, upriver fine
9.96a 9.99 Mar
Spot
10.13010.14 spot 76c. London on the 8th inst. advanced id. to 1 Md. on
9.950 nom I Dec
10.01a10.02 April
Oct
10.17010.25
10.07a10.10 Jan
The British under-secretary for the
10.05010.12 May
Nov
10.28a10.30 a sharp demand.
9.850 9.95 Feb
Colonies assured a deputation of rubber manufacturers that
-Gasoline, while quoted at 17c. by lead- their request for abolition of the Stevenson plan would be
PETROLEUM.
ing refiners, was reported to be offered, freely by independent laid
before the government. Standard plantation, spot 48
marketers at 13 Mc.for 58-60 at garages. Some of the in- to
2
-Dec. 463% to 463/d.;
A
481/d.; Oct. 473 to 48d.; Oct.
quoting 13 Mc., with terms, or
dependents are said to be
4
-Mar. 413%d. to 413 d.
less lo. a gallon for cash. Equipment such as portables and Jan.
HIDES have been rather quiet on most kinds and new
pumps were included in one case, it was reported. Big
not rather
refiners were quoting United States Motors in bulk at re- features were lacking. But prices were steady if
and
interests were not disposed to firmer on common hides. Some 2,100 Antioquias hides
fineries at 111/0. Jobbing
2
pay that price. At the Gulf United States motor was Bucaramangas sold it is said at 261/c. City packer
offered freely at 100. and 64 gravity at 13c. Sales for export have been reported in rather better demand on the basis of
2
were reported to have been made at Mc. below those levels. 17 to 171/c. with unconfirmed reports of sales of half a dozen
It was 13elieved in some cases that export business could be cars of native steers at 17c. River Plate frigorifico were a
done here at 108 8c. The price at several northern New little more active and sales were reported of 6,000 Argentine
/
Jersey points was cut Mc. a gallon at service stations. Com- frigorifico steers and 4,000 Swift frigorifico at $39 37
OCEAN FREIGHTS were quiet with grain rail tonnage
petition is keen among large refiners, and a reduction in the
looal tank wagon prices would not be surprising to many. the most in demand. Rates were steady under the cirKerosene was in better demand for export. Locally water cumstances. Tractors, live-stock and other farms supplies
white was held at 63%o. refinery. The same level prevails have been shipped to Russia in two steamers. Complaints
at the Gulf. Consumption is steadily increasing. Gas and of a lack of tonnage here and there were heard later and
fuel oils were quiet and easier. For 36-40 gas oil 5 to 53%c. rates were firm. Grain tonnage was in good demand later.
CHARTERS included coal from Hampton Roads to Buenos Aires.
was asked, while for 28-34 offerings were made at 4 Mc to 5e.
Montreal to Antwerp
half barley
Bunker oil was unchanged at $1 65 for Grade C. Lubri- $4 25 Oct.; grain 10%14 tic.. base and oats. from
rate. Nov. 10-25: gasoline from San
and (or) Rotterdam,
oils showed little change. Buyers are not taking Pedro to north of Hatteras. 65c., option Gulf at 60c.. Nov.; lubricating
cating
Nov.. gasoline
much. Stockq are small. Pennsylvania 600 s• r. in bbls., oil from two ports Gulf to London at 19s..Philadelphia to from Gulf to
Avonmouth.
;
-Nov. grain from
Montreal, 52Iic. Oct.
New York, was quoted at 23Mo. Later in the week there as.. Oct. 10-25;from Montreal to Antwerp. Rotterdam, 143ic.: Hamburg-
1806
THE CHRONICLE
Bremen, 15c., half oats and barley guaranteed at 1 and 2c. more., Oct.
25 to Nov. 10:from Montreal to Marseilles, Genoa to Naples. at 35. 73d.,
Oct. 15 cancelling; from Montreal to United Kingdom, 3s. 5d.; AntwerpRotterdam, 3s. 3d.; Mediterranean, 3s. 103“1.,Oct-Nov.; grain, heavy.
from Black Sea to Continent. 138. 3d.. option United Kingdom, 13s. 901..
total 12,200 tons, Nov.; coal from Wales to Buenos Aires, 188., spot: from
Swansea to Montreal, 6s. 3d., Oct. 14-24; from Rotterdam to Buenos
Aires, 175., Oct.; heavy grain from San Lorenzo to Spanish Mediterranean,
Sept.
-Oct., two at base rate of 16s„ one at 158. 3d. for alternative destinations, Gibraltar, United Kingdom, Hamburg: grain from West Australia
to Mediterranean, United Kingdom-Continent, 39s.; coal from Wales to
Montevideo, Oct. loading, 16s., Rio 14s. 6d. and 14s. 3d. and to Rio
Grande do Sul, 15s. 9d.; sugar from Cuba to Montreal, 18c., Oct.:
from Montreal to Antwerp-Rotterdam, one port, 14%c., two ports. grain
15c.;
guaranty of 1-3 light with option up to two, three, at lc. and 2c. more.
Nov. 5-20: from Vancouver to Shanghai, $5, Nov.; 29,000 qrs. from
Montreal to Antwerp-Hamburg. guaranteed half oats, 143.c. and 1635c,
respectively, or all barley at 1531c., Oct. 30
-Nov. 15; lumber from North
Pacific to Sydney. $12, Oct.; coal from Hampton Roads to Rio Grande
do Sul. $4 25, Nov.
[vol. 121.
the New York Central wants 175,000 tons; Louisville &
Nashville has taken 68,000 tons and the Illinois Central
60,000 tons. Some 100,000 tons of track fastenings are
wanted. Western mills are making tentative advances on
minor products. They may soon try it on wire products and
automobile sheets. Sheet books at Youngstown are reported
heavy. Semi-finished Billets, moiling $35 to $36; billets
forging $40 to $42; sheet bars $33 to $35; Sheets, &c: Blue
annealed 2 25 to 2 30c.; black 3 10 to 3 20c. galvanized
4 20 to 4 30c.• auto body 4 20 to 4 25c.; tin plate (per base
box) $5 50. 'Hot rolled: bars 1 90 to 2c.• plates 1 80 to
1 900.• shapes 1 90 to 2c.• rails, standard '
(gross ton) $43.;
rails light 1 65 to 1 700. 'Wire products: plain wire 2 50c.;
barbed wire 3 35c.
PIG IRON.
-It seems that American cast iron pipe interests have bought 20,000 tons of high phosphorous pig iron
from a British concern though it was said to be Continental
iron. Only a fair business is being done in American iron
and there are intimations that $21 for Eastern Penn. is not
inflexibibly adhered to in all transactions. It is asserted that
it could still in some cases be had at $20 50. Buffalo $18 50
to $19; Virginia $23 to $24; Birmingham $19 to $19 50;
Chicago $21 to $21 50; Valleys $19 to $19 50; Basic Valleys
$18 50 to $19; Eastern Penn. $21 to $21 50. Alloys, ferromanganese 78 to 82%, seaboard or domestic furnace $115.
Coke, Connellsville furnace $3 50 to $4; Connellsville,
foundry $4 75 to $5 25; with an increasing household demand
owing to the rise in anthracite. Domestic grades $6 50 to
$7 25. The September output of pig iron was 90,873 tons
a day against 87,241 in August. Four furnaces have just
been added to swell the output. There must be something
behind it.
WOOL has been firmer with a good demand for % blood
3
and 3 blood wools of medium quality, especially for rayon
mixtures or worsted goods. Abroad, France has recently
been the largest buyer. Germany, Japan and Russia have
bought more freely, however, than at one time. Tops prices
have advanced. In Australia the tone is better. The big
London sales have greatly reduced the stocks of all wools.
Australia is in better shape from this reduction. Here quotations are as follows:
TOBACCO has not been in anything like a brisk demand,
but the feeling is still hopeful of a better trade before long.
The outlook for the crop has been good. Not for many
years, it is said, have the crops of Connecticut shade broadleaf and Havana seed been as good as this year. Within a
week not a little business has been done in Connecticut
broad leaf. It is conceded that for some reason business in
cigar leaf is not up to the normal level, but it is hoped
that conditions will mend before many weeks. Normal
quotations include the following: Pennsylvani broad leaf
filler, 8 to 10c.; broad leaf binder, 24 to 27c.; Porto Rico
40 to 90c.; Connecticut top leaf, 20 to 25c.; No. 1 second,
70 to 85c.; seed fillers, 12c.; medium wrappers, 70 to 80c.;
dark wrappers, 35 to 45c.; light wrappers, $1; Havana seed,
$1 to $1 15.
COAL.
-Bituminous has been firm at the recent advance
with a steady demand. Anthracite is naturally firm with
no sign of an ending of the strike. Concerted efforts are
being made to induce the people to use substitutes. New
York tidewater bituminous quotations are as follows at
piers f.o.b.: Navy standard, $5 45 to $5 60; Navy supplementary, $5 20 to $5 35; superior low volatile, $5 to $5 15;
high grade low volatile, $5 65 to $4 80; ordinary low volatile,
$4 35 to $4 50; high volatile steam, $4 50 to $4 70; low
sulphur gas, $5 to $5 25. Retail anthracite quotations at
New York are as follows, delivered: Broken, egg, chestnut
and stove, all $15 60 to $16; pea,$9 50 to $10 50; buckwheat,
$6 65 to $7 00. The stocks of soft coal at New York and
Ohio and
to 540.;
to 52c.;
Hampton Roads are large. At Hampton Roads on the blood, 50 toPennsylvania fine delaine, 53Territory 34 blood, Si fine
clean basis
51c.,• 31 blood, 49 to 50c.;
staple.
6th inst. they were 372,446 tons. Stocks of prepared sizes Si 27 to $1 30; fine medium French combing, Si 20 to $1 23; fine medium
clothing,
15; % blood.
$1 16; %
of anthracite in the Eastern Atlantic States are sufficient to $1 00: 31$113 to85 to 90c.blood staple. $113 to $1 12 months, 95c. to
blood.
Texas clean basis fine
last about 30 days, the Coal Committee of the Atlantic $1 30; 10 months, El 20 to $1 25; 6 to 8 months, Si 10 to $115. $1 25 to
Pulled,
A super,$1 05
States Shippers' Advisory Board reported to the 500 shippers scoured basis combing, 75 toto $1 12; B.90 to 95c.; C.75 to 78c. Domestic
mohair, best
80c.
and railroad men who will attend the regular fall meeting
London sales have turned out better than was expected.
in Newark on the 8th inst. Some 100,000 hard coal strikers At
Sydney on Oct. 7 the selection was eaid to be poor,
are still out.
being mostly of top making merinos, but according to one
COPPER quiet at 143 c. delivered Connecticut Valley. cable, prices were par to 5% dearer. In Melbourne on the
%
That price, however, could be shaded, it is believed, on a 7th inst. there was a fairly good selection, including some new
firm bid. London on the 7th inst. fell 2s. 6d. European wools, and 'vices were par to 5% up. At the River Plate the
demand was lacking. Later 14.25 to 14.30c. was quoted for markets are said to be fairly active. France is reported to
spot and Nov. at the Exchange; otherwise, 143gc. London be taking some 5,000 bales daily. Good general rains have
,
fell 2s. 6d. late in the week; spot, £61 5s.; futures,£62 2s. 6d. latterly occurred in Argentina and Uruguay and the outlook
TIN advanced to a new high level for this movement when is said to be unusually favorable. In London on Oct.2some
prices reached 603/8e. for spot Straits and 603c. for futures 11,084 bales were offered and mostly sold, including much of
on a higher London market and light offerings. Spot crossbreds and slipes. Demand good; prices firm. France
standard in London on the 7th inst. advanced £5 to £271 was especially active. The series will close on Oct. 8.
and futures rose £1 10s. to £272. Spot Straits rose £1 5s. Details of Oct. 2:
bales: scoured merinos. 29
to £278 10s. Tin was quiet later in the week, with supplies noNew South Wales, 26715 24d.: crossbreds. 113 to 3930.; crossbreds,
sales; greasy merinos,
to 21d. Queensland,
to
very small. London, £271 on the spot;futures, £272. At t 1,162 bales; scoured merinos, 34 to 5034d.; crossbreds, 29 to 3.534d.; greasy
merinos, 18
Victoria, 794 bales: scoured
the Metal Exchange 150 tons sold on the 8th inst.; 50 tons merinos, 27 to 25d.; crossbreds, 12 to 23d. greasy merinos,
to 47d.; crossbreds, 17 to 38d.;
15 to 28d.;
were December Straits at 6014o., and 75 August
-September crossbreds, no sales. South Australia 111 bales: scoured merinos, no sales*
crossbreds, 1634 to 26d.; greasy merinos, no sales; crossbreds, 7 to 21d.
at 60.45c. to 60.500.
West Australia, 996 bales: scoured merinos, no sales. crossbreds, no sales'
LEAD has been in steady demand but the declines in greasy merinos. 14 to 27d.; crossbreds, 9 to 1634d. New Zealand, 6.694
bales:
London have held prices in check on this side of the water. 15 to scoured merinos. 24 to 49d.; crossbreds, 16 to 39d.•. greasy merinos,
25d.; crossbreds, 10 to 2130. Cape Colony. 1,060 bales: scoured
merinos, 22
London on the 7th inst. fell 5s. on spot to £38 17s. 6d., and crossbreds, to 45d.; crossbreds, 14%,to 35a.; greasy merinos, 13 to 24d.;
no sales.
declined 2s. 6d. on futures to £36 7s. 6d. The American
In London on Oct. 5 some 12,857 bales were offered.
Smelting & Refining Co. sticks to 91 6c. Later in the week
/
trade was quiet at 93'c. New York and 93.4c. East St. Louis. Assortmest mixed. British and Continental demand brisk.
Prices firm. Details:
London advanced 2s. 6d.; spot, £39; futures, £36 10s.
New South Wales, 888 bales: scoured merinos,
ZINC has been quiet of late but prices have been well 26 to 41d.,• greasy merinos, 14 to 25d.; crossbreds,28 to 44d.• crossbreds.
10 to 21%d. Queens'
sales; crossbreds, 30 to 4130.;
maintained. East St. Louis, 8.023 to 8.05c. A feature land, 1,945 bales; scoured merinos, no 15 to 2534d.
greasy merinos, 22 to 2930.; crossbreds.
Victoria, 367
was the advance of Uc. per pound in high-grade zinc to scoured merinos, 25 to 41d.; crossbreds, 19 to 36d.; greasy merinos, bales:
15 to
26d.;
Australia. 620
934c. Spot zinc in London on the 7th inst. was unchanged 30 to crossbreds, no sales. South greasy merinos,bales: scoured merinos.
42d.•
17 to 28d.;
at £39 us. 3d., but futures advanced 3s. 9d. to £38 5s. no sales. 'crossbreds, 18 to 32d.; scoured merinos, no sales; crossbreds,
West Australia, 91 bales:
crossbreds',
Later prices were rather weak with London down noticeably. 20 to 33d.: greasy merinos, 15 to 2434d.; crossbreds, 12 to 22d. New
scoured merinos, 35 to 53d.; crossbreds. 18 to 35d.;
Settling- price here was 8.35e. East St. Louis, 8 to 8.05c. Zealand, 3.159 bales:25d.; crossbreds, 11 to 21d. Cape
greasy merinos, 15 to
Colony, 101
London dropped 8s. 9d. on the spot to £39 2s. 6d.
scoured merinos, no sales; crossbreds, 28 to 31c.; greasy merinos, no bales:
sales;
crossbreds, no sales. I'unta Arenas, 5,686 bales: scoured_ -me
merinos
STEEL has been in fair demand and in the main steady. sales; crossbreds, no sales; greasy merinos. 16 to 21%d.; crossbrejs, oX no
to
18%d.
The tone is still hopeful. In some cases orders now overlap
In London on Oct. 6 some 12,320 bales sold. French
shipments Prompt steel is wanted but buyers balk at any
.
.
talk of higher prices even though in some cases they are demand sharp. British trade bought little. Prices steady.
declared to be below the cost of production. Sheet building Details:
plates are active at Pittsburgh. Steel bars stand up the best 12New South Wales, 2.228 bales:scoured merinos, 25 to 4731d.;crossbreds,
to
26d.
at 2c. Shapes are 1 90c. and plates under this. Light rails land,33d.: greasy merinos, 1231 to 2931d.; crossbreds,8% to 23 Queens2,103 bales: scoured merinos. 34 to 45d.; crossbreds.
are firm but with no demand except from bituminous mining greasy merinos, 16 to 24d,• crossbreds, 13 to 21d. Victoria, to 3330.:
892 bales;
scoured merinos, 32 to 46304 crossbreds. 931 to 37d.; greasy
sections. Semi-finished steel is steady and sheet bars are 1334 to 2934d.; crossbreds, 10% to 2431d. South
merinos.
Australia, 101 bales:
still $35. Reinforcing concrete bars are quoted at 2c. scoured merinos, no sales; crossbreds, no sales; greasy merinos, 1434 to
26d.; crossbreds, no sales. West Australia, 450 bales: scoured merinos,
although 1 90 to 1 95c. is now and then accepted. In some no sales; crossbreds, 19 to 28d.; greasy merinos, 15 to
2631d.; crossbreds,
quarters the nearest deliveries obtainable now are 5 to 6 no sales. Tasmania, 85 bales: scoured merinos, 20 to 39d.; crossbreds,
no sales; greasy merinos, no sales; crossbreds,
weeks off as compared with 1 to 2 weeks recently. That is the 5,000 bales: scoured merinos, 30 to 3630.; 23 to 2534d. New Zealand,
crossbreds, 18 to 35d..• greasy
report. Prices are admittedly still irregular. Some are firm; merinos, 16 to 2331.1.; crossbreds, 11% to 2034d. Cape Colony, 126
bales: scoured merinos,
some soften under competition. Structural shapes at Pitts- to 23d.; crossbreds, no no sales; crossbreds, no sales; greasy merinos, 15
sales. River Plate, 418 bales: scoured
burgh were quoted $2 higher. Fifty thousand tons of no sales; crossbreds, no sales: greasy merinos, 12 to I7d. Falklandmerinos.
Islands,
fabricating steel have been sold within a week. As for rails 917 bales: scoured merinos, no sales; crossbreds, no sales; greasy merinos,
no sales; crossbreds. 11 to 18d.
1807
THE CHRONICLE
OCT. 10 1925.]
The exports for the week ending this evening reach a total
In London on Oct. 7 some 10,676 bales were offered.
Great Britain,
from the Continent. Prices of 173,440 bales, of which 51,119 were to to Italy, 34,081
Demand good and still mostly
14,460 to France, 56,998 to Germany, 3,287
as a rule unchanged. Details:
and China, and 13,495 tp other destinations. In
New South Wales, 1,603 bales: scoured merinos.37 to 47d.; crossbreds, to Japan
110,783
14 to 34d.; greasy merinos, 15 to 32d.: crossbreds,8 to 26Sid. Queensland, the corresponding week last year total exports were
2,648 bales: scoured merinos, 243 to 52Sid.: crossbreds. 25 to 37d.: greasy bales. For the season to date aggregate exports have been
23d. Victoria, 1,445 bales:
merinos, 18 to 29Sid.; crossbreds, 7% to
the same period
scoured merinos, 28 to 48Sid.; crossbreds, 17Si to 3936d.; greasy merinos, 1,416,153 bales, against 1,177,875 bales in
15 to 34d.; crossbreds, 10 Si to 25d. South Australia, 265 bales: scoured of the previous season. Below are the exports for the week:
227 bales:
West Australia,
merinos, 34 to 41d.; crossbreds. 23 to 33d.
scoured merinos, 28 to 42d.; crossbreds. 22 to 34d.; greasy merinos, 15 to
26d.;crossbreds.7% to 234d. New Zealand,3,902 bales:scoured merinos,
32 to 51 Sid.; crossbreds. 24 to 45d.: greasy merinos. 16 to 25d.; crossbreds,
10 to 21d. Cape Colony.586 bales: scoured merinos.33 to 48d.; crossbreds.
24 to 34d.: greasy merinos. 14 to 23d.
In London on Oct.8 sales were 12,244 bales. Attendance
large. Demand steady. The auctions closed steady at unchanzd rates. Comparing this closing with previous sales,
merinos were par to 5% higher; crossbreds, fine grade par;
medium and coarse, par to ni% up. The Continent
bought 88,000 bales; the home trade 54,000, and America
7,000 bales. Held over 64,000 bales. Details of Oct. 8:
New South Wales. 770 bales; scoured merinos, 30 to 49d.: crossbreds,
no sales; greasy merinos, 20 to 2734d.; crossbreds. 8 to 24d. Queensland,
1.130 bales; scoured merinos, 34 to 46Sid.; crossbreed. 30 to 41 Sid.; greasy
merinos, 18 to 26d.; crossbreds, 6 to 243id. Victoria. 185 bales; scoured
merinos, 25 to 41Sid.; crossbreds, no sales: greasy merinos, 14 to 34d.;
crossbreds, no sales. West Australia. 33 bales; scoured merinos, no sales;
crossbreds, no sales: greasy merinos, 15 to 26d.; crossbreds, no sales.
New Zealand, 4,042 bales; scoured merinos. 28 to 41d.; crossbreds, 18 to
39 Sid.; greasy merinos, 14 to 25d.: crossbreds. 10 to 2014d. Cape Colony,
79 bales; scoured rnerinos, no sales; crossbreds, no sales: greasy merinos.
12Si to 23d.; crossbreds, no sales. River Plate, 138 bales: scoured merinos,
no sales; crossbreds. no sales; greasy merinos, no sales; crossbreds. 12 to 15d.
Exported to
Week Ended
GerGreat
Oct. 9 1925.
Exports from- Britain France. many.
----------------1,100
Seattle
COTTON.
Friday Night, Oct. 9 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
367,670 bales, against 494,293 bales last week and 325,890
bales the previous week, making the total receipts since
Aug. 1 1925, 2,335,002 bales, against 1,856,426 bales for
the same period of 1924, showing an increase since Aug. 1
1925 of 478,576 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
17,065 19,992 40.021 19.720 11,382 19.122 127,302
___ 28.523
_-_ 19,351
2,300 6,872
12,741 14.754 24.829 15,052 15,828 13.842 97,046
1.787 2,237 10,511
2,673 1.437
1.217
1.160
1,124
2.§8e1 2,950
9,449 5.415 6,324 4,789 40,544
5,426 9,141
2.111
1,694
1,468 12,891
2,753 2.079 2.786
593 5.998
761
679
1,446 1.519
1,000
5,559 6,313 8,057 3.206 7,383 8.669 39.187
301
239
1,054
1,054
Totals this week_
45.704 57.543 96.206 47.702 65.552 54.94.3 267670
§. 5
3
The following table shows the week's total receipts, the
total since Aug. 1 1925 and the stocks to-night, compared
with last year.
1925.
Receipts to
Oct. 9.
1924.
This Since Aug This Since Aug
Week. 1 1925. Week. 1 1924.
Stock.
1925.
Total.
--------------------3,300 7.607
4,307
Calveston
2300 2,294 27,323
-___
- -.857
____ 15
6,872
Houston
---_ 10,319 7,151 72,207
New Orleans_ _ _ _ 20,964 11,934 18.699 3,146
0,201
8,401 1,800
Mobile
1,ioe,
_ --- .
_
Jacksonville _ _ _ _
1,124
Pensacola
iio 26,091
•
--------7,100
18,841
Savannah
------------------------7,483
7.483
Charleston
----------------3,651
____ 2,t
1,350
Norfolk
--------600 1,541
147
200
176
418
New York
--------------------750
550
200
Los Angeles__-
At Adelaide on Oct. 2 of 30,000 bales offered at the resumption of sales, 28,500 bales were sold. Demand good;
mostly from Yorkshire and the Continent. Compared with
the last sales, merinos were unchanged to 5% higher. At
Melbourne on Oct. 5 sales began. Selection good, mainly
Riverian wools. Demand sharp. Prices stronger, especially on fine grades. At Adelaide about 75,000 bales of
the new wool clip will be offered in three sales, on Oct. 30,
Nov.27 and Dec. 18, the total to be equally divided over the
three periods.
Galveston
Houston
New Orleans
Mobile
Pensacola
Jacksonville
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
Japan&
Italy. Russia. China. Other.
1924,
3,287
51,119 14,460 56,998
Total
29,546
22.239
Total 1924
Total 1923
1,892 30,594
3.650 41,786
From
A .1 1924 to
GerGreat
Oct. 9 1925.
Exportsfrom- Britain. France. many.
9,165 110,783
7.300 108.365
Exported to
Japan&
Italy. Russia. China. Other.
94,553 40,840 81,621 28,626
Galveston__
Houston_ - - - 106,823 69,187 137,632 31,332
38,554 20,356 39,728 20,651
New Orleans.
300
26,815 2,200 7.115
Mobile
3,500
3,000
Jacksonville.
50
1,242
Pensacola.... _
51,517 4,227 135,168 3,050
Savannah
300
Brunswick
22,629
16,784
Charleston__
11,000
Wilmington..
7,170
8,064
Norfolk
12,761 6.451 27,034 7,846
New York
643
Boston
23
Philadelphia
•
550
200
Los Angeles_
SanFrancisco
Seattle
Total
- 34,081 13,495 173,440
2,961 15,550 21,075
____ 28.125
5.265
5,000 2.875 55,015
90,923 10.000 29,395
39.971 28,548
1,100
7,100 12.075
3,000
200
2,769
1,000
100
13,958
72
31,336
12,174
Total.
308,530
475.292
187,808
37,530
6,500
1,292
213,137
300
45,182
12,000
15,334
68,250
643
95
750
31,336
12,174
360,979 143,861 472,897 91,805 96,123 106,456 144,032 1.416,153
412,094 166,806 257,542 100,258 41,245 77,819 122,111 1.177.875
93.874 122.451 1.097.224
frrn 449 111:1 :MS 246.528 1011.286
-It has never been our practice to Include In the
-Exports to Canada.
NOTE.
virtua ly all the
above tables exports of coLon to Canada. the reason bring that
to get returns
cotton destined to the Dominion comes overland and it 19 Impossible
from week to week, while reports from the customs districts
concerning the same
hand. In view, however,
on the Canadian border are always very slow In coming to ma:ter, we will say that
of the numerous inquiries we are receiving regarding the
season have been
for the month of August the exports to the Dominion the present
the exports were
5,801 bales. In the corresponding month of the preceding season
3.762 bales
Total 1924
Tntn1 109R
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
Gal. 9-
CoastGerOther
Great
Britain. France. many. Cont'nt. wise.
Total.
Leaving
Stock.
8,400 18.000 22,100 6,000 67,000
8,628 10,375 19.366 3.750 47.091
500 2,500
_--2,000
773
773
---------1,100
____
--------800
--------3,750
3,000
---_
500 7,000
1,000 2,500 2.000
227,800
284.234
140,466
50.132
28.429
72.031
56,655
Total 1925._ 19.522 18,028 35,875 44,266 11.523 129,214
Total 1924- 37,330 13,904 18,573 44.063 38,911 152,778
Total 1923_ 32.298 20.703 15.751 22.419 21.035 118.206
859,747
580,609
484,941
Galveston
New Orleans
Savannah
Charleston_
Mobile
Norfolk
Other ports•
12,500
4,972
---300
750
1,000
•Estimated.
Speculation in cotton for future delivery was very active
on the 8th inst., but it was at the expense of a decline of
164 to 174 points, owing to an unexpectedly big Bureau crop
estimate. It was 14,759,000 bales, against 13,931,000 on
Sept. 16, 12,499,000 the estimate of Oct. 1 1924, 13,628,000
the actual crop last year, 10,139,000 in 1923, 9,761,000 in
1922 and 7,953,000 in 1921. The high record is 16,135,000 in
1914. That is to say, there is an increase of 1,131,000 bales
over last year, 4,620,000 over 1923, 4,998,000 over 1922 and
6,806,000 over 1921. The yield per acre is stated at 152
pounds, against 143.5 last year. And there are four more
reports to come this year. The total ginning up to Oct. 1
was 7,101,710 bales, against 4,275,928 to Sept. 16 and
4,527,668 to Oct. 1 last year. The big ginning is at least
something tangible. It is not a mere matter of opinion. It
is there in demonstrable figures. For that matter, there
Totals
367 cm 9 335 cm 320.698 1.856.426 988.961 713 357 are those who believe that despite some sharp criticisms of
In order that comparison may be made with other years, the report that the total of 14,759,000 bales is not far from
correct. Just a year ago the Bureau underestimated the
we give below the totals at leading ports for six seasons:
crop some 1,100,000 bales. The latest estimate is consid1921.
1922.
ered to be by many people very close to the mark. Some be1920.
1923.
R,eceipts at1924.
1925.
the actual yield is larger than stated in the Wash131,457 132.770 111,584 lieve that
Galveston__ _
127,302 178,332 134.376
18,627
4,411
15,048 ington report. It shows a gain in two weeks of 303,000 bales
34,618
Houston, &c_
26,126
28,523
45 512
30 684 in Mississippi, 157,000 in Alabama, 106,000 in Louisiana,
51,731
New Orleans_
34,741
69,365
97.046
6.656
3,348
2.473
2,375
Mobile
5,550
10,511
Caro38,494
18,180
21.873 69,000 in Oklahoma, 46,000 in Georgia, 47,000 in North
19,712
Savannah__ _ 25,700
40,544
3,293
900
2,800 lina, 33,000 in Arkansas, 13,000 in South Carolina and only
27
Brunswick
2,796
5,516
4,205
6,681
Charleston.. _ 4,963
12,891
3,873,000 on
2.854
7,998
7,252 2,000 in Texas, putting at at 3,875,000, against
8,125
Wilmington_
1.133
5,998
19,360
15,394
5.438 Sept. 16. Some private estimates on Texas are 4,000,000
28,958
Norfolk
3.852
39,187
26
N'port N.,&c.
4.767
11,946
901 bales and above.
3,439
All others_
5,677
5,668
The effect of the report was electrical. Selling orders
Total this wk_ 367,670 320.698 273,052 250,881 275,129 202,284 poured in from all over the country, especially from Wall
2.33nn9 1 RAR 496 1 7A.3 1Rn 1.447.363 1.586.269 1.006.254 Street, the West and the South. Hedge selling from Texas
Since Aug. I
127,302 641.347 178,332 947,837 294,800 354,172
Galveston
1
9,266
500
500
Texas City
28,523 478.804 26,126 295,026
Houston
Port Arthur, &c
New Orleans
97.046 534.165 69,365 294,626 331,325 168,674
Gulfport
29.529
36,794
10,682
75.419 5,550
Mobile
10.511
3,625
1,494
1.292
Pensacola
1,124
701
1,108
4,754
15
11.228
2.950
Jacksonville
56,863
Savannah
40.544 372,216 25,700 201,692 142,966
89
30
300
Brunswick
50,905
31,273
22,837
93.083 4,963
Charleston
12,891
Georgetown
9,646
25.187
1,133
3.509
33,741
Wilmington
5,998
15,972
75.781
18,381
86,120 3,852
Norfolk
39 187
N'port News. &c
.
2,638
28,529
70.358
1,117
New York
814
-301
2,397
863
1.581
502
Boston
2,147
239
1 319
855
4 746
Baltimore
4,326 2,047
1,054
104
3,466
3.373
Philadelphia
1808
THE CHRONICLE
[VoL 121
eastward over the belt was very large. Some belated long 1925
22.10c. 1917
27.95c. 1909
13.60c. 1901
8.38c.
1924
24.85c. 1916
17.00c. 1908
9.00c. 1900
11.00c.
liquidation took place. In addition there was very heavy 1923
28.35c. 1915
12.30c. 1907
II.85c. 1899
7.31c.
selling, believed to be for short account, by Wall Street, 1922
21.80c. 1914 *11.00c. 1906
10.90c. 1898
5.44c.
1921
20.10c. 1913
10.10c. 1897
13.70c. 1905
6.500.
Chicago, Southern and local interests. It was assumed that 1920
24.00c. 1912._ -11.05c. 1904
10.45c. 1896
7.94c.
the report was the knell of bull speculation for some little 1919
33.15c. 1911
9.75c. 1903
9.60c. 1895
9.19t.
14.65c. 1902
32.05c. 1910
8.85c. 1894
time to come. The Department emphasized the reasons for 1918
6.19c.
*Aug. 17.
Increasing the estimate, and it was in line with some private reports recently issued. More particularly, the imFUTURES.
-The highest, lowest and closing prices at
provement is attributed to rains in September. They re- New York for the past week have been as follows:
vived drought-stricken plants to an unexpected degree. That
was the case especially in regions west of the Atlantic
Saturday, Monday,
Tuesday, Wednesday, Thursday,
Friday.
Oct. 3.
Oa. 5.
Oct. 6.
Oct. 7.
Oct. 8.
Oct. 9.
States. Plants that had been regarded as practically ruined
were benefited. The report hints that the abandonment of October
Range __ 22.75-22.92 22.75-23.07 22.87-23.02 22.79-22.99 21.20-22.83 21.31-213
acreage will be smaller than was at one time expected. The
Closing. 22.75-22.80 22.90-22.91 22.9421.35-21.42 21.8322.84breaking of the drought in Texas revived a considerable Nov.Range-- - - acreage which instead of being abandoned will be picked.
-- Closing _ 22.7822.90 -22.94-- -22.78 -21.30 -21.70- - Over a large part of the belt pickings are better than were Dec.
-Range.. 22.80-23.00 22.75-23.09 22.94-23.04 22.76-22.98 21.10-22.81 21.28-21.71
expected a fortnight ago. Rain stopped the premature openClosing. 22.80-22.82 22.90-22 92 22.95-22.97 22.76-22.79 21.32-21.37 21.72-21.7!
ing of bolls. In the western belt they increased the size of January
Range __ 22.04-22.22 22.01-22.35 22.20-22.31 22.00-22.27 20.26-22.05 20.49-21.5
immature bolls. Throughout most of the belt bolls have
Closing. 22.04-22.07 22.15-22.16 22.24-22.25 22.00-22.01 20.5520.56 21.00-21.5
opened so rapidly that there has been a scarcity of pickers. Feb.
Range..- - -22.50-22.50- - It might be added here that there were complaints in parts
- - - - Closing. 22.24 -22.37 -22.46 -22.22 -20.-76 -21.22-of the South of a scarcity of bagging, so great has been the MarchRange.. 22.32-22.51 22.30-22.60 22.50-22.62 22.27-22.5520.60-22.34 20.85-21.3
sudden call for it because of the sudden opening of the crop.
,
Closing- 22.32-22.35 22.46-22.46 22.52-22.54 22.27-22.29 20.90-20.92 21.3521.3
,
It is well known to be the earliest on record. Receipts at April-Range.- - - -- - the ports and interior towns are very large. The quantity
- - -- - Closing_ 22.4322.55 -22.63 -22.39 -21.00 -21.42brought into sight each week is heavy. Visible supplies in May
Range__ 22.55-22.7G 22.52-22.79 22.69-22.80 22.51-22.77 20.83-22.65 21.0521.51
the world are rapidly mounting. Manchester, although it
Closing_ 22.55-22.57 22.65-22.66 22.73-22.76 22.51-22.52 21.10-21.19 21.53-21.5!
reports a better home demand and rather more inquiry from JuneIndia, adds that the Indian bids are often impracticable.
Range-- - -- - -- - - - Closing_ 22.3522.45 -22.5220.93 -21.31 22.30And now the question is, how is the report going to affect July
Worth Street and Fall River? How will it affect Southern
Range._ 22.13-22.31 22.15-22.4522.29-22.32 22.06-22.40 20.4522.12 20.70-21.1'
Closing. 22.13-22.15 22.23 -22.54mills and those in Europe? Liverpool broke some 105 to 115 August
21.10-21.1'
22.06-22.08 20.76American points on Thursday. Egyptian cotton there fell
Range..--------------Closing.------------21.05about as much. There are increasing reports, too, of the Sept.
-- 21.45 -rapid development of trade in rayon. Cotton mills are using
Range __ ------------22.00-22.00
-- C1n1,,Er ------------21.00 -21.40
it more and more freely. It will be interesting to watch how
this development affects the cotton trade proper.
Range of future prices at New York for week ending
On the other hand, there are not wanting those who be- Oct. 9 1925 and since trading began on each option.
lieve that the Government report is altogether too high;
that the pendulum at Washington is swinging to the oppo- Olgi011 for
Range for Week.
Range Since Beginning of Option.
.
site extreme. From having underestimated the crop so Oct. 1925.. 21.20
Oct. 8 23.07 Oct. 5 21.20 Oct. 8 1925 25.71 Mar. 3 1925
badly last year it may now, it is suggested, be overestimat- Nov. 1925
22.16 May 14 1925 24.92 July 28 1925
Dec. 1925_
ing it, not so badly, perhaps, but still quite materially. Jan. 1926_ 21.10 Oct. 8 23.09 Oct. 5 21.10 Oct. 8 1925 25.72 Mar. 3 1925
20.26 Oct. 8 22.35 Oct. 5 20.26
8 1925 25.45 Mar. 3 1925
Moreover, there are those who believe that even 15,000,00 Feb. 1926._ 22.50 Oct. 5 22.50 Oct. 5 21.94 Oct. 14 1925 24.70 July 30 1925
May
0 Mar.
bales could be easily taken care of by the mills of the world May 1926._ 20.60 Oct. 22.62 Oct. 6 20.60 Oct. 8 1925 25.40 Apr. 27 1925
1926__
20.83 Oct.
1925 25.63 July
1925
this year. Cotton textile industry is steadily improving in June 1926 20.83 Oct. 8 22.80 Oct. 6 22.87 Sept. 8 1925 21.20 Sept.27 1925
4
12
this country. Mills have been very heavy buyers all the July 1926.. 20.48 Oct. E 22.45 Oct. 5 20.48 Oct. 8 1925 24.72 Aug. 17 1925
Sept. 1026.. 22.00 Oct. 8 22.00 Oct. 8 22.00 Oct. 8 1925 22.00 Oct. 8 1925
week, and for that matter for some little time past, with
occasional interruptions. On Thursday they were estimated
THE VISIBLE SUPPLY OF COTTON to-night, as made
to have fixed prices here on 100,000 bales or more. They up by cable
have been buying steadily on a scale down. This has been well as the and telegraph, is as follows. Foreign stocks, as
afloat, are this week's returns, and consequently
one of the principal supports of the market. But for this all foreign figures
are brought down to Thursday evening.
buying the decline on Thursday, sharp as it was, might have But to make
the total the complete figures for to-night
been sharper. Also, there was a certain amount of profit (Friday), we add the item
taking on the short side. The short interest, however, is including in it the exports of exports from the United States,
of Friday only.
on the whole believed to be increasing. Bearish sentiment
0-1. 91925.
1924.
1923.
1922.
is almost unanimous. Twenty-cent bears are now fixing Stock at Liverpool
bales- 441.000 356,000 331.000 592,000
Stock at
1.000
3,000
4.000
their ideas on something lower. The Southwest now needs Stock at London
Manchester
25,000
19.000
20,000
43,000
clear, dry weather. Latterly Oklahoma has had heavy
Total Great Britain
466,000 376,000 354,000 639.000
rains, and the indications on Thursday pointed to colder Stock at Hamburg
2.000
14,000
4.000
and wet weather in Texas. There is a good deal of open Stock at Bremen
119,000
66 000
31,000
92,000
Stock at Havre
68.000
70,000
47,000
98.000
cotton in that State. The Government report states that Stock at Rotterdam
3.000
5.000
4,000
7.000
throughout most of the belt cotton has opened so rapidly Stock at Barcelona
36.000
34.000
46.000
46,000
Stock at
15,000
8,000
25.000
that much cotton is unpicked and subject to damage and Stock at Genoa
15.000
Ghent
5.000
3.000
1.000
9.000
loss in the case of unfavorable weather. Another report will Stock at Antwerp
1.000
1.000
1,000
1,000
appear on the 26th inst. Whether it will be as favorable as
Total Continental stocks
240.000 196,000 169.000 272,000
the one just issued remains to be seen. It is certain that
Total European stocks
706.000 572.000 523,000 911.000
there is growing opposition to bi-monthly reports. Many India cotton
afloat for Europe_ 23.000 101.000
66.000
51,000
contend that it is not possible to issue reports of value dur- American cotton afloat for Europe 675,000 454,000 458,000 377,000
ing the growing season twice a month; that the Department Egypt,Brazil.&c.,afloatforEurope 124.000 115.000 80.000 78,000
Stock in Alexandria, Egypt
152,000 119.000 156,000
Is being required by Congress to do an impossible thing; Stock in Bombay, India
319,000 373,000 279.000 227.000
Stock
988,961 713,387 593.771 621.000
that it is doing its best, but that its best being merely an Stock in U. S. ports
844.848
in U. S. interior
attempt to do something inherently impossible, the law call- U.8. exports to-day towns--1,137,618 796,030 811.088 1,067,545
6,150
3,000
ing for such reports ought to be repealed at the earliest
Total visible supply
4.168,579 3.165.417 3.008.009 4.180,393
opportunity.
Of the above, totals of American and other descriptions are as
follows:
To-day prices advanced 45 to 50 points, mainly owing to
American
bales- 149,000 161,000 119,000 273,000
fears of damage from cold, wet rains In Texas and Okla- Liverpool stock
Manchester stocg
15.000
18,000
12.000
28,000
homa and a prediction of killing frost in Texas. There was Continental stock
193.000 154.000 110.000 211.000
675.000 454.000 458,000 377.000
a report at one time that storm warnings were up in the American afloat for Europe
U. S. port stocks
98 .961 713.387 593,771 844,848
Gulf. But it proved that they refer merely to small craft U.S. interior stocks
1,137,618 796.030 811.088 1.067;545
off the coast of Texas. Mill takings made a good exhibit U. S. exports to-day
6,150
3.000
for the week. Mill calling within 24 hours has been on a
Total American
3.161,579 2,293,417 2.110,009 2,804.393
East Indian, Brazil,
large scale. Some estimates put it at upward of 150,000
292,000 195,000 212.000 319.000
bales. Shorts became nervous. They covered here and at Liverpool stock
London stock
,000
3,000
4,000
the South. Spot markets advanced 35 to 50 points. The Manchester stock
7,000
4.000
8,000
15,000
Continental stock
47,000
42.000
59.000
basis on middling and above was firm, even though Memphis India afloat for Europe
61.000
66.000
23.000 101,000
51,000
reported the lower grades rather weak. New Orleans wired Egypt Brazil, &c., afloat
124.000 115.000
80.000
78,000
in Alexandria. Egypt
152.000 119.000 156,000
that the filling of October commitments had already begun. Stock in Bombay, India
227,000
Stock
319.000 373,000 279,000 621,000
Final prices show a decline for the week, however, of 108
Total East India, &c
1,007.000 872.000 898,000
to 130 points. Spot cotton ended at 22.10c. for middling, a
Total American
3,161,579 2,293.417 2,110,009 1.376,000
2,804,393
decline for the week of 105 points.
Total visible supply
4,168.579
The official quotation for middling upland cotton in the Middlind uplands, Liverpool- - 11.53d. 3,165.417 3,008,009 4,180,393
14.09d.
Middling uplands, New York- 22.10c. 24.80c. 16.50d. 13.15d.
New York market each day for the past week has been:
29.00c.
Egypt. good Salmi, Liverpool
28.554. 26.0011. 19 05d. 22.25c.
Oct. 3 to Oct. 9Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
23.00 23.15 23.20 23.10 21.65 22.10
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Oct. 9 for each of the past 32 years have been as follows:
Peruvian, rough good. Liverpool_
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
24.00d.
10.604.
11.00d.
21.004.
12.504.
13.15d.
18.75d.
13.25d.
14.404
19.40d.
14.506.
11.604.
12.504.
Continental imports for past week have been 188,000 bales.
The above figures for 1925 show an increase over last week
of 285,567 bolts, a gain of 1,003,162 over 1924, an increase
OCT. 10 1925.]
1809
THE CH RONTCT,E
QUOTATIONS FOR MIDDLING COTTON AT
of 1,160,570 bales over 1923, and a loss of 11,814 bales from
-Below are the closing quotations for
OTHER MARKETS.
1922.
middling cotton at Southern and other principal cotton
.C. AT THE INTERIOR TOWNS the movement-that is, markets for each day of the week:
the receipts for the week and since Aug. 1, the shipments for
the week and the stock to-night, and the same items for the
Closing Quotations for Middling Cotton on
Week Ended
corresponding periods of the previous year-is set out in
.5cuuraay mortally tuesaay. werraag. Taursa-y. macs.
OA. 9.
detail below:
Towns.
Movement to Oct. 10 1924.
Ship- Stocks
Receipts.
meats. Oct.
Week s
. eason. week,
g.
Receipts.
Ship- Stocks
ments. Oct.
Week. Season. Week. 10.
7.414 1,609 3,819
Ala.,Birming'm 3,989 17,667 3,722 7,631 2.503
6,511 2,072 4,000
Eufaula
3,000 19,791 2.000 12,000 4.000
Montgomery
5,362 61.443 3,741 22,848 8,053 44,487 5,883 17,994
Selma
7,566 53,978 3,536 31,664 6,883 31.284 4,023 16,753
951 12,264
Ark., Helena
5,878 31,986 2,674 23.090 5.882 17.014
Little Rock
15.540 69.847 8,703 34,104 17,823 48.712 11,004 26,117
Pine Bluff
11,945 43,543 3,888 32,997 12,396 25.164 6,066 19,849
418 2,083
123
6.687
2.625
272 2,500
545
Ga.. Albany
850 8,103 1.127
9,590
3,158
603 5,801
Athens
3,170
Atlanta
11,165 54.363 4,793 33,779 7,432 27,928 5.754 12,320
Augusta
20.361 143,023 8,688 89,140 9,033 67,218 4,706 28,002
6,939 1,921 3,090
Columbus... 7.850 20.625 2,702 11,483 2.644
Macon
3,508 36.128 1,714 22,996 2,385 15,272 2,655 4,986
9.588 2,037 6,534
Rome
3,248 11,611 1,692 7,155 3,960
La., Shreveport 8,355 76,942 9.872 27.725 6.000 31,000 4,000 25,000
___
7,113 ____ 4,165
Miss..Golumbus 4,326 16,708 2.772 8,788
Clarksdale- 11 982 74,584 5,95455.937 18,918 39,830 6,849 32,919
Greenwood.. 12,000 70,648 6.000 50.408 11,437 41.783 4,237 34,317
3,773 30,778 2,671 15,946 2,856 16,598 2,085 14.676
Merld1an
Natchez
3,152 28.910 2,149 14,435 3,367 14.053 2,170 5,642
Vicksburg_
3,661 25.111 2,131 14,234 2,798 12,572 1,451 8,891
3,192 25,000 2,272 17,842 3,244 13,736 1,246 12,040
Yazoo City
890 10,819 47,189 10,814 1,485
Mo., St. Louis_ 23,792 60.140 23,878
881 5,729
751
4,980
827 2,113
N.C.,Greensb'ro 2,078 11,139
52
2,599
700
535
107
Raleigh
824
100 1,085
3,898
746 2,779 7,972 11.405 5.019 5,316
2.390
Okla., Altus
7.554 1,385 4,101 8,425 14.236 5.914 5,801
3,576
Chickasha
Ok1ahoma... 5,907 13,401 4.407 3.885 5.791 17,991 2,640 5,154
S.C.,Greenv1ll. 10,517 37,501 7,225 22,295 3,947 18.805 1,842 7,306
2,416 ....... 2,687
489
Greenwood._
__ _.
2,916
277 1,923
Tenn..Memph 66,693 249,203 45,245106,039 37,810 108,223 21,852 51,448
392
68
190
___
16
272 __
Nashville....
133
Tex., Abilene_ 5,723 12,794 5,074 1,306 1:411
4,606 1,303
575
2,826
143 4,096 2.315 10.358
Brenham
152
437 3,689
691
3.394 1,086 1.005 2.780 12,350 2,736 2,680
Austin
7.567 39.08$ 7.948 9.273 9,959 40,782 6.768 10,939
Dallas
Houston_ _ .213,8801.461,485133,533415.913236.3351,383.018144,499 373,086
.
Paris
5,800 45,339 3,892 6,653 5,731 32.356 3,411 7,033
527 2,382 4,000 26.204 2,254 7,000
San Antonio_ 1,172 14,155
4.391 13,591 3,527 3,368 9.001 34,491 6,211 7,165
Fort Worth
Total 40 tnwna MR 7172 ono 5R53232051137618 440 4512.25S 211111388 155 704 n ...
,
The above total shows that the interior stocks have in-creased during the week 179,846 bales and are to-night
341,548 bales more than at the same time last year. The
receipts at all towns have been 28,285 bales more than the
same week last year.
MARKET AND SALES AT NEW YORK.
Futures
Market
Closed.
Spot
Market
Closed.
SALES.
Spot. Contet. Total.
Saturday__ Quiet, 15 pts. dec. _ Easy
Monday ___ Steady, 15 pts. adv. Steady
Tuesday - _ Quiet, 5 pts. adv___ Steady
Wednesday. Quiet. 10 pts. dec._ Easy
Thursday __ QuIet, 145 pts. dec_ Steady
Friday
toady,45 pts. adv. Steltdy
166
-Hit')
200
200
8,700 8.700
18,600 18,600
--- 25.600 25.600
Total
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
1924
Since
o•t. 9Since
-Week. Aug. 1.
Shipped
23.878
62.030
Via St. Louis
10.450
25.250
Via Mounds, &c
587
1,005
Via Rock Island
2.157
6.067
Via Louisville
4.526
32,231
Via Virginia points
85.122
19,112
Via other routes, &c
Week.
10,814
5,520
328
4,419
5.635
7.917
Aug. 1.
44.414
30.950
824
10,941
36.201
88,597
60,708
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &C--.. 1.594
516
Between interior towns
7,754
Inland. &c.,from South
211,705
34,633
7.287
4.268
69.411
3,668
420
9.763.
211.727
9,885
5,209
91.443
9.864
80.966
13.851
106.537
50.844
130.739
20.782
105,190
Total to be deducted
Leaving total net overland *
•Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 50,844 bales, against 20,851 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 25,549 bales.
In Sight and Spinners'
Takings.
Receipts at ports to Oct.9
Net overland to Oct. 9
South'n consumption to Oct. 9
1925
Since
Week.
Aug. 1.
367.670 2,335.002
130.739
50.844
85,000
910,000
563.514 3.375.741
Total marketed
Interior stocks In excess
179,846
972,850
Excess of Southern mill takings
*105,391
over consumption to Sept. 1
Came Into sight during week
Total in sight Oct. 9
683.360
North. spinn's' takings to Oct.9-- 67,363
4,243,200
*121,565
598,975
243,605
3.138.030
63.247
298,006
Movement into:sight in previous years:
22.70
22.31
22.10
22.32
22.38
22.80
22.80
22.38
22.43
22.10
22.10
22.32 . 22.37
22.38
22.38
22.75
22.75
22.19
22.06
22.75
22.75
22.75
22.70
22.92
22.92
22.65
22.55
22.55
22.55
22.06
22.75
22.60
22.82
22.45
__--
22.60
22.25
21.90
22.16
22.25
22.75
22.00
22.75
22.55
22.82
22.45
22.45
21.25
20.70
20.35
20.73
20.88
20.25
20.31
22.00
21.10
21.38
21.10
21.05
21.60
21.20
20.75
21.00
21.31
21.50
20.75
21.75
21.50
21.75
21.50
21.45
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Oct. 3.
Tuesday, Wednesday Thursday,
Oct. 8.
Oct. 6.
Oct. 7.
Monday,
Oct. 5.
Friday.
Oct. 9.
7
Dctober __ 22.29-22.31 22.39-22.42 22.45-22.49 22.25 -- 20.65-20.69 21.06-21.0'.
November.-------------------- 22.15-22.17 22.29-22.30 22.35-22.36 22.15-22.17 207-260 20.97-21.01
December_
22.34-22.35 22.11-22.13 20.58-20.61 20.97-21.01
January __ 22.13-22.15 22.27February _ - - -20.65-20.69 21.06-21.01
March__ 22.12-22.14 22.24-22.26 22.33-22.34 22.15---- - -- - -- - -April
22.14 -- 22.23-22.24 22.29-22.30 22.08-22.11 20.65-20.70 21.03-21.01
Slay
------ -- - - - - - rune
20.55 -- 20.9322.(3 --- 22.09 -21.9221.94lute
kugust- - -------September - - - - -- - - - -Tone
Steady
Steady
Steady
Steady
Steady
Steady
Spot
Steady
Steady
r....”..,_ st.,..is, at•It Steady
-•
StA,VIV
St.PA40
• AGRICULTURAL DEPARTMENT REPORT ON COT
-The Agricultural
TON ACREAGE AND CONDITION.
Department at Washington on Thursday of this week
(Oct. 8) issued its report on cotton acreage and condition
as of Oct. 1, and the following is the complete official text
of the report:
UNITED STATES DEPARTMENT OF AGRICULTURE.
Bureau of Agricultural Economics.
Washington. D. C., October 8 1925, 11 a. in. (E.T.).
Reporting Board of the United States Department of AgriculThe Crop
ture. basing its conclusions on data furnished by crop corresponddnts. field
statisticians, and co-operating State Boards (or Departments) of Agricul,
tore and Extension Departments, relating to the date of October 1 1925.
reports an indicated probable yield of lint cotton per acre for the culled
States of ab,mt 152.0 pounds as compared with 143.5 pounds on Sept. 16
1925 and a final estimated yield for 1324 of 157.4 pounds.
A yield per acre for the United States of 152.0 pounds, on the trti.nated
acreage, would result In a total production of about 14,759.000 bales of
500 pounds gross. But the final outturn of the crop may be larger or
smaller than the Oct. 1 indications, as developments during the remainder
of the season prove more or less favorable to the crop than usual. For the
nearest comparable date, that of Sept. 25, the average indications for the
nine years 1915-1923 have been 2% below the final ginnings. The greatest
decline after Sept. 25 during the nine years occurred in 1923, when the
September figure was ,d% above final ginnings, and the greatest increase
was in 1921. when it was 18% below the final ginnings this latter wide
divergence being in large part due to an under-estimate of acreage. The
indicated production on Oct. 1 last year, the first report for that date,
was 8% below final ginnings.
Last year the production was 13.627.936 bales, two years ago 10,139.671.
three years ago 9.762.069. four years ago 7.953.641. and five years ago
13.439.603 bales. The average production for the five years 1910 to 1914
was 14.259.231 bales, for 1915 to 1919 11.481.084 bales, and for 1920
to 1924 the average was 10,984.584 bales.
Details by States follow:
State.
Yield per Acre.
Area in
CuUivation Indicated.a Final
EsLiJune 25
Oct. Sept. mate
1925.
16 1924
1
Preltney)
1925. 1925. b
Lbs. Lbs. Lbs.
Acres.
98,000
Virginia
North Carolina-. 2,183,000
South Carolina... 2,740,000
3,564,000
Georgia
115,000
Florida
503,000
Missouri
1,219.000
Tennessee
3,425,000
Alabama
3,424,000
Mississippi
1,916,000
Louisiana
18,237,000
Texas
4,867,000
Oklahoma
3,649,000
Arkansas
New Mexico
139,000
163,000
Arizona
c170,000
California
All other
38,000
U. S. total
224
242
146
137
135
227
167
148
202
182
102
145
179
200
278
317
207
180
196
160
157
130
185
170
154
176
145
138
187
169
266
285
284
164
Production.
(500 Lbs. Gross Weight Bales).
indicated.a
Oct. 1
1925.
Bales.
48,000
1,150,000
850.000
1,085,000
36,000
240,000
465.000
1,220,000
1,750.000
835.000
3.875.000
1,540,000
1.400.000
60,000
94,000
d114.000
17.000
Sept. 18
1925.
Bales.
Final
Census
Ginning,
1924.
Bales.
45.000
1,103,000
837.000
1,019.000
32,000
239,000
425,000
1,053.000
1.447,000
729.000
3.873.000
1.471,000
1,387.000
58.000
94.000
113,000
16.000
39,000
825.000
807.000
1.004.000
19,000
189.000
356.000
988.000
1.099,000
493.000
4.951.000
1.511.000
1,098.000
55,000
108.000
78.000
12.000
41:1 44R non 112.0 143.8 157.4 14.759 000 13.931.00013.628.000
a Based upon al information available on the date to which the report relates,
and subject to change from developments during the remainder of the season.
b Per harvested acre. c About 150,000 acres in Lower California (Old Mexico)
not included in California figures nor in United States total. d About 75.000 bales
additional are being grown In Lower California (Old Mexico).
924-CROP REPORTING BOARD,
Since
W. F. CALLANDER, Chairman.
Approved:
Week.
Aug. 1.
S. A. JONES,
.1. A. BECKER,
It. W.DUNLOP,
320.898 1,858.426
D. A. McCANDLISS, E. A. LOGAN,
Acting Secretary.
20.782
C. H.ROBINSON.
W.H. RHODES.
105.190
65.000
887.000
COMMENTS CONCERNING COTTON REPORT.
406.480 2,648.816
192.495
610.979 The United States Department of Agriculture in giving out
• Decrease.
Week-Oct. 12
1923
Galveston
New Orleans
Mobile
Savannah
Norfolk.
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ -Dallas
Fort Worth_ _ _ _
00CACC”..4cotucmaa Urea
IpPo-.03,1oP.NOCTOWW0WWWW
Movement to Oct. 9 1925.
Bales. I Since Aug. 1490,59811923
Bales.
-3.085,372
its cotton report on Oct.8 also added the following comments:
Reports unite in indicating a larger cotton production in most of the
cotton belt than has previously been reported, even as late as the middle of
September. The October 1 indication of 14.759.000 bales of 500 pounds
gross weight is 828.000 bales larger than that of September 16. and 1.019,000
bales above that of September 1.
The chief cause of tbe improved prospect is that September raIng have
revived drought-stricken plants to an unexpected extent especially in
regions west of the Atlantic States. This rainfall has even benefited many
plants that had been regarded as hopelessly damaged. Since rains broke
the drought in Texas, a considerable cotton acreage that looked as though
It might be abandoned has revived and will be pleated. Pickings are indkat
1810
i
tbetter
was
in a large portion of
LneIn manyyields thanrains expected two weeks ago of open cotton. On the
the
localities
have reduced the grade
other hand, the rains tended to stop premature opening of bolls, and in the
western part of the belt increased the size of immature bolls. Throughout
most of the belt, bolls have opened so rapidly that there has been a scarcity
of pickers, so that much cotton is open and unpicked and subject to damage
and loss in case of unfavorable weather.
The boll weevil has not caused as much loss to the crop this year as was
anticipated earlier in the season. The long drought was unfavorable to the
survival and propagation of this pest. Leaf worms have lately appeared in
many places, but it is,Loo late for them to do much damage.
Considerable cotta production along the northern part of the belt
depends on the date of first frost. In Oklahoma the rains of the early part
of the month caused new bolls to set and the final outturn in this State is
very uncertain, depending upon whether the late bolls mature. In Texas
the crop in the western third of the State is late and early freezing weather
would cause a heavy loss.
COTTON GINNING REPORT.
-The Bureau of the
Census on Oct. 8 issued the following report showing the
number of bales of cotton ginned in each of the cotton-growing States the present season up to Oct. 1 in comparison
with corresponding figures for the preceding season:
Running Bales (Counting Round as
State1925.
1924.
Alabama
400,013
839,623
Arizona
22,531
16,674
Arkansas
536,753
230,165
California
12,577
8,000
Florida
28,925
10,958
869,657
394,330
Georgia
Louisiana
556.862
264,033
Mississippi
921,678
455,515
3,286
Missouri
48,977
[VOL 121.
THE CHRONICLE
Half Bales and Excluding Linters).
1924.
1925.
State2,788
6,372
New Mexico
36,495
North Carolina__ 392,970
243,320
287,300
Oklahoma
157,845
South Carollna____ 536,752
16,553
159,961
Tennessee
1,881,189 2,277,124
Texas
6,822
Virginia
135
3.195
All other
United States ___7,101,710 4,527.668
The statistics in this report include 97,964 round bales for 1925 and
140.779 for 1924.
The statistics for 1925 in this report are subject to slight corrections when
checked against the individual returns of the ginners being transmitted
by mail. The corrected statistics of the quantity of cotton ginned this
season prior to Sept. 16 are 4,282,459 bales.
-United States.
Consumption, Stocks, Imports and Exports
Cotton consumed during the month of August 1925 amounted to 448,665
bales. Cotton on hand in consuming establishments on Aug. 31 was
680,527 bales,and in public storage and at compresses 1.040,178 bales. The
number of active consuming cotton spindles for the month was 31,269,744.
The total imports for the month of August 1925 were 9.266 bales, and the
exports of domestic cotton, including linters, were 315,825 bales.
World Statistics.
The preliminary estimated world'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 ended 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.
Great
Great Conti- Japan&
Britain. neat. China. Total. Britain.
Bombay
1925
16,000
1.000 15,090
1924
2,000 14:656 16.000
1923
7,000 9,000 20,000 36,000
Other India
1925
10,000
2,000 8,000
1924
2,000
2,000
1923
1;666 1,000
2,000
Total all
1925
1924
1923
Coati- Japan et
TIM.
China.
Total.
7.000
13,000
21,000
84,000 173,000
82,00
28,000 144,
185.000
88,000 76,
185.000
24.000
4,000
8.060
78,000
25,00
35,000
102,000
29,000
43,000
31,000 160.000 81,000 275,000
17,000 53,00 144.000 214,000
26,000
3,000 23,000
4,000 14.666 18.000
76.000 228,000
1,66- 10,011 20.000 38.000 29.000 123.0
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
6,000 bales. Exports from all India ports record an increase
of 8,000 bales during the week, and since Aug. 1, show an
increase of 61,000 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
Cotton Takings,
Week and Season.
1925.
1924.
Season.
Week.
Season.
Week.
Visible supply Oct. 4
2,864,472
3,883,012
Visible supply Aug. 1
2,342.887
2,190,493
American in sight to Oct. 9
683,360 4,243.200 598,972 3,138,030
Bombay receipts to Oct. 8
62.000
5.000
135,000
11,000
Other India shipments to Oct. 8
2.000
102,000
29.000
10.000
Alexandria receipts to Oct. 7--60,000
217,200
247,800
74,000
Other supply to Oct. 7
64.000
6,000
214,000
10.000
Total supply
Deduct
Visible supply Oct. 9
4,671,372 7,254,287 3,536,447 5,731,323
4,168,579 4,168,579 3,165,417 3,165,417
Total takings to Oct. 9_a
502,793 3,085,708 371,030 2,565,906
Of which American
326,793 2,194,508 276,030 1,778,106
Of which other
501 2110
05.nnn
757.500
17R.000
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the estimated consumption by Southern mills
910.000 bales in 1925 and 687.000 in 1924-takings not being available
and the aggregate amounts taken by Northern and foreign spinners,
2,175.708 bales in 1925 and 1,878,906 bales in 1924, of which 1,284,508
and 1.091,106 bales American. b Estimated.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
October 7.
-The Bureau
CONSOLIDATED COTTON REPORT.
of the Census and the Agricultural Department made public
Thursday (Oct. 8) their consolidated cotton report, which
is as follows:
Washington,D.C.. Oct. 81925,(11 a. m.(E. T.)
Oct. 1 1925 Consolidated Cotton Report.-Ginnings to Oct. 1. 7.101,710
running bales. Indicated total production, 14,759 bales, 500 lbs. gross.
Census Bureau.
-Census report shows 7.101,710 running bales (counting
round as half bales) ginned from the crop of 1925 prior to Oct. I, compared
with 4,527,668 for 1924.
Agricultural Dapartrnent.-A United States production of 14,759,000 bales
(500 pounds gross weight), based upon Oct. 1 indications, is shown by the
Crop Reporting Board of the U. S. Department of Agriculture.
1925.
Exports (bales)-
1924.
370,000
1.084.259
Receipta (ranters)
This week
Since Aug. 1
-The DepartTHE WORLD COTTON OUTLOOK.
ment of Agriculture at Washington on October 6 issued an
elaborate report on the world cotton outlook. Persons
interested in this report will find it in an earlier part of our
paper under the heading "Indications of Business Activity."
-Reports
WEATHER REPORTS BY TELEGRAPH.
to us by telegraph this evening denote that outside of the
sections where there have been heavy rains, which delayed
picking and lowered grades somewhat, the week has been
generally favorable for cotton. In some States picking
is practically completed.
Texas.
-Conditions have remained about the same in
this State. The effects of worm and insect activity are
feared, though they have been somewhat diminished.
Mobile, Ala.
-Very little cotton remains in the fields, but
it is the theory that there is considerable cotton at the gins.
There have been local rains in the interior on two days in
scattered localities; damage to cotton has been slight.
Since August 1.
For the Week.
Exports.
300,000
1.248.421
1923.
300,000
868.716
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week Aug. 1.
To Liverpool
8.000 15,496 10,250 27.087 6.750 17,050
To Manchester, &c_ __ _ _ 7,000 21,085
---_ 23.870 3.500 25.001
To Continent and India_ 9,000 34,985 9,500 40,749 9,650 49,007
To America
600 5,215 ---- 4,669
---- 6,745
Total evoorts
24000 75.901 20 550 98.921 19.900 95.725
Note.
-A cantar is 99 lbs. Egyptian ba m; weigh about 750 lbs.
This statement shows that the receipts for the week ending Oct. 7 were
370,000 canters and the foreign shipments 24.000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both cloths and yarns is easy. Merchants are buying very
sparingly. We give prices to-day below and lave those for
previous weeks of this and last year for comparison.
1924.
1925.
83( Lbs. Shirt- Cotton
8M Lbs. Shirt- Corron
32s Cop tags, Common MidcU'g 323 Cop ings, Common Midep
to Finest.
Uprds
Upl'cls Twist.
to Finest.
Twist.
July10
17
24
31
August
7
14
21
28
September
4
II
18
25
.__
October
2
A
d.
it.
20 a2134
20 a21M
20 a21M
203(a21M
s. d.
16 3
16 3
16 3
16 4
s. it.
al6 5
a16 6
016 6
a16 7
it.
13.67
13.92
14.08
13.53
it. s. d.
d.
25 a27 18 1
24Ma253( 182
26 a27M 19 4
2634a28 19 6
s. d
018 4
018 5
0200
a20 2
6.
16.35
16.73
17.74
18.18
203(a214
20 a21
20 a21
20 a21
16
16
16
16
a16 6
a16 6
ale 7
al6 6
13.35
12.93
13.07
12.60
26 a27% 19 6
25Ma263( 196
25 02614 19 6
25 028 182
020 2
a20 2
020 2 •
018 4
17.38
16.94
16.08
15.76
3
3
3
2
Thermometer
Rain. Rainfall.
12.51 24 a2534 18 0 018 4
16.16
193(a203‘ 15 5 al6 1
1 day 0.01 in. high 87 low 76 mean 82
13.01 24 02514 18 0 a18 3
20 021 154 016 0
14.21
2 days 0.05 in. high 94 low 46 mean 70
13.57 23 a2414 172 017 6
2014a22 156 a16 2
13.54
high 90 low 74 mean 82
dry
12.91 23 a253( 17 4 018 4
2014a22 15 6 a16 2
14.09
high 88 low 76 mean 82
dry
2 days 0.981n. high 96 low 52 mean 74
12.7? 2414a263( 178 al8 6
193(a21 15 5 al6 1
_ __ _mean 72
15.23
dry
11 53 24 a26 18 0 018 4
istiaPos.4 15 2 015 6
1A110
high 92 low 62 mean 77
dry
high 92 low 70 mean 81
dry
low 60
-As shown on a previous page, the
SHIPPING NEWS.
1 day 0.70 in.
2 days 1.39 in. high 96 low 56 mean 76 exports of cotton from the United States the past week have
1 day 0.32 in. high 91 low 52 mean 72
3 days 3.11 in. high 89 low 52 mean 71 reached 173,440 bales. The shipments in detail, as made
3 days 2.29 in. high 88 low 51 mean 70 up from mail and telegraphic returns, are as follows:
3 days 1.16 in. high 93 losv 59 mean 76
Braes.
high 92 losv 66 mean 79 NEW YORK
dry
-Oct. 2
-Scythia, 200---Oct. 2
-To Liverpool
2 days 0.79 tn. high 91 low 62 mean 77
Conti,,, 192
2 days 0.72 in. high 96 low 59 mean 80
-----------------------------------------392
To Havre-Oct.2 Schodack, 176
178
1 day 0.32in.__ mean 83
To Trieste-Oct. 1-Laura, 100
100
-70 mean 82
high 94 laii
-Delaware, 200
To Copenhagen-Oct. 2
200
1 day
.57 in. high 95 low 76 mean 82
To Rotterdam-Oct. 2-Volendam, 300
300
high 88 low 63 mean 76
To Bremen Oct. 5
-Bremen,200
200
2 days
01 in. high 94 low 63 mean 78
To Genoa-Oct. 5
-Brenta it, 47
47
2 days 0.30 in. high 92 low 64 mean 78
-City of Chester, 26
To Manchester-Oct.2
high 85 low 53 mean 71
1 day 0.15 in.
-Pittsburg. 100
To Antwerp-Oct. 5
3 days 2.89 in. high 89 low 58 mean 74 NEW ORLEANS
Liverpool-Sept. 30
-To
-Duquesne, 4.142.-1®
-Benefactor, 10,563_ -Oct. 6-Lavada, 3,122
Oct. 3
17,827
INDIA COTTON MOVEMENT FROM ALL PORTS.
-Duquesne, 1,487.--Oct. 3
To Manchester-Sept. 3
-Bone.
The receipts of India cotton at Bombay and the shipments
factor. 1.650
------- -- --3337
To Havre
-Se --t. ---------------from all India ports for the week and for the season from
11,934
To Antwerp- ept. 30-Elmsport, 501
501
Aug. 1, as cabled, for three years, have been as follows:
To Ghent
-Sept. 30-ElmsPort. 1.667
1,667
To Genoa-Sept. 30 West Modus, 2,240
2.240
Modus, 900
-West
To Naples
-Sept. 30
900
1925.
1923.
1924.
To Copenhagen-Oct. 1-Arkansas, 750.--Oct. 3 Tortugas.
October 8.
500----------------------I Since
Since
Receipts at
Since
--------------- 1 253
.
To Colon-Oa.-2 - ii)inicerez, 5
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
To Barcelona-Oct. 2
-Barcelona, 1,140
181:41400
-Wt Tacook, 11,648_ Oct. 2
es
To Bremen-Oct. 2
-Horn11.000 135,000 5.000 62.000 10.000
Bombay
95,000
-West Mumma.2,531
CAD. 4,320-Oct.3
Galveston. Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Palestine
San Antonio
Taylor
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
New Orleans, La
Shreveport
Mobile,Ala
Selma
Savannah,Ga
Charleston,8.0
Charlotte, N.0
Memphis. Tenn
§ii
THE CHRONICLE
OCT. 10 1925.]
Bales.
! Japan-Oct. 1-Patrick Henry, 10,319
To
10,319
To Hamburg
-Oct. 2-Horneap, 200
200
To Valparaiso-Oct.2
-Mineola, 17
17
To Gothenburg-Oct.3
900
-Tortugas. 900
1. To Rotterdam-Oct. 3
-West Norranus, 1.065---Oct. 7
Edam,609
1,674
GALVESTON-To Oporto-Oct.3
-West Chetala, 2.800
2,800
-West Chetala, 200
To Bilboa-Oct. 3
200
-West Chetala. 300
To Passages-Oct.3
300
-Warrior, 3,728
To Liverpool-Oct. 7
3.728
-Warrior, 579
To Manchester-Oct. 7
579
-Holland Maru,2.300
HOUSTON-To Japan-Oct.3
2,300
-Warrior, 6,772
To Liverpool-Oct. 6
6,772
-Warrior, 100
To Manchester-Oct. 6
100
To Bremen-Oct. 7-Linbergen. 15.857
15.857
-Barcelona. 2,294
To Barcelona-Oct. 7
2,294
-President McKinley,
PORT TOWNSEND-To Japan-Sept. 23
-Paris
250---Sept. 25-Asuka Maru, 5,399 ..Sept. 29
Maru, 3,025
8,674
SAVANNAH-To Bremen-Oct. 8-Neidenfels. 10,782; Ronda,
8,059
18,841
To Warburg-Oct. 7
-Arkansas, 50
50
To Copenhagen-Oct.7
-Arkansas, 100
100
To Japan-Oct. 8
-City of Stockholm, 5,500
5,500
To China-Oct. 8
-City of Stockholm. 1.600
1,600
CHARLESTON-To Liverpool
-Oct. 2-Magmeric, 6,600
6,600
To Manchester-Oct. -Magmeric, 883
883
NORFOLK
-To Bremen-Oct. 5-Legie, 1,001--_Oct. 8
-Hornfete, 1,300
2,301
To Liverpool
-Oct. 6-Nessian, 250
250
To Manchester-Oct. 6-Nessian, 900; Coelleda, 200
1,100
MOBILE-To Havre-Oct. 5
-Missouri, 1.800
1,800
-Maiden Creek, 7,851
To Liverpool
-Oct.8
7,851
-Maiden Creek,550
To Manchester-Oct.8
55()
SAN FRANCISCO-To Japan-Oct. 1-Havana Meru, 3.000
-President Lincoln. 2.488
Oct. 3
5,488
To China-Oct. 1-President Lincoln, 200
200
JACKSONVILLE
-To Bremen-Oct.8-Raby Castle, 1.100
1,100
PRNSACOLA-To Liverpool
-Oct.8
-Maiden Creek. 1,124
1,124
SAN PEDRO-To Liverpool
-Sept.30-Chincha, 100
100
To London-Oct.5-DinteldUk, 100
100
To Havre-Oct. 7
-Georgic, 550
550
Total
173,440
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Sept. 18. Sept. 25.
Oct. 2.
44,000
46,000
39,000
17.000
17.000
18,000
1,000
1,000
1.000
59,000
60.000
61.000
436,000 436,000 420,000
134,000 138.000 118,000
28,000
61.000
45,000
13,000
40,000.
230,000 221,000 305,000
138,000 114,000 217,000
Sales of the week
Of which American
Actual exports
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
Oct. 9.
41,000
19.000
1,000
65.000
441,000
149,000
84,000
71,000
304.000
196,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Market, (
12:15 (
P. M. l
Quiet.
Good
demand,
Good
demand,
Good
demand,
Mid.Upl'els
12.42
12.36
12.41
12.50
12.33
11.53
Sales
5,000
8,000
7,000
6,000
8,000
6,000
Good
demand.
Friday.
Moderate
demand.
Futures. ( Barely st'y Quiet at Quiet un- Quiet but Steady at Steady at
Market l 6 to 14 7 to 10 changed tc ,t'y. 4 to 6 7 to 10 14 to 23
opened l pts. dec. pts. dec. 1 pt. dec. pts. adv. pts. dec. pis. dec.
Market, I Quiet but Steady at Steady at Quiet at Easy at Steady at
4
l st'dy,5to 9 2 pts. adv. 3 to 4
1 to 2 46 to 47
to 8 pts.
P. M. I pts. dec. to 1 pt.dec. pts. adv. pts. dec. pta. dec. 1decline.
Prices of futures at Liverpool for each day are given below:
Oct. 3
to
Oct. 9.
Sat.
Moe.
Tues.
Wed.
Thurs.
Fri.
1234 1234 1234 4:00 1234 4:00 1234 4:00 1214 4:00 1254 4:00
p. m p. m.p. m.p. m.p.m.p.m p. m.P. M P. m.p. m p. m.p. m.
d. d."1 d. d.
d. d.
d. d. d. d. d.
d.
October
2.05 11.96 12.07 12.06 12.10 12.15 12.0811.98 11.41 11.1811.33
November --------11.9211.8211.9211.91 . 12.00 11.9311.84 11.26 11.05 11.20
December
__ ... 11.92 11.83 11.9311.92 11.96 12.00 11.94 11.85 11.27 11.06 11.21
January
1.92 11.83 11.92 11.91 11.95 12.0011.93 11.84 11.27 11.06 11.21
February
__
11.91 11.82 11.91 11.90 . 11.99 11.92 11.83 11.27 11.07 11.22
March
.11.96 11.8611.9511.94 11.9812.04 11.96 11.8811.32 11.14 11.29
April
11.94 11.85 11.93 11.92 1.96 12.02 11.9511.87 11.31 11.1411.30
May
11.98 11.89 11.97 11.96 12.01 12.07 12.0011.92 11.37 11.22 11.36
June
11.91 11.82 11.9011.89 11.9311.99 11.9211.84 11.31 11.1611.30
July
11.90 11.8111.89 11.88 11.92 11.97 1.91 11.83 11.31 11.16
August
11.7 11.70 11.78 11.77 11.81 11.86 11.8011.73 11.26 11.12 11.30
September ____ __ 11.69 11.62 11.68 11.68 11.71 11.77 11.7011.63 1.24 11.09 11.24
1.21
BREADSTUFFS.
Friday Night, Oct. 9 1925.
Flour at one time was 10c. to 25c. higher on spring patents, hard winter straights and hard winter patents. But
trade still clung to the old rut. Purchases were for prompt
delivery to supply immediate needs. It was the old story.
Buyers, however, had an additional incentive to hold off
when wheat recently declined some 25c. and seemed likely
to go still lower. Export trade was still slow or absent.
Recently the clearances have shown a suggestive decrease.
The Pittsburgh Milling Co. has announced that it is in no
way concerned in the rumors of mergers of milling companies in the United States. The "Northwestern Miller"
said that last week's flour output did not quite maintain
the high average of the previous week, but was larger than
that of the same week last year. Shipping instructions
were active, and with the heavy recent bookings of patents,
mills have too much clears. There is no great accumulation,
however, the demand being almost sufficient to absorb the
offerings. Export clearances from New York on Oct. 3 were
29,007 sacks, or 21,000 bbls. to scattered ports. Total Atlantic clearances were 22,000 bbls. Prices advanced later
10 to 25c. in some cases. On the 6th inst. clearances from
New York were 33,346 sacks, chiefly to Southern Europe.
Some 1,000 bbls. were cleared from Baltimore and 7,000
from New Orleans, making a total of 32,000 from Atlantic
1811
seaboard ports on that day. Minneapolis reported some
falling off later in its trade.
Wheat, after declining, turned and advanced on the 5th
inst. 2 to 3c. Heavy covering by Eastern and Northwestern
shorts caused the rise. Cold rains and snows in three provinces of Canada put up Winnipeg prices. Liverpool, too,
advanced 1 to 1%d., with Russia shipping less rapidly than
had been expected. American cash markets were strong.
Exporters took 400,000 bushels of Manitoba on the 5th inst.
in addition to Winnipeg business with Europe. New York
exporters were at last said to be making money; the Canadian pool, it seemed, no longer sold at prices that shut out
New York. Thus far, however, of about 30,000,000 chartered for ocean passage this season most of it has gone from
Montreal. The bulk went to the Continent. Domestic cash
markets attracted attention early in the week. Hard winter was more difficult to get. A cargo of 230,000 bushels
of durum was due at Chicago on the 5th, from Duluth, and
was expected to go ultimately to the chicken feed trade, as
it was very cheap. An increase of 4,549,000 bushels in the
American visible supply raised the total to 49,371,000, against
44,822,000 last week and 81,897,000 last year. In Chicago
the conspicuous features early in the week were decidedly
colder weather, with snows over most of Canada. The movement of spring wheat fell off somewhat. On the 6th inst
prices advanced 5c. in an oversold market and big covering. Also, storms halted threshing in this country. The
supply may after all be short east of the Rocky Mountains.
Yet over 30,000,000 bushels have been exported from the
United States since July 1. There were generally further
cancellations by Russia reported. Crop news from the
Southern Hemisphere was less favorable. There are prospects of a reduction in the acreage of Australia and India
due to drought. Argentina, too, though doing well, now
will soon need rain. Russia and other countries are said
to have overestimated their crops. December was %c. over
May, as against %c. discount under May on the 5th inst.
The Northwestern Grain Dealers' Association estimate of a
crop of the three Canadian provinces at 400,400,000 bushels,
or 148,000,000 larger than their revised figures of last year
fell flat. Bullish news neutralized it in a market more in
sympathy with the bull side after the recent big decline.
The technical position was strong. Some. 200,000 bushels
of spring wheat were sold early in the week at 31
/c. advance. An Arkansas mill bought 5,000 bushels at Chicago,
which is a rare occurrence. Chicago from a follower of
Winnipeg and Minneapolis became a leader. Prices after a
recent decline of 25c. or more, advanced 8 to 9c. from the
recent low. Dry weather is needed in the Canadian Northwest for threshing. Winter wheat seeding, moreover, it is
feared, may be delayed in this country by bad weather. A
break of 314 to 4c. occurred on the 7th inst., with heavy
New York and Canadian selling in Chicago. The technical
position had been weakened by the sharp rise and heavy
recent buying. The short interest had evidently been greatly
reduced. The Canadian pool is said to have sold 500,000
bushels to France and the seaboard sold 300.000 to foreigners. Receipts were somewhat delayed by unfavorable
weather in the spring wheat section. And premiums were
strong in American markets. Liverpool, too, was % to 12
/d.
1
higher on the 7th inst. An increase of 21,233,000 bushels
In the world's available stock the past week made the total
146,505,000 bushels, against 170,023,000 last year, and attracted considerable attention, as supplies have increased
nearly 42,000,000 bushels in the past two weeks, the bulk of
the gain being in Canada. The curious trend of the cash
trade continued with St. Louis mills taking 30,000 bushels
of dark No. 1 Northern at Minneapolis on the 6th inst. at a
price equal to 27c. over Minneapolis December delivered at
St. Louis. People stared at this. Winnipeg, Man., wires
said that all records for grain loadings in Western Canada
had been broken. Up to Oct. 2 100,418,386 bushels of the
1925 wheat crop had been loaded into 66,351 cars. Marketing figures were also unprecedented, being 120,623,957 bushels, or nearly 50% of the wheat crop of 1924. Prices fell 2%
to 3c. on the 8th inst., with Liverpool down 314d. to 3%d. and
/
Winnipeg 2% to 3c. To-day the tone was firmer and the ending at Chicago 12 higher for the day. Winnipeg was up
/c.
1
1% to 2c. Speculation widened out. English prices were
better than due. That alone caused "long" buying and not
a little covering. On the upturns, however, there was a good
deal of profit taking. Yet on any recession a good demand
was encountered. New York was buying. Selling was scattered and could not easily be traced. Receipts were very
light. Chicago expects only four cars to-morrow. That of
itself told. So did the firmness of hard wheat in Chicago;
mills took 60,000 bushels at 7c. over new December. The
relative scarcity of winter wheat was thus brought out
very conspicuously.
The Northwestern movement was
small. The weather in Canada was better and larger receipts are expected there next week. Export sales were
300,000 to 400,000 bushels of Manitoba and durum. That
NV:1S disappointing. At Winnipeg the Canadian
pool was
said to be selling rather heavily. Many evened up for the
Government report to appear after the close. Last prices
showed a rise for the week of 414 to 41
/
/4e. To-day the Government report put the winter wheat crop at 416,000,000
bushels. against 590,037,000 in 1924 and 571,959,000 in 1923.
It estimates the spring wheat crop at 282,000,000
bushels,
1812
[VOL 121.
THE CHRONTCLE
against 282,636,000 last year and 225,422.000 in 1923. The against a decrease in the same week last year of 1.203.000
total of winter and spring is put at 700,000,000, as against bushels. It is now 8,726,000 bushels. against 12,440.000 a
year ago. On the 6th inst. trading at Chicago was 1.2'20.000
873,000,000 last year.
bushels. To-day, after acting firm at first in sympathy
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat Mon. Tues. Wed. Thurs. Fri.. with a rise in wheat, rye declined and ended / to %c. lower
1
2
15534 15334 15234 154
No. 2 red
cts_14734 150
for the day. There was an absence of export demand. That
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. of itself was a regrettable feature. Many, too, were disSal. Mon. Tues. Wed Thurs. Fri.
December delivery In elevator_cti.13234 13554 14014 13731 13631 13711 posed to await the Government report after the close. No
13734 13934 foreign business was reported. The net changes for the
May delivery in elevator
13434 13631 14034 138
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG. week take the shape of a rise, however, of / to %c., the
1
2
Sat. Mon. Tues. Wed. Thurs. Fri.
October delivery in elevator_ -_cts_119
12134 12534 124% 121% 123'A latter on May. Speculation has been light all the week and
11734 119"A there has been an absence of really striking features. To12234 12034
December delivery in elevator
11634 119
May delivery In elevator
121
12331 12734 12514 12231 12434
day the Government report put the crop at 52 nnn 000 bushIndian corn declined early in the week and then advanced els, against 63.446.000 last year, 63,077,000 in 1923 and 103,helped to put up 362,000 in 1922, the high record crop. Burley is put at 227,with wheat, though not so sharply. Rains
the price. Clear weather is needed to dry out new corn. 000,000, against 222,000,000 last month and 188,000,000 last
The visible supply In the United States increased last week year.
1,061,000 bushels, against 1.013,000 last year. It is now
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
5,470,000, against 7,153.000 last year. The National Corn December delivery in elevator_cts_ Sat. Mon. Tues. Wed. Thurs. Frt.
81
83
81% 8036 80
79
back May delivery in elevator
Growers' Association advised Iowa farmers to hold
85
8634 88.11 8731 8614 8534
their corn for the cost of production. Country offerings
Closing quotations were as follows:
Old corn advanced
have been light for several days.
FLOUR.
1
2
sharply, with the basis / to lc. higher on the 6th inst., with Spring patents
$5 ooass 50
17 75a 8 25 Rye flour, patents
spring
4 Hc.
7 00a 750 Seminola No.3,lb
/
1
No. 2 yellow up to 54c. over the December. Primary ar- Clears,firststraights
Soft winter
2 70 a2 80
6 60-i 7 00 Oats goods
rivals on the 6th inst. were 369,000 bushels, against 884,000 Bard winter straights_ 7 75s 825 Corn flour
2 50 a2 60
8 25a 8 75 Barley goods
a week ago and 850,000 last year. Shipments were 390,000 Hard winter patents
Hard winter clears
Nos. 2, 3 and 4
400
6 75a 7 50
bushels, against 265,000 last week and 351.000 last year. Fancy Minn. patents
Fancy pearl, No. 2, 3
9 25a 9 90
700
and 4
9 40a 9 90
A drop of 2 to 3c. came on the 7th inst. Hedge selling told; City mills
GRAIN.
also, scattered liquidation. Prices fell to a new low level
Wheat, New YorkOats
for this season. Yet country offerings were small and the
No. 2 red, f.o.b
No. 2 white
4834
1.54
No. 1 Northern
1
2
No. 3 white
48
1.56
spot basis was actually / to lc. higher. No. 2 yellow was
No.2 hard winter. f.o.b-1.55.14 Rye, New York
over December. On the other hand, bids for new No. 4
62
/
1c.
No. 2 f.o.b
8734
grades in Iowa and Nebraska to-night for shipment by Dec. CornBarley. New York
9934
No. 2 mixed
Malting f.o.b
87 @ 91
bushel to the producer in many sec15 are below 60c. per
No. 2 yellow
1.00
tions, as low as 57c. being quoted in parts of Nebraska.
For other tables usually given here, see page 1760,
6th Inst. involved 9.220.000 bushels.
Chicago trading on the
AGRICULTURAL DEPARTMENT'S OFFICIAL RE/
1c.
Later a new low price was made, or a drop of 42 since
-The Crop Reporting Board of
the 5th inst. Professional buying caused a rally of lc. Cash PORT ON CEREALS, &c.
demand was better over a wide stretch of country, includ- the United States Department of Agriculture made public
1
2c.
ing Canada, and the spot basis ended unchanged to / on Friday, Oct. 9 its forecasts and estimates of grain crops
higher. To-day there was a very noticeable firmness, and of the United States as of Oct. 1, based on reports and data
/
2
the last prices were some 11c. higher for the day. The furnished by crop correspondents, field statisticians, and
tone of late has been growing stronger, even if changes in co-operating State Boards (or Departments) of Agriculture
prices have not been very marked. The trouble is, however, and Extension Departments. We have room now only for
that on any moderate upturn there is enough corn available the general summary. The complete report by states will
to check the rise. To-day the outstanding feature was the be given next week.
UNITED STATES DEPARTMENT OF AGRICULTURE,
unsettled weather throughout the belt. Rains prevailed in
Bureau of Agricultural Economics.
some sections. There was snow in Illinois and Iowa. The
Washington, D. C., October 9 1925, 3 p.m.(E.T.)
The Crop Reporting Board of the United States Department of Agriculture
smallness of country offerings attracted attention. Remakes the following forecasts and estimates from reports and data furnished by
ceipts were small. The cash demand was fair. Everybody crop correspondents, field statisticians and co-operating State Boards (or Departwas awaiting, however, the Government report, which was ments) of Agriculture and Extension Departments:
For the United States.
to appear after the close. But many consider corn very
cheap in comparison with the price of live hogs, and the
Condition.
Acreage 1925.
fact, too, that Hamburg, Germany, has been buying small
Oct. la Sept. 1a Oct. 1a Oct. la
P. C.
Croy.
lots for export this week, possibly 100.000 bushels. Final
1925. 1925. 1924. 10
Acres.
of
-Fe.nv
/
2
P. C. P. C. P. C. P. C.
prices show a net loss for the week, however, of 21/4 to 21c.
1924.
To-day the Government report put the crop at 2.918.000.000 Corn
75.5
65.3
77.7
101.5 106,621,000 76.2
bushels, against 2,885.000.000 a month ago, 2,437,000,000 Winter wheat
90.1 32,813.000
75.0
Spring wheat
119.2 21,181,000 ____
harvested last year and 3.053,557,000 in 1923.
DAILY CLOSING PRICES OF CORN IN NEW YORK."'"
Sat. Mon. Tues. Wed. Thurs.fFri.
9931
9934 9631 96
No.2 mixed
cts_ 9/114 99
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat Mon. Tues. Wed. Thurs. Fri.
4 7431 7631
December delivery in elevator_cts- 7734 7634 7814 758
May delivery In elevator
8134 8131 8234 8031 7934 8031
Oats advanced at one time with other grain, but reacted
later. They always moved with wheat and corn, mostly
with wheat. Speculation was not at all active. The American visible supply increased last week 1.352,000 bushels,
against an increase of 4,780.000 in the same week last year.
It is now 65,818,000 bushels, against 52,716.000 a year ago.
Fluctuations were mostly fractional. Trading was of a
local character except that early on the 7th inst. there was
some buying attributed to European interests. On the 6th
Inst. Chicago trading was 1,983,000 bushels. While other
grain broke, decreasing stocks put up prices for oats on the
8th inst., after an early fractional decline. To-day prices
were very firm all day, although the net changes were not
1c.
2
marked. They amounted to a rise of only y, to / For all
that oats felt the firmness in corn. That was really a dominating feature, although the speculation was light. There
was a fair cash demand and receipts were moderate. The
country was offering practically nothing at all. Final
prices show little net change for the week. They were %
to / higher, however, than last Friday. The Government
1
2c.
report put the crop to-day at 1,470.000.000 bushels, against
1,462,000,000 last month and 1,542.000,000 last year.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Man. Tues. Wed. Thurs. Fri.
No. 2 white
4834 4834
4834 48
cts_ 4736 48
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs.Fri.
December delivery in elevator_cts_ 39
3934 4014 394
39H
May delivery in elevator
43' 4431
43% 4334 4454 43
bAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October delivery In elevator-cts. 4214 4236 44
44% 4334 4434
December delivery in elevator
4114 4294
4236 423
41% 42
May delivery in elevator
463.i
4534 4536 4674 4636 455
391
Rye advanced on a fair demand, partly on the postulate
that rye is too cheap as compared with wheat. The Ameni
can visible supply increased last week 880,000 bushels,
All wheat
Oats
Barley
Rye
Buckwheat
Flaxseed
Rice
Grain sorghums_b
Hay, tame
Hay, wild
Hay, all
Pasture
Beans, dry edible b
Peanuts
Apples, total crop
Pears, total crop
Crapes
Potatoes, white
Sweet potatoes
Tobacco
Sotrhurn fnr alrnn
99.6
104.7
124.6
100.3
100.0
94.6
111.9
102.9
98.8
94.1
97.9
113.1
92.2
94.3
108.1
98.9
1)8.3
53,994,000
44,467.000 ____
8.826.000 ......_
4,184,000 . .._
823,000 81.3
3,093,000 71.1
998,700 78.9
5,234,000 70.9
80.745.000 --__
14,051.000
_
74,796,000
- - .8
7
6
1,584.000 - _ _
909,000 87:3
62.8
66.4
72.0
3,453,000 72.5
1,014,000 60.6
1,693.000 75.5
397 000 61 4
Total Production in Millions.
82.1
80.3
____
86.8
69.7
78.2
69 3
76.1
81.3
83.8
79.9
83.9
- -5
90.
72.2
85.0
75.5
- - :a
82
- 2.6
1
71.1
57.0
67.4
63.5
84.3
62.1
71.3
67.4
-7
77:i
57.7
_
772:8
77.6
72.1
52.5
83.9
72.6
73.1
63.0
75.2
62.2
66.5
80.0
74.6
79.4
81.0
796
Yield Per Acre.
Harvested.
Oct 1
1925.
Sept.1
1925.
Indicated
Harvested.
by
5-Yr.
Conditio a
5
-Year
1924. Average Oct. 1
1924. Arerage
1920-24 1925.c
1920-24.
Corn
bu_ 2.918
Winter wheat
" d418
Spring wheat
" d282
All wheat
" 5698
Oats
" d1,470
Barley
" 5227
Rye
" 552.0
15.8
Buckwheat
"
23.2
Flaxseed
"
35.8
Rice
"
Grain sorghums b "
102
Hay tame
tons 585.7
Hay, wild
" d12.4
Hay. all
" d98.1
Beans,dryediblebbu. 517.8
581
Peanuts
lbs.
Apples, total crop ho.
164
do comml crop bbis 30 1
Peaches,totalcropbu. 547.7
18.2
Pears, total crop_ "
tons 2.17
Grapes
344
Potatoes, whlte bu.
74.3
Sweet potatoes "
lbs. 1.229
Tobacco
qnrphltrn Rtrun..gol,
. 29.2
2,885
d416
284
700
1.462
222
552.0
16.0
23.0
35.3
101
81.2
d12.4
93.6
.17.6
608
162
30.4
47.7
18.0
2.15
344
75.6
1,247
2 2
9
2,437
590
283
873
1,542
188
63.4
16.0
30.2
34.0
114
98.0
14.5
112
13.6
616
179
28.6
53.1
18.6
1.78
455
71.9
1,241
27.3
Indicated by
CondUton.c
Crop.
2,935
592
245
837
1.328
182
70.4
14.4
15.3
39.8
112
91.0
16.2
107
12.2
714
181
30.4
46.5
17.1
e2.03
418
96.2
1,331
38.2
27.4
512.7
513.3
512.9
533.1
525.7
d12.4
19.2
7.5
35.9
19.5
51.41
5.88
d1.31
511.2
640
99.2
73.3
72.6
69 fl
23.2
16.2
15.9
18.1
36.3
26.5
15.2
19.6
9.2
38.1
22.5
1.59
.97
14.47
9.7
625
124.2
76.6
726
P7 7
28.3
14.7
12.3
13.9
31.3
24.5
14.1
19.4
8.2
39.0
21 9
1.52
1.04
1.42
11.2
675
107.8
94.2
768
81.5
a or at time of harvest. S Priti ipal producing Suacti.
Imerpreted from
condition reports. Indicated product ons increase or de, rinse with changing conditions during the season. d Preliminary estimate. e Three-year average 1922-24.
OCT. 10 1925.]
THE CHRONICLE
1813
WEATHER BULLETIN FOR THE WEEK ENDED The latter are expected to be shown about the second week
OCT. 6.—The general summary of the weather bulletin in November at approximately the same prices now prevailissued by the Department of Agriculture, indicating the in- ing. The silk division was another section which developed
fluence of the weather for the week ended Oct. 6, follows:
in a similar manner. It will be remembered that during
The week averaged cooler than normal in most sections west of the
Rocky Mountains and also over all of the more northern States, except practically the whole of the present year this item has been
locally in the Pacific Northwest. It was especially cool in the northern
Great Plains where the weekly mean temperatures were about 10 degrees selling on an unprecedented scale, despite various adverse
below normal, and in the Northeast where they were 6 degrees to 9 degrees developments in other divisions of the
textile markets.
below. In all other sections the week was warmer than normal, especially
in the South where the plus departures were mostly 6 degrees to 9 degrees. Illustrative of this are figures issued by the Silk Association
In the Northwest,freezing extended as far south as south-central Nebraska,
and temperatures were below freezing in the interior of the Northeastern of America, showing imports during the month of SeptemStates.
Chart I shows the geographic distribution of rainfall for the w :ek. The ber to be the largest in the history of the trade. Recently,
totals were moderate to rather large in nearly all sections from the middle
and upper Mississippi Valley eastward, and they were heavy locally in however, demand has diminished somewhat, due to the
parts of the South and the far Southwest. Unusually heavy rain occurred steady rise in prices for the raw material. While some
along the coast of extreme southern California. and the amounts were
heavy for the season in the Colorado Valley. Rainfall was still light in agents reluctantly advanced the price for the finished armuch of the Southeast, although moderately heavy falls occurred in centicle, they are not likely to be maintained if any relief
tral and east Tennessee and over Virginia.
A continuation of unsettled and rainy weather in most of the Mississippi
and Ohio Valley areas, while favorable for late crops and pastures, caused comes from lower raw markets. It is believed that the
considerable delay in the preparation of soil for, and the seeding of. fall higher prices will cut off considerable 'business in both fabgrains. It was too wet also for field work during much of the week in the
Lake region and parts of the Central-Northern States. In the middle At- rics and hosiery, which in turn will force mills to use rayon
lantic area the droughty conditions were largely relieved by generous rains.
especially in Maryland and Virginia, while the additional rainfall in central more freely. This condition of affairs comes at a time when
Gulf districts was beneficial to late vegetation.
At the close of the week more rain was still needed in most of the South- rayon is being perfected and popularized more generally
east from North Carolina to Alabama, but, at the same time, showers were than ever before. Two divisions of the textile markets,
helpful in parts of this area, especially In Georgia and Florida, and considerable improvement was reported in Tennessee. Except in parts of the namely burlaps and linens, showed the greatest improve,
Southeast and locally in the interior, the soil is now well supplied with
moisture in practically all sections east of the Rocky Mountains. Rains ment in trade during the past week.
In California did considerable harm to deciduous fruits, and those in Montana were unfavorable for grain in stack. There was no frost damage of
consequence reported.
SMALL GRAINS.—The progress of fall seeding has been close to normal,
although there has been some delay this week on account of rain and wet
soil over the lower Missouri and upper Mississippi Valleys. Early seeded
grains are generally coming up to a good stand and growing well Rice
harvest has been delayed by rain in California and the lower Mississippi
Valley and shocked rice damaged some in Texas. Grain sorghums are
generally matured and are being harvested.
CORN.—The corn crop is practically all matured in Central and Northern States and harvest is mostly completed. In the South, showers were
beneficial for the late crop, but continued rainfall was unfavorable for
shocked and down corn in parts of the interior valleys. Some damage
from wetness was reported from Iowa, Missouri, Illinois and Indiana.
COTTON.—There was considerable rainfall in the central and extreme
southwestern portions of the Cotton Belt, which delayed picking and caused
some lowering of the grade, but otherwise conditions were favorable for
harvest and this work made satisfactory advance.
In Texas, conditions in general are unchanged, with poor prospects for
a top crop because of worm and insect activity, though these ars less active. In Oklahoma, progress or the crop was generally fair, though there
was some damage to open cotton and delay in picking in the eastern portion of the State, while harvest was generally retarded in Arkansas with
reports of seed sprouting in many localities. Picking and ginning made
rather Mow progress in Louisiana. Mississippi, and Tennessee, but the general outlook is substantially unchanged. In the other States of the belt
the weather was generally favorable for field work and harvest advanced
satisfactorily, with picking practically completed in Georgia and well advanced in South Carolina.
DOMESTIC COTTON GOODS: Markets for domestic
cotton goods ruled irregular. During the earlier part of the
week business was active and prices held firm, with advances- registered in certain instances. Most items were
comfortably sold ahead and some cloths were said to be
becoming scarce for prompt shipment. Such items as sheetings and heavy cotton goods were said to be in a better condition than at any time this year. This was likewise true
of print cloths, broadcloths, rayon mixtures and many of the
staples. One of the interesting features was the improving
demand reported for the more staple varieties of ginghams
on the part of wholesalers in various parts of the country.
As a result, stocks of these goods at the mills are now
lighter than for some time. In regard to wash cloths, aggregate business showed an appreciable increase over last week,
although individual orders continued small in size. Higher
prices were named on the new printed percales for November, December and January deliveries. Sales thus far have
been satisfactory and an advance of one-half of a cent was
The Weather Bureau also furnishes the following resume announced for the new lines. Cotton goods producers reported a steady business and were said to be getting to a
of the conditions in the different States:
Virginia.—Richmond: Temperature moderate and rainfall generous in position where they could count on a reasonable profit on
most sections' favorable for farm work. Corn, cotton, and tobacco mostly many of the goods ordered for future delivery. However,
harvested under favorable conditions.
North Carolina.—Raleigh: Some light showers, but not much relief from business slackened on Thursday with the issuance of the
drought, and water supply still short in west. Weather favorable for har- Government cotton crop report estimating the yield as of
vesting corn, cotton, hay, and other matured crops. Cotton opening fast;
no material change in condition; staple good; progress in picking and gin- Oct. 1 at 14,759,000 bales. This compares with a previous
ning good.
estimate of 13,931,000 bales as of Sept. 15 and a final crop
South Carolina.—Columbia: Intermittent showers insufficient to break
drought, but freshened all vegetation. Cotton practically three-fourths in 1924 of 13,627,936 bales. Although buying interest was
picked and picking and ginning continue. Soil improved for plowing, checked with the publication of the report, it was not
'which advanced materially; winter oat planting continues.
weaken much, owing to the fact
Georgia.—Atlanta: Rains Friday increased water supply and put soil in thought that prices will
good condition in many counties. Plowing for winter cereals progressed that mills are comfortably sold ahead for from 30 to 60 days.
nicely. Cotton practically all gathered. Pecan harvest begun.
Alabama.—Montgomery: Warm; mostly fair, except for widely-scattered Print cloths, 28-inch, 64 x 64's construction, are quoted at
showers. Picking and ginning cotton progressed rapidly, except where 7%c., and 27-inch, 64 x 60's, at 6%c. Gray goods in the
delayed locally by labor shortage; picking nearing completion in south and 39-inch. 68 x 72's construction, are quoted at 11c., and 39.
central portions; well advanced in north.
Misstssippi.—Vicksburg: Poor progress in cotton picking because of inch, 80 x 80's, at 13c.
rainfall Thursday to Saturday; moderate damage to staple in northwest,
but probably small elsewhere. Labor supply somewhat short in northwest,
but mostly fair elsewhere. Pastures improving rapidly.
Louisiana,—New Orleans: Frequent rains unfavorable for cotton and rice
harvests. Picking cotton well advanced, but considerable still open and not
picked and grade being lowered by staining; weevil destroying new bons.
Cane still developing.
Texas.—Houston: Light to moderate showers in south. Condition of
cotton unchanged with prospects of top crop poor because of weevil and
leaf and boll worms, although these pests less active; picking and ginning
made excellent progress in north and west, but delayed in south.
Oklahoma.—Oklahoma City: Progress of cotton generally fair, but staple
damaged and picking retarded by rain and wet fields in east, but fairly
good progress in west; condition spotted, ranging from poor to very good.
Satisfactory progress in seeding wheat in most sections.
Arkansas.—Little Rock: Picking and ginning cotton retarded and staple
damaged by frequent rains; seed sprouting in many localities; nearly all
open. Practically all COrn matured. Very favorable for all growing crops.
Rice harvest delayed.
Tennessee.—Nashyille: High temperature and showers kept late crops
growing nicely. Winter wheat acreage increased. Picking cotton delayed
and some damage from rains, but general condition unchanged, averaging
fair or better. Late corn improved.
Kentucky.—LoulsvIlle: Good showers in most districts. Wheat sowing
commenced; moisture sufficient for germination, but more rain would help
plowing.
THE DRY GOODS TRADE
Friday Night, Oct. 9 1925.
Developments in the markets for textiles were rather
mixed during the past week. For instance, in the cotton
goods division buyers were actively interested in offerings
until the issuance of the Government cotton crop report on
Thursday. The forecast of the total crop for the year,
namely 14,759,000 bales, was so unexpectedly large that raw
cotton markets broke sharply, thus inducing buyers to
withhold bids until the advent of lower values. Prices,
however, were well maintained owing to the well sold up
condition of the mills. Likewise the floor covering division,
which has been firm for a number of weeks past, lapsed into
inactivity 'prior to the- opening of the new spring lines.
WOOLEN GOODS: Business was of satisfactory proportions in the markets for woolens and worsteds, with orders
centring principally in worsted and the lower-priced woolens. As an illustration of how worsteds have gained in
popularity, Government figures show that operations of
worsted mills gained 7.5% during the month of August as
compared with July. In regard to the finished fabric, men's
wear factors reported a strengthening market for immediate delivery of overcoatings. Manufacturing clothiers,
spurred by the demands from retailers, were buying overcoatings from both mills and Jobbers. The fact that retailers were said to be heavily underbought has given way to
talk a a shortage developing later in the season. In the
women's wear division, interest in the new rayon mixtures
has increased to an appreciable extent. However, an opening of special interest to the trade Was the showing by a
leading independent of its new lines, which failed to include
any rayon mixtures. Prices for the new worsted fabrics for
spring showed a decline of 7%%.
FOREIGN DRY GOODS: Improvement in the markets
for linens was maintained and business assumed more normal proportions. Although operations were still conducted
more or less on a hand-to-mouth basis, aggregate sales were
encouraging. A wider variety of merchandise was in
demand than has been the case for some time past. Damasks and household linens were especially active, as were
men's suitings and knickers which figure largely in the
new spring fabrics. Handkerchiefs have been coming into
their season and producers are looking forward to a good
holiday business for the next two or three months. Burlaps continued to rule firm and active. Both primary and
domestic prices have steadily advanced, due to a shortage
of bagging in this country and decreasing Jute 'crop estimates. It was said that owing to the high prices, some bag
manufacturers are beginning to substitute cotton goods.
Light weights are quoted at 9.05-9.10c., and heavies at 12.30e.
1814
THE CHRONTCLE
Statement of the Ownership, Management, &c., required by the Act of Congress
of Aug. 24 1912, of Commercial de Financial Chronicle, published weekly
at New York, N. Y., for October I 1925.
State of New York, County of New York, as.: Before me, a notary public. In
and for the State and County aforosaid, personally appeared Jacob Seibert Jr. who
having been duly sworn according to law, deposes and says that be Is the editor of
the Commercial & Financial Chronicle and that the following is, to the best of his
knowledge and belief, a true st:stetnent of the ownership, management. &e., of the
aforesaid publication for the date shown in the above caption, required by the Act
of August 24 1912, embodied In Section 411, Postal Laws and Regulations. printed
OD the reverse of this form, to wit:
(I) That the names and addresses of the publisher, editor, managing editor
and business managers are:
Publisher, William B. Dana Company, 138 Front St., New York,
Editor, Jacob Seibert Jr., 138 Front St., New York.
Managing Editor, Jacob Seibert Jr., 138 Front St., New York.
Business Manager, William D. Riggs, 138 Front St., New York.
(2) That the owner is: (If the publication is owned by an individual his name and
address, or if owned by more than one Individual the name and address of each.
should be given below: if the publication Is owned by a corporation, the name of
the corporation and the names and addresses of the stockholders owning or holding
one per cent or more of the total amount of stock should be given): Owner, William B.
Dana Company, 138 Front St.. New York. Stockholders: Jacob Seibert Jr.,
138 Front St., New York.
(3) That the known bondholders, mortgagees and other security holders owning
or holding I% or more of the total amount of bonds, mortgages or other securities
are: (If there are none, so state.) None.
(4) That the two paragraphs next above, giving the names of the ownem, stockholders and security holders, if any, contain not only the list of stockholders and
security holders as they appear upon the books of the company, but also. In cases
where the stockholder or security holder appears upon the books of the company
as trustee or In any other fiduciary relation. the name of the person or corporation
for whom such trustee Is acting, Is given: also that the said two paragraphs contain
Statements embracing aftlant's full knowledge and belief as to the circumstances
and conditions under which stockholders and security holders who do not appear
upon the books of the company as trustees, hold stock and securities in a capacity
Other than that of a bona fide owner: and this affiant has no reason to believe that
any other person, association or corporation has any interest, direct or Indirect. In
the said stock, bonds or other securities than as so stated by him.
(Signed) Jacob Seibert Jr., Editor. Sworn tc and subscribed before me this 30th
day of Septembe- 1925. Thomas A. Creegan, Notary Public, Kings County. New
York County Clerk's No 131. New York County Register No.7172. (My commission aspires March 30 1927.)
ffitatt and Titig pepartment
(VOL 121.
Canadian bond disposals during September again ran
high, reaching $87,421,984. The month was featured, as
was August, by Canadian Government's financing. The
Dominion completed its financing for the year during
September by marketing at home $75,000,000‘”i% 15-year
bonds. The bonds were awarded to a syndicate headed by
the Bank of Montreal. Both this block and the $70,000,000
floated in the United States last month were for refunding
purposes. The Provinces of Manitoba, Nova Scotia and
Saskatchewan also placed large issues during the month.
$4,000,000 were sold by Nova Scotia, $3,100,000 by Manitoba and $3,000,000 by Saskatchewan. All bear 4%
interest. The Province of Ontario also found a market
during the month for $10,000,000 short-term notes, half
of which, it is said, were taken in this country.
A comparison is given in the table below of all the various
forms of securities placed in September of the last five years:
1925.
Perm.loans(U.5.)-113.027.304
•Temp.loans (U.S.) 62,575.000
Temp.loans (Can.). 10,000,000
Can.loans(perm )Placed in Canada_ 87,421.984
Placed in U. S.
None
Bds. of U.S. Poss'n.s
None
General fund bonds
(New York City)_ 4,200.000
Total
1924,
1922,
1923.
1921.
124,336,682 56,398,075 99,776,656 88,656,257
63,798,847 40,141,600 48,441,000 74,426,900
95,323,898 58,321,196
None
90,698,203
610,000
None
None
1,000.000
5.365,320 27,096,718
6,523.000 32,908,000
5,142,000
None
2,000,000
None
277,224.288 374,157.630 156,470,871 167,247,976 223,087.875
• Including temporary securities issued by New York City in September,853,925,000 in 1925, 552,650,000 In 1924, 631,268,100 in 1923, 542,410,000 in 1922. and
867,970,000 In 1921.
The number of municipalities emitting permanent bonds
and the number of separate issues made during September
1925 were 450, and 553, respectively. This contrasts with
504 and 6C0 for August 1925, and with 466 and 688 for
September 1924.
For comparative purposes we add the following table,
showing the aggregates, excluding temporary loans and also
Canadian issues, for September and the nine months for a
series of years:
MUNICIPAL BOND SALES IN SEPTEMBER.
State and municipal fit ancing was much larger in volume
in September than in the previous month and the grand
aggregate of bonds disposed of reached $113,027,304. The
total in August was $80,783,695. In September a year ago
the amount put out was $124,336,682.
The largest offering of the month was by the State of
Month of
Month of
For the
For the
Pennsylvania, which placed $20,000,000 4% highway bonds;
September. Nine Months.
September. Anne Months.
$10,000,000 of the bonds went to the National City Co. 1925
8113.027.304 31,083 343.448 1908
134,531.814 $243,241,117
1924
124,336,682 1,138,425,601 1907
47.947.077
199,722.964
of New York and the Mellon National Bank of Pittsburgh 1923
765.963,785 1906
8,980.418
56.398,075
153.152.345
1922
918.854.893 1905
9,825,200
99,776,656
141.021.727
and others at par. The other half was purchased at prices 1921
10,694.671
88,856,257
898,840.031 1904
197.921,657
1920
489.176.223 1903
8,762.079
49,820,768
111,745.993
ranging from 100.35 to 100, all of which, except $551,000, 1919
519,669.754 1902
9.170.654
70,839.634
117.678,855
was taken by various funds of the State. A $15,000,000 1918
24.732,420
14,408.056
238,179.833 1901
99,324.001
1917
4,033,899
378,078.924 1900
97,194.441
31,175,017
issue sold by Philadelphia, Pa., was the next largest offering. 1916
7.201.593
22,174,179
368.388,101 1899
95,026.437
1915
6.173,665
406,496.817 1898
26,707,493
83.150,559
This went to a syndicate headed by the National City Co. of 1914
9,272.691
13,378,480
408.044,823 1897
106,387.463
3,693.457
26.025.969
288.204,714 1896
56,229.416
New York at 100.30 for 44s, a basis of about 4.23% to 1913
1912
11,423,212
25.469,643
317.912,921 1895
92.253.916
optional date and a basis of about 4.235% if allowed to 1911
8.249.347
314.503,570 1894
26,487,290
90,454,838
1910
3.885.137
18,364.021
231.921.042 1893
40,974.566
run the full term of years. The bonds mature in 50 years, 1909
6.242.952
23.001.771
272.389.451 1892
63.583.534
but are optional after 20 years. Large issues were also diIn the following table we give a list of September 1925
posed of by the States of Illinois and Missouri as follows:
loans in the amount of $113,027,304, issued by 450 munici$10.000.000 4% State of Illinois highway bonds awarded to a syndicate
headed by the First National Bank of New York at 96.422. a basis of palities. In the case of each loan reference is made to the
about 4.24%•
page in the "Chronicle" where accounts of the sale are given:
$7.500.000 State of Missouri road bonds purchased by a syndicate
headed by the National City Co. of New York at 99.81 for 431s, a basis
of about 4.28%.
Other large issues finding a market during September
were:
$4,139,000 431% St. Louis, Mo., public building and impt. bonds sold
to Estabrook & Co. and Kountze Bros., both of New York City, and
Kauffman, Smith & Co. of St. Louis, at 99.311, a basis of about 4.325%.
52.620.000 6% Colusa County Reclamation District No. 2047, Calif.,
bonds to C. R. Ross, J. H. Stephens and M. S. Zarrick at 101.50, a basis
of about 5.84%.
Four Issues of 4% Allegheny County, Pa.. bonds, aggregating $2,420,000,
awarded to Union Trust Co. of Pittsburgh on its bid of par.
$2,000,000 State of Oregon refunding bonds bought by a syndicate
headed by the Detroit Co.. Inc., of New York, paying 100.005. a basis
of about 4.40'7 .81.450.000. being taken as 454s and $550,000 as 4118.
S1.630.000 Sarasota County, Fla., bonds (representing three separate
Issues) bought by the Atlantic National Bank of Jacksonville and Strana_
ban. Harris & Dads. Inc., of Toledo.
$1,500,000 Cameron County, Texas, flood protection bonds purchased
by H. C. Burt & Co. of Dallas and C. Edgar Honnold of Oklahoma, jointly,
at 100.007. a basis of about 4.83%. $500,000 being taken as 4315 and
$1,000,000 as 5s.
$1.500,000 431% Tampa, Fla.. impt. bonds placed with Geo. B. Gibbons & Co., Inc., of New York, and associates at 98.58, a basis of about
4.78%.
An issue of $1,500,000 Duval County, Fla., road bonds taken by Harris,
Forbes St Co. of New York at 103.82. for 55, a basis of about 4.76%•
An issue of $1,200,000 431% Cleveland Metropolitan Park District,
Ohio, bonds acquired by the Wm. R. Compton Co. of St. Louis and Estebrook & Co. of New York at 100.18, a basis of about 4.47%•
Akron, Ohio, 5% street impt. bonds. aggregating $1.139,100. made up
of two separate issues, awarded to Halsey, Stuart & Co., Inc., and the
Wm. R. Compton Co.. both of Chicago, at 101.51, a basis of about 4.70%.
51.000.000 431% Chicago Lincoln Park District, Ill., bonds bought by
a syndicate of Chicago banks headed by the Illinois Merchants Trust Co.
at 101.829. a basis of about 4.27%.
Temporary bonds were negotiated in the amount of $62,575,000 during September. $53,925,000 of this representing
borrowings by New York City. New York City also
issued during September $4,200,000 3% general fund bonds,
for taking up surplus revenues of the sinking fund.
Pace.
Rate. Maturity. Amount.
Price. Basis.
Name.
1484_ _Air Line Cons. S. D., Ga_6
88,000
1928-1943
l37L.Akerly 2nd. S. D., Tox..6
28.000 105
101.51
1965
1594_ _Akron, Ohio (2 issues)_ _ _5
1927-1935 1.139.100
1...70
1484_ _Albany County, N. Y.
180 000 101.36
1928-1955
4.12
-4
1701_ _Alcorn County, Miss_ _ _5
150.000 100.90
1926-1950
.
4.91
1255. _Allegheny Co., Pa.(4 iss.)4
20..0 00 00
1928-1955 2.440 00 0 109
.75
4:1200
1701_ _Anderson S. D., Ind
5
1818_ _Appleton City, Mo
5.
0.
1504_ _Arcadia, Fla
.
f
6
5
5. 2019 193
192 34 19.5 563 000 102 50
- ,
5 48
.
1371_ _Aransas Pass. Tex4
30.000 100
4.00
35,000 100.32
1701_ _Arlington, Mass
1926-1929
1940
4.11
1371_ _ Arnay Sch. Dist., Calif_ _5
8,000 100.40 4.895
1926-1933
1371_ _Assumption Parish Road
60.000 109 613 4:0_
-1955
Dist. No. 3, La
1926
.9
.
2
6
_ 6
1_
137_Atascosa Co. Corn. S. D.
52:00
0900
0 10
9
0
No. 16. Tex
d1 35-2945
,
1926_1965
5
4
5.00
1701__Auburn, Me
50.000 100 88
1932-1934
1701_ _Bangor, Me
99 66
.
.
4
_6.i
4_ ;
0
1926-1934
20.721 100.89 4.785
1594__ Barberton, Ohio (2 issues)5
8 00
0 00
5
1484-Barrington, N J
192119 5 124..0 0
, 93 5
3
5
5
1594- _Bartow, Fla
1484__Beaver Pond Sch, Dist.,
1926-1945 600.000 100.37
W Va
5
4.96
43.400 102.59
1484_ _Bellaire, Ohio
531• 1926-1934
4.88
39.000 100.41
1371_ _Belmont, Mass
431 1926-1940
1371...Benton County, Ore
431 1931-1942 140 0001 100.018 4.67
1371_ _ Benton County, Ore
r??..000000
.2
431 1943-1945
1935
1255_ _Bessemer. Ala
5Si
99.05
5.62
1371_ _Big Springs. Neb
531
2 . 00
5 ,0
45 0
00
1928-1957
1955
1484_ _Black Mountain.No.Car_6
d1926-1945
50.000
1595_ _Bloomfield, Neb
5
1595_ _Brazil. Ind
4.882 100.58
4)4 1926-1935
1701_ _ Brewton. Ala
7
100
7.00
1701. _Briar Cliff Manor, N. Y.. _4% 1926-1937
11.500 100
4.50
1371_ _Brighton S. D. No. 1,
1925-1949
175.000 105.03
5
N Y
4.46
1595__Brighton (Town) Sewer
3
49
3
0
6% 19926_ 9 0 4706:50000
4
Dist. No. 4, N. Y
1595_ _Brookville, Pa
100.84
5.69
1484__Brown Co. S. D. No. 20,
1926-1930
5
Neb
1955
1484_ _Buchanan County, Va_ _ _5)4
1256_ _Burlington, N. J
100.43 4.688
11993311
1256_ _Burlington, N. J
6
28020
1702...Burns. Ore
95.25
1485__Burt Co. S. D. No. 7,
5
1926-1945
10.00
30 0
. 0
Neb
---5
1372__Bushnell, Neb
---1485__Butler Co. S. D. No. 32.
1928-14
194945
42.000 100.83
Neb
4.47
30,000
1818_ _Cairo, W. Va
5H 3917 Irs
1
13 e,935
1595_ _Canton, Ohio (3 issues).- ...5
7,3841 101.93
4.88
1927-1931
1595__Canton, Ohio (9 issues)_ _5
61.5271
1595-Camden Paving District
10, Ark
18.000 100
5%
No.
5.50
A
01
01
01
1:1 2031
2:
. 580
1'4
04
)4
OCT. 10 1925.]
THE CHRONICLE
1815
Rate. Maturity. Amount. Price. Basis.
Name.
Rate. Maturity. Amount. Price. Basis. Page. Glencoe. Minn
12.000
Name.
1928-1935
Page.
5
1704
27.000
15 KO
1949
..6
1372_ _Camden, Ark
1819_ _Olenponl S. D., Okla.
80.000
1926-1965
1485-Camden, N.Y
434 1927-1965 101.000 100.576 4.46
_Glen Ridge, N.J
5.36 1704_
20.000 101.32
235.000
1935
1485-Camden County, No.Car.535 1928-1947
1486_ _Gloucester City, N.J. _5%
56,500 100.824
435 1926-1945
30.000 101.40 4.83
1926-1943
1702_ -Canton, Mass
4.83 1373_ _Goldsboro, No. Caro_ ...5
500.0001
1372_ _Cameron County, Tex_ _ ..4 Si 1926-1942 1.000.000f 100.007
Big Island Corn.
1486_ _Goshen1942-1965
10.000 100.28 4.72
1372 _ _Cameron County, Tex-- -5
Sch. Dist. No. 2, N. Y-43( 1926-1944
43,000 102.22
1945
5
43.000 - - - - --- 1485__Canon City, Colo
1486_ _Grand Island. Neb
75.100
5% 1926-1935
1929-1944 150.000 105.051485_ _Casper, Wyo
County S. D., Mo5
50.300 103.30 4.30 1597- _Greene County, Ariz_ _ _ 6
1926-1935
5:17
50.000 108.31 1936-1945
1595_ _Cass County, Ind.(3 iss.)-5
1373_ _Greenlee
1819_ _Cedar Co. S. I). No. 55,
1596-Greeley Paving Dist. No.
2.000
1926-1933
6
99.09 ---20.000
1926-1947
Neb
6
1, Colo
15,500 100.11 4.985
5
19.500
1927-1936
6
1372_ _Ceres Township, Pa
4.20 1486__Green itiver, Wyo
85,000 100.78
4g 1930-1955
5.50
20.000 100
534
1485_ _Castle Shannon, Pa
1704_ Greyhull, Wyo
13,500
N. Y.(2 iss.)10.500 101.20 ---1485_ _Castieton,
County,Ind _ _ _43i
219.000 101.86 1.67 1704_ _Hamilton County, Ohio_ _5
1927-1936
45,000 100.82 -.1926-1930
1256_ _Charleston, So. Caro_ - --5
_IIancock
4.75 170415.000 101.32 ---1929-1943
1485_ _Chaffee County, Colo- - -4 ii 1926-1938 r195.000 100
Beach. Mich- _- -5
1933-1934 250,000 104.813 4.29 1486_ _Itarbor Beach, Mich _ _5
3.500
1485_ _Chautauqua Co.. N. Y--5
431 1926-1945 200.000 101.22 4.10 1820_ _Harbor Co. S. D. No. 4,
1702_ _Chelsea, Mass
1704_11arlan
4,500
5
1595_ _Chardon Paving Districts
Neb
87,500
5
Nos. 6 & 7. Nob
1486_ _Harlan Co. S. D. No. 59,
2.500
5 41926-1935
1595-.Charleston Indep. S. D..
Neb
4.52
1935-1942 200,000 104.39
5
W. Ya
r112.500
6
1373_ _Harlingen, Tex
20.000 100.53 4.18
431 1926-1945
1372-Chicago Lincoln Park Dis1704_ Hathboro, Pa
4% 1926-1945 1,000,000 101.829 4.27
trict, Ill
1704_ _Harrisburg Ind. S. D.,
_
200,000 100.89
434
150,000 102.14
5
1595- -Clarion County, Pa
Tex
4.29
17,000 101.03
434 1925-1935
101.94
1702_ _Clay County, Ind
1820_ _Harrison Sch. Twp.. Ind_434 1926-1941 135.000 101.68 'ai
6,000
1929-1934
100.000
Serially
1702_ _Clay Co. S. I). No.80.111-5
1487- _Hayti ood County, Tenn_5
65,000 97.50
535 1926-1955
1702--Clearfield, Utah
1701-Hartford Second North
32,000 101.27
1945
431 1930-1954 500.000 99.33 4.30
1702-Cleveland County. Ark_ _5
Sch. Dist., Conn
Free
1485_ _Cleveland Metropolitan
4.47 1597-Hempstead UnionN. Y.
Park District. Ohio_ - - -435 1927-1934 1,200.000 100.18 - -S. D. No. 28,
Serially
20,000 101.70
6
4.71
434 1930-1949 317.500 100.39
1372-Clinton, Mits
(3 Issues)
4.23
109.45
48,O0
1939-1947
20.000 -----534 19264945
Miss
1372- -Clinton County. N. Y_--5
70.000 109.53 4.21 1597_ _Hernando, DLst., So. Dak
1939-1945
35.000
1372-Clinton County, N. Y..- -5
Sch.
42,000 105.20 4.295 1704__Hecla
1926-1938
18.079
434
1372-Clinton County, N. Y_--5
Kan
21,000 101.05 4.71 h187.Hiawatha. Ill
1927-1931
175.000 100.57
Yearly
6
1819_ _Clinton County, Ohio_ _ _5
1374_ _Highland,
6,000 17101
6
1:66
10.000 100
5
.Coal Grove. Ohio
1485.
1487- _Hinton, Okla
65,000
1372_ _Cochise Co. S. D., Ariz- -6 d5-20 years
1820. _Hitchcock Co. S. D. No.
106,628
5
1,300
1926-1937
6
1372_ _Coffeyville. Kan
77, Neb
r7,000
5.12
435
25.000 101.36
534 1926-1950
1372_ _Coffeyville, Kan
1704- _Holly Springs. Miss
6.08
5.000 100
1945-1965
1819_ _Colfax Co. S. D. No. 58.
1820. _'rooks Ind. S. D., Tex---6
r11.500
4%
175.000 v100.25
5
Neb
Kan
1704_ Horton,
30,000
5
1926-1965
4.000 101.39
1925-1937
1702_ -Colorado, Tex
1820. _ Hot Springs S. D.,Calif- -6
9.360
1926-1945
6
Levee Impt.
1702--Colorado, Tex
4.82 1820__ Houston Co. Tex
10.000 100.10
4.84 1926-1935
100.000
6
1485- _Cold Spring. N. Y
2,
Dist. No.
4.29
26.584 101.01
1819__Coleman Co. Corn. 8. D.
1597- _Howard Co., Ind.(4 Iss.)-4% 1926-1935
7.000
5
4.000 100.93 5.16
No. 4, Tex
535 1926-1929
1820_ _ Hudson, Ohio
21.000 101.83 ---1819__Collin & Hunt Cos. Corn.
1926-1935
_ _ _5
Mich_
5.00 1374_ _IIuron County.
8.000 100
5
S. D. No. 8, Tex
91,000 100.12 --.434 1926-1935
on, Ran
44 1927-1940 219.000 100.001 4.745 1487__Hutchins
96.422 4.24
1945-1954 10000,000
1595_ _Collingswood, N. J
4
1258_ _Illinois (State of)
20.000 101.05
_Columbia Heights. MInn.534
25.000 100.10 4.485
1819_
Twp.,Pa--4% 1933-1950
9.000 100
1:645 1704_ _IndependencePark Dist.,
7
1927-1932
4
1485-Columbus, Ind
_Indianapolis
1487_
89,000
1927-1951
5
60.000 103.04 4.26
1485_ _Conway County, Ark
434 1928-1957
Ind
4.72
434 19-0-1939 380.000 100.26
1372_ _Co is Con Ay, Ore
1597-Indianapolis Park Dist.,
30,000
534 1926-1955
52.000 102.63 4.26
1702- _Concord S. D .Ga
434 1928-1953
Ind
40.000 101.37 ---1595-Colusa Co. Reclamation
- 1928-1932
J. O.. Pa
5.84 1704__Inchana Ty.p.Utah
1934-1942 2,620,000 101.50
Dist. No. 2047. Calif_ _6
434 1926-1928 r12,000
1487_ _Iron County,
1819-Concho & Menard Cos.
1597_ _Irondequoit(Town)ComCorn. Co. Line S. D.
mon S. D. No.2, N.Y_4% 1926-1954 261,000
25,000
5
No. 7, Tex
431 1928-1940 140.000 100.539 4.185
1258_ -Ithaca, N. Y
1926-1945 150,000
5.50 •
1.400 100
1595--Concordia l'arish, La_ _..5
1597_ _Jacurnba S. D., Calif.-- -534 1938&19'39
40.000
434
100,000
535
1595-Connersville, Ind
1487_ _Jacksonville, Tex
20,000
1702_ .Copperhill. Tenn
Co. Spec. S. D.
1487- _Jefferson
250.000
4.000
1702_ _Corpus Christi. Tex
No. 10, Ark
50,000
5 10-15 years
600.000 101.30 -1373-Crested Butte. Colo
1487_ _Jefferson Parish. La
5.000 102.63
1926-1935
6
77,000 100.07 5.995
6 41945-1965
1596_ _Creston S. D. Calif
1374_ _Jonesville, So. Caro
34,150
1596 Crookston, Minn.(3 Iss.)_431
1597__Kankakee Co. S. D. No.
1,700
1-10 years
5
1927-1931
3.500
6
1596_ _Crookston, Minn
24. III
23.000 100.51
1.95
5 d1930-1939
1373_ _Curry County, Ore
1820__Keith Co. S. D. No. 6,
2,500
1926-1930
r15,000
434 41930-1945
1485 _ _Custer Co. S. D.72. Neb_6
Neb
4.50
434 1928-1942 300,000 100
1819_ _ Dallas County Cora. S. D.
7,200 100
6.00 1374_ Kent CountY. Del
6
60,000
No. 3. Tex
1487-_Knox County. Tex
4.57
434 1928-1945 250.000 99.32 1819...Dallas County S. D. No.
Knoxville, tenn
1258_
3.000
4.34
30.000 103.19
1926-1935
County, Ind_5
46. Tex
4.244 103.20 5:88 1821_ _Koscluseko County, Ind.5
1935
6
4.34
19.000 103.18
1926-1935
1819_ _ Dallas. Ore
1820_ _ Koscluscko
6.000 103.12 4.355
1926-1935
1596__Danburg-Floral Hill Con.
County. Ind_5
1820._ Kosciuscko
11.500
4.24
534 1927-1949
60.000 100.11
S. D., Ga
434 1926-1945
1705_ Laconia. N. H
r40,000
1485__Dawson County, Tex- - - -5
1597_ -La Fourche Parish Road
25.000
1932-1965
95,000 101.52
1926-1955
6
1596. _Dawson Co. I. S. D.,Tex_6
Dist. No. 7, La
10.000
6
Koo
29,626 100
6
1926-1935
1373. _Dearing S. D., Ga
1705--Lake County, Ind
8,000 101.30
1596_ _Dayton, Ohio (2 Issues)- -435 1926-1950 700,000 100.23 4.475 1597--Lakeview Ind. S. D..Tex_535 1926-1965
46.100
1926-1930
6
1819_ _Dearborn, Mich
1487. Lancaster Co. S. D. No.
4,424 100.07
1926
435 41939-1955 r140,000
170 i.. _De Kalb County,Ind_ -- -6
145. Neb
2,000 100
6.00
1929
6
1373_ .Delaware, Ohio
1597-Larimer Co. S. D. No. 2,
1-10 yrs. r90,000
4
1703_ _Denver (City & County),
Colo
581.900 101.35
Colo. (35 issues)
1705_ -Lavaca Co. Rd. Dist.
r10.500
150.000 29.17 ---5
1819_ _Deshler, Neb
No. 2. Tex
5.000 101.07
d1930-1945
D.,Tex_5
1485-Dimmit Co. Road Dist.
65.000 100
5.50 1705_ -Lawrence Ind. S.
535 Serially
5:513
23,000 100
No. 1, Tex
535 1926-1943
Miss
1705_ Leake Co.,
16,000 102.48
434
69.000 100.53
1703__Dobbs Ferry, N. Y
434 1930-1940
1597_ _Lebanon, Pa
1930-1955 265,000 104.60 6
1486-Douglas County S. D.No.
Leesburg, Fla
_ 1597_
6,000
1935
534
5.60
44.000 103.07
1935
6
44, Neb
1597- Leesburg. Fla
5.000
1950
6
5.15
25.000 102.60
1373-Duluth S. D., Ga
25.000
Koo 1374_ Leitchfield S. D., Kv- --5% 1926-1935
99.25
1929-1953
6
4.14
28.000 100.36
1596_ _Dundee, Fla
, Mass.(21s.)_4 X
4.757 100
4.50 1597 _ _Leominster
434 1926-1934
4.81
1927-1931 134.899 100.69
1483-Dunkirk, N. Y
5
1705_ _Lima, Ohio
1935-1945 520,000
1596_ _DuplIn County, No.Caro.5
434 1926-1930 207.000 100.004 ---1,500,000 103.82 1:id 1:174_ -Lincoln Park. Mich
1955
_
- -5
1596_ _Duval Couatv, Fl I _
1705_ _Little Rock, Ark. (Street
35.000
1373_ _East Chicago School City,
Impt. Dist. No. 76)_3
434 1931-1940 r300.000
Ind
3.909 100.02 4.99 1374__LIttleton Union S. D.,
1926-1934
1703. East Liverpool: Ohio_ _5
434 1926-1945 160.000 99.531 4.31
N. 11
-1703__East Tampa Spec. Rd. &
434 1926-1945 147,500 101.47 ---100
5.50 1598_ _Ludlow, Mass
Bdge. Dist. No. 2. Fla _ 5Si 1930-1954 750.000 101.46
65.000
4.38 1375_ -Macclesfield Consol. Sch.
4 1930-1955
41
5.93
3.000 100.33
1373. East Syracuse, N.Y
.
1928-1933
6
Dist.. No. Caro
450.000 101.083 4.37
434 1928-1945
60.000 100.02 -- _
1703_ .Eau Claire. WIs
1705_ _Mal3en Sch. Dist., Mo..
25,000
434 Serially
1596__Ecorse Twp. Sch. Dist.
85.000 102.29
_ 1487_ Manawa, Wis
1955
434
99.02 4.25
16.000
No. 11, Mich
1926-1933
4
1705. Manchster, N. H
12,000
-years
22
6
90.000
1703_ _Edgewater, Colo
11,000 102.13 4.24 1705_ _Mangum. Okla. (2 iss.)_
1486_ _Elkhart County, Ind_ __ _4% 1926-1945
.
35.000 102.87 1 69
534 1927-1936
16.000 102.34
1926-1945
4.22 1821_ _Marble, Minn
1486...Elkhart County. Ind____434
25,000 102.13 4.24 1375_ _Maricopa Co. Sch. Dist.
1486._ Elkhart County. Ind. _ _434 1926-1945
5.000
1945
6
No.85, Ariz
S
1486-Elkton Public * ch. Dist.,
62.000 101.35 4.205
434 1925-1935
25.000 100.12 4.98 1705- Marion County,Ind
1931-1955
5
Kv
77.079 100.62
534
1487_ _Marion, Ohio
8
14 6-Ellie:County S. D. No. 2.
36.060 101.31 4.705
1925-1934
1705._ _Marion County. Ohio....-5
1926-1945 100.000
Kan
5.24
35,000 100.13
534 1928-1949
1375_ _Marshall, No. Caro
1486..Ellis County S. D. No.49. "4
4
20.000
6.000 100
5.00 1705_ _Marland. Okla
5
Kan
4
- T25
13.000 101.21
1598...Marshall County, Ind_ __435 1926-1935
1596- _Ellis County S. D. No.34.
25.000 103.60
1598_ _Marshfield S. D., Mo__-- - 5.000
5
Kan
3,734 101.24 1T24
434 1926-1935
1705_ _Martin County, Ind
1486-_El Paso eo. Corn. S. D.
75.000 103.13 4.635
1927-1945
5
1598_ _Massillon, Ohio
35.000 105.85
535 d1945-1965
TexNo.
6, Tex
4.78
29.000 102.88
Ti 26,500
1820. _Medina County, Ohio__ _5% 1926-1934
Serially
1819_ _Ennis,
414
13.600 101.08 4.775
1926-1935
4.00 1706_ _Mercer County. Ohio_ _ - _5
1926-1955 150.000 100
4
1486_ _Erie. Pa.(2 Issues)
(2 issues)431 1926-1935 262,000
23,000 100.86
18_0_ _Meridian, Miss.
1596_ _Estirado Ind. S. D., Tex-535 Serially
5:66 1706_ _Meriden. Conn.(2 iss.)- -4 X 1926-1955 550.000 100.172 4.325
1703..Euclid, Ohio (10 issues)- -511 1926-1940 129,087 101.48 --_ 11.000
1598 _ _Metasville S. D., Ga----535 1927-1948
175.000 100.50
1596_ -Eugene, Ore
1821_ _Midland, So. Dak
534 5, 10, 15 &
1819- _Fillmore Co.S. D. No.20,
27,000
20 years_
r28.000
435
Neb
1926-1945 150.000
1375_ _Milan, Tenn. (2 iss.)__ _5
40.000
1926-1939
1373-Florence, So. Caro
61,427 100.24
1706 _ _ Minden, Neb.(2 iss.) _ _ _ _ 4%
584
1486- _Floyd County S. D.
10,000 100.08
434 1927-1936
1821_ _Minden, N. Y
11,000 101.36
1926-1955
6
No. 7, Tex
15.000 100.12
4% 1927-1941
•
1821_ _Minden, N. Y
1927-1936 150.000
1373.-Fond du Lac, Wis
9,947 102.80
6
32,000
1821._Mineral City. Ohio
1932-1944
1486_ -Fort Dodge, lowa
4
99.81 -4.28
434 1939-1942 7,500.000
1375_ _Missouri (State of)
400.000
1596- _Forsyth eo., No.Caro_ _ _431 1926-1938
5.50
5% 40 years
60,000 100
1375_ _Mission, Texas
1703-Fort Smith Water Works
7,000
5
1928-1941
4
4.96 1598_ _Monee, Ill
1931-1944 232.00011 00.35
Dist., Ark
4.35
7,200 103.26
1926-1935
1598_ _Monroe County. Ind----5
1703_ _Fort Smith Water Works5
4.32
13,800 103.29
1926-1935
1598_ _Monroe County, Ind- ---5
75,00011
1931-1944
5
Dist., Ark
,Mich.(2 is.).434 1926-1935 162.900 100.19
1926-1955 100.000 100.33 4.73 1375_ _Monroe Co.
1257Franklin, Tenn
58.000 102.129 4:51
Co., Md..-434 1926-1950
1488_ _Montgomery
1703- _Franklinville Un. Free
4"4
6
60.000 106.51 ---1930-1945
225.000 104.08
4.46 1598_ _Monticello. Fla
I
.
8 n • No. 1. N. Y_ _ _ _4 X 1930-1959
5.00 1821_ _Morehouse Parish Conso1.
MOO 100
1926-1934
1373-Gas City Sch. City. Ind_ _5
225.000 100.01 - 15-years
S. D. No. 2 &3,La__ _5
45,000 102.26
Serially
1596-Gatesvifie, Tex
Koo 1821_ _Morehouse Parish S. D.
10,400 100
5
1819-Geneseo, III
45.000 100.02 ----years
5
10
No.8, La
5.00
7,500 100
1926-1930
5
1819- _Geneseo, Ill
1816
THE CHRONICLIJ
[VOL 121.
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
Rate. Maturity. Amount. Price.S.Basis.
1488__Morrilton, Ark
534
60,000
I tig9I_StocktonN
e
l
Aalif
5
1929-1931
1706_ _Mt. Dora, Fla
88,000 102.64 ,_ 4.31
1926-1935 308,000 96.11
1823_ _ Stone County, Ark
5
60.000 92.08
1958
1598- _Mt. Pleasant, N. Y
434 1926-1937
58,000 100.64 4.39 1600- _Struthers, Ohio
6
10,853 102.54 L 4.45
1926-1930
1488-Mt.Union,Pa
434 1928-1955 135.000 104.08
1489-Sug.arcreek Twp. Rural
1259- _Multnomah Co., Ore----4% 1931-1955 500,000 101.31 1:56
S. D., Ohio
3.000 100.43 • 5.41
1598_ _Muscatine County,Iowa-434
534 1926-1935
30,000 100.01
1489_ -Superior,
45,000
1488-Myton, Utah
6
1936-1945 rl0,000 100
1.66 1709--Sunbury, Neb
Pa
4 d1935-1955
10.000 100
1706--Navajo County, Ariz__.5
4.00
1945
50,000 100.36 4.97 1377-Sussex County, Del
1598--Navarro County Common
434 1925-1933 200,000 99.309 4.68
1823--Sutter Co. Reclamation
S. 13. No. 21, Texa8 5
14,000
Dist. No. 1660,
1488_ _New haven,Ind
1935-1944 950,000
534 1925-1934
2,187 100.22 5.44 1600--Sylvania, Ohio Calll'„6
2,977 100.08 1926-1931
1375- _Niles, Ohio
5
Zig
5
1926-1935
20,000 101.07 4.77 1600-Tallahassee, Fla. (3
78,0001 99.13
iss.)-5
1945
1821--Norfolk, Neb
434
r54,000
1600-Tallahassee, Fla
1376_ _North Canton,0.(3Iss.)_6
2,0001
6
1930
1926-1940
38,200 103.79 5.245 1489--Tampa, Fla
434 1927-1936 1,500.000 98.58 4.78
1708.-North Fork Un.High Sch.
1489-Tarpon Springs,
525,000 97.50
Dist., Calif
531
6
1928-1930
1,500 100
6.00 1600--Texarkana, TexFla
1259-North Hempstead and
4.
431 1935-1965 200,000 97.75 -- 65.
1600-Tippecanoe County, Ind_434 1926-1935
25,000 101.61 4.17
Hempstead Un. Free
1261-Topeka, Kan
S. D. No.5, N.Y
434 1928-1935 304,000 101.385 4.26
434 1927-1986 300,000 102.151 4.37 1600 -Towanda,Pa
1488.
10,000 100
4
..NorthHempstead Union
Free S. D.No.7, N.Y.434 1928-1958 255.000 103.10 4.27 1600-.Treasure Co. S. D.No.50,
Mont
1706-Norwood Sch. Dist., O...434 1926-1950
1,000 100
50,000 102.20 ---- 1489-Tucson, Ariz
1598--Oak Park Park Dist., 111_434 1938-1940
75,000 107.91 4.85
1943
534
50,000 102.81 4.23 1709- _Troy, N. Y.
1375-Ocala. Fla
1926-1945 180,000 100.25 4.215
6
1926-1935 280,000 102.75 5.39 1262--Tuscaloosa. (2 issues) 4
1707-Omaha, Neb
5
1926-1945 100,000 98.95 5.23
40,000 102.50 ---- 1600--Tuscaloosa. Ala
Ala
1375-0'Neill, Neb
12,000 101.05 4.87
1935
5
434
1946
r18,000
1489-Union Twp. S. D., N.J_ _5
1707--Orange Co. Road Dist.
13.000 105.37 4.08
1926-1938
1489 ..VanBuren Twp. Rural
No. 1, Texas
534 Serially
70,000
S. D., Ohio
225,000 100.87
1488-Oregon (State of)
434
434 1930-1944r1,450,0001 100.005 4:40 1489-Vernon Twp.S.
D.No.7,
1488-Oregon (State of)
434 1945-1950 r550,0001
Mich
117,000 100.25
1598--Otay Sch. Dist. Calif- --535 1927-1941
4,g
15,000 101.87 5.24 1489-_Vigo County,
Ind
5,200 103.09 --513
1598_ -Ottawa County,
5
1925-1935
4.
---5
1926-1934
19.000 100.79 4.805 1377--Vincennes Sch.
City, Ind_
10,000 102.54 1375- _Ottawa Co.Sch. Dist. No.
95.000 100.56 4.17
35, Okla
6
4,000 100
6.00 1262-Vincennse Sch. Tyrp.,Inc1.431 1926-1940
1934
1600- _Vineland.
60,000 100
1488_ -Oxford Twp., Ohio
5
1930
5.00
534 1926-1935
14,427 100.73 5.42 1489--Walker N. Y
County, Tex-__ -5
100,000 100
1821_ _Painesville, Ohio
5.00.
1927-1930
5
17,868 100.54 4.83 1600-.Walnut Grove
S. D.,Callf.5
1260_ _Palm Beach Co.Spec. Rd.!'
50.000
1925-1950
1600--Warren Pay. DIE. No. 1,
& Bdge. D.No.11, Fia.534 1930-1955 990,000 104.12 5.16
,
Ark
79,850 100.50
1488_ _Palmer Twp. S. D., Pa_ _5% d1935-1940
12,000 106.53 4.81 1377-_Warren
30,000
6
3-20 years
1488„Palmetto, Fla. (2 issues)
-5% 1926-1935 623.000 95.05 6.62 1377- _WarrickS. 13., Ark
County, Ind_
434 1926-1935
16,000 101.07 4.28.
1707_ _Pensacola, Fla
5
150.000 101.10 4.93 1824
1955
-Washington Co.S. D.No.11
1598_ _ Palmyra, Mo
5
11.000 102.83 4.65
1930-1940
36, Nab
434 1926-1934
9,000
1598- _Palo Alto. Calif
434
21,000 100.31
1377- _Washtenaw Co., Mich 5
600,000 100
15 years
1707„Parkersburg Ind. S. D.,
5.00
1489-Waterville,
4
65,000 99.34 4.08
1926-1945
1938-1942 118.000 103.41
4.67 1262- _Waterville, Me
N.Y
1488„Pennbrook, Pa
100.35 4.45.
434 1926-1943
431 1926-1955
15,000 103.25 4.44 1709
-Washington Sch.
1488_ _Pennsylvania (State or - _4
1931-195319,900,000 100
4.00
-4 6.Twp.,Id
1488....Pennsylvania (State of._4
1926-1940
34
80,000 102.12
50.000 100.09
1931-1953
1377--Waverly Ind. S. D.,lo wa.4X 1928-1943 120,000 101.64 4.169
1488_ _ Pennsylvania (State o _ _4
4.32.
20.000 100.27
1931-1953
1824- _Wayne Co., Miss
1488.....Pennsylvania (State of, _ -4
6
20,000 100.30
1931-1953
1377--Wayne Township.Pa----4% 1926-1950 150,000 102
1488_ _ Pennsylvania (State of 4
60,000 102.94 1.15,
1930-1944
10,000 100.35
1931-1953
1489__Weeds S. D , Calif
1822„Piedmont Mo
1926-1935
6
19,250 108.19 4.2r
534 1930-1945
50,000
14/38-Pittsbur8h, Pa.(2 issues) 431 1926-1955 306,000 100.94 4.17 1709_ _Wellsboro. Pa
16,000 101.03 --- •
434
1599_ _Pioneer Ind. S. D.,Tex- _6
25,000 100
6.00 1600-West Union Village S. D.,
1940
Ohio
1376-_ Port Huron. Mich.(2 is.) 434 1926-1936 108,850 100.81 4.345
1926-1929
6
1.900 100.261 5.88.
1378_ -Whfte County,Ind
1707_ _Perry Sch. Twp.,Ind_ -5
6.600 101
434 1926-1935
It 4.29
10,000 101.53 " 4.48 1709
1927-1931
-White Shoals S. 13., Va 6
1599_ Point Coupee Parish Ad.
4.000 100
1930
F 6.00
70,000 100.50 5.965
Dist. No. 2, La
1955
6
531
5.25 1709....White Springs, Fla
75.000 100
1709.-Wlldwood, N. J
1926-1944 141,000 100.42 4.94.
1707_ _Pierce, Neb
6
r14,000 100
4.75
431
300.000
1260_ _Porter County, Ind
434 1926-1935
18.000 101.20 4.245 1824- _ Willacy County, Tex_
15,000
1260_ _Porter County, Ind
434 1926-1935
20,000 101.20 4.245 1489-Willow Springs. Mo
1709- _Willoughby,Ohio (2 iss.)_5
1926-1946
70,624 101.05 4.87
. 17071hi1adelphia, Miss
43.000
1378_ _Winona, Miss
5
80.000 100.14
1925-1950
1598_ _ Philadelphia, Pa
434 d1945-197515,000,000 100.301 4.235 1824_
_Woodstock, Va
100.000
1599-Port Chester. N. Y. (13
17105
Serially
17,587 100
issues)
5.00,
434 1926-1939 888,000 100.247 4.45 1600 _ Wyandotte, Mich
-Yellowstone County Sch.
1599_ _Portland, Ore
4.42
1936-1955 500,000 94.41
4
8,000 100
1935
5X
1378._Port Jervis, N. Y
5.00
25,000 101.42 4.46 1600 Dist. No.. 19„ Mont_
1926-1930
5
-Yorkville, N.Y
42.000 101.478 4.54
1599_ _Potsdam, N. Y
434 1926-1943
16,000 103.68 4.45
1926-1941
5
1598-Perth Amboy,N.J
32,000 101.27 4.645 1710--Yuma County Sch. Dist.
v‘e
431 1927-1958
No.5, Ariz
3.000 101
6
1598- _ Perth Amboy,N.J
60,000 101.12 4.65
434 1926-1955
1598_ _Perth Amboy.N.J
434 1926-1940
78,000 100.68 4.65
Total bond sales for September(450 municipali1598- _Perth Amboy,N.J
434 1926-1935
41,000 100.27 4.70
ties, covering 553separate issues)
k$113,027,304
1598- _Perth Amboy.N.J
22,000 100.27 . 4.70
434 1926-1935
1707- _ Pine Grove S. D., Ga
5% 1926-1945
25,000
d Subject to call In and during the earlier years and to mature In the later
1599- _ Pullman. Wash
35.200
5
1945
year.
1822__Port Arthur. Tex
1926-1965 400,000 101.01 4.91 y And k Not including $62,575,000 temporary loans. r Refunding bonds.
5
other considerations.
1707_Porter Ccunty, Ind
24,400 101.06 4.28
434 1926-1935
1707-Pottsville S. D.. Pa
80,000
434 d10-30 yrs.
The following items included in our totals for previous
1707- _Prc.wers Co. S. 13. No.34,
months should be eliminated from the same. We give the
Colo
10,000
534
1822_ _ Rainier, Ore
page number of the issue of our paper in which reasons for
6,351 100.24
1935
6
1489_ Rails Road Dist. No. 3,
.
these eliminations may be found.
Tex
35.000
Page.
50,000
1599_ _Red Fork, Okla
Amount.
Name.
6.00 1255- _Amherst, Va. (July list)
45.552 100
1822.. Reedsport. Ore
6 d1926-1935
$40,000.
-Reilly Twp. S. D., Pa__ _ 4
4.22 1591- _Beckham Co. Un. Graded S. D. No. 2, Okla- (Aug- list)65,0001100.08
1930-1950
1822
2.000:
1372-Colville, Wash. (July list)
1822_ _ Reilly Twp. S. D.. Pa_ _ _434 1930-1950
55,0001
9.000
1822-Rhame S. D. No. 10,
1487....Martin County, Ind. (Aug. list)
8,738.
1488 -Newport, Ark. (July 1Lst)
No.flak
10,000
116.500,
31,976 104.34 4.34 1375_ _Old River School District, Calif. (Aug. list)
1927-1940
1707- _Richland Sch. Two..Ind_5
25,000
l376-Pullman, Wash. (June list)
% Serially
25.000 100.50
1376_ _ Richmond, Tex.(2 iss.)_ _5
35,000'
1489 _Rush Lake Sch. Dist. No. 5, Minn. (July list)
1822_ _ Rldgely Lake, Tenn
7.000
5,000
1376.. Robeson Co., No. Car__ _5 11927, '29.1 450,000 100.82 4.82 1262...Vienna, Ga. (March list)
26.500
1600_ _Wise County Tex. (July list)
1'31 & '331
1,000,000.
50,000 103.94 4.24
1376_ _Rochester, Minn
434 1925-1944
We have also learned of the following additional sales for
1926-1937
5.000 100.05 5.98
1708- _Rogers Sch. Dist.. Calif_ _6
63.000 102.28
5
1489- _ Roseville, Calif
previous months:
15,000 100
57.E15 Page.
1489_ _ Rotan Ind. S. 13., Tex- 534
Rate. Maturity. Amount. Price. Basis.
Name.
29.000 100.17 4.46
434 1926-1935
1708_ _Rumson, N. J
1371- _Ada Co. Drain. Dist. No.
1822_ _ Runnels County Corn.
r519,500 100
2, Idaho
6.00
6
5.00
7,500 100
1926-1965
5
S. D. No. 20, Tex
37,000 104.10 5.73
1959
6
4.10 1255-Amherst, Va.(July)
1926-1935 230.000
1708_ Saginaw, Mich.(3 issues)4
3,761
1925-1934
6
4.25 1371-Athens, Ohio
30.000 100
1708_ _Saginaw, Mich
431 1926-1930
12,000 100
434 d1930-1935
4.55
65,000 97.549 4.28 1701--Arlington, Neb
1929-1945
1489_ _St. Albans, Vt
4
14,250 104.59
1925-1934
5.86 1701- _Athens Twp., Ohio (July)6
5,889 100.64
1926-1935
1599.. _ St. Joseph Co.,Ind
6
99.311
1708_ _ St. Louis, Mo
434 1930-1945 4,139,000 100.36 4.325 1484 ..Arvada Paying Dist. No.
Serially
20,000 98.25
5
3, Colo
4.365
1376_ _ Saginaw County, Mich- A34 1926-1935 280,000
r9,500 100
1701--Bartley, Neb
431 d1930-1940
76,430 100.65
Serially.
1376_ _ Saginaw County, Mich_ _ 5
r11.000 100
4.77
1701-Bethany Heights, Neb 5
5.00
30.165 101.67 1926-1940
1599_ _Salem, Ohio
5
100.000
11590...Salem, Ohio
18,401 100.38 48.6 1371_ _Ballinger Ind. S. D.,Tex-5
1926-1930
5
_ 1591-Beckham Co. Un. Gradeda*
27,493 107.45
1822_ _ Salem, Ore
-years
1-10
10.000 102
1930-1945
S. D. No.2, Okla
6
75,000
5.74.
1489...Salt Creek, Wyo
1371- _Baton Rouge, La. (April) -- 1926-1953 200,000 104.64
1823_ _ Sanders Co. S. D. No. 10.
20,000
1944
1484- _Bellaire, Mich
5
5,699 100.35
Mont
6
15,500 100
5.50 1484-Bellaire, Mich
1933
5
r95,000 100
1599- _ San Saba County, Tex---534
5.00
9,000 100
1484.. Bronson, Mich
434 1926-1935
1708_ _ Sarasota Co., Fla.(3 las.) -- 1930-1956 1,630,000
4.5131371-- Broadwater Co. S. D.No.
1489_ _Saunders Co. S. D. No.
1926-1935
10,000 1001
15, Mont
534
103 Neb
5.504%
5
1708_ _ Sarasota, Fla
225.000 98.36 -5 1372-Buffalo, N. Y. (2 iss.)
1945
5
1925-1954 121.360 100
(July)
4
1489_ _ Schuylkill Co..Pa
4.00434 d1935-1955 400,000 100.646 4.22
41,250 100
1926-1945
1372 ..Buffalo. N. Y
4
1489...Scotia. Neb
8,000
4.00
531 1926-1941
1376_ _Scotia, N. Y
5.000 100.83 4.77 1591-Blumenthal S. D. No. 14,
4.95 1925-1935
*1935
9,000 100
No. Dak
5
1708_ _Sebring, Fla
370,000 104.20
5.00 •
6
1702-Bynum Irrigation Dist.,
1708_ _ Sebring. Fla
300,000 103.17
6
1930-1955 1,000,000 90
6
Mont
5:
1376_ _Sebring, Fla
1926-1935 259,000 101.52 - ki
6
1599__Seneca Co., Ohio (3 iss.)-5
62,100 100.68 4.815 1701--Box Butte Co. S. D. No.
1926-1935
1931-1935
2.000 100
6
38, Neb.(July)
1377_ _Sequim Local Impt. Dist.
6.00.
7.00 1702.-Burt Co. S. D. No. 36.
1o. 8, Wash
6,850 100
7
1926-1938
8.000
431 1928-1935
Neb.(June)
1599_ _Shelbina. Mo
35,000
1945,Nat
1372-Burlington, an.(4 Iss.)_4 X
93,607 100
-Snohomish Co. S. D. No.
1489
=fLo5.00 1372- _Chattahoochee Spec. Tax
31, Wash
5
1927-1933 • 5,000 100
04
1927-1951
25,000 100
Sch. Dist. No. 4, Fla__6
1708-Snohomish Co. S. D. No.
6.00.•
Yearly
1702- _Cherokee, Kan. (April).-5
5,000 100
4.75
317, Wash
30,000 100
431 1927-1933
5.00•
1372-- Clauene Ind, Sch. Dist,
1377_ _South Bend School City,
load
1965
50,000
5
Tex. (July)
Ind
434 1930-1939 400,000 102.58 4.17
1372--Columbia, Tenn
434 1925-1945 *68,000
1823_ _South Bend Sch. City,
Ind
434 1935-1944 200,000 100.69 4.19 1372--Columbia Drain. Dist.
...mei
1930-1945
6
90.000
No. 1, Ore
1708-South Hadley Fire Dist.,
30.000 100.003
Mass
80
431 1926-1945
:0
10 0 1 1.05 4.11 1372- _Columbus, Miss. (July)- _4 g Serially
1927-1946
1595_ _Conetoe, No.Caro.(Mar)6
10,000 100
_Spirit Lake, Iowa
5
6.00
1708_
1927-1934
1938-1958
)6
40.000 102
4.72 1596_ _Cross Plains, Tex.(Mar.
vggsg 12.53 1489_ _Stanley County,No.Caro.5
1945
I 5.84
1925-1934
31.575
5.50 1486_ _East Liverpool, Ohio--- -5
534 1926-1950
1823_ _Starkville. Miss
,
12,017 100.05 4.99 1373_ _Ecorse Twp. S. D. No.4,
1600- _Steubenville Twp., Ohlo-b*•. 1927-1934
1945
434
Mich
249,000 102.29 4.36 •
5.39
534 • 1947-1952 137,000 101.51
1489-Stockton, Calif
1817
THE CHRONICLE
OCT. 101925.]
Price. Basis.
Rate. Maturity. Amount.
Name.
- Rate. Maturity. V Amount. Price. Basis. Page.
`11
Page.
Name. 1
1378_ _Saskatchewan Sch.Dists.
83,500
1926-1936
1703--El Paso, Tex. (June)_-_ -6
4.400
various
'
(3 issues)
634
Sask.
4.75
44‘ 1927-1936 r10,000 100
1486-Ewing Nob
1490_ _Saskatchewan Sch. Mts.,
60,000
1926-1935
6
1703_-Fort Meade, Fla
4,300
4
57 15 years
Sask
1596-Garland Ind. S. D., Tex.
5.00 1490-Saskatchewan Sch. Diets.
45,000 100
Serially
5
(April)
4,500
10 years
6
'
Sask
60.000
1959
1486-Gravity Dr.D.No.2,La.6
5
12.300 100.85 1:66 1490.. Saskatchewan Sch. Mts.
1927-1935
1257--Grove City, Ohio
2,200
634 10 years
'
Sask. (2 issues)
10.000 100.06 4.99
1926-1945
_GustineCity, Calif.(July)5
13731490_ _Saskatchewan Sch.Dists.,
2,500
1819- _Hall Co. S. D.44, Neb--53.4 41926-1930
8,000
15 years
7
Sask
1704„Hillsborough Co. Special
27.300
15 years
7
137S_ _Wynward,Sask
1927-1953 250,000 105.40
Tax 23. D. No. 6, Fla--6
1487--Holt Co. S. D. No. 158,
These additional August issues will makethe total sales for
5X 1926-1933
1,000
Neb. (July)
that month $71,560,624
1.820-Honea Path, So. Caro.
48,000
534 1932-1955
(Feb.)
23.288 100.56 4.89
1926-1935
1487-Huron Ohio (2 issues)_--5
20,000 104.68
1926-1935
1704--Iron River, Mich.(June)_6
1:66
5
11.976 100
1926-1937
1705-Knox, Ind. (June)
4.72
25,000' 102.51
1926-1950
1374....La Canada S. D. Calif-5
5
13.000
1930-1945
-Operation of City Bus Lines by
1487--La Harpe S. D.,ill
New York (State of).
23.500 101.25 _- -1374--Lawrence County,Ind-- _4 X
-In a
New York Held Illegal by State Court of Appeals.
5
37,000
1955
1374-Live Oak, Fla
Beach City S. 13.,
decision handed down on Oct. 6 the State Court of Appeals
5
1926-1954 250,000 103.10 4.70
Calif
ruled that New York City has no authority under the Home
6
30,000 100.50
1374--Loraine. Tex
1374--Los Angeles City S. D.,
Rule amendment to the State Constitution adopted by the
5
4.87
1926-1964 3.000,000 101.67
Calif
voters in November 1923 or the Enabling Act, passed by the
134-.Los Angeles City H.S.D.,
5
1926-1964 1,000,000 101.67 4.87 1924 legislature, carrying the amendment into effect, to.
Calif
r273,000
1703-McAllen, Tex.(March)owned automobile passenger buses. Judge'
1945
25,000 100
1.60 operate municipally
1487-Marna S.D., Neb.(May)5
was con1926-1935
25,300 101.25
5.24 Benjamin N. Cardoz3 wrote the opinion which
1487--Maumee, Ohio
1926-1955
30.000 105.71 4.215 curred in by all Judges. In reviewing the case the "Knicker29
11:700
6
1926-1934 r276 3
-Witgd ISOC:” Pa
1F7Rbocker Press" of Albany, in its issue of Oct. 7, said:
1706--Mercedes. Tex
1375--Monroe Co. Road Impt.
The Court of Appeals yesterday ruled that cities of the state, including
operate
6
26,000 102
1926-1939
Dist., Ark
New York. have no legal right under the so-called home rule act to
1945
r116,450 102.93
1488--Newport, Ark.(July)- __ _5
municipal bus lines for passenger traffic.
of the court was unanimous and settles definitely litigation
1598-North Dakota (State of)
The opinion
3,100 100
*1935
(Outlook S. D.No. 283.5
5.00 over the legality of municipal bus operation by Mayor Hylan's administraFebruary.
1598--North Dakota (State of)
tion in New York City, which has been in progress since last N. Cardoso.
2.000 100
*1945
5.00
' (Lovrenthal S.D.No.10).5
The court's opinion, which was written by Judge Benjamin
25,000 106.16 4.91 also holds that cities of the state were not so widely freed from legislative
1926-1938
1375--Old River S. D., Calif_ --6
5.000 101.37
1926-1930
4.50 control as has been believed in many quarters. In this connection the opin1375--Olive Sch. Twp.,Ind---5
1375--Orosi Public Utility Dist.,
ion said:
Calm arum)
6
1927-1940
18,000 100
6.00
"The title of the act must be classed as a misnomer if it has given currency
of the
1376-Palos Verdes S. D., Calif.
to the belief that cities have been emancipated from the power
5
1925-1965
85.000 105.87 4.51 legislature in respect of every legitimate subject of local interest or concern.
(May)
534 Yearly
p ,Ill
5,500 100
1376-Pecatonica
5.50 Nothing of the kind was accomplished or attempted.
5
1927
250.000
Tyr.
1707--Pennsauken, N. J
"There are constitutions in some of the states whereby cities are empow1945
1376_ _Rainier, Ore. (April)----5
125,000 102.40 4.89 ered in general terms to frame their own governments. When that authority
1926-1933
5
16,514 100.52 4.885 is conferred there are no restrictions upon the power of the local legislative
1376-Ravenna, Ohio
4,532 100
1926-1933
5
1376-Ravenna, Ohio
5.00 body except the implied one that what is embodied in the charter must have
25,000 100
1708- _Rising City, Neb.(May)_5 X 1927-1935
5.25 some appropriate relation to cities and their government.
1489- _Rush Lake S. D. No. 5,
"Transportation is a city purpose. It follows that where the power of the
lines of
4.500
43.( 1931-1935
Minn. (July)
local government is general cities may own and operate their own
15.500 103.41 1:16 transportation.
1376_ _ San Antonio S. D., Calif 534 1927-1953
12.500 101.81
1926-1934
Blanket Powers.
_5
No
1376--Sandusky County,Ohio_
1926-1934
16,000 101.51
law
1376.. _Sandusky County,Ohio- _5
"But neither the Constitution of New York nor the City Home Rule
102.026 100
1599_ _Seattle, IVash.(18 188.)_ _6
i3-.66 confers these blanket powers upon the cities of this state."
r27,000
Court of
1708„Sidney S. 13. No. I, Neb-43i
opinion also gives the law and reasoning under which thethe Home
The
1377-Sioux Center Ind. Sch.
Appeals, at a special session shortly after September 1. held that and legal.
1935-1945
45.000
Dist.Iowa (June)
constitutional
Rule amendment to the Constitution was itself was sufficiently identified
1708_ _Spring 'Twp. Sch. Dist.,
On this score,the court holds that the amendment
18,000 103.36
1928-1936
5
Pa. (July)
on its passage through the legislature.
18.447 100
5
- - 66
1600_ _Tacoma, Wash.(15 iss.)-6
.
Summing up, the court opinion says:
1377- _Texarkana Spec. S. D.,
"We hold:
100,000 100
534
1949
5.50
Ark. (July)
"1 That the amendment of Article XII of the Constitution, the so-called
16.000 100
434 1926-1936
4.25 Home Rule article, was regular and valid, and that said article became on
1377 Tompkins, N Y
1935
250,000
6
1823__Tuscumbia, Ala
January 11924. and now is, a part of the constitution of the State. law was
25,000
1927-1951
1262_ _ Vienna. Ga.(March)_ _6
"2 That under the authority of that article the City Home Rule
10.000 100
4.50 legally enacted.
1709_ _Walthill Sch. Dist., Ne13_4X 1936-1944
1926-1940
30.000 105.29
City of
5.16
1824_ _Weeds 5.11., Calif.(May)6
"3 That neither the said article nor the said law empowers the
1931-1950
70,000 109.05
4.20 New York in the circumstances exhibited by this record to carry on the
1377_ _West Hazleton S. D. l'a-5
1824-Westpeint S. D.. Neb.
of passengers."
business of a common carrier
20,995 100.79
1945
4;4
(May)
Claim of New York.
1928-1952
15,000 y100
1:66
1378_ _Whigham S.D., Ga.(Julv)6
so
1378_ _Williamson Co.Corn. Sch.
Dealing in detail with the power to operate municipal bus lines, which
41930-1965
19,500 100
5.00 far has been claimed only. by New York City, the opinion says:
D. No.57, Tex.(July)_5
1926-1929
4,500 100.40
5
4.81
1824_ _Worthington, Ohio
New York has claimed for itself the power under the
"The City of
d Subject to call in and during the earlier year and to mature in the later amended Constitution and the Home Rule Law to enter upon the business
year. r Refunding bonds. y And other considerations- _ • But may be of common carrier, to acquire municipal buses and itself maintain and
the
issue.
operate them. There is before us no question of its powers to perfect
redeemed two years from date of
indicreation of a franchise whereby such routes may be maintained by
the privilege.
(except as indicated) are for August. viduals or corporations willing to make payment forquestion is one ofThe
All of the above sales
the
machinery for that is ample and readily available. The
These additional August issues will make the total sales (not power of the city to do the business itself.
for that month $80,783,695
is settled law, that until the adoption of the City
"We have held, and it
including temporary loans)
by the
Home Rule Law,such powers have not been conferred upon the City
... Greater New York charter or by any other statute.
.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN f_31117
"Reading the charter of New York and following the course of cognate
Rate. Maturity. Amount. Price. Basis.
Name.
conclusion
aa
legislation, we found tokens of intention sufficient to require the itself upon
1945
5
$60.000 96.88
7144:_ Beauport.Quo Ont
enter
that the legislature had denied to the city the power to of thefor
15 inst.
534
47.6001 102.31
charter as we
149 __Campbellford,
the business of municipal transportation. The scheme condition and was
10 inst.
8.0001
534
1490- _Campbellford, Ont
view it postulated the grant of a franchise as a primary
:
1940 r75,00Ig 000
434
grantee
1,300„Canada (Govt. of)
operation
framed on the assumption that there would be the State. by the the city
534
300 100.11
1601_ Duncan, B. C
True,
subject to regulation at all time by the power of
10 years
4,000
1710_Fillmore. R. M.Sask_ _ _ _6
the franchise would expire to take possession of the
was at liberty when
5 & 534 15-20 yrs. 126,234 100.21.
1490_ _Galt, Ont
plant and thereafter run the business as its own. granted, so to speak, but
1945
142,000 99.38$
5
1378_ _ Hull, Quo
"Even this power, however, was not taken for
1926-1955
5
65.000 y99.12
1378-Joliette, Quo
was expressly conceded lest perhaps it should be denied. The distinctiod,
yearly
20,000
acquired
1378_ _Kimberly S. 13., B.C_ _ _ _7
of course, is obvious between a power of recapture, whereby a plant for the
1.000
15 Year
7
1710.-MacNutt, Sask
and paid for by the holder of the franchise may be appropriated general
0.0 00
5 0 0 9511
1940
3.100.0 100 5
434
1601_ _Manitoba (Prov.of)
and a
benefit of the public after its utility has been demonstrated,
and
1,710-Middlesex County, Ont--5
power to engage as an original project in the business of transportation,
30 year
12,500 100.21
5
1490--Middleton. N. S
or restriction.
to venture the public money without supervisionwere permitted. under the
1927
4.000,000 100.03
1490_ _Nova Scotia (Prov. of)_ _ _4 X
The opinion also pointed out that if a city it would escape by indirec1601-St. Jean Clu7sosteme.
Home Rule Law, to engage in the bus business,
54 serially
28.000 100.63
such as
tion the limitations laid upon its action by the power of the State.
1945
3,000,000
1496--sarie
93.90
s atchewan (Prov. of)_4 X
the requirements of the public service commission law of certificates of
1601-_ Saskatchewan Sch.
convenience and necessity.
' 2,250
6
ask. (2 issues) Dists.'
The opinion indicates that it is the conclusion of the Court of Appeals that
1601-Saskatchewan Sch. Dists.,
legislation affecting rights of cities before the enactment of the Home Rule
3 300
654
Sask. (2 Issues)
Law "excluded at every turn" municipal operation.
.4
1601- _Saskatchewan Sch. Dist.,
"If the act of 1924, the City Home Rule Law, was framed in the belief
3,500
634
Sask
of
that cities would have the power thereafter to become common carriersfor
17
Sch. Diets.,
various
passengers, its provisions are most significant for what they omit than
6
27.800
Sask. (4 issues)
what they contain," said the opinion.
1710-Saskatchewan Sch.fists..
"In this State, even if not elsewhere, municipal transportation upon a
6% 15 Yrs.
Sask3,500
scale so extensive without supervision or restriction, is a notable innovation.
1710-Saskatchewan Sch. Dists..
"There was no thought in enacting the Home Rule Law that it would be
3.000
flask
634 15 Yrs.
made to bear the burden of a system of transportation, to be paid for with
1710--Saska tchewan Sch Mts.,
public money and maintained by public officers.
10 Yrs.
Bask
1 000
21.'000
20 Yrs•
1710-Shaunavon, Sask
We add here the following taken from the "New York
200.0001
1940
1710-Vancouver. B.0
5
35.0001 9943
1945
1710-Vancouver, B C
Times" of the same date.
5
2 000J
1,450:000
1965
1710--Vancouver, B. C.(2 tea.)-5
Hylan Declines to Talk.
1710-Willowbrook, Sask
631 10 yrs.
The decision of the Court of Appeals voids the four bus bills passed by the
Municipal Assembly on the insistence of Comptroller Charles L. Craig. and
Total amount of debentures sold during Sept.$87.421.984
places 'MN operation in this city exactly where it was before Mr. Craig
Introduced the bills and prevented Mayor Hylan from going ahead with
I r Refunding bonds. y And other considerations.
his plan to issue short term franchises to bus operators now operating lines
We have also learned of the following additional sales for without legal authority. introduced his
bills Mayor Hylan and Corporation
At the time Mr. Craig
August:
Counsel George P. Nicholson expressed the opinion that the Home Rule
Page.
Rate. Maturity. Amount. Price. Basis. act did not empower the city to engage in bus operation. The Board of
Name.
Estimate, however,appropriated $100.000 as a start for municipal operation
1378-13arrier Valley R.
4si
$8,000
Bask
on the Eighty-sixth Street crosstown lines.
6
10 year
Po
William Tay Schieffelln, Chairman of the Citizens Union, applied for and
1601-Drumheller S. D. No.
50.000
1926-1945
obtained an injunction, on the ground that the Home Rule act did not
2472, Alta
6
10.000
empower municipal operdtion. Stewart Browne, President of the United
!farmed. Alta
1601-636 1925-1935
Real Estate Owners Association, through Louis Marshall as attorney,
1378--Saskatchewan Sch. Dists.,
3.900
brought a similadinjunction action, but contended further that the wbole
various
Bask.(2 issues)
6
NEWS ITEMS .
4374-Long
24
81
P'
alya
1818
[VoL. 121.
THE CHRONICLE
Home Rule act was unconstitutional
-a view temporarily upheld by the
Appellate Division, which was reversed on this point by the Court of
Appeals.
Both Mayor HyIan and Comptroller Craig declined to comment on the
decision, but it was said at City Hall that the Board of Estimate probably
would proceed with the award of bus franchises, for which more than eighty
applications have been made to the Board of Transportation. In the
meantime, it was said, the illegal operation of buses without franchises on
permits issued by the Department of Plant and Structures was likely to
continue for a time,as Mr. Marshall, who obtained an injunction prohibiting
such operation several years age, had made no recent attempt to enforce it.
Leonard M. Wallstein, counsel for the Citizens Union, said:
"The decision of the Court of Appeals upholds my contentions on every
point. It was the Citizens Union alone that argued both that the Home
Rule amendment was validly adopted and that it did not authorize municipal operation of buses. The court has upheld us on each point."
Corporation Counsel Nicholson said he regretted that the ..Court had
decided that the city lacked power to engage in bus operation, but added
that this was the opinion he gave when the Craig bills were introduced.
Venice, Calif.
-City Votes For Annexation to Los Angeles.
-At an election held on Oct. 3 the voters of this city voted
for annexation to the City of Los Angeles by 3,130 to 2,215.
Speaking of the effects of the annexation the "Los Angeles
Times" of Oct. 3, said in part:
Along with a population of 25.000 persons, Los Angeles will acquire a
territory with an area of 27.000 acres and three miles of valuable beach
frontage. The assessed valuation of Venice is about $24,000,000, with a
bonded ladebtedness of about $500.000.
BOND PROPOSALS AND NEGOTIATIONS
Date June 1 1925. Denom. 31.000. Due June 1 as follows: $22,000 in
1931: $24.000. 1932; 525.000, 1933 527,000. 1934 $28,000, 1935: $30.000.
.$32,000, 1937.4.000, 1938 836.000. 1939 *W000. 1940: $40,000,
1941; $43,000. 1942: 5.000. 1943 848.000, 1944 351.000. 1945: $54.000,
. 60.000, 1948 $64,000. 1949 568.000. 1950: $72,000,
. 857.000.
1951: 176.000, 1952: 1.000. 1913 886.000. 1954 $91.000. 1955: $96,000,
1956: $102,000. 1957; $108.000. 1958: $115.000 1959; $121,000. 1960:
$129.000, 1961: $136.000, 1962: $145,000, 1963: 5153.000, 1964, and
$163,000. 1965. Principal and semi-annual interest (J. & D.) payable at
the Hanover National Bank, New York. Legality approved by John 0.
Thomson, New York.
Financial Statement.
Assessed valuation of district for the purpose of taxation, 1925_ _$18.609,869
Total debt (this issue only)
2,500,000
Estimated population, 4.500.
-BOND SALE.
BRAINTREE. Norfolk County, Mass.
-On Oct. 2 the
$151.500 4345 school bends. offered on that date (V. 121. p. 1701) were
awarded to It. H. Rollins & Sons or Boston at 101.16. Dated Oct. 1 1925.
Due serially 1926 to 1940. inclusive.
BROCKTON, Plymouth Covnty, Mass.
-TEMPORARY LOAN.The Plymouth County Trust Co. of Brockton has been awarded a temporary
Iran of 5200.000 maturing April 16 1926 on a 3.93% discount basis, plus
a $1 50 premium.
BUFFALO, Erie County, N. Y.
-Sealed bids will
-BOND OFFERING.
be received until 11 a. m. Oct. 14 by Ross Graves, Commissioner of Finance
and Accounts. of Buffalo, for all or any part of the following 4 X% nontaxable coupon or registered bonds:
$1,800.000 school bonds. Due $90,000 yearly from Nov. 2 1926 to 1945,
inclusive,
800.000 park bonds. Due $40.000 yearly from Nov. 2 1926 to 1945.
inclusive.
200,000 J. N. Adam memorial hospital bonds. Due $10,000 yearly
from Nov. 2 1926 to 1945. inclusive.
200,000 public general hospital bonds. Due $10,000 yearly from Nov.2
1926 to 1945. inclusive.
Coupon bonds in denom. of $1,000. Registered bonds in denom. of
$1,000 and multiples thereof as far as practicable. Dated Nov. 2 1925.
Principal and semi-annual interest (M. & N. 2) payable at the office of the
Commissioners of Finance and Accounts, Buffalo. or at the Hanover
National Bank, New York, at option of holder. Certified check for 2%,
of the amount of bonds bid for, upon an incorporated bank or trust company. payable to the Commissioners of Finance and Accounts, required.
Legality approved by Caldwell & Raymond. Bonds to be delivered and
paid for within ten d ys from time of award
Delivery of bonds to be
made on Nov.2 at the office of the Commissioner of Accounts and Finance.
E
ALACHUA SPECIAL TAX SCHOOL DISTRICT NO. 26 (P. 0.
-E. R. Simmons, Secretary
Gainesville), Fla.
-BONDS OFFERED.
Board of Public Instruction, received sealed bids until 10 a. m. Oct. 9 for
4
$250,000 51 % school bonds. Denom. $1.000. Due $8,000, 1928 to 1932
Incl.: $10,000, 1933 to 1942 incl.; 512,000, 1943 to 1047 incl.; $15,000,
1948 and 1949 and $20,000 in 1950. Int. payable semi-annually.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
-BOND OFFERING.
Sealed bids will be received until Oct. 14 by the County Treasurer for ditch
bonds, in the amount of $105325.30.
-BOND
ALLENTOWN SCHOOL DISTRICT, Lehigh County, Pa.
SALE.
-On Oct. 2 the $850,000 431% school bonds, offered on that date
Financial Statement.
(F. 121. p. 1594) wore awarded to Stroud & Co., Inc. of Philadelphia at a
The total bonded debt of the City of Buffalo on Oct. 1 1925 was $67.premium of $510qual to 100.06. a basis of about 4.245%. Dated Oct.
1 as follows: 578,000, 1930: $98.000. 1935;$120,000. 240.635 32; assessed valuation of taxable real estate. including special
1 1925. Due en Oct.O
franchises for the fiscal year 1925-1926 is 8795.011.610. Included le the
1940: 5147.000. 1945: 5182.000. 1950 and 5225.000. 1955.
above statement of bonded indebtedness are bonds issued for a water
ANNISTON, Calhoun County, Ala.
-BOND OFFERING.-Sldney J. supply to the amount of $15,7&3.052 64. of which bonds to the amount of
Reaves, Mayor, will receive sealed bids until 7:30 p. m. Oct. 22 for $40.000 514.254320 34 were issued for water supply subsequent to
5)4% improvement bonds. Denom. 51.000. Date Oct. 1 1925. Due Included in the above statement of bonded indebtedness are Jan. 1 1904.
tax anticipaOct. 1 1935. optional one-tenth yearly. Prin. and int. A. & 0. payable at
on certificates of indebtedness maturing July
1926 in the amount of
the Chase National Bank, N. . C. A certified check for 2% of bid is 81,531.155 37. for payment of which taxes willI be levied. Tha sinking
required.
I funds applicable to the payment of the bonded indebtedness aggregate
APPLETON CITY, Saint Clair County, Mo.-BOND SALE.
-The $5,946.669 86. of which $2,931.345 84 is applicable to payment of the water
debt. The last city tax rate per $1.000 of assessed vaulation Is $30 22.
Prescott, Wright, Snider Co. of Kansas City has purchased an issue of The
population according to the 1920 United States Census is 506.775.
853.0005% water works bonds. Due serially in 5 to 20 years.
ARCHER COUNTY COMMON SCHOOL DISTRICT NO. 26 (P. 0.
BURLINGTON, Burlington County, N. J.
-BOND SALE-On
Archer City), Tex.
-The State Comptroller of Oct. 6 the $45,000 434% coupon or reelstered temporary improvement
-BONDS REGISTERED.
bonds, offered on that date (V. 121.0. 1595), were awarded to It. M. Grant
Texas registered on Sept. 30 56.000 5% school bonds. Due trvially.
Co., Inc.. of New York, at a premium or $68 65. equal to 100.15-a
ARCHER COUNTY COMMON SCHOOL DISTRICT NO. 17 (P. 0. basis of about
4.72%. Dated Sept. 1 1925. Due Sept. 1 1931.
Archer City), Tex.
-BONDS REGISTERED.
-The State Comptroller of
Texas registered on Sept. 30 $7,500 5% school bonds. Due serially.
CAIRO, Ritchie County, W. Va.-BOND SALE.
-The State of West
ASHLAND COUNTY (P. 0. Ashland), Wis.-BOND OFFERING Virginia has purchased an issue of $30,000 534% water works bonds. Due
POSTPONED.
-E.H. Quistoff, County Clerk. informs us that the offering in 30 years.
of the $40,000 4340 poor house bonds scheduled to be offered on Sept. 28.
*
-BOND SALE.
-On Oct. 9
CAMBRIDGE, Middlesex County, Mass.
V. 121. ia. 1594
-has been postponed until the November meeting of the Eldredge &
4
Co. of New York purchased five issues of 41 % municipal
County Board.
bonds aggregating $545,500 offered on that date at 100.84912, a basis of
ASHTON, Ashton County, Neb.-BONDS VOTED.
-At the election about 4.10%.
held on Sept. 29 (V. 121. p. 1594) the roters authorized the issuance of 548,000 street loan bonds. Denom. 51.000. Due on Oct. 1 as follows:
$19.000
% water-works bonds by a count of 128 for to 65 against.
$10.000 1926 to 1928 incl. and $9,000. 1924 and 1930.
93,000 additional departmental loan bonds. Denom. $1.000. Due on
ATLANTA,Fulten County, Ca.
-The following 4 Si%
-BOND SALE.
Oct. 1 as follows: $19,000. 1926 to 1928 incl.. and $18,000. 1929
coupon or registered street impt. bonds, aggregatirg $97,500_, offered on
and 1930.
Oct. 5-V. 121. p. 170I-were awarded to The Trust Co. of Georgia of 317,000 street loan
bonds. Denom. $1,000. Due on Oct. 1 as follows:
Atlanta at a premium of $642 58 equal to 100.65, a basis of about 4.35%•
$32,000, 1926 to 1932 incl., and $31,000, 1933 to 1935 incl.
$1,000 East Sixth Street No.2 bonds. Due $500 Sept. 1 1928 and 1934.
12,500 land for playgrouqd loan bonds. Denom. $500. Due $500 on
5.000 Virginia Circle No. 2 bonds. Due 51.000 Sept. 1 1928 to 1930
Oct. 1 from 1926 to 1950 incl.
incl. and S1,000 Sept. 1 1932 and 1934.
75,000 sewer separate system loan bonds. Denom. $1.000 and $509.
1,000 Arcadia Street bonds. Due $500 Sept. 1 1930 and 1934.
Due $2,500 on Oct. 1 from 1926 to 1955 incl.
500 De Leon Street No.9 bonds. Due Sept. 1 1934.
Dated Oct. 1 1925. Interest (A. & 0.1 payable at the National Shaw7.000 Adair Avenue bonds. Due 51.000 Sept. 1 1927 to 1932 and $1,000 mut Bank. Boston. Bonds are homed under the supervision of the National
Sept. 11934.
Shawrnut Bank of Boston and their legality approved by Ropes, Gray,
4.000 Weyman Avenue bonds. Due $1,000 Sept. 1 1939, 1930, 1932 and Boyden & Perkins of Boston. These bonds were originally offered on
1934.
Oct. 5 as 48(V. 121,p. 1702)•
3,000 Oakwood Avenue bonds. Due $500 Sept. 1 1927 to 1930 incl. and
Financial Statement April 1 1925.
$500 Sept. 1 1932 and 1934.
Funded city debt
$5.140.400 00
1.000 Fast Fourth Street No. 3 bonds. Due $500 Sept. 1 1931 and 1934. Sinking fund for funded city debt
3,080.024 36
1.500 Fast Fifth Street No. 3 bonds. Due $500 Sept. 1 1927. 1930 and
1934.
Net funded city debt
$2.060,375 64
4.000 Ashby Gmve bonds. Due $1.000 Sept. 1 1928. 1930. 1932 and 1934. Serial city debt
3.317.150 00
3,000 Harwell Street No. 2 bonds. Due $1,000 Sept. 1 1928. 1930 and
1934.
Net city debt
$5.377.525 64
7,000 Hillard Street No. 2 bonds. Due Sept. 1 as follows: 52.000 1929 Funded water debt
$473.500 00
and $1.000 1930 to 1934 incl.
Sinking fund for funded water debt
405.340 10
1.000 Boulevard Place No. 2 bonds. Due $500 Sept. 1 1930 and 1934.
William Street bonds. Due Sept. 1 as follows: $2,000 1928 and
9,000
Net funded water debt
$68,159 90
1929 and $1.000 1930 to 1934 incl.
Serial water debt
635.000 00
3,000 Egleston Street bonds. Due $500 Sept 1 1927 to 1931 and $500
Sept. 11934.
Net water debt
$703,159 90
4.000 Brine Street bonds. Due $1,000 Sept. 11928. 1929. 1931 and 1934.
Population. 1920 census, 109.456; 1925 census, 120.054.
14,000 West Fair Street No.4 bonds. Due Sept. 1 as follows: $2,000 1927
Assessed valuation, 5166,483.200.
to 1931 incl.. $1.000. 1932. 1933. and 52.000. 1934.
-On Sept. 21 the
-BOND SALE.
CANTON, Stark County, Ohio.
4,000 Fulton Street bonds. Due $1.000 Sept. 11928. 1929, 1931 and 1934.
2.000 Bon Air Street bonds. Due $500 Sept. 11927. 1928. 1930 and 1934. nine issues aggregating $71.285 60 offered on that date (V. 121, P. mg)
f
4,000 foray Street bonds. Due $1.000 Sept. 11927, 1930. 1932 and 1934. were awarded to Breed, Elliott & Harrison of Cincinnati at a premium o
6,000 Hartford Avenue No. 2 bonds. Due $1,000 Sept. 1 1927 to 1930 5750 89, equal to 101.05, a basis of about 4.79%:
$36,069 77 5% Harvard Ave. bonds. Due on Sept. 1 as follows: $4,..
Incl. and $1.000 Sept. 1 1932 and 1934.
10,000 Oleniris Drive bonds. Due Sept. 1 as follows: $2,000, 1928 to
069 77 1927 and $4,000 1928 to 1935, inclusive.
6,567 40 5% Eleventh St. bonds. Due on Sept. 1 as follows' $567 40
1930 incl. and $1,000 Sept. 1 1931 to 1934 incl.
1,000 Wilson Street bonds. Due $500 Sept. 1 1929 and 1934.
1927, 51.000 1928. $500 1929, $1.000 1930. $500 1931 51,000
1.500 Parsons Street No.3 bonds. Due $500 Sept. 11929, 1931 and 1934.
1932. $500 1933. $1,000 1934 and 5500 1935.
5.62245 5% Belden Ave. bonds. Due on Sept. 1 as follows: 81.122 45
Date Sept. 11925. The entire issue is due on Sept. 1 as follows: $7,000,
1927 and $1,500 1928 to 1930, inclusive.
1927; $15 000. 1928: $17.000. 1929. 815,000. 1930; $10,500, 1931; $9,500,
9.44893 5% Nineteenth St. bonds. Due on Sept. 1 as folloi s: $,1932: 54.000, 1933 and $19,500. 1934.
44893 1927 and $2,000 1928 to 1931. inclusive.
-The $2,100
Chickasaw County, Iowa.---430ND SALE.
2.35600 5% Seventh St. bonds. Due on Sept. 1 as follows: $356
5% coupon electric light and power system bonds offered on Oct. 51927 and $500 1928 to 1931. inclusive.
V. 121, p. 1595
-were awarded to Fred Tucker at par. Date Nov. 11925.
2,948 05 5% Roosevelt Ave. bonds. Due on Sept. 1 as follows: $148 05
Due Nov. 1 1936. Int. payable annually in November.
1927. 51.000 1928. 5500 1929 and 31.000 1930.
1,451 88 5% Belden Ave. bonds. Due on Sept. 1 as follows: $401 88
BEATRICE, Gage County, Neb.-BOND SALE.
-The 534.000434%
• 1927 and $350 1928 to 1930, incluslve.
coupon refunding bonds offered on Oct. 4 (V. 121 .43. 1255) WAS awarded to
1,816 36 5% Edward Ave. bonds. Due on Sept. 1 as follows: 831636
Wachob & Co. of Omaha at par. Denom. 51.000. Date Oct. 1 1925.
1927 and $500 1928 to 1930, inclusive.
Due Oct. 1 1945. optional after five years. Interest payable A. & 0.
5.004 76 5Si% Thirteenth St. bonds. Duo on Sept. 1 as follows: $1;
BERKLEY Oakland County, Mich.
-Sealed
-BONDS OFFERED.
004 76 1927 and $1,000 1928 to 1931, inclusive.
bids were received until S p. m. Oct. 8 by Walter Baker, Village Clerk, for
Dated Sept. 1 1925.
the following four issues at not exceeding 6% bonds:
-BOND OFFERING._
CARBONDALE, Lackawanna County, Pa.
$10.000 street opening assessment, Roll No. 25. bonds.
Sealed bids will be received until 8 p. m. Oct. 19 by Wassor P. Jones, City
7,000 street opening assessment. Roll No. 26, bonds.
Clerk, for *50.0004% public bout. bonds. Denom.$1,000. Due on June 1
28,000 special sewer assessment, Roll No. 24, bonds.
asfollows: 510.000. 1930 and $2.000. 1931 to 1950 incl. Certified check for
147.500 special sewer assessment, Rolls 27 to 32 incl., bonds.
51,000 payable to the City Treasurer required.
Due serially 1 to 4 years.
CASS COUNTY (P. 0. Atlantic), lowa.-CERTIFICATE SALE.
BEXAR-MEDINA-ATASCOSA COUNTIES WATER IMPROVE-A Carlton D. Beh & Co., of Des Moines, has purchased an issue of $20.000
-BOND SALE.
MENT DISTRICT NO. 1 (P. 0. Medina), Tex.
syndicate cowl:elm-A cf C. W.McNear & Co., of Chicago, Stifel, Nicolaus & 4349. anticipation road certificates at a premium of 35. equal to 100.02.
Co. of St. Louis, Otis & Co. of Cleveland. the Federal Securities Corp. of
CASTRO COUNTY COMMON SCHOOL DISTRICT NO. 18 (P. 0.
St. Louis, J. E. Jarratt & Co. of San Antonio. and Lorenzo E.Anderson & Dimmitt), Tex.
-BONDS REGISTERED.
-On Sept. 28 the State CompCo. of St. Louis, has purchased an,,issue of 52.500.000 6% road bonds. troller of Texas registered $20.000 6% school bonds, Due serially.
BassErr,
OCT. 10 1925.]
THE CliktONTCLE,
1819
coupon or registered
of
CEDAR COUNTY SCHOOL DISTRICT NO. 55(P. 0. Hartington), Board of Finance Conunittee, for an issue no 434% bonds to be awarded
more
bonds not to exceed 54.104.720.
-An Issue of 52,000 6% school building bonds was refunding produce a premium of 51.000 over $4,104,720. Denom. $1.000
Neb.-BOND SALE.
than will
sold as follows:
except one for $720. Dated Nov. 1 1925. Principal and semi-annual int.
$1,090 school building bonds to Ida B. Townsend of Hartington.
(M.& N.) payable in gold at the United States. Mortgage & Trust Co., N.
1,f/00 school building bonds to S. J. Lageschulte of Hartington.
Y. Due on NOV. 1 as follows: $139.000, 1926 to 1935 Md.:5164.000, 1936
Date Aug. 11 1925. Due $250 Sept. 1 1926 to 1933 inclusive.
to 1940 incl.: $189,000, 1941 to 1949 Incl. and $193.720, 1950. Certified
- check for 2% of the bonds bid for payable to R. W. Booth. County Treas-BOND OFFERING.
CHAMBERS COUNTY (P.O. Anahuac), Tex.
L.R. Miller, County Judge, will receive sealed bids until Nov.9 for $15,000 urer required. The bonds will be prepared under the supervision of the
% road bonds. Due in 30 years, optional after 5 years. Int. payable United States Mortgage & Trust Co.. N. Y., which will certify as to the
genuineness of the signaturers of the officials and the seal impressed thereon.
semi-annually.
deNew York.
-The Legality approved by John C. Thomson at office. TheseBonds to be
CHARLESTON, Kanawha County, W. Va.-BOND SALE.
were authorized
County Treasurer
issue of $145,000 bridge bonds livered on Nov. 2 at theby the Board of Chosen Freeholders on Sept. 17.State of West Virginia has purchased an
by a resolution adopted
at par.
V. 121. p. 1703.
CHILLICOTHE SCHOOL DISTRICT (P. 0. Chillicothe), Ross
-An issue of 5800.000 school bonds
-BOND ELECTION.
FILLMORE COUNTY SCHOOL DISTRICT NO. 20 (P. 0. Exeter),
County, Ohio.
-The Omaha Trust Co. of Omaha has purchased
Neb.-BOND SALE.
will be voted upon at the coming November election.
an issue of 528.000 434% refunding bonds. Date Sept. 1 1925. Due
-BOND SALE-The $32.000
CHOTEAU, Teton County, Mont.
inclusive, optional In 1930.
water plant bonds offered on Oct. 1 (V. 121. p. 1006) were awarded to the Sept. 1 1926 to 1955,
State of Montana as 58 at par.
FLOYD COUN TY COMMON SCHOOL DISTRICT NO. 20 (P. 0.
-On Sept. 30 the State Comp-BONDS REGISTERED.
CLAY COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO. 4 Floydada), Tex.
-Sealed bids troller of Texas registered 511.000 school bonds. Due serially.
-BOND OFFERING.
(P. 0. Green Cove Springs), Fla.
M. W. Griffis. Chairman Board of
will be received until 3 p. m. Oct. 21 by
FORT WORTH INDEPENDENT SCHOOL DISTRICT, Tarrant
County Commissioners, for $515.000 road and bridge bonds. Date July 1
-On Sept. 28th the State Comp-BONDS REGISTERED.
Tex.
1925. Denom.$1,000. Due Dec. 1 as follows: $50,000 In 1930 and 1935, County, Texas registered $2,000,000 434% school bonds. Due serially.
troller of
$75,000 in 1940. $100.000 In 1945 and 1950 and $140.000 in 1955. Prin.
and int. (J. & J.) payable at the National Bank of Commerce, N. Y. City,
-The $70.000
FULTON, Fulton County, Kv.-BONDS NOT SOLD.
or at the Bank of Green Cove Springs, at option of holder. Legality ap- sewerage bonds scheduled to be offered on Sept. 28 (V. 121. p. 1596) were
proved by John C. Thomson, N. Y. City. A certified check for 2% of not sold.
bid Is required.
-An election will be held on Nov. 3 for the purpose
BOND ELECTION.
-BOND SALE.
-The $367,000 of voting on the question of issuing $70,000 sewerage bonds.
CLEARWATER, Pinellas County, Fla.
-were awarded to
534% impt. bonds offered on Oct. 5-V. 121. p. 1595
-BOND OFFERING.
GATES MILL, Cuyahoga County, Ohio.
J. H. Hilsman & Co.. Inc.. of Atlanta. at 96.27. Due in 30 years.
Sealed bids will be received until 12 M. Nov. 2 by Homer L. Hunscher,
4% coupon public halls and public offices
Village Clerk, for $15.000 43
-BOND SALE.
CLINTON COUNTY (P. 0. Wilmington), Ohio.
Date Oct. 1 1925. Int. A. & 0. Due 51,000
On Sept. 30 the 521.000 5% 1. C. H. No. 10 coupon road impt. bonds bonds. Denom. $1,000. to 1941 incl. Certified check for 10% of the
1927
Oct.
offered on that date (V. 121. p. 1485) were awarded to Seasongood & yearly from bonds 1bid for. payable to the Village Treasurer, required.
amount of
Mayer of Cincinnati for $21.221. equal to 101.05. a basis of about 4.71%•
paid for within ten days from time of award.
Dated Sept. 11925. Due on Sept. 1 as follows: $4.000, 1927 to 1930 incl.; Bonds to be delivered and
-The 510.400
-BOND DESCRIPTION.
and $5000. 1931.
GENESEO,Henry County, III.
reported sold in V. 121, p. 1596, are coupon bonds,
COLEMAN COUNTY COMMON SCHOOL DISTRICT NO. 4 (P. 0. 5% paving bonds
rate of 5% and mature serially in from 1 to 10 years:
-BOND SALE.
-The State of Texas has purchased an issue bear Int, at the The bonds were taken by the H. A. Reschke Construction
Coleman),Tex.
optional on call.
of 87.000 5% school bonds.
Co.(not the D. J. Ryan Construction Co.,as stated in the above reference)
COLFAX COUNTY SCHOOL DISTRICT NO. 58 (P. 0. Clarkson), at par during August.
Neb.-BOND SALE -lames T. Wachob & Co. of Omaha have purchased
-The First National
-BOND SALE.
GENESEO, Henry County, 111.
% refunding bonds. Date Sept. 11925. Due Sept.
an Issue of $11.500
Bank of Geneseo has purchased an issue of 57.500 5% water tank bonds at
1 1945: optional 1926 to 1930.
par. Dated Sept. 8 1925. Due $1.500 1926 to 1930. Inclusive.
COLLIN AND HUNT COUNTIES COMMON SCHOOL DISTRICT
-Sealed
-BOND OFFERING.
GETTYSBURG, Adams County, Pa.
NO. 8 (P. 0. McKinney), Tex.
-BOND SALE.
-The State of Texas has
purchased an Issue of 58.000 5% school bonds at par.
bids will be received until 80. m. Oct. 30 by Frank R. Peckman, President
of Borough Council, for each of the following two issues of 414% coupon
COLUMBIA SCHOOL CITY (P. 0. Columbia City), Whitley bonds:
County, Ind.
-BOND OFFERING -Sealed bids will be received until 555.000 seware disposal plant bonds.
10 a. in. Oct. 22 by the School Trustees for $80,000
% school building
20.000 funding bonds.
bonds. Denom. $1.000 and $500. Int. M.& N. 15. Due $4,000 yearly
Denom. $500. Due serially 1 to 30 years. Certified check for 5% of
from Nov. 15 1227 to 1946 Incl.
the face amount of bond issue bid for required.
SALE.
COLUMBIA HEIGHTS, Minn.
-The
-BOND
-CORRECTION.
-An election
-BOND ELECTION.
GILMER, Upshur County, Tex.
,
$20.000 5 4% water works bonds offered on Sept. 22 were awarded to Ma- will be held on Oct. 27 for the purpose of voting on the question of issuing
graw. Kerfont & Co. of St. Paul at a premium of $210, equal to 101.05. $25,000 6% street impt. bonds. L. G. Martin, City Secretary.
Denom. $1.000. Int. payable A. & 0. We reported in V. 121, p. 1372,
-On Oct. 5
-BOND SALE.
GLEN COVE, Nassau County, N. Y.
the amount of bonds to be offered as 52.000. which was incorrect.
$300,000 434% gold coupon or registered sewer bonds, offered on
CONCH° AND MENARD COUNTIES COMMON COUNTY LINE the date
-were awarded to Rocsevelt & Bon and Geo. B.
1596
-V.121,P.
-BOND SALE. that
SCHOOL DISTRICT NO. 7 (P. 0. Paint 12,,ck), Tex.
Gibbons & Co., Inc., both of New York, for $308,037. equal to 102.679, -The State of Texas has purchased an issue of $25.000 5% school bonds.
a basis of about 4.33%. Date Oct. 1 1925. Due mow yeartv from
-BONDS OFFERED.
-E. J. Oct. 1 1927 to 1969 incl., and 57.000. 1970 to 1975 incl. Other bidders
CONCORDIA, Cloud County, Kan.
Alexander. City Clerk, received sealed bids until 2 p. m. Oct. 9 for $100,000 were:
Amount Bid.
Amount Bid.
water works improvement bonds.
II. L.Allen & Co.. N.Y.;
Sherwood & Merrifield.
-BOND ELECTION.
-An elecRutter & Co.: Batch$307,017 00
CROCKETT, Houston County, Tex.
Inc., New York
elder. Work &__ 3303.210 00
tion will be held on Oct. 20 for the inirpose of voting on the question of issu- Pulleyn & Co., N. Y. _ 306,930 00
ing following bonds, aggregating $406,000:
Harris, Forbes & Co_ _ _ 306,339 00 A.M.Lampert& Co.,Inc. 302,364 00
3204.000 refunding bonds.
Nassau Union Bank,Glen
$202.000 funding bonds.
Bank, Glen
Glen Cove
par
Cove
304,213 80
Cove
-BOND SALE.
-The 54.244 09 6%
DALLAS, Polk County, Ore.
Financial Statement.
-were awarded to the
impt. bonds offered on Sept. 28-V. 121. p. 1596
$40.000.000
Dallas City Bank of Dallas at a premium of $140.05. equal to 103.20, a Actual valuation
10,884.125
basis of.about 5.58%. Date Oct. 11925. Due Oct. 11935.
Assessed valuation, 1925
776.212
including this Issue
COMMON SCHOOL DISTRICT NO. 3 (P. 0. Total bonded debt, 1925. 10.819.
DALLAS COUNTY
Population, Census
-An issue of $7.200 6% school bonds was
Dallas), Texas.
-BOND SALE.
-BOND
GLENPOOL SCHOOL DISTRICT, Tulsa County, Okla.
purchased by the County Permanent School Fund Commission on Sept. 24
at par. These are the bonds registered by the State Comptroller of Texas SALE.
-The PIersol Bond Co. of Oklahoma City has purchased an Issue of
on Sept. 16-V. 121, p. 1596.
$15 0006% coupon school funding bonds. Denom.51.000. Date Feb. 15
1924. Due Feb. 15 1949. Principal and interest (M. & S.) payable at
DALLAS COUNTY SCHOOL DISTRICT NO. 48 (P. 0. Dallas), the fiscal agency of the State of Oklhoma in New York City.
-An issue of $3,000 school building bonds was
Texas.
-BOND SALE.
Financial Statement.
Purchased by the County Permanent School Fund.
$4.500.000 00
Estimated actual value
-BOND OFFERING.
-Sealed bids 1925 assessed value
2.807.824 00
DANVILLE. Montour County, Pa.
will be received until 5 p. in. Oct. 16 by C. H. Davis, Borough Secretary, Total debt
5102.080 00
borough bonds. Denom. $1,000. Int. M. & N. Due Sinking fund
for 514.000 454
13.526 35
Nov. 1 1942. optional Nov. 1 1928. The bonds are free from the Penn- Net debt less sinking fund
88.553 66
sylvania State Tax.
District area In acres. 11,520: 1923 school enumeration. 497: Estimated
-BOND SALE
DEARBORN, Wayne County, Mich.
-CORRECTION. population, 2.000.
-The American State Bank of Dearborn has purchased $46.100 6%
-Sealed
-BOND OFFERING.
GRAND RAPIDS,Kent County, Mich.
(special assessment) paving districts Nos. 21, 22, 23. 24 and 25 bonds. bids will be received until 3 0. m.(Ict. 15 by J. C. Shinkman. City Clerk,
Denom. $1,000 and odd amounts. Dated Aug. 15 1925. Int. F. & A. 15. fnr the following five MVU6S of 4.% bonds. aggravating $1.990.000.
Due Oct. 1 1926 to 1930 incl. The sale of these bonds was already reported
street impt. bonds. Dated Nov. 1 1925. Due 550.000 Nov 1
In V. 121. p. 1485. but in that reference the amount of bonds sold was given 5500.000 1926 to 1035 Incl.
as 541.400. which we now learn was $46.100, as stated above.
345,000 street taint. bonds. Dated Nov. 1 1925. Due 560.000 Nov. I
1926 to 1930 Ind.
DENVER (City and County of) SCHOOL DISTRICT NO. 1, Colo.
55.000 sewer construction bonds. Dated Nov. 1 1925. Due $11,000
BONDS VOTED.
-At an election held on Oct. 6 the voters authorized the
Nov. 1 1926 to 1930 Incl.
Issuance of the following 2 issues of coupon bonds.
MIN". 1 1945.
Dated Nov.
51.740.000 high school bonds to bear Interest at a rate not exceeding 434% *250,000 water extension bonds.bonds. Dated11925. Due Dire $30,000
April 11924.
840,000 sewage disposal system
vote 11,417 for to 5,156 against. The bonds mature after their
yearly from Aug. 1 1926 to 1953 incl.
date as follows: 5200.000 In 5 yrs.: $100,000 in 6,7 and R yrs.;
In V. 121. p.
*The amount
tz.noo in 9 and 10 yrs.: 530,000 In 11 yrs.: 550.000 In 12 Yrs.: Denom. $1,000. of this issue was given as $500.000 payable at the1704.
City
Principal and semi-annual interest
$70.000 in 13 yrs.: $50,000 in 14 yrs. and $100,000 in 15, 16. 17.
Treasurer s office, and If so desired in New York Exchange: used bonds are
23 and 24 Yrs.
18, 19, 20, 21, 22.
that office. Certified check for 3 of the
400,000 school equipment bonds to bear interest at a rate not exceeding to be delivered and paid for at
5% vote 10.846 for to 4.910 against. The bonds mature after amount of bonds bid for payable to the City Treasurer required. We have
already reported the notice of offering of these bonds in V 121.%,_. p. 1704.
their date as follows* $100.000 in 1. 2, 3 and 4 yrs.
but It is given again because data have come to hand.
DESHLER,Thayer County, Neb.-BOND SALE-JamesT. Wachob
& Co. of Omaha have purchased an issue of 510.500411% refunding bonds
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 5 (P. 0.
Date July 15 1925. Due July 15 1945. optional in 5 to 15 years on interest Montesano), Wash.-BON1) SALE.
-The Geo. Ii. Burr. Conrad &
paying dates.
Brown, Inc.. of Portland. was awarded on Oct. 1 an issue of $22,000 434%
school building bonds at a Premium of $682 equal to 100.031. This issue
DE WITT COUNTY ROAD DISTRICT NO. 1 (P.O. Cuero), Tex.
BONDS REGISTERED.
-On Oct. 1 the State Comptroller of Texas regis- was awarded to the above company on Aug. 1. but the sale was not completed at that time because the bonds were improperly advertised and
tered $250,000 5% road bonds. Due serially.
declared illegal.
-V.121. p. 1257.
-BOND SALE.
-The $33.500
DIAGONAL, Ringgold County, Iowa.
GRAYSON COUNTY COMMON SCHOOL DISTRICT NO. I (P. 0.
water works bonds offered on Oct. 5-V. 121. p. 1703
-were awarded to
-BONDS REGISTERED.
-The State Comptroller of
of Davenport at par. Date Oct. 1 1925. Due each Sherman), Tex.
Geo. M. Bechtel & Co.
Texas registered on Oct. 1 $6,000 5% school bonds. Due serially.
six months as follows: $500 Nov. 1 1928: $1.000 May 1 and $500 Nov. 1
1929: $500 May 1 and 51.000 Nov. 1 in each of the years 1930 to 1933 incl.;
-BONDS REGISTERED.
GRIMES COUNTY (P.O.Seminole), Tex.
$1.000 May 1 and $500 Nov. 11934: $1.000 May 1 and $1.000 Nov. 1 in The State Comptroller of Texas registered the following 534% bonds:
each of the years 1935 and 1936: $500 May 1 and $1.000 Nov. I 1937: $28.000 road and bridge funding bonds registered on Oct. 1.
1,000 May 1 and Nov. 1 1938: $1.000 May 1 and 81.500 Nov. 1 1939:
58.500 road and bridge refunding bonds registered on Sept. 29.
1.000 May 1 and 51.000 Nov. 1 In each of the years 1940 and 1941: 51,500
Due serially.
ay 1 and $1.000 Nov. 1 in each of the years from 1942 to 1945 incl.
GROVE CITY SCHOOL DISTRICT (P. 0. Grove City). Mercer
DIMMIT COUNTY ROAD DISTRICT NO. 1(P.O. Corrizo Springs), County, Pa.
-BOND ELECTION.
-A proposition to Issue $50,000 school
-The $65,000 5 4 -7;:, coupon road bonds bonds will be voted upon at the coming November election.
,
-BOND DESCRIPTION.
Texas.
-V. 121, p. 1485
purchased by the J. E. Jarrett Co. of Dallas at par
HALFWAY, Macomb County, Mich.
-At the
VOTED.
are described as follows: Denom. $1,000. Date Aug. 15 1925. Due election held on Sept. 26 (V. 121. p. 1597)-BONDS voted the issuance
the voters
Aug. 15 1955. Interest payable F. & A. 15.
of $300,000 water main bonds. The vote was 697 for to 29 against.
--Garrett & Co. of
-BOND SALE.
ENNIS, Ellis County, Texas.
HALL COUNTY SCHOOL
Dallas have purchased an issue of 5126,500 434% refunding bonds. Due Neb.-POND DESCRIPTION.DISTRICT NO. 44 (P. 0. Wood River),
-The $2.500 5 % coupon school bonds
serially.
purchased by the Grand Island Loan & Trust Co. of Grand Island-V.
,
fn
-BOND OFFERING. Sealed 121, p. 1597
-see
Denom. $500.,Date July_l 1925.
ESSEX COUNTY (P. 0. Newark), N. J.
bids will be received until 1 p. in. Oct. 28 by Pnilllp Lindeman, Chairman Due July 1 1930. Interest payable annually in July.
1
1820
THE CHRONICLE
[VOL 121
HARBOR BEACH Huron County, Mich.
-The
JASPER COUNTY (P. 0. Jasper),
Huron County State hank of Harbor Beach has-BOND SALE.
-BONDS REGISTERED.
purchased an issue of On Sept. 28 the State Comptroller of Tex. registered•
Texas
53,500 5% sewer bonds.
$12,000 5 %
road bonds. Due serially.
HARRISON SCHOOL TOWNSHIP, Vigo County, Ind.
KALAMAZOO, Kalamazoo County, Mich.
SALE.
-On Sept. 26 the 5135.000 4%% coupon school bonds -BOND
-BONDS VOTED.
that date (V. 121, p. 1373) were awarded to J. F. Wild & Co.. ofoffered on election held on Sept. 29(V. 121. p. 1487) the voters authorized the -At an
issuance
Indianap- of 585.000 school
olis, at a premium of 52.620. equal to 101.94, a basis of about
building bonds by a vote of 454 to 1.939.
4.21%•
Dated Oct.11 1925. Due $4,500 each six months from
July 1 126 to
KEITH COUNTY SCHOOL DISTRICT NO.6(P.O. Sarben), Neb.Ian. 1 1941, inclus1ve.1
BOND SALE.
-James T. Wachob & Co.. of Omaha, have purchased an
HATTIESBURG, Forrest County Miss.-BONDS
-At an issue of $15,000 434% refunding bonds. Date July 15 1925. Due July 15
election held Sept. 22 the voters authorized the issuance VOTED. bonds 1945. optional in 1930.
of $250,000
by a majority of 2 to I. The bonds will be used for
following imKENT COUNTY ROAD DISTRICT NO. 2 (P. 0.
provements: North Ward School building,$80,000: repairsthepresent school,
to
Clairernont).
Tex.
$60.000; bridges and culverts, $10,000; street paving,
-BOND ELECTION.
-An election will be held on Oct. 24 for the
520.000; water works purpose of
repairs, $30,000; for sanitary work, 550.000.
voting on the question of issuing $20,000 5;1% road bonds.
D. C. Scogin, County Clerk.
HAWAII(Territory of).
-BOND SALE.
-The $2.590,000 4%% coupon
KING COUNTY COMMON SCHOOL DISTRICT NO. 2 (P. 0.
public impt. bonds offered on Oct. I
-V. 121. p. 1258
-were awarded to Guthrie), Tex.
syndicate
--On Sept. 28, the State Comm
A. Harriman troller of Texas -BONDS REGISTERED.
I
&
ec
A..arto g
ese
registered 58,000 5% school bonds. Due serially. •
1Ta
3r L
•
rolirm tasznedBr Illinois.
tg:
Co. of Chicago, paying a premium .866,778, equal to 101.42, a
KINGSTON, Ulster County, N. Y.
basis of about 4.39% to optional date and a of
-BOND OFFERING.
-Harry S.
basis
to run full term of years. Date Oct. 11925. of about 4.42% if allowed Jacobs, City Treasurer, will sell at public auction at 10 a. m.Oct. 15 $15.000
Due Oct. 1 1955; optional 5% (city's share) registered bridge
Oct. 1 1945.p, rat. Pt Ok Wit
bonds. Denom. $31.000. Principal and
'
semi-annual interest (A. & 0.) payable at the City Treasurer's office. Due
' 1
"
BS Financial Statement (as Officially Reported September
55,000 yearly from April 1927 to 1929 incl. Bonds must be paid for in cash
1925)•
Assessed valuation
$360,832,895 00 or certified check on day of delivery,on or before Oct. 20.
Total bonded debt including this issue
20.580.000 00
KOSCIUSKO COUNTY (P.
Less sinking funds
-BOND SALE.
-On
795.512 88 Sept. 19 three issues of 5% gravel0. Warsau), Ind.
Net bonded indebtedness
road bonds. offered on that date (V. 121.
19,784,487 12 P. 1487)
Population 1920 (Federal census), 255.912; present population (esti- $30,000 were warded to the Meyer-Kiser Bank of Indianapolis as follows:
bonds at a premium of $957 75, equal to 103.19. a basis of about
Mated), 323.645.
4.34%. Denom. $750. Due 51.500 each six months from •
HAZLETON SCHOOL DISTRICT (P. O. Hazleton), Luzerne
May 15 1926 to Nov. 15 1935, inclusive.
County Pa.-BOND OFFERING.
19,000 bonds at a premium of 5606 75, equal to 103.18, a basis of about
-Sealed bids will be received until
Oct. 27 by D. T. Evans, City Secretary. for the following two issues of
'
4.34%. Denom. 5950. Due 8950 each six months from May 15
school bonds.
1926 to Nov. 15 1935. inclusive.
6,100 bonds at a premium of $190 75. equal to 103.12. a basis of about
8300,000 01% series B school bonds until 8
m.
300.000 46% series A school bonds until 8.0 p.m.
4.355%. Denom. $305. Due $3305 each six months from May 15
p.
The bonds are free from the Pennsylvania State tax.
1926 to Nov. 15 1935, inclusive.
Dated Sept. 15 1925. Interest M. &
N. 15.
HENDERSON INDEPENDENT SCHOOL DISTRICT, Rusk CounLA
ty, Tex.
-BONDS REGISTERED.
-On Sept. 30 the State Comptroller will FERIA, Cameron County, Tex.
-An election
be held on Oct. 24 for the purpose -BOND ELECTION.
of Texas registered 35.000 5J5% school bonds. Due serially.
of
$20.000 water and $30,000 sewer bonds. voting on the question of issuing
HINDS COUNTY (P. 0. Jackson), Miss.
-BOND OFFERING.
LA GRANGE, Lewis County,
W. W. Downing, Clerk Board of Supervisors, will receive sealed bids until
-At an election held recently the voters authorized Mo.-BONDS VOTED.
Nov. 2 for $150,000 5% school bonds. Interest payable semi-annually.
the issuance of 535,000 school building
bonds.
F. HITCHCOCK COUNTY SCHOOL DISTRICT NO. 77 (P. 0. TrenLA PORTE COUNTY (P. 0. Laporte), Ind.-430ND
ton), Neb.-EOND SALE.
-The Harry A. Koch Co. of Omaha has purchased an issue of 51,300 6% school-building bonds. Date Sept. 1 1925. Sealed bids will be received until Oct. 20 by the CountyOFFERING.
Treasurer for
Due Sept. 1 1926 to 1937, inclusive.,
53,520 70 ditch bonds.
LAKE COUNTY (P. 0. Crown Point), Ind.
HONEA PATH, Anderson
-BOND SALE.
-On Oct.
-BOND SALE.
The Detroit Trust Co. of Detroit County, So. Caro.
Columbia 2 the $54.000 5% coupon Joseph Carl, et al.. gravel road in Center Townand A. C. Heyward &
purchased an issue of $48.000 01% coupon sewer bonds Co. of $1,000. ships bonds offered on that date
Denom.
-V. 121, p. 1705
-were awarded to the
Commercial Bank at Crown Point at premium at $1.375
Elate Feb. 1 1925. Due serially, Feb. 1
Interest a basis
equal to 102.54.
payable F. & A. Date of award. Feb. 13. 1932 to 1955 incl.
of about 4.54%. Denom. $1,000. Dated Sept. 151925. Interest
M. & N.
HONESDALE UNION SCHOOL DISTRICT (P. 0. Honesdale), 1936 incl. 15. Due $2,700 each 6 months from May 15 1927 to Nov. 15
Wayne County, Pa.
-BOND OFFERING.
-Sealed bids will be received
LAKE COUNTY (P. 0. Poison), Mont.
until 5 p. m.Oct. 13 by D.C. Osborne,
-BOND OFFERING.
-Arthur
coupon school bonds. Denom.$1,000.School Treasurer,for $225,000 43% Schmidt. Chairman Board of County Commissioners, will receive sealed
Dated Sept. 11925. Principal and bids until
'
semi-annual interest(M.& S.) payable at the Wayne County Savings Bank,
10:30 a. m. Oct. 13 for 599,565 94 not exceeding 6% county
Honesdale. Due on Sept. 1 as follows: $1,000. 1929 and 1930; 53.000, 1931 bonds. Date Oct. 1 1925. Interest payable J. & J. A certified check for
$7,500, payable to the County Treasurer, is required.
to 1933
$4,000, 1934; 55,000, 1935; 86.000, 1936 and
57.000,
1938 to 1940incl.; 88,000. 1941 and 1942; 19,000, 1943 and 1937;
Ind.*.
310,000.
LANAC COUNTY ROAD DISTRICT NO. 2 (P. 0. Hallettsville
1945 and 1946;$11,000, 1947 and 1948; 812.000. 1949 to 1951 1944; 514.000. Tex.
),
incl.;
-BONDS REGISTERED.
-The State Comptroller of Texas registered
1952; 815,000. 1953 and 1954 and 516.000, 1955. Certified check
of the amount at bonds bid for, payable to the School Treasurer or for 2% on Oct. 1 $150,000 road bonds. Due serially.
Honesdale Union School District required. Legality approved by Townsend,
LAWN INDEPENDENT SCHOOL DISTRICT, Taylor
County,
Tex.
Elliott & Munson at Philadelphia.
-BONDS REGISTERED.
-On Sept.
Texas registered $18.000 6% school bonds. 30 the State Comptroller of'
Due serially.
'HOOKS INDEPENDENT SCHOOL DISTRICT, Bowie County,
Texas.
-BOND DESCRIPTION.
LIBERTY
-BOND
-The
6% coupon school bonds ELECTION. (P. 0. McKeesport), Allegheny County, Pa.
purchased by the Texarkana National 55.000 of Texarkana at par
-At the coming November election the voters will have sub-V.
Bank
121. p. 1597
-are described as follows: Denom. $500. Date April 10 mitted to them the question of issuing $40,000 water and fire service bonds.
1925. Due April 10 1965; optional after 20 years. Interest payable
LIBERTY COUNTY (P.O. Liberty), Tex.
-BONDS REGISTERED.
annualy in April.
On Sept. 29 the State Comptroller of Texas registered $168,000 5%% road
and bridge funding bonds. Due serially.
HOT SPRINGS SCHOOL DISTRICT, Tulare County, Cal.
-BOND
DESCRIPTION.
-The $4,000 coupon
awarded on Sept. 8 to
LINCOLN PARK (P.O. Dearborn, R. F. D. No. 2), Wayne County,
Dean Witter & Co. of San Franciscoschool bonds
-bear Mich.
1487
at
-BOND OFFERING.
-Sealed bids will be received until 10a. m.
interest at the rate of 6% and are described 101.39-V. 121. p.$400. Date Oct. 13
as follows: Denom.
Aug.20 1925. Due serially 1928 to 1937 Incl. Interest payable F.& A.20. coupon by Floyd W. Harrison, City Clerk, for 530,000 not exceeding 6%
Fort Street impt. bonds. Denom. 51,000. Dated Oct. 15 1925.
HOUSTON, Harris County, Tex.
-An elec- Interest A.& 0. 15. payable at the State Savings Bank, Lincoln Park. Due
-BOND ELECTION.
tion will be held on Nov. 3 P,r
question of in 1955. Certified check for $1,000 payable to City at Lincoln Park required.
Matting 54.000.000 school bondsthe purpose of voting on the
LINCOLN PARK (P. 0. Dearborn R. F. D. No. 2), Wayne County,
HOUSTON COUNTY LEVEE IMPROVEM
-BOND OFFERING.
-Sealed bids will be received until 10 a. in.
DISTRICT NO. 2 Mich.
(P. 0. Crcchett), Tex.-EOND SALE.-SinithENT of Crochett, have (Eastern standard time) Oct. 13 by Floyd W. Harrison, City Clerk, for
purchased an issue of $100.000 6% levee bonds.Bros.,
approximately $188,500 bonds, as follows:
$101,000 special assessment sewer bonds, in Districts Nos. 70, 71 and 72.
HUDSON, Summit County, Ohlo.-EOND SALE.
-On Sept. 29 the
87,500 special assessment paving bonds in District No. 78.'
54.000 53.% coupon eater-works bonds offered on that date (IT; 121. P•
Certified check for 53.000, payable to the City of Lincoln Park,required.
1597) were awarded to the Ohio State Teachers' Retirement System at a
MADISON COUNTY (P. 0. Anderson), Ind.
Premium cf $37 20, equal to 100.93, a basis of about 5.16%. Dated Oct. 1
-BOND OFFERING.
Sealed bids will be received until 10 a. m. Oct. 15 by Frank Seward, County
1925. Due 51.000 yearly from Oct. 1 1026 to 1929, inclusive.
Treasurer, for the following two issues at 5% road bonds:
HUDSON FALLS, Washi ton County, N. Y.
ent
-BOND SALE.- $6.000 Della Taylor, at al., free gravel road in Anderson. Jackson and
Oct. 5 the three Issuesof 5 o street paving bonds offered on that date
Stoney Creek Township bonds. Denom. $300. Due $300 each 6
. 121, p. 1797) were award
to the Peoples National Bank and Sandy
months from May 15 1927 to Nov. 15 1936 incl.
1 National Bank, both of Hudson Falls, for 529.575 71, equal to 101.20.
5.500 Morris E.Brown,et al.,free gravel road In Jackson Township bonds.
a basis of about 4.74%:
Denom,$275. Due $275 each 6 months from May 15 1927 to Nov.
$10,375 Clark Street paving bonds. Due51,037 Si) yearly from Aug. 1
15 1936 incl.
•
1926 to 1935. inclusive.
Dated ct i5 1925. Interest M.& N.15. Bonds payable at the
o
CountY
8.950 Mechanic Street paving bonds. Due $895 yearly from Aug. 1 Treasurer's .l ce.
ff
1926 to 1935, inclusive.
MANSFIELD, Richland County, Ohio.
-BOND SAL.
9.900 Willow Street paving bonds. Due $990 yearly from Aug. 1 1926
-The Mansfield Savings Bank & Trust Co. of Mansfield has pnrchased an issue of
to 1935. inclusive.
52.500 6% sidewalk construction bonds at a promlinn of $55, equal to
Dated Au4. 11925.
102.20. Interest M.& S.
HUDSPETH COUNTY COMMON SCHOOL DISTRICT NO. 3
MARBLE, Itasca County, Minn.
(P. 0. Sierra Blanca), Tex.
-BOND SALE.
-The $35.000 5%%
-BOND SALE NOT COMPLETED.
-The
sale of the 530.000 534% school bonds to the Blanton Banking Co. of water supply bonds offered on Sept. 29-V. 121, p. 1487
-were
to the First National Bank of Marble at a premium of $1,107 50, awarded
Houston, reported in V. 121. p. 490. was not completed.
equal to
102.87, a basis of about 4.99%.
INDIANAPOLIS SCHOOL DISTRICT (P.0. Indianapolis), Marion 54.000 1932 to 1936, inclusive. Due 83.000 1927 to 1931, inclusive, and
County Ind.-BOND SALE.
11.050.000 4% coupon
-On Oct. 3
MARIN COUNTY (P. 0. San Rafael), Calif.
school district bonds offered on that date (V.the p. 1374) were awarded
-BONDS VOTED.
121,
to Fletcher Savings & Trust Co., Fletcher-American Co., and J. F. Wild & At the election held on Sept. 26-V.121, p. 1487
-the voters authorized
Co., of Indianapolis, at a premium of $1,033.267. equal to 98.406, a basis issuance of $1,125,000 road bonds. The returns from 59 precincts out the
of 69
of about 4.115%. Dated Oct. 3
Due yearly on Oct. 1 as follows: precincts were 4,970 for to 704 against the issue.
140.000. 1935 to 1944, inclusive;1925.
MARS, Butler County, Pa.
560,000, 1945 to 1953, inclusive, and
-BOND OFFERING.
-Sealed bids will
I110.000. 1954. The following is a list of the bids received:
received until 8 p. m. Oct. 19 by C. E. Sybert, Borough Secretary, be
Fletcher Savings & Trust Co.; J. F. Wild &
for
Co.; Fletcher00 $35,000 43% coupon funding and street impt. bonds. Denom. W000.
American Co.. all of Indianapolis
51.033.267
Dated Sept. 11925.Principal and semi-annual interest(M. & S.)
Halsey. Stuart & Co., Inc.: National City Co
1,000,512 50 at Mars National lank, Mars. Due on Sept. 1 as follows: $1,000,payable
Union Trust Co.. Indianapolis; Bankers Trust Co., New York;
1940 incl. and $2,000, 1941 to 1952 incl. Certified check for $500 1930 to
Estabrook & Co.. New York; Hannahs, Bailin &
required.
N. Y- 993,395 55
MEDINA COUNTY (P. 0. Medina), Ohio.
Breed, Elliott & Harrison. Indianapolis; Northern Lee. Co..
-BOND
Trust
-The
Chicago: Detroit Trust Co., Detroit; Ames, Ernerich &
$29,000 53.% Inter-County Highway_ No. 97 bonds offered SALE.
on Sept. 10
Co. Chicago _________
,
1.012,10000 (V. 121, p. 1375) were awarded to W. L. Slayton & Co. of Toledo at a
premium of $838, equal to 102.88, a basis of about 4.78%. Dated
Indiana Trust Co., intganifs31ki;
isfaCional__
Sept. 1
Indianapolis; Harris Trust & Savings Bank, Chicago
1.017,826 00 1925. Due on Oct. 1 as follows: $3,000 1926, 54.000 1927 to 1930. incl.;
White, Weld & Co., New York; Lehman Brothers, New York;
13.000 1931 and 1932 and 32,000 1933 and 1934.
Newton Todd,Indianapolis
995,400 00
MERCER COUNTY (P. 0. Celina), Ohio.
-BOND
Meyer-Kiser Bank, Indianapolis; Wm.R. Compton Co., ChiSealed bids will be received until 3 p. m. Oct. 16 by LoutsOFFERING.
Sachet',
cago; Illinois Merchants Trust Co.. Chicago; First Trust &
Board of County Commissioners, for 55,900 5% road improvement Clerk
Savings Bank, Chicago
bonds.
1,017.555 00 Denom.$500. except one for $400. Dated Sept. 11925.
Interest M.& S.
INDIAN RIVER COUNTY SPECIAL ROAD AND BRIDGE DIS- Due on Sept. 1 as follows: 81.000. 1926: 81.500. 1927; 51.000, 1928;
51.400,
1929. and 81.000, 1930. Certified check for $100 required.
TRICT NO. 4 (P. 0. Vero Beach), Fla.
.The 8490.000
-BOND SALE
6% coupon road and bridge bonds offered on Oct. 6 (V. 121. p. 1374) were
MERIDIAN, Lauderdale County, Miss.
-BOND SALE-The followawarded to the Fort Pierce Bank Fe Trust Co. of Fort Pierce and the ing 411% coupon bonds,
Farmers Bank of Vero Beach jointly at 98.10-a basis of about 6.17%• Canal-Commercial Trust aggregating 3262,000, were purchased by the
& Savings Bank of New Orleans:
Date July 11925. Due July 1 as follows: $1.000 in 1926. 52,000 in 1927, $104,000 street intersection bonds. Due July
1 as follows: $10,000
1116010001
$4.000 1928 to 1930 incl., 59.000 1931 to 1935 incl., $14,000 1936 to 1940
1926 to 1931 incl., and $11,000, 1932 to 1935 Incl.
incl.. 519.000 1941 to 1645 incl., $24,000 1946 to 1950 incl.. and $29,000
158,000 special street impt. bonds. Due July 1 as follows:
1951 to 1955 incl.
1926 to 1934 Ind., and 514,008 In 1935;
ojoLe,.harliaot
2
OCT. 10 1925.]
'111,1, CHRONICLE
1821
-BOND OFFERNEW CUMBERLAND, Cumberland County, Pa.
Date July 1 1925. Denom. $1,000. Prin. and int. (J. & 3.) payable
-Sealed bids will be received until Oct. 10 by K. S. Wire, Borough
at the Seaboard National Bank, N.Y. City. Legality approved by John ING.
general improvement bonds. Denom.$1,000.
Secretary,for $25,000 4% %
C. Thomson, N. Y. City.
Dated Oct. 11925. Principal payable at the Borough Treasurer's office and
Financial Statement.
the New Cumberland National Bank, New
Estimated actual value of all taxable property
$28,000,000 semi-ann. int. (A. & 0.) at as follows: $1.000, 1926 to 1928 incl.; $2,000.
Due on Oct. 1
Assessed valuation, 1924
21,500,000 Cumberland. 1930 to 1932 incl.; 82.000. 1933,• $1.000, 1934 to 1936 incl.•
1929: 31,000.
Total bonded debt
2.667,421
32,000, 1937: 31,000. 1938 to 1940 incl.; $2,000, 1941; $2,000. 1942 to 1944
Less water works bonds
$475.000
of the bonds bid for, payaLess special assessment bonds
1,306,771 incl., and $1,000, 1945. Certified check for 2% notice of this offering was
831,771
Treasurer, required. The
Net debt
1.360,650 ble to the Borough1706, but it is given again because additional data have
Floating indebtedness
None given in V. 121, p.
come to hand.
Present population. estimated. 31.000.
-TEMPORARY LOANS ISSUED DURING
-BOND SALE.
MIAMI COUNTY (P. 0. Peru), Ind.
NEW YORK CITY.
-On Oct. 6 the
two issues at 434% coupon road bonds offered on that date
-The City of New York issued short-term securities in
-V. 121. p• SEPTEMBER.
-were awarded to the Merchants' National Bank of Muncie and the aggregate of 353.925.000, consisting of special revenue bonds, tax
1487
Farmers State Bank of Miami for a premium at $350 equal to 101.10, a notes and corporate stock notes during September as follows:
basis of about 4.28%;
Rapid Transit.
Special Revenue Bonds of 1925.
Amount.
Maturity.
Int. Issued.
$23,500 Clarence Chaplin free gravel road No. 33 in Peru Township bonds.
Int. Issued
Maturity.
Amount.
Due $1.175 each 6 months from May 15 1927 to Nov. 15 1936 incl. 31,175.000 Jan. 4 1926 334% Sept. 4
500.000 Nov.30 1925 3%.7 Sept. 4
6.480 Jonas Boyer free gravel road No. 8 in Harrison Township bonds.
°
500,000 Dec. 7 1925 334% Sept. 8
% Sept. 18
500,000 Dec. 21 1925
Due $324 each 6 months from May 15 1927 to Nov. 15 1936 incl.
300.000 Dec. 15 1925 334% Sept. 14
Revenue Bills of 1925.
Dated Sept. 151925.
500,000 Dec. 15 1925 334% Sept. 14
334% Sept. 8
6,500,000 Dec. 7 1925
50,000 Dec. 15 1925 334% Sept. 14
6,000,000 Nov. 16 1925 334% Sept. 11
MIDLAND, Midland County, So. Dak.-Interest Rate.
-The interest
500 000 Nov. 30 1925 4% Sept. 25
3,000,000 Dec. 15 1925 334% Sept. 14
rate on the $27,000 water works awarded to the Drake Jones Co. of Min' Sept. 25
500.000 Nov.30 1925 40
1,000,000 Dec. 21 1925 334% Sept. 25
-bear interest at the rate of 53% not 5% as
neapolls.-V. 121, p. 1706
*
500,000 Nov.30 1925.4% Sept. 25
7,000,000 Dec. 4 1925 4% Sept. 28
previously given.
1925 4% Sept. 28
5,000,000 Dec. 10
Dock.
MILLVALE, Allegheny County, Pa.
-BOND OFFERING.
-Sealed
Corporate Stock Notes of 1925.
500,000 Nov.30 1925 314% Sept. 4
bids will be received until 8 p. m. Oct. 13 by Thomas D. Burns, Borough
Various Municival Purposes.
School Construction.
Clerk,for $115.000 434% sewer and paving bonds. Denom.$1,000. Dated
1,000.000 Nov.30 1925 334% Sept. 4 1,750,000 Der. 7 1925 334% Sept. 8
Sept. 15 1925. Interest M.& S. Certified check for $2,500 payable to the
150,000 Dec. 151923 334% Sept. 14
650 000 Dec. 15 1925 334% Sept. 14
Borough required. The bonds are free from the Pennsylvania State tax.
4% Sept. 25
500,000 Nov.30 1925
500,000 Dec. 21 1925 334% Sett. 18
Water Supply.
MINDEN (P. 0. Fort Plain), Montgomery County, N. Y.
-BOND
1925 4% Sept. 25
750,000 Dec. 7 1925 334% Sept. 8 1,000,000 Nov.30
SALE
-CORRECTION.
-The $25,000 4%% bridge bonds purchased by
Sept. 14
1,350,000 Dec. 15 1925 334%
the Fort Plain National Bank of Fort Plain (V. 121, p. 1706) are made up
Tax Notes of 1925.
5,000,000 Dec. 7 1925 354% Sept. 14
of two separate issues, which are described as follows:
18
5,000.000 Nov. 27 1925 354% Sept. 14 1,000,000 Dec. 21 1925 334% Sept. 25
$10,000 bonds. Due $1,000 yearly from 1927 to 1936;inclusive.
750.000 Jan. 4 1926 4% Sept.
500 000 Nov.30 1925 4% Sept. 25
15,000 bonds. Due $1.000 yearly from 1927 to 1941. inclusive.
bonds of $1,000 denominations. Dated Aug. 1 1925.
-This city also issued on Sept. 11 84.Bonds, registered
GENERAL FUND BONDS.
Interest F. & A. The $10,000 issue was sold at 100.08 and the $15,000 200,000 3% general fund bonds, maturing Nov. 11930.
at 100.12. In the above reference the bonds were reported sold at 100.10,
-It is announced that the Comptroller
DEFINITIVE BONDS READY.
which is the average price for both issues.
of the City of New York is now ready to make deliveries of definitive bonds
exchange for the temporary certificates which were
MINERAL CITY, Tuscarawas County, Ohio.
-BOND SALE.-Dur- of all maturities in
fee, Niles & Co. or Toledo have purchased. an issue at $9.947 6% (assess- issued to the successful bidders in the May 5 bond sale. The bonds. 860:% interest, were awarded to a syndicate
000,000 In amount and bearing
ment) Center Street impt. bonds at 102.80. Interest A. & 0.
the Nationa 1City Co. of this city notice of which was given in
MINERAL WELLS INDEPENDENT SCHOOL DISTRICT, Palo headed by2462.
V. 120, p.
Pinto County, Tex.
-BOND DESCRIPTION.
-The $100.000 5% coupon
-The Nebraska
school bonds purchased by the J. E. Jarrett Co. of Dallas and StevensonNORFOLK, Madison County, Neb.-BOND SALE.
Perry. Stacy & Co. of Chicago jointly at 103.86-V. 120, p. 3098
-are State Bank of Norfolk has purchased an issue of 354.000 414% refunding
described as follows: Denom. 31.000. Date June 1 1925. Due serially bonds. Denom. $1,000. Date Sept. 1 1925. Due Sept. 1 1945, optional
1926 to 1965 incl. Interest payable J. & D. Date of award May 26.
$10,000 in 1926 and 1928 and $34,000 in 1930.
-BOND OFFERING...-.
MISSION, Hidalgo County, • Tex. BONDS REGISTERED.
OAKLAND COUNTY (P. 0. Pontiac). Mich.
-On
Sept. 30 the State Comptroller of Texas registered $60,000 5)5% water- Sealed bids will be received until 2 p. in. (Eastern standard time) Oct. 15
works improvement bonds. Due serially.
Road Commissioners for the following three issues
by the Board of County
aggregating $553.500:
MITCHELL, Davison County, So. Dak.-BONDS VOTED.
-At an
District
59
election held recently the voters authorized the issuance of $500.000 water $22,500 Assessment District No. 79 bonds.
bonds.
No.
256.000 Assessment
;bonds.
275.000 Assessment District No. 90 bonds.
Denom. $1,000. Prin. and semi-ann. int. payable in lawful money of
MONTCLAIR, Essex County, N. J.
-BOND SALE.
--On Oct. 6 the
3352.000 414% coupon or registered temporary improvement Series No. 2 the United States of America at the Hanover National Bank, New York.
bonds offered on that date (V. 121, p. 1488) were awarded to the First Hue serially in 2 to 10 years. Certified check for $1.000, payable to the
National Bank &.Trust Co. of Montclair for $352,074 16. equal to 100.02- Board of County Road Commissioners, required. All bids must be on
each assessment district separately and also on the aggeegate of all the assess
a basis of about 4.495%. Dated Oct. 15 1925. Due Oct. 15 1930.
went districts. Bidders must agree to furnish free of charge to the Board
MOREHOUSE PARISH SCHOOL DISTRICTS (P. 0. Bastrop), of County Road Commissioners the necessary blank bonds, and also to
La.
-BOND SALE.
-The following 5% school bonds aggregating 3270,000 pay their own attorneys' fee in the supervision of the proceedings at the
offered on Sept. 29-V. 121, p. 1375
-were awarded to Prudden & Co. Issue of the bonds. All bids must contain the rate of interest at which
of Toledo:
the purchaser will take the bonds.
$225,000 Consolidated School District No. 2 and No.3 bonds at a premium
-On Oct. 5
-BOND SALE.
OCEAN CITY, Cape May County, N. J.
of $42. equal to 100.01. Due in 15 years.
School District No.8 bonds at a premium of $12. equal to 100.02. the 3325.000 5% coupon (with privilege of registration as to principal only)
45,000
bonds offered on that date(V. 121, p. 1508) were awarded
temporary finance
Due in 10 years.
to the Ocean City Title & Trust Co. of Ocean City for $325,755. equal to
MORGANTOWN, Monongehela County, W. Va.-BOND SALE.
- 100.23. a basis of about 4.88%. Dated Oct. 151925. Due Oct. 15 1927.
The following 5% coupon bonds, aggregating $400.000, offered on Oct.6- Other bidders were:
V.121. p. 1706
-were awarded to N. S. Hill & Co. of Toledo at a premium
Int. Rate Bid.
Amt. Bid.
38.480 equal to 102.12. a basis or about 4•80%•
5%
3325,537 00
H. M. Grant & Co., Inc.,'New York
8300,000 sewer bonds. Due Aug. 1 as follows: 819.000, 1933: $21.000, Batchelder, Wack & Co., New York
325,507 00
1934: $22,000..1935; 323.000, 1936; $24,000, 1937: $25,000, 1938: Ocean City National Bank, Ocean City
514
325,159 00
326.000, 1939; 327,000, 1940: $28,000, 1941: $29,000. 1942: First National Bank, Ocean City
325,406 25
5'4 A
330.000, 1943, and 326.000, 1944. These bonds are part of a Green, Ellis & Anderson, New York
534%
325.125 00
total issue of $600,000.
-BOND OFFERING.
OCEAN CITY, Cape May County, N. J.
100,000 city hall bonds. Due on Aug. 1 as follows: 35,000, 1937; $6,000,
1938 to 1940 incl.; $7,000, 1941 to 1943 incl.• 38,000. 1944 and Sealed bids will be received until 3 p. m. Oct. 26 by J. Reeves Hildreth. City
Clerk. for an issue of coupon (with privilege of registration only) fire
1945: 39.000. 1946; 410,000, 1947 and 1948, and 311,000, 1944.
'
apparatus bonds, not to exceed 3.32.000. no more bonds to be awarded than
Date Aug. 1 1924.
will produce a premium at $1.000 over $32 000. Denom. $1,000. Dated
MOUNT PLEASANT(P.O. North Tarrytown), Westchester County, Dec. 11925. Int. .T. & D. Due on Dec. 1 as follows: 83.000. 1926 to 1933
N. Y.
-BOND SALE.
-On Oct. 3 the $61,000
% coupon bonds (con- incl.: 34 000, 1934 and 1935. A certified check for $640 drawn upon an
vertible into fully registered bonds) offered on that date
-v.121. p. 1706
bank or trust company, payable to the City Treasurer.
were awarded to Geo. B. Gibbons & Co.. Inc. of New York at 100.347. a incorporated
Bonds are offered at a rate of interest not to exceed 534 %basis of about 4.435%. Dated Sept. 1 1925. Due Sept. 1 as follows: required.approved by Caldwell & Raymond of New York City.
Legality
$6.000, 1926 and $5,000, 1927 to 1937 incl. Other bidders all of New York
-BOND ELECTION.
OKFUSKEE COUNTY (P. 0. Okemah), Okla.
were:
Eastman, Dillon & Co.
-An election will be held on Oct.26 for the purpose of voting on the question
100.189[Rutter & Co
100.087
bonds.
Sherwood & Merrifield, Inc.-100.33
of Issuing 3200,000 courthouse
-On Oct. 6 the
-BOND SALE.
ONEIDA, Madison County, N. Y.
MUNHALL, Allegheny County, Pa.
-NO BIDS'RECEIVED -No
bids were received for the $70,000 434% coupon bonds offered on Oct.6- $40,000 paving Series K-3 bonds, offered on that date (V. 121. p• 1707)
Merrifield, Inc., of New York, as 454s at
V. 121, p. 1488.
were awarded to Sherwood &
100.18-a basis of about 4.46%. Dated Aug. 1 1925. Due $4.000 yearly
MUSKEGON, Muskegon County, Mich.
-BONDS OFFERED.
Sealed bids were received until 10 a. m. (Eastern standard time) Oct. -9 from Aug. 1 1926 to 1935, inclusive.
by Ida L. Christiansen, City Clerk, for the following three issues of 5%
ORANGE COUNTY COMMON SCHOOL DISTRICT NO. 15 (P.O.
-On Sept. 30 the State CompImprovement bonds:
-BONDS REGISTERED.
Orange), Tex.
$14.500 Larch Ave. Impt. District 11-136 bonds. Due $1,000 1926 and troller of Texas registered $10,000 5% school bonds. Due serially.
1927: $2,000 1928. 31,000 1929, $2,000 1930. $1,000 1931, $2,000
-On Oct. 5
-BOND SALE.
ORANGE COUNTY (P. 0. Paoli), Ind.
1932, $1,000 1933, $2,000 1934 and 31,500 1935.
-V.121, p.
11,000 Southern Ave. Impt. District 11-179 bonds. Due MOM 1926 the two issues at 434% coupon road bonds offered on that date
1707
-were awarded as follows:
to 1929, incl.: $1,500 1930, $1,000 1931 to 1934, incl., and $1.500
To La Plante & Welch
1935.
14,000 Nims St. Impt. District 11-194 bonds. Due $1,000 1926 and 1927, 312,400 Paoli and Newton Stewart road in Paoli Twp. bonds. Due $620
each 6 months from May 15 1926 to Nov. 15 1935 incl.
$2,000 1928, 31,000 1929. $2.000 1930. $1,000 1931. 82,000 1932,
To the National Bank at Orleans
$1,000 1933. $2,000 1934, $1.000 1935.
11,000 John Fisher road in Paoli, Orleans and Northeast townships bonds.
Interest semi-annually.
Due $550 each S months from May 15 1926 to Nov. 15 1935 ind.
NELSON TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO. 5
Dated Oct. 5 1925. The County received a total premium of $254 for the
(P 0. Cedar Springs) Kent County, Mich.
-BOND OFFERING.
Sealed bids will be received until 8p. m. (central standard time) Oct. 15, two issues which equal to 102.84, a basis of about 3.92%.
--Sealed bid/
-BONDS OFFERED.
by Dr. G. A. Ferguson, Secretary Board of Education, for $100,000
OTTAWA,Putnam County, Ohio.
%
school bonds. Dated July 1 1925. Prin. and semi-ann. int. (M• & S.) were received until 12 m. Oct. 5 by H. J. Aubry. Village Clerk, for the two
payable at the First National Bank, Chicago. Due on March 1 as follows: issues at 5.34% (special assessment) street impt. bonds.
32,000. 1927 to 1936 incl.; 33.000, 1937 to 1942 incl.; 34.000, 1943 to 1948 $2,700 West Main Street East Section impt. bonds. Denom. $135. Due
incl.; $5,000, 1949 to 1952 incl.; and 86.000. 1953 to 1955 incl. A certified
$135 each 6 months from Mar. 1 1926 to Sept. 1 1935 incl.
check for 82.000, required. The Board will furnish the opinion of Horace
4,300 South Hickory Street impt. bonds. Denom. $200 and $350. Due
$200 each 6 months from Mar. 1 1926 to Sept. 1 1934 incl. and $350
S. Oakley approving the legality, and also the lithographed bonds ready for
Mar. 1 and Sept. 11935.
immediate delivery. Total bonded debt (including this issue) $100,000:
Dated Sept. 1 1925. Interest M.& S.
assessed valuation $853,865; actual valuation (est.) 31,025,000.
-On Sept. 24
PAINESVILLE, Lake County, Ohio.
-BOND SALE.
NEWBURGH, Orange County, N. Y.
-BOND OFFERING.
-Sealed
bids will be received until 12 in. Oct. 14 by William T. McCaw, City Man- the $17,867 75 5% (special assessment) street impt. bonds offered on that
-V. 121, p. 1598
-were awarded to the First
-Citizens Corp. of Columager, for $37,100 434% Impt. bonds. Denom. $1,800. except 1 for 82.900. date
Dated Nov. 2 1925. Prin. and semi-ann. int. (M. & N.) payable at the bus at a premium of $98 25 equal to 100.54, a basis of about 4.83%. Dated
City Treasurer's office in New York exchange. Due on Nov. 1 as follows: Sept. 11925. Due $2,000 each 6 months from April 1 1927 to Oct. 1 1929
$1,800. 1926 to 1944 incl., and $2,900, 1945. Certified check for 1% incl., $3,000, April 1 1930 and $2,867 75, Oct. 1 1930.
In the notice of offering-see above reference
required.
-we gave the amount cd
NEW CASTLE (Town) WATER DISTRICT NO. 1 (P. 0. Chap. bonds to be offered for sale as $17,887 75.
PALM BEACH COUNTY (P.O. West Palm Beach), Fla.
-On Oct. 3 the
paqua), Westch
County, N. Y.
-BOND SALE.
-BOND OF-The Clerk Board of County Commissioners will receive sealed
$115,000 registered water bonds offered on that date V. 121, p. 1598) FERING.
were awarded to Sherwood & Merrifield, Inc., of New York, at 100.29 for bids until Oct. 23 for $600,000 road bonds.
4.60s, a basis of about 4.56%. Dated Nov. 1 1925. Due $5,750 yearly
PALMER Hampden County, Mass.
--The
-TEMPORARY LOAN.
from Nov. 1 1926 to 1945 incl. Other bidders, all of New York, were:
Palmer National
of Palmer has been awarded a temporary loan of
Rate Bid.
Int. Rate Bid. $75,000, payable Bank 4 on
Dec.
a 4.04% discount basis.
Parson, Son & Co •
100.071
4.60
Batchelder, Wack & Co
PARK CITY SCHOOL DISTRICT, Summit Cilunty, Utah.4.60
100.05
BONDS VOTED.
Geo B. Gibbons & Co.. Inc
-At a recent election the voters authorized the issuance
100.114
4.65
THE CHRONICLE
of $200.000 5% school bonds. The Central Trust Co. of Salt Lake City
purchased these bonds subject to their being voted-V. 121. P. 1128.
PEEKSKILL UNION FREE SCHOOL DISTRICT (P. O.Peekskill')
Westchester County, N. Y.
-BOND SALE.
-On Oct. 6 the 27.750 registered elementary school site addition bonds, offered on that date
-V. 121.
p. 1707
-were awarded to the Peekskill Savings Bank of Peekskill at par
for 4.60s. Dated Nov. 1 1925. Due on Sept. 1 as follows: $750 1927 and
$1,000 1928 to 1934 incl.:
PERRIN COMMON SCHOOL DISTRICT, Jack County, Tex.
BONDS REGISTERED.
-The State Comptroller of Texas registered on
October 1, 518,0005% school bonds. Due in 20 to 40 years.
PERRY TOWNSHIP SCHOOL DISTRICT, Stark County, Ohio.
BOND ELECTION.
-A proposition to issue $250.000 school bonds will be
submitted to the voters on Nov. 3.
PHOENIX, Maricof3a County, Ariz.
-The
-BONDS DEFEATED.
proposition of issuing the following bonds submitted to a vote of the people
at the election held on Sept. 25-V. 121,
-failed to carry:
1260
$100.000 water reservoir bonds
$40,000 sewer bonds
p.
•
35,000 water bonds
PIEDMONT, Wayne County, Mo.-BOND SALE.
-Louis W.Thomson
& Co. of St. Louis have purchased an issue of $50,000 535% water works
bonds. Date Oct. 1 1925. Due serially 1930 to 1945 incl. These are the
bonds that were voted on at an election held on Sept. I8.
-V. 121, p. 1707.
PHILADELPHIA, Pa.
-M.000.000 CITY BONDS ALL PLACED
BY SYNDICATE.
-The National City Co., Harris, Forbes & Co., Janney
& Co.. Graham,Parsons & Co., West & Co., Biddle & Henry and the Bank
of North America & Trust Co. announce that the issue of 515.000.000
4X% bonds due 1975, optional 1945. which was purchased by them on
Sept. 21 (V. 121, p 1595), has all been sold.
CITY OFFERING 315,000.000 MORE BONDS.
-The city of Philadelphia asks bids on 315.000,000 4 % loan proposals to be opened on
Nov. 4-214,000,000 to mature in 50 years and $1.000.000 in 15 years.
PIERRE, Hughes County, So. Dak.-BOND OFFERING.
-J. H.
Starkey, City Auditor, will receive sealed bids until 7.30 p. m. Oct. 19
for $100.000 not exceeding 4t(% water works bonds. Denom. $1,000.
Date Oct. 1 192.5. Due Oct. 1 as follows: $5,000 1928 to 1939, incl., and
$8.000 1940 to 1944. incl. Principal and interest (A. & 0.) payable at a
place to be mutually agreed upon by the city and the purchaser. A certified
Check for 5% of bid, payable to the City Treasurer, is required.
-All
PINEBLUFF, Moore County, No. Caro.
-BIDS REJECTED.
bids received for the $35,000 6% water bonds offered on Oct. 3 (V. 121.
p. 1260) were rejected.
PITTSFIELD, Berkshire County, Mass.
-BOND OFFERING.
Sealed bids will be received until 11 a. m. Oct. 16 by F. M. Platt, City
Treasurer, for the following four issues of 4 VI% coupon bonds:
$70.000 sewer loan 1925 bonds. Due 210.000 yearly from Oct. 15 1926 to
1932 incl.
28.000 paving loan 1925 bonds. Due $6,000 yearly from Oct. 15 1926 to
1929 incl. and 24.000 Oct. 15 1930.
23.000 paving loan act of 1922 bonds. Due 85.000 yearly from Oct. 15
1926 to 1929 incl. and $3,000 Oct. 15 1930.
36,000 water extension loan 1925 bonds. Due 88.000 yearly from Oct. 15
1926 to 1929 incl. and $4,000 Oct. 15 1930.
Denom. $1,000. Dated Oct. 15 1925. Prin. and semi-ann. int.(A. & 0.
lb) payable at the First National Bank, Boston. These bonds are exempt
from taxation in Massachusetts and are engraved under the supervision of
and certified as to genuineness by the First National Bank of Boston:
their legality will be approved by 'Ropes, Gray. Boyden & Perkins whose
opinion will be furnished the purchaser. All legal papers incident to these
Issues will be filed with the above bank where they may be inspected at
any time. Delivery of bonds to be made on or about Oct. 19 at the First
National Bank of Boston.
Financial Statement. September 28 1925.
Net valuation for year 1924
852,712.860.00
Debt limit
1,269,956.66
Total gross debt, including these Issues
2,547.000.00
Exempted Debt:
Water bonds
$964,800.00
Sewer bonds
195.000.00
Paving bonds
310,000.00
School bonds
249.000.00
Playground bonds
7,000.00 1.725.800.00
Borrowing capadty, $448.756.66
$821.200.00
Net debt
PLAINS TOWNSHIP SCHOOL DISTRICT (P. 0. Plains), Luzerne
County, Pa.
-BOND OFFERING.
will be received until
-Sealed bids
8 p m. Oct. 12 by Martin Dubby, Secretary. Board of Directors. at Plain
High School. No. 126 North Main Street. Plains, for $250,000 4
school bonds. Denom. 31.000. Dated Sept. 161925. Int. M.& S. Due
on Sept. 15 as follows:25.000, 1928 to 1940 incl.: 810.000, 1941 to 1945
incl., and 215.000. 1946 to 1954 incl. Legality approved by Townsend.
Elliott & Munson or Philadelphia. These bonds were originally offered
on Sept. 14 (V. 121, p. 1010).
PLEASANT RIDGE, Oakland County, Mich.
-On
-BOND SALE.
Oct. 5 the 816.250 coupon special assessment district No. 31 paving bonds
offered on that date (V. 121 p. 1707) were awarded to the First National
Co. at Detroit. as 530 at a premium of $183. equal to 101.12. a basis of
about 5.155%. Dated Oct. 1 1925. Due yearly on Oct. 1 as follows:
53,000. 1927 to 1929 incl.; $4,000. 1930 and 33.250. 1931.
POLK COUNTY (P. 0. Des Moines), Iowa.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. Nov. 2 by F. Hunter, Chairman
Board of Supervisors, for $300.000 road bonds.
PORT ARTHUR, Jefferson County, Tex.
-BOND DESCRIPTION.
The $400.000 coupon water works bonds purchased by C. W. MeNear &
Co. of Chleaoo at 101.01-V. 121. P. 1707-a basis of about 4.91% bear
interest at the rata of 5% and are described as follows: Denom. 31.000.
Date Allg% 25 1925. Due $10,000 Aug. 25 1926 to 1965 incl. Interest
payable F. & A. 25. Date of award Aug. 29.
PORT HURON, Saint Clair County, Mich.
-BOND OFFF:RING.S wied bids will he received until 11 a. 7”. to-day (Oct. 10) by Thomas H.
,
Molloy, Commissioner of Finance, for $26,000 5% refunding bonds. Dated
Oct. 1 1925. Principal and semi-annual interest (A. & 0.) payable at the
Hanover National Bank, New York. Due yearly on Oct. 1. Bidder to furnish printed bonds and legal opinion.
PORTLAND, Mu'tnomah County, Ore.
-BOND SALE.
-The
8209.647 47 6% improvement bonds offered on Oct. 2-V. 121, D. 1707
were awarded as follows:
To Abe Tichner of Portland:
$40,000 improvement bonds at 106.08, a basis of about 5.22%.
40.000 improvement bonds at 106.03. a basis of about 5.22%.
40.000 improvement bonds at 105.96, a basis of about 5.23%.
40.000 improvement bonds at 105.33, a basis of about 5.23%.
40.000 improvement bonds at 105.88. a basis of about 5.24%•
. To A. D. Wakeman & Co. of Portland:
$5.000 improvement bonds at 105.575. a basis of about 5.28%.
4.647 47 improvement bonds at 105.455, a basis of about 5.29%•
Date Sept. 1 1925. Due Sept. 1 1935.
PRAIRIE TOWNSHIP, Laporte County, Ind.-1VARRANT OFFER-Sealed bids will be received until Oct. 19 by the Township Trustee
ING.
for $3,800 township warrants.
PULASKI COUNTY (P. 0. Winamac), Ind.
-BOND OFFERING.
Sealed bids will be received until 3 p. m. Oct. 12 by A. P. VurpIllat. County
Treasurer. for $4.000 4M% coupon Ben Baumann free gravel road in Van
Buren and Harrison Townships bonds. Denom. $200. Dated Sept. 15
1925. Interest M.& N. 15. Due 2200 each six months from May 15 1926
to Nov. 15 1935. inclusive.
-BOND SALE.
PUNTA GORDA, Charlotte Counts., Fla.
-The
2177.000 sanitary sewer bonds offered on Oct. 3-V. 121, p. 1707
-were
awarded to the G. B. Sawyers Co. and the Atlantic National Bank, both of
Jacksonville as 6s at par. Date Oct. 11925. Due Oct.1 as follows: $17,000
1926 to 1928 incl.; and 318.000, 1929 to 1935 incl.
-BOND SALE.
-The Rainier
RAINIER, Columbia County, Ore.
State Bank of Rainier purchased on Sept. 21 an issue of 26,351.07 6%
street improvement bonds, at a premium of $15.87, equal to 100.24. Due
July 16 1935.
[Vol, 121.
RANDALL COUNTY COMMON SCHOOL DISTRICT NO. 25
(P. 0. Canyon), Tex.
-BONDS REGISTERED.
-On Sept. 30 the State
Comptroller of Texas registered $8,500 6% school bonds. Due serially.
RFDFORD TOWNSHIP UNION SCHOOL DISTRICT NO. 1 (P. 0.
Redford), Wayne County, Mich.
-BOND SALE.
-On Oct.2 the $330,000
coupon bonds offered on that date (V. 121, p. 1707) were awarded to a
syndicate composed of Security Trust Co.. irst National Co.. Bank of
Detroit and the Detroit Trust Co., all of 'Detroit, as 414s for 3391.850,
equal to 100.47, a basis of about 4.46%. Dated Oct. 1 1925. Due yearly
Oct. 1 as follows: $10,000 1928 to 1933, incl.; $12.000 1934 to 1939. incl.;
215,000 1940 to 1945, incl.: 316,000 1946 to 1951, incl.. and 318.000 1952
to 1955, incl.
REEDSPORT, Douglas County, Ore.
-BOND SALE.
-The $45,552 046% sewer improvement bonos offered on Sept. 25-V. 121. p. 1599
were awarded to the Inland Construction Co. at par. Denom. 3.500.
Date Sept. 1 1925. Due Sept. 1 1935: optional after 1 year. Interest
payable M.& S.
REILLY TOWNSHIP SCHOOL DISTRICT (P. 0. Branchdale)
Schuylkill County, Pa.
-BOND SALE.
-The following two issues of
school bonds, aggregating $120,000 offered on Sept. 3 (V. 121, p. 1010)
were awarded to Frank Mullen & Co. of Philadelphia at a premium of $100.
equal to 100.08, a basis of about 4.22%.
$65,000 4% Loan of 1925. Due $13,000 Sept. 1 1930, 1935, 1940.
1945 and 1950.
55.0004)4% Loan of 1924. Due on Sept. 1 as follows: $10,000, 1930.
1935. 1940 and 1945, and 815,000, 1950.
Date Sept. I 1925.
REMEO, Mich.
-BONDS DEFEATED.
-At an election held on Sept.
28 210,500 fire engine purchase bonds voted upon met with defeat. The
vote was 120 for to 286 against.
RHAME SCHOOL DISTRICT NO. 17, Bowman County, No. Dak.BOND SALE.
-The State of North Dakota has purchased an issue of
$10,000 school bonds.
RICHFIELD TOWNSHIP SCHOOL DISTRICT, Lucas County,
Ohlo.-BOND ELECTION.
-At the coming November election the voters
will ballot on the question of issuing $35,000 school bonds.
RIDGELY,Lake County, Tenn.
-BOND SALE.
-I. B. Tigrett & Co.,
of Jackson, have purchased an issue of $7.000 sidewalk bonds.
RIPLEY COUNTY (P. 0. Versailles), Ind.
-BOND SALE.
-On
Oct. 5 the two issues of 434% coupon highway improvement bonds offered
on that date (V. 121, p. 1599) were awarded to The Batesville Bank of
Batesville as follows:
$14,000 George F. Wambsgans et al. in Laughery Township bonds at a
premium of $205, equal to 101.46, a basis of about 4.235%. Due
5700 each six months from May 15 1927 to Nov 15 1936, incl.
8,800 Mrs. George Bessler et al. in Laughery Township bonds at a
premium of $124 50, equal to 101.41, a basis of about 4.24%•
Due $440 each six months from May 15 1927 to Nov. 15 1936. Incl.
Dated Sept. 15 1925.
ROCKPORT, Essex County, Mass.
-BOND OFFERING.
-Sealed
bids will be received until 4 p. m. Oct. 14 for 55.500
% water bends.
Dated Oct. 1 1925. Due 1926 to 1930. inclusive.
ROYAL OAK, Oakland County, Mich.
-BOND OFFERING.
Sealed bids will be received until 7:30 p. in. (Eastern standard time)
Oct. 12 by R. Bruce Fleming, City Clerk, far approximately 3337.000
special assessment bonds as follows:
333,500 Sanitary Lateral Sewer No. 49 bonds. Due 36.700 yearly from
Oct. 15 1926 to 1930 inclusive.
10.600 Sanitary Lateral Sewer No. 50 bonds. Due $2,120 yearly from
Oct. 15 1926 to 1930 inclusive.
2,600 Sanitary Lateral Sewer No. 51 bonds. Due $520 yearly from
Oct. 15 1926 to 1930 inclutsve.
15,300 Sanitary Lateral Sewer No. 52 bonds. Due $3,060 yearly from
Oct. 15 1926 to 1930 inclusive.
18.400 Sanitary Lateral Sewer No. 53 bonds. Due $3.680 yearly from
Oct. 15 1926 to 1930 inclusive.
11.100 Sanitary Lateral Sewer No. 54 bonds. Due $2.220 yearly from
Oct. 15 1926 to 1930 inclusive.
7,500 Sanitary Lateral Sewer No. 55 bonds. Due 21.500 yearly from
Oct. 15 1926 to 1930 inclusive.
2,100 Sanitary Lateral Sewer No. 56 bonds. Due $420 yearly from
Oct. 15 1926 to 1930 inclusive.
7,800 Sanitary Lateral Sewer No. 58 bonds. Due 81,560 yearly from
Oct. 15 1926 to 1930 inclusive.
14,700 Sanitary House Connection Contract No. 1 bonds. Due $2.940
Yearly from Oct. 15 1926 to 1930 inclusive.
5,100 Sanitary House Connection Contract No. 2 bonds. Due $1,020
yearly from Oct. 15 1926 to 1930 inclusive.
5.400 Sanitary House Connection Contract No. 3 bonds. Due $1.080
yearly from Oct. 15 1926 to 1930 inclusive.
1,500 Sanitary House Connection Contract No. 4 bonds. Due $300
Yearly from Oct. 15 1926 to 1930 inclusive.
25.600 Houstonia Ave. paving bonds. Due $5.120 yearly from Oct. 15
1926 to 1930 inclusive.
24,200 Ferncliff Ave. paving bonds. Due $4.840 yearly from Oct. 15
1926 to 1930 inclusive.
28.700 Edgewood Drive paving bonds. Due 25,740 yearly from Oct. 15
1926 to 1930 inclusive.
30,100 Roseland Ave. paving bonds. Due 36.020 yearly from Oct. 15
1926 to 1930 inclusive.
49,000 Fourth St.
-Knowles St. paving bonds. Due 29.800 yearly from
Oct. 15 1926 to 1930 inclusive.
18,700 Irving Ave. paving bonds. Due $3.740 yearly from Oct. 15
1926 to 1930 inclusive.
18,800 Longfellow Ave. paving bonds. Due $3,760 yearly from Oct. 15
1926 to 1930 inclusive.
Denom. 21.000 each as far as possible. Date Oct. 15 1925. Certified
check for $3,000, payable to the City of Royal Oak, required. Bidders
shall name rate of interest.
RUNNELS COUNTY COMMON SCHOOL DISTRICT NO. 20 (P. 0.
-The First Natienal Bank of Ballinger
Ballinger), Tex.
-BOND SALE.
purchased an issue of 37.500
sehool bonds on Sept. 26 at par. Denom.
2187 50. Date Aug. 15 1925. Due serially in one to forty years. Interest
payable annually Aug. 15.
-BOND SALE.
RUSH COUNTY (P. 0. Rushville), Ind.
-On Oct. 5
the 336.400 4)4% coupon Albert L. Allen et al. in Rushville Township
highway impt. bonds offered on that date (V. 121. p. 1708) were awarded
to the Rushville National Bank of Rushville. at a premium of $540.80.
equal to 101.48. a basis of about 4.19%. Dated Sept. 15 1925. Due
$1.820 each six months from May 15 1926 to Nov. 15 1935 incl.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m. Oct. 15 by George A.
Swintz. County Treasurer, for 230.500 04% coupon Joseph Steele et al
county unit highway bonds. Denom.30 for 31.000 and 10 for $50. Dated
Sept. 11925. Interest M. & N. 15. Due $305 yearly from May 15 1926
to 1935, inclusive.
$76,000 road bonds. Denom. $1,000 and $600. Dated Oct. 11925. Due
27,600 yearly from May 15 1926 to 1935 incl.
-BONDS OFFERED.SACRAMENTO, Sacramento County, Calif.
The City Clerk received sealed bids until Oct.9for 2735.000 4 Si% municipal
improvement bonds. Due 520.000. 1326 to 1939 incl.; 812.000. 1940 to
1962 and $18,000 in 1963. Int. payable seml-annually.
SACRAMENTO-SAN JOAQUIN DRAINAGE DISTRICT (P. 0.
-Chas. G. Johnson, State
-BOND OFFERING.
Sacramento), Calif.
Treasurer, will receive sealed bids until Oct. 26 for 37.133.000 516%
drainage bonds. Denom. $1.000. Date July 1 1923. Due July 1 as
follows: $631.000 in 1934: 5723,000, 1935 to 1942, inclusive, and 2718,000 in
1943. Interest payable J. &
-BOND SALE.
SALEM, Marion County, Ore.
-Ladd & Bush, of
Salem, purchased on Sept. 21 an issue of $27,493 36 improvement bonds
at 107.45. Due in one to ten years.
SAN BERNARDINO, San Bernardino County, Calif.
-BOND
OFFERING.
-The City Clerk will receive sealed bids until Oct. 13 for $60.000 5% fire hall bonds. Due $6,000. 1926 to 1935 incl. Int, payable
semi-annually.
OCT. 10 1925.1
THE CHRONICLE
SANDERS COUNTY SCHOOL DISTRICT NO. 14 (P. 0. Plains),
Mont.
-The 35.699 98 6% amortization funding bonds
-BOND SALE.
offered on Sept. 26 (V. 121. p. 1261) were awarded to Mary Osttie, of
Plains, at a premium of $20 02. equal to 100.35.
-BOND SALE.SANDUSKY COUNTY (P. 0. Fremont), Ohio.
On Oct. 3 the two issues at 5% coupon impt. bonds offered on that date
(V. 121, p. 1489) were awarded to the Detroit Trust Co. at Detroit.
$16,000 Roy B. Person road impt. in Riley Twp. bonds at a premium of
$246. equal to 101.53. a basis of about 4.67%. Due on Sept. 1 as
follows: $1,000. 1926 and 1927, and 32.000, 1928 to 1934 incl.
12,500 Emma IN right read impt. in Riley Twp. bonds at a premium of
3191, equal to 101.52, a basis of about 4.68%. Denom. 31.000
except one for $1.500. Due on Sept. 1 as follows: $1,000, 1926
to 1930; 32.000. 1931 to 1933 incl., and $1,500, 1934.
Dated Aug. 1 1925.
-BOND SALE.
-The $224.000
SANFORD, Seminole County, Fla.
street paving assessment bonds offered on Oct. 5-V. 121. p. 1489
-were
awarded to Lane, Piper & Jaffrey, Inc. and Brewer, Brown & Co. both of
Minneapolis, jointly, as 5%s at a premium of 82.016. equal to 100.90, a
basis of about 5.61%. Date July 11925. Due Jan. 1 as follows: 322.000.
1927 to 1935 incl.: and $26.000 in 1936.
-BOND SALE.
-The Saugerties
SAUGERTIES, Ulster County, N. Y.
Savings Bank of Saugerties has purchased an issue of $8,500 5% sewerage
extension bonds at 101.20. Dated Oct. 1 1925. Due on Oct. 1 as follows:
$1,000. 1926 to 1933 and MOO. 1934.
SAUSALETO SCHOOL DISTRICT (P. 0. San Rafael), Mann
-The Clerk Board of Supervisors
County, Calif.
-BOND OFFERING.
will receive sealed bids until Nov. 2 for 395.000 school bonds.
SAVANNAH, Andrew County, Mo.-BOND ELECTION.
-An election will be held on Oct. 20 for the purpose of voting on the question of
issuing $70,000 water main bonds.
-BOND ELECTION.
SAXTON, Bedford County, Pa.
-This borough
on Nov. 3 will vote on a $25.000 bond issue for a water supply system.
SCHENECTADY,Schenectady County, N. Y.
-BOND OFFERING.Sealed bids will be received until 11 a. m. Oct. 13 by Leon G. Dibble, City
Comptroller, for the following seven issues of coupon (with privilege of
registration) bonds at not exceeding 5% interest:
$300.000 water bonds. Due $15,000 yearly from Oct. 1 1926 to 1945, incl.
150,000 public improvement bonds. Due $15,000 yearly from Oct. 1
1926 to 1935. inclusive.
15,000 isolation hospital bonds. Due $1,000 yearly from Oct. 1 1926
to 1940, inclusive.
. 34,000 bathhouse bonds. Due $2,000 yearly from Oct. 1 1926 to 1942,
inclusive.
240,000 school bonds. Due 812.000 yearly from Oct. 1 1926 to 1945,
inclusive.
100.000 park bonds. Due $5,000 yearly from Oct. 1 1926 to 1945, incl.
20.000 park bonds. Due $2,000 yearly from Oct. 1 1926 to 1935. Incl.
Denom. $1,000. Dated Oct. 11925. Interest semi-annually (A. & 0.)
payable at the Chase National Bank, New York, or at the City Treasurer's
;office. Certified check or a cashier's check for $17,180. drawn upon an
incorporated bank or trust company in the State of New York, payable
to the City Treasurer required. Legality approved by Clay & Dillon of
New York. Bonds will be delivered on Nov. 4 1925 or such other date as
may be mutually agreed upon, either at the Chase National Bank, New
York. or at the office of the City Comptroller at option of purchaser. No
bid for less than the total amount of bonds offered or at different rates of
interest for separate Issues or portions of an issue will be considered. Bids
at a less rate of interest than 5% are required to be expressed in multiples
of 1-10 of 1%. The city also reserves the right to sell the bonds at public
auction. In this event all sealed bids received will be deemed to be a
bid on such auction sale.
SCHENECTADY, Schenectady County, N. Y.
-NOTE SALE.
-On
Oct. 8 the 3600.000 registered temporary loan notes, dated Oct. 9 1925
and maturing April 9 1926, offered on that date (V. 121. p. 1708) were
awarded to R. W. Pressprich & Co. at New York for $600.031 50. equal
to 100.005. for 3.958. a basis of about 3.94%. Notes are of $25.000 denominations.
-BOND SALE.
-On Oct.6 tbe $50,000
SHARON,Mercer County, Pa.
41.('Y street-widening improvement bonds offered on thta date (V. 121.
1)• 1708) were awarded to the Mellon National Bank of Pittsburgh at a
premium of $25, equal to 100.05. a basis of about 4.24%. Dated Oct. 1
1925. Due on Oct. 1 as follows: $5,000. 1930 and 1,)35, and $10,000. 1940.
1945. 1950 and 1955.
SHARON SCHOOL DISTRICT (P. 0. Sharon), Mercer County,
Pa.
-On Nov.3 the electors will vote on the question
-BOND ELECTION.
of issuing 3200.000 school bonds.
-BONDS REGISTERED.
SHELBY COUNTY (P. 0. Center), Texas.
-On Oct. 2 the State Comptroller of Texas registered $64.459 53 % road
and bridge funding hands. Due szriallv.
a net bonded debt of 8617,733, a population, according to the 1925 city cen
sus. of 7.500. By an Act of the Legislature of the State of Florida. passed
June 1925. the City of Jacksonville annexed the City of South Jacksonville,
which is now a borough of the city of Jacksonville. The borough of South
Jacksonville has the right to reject said consolidation by a majority vote
of the qualified electors any time prior to Dec. 1 1927. If the annexation
is not rejected, by that date. South Jacksonville becomes definitely part of
the City of Jacksonville on Jan. 1 1928 and all its bonds,Including this issue.
will become obligations of the City of Jacksonville, Florida.
SPARTANBURG COUNTY SCHOOL DISTRICTS (P. 0. Spartan-J. B. Lancaster. County Super-BOND OFFERING.
burg), So. Caro.
intendent of Education, will receive sealed bids until 3:30 p. m. Oct. 14 for
the following 6% school bonds, aggregating $30,000:
$24.000 School BIlistrict No. 101 bonds.
6,000 Stone School District No. 13 bonds.
Date Aug. 11925. Denom. $1,000. Due Aug. 11945. Prin. and int.
(F.& A.) payable in N.Y.City. A certified check for 5% of bid is required.
Legality approved by Storey. Thornelike, Palmer & Dodge of Boston.
-BOND SALE.
SPARTANBURG, Spartanburg County, So. Caro.
-A syndicate composed of Lehman Bros., Kountze Bros. and Phelps.
Fenn & Co., all of N. Y. City, and the Trust Co. of Georgia of Atlanta.
were awarded the following bonds, aggregating $1.000,000, offered on
Oct. 7(V. 121, p. 1600), as 4%5.at a premium of $6,054, equal to 100.60:
3790.000 street and sidewalk bonds.
75.000 sewerage bonds.
75.000 incinerator bonds.
60.000 fire protection bonds.
-BOND SALE.
-On Oct.
SPRINGFIELD, Hampden County, Mass.
e the $150,000 4% gold registered sewer bonds offered on that date (V. 121,
p. 1708) were awarded to Curtis & Sanger of Boston, at 100.181. a basis
of about 3.98%. Dated Oct. 11925. Due 35.000 Oct. 1 1926 to 1955 incl.
SPRINGWELLS TOWNSHIP UNIT SCHOOL DISTRICT, Wayne
-On Oct. 7 the 3240.000 30 year serial
-BOND SALE.
County, Mich.
bonds offered on that date (V. 121. p. 1708) were awarded to the Guardian
Trust Co. of Detroit and Stranaban, Harris & Ostia,Inc.at Toledo,jointly,
at a premium of 32,016, equal to 100.84.
-The
-BOND SALE.
STARKVILLE Oktibbeha County, Miss.
Central State National Bank of Memphis has purchased an issue of 825.000
514% sewer bonds at par. Date Sept. 11925. Due $1,000 1926 to 1950.
inclusive.
-BOND SALE.
STONE COUNTY (P. 0. Mountain View), Ark.
M. W.Elkins & Co., of Little Rock, have purchased an issue of 860.0005%
funding bonds at a discount of $4,752. equal to 92.08. Date July 11925.
Due in 1958. Legality approved by,Peck,Schaffer & Williams, of Cincinnati.
SUTTER COUNTY RECLAMATION DISTRICT ,NO. 1660 (P. 0.
-The Bank of Italy of San Francisco
-BOND SALE.
Yuba City), Calif.
has purchased an issue of $950,000 6% improvement bonds. Due serially
1944, inclusive. Interest payable semi-annually.
1935 to
-BOND SALE.
-On Oct. 2
SWAMPSCOTT, Essex County, Mass.
the three issues of 414% bonds, aggregating 3106.000, offered on that
(V. 121, p. 1709), were awarded to Paine, Webber & Co. of Boston
date
at 101.277, a basis of about 4.08%;
$87,000 school loan 1925 bonds, payable 85,000 Oct. 1 1926 to 1932. Incl.,
and 34.000 Oct. 1 1933 to 1945, incl.
16,000 street loan 1925 bonds, payable 34.000 Oct. 1 1926 and $3.000
Oct. 1 1927 to 1930, incl.
3,000 sewer loan 1925 bonds, payable $1,000 Oct. 1 1926 to 1928. Incl.
Date Oct. 1 1925.
SWIFT COUNTY INDEPENDENT SCHOOL DISTRICT NO. 3
-The State of Minnesota purchased
-BOND SALE.
(P.O.Benson),Minn.
% school bonds. Due serially 1931 to 1950, inclusan issue of $50,000
This sale was previously reported in V. 120. p. 2588 under the incorive.
rect caption, "Kerkhoven School District."
-BOND ELECTION.
-An election
TEAGUE,Freestone County, Tex.
will be held on Oct. 27 for the purpose of voting on the question of issuing
$45.000 water bonds and $30,000 street paving bonds.
-The State Comptroller
-BONDS REGISTERED.
TEXAS (State of).
of Texas registered on Sept. 30 the following bonds, aggregating $18,500:
Due.
Int.Rate.
Place.
Amount.
6% 10-20 years
31,000 Bowie County 0. S. D. No. 58
10-20 years
63
Bowie County C. S. I). No. 50
1.000
5% Serially
2.000 Stonewall County C. S. D. No. 16
5-20 years
6%
1,000 Hale County C. S. D. No. 11
6% 40 years
County C. S. D. No. 35
4,000 Hale
6% 20 years
1,000 Hale County C. B. D. No. 34
5-20 years
5°
4
2,000 Shelby County C. S. D. No.4
5% Serially
2,500 Concho County C. S. D. No. 5
5% Serially
4,000 Childress C. S. D. No. 19
SHILL1NGTON SCHOOL DISTRICT (P. 0. Shillington), Berks
-Sealed bids will be received until
-BOND OFFERING.
County, Pa.
8 D. M. Oct. 1? by Fred A. Gehert. Secretary, Board of Directors, for $100.000 4%% coupon or registered school bonds. Denom. 31.000. Dated
Oct. 1 1925. Int. semi-ann. Due on Oct. 1 as follows: 31,000, 1926 to
1930 Incl.: $2,000, 1931 to 1935 incl.: 33.000. 1936 to 1940 incl.: $4.000.
1041 to 1945 incl.: 35.000, 1946 to 1950 incl.: $6,000. 1951 to 1953 incl..
and 37.000. 1954. Certified check for $1,000, payable to the School Dis
trict. required. Bonds are free from the Pennsylvania State tax.
SIKESTON, Sc tt County, Mo.-BOND ELECTION.
,
-An election
will be held on Oct. 20 for the purpose of voting on the question of issuing
382.000 sewer bonds.
-BOND OFFERING.
SLEEPY EYE, Brown County, Minn.
-A. J.
Thomas, City Recorder, will receive sealed bids until 8 p. m. Oct.16 for
350.000 5% street improvement bonds. Denom. $500. Date Oct. 16
1925. Due $5,000 Jan. 1 1927 to 1936, incl. Prin. and semi-ann, int.
payable at the City Treasurer's office. A certified check for 5% of bid
is required.
SOMERSET INDEPENDENT SCHOOL DISTRICT, Bexar County,
Tex.
-The State Comptroller of Texas registered
-BONDS REGISTERED.
on Oct. 3 36.000 5% school bonds. Due in 10 to 40 years.
UNION FREE SCHOOL DISTRICT NO. 6 (SufSOUTHAMPTON
-BOND SALE.
-On Oct. 3 the 3150.000 5% coupon
folk County), N. Y.
school bonds offered on that date (V. 121. p. 1489) were awarded to Geo. B.
Gibbons & Co., Inc., of New York, at 104.58, a basis of about 4.49%.
Dated Oct. 15 1925. Due $10,000 on Feb. 15 from 1930 to 1944. Incl.
Legality approved by Clay & Dillon of New York. Other bidders were:
Rate Bid.
Rate Bia.
Pulleyn & Co.. New York_ _104.54 I R. F. De Voe & Co
104.07
Sherwood & Merrifield, Inc_ _104.571 The Fidelity Tr. Co., Buffalo.102.847
Financial Statement.
Actual value
$22,762,408
Assessed valuation. 35% of actual value
7.966.843
Total bonded debt, including this issue
234,000
Population, estimated
4.000
SOUTH BEND SCHOOL CITY (P. 0. South Bend), St. Joseph
-BOND SALE.
-On Sept. 29 the 3200.000 4)4% coupon
County, Ind.
bonds offered on that date
impt. bon
-V. 121. p. 1130
-were awarded to the
Fletcher American Co. of Indianapolis at a premium of $1.?81 equal to
100.69. a basis of about 4.19%. Dated Oct. 10 1925. Duo 820.000 yearly
from Oct. 1 1935 to 1944 incl.
-BOND SALE.
SOUTH EUCLID,Cuyahoga County,Ohio.
-On Sept.
1 the 820.230 5% coupon (special assessment) street impt. bonds offered on
that date
-V.121, p.S77- were awarded to Milliken & York Co. at Cleveland at par. Dated Sept. 11925. Due yearly on Oct. 1 as follows: $2,230,
1927; 32.000, 1928 and 1929; 33,000, 1930; $2,000. 1931 to 1934 incl.. and
33,000. 1935.
-BOND SALE.
SOUTH JACKSONVILLE, Duval County, Fla.
H. L. Allen & Co. and Hoffman, O'Brien & Co., both of New York, jointly
have purchased an issue of 8300.000 514% coupon gold bonds issued for
water, sewer, electric light, street and park, fire prevention and dock purposes. Denom. $1.000. Date Jan. 1 1925. Due Jan. 1 1955. Pain.
and semi-ann. int. (J. & J.) payable at the National Bank of Commerce,
,
N. Y. City. Legality approved by Caldwell & Raymond, N. Y. City.
The Borough of South Jaonville has an assessed valuation of $7.842,095,
1823
THOMAS TOWNSHIP SCHOOL DISTRICT, Oakland County,
-An election was held on Oct. 9 for the
-BOND ELECTION.
Mich.
purpose of voting on the question of issuing 86.000 school bonds.
SCHOOL DISTRICT (P. 0. Tionesta), Forest County,
TIONESTA
-Sealed bids were received until 8 p. m. Oct. i)
-BONDS OFFERED.
Pa.
by S. R. Maxwell, Secretary, Board of Directors, for 811,000 4%% cou•n
school bonds. Due on Sept. 1 as follows: 34.000. 1 40 and 1945,and $3.
1950. The bonds are free from the Pennsylvania State tax.
-The
-BOND DESCRIPTION.
TUSCUMBIA, Colbert County, Ala.
$250 000 coupon street improvement bonds purchased by Ellis 14 Co., of
Cincinnati(V. 121. p. 1600) bear interest at the rate of6% and are described
as follows: Denom.31.000. Date July 11925. Due July 11935. Interest
payable J. & J. Date of award Aug. 20.
-Sealed bids will
-BOND OFFERING.
UTICA, Oneida County, N. Y.
be received until 11 a. m. (eastern standard time) Oct 15 by William S.
Pugh, City Comptroller, for the following two issues of coupon public imp!.
bonds:
$28,000 fire station erection and equipment bonds. Denom. $1,400. Date
Sept. 11925. Interest M. & S. Due $1.400 yearly from Sept. 1
1926 to 1945 incl.
13,000 fire dept. equipment purchase bonds. Denom. 31.300. Date
Nov. 11925. Interest M.& N. Due $1,300 yearly from Nov. 1
1926 to 1935 incl.
Bidders must name the rate of interest, and may bid for all of the bonds at
the rate of 4% per annum, or, for all of the bonds at the rate of 4)4% per
annum, or for all of the bonds at the rate of 414% per annum. Certified
check for $820, drawn upon an incorporated bank or trust company in the
Legality
State of New York. payable to the City Comptroller.
required.
approved by Clay & Dillon at New York. Bonds to be delivered on Nov.2
or such other date as may be agreed upon.
-BOND SALE.
VERMILLION COUNTY (P. 0. Newport), Ind.
On Oct. 1 the $53,000 414% coupon road improvement bonds offered on
that date(V. 121. p. 1600) were awarded to J. F. Wild & Co. of Indianapolis
at a premium of $238 50. equal to 100.45, a basis of about 4.41%. Denom.
$530. Interest M. & N. 15. Due $2,650 each six months from May 15
1926 to Nov. 15 1935. inclusive.
-A. J.
-BOND OFFERING.
WAELDER, Gonzales County, Tex.
Stewart, Mayor, will receive sealed bids until Oct.9 for 837.500 water works
bonds.
-BOND ,SALE.
-The
WALNUT COVE, Stokes County, No. Caro.
-were
$21,000 6% coupon street bonds offered on Oct. 1-V. 121, p. 1600
Kinsey & Co. of Toledo at a premium of $2118 80 equal to 101.28.
awarded to
a basis of about 5.86%. Date Oct. 1 1925. Due 81,000. 1928 to 1942 incl..
and $2,000. 1943 to 1945 incl.
-TEMPORARY LOAN-The
WALTHAM, Middlesex County, Mass.
Grafton Co. of Boston has been awarded a temporary loan of 3100.000 on a
3.93% discount basis plus $1 25 premium. Dated Oct. 5 1925. Due
April 5 1926.
-BOND SALE.
WALTON COUNTY (P. 0. De Funiak Springs), Fla.
% court house bonds offered on Oct. 7-V. 121, P.
-The 3150.000
the American National Bank of Pensacola at a
-were awarded to
1489
premium of $6.978, equal to 104.65. a basis of about 5%. Date Oct. 1
1925. Due Oct. 1 as follows: $3.000 1927 to 1930. incl.; $55,000 1931 to
1934, incl.; $10,000 1935 to 1941, incl., and $12.000 1942 to 1945, incl.
-BOND OFFERING.
WARREN COUNTY (P. 0. Williamsport), Ind.
-Sealed bids will be received until 1 p. m. Oct. 19 by David H. Moffitt.
1824
TR-Pi CITIRCYNTTCLE
County Treasurer, for $4,240 434% J. M. Salts tree gravel road in Steuben
Township bonds. Denom. $212. Dated Sept. 15 1925. Interest M.& N.
15. Due $212 each months from May 15 1927 to Nov. 15 1936 incl.
WASHINGTON COUNTY SCHOOL DISTRICT NO. 36 (P. 0.
Herman), Neb.-BOND SALE.
-The Plateau State Bank of Herman has
purchased an issue of $9.000
% school building bonds. Date Aug. 1
1925. Due $1.000 June 1 1926 to 1934, inclusive.
WAYNE COUNTY (P. 0. Waynesboro), Miss.
-BOND SALE.
On Sept. 7 the Meridian Finance Corp. of Meridian purchased an issue
of $150,000 6% coupon road bonds at a premium of $3,000. equal to 102.
Denom. $1,000. Date Oct. 1 1925. Due serially 1926 to 1950, inclusive.
Interest payable A. & 0.
WEEDS UNION SCHOOL DISTRICT (P. 0. Yreka), Siskiyou
County, Calif.
-BOND DESCRIPTION.
-The $30,000 6% coupon
school bonds purchased by Weeden & Co., of San Francisco. at 105.29
121. p. 1490). a basis of about 5.16%, are described as follows: Denom.
.:000. Date April 7 1925. Due 22,000 April 7 1926 to 1940, inclusive.
Interest payable A. & 0. 7. Date of award May 4.
WEST HAVERSTRAW, Rockland County, N. Y.
-BOND OFFERING.
-Sealed bids will be received until 7 p. m. Oct. 13 by Bernard
McGovern, Village Clerk, for the following two issues of 5% coupon bonds:
$10,000 motor fire apparatus bonds. Due $500 yearly from Oct. 1 1926 to
1945 incl.
3,000 fire pump bonds. Due $500 yearly from Oct. 1 1926 to 1931 incl.
Denom. $500. Dated Oct. 11925. Prin. and semi-ann. int. (A. & 0.)
payable at the National Bank of Haverstraw, Haverstraw.
WEST POINT SCHOOL DISTRICT, Cuming County, Neb.-130ND
SALE.
-An issue of $20,994 99
% coupon funding and delinquent tax
bonds was purchased by the Peters Trust Co. of Omaha during May at a
Premium or $167 equal to 100.79. Denom. 21,000. Date Aug. 15 1925.
Due in 1945. Interest payable J. & J.
-ELECTION
WILLACY COUNTY (P. 0. Raymondville), Tex.
-PRE
SALE.
-H.C. Burt & Co., of Austin, has purchased $3000 road „bonds
subject to their being voted at the election to be held on Oct.O
17 (V. 121,
D. 1600).
-ADDITIONAL INWILMINGTON, New Castle County, Del.
FORMATION.
-We now learn regarding the $600,000 4)4% sinking fund
school bonds to be offered on Oct. 14, notice of which was given in V.
121, p. 1709, are coupon (with privilege of registration as to principal only
or as to both principal and interest). Denom.$1,000. Date Nov. 2 1925.
Prin. and semi-ann. int. (M. & N.) payable in gold coin of the United
States of America in Wilmington. Due as follows: $10.000 May 1, 1944:
$15.000 each six months from Nov. 1 1944 to Nov. 1 1963 incl.. and 25,000
May 1 1964. Bids are being received until 12 m. on the above date by
Samuel J. White, City Treasurer. and a certified check for 2% of the
amount of bonds bid for is required with each bid. Bids may be submitted
for all or any part of the bonds. The genuineness of the signatures of the
officials signing the bonds and of the seal impressed thereon will be certified
to by U. S. Mtge. & Trust Co. of New York. and the opinion of Reed.
--Dougherty & Hoyt of N. Y. City, that the bonds are legal and binding
obligations of the city will be furnished to the successful bidder or bidders.
Financial Statement.
Assessed valuation for fiscal year ending June 30 1925_ _$120.517.425 00
Value of real estate and equipment owned by city
16.113.189 00
Present total bonded debt (incl. this issue)
10,271.150 00
Value of sinking fund
•
329,068 59
Floating debt
None
Present population. 115,000.
WOODSTOCK, Shenandoah County, Va.-BOND SALE.
-David
Robison & Co., of Toledo, have purchased an issue of $100.000 waterworks bonds.
WORTHINGTON, Greene County, Ind.
-BOND SALE.
-On Aug. 3
the $4,500 5% ornamental lighting system bonds, offered on that date (V.
121, p. 496) were awarded to the Fletcher Savings & Trust Co. of Indianapolis at a premium of $18, equal to 100.40-a basis of about 4.81%. Dated
Aug. 3 1925. Due $750 each six months from July 1 1926 to Jan. 11929,
inclusive.
YORBA LINDA SCHOOL DISTRICT (P. 0. Santa Ana) Orange
County, Calif.
-BOND OFFERING.
-Sealed bids will be received until
11 a. m. Oct. 13 by J. M. Backs, Clerk Board of Supervisors, for $50,000
5°t school bonds. Denom. 112,000. Date Nov. 1. 1925. Due $2,000
1930 to 1954, Inclusive. Principal and semi-annual interest payable at the
office of the County Treasurer. A certified check for 3% of bid, payable
to the Chairman Board of Supervisors, is required:
YORK SCHOOL TOWNSHIP, Benton County, Ind.
-BOND SALE.
-on Oct. 1 the $19,999 80 414 %, school bonds offered on that date
-V.121.
p. 1378
-were awarded to the American Trust & Savings Bank of Indianapolis at a premium of $21780 equal to 101.08, a basis of about 4.33%.
Dated July 11925. Due $666 66 each 6 months from Jan. 1 1926 to July 1
1940 incl.
YOUNG COUNTY ROAD DISTRICT NO. 1 (P.O. Graham), Tex.
BONDS VOTED.
-At an election held recently the voters authorized the
issuance of $400,000 road bonds by a count of 1,069 for to 286 against.
YOUNGSTOWN, Mahoning County, Ohio,
-BOND ELECTION.
-A
proposition to issue $910,000 (city's share) street-widening bonds will be
submitted to the voters at the coming November election.
CANADA, its Provinces and Municipalities.
MONT JOLI, Que.-BOND OFFERING -Sealed bids will be received
until Oct. 12 by J. Dube. Secretary-Treasurer, for $15.000 5% village bonds.
STURGEON FALLS, Ont.-BOND OFFERING.
-Sealed bids will be
received until Oct. 14 by Le Rod Vannier, Town Clerk, for the following
three issues of 6% bonds:
$15,000 public school bonds. Due In 10 installments.
10.210 house of refuge bonds. Due in 20 installments.
23,200 waterworks bonds. Due in 20 installments
NEV.' .0ANS
NEW LOANS
[VOL 121.
NEW LOANS
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Town of Dodson, Montana
Borough of Essex Fells,
ELECTRIC LIGHT BONDS.
NEW JERSEY
NOTICE IS HEREBY GIVEN, That the
Town of Dodson, Phillips County Montana, will
offer for sale at the office of the Town Clerk In the
Town of Dodson, Montana,on TUESDAY, THE
20TH DAY OF' OCTOBER, 1925, AT THE
HOUR OF EIGHT O'CLOCK P. M., its issue
of electric light bonds amounting to six thousand
(6.000) dollars. The first choice of said Town
Is that such bonds be payable on the amortization plan, if bonds in this form can be sold and
disposed of at a reasonable rate of Interest. not
to exceed six percent per annum: but if amortization bonds cannot be negotiated at such reasonable rate of interest advantageous to the said
Town of Dodson, Montana, then the second
choice of said Town is that serial bonds be issued
in place of amortization bonds. Such bonds to be
of the denomination of one thousand (1.000)
dollars each, and bear interest at not to exceed
six per cent per annum payable semi-annually
on the 1st day of January and the 1st day of
July of each year: said bonds to bear date the
let day of October, 1925. due twenty (20) years
after date, but redeemable at the option of' said
Town at any time after ten years from the date
of issue. Principal and interest payable In lawful
money of the United States at the office of the
Town Treasurer of said Town. or at the option
of the holder at the banking house of the Hanover
National Bank In the City and State of New York.
The money received from the sale of said bonds
to be used for the purpose of making additions to
and improving the electric lighting and power
system of said Town.
The bids to be accompanied by a certified
check drawn upon some State or National Bank
in the State of Montana in the sum of three hundred (300) dollars, payable to the Town Treasurer of the Town of Dodson. as a guarantee that
the bidder will take and pay for said bonds as
soon as the same are signed and ready for delivery. No bids can be received for less than
par and accrued interest. The Council reserves
the right to reject any or all bids.
By order of the Town Council of the Town of
Dodson, Montana.
Dated September 3d 1925.
(Town Seal) CARL LIVDAHL, Town Clerk.
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Water Bonds
Sealed proposals will be received by tin:Mayor
and Council of the Borough of ESSEX FELLS,
in the County of ESSEX, New Jersey, on November 2, 1925, at 8 P. M. at the Borough Hall,
Essex Fells, New Jersey, for the purchase of water
bonds of said Borough of the authorized amount'
of $108,000. Said bonds will be of the denomina-•
Hon of $1000 each, will be dated November 1.
1925, and will mature $2000 on November 1 ln
each of the years 1927 to 1935, both inclusive,
and $3000 on November 1, in each of the years
1936 to 1965, both inclusive.
Said bonds will bear interest at five per centtun
Per annum, payable semi-annually on the first
days of May and November in each year. Both
principal and interest will be payable in gold
coin of the United States of America of or equal
to the present standard of weight and fineness at
Guaranty Trust Company of New York.
The Bonds ,will be coupon bonds, with the
privilege of registration as to principal only, or
as to both principal and interest.
No more bonds of said issue will be sold than
will produce a sum equal to the authorized amount
of such issue, and an additional sum of loss than
$1000. The sum required to be obtained at
the sale of said bonds is 6108.000. Unless all
bids are rejected, said bonds will be sold to the
bidder or bidders complying with the terms of
sale and offering to pay not less than said sum
and to take therefore the least amount of bonds
commencing with the first maturity (stated in a
multiple of $1000): and if two or more bidders
offer to take the same amount of said bonds,
then to the bidder or bidders offering to pay therefor the highest additional price. The right is
reserved to reject all bids, and any bids not
complying with the terms of this notice will be
rejected. In addition to the amount paid, the
purchaser must pay accrued interest at the rate
borne by the bonds from the date of the bonds
to the date of payment of the purchase price.
All bidders are required to deposit a certified
check, payable to the order of the Borough of
Essex Fells, for two per centum of the amount
of the bonds bid for, drawn upon an incorporated
bank or Trust Company. Checks of unsuccessful
bidders will be returned upon the award of the
bonds. Interest at the rate borne by the bonda
from the date of award to date of delivery will
be allowed upon the amount of the check of a
successful bidder, and such check will be retained
to be applied in part payment for the bonds, or
to secure the Borough attainsl any loss resulting
from the failure of the bidder to comply with the
terms of his bid.
Proposals should be addressdd to Edwin C.
Speer, Borough Clerk, Essex Fells, New
Jersey,
and enclosed in a sealed envelope marked on the
outside: "Proposal for Water Bonds".
.411
The successful bidders will be furnished with
the opinion of Messrs. Hophins & Herr, of
Hoboken, New Jersey, that the bonds are binding
and legal obligations of the Borough, and that
the signatures of the officials and the seal,,impressed thereon are genuine.
The water supply system owned and operated
by the Borough of Essex Fells supplies potable
water to the Boroughs of Essex Fells, Caldwell,
Verona. Roseland, North Caldwell and West
Caldwell, Essex County, New Jersey, consisting'
of approximately 12.000 persons.
By order of the Mayor and Council of Esser.
Fells,
Dated: October 5, 1925
EDWIN C. SPEER, Borough Clerk;
@FedFRASER